# EDGAR Filing Document

**Accession Number:** 0002045458
**File Stem:** 0002045458-26-000012
**Filing Date:** 2026-3
**Character Count:** 2642551
**Document Hash:** e06aecb2ceb43bac33e6a36537aed37d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0002045458-26-000012.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0002045458-26-000012

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 100

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Stonepeak-Plus Infrastructure Fund LP
- **CENTRAL INDEX KEY:** 0002045458
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 331582934
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56711
- **FILM NUMBER:** 26820974

**BUSINESS ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS
- **STREET 2:** 550 W. 34TH STREET, 48TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001
- **BUSINESS PHONE:** (212) 907-5100

**MAIL ADDRESS:**
- **STREET 1:** 55 HUDSON YARDS
- **STREET 2:** 550 W. 34TH STREET, 48TH FL
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10001

?xml version='1.0' encoding='ASCII'? sp-20251231

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

 **FORM 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the fiscal year ended December 31, 2025** 

**OR** 

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the transition period from to** 

**Commission file number 000-56711** 

**Stonepeak-Plus Infrastructure Fund LP**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Delaware** | **33-1582934**  |
| (State or Other Jurisdiction of Incorporation or <br>Organization) <br>| (IRS Employer Identification No.)  |
| **55 Hudson Yards**<br>**550 W 34th Street**<br>**New York, NY** <br>| **10001** |
| (Address of principal executive offices)  | (Zip Code)  |

---

**(212) 907-5100** 

(Registrant's telephone number, including area code)

**N/A**

(Former Name, Former Address and Former Fiscal Year if Changed Since Last Report)

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

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| None. | None. | None. |

---

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

Class A-1a Limited Partnership Units

Class A-1b Limited Partnership Units

Class A-1c Limited Partnership Units

Class D-1 Limited Partnership Units

Class D-2 Limited Partnership Units

Class F-1 Limited Partnership Units

Class F-2 Limited Partnership Units

Class F-3 Limited Partnership Units

Class F-4 Limited Partnership Units

Class I-1 Limited Partnership Units

Class I-2 Limited Partnership Units

Class S-1 Limited Partnership Units

Class S-2 Limited Partnership Units

(Title of class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☐ No ☒

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

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 ☒ 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

☒ 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal

control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or

issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by a check mark whether the financial statements of the registrant included in

the filing reflect the correction of an error to previously filed financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation

received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There is currently no established public market for the registrant's Units.

As of February 26, 2026, the registrant had the following limited partnership units outstanding: 15,304,468 units of Class A-1a, 1,729,058 units of

Class A-1b, 1,182,103 units of Class A-1c, 179,856 units of Class F-1, 623,241 units of Class I-1, 6,326,657 units of Class X and there were no units of Classes

D-1, D-2, F-2, F-3, F-4, I-2, S-1 and S-2 outstanding.

DOCUMENTS INCORPORATED BY REFERENCE

None.

**TABLE OF CONTENTS** 

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| **<u>[Part I](#id861ae4ead664bedbe5f496b05b590ea_10)</u>** | **<u>[Part I](#id861ae4ead664bedbe5f496b05b590ea_10)</u>** | <u>[5](#id861ae4ead664bedbe5f496b05b590ea_10)</u> |
|  | <u>[Item 1. Business](#id861ae4ead664bedbe5f496b05b590ea_633)</u> | <u>[5](#id861ae4ead664bedbe5f496b05b590ea_10)</u> |
|  | <u>[Item 1A. Risk Factors](#id861ae4ead664bedbe5f496b05b590ea_175)</u> | <u>[17](#id861ae4ead664bedbe5f496b05b590ea_175)</u> |
|  | <u>[Item 1B. Unresolved Staff Comments](#id861ae4ead664bedbe5f496b05b590ea_640)</u> | <u>[156](#id861ae4ead664bedbe5f496b05b590ea_647)</u> |
|  | <u>[Item 1C. Cybersecurity](#id861ae4ead664bedbe5f496b05b590ea_647)</u> | <u>[156](#id861ae4ead664bedbe5f496b05b590ea_647)</u> |
|  | <u>[Item 2. Properties](#id861ae4ead664bedbe5f496b05b590ea_653)</u> | <u>[157](#id861ae4ead664bedbe5f496b05b590ea_653)</u> |
|  | <u>[Item 3. Legal Proceedings](#id861ae4ead664bedbe5f496b05b590ea_172)</u> | <u>[157](#id861ae4ead664bedbe5f496b05b590ea_172)</u> |
|  | <u>[Item 4. Mine Safety Disclosures](#id861ae4ead664bedbe5f496b05b590ea_184)</u> | <u>[157](#id861ae4ead664bedbe5f496b05b590ea_184)</u> |
| **<u>[Part II](#id861ae4ead664bedbe5f496b05b590ea_169)</u>** | **<u>[Part II](#id861ae4ead664bedbe5f496b05b590ea_169)</u>** | <u>[158](#id861ae4ead664bedbe5f496b05b590ea_169)</u> |
|  | <u>[Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#id861ae4ead664bedbe5f496b05b590ea_705)</u> | <u>[158](#id861ae4ead664bedbe5f496b05b590ea_705)</u> |
|  | <u>[Item 6. \[Reserved\]](#id861ae4ead664bedbe5f496b05b590ea_711)</u> | <u>[159](#id861ae4ead664bedbe5f496b05b590ea_711)</u> |
|  | <u>[Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations](#id861ae4ead664bedbe5f496b05b590ea_118)</u> | <u>[160](#id861ae4ead664bedbe5f496b05b590ea_118)</u> |
|  | <u>[Item 7A. Quantitative and Qualitative Disclosures about Market Risk](#id861ae4ead664bedbe5f496b05b590ea_163)</u> | <u>[165](#id861ae4ead664bedbe5f496b05b590ea_163)</u> |
|  | <u>[Item 8. Financial Statements and Supplementary Data](#id861ae4ead664bedbe5f496b05b590ea_13)</u> | <u>[167](#id861ae4ead664bedbe5f496b05b590ea_13)</u> |
|  | <u>[Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#id861ae4ead664bedbe5f496b05b590ea_733)</u> | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_733)</u> |
|  | <u>[Item 9A. Controls and Procedures](#id861ae4ead664bedbe5f496b05b590ea_166)</u> | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_166)</u> |
|  | <u>[Item 9B. Other Information](#id861ae4ead664bedbe5f496b05b590ea_187)</u> | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_187)</u> |
|  | <u>[Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections](#id861ae4ead664bedbe5f496b05b590ea_751)</u> | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_751)</u> |
| **<u>[Part III](#id861ae4ead664bedbe5f496b05b590ea_683)</u>** | **<u>[Part III](#id861ae4ead664bedbe5f496b05b590ea_683)</u>** | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_683)</u> |
|  | <u>[Item 10. Directors, Executive Officers and Corporate Governance](#id861ae4ead664bedbe5f496b05b590ea_768)</u> | <u>[208](#id861ae4ead664bedbe5f496b05b590ea_768)</u> |
|  | <u>[Item 11. Executive Compensation](#id861ae4ead664bedbe5f496b05b590ea_774)</u> | <u>[213](#id861ae4ead664bedbe5f496b05b590ea_774)</u> |
|  | <u>[Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#id861ae4ead664bedbe5f496b05b590ea_780)</u> | <u>[214](#id861ae4ead664bedbe5f496b05b590ea_780)</u> |
|  | <u>[Item 13. Certain Relationships and Related Transactions, and Director Independence](#id861ae4ead664bedbe5f496b05b590ea_786)</u> | <u>[214](#id861ae4ead664bedbe5f496b05b590ea_786)</u> |
|  | <u>[Item 14. Principal Accountant Fees and Services](#id861ae4ead664bedbe5f496b05b590ea_792)</u> | <u>[216](#id861ae4ead664bedbe5f496b05b590ea_792)</u> |
| **<u>[Part IV](#id861ae4ead664bedbe5f496b05b590ea_800)</u>** | **<u>[Part IV](#id861ae4ead664bedbe5f496b05b590ea_800)</u>** | <u>[216](#id861ae4ead664bedbe5f496b05b590ea_800)</u> |
|  | <u>[Item 15. Exhibits and Financial Statement Schedules](#id861ae4ead664bedbe5f496b05b590ea_190)</u> | <u>[216](#id861ae4ead664bedbe5f496b05b590ea_190)</u> |
|  | <u>[Item 16. Form 10-K Summary](#id861ae4ead664bedbe5f496b05b590ea_811)</u> | <u>[217](#id861ae4ead664bedbe5f496b05b590ea_811)</u> |
| **<u>[Signatures](#id861ae4ead664bedbe5f496b05b590ea_193)</u>** | **<u>[Signatures](#id861ae4ead664bedbe5f496b05b590ea_193)</u>** | <u>[218](#id861ae4ead664bedbe5f496b05b590ea_193)</u> |

---

**EXPLANATORY NOTE** 

Unless the context otherwise requires, references in this Annual Report on Form 10-K to:

• the term "**Aggregators**" refers to Stonepeak-Plus Infrastructure Fund Aggregator I LP, a Delaware series limited partnership, the

Master Aggregator (as defined below), and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel

Funds;

• the term "**Feeder Fund**" refers to Stonepeak-Plus Infrastructure Fund (TE) LP, a Delaware limited partnership;

• the terms "**Fund,**" "**Partnership,**" "**we,**" "**us,**" and "**our**" refer to Stonepeak-Plus Infrastructure Fund LP, a Delaware limited

partnership;

• the term "**General Partner**" refers to Stonepeak-Plus Infrastructure Fund Associates LP, a Delaware limited partnership, our

general partner;

• the term "**Intermediate Entities**" refers to one or more entities through which the General Partner or any of its affiliates may, in its

sole discretion, cause the Fund and any Parallel Funds to hold certain investments, including (a) entities that may elect to be

classified as corporations for U.S. federal income tax purposes, whether formed in a U.S. or non-U.S. jurisdiction (each, a

"Corporation"), (b) one or more limited liability companies, limited partnerships or other similar entities (each, a "Lower Fund"),

and (c) the Aggregators;

• the term "**Investment Advisor**" refers to Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company,

our investment advisor;

• the term "**Lux Fund**" refers to Stonepeak-Plus Infrastructure Fund S.A. SICAV – UCI Part II, a Luxembourg multi-compartment

investment company with variable capital, available to investors primarily domiciled in countries of the European Economic Area,

the United Kingdom, Switzerland, Asia and certain other jurisdictions, together with its master fund, feeder funds, parallel funds

and other related entities;

• the term "**Master Aggregato**r" refers to Stonepeak-Plus Infrastructure Fund Master Aggregator LP, a Cayman Islands exempted

limited partnership used to aggregate the holdings of the Fund and any Parallel Funds and through which the Fund expects to invest

all or substantially all of its assets, and any successor vehicle thereto;

• the term "**Net Asset Value**" or "**NAV**" refers to, as the context requires, transactional NAV (i.e., the price at which transactions in

the Fund's Units are made) determined in accordance with the valuation policies of the Fund, as updated from time to time;

• the term "**Other Stonepeak Accounts**" refers to, as the context requires, individually and collectively, any of the following: other

investment funds, vehicles, separate accounts and/or other similar arrangements managed, advised or operated by the General

Partner, the Investment Advisor and/or any of their respective Affiliates (as defined below) (including, for the avoidance of doubt,

the Lux Fund) (other than SP+ INFRA (as defined below) and its alternative vehicles), and any successors thereto, in each case

including any parallel funds, feeder funds, alternative vehicles, co-investment vehicles, additional capital vehicles and other similar

vehicles relating thereto and any vehicles established by the General Partner, the Investment Advisor and/or any of their respective

Affiliates to exercise their side-by-side or other general partner investment rights as set forth in their respective governing

documents;

• the term "**Parallel Funds**" refers to one or more parallel vehicles established by, or at the direction of, the General Partner or any

Affiliate thereof to invest alongside the Fund in the Master Aggregator or any other Intermediate Entity;

• the term "**SP+ INFRA**" refers to the Fund, together with any Parallel Funds, any Feeder Funds, the Aggregators, the Lower Funds

and any other Intermediate Entities, collectively;

• the term "**Stonepeak**" refers collectively to Stonepeak Partners LP and its subsidiaries and affiliated entities; and

• the term "**Unitholders**" refers to holders of our limited partnership units (the "**Units**"). There are fourteen classes of Units available

to Fund investors: Class A-1a ("**Class A-1a**" or the "**Class A-1a Units**"), Class A-1b ("**Class A-1b**" or the "**Class A-1b Units**"),

Class A-1c ("**Class A-1c**" or the "**Class A-1c Units**"), Class D-1 ("**Class D-1**" or the "**Class D-1 Units**"), Class D-2 ("**Class D-2**"

or the "**Class D-2 Units**"), Class F-1 ("**Class F-1**" or the "**Class F-1 Units**"), Class F-2 ("**Class F-2**" or the "**Class F-2 Units**"),

Class F-3 ("**Class F-3**" or the "**Class F-3 Units**"), Class F-4 ("**Class F-4**" or the "**Class F-4 Units**"), Class I-1 ("**Class I-1**" or the

"**Class I-1 Units**"), Class I-2 ("**Class I-2**" or the "**Class I-2 Units**"), Class S-1 ("**Class S-1**" or the "**Class S-1 Units**"), Class S-2

("**Class S-2**" or the "**Class S-2 Units**"), and Class X ("**Class X**" or the "**Class X Units**") (each a "**Class**").

The investment activities of SP+ INFRA are carried out mainly through the Master Aggregator, a non-consolidated

affiliate of the Fund. As such, we believe it is important to present information for both the Fund and the Master Aggregator in

this Annual Report on Form 10-K. The consolidated financial statements of each entity are presented in "*Part II. Item 8.* 

*Financial Statements and Supplementary Data.*" See also "*Part II. Item 7. Management's Discussion and Analysis of Financial* 

*Condition and Results of Operations*."

This Annual Report on Form 10-K does not constitute an offer of SP+ INFRA or any Other Stonepeak Accounts.

**Forward-Looking Statements; Risk Factor Summary**

This Annual Report on Form 10-K ("Annual Report") may contain forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended (the "1933 Act") and Section 21E of the Securities Exchange Act of

1934, as amended (the "Exchange Act"), which involve certain known and unknown risks and uncertainties. Forward-looking

statements predict or describe our future operations, business plans, business and investment strategies and portfolio

management and the performance of our investments. These forward-looking statements are generally identified by their use of

such terms and phrases as "intend," "goal," "estimate," "expect," "project," "projections," "plans," "seeks," "anticipates,"

"will," "should," "could," "may," "designed to," "foreseeable future," "believe," "scheduled" and similar expressions. Our

actual results or outcomes may differ materially from those anticipated. You are cautioned not to place undue reliance on these

forward-looking statements, which speak only as of the date the statement was made. Potential investors should not rely on

these statements as if they were fact. We assume no obligation to publicly update or revise any forward-looking statements,

whether as a result of new information, future events or otherwise, except as required by law.

References herein to "expertise" or any party being an "expert" are based solely on the belief of Stonepeak, are intended

only to indicate proficiency as compared to an average person and in no way limit any exculpation provisions or alter any

standard of care applicable to Stonepeak. Additionally, any awards, honors, or other references or rankings referred to herein

with respect to Stonepeak and/or any investment professional are provided solely for informational purposes and are not

intended to be, nor should they be construed or relied upon as, any indication of future performance or other future activity.

Any such awards, honors, or other references or rankings may have been based on subjective criteria and may have been based

on a limited universe of participants, and there are other awards, honors, or other references or rankings given to others and not

received by Stonepeak and/or any investment professional of Stonepeak.

Our actual results may differ significantly from any results expressed or implied by these forward-looking statements. A

summary of the principal risk factors that make investing in our securities risky and might cause our actual results to differ is

set forth below. The following is only a summary of the principal risks that may materially adversely affect our business,

financial condition, results of operations and cash flows. This summary should be read in conjunction with the more complete

discussion of the risk factors we face, which are set forth in "*Part I. Item 1A. Risk Factors*" in this Annual Report.

• Although the investment professionals of Stonepeak have extensive investment experience generally, including

extensive experience operating and investing for the Stonepeak Platform (as defined below), as of the date of this

Annual Report, SP+ INFRA has a limited operating history. Stonepeak cannot provide assurance that it will be able to

successfully implement SP+ INFRA's investment strategy, or that Investments (as defined below) made by SP+

INFRA will generate expected returns.

• The Fund is a "blind pool" fund and thus you will not have the opportunity to evaluate our future investments before

we make them.

• We do not intend to list our Units on any securities exchange, and we do not expect a secondary market in our Units to

develop. In addition, there are limits on the ownership and transferability of our Units. Further, the valuation of SP+

INFRA's investments will be difficult, may be based on imperfect information and is subject to inherent uncertainties,

and the resulting values may differ from values that would have been determined had a ready market existed for such

investments, from values placed on such investments by other investors and from prices at which such investments

may ultimately be sold.

• We have implemented a Unit redemption program (the "Redemption Program"), but there is no guarantee we will be

able to make such redemptions. Furthermore, if we do make such redemptions, only a limited number of Units will be

eligible for redemption and redemptions will be subject to available liquidity and other significant restrictions. This

means that SP+ INFRA could be more illiquid than other investment products or portfolios.

• An investment in our Units is not suitable for you if you need ready access to the money you invest.

• The purchase and redemption price for our Units are based on our NAV and are not based on any public trading

market. While there will be independent valuations of our Direct Investments (as defined below) from time to time, the

valuation of private equity investments is inherently subjective and our NAV may not accurately reflect the actual

price at which our Investments could be liquidated on any given day.

• The acquisition of Investments may be financed in substantial part by borrowing, which increases our exposure to loss.

The use of leverage involves a high degree of financial risk and will increase the exposure of the investments to

adverse economic factors.

• The private equity industry generally, and SP+ INFRA's investment activities in particular, are affected by general

economic and market conditions, such as interest rates, availability and spreads of credit, credit defaults, inflation

rates, economic uncertainty, changes in tax, currency control and other applicable laws and regulations, trade barriers,

technological developments and national and international political, environmental and socioeconomic circumstances.

Identifying, closing and realizing attractive private equity investments that fall within SP+ INFRA's investment

mandate is highly competitive and involves a high degree of uncertainty.

• SP+ INFRA's Investments focus on the infrastructure and real asset industries and may be concentrated at any time in

a limited number of geographies or investments, and, as a consequence, may be more substantially affected by the

unfavorable performance of even a single Investment as compared to a more diversified portfolio. In any event,

diversification is not a guarantee of either a return or protection against loss in declining markets. There is no

assurance that SP+ INFRA will perform well or even return capital; if certain investments perform unfavorably, SP+

INFRA would need at least one or a few of its investments to perform very well in order to achieve above-average

returns. There is no assurance that this will be the case.

Such forward-looking statements are subject to various risks and uncertainties. Accordingly, there are or will be

important factors that could cause actual outcomes or results to differ materially from those indicated in these statements. We

believe these factors include but are not limited to those described herein in "Part I. Item 1A. Risk Factors" and "Part II. Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations", as such factors may be updated

from time to time in our periodic filings with the United States Securities and Exchange Commission (the "SEC"), which are

accessible on the SEC's website at www.sec.gov. These factors should not be construed as exhaustive and should be read in

conjunction with the other cautionary statements that are included in this Annual Report and in our other periodic filings. The

forward-looking statements speak only as of the date of this Annual Report, and we undertake no obligation to publicly update

or review any forward-looking statement, whether as a result of new information, future developments or otherwise. Our

website contains additional information about our business, but the contents of the website are not incorporated by reference in,

or otherwise a part of, this Annual Report.

**Part I.**

**Item 1. Business**

**General Development of Business**

Stonepeak-Plus Infrastructure Fund LP forms a part of SP+ INFRA, an investment program designed to offer eligible

individuals access to Stonepeak's infrastructure platform (the "Stonepeak Platform"). Our general partner, Stonepeak-Plus

Infrastructure Fund Associates LP, a Delaware limited partnership (previously defined as the "General Partner"), and our

investment advisor, Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company (previously

defined as the "Investment Advisor"), are Affiliates of Stonepeak. As used herein, "Affiliate" means, with respect to a person,

any other person that either directly or indirectly controls, is controlled by or is under common control with such person.

We are conducting a continuous private offering (the "Private Offering") of our Units in reliance on exemptions from the

registration requirements of the 1933 Act to investors that are both (i) accredited investors (as defined in Regulation D under

the 1933 Act) and (ii) qualified purchasers (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")

and rules thereunder). SP+ INFRA is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and

periodic redemptions, which we believe enables investors to better manage exposure to private markets asset classes, such as

infrastructure and real assets.

**Description of Business**

**The Fund — Stonepeak-Plus Infrastructure Fund LP**

The Fund, a limited partnership, was formed on April 29, 2024, under the laws of the State of Delaware. We are a private

fund exempt from registration under Section 3(c)(7) of the 1940 Act.

On May 2, 2025, the Fund held its first closing and sold unregistered limited partnership units (the "Units") of the Fund

as part of its continuous Private Offering. The Fund expects to continue to hold monthly closings as part of its continuous

Private Offering.

Our investment objective is to deliver strong total returns, with a focus on capital appreciation and, to a lesser extent,

generate current income. There can be no assurance that SP+ INFRA will achieve its investment objective or that SP+ INFRA's

investment strategies will be successful. We seek to achieve this investment objective by providing access to the talent and

investment capabilities of the Stonepeak Platform to create an attractive portfolio of diversified alternative infrastructure and

infrastructure-related investments primarily alongside Other Stonepeak Accounts and Stonepeak.

**Overview of Stonepeak and the Stonepeak Platform**

Stonepeak specializes in infrastructure and real assets, investing capital on behalf of investors, including public and

private pension funds, insurance companies, endowments and other large institutions from around the world looking to grow

these critical assets to create value for all stakeholders.

Stonepeak invests in the infrastructure that underpins our daily lives and delivers enduring social utility – the physical

assets that power homes, connect communities to the internet, feed families, enable travel, and deliver goods. It works closely

with management teams, bringing growth capital, operational expertise, and technology, and innovation to portfolio companies

with the aim of building better businesses and creating value for stakeholders.

Stonepeak operates globally with offices in New York, Houston, Washington, D.C., London, Hong Kong, Seoul,

Singapore, Sydney, Tokyo Abu Dhabi and Riyadh and had over 350 employees, including over 191 dedicated investment

professionals as of December 31, 2025.

As of December 31, 2025, Stonepeak had approximately $84.4 billion of assets under management.

**Investment Strategies**

SP+ INFRA seeks to achieve its investment objective by providing access to the talent and investment capabilities of the

Stonepeak Platform to create an attractive portfolio of diversified alternative infrastructure and infrastructure-related

investments primarily alongside Other Stonepeak Accounts and Stonepeak.

In managing SP+ INFRA, Stonepeak has been and intends to remain a disciplined, value-oriented investor engaged in

building portfolio companies by supporting management teams and business plans, improving operations, providing access to

the Stonepeak ecosystem, and evaluating and participating in follow-on investments to support growth.

SP+ INFRA may access the Stonepeak Platform in a variety of ways, including through:

• ***Direct Investments***: Investments in companies and other projects, businesses and assets, directly or through one or

more Intermediate Entities alongside Other Stonepeak Accounts. Direct Investments may include, without limitation,

private and public investments in equity instruments, preferred equity instruments, convertible debt or equity

derivative instruments, warrants, options, "PIK" (paid-in-kind) notes, mezzanine debt, senior debt and "PIPE" (private

investments in public equity) transactions;

• ***Secondary Investments***: Secondary market purchases of existing investments in established funds, vehicles and

accounts managed by Stonepeak or third-party managers; and

• ***Primary Commitments***: Capital commitments to investment funds managed by Stonepeak or third-party managers, as

well as any capital commitments to general partner, investment advisor or other similar managing entities of Stonepeak

or third-party managers.

To a lesser extent, SP+ INFRA also invests in debt and other securities, including but not limited to loans, debt

securities, public equities, interests in collateralized debt obligation and loan obligation vehicles, derivatives, money market

instruments, cash and cash equivalents ("Debt and Other Securities"). Debt and Other Securities are generally expected to be

liquid, and may be used to generate income, facilitate capital deployment and provide a potential source of liquidity. For the

avoidance of doubt, the foregoing may include securities or loans of portfolio companies of Other Stonepeak Accounts and

Stonepeak.

Each investment in Direct Investments, Secondary Investments, Primary Commitments and Debt and Other Securities is

referred to as an "Investment." SP+ INFRA may make Investments through special purpose vehicles, operating companies or

platforms, joint ventures, other investment vehicles and listed companies.

SP+ INFRA generally seeks to invest and / or make capital commitments of 80% to 85% of its NAV (plus the amount of

any borrowings for investment purposes) in Direct Investments, Secondary Investments and Primary Commitments, and 15% to

20% of its NAV in Debt and Other Securities.

SP+ INFRA's Investments may vary materially from these indicative allocation ranges, including due to factors such as a

large inflow of capital over a short period of time, Stonepeak's assessment of the relative attractiveness of opportunities, or an

increase in anticipated cash requirements or redemption requests and subject to any limitations or requirements relating to

applicable law. Certain Investments could be characterized by the Investment Advisor, in its discretion, as Direct Investments,

Secondary Investments, Primary Commitments or Debt and Other Securities depending on the terms and characteristics of such

Investments.

SP+ INFRA makes Investments by investing primarily alongside Other Stonepeak Accounts and Stonepeak, subject to

the terms and conditions of such Other Stonepeak Account's and Stonepeak's governing documents. SP+ INFRA also makes

Investments by investing in Other Stonepeak Accounts. In certain instances, SP+ INFRA may acquire majority-owned interests

and / or controlling interests, either through voting rights or management rights, in certain of its Direct Investments.

SP+ INFRA has invested in a third-party managed private fund that in turn owns a minority interest in Stonepeak

Partners Holdings LP, which invests directly into Stonepeak Partners LP, and Stonepeak GP Investors Holdings LP and its

alternative investment vehicles, which invest directly into the general partner and other similar managing entities of multiple

Other Stonepeak Accounts. This investment entitles SP+ INFRA to receive a portion of the fee income and carried interest,

performance allocation or other similar incentive fees generated by multiple Other Stonepeak Accounts.

The Fund may utilize leverage, incur indebtedness and provide other credit support for any purpose, including to fund all

or a portion of the capital necessary for an investment and leverage may be used more heavily in certain investment strategies,

particularly during the ramp-up period. The Fund does not intend to incur indebtedness that would cause the Leverage Ratio (as

defined below) to be in excess of 30% (the "Leverage Limit"); provided, that no remedial action will be required if the

Leverage Limit is exceeded for any reason other than the incurrence of an increase in indebtedness (including the exercise of

rights attached to an investment). The Leverage Limit may be exceeded on a temporary basis or to refinance existing

borrowings.

**SP+ INFRA Fund Program**

The Fund, the Feeder Fund, the Aggregators, the Lower Funds and any Parallel Funds together form SP+ INFRA, which

as a whole, constitutes a private equity investment program. Although the Fund generally invests and divests alongside the Lux

Fund through the Aggregators and other Intermediate Entities, the Lux Fund is not considered a Parallel Fund. The Fund and

the Lux Fund together form the "Fund Program." See "*Part I. Item 1A. Risk Factors—Potential Conflicts of Interest—The Lux* 

*Fund*" below.

**The Investment Advisor and the General Partner**

On May 2, 2025, the Fund entered into the investment advisory agreement with the Investment Advisor, which was

subsequently amended and restated on March 30, 2026 (as may be further amended and restated from time to time, the

"Investment Advisory Agreement"). On October 31, 2025, the Fund entered into the second amended and restated limited

partnership agreement, which was subsequently amended by Amendment No. 1 of the second amended and restated limited

partnership agreement on March 30, 2026 (as may be further amended and restated from time to time, the "Fund LPA"), with

the General Partner, pursuant to which the General Partner manages the Fund on a day-to-day basis.

Overall responsibility for SP+ INFRA's oversight rests with the General Partner, subject to certain oversight rights held

by the Fund's Board of Directors with respect to our periodic reports under the Exchange Act and certain conflicts of interest.

See "*—The Board of Directors*" and "*—Fund LPA*" below for further information.

The General Partner has delegated the portfolio management function regarding the Fund to the Investment Advisor. The

Investment Advisor has discretion to make Investments on behalf of the Fund.

The Investment Advisor is a Delaware limited liability company with its business address at 550 W 34th Street, New

York, NY 10001. The Investment Advisor is registered with the SEC as a "relying adviser" through a single "umbrella"

registration with Stonepeak Partners LP under the U.S. Investment Advisers Act of 1940, as amended (the "Advisers Act"), and

the General Partner is subject to the Advisers Act. The Investment Advisor is responsible for initiating, structuring, and

negotiating the Fund's Investments. In addition, the Investment Advisor actively manages each Investment to seek to maximize

the value of each Investment.

Each of the Investment Advisor and General Partner is an Affiliate of Stonepeak and, as such, the Investment Advisor

and General Partner have access to the broader resources of Stonepeak, subject to Stonepeak's policies and procedures

regarding the management of conflicts of interest.

 **Market Opportunity**

Stonepeak believes the market opportunity for private investments presents a compelling opportunity for investors

looking to maximize their investment reach and exposure. Specifically, Stonepeak believes that the global infrastructure market

represents a unique combination of mission critical real assets exposure, inflation protection, and resiliency through economic

cycles. Furthermore, the specific target sectors (transport & logistics, communications, energy/energy transition and, to a lesser

extent, social infrastructure) are, in Stonepeak's view, expected to each benefit from long-term tailwinds that will require

significant new and refurbishment capital over the coming decades.

a. *transportation and logistics* including roads and related infrastructure, port terminals, urban mass transport, on and

off-street parking, operations (including fixed base operations), logistics facilities, pooled asset logistics operations, cold

storage facilities and cold chain logistics operations;

b. *communications and digital infrastructure* including data centers, fiber networks, consumer and / or commercial

broadband telecommunication assets, and wireless communications infrastructure;

c. *energy and energy-transition infrastructure* including oil and / or natural gas storage, transportation, or logistics assets,

liquefied natural gas storage, transportation or liquefaction or regasification facilities, hydrogen or sustainable fuel production,

transportation, or storage, power generation or energy storage assets, smart grids or energy meters, carbon capture and storage,

waste to energy or waste disposal, etc.; and

d. *social infrastructure* including health care and education infrastructure assets and businesses.

**The Board of Directors**

Overall responsibility for SP+ INFRA's oversight rests with the General Partner, subject to certain oversight rights held

by the Fund's Board of Directors (the "Board of Directors" or "Board"). The Board is responsible for overseeing management

in the preparation of SP+ INFRA's periodic reports under the Exchange Act and in overseeing certain conflicts of interest

related to Stonepeak in accordance with the provisions of the Fund LPA and any policies of the General Partner. The Board

currently consists of six members, three of whom are independent of the General Partner (each, an "Independent Director"), as

determined by the General Partner consistent with the independence tests set out in Rule 303A.02 of the New York Stock

Exchange Listed Company Manual or any other policy as determined by General Partner. The Independent Directors shall be

unaffiliated with the General Partner, the Investment Advisor, or any of their Affiliates.

The General Partner has the authority to appoint directors, including one or more Independent Directors; provided, that

the appointment of new Independent Directors as a result of a vacancy (regardless of how the vacancy was created) will require

approval by the Board of Directors, including a majority of the remaining Independent Directors. At least one half of the Board

of Directors shall consist of Independent Directors. Subject to the foregoing, the General Partner shall have the right to change

or replace any Independent Director for cause (as defined in the Fund LPA) and any Director other than an Independent

Director with or without cause. See "*Part III. Item 10. Directors and Executive Officers—Biographical Information*" for further

information regarding the members of the Board.

The Fund has an Audit Committee comprised solely of Independent Directors. The Audit Committee is responsible for

selecting the Fund's auditor and approving the Fund's financial statements, among other matters.

Unitholders are not entitled to nominate or vote in the election of the Fund's directors. Further, Unitholders are not able

to bring matters before meetings of Unitholders or nominate directors at such meeting, nor are they generally able to submit

Unitholder proposals under Rule 14a-8 of the Exchange Act.

Although the Fund and the Lux Fund have highly overlapping portfolios, the Lux Fund has its own Board of Directors

(the "Lux Board of Directors" or the "Lux Board"), which is responsible for conducting the overall management and business

affairs of the Lux Fund in accordance with the articles of association of the Lux Fund, as amended, restated or otherwise

modified from time to time. The Lux Board currently comprises Steve Mlynar, Adrienne Saunders, John Alldis and Ross

Thomson. Stonepeak-Plus Infrastructure Fund Advisors LLC acts as the portfolio manager of the Lux Fund (the "Portfolio

Manager"). Upon the occurrence of a conflict of interest that has been brought to the attention of the Portfolio Manager and that

constitutes in the Portfolio Manager's good faith judgment, an actual and material conflict of interest in respect of which:

1. the interests of the Fund and the Lux Fund are aligned, the Portfolio Manager is required to consult the Board of the

Fund, which will provide advice, waive or consent in respect of such conflict.

2. the interests of the Fund and the Lux Fund are not aligned, the Lux Board is empowered to provide advice or to waive

or consent in respect of any such conflict. See "*Part I. Item 1A. Risk Factors—The Lux Fund*."

**Investment Advisory Agreement**

The Investment Advisor provides investment advisory services to us pursuant to the Investment Advisory Agreement.

Subject to the terms of the Investment Advisory Agreement, the Investment Advisor is responsible for originating and

recommending our investment opportunities and advising with respect to the acquisition, management, financing and

disposition of our assets, in accordance with our investment objectives, guidelines, policies and limitations.

The Investment Advisor's services under the Investment Advisory Agreement are not exclusive, and it is free to furnish

similar services to other entities, and it intends to do so, so long as its services to us are not impaired. For the avoidance of

doubt, the management, policies and operations of the Fund shall be the ultimate responsibility of the General Partner acting

pursuant to and in accordance with the Fund LPA. See "—Fund LPA" below for further information.

**Fund LPA**

Stonepeak-Plus Infrastructure Fund Associates LP, a Delaware limited partnership, is our General Partner. Overall

responsibility for SP+ INFRA's oversight rests with the General Partner, subject to certain oversight rights held by the Fund's

Board of Directors. See "—The Board of Directors" above for further information.

**Compensation of the Investment Advisor and the General Partner**

**Management Fee**

In consideration for its investment management services, the Investment Advisor is entitled to receive a management fee

(the "Management Fee") with respect to each Class of Units payable by the Fund (directly or indirectly through an Intermediate

Entity) equal to the product of (x) the Applicable Management Fee Percentage (as specified in the table below) with respect to

such Class of Units and (y) SP+ INFRA's month-end NAV attributable to such Class of Units, payable monthly in arrears,

before giving effect to any accruals for the Management Fee, the Servicing Fee (as defined below), the Performance

Participation Allocation (as defined below), Unit redemptions (and pending redemptions), any distributions and without taking

into account accrued and unpaid taxes of any Intermediate Entity (including corporations) through which SP+ INFRA indirectly

invests in an Investment (or any comparable entities of Other Stonepeak Accounts in which SP+ INFRA directly or indirectly

participates) or taxes paid by any such entity during the applicable month. The Fund and any Parallel Fund each is obligated to

pay (without duplication) its proportional share of the Management Fee with respect to each Class of Units based on its

proportional interest in the Master Aggregator or other relevant Intermediate Entity(ies) with respect to such Class of Units.

---

| | |
|:---|:---|
| **Class** | **Applicable Management Fee Percentage**  |
| Class A-1a  | 0.875% per annum |
| Class A-1b  | 0.875% per annum |
| Class A-1c  | 0.875% per annum |
| Class D-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date (as defined below), and <br>1.25% per annum thereafter<br>|
| Class D-2  | 1.25% per annum |
| Class F-1  | 0.875% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class F-2  | 0.75% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class F-3  | 0.625% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class F-4  | 0.875% per annum |
| Class I-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class I-2  | 1.25% per annum |
| Class S-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class S-2  | 1.25% per annum |
| Class X | —% per annum |

---

The Investment Advisor may elect to receive the Management Fee in cash, Units and / or shares, interests or units of

Intermediate Entities. If the Management Fee is paid in Units, such Units may be redeemed by the Fund at NAV at the

Investment Advisor's request and will not be subject to the volume limitations of the Redemption Program (as defined below)

or the Early Redemption Deduction (as defined below) of the Redemption Program.

Each Management Fee payment will, as determined in the General Partner's sole discretion, either (i) result in a

reduction of NAV of the applicable Class of Units to which such payment relates or (ii) result in a reduction in Units held by

Unitholders of the applicable Class and the Fund will make a payment in the form of cash or Units of an equivalent amount to

the Investment Advisor, which, in the case of a cash payment, may be invested or reinvested, as applicable, by the Investment

Advisor in whole or in part in Units and/or shares, interests or units of Intermediate Entities.

Class X Units are not subject to the Management Fee.

The Management Fee payable by the Fund with respect to each Class of Units shall be reduced by an amount (the

"Reduction Amount") equal to 100% of the Fund's pro rata share of Other Fees (as defined below) allocable to the Units in

such Class (net of reasonable out-of-pocket expenses incurred by the Investment Advisor or its Affiliates (and not otherwise

reimbursed) during the immediately preceding monthly period in connection with the transaction out of which such fees arose

(but shall not be net of all other direct or administrative costs allocable to such fees), it being understood that the Investment

Advisor or its Affiliates may seek to have all such reasonable out-of-pocket expenses and costs reimbursed or paid by the

company in respect of which such expenses and costs are generated (which shall not be considered a fee for purposes of

calculating the Reduction Amount)). In the event the Investment Advisor and its Affiliates have paid any Broken Deal

Expenses (as defined below) allocable to Units in a relevant Class in lieu of having them paid by the Fund, then the Reduction

Amount with respect to such Class for such monthly period will be decreased by the amount of such Broken Deal Expenses

then or previously paid by the Investment Advisor and its Affiliates with respect to such Class to the extent that such Broken

Deal Expenses have not already been applied against the Reduction Amount. The Reduction Amount with respect to any Class

for each monthly period shall be applied to reduce the Management Fee payable with respect to such Class for such monthly

period (but not to an amount below zero) and to the extent not so applied shall be carried forward for application against future

installments of the Management Fee with respect to such Class until such Reduction Amount is fully utilized in reducing the

Management Fee with respect to such Class. To the extent such excess Reduction Amount with respect to such Class remains

unapplied upon either (i) the redemption (or withdrawal) of all Units in such Class or (ii) the Fund's final distribution of assets,

the Investment Advisor or an Affiliate thereof shall retain such unapplied amount. The Fund's pro rata share of Other Fees shall

be allocated among classes pro rata based on their respective percentage interests in the relevant portfolio company in respect of

which such Other Fees are received.

"Other Fees" shall mean any fees earned by the Investment Advisor and its Affiliates in connection with Investments and

from the Fund's unconsummated transactions, including, but not limited to, break-up and topping fees, monitoring and

directors' fees, commitment, financing and organization fees, set-up fees, consulting fees, asset management fees, investment

banking fees, closing and transaction fees, acquisition fees, divestment fees, any other fees set forth in the Fund LPA and other

similar fees. For the avoidance of doubt, (i) Other Fees shall not include stock options, restricted stock grants or other

compensation granted or paid by portfolio companies to (or with respect to) employees or members of the Investment Advisor

or its Affiliates who serve in bona fide, non-director management capacities (or other operational capacities involving a

material portion of such employee's business time) at portfolio companies and all such amounts paid to any such persons shall

be deemed to be compensation for such persons' service in such capacities irrespective of whether such persons also serve on

the board of directors or other comparable body of the applicable portfolio company unless and to the extent any such amounts

are explicitly designated in writing by the portfolio company to the Fund or the Investment Advisor at the time of payment as

directors' fees payable to the Investment Advisor or its Affiliates in return for the designated board seat thereof, (ii) the

Investment Advisor and its Affiliates may receive fees and/or payments from entities or vehicles other than the Fund's portfolio

companies, including from joint venture partners, co-investors and other counterparties in relation to one or more transactions

otherwise involving the Fund, and such fees and/or payments shall not be considered Other Fees or be applied to reduce the

Management Fees borne by Unitholders and (iii) pursuant to the Amended and Restated Investment Advisory Agreement,

effective March 30, 2026, Other Fees shall not include (A) Subscription Fees (as defined below) and Servicing Fees, (B) any

fees or payments as agreed or approved by the Independent Directors and (C) any fees and/or other payments received by the

Investment Advisor or its Affiliates in connection with the performance of aviation and aviation-related services in connection

with any investment made by the Fund, any Parallel Fund, any Other Stonepeak Account or any Affiliate thereof so long as

such fees and/or payments are on arm's-length terms (it being understood that such fees and/or payments shall be deemed to be

on arm's-length terms if they are paid to the Investment Advisor or its Affiliates on the same terms as they are paid to a non-

affiliated capital markets or credit advisory advisor, as determined by the General Partner in good faith). In addition, the

Investment Advisor or one or more of its Affiliates have launched a capital markets and/or credit advisory function, including

but not limited to a business to advise on the issuance of debt or equity and/or to participate in loan origination, syndication,

placement and/or servicing of debt and/or equity securities (including for portfolio companies or entities formed to invest

therein), and should any such business receive underwriting spreads or other fees of any kind with respect to any such activities,

including spreads or fees (including advisory fees) from any portfolio company of the Fund, any Other Stonepeak Account or

any other investment vehicle sponsored by the General Partner, the Investment Advisor or their respective Affiliates, any such

spreads or fees will not be treated as Other Fees even if paid by or on behalf of, or are otherwise derived from, portfolio

companies of the Fund so long as such spreads or fees are on arm's-length terms (it being understood that such spreads or fees

shall be deemed to be on arm's-length terms if they are paid to the Investment Advisor, the Stonepeak Broker Dealer or one or

more of their respective Affiliates on the same terms as they are paid to a non-affiliated capital markets or credit advisory

advisor).

"Broken Deal Expenses" shall mean all fees, costs and expenses incurred in connection with a proposed Investment that

is not actually made or a proposed disposition which is not actually consummated (including, for greater certainty, any co-

investors' share of any such expenses to the extent not paid by such co-investors), including, without limitation, (w)

commitment fees that become payable in connection with a proposed Investment that is not ultimately made, (x) legal, tax,

administrative, accounting, advisory and consulting fees and expenses, travel and related expenses, (y) printing expenses and

(z) any liquidated damages, forfeited deposits, reverse termination fees or other similar payments with respect to the acquisition

of a prospective portfolio company.

The Investment Advisor and its Affiliates may receive fees (including fees of the type described in the term "Other

Fees") from companies other than SP+ INFRA's portfolio companies and their Affiliates and those involved in SP+ INFRA's

unconsummated transactions, including in connection with a joint venture in which SP+ INFRA participates or otherwise with

respect to assets or other interests retained by a seller or other commercial counterparty of SP+ INFRA and/or as otherwise

described in the Memorandum. The Investment Advisor and its Affiliates shall have no obligation to reduce the Management

Fee in respect of such fees or share such fees in any way with SP+ INFRA or the Unitholders.

On any Management Fee calculation date and for all purposes under the Fund LPA and the Investment Advisory

Agreement, any unapplied Reduction Amount with respect to any class described above shall be treated as an asset of SP+

INFRA for the purposes of calculating NAV and gross asset value (excluding, in each case to avoid double counting, any

unapplied reduction for Other Fees which have been capitalized and treated as an asset for purposes of calculating NAV and

gross asset value or the payment of which did not otherwise reduce NAV and gross asset value).

Notwithstanding anything to the contrary in this Annual Report, the Investment Advisor has agreed to forego an amount

of its monthly Management Fee and / or pay, absorb, or reimburse certain expenses of the Fund, to the extent necessary so that,

for the first full calendar year of the Fund's life (i.e., until December 31, 2026), the Fund's annual Specified Expenses (as

defined below) do not exceed 0.60% of the Fund's NAV as of the end of each calendar month.

"Specified Expenses" shall mean all expenses incurred in the business of the Fund, including Organizational and

Offering Expenses, with the exception of (i) the Management Fee, (ii) the Performance Participation Allocation, (iii) the

Servicing Fee, (iv) any distribution fees or subscription fees payable to a distribution agent, (v) portfolio company level

expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated

transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other

expenses related to any leverage incurred by the Fund or any person through which the Fund invests), (viii) taxes, (ix) ordinary

corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and

officers of the Fund), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the

Investment Advisor).

<u>Performance Participation Allocation</u>

The General Partner or any other entity so designated by the General Partner is entitled to an allocation or distribution

(the "Performance Participation Allocation") by the Fund (directly or indirectly through an Intermediate Entity), (i) with respect

to the first Reference Period (as defined below), promptly following the end of the year (which shall accrue on a monthly basis)

and (ii) with respect to all subsequent Reference Periods, upon the end of each quarter thereafter and at the other times

described below (which shall accrue on a monthly basis) in an amount equal to:

• First, if the Total Return (as defined below) for the applicable period exceeds the sum of (i) the Hurdle Amount (as

defined below) for that period and (ii) the Loss Carryforward Amount (as defined below) (any such excess, "Excess

Profits"), 100% of such Excess Profits until the total amount allocated to the Recipient (as defined below) equals

12.5% of the sum of (x) the Hurdle Amount for that period and (y) any amount allocated to the Recipient pursuant to

this clause (this is commonly referred to as a "Catch-Up"); and

• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining Excess Profits.

For further information regarding the Performance Participation Allocation, see "*Part II. Item 7. Management's* 

*Discussion and Analysis of Financial Condition and Results of Operations—Expenses" below.*

**Investment Process Overview**

SP+ INFRA benefits from an investment committee that is comprised of the following senior experienced investment

professionals from Stonepeak: Michael Dorrell, Jack Howell, Luke Taylor, James Wyper, Anthony Borreca and Cyrus Gentry

(the "Investment Committee").

The Investment Committee process emphasizes a consensus-based approach to decision-making among the members and

is the same process that Stonepeak has adopted since inception. In addition, SP+ INFRA benefits from the breadth of the entire

Stonepeak Platform, including the various acquisition, asset management, portfolio operations, finance, investor relations, and

legal and compliance professionals located around the globe. These resources provide valuable real-time, proprietary market

data that are expected to enable Stonepeak to identify and act on market conditions and trends more rapidly than competitors

and target specific themes with conviction.

SP+ INFRA believes that Stonepeak maintains a robust allocation process in accordance with Stonepeak's investment

allocation policy that governs the allocation of transactions across all of Stonepeak's funds. As part of such process,

Stonepeak's allocation committee ("Allocation Committee"), which consists of Michael Dorrell, Jack Howell and Luke Taylor,

is responsible for assessing whether an investment opportunity fits within the investment objectives of any of Stonepeak's funds

and whether such opportunity should be presented to the relevant investment committee for such fund(s). The Allocation

Committee works in close coordination with the senior finance and legal and compliance teams when allocating investment

opportunities to ensure all decisions are aligned with Stonepeak's investment allocation policy.

SP+ INFRA is expected to leverage the breadth of the Stonepeak Platform to invest in opportunities that originate in and

alongside the Other Stonepeak Accounts and Stonepeak. Stonepeak maintains a consistent approach to deal origination, seeking

to originate opportunities that it believes present an attractive risk-adjusted return to build a portfolio of diversified alternative

infrastructure and real asset-focused investments.

Stonepeak's investment process is intended to screen out most deals at the early stages of review. The initial deal

screening typically involves a senior member of the deal team assessing a potential opportunity to determine whether it

warrants further evaluation. Should a transaction warrant further review, Stonepeak will typically execute a non-disclosure

agreement and receive additional confidential information on the opportunity. Additional deal team resources may at this time

be allocated to conduct preliminary desktop-level due diligence, with Stonepeak quickly determining which opportunities

should be pushed further in the investment process and significantly narrowing down the universe of deals to be actively

pursued.

Stonepeak believes that a hands-on approach to driving operational value-add at portfolio companies is integral to SP+

INFRA's ability to deliver its target return. Stonepeak believes the opportunity for value-creation through operational initiatives

is particularly strong for many infrastructure assets due to the insulation from competitive pressures inherent in the high barriers

to entry for many such assets. In Stonepeak's experience, many asset owners believe they can afford suboptimal operational

practices without significant erosion of cash flows; however, Stonepeak believes that improved practices can often still lead to

significant upside for a more diligent and hands-on owner like Stonepeak.

Stonepeak does not expect to have a pre-determined threshold for potential exits of its assets, either in terms of length of

hold or a set valuation or return profile. Instead, Stonepeak seeks to constantly evaluate a variety of factors to determine how

best to deliver value, including a potential partial or full exit of any given asset.

Stonepeak seeks to continuously evaluate how to optimize returns over the life of each investment.

SP+ INFRA invests in Debt and Other Securities, which are generally expected to be liquid, and may be used to generate

income, facilitate capital deployment and provide a potential source of liquidity. SP+ INFRA may allocate its Debt and Other

Securities across different asset classes and securities in order to diversify and reduce overall risk.

**Competition**

Identifying, closing and realizing attractive investments that fall within SP+ INFRA's investment objectives is highly

competitive and involves a high degree of uncertainty and will be subject to market conditions. In addition, developing and

maintaining relationships with joint venture partners or management teams, on which some of SP+ INFRA's strategy depends,

is highly competitive. SP+ INFRA competes for Investments and potential joint venture partners with other investment funds,

corporations, individuals, companies, financial institutions (such as investment and mortgage banks and pension funds),

sovereign wealth funds and other investors. In addition, certain Other Stonepeak Accounts that have investment objectives that

are adjacent to or overlap with those of SP+ INFRA (whether now in existence or subsequently established) may share and / or

receive priority with respect to certain investment opportunities falling within the primary focus of such Other Stonepeak

Accounts or otherwise receive allocations of investments otherwise appropriate for SP+ INFRA. New competitors constantly

enter the market, and in some cases existing competitors combine in a way that increases their strength in the market. Further,

over the past several years, an ever-increasing number of investment funds have been formed (and many existing funds have

grown in size) for the purpose of investing in assets and businesses similar to those which SP+ INFRA is targeting. Additional

funds, entities or vehicles (including Other Stonepeak Accounts) with similar investment objectives have been and may be

formed in the future. Some of these competitors may have more relevant experience, greater financial resources and more

personnel than SP+ INFRA and Stonepeak. Such competitors may make competing offers for investment opportunities that are

identified, and even after an agreement in principle has been reached with a prospective portfolio company, consummating the

transaction is subject to a myriad of uncertainties, only some of which are foreseeable or within the control of SP+ INFRA. It is

possible that competition for appropriate investment opportunities could increase, which may also require SP+ INFRA

potentially to participate in auctions more frequently. The outcome of these auctions cannot be guaranteed, thus potentially

reducing the number of investment opportunities available to SP+ INFRA and potentially adversely affecting the terms,

including price, upon which Investments can be made. SP+ INFRA is selective in its approach to targeting Investments, and

there is no guarantee that Investments meeting SP+ INFRA's investment criteria will be available or all of SP+ INFRA's

Investments will meet such criteria. Purchasers of the Units will not have an opportunity to evaluate for themselves the relevant

economic, financial and other information regarding the Investments to be made by SP+ INFRA and, accordingly, will be

dependent upon the judgment and ability of the General Partner and the Investment Advisor in sourcing transactions and

investing and managing the capital of SP+ INFRA. Additionally, competition for investment opportunities from other

investment vehicles has increased on a global scale. Private equity and other funds are making global competition increasingly

intense. There can be no assurance that the addition of new sponsors to the market will not occur, and, if it does occur, could

intensify this effect. Furthermore, there can be no assurance that SP+ INFRA will be able to locate, acquire, complete and exit

Investments that satisfy SP+ INFRA's rate of return or investment objectives, or realize upon their values, or that it will be able

to fully invest its committed capital. In addition, Stonepeak's investment strategies in certain Investments may depend on its

ability to enter into satisfactory relationships with joint venture or operating partners. There can be no assurance that

Stonepeak's current relationship with any such partner or operator will continue (whether on currently applicable terms or

otherwise) with respect to SP+ INFRA or that any relationship with other such persons will be able to be established in the

future as desired with respect to any sector or geographic market and on terms favorable to SP+ INFRA.

**Potential Conflicts of Interest**

The General Partner and Investment Advisor face conflicts of interest as a result of, among other things, the allocation of

investment opportunities among the Fund and Other Stonepeak Accounts, the allocation of time and attention of its investment

professionals and the substantial compensation that will be paid to Stonepeak. Potential conflicts of interests may include, but

are not limited to:

• The General Partner's Performance Participation Allocation, which creates a greater incentive for Stonepeak to make

more speculative investments on behalf of SP+ INFRA or time the purchase or sale Investments in a manner motivated

by the personal interest of Stonepeak personnel than if such performance-based compensation did not exist;

• The amount of time and attention Stonepeak devotes to SP+ INFRA in order to conduct its affairs in an appropriate

manner;

• Differing interests of Other Stonepeak Accounts and their respective portfolio companies; and

• The allocation of investment opportunities between SP+ INFRA and Other Stonepeak Accounts.

See "*Part I. Item 1A. Risk Factors—Potential Conflicts of Interest*", including "*—Investments in and Alongside Other* 

*Stonepeak Accounts Generally*," "*—Investments in Which Other Stonepeak Accounts Have a Different Principal Interest* 

*Generally,*" "*—Joint Investments*," "*—Conflicting Fiduciary Duties to Other Stonepeak Accounts*" and "*Broken Deal Expenses*"

for more information on the conflicts of interest we may face.

**Allocation of Investment Opportunities**

SP+ INFRA does not have the exclusive unconditional right to any investment opportunity. Accordingly, Stonepeak is

under no obligation to offer investment opportunities to SP+ INFRA and may choose to allocate all or any part of any

opportunity to an Other Stonepeak Account or any business in which Stonepeak has invested, in accordance with its allocation

policy. The General Partner and its Affiliates will, from time to time, be presented with investment opportunities that fall within

the investment objective of SP+ INFRA and an Other Stonepeak Account now existing or to be formed in the future in

accordance with the Fund LPA. Situations where an investment may be shared or allocated away from SP+ INFRA may also

arise as a result of the fact that the General Partner and its Affiliates have the ability to, and are expected to, form, sponsor, and /

or manage other limited partnerships or pooled investment vehicles, including funds that are for Stonepeak's own account or

managed by Stonepeak for the account of another. Such investment funds may be ancillary or accretive to, or otherwise

supplement, SP+ INFRA's investment program, including, without limitation, the establishment of securitized vehicles or

trading vehicles. The investment objectives of such Other Stonepeak Accounts may be a subset of, overlap significantly with, or

be more narrowly focused (e.g., focusing on one asset class, sector and / or one geographic region) than the investment

objectives of SP+ INFRA, and allocations of relevant investment opportunities will be made to such Other Stonepeak Accounts

on a priority basis. Moreover, Stonepeak may establish Other Stonepeak Accounts or other vehicles that would otherwise be

Other Stonepeak Accounts but for the fact that the vehicles will not target multiple investments and / or are publicly-offered

(e.g., a special purpose acquisition vehicle), and this is the case even though the initial target company may make additional

add-on acquisitions. Such Other Stonepeak Accounts may be sponsored and managed by the General Partner or its Affiliates

and may participate alongside SP+ INFRA with respect to investments within such narrower focus, limitation or shared

investment objectives (which may reduce, in whole or in part, the allocation thereof to SP+ INFRA). Unitholders should expect

that not all of the investment opportunities suitable for SP+ INFRA will be presented to SP+ INFRA. Investment opportunities

that might otherwise fall within the investment objectives of SP+ INFRA or its strategy will be allocated to Other Stonepeak

Accounts (in whole or in part). In addition, certain Other Stonepeak Accounts have investment objectives, and a history of

investing in investments that are a subset of or overlap with the investment objectives of SP+ INFRA's investment program.

SP+ INFRA and the Lux Fund participate and will continue to participate in all or substantially all of their investments

through a combined investment structure using shared Intermediate Entities. Subject to certain exceptions, (i) the Lux Fund will

generally invest on a pro rata basis alongside the Fund in Investments on substantially the same terms as the Fund (including by

means of investing in the Master Aggregator and the relevant Intermediate Entities) and (ii) the Fund and the Lux Fund will

generally dispose of each such Investment at the same time and on substantially the same terms (including by the Master

Aggregator and the relevant Intermediate Entities disposing of such Investment).

However, in the event that the General Partner determines to use distinct investment structures for the Fund and the Lux

Fund, they will continue to have substantially similar investment objectives and strategies and will continue to have highly

overlapping investment portfolios, but will not be required to generally invest and divest in each investment at the same time

and on the same terms. When using distinct investment structures, investment opportunities will be allocated between the Fund

and the Lux Fund in accordance with Stonepeak's internal allocation policy on a basis that the General Partner believes in good

faith to be fair and reasonable, as further described below.

Additionally, because the Fund Program invests across Stonepeak's platform, its investment strategy will overlap with

that of Other Stonepeak Accounts that are actively investing and similarly overlap with future Other Stonepeak Accounts.

Although the Fund Program may make unique investments that are not shared by Other Stonepeak Accounts outside of the

Fund Program, many investment opportunities have been and will continue to be shared with Other Stonepeak Accounts to the

extent such opportunities fall within the investment strategy of such Other Stonepeak Accounts and the investment strategy

across the Fund Program. Please see "*Part I. Item 1A. Risk Factors—Potential Conflicts of Interest—Allocation of Investment* 

*Opportunities*" for additional information regarding the Lux Fund.

Stonepeak generally determines the relative allocation of investment opportunities between the Fund Program and Other

Stonepeak Accounts on a basis that Stonepeak believes in good faith to be fair and reasonable and consistent with Stonepeak's

allocation policy (which will be updated from time to time). However, the application of the allocation policy may result in the

Fund Program not participating, or not participating to the same extent, in investment opportunities in which it would have

otherwise participated, or participated to a greater extent, had the related allocations been determined without regard to such

guidelines. Among the factors Stonepeak considers in making investment allocations between the Fund Program and Other

Stonepeak Accounts are the following: (i) any applicable investment parameters, limitations and other terms of the Fund

Program and such Other Stonepeak Accounts, (ii) the Fund Program and such Other Stonepeak Accounts having available

capital with respect thereto and (iii) legal, tax, regulatory, accounting, and other considerations deemed relevant by the General

Partner (including, without limitation, the specific nature, size, terms, sourcing and type of an Investment, relative investment

strategies and primary investment mandates, policies, portfolio diversification concerns, contractual obligations, applicable

investment limitations, relative amounts of available capital for each investment fund, source of the investment opportunity, the

investment focus of each investment fund, the expected risk-return profile, the anticipated holding period, the anticipated cash

yield and remaining investment periods, co-investment and co-underwriting arrangements, the extent of involvement of the

respective teams of investment professionals dedicated to the Fund Program and Other Stonepeak Accounts, and other relevant

considerations). Moreover, a fair and reasonable allocation methodology for purposes of the foregoing could involve the

General Partner establishing a formulaic methodology (such as a pre-determined fixed split) to allocate such opportunities

between the Fund Program and one or more of such Other Stonepeak Accounts, although no such formulaic allocation

methodology is required. As a result, in certain circumstances, investment opportunities that fall within the Fund Program's

objectives may not be presented to or pursued by the Fund Program, and may be allocated in whole or in part to any such Other

Stonepeak Accounts. See "*Part I. Item 1A. Risk Factors—Potential Conflicts of Interest—Allocation of Investment* 

*Opportunities*" for more information.

**Leverage**

The Fund may employ borrowings, provide guarantees, provide other credit support and / or incur any other indebtedness

for any purpose, including to manage liquidity and to fund all or a portion of the capital necessary for an investment and / or

Fund Expenses, and leverage may be used more heavily in certain investment strategies. The Fund may also borrow to satisfy

redemption requests and for any proper purpose relating to the activities of the Fund. Where the Fund borrows for purposes of

satisfying redemption requests, it will look to repay such amounts as soon as is reasonably practicable having regard to the

interest of Unitholders as a whole.

The Fund typically seeks to ensure that it does not incur indebtedness through credit facilities via specialized institutions,

banks or Affiliates of the Investment Advisor or other arrangements that would cause its Leverage Ratio (defined below) to

exceed 30%. No remedial action will be required if the Leverage Limit is exceeded for any reason other than the incurrence of

an increase in indebtedness (including the exercise of rights attached to an Investment).

For the purposes of this section:

a. "**Leverage Ratio**" means: on any date of incurrence of any such indebtedness, the quotient obtained by dividing (i) Aggregate Net Leverage (as defined below) by (ii) the aggregate month-end values of the Fund's Investments, plus the value of any other assets (such as cash on hand), as determined in accordance with the Fund's valuation policy.

b. "**Aggregate Net Leverage**" means: (i) the aggregate amount of recourse indebtedness for borrowed money (e.g., bank debt) of the Fund minus (ii) cash and cash equivalents of the Fund minus, without duplication, (iii) cash used in connection with funding a deposit in advance of the closing of an investment and working capital advances.

For purposes of determining the Aggregate Net Leverage, the Investment Advisor shall use the principal amount of

borrowings, and not the valuations of the Fund's borrowings, and may, in its sole discretion, determine which securities and

other instruments are deemed to be cash equivalents. For the avoidance of doubt, the Leverage Limit does not apply to (i)

indebtedness incurred by an Intermediate Entity (including, for the avoidance of doubt, any other Aggregator and any Lower

Fund) or portfolio company that is not recourse to the Fund, (ii) guarantees of indebtedness, (iii) "bad boy" guarantees or other

credit support obligations or (iv) other related liabilities that are not recourse indebtedness for borrowed money.

The Fund may:

• borrow money, including on a joint and several basis and / or cross-collateralized basis with any Parallel Fund, the Lux

Fund, portfolio company, Intermediate Entity, alternative vehicles and / or other persons in or alongside which the

Fund acquires or proposes to acquire an Investment; and / or

• give guarantees, commitments, credit support and / or other undertakings in connection with the borrowings of the

Fund, any Parallel Fund, the Lux Fund, the Feeder Fund, any portfolio company, any Intermediate Entity, any

alternative vehicle and / or any other person in or alongside which the Fund acquires or proposes to acquire an

Investment,

in each case in connection with its investment activities, i.e., the Fund may utilize leverage.

The Fund may use leverage and incur indebtedness opportunistically and may choose to increase or decrease its leverage

and indebtedness, or use different types or combinations of leveraging and borrowing instruments, at any time based on the

Fund's assessment of market conditions and the investment environment.

The Fund may, but is not obligated to, engage in hedging transactions for the purpose of efficient portfolio management.

The Investment Advisor may review the hedging policy of Stonepeak from time to time depending on movements and projected

movements of the relevant currencies and interest rates and the availability of cost-effective hedging instruments for the Fund at

the relevant time. See "*Part I. Item 1A. Risk Factors—Financial Leverage*" for more information on risks associated with

leverage.

**Term**

SP+ INFRA has been established, and is expected to continue, for an indefinite period of time. As part of SP+ INFRA's

indefinite term structure, investors may request the redemption of their Units on a quarterly basis. See "*—Redemption* 

*Program*" below for more information regarding redemptions.

**Emerging Growth Company**

We are and we will remain an "emerging growth company" as defined in the Jumpstart Our Business Startups Act, as

amended (the "JOBS Act") until the earlier of (a) the last day of the fiscal year (i) following the fifth anniversary of the date of

an initial public offering pursuant to an effective registration statement under the 1933 Act, (ii) in which we have total annual

gross revenue of at least $1.235 billion, or (iii) in which we are deemed to be a large accelerated filer, which means the market

value of our Units that is held by non-affiliates exceeds $700 million as of the date of our most recently completed second fiscal

quarter, and (b) the date on which we have issued more than $1.0 billion in non-convertible debt during the prior three-year

period. For so long as we remain an "emerging growth company" we may take advantage of certain exemptions from various

reporting requirements that are applicable to other public companies that are not "emerging growth companies" including, but

not limited to, not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act

of 2002 ("Sarbanes-Oxley Act"). We cannot predict if investors will find our Units less attractive because we may rely on some

or all of these exemptions.

In addition, Section 107 of the JOBS Act also provides that an "emerging growth company" can take advantage of the

extended transition period provided in Section 7(a)(2)(B) of the 1933 Act for complying with new or revised accounting

standards. In other words, an "emerging growth company" can delay the adoption of certain accounting standards until those

standards would otherwise apply to private companies. We will take advantage of the extended transition period for complying

with new or revised accounting standards, which may make it more difficult for investors and securities analysts to evaluate us

since our financial statements may not be comparable to companies that comply with public company effective dates and may

result in less investor confidence.

**Distribution Reinvestment Plan**

We have adopted a distribution reinvestment plan, pursuant to which we will reinvest all cash distributions declared by

the Fund on behalf of our Unitholders who do not elect to receive their distributions in cash as provided below. As a result, if

the General Partner authorizes, and we declare, a cash distribution, then our Unitholders who have not opted out of our

distribution reinvestment plan will have their cash distributions automatically reinvested in additional Units rather than

receiving the cash distribution. If a Unitholder elects to opt out of the distribution reinvestment plan, such Unitholder will

receive any distributions declared in cash.

There will be no upfront subscription fees charged to a Unitholder for Units received pursuant to the distribution

reinvestment plan if such Unitholder participates in the distribution reinvestment plan.

The Units issued under the distribution reinvestment plan will be at a price equal to the most recent available NAV per

Unit for such Units at the time the distribution is payable.

**Redemption Program**

The Fund has implemented the Redemption Program which allows redemption of Units, in each quarter, up to 5% of

Units outstanding (either by number of Units or aggregate transactional NAV) as of the close of the previous calendar quarter.

The General Partner may, in accordance with the Fund LPA, cause the Fund to allow redemptions of Units in an amount that

exceeds the 5% quarterly limitation in any calendar quarter. The Class X Units held by SP Investors (as defined below) will not

be subject to the Redemption Program, including with respect to any redemption limits. The Fund has adopted a separate

arrangement to redeem Class X Units held by the SP Investors. To the extent the General Partner redeems Units in any

particular calendar quarter, the General Partner will cause the Fund to redeem Units using the transactional NAV per Unit as of

the last calendar day of each calendar quarter, subject to the Early Redemption Deduction, and as further described in the Fund

LPA.

Any redemption request of Units that have not been outstanding for at least two years will be subject to an early

redemption deduction equal to 5% of the value of the applicable NAV of the Units being redeemed (the "Early Redemption

Deduction") for the benefit of the Fund and the Unitholders, subject to certain exceptions. The General Partner may make

exceptions to, modify, amend or suspend the Redemption Program without Unitholder approval if, in its reasonable judgment, it

deems such action to be in the best interest of the Fund and the Unitholders, including, but not limited to, regulatory or

structuring reasons or as necessary to ensure that the Fund is not subject to tax as a corporation; provided that any such

suspension or material modification shall be subject to the approval of the Independent Directors. As a result, Unit redemptions

may not be available each quarter, such as when a redemption would place an undue burden on the Fund's liquidity, adversely

affect its operations or risk having an adverse impact on the Fund that would outweigh the benefit of the redemptions.

The Investment Advisor may elect to receive the Management Fee in Units in lieu of cash payments. If the Management

Fee is paid in Units, such Units will not be subject to the volume limitations of the Redemption Program or the Early

Redemption Deduction of the Redemption Program. The General Partner or any other entity so designated by the General

Partner may elect to receive the Performance Participation Allocation in Units in lieu of cash payments. If the Performance

Participation Allocation is paid in Units, such Units will be subject to the volume limitations of the Redemption Program but

not the Early Redemption Deduction of the Redemption Program.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to cause

the Fund to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units submitted for

redemption during such calendar quarter will be redeemed on a pro-rata basis after we have redeemed all Units for which

redemption has been requested due to death, qualifying disability or divorce and other limited exceptions. Unsatisfied

redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request

to be reconsidered, Unitholders must resubmit their redemption request in the next quarterly redemption window. The Fund has

no obligation to redeem Units, including if the redemption would violate the restrictions on distributions under any applicable

law or regulation. The limitations and restrictions described above may prevent the Fund from accommodating all redemption

requests made in any quarter.

**Stonepeak Unit Repurchase Arrangement for Class X Units Held by SP Investors**

In recognition of SP Investors' (as defined below) supporting the Fund's initial and potential future acquisitions, the

Fund has adopted an arrangement to repurchase any Class X Units acquired by SP Investors (the "Eligible Units"). On the last

calendar day of each month (the "Repurchase Date"), the Fund expects to offer to repurchase Class X Units of the Fund from

SP Investors having an aggregate NAV (the "Monthly Repurchase Amount") up to (i) the net proceeds from new subscriptions

for Units that the Fund receives in the offering of the Fund's Units (other than Eligible Units) for such month (which

subscriptions will be accepted and effective on or after the first business day of the following month) less (ii) the aggregate

redemption amount of Units (other than Eligible Units) received by the Fund during such month pursuant to the Redemption

Program plus (iii) the Excess Operating Cash Flow (as defined below). In addition to the Monthly Repurchase Amount for the

applicable month, the Fund will offer to repurchase any Monthly Repurchase Amounts from prior months that have not yet

been repurchased. The repurchase price per Eligible Unit for each repurchase from the SP Investors will be the NAV per

Eligible Unit as of the Repurchase Date, as determined in accordance with the Fund's valuation policy. This Unit repurchase

arrangement is not subject to any time limit and will continue until the Fund has repurchased all Eligible Units.

"Excess Operating Cash Flow" means, for any given quarter, the Fund's net cash provided by operating activities, if

any, less any amount of such cash used, or designated for use, to pay distributions to Unitholders.

"SP Investors" refers collectively to Stonepeak Partners LP and its subsidiaries and affiliated entities.

Other than as described herein, the Unit repurchase arrangement for Eligible Units is not subject to the redemption

limitations (including the 5% quarterly redemption limitation) of the Redemption Program. Notwithstanding the foregoing, no

repurchase offer will be made to SP Investors during any month in which (1) the 5% quarterly redemption limitation of the

Fund's Redemption Program has been decreased or (2) the full amount of all Units requested to be redeemed under the Fund's

Redemption Program is not redeemed. Additionally, the Fund may elect not to offer to purchase Units from SP Investors, or

may offer to repurchase less than the Monthly Repurchase Amount, if, in the Fund's judgment, the Fund determines that

offering to repurchase the full Monthly Repurchase Amount would place an undue burden on the Fund's liquidity, adversely

affect the Fund's operations or risk having an adverse impact on the Fund as a whole. Further, the General Partner may modify,

suspend or terminate this Unit repurchase arrangement if it deems such action to be in the Fund's best interests and the best

interests of the Fund's Unitholders. SP Investors will not request that Eligible Units be repurchased under the Fund's

Redemption Program.

**Employees**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business

are provided by individuals who are employees of the General Partner, the Investment Advisor or their affiliates pursuant to the

terms of the Investment Advisory Agreement and the Fund LPA. See "Part I. Item 1. Business—Investment Advisory

Agreement" and "—Fund LPA."

**Reporting Obligations**

We make available on our website at www.stonepeakplusinfra.com, our annual reports on Form 10-K, quarterly reports

on Form 10-Q and our current reports on Form 8-K. The SEC also maintains a website (www.sec.gov) that contains such

information. Our website will contain additional information about our business, but the contents of the website are not

incorporated by reference in or otherwise a part of this Annual Report. From time to time, we may use our website as a

distribution channel for material company information. Financial and other important information regarding us is routinely

accessible through and posted on our website. The information contained on, or accessible from, our website is not part of this

Annual Report by reference or otherwise.

**Item 1A. Risk Factors**

The following considerations should not be seen as an exhaustive list of potential risks or conflicts. Additional risks and

uncertainties not currently known to SP+ INFRA, or that have not been noted in this Annual Report, also may have a negative

or adverse effect, which could be material, on the performance of SP+ INFRA and the value of the Units. The order in which

the risks are presented below is not intended to provide an indication of the likelihood of their occurrence or of their magnitude

or significance. Because SP+ INFRA may invest in and / or alongside certain Other Stonepeak Accounts (which, for all

purposes of "Item 1A. Risk Factors", include Stonepeak proprietary vehicles), the risk factors described herein may apply to

SP+ INFRA's Direct Investments, Secondary Investments and Primary Commitments in and / or alongside Other Stonepeak

Accounts and all references to SP+ INFRA shall include references to the relevant Other Stonepeak Accounts alongside and

through which SP+ INFRA may invest, as the context so requires. Additionally, many of the risk factors described herein will

be applicable in connection with investments made by third-party investment funds and third-party managers in which SP+

INFRA may participate, even if such investments are not specifically discussed in such risk factors.

**Market Conditions** 

***Highly Competitive Market for Investment Opportunities; Operators and Other Partners.*** Identifying, closing and

realizing attractive investments that fall within SP+ INFRA's investment objectives is highly competitive and involves a high

degree of uncertainty and will be subject to market conditions. In addition, developing and maintaining relationships with joint

venture partners or management teams, on which some of SP+ INFRA's strategy depends, is highly competitive. A failure by

Stonepeak to identify attractive investment opportunities, develop new relationships and maintain existing relationships with

joint venture partners and other industry participants would adversely impact SP+ INFRA. SP+ INFRA will be competing for

Investments and potential joint venture partners with other investment funds, corporations, individuals, companies, financial

institutions (such as investment and mortgage banks and pension funds), sovereign wealth funds and other investors. In

addition, certain Other Stonepeak Accounts that have investment objectives that are adjacent to or overlap with those of SP+

INFRA (whether now in existence or subsequently established) will share and / or receive priority with respect to certain

investment opportunities falling within the primary focus of such Other Stonepeak Accounts or otherwise receive allocations of

investments otherwise appropriate for SP+ INFRA. New competitors constantly enter the market, and in some cases existing

competitors may combine in a way that increases their strength in the market. Further, over the past several years, an ever-

increasing number of investment funds have been formed (and many existing funds have grown in size) for the purpose of

investing in assets and businesses similar to those which SP+ INFRA is targeting. Additional funds, entities or vehicles

(including Other Stonepeak Accounts) with similar investment objectives have been and may be formed in the future. Some of

these competitors may have more relevant experience, greater financial resources and more personnel than SP+ INFRA and

Stonepeak. Such competitors may make competing offers for investment opportunities that are identified, and even after an

agreement in principle has been reached with a prospective portfolio company, consummating the transaction is subject to a

myriad of uncertainties, only some of which are foreseeable or within the control of SP+ INFRA. It is possible that competition

for appropriate investment opportunities could increase, which may also require SP+ INFRA potentially to participate in

auctions more frequently. The outcome of these auctions cannot be guaranteed, thus potentially reducing the number of

investment opportunities available to SP+ INFRA and potentially adversely affecting the terms, including price, upon which

Investments can be made. SP+ INFRA intends to be selective in its approach to targeting Investments, and there is no guarantee

that Investments meeting SP+ INFRA's investment criteria will be available or all of SP+ INFRA's Investments will meet such

criteria. Purchasers of the Units will not have an opportunity to evaluate for themselves the relevant economic, financial and

other information regarding the Investments to be made by SP+ INFRA and, accordingly, will be dependent upon the judgment

and ability of the General Partner and the Investment Advisor in sourcing transactions and investing and managing the capital

of SP+ INFRA. Additionally, competition for investment opportunities from other investment vehicles has increased on a

global scale. Private equity and other funds are making global competition increasingly intense. There can be no assurance that

the addition of new sponsors to the market will not occur, and, if it does occur, could intensify this effect. Furthermore, there

can be no assurance that SP+ INFRA will be able to locate, acquire, complete and exit Investments that satisfy SP+ INFRA's

rate of return or investment objectives, or realize upon their values, or that it will be able to fully invest its committed capital. In

addition, Stonepeak's investment strategies in certain Investments may depend on its ability to enter into satisfactory

relationships with joint venture or operating partners. There can be no assurance that Stonepeak's current relationship with any

such partner or operator will continue (whether on currently applicable terms or otherwise) with respect to SP+ INFRA or that

any relationship with other such persons will be able to be established in the future as desired with respect to any sector or

geographic market and on terms favorable to SP+ INFRA.

***Geopolitical Conflicts and Risk.*** Geopolitical events, including, without limitation, national referenda, political

elections, international violent and non-violent conflicts, political movements and reactions to national and international

emergencies, can affect monetary policy, fiscal policy, international relations, currency valuations, legal systems and regulatory

regimes, among numerous other things, in ways that could impact SP+ INFRA and / or its ability to operate and / or pursue its

investment strategy. As economies and financial markets worldwide become increasingly interconnected, the likelihood

increases that geopolitical conflicts in one country or region will adversely impact markets or issuers in other countries or

regions, including in ways that are difficult to predict or foresee. The impacts of these conflicts or events can be exacerbated by

failures of governments and societies to respond adequately to a geopolitical conflict and subsequent emerging events or

threats. For example, local or regional armed conflicts have led to significant sanctions by the U.S., EU, and other countries

against certain countries and persons and companies connected with certain countries. Such armed conflicts and sanctions and

other local or regional developments can exacerbate global supply and pricing issues, particularly those related to oil and gas,

and result in other adverse developments and circumstances, as well as increased general uncertainty, for markets, economies,

issuers, businesses, and societies both globally and in specific jurisdictions. Although these types of conflicts have occurred and

could also occur in the future, it is difficult to predict when similar conflicts affecting the U.S. or global financial markets and

economies will occur, the effects of such events or conditions, potential retaliations in response to sanctions or similar actions,

and the duration or ultimate impact of those conflicts. Any such conflicts could have a significant adverse impact on the

operations, risk profile, and value of SP+ INFRA and its portfolio companies, with or without direct exposure to the specific

geographies, markets, countries or persons involved in an armed conflict or subject to sanctions. Ongoing conflicts and the

measures taken in response have had and could be expected to continue to have a negative impact on the economy and business

activity globally (including in the countries in which SP+ INFRA invests), and therefore could adversely affect the performance

of SP+ INFRA's Investments. The severity and duration of the conflict and its future impact on global economic and market

conditions (including, for example, oil prices) are impossible to predict, and as a result, present material uncertainty and risk

with respect to SP+ INFRA, the performance of SP+ INFRA's Investments, portfolio company operations, and the ability of

SP+ INFRA to achieve its investment objectives. Similar risks exist to the extent that any portfolio companies, service

providers and vendors of Stonepeak, SP+ INFRA and any portfolio companies, or certain other parties have material operations

or assets in the countries where such conflicts are taking place or in the immediate surrounding areas. Other geopolitical

conflicts could arise in the future and such conflicts could have material adverse consequences on Stonepeak, SP+ INFRA and

its portfolio companies. See also "—Economic Sanctions and Anti-Bribery Considerations" herein. Furthermore, if after

subscribing to SP+ INFRA, any investor or any beneficial owner thereof is included on a list of prohibited entities and

individuals maintained by a relevant regulatory and/or government entity, including OFAC, or under similar E.U., U.K. or

Cayman Islands regulations or under other applicable law, or are operationally based or domiciled in a country or territory in

relation to which current sanctions have been issued by the U.S., United Nations, E.U., U.K., Luxembourg, the Cayman Islands

and/or other applicable jurisdictions, SP+ INFRA would likely be required to cease any further dealings with such investor or

freeze any dealings with the interests or accounts of the investor (e.g., by prohibiting payments by or to the investor or

restricting or suspending dealings with the interests or accounts) or freeze the assets of SP+ INFRA until such sanctions are

lifted or a license is sought under applicable law to continue dealings. SP+ INFRA could further have to report to the relevant

competent authorities the implementation of any restrictive measures carried out pursuant to international financial sanctions.

For the avoidance of doubt, Stonepeak has the sole discretion to determine the remedy if an investor is included on a sanctions

list and is under no obligation to seek a license or any other relief to continue dealing with such investor. Although Stonepeak

expends significant effort and resources to comply with the sanctions regimes in the countries where it operates, one of these

rules could be violated by Stonepeak's or SP+ INFRA's activities or investors, which would adversely affect SP+ INFRA.

Risks related to sanctions described elsewhere herein (including "—Economic Sanctions and Anti-Bribery Considerations")

apply to such sanctions as well. (See also "—Terrorist Activities" below).

There can be no assurances that political and regulatory conditions will not worsen and/or adversely affect SP+ INFRA,

its investments, or their respective financial performance.

***General Economic and Market Conditions.*** The private equity industry generally, and SP+ INFRA's investment

activities in particular, are affected by general economic and market conditions, as well as a number of other economic factors

that are likewise outside of Stonepeak's control, such as interest rates, availability and spreads of credit, credit defaults,

inflation rates, economic uncertainty, changes in tax, currency control and other applicable laws and regulations (including laws

and rates relating to the taxation of SP+ INFRA's Investments), trade barriers, consumer spending patterns, general economic

and market conditions and activity (such as consumer spending patterns), technological developments and national and

international political, environmental and socioeconomic circumstances (including wars, terrorist acts or security operations),

foreign ownership restrictions and global pandemics. Market disruptions in a single country could cause a worsening of

conditions on a regional and even global level. General fluctuations in the market price of securities and interest rates or a

worsening of general economic and market conditions would likely affect the level and volatility of securities prices and the

liquidity of SP+ INFRA's Investments, which could impair SP+ INFRA's profitability, result in losses and impact the

Unitholders' investment returns. Stonepeak's financial condition may be adversely affected by a significant general economic

downturn and it may be subject to legal, regulatory, reputational and other unforeseen risks that could have a material adverse

effect on Stonepeak's business and operations and thereby could impact SP+ INFRA. A depression, recession, slowdown and /

or sustained slowdown in the global economy or one or more regional markets (or any particular segment thereof) or a

weakening of credit markets (including a perceived increase in counterparty default risk) or an adverse development in

prevailing market trends or consumer spending patterns would have a pronounced impact on the General Partner, the

Investment Advisor, SP+ INFRA and its portfolio companies (which would likely be exacerbated by the presence of leverage in

a particular portfolio company's capital structure) and could adversely affect their profitability, creditworthiness and ability to

execute on their business plans, sell assets, satisfy existing obligations, make and realize Investments successfully, originate or

refinance credit or draw on existing financings and commitments (including, in the case of SP+ INFRA, commitments from

Unitholders), which in turn may have an adverse impact on the business and operations of SP+ INFRA. Recent volatility in the

global financial markets and political systems of certain countries may have adverse spill-over effects into the global financial

markets generally and U.S. markets in particular. Moreover, a recession, slowdown and / or sustained downturn in the global

economies (or any particular segment thereof) or weakening of credit markets will adversely affect SP+ INFRA's profitability,

impede the ability of SP+ INFRA's portfolio companies to perform under or refinance their existing obligations, and impair

SP+ INFRA's ability to effectively exit Investments on favorable terms. In addition, there exists uncertainty in the global

banking markets (particularly as a result of the failures of certain banks), and there can be no assurance that other banks

(including banks with which Stonepeak, SP+ INFRA or its portfolio companies have business relationships) will not suffer

adverse effects. Any of the foregoing events could result in substantial or total losses to SP+ INFRA in respect of certain

Investments, which losses will likely be exacerbated by the presence of leverage in a particular portfolio company's capital

structure. Stonepeak itself could also be affected by difficult conditions in the capital markets and any overall weakening of the

financial services industry in particular or of the U.S. and / or global economies generally. Prospective investors should note

that performance and other numerical information contained in this Annual Report, including without limitation, market data,

have not been updated through the date of this Annual Report. For example, Stonepeak believes that certain market data and

information is likely to have recently changed from that included herein, but is not yet available.

***Financial Market Fluctuations; Availability of Financing.*** Declines or volatility in financial markets, including the

securities and derivatives markets, would adversely affect the value of SP+ INFRA's Investments. Certain assets may be

vulnerable to local, national and worldwide economic cycles. This could affect the cash flow from portfolio companies as well

as the prices at which SP+ INFRA purchases or sells its Investments. Instability and volatility in interest rates and the securities

or debt markets may also increase the risks inherent in SP+ INFRA's investments. A significant market fluctuation often

decreases tolerance for counterparty risks, which can negatively impact financial institutions, even causing their failure as

occurred in the most recent global economic downturn. SP+ INFRA and its portfolio companies are expected to regularly seek

to obtain new debt and refinance existing debt, including in the liquid debt markets, and significant declines in pricing of debt

securities or increases in interest rates, or other disruptions in the credit markets, would make it difficult to carry on normal

financing activities, such as obtaining committed debt financing for acquisitions, bridge financings or permanent financings.

Tightening of loan underwriting standards, which often occurs during market disruptions, can have a negative impact including

through reduction of permitted leverage levels and increased requirements for borrower quality. SP+ INFRA's ability to

generate attractive investment returns will be adversely affected by any worsening of financing terms and availability. In the

event that SP+ INFRA is unable to obtain debt financing for potential acquisitions or can only obtain debt at an increased

interest rate or on unfavorable terms, SP+ INFRA may have difficulty completing otherwise profitable acquisitions or may

generate profits that are lower than would otherwise be the case, either of which could lead to a decrease in the investment

income earned.

***Inflation Risk.*** Inflation in the U.S. remains above targeted levels and, despite recent interest rate cuts by the U.S.

Federal Reserve, interest rates remain high generally. Other developed economies are similarly experiencing, or have

experienced in recent years, higher than normal inflation rates. It remains uncertain whether the substantial inflation in such

economies will be sustained over an extended period of time or have a significant effect on the U.S. or other economies.

Inflation and rapid fluctuations in inflation rates have had in the past and may in the future have negative effects on economies

and financial markets, particularly in emerging economies. For example, wages and prices of inputs increase during periods of

inflation, which can negatively impact returns on investments. In an attempt to stabilize inflation, certain countries have

imposed wage and price controls or otherwise intervened in the economy, and certain central banks have raised interest rates in

recent years and could raise interest rates again in the future. Past governmental efforts to curb inflation have also involved

more drastic economic measures that have had a materially adverse effect on the level of economic activity in the countries

where such measures were employed, and similar governmental efforts could be taken in the future to curb inflation and could

have similar effects. SP+ INFRA's portfolio companies may have revenues linked to some extent to inflation, including,

without limitation, by government regulations and contractual arrangements. As inflation rises, a portfolio company may earn

more revenue but may incur higher expenses. As inflation declines, a portfolio company may not be able to reduce expenses

commensurate with any resulting reduction in revenue. Certain businesses may rely on concessions to mitigate the inflation risk

to cash flows through escalation provisions linked to the inflation rate. While these provisions may protect against certain risks,

they do not protect against the risk of a rise in real interest rates, which is likely to create higher financing costs and may reduce

the amount of levered, after-tax cash flow generated by an Investment. There can be no assurance that continued and more

wide-spread inflation in the U.S. and / or other economies will not become a serious problem in the future and have an adverse

impact on SP+ INFRA's Investments and returns.

***Interest Rate Risks.*** Changes in interest rates may adversely affect SP+ INFRA's underlying Investments and changes in

the general level of interest rates can affect SP+ INFRA's income by affecting the spread between the income on its assets and

the expense of its interest-bearing liabilities, as well as, among other things, the value of its interest-earning assets, the

capitalization rate at which its assets are valued in the market and its ability to realize gains from the sale of assets. Interest rates

are highly sensitive to many factors, including governmental, monetary and tax policies, domestic and international economic

and political considerations, fiscal deficits, trade surpluses or deficits, regulatory requirements and other factors beyond the

control of the General Partner or the Investment Advisor. Any deterioration of the global debt markets, any possible future

failures of financial services companies and / or a significant rise in market perception of counterparty default risk, interest rates

and / or taxes may adversely affect SP+ INFRA's ability to generate attractive risk-adjusted investment returns. In order to seek

to reduce the interest rate risk inherent in SP+ INFRA's underlying investments and capital structure, SP+ INFRA may enter

into interest rate transactions, including but not limited to interest rate swaps and caps. For instance, interest rate swaps involve

the exchange by SP+ INFRA with a counterparty of fixed-rate payments for floating rate payments; the payment obligations

would be based on the notional amount of the swap. In an interest rate cap, SP+ INFRA would pay a premium to the

counterparty to the interest rate cap and, to the extent that a specified variable rate index exceeds a predetermined fixed rate,

would receive from the counterparty payments of the difference based on the notional amount of such cap. Depending on the

state of interest rates in general, SP+ INFRA's use of interest rate transactions could enhance or harm the overall performance

of SP+ INFRA.

***Banking Sector Developments.*** SP+ INFRA will maintain funds with one or more banks or other depository institutions

("Banking Institutions"), which include U.S. and non-U.S. Banking Institutions, and SP+ INFRA will enter into credit facilities

or have other financial relationships with Banking Institutions. The distress, impairment or failure of one or more Banking

Institutions with whom SP+ INFRA, its portfolio companies and/or Stonepeak transact could inhibit the ability of SP+ INFRA

or its portfolio companies to access depository accounts or lines of credit at all or in a timely manner. Also, there can be no

assurance that such Banking Institutions will honor its obligations or that SP+ INFRA or such portfolio company will be able to

secure replacement financing or capabilities at all or on similar terms. In such cases, it is possible that SP+ INFRA would be

forced to delay or forgo investments or to call capital when it is not desirable to do so, resulting in lower performance for SP+

INFRA. In the event of such a failure of a Banking Institution where SP+ INFRA or one or more of its portfolio companies

holds depository accounts (including accounts used for depositing principal and interest payments from borrowers on loans

owned by SP+ INFRA), access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC")

protection will generally not be available for balances in excess of amounts insured by the FDIC (and similar considerations

could apply to Banking Institutions in other jurisdictions not subject to FDIC protection). In such instances, it is possible that

SP+ INFRA and its affected portfolio companies would not recover such excess, uninsured amounts and instead, would only

have an unsecured claim against the Banking Institution and participate pro rata with other unsecured creditors in the residual

value of the Banking Institution's assets. The loss of amounts maintained with a Banking Institution or the inability to access

such amounts for a period of time, even if ultimately recovered, could be materially adverse to SP+ INFRA or its portfolio

companies. One or more Unitholders or Stonepeak could also be similarly affected and unable to fund capital calls, further

delaying or deferring new investments. In addition, Stonepeak will not always be able to identify all potential solvency or stress

concerns with respect to a Banking Institution or to transfer assets from one bank to another in a timely manner in the event a

Banking Institution comes under stress or fails.

Additionally, there can be no assurances that SP+ INFRA or its portfolio companies will establish banking relationships

with multiple financial institutions and Stonepeak is under no obligation to maintain account balances at or below the relevant

insured amounts. SP+ INFRA and its portfolio companies are expected to be subject to contractual obligations to maintain all or

a portion of their respective assets (including deposits) with a particular Banking Institution (including, without limitation, in

connection with a credit facility or other financing transaction).

***Custodial Risks.*** One or more banks or broker-dealers will act as custodians for certain assets of SP+ INFRA. Custodians

could provide certain clearing services, including prime brokerage, margin financing or other financing facilities in addition to

custodial functions. If a custodian were to become insolvent, SP+ INFRA would, in respect of financial assets credited to

securities accounts and held in street name, have only rights in common with other customers of the custodian and would not

have ownership of, or rights with respect to, any specific financial assets maintained by the custodian. If any custodian were to

have insufficient financial assets to satisfy all of its customers and its secured creditors, SP+ INFRA could suffer losses.

Furthermore, if SP+ INFRA uses a broker-dealer as a custodian (or prime broker), the bankruptcy of such custodian might have

a greater adverse effect on the Fund than would be the case if SP+ INFRA used a bank as custodian. This is because, subject to

certain limitations, a broker generally has the ability to loan, pledge, and rehypothecate the securities in its customers' accounts,

as is typical market practice, and therefore may have insufficient assets to meet all of its obligations to "customers" in the event

of insolvency of the broker-dealer. Even if a custodian has sufficient assets to meet all "customer" claims, there may be a

substantial delay in proceedings against a custodian and the assets of SP+ INFRA could become substantially impaired during

such proceedings. With respect to assets held with custodians outside of the United States, SP+ INFRA's assets could be

subject to laws and regulations that are less favorable to SP+ INFRA than those of the United States (including with respect to

the priority of any claims that SP+ INFRA may have upon a bankruptcy, insolvency or liquidation of any custodian, which may

result in SP+ INFRA being an unsecured creditor of such custodian rather than having a priority "customer" claim). Placement

of a custodian in bankruptcy or similar proceeding outside of the United States would likely result in a great deal of uncertainty

as to the status of assets or the ultimate recovery, if any, of such assets held by such custodian. If the custodian or its depositary

were to be rendered unavailable, for example as a result of a prolonged business disruption event, as has happened in the past,

the Investment Advisor is required to make alternate custodial arrangements, which may prove to be less secure and present

greater risk to the safety of the security than had there been no such disruption.

There can be no assurances that SP+ INFRA or its portfolio companies will establish banking relationships with multiple

financial institutions. SP+ INFRA and its portfolio companies are expected to be subject to contractual obligations to maintain

all or a portion of their respective assets with a particular bank (including, without limitation, in connection with a credit facility

or other financing transaction). Moreover, the Custody Rule generally prohibits the General Partner from transferring

Partnership funds to an account of the General Partner or its affiliates and related persons. Circumstances could arise where

such a bank shows signs of distress or impairment and Stonepeak and portfolio companies would need to decide between (1)

moving assets to another bank in breach of such contractual obligations or to an account of the General Partner or its affiliates

and related persons in potential violation of the Advisers Act custody rule (thereby exposing SP+ INFRA or its portfolio

companies to breach of contract liability and/or regulatory risk), on the one hand, and (2) honoring the contractual obligations

and adhering to the Advisers Act custody rule but running the risk of losing the assets, on the other hand. Either decision could

have a material adverse effect on SP+ INFRA or its portfolio companies.

The General Partner has the authority and power to appoint one or more independent representatives to act as agent for

SP+ INFRA (and the Unitholders) for purposes of Rule 206(4)-2 (the "Custody Rule") of the Advisers Act and the Unitholders

hereby expressly consent to any such appointment. The independent representative will have the power to (among other things)

receive delivery of any custodial statements, account statements, financial statements, notices and / or any other information

required to be provided to the Unitholders in order to comply with the Custody Rule or any other requirement under the

Advisers Act or any rule or regulation thereunder, review any such information provided to it, and take any other action the

independent representative, the General Partner or the Investment Advisor determine to be necessary or appropriate to comply

with the Custody Rule or the Advisers Act. As a result, the Unitholders will not separately receive, any such statements or other

information.

***Epidemics / Pandemics.*** Certain countries have been susceptible to epidemics, which may be designated as pandemics

by world health authorities, most recently a novel and highly contagious form of coronavirus ("COVID-19"). The outbreak of

such epidemics or pandemics, together with any resulting restrictions on travel or quarantines imposed, has had and will

continue to have a negative impact on the economy and business activity globally (including in the countries in which SP+

INFRA invests), and therefore is expected to adversely affect the performance of SP+ INFRA's Investments. Furthermore, the

rapid development of epidemics or pandemics could preclude prediction as to the ultimate adverse impact on economic and

market conditions, and, as a result, presents material uncertainty and risk with respect to SP+ INFRA, the performance of its

Investments or operations, and the ability of SP+ INFRA to achieve its investment objectives. See also "—Force Majeure Risk"

and "—Public Health Emergencies" below.

***Public Health Emergencies.*** From 2020 to 2022, in response to the COVID-19 pandemic, many countries instituted

quarantine restrictions and took other measures to limit the spread of the virus. This resulted in labor shortages and disruption

of supply chains and contributed to prolonged disruption of the global economy. A widespread reoccurrence of COVID-19

(including any new or variant outbreaks) or another pandemic or global health crisis could increase the possibility of periods of

increased restrictions on business operations, labor shortages and disruption of supply chains, which could have a significant

adverse impact on SP+ INFRA's and its portfolio companies' business, financial condition, results of operations, liquidity and

prospective investments and exacerbate many of the other risks discussed herein. In the event of another pandemic or global

health crisis like the COVID-19 pandemic, SP+ INFRA's portfolio companies could experience decreased revenues and

earnings, which could adversely impact Stonepeak's ability to realize value from such Investments and in turn reduce SP+

INFRA's performance. Investments in certain sectors and in certain geographies could be particularly negatively impacted, as

was the case during the COVID-19 pandemic. Portfolio companies could also face increased credit and liquidity risk due to

volatility in financial markets, reduced revenue streams and limited access or higher cost of financing, which could result in

potential impairment of SP+ INFRA's Investments. In the event of significant credit market contraction as a result of a

pandemic or similar global health crisis, SP+ INFRA could be limited in its ability to sell assets at attractive prices or in a

timely manner in order to avoid losses and margin calls from credit providers. Such a contraction could cause investors to seek

liquidity in the form of redemption of Units, adversely impacting SP+ INFRA's operations. A pandemic or global health crisis

can be expected to also pose enhanced operational risks. For example, Stonepeak's employees could become sick or otherwise

unable to perform their duties for an extended period, and extended public health restrictions and remote working arrangements

can be expected to impact employee morale, integration of new employees and preservation of Stonepeak's culture. Remote

working environments could also be less secure and more susceptible to hacking attacks, including phishing and social

engineering attempts. Moreover, Stonepeak's third-party service providers could be impacted by an inability to perform due to

pandemic-related restrictions or by failures of, or attacks on, their technology platforms.

***Investments Outside the United States Generally.*** SP+ INFRA will make Investments in jurisdictions outside of the U.S.

Investments in non-U.S. securities and instruments involve certain factors not typically associated with investing in U.S.

securities or instruments, including risks relating to: (i) currency exchange matters, including fluctuations in the rate of

exchange between the U.S. dollar and the various non-U.S. currencies in which SP+ INFRA's non-U.S. Investments are

denominated, fluctuations and costs associated with conversion of investment principal and income from one currency into

another; (ii) exposure to fluctuations in interest rates payable with respect to the instruments in which SP+ INFRA invests; (iii)

differences in conventions relating to documentation, settlement, corporate actions, shareholder rights and other matters; (iv)

differences between U.S. and foreign securities markets, including potentially higher price volatility, different interest rates and

relative illiquidity of some markets; (v) the absence of uniform accounting, auditing and financial reporting standards, practices

and disclosure requirements and differences in government supervision and regulation; (vi) certain economic, social and

political risks, including potential exchange-control regulations, potential restrictions on non-U.S. investment by U.S. firms and

repatriation of capital, the risks associated with political, economic or social instability, including the risk of sovereign defaults,

regulatory change, and the possibility of expropriation or confiscatory taxation or the imposition of withholding or other taxes

on dividends, interest, capital gains, other income or gross sale or disposition proceeds, and adverse economic and political

developments; (vii) the possible imposition of non-U.S. taxes on income and gains and gross sales or other proceeds recognized

with respect to such Investments; (viii) differing and potentially less well developed or well-tested corporate and intellectual

property laws, including those regarding stakeholder rights, creditors' rights (including the rights of secured parties), fiduciary

duties, investor protections and intellectual property owner protections; (ix) higher rates of inflation; (x) differences in the legal

and regulatory environment or enhanced legal and regulatory compliance, including potential currency control regulations, and

potential restrictions on investment and repatriation of capital; (xi) political hostility to investments by foreign or private equity

investors; and (xii) less publicly available information.

Additionally, the legal systems of some non-U.S. countries lack transparency or could limit the protections available to

foreign investors, and SP+ INFRA's investments may be subject to nationalization and confiscation without fair compensation.

For example, SP+ INFRA may not enjoy rights comparable to those of shareholders of companies organized in the United

States, Europe, or other developed countries, and remedies available for any violation of those rights (and any additional

shareholder rights that might be created in such company's constitution or by-laws or by contract) may not be as favorable as

those available under the laws of other jurisdictions, and if SP+ INFRA obtains a judgment in a court outside such country, it

may be difficult to enforce such judgment in the country where the company is located. Furthermore, political and social

instability in the countries in which SP+ INFRA may invest could adversely affect SP+ INFRA's investments in such countries.

Such instability could result from, among other things, popular unrest associated with demands for improved political,

economic, and social conditions and popular unrest in opposition to government policies that facilitate direct foreign

investment. Governments of certain of these countries have exercised and continue to exercise substantial influence over many

aspects of the private sector. In addition, in some countries there is greater acceptance than in the United States of government

involvement in commercial activities and corruption. SP+ INFRA generally does not intend to obtain political risk insurance.

Accordingly, government actions in the future could have a significant effect on economic conditions in such countries, which

could affect private sector companies and the returns on investments. Exchange control regulations, expropriation, confiscatory

taxation, nationalization, restrictions on repatriation of capital, renunciation of foreign debt, political, economic or social

instability, or other economic or political developments could adversely affect the assets of SP+ INFRA held in a particular

country.

Furthermore, portfolio companies located outside the U.S. may be involved in restructurings, bankruptcy proceedings or

reorganizations that are not subject to laws and regulations that are similar to the U.S. Bankruptcy Code (the "Bankruptcy

Code") and the rights of debtors or creditors afforded in U.S. jurisdictions. To the extent such non-U.S. laws and regulations do

not provide SP+ INFRA with equivalent rights and privileges necessary to promote and protect its interest in any such

proceeding, SP+ INFRA's Investments in any such portfolio company may be adversely affected.

The effectiveness of the judicial systems in countries in which SP+ INFRA may invest varies; consequently, SP+ INFRA

may find it difficult to effectively protect its interests or pursue claims in the courts of countries with less developed legal

systems or commercial markets, as compared to the U.S. or other developed countries. The lack of sophistication and

consistency with respect to foreclosure, bankruptcy, corporate reorganization or creditors' rights in certain countries in which

SP+ INFRA invests, as compared with the U.S., may adversely impact SP+ INFRA's ability to achieve its investment

objectives.

In particular, foreign investments in certain countries, through certain investment routes, are subject to regulations that

set out valuation guidelines for the sale and purchase of shares and other securities which could restrict the foreign investor's

ability to earn agreed investment returns. Acquisition of voting rights, equity shares, or control of certain listed companies

beyond certain specified thresholds could require the acquirer to make an open offer to purchase the shares of other existing

shareholders subject to and in accordance with applicable regulations. Certain types of mergers and amalgamations of

companies may require sanction of the appropriate courts/tribunals thus causing delays and uncertainty to completing

transactions. The restricted ability on foreign investors to directly hold assets in such jurisdictions could decrease SP+ INFRA's

flexibility in structuring transactions, increase costs, and foreclose otherwise advantageous investment opportunities.

While Stonepeak intends, where deemed appropriate, to manage SP+ INFRA in a manner that will minimize exposure to

the foregoing risks, there can be no assurance that adverse developments with respect to such risks will not adversely affect the

assets of SP+ INFRA that are in or subject to the laws of those countries or the value or realization of SP+ INFRA's

investments.

***Economic, Political and Social Risks.*** Certain countries and regions have in the past, and may in the future, experience

religious, political and social instability that could adversely affect SP+ INFRA's Investments in such countries and regions.

Such instability could result from, among other things, popular unrest associated with demands for improved political,

economic, or social conditions or government policies. Governments of many countries have exercised and continue to exercise

substantial influence over many aspects of the private sector, and certain industries may be subject to significant government

regulation. There can be no assurance that these government measures, as well as other economic, social or political unrest in

the future will not have a material adverse effect on the financial conditions and results of operations of portfolio companies.

Additionally, exchange control regulations, expropriation, confiscatory taxation or the imposition of withholding or other taxes

on dividends, interest, capital gains, other income or gross sale or disposition proceeds, nationalization, restrictions on foreign

capital inflows, repatriation of investment income or capital, renunciation of foreign debt, political, economic or social

instability, or other economic or political developments could adversely affect the assets of SP+ INFRA. Additionally, the

availability of attractive investment opportunities for SP+ INFRA is expected to depend in part on governments in certain

countries continuing to liberalize their policies regarding foreign investment and, in some cases, to further encourage private

sector initiatives. In addition, countries may be in the initial stages of their industrial development and have a lower per capita

gross national product or a low income economy as compared to the more developed economies. Markets for portfolio

companies in such countries are not as developed and may be less liquid than markets in more developed countries. Portfolio

companies domiciled in emerging market countries may be subject to potentially higher risks as compared to the average

among investments in more developed countries. In particular, emerging market countries have been disproportionately

impacted by COVID-19 and the related consequences thereof, and are expected to be similarly vulnerable to other global

phenomena, including future epidemics or pandemics. Additionally, SP+ INFRA may be less influential than other market

participants in jurisdictions where it or Stonepeak does not have a significant presence.

***Global Developments and their Impact on Asian Economies.*** Many countries in Asia are heavily dependent upon

international trade, and the U.S. and Europe remain important export markets for many economies in the region. Consequently,

countries in the region may be adversely impacted by economic and political developments in other parts of the world,

particularly in the case of significant contractions and weakening in demand in primary export markets or enactment of trade

barriers by key trading partners. The global financial crisis in 2009 caused significant dislocations, illiquidity and volatility in

the wider global credit and financial markets, including markets in Asia. While the volatility of global financial markets has

largely subsided, there are rising political tensions within the region and globally, leaders in the U.S. and several European

nations have risen to power on protectionist economic policies, and there are growing doubts about the future of global free

trade. There can be no certainty that economies in the region may not be impacted by future shocks to the global economy. The

U.S. government has indicated its intent to alter its approach to international trade policy and in some cases to renegotiate, or

potentially terminate, certain existing bilateral or multi-lateral trade agreements and treaties with foreign countries. In addition,

the U.S. government has recently imposed tariffs on certain foreign goods, including steel and aluminum, and has indicated a

willingness to impose tariffs on imports of other products. Related to this action, certain foreign governments, including China,

have instituted retaliatory tariffs on certain U.S. goods, and have indicated a willingness to impose additional tariffs on U.S.

products. Global trade disruption, together with future downturns in the global economy, significant introductions of trade

barriers and bilateral trade frictions between the region's major trading partners and the U.S. and key export markets in Europe

could adversely affect the financial performance of SP+ INFRA and SP+ INFRA could lose both invested capital and

anticipated profits from the affected Investments.

There can be no assurances that conditions globally will not worsen and / or adversely affect one or more of SP+

INFRA's portfolio companies, its access to capital or leverage or key markets, or its overall performance. The Fund's

investment strategies and the availability of opportunities satisfying SP+ INFRA's risk-adjusted return parameters rely in part

on the continuation of certain trends and conditions observed in the financial markets and in some cases the improvement of

such conditions. Trends and historical events do not imply, forecast or predict future events and, in any event, past performance

is not necessarily indicative of future results. There can be no assurance that the assumptions made or the beliefs and

expectations currently held by SP+ INFRA will prove correct and actual events and circumstances may vary significantly.

***Regional Risk; Interdependence of Markets.*** Economic problems in a single country are increasingly affecting other

markets and economies. A continuation of this trend could result in problems in one country adversely affecting regional and

even global economic conditions and markets. The market and the economy of a particular country in which SP+ INFRA

invests are influenced by economic and market conditions in other countries in the same region or elsewhere in the world. For

example, concerns about the fiscal stability and growth prospects of certain European countries in the last economic downturn

had a negative impact on most economies of the Eurozone and global markets. A repeat of either of these crises or the

occurrence of similar crises in the future could cause increased volatility in the economies and financial markets of countries

throughout a region, or even globally.

***Asset Manager in Certain Jurisdictions.*** Certain local regulatory controls and tax considerations may cause SP+ INFRA

to appoint one or more third parties to manage some or all of SP+ INFRA's Investments in certain jurisdictions. Although

typically Stonepeak oversees the operations of SP+ INFRA's Investments, such third parties will be delegated responsibilities

and may have influence over the affairs and operations of the applicable Investments. The costs and expenses of any such third

party will be borne by SP+ INFRA and will not offset Management Fees.

***Trade Policy Uncertainty.*** Political leaders in the U.S. and certain European nations have recently been elected on

protectionist platforms, fueling doubts about the future of global free trade. The U.S. government has indicated its intent to alter

its approach to international trade policy and in some cases to renegotiate, or potentially terminate, certain existing bilateral or

multi-lateral trade agreements and treaties with foreign countries, and has made proposals and taken actions related thereto. For

example, the U.S. government previously imposed, and it is possible in the future will further increase, tariffs on certain foreign

goods, including from China, such as steel and aluminum, and the Trump administration has imposed tariffs on imports of

certain products into the United States, including from Canada and Mexico. Accordingly, some foreign governments, including

China, instituted retaliatory tariffs on certain U.S. goods and indicated a willingness to impose additional tariffs on U.S.

products.

In addition, a continued trade dispute between the U.S. and China would be an ongoing source of instability, potentially

resulting in significant currency fluctuations and/or have other adverse effects on international markets, international trade

agreements and/or other existing cross-border cooperation arrangements (whether economic, tax, fiscal, legal, regulatory or

otherwise), which could present similar and/or additional potential risks and consequences for SP+ INFRA and its investments.

While this dispute has already had negative economic consequences on the U.S. markets, if trade related issues persist,

including as a result of geopolitical tensions, there could be additional significant impacts on the industries in which SP+

INFRA participates, the jurisdiction of SP+ INFRA's portfolio companies and / or other adverse impacts on SP+ INFRA and its

investments. In addition, trade disputes may develop between other countries, which may have similar or more pronounced

risks and consequences for SP+ INFRA or its investments.

There is uncertainty as to the actions that will be taken under the Trump administration with respect to U.S. trade policy,

and while Stonepeak and SP+ INFRA intend to comply with applicable laws, rapid changes in laws and/or uncertain

interpretation and implementation thereof, could affect SP+ INFRA's capacity to comply. New trade policy could also create a

legal burden for and negatively impact SP+ INFRA and its investments, including by increasing costs and requiring SP+

INFRA to exit certain investments. Further governmental actions related to the imposition of tariffs or other trade barriers or

changes to international trade agreements or policies could further increase costs, decrease margins, reduce value of SP+

INFRA's Investments and adversely affect the income of properties that rely on the business of importing of goods into, and the

exporting of goods out of, the United States.

***Sustainability Matters.*** Stonepeak has established a responsible investing framework, which it and the General Partner

intend to apply, as appropriate, to SP+ INFRA's investment portfolio, consistent with and subject to its fiduciary duties and

applicable legal, regulatory or contractual requirements. Depending on the investment, the impact of developments connected

with sustainability-related factors (also called responsible investing factors), including greenhouse gas ("GHG") emissions,

energy management, community relations, worker health and safety, environmental compliance and business ethics and

transparency, could have a material effect on the return and risk profile of the investment. The act of selecting and evaluating

material sustainability factors is subjective by nature, and there is no guarantee that the criteria utilized or judgment exercised

by the General Partner or a third-party sustainability advisor will reflect the beliefs or values, internal policies or preferred

practices of any particular investor or other asset managers or reflect market trends. Considering responsible investing factors

when evaluating an investment in certain circumstances may, to the extent material risks associated with an investment are

identified, cause the General Partner not to make an investment that it would have otherwise made or to make a management

decision with respect to an investment differently than it would have made in the absence of such consideration, which may

affect the performance of SP+ INFRA as compared to a fund that does not assess relevant sustainability factors. Additionally,

sustainability factors are only some of the many factors that the General Partner expects to consider in making an investment.

Although Stonepeak considers the application of its responsible investing framework to be an opportunity to enhance or protect

the performance of its investments over the long-term, while also producing beneficial impacts for both society and the

environment, consistent with its overriding fiduciary duty to investors, Stonepeak cannot guarantee that its responsible

investing approach, which depends in part on qualitative judgments, will positively impact the financial, climate or

sustainability performance of any individual investment or SP+ INFRA as a whole. Similarly, to the extent the General Partner

or a third-party advisor engages with portfolio investments on sustainability-related practices and potential enhancements

thereto, there is no guarantee that such engagements will improve the financial or sustainability-related performance of the

investment. Successful engagement efforts on the part of the General Partner or a third-party advisor will depend on the General

Partner's skill in properly identifying and analyzing material sustainability and other factors and their value, and there can be no

assurance that the strategy or techniques employed will be successful.

Moreover, considering sustainability factors in connection with SP+ INFRA's investment may also result in SP+ INFRA

bearing certain sustainability-related expenses (such as due diligence costs) that SP+ INFRA would not otherwise bear. The

materiality of sustainability risks and impacts on an individual asset and on a portfolio as a whole depends on many factors,

including the relevant industry, location, asset class and investment style. Responsible investing factors, issues, objectives,

goals and considerations do not apply in every instance or with respect to each investment held, or proposed to be made, by SP+

INFRA, and will vary greatly based on numerous criteria, including, but not limited to, location, industry, investment strategy,

and issuer-specific and investment-specific characteristics. In evaluating a prospective investment, the General Partner often

depends upon information and data provided by the entity or obtained via third-party reporting or advisors, which may be

incomplete or inaccurate and could cause the General Partner to incorrectly identify, prioritize, assess or analyze the entity's

responsible investing practices and / or related risks and opportunities. The General Partner does not intend to independently

verify certain of the sustainability-related information reported by investments of SP+ INFRA, and may decide in its discretion

not to utilize, report on, or consider certain information provided by such investments. To the extent that Stonepeak or the

General Partner provides reports of material sustainability issues to investors, such reports will be based on Stonepeak's, the

General Partner's or applicable investment management team's sole and subjective determination of whether and how to report

on any material sustainability issue has occurred in respect of an investment and the General Partner makes no representations

that all material sustainability issues will or should be discussed in such reports.

In addition, Stonepeak's responsible investing framework and associated procedures and practices, is expected to change

over time. Stonepeak in certain circumstances could determine in its discretion that it is not feasible or practical to implement or

complete certain of its sustainability initiatives based on cost, timing or other considerations. It is also possible that market

dynamics or other factors will make it impractical, inadvisable or impossible for the General Partner to adhere to all elements of

SP+ INFRA's investment strategy, including with respect to sustainability risk and opportunity management and impact,

whether with respect to one or more individual investments or to SP+ INFRA's investments generally.

Further, integration of responsible investing practices as a whole is evolving rapidly and there are different principles,

frameworks, methodologies and tracking tools being implemented by asset managers, and Stonepeak's adoption of and

adherence to such principles, frameworks, methodologies and tools may vary over time. For example, Stonepeak's responsible

investing framework does not represent a universally recognized standard for assessing these considerations. Stonepeak is

currently a signatory to the United Nations' Principles for Responsible Investment (UNPRI) and on climate related issues

strives to offer reporting consistent with recommendations of the Task Force on Climate-related Financial Disclosures. These

initiatives may not align with the approach used by other asset managers or preferred by prospective investors or with future

market trends. There is no guarantee that Stonepeak will remain a signatory, supporter or member of these initiatives or other

similar industry frameworks.

Finally, there is also growing regulatory interest, particularly in the U.S., U.K., and E.U. (which may be looked to as

models in growth markets), in improving transparency around how asset managers define and measure sustainability-related

performance, in order to allow investors to validate and better understand sustainability claims. For example, new laws in

California will require climate-related disclosure, including disclosure of climate-based financial risk and of Scope 1, 2 and 3

greenhouse gas emissions, the application of which to entities such as SP+ INFRA are not yet clear pending agency rulemaking.

Stonepeak's responsible investment policy and the General Partner could become subject to additional regulation and / or risk

of regulatory scrutiny in the future, and the General Partner cannot guarantee that its current approach (including the

responsible investing policy) or SP+ INFRA's investments will meet future regulatory requirements, reporting frameworks or

best practices, increasing the risk of related enforcement. Compliance with new requirements can be expected to lead to

increased management burdens and costs.

***Increasing Scrutiny of Sustainability Matters.*** Stonepeak and its Affiliates are subject to increasing scrutiny from

regulators, elected officials, investors and other stakeholders with respect to sustainability and responsible investing-related

matters, which may adversely impact the ability of SP+ INFRA to raise capital from certain investors, constrain capital

deployment opportunities for SP+ INFRA and impact Stonepeak's brand and reputation, and result in increased costs to SP+

INFRA. With respect to the alternative asset management industry, in recent years, certain investors, including public pension

funds, have placed increasing importance on the impacts of investments made by the private funds to which they commit

capital, including with respect to climate change and diversity, among other aspects of sustainability.

On the other hand, the discussion about the role of sustainability in the investment process has become heavily

politicized in certain jurisdictions, which has affected investor sentiment, and has led to increasing uncertainty with respect to

certain investors' and stakeholders' sustainability-related obligations. Furthermore, investors' and stakeholders' views with

respect to the appropriate role of sustainability in the investment process has become more polarized. Sentiment against

responsible investing practices, also called "anti-ESG" sentiment, has also gained momentum across the U.S., with several

states having enacted or proposed "anti-ESG" policies, legislation or issued related legal opinions. For example, (i) boycott bills

in certain states target financial institutions that are perceived as "boycotting" or "discriminating against" companies in certain

industries (e.g., energy and mining) and prohibit state entities from doing business with such institutions and / or investing the

state's assets (including pension plan assets) through such institutions, and (ii) investment prohibitions in certain states require

that relevant state entities or managers/administrators of state investments make investments based solely on "pecuniary

factors." If investors subject to such legislation viewed SP+ INFRA's or Stonepeak's responsible investing considerations as

being in contradiction of such "anti-ESG" policies, legislation or legal opinions, such investors may not invest in SP+ INFRA

and Stonepeak's ability to maintain the size of its funds could be impaired. Alternatively, such investors may seek confirmation

that Stonepeak's responsible investing practices are consistent with such state requirements as a condition to their investment in

SP+ INFRA.

Accordingly, the General Partner is expected to be subject to competing sustainability-related demands from different

investors in different jurisdictions and other stakeholder groups with divergent views on sustainability matters, including the

appropriate role of sustainability factors in the investment process. This divergence increases the risk that certain investors or

stakeholders may perceive the General Partner's management – or lack thereof – of sustainability matters negatively, which

could adversely impact SP+ INFRA's ability to access and deploy capital. In addition, a failure to successfully manage

sustainability-related expectations may negatively impact Stonepeak's business, erode stakeholder trust and constrain

investment opportunities. See also "—Environmental, Social and Governance Matters."

***Terrorist Activities.*** Terrorist attacks (including cyber sabotage or similar attacks) in major global cities and the

subsequent military or other response by the U.S. or other countries and their allies or any further terrorist activities could

materially and adversely affect international financial markets and local economies alike. Any terrorist attacks, including

biological or chemical warfare or cyber sabotage or similar attacks, that occur at or near significant strategic assets of SP+

INFRA's Investments having a national or regional profile would likely cause significant harm to employees, property and,

potentially, the surrounding community, and may result in losses far in excess of available insurance coverage. As a result of

global events similar to those described above and continued terrorism concerns, insurers significantly reduced the amount of

insurance coverage available for liability to persons other than employees for claims resulting from acts of terrorism, war or

similar events. In the current environment, there is a risk that one or more of SP+ INFRA's assets will be directly or indirectly

affected by a terrorist attack, including biological or chemical warfare or cyber sabotage or similar attacks, and premier, high-

profile assets in 24-hour urban markets may be particularly attractive targets. Such an attack could have a variety of adverse

consequences for SP+ INFRA, including risks and costs related to the destruction of property, inability to use one or more

assets for their intended uses for an extended period, decline in rents achievable or asset values, injury or loss of life and

litigation related to the attack. Such risks may or may not be insurable at rates that the General Partner deems sensible at all

times and as a result, SP+ INFRA may not be able to obtain insurance coverage and other endorsements at commercially

reasonable prices or at all. Recourse to SP+ INFRA's service providers and other counterparties in the event of losses may be

limited, and such losses may be borne by SP+ INFRA. See also "—Availability of Insurance Against Certain Catastrophic

Losses" below.

***Natural Disasters.*** Certain regions in which SP+ INFRA may invest or conduct activities related to Investments are

susceptible to natural disasters and disease outbreaks that could have a severe impact on the value of, and even destroy, assets in

those regions. Health or other government regulations adopted in response to natural calamities may require temporary closure

of corporate and governmental offices upon a disaster, which would severely disrupt SP+ INFRA's operations in the affected

area. Catastrophic losses may either be uninsurable or insurable at such high rates as to make coverage impracticable. If a major

uninsured loss were to occur with respect to any of SP+ INFRA's Investments, SP+ INFRA could lose both invested capital and

anticipated profits. See also "—Force Majeure Risk" below.

Corruption Risk. Corruption can result in significant economic losses due to fraud, theft and waste. Moreover, corruption

can corrode critical public institutions, such as the courts, law enforcement and public pension administration, thereby

undermining property rights, public confidence and social stability. As a result, corruption dramatically increases the systemic

risks that may exist in some of the jurisdictions in which SP+ INFRA may invest. Corruption scandals are common and likely

to remain so going forward. Regulatory agency counterparties might have the right to terminate an agreement relating to a

portfolio company or asset where management, any related third-party management company, operator or any of their affiliates

has committed bribery, corruption or another fraudulent act in connection with the investment by SP+ INFRA in such portfolio

company. Most capital put toward such an investment will not be compensated in these circumstances. SP+ INFRA and

prospective investors in SP+ INFRA are thus exposed to the increased costs and risks of corruption (which may include

reputational risk for SP+ INFRA and / or the Unitholders) in the jurisdictions in which SP+ INFRA may invest, and there can

be no assurance that any reform efforts will have a meaningful effect during the term of SP+ INFRA.

***Privatization.*** SP+ INFRA may invest in state-owned enterprises or assets that have been or will be transferred from

government to private ownership. It is impossible to predict whether any further privatizations will take place or what the terms

or effects of such privatizations may be. There can be no assurance that any privatizations will be undertaken or, if undertaken,

will be successfully completed or completed on favorable terms. There can also be no assurance that, if a privatization is

undertaken on a private placement basis, SP+ INFRA will have the opportunity to participate in the investing consortium.

Furthermore, if SP+ INFRA has the opportunity to participate in a privatization, it is possible the privatization could be re-

examined subsequently by local or international regulatory bodies, exposing SP+ INFRA to criticism or investigation. Investors

should be aware that changes in governments or economic factors could result in a change in a country's policies on

privatization. Should these policies change in the future, it is possible that governments may determine to return projects and

companies to state ownership. In such a situation, the level of compensation that would be provided to the owners of the private

companies concerned cannot be accurately predicted, but could be substantially less than the amount invested in such

companies.

***Unionization.*** Certain portfolio companies and / or their service providers, agents, or other counterparties may have a

unionized work force or relationships with individuals who are otherwise covered by a collective bargaining agreement, which

could subject any such entity's activities and labor relations matters to complex laws and regulations relating thereto, and

additional risk of litigation. Moreover, a portfolio company's operations and profitability could suffer if there are labor relations

problems with respect to its workforce or the workforce of any of its service providers, agents or other counterparties. Upon the

expiration of any of such collective bargaining agreements, a portfolio company or any of its service providers, agents or other

counterparties may be unable to negotiate new collective bargaining agreements on terms favorable to it, and its business

operations at one or more of its facilities may be interrupted as a result of labor disputes or difficulties and delays in the process

of renegotiating its collective bargaining agreements. A work stoppage at one or more of any such portfolio company's

facilities (or at that of any service provider, agent or other counterparty) could have a material adverse effect on its business,

results of operations and financial condition. Additionally, any such problems may bring scrutiny and attention to SP+ INFRA

itself, which could adversely affect SP+ INFRA's ability to implement its investment objectives.

Foreign Investment Controls. Foreign investment in securities of companies in certain of the countries where SP+

INFRA could from time to time invest is restricted or controlled to varying degrees. These restrictions or controls may at times

limit or preclude foreign investment above certain ownership levels or in certain assets, asset classes or sectors of the country's

economy and increase the costs and expenses of SP+ INFRA. SP+ INFRA may utilize investment structures to comply with

such restrictions, but there can be no assurance that a foreign government will not challenge the validity of these structures or

change laws in a way that reduces their effectiveness, imposes additional governmental approvals, restricts or prohibits SP+

INFRA's Investments or taxes or restricts or otherwise prohibits repatriation of proceeds. These restrictions or controls may

limit the potential universe of buyers of an asset, thereby reducing the demand for assets SP+ INFRA seeks to sell. For

example, the Committee on Foreign Investment in the U.S. may determine a foreign entity cannot buy an asset being sold by

SP+ INFRA in the U.S. Such securities may also be subject to brokerage taxes levied by governments, which has the effect of

increasing the cost of such investment and reducing the realized gain or increasing the realized loss on such securities at the

time of sale. While regulation of foreign investment has generally liberalized in recent years, there can be no assurance that

more restrictive regulations will not be adopted in the future. Moreover, while the General Partner and the Investment Advisor

believe their investment structures will not subject SP+ INFRA's Investments to the most prohibitive of foreign investment and

repatriation restrictions, there can be no assurances that authorities will agree that such investment structures do not trigger such

restrictions, or that the law will not change such that additional governmental approvals are required, SP+ INFRA's

Investments are restricted or prohibited, or repatriation of proceeds are taxed, restricted or otherwise prohibited. Some countries

require governmental approval for the repatriation of investment income, capital or the proceeds of sales by foreign investors

and foreign currency. For example, certain governments have in the past, and may in the future, impose controls and / or

procedural requirements on the convertibility of their currencies into foreign currencies and the remittance of currency from

such countries to other jurisdictions in certain circumstances (including controls based on the category of remittance to be

made, e.g., current account items such as payments to suppliers for imports, labor, services, and payments of interest on foreign

exchange loans and capital account-related payments, such as the repayment of bank loans denominated in foreign currencies or

direct investment). Accordingly, deteriorations in a country's balance of payments or a number of other circumstances could

cause governments to impose temporary restrictions on capital remittances abroad. SP+ INFRA could be adversely affected by

delays in, or a refusal to grant, any required governmental approval for repatriation of capital interests and dividends paid on

securities or other assets held by SP+ INFRA, and income on such securities or other assets or gains from the disposition of

such securities or other assets may be subject to withholding taxes imposed by certain jurisdictions.

***U.S. Outbound Investment Security Program.*** The U.S. Department of the Treasury's Outbound Investment Security

Program, which became effective on January 2, 2025, provides for a targeted national security regulatory framework directed at

regulating outbound investment from the United States into entities from the People's Republic of China, Hong Kong, and

Macau engaged in the semiconductors and microelectronics, quantum information technologies, and artificial intelligence

sectors. Codified at 31 C.F.R. § 850.101 et seq, the Outbound Investment Security Program imposes notification requirements

and prohibitions for certain categories of transactions involving such entities. Additionally, certain U.S. states have enacted

their own state-level restrictions on Chinese investments. A number of U.S. states have or could in the future implement laws

prohibiting or otherwise restricting the acquisition of interests in certain real property located in the state by foreign persons.

The Outbound Investment Security Program and any potential changes will result in legal obligations and reporting

requirements relating to new investments in such entities and could negatively impact SP+ INFRA's operations or its ability to

make and exit investments, including without limitation by (i) limiting the scope of its investment activities, and (ii) limiting

SP+ INFRA's ability to exit certain investments or the range of exit opportunities. Furthermore, given the program's infancy

and its evolving interpretation and implementation, it is unclear how it, and any related future regulations, will be interpreted,

amended, and implemented by the U.S. government. Therefore, while SP+ INFRA has developed and implemented policies and

procedures designed to ensure compliance with the Outbound Investment Security Program, SP+ INFRA cannot fully anticipate

its scope or guarantee compliance with the rules. The scope of the Outbound Investment Security Program is subject to change,

and it is possible that legislation and/or regulations could expand the list of regulated technologies, the list of implicated

countries, or the types of transactions that are prohibited or require notification; such changes could impact our ability to

participate in transactions—either as buyer or seller—or otherwise affect SP+ INFRA's investment strategies.

***CFIUS and Similar Non-U.S. Regulatory Regimes.*** Current laws and regulations in various jurisdictions give heads of

state and regulatory bodies the authority to block or impose conditions with respect to acquisitions of, and investments in, local

entities by non-U.S. persons if that acquisition or investment threatens to impair national or economic security or is otherwise

deemed undesirable. In addition, many jurisdictions restrict non-U.S. investment by taking steps including but not limited to

placing limitations on non-U.S. investment, implementing investment screening or approval mechanisms, and restricting the

employment of non-Americans as key personnel. In addition, a number of U.S. states are passing and implementing state laws

prohibiting or otherwise restricting the acquisition of interests in real property located in the state by non-U.S. persons

("Foreign Ownership Laws").

In some cases, SP+ INFRA's investments involving a U.S. business (including a U.S. branch or subsidiary of a company

domiciled outside of the U.S.) may be subject to review and approval by the Committee on Foreign Investment in the U.S.

("CFIUS"). In the event that CFIUS or any non-U.S. equivalent thereof reviews one or more investments or in the event that

Foreign Ownership Laws apply to a particular investment, there can be no assurance that SP+ INFRA will be able to maintain

or proceed with such investments on terms that are acceptable to the General Partner.

CFIUS may recommend that the U.S. President block such transactions, or CFIUS may impose conditions on such

transactions, certain of which may materially and adversely affect SP+ INFRA's ability to execute its investment strategy.

Additionally, CFIUS or any non-U.S. equivalent thereof may seek to impose limitations on one or more such investments that

may prevent SP+ INFRA from maintaining or pursuing investment opportunities that SP+ INFRA otherwise would have

maintained or pursued which could adversely affect the performance of SP+ INFRA's investment in such portfolio investments

and thus the performance of SP+ INFRA. Legislation to reform CFIUS was signed into law on August 13, 2018, and final

regulations implementing this legislation were enacted in 2020. The legislation and its implementing regulations, among other

things, expand the scope of CFIUS's jurisdiction to cover more types of transactions and empower CFIUS to scrutinize more

closely investments in U.S. "critical infrastructure," "critical technology," and "sensitive personal data" companies, including

investments involving non-U.S. Unitholders that may be deemed "non-passive." These reforms could impact the ability of non-

U.S. Unitholders to participate in SP+ INFRA's investments, which may impair SP+ INFRA's ability to execute its investment

strategy. They could also increase the number of transactions involving SP+ INFRA that would be subject to CFIUS review and

investigation as well as the timing and substantive risks described above. The outcome of CFIUS's and other non-U.S. direct

investment processes may be difficult to predict, and there is no guarantee that, if applicable to a portfolio company, the

decisions of CFIUS would not adversely impact SP+ INFRA's investment in such entity.

The General Partner may compulsorily redeem (in whole or in part) Units if the beneficial owner of such Units is a

prohibited person, which shall include, without limitation, any person who is not eligible as an investor for a class of Units or if

in the sole opinion of the General Partner the holding of such Units may be detrimental to the interests of the existing

Unitholders, SP+ INFRA or Stonepeak, for example where their participation is at risk of jeopardizing SP+ INFRA's ability to

successfully acquire, hold, operate, sell, transfer, exchange, pledge or dispose of a prospective portfolio investment in light of

legal, regulatory or other similar considerations.

In response to mounting national security concerns regarding foreign ownership of U.S. land, several U.S. states have

recently enacted or proposed Foreign Ownership Laws in an effort to limit foreign ownership of real property. Across the

United States, additional proposals to limit foreign ownership of real property are currently working their way through the

legislative process, and it is expected that many such proposals will become law in the near future. These laws could limit SP+

INFRA's ability to invest in certain entities or impose burdensome notification requirements, operational restrictions, or delays

in pursuing and consummating transactions. SP+ INFRA's investments outside of the U.S. may also face delays, limitations, or

restrictions as a result of notifications made under and/or in compliance with these legal regimes and rapidly changing agency

practices. Other countries continue to establish and/or strengthen their own national security investment clearance regimes,

including in response to U.S. encouragement of other countries to impose CFIUS-like regulations on non-U.S. investment in

certain sectors and assets on national security grounds. These regulatory regimes could have a corresponding effect of limiting

SP+ INFRA's ability to make investments in such countries.

Other jurisdictions are similarly in the midst of ongoing reform that may establish further restrictions and increase risk

by enhancing governments' powers to scrutinize, impose conditions on, and potentially block mergers, acquisitions, and other

transactions. These requirements and the disclosure process may delay or otherwise impact SP+ INFRA's acceptance of

subscriptions from certain investors and approval of transfers by or to certain Unitholders. Delays in SP+ INFRA's ability to

accept subscriptions may adversely impact the ability of SP+ INFRA to make investments in countries such as India, the

European Union, Australia, and the UK and the timing of such investments. The foregoing requirements may also result in

circumstances in which SP+ INFRA determines not to pursue certain potential investment opportunities in these countries.

Heightened scrutiny of foreign direct investment worldwide may also make it more difficult for SP+ INFRA to identify suitable

buyers for investments upon exit and may constrain the universe of exit opportunities for an investment in an issuer. As a result

of such regimes, SP+ INFRA may incur significant delays and costs, be altogether prohibited from making a particular

investment, or impede or restrict syndication or sale of its assets to certain buyers, all of which could adversely affect SP+

INFRA's ability to meet its investment objectives.

***Foreign Capital Controls.*** Countries may require government approval for contributions of foreign capital to the

country and distributions of investment income or capital out of the country. Countries may also place limitations on holding

their currency abroad. Countries can change capital controls to increase or decrease overall levels of foreign direct investment

or currency pricing, to manage the country's balance of payments and for a number of other reasons outside the control of

Stonepeak. SP+ INFRA could be adversely affected by delays in, or a refusal to grant, any required governmental approval for

payment of dividends and repatriation of capital interests.

***Legal Framework and Corporate Governance.*** Because the integrity and independence of the judicial systems in

some of the countries in which SP+ INFRA invests varies, SP+ INFRA may have difficulty in successfully pursuing claims in

the courts of such countries. For example, it is more difficult to enforce contracts in some countries, especially against

governmental entities, which could materially and adversely affect revenues and earnings of SP+ INFRA or its portfolio

companies. Any regulatory supervision which is in place may be subject to manipulation or control. Some emerging and

developing market countries do not have mature legal systems comparable to those of more developed countries. Moreover, the

process of legal and regulatory reform may not be proceeding at the same pace as market developments, which could result in

investment risk. Legislation to safeguard the rights of private ownership may not yet be in place in certain areas, and there may

be the risk of conflict among local, regional, national and supranational requirements. In certain cases, the laws and regulations

governing investments in financial instruments may not exist or may be subject to inconsistent or arbitrary appreciation or

interpretation. SP+ INFRA may also encounter difficulties in pursuing legal remedies or in obtaining and enforcing judgments

in non-U.S. courts. If counterparties repudiate contracts or default on their obligations, there may not be adequate remedies

available. Furthermore, to the extent SP+ INFRA or a portfolio company obtains a judgment in a country with a strong judiciary

but is required to seek its enforcement in the courts of a country with a weak judiciary, there can be no assurance that SP+

INFRA or such portfolio company will be able to enforce the judgment. Both the independence of judicial systems and their

immunity from economic, political or nationalistic influences remain largely untested in many countries. Due to the foregoing

risks and complications, the costs associated with investments in emerging markets are generally higher than in developed

countries.

Certain markets do not have well-developed shareholder rights, which could adversely affect SP+ INFRA's minority

investments. In these markets, there is often less government supervision and regulation of business and industry practices,

stock exchanges, over-the-counter markets, brokers, dealers, counterparties and issuers than in other more established markets.

Any regulatory supervision which is in place may be subject to manipulation or control. Legislation to safeguard the rights of

private ownership may not exist in certain areas, and there may be the risk of conflict among local, regional and national

requirements. In certain cases, the laws and regulations governing investments in financial instruments may not exist or may be

subject to inconsistent or arbitrary interpretation.

***Accounting, Disclosure and Regulatory Standards.*** SP+ INFRA uses U.S. GAAP for the calculation of its NAV for

financial reporting purposes, valuation of Investments and the establishment of the audited annual report. The calculation of

SP+ INFRA's NAV for purposes of subscriptions, redemptions, calculation of expenses and other purposes described herein

(including with respect to the calculation of Organizational and Offering Expenses and Servicing Fees) shall be made in

accordance with the methodology set forth in the valuation policy, which differs in certain respects from the methodology

required pursuant to U.S. GAAP (including, without limitation, with respect to amortizing expenses). SP+ INFRA's accounting

standards and policies may not correspond to the accounting standards and policies of other underlying entities, resulting in

different financial information appearing on their respective financial statements. Information available to Unitholders in

audited annual reports may differ from information available in the financial statements of underlying entities, including

operations, financial results, capitalization and financial obligations, earnings and securities. Accounting, financial, auditing and

other reporting standards, practices and disclosure requirements in certain of the countries in which SP+ INFRA may invest are

not equivalent to those in the U.S. or other non-United States jurisdictions and may differ in fundamental ways. Differences

may arise in areas such as valuation of assets, accounting for depreciation, deferred taxation, contingent liabilities and foreign

exchange transactions. Accordingly, information available to SP+ INFRA that is not consistent with U.S. GAAP including both

general economic and commercial information and information concerning specific Investments, may be less reliable and less

detailed than information available in more financially sophisticated countries, which could adversely impact, among other

things, Stonepeak's due diligence and reporting activities and less information may be available to Unitholders. Assets and

profits appearing on the financial statements of a company may not reflect its financial position or results of operations in the

way they would be reflected had such financial statements been prepared in accordance with U.S. GAAP. Even for financial

statements prepared in accordance with U.S. GAAP, the accounting entries and adjustments may not reflect economic reality

and actual value.

In addition, in certain instances, SP+ INFRA may not have access to all available information to determine fully the

origination and underwriting practices utilized with respect to the investments or the manner in which the investments have

been serviced and / or operated. As a result, the General Partner's due diligence activities may provide less information than

due diligence reviews conducted in more developed countries. Although SP+ INFRA will endeavor to conduct appropriate due

diligence in connection with each investment, in the case of Investments in less developed countries, no guarantee can be given

that they will obtain the information or assurances that an investor in a more sophisticated economy would obtain before

proceeding with an investment.

Furthermore, for a company that keeps accounting records in a currency other than U.S. dollars, inflation accounting

rules in certain markets require, for both tax and accounting purposes, that certain assets and liabilities be restated on the

company's balance sheet in order to express items in terms of a currency of constant purchasing power. As a result, financial

data of prospective investments may be materially affected by restatements for inflation and may not accurately reflect actual

value. Accordingly, SP+ INFRA's ability to conduct due diligence in connection with an investment and to monitor the

investment may be adversely affected by these factors.

***Bankruptcy.*** SP+ INFRA will, both directly and through certain Investments, be a borrower, and SP+ INFRA could be

a creditor through debt or other structured Investments that SP+ INFRA may hold. Bankruptcy laws may delay the ability of

SP+ INFRA to realize on collateral for debt held by it, or may adversely affect the priority of debt through equitable

subordination and other rules. In addition, a borrower may be involved in restructurings, insolvency proceedings or

reorganizations under the Bankruptcy Code and the laws and regulations of one or more jurisdictions that may or may not be

similar to the Bankruptcy Code. Certain non-U.S. bankruptcy laws and regulations may provide inferior protections to creditors

than U.S. bankruptcy laws and regulations. U.S. and certain non-U.S. bankruptcy laws may result in a restructuring of debt

without the creditor's consent under the "cramdown" provisions of applicable bankruptcy laws and may result in a discharge of

all or part of a debt Investment that SP+ INFRA holds without payment to SP+ INFRA. On the other hand, SP+ INFRA as a

borrower may be adversely affected by bankruptcy or other similar proceedings initiated against it or a portfolio company; SP+

INFRA may not be able to restructure its own debt and instead be forced to sell assets to repay debt, including at inopportune

moments, due to laws that afford creditors rights.

**RISKS RELATING TO INVESTMENTS**

***Nature of Infrastructure Investments Generally.*** Investment in infrastructure assets and infrastructure-related

securities or instruments, properties and other assets involves many relatively unique and acute risks. Project revenues can be

affected by a number of factors including economic and market conditions, political events, competition, regulation and the

financial position and business strategy of customers. Unanticipated changes in the availability or price of inputs necessary for

the operation of infrastructure assets may adversely affect the overall profitability of an Investment or related project. Events

outside the control of a portfolio company, such as political action, governmental regulation, demographic changes, economic

conditions, pandemics, increasing fuel prices, government macroeconomic policies, political events, toll rates, social stability,

technical obsolescence, competition from untolled or other forms of transportation, natural disasters (such as fire, floods,

earthquakes and typhoons), changes in weather, changes in demand for products or services, defective design or construction,

bankruptcy or financial difficulty of a major counterparty and acts of war or terrorism and other unforeseen circumstances and

incidents could significantly reduce the revenues generated or significantly increase the expense of constructing, operating,

maintaining or restoring infrastructure facilities. In turn, this may impair a portfolio company's ability to repay its debt, make

distributions to SP+ INFRA or even result in termination of an applicable concession or other agreement. As a general matter,

the operation and maintenance of infrastructure assets or businesses and infrastructure-related securities or instruments,

properties, and other assets involve various risks and are subject to substantial regulation (as described below), many of which

may not be under the control of the owner / operator, including labor issues, failure of technology to perform as anticipated,

structural failures and accidents and the need to comply with the directives of government authorities. Although portfolio

companies may maintain insurance to protect against certain risks, where available on reasonable commercial terms (such as

business interruption insurance that is intended to partially or completely offset loss of revenues during an operational

interruption), such insurance is subject to customary deductibles and coverage limits and may not be sufficient to recoup all of a

portfolio company's losses. Furthermore, once infrastructure assets of a portfolio company become operational, they may face

competition from other infrastructure assets in the vicinity of the assets they operate, the presence of which depends in part on

governmental plans and policies.

***Middle Market Companies.*** Investments in middle market companies, while often presenting greater opportunities for

growth, can also entail larger risks than are customarily associated with investments in large companies. Medium-sized

companies could have more limited product lines, markets and financial resources, and could be dependent on a smaller

management group. As a result, such companies are expected to be more vulnerable to general economic trends and to specific

changes in markets and technology. In addition, future growth may be dependent on additional financing, which may not be

available on acceptable terms when required. Further, there is ordinarily a more limited marketplace for the sale of interests in

smaller, private companies, which could make realizations of gains more difficult by requiring sales to other private investors.

In addition, the relative illiquidity of private equity investments generally, and the somewhat greater illiquidity of private

investments in small- and medium-sized companies, could make it difficult for SP+ INFRA to react quickly to negative

economic or political developments.

***Governmental and Regulatory Risks Generally.*** Infrastructure investments are subject to substantial government

regulation and governments have considerable discretion to implement regulations that could affect the business of

infrastructure investing. In many instances, the operation or acquisition of infrastructure assets involves an ongoing

commitment to or from a governmental agency, and the operation of infrastructure assets often relies on government permits,

licenses, concessions, leases or contracts. The nature of these obligations and dependencies exposes the owners of infrastructure

assets to a higher level of regulatory control than typically imposed on other businesses, resulting in government entities having

significant influence over such owners and companies.

Regulatory agencies might impose conditions on the construction, operations and activities of an infrastructure security,

property or other asset as a condition to granting their approval or to satisfy regulatory requirements, including requirements

that such assets remain managed by the General Partner, SP+ INFRA or their Affiliates, which could limit the ability of SP+

INFRA to dispose of portfolio companies at opportune times.

Where a portfolio company holds a concession or lease from the government, the concession or lease may restrict the

portfolio company's ability to operate the business in a way that maximizes cash flows and profitability. The lease or

concession may also contain clauses more favorable to the government counterparty than a typical commercial contract. For

instance, the lease or concession may enable the government to terminate the lease or concession in certain circumstances

without requiring payment of adequate compensation.

In addition, governmental entities may exercise their discretion to change or increase regulation of the operations of

portfolio companies or to implement laws, regulations or policies affecting their operations, separate from any contractual rights

that the government counterparties may have, in a manner that causes delays or adversely affects the operation of the business

of such portfolio companies and / or SP+ INFRA's ability to effectively achieve its investment objectives. For example,

additional or unanticipated regulatory approvals, including, without limitation, renewals, extensions, transfers, assignments,

reissuances, or similar actions, could be required to acquire infrastructure assets, and additional approvals could become

applicable in the future due to, among other reasons, a change in applicable laws and regulations, or a change in the relevant

portfolio company's customer base. See also "—Certain Restrictions on Ownership" below.

In addition, since many portfolio companies will provide basic, everyday services and face limited competition,

regulatory agencies could be influenced by political considerations and could make decisions that adversely affect a portfolio

company's business. Certain types of infrastructure assets are very much in the "public eye" and politically sensitive, and as a

result SP+ INFRA's activities could attract an undesirable level of publicity. Additionally, pressure groups and lobbyists could

induce regulatory agency action to the detriment of SP+ INFRA as the owner of the relevant portfolio company or asset. There

can be no assurance that the relevant government will not legislate, impose regulations, or change applicable laws, or act

contrary to the law in a way that would materially and adversely affect the business of a portfolio company. The profitability of

certain types of investments might be materially dependent on government subsidies being maintained (for example,

government programs encouraging the development of certain technologies such as solar and wind power generation).

Reductions or eliminations of such subsidies would likely have a material adverse impact on relevant investments by SP+

INFRA.

***Regulatory Approvals / Consents.*** SP+ INFRA may not receive the initial regulatory approval or license needed to

acquire or otherwise operate an Investment, including after substantial costs have been incurred pursuing such Investment.

Additional or unanticipated regulatory approvals, including, without limitation, renewals, extensions, transfers, assignments,

reissuances or similar actions, may be required to acquire or operate infrastructure assets, and additional approvals may become

applicable in the future due to a change in laws and regulations, a change in the portfolio company's customer(s), change in

investor composition in SP+ INFRA or for other reasons. Furthermore, permits or special rulings may be required on taxation,

financial and regulatory related issues. Additionally, a portfolio company could be materially and adversely affected as a result

of statutory or regulatory changes or judicial or administrative interpretations of existing laws and regulations that impose more

comprehensive or stringent requirements on such company. There can be no assurance that a portfolio company will be able to

(i) obtain all required regulatory approvals that it does not yet have or that it may require in the future, (ii) obtain any necessary

modifications to existing regulatory approvals or (iii) maintain required regulatory approvals. Delay in obtaining or failure to

obtain and maintain in full force and effect any regulatory approvals, or amendments thereto, or delay or failure to satisfy any

regulatory conditions or other applicable requirements could prevent operation of a facility or sales to third parties or could

result in additional costs to a portfolio company and SP+ INFRA. In addition, to the extent SP+ INFRA determines to make a

follow-on investment into a portfolio company, SP+ INFRA may be required to obtain separate and / or additional regulatory

approvals in respect of such follow-on investment, which may be different or more stringent than the initial approvals obtained

in respect of such portfolio company. In such scenario, SP+ INFRA's participation in such follow-on investment may be

delayed or otherwise adversely affected.

A portfolio company's operations may rely on government licenses, concessions, leases or contracts that are generally

complex and may result in a dispute over interpretation or enforceability. Even though most permits and licenses are obtained

prior to the commencement of full project operations, many of these licenses and permits are required to be maintained over the

project's life. If a portfolio company fails to comply with these regulations or contractual obligations, it could be subject to

monetary penalties or SP+ INFRA may lose its right to operate the affected portfolio company, or both.

Governments and other regulators may impose conditions on the operations and activities of portfolio companies as a

condition to granting its approval or to satisfy regulatory requirements. These conditions, which may be statutory in nature or

may be tailored to a particular project. Where a portfolio company is the sole or predominant service provider in its service area

and provides services that are essential to the community, it may be subject to rate regulation that will determine the prices it

may charge. It may be subject to unfavorable price determinations that may be final with no right of appeal or that, despite a

right of appeal, could result in its profits being negatively affected. In addition, such conditions may also limit or provide a

disincentive for portfolio companies to invest in competing industries or to acquire anticompetitive market power in a particular

market. The relevant governmental agency may impose conditions of ongoing ownership or equivalent restrictions on SP+

INFRA in respect of the underlying infrastructure assets. This may include a requirement and / or restriction that may limit the

ability of SP+ INFRA to dispose of Investments at opportune times or require that such assets remain managed by Stonepeak.

***Public Demand and Usage Risk.*** Demand, usage and throughput risk can affect the performance of infrastructure assets.

Demand, usage and throughput depend on, and may be affected by, a wide variety of factors, such as demographic changes,

economic conditions, fuel prices, government macroeconomic policies, tolls, tariffs, other usage or throughput-related fees,

social stability, political or local opposition, technical obsolescence, competition from untolled or other forms of transportation,

acts of God, war, terrorism, changes in demand for products or services, slower than projected construction progress and

adverse weather conditions. SP+ INFRA may invest in portfolio companies that derive substantially all of their revenues from

tolls, tariffs or other usage-related fees. Users of the applicable service may react negatively to any adjustments to the

applicable rates, or public pressure may cause a government or agency to challenge such rates. In addition, adverse public

opinion, or lobbying efforts by specific interest groups, could result in government pressure to reduce rates or to forego planned

rate increases. If public pressure or government action forces a portfolio company to restrict its rate increases or reduce their

rates, and it is not able to secure adequate compensation to restore the economic balance of the relevant concession agreement,

SP+ INFRA or the applicable portfolio company's business, financial condition and results of operations. To the extent that

SP+ INFRA's assumptions regarding demand, usage and throughput prove incorrect, returns to SP+ INFRA could be adversely

affected. Some investments may be subject to seasonal variations, including greater revenues and profitability during different

seasons of the year. Accordingly, SP+ INFRA's or the applicable portfolio company's operating results for any particular

investment in any particular quarter may not be indicative of the results that can be expected for such investment throughout the

entire year.

***Operations and Maintenance Risk.*** As a general matter, the operation and maintenance of infrastructure assets involve

significant capital expenditures and various risks, many of which may not be under the control of the owner / operator,

including labor issues, political or local opposition, failure of technology to perform as anticipated, technical obsolescence,

increasing fuel prices, structural failures and accidents, environment related issues, counterparty non-performance and the need

to comply with the directives of government authorities. Optional or mandatory improvements, upgrades or rehabilitation of

infrastructure assets may cause delays or result in closures or other disruptions subjecting the Investment to various risks

including lower revenues. The operations of infrastructure projects are exposed to unplanned interruptions caused by significant

catastrophic events, such as cyclones, earthquakes, landslides, floods, explosions, fires, terrorist attacks, major plant

breakdowns, pipeline or electricity line ruptures or other disasters. Operational disruption, as well as supply disruption, could

adversely impact the cash flows available from these assets. In addition, the cost of repairing or replacing damaged assets could

be considerable. Repeated or prolonged interruption may result in permanent loss of customers, substantial litigation or

penalties for regulatory or contractual non-compliance. Moreover, any loss from such events may not be recoverable under

relevant insurance policies. Business interruption insurance is not always available, or economic, to protect the business from

these risks.

***Impediments to Electricity Generation.*** The amount, timing, and cost of generating electricity from renewable energy

resources may not meet expectations and may vary significantly from period to period. Unfavorable solar or wind conditions, or

other energy resources replenished by a natural process, may cause project facilities to not meet anticipated generation levels or

the rated capacity of its generation assets. The intermittent nature of renewable energy resources and the irregular generation

levels may adversely affect SP+ INFRA's results from operations and cash flows from renewable energy investments. While

SP+ INFRA may in certain circumstances seek environmental and meteorological assessments conducted by independent

meteorological consultants using site specific and long-term reference data, there are risks that actual experience may differ

materially from expectations and that models and forecasts do not accurately reflect actual conditions that may exist in the

future.

***Solar Power.*** SP+ INFRA may make investments in portfolio companies that will be engaged in solar power generation

and power transmission. The development and construction of solar power plants can require long periods of time and

substantial initial capital investments, and there are significant risks related to the development of solar power plants, including

high initial capital expenditure costs to develop and construct functional power plant facilities and the related need for

construction capital, the availability of favorable government tax and other incentives, the high cost and potential regulatory and

technical difficulties in integrating into new markets, an often limited or unstable marketplace, competition from other sources

of electric power, regulatory difficulties including obtaining necessary permits, difficulties in negotiating power purchase

agreements with potential customers, educating the market regarding the reliability and benefits of solar energy products and

services, costs associated with environmental regulatory compliance and competing with other solar energy companies and

utilities.

Wind Power. SP+ INFRA is expected to make investments in portfolio companies that will be engaged in the

development and operation of wind farms. The development of a wind farm can require substantial initial capital investments,

and there are significant risks related to the development of wind farms, including the availability of favorable government tax

and other incentives; the high cost and potential regulatory and technical difficulties in integrating into new markets; an often

limited or unstable marketplace; competition from other sources of electric power and other wind farms; regulatory difficulties

including obtaining necessary permits; difficulties in negotiating satisfactory turbine supply, engineering and construction

agreements and with respect to connecting to the existing electricity transmission network; difficulties in negotiating power

purchase agreements with potential customers, educating the market regarding the reliability and benefits of wind energy

products and services; and costs associated with environmental regulatory compliance.

The performance of wind farms is dependent upon meteorological and atmospheric conditions that fluctuate over time. If

the wind or solar conditions are unfavorable or below estimates, then the electricity production may be substantially below the

investment team's expectations. Insufficient electricity production may trigger a contractual breach of or financial penalty under

a Power Purchase Agreement ("PPA") or ultimately cause a default in the project-level finance arrangements. See also "—

Power Purchase Agreement Risk" below. Operating results for projects vary significantly from period to period. Wind and solar

energy projects require natural resource conditions that are found in limited geographic areas and, within these areas, at

particular sites. A key part of the investment team's investment decision-making process is to estimate the power production of

the project, which includes an evaluation of the resource levels at the site in the context of the equipment that will be used at

that site. Actual wind or solar conditions, however, may not conform to projected data in these studies and may be affected by

variations in weather patterns, including any potential impact of climate change. Therefore, the electricity generated by SP+

INFRA's projects may not meet expected production levels or the rated capacity of the turbines or solar panels that comprise

such projects, which could adversely affect SP+ INFRA's performance. The amount of electricity generated by a wind farm

depends upon many factors in addition to the quality of the wind resources, including but not limited to turbine performance,

aerodynamic losses resulting from wear on the wind turbine, degradation of other components, icing or soiling of the blades and

the number of times an individual turbine or an entire wind farm may need to be shut down for maintenance or to avoid damage

due to extreme weather conditions. In addition, conditions on the electrical transmission network can impact the amount of

energy a wind farm can deliver to the network. Wind farms may be located in remote areas with limited transmission networks

where intense competition exists for access to, and use of capacity on, the existing transmission facilities. Electricity

transmission lines may experience unplanned outages due to system failures, accidents and severe weather conditions, or

planned outages due to repair and maintenance, construction work and other reasons beyond SP+ INFRA's control. As

electricity generated from wind farms is generally not stored and must be transmitted or used once it is generated, some of the

wind turbines of a wind farm may be turned off during such period when electricity is unable to be transmitted due to grid

congestion or other grid constraints. Such events could reduce the actual net power generation of such wind farms. In addition,

a number of other factors may further decrease electricity output, including wind speed or wind direction or other severe

weather conditions. As a result, SP+ INFRA's portfolio companies may experience significant financial losses from the

inefficient electricity outputs.

***Transportation and Storage Risks.*** There are a variety of hazards and operating risks inherent to the transportation,

relocation and storage of equipment, raw materials, waste materials and other hazardous, radioactive and explosive materials,

such as leaks, releases, explosions, mechanical problems and damage caused by portfolio companies and / or third parties.

Additional risks to vessels include adverse sea conditions, capsizing, grounding and navigation errors. These risks could result

in serious injury and loss of human life, significant damage to property and natural resources, environmental pollution and

impairment of operations, any of which also could result in substantial financial losses. For assets located near populated areas,

including residential areas, commercial business centers, industrial sites and other public gathering areas, the level of damage

resulting from these risks may be greater. Failure of a portfolio company to properly handle, transport or dispose of these

materials or otherwise conduct its operations in accordance with applicable environmental laws may negatively impact the

revenues and cash flows of a portfolio company and expose the portfolio company to substantial liability for administrative,

civil and criminal penalties, cleanup and site restoration costs and liability associated with releases of such materials, damages

to natural resources and other damages, as well as potentially impair its ability to conduct operations. In addition, losses in

excess of a portfolio company's insurance coverage could have an adverse effect on its business, financial condition and results

of operations.

***Technology May Become Obsolete.*** The renewable energy industry is subject to continual technological innovation.

Renewable energy products and services interact with a variety of hardware and software technology systems and devices. An

Investment may be required to implement new technologies or adapt existing technologies in response to changing market

conditions, customer preferences, industry standards or inability to secure necessary intellectual property licenses, which could

require significant capital expenditures. It is also possible that one or more of a portfolio company's competitors could develop

a significant technological advantage that allows them to provide additional or superior products or services, or to lower their

price for similar products or services, that could put an Investment at a competitive disadvantage. The inability to adapt to

changing technologies, market conditions or customer preferences in a timely manner could have a material adverse effect on

SP+ INFRA's investment strategy, business, financial condition, cash flows or results of operations.

***Difficulties with Energy Storage.*** The widespread deployment of energy storage technologies is still a nascent market.

Market rules and structures to compensate energy storage projects for the provision of grid services, load shift, transmission and

distribution deferral and defrayal, among other potential sources of value, may not provide sufficient revenue relative to cover

the cost of investment.

Growth in the energy storage market is highly dependent on a continued decline in battery prices as batteries represent

the largest component of system cost. Any disruption in the supply of batteries resulting in higher than expected battery pricing

or stagnation in the level of price declines for batteries could result in slower than expected growth in SP+ INFRA's target

markets and, as a result, could have a material adverse effect on Investments. The financial performance of SP+ INFRA will

depend on the maturation of the energy storage market and the ability of SP+ INFRA to defray costs associated with energy

storage investments.

Further, many energy storage products make use of lithium-ion batteries, which have been observed in certain

applications, such as automotive applications, to catch fire or vent smoke and flame. Such events have raised concerns, and

future events may lead to additional concerns, about the safety of lithium-ion batteries. Negative public perceptions regarding

the suitability of lithium-ion batteries for energy storage applications or any future incident involving lithium-ion batteries, even

if such incident does not involve an Investment or relate to an application other than energy storage, could negatively impact the

continued adoption of energy storage products and have a material adverse impact on Investments.

***Catastrophe Risk.*** The operations of renewable energy portfolio companies are subject to many hazards inherent in the

transporting, processing, storing, refining, distributing, mining or marketing a wide range of natural resources such as natural

gas, natural gas liquids, crude oil, coal, minerals, refined petroleum products or other hydrocarbons, or in the exploring,

managing or producing of such commodities, including: damage to pipelines, storage tanks or related equipment and

surrounding properties caused by hurricanes, tornadoes, floods, blowouts, cratering, uncontrollable flows of oil, natural gas or

well fluids, fires and other natural disasters or by acts of terrorism, inadvertent damage from construction and farm equipment,

leaks of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons; and fires and explosions.

Any offshore sea-based operations of Investments will be subject to a variety of operating risks peculiar to the marine

environment, such as hurricanes or other adverse weather conditions. These risks could result in substantial losses due to

personal injury or loss of life, severe damage to and destruction of property and equipment and pollution or other environmental

damage and may result in the curtailment or suspension of their related operations. There can be no assurance that each of SP+

INFRA's portfolio companies will be fully insured against all risks inherent to their businesses. If a significant accident or event

occurs that is not fully insured, it could adversely affect a portfolio company's operations and financial condition. SP+ INFRA

may seek to maintain insurance coverage for the operations of its Investments, but insurance coverage for environmental

damages that occur over time or insurance coverage for the full potential liability that could be caused by sudden environmental

damages may not be available at a reasonable cost, and SP+ INFRA is likely to be subject to liability or may lose substantial

portions of its properties in the event of certain environmental damages.

***Project Development Risks.*** Development of renewable energy projects anticipated by the General Partner may occur

more slowly, be more costly than expected or may never occur, due to various unforeseen circumstances, including, without

limitation, failure to secure a PPA, failure to secure an interconnection agreement, regulatory and permitting delays, unforeseen

costs related to compliance or remediation efforts, political opposition, delays in securities sites, environmental issues, strikes,

and mechanical and other technical failures. Additionally, lack of available infrastructure or equipment, such as wind energy

turbines, solar photovoltaic panels, construction cranes or other critical development resources, may greatly delay or halt the

development of renewable energy projects.

***Construction and Operation Risks.*** SP+ INFRA is expected to make investments in portfolio companies that could

include both existing assets or businesses and in "Greenfield" assets and other assets and businesses that require significant

capital expenditure to bring such investments to fully commissioned and / or cash-flowing status or to otherwise optimize such

investment's operational capabilities. SP+ INFRA will rely on operators who construct, maintain and operate renewable energy

assets and businesses, including, without limitation, any "Greenfield" assets. Operators are subject to substantial construction

and operating risks and liabilities, the occurrence of which could have a material adverse effect on investment returns. Such

risks and liabilities include, but are not limited to: (i) construction risks, including the risk of substantial delay or increase in

cost due to political opposition, regulatory and permitting delays, delays in procuring sites, strikes, disputes, environmental

issues, force majeure or failure of third parties to perform in a timely manner their contractual financial or other commitments;

(ii) unusual or unexpected geologic conditions, equipment malfunctions, accidents, delays in the availability of equipment,

spare part shortages, adverse weather conditions, pollution and other similar risks; (iii) risk of failing to meet design

specifications; (iv) risk that transmission lines are inadequate or unavailable to carry electricity from renewable energy projects;

(v) damage to installations and equipment caused by storms or unexpected mechanical failures; (vi) risk that the resource relied

upon to produce electricity is not regularly available; (vii) risks associated with holding direct or indirect interests in

undeveloped land or underdeveloped real property; and (viii) other events discussed in "—Force Majeure Risk" herein that are

beyond the control of the General Partner and SP+ INFRA. These risks could result in substantial unanticipated delays or

expenses and, under certain circumstances, could prevent completion of construction activities once undertaken, any of which

could have an adverse effect on SP+ INFRA. Construction costs may exceed estimates for various reasons, including inaccurate

engineering and planning, labor and building material costs in excess of expectations and unanticipated problems with project

start-up. Delays in project completion can result in an increase in total project construction costs through higher capitalized

interest charges and additional labor and material expenses and, consequently, an increase in debt service costs and insufficient

funds to complete construction. Delays may also result in an adverse effect on the scheduled flow of project revenues necessary

to cover the scheduled operations phase debt service costs, lost opportunities, increased operations and maintenance expenses

and damage payments for late delivery. Investments under development or Investments acquired to be developed may receive

little or no cash flow from the date of acquisition through the date of completion of development and may experience operating

deficits after the date of completion. In addition, market conditions may change during the course of development that make

such development less attractive than at the time it was commenced. In addition, there are risks inherent in the construction

work that may give rise to claims or demands against a portfolio company from time to time.

***Fluctuations in Supply and Demand***. Prices of, or demand for, electricity may fall, reducing revenues from renewable

energy investments generating electricity and therefore adversely affecting SP+ INFRA. Changes in the supply of electricity

may also adversely impact investment returns. Factors that may affect supply, demand and price include: technological

advances affecting electricity consumption, weather conditions, and the price of electricity in general and the price and

availability of alternative energy sources, production tax rates and fiscal policies.

***Anticipated Demand May Not Materialize.*** Certain U.S. and non-U.S. companies have made non-binding commitments

as part of the "RE100" and other similar organizations to increase demand for renewable energy by committing to use greater

amounts of renewable energy. While the success of such campaigns suggests that demand for renewable energy is growing, and

will continue to grow, there is a risk that such demand will not materialize amongst the affiliated companies, or customers. The

non-binding nature of the commitments means that if the cost of energy becomes too expensive, the companies are not required

to purchase the committed amounts. In addition, certain governments have passed legislations that commits to increasing the

use of renewable energy, such as California's SB 100. However, there can be no assurance that such commitments will

materialize due to changing political climate and priorities. Furthermore, if renewable energy becomes too expensive for the

general market, demand from other public and private entities for renewable energy may not materialize.

***Volatility of Commodity Prices***. The performance of certain of SP+ INFRA's Investments will be substantially dependent

upon prevailing prices of power, oil, natural gas, natural gas liquids, coal, metals and other commodities and the differential

between prices of specific commodities that are a primary factor in the profitability of certain conversion activities such as

petroleum refining ("crack spread") and power generation ("spark spread"). For example, the operation and cash flows of SP+

INFRA's Investment may depend, in some cases to a significant extent, upon prevailing or improving market prices for energy

and other commodities. As energy derived from traditional fossil fuels becomes more expensive, the value of renewable energy

resources should increase as well. Conversely, if new oil or coal deposits are found, or, if the cost of producing energy from

these sources decreases significantly for other reasons, the demand for renewable energy resources may decrease. Commodity

prices have been, and are likely to continue to be, volatile and subject to wide fluctuations in response to uncertain market

factors that are beyond the control of SP+ INFRA, the General Partner and the Investment Advisor, including (i) relatively

minor changes in the supply of and demand for such commodities; (ii) market uncertainty and the condition of various

economies (including interest rates, levels of economic activity, the price of securities and the participation by other investors in

the financial markets); (iii) political conditions in international commodity producing regions; (iv) the extent of domestic

production and importation of oil, natural gas, natural gas liquids, coal or metals in certain relevant markets; (v) the foreign

supply of oil, natural gas and metals; (vi) the price of foreign imports; (vii) the price and availability of alternative fuels; (viii)

the level of consumer demand; (ix) the price of steel and the outlook for steel production; (x) weather conditions; (xi) the

competitive position of energy-related commodities as compared with other energy sources; (xii) the industry-wide refining or

processing capacity for energy-related commodities; (xiii) weather conditions; (xiv) the effect of U.S. and non-U.S. federal,

state and local regulation on the production, transportation and sale of commodities; (xv) breakthrough technologies (such as

hydrofracking and other methodologies to extract shale oils, improved storage or clean coal technologies) or government

subsidies, tax credits or other support that allow alternative fuel generation projects to produce more reliable electric energy or

lower the cost of such production compared to natural gas fueled electric generation projects; (xvi) with respect to the price of

oil, actions of the Organization of Petroleum Exporting Countries ("OPEC"), including in reaction to political developments,

international conflicts and regional strife, and other large petroleum exporting countries that are not a member of OPEC, such as

Russia; (xvii) the expected consumption of coking coal in steel production; (xviii) the amount and character of excess electric

generating capacity in the market area; (xix) terrorist acts; (xx) overall economic conditions; (xxi) the strength of the U.S. dollar

relative to other currencies; (xxii) terrorist acts and the impact of military and other action; and (xxiii) a variety of additional

factors that are beyond the control of Stonepeak or SP+ INFRA. These factors are expected to affect the level and volatility of

commodities prices and the liquidity of SP+ INFRA's Investments, as evidenced by recent oil price shocks resulting from

disputes among members of OPEC in connection with the COVID-19 pandemic, which could impair SP+ INFRA's

performance or result in losses, potentially materially. For example, volatile oil, natural gas and natural gas liquids prices make

it difficult to estimate the value of developed properties that are the subject of financing and often cause disruption in the

market for oil, natural gas and natural gas liquids developed properties, as buyers and sellers have difficulty agreeing on such

value. Price volatility also makes it difficult to budget for and project the return on acquisition and development and

exploitation project financings. Although SP+ INFRA intends to partially mitigate commodity risk through long term power

sales contracts with parties that it deems to be creditworthy and that have fixed capacity payments and pass through certain

variable costs such as fuel and change-in-law costs to the power purchasers, there can be no assurances that SP+ INFRA will be

able to enter into contracts covering any or all of each project's electrical output and the term of such contracts are likely to vary

leaving open commodity risk at the end of such contract terms.

***Changing Regulatory Environment.*** The renewable energy industry is subject to extensive and changing environmental

and other governmental regulation, which could adversely affect investment returns. Statutes, laws, rules, regulations and

initiatives could be amended or eliminated resulting in a decreased demand for renewable energy which could adversely affect

the levels of revenue projected at the time an investment was made by SP+ INFRA. Continued deregulation of the broader

energy industry at the local, national or international level could disrupt the demand for renewable energy or cause a decline in

the revenue received from renewable energy investments. Alternatively, the cost of complying with changing environmental

and safety laws may increase that could likewise adversely affect the levels of revenue projected at the time an investment was

made by SP+ INFRA.

***Risks Associated with Fixed-Price Contracts.*** Most renewable energy projects operate under fixed price contracts. The

availability of long-term, fixed-price contracts for the major cost and revenue components of a project may be unavailable,

which in turn may result in these projects not being built or being built on less favorable terms. Those renewable energy

projects that operate without a fixed-price contract and sell electricity at market rates will be subject to price and demand

fluctuations. A decline in prices and a lower demand may adversely affect the levels of revenue projected at the time the

investment was made by SP+ INFRA.

***Effects of Ongoing Changes in the Utility Industry***. SP+ INFRA may make certain Investments in utility industries. In

many regions, the market dynamics of the utility industry may change, primarily in wholesale markets, as a result of consumer

demands, technological advances, greater availability of natural gas and other factors. As a result, additional significant

competitors could become active in parts of the utility industry. In addition, utility asset owners may find it increasingly

difficult to negotiate long-term procurement or sales agreements with counterparties, which may affect SP+ INFRA's

profitability and financial stability. To the extent competitive pressures increase and the pricing and sale of products assume

more characteristics of a commodity business, the economics of the projects into which SP+ INFRA may invest may come

under increasing pressure. If restructuring of the utility industry is reversed, discontinued, delayed or modified, this could have

an adverse effect on the portfolio companies into which SP+ INFRA may invest.

Electricity generation and related infrastructure investments may be subject to extensive energy laws and regulations where

portfolio companies are located. Changes in applicable energy laws or regulations, or in the interpretations or administration of

these laws and regulations, could result in increased compliance costs or the need for additional capital expenditures. If a

portfolio company fails to comply with these requirements, it could also be subject to civil or criminal liability and the

imposition of fines.

Under the Federal Power Act (the "FPA"), the Federal Energy Regulatory Commission regulates wholesale sales of

electricity and the transmission of electricity in interstate commerce by "public utilities" as defined under the FPA and places

constraints on the conduct of their business, including, among other things, rate and corporate regulation including ownership

and disposition of jurisdictional assets. In addition, state public utility commissions in U.S. states ("PUCs") have historically

had broad authority to regulate both the rates charged by, and the financial activities of, electric utilities that sell electricity at

retail and other public utilities that provide utility service to the public such as water utilities and telecommunication service

providers, and a number of other matters relating to electric and other public utilities. State laws may also impose certain

regulatory and reporting requirements on other owners and operators of generation facilities and other public utilities.

Independent power producers are considered to be public utilities in some states and are subject to varying degrees of regulation

by PUCs, ranging from a requirement to obtain a "certificate of public convenience and necessity" to regulation of

organizational, accounting, financial and other corporate matters. States may assert jurisdiction over the location and

construction of electric generating facilities and other public utility facilities, and in certain situations, over the issuance of

securities and the sale or other transfer of assets by these facilities. State jurisdictional natural gas transportation and storage

rates are also frequently subject to regulation by local PUCs. Similar regulation may also apply in other non-U.S. jurisdictions

where Investments are made.

Further, recent technological progress in pollution control equipment for coal-fired generation plants may make it feasible

for utilities to continue to operate those plants under newly mandated clean air regulations. Coal is plentiful in many countries,

including the U.S., and continued use of coal in electric generation facilities may apply pressure to the value of renewable

power assets.

***Digital Infrastructure Investments.*** Investment in digital infrastructure assets involves many relatively unique and acute

risks. Project revenues can be affected by a number of factors including economic and market conditions, political events,

competition, regulation and the financial position and business strategy of customers. Unanticipated changes in the availability

or price of inputs necessary for the operation of digital infrastructure assets may adversely affect the overall profitability of an

Investment or related project. Events outside the control of a portfolio company, such as political action, governmental

regulation, demographic changes, economic conditions, government macroeconomic policies, political events, social instability,

natural disasters (such as fire, floods, earthquakes, hurricanes, and typhoons), changes in weather, changes in demand for

products or services, bankruptcy or financial difficulty of a major customer, acts of war or terrorism and other unforeseen

circumstances and incidents could significantly reduce the revenues generated or significantly increase the expense of

constructing, operating, maintaining or restoring digital infrastructure facilities. In turn, this may impair a portfolio company's

ability to repay its debt, make distributions to SP+ INFRA or even result in termination of an applicable concession or other

agreement. As a general matter, the operation and maintenance of digital infrastructure assets or businesses involve various

risks and are subject to substantial regulation, many of which may not be under the control of the owner/operator, including

labor issues, failure of technology to perform as anticipated, structural failures and accidents and the need to comply with the

directives of government authorities. Furthermore, once digital infrastructure assets of a portfolio company become operational,

they may face competition from other digital infrastructure assets in the vicinity of the assets they operate, the presence of

which depends in part on governmental plans and policies.

In addition, a substantial portion of the revenues of digital infrastructure investments can be derived from a small number

of customers, and the loss, consolidation or financial instability of any of those limited number of customers could materially

decrease revenues or reduce demand for digital infrastructure assets. Stonepeak and the portfolio companies cannot guarantee

that leases with major customers will not be terminated or that these customers will renew their leases with the digital

infrastructure assets. To the extent a customer vacates a specialized space in a portfolio company's digital infrastructure asset,

re-leasing the vacated space could be more difficult than re-leasing a less specialized space. Furthermore, Stonepeak may rely

on third parties to generate sales, leases and other contracts in respect of digital infrastructure assets and there can be no

assurance that such third parties will be successful in such endeavor. Because digital infrastructure assets are expected to

contain customer improvements installed at the customers' expense, they may be better suited for a specific digital

infrastructure user or technology industry customer and could require significant modification in order for the space to be re-

leased to another digital infrastructure user or technology industry customer. The customer improvements may also become

outdated or obsolete as the result of technological change, the passage of time or other factors. As a result, a portfolio company

could be required to invest significant amounts or offer significant discounts to customers in order to lease or re-lease a digital

infrastructure space.

It is possible that changes in industry practice or in technology, such as virtualization technology, more efficient or

miniaturization of computing or networking devices, or devices that require higher power densities than today's devices, may

reduce demand for the physical data center space and infrastructure or render data center facilities obsolete or in need of

significant upgrades to remain viable. In addition, the development of new technologies, the adoption of new industry standards

or other factors could render the products and services of data center customers obsolete or unmarketable and contribute to a

downturn in their businesses, thereby increasing the likelihood of defaults under data center leases, which could have an

adverse effect on SP+ INFRA's return on its investments. There can be no assurance that the costs of adapting to changes in

industry practice or in technology will not have a material adverse effect on SP+ INFRA's Investments. Stonepeak and the

portfolio companies may not be able to adapt to changing technologies and customer requirements, and SP+ INFRA's digital

infrastructure investments may become obsolete, either of which would adversely affect SP+ INFRA's financial and operating

results.

***Digital Infrastructure - Power Shortages***. The ability to lease any available space at data centers could be constrained by

the ability to obtain sufficient electrical power. Many digital infrastructure assets greatly rely on the steady supply of power at

reasonable costs and could be harmed by prolonged power outages or shortages, increased cost of energy or general lack of

availability of electrical resources. As customers of digital infrastructure increase their power footprint in data centers over

time, the corresponding reduction in available power could limit the ability to increase occupancy rates or network density

within data centers. Further, SP+ INFRA could acquire land intended to be developed into data centers or other digital

infrastructure assets, and portfolio companies may not be able to obtain the necessary electrical power to do so, which will

prevent it from fully developing the land and negatively impact the value of SP+ INFRA's investment in the land.

***Data Center Investments***. SP+ INFRA is able to make investments in digital infrastructure assets which may include,

technology-related real estate, including internet gateway facilities and data center real estate. Such investments are dependent

on the demand for mobile and internet infrastructure and are particularly exposed to the risk of technological change relative to

other real estate investments. Changes in industry practice or new or improved technology, such as enhanced virtualization

technology, more efficient or miniaturization of computing or networking devices, devices that require higher power densities

than current devices, improvements in data collection and storage, or increased needs relating to data transmission speeds,

bandwidth or standards, could reduce demand for data center space or require that improvements, which could be significant, be

made to a data center's facilities in order to remain attractive to future tenants or potential purchasers, even if enhancements

were previously made by existing tenants or SP+ INFRA.

In addition, tenants for such space will typically be technology-related companies, and the development or proliferation of

new technologies or forms of existing technologies (including improvements in the efficiency, architecture, and design of

wireless or cloud networks), the adoption of new industry standards or other factors, including general market conditions or

consumer trends, could render the products or services of such tenants obsolete or reduce their popularity, thereby reducing

such tenants' demand for data center space and increasing the chance that they default on their leases, become insolvent or file

for bankruptcy. Such a decrease in the current or anticipated demand for technology-related real estate could have a material

adverse effect on the value of such properties and the revenue and cash flow that they generate. In addition, slowdowns or other

adverse developments in the technology industry or the economy in general could lead to reduced corporate IT spending or

reduced demand for data center space. This may also be the case when market dislocations happen as a result of new or

improved versions of technology that utilizes or requires data center usage, including for example any new artificial intelligence

technologies. Any such market dislocations could have significant impacts on the demand for data center space and corporate

IT spending. There can be no assurances that SP+ INFRA's Investments will be well positioned to maintain profitability and/or

be successful in any such environment. Reduced demand could also result from factors such as business relocations (including

to metropolitan areas that investments may not currently serve), unavailability and/or increased expense of power sources, and

environmental considerations such as local weather-related disruptions. Certain portfolio companies will also engage in

substantial development activities, making them particularly susceptible to general economic slowdowns, including recessions,

as well as adverse developments in the data center, internet and data communications, and broader technology industries.

***Market Overbuilding Risk.*** Although the General Partner expects to undertake a detailed market supply and demand

forecast for each market as part of the deal underwriting process, the high returns on capital typically associated with the digital

infrastructure segment may create the impetus for competing fiber, data center, tower and small cells networks to be built within

or adjacent to SP+ INFRA's Investments. This could potentially impact pricing and renewal rates in specific markets.

***Health and Safety Risk.*** The employees and staff of infrastructure assets and businesses are exposed to health and safety

risks that could result in death, permanent disability or other serious injury that may disrupt the operations of Investments, lead

to economic loss, litigation or penalties for regulatory or contractual non-compliance, and may also adversely impact the

reputation of Investments, SP+ INFRA and its Unitholders. Moreover, any loss from such events may not be recoverable under

relevant insurance policies.

***Effects of Ongoing Changes in the Electric Industry.*** SP+ INFRA's investments in renewable energy assets will be

directly and indirectly affected by changes in the electric utility industries. For much of its history, the power sector, and

particularly the utility industry within this broader sector, was characterized by institutional stability and predictability of

financial performance. The advent of deregulation, privatization, technological change and market volatility has created a much

less stable sector with substantially greater variability of company performance in developed markets as well as emerging

markets, where these changes are much more recent. There can be no assurance that the pace or direction of the change will be

in accord with the expectations of Stonepeak, nor that the industry changes will benefit Investments made by SP+ INFRA.

Investing in power facilities and related assets is subject to a variety of risks, not all of which can be foreseen or quantified,

including operating, economic, environmental, commercial, regulatory, political and financial risks. In many regions, the

electric utility industry is experiencing increasing competitive pressures, especially in wholesale markets, as a result of

consumer demands, technological advances, greater availability of natural gas and other factors. The industry is also impacted

by an increase in environmental regulations and standards that may result in the retirement of fossil fuel plants that are not in

compliance which may benefit renewable power. If there is a lowering of these standards and / or delays in enforcement, it

could negatively impact renewable power projects and / or the growth of renewable power.

In response to such changes, federal, state, local and international government regulators have enacted or are considering

enacting regulations designed to ensure that transmission service is provided on a non-discriminatory and just and reasonable

basis in order to provide for more transparency in the operation of the transmission grid and to cover transmission siting and

interconnection. In addition, internal policies and regulations promulgated by electricity producers will have an impact on the

market for renewable power products. Customer purchase of or further investment in renewable energy sources could be

deterred by these regulations and policies, which could result in a significant reduction in the potential demand for renewable

power products.

Such changes may also have significant impacts on solar and wind generation. A number of countries are considering or

implementing methods to introduce and promote competition in the sale of electricity. To the extent, competitive pressures

increase and the pricing and sale of electricity assume more characteristics of a commodity business, the economics of

independent power generation projects into which SP+ INFRA may invest may come under increasing pressure. Power market

deregulation is fueling not only the current trend toward consolidation among utilities but also the disaggregation of many

vertically integrated utilities into separate generation, transmission and distribution businesses. As a result, additional

significant competitors could become active in the independent power industry. In addition, independent power producers,

including those with projects into which SP+ INFRA may invest, may find it increasingly difficult to negotiate PPAs with

solvent utilities, which may affect the profitability and financial stability of independent power projects.

There can be no assurance that (i) existing regulations applicable to electric utility companies will not be revised or

reinterpreted; (ii) new laws and regulations will not be adopted or become applicable to electric utility companies; (iii) the

technology and equipment selected by such companies to comply with current and future regulatory requirements will meet

such requirements; (iv) such companies' business and financial conditions will not be materially and adversely affected by such

future changes in or reinterpretation of, laws and regulations (including the possible loss of exemptions from laws and

regulations) or any failure to comply with such current and future laws and regulations; or (v) regulatory agencies or other third

parties will not bring enforcement actions or litigation in which they disagree with regulatory decisions made by other

regulatory agencies.

***Competition from Fossil Fuels and Other Conventional Energy Resources.*** The performance of certain projects of a

portfolio company may be dependent upon the prevailing prices of natural gas and coal. As energy derived from fossil fuels

becomes more expensive, the value of renewable and alternative energy and renewable and alternative energy technologies

should increase as well. Plentiful and relatively cheap natural gas may keep power prices at historically low levels for some

period of time. Regulation of natural gas fracking, gas exports, or a broader domestic use of natural gas could cause the price of

natural gas to increase, lessening the competitive price pressure on renewable energy. However, if natural gas prices stay at

current levels, energy from most renewable energy projects will be relatively more expensive unless government subsidies

continue or the cost or producing energy from renewable resources decreases significantly.

Recent technological progress in pollution control equipment for coal-fired generation plants may make it feasible for

utilities to continue to operate those plants under newly mandated clean air regulations. Coal is plentiful in the U.S. and

continued use of coal in electric generation facilities will also apply pressure to the value of renewable and alternative energy.

***Risks Associated with Government Contracts.*** To the extent that SP+ INFRA invests in a portfolio company which relies

on contracts negotiated with governmental authorities, there is a risk that these authorities may not honor their obligations under

the agreement, especially over the long term. The leases, concessions or other agreements may be more favorable to the

governmental authority than a typical commercial contract and may restrict the portfolio company's ability to operate in a way

that maximizes cash flows and profitability. Governments typically have considerable discretion in implementing regulations

that could impact these businesses, may be influenced by political (rather than just economic) considerations and may make

decisions that adversely affect SP+ INFRA's investments.

***Environmental Risk***. Infrastructure assets may be subject to numerous statutes, rules, and regulations relating to

environmental protection, and international, national and local environmental laws and regulation affect the operations of

infrastructure projects. SP+ INFRA may invest in portfolio companies that are subject to changing and increasingly stringent

environmental and health and safety laws, regulations, and permit requirements, and there can be no guarantee that all costs and

risks regarding compliance with, or liability under, environmental laws and regulations can be identified. Violations of such

requirements may result in administrative, civil and / or criminal enforcement proceedings, penalties and other liabilities

including claims and litigation from third parties who may be affected, curtailment or shutdown of operations, revocation or

non-renewal of permits, loss of contracts, and reputational impacts. Standards are set by these laws and regulations regarding

certain aspects of health, safety and environmental quality, and they provide for penalties and other liabilities for the violation

of such standards and establish, in certain circumstances, joint and several obligations to remediate and rehabilitate current and

former facilities and locations where operations are, or were, conducted or where materials were disposed of. In particular, the

oil and gas industry sometimes causes environmental hazards, such as oil spills, natural gas leaks and ruptures, discharges of

petroleum products and hazardous substances and historic disposal activities. Clean-up liabilities can arise under environmental

laws and regulations, including on a strict, joint and several basis, which presents a risk of a portfolio company paying for more

than its fair share of clean-up costs associated with a contaminated property. New and more stringent environmental and health

and safety laws, regulations and permit requirements or stricter interpretations of current laws or regulations could impose

substantial additional costs on portfolio companies or potential investments. Required expenditures for environmental

compliance have adversely impacted investment returns in a number of segments of the industry. Certain industries will

continue to face considerable oversight from environmental regulatory authorities and significant influence from non-

governmental organizations and special interest groups. Compliance with such current or future environmental requirements

does not ensure that the operations of the portfolio companies will not cause injury to the environment or to people under all

circumstances or that the portfolio companies will not be required to incur additional unforeseen environmental expenditures.

Moreover, failure to comply with any such requirements could have a detrimental impact on the financial performance of

infrastructure projects. There can be no assurance that portfolio companies will at all times comply with all applicable

environmental laws, regulations and permit requirements. Past practices or future operations of portfolio companies could also

result in material personal injury or property damage claims. Any noncompliance with these laws and regulations and permits

could subject SP+ INFRA and its properties to material administrative, civil or criminal penalties or other liabilities. Under

certain circumstances, environmental authorities and other parties may seek to impose personal liability on the limited partners

of a partnership (such as SP+ INFRA) subject to environmental liability.

In addition, ordinary operation or the occurrence of an accident with respect to an infrastructure asset could cause

environmental damage, which may result in significant financial distress to such asset if not covered by insurance, and, even if

covered by insurance, may have a detrimental effect on the applicable portfolio company and / or SP+ INFRA, resulting from

adverse publicity related to such an incident and other similar consequences. There is the possibility of existing or future

environmental contamination, including soil and ground water contamination, as a result of the spillage of hazardous materials

or other pollutants. Under various environmental statutes, rules and regulations of the appropriate jurisdiction, a current or

previous owner or operator of real property may be liable for non-compliance with applicable environmental and health and

safety requirements and for the costs of investigation, monitoring, removal or remediation of hazardous materials. These laws

often impose liability whether or not the owner or operator knew of or was responsible for, the presence of hazardous materials.

The presence of these hazardous materials on a property could also result in personal injury, property damage or similar claims

by private parties. In addition, persons who arrange for the disposal or treatment of hazardous materials may also be liable for

the costs of removal or remediation of these materials at the disposal or treatment facility, whether or not that facility is or ever

was owned or operated by that person.

Furthermore, SP+ INFRA may be exposed to claims and losses arising from known, undisclosed or unknown

environmental contamination from pollutants or other hazardous materials, or health or occupational safety matters. Under laws

in many jurisdictions similar to the Comprehensive Environmental Response, Compensation and Liability Act in the U.S.,

liability for environmental contamination may be without regard to fault or causation and in many situations may be joint and

several, so that a liable party may be exposed to the entire liability involved; and such liability may arise not only from

currently owned or operated properties but former properties of entities that are the subject of Investments, and other properties

impacted by such contamination, exposing SP+ INFRA's Investments to material liabilities for costs of investigating and

remediating contaminated properties, and for damages to natural resources. SP+ INFRA could also suffer losses if reserves or

insurance proceeds or indemnities prove inadequate to cover any such matters. Under the laws, rules and regulations of various

jurisdictions, an owner of an asset can be liable for the costs of removal or remediation of certain hazardous or toxic substances,

including asbestos, on or in the asset. Liability can be joint and several, which can result in a party being held liable without

regard to whether the party knew of, or was responsible for, the contamination. The presence of environmental contamination

on a property, whether known or latent, also could result in personal injury to persons removing or who are otherwise exposed

to such materials, as well as contamination and damage to other property, which could give rise to liability to third parties. In

the event that SP+ INFRA has an indemnity from a third-party purporting to cover any such liability, there can be no assurance

as to the financial viability of any indemnifying party at the time a claim arises or when recovery is sought under the indemnity.

Insurance for such matters may not be available, especially for known or suspected conditions, and even if insurance coverage

is in place, any proceeds may prove inadequate to cover the losses involved. SP+ INFRA may therefore be exposed to

substantial risk of loss from environmental claims arising in respect of its Investments. Community and environmental groups

may protest the development or operation of infrastructure assets which may induce government action to the detriment of SP+

INFRA. Some of the most onerous environmental requirements regulate air emissions of pollutants and greenhouse gases; these

requirements may particularly affect companies in the energy sector.

The cost to perform any remediation, and the cost to defend against any related claims, could exceed the value of the

relevant investment. In such cases, governmental authorities and others may seek to require SP+ INFRA to satisfy the claims

from other assets and Investments and, depending on the circumstances, could prevail. The existence of contamination, the

process of investigating and / or remediating contamination, and / or the failure to properly remediate contamination may

adversely affect the owner's ability to develop, use or sell the asset or to borrow funds using such asset as collateral and may

result in fines and other sanctions. SP+ INFRA may have an indemnity from a third party purporting to cover these liabilities,

but there can be no assurance as to the financial viability of any indemnifying party at the time a claim arises. In addition, some

environmental laws create a lien on a contaminated asset in favor of governments or government agencies for costs they may

incur in connection with the contamination.

***Climate Change Risk***. Global climate change is widely considered to be a significant threat to the global economy. SP+

INFRA's Investments may face risks from the physical effects of climate change as a result of increasing global average

temperatures, such as acute risks posed by increasing frequency or severity of extreme weather events (e.g., floods, droughts,

hurricanes and fires), and chronic risks caused by longer term shifts in climate patterns (e.g., rising sea levels, localized

sustained higher temperatures and changes in precipitation patterns). Also, the performance of certain renewable energy assets,

such as solar power generators, wind turbines, and hydropower assets, is dependent on weather conditions, which could shift as

a result of global climate change. As a result of these impacts from climate-related risks, SP+ INFRA's Investments may be

vulnerable to direct and indirect financial loss and impacts from disruptions to the operations of SP+ INFRA's Investments. The

General Partner cannot rule out the possibility that climate risks, including changes in weather and climate patterns, could result

in unanticipated delays or expenses and, under certain circumstances, could prevent completion of investment activities once

undertaken, any of which could have a material adverse effect on an Investment or SP+ INFRA.

Additionally, as consensus builds that global warming is a significant threat, initiatives seeking to address climate change

through regulation of greenhouse gas emissions have been adopted by, are pending or have been proposed before international

and regional regulatory authorities around the world. More specifically, the Paris Agreement and other initiatives by

international, federal, state and local policymakers and regulatory authorities as well as private actors seeking to reduce or

mitigate the effects of greenhouse gas emissions may expose certain assets to so-called "transition risks" in addition to physical

risks, such as: (i) political and policy risks (e.g., changing regulatory incentives and legal requirements, including with respect

to greenhouse gas emissions, that could result in increased costs or changes in business operations); (ii) regulatory and litigation

risks (e.g., changing legal requirements that could result in increased permitting and compliance costs, changes in business

operations, or the discontinuance of certain operations, and litigation seeking monetary or injunctive relief related to climate

impacts); (iii) technology and market risks (e.g., declining market for products and services seen as greenhouse gas intensive or

less effective than alternatives in reducing greenhouse gas emissions) and (iv) reputational risks (e.g., risks tied to changing

customer or community perceptions of an asset's relative contribution to greenhouse gas emissions). These risks could result in

a material adverse effect on the value of an investment and, therefore, the returns of SP+ INFRA.

As noted above, various governments have in the past and are expected to continue to provide subsidies for "green" energy

technologies, such as solar, wind, bio-fuel, geothermal, hydrogen and other non-fossil fuel based energy sources, with the goal

of reducing carbon emissions in an effort to mitigate the impacts of anthropogenic climate change. Even with potentially large

public and private investment in these technologies, it is possible that "green" energy technologies will be unable to be

deployed at a scale sufficient to meet growing global energy demand, or even existing energy demand. Moreover, these

technologies require significant changes to existing infrastructure in order to provide for a level of energy security and

reliability comparable to existing fossil fuel-based energy generation technologies. The cost of upgrading infrastructure for this

purpose, or energy disruptions if such infrastructure upgrades are not successfully completed, could result in significant

disruptions to local, regional or national economies.

Given SP+ INFRA's investment objective, SP+ INFRA is expected to invest in portfolio companies that are heavily

involved in alleviating the effects of climate change. The business success of any such portfolio company will likely be

inextricably tied to its ability to mitigate the effects of climate change, which could be challenging or unattainable. Furthermore,

the standards (if any) set by climate authorities, including the Intergovernmental Panel on Climate Change, to determine what

outcomes need to be achieved in order to timely mitigate the effect of climate change is constantly evolving. Therefore,

Stonepeak's climate framework might need to evolve over time, and there can be no guarantee that SP+ INFRA will achieve its

investment objectives as described herein.

***High Capital Costs.*** Energy projects, including those which focus on renewable energy sources, typically involve relatively

high levels of up-front capital investment which involves a certain degree of risk. The return on investment in renewable energy

companies with high capital costs may not be achieved. If technologies underlying renewable energy projects prove unsuitable

for widespread commercial deployment or if demand for such resources or products fails to develop sufficiently, the business of

SP+ INFRA may be adversely affected.

***Waste Management Risks.*** The waste management industry is subject to extensive and evolving federal, state or provincial

and local environmental, health, safety and transportation laws and regulations. These laws and regulations are administered by

the U.S. Environmental Protection Agency, Environment Canada and various other federal, state, provincial and local

environmental, zoning, transportation, land use, health and safety agencies. Many of these agencies regularly examine a

portfolio company's operations to monitor compliance with these laws and regulations and have the power to enforce

compliance, obtain injunctions or impose civil or criminal penalties in case of violations. There has been an increase in both the

amount of government regulation and the number of enforcement actions being brought by regulatory entities against

operations in the waste services industry. There are significant capital expenditures in connection with environmental protection

measures, including compliance with federal, state or provincial and local rules. There are costs associated with siting, design,

permitting, operations, monitoring, site maintenance, corrective actions, financial assurance and facility closure and post-

closure obligations. The acquisition, development or expansion of a waste management or disposal facility or transfer station

involves considerable time, effort and cost to obtain or maintain required permits and approvals. There are no assurances that

the portfolio company will be able to obtain or maintain required governmental approvals. Once obtained, operating permits are

subject to renewal, modification, suspension or revocation by the issuing agency. Compliance with current regulations and

future requirements may require significant capital and operating expenditures. Advancements in disposal alternatives may

adversely affect a portfolio company engaged in waste management.

***Development Risk***. Successful development of new or expansion projects may require the involvement of a broad and

diverse group of stakeholders who will either directly influence or potentially be capable of influencing the nature and outcome

of the project. Such characteristics may include, without limitation, political or local opposition, receipt of regulatory approvals

or permits, site or land procurement, environment-related issues, construction risks and delays, labor disputes, counterparty

non-performance, project feasibility assessment and dealings with and reliance on third-party consultants. When making an

Investment, value may be ascribed to potential development projects that do not achieve successful implementation, potentially

resulting in lower than expected returns to SP+ INFRA.

***Implementation of Business Plans and Growth Initiatives; New Regulatory Developments***. In certain cases, the

performance of SP+ INFRA's Investments will be dependent upon Stonepeak's ability to successfully implement and execute

its business plans and growth initiatives. There can be no assurance that Stonepeak will be able to successfully implement any

such business plans or that investors will receive any capital appreciation or current cash yield with respect to SP+ INFRA's

Investments.

In addition, changes beyond Stonepeak's control, including adverse regulatory changes affecting the infrastructure industry

generally or SP+ INFRA's Investments in particular and / or any changes in the pricing of commodities and / or general supply

and demand levels relating to infrastructure assets may adversely affect Stonepeak's ability to implement its business plans and

achieve capital appreciation or current cash yield and may have an adverse impact on the value of SP+ INFRA's Investments.

***Interest Groups and Legal Risk***. Infrastructure assets, businesses and projects often involve a significant impact on local

communities and the surrounding environment. It is not uncommon for infrastructure assets to be exposed to a variety of legal

risks including, but not limited to, legal action from special interest groups. For example, interest groups may use legal

processes to seek to impede particular projects to which they are opposed.

***Certain Restrictions on Ownership***. Current laws in various jurisdictions give heads of state the authority to condition,

restrict or block acquisitions by foreign persons of local entities if that acquisition threatens to impair national security. In

addition, many jurisdictions restrict foreign investment in infrastructure assets by placing limitations on foreign equity

investment, implementing screening, or approval mechanisms and restricting the employment of foreigners as key personnel.

These U.S. and foreign laws could limit SP+ INFRA's ability to invest in some entities or impose burdensome notification

requirements, operational restrictions or delays in pursuing and consummating transactions.

***Technical Risk***. Investments in the infrastructure industry may be subject to technical risks, including the risk of

mechanical breakdown, spare parts shortages, failure to perform according to design specifications and other unanticipated

events that adversely affect operations. While SP+ INFRA intends to seek Investments in which creditworthy and appropriately

bonded and insured third parties bear much of these risks, there can be no assurance that any or all such risks can be mitigated

or that such parties, if present, will perform their obligations.

***Investments in the Transportation Sector***. SP+ INFRA expects to make investments in infrastructure opportunities relating

to the transportation sector, which may include investments relating to airports, toll roads, bridges and tunnels, port terminals,

railroads, municipal transport, parking facilities and other public or private transportation-related infrastructure investments.

SP+ INFRA's ability to make attractive transportation-related infrastructure investments may be subject to a variety of

considerations, including general supply / demand trends, overall economic development and growth in the jurisdictions in

which SP+ INFRA may make investments, general market conditions, socioeconomic changes and changes relating to

governmental spending and related policies. Any adverse or unexpected changes in such conditions, such as the current

economic downturn, could adversely affect SP+ INFRA's ability to consummate attractive transportation-related infrastructure

investments and / or the performance of any Investments in the transportation sector.

In the future, the relevant government bodies may seek to limit a portfolio company's ability to increase, or may seek to

reduce, toll rates or fares outside the scope of the respective concession agreements, as a result of factors such as general

economic conditions, negative consumer perceptions of increases in toll rates or fares, the prevailing rate of inflation, traffic

volume and public sentiment about prevailing toll rates or fares.

***Investments in the Energy Sector.*** The operations of energy companies are subject to many risks inherent in the

transporting, processing, storing, distributing, mining or marketing of natural gas, natural gas liquids, crude oil, coal, refined

petroleum products or other hydrocarbons, or in the exploring, managing or producing of such commodities, including, without

limitation, damage to pipelines, storage tanks or related equipment and surrounding properties caused by hurricanes, tornadoes,

floods, fires and other natural disasters or by acts of terrorism; inadvertent damage from construction and farm equipment; leaks

of natural gas, natural gas liquids, crude oil, refined petroleum products or other hydrocarbons; and fires and explosions. These

risks could result in substantial losses due to personal injury or loss of life, severe damage to and destruction of property and

equipment and pollution or other environmental damage and may result in the curtailment or suspension of their related

operations, any and all of which could result in lower than expected returns to SP+ INFRA. Prospective investors should further

note that such risks are particularly acute in the current environment due to, among other things, disruptions in the global supply

chain and economic downturn.

***Energy and Natural Resources Regulatory Risk.*** The energy and natural resource sectors are subject to comprehensive

laws and regulations. Present, as well as future, statutes and regulations could cause additional expenditures, decreased

revenues, restrictions and delays that could materially and adversely affect SP+ INFRA's Investments and the prospects of SP+

INFRA. There can be no assurance that (i) existing regulations applicable to Investments generally or portfolio companies will

not be revised or reinterpreted; (ii) new laws and regulations will not be adopted or become applicable to portfolio companies;

(iii) the technology, equipment, processes and procedures selected by portfolio companies to comply with current and future

regulatory requirements will meet such requirements; (iv) such portfolio companies' businesses and financial conditions will

not be materially and adversely affected by such future changes in, or reinterpretation of, laws and regulations (including the

possible loss of exemptions from laws and regulations) or any failure to comply with such current and future laws and

regulations; or (v) regulatory agencies or other third parties will not bring enforcement actions in which they disagree with

regulatory decisions made by other regulatory agencies. In addition, in many instances, the operation or acquisition of energy

infrastructure assets may involve an ongoing commitment to or from a government agency. The nature of these obligations

exposes the owners of infrastructure investments to a higher level of regulatory control than typically imposed on other

businesses. See also "—*Regulatory Approvals / Consents*" above.

Statutory and regulatory changes or judicial or administrative interpretations of existing laws, rules and regulations that

impose more comprehensive or stringent requirements could make it unfeasible or economically disadvantageous for SP+

INFRA to invest in a jurisdiction where a project or portfolio company is located or operates may make the continued operation

of such project or company unfeasible or economically disadvantageous and any expenditures made to date with respect to such

Investment may be wholly or partially written off. The location of a project or portfolio company may also be subject to

government exercise of eminent domain power, expropriation or similar events. Similarly, regulatory differences between

jurisdictions where a project or portfolio company is located or operates may make the commencement and / or continued

operation of a project or company in a particular jurisdiction less feasible and / or less profitable than projects in other

jurisdictions. The inability of SP+ INFRA and / or the portfolio companies to obtain and maintain regulatory permits or right-

of-way or rental agreements on acceptable terms could adversely impact SP+ INFRA and / or the portfolio companies,

including by impeding their ability to complete construction projects on time, on budget or at all. Any of these factors could

significantly increase the regulatory-related compliance and other expenses incurred with respect to Investments and could

significantly reduce or entirely eliminate any potential revenues generated by one or more of the Investments, which could

materially and adversely affect returns to SP+ INFRA.

There can be no assurance that (i) existing regulations applicable to Investments generally or the portfolio companies will

not be revised or reinterpreted; (ii) new laws and regulations will not be adopted or become applicable to portfolio companies;

(iii) the technology, equipment, processes and procedures selected by portfolio companies to comply with current and future

regulatory requirements will meet such requirements; (iv) such portfolio companies' business and financial conditions will not

be materially and adversely affected by such future changes in, or reinterpretation of, laws and regulations (including the

possible loss of exemptions from laws and regulations) or any failure to comply with such current and future laws and

regulations; or (v) regulatory agencies or other third parties will not bring enforcement actions in which they disagree with

regulatory decisions made by other regulatory agencies.

***Political and Societal Challenges***. Large-scale infrastructure projects may be particularly susceptible to political and

societal challenges, which may, in turn, affect a project's ability to receive, renew or maintain required permits or approvals and

may result in increased compliance costs, the need for additional capital expenditures or a suspension of project operations. For

example, proposals to site a particular infrastructure project, such as a bridge, airport or energy plant, or engage in activities

relating to a project, such as drilling activities in a particular location, may be challenged by a number of parties, including non-

governmental organizations and special interest groups based on alleged security concerns, disturbances to natural habitats for

wildlife and adverse aesthetic impacts. Concerns can also arise regarding some of the techniques used in the extraction of

natural resources relating to an infrastructure project, such as the extraction of shale gas in order to enhance recovery, such as

the use of natural gas hydraulic fracturing (also known as "fracking"), which may require governmental permits or approvals

and which have recently been the subject of heightened environmental concerns and public opposition in some jurisdictions.

***Renewable Energy Regulatory Support.*** Investments in renewable energy and related businesses and / or assets currently

enjoy support from national, state and local governments and regulatory agencies designed to finance or support the financing

development thereof, such as the U.S. federal investment tax credit and federal production tax credit, U.S. Department of the

Treasury grants, various renewable and alternative portfolio standard requirements enacted by several states, renewable energy

credits and state-level utility programs, such as system benefits charge and customer choice programs. Similar support,

initiatives and arrangements exist in non-U.S. jurisdictions as well, in particular the E.U. Non-U.S. jurisdictions may have more

variable views on policies regarding renewable energy (and, for example, may be more willing or likely to abandon initiatives

regarding renewable energy in favor of more carbon-intensive forms of traditional energy generation). The combined effect of

these programs is to subsidize in part the development, ownership and operation of renewable energy projects, particularly in an

environment where the low cost of fossil fuel may otherwise make the cost of producing energy from renewable sources

uneconomic. The operation and financial performance of any renewable energy Investment may be significantly dependent on

governmental policies and regulatory frameworks that support renewable energy sources. There can be no assurance that

government support for renewable energy will continue, that favorable legislation will pass or that the electricity produced by

the renewable energy Investments will continue to qualify for support through applicable renewable portfolio standards

programs. The elimination of, or reduction in, government policies that support renewable energy could have a material adverse

effect on a renewable energy Investment's financial condition or results of operation. To the extent any tax credits, other

favorable tax treatment or other forms of support for renewable energy are changed, SP+ INFRA's renewable energy

Investments may be negatively impacted.

***Changes in Public Attitude.*** As mentioned above, in a number of SP+ INFRA's target markets, the renewable energy

sector currently relies upon specific regulatory support to provide preferential treatment. Such support has been legislated in a

number of countries based upon the desire to increase electricity generation from renewable energy sources due to the need to

ensure the security of energy supply, particularly in the context of depleting natural resources and political instability in certain

regions, in some cases in order to meet binding renewable energy targets and to reflect increasing public and political concerns

about climate change and environmental sustainability.

A change in public attitude to renewable energy may result in an increase in security and regulatory risks to operating in

relative to alternative conventional energy sources, to the appearance or environmental impact of wind or solar energy projects

or to the benefits to certain investor groups, perceived to be granted at the cost of the public. SP+ INFRA cannot guarantee that

changes in public attitude will not result in a loss of actual or perceived value of investments.

***Uncertainty of Renewable Energy Market***. The market for renewable energy assets and businesses continues to evolve

rapidly. Diverse factors, including the cost-effectiveness, performance and reliability of renewable energy technology, changes

in weather and climate and availability of government subsidies and incentives, as well as the potential for unforeseeable

disruptive technology and innovations, present potential challenges to investments in renewable assets. Renewable resources

(e.g., wind, solar, hydro, geothermal) are inherently variable. Variability may arise from site-specific factors, daily and seasonal

trends, long-term impact of climatic factors, or other changes to the surrounding environment. Variations in renewable resource

levels impact the amount of electricity generated, and therefore cash flow generated, by renewable energy investments.

Renewable power generation sources currently benefit from various incentives in the form of feed-in-tariffs, rebates, tax credits,

renewable portfolio standard regulations and other incentives. The reduction, elimination or expiration of government subsidies

and economic incentives could adversely affect the cash flows and value of a particular portfolio investment, the flow of

potential future investment opportunities and the value of any platform in the sector. In addition, the development and operation

of renewable assets may at times be subject to public opposition. For example, with respect to the development and operation of

wind projects, public concerns and objections often center around the noise generated by wind turbines and the impact such

turbines have on wildlife. While public opposition is usually of greatest concern during the development stage of renewable

assets, continued opposition could have an impact on ongoing operations.

***Investments in the Communications Sector***. SP+ INFRA expects to make infrastructure-related investments in the

communications sector (including but not limited to telecommunications, wireless, and media) or in other businesses that are

dependent on the demand for mobile and internet infrastructure, including data centers, macro cell towers, fiber networks and

small cell networks. Investment opportunities in the communications sector (including but not limited to telecommunications,

wireless, and media) are driven largely by consumer demand, technological advances and improvements in data collection and

storage. Changes in the development and proliferation of new technologies (including improvements in the efficiency,

architecture, and design of wireless or cloud networks), data transmission and / or consumer demand, as well as changes in the

prevailing global economy, may adversely affect SP+ INFRA's ability to identify and consummate attractive infrastructure-

related investments in the communications sector. The communications (including but not limited to telecommunications,

wireless, and media) industry is subject to risks of adverse government regulation. Among other things, SP+ INFRA's

investments in communications companies could require SP+ INFRA or its portfolio companies to disclose information about

SP+ INFRA and its investors. Additionally, SP+ INFRA's investments in communications companies could subject SP+

INFRA and its investors to restrictions on their ability to make investments in other communications companies. Such

regulation and legislation are subject to the political process and have been in flux over the past decade. Further material

changes in the law and regulatory requirements must be anticipated, and there can be no assurance that the business of SP+

INFRA's portfolio companies will not be adversely affected by future legislation, new regulation or deregulation. In addition,

competitive pressures within the communications-related industries are intense, and the securities of such portfolio companies

can be subject to significant price volatility. Because the communications-related industries are also subject to rapid and

significant changes in technology, portfolio companies in these industries could face competition from technologies being

developed or to be developed in the future by other entities, which could render such companies' products and services

obsolete.

***Weather and Climatological Risks***. Certain infrastructure and energy companies, and regions in which SP+ INFRA may

invest or conduct activities, may be particularly sensitive to weather and climate conditions. For example, solar power

generators rely on the frequency and intensity of sunlight, wind turbines rely on the frequency and intensity of the wind, and

companies focused on biomass rely on the production of crops, which can be adversely affected by droughts and other weather

conditions. Furthermore, climate change may cause more extreme weather conditions and increased volatility in seasonal

temperatures. Extreme weather conditions can interfere with operations and increase operating costs, and damage resulting from

extreme weather may not be fully insured.

***Power Purchase Agreement Risk***. Portfolio companies may enter into PPAs. Payments by power purchasers to such

companies pursuant to their respective PPAs may provide the majority of such companies' cash flows. There can be no

assurance that any or all of the power purchasers will fulfill their obligations under their PPAs or that a power purchaser will

not become bankrupt or that upon any such bankruptcy its obligations under its respective PPA will not be rejected by a

bankruptcy trustee. There are additional risks relating to the PPAs, including the occurrence of events beyond the control of a

power purchaser that may excuse it from its obligation to accept and pay for delivery of energy generated by a company.

Subject to the terms of each applicable PPA, such events may include, but are not limited to (i) a system emergency,

transmission failure, adverse weather conditions or labor disputes, (ii) under certain PPAs, an extended force majeure event that

may give rise to a termination right by a power purchaser under such PPA, and (iii) under certain PPAs, an extended failure to

deliver minimum quantities of energy or meet minimum mechanical availability levels (due to lack of wind, interconnection

arrangements or otherwise) that could entitle the power purchaser to claim and receive damages or, in some cases, terminate the

PPA or reduce the contract price payable for energy under the PPA. The failure of a power purchaser to fulfill its obligations

under any PPA or the termination of any PPA may have a material adverse effect on an Investment.

In some instances, a PPA may also need to be renewed / replaced prior to SP+ INFRA exiting the Investment. If a portfolio

company is not able to enter into a new PPA, or if it is not able to enter into one on terms that are at least as favorable as the

prior PPA, it will have a material adverse effect on the value of an Investment. The duration and value of PPAs, as well as the

effect of futures and / or merchant power markets, will have a significant impact on the viability of any Investment.

***Interconnection and Delivery Risk.*** Investments may deliver energy to its off-takers by interconnecting to the transmission

network and may have interconnection agreements in place to do so. In order to be connected to a transmission network, an

Investment may be required to meet certain technical specifications. If an Investment does not meet, or ceases to comply with,

these specifications, such Investment may incur liabilities and penalties, including disconnection from the network. An

Investment also faces the risk that its ability to deliver energy consistent with expectations could become constrained due to

failure of the interconnection provider to complete any necessary system upgrades within the timeframe contemplated.

Additionally, due to the way interconnection lines are managed, the required system upgrade costs are not yet fully known and

it is possible these costs could be higher than anticipated. In addition, pursuant to interconnection agreements, the transmission

owners and / or operators may retain the right to interrupt or curtail transmission deliveries as required in order to maintain the

reliability of the transmission network. As such, Investments may face curtailment of output due to system congestion, outages,

technical incidents or other circumstances impacting transmission network operations, and transmission owners and / or

operators may fail to meet contracted obligations or terminate affected contracts. Any such curtailment of output could

adversely affect the revenues of an Investment. Transmission owners also will not usually compensate electricity generators,

including Investments, for lost income due to any congestion, network outages or other technical incidents. In addition, if an

Investment fails to meet the milestones in the interconnection process, such Investment may lose its position in the transmission

planning queue, which may result in significant increased cost and delay.

***Documentation and Other Legal Risk.*** In addition to the matters described above in "—*Power Purchase Agreement Risk*"

regarding PPAs, renewable energy projects are also typically governed by other complex legal agreements. As a result, there is

a higher risk of dispute over interpretation or enforceability of the agreements. It is not uncommon for renewable energy assets

to be exposed to a variety of other legal risks including, but not limited to, legal action from special interest groups. Interest

groups may use legal processes to seek to impede particular projects to which they are opposed. See "—*Political and Societal* 

*Challenges*" above.

***Equipment Risks.*** The generation and transmission of electricity requires the use of expensive and complicated equipment.

While SP+ INFRA will in the ordinary course cause its portfolio companies to implement maintenance programs, generating

plants are subject to unplanned outages because of equipment failure. If such an equipment failure occurs while SP+ INFRA or

one of its portfolio companies is party to a PPA, SP+ INFRA or its relevant portfolio company may be subject to financial

penalties to its customers or may be required either to produce replacement power from potentially more expensive units or

purchase power from others at unpredictable and potentially higher cost in order to supply its customers and perform its

contractual agreements. Any of these results could increase costs materially and adversely affect the amount of funds available

for distribution to the Unitholders. These factors, as well as weather, interest rates, economic conditions, fuel availability and

prices, price volatility of fuel and other commodities and transportation availability and costs are largely beyond the control of

SP+ INFRA, but may have a material adverse effect on SP+ INFRA's earnings, cash flows and financial position.

In addition, the wind turbines, solar panels, solar trackers and other equipment used in renewable energy projects are still

evolving and, as a result, much of the equipment being used has not undergone extensive field testing over a period of years to

determine its long-term costs of operation or its durability. Manufacturing and delivery of the equipment as well as its timely

installation may also be difficult due to rapidly changing product designs and general manufacturing issues. Also, as with any

equipment purchase, the purchaser is subject to the risk that the equipment, software or processes may be protected intellectual

property of third parties, which may subject a portfolio company to the risk of being unable to use the equipment as well as

paying damages for its prior use. Each of these risks could result in late delivery or project underperformance. If the project is

not delivered on time, at required productivity and capacity levels, not only will there be a drop in revenues, but PPA or

financing commitments may not be met, leading to project failure. To protect against these risks, equipment suppliers or

balance of plant contractors typically provide a guaranty of timely completion and a two-to-ten year (sometimes longer)

equipment performance warranty. These warranties typically protect project owners against equipment capacity and efficiency

shortfalls while they are effective. In most cases, however, the investment period in a project will extend beyond the warranty

period.

Furthermore, some equipment manufacturers or contractors may not be sufficiently capitalized to enable them to respond to

all customer claims, especially serial defect warranty claims. As competition among equipment suppliers continues to drive

down the cost of some wind turbines and solar panels, there is a risk that some equipment manufacturers may be unable to

honor their warranty claims. In the context of financing, projects are typically exposed to vendor credit, as a credit event around

a key vendor is often a financing event of default. A defect in vendor credit may also lead to a violation of financing. In the

event of a failure of any equipment after the end of the warranty period (or during the warranty period if the supplier or

contractor does not have the ability to respond), a portfolio company may incur significant costs to keep the project operational

or lose the project.

***Rate Regulation***. Infrastructure assets may be subject to rate regulation by government agencies because of their unique

position as the sole or predominant provider of services that are essential to the community. As a result, portfolio companies

might be subject to unfavorable price regulation by government agencies, which could adversely affect the overall profitability

of any particular infrastructure project subject to such rate regulation. For instance, some portfolio companies may derive

substantially all their revenues from collecting tolls from vehicles using roads, tunnels or bridges or from fares relating to

subways or other forms of public transportation.

Toll rates are typically set by the relevant concession company and the relevant government entity. Adverse public opinion,

socioeconomic changes and / or lobbying efforts by specific interest groups, could result in governmental pressure on

Investments to reduce their toll rates, forego planned rate increases and / or exempt certain classes of users from tolls. In the

future, the relevant government bodies may seek to limit SP+ INFRA's ability to increase, or may seek to reduce, toll rates or

fares outside the scope of the respective concession agreements, as a result of factors such as general economic conditions,

negative consumer perceptions of increases in toll rates or fares, the prevailing rate of inflation, traffic volume and public

sentiment about prevailing toll rates or fares. If public pressure and / or government action forces Investments to restrict their

toll rate increases or reduce their toll rates, and they are not able to secure adequate compensation to restore the economic

balance of the relevant concession agreement, SP+ INFRA's business, financial condition and results of operations could be

materially and adversely affected. Furthermore, Stonepeak cannot guarantee that governmental entities with which Investments

have concession agreements will not try to exempt certain vehicle types from tolls or negotiate lower toll rates.

Portfolio companies may be subject to rate regulation that determines or limits the prices it may charge, particularly if the

portfolio company is the sole or predominant service provider in its service area or provides services that are essential to the

community. In addition, portfolio companies may be subject to unfavorable price determinations that may be final with no right

of appeal or that, despite a right of appeal, could result in its profits being negatively affected and Investments not meeting

initial return expectations.

***Governmental Budgetary Constraints; Reforms***. The success of public infrastructure projects is often dependent on

governmental funding or subsidies. Governments typically have considerable discretion in determining the amount of funding

or subsidies to allocate to such public infrastructure projects. Lack of governmental funding or subsidies due to governmental

budgetary constraints could adversely impact the overall development and availability of public infrastructure projects, result in

privatization of certain types of assets and / or otherwise result in an increase in competition among other providers of capital

(e.g., private infrastructure investors) for such infrastructure assets, which may make it more difficult for SP+ INFRA to

effectively consummate investments in or relating to such infrastructure projects. Despite ongoing underinvestment in

infrastructure in target geographies, the government may elect not to fund such underinvestment with private capital.

Alternatively, SP+ INFRA's success will also be driven in part, by its ability to source and invest in private infrastructure

projects. The availability of such private infrastructure projects may be highly dependent on governmental determinations to

continue with, or implement, announced reforms regarding the means by which infrastructure construction is regulated or

financed. As such, there can be no assurance that such private infrastructure projects will be available for investment on terms

which SP+ INFRA deems favorable.

***Shipping Investments***. SP+ INFRA may make Investments in the shipping sector, which may include investments in

shipping assets, and other public or private shipping-related investments. The ability of SP+ INFRA to make attractive

shipping-related investments may be subject to a variety of considerations, including general supply / demand trends, overall

economic development and growth, general market conditions, socioeconomic changes and changes relating to governmental

spending and related policies. Any adverse or unexpected changes in such conditions could adversely affect SP+ INFRA's

ability to consummate attractive shipping-related investments and / or the performance of any underlying portfolio companies

in the shipping sector.

***Risks Associated with Aircraft Leases.*** SP+ INFRA could participate in platform arrangements and other contractual

arrangements relating to aircraft leasing. The airline industry is cyclical and highly competitive. Airlines and related companies

(including airports) were significantly and materially affected by COVID-19 and could be affected by political or economic

instability, terrorist activities, changes in national policy, competitive pressures on certain air carriers, fuel prices and shortages,

labor stoppages, insurance costs, recessions, further world health issues and other political or economic events adversely

affecting world or regional trading. The airline industry is highly sensitive to general economic trends and any downturn in the

global economy or in the relevant local economy could further adversely affect results of operations and financial conditions.

Any such negative impact on the airline industry could increase the risk of any airline defaulting on the terms of any aircraft

lease investment made by SP+ INFRA and the ability of SP+ INFRA to source alternative airline operators to assume the

obligations under such leases, which could adversely impact the performance of such investments. Similar considerations apply

with respect to platform arrangements and other contractual arrangements relating to similar assets, such as ship leasing.

***Demand for Wireless Infrastructure.*** SP+ INFRA may invest in tower infrastructure companies, whose revenue is

typically supported by rapidly increasing consumer consumption of mobile data and the subsequent requirements of mobile

carriers for improved wireless coverage and capacity. These businesses may be adversely affected by any slowdown in such

demand growth. Additionally, a reduction in carrier network investment may materially and adversely affect these businesses

(including reducing demand for tenant additions, amendments to existing customer leases or network services).

Demand for a tower's wireless infrastructure materially depends on the demand for antenna space from tower customers,

which, in turn, depends on the demand for wireless coverage and capacity by their underlying customers. The willingness of

tower customers to utilize wireless tower infrastructure or renew or extend existing leases on the wireless tower infrastructure,

is affected by numerous factors. A slowdown in demand for wireless coverage and capacity and / or wireless tower

infrastructure may negatively impact the growth of companies in which SP+ INFRA invests or otherwise have a material

adverse effect on the returns thereto. If customers or potential customers of SP+ INFRA's Investments are unable to raise

adequate capital to fund their business plans as a result of disruptions in the financial and credit markets or otherwise, they may

reduce spending, which could adversely affect such investment's anticipated growth or the demand for such investment's

wireless infrastructure or network services.

The wireless industry could experience a slowdown or slowing growth rates as a result of numerous factors, including a

reduction in consumer demand for wireless coverage or capacity or general economic conditions. There can be no assurance

that weakness or uncertainty in the economic environment will not adversely affect the wireless industry, which may materially

and adversely affect an investment's business, including by reducing demand for an investment's wireless infrastructure or

network services. In addition, a slowdown may increase competition for site rental customers or network services. A wireless

industry slowdown or a reduction in carrier network investment may materially and adversely affect SP+ INFRA's Investments.

***New Technology Risks.*** Recent technological, scientific and other innovations have disrupted numerous established

industries and those with incumbent power in them. As technological, scientific and other innovation continues to advance

rapidly, it could impact one or more of SP+ INFRA's strategies. For example, there are currently many market participants

including a number of companies and scientific research institutions seeking to develop disruptive technologies designed to

reduce dependence upon large-scale fossil fuel generation. In the event that a disruptive technology in the energy industry is

successfully developed and implemented, certain of SP+ INFRA's Investments, in the energy sector, for example, could be

adversely affected. While investments made by other funds may benefit from such technologies, there can be no assurance that

technology innovation will not favor investments and / or assets of a type not held by SP+ INFRA, which would competitively

disadvantage SP+ INFRA and possibly drive down the value of its assets. Moreover, given the pace of innovation in recent

years, the impact on a particular Investment may not have been foreseeable at the time SP+ INFRA made such Investment and

may adversely impact SP+ INFRA and / or its portfolio companies. Furthermore, the General Partner could base investment

decisions on views about the direction or degree of innovation that prove inaccurate and lead to loss.

***Contract Revenues.*** Part of a portfolio company's projected revenues and cash flows may be fully or partially recurring

and / or under contract. However, there are no guarantees that any of the contractual revenues will materialize as projected.

Should any of the customers or counterparties fail to pay their contractual obligations, significant revenues could cease and

become irreplaceable. This would adversely affect the profitability of the portfolio company.

***Engaged Investor.*** Activist investors may seek certain changes at a portfolio company, such as selling assets or

subsidiaries, increasing dividends or share buy-backs, changing management and / or executives, changing business practices

and / or other matters. If an activist investor tries to effect significant change at a portfolio company, successfully or

unsuccessfully, such activism may have an adverse effect on the Investment or SP+ INFRA's equity or other investments

therein or otherwise impact SP+ INFRA's investment objectives with respect to such issuer.

***Real Estate Risks Generally.*** Some or all of SP+ INFRA's Investments will be subject to the risks inherent in the

ownership and operation of real estate and real estate-related businesses and assets. Deterioration of real estate fundamentals

generally, and in the U.S. and Canada in particular, would negatively impact the performance of SP+ INFRA. These risks

include, but are not limited to, those associated with the burdens of ownership of real property, general and local economic

conditions, changes in environmental and zoning laws, casualty or condemnation losses, regulatory limitations on rents,

decreases in asset values, changes in the appeal of assets to tenants, changes in supply of and demand for competing assets in an

area (as a result, for instance, of overbuilding), fluctuations in the average occupancy, operating income and room rates for

hotel assets, the financial resources of tenants, changes in availability of debt financing which may render the sale or

refinancing of investments difficult or impracticable, changes in building, environmental and other laws, energy and supply

shortages, various uninsured or uninsurable risks, natural disasters, political events, changes in government regulations (such as

rent control), changes in real property tax rates and operating expenses, changes in interest rates, and the availability of

mortgage funds, which may render the sale or refinancing of investments difficult or impracticable, increased mortgage

defaults, increases in borrowing rates, negative developments in the economy or political climate that depress travel activity,

environmental liabilities, contingent liabilities on disposition of assets, acts of God, terrorist attacks, war and other factors that

are beyond the control of the General Partner. In addition, in acquiring an asset or stock, SP+ INFRA may agree to lock-out

provisions that materially restrict it from selling that asset or stock for a period of time or that impose other restrictions, such as

a limitation on the amount of debt that can be placed on that asset. There can be no assurance that there will be a ready market

for the resale of Investments. Illiquidity may result from the absence of an established market for Investments or a disruption in

the market.

***Real Estate Title.*** Disputes over ownership of land sometimes occur. In certain jurisdictions including the U.S., title

insurance is readily available to cover this risk, though typical exclusions from policies may render them ineffective in certain

cases. In countries where title insurance is not readily available, or where SP+ INFRA does not obtain it, SP+ INFRA could rely

on opinions of title from lawyers or other professionals, which may prove inaccurate. Furthermore, in some jurisdictions,

certain social groups may have claims against property that otherwise appears to be properly entitled in the real estate registries,

which may encumber title of property acquired by SP+ INFRA or its portfolio companies. In other jurisdictions, the real estate

registry commonly does not reflect the true holder of the real estate title, which complicates title research and may result in title

problems. Finally, in some jurisdictions, a purchase of real property can be attacked as not meeting "true sale" requirements and

recharacterized as secured financing in the event the seller becomes insolvent. If any of these events occurs in relation to any of

SP+ INFRA's interests or properties, SP+ INFRA could lose value or certain of its rights in relation thereto.

***Impact of Market Conditions on Commercial Real Estate Generally.*** In addition to general economic conditions, as

described herein under "—*General Economic and Market Conditions*" the commercial real estate markets in which SP+ INFRA

operates are also affected by a number of specific conditions, such as planning, environmental, leasing, tax and other real estate-

related laws and regulations, prevailing rental rates, prospective rental growth, occupancy rates, lease lengths, tenant

creditworthiness and solvency, and benchmark investment yields and spreads that apply to commercial real estate. Adverse

general economic and market conditions, such as those that prevailed during the most recent global economic downturn, could

have a material adverse effect on commercial real estate assets, including by decreasing demand for commercial real estate,

reducing rental income, decreasing occupancy rates, causing tenants to terminate leases early or enter bankruptcy proceedings,

and decreasing the value of real estate assets generally. Declines in rental income on real estate as a result of negative market

conditions would not necessarily be accompanied by a decline in significant expenses associated with holding real estate, such

as real estate taxes, utility rates, insurance rates, and renovation and maintenance costs. This mismatch would accentuate the

impact of a negative market event.

***Local Real Estate Market Conditions.*** The success of each real estate Investment may depend upon the performance of the

local real estate markets where the portfolio companies operate and / or the assets are located. Local real estate markets can

decline for any of a number of reasons, including but not limited to, population decline, poor regional economic performance,

excess development leading to oversupply, local government policies and heightened taxes. No assurance can be given that the

local real estate markets in which SP+ INFRA invests or the portfolio companies operate will improve, or remain constant, over

the term of SP+ INFRA. Market conditions can deteriorate due to factors outside the foresight or control of the General Partner.

Actual or perceived trends in real estate markets do not guarantee, predict or forecast future events, which may differ

significantly from those implied by such trends.

***Nature of Debt Securities***. SP+ INFRA is expected to invest in debt securities. The debt securities in which SP+ INFRA

invests may include secured or unsecured debt, which could be subordinated to senior indebtedness, all or a significant portion

of which may be secured. Senior creditors will have significant influence, which may exceed the influence of SP+ INFRA or

portfolio companies in certain scenarios. In addition, the debt securities in which SP+ INFRA invests may not be protected by

financial covenants or limitations upon additional indebtedness, may have limited liquidity, and may not be rated by a credit

rating agency. Debt securities are also subject to other creditor risks, including (i) the possible invalidation of an investment

transaction as a "fraudulent conveyance" under relevant creditors' rights laws, (ii) so-called lender liability claims by the issuer

of the obligations and (iii) environmental liabilities that may arise with respect to collateral securing the obligations. SP+

INFRA's Investments may be subject to early redemption features, refinancing options, pre-payment options or similar

provisions which, in each case, could result in the issuer repaying the principal on an obligation held by SP+ INFRA earlier

than expected, thereby depriving SP+ INFRA of its expected return. In addition, depending on fluctuations of the equity

markets and other factors, warrants and other equity securities obtained in connection with a debt financing may become

worthless. In addition, the market for selling debt may not be as liquid as the market for selling equity securities, which may

impair the ability of SP+ INFRA to sell the investment at the opportune time. Such debt investments may be in debt which is

subordinate to other outstanding indebtedness of a company, which exacerbates the risk that the value of the Investment will be

impaired if the company does not perform. If the debt investment is in an issuer in which SP+ INFRA or an Other Stonepeak

Account holds an equity investment, there is a risk that such debt investment could be subjected to equitable subordination or

recharacterization, either of which would potentially impair the value materially. Finally, one of the fundamental risks

associated with SP+ INFRA's debt investments is credit risk, which is the risk that an issuer will be unable to make principal

and interest payments on its outstanding debt obligations when due. Debt investments may take different forms, including loans

to one or more of SP+ INFRA's portfolio companies on an unsecured basis. The fact that payments are contracted or regulated

does not imply that there is no risk of default. SP+ INFRA's return to the Unitholders would be adversely impacted if an issuer

of debt securities in which SP+ INFRA invests becomes unable to make such payments when due.

Lastly, the debt instruments in which SP+ INFRA may invest may have been rated by internationally recognized rating

organizations. In general, the credit ratings of these organizations represent the opinions of such agencies as to the quality of

investments that they rate and are not a guarantee of quality. Such agencies may change their method of valuation of, and the

ratings of, securities held by SP+ INFRA at any time. A credit rating is not a recommendation to buy, sell or hold assets and

may be subject to revision or withdrawal at any time by the assigning rating agency. In the event that a rating assigned to any

corporate debt obligation is lowered for any reason, no party is obligated to provide any additional support or credit

enhancement with respect to such corporate debt obligation. Rating agencies attempt to evaluate the safety of principal and

interest payments and do not evaluate the risks of fluctuations in market value; therefore, ratings may not fully reflect the true

risks of an Investment. Also, rating agencies may fail to make timely changes in credit ratings in response to subsequent events,

so that an obligor's current financial condition may be better or worse than a rating indicates. Consequently, credit ratings of

any corporate debt obligation are only a preliminary indicator of investment quality as of a point in time, and not a guarantee of

investment quality as of that point in time or any future point in time. Rating changes, including but not limited to reductions or

withdrawals, may occur for any number of reasons. The changes may affect one or more assets at a single time or within a short

period of time, and such changes can have a material adverse effect upon the corporate debt obligation.

The below sets forth some, but not all, risks that may arise should SP+ INFRA make an investment in a debt instrument or

security.

• ***Senior Secured Loans Risk***. When SP+ INFRA makes a senior secured loan to a portfolio company, it generally shall

take a security interest in the available assets of the portfolio company, which should mitigate the risk that SP+ INFRA

will not be repaid. However, there is a risk that the collateral securing SP+ INFRA's loans may decrease in value over

time, may be difficult to sell in a timely manner, may be difficult to appraise, and may fluctuate in value based upon

the success of the business and market conditions, including as a result of the inability of the portfolio company to

raise additional capital. In some circumstances, SP+ INFRA's lien could be subordinated to claims of other creditors.

In addition, deterioration in a portfolio company's financial condition and prospects, including its inability to raise

additional capital, may be accompanied by deterioration in the value of the collateral for the loan. Consequently, the

fact that a loan is secured does not guarantee that SP+ INFRA will receive principal and interest payments according to

the loan's terms, or at all, or that SP+ INFRA will be able to collect on the loan should it be forced to enforce its

remedies.

• ***Second-Lien, or Other Subordinated Loans or Debt Risk***. SP+ INFRA may acquire and / or originate second-lien or

other subordinated loans. In the event of a loss of value of the underlying assets that collateralize the loans, the

subordinate portions of the loans may suffer a loss prior to the more senior portions suffering a loss. If a borrower

defaults and lacks sufficient assets to satisfy SP+ INFRA's loan, SP+ INFRA may suffer a loss of principal or interest.

If a borrower declares bankruptcy, SP+ INFRA may not have full recourse to the assets of the borrower, or the assets

of the borrower may not be sufficient to satisfy the loan. In addition, certain of SP+ INFRA's loans may be

subordinate to other debt of the borrower. As a result, if a borrower defaults on SP+ INFRA's loan or on debt senior to

SP+ INFRA's loan, or in the event of the bankruptcy of a borrower, SP+ INFRA's loan will be satisfied only after all

senior debt is paid in full. SP+ INFRA's ability to amend the terms of SP+ INFRA's loans, assign SP+ INFRA's loans,

accept prepayments, exercise SP+ INFRA's remedies (through "standstill periods") and control decisions made in

bankruptcy proceedings relating to borrowers may be limited by intercreditor arrangements if debt senior to SP+

INFRA's loans exists.

• ***Unsecured Loans or Debt***. SP+ INFRA may invest in unsecured loans which are not secured by collateral. In the

event of default on an unsecured loan, the first priority lien holder has first claim to the underlying collateral of the

loan. It is possible that no collateral value would remain for an unsecured holder and therefore result in a loss of

investment to SP+ INFRA. Because unsecured loans are lower in priority of payment to secured loans, they are subject

to the additional risk that the cash flow of the borrower may be insufficient to meet scheduled payments after giving

effect to the secured obligations of the borrower. Unsecured loans generally have greater price volatility than secured

loans and may be less liquid.

• ***Sub-investment Grade and Unrated Debt Obligations Risk***. SP+ INFRA may invest in sub-investment grade debt

obligations, which can include senior secured, second-lien and mezzanine loans, high-yield bonds, "PIK" (paid-in-

kind) notes, CLO equity and junior, unsecured, equity and quasi-equity instruments. SP+ INFRA may invest in other

circumstances on an opportunistic basis. Investments in the sub-investment grade categories are subject to greater risk

of loss of principal and interest than higher-rated securities and may be considered to be predominantly speculative

with respect to the obligor's capacity to pay interest and repay principal. They may also be considered to be subject to

greater risk than securities with higher ratings in the case of deterioration of general economic conditions. Because

investors generally perceive that there are greater risks associated with non-investment grade securities, the yields and

prices of such securities may fluctuate more than those for higher-rated securities. The market for non-investment

grade securities may be smaller and less active than that for higher-rated securities, which may adversely affect the

prices at which these securities can be sold and result in losses to SP+ INFRA, which, in turn, could have a material

adverse effect on the performance of SP+ INFRA, and, by extension, SP+ INFRA's business, financial condition,

results of operations and the value of the Units.

In addition, SP+ INFRA may invest in debt obligations which may be unrated by a recognized credit rating agency,

which may be subject to greater risk of loss of principal and interest than higher-rated debt obligations or debt obligations

which rank behind other outstanding securities and obligations of the obligor, all or a significant portion of which may be

secured on substantially all of that obligor's assets. SP+ INFRA may also invest in debt obligations which are not protected by

financial covenants or limitations on additional indebtedness. In addition, evaluating credit risk for debt securities involves

uncertainty because credit rating agencies throughout the world have different standards, making comparison across countries

difficult. Any of these factors could have a material adverse effect on the performance of SP+ INFRA, and, by extension, SP+

INFRA's business, financial condition, results of operations and the value of the Units.

To the extent that SP+ INFRA invests in sub-investment grade investments that are also stressed or distressed then the

risks discussed above are heightened.

• ***Unitranche Loan Risk***. Unitranche loans provide leverage levels comparable to a combination of first lien and second

lien or subordinated loans, and may rank junior to other debt instruments issued by the portfolio company. Unitranche

loans generally allow the borrower to make a large lump sum payment of principal at the end of the loan term, and

there is a heightened risk of loss if the borrower is unable to pay the lump sum or refinance the amount owed at

maturity.

• ***Unfunded Loans***. SP+ INFRA's investments may include loan commitments that are unfunded at the time of

investment. A loan commitment is a written agreement in which the lender commits itself to make a loan or loans up to

a specified amount within a specified time period. The loan commitment sets out the terms and conditions of the

lender's obligation to make the loans. The portion of the amount committed by a lender under a loan commitment that

the borrower has not drawn down is referred to as "unfunded". A lender typically is obligated to advance the unfunded

amount of a loan commitment at the borrower's request, subject to certain conditions regarding the creditworthiness of

the borrower. Borrowers with deteriorating creditworthiness may continue to satisfy their contractual conditions and

therefore be eligible to borrow at times when the lender might prefer not to lend. In addition, a lender may have

assumptions as to when a company in which SP+ INFRA invests may draw on an unfunded loan commitment when

the lender enters into the commitment. If the borrower does not draw down as expected, the commitment may not

prove as attractive an investment as originally anticipated. Further, any failure to advance requested funds to a

company in which SP+ INFRA invests could result in possible assertions of offsets against amounts previously lent.

***•Cov-lite Loans.*** SP+ INFRA's investments may include "cov-lite" loans. "Cov-lite" loans typically do not obligate the

obligor to comply with financial covenants that would be applicable during reporting periods. Investments comprised

of "cov-lite" loans may expose SP+ INFRA to different risks, including with respect to liquidity, price volatility and

ability to restructure loans, than is the case with other loans. In addition, the lack of such financial covenants may

make it more difficult to trigger a default in respect of such loans.

***•Mezzanine Debt Risk***. SP+ INFRA's potential mezzanine debt investments will generally be subordinated to senior

secured loans and will generally be unsecured or have a subordinated secured interest. This may result in an above

average amount of risk and volatility or a loss of principal. These investments may involve additional risks that could

adversely affect investment returns. To the extent interest payments associated with such debt are deferred, such debt

may be subject to greater fluctuations in valuations, and such debt could subject SP+ INFRA and Unitholders to non-

cash income. Since SP+ INFRA will not receive cash prior to the maturity of some of its mezzanine debt investments,

such investments may be of greater risk than cash-paying loans.

***•Interest Rate Risk***. Interest rate changes may affect the value of a debt instrument indirectly (especially in the case of

fixed rate securities) and directly (especially in the case of instruments whose rates are adjustable). In general, rising

interest rates will negatively impact the price of a fixed rate debt instrument and falling interest rates will have a

positive effect on price. Adjustable rate instruments also react to interest rate changes in a similar manner although

generally to a lesser degree (depending, however, on the characteristics of the reset terms, including the index chosen,

frequency of reset and reset caps or floors, among other factors). Interest rate sensitivity is generally more pronounced

and less predictable in instruments with uncertain payment or prepayment schedules.

***•Credit Risk***. Performance and investor yield on the Units may be affected by the default or perceived credit

impairment of investments made by SP+ INFRA and by general or sector specific credit spread widening. Credit risks

associated with the investments include (among others): (i) the possibility that earnings of the obligor may be

insufficient to meet its debt service obligations; (ii) the obligor's assets declining in value; and (iii) the declining

creditworthiness, default and potential for insolvency of the obligor during periods of rising interest rates and

economic downturn. An economic downturn and / or rising interest rates could severely disrupt the market for the

investments and adversely affect the value of the investments and the ability of the obligors thereof to repay principal

and interest. In turn, this could have a material adverse effect on the performance of SP+ INFRA, and, by extension,

SP+ INFRA's business, financial condition, results of operations and the value of the Units. In the event of a default

by a borrower, SP+ INFRA will bear a risk of loss of principal and accrued interest on that investment. Any such

investment may become defaulted for a variety of reasons, including non-payment of principal or interest, as well as

breaches of contractual covenants. A defaulted investment may become subject to workout negotiations or may be

restructured by, for example, reducing the interest rate, a write-down of the principal, and / or changes to its terms and

conditions. Any such process may be extensive and protracted over time, and therefore may result in substantial

uncertainty with respect to the ultimate recovery on the defaulted investment. In addition, significant costs might be

imposed on the lender, further affecting the value of the investment. The liquidity in such defaulted investments may

also be limited and, where a defaulted investment is sold, it is unlikely that the proceeds from such sale will be equal to

the amount of unpaid principal and interest owed on that investment. This would have a material adverse effect on the

value of SP+ INFRA's portfolio, and, by extension, SP+ INFRA's business, financial condition, results of operations

and the value of the Units. In the case of secured loans, restructuring can be an expensive and lengthy process which

could have a material negative effect on SP+ INFRA's anticipated return on the restructured loan. By way of example,

it would not be unusual for any costs of enforcement to be paid out in full before the repayment of interest and

principal. This would substantially reduce SP+ INFRA's anticipated return on the restructured loan.

***•Prepayment Risk.*** The terms of loans in which SP+ INFRA invests may permit the borrowers to voluntarily prepay

loans at any time, either with no or a nominal prepayment premium. This prepayment right could result in the borrower

repaying the principal on an obligation held by SP+ INFRA earlier than expected. This may happen when there is a

decline in interest rates or when the borrower's improved credit or operating or financial performance allows the

refinancing of certain classes of debt with lower cost debt. The yield of SP+ INFRA's investment assets may be

affected by the rate of prepayments differing from the General Partner's expectations. Assuming an improvement in

the credit market conditions, early repayments of the debt held by SP+ INFRA could increase. To the extent early

prepayments increase, they may have a material adverse effect on SP+ INFRA's investment objectives and profits. In

addition, if SP+ INFRA is unable to reinvest the proceeds of such prepayments received in investments expected to be

as profitable, the proceeds generated by SP+ INFRA will decline as compared to the General Partner's expectations.

***•Strategy Risk***. Strategy risk is associated with the failure or deterioration of an investment strategy such that most or

all investment managers employing that strategy suffer losses. Strategy specific losses may result from excessive

concentration by multiple market participants in the same investment or general economic or other events that

adversely affect particular strategies (for example, the disruption of historical pricing relationships). Furthermore, an

imbalance of supply and demand favoring borrowers could result in yield compression, higher leverage and less

favorable terms to the detriment of all investors in the relevant asset class. The strategy employed by SP+ INFRA is

speculative and therefore there is substantial risk of loss in the event of such a failure or deterioration in the financial

markets. SP+ INFRA's success will depend, in part, on the ability of the General Partner and its Affiliates to originate

loans on advantageous terms. The level of analytical sophistication, both financial and legal, necessary for successful

financing to companies is very high. There is no assurance that the General Partner will correctly evaluate the value of

the assets collateralizing SP+ INFRA's loans or the prospects for successful repayment or a successful reorganization

or similar action. As a result, SP+ INFRA's investment strategy may fail, and it may be difficult for the General

Partner to amend SP+ INFRA's investment strategy quickly or at all should certain market factors appear, which may

have a material adverse effect on the performance of SP+ INFRA, and, by extension, SP+ INFRA's business, financial

condition or results of operations and the value of the Units.

***•Underlying Borrower/Issuer Risk***. Portfolio companies may be affected by force majeure events (i.e., events beyond

the control of the party claiming that the event has occurred, including, without limitation, acts of God, fire, flood,

earthquakes, war, terrorism and labor strikes). Some force majeure events may adversely affect the ability of a party

(including a portfolio company or a counterparty to SP+ INFRA or a portfolio company) to perform its obligations

until it is able to remedy the force majeure event. In addition, the cost to a portfolio company of repairing or replacing

damaged assets resulting from such force majeure event could be considerable. Additionally, a major governmental

intervention into industry, including the nationalization of an industry or the assertion of control over one or more

companies or its assets, could result in a loss to SP+ INFRA, including if its investment in such issuer is cancelled,

unwound or acquired (which could be without what SP+ INFRA considers to be adequate compensation). To the

extent SP+ INFRA is exposed to investments in issuers that as a group are exposed to such force majeure events, the

risks and potential losses to SP+ INFRA are enhanced.

***•Credit Ratings are Not a Guarantee of Quality***. Credit ratings of assets represent the rating agencies' opinions

regarding their credit quality and are not a guarantee of quality. A credit rating is not a recommendation to buy, sell or

hold assets and may be subject to revision or withdrawal at any time by the assigning rating agency. In the event that a

rating assigned to any corporate debt obligation is lowered for any reason, no party is obligated to provide any

additional support or credit enhancement with respect to such corporate debt obligation. Rating agencies attempt to

evaluate the safety of principal and interest payments and do not evaluate the risks of fluctuations in market value;

therefore, ratings may not fully reflect the true risks of an investment. Also, rating agencies may fail to make timely

changes in credit ratings in response to subsequent events, so that an obligor's current financial condition may be

better or worse than a rating indicates. Consequently, credit ratings of any corporate debt obligation should be used

only as a preliminary indicator of investment quality and should not be considered a completely reliable indicator of

investment quality. Rating reductions or withdrawals may occur for any number of reasons and may affect numerous

assets at a single time or within a short period of time, with material adverse effects upon the corporate debt obligation.

It is possible that many credit ratings of assets included in or similar to the corporate debt obligation will be subject to

significant or severe adjustments downward.

***•Speculative Nature of Investments in Stressed or Distressed Debt***. SP+ INFRA may invest in stressed or distressed

debt securities and instruments. Investments in stressed and distressed debt securities and instruments are inherently

speculative and are subject to a high degree of risk. Companies experiencing financial distress are often those

operating at a loss or with substantial variations in operating results from period to period. Companies experiencing

financial distress may be involved in insolvency proceedings and have the need for substantial additional capital to

support continued operations or to improve their financial condition and may have very high amounts of leverage.

Distressed companies may have further inability to service their debt obligations during an economic downturn or

periods of rising interest rates, may not have access to more traditional methods of financing and may be unable to

repay debt by refinancing.

The value of stressed and distressed debt securities and instruments tends to be more volatile and may have an

increased price sensitivity to changing interest rates and adverse economic and business developments than other securities and

instruments. Stressed and distressed debt securities and instruments are often more sensitive to company-specific developments

and changes in economic conditions than other securities and instruments. Furthermore, stressed and distressed debt securities

and instruments are often unsecured and may be subordinated to senior debt.

• ***Defaulted Securities*.** SP+ INFRA may invest in the securities of companies involved in bankruptcy proceedings,

reorganizations and financial restructurings, and that are facing significant debt maturities, and may have a more active

participation in the affairs of the issuer than is generally assumed by investors. This may subject SP+ INFRA to

litigation risks or prevent SP+ INFRA from disposing of securities. In any reorganization or liquidation proceeding

relating to a company in which SP+ INFRA invests, SP+ INFRA may lose its entire investment, may be required to

accept cash or securities with a value less than SP+ INFRA's original investment and / or may be required to accept

payment over an extended period of time. In a bankruptcy or other proceeding, SP+ INFRA as a creditor may be

unable to enforce its rights in any collateral or may have its security interest in any collateral challenged, disallowed or

subordinated to the claims of other creditors.

**TYPES OF INVESTMENTS**

***Platform Investments***. From time to time, SP+ INFRA and / or the Other Stonepeak Accounts may recruit a management

team or other third party (including, without limitation, another private equity firm, sponsor or consortium), or establish a joint

venture or other arrangement with any of the foregoing, to pursue a new "platform" opportunity expected to lead to the

formation of a future portfolio company. In other cases, SP+ INFRA and / or the Other Stonepeak Accounts may form a new

Investment and recruit a management team or other third party (including, without limitation, another private equity firm,

sponsor or consortium), or establish a joint venture or other arrangement with any of the foregoing, to build the portfolio

company through acquisitions and organic growth. In both cases, SP+ INFRA and / or the Other Stonepeak Accounts will bear

the expenses of the management team (or other third party) or portfolio company, as the case may be, including any overhead

expenses, employee compensation, diligence expenses or other related expenses in connection with backing the management

team (or other third party) or building out the platform company (whether by SP+ INFRA directly or by Stonepeak and may

include amounts agreed to prior to the initial closing of SP+ INFRA). Such expenses may be borne directly by SP+ INFRA as

Fund expenses (or Broken Deal Expenses, if applicable) or indirectly as SP+ INFRA bears the start-up and ongoing expenses of

the newly formed platform portfolio company. In certain cases, the services provided by a management team (or other third

party) may overlap with the services provided by the Investment Advisor to SP+ INFRA. The compensation of management of

a platform portfolio company (or other third party performing services with respect to such platform portfolio company) may

include interests in the profits of the portfolio company, including profits realized in connection with the disposition of an asset

and such management team may invest in the portfolio company simultaneously with or following SP+ INFRA's investment.

Such compensation may not be included in the periodic reporting or other information delivered to all Unitholders. Although a

platform portfolio company may be controlled by SP+ INFRA, members of a management team (or such other third party) will

not be treated as Affiliates of the General Partner for purposes of the Fund LPA. Accordingly, none of the expenses described

above will offset the Management Fee.

In addition, platform investments may be expected to require additional financing to satisfy their working capital

requirements or acquisition strategies. For example, some portfolio companies are expected to require several rounds of capital

infusions and such additional financings may be invested based on valuations that differ materially. The amount of such

additional financing needed will depend upon the maturity and objectives of the particular portfolio company. Each such round

of financing (whether from SP+ INFRA or other investors) is typically intended to provide a portfolio company with enough

capital to reach the next major corporate milestone. If the funds provided are not sufficient, a portfolio company may have to

raise additional capital at a price unfavorable to the existing investors, including SP+ INFRA, or may suffer material adverse

consequences if it fails to obtain the capital. Subsequent rounds of financing in "platform" portfolio companies to which SP+

INFRA provided initial financing could be provided in whole or in part by co-investors and / or Other Stonepeak Accounts that

did not participate in previous rounds of financing rather than by SP+ INFRA to the extent Stonepeak determines such

allocation is appropriate, which would dilute SP+ INFRA's ownership of such portfolio company. See also "—*Allocation of* 

*Investment Opportunities*" herein. In addition, SP+ INFRA may make additional debt and equity investments or exercise

warrants, options, convertible securities or other rights that were acquired in the initial investment in such portfolio company in

order to preserve SP+ INFRA's proportionate ownership when a subsequent financing is planned, or to protect SP+ INFRA's

investment when such portfolio company's performance does not meet expectations. The availability of capital is generally a

function of capital market conditions that are beyond the control of SP+ INFRA or any portfolio company. There can be no

assurance that SP+ INFRA or any portfolio company will be able to predict accurately the future capital requirements necessary

for success or that additional funds will be available from any source when needed.

Additionally, related portfolio companies may be managed together (including, for example, the use of the same third-party

manager(s) or service provider(s)) or otherwise operated as part of the same "platform", combined and / or otherwise sold

together as a part of a single transaction or series of related transactions. Such arrangements may result in SP+ INFRA's

interests in any such investments being subject to dilution and may give rise to other significant risks and conflicts of interest

and there can be no assurance that SP+ INFRA will not be adversely affected by such arrangements. For example, SP+ INFRA,

any such platform entities and other vehicles or entities in which one or more Affiliates of Stonepeak hold an interest (including

Other Stonepeak Accounts and their Affiliates) may engage in activities that compete with those of SP+ INFRA and otherwise

make investments of a type that would be suitable for the same. In addition, in the pursuit of any such "platform" strategy will

likely be time-consuming, complex, costly and subject to unforeseen risks and obstacles, and there can be no assurance that any

such "platform" strategy will achieve the originally anticipated results or reach the scale originally anticipates, and SP+ INFRA

will nevertheless bear the costs related thereto. Such activities may result in allocations of investment opportunities to any such

"platform" entities, permanent capital vehicles, accounts or other entities controlled by or in which an Affiliate of Stonepeak

holds an interest and consequently may result in SP+ INFRA not participating (and / or not participating to the same extent) in

certain investment opportunities in which it would have otherwise participated.

***Sourced Investments***. From time to time, SP+ INFRA is expected to be presented with an investment opportunity that has

been sourced exclusively by a third-party equity investor and that SP+ INFRA wishes to pursue as part of a consortium

alongside such investor or on its own. In the case where SP+ INFRA does elect to pursue any such investment, SP+ INFRA

may pay a closing fee as compensation to such equity investor in consideration for the opportunity to either join the consortium

or make the investment and may also reimburse certain expenses of such equity investor, as approved by SP+ INFRA. The

compensation of any such equity investor may include interests in the profits of the acquired portfolio company, including

profits realized in connection with the disposition of an asset. Although any such company acquired pursuant to the foregoing

arrangement may be controlled by SP+ INFRA, any such third-party equity investor will not be treated as Affiliates of the

General Partner for purposes of the Fund LPA. Accordingly, none of the expenses described above will offset the Management

Fee.

***Non-Controlling Investments; Investments and Joint Ventures with Third Parties***. SP+ INFRA is expected to primarily

hold a non-controlling interest in Investments and, therefore, will have a limited ability to protect its position in such

Investments. SP+ INFRA will not have any governance rights with respect to any investments held through or alongside the

Other Stonepeak Accounts or in the general partners / advisors thereof and will be relying on the management skill of

Stonepeak as sponsor and / or adviser of the respective Other Stonepeak Accounts. Although it is expected that appropriate

rights will be sought to protect SP+ INFRA's interests as a condition of investing where appropriate given the nature and size of

the applicable investment, there can be no assurance that such rights will be available or that such rights will provide sufficient

protection of SP+ INFRA's rights. In such cases, SP+ INFRA will typically rely significantly on the existing management,

board of directors and other owners of such Investments, who may not be affiliated with SP+ INFRA and whose interests may

conflict with the interests of SP+ INFRA. These risks remain relevant for minority investments even where there is a control

orientation or significant influence.

SP+ INFRA co-invests with Other Stonepeak Accounts, other Affiliates of Stonepeak and / or third parties (or affiliated

managers or other persons, including other funds, vehicles and / or accounts managed thereby) as partners, consortium sponsors

or co-venturers ("Joint Venture Partners") with respect to specified investments or categories of investments through Funds,

joint ventures, consortiums, investment platforms, or other similar arrangements ("JV Arrangements"), thereby acquiring

jointly-controlled or non-controlling interests in certain Investments. JV Arrangements could be designed to share risk in the

underlying investments with Joint Venture Partners or involve SP+ INFRA taking on greater risk with an expected greater

return or reducing its risk with a corresponding reduction in the expected rate of return. Such JV Arrangements could involve

risks in connection with such third-party involvement, including the possibility that such other Joint Venture Partner may have

financial, legal or regulatory difficulties, resulting in a negative impact on such JV Arrangements, may have economic or

business interests or goals which are inconsistent with those of SP+ INFRA, or may be in a position to take (or block) action in

a manner contrary to SP+ INFRA's investment objectives, (including the timing and nature of any exit) or the increased

possibility of default (which SP+ INFRA may be required to make up) by, diminished liquidity or insolvency of, the third party

due to a sustained or general economic downturn. In addition, SP+ INFRA may in certain circumstances be liable for the

actions of its Joint Venture Partners. In those circumstances where such Joint Venture Partners involve a management group,

such third parties may receive compensation arrangements relating to such JV Arrangements, including incentive compensation

arrangements and / or other fees, in each case which compensation will not offset Management Fees. Furthermore, such Joint

Venture Partners to JV Arrangements may provide services (such as asset management oversight services) similar to, and

overlapping with, services provided by Stonepeak to SP+ INFRA, Other Stonepeak Accounts or their respective portfolio

companies, and, notwithstanding the foregoing, fees attributable to such services will not offset Management Fees or otherwise

be allocated to, or shared with, the Unitholders.

Additional conflicts would arise if a Joint Venture Partner is related to Stonepeak in any way, such as an investor in, lender

to, a shareholder of, or a service provider to Stonepeak, SP+ INFRA, Other Stonepeak Accounts, or their respective portfolio

companies, or any Affiliate, personnel, officer or agent of any of the foregoing.

***Limited Governance Rights.*** SP+ INFRA is expected to participate in investments where it will not have meaningful

governance rights in respect of the underlying portfolio company, including, without limitation, the indirect investments made

alongside Other Stonepeak Accounts, and as a result of the nature of the security in which SP+ INFRA is investing (e.g., debt

investments other than convertible notes) or the fact that SP+ INFRA will hold only a minority equity position in the portfolio

company. In such circumstances, where SP+ INFRA has limited or no governance rights, SP+ INFRA's ability to influence the

success of the portfolio company may be significantly limited. In such instances, SP+ INFRA will be significantly reliant on the

existing management and board of directors of such companies, which may include representation of Other Stonepeak

Accounts that hold equity investments in the portfolio company or other financial investors with whom SP+ INFRA is not

affiliated, any of whose interests may conflict with the interests of SP+ INFRA. These risks are relevant for minority

investments even where Stonepeak's investment does have certain control features or where Stonepeak does have significant

influence.

***Control Position Risk***. It is possible that SP+ INFRA could make some Investments that allow SP+ INFRA to acquire

control or exercise influence over management and the strategic direction of a portfolio company. The exercise of control over a

company imposes additional risks of liability for environmental damages, social and governance issues, workplace accidents,

failure to supervise management and other types of liability to which the limited liability characteristic of business operations

generally may be ignored. Liabilities of portfolio companies, including those related to activities that occurred prior to SP+

INFRA's investment therein, could have an adverse impact on SP+ INFRA. The exercise of control over an Investment could

expose the assets of SP+ INFRA to claims by the relevant portfolio company, its shareholders and its creditors. While the

General Partner intends to manage SP+ INFRA in a manner that will minimize the exposure of these risks, the possibility of

successful claims cannot be precluded.

***Preferred Equity.*** SP+ INFRA is permitted to invest in preferred equity interests which generally rank junior to all existing

and future indebtedness, including commercial mezzanine and mortgage loans. In the event of a bankruptcy, liquidation,

reorganization or other winding-up with respect to an issuer in which SP+ INFRA holds a preferred equity interest, SP+ INFRA

is expected to bear a risk of lost principal, in whole or in part, as such interests are generally not secured.

***Investment in Restructurings***. SP+ INFRA may make investments in restructurings that involve portfolio companies that

are experiencing or are expected to experience financial difficulties. These financial difficulties may never be overcome and

may expose SP+ INFRA to loss or cause such portfolio companies to become subject to bankruptcy proceedings, which in turn

would cause greater potential legal exposure including to potential litigation against any such company and / or its officers and

directors, which would contribute to increased expenses in the nature of defense costs or otherwise. Such investments could, in

certain circumstances, subject SP+ INFRA to certain additional potential liabilities that may exceed the value of SP+ INFRA's

original investment therein. For example, under certain circumstances, a lender who has inappropriately exercised control over

the management and policies of a debtor to obtain an inequitable benefit may have its claims subordinated or disallowed or may

be found liable for damages suffered by parties as a result of such actions. In addition, under certain circumstances, payments to

SP+ INFRA and distributions by SP+ INFRA to the Unitholders may be reclaimed if any such payment or distribution is later

determined to have been a fraudulent conveyance, preferential payment or similar transaction under applicable bankruptcy and

insolvency laws. Furthermore, investments in restructurings may be adversely affected by local statutes relating to, among other

things, fraudulent conveyances, voidable preferences, lender liability and the bankruptcy court's discretionary power to

disallow, subordinate or disenfranchise particular claims or recharacterize investments made in the form of debt as equity

contributions.

***Public Company Holdings***. SP+ INFRA's investment portfolio is expected to contain securities issued by publicly held

companies. Such Investments may subject SP+ INFRA to risks that differ in type or degree from those involved with

Investments in privately held companies. Such risks include, without limitation, greater volatility in the valuation of such

companies, increased obligations to disclose information regarding such companies, limitations on the ability of SP+ INFRA to

dispose of such securities at certain times, increased likelihood of shareholder litigation against such companies' board

members (which may include members of the Stonepeak team) and increased costs associated with each of the aforementioned

risks.

SP+ INFRA may be unable to obtain financial covenants or other contractual governance rights. Moreover, SP+ INFRA

may not have the same access to information in connection with investments in public securities, both before and after making

the investment, as compared to privately negotiated investments. Furthermore, SP+ INFRA may be limited in its ability to make

investments, and to sell existing investments, in public securities if the General Partner or Other Stonepeak Accounts have

material, non-public information regarding the issuer or as a result of other policies or requirements. In addition, securities

acquired of a public company may, depending on the circumstances and securities laws of the relevant jurisdiction, be subject to

lock-up periods. Additionally, and notwithstanding the foregoing, the privately negotiated investments contemplated by SP+

INFRA's investment objectives may comprise only a small component of a larger investment in publicly traded securities.

***Investments in PIPES.*** SP+ INFRA can be expected to be involved in private investment in public equities ("PIPEs") or

private financing of public companies. PIPE transactions may involve the sale of equity-like securities of an already public

company. In a PIPE transaction, SP+ INFRA may bear the price risk from the time of pricing until the time of closing. In

addition, SP+ INFRA may have to commit to purchase a specified number of shares at a fixed price, with the closing

conditioned upon, among other things, the SEC preparedness to declare effective a resale registration statement covering the

resale, from time to time, of the shares sold in the private financing. In addition, since SP+ INFRA may take large ownership

positions as part of PIPE transactions, even after the securities are saleable, it may take a significant period of time for them to

be sold or distributed in an orderly manner during which time profit could have otherwise been realized or loss avoided and, in

some cases, SP+ INFRA may be prohibited by securities laws or by contract from selling such public company securities for a

period of time.

***Future Investment Techniques and Instruments***. Subject to the terms of the Fund LPA and applicable law, SP+ INFRA

may employ new investment techniques or invest in new instruments that the General Partner and / or the Investment Advisor

believes will help achieve SP+ INFRA's investment objectives, whether or not such investment techniques or instruments are

specifically described herein. Such investment techniques or instruments may entail risks not described herein. New investment

techniques or instruments may not be thoroughly tested in the market before being employed and may have operational or

theoretical shortcomings which could result in unsuccessful investments and, ultimately, losses to SP+ INFRA. In addition, any

new investment technique or instrument developed by the General Partner and applied to SP+ INFRA may be more speculative

than earlier investment techniques or instruments and may involve material and unanticipated risks.

***Risks of Multi-Step Acquisitions***. In the event SP+ INFRA chooses to affect a transaction by means of a multi-step

acquisition (such as a first-step cash tender offer or stock purchase followed by a merger), there can be no assurance that the

remainder of the relevant investment can be successfully consummated. This could result in SP+ INFRA having only partial

control over the investment or partial access to its cash flow to service debt incurred in connection with the acquisition.

***Toehold Investments and Certain Investments in Publicly Traded Securities.*** SP+ INFRA could accumulate minority

positions in the outstanding voting stock, or securities convertible into the voting stock, of potential portfolio companies or

otherwise accumulate positions in debt securities of potential portfolio companies, with the intention of accumulating a

sufficient position to enable SP+ INFRA to influence the activities of the portfolio companies. While SP+ INFRA would

typically seek to achieve such accumulation through open market purchases, registered tender offers, negotiated transactions or

private placements, it could be unable to accumulate a sufficiently large position in a target company to execute the investment

strategy formulated in respect of that company. In such circumstances, SP+ INFRA might dispose of its position in the target

company within a short time of acquiring it. There can be no assurance that the price at which SP+ INFRA can sell such

securities will not have declined since the time of acquisition; this outcome could be made more likely where the securities of

the target companies are thinly traded and SP+ INFRA's position is substantial, as a result of which its disposal would likely

depress the market price for such securities.

Disclosure to Unitholders of each of SP+ INFRA's investments in publicly traded securities might not be advisable in light

of SP+ INFRA's investment objectives and could, in fact, be counterproductive to SP+ INFRA's ability to execute on its

investment objectives. Accordingly, the General Partner is permitted to exclude from reports to the Unitholders information

regarding its investment activity in publicly traded securities if it determines that disclosure is not at such time commercially

practicable or in the interests of SP+ INFRA.

***Investments through Offshore Holding Companies***. SP+ INFRA can be expected to invest in portfolio companies

operating in a particular country indirectly through holding companies organized outside of such country. Government

regulation in the country may, however, restrict the ability of the portfolio companies to pay dividends or make other payments

to a foreign holding company. Additionally, any transfer of funds from a holding company to its operating subsidiary, either as

a shareholder loan or as an increase in equity capital, may be subject to registration with or approval by government authorities

in such country. Such restrictions could materially and adversely limit the ability of any foreign holding company in which SP+

INFRA invests to grow, make investments or acquisitions that could be beneficial to its businesses, pay dividends, or otherwise

fund and conduct its business.

***Investments in Fund Managers and Pooled Investment Vehicles***. Stonepeak has invested and expects to continue to

invest in one or more third-party investment vehicles ("Third-Party Pooled Investment Vehicles") that are managed by third-

party investment managers ("Third Party Fund Managers"), including a Third-Party Pooled Investment Vehicle that invests into

Stonepeak. Although not expected to be a large portion of the investment strategy, SP+ INFRA may also invest in Third-Party

Fund Managers that manage Third-Party Pooled Investment Vehicles focused on infrastructure and certain other types of asset

classes. The infrastructure asset class comprises a wide-range of strategies and investment types, and the infrastructure oriented

investment strategies pursued by Third-Party Fund Managers and Third-Party Pooled Investment Vehicles are expected to vary.

There are many investment-related risks associated with such types of investments which could impair the performance and

value of our Investments. See "—*Investments in Third-Party Fund Managers and/or Third-Party Pooled Investment Vehicles*"

below.

***Multiple Levels of Fees and Expense***. In addition to the direct expenses and management costs borne by SP+ INFRA, SP+

INFRA may also bear its pro-rata share of certain expenses and management costs incurred directly or indirectly by Other

Stonepeak Accounts, Stonepeak, Third-Party Pooled Investment Vehicles and Third-Party Fund Managers in which SP+

INFRA invests. This would result in more expenses being borne (indirectly) by Unitholders than if the Unitholders were able to

invest directly in the Other Stonepeak Accounts, Stonepeak, Third-Party Fund Managers and/or Third-Party Pooled Investment

Vehicles. SP+ INFRA may pay or otherwise bear carried interest, management fees and/or other incentive compensation in

connection with Secondary Investments in Third-Party Pooled Investment Vehicles. SP+ INFRA will not be reimbursed for any

such fees paid to the managers of underlying funds in respect of such Secondary Investments (i.e., there will be "double fees"

involved in making such investments which would not arise if the Unitholder were to invest in the underlying fund directly,

because the Investment Advisor and its affiliates will receive fees with respect to the management of SP+ INFRA, on the one

hand, and the underlying fund manager will receive additional fees with respect to the management of such underlying fund, on

the other hand), which will increase the amount of expenses borne by SP+ INFRA (and indirectly by Unitholders) and reduce

returns. With respect to Primary Commitments to and Secondary Investments in Other Stonepeak Accounts, SP+ INFRA will

not pay or otherwise bear carried interest, management fees or other incentive compensation in connection with its investments

in such Other Stonepeak Accounts except in limited circumstances, in which case such carried interest, management fees or

other incentive compensation paid will be rebated dollar-for-dollar.

SP+ INFRA will indirectly bear other expenses in connection with an Investment in or alongside an Other Stonepeak

Account, including any investment-related expenses and expenses paid to affiliates of Stonepeak, administrative expenses and

other fund expenses as applicable to such Other Stonepeak Account and Stonepeak (to the extent applicable). These various

levels of costs and expenses will be charged whether or not SP+ INFRA performance generates positive returns. As a result,

SP+ INFRA, and indirectly the Unitholders, will bear multiple levels of expenses, which in the aggregate would exceed the

expenses which would typically be incurred by an investment in a single fund investment, and which would offset profits. In

addition, because of the fees and expenses payable by SP+ INFRA pursuant to such Investments, its returns on such

Investments will be lower than the returns to a direct investor in the Other Stonepeak Accounts and/or Third-Party Pooled

Investment Vehicles. Such returns will be further diminished to the extent SP+ INFRA is also charged management fees and/or

bears carried interest or other similar performance-based compensation in connection with its Secondary Investments in Third-

Party Pooled Investment Vehicles managed by a Third-Party Fund Manager.

**PORTFOLIO COMPANY RISKS**

***Risks Relating to Due Diligence of and Conduct at Portfolio Companies***. Before making Investments, the General Partner

and / or the Investment Advisor will conduct due diligence that they deem reasonable and appropriate based on the facts and

circumstances known at that time. Due diligence may entail, among other factors, evaluation of important and complex

business, financial, tax, accounting, environmental, social governance, technical, cyber, real property and legal issues. When

conducting due diligence and making an assessment regarding an Investment, the General Partner and / or the Investment

Advisor will rely on the resources available to it, including information provided by the target of the Investment and, in some

circumstances, third-party investigations. However, representations made by a counterparty could be inaccurate, and third-party

investigations may not uncover all risks. As a result, due diligence investigations that the General Partner and / or the

Investment Advisor carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that

may be necessary or helpful in evaluating such investment opportunity, especially when there is a compressed diligence

timeframe and / or heightened competition for investment, where there may be limited publicly available information with

respect to a particular company or its executives, where because of the size or other aspects of an investment limited

information is made available to SP+ INFRA by the prospective portfolio company, or in circumstances where all or a portion

of such due diligence is conducted remotely. In particular, there can be no assurance that Stonepeak will be able to detect or

prevent irregular accounting, employee misconduct or other fraudulent practices during the due diligence investigation or

during its efforts to monitor a portfolio company on an ongoing basis or that any risk management procedures implemented by

Stonepeak will be adequate. The risk could be further exacerbated by the impact of any future pandemics and / or lockdowns,

which may cause commercial disruption on a global scale and disrupt the manner in which due diligence investigations have

historically been conducted. Moreover, such an investigation will not necessarily result in the Investment being successful.

There can be no assurance that attempts to provide downside protection with respect to investments, including pursuant to risk

management procedures described in this Annual Report, will achieve their desired effect, and potential investors should regard

an investment in SP+ INFRA as being speculative and having a high degree of risk. Conduct occurring at portfolio companies,

even activities that occurred prior to SP+ INFRA's investment therein, could have an adverse impact (financial or otherwise) on

SP+ INFRA.

An additional concern is the possibility of material misrepresentation or omission on the part of the portfolio company or

the seller. Such inaccuracy or incompleteness may adversely affect the value of SP+ INFRA's Investments in such portfolio

company. The General Partner and / or the Investment Advisor will rely upon the accuracy and completeness of representations

made by the portfolio company and / or their former owners in the due diligence process to the extent reasonable when it makes

its investments, but cannot guarantee such accuracy or completeness of any such representation. SP+ INFRA may elect to

obtain a representations and warranties insurance policy that may provide protection to SP+ INFRA in the event of losses

arising from the inaccuracy or incompleteness of any such representation. However, there is no guarantee that SP+ INFRA

would be able to obtain recovery under any such insurance policy, or that such recovery will be sufficient. In addition, in a

transaction where SP+ INFRA has obtained such a policy, recourse to the former owners of a portfolio company may be

severely limited or even eliminated, and recovery under such policy may effectively be the sole source of recovery for SP+

INFRA in such circumstance. Under certain circumstances, payments to SP+ INFRA may be reclaimed if any such payment or

distribution is later determined to have been a fraudulent conveyance or a preferential payment.

***Trade Errors.*** A trade error is generally defined as an error in the placement, execution, or settlement of a trade for a client,

whether by Stonepeak or a third party. Trade errors are evaluated on a case-by-case basis. Trade errors might include, for

example, failure to recognize the existence of one or more financial instruments held by SP+ INFRA (resulting in, among other

things, duplicative transactions that have an unintended economic effect on SP+ INFRA), keystroke errors that occur when

entering trades into an electronic system, typographical or drafting errors related to derivatives contracts or similar or other

agreements or other errors that Stonepeak, in its discretion, designates as a trade error.

Unitholders should assume that trade errors will occur; however, Stonepeak, SP+ INFRA, the General Partner and their

respective Affiliates will not be responsible for any losses resulting from any trade errors made by Stonepeak or a third party in

respect of investments made by SP+ INFRA or any Other Stonepeak Account, except to the extent such parties are liable

pursuant to the governing documents of SP+ INFRA or such Other Stonepeak Account, including as a result of bad faith,

willful misconduct or gross negligence.

From time to time, Stonepeak could elect to voluntarily reimburse SP+ INFRA for losses suffered as a result of certain

trade errors. However, Unitholders should not expect that a reimbursement to SP+ INFRA in respect of a trade error will ever

take place, and, in evaluating SP+ INFRA, no decisions should be made in reliance on the expectation of such reimbursements.

Any decision to reimburse is not precedential and should not create the expectation of any reimbursement in the future.

Stonepeak will be biased when determining whether losses resulting from a trade error are required to be borne by SP+ INFRA.

Generally, in determining whether Stonepeak committed fraud, willful misconduct or gross negligence, the General Partner will

evaluate and consider, among other things, the adequacy of the supervisory procedures in place to prevent such errors from

recurring with any frequency.

Where relevant in connection with any trade error, Stonepeak will evaluate the merits of potential claims for damage

against brokers and counterparties who are at fault and, to the extent practicable, could seek to recover losses from those parties.

Stonepeak could, however, choose to forego pursuing claims against brokers and counterparties on behalf of SP+ INFRA for

any reason, including, but not limited to, the cost of pursuing claims relative to the likely amount of any recovery and the

maintenance of its business relationships with brokers and counterparties. Stonepeak's own execution and operational staff

could be solely or partly responsible for errors in placing, processing, and settling trades that result in losses to SP+ INFRA.

***Misconduct Risks.*** Misconduct by employees of the General Partner, portfolio companies, portfolio company employees or

by service providers to SP+ INFRA and / or their respective Affiliates could cause significant losses to SP+ INFRA. Such

misconduct could include, among other things, entering into transactions without authorization, the failure to comply with

operational and risk procedures, including due diligence procedures, the improper use or disclosure of confidential or material

non-public information, which could result in litigation or serious financial harm, including limiting SP+ INFRA's business

prospects or future marketing activities, and non-compliance with applicable laws or regulations and the concealing of any of

the foregoing. Such activities may result in reputational damage, litigation, business disruption and / or financial losses to SP+

INFRA. The General Partner and / or the Investment Advisor has controls and procedures through which it seeks to minimize

the risk of such misconduct occurring. However, no assurances can be given that the General Partner and / or the Investment

Advisor will be able to identify or prevent such misconduct.

***Litigation***. In connection with ordinary course investing activities, Stonepeak, SP+ INFRA and their respective Affiliates

as well as SP+ INFRA's portfolio companies may become involved in litigation, including as a party or non-party or in

governmental and / or regulatory inquiries, investigations and / or proceedings either as a plaintiff or defendant. There can be no

assurance that any such litigation, investigation, inquiry or proceeding, once begun, would be resolved in favor of Stonepeak,

SP+ INFRA and / or such portfolio company (as applicable). Any such litigation could be prolonged and expensive. In addition,

it is by no means unusual for participants in reorganizations, take privates or other transactions to use the threat of, as well as

actual, litigation as a negotiating technique. The expense of researching and gathering information in respect of any discovery

requests or potential litigation (which may include consultants, investigators, experts, electronic discovery vendors and other

advisors, in addition to legal costs and costs in responding to subpoenas for documents and / or testimony, and which in the

aggregate may be substantial), defending against claims by third parties and paying any amounts pursuant to settlements or

judgments generally would be borne by SP+ INFRA and would reduce net assets. In addition, from time to time past or current

partners, members, employees and managers of Stonepeak may disagree with Stonepeak and / or its management over terms

related to separation or other issues. If not resolved, such disputes could lead to litigation or arbitration, which could be costly,

distracting and / or time consuming for Stonepeak. It should be noted that the General Partner may causes SP+ INFRA to

purchase insurance for SP+ INFRA, the General Partner, the Investment Advisor, and their employees, agents, and

representatives, but there can be no assurance that such insurance will cover any or all liabilities. Insurance premiums may

increase as a result of any claims made in connection with a litigation.

***Charitable Contributions and Political Activities***. To the extent permitted by applicable law, the General Partner may,

from time to time, cause SP+ INFRA and / or its portfolio companies to make contributions to charitable initiatives or other

non-profit organizations that the General Partner believes could, directly or indirectly, enhance the value of SP+ INFRA's

portfolio companies or otherwise serve a business purpose for, or be beneficial to, SP+ INFRA's portfolio companies. Such

contributions could be designed to benefit employees of a portfolio company or the community in which a property is located or

in which the portfolio company operates. In certain instances, such charitable initiatives could be sponsored by, affiliated with

or related to current or former employees of Stonepeak, operating partners, joint venture partners, portfolio company

management teams and / or other persons or organizations associated with Stonepeak, SP+ INFRA or SP+ INFRA's portfolio

companies. These relationships could influence the General Partner in deciding whether to cause SP+ INFRA or its portfolio

companies to make charitable contributions. Further, such charitable contributions by SP+ INFRA or its portfolio companies

could supplement or replace charitable contributions that Stonepeak would have otherwise made. Also, in certain instances, the

General Partner may, from time to time, select a lender and / or service provider to SP+ INFRA or its portfolio companies

based, in part, on the charitable initiatives of such lender or service provider where the General Partner believes such charitable

initiatives could, directly or indirectly, enhance the value of SP+ INFRA's portfolio companies or otherwise serve a business

purpose for, or be beneficial to, SP+ INFRA's portfolio companies, and even where the economic terms of such loan or service

arrangement are otherwise less favorable than the terms offered by another lender or service provider that does not engage in

such charitable initiatives.

A portfolio company may, in the ordinary course of its business, make political contributions to elected officials,

candidates for elected office or political organizations, hire lobbyists or engage in other permissible political activities in U.S.

and / or non-U.S. jurisdictions with the intent of furthering its business interests or otherwise. Portfolio companies are not

considered Affiliates of Stonepeak under the Fund LPA, and therefore such activities are not subject to relevant policies of

Stonepeak and may be undertaken by a portfolio company without the knowledge or direction of Stonepeak. In other

circumstances, there may be initiatives where such activities are coordinated by Stonepeak for the benefit of certain portfolio

companies. The interests advanced by a portfolio company through such activities may, in certain circumstances, not align with

or be adverse to the interests of other portfolio companies, SP+ INFRA and / or the Unitholders. The costs of such activities

may be allocated among those portfolio companies (and borne indirectly by the Unitholders). While the costs of such activities

will typically be borne by the portfolio company undertaking such activities, such activities may also directly or indirectly

benefit other portfolio companies, Other Stonepeak Accounts and / or Stonepeak. There can be no assurance that any such

activities will be successful in advancing the interests of a portfolio company or otherwise benefit such portfolio company or

SP+ INFRA.

Any such charitable or political contributions made by SP+ INFRA or its portfolio companies, as applicable, which could

reduce SP+ INFRA's returns in respect of the relevant portfolio company, will not be shared with SP+ INFRA or offset against

the Management Fees payable or Performance Participation Allocation allocable to the General Partner (or its Affiliates) in

respect of SP+ INFRA. There can be no assurance that any such activities will actually be beneficial to or enhance the value of

SP+ INFRA or its portfolio companies, or that the General Partner will be able to resolve any associated conflict of interest in

favor of SP+ INFRA.

***Asset-Level Management; Reliance on Third-Party Professionals***. The day-to-day operations of each Investment are the

responsibility of the Investment's management team. Although the General Partner and / or the Investment Advisor intend to

acquire portfolio companies with strong management teams or build strong management teams at each of them, there can be no

assurance that the management team of any portfolio company will operate in accordance with Stonepeak's expectations.

Moreover, portfolio companies can lose employees, as notwithstanding general unemployment levels or developments within a

particular industry, the market for high-performing executive talent is highly competitive. In connection with attracting and

retaining strong management teams (including as a result of the foregoing), portfolio companies may enter into customized

arrangements with one or more members of their management teams, including low- or zero-interest loans, unconventional

incentive compensation or compensation in-kind. SP+ INFRA may in appropriate circumstances fund the capital necessary for

such arrangements or separately enter into such arrangement directly with management team members. There can be no

assurance that portfolio companies will be able to attract, develop, integrate and retain suitable management team members over

the life of SP+ INFRA and, as a result, such investment and SP+ INFRA may be adversely affected thereby. The amount of

time spent by management teams on their portfolio companies will also be important, and in that respect, it is noted that

management teams of one portfolio company can be expected from time to time to assist with sourcing and / or management

functions of other portfolio companies (including portfolio companies of Other Stonepeak Accounts).

Furthermore, consultants, legal advisors, appraisers, accountants, investment banks and other third parties will be involved

in the due diligence process and the ongoing operation of SP+ INFRA and its portfolio companies to varying degrees.

Moreover, in negotiating and structuring transactions with counterparties (such as investment banks, financial intermediaries,

and other service providers) of SP+ INFRA or portfolio companies, the General Partner and / or Investment Advisor will

generally not seek to maximize terms as if such transaction was taking place in isolation – it will be free to consider

relationship, reputational and market considerations, which can in some circumstances result in a cost to SP+ INFRA. For

example, certain asset management finance, administrative and other similar functions, such as data entry relating to a portfolio

company, may be outsourced to a third party or affiliated service provider whose fees and expenses will be borne by such

portfolio company or SP+ INFRA and will not offset the Management Fee. Such involvement of third-party advisors or

consultants may present a number of risks primarily relating to Stonepeak's reduced control over the functions that are

outsourced. Stonepeak however, is expected to conduct limited independent due diligence solely for the benefit of SP+ INFRA.

As such, SP+ INFRA's due diligence will depend in part on the due diligence that Stonepeak conducts for the benefit of Other

Stonepeak Accounts, which due diligence investigation is not expected to take into account the interests of SP+ INFRA or the

Unitholders in any particular investment or prospective investment. Stonepeak does not intend to modify its due diligence

procedures as a result of SP+ INFRA's participation or expected participation in any investment. In addition, if Stonepeak is

unable to timely engage third-party providers, its ability to evaluate and acquire more complex targets could be adversely

affected. See also "—*Portfolio Company Relationships; Transactions with Portfolio Companies; Investments Alongside* 

*Portfolio Companies*" below.

***Access to Information from Portfolio Companies***. Stonepeak may not always receive full information from portfolio

companies because certain of this information may be considered proprietary by a portfolio company. A portfolio company's

use of proprietary investment strategies that are not fully disclosed to Stonepeak may involve risks under some market

conditions that are not anticipated by Stonepeak. Furthermore, this lack of access to information may make it more difficult for

Stonepeak to select and evaluate portfolio companies.

***Outsourcing***. Stonepeak outsources to third parties many of the services performed for SP+ INFRA and / or its portfolio

companies, including services (such as administrative, legal, accounting, investment diligence (including sourcing), modeling

and ongoing monitoring, tax or other related services) that can be or historically have been performed in-house by Stonepeak

and its personnel. The fees, costs and expenses of such third-party service providers will be borne by SP+ INFRA as Fund

Expenses, even if Stonepeak would have borne such amounts (or a portion of such amounts) if such services had been

performed in-house (which, for the avoidance of doubt, would be in addition to any fees borne by SP+ INFRA as Fund

Expenses for similar services performed by Stonepeak in-house in lieu of or alongside (and / or to supplement or monitor) such

third parties, subject to the terms of the Fund LPA).

The decision to engage a third-party service provider and the terms (including economic terms) of such engagement will be

made by the General Partner or the Investment Advisor in its discretion, taking into account such factors as it deems relevant

under the circumstances. Certain third-party service providers and / or their employees will dedicate substantially all of their

business time to SP+ INFRA, Other Stonepeak Accounts and / or their respective portfolio companies, while others will have

other clients. In certain cases, third-party service providers and / or their employees (including part- or full-time secondees to

Stonepeak) may spend some or all of their time at Stonepeak offices, have dedicated office space at Stonepeak, have Stonepeak-

related e-mail addresses, receive administrative support from Stonepeak personnel or participate in meetings and events for

Stonepeak personnel, even though they are not Stonepeak employees or Affiliates. Stonepeak will have an incentive to

outsource services to third parties due to a number of factors, including because the fees, costs and expenses of such service

providers will be borne by SP+ INFRA as Fund Expenses (with no reduction or offset to Management Fees) and retaining third

parties will reduce Stonepeak's internal overhead and compensation and benefit costs for employees who would otherwise

perform such services in-house. Such incentives likely exist even with respect to services where internal overhead and

compensation and benefit are chargeable to SP+ INFRA. The involvement of third-party service providers may present a

number of risks due to Stonepeak's reduced control over the functions that are outsourced. In some cases, third-party service

providers are permitted to delegate all or a portion of their responsibilities relating to SP+ INFRA and / or its portfolio

companies to other third parties (including their Affiliates). Any such delegation could further reduce Stonepeak's control over

the outsourced functions, and Stonepeak would lack direct oversight over the party to whom the responsibilities are delegated.

A third-party service provider could face conflicts of interest in carrying out its responsibilities relating to SP+ INFRA

and / or its portfolio companies, including (without limitation) in relation to the delegation of such responsibilities to other

parties and the allocation of time, attention and resources to Stonepeak as compared to its other clients. Third-party service

providers could have incentives to carry out their responsibilities in a manner that does not advance the interests of SP+ INFRA

and often have no fiduciary obligation to act in the best interest of Stonepeak or SP+ INFRA. Stonepeak has limited visibility

into what conflicts of interest a third-party service provider might face and the extent to which any such conflicts impact the

service provider's decision-making.

There can be no assurances that Stonepeak will be able to identify, prevent or mitigate the risks of engaging third-party

service providers. SP+ INFRA may suffer adverse consequences from actions, errors or failures to act by such third parties, and

will have obligations, including indemnity obligations, and limited recourse against them. Outsourcing and in-house services

may not occur uniformly for all Stonepeak managed vehicles and accounts and, accordingly, certain costs may be incurred by

(or allocated to) SP+ INFRA through the use of third-party (or internal) service providers that are not incurred by (or allocated

to) Other Stonepeak Accounts.

***Unavailability of Personnel; Independent Contractors***. Infrastructure and energy companies and infrastructure- and

energy-related projects rely on qualified and experienced field personnel, engineers and other specialized professionals. In

addition, independent contractors and subcontractors typically are used in operations in the infrastructure and energy industries

to perform various operational tasks. Demand for such personnel and contractors may exceed supply, resulting in increased

costs or lack of availability of key personnel and contractors. Disruptions of operations or increased costs also can occur as a

result of disputes with, or a shortage of, personnel and contractors with particular capabilities. Additionally, the General Partner

and the Investment Advisor will not have the same control over portfolio company personnel and contractors as they may have

over their own employees, and there is a risk that such portfolio company personnel and contractors will not operate in

accordance with their own safety standards or other policies. Any of the foregoing circumstances could have a material adverse

effect on SP+ INFRA's portfolio companies, and ultimately SP+ INFRA's investment returns.

***Risks in Effecting Operating Improvements***. In some cases, the success of SP+ INFRA's investment strategy will depend,

in part, on the ability of SP+ INFRA to restructure and effect improvements in the operations of a portfolio company. The

activity of identifying and implementing restructuring programs and operating improvements at portfolio companies entails a

high degree of uncertainty. For example, cooperation of employees, consultants and other stakeholders required to make

improvements could be difficult to obtain, or those employees, consultants and stakeholders may not be effective at making

changes. Furthermore, technology that Stonepeak expects to aid improvements may not be as effective or easily implemented as

anticipated. In addition, executing operational improvements may divert the attention of key personnel and disrupt normal

business. For these and other reasons, there can be no assurance that SP+ INFRA will be able to successfully identify and

implement restructuring programs and improvements.

***Expedited Transactions***. Investment analyses and decisions by Stonepeak may frequently be required to be undertaken on

an expedited basis to take advantage of investment opportunities (such as where SP+ INFRA is making a small minority

investment and / or where the window of opportunity is short and the demand by other investors is high). In such

circumstances, there may be a shorter due diligence process, a smaller Stonepeak deal team and / or a less formal investment

committee process than another investment under different circumstances might entail. In such cases, the information available

to the General Partner and / or the Investment Advisor at the time of making an investment decision may be limited, and

Stonepeak may not have access to the detailed information necessary for a full evaluation of the investment opportunity. In

addition, the General Partner and / or the Investment Advisor may rely upon independent consultants or attorneys in connection

with their evaluation of prospective investments. There can be no assurance that these consultants will accurately evaluate such

investments. Therefore, no assurance can be given that Stonepeak will have knowledge of all circumstances that may adversely

affect an investment at the time the investment decision is made, and SP+ INFRA may make investments which it would not

have made if more extensive due diligence had been undertaken. Limitations on the ability to conduct diligence of an

investment opportunity could ultimately adversely affect the outcome of the Investment.

***Portfolio Company Liabilities***. Liabilities of portfolio companies, including those related to activities that occurred prior to

SP+ INFRA's investment therein, could have an adverse impact on SP+ INFRA. For example, the European Commission held

a fund liable as a result of a former portfolio company that engaged in anticompetitive cartel activities on the basis that the fund

had exercised decisive influence over the former portfolio company. This precedent illustrates the risk that even if private

equity funds are only involved in the high level strategy and commercial policy of their portfolio companies, it does not exclude

them from potential liability in the context of certain courts and / or regulators. Similarly, various jurisdictions permit certain

classes of creditors and government authorities to make claims (including, by way of example only, environmental, consumer

protection, antitrust and pension and labor law matters and liabilities) against shareholders of a company if the company does

not have resources to pay out the claim. SP+ INFRA could, as a result, become liable for certain classes of claims against its

portfolio companies. Finally, it is possible that creditors of portfolio companies owned by Other Stonepeak Accounts may seek

to make certain claims (including, by way of example only, environmental, consumer protection and pension / labor law matters

and liabilities) against SP+ INFRA due to its common control relationship with Other Stonepeak Accounts. The laws of certain

jurisdictions provide not only for carve-outs from limited liability protection for a portfolio company that has incurred certain

liabilities, but also for recourse to assets of other entities under common control with, or that are part of the same economic

group as, such company. For example, if a portfolio company of SP+ INFRA or an Other Stonepeak Account is subject to

bankruptcy or insolvency proceedings in a jurisdiction and is found to have liabilities under the local consumer protection laws,

the laws of that jurisdiction may permit authorities or creditors to file a lien on, or to otherwise have recourse to, assets held by

entities under common control or that form part of the same economic group, potentially including portfolio companies of SP+

INFRA.

***Risks in Using Administrators and other Agents***. SP+ INFRA depends on the services of custodians, administrators and

other agents to carry out certain securities transactions and administrative services for it. The terms of SP+ INFRA's contracts

with third parties surrounding securities transactions may be customized and complex, and may occur in markets or relate to

products that are not subject to regulatory oversight. In the event of the insolvency of a custodian, SP+ INFRA may not be able

to recover equivalent assets in full as it will rank among the custodian's unsecured creditors in relation to assets which the

custodian borrows, lends or otherwise uses. The costs for such providers are expected to be borne by SP+ INFRA and could be

substantial in the aggregate, thereby adversely affecting SP+ INFRA's overall returns.

***Risks from Operations of Other Portfolio Companies***. Other Stonepeak Accounts have made, and SP+ INFRA and Other

Stonepeak Accounts will make, investments in portfolio companies that have operations and assets in many jurisdictions around

the world. It is possible that the activities of one portfolio company may have adverse consequences on one or more other

portfolio companies (including SP+ INFRA's portfolio companies), even in cases where the portfolio companies are held by

Other Stonepeak Accounts and have no other connection to each other. For example, a violation of a rule by a portfolio

company of an Other Stonepeak Account could prevent SP+ INFRA or one of its portfolio companies from obtaining a permit,

or have other adverse consequences. Similarly, a portfolio company of an Other Stonepeak Account may be subject to law or

regulation that limits the operations of its Affiliates, which may be construed to include SP+ INFRA and its portfolio

companies. For example, the acquisition of or operations of a portfolio company of an Other Stonepeak Account may require

SP+ INFRA or a portfolio company to divest certain assets or businesses or to cease servicing certain clients (particularly

government clients).

***Risks of Less-Established Companies***. SP+ INFRA may invest in smaller, less-established or start-up enterprises, assets or

projects. Investments in such entities may involve greater risks than are generally associated with investments in more

established entities. To the extent there is any public market for the securities or instruments held by SP+ INFRA with respect

to such enterprises, such securities or instruments may be subject to more abrupt and erratic market price movements than those

of larger, more established companies. Less-established companies or enterprises tend to have lower capitalizations and fewer

resources, and, therefore, often are more vulnerable to financial failure. Such companies or enterprises also may have shorter or

no operating histories on which to judge future performance and in many cases, if operating, will have negative cash flow. In

addition, less-mature or start-up enterprises could be deemed to be more susceptible to irregular accounting or other fraudulent

practices. In the event of fraud by any company in which SP+ INFRA invests, SP+ INFRA may suffer a partial or total loss of

capital invested in that company. There can be no assurance that any such losses will be offset by gains (if any) realized on SP+

INFRA's other assets.

***Disposition of Investments.*** Stonepeak ordinarily expects that SP+ INFRA will generally sell or otherwise dispose of an

Investment in a manner that is concurrent with the sale or disposition by the relevant Other Stonepeak Account, if applicable, of

a like proportion of its investment in such portfolio company and on the same terms and conditions as a sale or disposition of

such investment by such Other Stonepeak Account, subject in each case to legal, tax, political, national security, regulatory or

other similar considerations, in each case in view of the best interests of SP+ INFRA. However, SP+ INFRA is under no

obligation to cause SP+ INFRA to so divest, or if it does divest, to do so in the same manner as the Other Stonepeak Accounts

(for example, but without limitation, SP+ INFRA would likely choose to sell securities for cash at a time when an Other

Stonepeak Account is distributing securities in kind, for administrative ease among other reasons, or SP+ INFRA may continue

to hold an investment while an Other Stonepeak Account is selling its interest in a Continuation Transaction). To the extent an

Other Stonepeak Account divests of all or a portion of an Investment prior to SP+ INFRA, SP+ INFRA's investment in the

portfolio company may be adversely affected, for example but without limitation, because the General Partner may lose

governance rights in respect of the portfolio company as a result of such Other Stonepeak Account's sale or SP+ INFRA may

hold a minority position that is difficult to sell on favorable terms or at all.

A non-lockstep disposition may arise in the event an Other Stonepeak Account's holdings of a portfolio company form part

of the security package for an asset-based financing (particularly where SP+ INFRA's holdings are not similarly pledged). In

such case, the lenders for any such financing may have rights to foreclose on such Other Stonepeak Account's holdings of the

portfolio company and subsequently sell such holdings to third parties in order to remedy any breach under the documents

governing the asset-based financing or to repay any loan thereunder in full. While Stonepeak intends to take steps to avoid any

such foreclosure, there can be no assurance Stonepeak will be in a position to avoid such foreclosure or any measures that

Stonepeak takes in that regard will be successful. Conversely, the lenders under any such financing may also have the ability to

"drag" SP+ INFRA's interests in such portfolio company in the case of any foreclosure sale, whereupon SP+ INFRA may be

required to exit its investment in such portfolio company at an inopportune time or on suboptimal terms.

**CAPITAL REQUIREMENTS**

***Additional Capital***. Certain assets, especially those in a development phase or "platform" phase, may be expected to

require additional financing to satisfy their working capital requirements or acquisition strategies. For example, some portfolio

companies could require several rounds of capital infusion. The amount of such additional financing needed will depend upon

the maturity and objectives of the particular portfolio company. Each such round of financing (whether from SP+ INFRA or

other investors) is typically intended to provide a portfolio company with enough capital to reach the next major corporate

milestone. If the funds provided are not sufficient, a company may have to raise additional capital at a price unfavorable to the

existing investors, including SP+ INFRA, or may suffer material adverse consequences if it fails to obtain the capital.

Subsequent rounds of financing in "platform" portfolio companies to which SP+ INFRA provided initial financing could be

provided in whole or in part by co-investors and / or Other Stonepeak Accounts that did not participate in previous rounds of

financing rather than by SP+ INFRA to the extent Stonepeak determines such allocation is appropriate, which would dilute SP+

INFRA's ownership of such portfolio company. In addition, SP+ INFRA may make additional debt and equity investments or

exercise warrants, options, convertible securities or other rights that were acquired in the initial Investment in such company in

order to preserve SP+ INFRA's proportionate ownership when a subsequent financing is planned, or to protect SP+ INFRA's

Investment when such portfolio company's performance does not meet expectations. The availability of capital is generally a

function of market conditions that are beyond the control of SP+ INFRA or any portfolio company. There can be no assurance

that SP+ INFRA or any portfolio company will be able to predict accurately the future capital requirements necessary for

success or that additional funds will be available from any source. Failure to provide sufficient additional capital with respect to

an Investment could adversely affect the performance of SP+ INFRA. In addition, the pursuit of any such "platform" strategy

will likely be time-consuming, complex, costly and subject to unforeseen risks and obstacles, and there can be no assurance that

any such "platform" strategy will achieve the originally anticipated results or reach the scale originally anticipated, and SP+

INFRA will nevertheless bear the costs related thereto.

***Adequacy of Reserves; Participation in Follow-On Investments***. As is customary in the industry, SP+ INFRA may

establish reserves, including for estimated accrued expenses, follow-on investments, Management Fees, pending or anticipated

liabilities, investments, claims and contingencies relating to SP+ INFRA. Estimating the appropriate amount of such reserves is

difficult and inadequate or excessive reserves could impair the investment returns to Unitholders. If SP+ INFRA's reserves are

inadequate and there are insufficient additional subscriptions or other cash is unavailable (including due to the inability to

obtain other financing), SP+ INFRA may be unable to take advantage of attractive investment opportunities or protect its

existing investments. In these circumstances, the General Partner may allocate such opportunities to Other Stonepeak Accounts,

which, in the case of further investments in existing portfolio companies could result in SP+ INFRA being subject to dilution

and may give rise to other significant risks and conflicts of interest. SP+ INFRA may to the contrary be obligated to bear a

larger share of any follow-on opportunity, where Other Stonepeak Accounts (including co-investment vehicles thereof)

ultimately do not participate to such follow-on opportunity (including, without limitation, as a result of investment limitations

or portfolio structuring considerations with respect to such vehicles or where such co-investment vehicles have insufficient

capital available to invest pro rata in such follow-on opportunity or if such vehicles have inadequate reserves and unpaid capital

commitments or other cash is unavailable, in each case, as determined in good faith by their respective general partners). There

can be no assurance that SP+ INFRA will not be adversely affected by such allocations. By contrast, if reserves are excessive,

SP+ INFRA may not be able to fully deploy its capital in investments, resulting in lower returns to Unitholders on their total

committed capital. Further the allocation of investment opportunities among SP+ INFRA and Other Stonepeak Account may

depend, in part, on their respective reserves at the time of allocating the opportunity, possibly resulting in different investment

allocations if any such reserves are inadequate or excessive. For example, if the reserves of any Other Stonepeak Account that

participated alongside SP+ INFRA in an investment are inadequate and unused capital commitments to such Other Stonepeak

Account or other cash is unavailable, such Other Stonepeak Account may be unable to participate in follow-on investments

related thereto, and SP+ INFRA may participate to a greater extent than it would have otherwise. Certain committed and other

co-investment funds may also not participate in follow-on investments without an agreement by the relevant investors to

increase their capital commitments thereto, which would be made in their discretion (for more information regarding how

investments will be allocated between SP+ INFRA and the Other Stonepeak Accounts (including the Lux Fund), please see "—

*Allocation of Investment Opportunities*").

***Deployment of Capital***. In light of SP+ INFRA's continuous offering in relation to its investment strategy and the need to

be able to deploy capital quickly to capitalize on potential investment opportunities, if SP+ INFRA has difficulty identifying

and purchasing suitable investments on attractive terms, there could be a delay between the time it receives net proceeds from

the sale of Units in SP+ INFRA's offering or any private offering and the time SP+ INFRA invests the net proceeds. SP+

INFRA may also from time to time hold cash or liquid investments pending deployment into Investments, which cash holdings

may at times be significant, particularly at times when SP+ INFRA is receiving high amounts of offering proceeds and / or

times when there are few attractive investment opportunities. Such cash may be held in an account for the benefit of

Unitholders that may be invested in money market accounts or other similar temporary investments, each of which are subject

to the Management Fee.

In the event SP+ INFRA is unable to find suitable investments such cash or liquid investments may be maintained for

longer periods which would be dilutive to overall investment returns. This could cause a substantial delay in the time it takes for

Unitholders' investment in SP+ INFRA to realize its full potential return and could adversely affect SP+ INFRA's ability to pay

regular distributions of cash flow from operations to Unitholders. It is not anticipated that the temporary investment of such

cash into money market accounts or other similar temporary investments pending deployment into Investments will generate

significant interest, and Unitholders should understand that such low interest payments on the temporarily invested cash may

adversely affect overall returns. In the event SP+ INFRA fails to timely invest the net proceeds of sales of Units or does not

deploy sufficient capital to meet its targeted leverage, SP+ INFRA's results of operations and financial condition may be

adversely affected.

***Sourcing and Payment of Distributions***. SP+ INFRA has not established a minimum distribution payment level, and SP+

INFRA's ability to make distributions to its Unitholders may be adversely affected by a number of factors, including the risk

factors described in this Annual Report. As of the date of this Annual Report, SP+ INFRA has a limited track record and may

not generate sufficient income to make distributions to SP+ INFRA's Unitholders. The General Partner will make

determinations regarding distributions based upon, among other factors, SP+ INFRA's financial performance, debt service

obligations, debt covenants, tax requirements and capital expenditure requirements. Among the factors that could impair SP+

INFRA's ability to make distributions to its Unitholders are:

• SP+ INFRA's inability to invest the proceeds from sales of Units on a timely basis;

• SP+ INFRA's inability to realize attractive risk-adjusted returns on its Investments;

• high levels of expenses or reduced revenues that reduce SP+ INFRA's cash flow or non-cash earnings; and

• defaults in SP+ INFRA's investment portfolio or decreases in the value of its Investments.

As a result, SP+ INFRA may not be able to make distributions to its Unitholders at any time in the future, and the level of

any distributions SP+ INFRA does make to Unitholders may not increase or even be maintained over time, any of which could

materially and adversely affect the value of your investment.

SP+ INFRA may not generate sufficient cash flow from operations to fully fund distributions to Unitholders, particularly

during the early stages of SP+ INFRA's operations. Therefore, SP+ INFRA may fund distributions to its Unitholders from

sources other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or

offering proceeds (including from sales of Units). The extent to which SP+ INFRA pays distributions from sources other than

cash flow from operations will depend on various factors, including the extent to which the Investment Advisor elects to receive

its Management Fee in Units and the General Partner elects to receive distributions on its Performance Participation Allocation

in Units, how quickly SP+ INFRA invests the proceeds from this and any future offering and the performance of its

Investments. Funding distributions from the sales of assets, borrowings, return of capital or proceeds of the offering will result

in SP+ INFRA having less funds available to acquire Investments. As a result, the return you realize on your investment may be

reduced. Doing so may also negatively impact SP+ INFRA's ability to generate cash flows. Likewise, funding distributions

from the sale of additional securities will dilute your interest in SP+ INFRA on a percentage basis and may impact the value of

your investment especially if SP+ INFRA sells these securities at prices less than the price you paid for your Units. SP+ INFRA

may be required to continue to fund SP+ INFRA's regular distributions from a combination of some of these sources if SP+

INFRA's Investments fail to perform, if expenses are greater than SP+ INFRA's revenues or due to numerous other factors.

SP+ INFRA has not established a limit on the amount of its distributions that may be paid from any of these sources.

To the extent SP+ INFRA borrows funds to pay distributions, it would incur borrowing costs and these borrowings would

require a future repayment. The use of these sources for distributions and the ultimate repayment of any liabilities incurred

could adversely impact SP+ INFRA's ability to pay distributions in future periods, decrease SP+ INFRA's NAV, decrease the

amount of cash SP+ INFRA has available for operations and new investments and adversely impact the value of its investment.

SP+ INFRA may also defer operating expenses or pay expenses (including the fees of the Investment Advisor or

distributions to the Recipient) with Units in order to preserve cash flow for the payment of distributions. The ultimate

repayment of these deferred expenses could adversely affect SP+ INFRA's operations and reduce the future return on a

Unitholder's investment. SP+ INFRA may redeem Units from the Investment Advisor or the Recipient shortly after issuing

such units or Units as compensation. The payment of expenses in Units will dilute a Unitholder's ownership interest in SP+

INFRA's portfolio of assets. There is no guarantee any of SP+ INFRA's operating expenses will be deferred and the Investment

Advisor and the Recipient are under no obligation to receive future fees or distributions in Units and may elect to receive such

amounts in cash.

***In-Kind Remuneration to the Investment Advisor and / or the General Partner.*** The Investment Advisor may elect to

receive the Management Fee in Units in lieu of cash payments, and the Recipient may elect to receive the Performance

Participation Allocation in Units in lieu of cash payments. Redemptions of Units (i) from the Investment Advisor paid to the

Investment Advisor as Management Fees are not subject to quarterly volume limitations or the Early Redemption Deduction

and (ii) from the Recipient distributed to the Recipient with respect to its Performance Participation Allocation are subject to the

quarterly volume limitations of the Redemption Program but not the Early Redemption Deduction. Additionally, the SP

Investors may be issued Class X Units in exchange for the contribution of Warehoused Investments (as defined below).

Redemptions of any Units used to satisfy the contribution of Warehoused Investments are not subject to the Redemption

Program, but are subject to repurchase pursuant to the repurchase arrangement for Class X Units held by SP Investors. Any of

the foregoing issuances of Units may have a dilutive effect in respect of Unitholders in SP+ INFRA. Please see "*Part I. Item 1.* 

*Business—Redemption Program*" and "*—Stonepeak Unit Repurchase Arrangement for Class X Units Held by SP Investors*" for

more information. Redemptions of Class X Units could significantly decrease SP+ INFRA's available capital, including for

purposes of satisfying future redemption requests, which could adversely impact SP+ INFRA as well as those Unitholders who

submit redemption requests after a significant redemption by the General Partner or other Unitholders of Units. Class X

Unitholders have access to more information regarding SP+ INFRA and SP+ INFRA's Investments that is not available to the

Unitholders generally. Such access to information could cause Class X Unitholders to make redemption decisions which may

further exacerbate liquidity needs in scenarios where the performance of SP+ INFRA's Investments is expected to decline, and

the General Partner may act in its own interest when determining whether to effect a redemption of Class X Units. There can be

no assurances that the General Partner will not achieve liquidity ahead of the other Unitholders, and that such Unitholders

investment returns will not be lower as a result.

***Electronic Delivery of Certain Documents***. Pursuant to the Fund LPA, each Unitholder will consent to electronic delivery

(including email or posting on Stonepeak's intranet website or other internet service in accordance with the Fund LPA) of (i)

any notices or communications required or contemplated to be delivered to the Unitholder by the General Partner and its

Affiliates, pursuant to applicable law or regulation (including, without limitation, the Exchange Act and the U.S. Gramm-

Leach-Bliley Act of 1999, as amended), at the option of the person making such delivery and (ii) any notices, requests,

demands or consents or other communications and any financial statements, reports, schedules, certificates or opinions required

to be provided to the Unitholders under the Fund LPA or under any other agreement that may be applicable to a Unitholder's

investment in SP+ INFRA. There are certain risks (e.g., slow downloading time and system outages) associated with electronic

delivery. Moreover, the General Partner cannot provide any assurance that these communication methods are secure and will

not be responsible for any computer viruses, problems or malfunctions resulting from any computer viruses or related problems

that may be associated with the use of an internet based system.

**LEVERAGE**

***Volatility of Credit Markets May Affect Ability to Finance and Consummate Investments***. The volatility of the global

credit markets could make it more difficult to obtain favorable financing or re-financings for SP+ INFRA's investments. During

periods of volatility, which often occur during economic downturns, generally credit spreads widen, volatility of the global debt

markets becomes extreme, interest rates rise and investor demand for high-yield debt and senior bank debt declines. These

trends result in reduced willingness by investment banks and other lenders to finance or refinance private equity investments

and could lead to deterioration of available terms. SP+ INFRA's ability to generate attractive investment returns for its

Unitholders will be adversely affected to the extent SP+ INFRA is unable to obtain favorable financing. Moreover, to the extent

that such marketplace events are not temporary, they could have an adverse impact on the availability of credit to businesses

generally and could lead to an overall weakening of the global economies, which could restrict the ability of SP+ INFRA to sell

or liquidate investments at favorable times or for favorable prices or otherwise may have an adverse impact on the business and

operations of SP+ INFRA.

***Bridge Financings***. SP+ INFRA or Stonepeak could lend to portfolio companies or in connection with Investments therein

on an unsecured basis (which may initially be intended on a short-term basis but may become a long-term basis as more fully

described below) or otherwise invest in portfolio companies in anticipation of a future issuance of equity or long-term debt

securities or other refinancing, syndication or liquidity event. It can be expected that SP+ INFRA will make loans to portfolio

companies where such portfolio companies require an infusion of cash for various reasons, including, but not limited to, capital

expenditures. In some situations, SP+ INFRA expects to make a short-term loan or otherwise invest on an interim basis in

certain portfolio companies. Once repaid (including through a refinancing), bridge financings generally will not be treated as

having been invested by SP+ INFRA in the applicable portfolio companies. While any such short-term loan (or bridge

financing) could be converted into a more permanent, long-term security, it is entirely possible for reasons not always in SP+

INFRA's control, such long-term securities issuance or other refinancing or syndication may not occur and such short-term

loans (or bridge financings) may remain outstanding for long periods of time. Similarly, expected sources of cash to repay loans

at the borrower may not become available. In such events, the interest rate on such loans or the terms of such interim

investments may not adequately reflect the risk associated with the position taken by SP+ INFRA and may result in a greater

concentration to a particular company and sector than anticipated.

***Financial Leverage***. SP+ INFRA utilizes leverage to finance the operations of SP+ INFRA and its portfolio companies,

make investments and for other purposes (including to support margin loan liquidity, cover asset disposition expenses, enhance

returns and provide financing for co-investors (if applicable) prior to permanent financing being established). The use of

leverage involves a high degree of financial risk and will increase SP+ INFRA's exposure to adverse economic factors such as

rising interest rates, downturns in the economy or deteriorations in the condition of SP+ INFRA's Investments. Although

borrowings by SP+ INFRA and its portfolio companies have the potential to enhance overall returns, they will further diminish

returns (or increase losses on capital) to the extent overall returns on investments are less than SP+ INFRA's cost of funds. This

leverage may also subject SP+ INFRA's Investments to restrictive financial and operating covenants, which may limit

flexibility in responding to changing business and economic conditions. Leverage at a portfolio company level may impair

portfolio companies' ability to finance their future operations and capital needs. Although the General Partner will seek to use

leverage in a manner that it believes is appropriate, the leveraged capital structure of such Investments will increase the

exposure of the portfolio companies to adverse economic factors such as rising interest rates, downturns in the economy, or

deteriorations in the condition of the portfolio companies or its industry. Moreover, any rise in interest rates may significantly

increase a portfolio company's interest expense, causing losses and / or the inability to service its debt obligations. If a portfolio

company cannot generate adequate cash flow to meet debt obligations, SP+ INFRA may suffer a partial or total loss of capital

invested in the portfolio company or may elect or be required to make additional capital contributions in support of such

portfolio company to enable it to meet such obligations, thereby reducing the available capital to SP+ INFRA for the purpose of

making new or supporting other existing Investments. In such an environment, the sourcing and execution of transactions for

SP+ INFRA, whether on a proprietary basis or otherwise, would become more challenging. In addition, the amount of leverage

used to finance an Investment may fluctuate over the life of an Investment.

The General Partner has obtained, and expects that it will continue to obtain, leverage at the Fund and / or Intermediate

Entity level. The Fund expects that it will continue to incur and / or cause the Intermediate Entities to incur indebtedness and /

or provide guarantees or other credit support arrangements, including for the purposes of guaranteeing portfolio company

obligations, paying Fund Expenses, Management Fees and Organizational and Offering Expenses, to make, hold or dispose of

Investments, or otherwise in connection with SP+ INFRA activities and / or for any proper purpose related to the activities of

SP+ INFRA, providing funds for distribution to Unitholders, providing funds to satisfy redemption requests and to provide

financing to the extent necessary to consummate the purchase of Investments prior to the completion of permanent debt

financing therefor or prior to the receipt of capital contributions or distributions. The General Partner could be incentivized to

borrow (whether from a net asset value credit facility, SP+ INFRA or otherwise) for distributions, resulting in the General

Partner receiving its Performance Participation Allocation earlier than it otherwise would. Such borrowings also increase the

Fund's leverage without any corresponding acquisition of assets. Fund and / or Intermediate Entity borrowings and guarantees

may be deal-by-deal or on a portfolio basis, and may be on a joint, several, joint and several or cross-collateralized basis (which

may be on an investment-by-investment or portfolio-wide basis) with any Parallel Funds, other Intermediate Entities, co-

investment vehicles, Other Stonepeak Accounts, joint venture partners and managers of such joint venture partners or any other

person. Such arrangements will not necessarily impose joint and several obligations on such other persons that mirror the

obligations of the Fund (e.g., the Fund may provide credit enhancement to other persons, whereas such other persons may not

provide such enhancement). The interest expense of any such borrowings will generally be allocated among the Fund and such

other persons or funds pro rata (and therefore indirectly to the Unitholders pro rata) based on principal amount outstanding.

Furthermore, in the case of indebtedness on a joint and several or cross-collateralized basis, the Fund could be required to

contribute amounts in excess of its pro rata share of the indebtedness, including additional capital to make up for any shortfall if

the other joint and several obligors are unable to repay their pro rata share of such indebtedness. The Fund could lose its

interests in performing Investments in the event such performing Investments are cross-collateralized with poorly performing or

non-performing Investments of the Fund and / or assets of such other persons. The Fund may also be obligated in some

circumstances to reimburse co-investors for their losses resulting from cross-collateralization of their investments with assets of

the Fund that are in default. Depending on the terms of the cross-collateralization and the performance of the underlying assets,

it is possible that the Fund may ultimately bear a disproportionate share of the risk arising from any guarantees, borrowings or

credit support that are incurred on a cross-collateralized or joint basis with any Other Stonepeak Account (including the Lux

Fund or any co-investment vehicle) but the Fund will not receive compensation for bearing such risks for such Other Stonepeak

Account. Further, to the extent a borrowing, guarantee or other credit support is incurred by the Fund on a cross-collateralized

and / or joint and several basis with a Parallel Fund or any Other Stonepeak Account (including the Lux Fund or any co-

investment vehicle), such Parallel Fund or Other Stonepeak Account may have limited or no remaining unused capital

commitments to fund its pro rata share of such borrowing, guarantee or credit support, in which case the Fund could be

obligated to contribute more than its pro rata share, or may be required to advance payment on behalf of such Parallel Fund or

such Other Stonepeak Account, potentially for an unspecified period or even without the ability to receive any reimbursement

from such Parallel Fund or such Other Stonepeak Account. Borrowings under any such facilities (and expenses related thereto)

may initially be made with respect to an investment opportunity based on preliminary allocations are subject change and may

not take into account investment limitations. The Fund may also be obligated in some circumstances to reimburse Parallel

Funds, co-investors or Other Stonepeak Accounts for their losses resulting from cross-collateralization of their investments with

assets of the Fund that are in default. Notwithstanding that an obligation (including a guarantee) of the Fund may be joint and

several and / or cross-collateralized with obligations of other investment funds, vehicles and / or accounts as described above

(including any Parallel Funds and any Other Stonepeak Accounts), only the Fund's pro rata share of such obligation (as

determined by the General Partner and not taking into account the joint and several aspect of such obligations) will be counted

toward the Fund's Leverage Ratio. Although the General Partner will seek to use leverage in a manner it believes is appropriate,

the use of leverage involves a high degree of financial risk.

By executing a subscription document with respect to SP+ INFRA, Unitholders will be deemed to have acknowledged and

consented to the General Partner or any affiliate thereof causing SP+ INFRA to enter into one or more credit facilities or other

similar Fund-level and / or Intermediate Entity-level borrowing or other leverage arrangements.

The aggregate amount of indebtedness incurred by the Fund is subject to certain limits (as more fully set forth in "—

*Leverage*" in this Item 1A). These limits do not include leverage on Investments (including Investments in or alongside Other

Stonepeak Accounts), even though leverage at such entities could increase the risk of loss on such Investments. The limits also

do not apply to (i) guarantees of indebtedness (whether by the Fund, any Parallel Fund, any Feeder Fund, the Master

Aggregator, any Intermediate Entity or any other special purpose vehicles or holding entities formed by SP+ INFRA to make,

hold or provide financing for one or more Investments), even though the Fund or any of the above persons may be obligated to

fully fund such guarantees, (ii) "bad boy" guarantees or other credit support obligations and (iii) other related liabilities that are

not indebtedness for borrowed money. For the avoidance of doubt, the limits do not apply to any equity commitment letters or

obligations under cross-collateralization arrangements with respect to the primary obligations of another person as described

below. Furthermore, indebtedness incurred by persons other than the Fund (including the Master Aggregator, the Lower Funds,

other Intermediate Entities or other special purpose vehicles or holding entities formed by SP+ INFRA to make, hold or provide

financing for one or more Investments) and that is not recourse to the Fund does not count towards such limits and will not

otherwise be considered recourse indebtedness of the Fund, even if such indebtedness is recourse to the Master Aggregator, the

Lower Funds, any other Intermediate Entities or any such other special purpose vehicles or holding entities. The leverage limits

do not apply to indebtedness incurred in connection with any hedging (or other similar) activities of SP+ INFRA. There can be

no assurance that the limits described above are appropriate in all circumstances and would not expose SP+ INFRA to financial

risks.

Stonepeak may organize portfolio vehicles or other subsidiary entities ("Bond Financing Entities") for the purpose of

providing SP+ INFRA with access to the unsecured bond market in Europe. If an investment held by any Bond Financing

Entity organized in connection with a bond financing program for SP+ INFRA were to be unable to service or repay its pro-rata

share of such bond financing, the Fund could be required to fund the shortfall. In addition, such bond financing may be on a

joint and several basis (which may be on an investment-by-investment or portfolio wide basis) with Parallel Funds, co-

investment vehicles or Other Stonepeak Accounts, and, as such, there is a risk that the Fund could be required to contribute

amounts in excess of its pro-rata share of such financing, including additional capital (a) to make up for any shortfall if the

Parallel Funds, co-investment vehicles or Other Stonepeak Accounts are unable to service or repay their pro-rata share of such

financing or (b) to reimburse such Parallel Funds, co-investment vehicles or Other Stonepeak Accounts for proceeds that would

have been distributed to such investors but instead are used to service or repay such Bond Financing Entity financing relating to

investments in which such entities do not participate.

Moreover, in connection with one or more credit facilities entered into by SP+ INFRA, distributions to the Unitholders

may be subordinated to payments required in connection with any indebtedness contemplated thereby. Such borrowings or

other indebtedness may limit the Unitholders' ability to use their Units in SP+ INFRA as collateral for other indebtedness. If

SP+ INFRA defaults on indebtedness secured by an Investment, the lender may foreclose, resulting in a loss of the entire

Investment.

The use of leverage by portfolio companies involves a higher degree of financial risk than companies that do not employ

this strategy. SP+ INFRA's portfolio companies are expected to incur varying degrees of leverage, as a result of which

recessions, pandemics, operating problems and other general business and economic risks (as well as particular risks associated

with investing in technology companies described above) would likely have a more pronounced effect on the profitability or

survival of such companies. In addition, this leverage could accelerate and magnify declines in the value of the investments in

the leveraged portfolio companies in a down market. Moreover, any rise in interest rates may significantly increase a portfolio

company's interest expense, causing losses and / or the inability to service debt levels. Lenders or other holders of debt senior

to the debt positions held by SP+ INFRA may be entitled to a preferred cash flow prior to SP+ INFRA receiving a return on

certain Investments. In the event a portfolio company is unable to generate sufficient cash flow to meet the principal and

interest payments on indebtedness senior to that of debt or equity held by SP+ INFRA or where there is a breach of a

performance covenant, SP+ INFRA may suffer a partial or total loss of capital invested in the portfolio company. In certain

situations, more than one investment purchased by SP+ INFRA with the use of leverage may be held with the same bank,

custodian or dealer.

With respect to the portfolio companies of SP+ INFRA, multiple leveraged investments may be linked and used to "cross-

collateralize" the borrowings. In the event that such investments are "cross-collateralized," SP+ INFRA could experience

concurrent liquidation on multiple investments to satisfy its borrowing obligations, and an adverse event or condition at or with

respect to one portfolio company could negatively affect and / or cause a loss of a different investment that would not otherwise

be subject to such adverse event or condition. To the extent the entities or parties entering into a joint or cross-collateralized

borrowing arrangement are portfolio companies or Intermediate Entities, such borrowings will not be subject to the leverage

limits by the Fund that are set forth in the Fund LPA so long as such borrowings are not recourse to the Fund, even if such

borrowing arrangement is guaranteed by the Fund.

In the event that SP+ INFRA uses a borrowing facility that is collateralized by certain or all of the Fund's or any Parallel

Fund's investments, each of the Fund's Unitholders, including those that have no interest in certain Investments, would

nevertheless be exposed to risks associated with the Fund's and such Parallel Fund's interest in such Investments. For example,

in the event that the value of such Investment were to meaningfully deteriorate, there could be a margin call on SP+ INFRA's

facility, in response to the decrease in the collateral value. A decline in the value of such Investment could also result in

increased costs of borrowing for SP+ INFRA as a whole. Unitholders may also have an interest in certain Investments that is

disproportionate to their exposure to leverage through cross-collateralization on other Investments.

Without limiting the generality of the foregoing, SP+ INFRA, any Intermediate Entity or any person through which any of

the foregoing entities invest may enter into an asset-backed credit facility. Such debt exposes SP+ INFRA and such entities to

refinancing, recourse and other risks. With respect to any asset-backed facility entered into by SP+ INFRA, a decrease in the

market value of SP+ INFRA's Investments would increase the effective amount of leverage and could result in the possibility

of a violation of certain financial covenants pursuant to which SP+ INFRA must either repay the borrowed funds to the lender,

which could cause SP+ INFRA to suffer foreclosure or forced liquidation of the pledged assets. Liquidation of SP+ INFRA's

Investments at an inopportune time in order to satisfy such financial covenants could adversely impact the performance of SP+

INFRA and could, if the value of its Investments had declined significantly, cause SP+ INFRA to lose all or a substantial

amount of its capital. Moreover, if additional capital were required to satisfy such financial covenants, such capital would

effectively reduce the amount of capital available for other Investments and could adversely affect the diversification of SP+

INFRA's portfolio. In the event of a sudden, precipitous drop in the value of SP+ INFRA's assets, SP+ INFRA might not be

able to dispose of assets quickly enough to pay off its debt, resulting in a foreclosure or other total loss of some or all of the

pledged assets. Fund-level debt facilities typically include other covenants such as, but not limited to, covenants against SP+

INFRA incurring or being in default under other recourse debt, including certain Fund guarantees of asset-level debt, which, if

triggered, could cause adverse consequences to SP+ INFRA if it is unable to cure or otherwise mitigate such breach.

The General Partner or any affiliate thereof is permitted under the Fund LPA to provide a loan or make advances to SP+

INFRA or any person through which SP+ INFRA invests for any purpose, including to fund all or any portion of an Investment

(and any related fees and expenses), which loans or advances shall accrue interest comparable to that received by a third party

in an arm's length transaction. Any such loans or advances will not be subject to the Leverage Ratio or any other limitation on

borrowings set forth in the Fund LPA. The General Partner will determine in its sole discretion the appropriate time, method

and order in which SP+ INFRA will be required to pay, re-pay or reimburse the General Partner and its affiliates for any loans

and interest thereon. Because such loans continue to accrue interest for so long as they are outstanding, the General Partner will

be incentivized to keep such loans outstanding for an extended period of time.

Tax-exempt investors should note that use of leverage by SP+ INFRA may create UBTI and should refer to the discussion

of "*Item 1(c). Description of Business—Certain U.S. Tax Considerations—Tax-Exempt Investors*" in the Fund's <u>[Registration](https://www.sec.gov/Archives/edgar/data/2045458/000114036125002720/ny20038852x2_1012ga.htm)</u> 

<u>[Statement on Form 10](https://www.sec.gov/Archives/edgar/data/2045458/000114036125002720/ny20038852x2_1012ga.htm)</u>.

***Cross-Guarantees and Cross-Collateralization***. In certain circumstances, the Fund, any persons through which the Fund

invests and / or the Fund's portfolio companies can be expected to enter into cross-collateralization or cross-guarantee or

similar arrangements (including with respect to Asset Pools) with any Parallel Funds, Other Stonepeak Accounts (including the

Lux Fund and co-investors), any persons through which such Parallel Funds and Other Stonepeak Accounts (including the Lux

Fund) invest and such Parallel Funds' and such Other Stonepeak Accounts' (including the Lux Fund) respective portfolio

companies or other persons, particularly in circumstances in which better financing terms are available through such

arrangements, or where the assets of each portfolio company or person are similar in nature. It is often better (or commercially

required) for a counterparty to view the various entities as one single "Stonepeak" party and therefore appropriate for these

obligations to be addressed among Parallel Funds and Other Stonepeak Accounts (including the Lux Fund) by way of a back-

to-back or reimbursement-type agreement. Also, it is expected that cross-collateralization will generally occur at portfolio

companies rather than the Fund for obligations that are not recourse to the Fund except in limited circumstances such as "bad

boy" events. The Fund is able to form certain special purpose vehicles and holding vehicles, which may involve cross-

guarantees or other cross-collateralization arrangements. At times, in connection with joint investments between the Fund and

one or more Other Stonepeak Accounts, portfolio companies will enter into borrowings or guarantees (including collateralized

by or otherwise secured by the Fund and one or more Other Stonepeak Accounts or their respective interests in such joint

investment), and the Fund and such Other Stonepeak Account(s) will, in certain circumstances, provide credit support to the

entities incurring such borrowings or guarantees. Depending on various factors, including relative assets, any credit facility or

other borrowing or guarantees already in existence and other factors affecting the relative levels of credit risk with respect to

each of the Fund and such Other Stonepeak Accounts, it is expected that the Fund and such Other Stonepeak Account(s) taken

together will, in certain circumstances, receive terms, including economic terms such as interest rates, that will be better or

worse than would have been received by the Fund or such Other Stonepeak Account(s) alone, as applicable, if such party

obtained financing for only its portion of such joint investment as a sole borrower or sole provider of credit support. The Fund

or Other Stonepeak Account(s), as applicable, that is benefiting from better terms than it would have obtained for only its

portion of such joint investment is not expected to enter into a reimbursement agreement or otherwise compensate any other

party that is receiving worse terms. Additionally, while cross-collateralization of Investments may enable SP+ INFRA to obtain

more favorable terms in respect of certain indebtedness across certain Investments (for example, such as where investments of

different but overlapping classes are located in the same region or a part of a larger portfolio) on a modest scale, any cross-

collateralization with any Parallel Fund or any Other Stonepeak Account (including the Lux Fund) could result in the Fund

losing its interests in otherwise performing investments or other assets due to poorly performing or non-performing investments

or other assets of Parallel Funds or Other Stonepeak Accounts (including the Lux Fund) in the collateral pool or such persons

otherwise defaulting on their obligations under the terms of such arrangements (and, for the avoidance of doubt, the Fund's

obligations under such cross-collateralization arrangements are expected to apply to investments in which the Fund has not

participated). SP+ INFRA can, in certain circumstances, be exposed to risks associated with borrowings or other indebtedness

of Parallel Funds and Other Stonepeak Accounts (including the Lux Fund) when such other entities are not in turn exposed to

risks associated with the Fund's borrowing for a similar purpose if, for example, such other entities or the partners thereof are

excused from cross-collateralizing certain partnership expenses, management fees or other obligations of the Fund, any Parallel

Funds and Other Stonepeak Accounts (including the Lux Fund). Through cross-collateralization, cross-guarantees or similar

arrangements, the Fund may nevertheless be indirectly exposed to risks associated with leverage on fees, expenses and / or

other obligations of SP+ INFRA. See also "*—Liability Arising From Transactions Entered into Alongside Stonepeak and / or* 

*Other Stonepeak Accounts*" herein.

Similarly, the Fund will from time to time enter into cross-guarantee, cross-collateralization and joint and several

arrangements with one or more co-investment vehicles, either with respect to a single Investment or across multiple

Investments. Because co-investors typically have little or no unfunded capital commitments to fund their pro rata share of the

relevant borrowing, guarantee or credit support obligation, the Fund will be liable for the full amount of the relevant obligation,

and as a result may be obligated to contribute more than its pro rata share of such obligation or to advance payment on behalf of

any such co-investment vehicle. It is not expected that the Fund will be compensated for the foregoing, notwithstanding that

such co-investors' are "free-riding" at the expense of the Fund, potentially for an extended or indefinite period of time. While

the Fund will seek to enter into back-to-back or similar reimbursement agreements with any applicable co-investment vehicles

to ensure that each participating vehicle ultimately bears its pro rata share of any such obligation, the Fund's recourse may be

limited to limited unfunded capital commitments and / or the applicable co-investment vehicle's interest in the relevant

Investment with respect to which the Fund's obligation arose, which may have been triggered by performance issues.

A counterparty, lender or other unaffiliated participant in a transaction could require or desire that it face only one holding

vehicle, special purpose vehicle or portfolio company of the Fund, any Parallel Fund or Other Stonepeak Account (including

the Lux Fund and any co-investment vehicle), even though multiple holdings vehicles, special purpose vehicles or portfolio

companies of the Fund, any Parallel Fund and Other Stonepeak Accounts (including the Lux Fund) benefit from the lender or

other arrangement. This will typically result in (i) the person facing the counterparty, lender or other unaffiliated participant

being solely liable with respect to the entire obligation, and therefore being required to contribute amounts in respect of the

shortfall attributable to other holding vehicles, special purpose vehicles or portfolio companies and (ii) holding vehicles, special

purpose vehicles or portfolio companies of the Fund, any Parallel Fund and Other Stonepeak Accounts (including the Lux

Fund) being jointly and severally liable for the full amount of the obligation, liable on a cross-collateralized basis or liable for

an equity cushion (which cushion amount may vary depending upon the type of financing or refinancing (e.g., cushions for

refinancings may be smaller)). The holding vehicles, special purpose vehicles and portfolio companies of the Fund, any Parallel

Fund and Other Stonepeak Accounts (including the Lux Fund) benefiting from a financing or other arrangement can be

expected to enter into a back-to-back or other similar reimbursement arrangements whereby each agrees that no holding

vehicle, special purpose vehicle or portfolio company bears more than its pro rata portion of the debt and related obligations. It

is not expected that the holding vehicles, special purpose vehicles or portfolio companies would be compensated (or provide

compensation to other holding vehicles, special purpose vehicles or other persons) for being primarily liable, or jointly liable,

for other persons' pro rata share of any financing. See also "*—Financial Leverage*" above.

***Securitizations; Back Leverage; Holding Vehicles.*** SP+ INFRA may securitize or otherwise restructure or repackage some

or all of its Investments and / or other assets on an individual or cross-collateralized basis with other Investments and / or assets

held by SP+ INFRA and / or Other Stonepeak Accounts and the General Partner may otherwise structure or package some or all

Investments and / or assets held by Other Stonepeak Accounts in holding vehicles as described herein, unrelated to any

financing arrangements, but which will nevertheless give rise to similar risks. See "—*Asset Pooling*" herein. This would

typically involve creating one or more investment vehicles, contributing assets to such vehicle or a related entity (or making

investments directly or indirectly through such vehicle), and issuing debt or preferred equity interests in such entity or having

such entity make borrowings or incur other indebtedness on a non-recourse or limited-recourse basis to purchasers or lenders,

as the case may be, or engaging in such transactions with existing holding or other investment vehicles. To the extent such

arrangements are entered into by any such vehicle or entity (and not the Fund itself), such arrangements will not be subject to

the limits on borrowings or other indebtedness (or any limits on issuing additional interests) by the Fund that are set forth in this

Annual Report. In connection with the foregoing, distributions from one Investment may be used to pay interest and / or

principal (or the equivalent amounts regarding preferred securities).

If SP+ INFRA were to utilize one or more of such investment vehicles for any such purpose, each of the Unitholders,

including those that have no (or different) interest in certain Investments, would nevertheless be exposed to risks associated

with SP+ INFRA's interest in such Investments and / or other assets. For example, in the event that the value of such

investment were to meaningfully deteriorate, there could be a margin call on SP+ INFRA's facility, in response to the decrease

in the collateral value. A decline in the value of such investment could also result in increased costs of borrowing for SP+

INFRA as a whole. The Unitholders and/or SP+ INFRA could also have an interest in certain Investments that is

disproportionate to their exposure to leverage through cross-collateralization on other Investments. Similar circumstances could

arise in a situation where SP+ INFRA and a co-invest vehicle participate in borrowings that experience a margin call, and the

co-invest vehicle's investors already have funded their full commitments to such vehicle and accordingly have the option (and

not the obligation) to fund additional amounts or otherwise be diluted by SP+ INFRA and / or Other Stonepeak Accounts. In

addition, if certain Unitholders and / or SP+ INFRA are excused or excluded from or otherwise do not participate in an

investment, through cross-collateralization, such Unitholders or SP+ INFRA, as the case may be, may nevertheless be indirectly

exposed to risks associated with leverage on investments made by SP+ INFRA or Other Stonepeak Accounts in which such

Unitholders and / or SP+ INFRA is not invested and distributions from unrelated investments may be used to satisfy obligations

with respect to such investment, in which case the Unitholders may receive such proceeds later than they otherwise would have,

in a reduced amount, or not at all. In addition, SP+ INFRA would depend on distributions from an investment vehicle's assets

out of its earnings and cash flows to enable SP+ INFRA to make distributions to its Unitholders. The ability of such an

investment vehicle to make distributions will be subject to various limitations, including the terms and covenants of the debt/

preferred equity it incurs. For example, tests (based on interest coverage or other financial ratios or other criteria) may restrict

SP+ INFRA's ability, as the holder of an investment vehicle's common equity interests, to receive cash flow from these

investments. There is no assurance any such performance tests will be satisfied. Also, an investment vehicle may take actions

that delay distributions in order to preserve ratings and to keep the cost of present and future financings lower or be required to

use all or a portion of its cash flows to pay outstanding obligations to credit parties. As a result, there may be a lag, which could

be significant, between the repayment or other realization from, and the distribution of cash out of, such an investment vehicle,

or cash flow may be completely restricted for the life of the relevant investment vehicle. To the extent any such investment

vehicle defaults in its obligations to any credit parties, such credit parties may be entitled to foreclose on any collateral pledged

by the applicable investment vehicle(s) and / or otherwise exercise rights and remedies as a creditor against the assets of any

such investment vehicle(s), which could result in a loss of all or a part of SP+ INFRA's interest in any applicable investment

and / or distributions therefrom.

SP+ INFRA expects that the terms of the financing that any investment vehicles enter into will generally provide that the

principal amount of assets must exceed the principal balance or market value of the related debt/preferred equity by a certain

amount, commonly referred to as "over-collateralization." SP+ INFRA anticipates that the financing terms may provide that, if

certain delinquencies and / or losses exceed specified levels, the required level of over-collateralization may be increased or

may be prevented from decreasing as would otherwise be permitted if losses or delinquencies did not exceed those levels.

Failure to obtain favorable terms with regard to over-collateralization may materially and adversely affect the liquidity of SP+

INFRA. If assets held by such investment vehicles fail to perform as anticipated, their over-collateralization or other credit

enhancement expenses may increase, resulting in a reduction in income and cash flow to SP+ INFRA from these investment

vehicles.

In addition, a decline in the quality of assets in an investment vehicle due to poor operating results of the relevant issuer,

declines in the value of collateral (whether due to poor operating results or economic conditions), among other things, may

force an investment vehicle to sell certain assets at a loss, reducing their earnings and, in turn, cash potentially available for

distribution to SP+ INFRA for distribution to the Unitholders, or in certain cases a margin call or mandatory prepayment may

be triggered by such perceived decrease in value which may require a large amount of funding (either from separate borrowing

proceeds or capital contributions) on short notice.

The use of margin borrowings results in certain additional risks to SP+ INFRA. See "—*Preferred Financing; Margin* 

*Loans*."

The equity interests that SP+ INFRA will hold in such an investment vehicle will not be secured by the assets of such

investment vehicle, and SP+ INFRA will rank behind all known or unknown creditors and other stakeholders, whether secured

or unsecured, of the investment vehicle. To the extent that any losses are incurred by the investment vehicle in respect of any

collateral, such losses will be borne first by SP+ INFRA as owner of common equity interests.

***Asset Pooling.*** SP+ INFRA may pool certain or all Investments with one or more Other Stonepeak Accounts (any such

pool, an "Asset Pool"), including for the purposes of obtaining leverage or other financing, or seeking a full or partial exit from

one or more Investments including through securitization. In such circumstances an Asset Pool may be managed or controlled

by the General Partner or any of its Affiliates (or Other Stonepeak Account) and securities or other interests in the Asset Pool

will be owned by SP+ INFRA and other affiliated funds. The consummation of any such transaction will generally not require

the consent of the Board of Directors or the Unitholders and will involve the exercise of the General Partner's and its Affiliates'

discretion with respect to a number of material matters, which may give rise to actual or potential conflicts. For example, in

connection with such transactions, the General Partner will have broad discretion to determine whether and to what extent such

a transaction constitutes a disposition of the contributed assets under the terms of the Fund LPA, to determine the proportionate

interest of SP+ INFRA and the Other Stonepeak Account in the Asset Pool (or particular classes or tranches of securities or

others interests in the Asset Pool), which will require the General Partner and its Affiliates to determine the relative value of

assets contributed to the Asset Pool and value of securities or interests (or particular classes or tranches thereof) issued by the

Asset Pool, and to determine how interests in or proceeds from the Asset Pool are attributed to those Unitholders that

participated in such contributed assets, each of which may have a material impact on Unitholders' returns in respect of such

Investments or SP+ INFRA more generally. In making these determinations the General Partner and its Affiliates may, but are

not required to, engage or seek the advice of any third-party independent expert, however even if such advice was sought,

valuing such assets and interests and, therefore, the value of SP+ INFRA's interest in, or proceeds received from, any Asset

Pool, will be subjective. SP+ INFRA will generally be exposed to the performance of all assets in an Asset Pool and those

Investments contributed to the Asset Pool by Other Stonepeak Accounts may not perform as well as those Investments

contributed by SP+ INFRA. Accordingly, the returns of SP+ INFRA in respect of Investments contributed by it may be lower

than if they had not been contributed to the Asset Pool. The receipt, use and recontribution by such Asset Pools of any such

proceeds shall not be considered distributions received by, or contributions made by, the Fund or the Unitholders for purposes

of the Fund LPA and may result in higher or lower reported returns than if such proceeds had otherwise been distributed (or

deemed distributed) to SP+ INFRA or the Unitholders. See also "—*Securitizations; Back Leverage; Holding Vehicles*" herein.

***Credit Support***. SP+ INFRA may be required to make contingent funding commitments or guarantees to its portfolio

companies or other vehicles or entities in or alongside which SP+ INFRA invests (including co-investment vehicles) and / or to

otherwise provide other credit support arrangements as part of its investment activity. Such credit support may take the form of

a recourse or non-recourse guarantee, a letter of credit or other forms of promise to provide funding. Such credit support may

result in fees, expenses and interest costs to SP+ INFRA (including in amounts greater than SP+ INFRA's pro rata share and

that are attributable to Other Stonepeak Accounts, vehicles and / or accounts to which SP+ INFRA provides such credit support,

such as co-investors), which could adversely impact the results of SP+ INFRA.

***"Bad Boy" Guarantees.*** Certain projects may be structured as non-recourse to the borrower, which limits a lender's

recourse to the property pledged as collateral for the loan, and not the other assets of the borrower or to any parent of borrower,

in the event of a loan default. However, lenders customarily will require that a creditworthy parent entity enter into so-called

"recourse carveout" guarantees to protect the lender against certain bad-faith or other intentional acts of the borrower in

violation of the loan documents. A "bad boy" guarantee typically provides that the lender can recover losses from the

guarantors for certain bad acts, such as fraud or intentional misrepresentation, intentional waste, willful misconduct, criminal

acts, misappropriation of funds, voluntary incurrence of prohibited debt and environmental losses sustained by lender. In

addition, "bad boy" guarantees typically provide that the loan will be a full personal recourse obligation of the guarantor, for

certain actions, such as prohibited transfers of the collateral or changes of control and voluntary bankruptcy of the borrower. It

is expected that the financing arrangements with respect to SP+ INFRA's investments generally may require "bad boy"

guarantees from SP+ INFRA and in the event that such a guarantee is called, SP+ INFRA's assets could be adversely affected.

Moreover, SP+ INFRA's "bad boy" guarantees could apply to actions of the joint venture partners associated with SP+

INFRA's investments. While the General Partner expects to negotiate indemnities from such joint venture partners to protect

against such risks, there remains the possibility that the acts of such joint venture partner could result in liability to SP+ INFRA

under such guarantees. SP+ INFRA may provide "bad boy" guarantees on behalf of a Parallel Fund or co-investment vehicle.

SP+ INFRA may in certain circumstances, but shall not be required to, receive a fee or other consideration for providing

guarantees for the benefit of a Parallel Fund, Intermediate Entity or co-investment vehicle. Any such fees or other consideration

may not be shared with such Parallel Fund, Intermediate Entity or co-investment vehicle.

***Preferred Financing; Margin Loans.*** In addition to secured financing arrangements, although not expected, SP+ INFRA

may in the future employ preferred financing arrangements or margin loans with respect to some or all of the investments of

SP+ INFRA. In such arrangements, a third party typically provides cash liquidity in exchange for the right to receive a return of

such amount plus a preferred return thereon prior to the return of any additional proceeds to SP+ INFRA. Such arrangements

could be employed to provide for additional capital for investments by SP+ INFRA. These arrangements could result in SP+

INFRA receiving a lower overall return of distributions than it would otherwise have received if, for example, an investment is

held for a long period of time, resulting in a compounding preferred return in favor of the third party financing provider, or

where the proceeds of the financing are reinvested in investments that do not perform as well as the original investments that

were subject to the financing arrangement. Such secured financing arrangements will not be subject to the limitations on

borrowings set forth in the Fund LPA.

In general, the use of short-term margin borrowings results in certain additional risks to SP+ INFRA. For example, should

the securities pledged to brokers to secure SP+ INFRA's margin accounts decline in value, SP+ INFRA could be subject to a

"margin call," pursuant to which SP+ INFRA must either deposit additional funds or securities with the broker, or suffer

mandatory liquidation of the pledged securities to compensate for the decline in value. In the event of a sudden drop in the

value of SP+ INFRA's assets, SP+ INFRA might not be able to liquidate assets quickly enough to satisfy its margin

requirements, or may be required to sell assets at such reduced values.

SP+ INFRA may be subject to margin calls in connection with its derivative transactions that are subject to variation

margin requirements. The dynamic nature of the margin models utilized by the clearinghouses and the fact that the margin

models might be changed at any time could subject to SP+ INFRA to an unexpected increase in collateral obligations to

clearinghouses during a volatile market environment, which could have a detrimental effect on SP+ INFRA. Clearinghouses

may also limit collateral that they will accept to cash, U.S. treasuries and, in some cases, other highly rated sovereign and

private debt instruments, which in certain circumstances would require SP+ INFRA to borrow eligible securities from a dealer

to meet margin calls and would raise the costs of cleared trades to SP+ INFRA.

To the extent a margin loan or other asset backed facility is entered into on behalf of both SP+ INFRA and a co-investment

vehicle on a cross-collateralized basis, in the event of a margin call, SP+ INFRA and such co-investment vehicle will be

obligated to contribute additional capital in connection with the investment in order to avoid a default on the margin loan or

other facility. Because co-investment vehicles frequently have limited or no remaining unused capital commitments, co-

investors may have an option (but not an obligation) to increase their capital commitment to fund their share of such margin

call, and in the event that one or more co-investors decline to do so, SP+ INFRA is expected to be liable for such amounts.

Because margin calls are most likely to occur at times when the underlying investment has declined in value, the likelihood that

co-investors elect not to fund their share of such margin call is greater than in the case of ordinary course follow-on

investments, and SP+ INFRA's exposure to further decreases in value of the related investment may be higher as a result.

***Equity Commitment Arrangements.*** SP+ INFRA will, from time to time, enter into equity commitment arrangements

whereby, subject to any applicable documentation, it agrees that upon the closing of a transaction with respect to a potential

portfolio company, it will purchase securities in a transaction. Furthermore, in certain instances SP+ INFRA will also enter into

(a) limited guarantee arrangements whereby, subject to any applicable documentation, it agrees that if a transaction with respect

to a potential portfolio company is not consummated under certain circumstances, it will pay a percentage of the total value of

the transaction as a "reverse termination fee" to the seller entity and / or otherwise be liable for damages and other amounts to

the seller entity and / or (b) full guarantee arrangements where SP+ INFRA agrees to close a transaction, which may include

circumstances in which the debt financing for such transaction is not available or has not been funded. While any co-investment

vehicle with investments contractually consummated and tied to SP+ INFRA will generally be obligated to pay its

proportionate share of the purchase price or damages or other amounts, such co-investment vehicle is generally not a direct

party to the commitment arrangements or limited guarantees. Therefore, in the unlikely event that such a co-investment vehicle

defaults on paying such an obligation, SP+ INFRA would be held legally responsible for the entire purchase price or damages

or other amounts, or obligations, as applicable. Furthermore, if the parties to the co-investment vehicle are not contractually

bound to the transaction, or in the event the parties to the co-investment vehicle are contractually bound to the transaction, if

Stonepeak determines there is a good faith basis for the co-investor not to bear such fees or expenses, then they will generally

not bear any portion of the reverse termination fee or any other fees or expenses relating to the non-consummation of the

transaction (in which case such reverse termination fees or other fees and expenses will be borne by SP+ INFRA).

**FX AND HEDGING**

***Foreign Currency and Exchange Rate Risks***. SP+ INFRA's assets generally are and will be denominated in the

currency of the jurisdiction in which the assets are located. Consequently, the return realized on any Investment by investors

whose functional currency is not the currency of the jurisdiction in which the assets are located may be adversely affected by

movements in currency exchange rates, costs of conversion and exchange control regulations in such jurisdiction, in addition to

the performance of the Investment itself. Moreover, SP+ INFRA will incur costs when converting one currency into another.

The value of an Investment may fall substantially as a result of fluctuations in the currency of the country in which the

Investment is made as against the value of the U.S. Dollar. The General Partner may in certain circumstances (but is not obliged

to) attempt to manage currency exposures using hedging techniques where available and appropriate. To the extent that the

General Partner hedges currency risks, SP+ INFRA is expected to incur costs related to such currency hedging arrangements.

There can be no assurance that adequate hedging arrangements will be available on an economically viable basis or that any

particular currency exposure will be hedged or that any executed hedging will improve the performance of any investment. In

addition, SP+ INFRA or its portfolio companies can in certain cases be expected to borrow for the purposes of acquiring or

funding the operation of one or more assets in the currency of a jurisdiction other than the jurisdiction(s) in which such assets

are located. Consequently, movements in currency exchange rates, costs of conversion and exchange control regulations may

adversely affect the returns realized on such Investments and the ability of SP+ INFRA or its portfolio entities to repay such

borrowings.

***U.S. Dollar Denomination of Units***. Fund Units are denominated in U.S. dollars. Investors subscribing for the Units in

any country in which U.S. dollars are not the local currency should note that changes in the rate of exchange between U.S.

dollars and such currency may have an adverse effect on the value, price or income of the investment to such investor. There

may be foreign exchange regulations applicable to Investments in foreign currencies in certain jurisdictions. The fees, costs and

expenses incurred by Unitholders in converting their local currency to U.S. dollars (if applicable) in order to meet their capital

contribution obligations will be borne solely by such Unitholder and will be in addition to the amounts required by such capital

contributions. Each prospective investor should consult with its own counsel and advisors as to all legal, tax, financial and

related matters concerning an investment in the Units.

***Hedging Policies / Risks***. SP+ INFRA may utilize a wide variety of derivative financial instruments for risk

management purposes. The successful utilization of hedging and risk management transactions requires skills that are separate

from the skills used in selecting and monitoring investments and such transactions may entail greater than ordinary investment

risks. Additionally, costs related to derivatives and other hedging arrangements (including legal expenses), whether at the SP+

INFRA level or investment vehicle level, will be borne by SP+ INFRA, including costs incurred in connection with deals that

fail to be consummated. There can be no assurance that any hedging transactions will be effective in mitigating risk in all

market conditions or against all types of risk (including unidentified or unanticipated risks or where the Investment Advisor

does not regard the probability of the risk occurring to be sufficiently high as to justify the cost of a derivative or other hedging

arrangement), thereby resulting in losses to SP+ INFRA. Engaging in derivatives and other hedging transactions may result in a

poorer overall performance for SP+ INFRA than if it had not engaged in any such transaction, and the General Partner and / or

the Investment Advisor may not be able to effectively hedge against or adequately anticipate or choose not to hedge or mitigate

certain risks that may adversely affect SP+ INFRA's investment portfolio. In addition, SP+ INFRA's investment portfolio may

be exposed to certain risks that cannot be fully or effectively hedged, such as credit risk relating both to particular securities and

counterparties as well as interest rate and foreign exchange rules. Recently, counterparties to derivative contracts have sought

assurances that the special purpose or other vehicle executing the derivative contract has recourse to SP+ INFRA and its

remaining unused capital, which recourse liability can create significant additional risk to SP+ INFRA, the Unitholders and its

other Investments. Derivative contracts entered into by SP+ INFRA also have cross-default and / or cross-acceleration

provisions such that a default under SP+ INFRA's subscription credit facility would also trigger a notice or payment obligation

under the relevant derivative contracts, which could create cascading liabilities and additional burdens on SP+ INFRA. SP+

INFRA will utilize derivatives and other hedging transactions only for those positions determined by the General Partner in its

sole discretion.

SP+ INFRA may, and the Lux Fund will likely, in the future determine to establish individual Classes, sub-Classes or

tracking interests denominated in different currencies for the purpose of engaging in currency hedging. In relation to currency

hedging undertaken, if any, in the interest of a hedged Class, sub-Class or interest, note that such Class, sub-Class or interest

does not constitute a separate portfolio of assets and liabilities. Accordingly, while gains and losses on any such hedging

transactions and the expenses of the hedging program could be allocated to the hedged Class, sub-Class or interests only, SP+

INFRA as a whole (including the non-hedged Classes, sub-Classes or interests), could be liable for obligations in connection

with the currency hedges in favor of a specific Class, sub-Class or interests. Additionally, any financing facilities or guarantees

utilized in connection with the hedging program may be entered into by SP+ INFRA as a whole and not any specific Class, sub-

Class or interests. To the extent any such financing facility or guarantee is entered into on a joint and several or cross-

collateralized basis with the Lux Fund, SP+ INFRA as a whole and not any specific Class, sub-Class or interests could be liable

for obligations in connection with currency hedges in favor of the Lux Fund or any specific Class, sub-Class or interests

thereof.

***Short Sales.*** SP+ INFRA may sell securities short. Short selling is the practice of selling securities that are not owned

by the seller, generally when the seller anticipates a decline in the price of the securities or for hedging purposes. Selling

securities short runs the risk of losing an amount greater than the amount invested. Short selling is subject to the theoretically

unlimited risk of loss because there is no limit on how much the price of a security may appreciate before the short position is

closed out. A short sale may result in a sudden and substantial loss if, for example, an acquisition proposal is made for the

subject company at a substantial premium over market price. In addition, the supply of securities which can be borrowed

fluctuates from time to time. SP+ INFRA may be subject to losses if a security lender demands return of the lent securities and

an alternative lending source cannot be found or if SP+ INFRA is otherwise unable to borrow securities which are necessary to

cover its positions.

***European Union Securities Financing Transactions Regulation***. The European Union Securities Financing

Transaction Regulation (Regulation (E.U.) No. 2015/2365 ("SFTR")) introduced certain reporting obligations in relation to

securities financing transactions ("SFTs") and total return swaps ("TRSs") entered into by collective investment undertakings.

The SFTR has been retained and transposed within the national law of the U.K. by virtue of the European Union (Withdrawal)

Act 2018. Pursuant to the SFTR, SFTs include a variety of secured transactions that have similar economic effects such as

trading on margin, lending or borrowing securities and commodities, repurchase or reverse repurchase transactions and buy-sell

back or sell-buy back transactions, including collateral and liquidity swaps. TRSs, on the other hand, include a variety of

transactions whereby one party to the transaction transfers the total economic performance (including income from interest and

fees, gains and losses from price movements and credit losses) of a reference obligation, asset or index to the other

counterparty, against the obligation to make fixed or floating payments. Generally speaking, SFTs and TRSs may be entered

into for the purpose of efficient portfolio management as well as for speculative purposes, including for hedging, gaining

exposure to certain markets or instruments, or reducing portfolio expenses. However, as the use of SFTs and TRSs can increase

the general risk profile of collective investment undertakings including SP+ INFRA and, more generally, undermine confidence

in counterparties and magnify risks to financial stability, the SFTR requires certain disclosures to be made to investors.

**DIVERSIFICATION**

***Risk of Limited Number of Investments***. SP+ INFRA may participate in a limited number of investments at any given

time and its portfolio may be highly concentrated in a small number of relatively large positions as a result (particularly in the

first years of SP+ INFRA's life). As a consequence, the aggregate return of SP+ INFRA may be substantially adversely affected

by the unfavorable performance of even a single Investment. If certain Investments perform unfavorably, it may materially and

adversely affect overall fund returns. Moreover, since not all of SP+ INFRA's investments can reasonably be expected to

perform well or even return capital, for SP+ INFRA to achieve above-average returns, one or a few of its investments must

perform very well. There can be no assurance that this will be the case. Investors have no assurance as to the degree of

diversification of SP+ INFRA's Investments, including as to geographic region, industry or asset type or security. Furthermore,

although SP+ INFRA could make an acquisition with the intent to syndicate a portion of the capital invested, there is a risk that

any such planned syndication may not be completed, which could result in SP+ INFRA investing a larger percentage of capital

in a single Investment than desired and could result in lower overall returns. No remedial action will be required if such

restriction is exceeded for any reason other than the acquisition of a new Investment (including the exercise of rights attached to

the Investment).

To the extent SP+ INFRA concentrates Investments in a particular issuer, asset type, sector, industry, security or

geographic region, its Investments will become more susceptible to fluctuations in value resulting from adverse economic,

political, regulatory, technological, industry or business conditions with respect thereto. Certain geographic regions and / or

industries in which SP+ INFRA may more heavily invest may be more adversely affected from economic pressures when

compared to other geographic regions and / or industries. As a consequence, the aggregate returns of SP+ INFRA may be

adversely affected by the unfavorable performance of one or a limited number of Investments. Moreover, there are no

assurances that any or all of SP+ INFRA's Investments will perform well or avoid loss, and if certain investments perform

unfavorably, for SP+ INFRA to achieve above average returns, one or a few of its Investments must perform very well. There

are no assurances that this will be the case.

**INVESTMENTS IN THIRD-PARTY FUND MANAGERS AND/OR THIRD-PARTY POOLED INVESTMENT** 

**VEHICLES**

***Minority and Non-Control Investments in Third Party Fund Managers and Third-Party Investment Vehicles;*** 

***Dependence on Third-Party Fund Managers***. SP+ INFRA is permitted to invest in minority, non-controlling, equity, equity-

related and/or revenue interests in Third-Party Fund Managers and make passive investments in Third-Party Pooled Investment

Vehicles. SP+ INFRA will not be responsible for the results of the Third-Party Pooled Investment Vehicles and Third-Party

Fund Managers (unless such Third-Party Pooled Investment Vehicle invests into Stonepeak and holds no other investments).

The existing management of such Third-Party Fund Managers will typically retain autonomy over the day-to-day operations of

the business and will generally retain a majority stake in such business.

In holding such non-controlling interests, SP+ INFRA will also have a limited ability to create or take advantage of

exit opportunities. The inability to control the timing of the making, restructuring, refinancing and exiting of Investments may

adversely affect performance. The timing and extent to which SP+ INFRA realizes proceeds from any disposition, listing,

financing or other liquidity event with respect to any Investment will to a large extent depend on the decisions and actions of

Third-Party Fund Managers. The management of Third-Party Fund Managers may make business, financial or management

decisions with which the General Partner does not agree or such management may take risks or otherwise act in a manner that

does not serve SP+ INFRA's interests. The returns of investments in such Third-Party Fund Managers and/or Third-Party

Pooled Investment Vehicles will depend largely on the performance of unrelated Third-Party Fund Managers and could be

substantially adversely affected by the unfavorable performance and/or practices and policies of the Third-Party Fund

Managers. The performance of a Third-Party Fund Manager may also rely on the services of a limited number of key

individuals, the loss of whom could significantly adversely affect such Third-Party Fund Manager's performance.

***Misconduct and Regulatory Non-Compliance and Fund Reputation; Bad Acts of Third-Party Fund Managers,*** 

***Employees, Portfolio Companies or Service Providers***. Investments in Third-Party Fund Managers may expose Stonepeak to

public scrutiny. In an industry that is reliant to a very large extent on reputation, regulatory non-compliance and misconduct by

portfolio managers or employees of a Third-Party Fund Manager, its portfolio companies or its third-party service providers

could cause significant losses, directly or indirectly, to a Third-Party Fund Manager and, consequently, to SP+ INFRA and

Stonepeak. Alternative investment managers operate in a highly regulated environment, and SP+ INFRA may have little or no

oversight over or input in the activities of Third-Party Fund Managers and will rely on each Third-Party Fund Manager to

manage its activities in a manner consistent with applicable laws and regulations and in a manner which will permit such Third-

Party Fund Manager to maintain a quality reputation. It will also be difficult, and likely impossible, for the General Partner to

protect SP+ INFRA from the risk of fraud, misrepresentation or material strategy alteration by portfolio managers or employees

of the Third-Party Fund Managers, their third-party service providers or their portfolio companies. In addition, portfolio

managers, employees and third-party service providers of a Third-Party Fund Manager or its portfolio companies may

improperly use or disclose confidential information, which could result in litigation or serious financial harm, including limiting

a Third-Party Fund Manager's business prospects or future marketing activities.

While the General Partner expects to perform a detailed assessment on Third-Party Fund Managers on a variety of key

investment, operational, and legal areas, there can be no assurance that such assessment will identify or prevent any such

misconduct or all other potential risks, problems or issues with the Third-Party Fund Manager or its portfolio companies.

***Attractiveness to Third-Party Fund Managers of an Investment by SP+ INFRA***. The structure and investment

objective of SP+ INFRA may impair its ability to complete Investments. Among the realization and monetization strategies that

may be pursued by the General Partner are liquidity events such as a public listing of interests in a Third-Party Fund Manager

or a sale of all or some of SP+ INFRA's interests in Third-Party Fund Managers and Third-Party Pooled Investment Vehicles.

A prospective Third-Party Fund Manager may not be interested in an investment by SP+ INFRA if required to disclose

information that might be made public as part of a liquidity event or if it may ultimately result in such Third-Party Fund

Manager eventually becoming a publicly traded entity. In addition, while a Third-Party Fund Manager may feel comfortable

with SP+ INFRA being a minority owner of its business, it may not have the same view for potential transferees.

***General Risks related to Investments in Third-Party Fund Managers and Third-Party Pooled Investment Vehicles***.

Before making investments, the General Partner will typically conduct due diligence that it deems reasonable and appropriate

based on the facts and circumstances applicable to each investment and known at that time. The due diligence investigation that

the General Partner carries out with respect to any investment opportunity may not reveal or highlight all relevant facts that may

be necessary or helpful in evaluating such investment opportunity. The General Partner may decide to invest in a Third-Party

Fund Manager despite the identification of deficiencies or concerns in such Third-Party Fund Manager for various reasons

without notice. In addition, negotiating and executing transaction agreements, together with the process of identifying and

diligencing a Third-Party Fund Manager, can be time-consuming and burdensome and result in high transaction costs, which

generally would be borne by SP+ INFRA (and not split between SP+ INFRA and the target Third-Party Fund Manager unless

specifically agreed).

Among the factors that the General Partner may consider in selecting Third-Party Fund Managers for investment is a

record of strong financial performance and prospects for future success and growth. However, the past performance of a Third-

Party Fund Manager and/or its Third-Party Pooled Investment Vehicles is not indicative of such Third-Party Fund Manager's

future performance. There is no assurance that a Third-Party Fund Manager will achieve similar revenues or profits in the future

and an investment with a Third-Party Fund Manager could result in a partial or total loss for SP+ INFRA.

The General Partner will typically not be able to negotiate the terms of its investments in a Third-Party Pooled

Investment Vehicle, including the level of any fee offsets, and will not be responsible for, or have visibility into, determining

whether Third-Party Fund Managers of such Third-Party Pooled Investment Vehicles are correctly calculating fees or fee

offsets. The General Partner is expected to have limitations around the type of information it receives from Third-Party Fund

Managers and Third-Party Pooled Investment Vehicles, including because certain of this information may be considered

proprietary. The lack of access to information in connection with SP+ INFRA's evaluation of an opportunity to invest in a

Third-Party Pooled Investment Vehicle may make it more difficult for the General Partner to select and evaluate potential

investments.

Third-Party Fund Managers may enter into new lines of business not anticipated by SP+ INFRA at the time it invests

in such Third-Party Fund Managers. Third-Party Fund Managers may also have the ability to change their investment objectives

and strategies and economic and other terms after SP+ INFRA has made its investments in such Third-Party Fund Managers or

Third-Party Pooled Investment Vehicles and such change in the investment objectives and strategies may be different from the

objectives currently expected by the General Partner. SP+ INFRA and Stonepeak will likely not have the ability to prevent

Third-Party Fund Managers from taking such action and decisions by the Third-Party Fund Managers may negatively impact

the performance of SP+ INFRA.

It is expected that Third-Party Fund Managers will implement similar leverage arrangements to SP+ INFRA with

respect to their Third-Party Pooled Investment Vehicles, which would increase the overall indirect leverage applicable to the

Fund's Investments. The Third-Party Fund Managers may obtain leverage at the "fund" level. The exercise by any lenders of

their remedy under a subscription facility to issue drawdown notices to investors in the relevant Third-Party Pooled Investment

Vehicle would reduce the amount of capital otherwise available to such Third-Party Pooled Investment Vehicle for making

investments and may negatively impact its ability to make investments or achieve its investment objectives. In addition, such

borrowings may limit SP+ INFRA's ability to use its interests in the relevant Third-Party Pooled Investment Vehicle as

collateral for other indebtedness that SP+ INFRA may bear.

A Third-Party Fund Manager or a Third-Party Pooled Investment Vehicle may make distributions to SP+ INFRA that

are subject to clawback arrangements with such Third-Party Fund Manager or Third-Party Pooled Investment Vehicle (as

applicable). Accordingly, SP+ INFRA may set aside amounts that it could otherwise reinvest or distribute to Unitholders for the

purpose of making clawback payments. Amounts set aside to fund clawback payments will reduce the amount of funds

available for distribution to Unitholders or additional investments by SP+ INFRA. In addition, SP+ INFRA may make

commitments to Third-Party Fund Managers and/or Third-Party Pooled Investment Vehicles in excess of SP+ INFRA's total

capital. As a result, SP+ INFRA may need to retain distributions or take other measures (e.g., borrowing) if it does not generate

sufficient cash flow from its investments to meet these commitments.

Any investment in a Third-Party Pooled Investment Vehicle is likely to be structured as a long term capital

commitment. A Third-Party Pooled Investment Vehicle may, among other things, default or terminate SP+ INFRA's interest in

that Third-Party Pooled Investment Vehicle if SP+ INFRA fails to satisfy any capital call by that Third-Party Pooled Investment

Vehicle with respect to any such capital commitment, which would result in a substantial reduction in the value of such interest

and other adverse consequences to SP+ INFRA (such as, but not limited to, removal of the right to vote, no participation in

future investments, or reduction or forfeiture of capital accounts). Failure by Unitholders to fund capital contributions when due

to SP+ INFRA would expose SP+ INFRA to this risk of default and other adverse consequences (and it is therefore essential

that Unitholders fund capital contributions when due with respect to SP+ INFRA). SP+ INFRA will be required to fund capital

calls with respect to any capital commitment to a Third-Party Pooled Investment Vehicle even where the performance of the

applicable Third-Party Pooled Investment Vehicle has not met the General Partner's expectations.

Third-Party Fund Managers and their affiliates generally will engage in a wide range of activities and will have other

interests and relationships that may create a variety of conflicts of interest. The Third-Party Fund Managers' activities will not

be coordinated with each other. From time to time a Third-Party Fund Manager of a Third-Party Pooled Investment Vehicle

may buy or sell securities for the benefit of one or more other vehicles or accounts at the same time that such Third-Party Fund

Manager buys or sells those same securities with respect to vehicles in which SP+ INFRA invests. Different Third-Party Fund

Managers may also engage in conflicting activities with respect to the same companies or issuers, including buying or selling at

opposite times or at different prices and terms since their activities are not coordinated. This may lead to additional costs and

expenses and indirectly losses, which would be borne by SP+ INFRA to the extent of its investment in the relevant Third-Party

Pooled Investment Vehicle to the extent such investments were adversely impacted by the uncoordinated actions.

**INVESTMENTS IN AND ALONGSIDE OTHER STONEPEAK ACCOUNTS GENERALLY**

SP+ INFRA has invested and will continue to invest a meaningful portion of its capital in and / or alongside Other

Stonepeak Accounts. The overall success of SP+ INFRA depends not only on the ability of SP+ INFRA to effectively allocate

its capital among the Other Stonepeak Accounts and Direct Investments but also Stonepeak's ability to make successful

investments in the applicable Other Stonepeak Accounts in and alongside which SP+ INFRA invests. Accordingly, SP+ INFRA

will be highly dependent upon the expertise and abilities of Stonepeak and its personnel, who have investment discretion over

SP+ INFRA's assets and deploy capital within the various Other Stonepeak Accounts in and alongside which SP+ INFRA

invests.

The level of risk associated with SP+ INFRA's investments varies depending in part on the particular investment

strategies utilized by Stonepeak with respect to the applicable Other Stonepeak Accounts in and alongside which SP+ INFRA

invests. Each of the risks and conflicts set forth herein may or may not relate to any particular Other Stonepeak Account.

Potential investors in SP+ INFRA should carefully consider the risks associated with SP+ INFRA's investment strategy and

those of the Other Stonepeak Accounts prior to investing.

• ***No Management or Control of Other Stonepeak Accounts***. In instances where SP+ INFRA invests in an Other

Stonepeak Account, SP+ INFRA will be a passive investor, and will have no management authority or governance

rights with respect to any investments made by such Other Stonepeak Account. As described above under

"Investments in Third-Party Fund Managers and/or Third-Party Pooled Investment Vehicles," SP+ INFRA will be

relying on the management skill of Stonepeak as sponsor and / or adviser of the respective Other Stonepeak Accounts

alongside which, or in which, SP+ INFRA invests. In addition, the management, financing, investing and disposition

practices or policies of each Other Stonepeak Account (and thus SP+ INFRA) generally will be determined by

Stonepeak and will not require the consent of the investors of either such Other Stonepeak Accounts or SP+ INFRA.

Any changes in such practices or policies could be detrimental to the value of SP+ INFRA's investment and could

cause the interests of SP+ INFRA, on the one hand, and those of Stonepeak or the Unitholders of the Other Stonepeak

Accounts, on the other hand, to diverge. In addition, since in many instances the structure and terms of an Investment

will be primarily negotiated by the investment team of the Other Stonepeak Accounts alongside which, or in which,

SP+ INFRA will also invest, the terms and structure of such Investment may not necessarily take fully into account (or

take into account at all) the interests of SP+ INFRA or its Unitholders (including as it relates to any tax structuring by

the applicable Other Stonepeak Accounts).

• ***Concentration of Investments alongside Other Stonepeak Accounts***. It is expected that a meaningful portion of SP+

INFRA's capital will be invested alongside one or more Other Stonepeak Accounts. Accordingly, SP+ INFRA's

investments may be concentrated in the limited universe of a particular strategy (or strategies), meaning that the

performance of one or more of the Other Stonepeak Accounts, or more specifically a particular strategy or even

investment, may substantially impact, potentially negatively, the return of SP+ INFRA's investments as a whole.

Furthermore, positive performance of one Other Stonepeak Account in which SP+ INFRA is invested may be offset by

negative performance of any Other Stonepeak Account or any Direct Investment in which SP+ INFRA is invested.

Lastly, while it is anticipated that SP+ INFRA will target investments among one or more of the Other Stonepeak

Accounts described in this Annual Report, there can be no assurances that SP+ INFRA will have exposure to any

particular Other Stonepeak Account, or conversely, that all such Other Stonepeak Accounts in which SP+ INFRA may

invest are identified herein.

• ***Differences Between Investing in SP+ INFRA and in Other Stonepeak Accounts***. By investing directly as a

Unitholder in SP+ INFRA, with respect to Investments in or alongside Other Stonepeak Accounts, the rights and

benefits of each investor will differ from the rights and benefits of those investors that have invested directly in Other

Stonepeak Accounts with respect to which SP+ INFRA invests in or alongside. Such differences and risks associated

with such differences include, without limitation, the following:

◦ ***Timing of Capital Contributions***. The investors in Other Stonepeak Accounts generally make capital

commitments that are funded by those investors over time, as those Other Stonepeak Accounts identify

investment opportunities. Such Other Stonepeak Accounts may also generally use subscription lines of credit

to further delay the obligation of investors to contribute capital to such Other Stonepeak Accounts at the time

investments are made. In contrast, Unitholders are required to fully fund their subscriptions at the time of

investment, thus potentially reducing the rates of returns experienced by the Unitholders compared to the

rates of returns of the investors of such Other Stonepeak Accounts.

◦ ***Voting***. The Unitholders have very limited voting rights generally in respect of the Fund where limited

partners in the Other Stonepeak Accounts generally have voting rights typical of private fund investors,

including in respect of approving amendments, removing the general partner and/or liquidating the Other

Stonepeak Accounts before the end of their terms. The Unitholders will generally have no right to vote on

matters presented to the limited partners of the Other Stonepeak Accounts, even where such matters may

impact the Fund (as a result of shared investments between the Fund and Other Stonepeak Accounts or

otherwise).

◦ ***Privity***. The Unitholders will not be limited partners of any Other Stonepeak Accounts in which SP+ INFRA

invests (by virtue of the Unitholder's investment in SP+ INFRA), and as such, the Unitholders will not be

parties to any Other Stonepeak Account's governing agreements and, accordingly, will not have any direct or

indirect rights thereunder and therefore will have no recourse against any Other Stonepeak Account, such

Other Stonepeak Account's related vehicles, the general partner and / or investment advisor of any Other

Stonepeak Account or any of its Affiliates (other than the General Partner, the Investment Advisor and SP+

INFRA). The offering of Units in SP+ INFRA does not constitute, and should not be considered, an offering

of interests in any Other Stonepeak Account. Moreover, SP+ INFRA has no right to participate in the control,

management or operations of any Other Stonepeak Account. No Other Stonepeak Account or the general

partner and / or investment advisor of any Other Stonepeak Account has participated or will participate in the

offering of Units, and none of the foregoing has or will have any responsibility for such offering. No Other

Stonepeak Account or the general partner and / or investment advisor of any Other Stonepeak Account has

endorsed, and none of them is or will be responsible for the preparation or contents of, and none has passed

upon or made any representation with respect to the adequacy or sufficiency of, the disclosure contained

herein. In addition, the General Partner and/or the Investment Advisor may offer co-investments to Other

Stonepeak Accounts and their respective investors. To the extent investors in any Other Stonepeak Accounts

do not bear management fee and/or carried interest and such Other Stonepeak Account does not bear all of the

expenses borne by the Fund in developing, consummating and maintaining an investment, investors of such

Other Stonepeak Account that participates in co-investments will achieve a better return than Unitholders

who do not participate in co-investments, depending on how the co-investments perform.

◦ ***Investment Participation and Performance.*** SP+ INFRA is expected to participate alongside multiple Other

Stonepeak Accounts and may also make certain investments where no Other Stonepeak Account is investing.

As a result, an investment in the Fund should not be expected to result in a portfolio exposure that is exactly

parallel to that of any Other Stonepeak Account. Additionally, the extent of the Fund's investments alongside

any Other Stonepeak Accounts may be limited to a subset of investment opportunities that meets the

investment parameters described in "Part I. Item 1. Business–Allocation of Investment Opportunities". As a

result, SP+ INFRA may not be allocated the opportunity to participate in certain investments made by Other

Stonepeak Accounts, including where SP+ INFRA may otherwise have participated in such investment.

Additionally, the Fund may participate in follow-on investment opportunities in respect of portfolio

companies of Other Stonepeak Accounts even where such Other Stonepeak Accounts are not themselves

participating in such follow-on investment. Furthermore, even to the extent the Fund is allocated an

investment opportunity, it may at times be unable to participate in such investment opportunity due to capital

constraints, portfolio construction considerations, or other considerations deemed relevant by Stonepeak. Any

allocation of all or a portion of a potential follow-on investment opportunity to one or more Other Stonepeak

Accounts may have a substantial negative impact on a portfolio company in need of such an investment, may

result in missed opportunities for SP+ INFRA, or may result in dilution of SP+ INFRA's investment as other

investors provide the needed capital. For more information on how follow-on investment opportunities are

allocated and some of the potential conflicts of interest present in them, please refer to the discussion in "—

Allocation of Investment Opportunities". Conversely, to the extent that an Other Stonepeak Account is unable

to participate in an investment opportunity allocated to it as a result of such considerations, more of such

investment opportunity may be allocated to SP+ INFRA. Any of the foregoing situations will result in SP+

INFRA investing disproportionately more or less in a given investment opportunity than Other Stonepeak

Accounts and, than the amount it might otherwise have invested. As a result of all of the foregoing (and

different fee and performance allocations, as described elsewhere), the performance of SP+ INFRA is not

expected to align with the performance of any Other Stonepeak Account.

◦ ***Reporting***. The investors in Other Stonepeak Accounts generally will receive periodic reporting which

includes investment by investment performance and, in some cases, commentary on recent developments at

particular portfolio companies, among other things. Even if such companies are also portfolio companies of

SP+ INFRA, this information is, in most cases, not expected to be shared with Unitholders of SP+ INFRA. In

addition, representatives of investors in Other Stonepeak Accounts that serve as members of such Other

Stonepeak Account's limited partner advisory committees may receive detailed information concerning

various aspects of the activities of the Other Stonepeak Accounts in connection with the performance of their

responsibilities. Therefore, investors in Other Stonepeak Accounts or their representatives on an Other

Stonepeak Account's limited partner advisory committee may receive additional or more detailed reporting

regarding the portfolio companies in which SP+ INFRA has invested.

• ***Overlapping Mandates of Other Stonepeak Accounts***. Other Stonepeak Accounts are expected to look at investment

opportunities that meet the investment objectives of SP+ INFRA (which is made more likely by SP+ INFRA's broad

investment mandate). Where an Other Stonepeak Account has an overlapping investment mandate to SP+ INFRA then

any allocation is to be made between SP+ INFRA and such Other Stonepeak Account on a basis that Stonepeak

believes in good faith to be fair and reasonable and consistent with Stonepeak's allocation policy (which will be

updated from time to time). Please see "—*Allocation of Investment Opportunities*" for additional information.

Oftentimes when there is the potential to allocate an opportunity to SP+ INFRA or an Other Stonepeak Account, the

dispute may be resolved in favor of such Other Stonepeak Account. For the avoidance of doubt, SP+ INFRA will not

have any "first look," exclusivity or priority allocation to any type of investment. Accordingly, all potential

Unitholders acknowledge and agree that the lack of any allocation mandate for this vehicle may have a negative

impact on the potential investment opportunities that SP+ INFRA is presented with and ultimately consummates.

**SECONDARY INVESTMENTS**

***No Established Market for Secondary Investments; Limited Opportunities***. There is no established market for

Secondary Investments and no liquid market is expected to develop for Secondary Investments. Moreover, the market for

Secondary Investments has been evolving and is likely to continue to evolve. SP+ INFRA will acquire an interest in an Other

Stonepeak Account, and SP+ INFRA may acquire additional interests in Third-Party Pooled Investment Vehicles and Other

Stonepeak Accounts from existing investors in such vehicles (although SP+ INFRA may from time to time acquire interests in

such vehicles from the issuers of such investments) and dispose of such interests, in each case, on an opportunistic basis. SP+

INFRA may also target purchases of portfolios of interests in Third-Party Pooled Investment Vehicles from institutional and

other investors, who may be less motivated to sell interests in Third-Party Pooled Investment Vehicles during periods when the

performance of such funds is perceived to be improving. There can be no assurance that SP+ INFRA will be able to identify

sufficient Secondary Investment opportunities or that it will be able to acquire sufficient Secondary Investments on attractive

terms. Equally, there can be no assurance that SP+ INFRA will be able to realize any Secondary Investment at a price that

reflects what the General Partner believes to be its market value.

***Importance of Valuation and Acquisition Terms***. The performance of SP+ INFRA's Investments in Secondary

Investments will depend in large part on the acquisition price paid by SP+ INFRA for such investments and on the structure of

the acquisitions. Although the acquisition price of SP+ INFRA's Secondary Investments will likely be the subject of negotiation

with the sellers of the investments, the acquisition price is typically determined by reference to the carrying values most

recently reported by the underlying funds (which may be based on interim unaudited financial statements) and other available

information. The underlying funds are not generally obligated to update any valuations in connection with a transfer of interests

on a secondary basis, and such valuations may not be indicative of current or ultimate realizable values. Moreover, there is no

established market for Secondary Investments or for the privately held portfolio companies in which the Third-Party Pooled

Investment Vehicles or Other Stonepeak Accounts may own securities, and there may not be any comparable companies for

which public market valuations exist. As a result, the valuation of Secondary Investments may be based on imperfect

information and is subject to inherent uncertainties. Generally, SP+ INFRA expects to hold its Secondary Investments on a

long-term basis. As a result, the performance of SP+ INFRA will be adversely affected in the event that the valuations assumed

by the General Partner in the course of negotiating acquisitions of investments prove to have been too high.

**CYBER SECURITY, DATA PRIVACY AND OPERATIONAL RISKS**

***Cyber Security Breaches, Identity Theft, Denial of Service Attacks, Ransomware Attacks, and Social Engineering*** 

***Attempts***. Cyber security incidents, cyber-attacks, denial of service attacks, ransomware attacks, and social engineering attempts

(including business email compromise attacks) have been occurring globally at a more frequent and severe level and will likely

continue to increase in frequency in the future (including as a consequence of the COVID-19 pandemic and the increased

frequency of virtual working arrangements). There have been a number of recent highly publicized cases involving the

dissemination, theft and destruction of corporate information or other assets, as a result of a failure to follow procedures by

employees or contractors or as a result of actions by a variety of third parties, including nation state actors and terrorist or

criminal organizations. Attacks on Stonepeak's systems could involve attempts intended to obtain unauthorized access to

Stonepeak's, SP+ INFRA's or Other Stonepeak Accounts' proprietary information, destroy data or disable, degrade or sabotage

Stonepeak's systems or divert or otherwise steal funds, including through the introduction of computer viruses, "phishing"

attempts and other forms of social engineering. Cyberattacks and other security threats could originate from a wide variety of

external sources, including cyber criminals, nation state hackers, hacktivists and other outside parties. Cyberattacks and other

security threats could also originate from the malicious or accidental acts of insiders, such as employees.

Stonepeak, SP+ INFRA, SP+ INFRA's portfolio companies, their service providers and other market participants

increasingly depend on complex information technology and communications systems to conduct business functions, and their

operations rely on the secure processing, storage and transmission of confidential and other information in their systems and

those of their respective third-party service providers. Cyberattacks could also be employed against SP+ INFRA's and/or

Stonepeak's various stakeholders or other third parties, including by impersonating SP+ INFRA, Stonepeak, or their employees,

which could cause similar security impacts to SP+ INFRA's and/or Stonepeak's stakeholders and other third parties and

materially and adversely impact Stonepeak, SP+ INFRA, or Other Stonepeak Accounts. These information, technology and

communications systems are subject to a number of different threats or risks that could adversely affect Stonepeak, SP+

INFRA, the Unitholders and SP+ INFRA's portfolio companies. For example, the information and technology systems of

Stonepeak, SP+ INFRA, its portfolio companies and other related parties, such as service providers, may be vulnerable to

damage or interruption from cyber security breaches, computer viruses and other malicious code, ransomware attacks, network

failures, computer and digital infrastructure failures, infiltration by unauthorized persons and security breaches, usage errors by

their respective professionals or service providers, power, communications or other service outages and catastrophic events

such as fires, tornadoes, floods, hurricanes, earthquakes, wars and terrorist attacks. Third parties may also attempt to

fraudulently induce employees, customers, third-party service providers or other users of Stonepeak's, SP+ INFRA's, SP+

INFRA's portfolio companies' or their respective service providers' systems to disclose sensitive information in order to gain

access to Stonepeak's, SP+ INFRA's, or SP+ INFRA's portfolio companies' data or that of the Unitholders. There also have

been several publicized cases where hackers have requested ransom payments in exchange for not disclosing client or customer

information or restoring access to digital infrastructure, pipelines and other infrastructure assets. The U.S. federal government

has issued public warnings that indicate that infrastructure assets may be specific targets of "cyber sabotage" events, which

illustrates the particularly heightened risk for Stonepeak, SP+ INFRA and its portfolio companies from such events.

If unauthorized parties gain access to any information and technology systems of Stonepeak, SP+ INFRA, SP+

INFRA's portfolio companies or certain of their service providers, they may be able to steal, publish, delete or modify private

and sensitive information, including non-public personal information related to Unitholders (and their beneficial owners) and

material non-public information. Although Stonepeak has implemented, and its portfolio companies and their service providers

may implement, various measures to manage risks relating to these types of events, such systems could prove to be inadequate

and, if compromised, could become inoperable for extended periods of time, cease to function properly or fail to adequately

secure private information. Stonepeak does not control the cyber security plans and systems put in place by third-party service

providers, and such third-party service providers may have limited indemnification obligations to Stonepeak, SP+ INFRA and /

or a portfolio company, each of whom could be negatively impacted as a result. In addition, Stonepeak could also suffer losses

in connection with updates to, or the failure to timely update, the technology platforms on which it relies. Breaches such as

those involving covertly introduced malware, impersonation of authorized users and industrial or other espionage may not be

identified even with sophisticated prevention and detection systems, potentially resulting in further harm and preventing it from

being addressed appropriately. Stonepeak, SP+ INFRA and / or a portfolio company may have to make a significant investment

to fix or replace them. The failure of these systems and / or of disaster recovery plans for any reason could cause significant

interruptions in Stonepeak's, SP+ INFRA's and / or a portfolio company's operations and result in a failure to maintain the

security, confidentiality or privacy of sensitive data, including personal information relating to Unitholders (and their beneficial

owners), material non-public information in possession of and the intellectual property and trade secrets and other sensitive

information in the possession of Stonepeak and / or portfolio companies. Stonepeak, SP+ INFRA and / or a portfolio company

could be required to make a significant investment to remedy the effects of any such failure, harm to their reputations, legal

claims that they and their respective Affiliates may be subjected to, regulatory action or enforcement arising out of applicable

privacy or other laws, adverse publicity, other events that may affect their business and financial performance. See also "—

*Availability of Insurance Against Certain Catastrophic Losses*" herein.

SP+ INFRA and its portfolio companies cannot make any prediction of specific scenarios with respect to any

pandemics, and risk management and contingency plans SP+ INFRA and its portfolio companies have implemented may not

adequately protect their respective businesses from such events. An extended period of remote work arrangements could strain

SP+ INFRA's or its portfolio companies' business continuity plans, introduce operational risk, including but not limited to

cybersecurity risks, and impair SP+ INFRA's or the portfolio companies' ability to manage their respective businesses. The

business operations of SP+ INFRA and its portfolio companies could be significantly disrupted if their critical workforce, key

vendors, third-party suppliers or counterparties with whom SP+ INFRA or its portfolio companies, as applicable, transact are

unable to work effectively, including because of illness, quarantines, government actions in response to pandemics, disruptions

in access to remote working capabilities, including as a result of internet service outages, or other reasons. SP+ INFRA and its

portfolio companies may outsource certain critical business activities to third parties. As a result, SP+ INFRA and its portfolio

companies may rely upon the successful implementation and execution of the business continuity planning of such entities in

the current environment. Successful implementation and execution of business continuity strategies by these third parties are

largely outside SP+ INFRA's and the portfolio companies' control. If one or more of the third parties to whom SP+ INFRA or

its portfolio companies outsource certain critical business activities experience operational failures as a result of the impacts

from the spread of a pandemic, or claim that they cannot perform due to a force majeure event, it could cause a material adverse

effect on the business, financial condition, results of operations and cash flows of SP+ INFRA and its portfolio companies.

***Data Privacy and Cybersecurity Legal Considerations***. Regulations related to privacy, data protection, electronic

communications and information security could increase costs, and a failure to comply could result in fines, sanctions or other

penalties which could materially and adversely affect the results or operations of an investment, a portfolio company or a

Stonepeak entity (including the General Partner, the Investment Advisor or SP+ INFRA). Such regulations might include,

without limitation, the European Union General Data Protection Regulation ("E.U. GDPR"), the United Kingdom General Data

Protection Regulation ("U.K. GDPR"), the Singapore Personal Data Protection Act, the Hong Kong Personal Data (Privacy)

Ordinance, the Cayman Islands Data Protection Act, the U.S. Gramm-Leach-Bliley Act and regulations implemented

thereunder by the SEC (Regulation S-P) and the Consumer Financial Protection Bureau, Section 5 of the U.S. Federal Trade

Commission Act governing unfair or deceptive acts or practices in or affecting commerce, and emerging U.S. state privacy laws

in California, Colorado and Virginia. These and other privacy laws can impose stringent and far-reaching technical,

organizational and operational requirements for covered businesses, including with respect to the collection, storage, handling,

safeguarding and cross-border transfer of personal information, as well as create certain privacy rights for individuals. For

example, the E.U. GDPR and U.K. GDPR require, amongst other things: personal data to be processed in a fair and transparent

manner; personal data to be collected for specified and legitimate purposes and limited to what is adequate or necessary in

relation to such purposes; controllers of personal data to be able to respond in a timely manner to the rights of data subjects

(including, amongst other things and subject to certain conditions, rights of access to, correction of, erasure of, transfer of and

restriction of personal data). Also, under these privacy laws and additional breach notification laws, certain security breaches

involving personal information or personal data may have to be notified to appropriate regulators and / or impacted individuals.

Certain violations of privacy laws may result in significant administrative fines, for example, under the E.U. GDPR,

fines of up to 20,000,000 Euro, or in the case of an undertaking, up to four percent of the total worldwide annual turnover of the

preceding financial year, whichever is higher. Any failure to comply with applicable privacy and data protection related

obligations may therefore result in significant liability, which could have an adverse effect on investors in SP+ INFRA. The

costs of compliance with, and other burdens imposed by applicable data protection and privacy laws will be borne (whether

directly or indirectly) by SP+ INFRA and may, therefore, affect any returns that would otherwise be available to investors in

SP+ INFRA.

Further international legislative evolution in the field of privacy and data protection and wider digital laws is expected,

which may further increase monitoring and compliance costs and have an adverse impact on SP+ INFRA. Additionally, there

has recently been further divergence in data protection laws between the U.K. and EEA, as the U.K. has enacted amendments to

the U.K. GDPR via the Data (Use and Access) Act, including to bring the maximum fine threshold for infringement of certain

requirements relating to direct marketing and the use of cookies in line with the UK GDPR threshold, as well as introducing

new data sharing frameworks. In addition, on November 19, 2025, the EU published a proposal to make certain simplifications

to the GDPR and other data, privacy and cybersecurity related laws, including the ePrivacy Directive and EU AI Act. This

creates a greater dual regulatory compliance burden on organizations that are subject to both regimes. The U.K. and EEA are

also considering or have enacted a variety of other laws and regulations relating to data and other digital issues such as the NIS

2 Directive (EEA), the Digital Operational Resilience Act (EEA), the Data Act (EEA), Financial Data Access Regulation

(EEA), and the Artificial Intelligence Act (EEA) (the latter of which is discussed under "—*Artificial Intelligence* 

*Developments*" herein), which could have a material impact on SP+ INFRA and the operations of its portfolio companies.

Stonepeak cannot predict how these and other data protection and digital laws may develop, or how they will be applied or

interpreted by regulators and courts, and it may result in the business practices of Stonepeak, a portfolio company and their

respective service providers and / or affiliates changing in a manner which adversely affects SP+ INFRA. Further, the costs of

monitoring to and responding to such developments may require the dedication of substantial time and financial resources

which may also increase over time, which could affect returns that would otherwise be available to investors.

Prospective Unitholders should note that it is expected that they will provide personal data (which may include special

categories of personal information data to the E.U. GDPR and the U.K. GDPR), as part of their subscription to SP+ INFRA and

in their interactions with SP+ INFRA, its Affiliates, and / or delegates. SP+ INFRA has prepared a Fund Privacy Notice that is

contained within the Subscription Agreement. Before subscribing to SP+ INFRA, all Unitholders and prospective Unitholders

are encouraged to carefully review the Fund Privacy Notice, which includes detailed information regarding how this personal

information is processed.

***Artificial Intelligence Developments.*** In the current period of rapid technological and commercial innovation, new

businesses and approaches may be created that could affect Stonepeak, SP+ INFRA and its portfolio companies and their

respective affiliates and / or service providers or alter the market practices SP+ INFRA's strategy has been designed to function

within and on which SP+ INFRA's strategy depends for investment return. Moreover, given the pace of innovation in recent

years, such technological innovation may adversely impact Stonepeak, SP+ INFRA and its portfolio companies in a manner

that may not have been foreseen, or foreseeable, at the time SP+ INFRA made its investment. For example, ongoing

technological developments in artificial intelligence, including machine learning technology and generative artificial

intelligence based on larger language models such as ChatGPT and DeepSeek (collectively, "AI Technologies"), pose risks to

Stonepeak, SP+ INFRA and its portfolio companies. Any of these technological innovations could damage SP+ INFRA's

portfolio companies, significantly disrupt the business models, investment strategies, operational processes and markets in

which it operates and subject it to increased competition, which could materially and adversely affect its business, financial

condition and results of investments. Technological evolution, changes in user preferences, societal views toward AI

Technologies and potential laws and rules by various governments and regulatory authorities that regulate, impose restrictions

on, and / or prohibit certain uses of AI could impact the demand for these investments and their returns. If these factors reduce

or delay the use of or demand for AI Technologies, this could negatively affect SP+ INFRA's Investments or contemplated

investments in global data centers.

AI Technologies are highly reliant on the collection and analysis of large amounts of data and complex algorithms but

it is not possible or practicable to incorporate all relevant data into models that AI Technologies utilize to operate, nor does

Stonepeak expect to be involved in the collection of such data or development of such algorithms in the ordinary course.

Moreover, with the use of AI Technologies, there can be a lack of transparency of how inputs are converted to outputs and

Stonepeak in no way will be able to verify this process and its accuracy. Accuracy of such inputs and the resulting impact on

the modeling of AI Technologies cannot always be verified and could result in risk of diminished quality control or false or

misleading information, including coding that may be used by Stonepeak, SP+ INFRA, its portfolio companies or a third-party.

Further, inherent conscious or subconscious bias in the construction of AI Technologies can lead to a wide array of risks

including but not limited to accuracy, efficacy and reputation. It is possible that data in such models contains a degree of

inaccuracy and error, and potentially materially so, and that such data as well as algorithms in use could otherwise be

inadequate or flawed, which would potentially degrade the effectiveness of AI Technologies and could adversely impact

Stonepeak, SP+ INFRA and its portfolio companies and their respective service providers and/or affiliates and investments to

the extent they rely on the work product of such AI Technologies. At the same time, to the extent utilized by Stonepeak, any

interruption of access to or use of AI Technologies could impede the ability of Stonepeak, SP+ INFRA and its portfolio

companies to generate information and analysis that could be beneficial to them and their business, financial condition and

results of operations. AI Technologies will likely also be competitive with certain business activities or increase the

obsolescence of certain organizations' products or services (including other AI Technologies), particularly as AI Technologies

improve. This could also have an adverse impact on Stonepeak, SP+ INFRA and its portfolio companies.

AI Technologies could also be misused or misappropriated by third-parties and / or employees of Stonepeak. For

example, there is a risk that a user may input confidential information, including material non-public into AI Technologies

applications, resulting in such confidential information becoming part of a dataset that is accessible by other third-party AI

Technologies applications and users. Moreover, Stonepeak will not necessarily be in a position to control the manner in which

third-party products are developed or maintained or the manner in which third-party services are provided, even where it has

sought contractual protection against such use. Further, the use of AI Technologies could result in claims by third parties of

infringement, misappropriation or other violations of intellectual property, including based on the use of large datasets to train

AI Technologies, or the use of output generated by AI Technologies, in either case which may contain or be substantially

similar to third-party material protected by intellectual property, including patents, copyrights or trademarks. The use of AI

Technologies, including potential inadvertent disclosure of confidential Stonepeak information, could also lead to legal and

regulatory investigations and enforcement actions. AI Technologies and their current and potential future applications including

in the private investment and financial sectors, as well as the legal and regulatory frameworks within which they operate,

continue to rapidly evolve, and it is impossible to predict the full extent of current or future risks related thereto. For more

information on risks relating to information security, see also "*—Cyber Security Breaches, Identity Theft, Denial of Service* 

*Attacks, Ransomware Attacks, and Social Engineering Attempts*" herein.

Stonepeak continues to review its internal practices, including its general policies as well as specific guidelines and

controls governing use of AI Technologies by its personnel, including in connection with Stonepeak's investment activities, and

such internal practices will be periodically evaluated and adjusted as AI Technologies continue to advance. Stonepeak currently

permits its personnel to use AI (subject to human oversight and review) for certain processes including conducting broad

research and analysis of investment themes, sectors, or companies. It is expected that some Stonepeak personnel will utilize AI

Technologies for such purposes when researching and assessing SP+ INFRA's potential and / or actual investments. Stonepeak

also prohibits its personnel from certain uses of AI Technologies. Notwithstanding any preventative guidelines or policies that

exist now or may be developed in the future and that aim to restrict or govern the use of AI Technologies, it is possible that SP+

INFRA's portfolio companies and / or other entities or persons connected to Stonepeak and / or SP+ INFRA, could utilize AI

Technologies in contravention of such policies or otherwise misuse AI Technologies. While Stonepeak's use of AI

Technologies to assist with certain aspects of its investment processes could help enhance the quality of SP+ INFRA's

investments and / or its performance, it also poses certain risks. These risks include that the outputs generated by AI

Technologies contain errors, and could pose conflicts of interests if particular technology used favors (even subconsciously or

inadvertently) Stonepeak's interests over the interests of SP+ INFRA and / or Stonepeak has an economic incentive to use AI

Technologies to reduce its overhead expenses notwithstanding actual or potential limitations on the reliability of certain AI

Technologies. Stonepeak, SP+ INFRA and its portfolio companies could be further exposed to the risks of AI Technologies if

third-party service providers or any counterparties, whether or not known to Stonepeak, also use AI Technologies in their

business activities. Stonepeak will not be in the position to control the manner in which third-party products are developed or

maintained or the manner in which third-party services are provided.

Regulations related to AI Technologies may also impose certain obligations on organizations, and the costs of

monitoring and responding to such regulations, as well as the consequences of non-compliance, could have an adverse effect on

organizations connected to Stonepeak, SP+ INFRA and its portfolio companies. For example, the European Union has

introduced a new regulation applicable to certain AI Technologies and the data used to train, test and deploy them (the "E.U. AI

Act"). The E.U. AI Act started taking effect in stages from February 2, 2025 and imposes material requirements on both the

providers and deployers of AI Technologies, including the outright prohibition of certain practices, with infringements

punishable by sanctions including fines of up to 7% of total annual worldwide turnover or 35 million euros (whichever is

higher) for the most serious breaches. These obligations can apply on an extraterritorial basis. The EU is currently considering

targeted amends to the EU AI Act. Complying with the E.U. AI Act and other regulations related to AI Technologies could

involve material compliance costs and / or adversely affect the operations or results of a business related to SP+ INFRA,

potentially affecting returns that would otherwise be available to investors.

***Dependency on Third Parties for Foundational Models***. A portfolio company's success in the field of AI

Technologies could heavily rely on access to foundational models or algorithms developed by third-party entities. A portfolio

company's inability to independently develop, own, or maintain these critical foundational models poses inherent risks.

Reliance on third-party providers for such essential components subjects a portfolio company to vulnerabilities including, but

not limited to, the potential lack of control over modifications, updates, or the discontinuation of these models. Furthermore,

uncertainties regarding the third parties' commitment to ongoing support, quality maintenance, or adherence to a portfolio

company's strategic goals may lead to disruptions in operations, intellectual property disputes, or limitations in technological

advancements. Any failure, interruption, or termination of access to these foundational models due to disputes, contractual

breaches, or the inability to renew agreements could significantly impact a portfolio company's ability to deliver products,

innovate, or compete effectively. Consequently, this dependency exposes a portfolio company to operational risks, potential

legal disputes, and could have an adverse effect on its, and in turn, SP+ INFRA's, business operations, financial condition, and

competitive position.

***Demand for Generative AI Products and Services***. An Investment may be dependent on the demand for AI

Technologies platforms, which may be adversely affected by slowdown in such demand. For all digital infrastructure, demand

may be impacted by various factors that are primarily outside the control of SP+ INFRA. Additionally, technological advances

and improvements in data collection and storage, changes in the development and proliferation of new technologies (including

improvements in the efficiency, architecture and design of wireless or cloud), data transmission and/or consumer demand, as

well as changes in the prevailing global economy, could also reduce current and/or anticipated demand for AI Technologies and

could adversely affect SP+ INFRA's investment returns.

***GLB and Regulation S-P.*** GLB is the principal federal law in the U.S. that requires financial institutions to protect the

privacy and security of personal information. Pursuant to GLB, various federal agencies promulgated two set of regulations,

known as the Privacy Rule and the Safeguards Rule. The Privacy Rule imposes obligations on covered entities to provide

privacy notices and offer opt-out opportunities for certain types of information disclosures, while the Safeguards Rule requires

covered entities to develop, implement and maintain a tailored and comprehensive information security program. The SEC's

regulations under GLB are known as Regulation S-P, and it applies to broker-dealers, investment companies and registered

investment advisors. There is a risk that the measures taken by the Investment Advisor, SP+ INFRA, or one or more portfolio

companies to comply with Regulation S-P will not be implemented correctly or that individuals within the business will not be

fully compliant with the measures. In the event of noncompliance with this law, the Investment Advisor, SP+ INFRA or such

portfolio companies could face significant sanctions, as well as reputational damage, which could have a material adverse effect

on the operations, financial condition and prospects of the Investment Advisor, SP+ INFRA or such portfolio companies.

***California Consumer Privacy Act ("CCPA").*** The CCPA grants consumers a right to request that a business disclose

the categories and specific pieces of personal information that it collects about the consumer, the categories of sources from

which that information is collected, the business purposes for collecting or selling the information, and the categories of third

parties with which the information is shared. The CCPA further grants consumers a right to request that a business that sells a

consumer's personal information, or discloses it for a business purpose, disclose the categories of personal information that it

sold and the categories of third parties to which the information was sold, as well as the categories of personal information it

disclosed for a business purpose and the categories of third parties to whom the personal information was disclosed. Consumers

also have the right under the CCPA to request the deletion of their personal information and to opt out of the sale of their

personal information.

While businesses subject to the CCPA needed to comply by January 2020, the law became enforceable by the Attorney

General of California on July 1, 2020 and authorizes a civil penalty up to $2,500 for each violation or $7,500 for each

intentional violation, if a business fails to cure any alleged violation within 30 days after being notified of alleged

noncompliance. The CCPA also provides a private right of action in connection with data security incidents involving a

California resident's personal information that result from a business's failure to maintain reasonable and appropriate security

procedures and practices. There is a risk that the measures taken by the Investment Advisor, SP+ INFRA, or one or more

portfolio companies to comply with the CCPA will not be implemented correctly or that individuals within the business will not

be fully compliant with the measures. In the event of noncompliance with this law, the Investment Advisor, SP+ INFRA or

such portfolio companies could face significant sanctions, as well as reputational damage, which could have a material adverse

effect on the operations, financial condition and prospects of the Investment Advisor, SP+ INFRA or such portfolio companies.

***New and Emerging Laws.*** In addition, legal frameworks regarding privacy and cybersecurity are rapidly evolving, and

proposed or new laws or regulations could significantly affect the Investment Advisor, SP+ INFRA and the portfolio

companies. The application, interpretation, and enforcement of these developing legal obligations are often inconsistent and

uncertain, and may require the Investment Advisor, SP+ INFRA and the portfolio companies to further modify certain of their

respective information practices and could subject them to additional compliance costs and regulatory scrutiny. In the U.S., the

California Privacy Rights Act of 2020, which was approved by California voters in November 2020 and took effect on January

1, 2023 (with certain provisions having retroactive effect to January 1, 2022), amends and expands the CCPA by creating

additional privacy rights for California residents, establishes the California Privacy Protection Agency to enforce the new law,

makes providing a 30-day cure period optional for regulatory enforcement and imposes additional obligations on covered

businesses. In addition, Virginia and Colorado recently enacted comprehensive privacy laws, which became effective on

January 1, 2023 and July 1, 2023, respectively.

Similar to the CCPA, Virginia's and Colorado's laws impose a number of obligations on covered businesses in relation

to the personal information of each state's residents. China also recently passed the Personal Information Protection Law, which

is a comprehensive data protection law with extraterritorial effect that is modeled, in part, on the E.U. GDPR and became

effective on November 1, 2021. There currently are a number of proposals for comprehensive privacy and data protection

legislation pending before U.S. federal and state, and non-U.S. legislative and regulatory bodies that could impose new

obligations in areas affecting the business of the Investment Advisor, SP+ INFRA and the portfolio companies. In addition,

some countries are considering or have passed legislation requiring localized storage and processing of data or similar

requirements that could increase the cost and complexity to the Investment Advisor, SP+ INFRA and the portfolio companies

of delivering their services or could limit their ability to execute on their business plans.

***Legal and Business Risks.*** Any failure to comply with any applicable privacy or cybersecurity obligations may result

in significant liability, which could have an adverse effect on investors in SP+ INFRA. Legal requirements related to privacy

and cybersecurity, as well as any associated inquiries or investigations or any other government actions, may be costly to

comply with and may delay or impede the development of new products, or make existing business unprofitable, result in

negative publicity, increase the operating costs for the Investment Advisor, SP+ INFRA and the portfolio companies, require

significant management time and attention, and subject the Investment Advisor, SP+ INFRA and the portfolio companies to

remedies that may harm their business, including fines or demands or orders that they modify or cease existing business

practices. Any inability, or perceived inability, to adequately address privacy or cybersecurity concerns, or comply with

applicable laws, regulations, contractual obligations, or other legal obligations, could result in additional costs and liability and

could adversely affect the Investment Advisor, SP+ INFRA and the portfolio companies.

The far-reaching impact of these laws across many business lines also provides an additional layer of compliance costs

and considerations for the Investment Advisor, SP+ INFRA and the portfolio companies, especially where portfolio companies

are dependent on monetizing customer data as a meaningful source of revenue.

There is a risk that the measures taken by the Investment Advisor, SP+ INFRA and the portfolio companies to comply

with these laws and regulations will not be implemented or maintained correctly. If there are violations of these laws or

regulations, the Investment Advisor, SP+ INFRA or a portfolio company could face significant fines or penalties, including

those detailed above with respect to the GDPR, the U.K. GDPR, GLB/Regulation S-P, Section 5 of the FTC, the CCPA and

other emerging privacy and cybersecurity laws, as well as reputational damage, which could have a material adverse effect on

their respective operations, financial condition and prospects. The costs of compliance with, and other burdens imposed by

these laws will be borne (whether directly or indirectly) by SP+ INFRA and may, therefore, affect any returns that would

otherwise be available to investors in SP+ INFRA. Further, the Investment Advisor, SP+ INFRA and the portfolio companies

may not be able to accurately anticipate the ways in which regulators and courts will apply or interpret such privacy and

cybersecurity laws and if such laws are implemented or applied in a manner inconsistent with the Investment Advisor's, SP+

INFRA's or the portfolio companies' expectations, it may result in the need to change business practices in a manner that

adversely impacts SP+ INFRA.

***Operational Risk***. Operational risks arising from mistakes made in the confirmation or settlement of transactions, from

transactions not being properly booked, evaluated or accounted for or other similar disruption in SP+ INFRA's operations may

cause SP+ INFRA to suffer financial losses, the disruption of its business, liability to third parties, regulatory intervention or

damage to its reputation. SP+ INFRA depends on Stonepeak to develop the appropriate systems and procedures to control

operational risk. SP+ INFRA relies heavily on its financial, accounting and other data processing systems. The ability of its

systems to accommodate transactions could also constrain SP+ INFRA's ability to properly manage the portfolio. Generally,

the General Partner and / or the Investment Advisor will not be liable to SP+ INFRA for losses incurred due to the occurrence

of any errors.

SP+ INFRA is subject to the risk that its trading orders may not be executed in a timely and efficient manner due to

various circumstances, including, without limitation, systems failure or human error. As a result, SP+ INFRA could be unable

to achieve the market position selected by the General Partner and / or the Investment Advisor or might incur a loss in

liquidating its positions. Since some of the markets in which SP+ INFRA may affect transactions are over-the-counter or

interdealer markets, the participants in such markets are typically not subject to credit evaluation or regulatory oversight

comparable to that which members of exchange-based markets are subject. SP+ INFRA is also exposed to the risk that a

counterparty will not settle a transaction in accordance with its terms and conditions, thereby causing SP+ INFRA to suffer a

loss.

**LIQUIDITY AND TRANSFERS**

***Liquidity.*** SP+ INFRA will have significant liquidity requirements, and adverse market and economic conditions may

adversely affect SP+ INFRA's sources of liquidity, which could adversely affect SP+ INFRA's business operations in the

future. SP+ INFRA expects that it will require liquidity to meet various obligations, including, without limitation, to:

• redeem SP+ INFRA's Units in connection with any redemptions of Units;

• grow SP+ INFRA's Investments, including by acquiring new portfolio companies and otherwise supporting SP+

INFRA's existing portfolio companies;

• service debt obligations including the payment of obligations at maturity, on interest payment dates or upon

redemption, as well as any contingent liabilities, including from litigation, that may give rise to future cash payments;

• fund cash operating expenses and contingencies, including for litigation matters; and

• pay any cash distributions, if any, and to the extent Unitholders have terminated their participation in the DRIP.

These liquidity requirements may be significant and if SP+ INFRA is unable to maintain sufficient liquidity, it may be

unable to meet such obligations. To the extent a Unitholder represents a disproportionate percentage of SP+ INFRA, it may take

several quarters (or years) for such Unitholder to achieve full liquidity of its interest, and such liquidation may strain or exhaust

SP+ INFRA's available cash, limiting such Unitholder's ability to achieve liquidity (or requiring asset sales to give effect

thereto) and also limiting SP+ INFRA's ability to make new investments. In the event that the liquidity requirements were to

exceed available liquid assets of SP+ INFRA, SP+ INFRA may increase its indebtedness or be forced to sell assets, including

where doing so will negatively impact SP+ INFRA's returns. Because the General Partner is incentivized to meet SP+ INFRA's

redemption requests, the General Partner may determine whether to liquidate Investments or use available cash to fund

redemption requests in situations where it otherwise would not, including in situations where it believes that doing so will

negatively impact SP+ INFRA's returns.

In addition, credit facilities that SP+ INFRA enters into with Stonepeak and third-party lenders may contain covenants

that limit SP+ INFRA's ability to redeem Units and may obligate SP+ INFRA to pledge some or all of its assets, including

liquid assets, for the benefit of such lenders, which would further pressure SP+ INFRA's liquidity needs. Furthermore, in

addition to capital needs for pursuing new investment opportunities, SP+ INFRA's commitments to its portfolio companies may

also require significant cash outlays over time, and there can be no assurance that SP+ INFRA will be able to generate sufficient

cash flows from sales of Units to Unitholders or other sources to meet such needs. Failure to meet such needs could adversely

affect SP+ INFRA and/or such portfolio companies (including by diluting SP+ INFRA interests in such portfolio companies

relative to other participants therein). As a result, SP+ INFRA may hold cash or cash-equivalent investments for longer or in

larger quantities than it otherwise might want to in order to meet such liquidity requirements, which could be dilutive to overall

portfolio returns.

Additionally, SP+ INFRA's continuous monthly private offering is expected to create a need to deploy potentially

large amounts of capital quickly. If the General Partner or Investment Advisor have difficulty identifying and purchasing

suitable investment opportunities on attractive terms, there could be a delay between the time SP+ INFRA receives net proceeds

from the sale of Units, the disposition of other portfolio investments, or other sources, and the time SP+ INFRA uses such

liquid proceeds to acquire new investments or deploy into existing portfolio companies. Such a delay in deployment would

result in SP+ INFRA holding cash or cash-equivalent investments for longer or in larger quantities than it otherwise might want

to, which could be dilutive to overall portfolio returns. This could cause a substantial delay in the time it takes for SP+ INFRA's

Investment to realize its full potential return. While a portion of SP+ INFRA's liquid portfolio will be invested in cash

equivalent securities alongside Other Stonepeak Accounts, cash may also be held in an account for the benefit of the

Unitholders that may be invested in money market accounts or other similar temporary investments, each of which is subject to

management fees.

It is not anticipated that the temporary investment of such cash into money market accounts or other similar temporary

investments pending deployment into portfolio companies will generate significant interest, and investors should understand

that such low interest payments on the temporarily invested cash may adversely affect overall returns. In the event the General

Partner fails to timely utilize the net proceeds of sales of SP+ INFRA's Units or does not deploy sufficient capital to meet SP+

INFRA's targeted leverage, SP+ INFRA's results of operations and financial condition may be adversely affected.

***Lack of Liquidity of Units; Redemption Program.*** SP+ INFRA has implemented the Redemption Program in which it

allows for redemption of Units on a quarterly basis up to 5% of Units outstanding (either by number of Units or aggregate

NAV) as of the close of the previous calendar quarter. Subject to limited exceptions, any redemption request of Units that have

not been outstanding for at least two years will be subject to an Early Redemption Deduction of 5% of the value of the

applicable NAV of the Units being redeemed. The two-year holding period is measured as of the subscription closing date

immediately following the prospective redemption date.

There can be no assurance that any such redemption requests will be satisfied within any particular period of time. The

General Partner may amend or suspend the Redemption Program if in its reasonable judgment it deems such action to be in the

Fund's best interest and the best interest of Unitholders, including, but not limited to, regulatory or structuring reasons or as

necessary to ensure that the Fund is not subject to tax as a corporation; provided that any such suspension or material

modification shall be subject to the approval of the Independent Directors. As a result, Unit redemptions may not be available

each quarter, such as when a redemption would place an undue burden on SP+ INFRA's liquidity, adversely affect SP+

INFRA's operations or risk having an adverse impact on SP+ INFRA that would outweigh the benefit of the Redemption

Program, in each case as determined by the General Partner in its sole discretion. See "*Item 1A. Risk Factors—Potential* 

*Conflicts of Interest—The Lux Fund*" below. The Fund has no obligation to redeem Units, including if the redemption would

violate federal law or Delaware law, including restrictions on distributions thereunder.

If the General Partner determines to redeem some but not all of the Units submitted for redemption during a given

quarter, Units submitted for redemption during such quarter will be redeemed on a pro rata basis (based on NAV) after SP+

INFRA has redeemed all Units for which redemption has been requested due to death, qualifying disability, divorce or

adjudicated incompetence of a Unitholder and other limited exceptions.

Unsatisfied redemption requests will not be automatically carried over to the next redemption period. In order for a

redemption request to be reconsidered, Unitholders must resubmit their redemption request in the next quarterly redemption

period, or upon the recommencement of the Redemption Program, as applicable. Withdrawals from SP+ INFRA outside of the

Redemption Program will not be permitted except in extraordinary and very limited circumstances that are set out in the Fund

LPA, where the continued involvement of the Unitholder with SP+ INFRA creates a material adverse effect in respect of SP+

INFRA, the General Partner, the Investment Advisor, any portfolio company, or any of their affiliates or for the Unitholder in

certain limited circumstances.

Class X Unitholders have access to more information regarding Stonepeak, SP+ INFRA and SP+ INFRA's

Investments that is not available to the Unitholders generally. Such access to information could cause Class X Unitholders to

make redemption decisions which may exacerbate liquidity needs in scenarios where the performance of SP+ INFRA's

Investments is expected to decline, the General Partner may act in its own interest when determining whether to effect a

redemption of Class X Units. There can be no assurances that the General Partner will not achieve liquidity ahead of the other

Unitholders, and that such Unitholders' investment returns will not be lower as a result.

***Effect of Substantial Redemption Requests.*** Substantial redemption requests could be triggered by a number of

events, including, without limitation, unsatisfactory performance, events in the markets, significant change in personnel or

management of Stonepeak, legal or regulatory issues that investors perceive to have a bearing on SP+ INFRA or the Investment

Advisor, or other events. Actions taken to meet substantial redemption requests from SP+ INFRA (as well as similar actions

taken simultaneously by investors of any Other Stonepeak Accounts) could result in prices of securities and other assets held by

SP+ INFRA decreasing and in Fund Expenses increasing (e.g., transaction costs and the costs of terminating agreements). The

overall value of SP+ INFRA also may decrease because the liquidation value of certain assets may be materially less than their

cost or mark-to-market value. SP+ INFRA may be forced to sell its more liquid investments, which may cause an imbalance in

the portfolio that could have a material adverse effect on the remaining Unitholders. Even if the General Partner decides to

satisfy all outstanding redemption requests, SP+ INFRA's cash flow could be materially adversely affected. In addition, if the

General Partner determines to liquidate certain of SP+ INFRA's holdings to satisfy redemption requests, it may not be able to

meet future redemption requests. Substantial redemptions could also significantly restrict SP+ INFRA's ability to obtain

financing or transact with derivatives counterparties needed for its investment strategies, which would have a further material

adverse effect on SP+ INFRA's performance. If SP+ INFRA experiences significant redemption requests, it may not be able to

accomplish its objectives and may dispose of its Investments at a disadvantageous time (resulting in Unitholders not having

their capital invested and / or deployed in the manner originally contemplated or Investments being sold at a loss). There can be

no certainty regarding SP+ INFRA's ability to consummate investments, restructuring or exit opportunities after substantial

redemptions. In addition, if SP+ INFRA determines to sell assets to satisfy redemption requests, it may not be able to realize the

return on such assets that it may have been able to achieve had it sold at a more favorable time, and SP+ INFRA's results of

operations and financial condition, including, without limitation, the breadth of SP+ INFRA's portfolio by property type and

location, could be materially adversely affected. SP+ INFRA intends to fund redemption requests by payment of cash and

expects to fund cash payments from sources other than cash flow from operations, including, without limitation, borrowings,

offering proceeds and the sale of its assets, and SP+ INFRA has no limits on the amounts it may fund from such sources. In an

effort to have adequate cash available to support the Redemption Program, the Fund may reserve borrowing capacity under an

unsecured line of credit with Stonepeak, one of its affiliates or other entities for any such purpose. The Fund could then elect to

borrow against this line of credit in part to satisfy payment of redemption requests in cash during periods when the Fund does

not have sufficient proceeds from operating cash flows or the sale of Units in this continuous offering to fund all redemption

requests in cash. If the Fund determines to obtain a line of credit, the Fund expects that it would afford the Fund borrowing

availability to fund redemptions.

***Compulsory Redemption.*** The General Partner may require a Unitholder to surrender and have all or any portion of its

Units redeemed at any time, if the General Partner determines that it would be in the best interest of SP+ INFRA to redeem

such Unitholder's Units. To the extent the Fund requires the compulsory redemption of any Units of any Unitholder, such

redemption may not be subject to the redemption limits under the Redemption Program or the Early Redemption Deduction,

unless otherwise determined by the General Partner in its sole discretion.

***Restrictions on Transfers; No Market for Units.*** An investment in the Fund is likely to be a long-term commitment.

Units have not been registered under the Securities Act, the securities laws of any U.S. state or the securities laws of any other

jurisdiction, and, therefore, cannot be resold unless they are subsequently registered under the Securities Act and any other

applicable securities laws, or unless an exemption from such registration is available. It is not contemplated that registration of

the Units under the Securities Act or other securities laws will ever be effected. There is no public market for the Units, and

none is expected to develop. Each Unitholder will be required to represent that it is a "qualified purchaser" (as defined in the

1940 Act and rules thereunder) and "accredited investor" (as defined in Rule 501 of Regulation D under the Securities Act), and

that it is acquiring its Units for investment purposes and not with a view towards resale or distribution. Except by operation of

law, a Unitholder will not be permitted to assign, sell, exchange or transfer any of its interest, rights or obligations with respect

to its Units except as permitted under the Fund LPA. The General Partner may refuse such requested transfer for certain

reasons. Therefore, redemption of Units by SP+ INFRA will likely be the only way for a Unitholder to dispose of its Units. It is

uncertain as to when profits, if any, will be realized by a Unitholder and if such Unitholder will realize profits from SP+ INFRA

prior to SP+ INFRA redeeming its Units. Whether SP+ INFRA has sufficient liquidity to meet a Unitholder's request for

redemption will be determined by the General Partner. SP+ INFRA will not be obligated to liquidate any asset in order to meet

redemption requests and because of the illiquid nature of holdings in Portfolio Companies, SP+ INFRA may not have sufficient

cash flow to meet redemption requests at any given time. See — "Lack of Liquidity of Units; Redemption Program." If the

General Partner determines there is insufficient liquidity to meet redemption requests under the Redemption Program, such

requests will be delayed until the General Partner determines there is sufficient liquidity, and such delay may be significant. In

addition, there are substantial restrictions upon the redemption of Units under the Fund LPA.

***Distributions.*** SP+ INFRA may declare distributions from time to time as authorized by the General Partner. Any

distributions SP+ INFRA makes are at the discretion of the General Partner. Distributions to Unitholders will be made only if,

as and when declared by SP+ INFRA, and only to the extent that Unitholders have terminated their participation in the DRIP. In

addition, some of the distributions may include a return of capital. SP+ INFRA cannot make assurances as to when or whether

cash distributions will be made to Unitholders, the amount of any such distribution, or the availability of cash for any such

distribution, since the ability to make distributions will be dependent upon the cash flow, capital raising, financial condition and

other factors relating to SP+ INFRA's portfolio companies. Such factors include the ability to generate sufficient cash from

operations to pay expenses, service debt and to satisfy other liabilities as they come due. Furthermore, the General Partner, in its

sole discretion, may use or set aside cash for working capital purposes, or for the funding of present or future reserves or

contingent liabilities, taxes, SP+ INFRA's operating activities, or the actual or anticipated Management Fee. If the Investment

Advisor determines that all or any portion of net capital event proceeds are not necessary for ongoing expenses (including debt

payments and fees), anticipated acquisitions, capital expenditures and reserves, such amounts may be used to satisfy redemption

requests at the Investment Advisor's discretion. Accordingly, the payment of cash distributions is subject to the discretion of the

Investment Advisor. Neither the Investment Advisor nor any of its respective affiliates is obligated to support or guarantee any

level of distributions. In addition, because the Investment Advisor does not charge a Management Fee on and the General

Partner does not receive a Performance Participation Allocation for Class X Units, the per-Unit amount of distributions on the

Class X Units could be higher compared to Units of other Classes. SP+ INFRA may not generate sufficient cash flow from

operations to fully fund distributions to Unitholders (to the extent SP+ INFRA makes a distribution at all), particularly during

the early stages of SP+ INFRA's operations. Therefore, SP+ INFRA may fund distributions to its Unitholders from sources

other than cash flow from operations, including, without limitation, the sale of assets, borrowings, return of capital or offering

proceeds (including from sales of Units). The extent to which SP+ INFRA pays distributions from sources other than cash flow

from operations will depend on various factors, including the extent to which the Investment Advisor elects to receive its

Management Fee in Units and the General Partner elects to receive distributions on its Performance Participation Allocation in

Units, how quickly SP+ INFRA invests the proceeds from this and any future offering and the performance of its Investments.

Funding distributions from the sales of assets, borrowings, return of capital or proceeds of the offering will result in SP+

INFRA having less funds available to acquire Investments. As a result, the return Unitholders realize on their investments may

be reduced. Doing so may also negatively impact SP+ INFRA's ability to generate cash flows. Likewise, funding distributions

from the sale of additional Units will dilute Unitholders' Units in SP+ INFRA on a percentage basis and may impact the value

of Unitholders' Units especially if SP+ INFRA sells these Units at prices less than the price Unitholders paid for their Units.

SP+ INFRA may be required to continue to fund SP+ INFRA's regular distributions from a combination of some of these

sources if SP+ INFRA's Investments fail to perform, if expenses are greater than SP+ INFRA's revenues or due to numerous

other factors. SP+ INFRA has not established a limit on the amount of its distributions that may be paid from any of these

sources.

SP+ INFRA may also defer operating expenses or pay expenses (including the fees of the Investment Advisor or

distributions to the Recipient entitled to receive the Performance Participation Allocation) with Units in order to preserve cash

flow for the payment of distributions. The ultimate repayment of these deferred expenses could adversely affect SP+ INFRA's

operations and reduce the future return on a Unitholder's investment. SP+ INFRA may redeem Units from the Investment

Advisor or the Recipient shortly after issuing such Units as compensation. The payment of expenses in Units will dilute a

Unitholder's ownership interest in SP+ INFRA's portfolio of assets. There is no guarantee any of SP+ INFRA's operating

expenses will be deferred and the Investment Advisor and the Recipient are under no obligation to receive future fees or

distributions in Units and may elect to receive such amounts in cash.

To the extent SP+ INFRA borrows funds to pay distributions, it would incur borrowing costs, and these borrowings

would require a future repayment. The use of these sources for distributions and the ultimate repayment of any liabilities

incurred could adversely impact SP+ INFRA's ability to pay distributions in future periods, decrease SP+ INFRA's NAV,

decrease the amount of cash SP+ INFRA has available for operations and new investments and adversely impact the value of its

investment. The General Partner could be incentivized to borrow (whether from a net asset value credit facility of SP+ INFRA

or otherwise) for distributions as it will result in the General Partner receiving its Performance Participation Allocation earlier

than it would otherwise. Such borrowings also increase SP+ INFRA's leverage without any corresponding acquisition of assets.

***Differing Performance Among Unitholders.*** Performance for individual Unitholders may vary from SP+ INFRA's

overall performance and from the performance of other Unitholders as a result of the timing of a Unitholder's admission to the

Fund, the redemption or increase of any part of a Unitholder's Units in SP+ INFRA and the Class in which they invest

(including as a result of different fee structures among the Classes). The conflicting interests of individual Unitholders may

relate to, or arise from, among other things, the nature of investments made by the General Partner, the structuring or the

acquisition of investments and the timing of disposition of investments and could result in better performance for one

Unitholder when compared to another. For example, each Unitholder could be required to bear the costs of investment

structures that solely benefit one or more other Unitholders or which disproportionately benefit other Unitholders (including the

Investment Advisor and its affiliates), worsening their performance while improving the performance of other Unitholders

(including the Investment Advisor and its affiliates).

***Illiquid and Long-Term Investments***. Many of SP+ INFRA's Investments (including, for the avoidance of doubt,

investments into and / or alongside Other Stonepeak Accounts and / or Third-Party Pooled Investment Vehicles) will be highly

illiquid and there can be no assurance that SP+ INFRA will be able to realize a return on any Investment at any given time.

Although Investments by SP+ INFRA may generate current income, the return of capital and the realization of gains, if any,

from an Investment generally will occur only upon the partial or complete disposition or refinancing of such Investment. While

an Investment may be sold at any time, it is not generally expected that this will occur, if at all, for a number of years after such

Investment is made. Moreover, an Investment that initially consists of an interest in assets may be exchanged, contributed or

otherwise converted into private or publicly-traded stock of a corporation, interests in a limited liability company or other

interests or assets (and vice-versa), and any such exchange, contribution or conversion will likely not constitute a disposition

under the Fund LPA of the type that results in investors receiving distributions, whether in-kind or otherwise.

It is unlikely that there will be a public market for the securities held by SP+ INFRA at the time of their acquisition.

SP+ INFRA will generally not be able to sell its Investments through the public markets unless their sale is registered under

applicable securities laws, or unless an exemption from such registration requirements is available. A portion of SP+ INFRA's

Investments may consist of securities that are subject to restrictions on resale by SP+ INFRA because they were acquired in a

"private placement" transaction or because SP+ INFRA is deemed to be an Affiliate of the issuer of such securities. Generally,

SP+ INFRA will be able to sell such securities only under Rule 144 under the Securities Act, which permits limited sales under

specified conditions, or pursuant to a registration statement under the Securities Act (and in either case, such a sale is likely to

be subject to a discount relative to what might have been obtained absent any such restriction). When restricted securities are

sold to the public, SP+ INFRA may be deemed to be an underwriter or possibly a controlling person with respect thereto for the

purposes of the Securities Act and be subject to liability as such under the Securities Act. In addition, SP+ INFRA likely will be

prohibited by contract or other limitation in many cases from selling a portfolio company's securities or other instruments for a

period of time (e.g., due to limitations on sale arising from contractual lockups, obligations to receive consent to transfer or

assign interests, or rights of first offer), and as a result may not be permitted to sell an Investment at a time it might otherwise

desire to do so.

Lastly, although upon the dissolution of SP+ INFRA the General Partner (or the relevant liquidator) will, subject to the

Fund LPA, wind up the affairs of SP+ INFRA and proceed within a reasonable period of time to sell or otherwise liquidate the

assets of SP+ INFRA, there can be no assurances with respect to the time frame in which the winding up and the final

distribution of proceeds to the Unitholders will occur. Such winding-up and final distribution may occur several years after SP+

INFRA commences winding up.

**VALUATIONS & RETURNS**

***Valuations.*** For the purposes of calculating SP+ INFRA's monthly NAV, SP+ INFRA's Direct Investments will

generally initially be valued at cost based on SP+ INFRA's percentage ownership of such Direct Investment, which the General

Partner expects to represent fair value at that time; however, to the extent the General Partner does not believe a Direct

Investment's cost reflects the current market value, the General Partner may adjust such valuation. The General Partner will

conduct a quarterly valuation of SP+ INFRA's Direct Investments that will be reviewed and confirmed for reasonableness by

SP+ INFRA's independent valuation advisor with monthly valuation updates based on the latest available financial data and

cash flow activity. The General Partner has engaged a qualified, independent valuation advisor, and may in the future engage

other independent external valuation advisors, to provide positive assurance for the quarterly valuations prepared by Stonepeak

of each of SP+ INFRA's ASC 820 Level 3 assets (i.e., Direct Investments), and potentially ASC Level 2 assets (i.e., Debt and

Other Securities). The independent valuation advisor will provide such positive assurance on a synchronized basis (i.e.,

valuations are reviewed at the same time each quarter).

In determining the Fund's monthly NAV, the General Partner will consider factors such as investment-level cash flow

activity, market conditions and investment-level operating circumstances to determine whether any quarterly prepared

investment valuations require intra-quarter updates. Additionally, the General Partner may in its discretion, but is not obligated

to, consider material market data and other information (as of the applicable month-end for which NAV is being calculated) that

becomes available after the end of the applicable month in valuing SP+ INFRA's assets and liabilities and calculating SP+

INFRA's NAV. The General Partner is not obligated to monitor Other Stonepeak Accounts' investments for events that could

be expected to have a material impact on any Other Stonepeak Accounts' NAV during a quarter. When these quarterly

valuations are incorporated into SP+ INFRA's NAV per Unit, there may be a material change in SP+ INFRA's NAV per Unit

amounts for each Class of Units from those previously reported. SP+ INFRA will not retroactively adjust the NAV per Unit of

each Class reported for the previous month. Therefore, because a new quarterly valuation may differ materially from the prior

valuation, the adjustment to take into consideration the new valuation, may cause the NAV per Unit for each Class of Units to

increase or decrease, and such increase or decrease will occur in the month the adjustment is made.

Although the valuations of each of SP+ INFRA's Direct Investments will be reviewed and confirmed for

reasonableness by SP+ INFRA's independent valuation advisors once per quarter, such valuations are based on asset- and

portfolio-level information provided by the General Partner, including historical operating revenues and expenses of the Direct

Investment, key customer relationships, information regarding recent or planned capital expenditures and any other information

relevant to valuing the Direct Investment, which information will not be independently verified by any of SP+ INFRA's

independent valuation advisors. In connection with striking a NAV as of a date other than quarter end for Unit issuances and

redemptions, the General Partner will consider whether there has been a material change to such investments as to affect their

fair value, but such analysis will be more limited than the quarter end process. The information provided may lead to a different

result of the monthly valuation update than that of a quarterly valuation. The resulting potential disparity in NAV between a

monthly valuation and a quarterly valuation may inure to the benefit of Unitholders whose Units are redeemed or new

purchasers of our Units, depending on whether the monthly NAV per Unit for such class is greater or lesser than the quarterly

valuations to which it may be compared. Such quarterly valuations and monthly updates will be subject to inherent uncertainty

and will be made under a number of assumptions which may not ultimately be realized.

SP+ INFRA expects to hold securities, loans or other financial instruments or obligations which are very thinly traded,

for which no market exists or which are restricted as to their transferability under applicable securities laws. The process of

valuing securities for which reliable market quotations are not available is based on inherent uncertainties, and the resulting

values may differ from values that would have been determined had a ready market existed for such securities, from values

placed on such securities by other investors and from prices at which such securities may ultimately be sold. Securities that are

publicly traded and for which market quotations are readily available will be valued at the closing price of such securities in the

principal market in which the securities trade. With certain limited exceptions, valuations of current income and disposition

proceeds with respect to investments will be determined by the General Partner and will be final and conclusive for all

Unitholder.

The General Partner's valuations will be based to a large extent on Stonepeak's estimates, comparisons and qualitative

evaluations of private information, which may be incomplete or inaccurate. Further, because of overall size or concentration in

particular markets of positions held by SP+ INFRA, the value of its investments which can be liquidated may differ, sometimes

significantly, from their valuations. Unitholders therefore might not be able to replicate the methodology or to value

investments accurately. The exercise of judgment and discretion inherent in valuing assets renders valuations uncertain and

susceptible to material fluctuations over potentially short periods of time; substantial write-downs and earnings volatility are

possible.

Due to this inherent uncertainty of valuation, the General Partner's determination of values may differ significantly

from values that would have been realized had a ready market for the investments existed, and the differences could be

material. The actual realized returns on unrealized investments will depend on, among other factors, future operating results, the

value of assets and market conditions at the time of disposition, any related transaction costs and the timing and manner of sale,

all of which may differ from the assumptions on which the valuations are based. Accordingly, the actual realized returns on

unrealized investments may differ materially from the returns indicated herein or at any point in time prior to realization. The

General Partner and SP+ INFRA are generally not expected to provide periodic pricing or valuation information to Unitholders

with respect to investments other than as provided in the Fund LPA. The General Partner's discretion in respect of valuations

will give rise to conflicts of interest, including in connection with determining the calculation of the Management Fee and

Performance Participation Allocation because such compensation paid or allocated by SP+ INFRA to the General Partner and

its affiliates will depend on the value of the Fund's investments, for more information see "– *NAV-Based Compensation*"

below.

As noted above, the valuation of investments affects the Fund's reported performance and the calculation of the

Management Fee and the Performance Participation Allocation. As a result, from time to time there may be circumstances

where the General Partner would be incentivized to determine valuations in a manner that results in higher valuations of

investments, which would adversely impact existing Unitholders who bear such Management Fees and Performance

Participation Allocations and new subscribing Unitholders who are subscribing based on the reported NAV of the Fund.

Conversely, to the extent valuations by the General Partner cause the NAV of the Fund to be set too low, existing Unitholders

would be adversely impacted if they redeem their Units at such NAV or as a result of over-dilution from new Unitholders

subscribing at a lower NAV. This risk is partially mitigated by the existence of a third-party Valuation Advisor providing

positive assurance in respect of the General Partner's valuations, but the Valuation Advisor may have limited information

relative to the General Partner and is only evaluating the General Partner's valuation of a portion of the Fund's portfolio on an

annual basis.

While SP+ INFRA believes its NAV calculation methodologies are consistent with widely recognized valuation

methodologies, there are other methodologies available to calculate NAV. As a result, other funds focused on private equity

infrastructure investments may use different methodologies or assumptions to determine NAV. Other Stonepeak Accounts face

similar risks with respect to valuation and SP+ INFRA will incorporate the value of each relevant Other Stonepeak Account's

NAV per unit into SP+ INFRA's NAV to the extent SP+ INFRA has invested in such Other Stonepeak Account. In addition,

each relevant Other Stonepeak Account's NAV per unit used to calculate SP+ INFRA's NAV may be as of a date several

months earlier than the date as of which SP+ INFRA's NAV is calculated and, as a result, SP+ INFRA's NAV will often not

incorporate the current NAV per unit of such Other Stonepeak Account.

The General Partner's determination of SP+ INFRA's monthly NAV per Unit will be based in part on the latest

quarterly valuation of each of its Investments, as adjusted each month to incorporate the latest available financial data for such

Investments, including any cash flow activity related to such Investments. As a result, SP+ INFRA's published NAV per Unit

in any given month may not fully reflect any or all changes in value that may have occurred since the most recent quarterly

valuation since the General Partner can only base any monthly adjustments on information and data available to it in connection

with SP+ INFRA's monthly valuation process. See "*—Changes in Valuations*" above.

The General Partner may, but is not obligated to, monitor SP+ INFRA's Direct Investments on an ongoing basis for

events that the General Partner believes may have a material impact on SP+ INFRA's NAV as a whole. Material events may

include investment-specific events or broader market-driven events which may impact more than one specific investment events

that the General Partner believes may have a material impact on the most recent fair values of such Direct Investments. Possible

examples of such a material event include unexpected investment-specific events and broader market-driven events identified

by the General Partner, which may impact more than one specific investment, including capital market events, economic and

political conditions globally and in the jurisdictions and sectors in which an investment operates, and material changes in cap

rates or discount rates. Upon the occurrence of such a material event and provided that the General Partner is aware that such

event has occurred, the General Partner may, but is not obligated to, provide an estimate of the change in value of the Direct

Investment, based on its internal valuation procedures. In addition to tracking the NAV plus related cash flows of SP+ INFRA's

Primary Commitments and Secondary Investments, the General Partner may, but is not obligated to, track relevant issuer-

specific events or broader market-driven events that the General Partner believes may have a material impact on SP+ INFRA's

NAV as a whole, and the most recent fair values of SP+ INFRA's Primary Commitments and Secondary Investments. Upon the

occurrence of such a material event and provided that the General Partner is aware that such event has occurred, the General

Partner may, but is not obligated to, make a corresponding adjustment to reflect the current fair value of such investment fund.

The General Partner may consider such information and may conclude in certain circumstances that a material event has

occurred such that the latest information provided by the investment fund's investment advisor or investment manager no

longer represents the fair value of a particular asset held by such investment fund. If the General Partner concludes in good faith

that the latest NAV reported by an investment fund's investment advisor or investment manager does not represent fair value

(e.g., there is more current information regarding a portfolio asset which significantly changes its fair value) the General Partner

may make a corresponding adjustment to reflect the current fair value of such asset within such investment fund.

In general, the General Partner expects that any adjustments to fair values will be calculated after a determination that

a material change has occurred and the financial effects of such change are quantifiable by the General Partner. However,

rapidly changing market conditions or material events may not be immediately reflected in SP+ INFRA's monthly NAV. For

example, an unexpected termination or renewal of key customer relationships, recent financial results or changes in the capital

structure of an investment, regulatory changes that affect an investment, or a significant industry event or adjustment to an

industry outlook that may cause the value of an Investment to change materially, yet obtaining sufficient relevant information

after the occurrence has come to light and / or analyzing fully the financial impact of such an event may be difficult to do and

may require some time. As a result, the NAV per Unit may not reflect a material event until such time as sufficient information

is available and analyzed, and the financial impact is fully evaluated, such that SP+ INFRA's NAV may be appropriately

adjusted. Depending on the circumstance, the resulting potential disparity in SP+ INFRA's NAV may be in favor or to the

detriment of either Unitholders who redeem their Units, or Unitholders who buy new Units, or existing Unitholders. The

methods used by the General Partner to calculate SP+ INFRA's NAV, including the components used in calculating SP+

INFRA's NAV, is not prescribed by rules of the SEC or any other regulatory agency. Further, there are no accounting rules or

standards that prescribe which components should be used in calculating NAV, and SP+ INFRA's NAV is not audited by SP+

INFRA's independent registered public accounting firm except for the NAV included in the Fund's audited financial

statements. SP+ INFRA calculates and publishes NAV solely for purposes of establishing the price at which SP+ INFRA sells

and redeems Units, and an investor should not view SP+ INFRA's NAV as a measure of SP+ INFRA's historical or future

financial condition or performance. The components and methodology used in calculating SP+ INFRA's NAV may differ from

those used by other companies now or in the future.

The valuations of SP+ INFRA's assets may differ from liquidation values that could be realized in the event that SP+

INFRA were forced to sell assets. Additionally, errors may occur in calculating SP+ INFRA's NAV, which could impact the

price at which SP+ INFRA sells and redeems its Units, and the amount of the Management Fee and the Performance

Participation Allocation (if any). SP+ INFRA has implemented certain policies and procedures to address such errors in NAV

calculations. If such errors were to occur, Stonepeak, depending on the circumstances surrounding each error and the extent of

any impact the error has on the price at which the Fund's Units were sold or redeemed or on the amount of the Management Fee

or the Performance Participation Allocation (if any), may determine in its discretion to take certain corrective actions in

response to such errors, including subject to SP+ INFRA's policies and procedures, making adjustments to prior NAV

calculations.

SP+ INFRA intends to use GAAP for the calculation of SP+ INFRA's NAV for financial reporting purposes, the

valuation of SP+ INFRA's Investments and the establishment of SP+ INFRA's unaudited financial statements in its quarterly

reports and audited financial statements in its annual reports. However, the calculation of SP+ INFRA's transactional NAV for

purposes of subscriptions, redemptions, calculation of the Management Fee and the Performance Participation Allocation and

other purposes described herein shall be made in accordance with the Fund's valuation policy, which differs in certain respects

from the methodology required pursuant to GAAP. SP+ INFRA's accounting standards may not correspond to the accounting

standards of other underlying entities, resulting in different financial information appearing on their respective financial

statements. Information available to Unitholders in SP+ INFRA's audited annual reports on Form 10-K (when applicable) may

differ from information available in the financial statements of underlying entities, including operations, financial results,

capitalization and financial obligations, earnings and securities. Accounting, financial, auditing and other reporting standards,

and practices and disclosure requirements in foreign countries that are not equivalent to GAAP may differ in fundamental ways

from one another, including in areas such as valuation of assets, deferred taxation, contingent liabilities and foreign exchange

transactions. Accordingly, information may be available to SP+ INFRA that is not consistent with GAAP, including both

general economic and commercial information and information concerning specific Investments, and such information may be

less reliable and less detailed than information available in more financially sophisticated countries. For example, assets and

profits appearing on the financial statements of a company may not reflect its financial position or results of operations in the

way they would be reflected had such financial statements been prepared in accordance with GAAP. Reliance on such

information could adversely impact, among other things, the General Partner's and/or the Investment Advisor's due diligence

activities (prior to making such investment) and reporting activities, and as a result, less information may be available to

Unitholders. Even for financial statements prepared in accordance with GAAP, the accounting entries and adjustments may not

reflect economic reality and actual value.

Furthermore, for a company that keeps accounting records in a currency other than U.S. dollars, inflation accounting

rules in certain markets require, for both tax and accounting purposes, that certain assets and liabilities be restated on the

company's balance sheet in order to express items in terms of a currency of constant purchasing power. As a result, financial

data of prospective investments may be materially affected by restatements for inflation and may not accurately reflect actual

value. Accordingly, SP+ INFRA's ability to conduct due diligence in connection with an investment and to monitor the

investment may be adversely affected by these factors.

There will be no retroactive adjustment in the valuation of such assets, the offering price of SP+ INFRA's Units, the

price SP+ INFRA paid to redeem Units, Management Fees paid or Performance Participation Allocations to the General Partner

and Stonepeak to the extent such valuations prove to not accurately reflect the realizable value of SP+ INFRA's assets.

***Valuation Difficulties in Rapidly Changing Markets.*** Investing in highly volatile environments presents certain

inherent risks, including reduced market liquidity, reduced price transparency and less certainty in core assumptions in respect

of a particular investment or an investment strategy as a whole. While such investment environments provide the opportunity

for significant returns, they also present significant risks, many of which cannot be predicted, managed or hedged against. If the

Investment Advisor fails to identify or adequately value potential risks or changes, SP+ INFRA may invest at a valuation that is

not commensurate with the risk profile of a particular investment or where SP+ INFRA would otherwise not invest were more

accurate information available, resulting in reduced returns or a complete or partial loss of capital. There can be no assurance

that the Investment Advisor will accurately identify all potential considerations that may adversely affect the performance of

any one or more of SP+ INFRA's investments or investment strategies.

**OTHER CONSIDERATIONS**

***Fund LPA Amendments.*** Unitholders do not have the right to participate in the management, control or operation of

the Fund or to vote for the removal the General Partner, as discussed in "Reliance on the General Partner and Investment

Advisor" below and "Differences between Investing in SP+ INFRA and in Other Stonepeak Accounts – Voting" above.

Similarly, the Unitholders do not have a consent right to amend the Fund LPA. Except as otherwise required by law or in the

Fund LPA, the Fund LPA may be amended, modified or supplemented, and any provision of the Fund LPA may be waived,

generally with the consent of the General Partner (without the consent of the Unitholders); provided, that any amendment,

modification or supplement that is viewed by the General Partner in its discretion as a whole together with all such

amendments, modifications or supplements, as having a material adverse effect on the Unitholders in the aggregate will require

the approval of the Independent Directors.

***Contingent Liabilities on Disposition of Investments***. In connection with the disposition of an Investment, SP+

INFRA may be required to make representations about the business, financial affairs and other aspects of such Investment, such

as environmental matters, intellectual property, property conditions, regulatory matters, tax liabilities, insurance coverage and

litigation. SP+ INFRA also may be required to indemnify the purchasers of an Investment for losses related to the inaccuracy of

any representations and warranties and other agreed upon contingent and non-contingent liabilities and other obligations, such

as indemnification and other obligations could be uncapped. Buyers of Fund assets may sue SP+ INFRA under various theories,

including breach of contract and tort, for losses they suffer, including resulting from problems not uncovered in due diligence.

SP+ INFRA may book contingent liabilities on its financial statements, or create cash reserves or escrow accounts, at the time

of sale or other time to account for any potential liabilities, but these may be insufficient. Such liabilities and obligations could

be allocated among each participating Other Stonepeak Account and SP+ INFRA even if the expenses relate only to particular

vehicle(s), and Stonepeak could change such allocations from time to time should it determine subsequently that such

adjustments are appropriate. In addition, at the time of disposition of an individual Investment, a potential buyer that does not

win the auction may claim that it should have been afforded the opportunity to purchase the Investment or alternatively that

such potential buyer should be awarded due diligence expenses incurred or statutory damages for misrepresentation relating to

disclosure made.

***Limited Access to Information.*** Unitholders' rights to information regarding SP+ INFRA will be specified, and strictly

limited, in the Fund LPA. In particular, it is anticipated that the General Partner will obtain certain types of confidential and / or

material information from portfolio companies that will not be disclosed to Unitholders because such disclosure is inadvisable

or prohibited for contractual, legal, or similar obligations outside of the General Partner's control. Decisions by the General

Partner to withhold information may have adverse consequences for Unitholders in a variety of circumstances. For example, a

Unitholder that seeks to transfer its Units may have difficulty in determining an appropriate price for such Units. Decisions to

withhold information also may make it difficult for Unitholders to monitor the General Partner and its performance. Due in part

to the fact that potential and existing investors in SP+ INFRA ask different questions and request different information, the

General Partner may provide certain information to one or more prospective or existing investors that it does not provide to all

of the prospective investors or Unitholders, and such investors will have more or different information on which to base their

investment decision than those who did not request or receive such information. The fact that the General Partner has provided

such information upon request by one or more Unitholders does not obligate the General Partner to affirmatively provide such

information to all Unitholders and it is not expected that it will do so. In addition, certain investors in or alongside SP+ INFRA

may have access to different information than other Unitholders as a result of investments in Other Stonepeak Accounts. As a

result of the circumstances described above and other similar situations, certain Unitholders will have more information about

SP+ INFRA than other Unitholders, and the General Partner has no duty to, and does not intend to, ensure all Unitholders seek,

obtain or process the same information regarding SP+ INFRA and its Investments and / or portfolio companies. It is also

possible that SP+ INFRA or its portfolio companies may be counterparties or participants in agreements, transactions or other

arrangements with an investor or an Affiliate of an investor in or alongside SP+ INFRA. Such investors described in the

previous sentences will therefore have different information about Stonepeak and SP+ INFRA than Unitholders not similarly

positioned.

***Counterparty Risk***. SP+ INFRA is exposed to the risk that third parties that may owe SP+ INFRA or its Investments

money, securities or other assets will not perform their obligations. These parties include trading counterparties, clearing agents,

exchanges, clearing houses, custodians, prime brokers, administrators and other financial intermediaries. These parties may

default on their obligations to SP+ INFRA or its Investments, due to bankruptcy, lack of liquidity, operational failure or other

reasons. Nonpayment and nonperformance by such parties may reduce revenues and increase expenses, and any significant

level of nonpayment and nonperformance could have a negative impact on the portfolio companies' ability to conduct business,

operating results, cash flows and its ability to service debt obligations and make distributions to SP+ INFRA. This risk may

arise, for example, from entering into swap or other derivative contracts under which counterparties have long-term obligations

to make payments to SP+ INFRA or its Investments, or executing securities, futures, currency or commodity trades that fail to

settle at the required time due to non-delivery by the counterparty or systems failure by clearing agents, exchanges, clearing

houses or other financial intermediaries. Also, any practice of rehypothecation of securities of SP+ INFRA or its Investments

held by counterparties could result in the loss of such securities upon the bankruptcy, insolvency or failure of such

counterparties. The consolidation and elimination of counterparties resulting from the disruption in the financial markets has

generally increased the concentration of counterparty risk and has decreased the number of potential counterparties.

***Effect of Substantial Losses or Withdrawal on the Operations of the General Partner***. If, due to extraordinary

market conditions or other reasons, SP+ INFRA and other private investment funds managed by the Investment Advisor or its

Affiliates were to incur substantial losses or were subject to an unusually high level of withdrawals or redemptions (as

applicable), the revenues of the Investment Advisor and its Affiliates may decline substantially. Such losses, withdrawals or

redemptions may hamper the Investment Advisor's and its Affiliates' ability to (i) retain employees and (ii) provide the same

level of service to SP+ INFRA as it has in the past.

***Indemnification; Absence of Recourse***. SP+ INFRA is required to indemnify the General Partner, the Investment

Advisor, their Affiliates and each of their respective members, officers, directors, employees, shareholders, partners, senior or

special advisors, other advisors and agents (with respect to such other advisors or agents, only to the extent confirmed in writing

by SP+ INFRA) and certain other persons who serve at the request of the General Partner on and / or the Investment Advisor on

behalf of SP+ INFRA for liabilities incurred in connection with the affairs of SP+ INFRA, except under certain specified

circumstances. Such parties may also be entitled to exculpation by SP+ INFRA. Further, members of the Board of Directors are

entitled to the benefit of certain indemnification and exculpation provisions as set forth in the Fund LPA. Such liabilities may

be material and have an adverse effect on the returns to the Unitholders. For example, in their capacity as directors of portfolio

companies, the partners, managers or Affiliates of the General Partner may be subject to derivative or other similar claims

brought by security holders of such companies. The indemnification obligation of SP+ INFRA (including advancement

expenses incurred in connection therewith) would be payable from the assets of SP+ INFRA. Furthermore, as a result of the

provisions contained in the Fund LPA, the Unitholders may have a more limited right of action in certain cases than they would

in the absence of such limitations. It should be noted that the General Partner may cause SP+ INFRA to purchase insurance for

SP+ INFRA, at SP+ INFRA's expense, including for directors and officers liability insurance, to insure any indemnitee and

SP+ INFRA expects to itself, or to cause portfolio companies to, indemnify and exculpate other persons involved with its

affairs or investments. In addition, because the General Partner may cause SP+ INFRA to advance the costs and expenses of an

indemnitee pending the outcome of the particular matter (including determination as to whether or not the person was entitled to

indemnification or engaged in conduct that negated such person's entitlement to indemnification), there may be periods where

SP+ INFRA is advancing expenses to an individual or entity with whom SP+ INFRA is not aligned or is otherwise an adverse

party in a dispute. Moreover, in its capacity as General Partner of SP+ INFRA, the General Partner will, notwithstanding any

actual or perceived conflict of interest, be the beneficiary of any decision by it to provide indemnification (including

advancement of expenses). This may be the case even with respect to settlement of actions where any indemnitee was alleged to

have engaged in conduct that disqualifies any such person from indemnification of exculpation so long as the General Partner

(and / or its legal counsel) have determined that such disqualifying conduct did not occur. With respect to indemnification and

exculpation, prospective investors should note that the Fund LPA contains provisions that modify and replace the duties,

including fiduciary and other duties to SP+ INFRA and the Unitholders to which the General Partner and its Affiliates

(including the Investment Advisor) may otherwise be subject, authorize and permit conduct on the part of the General Partner

and its Affiliates (including the Investment Advisor) that might not otherwise be permitted pursuant to such duties, and limit the

remedies of Unitholders with respect to breaches of such duties. For example, whereas ordinarily a general partner of a limited

partnership would owe a duty of care equivalent to a "negligence" standard, the Fund LPA provides that the General Partner

and other indemnitees will not be liable unless it acts with "gross negligence". Similarly, whereas the general partner of a

limited partnership owes a general duty of loyalty to the limited partnership and its limited partners, the Fund LPA provides that

the General Partner is permitted (and will be deemed to have fulfilled its duties) to take certain actions, even where it is

"interested," in any manner so long as it is not prohibited by the Fund LPA (and with respect to any matter not specifically

contemplated by the Fund LPA, the General Partner will be permitted (and shall be deemed to have fulfilled all duties) to take

any such action, even where it is "interested", so long as it subjectively believes that such action will not cause material harm to

SP+ INFRA). In that regard, the General Partner will be required to comply with the Fund LPA and will not be subject to any

different standard imposed by the Delaware Limited Fund Act or under any other law, rule or regulation or in equity, regardless

of the General Partner's own financial interest in the outcome. The effect of these and related provisions of the Fund LPA is

that in so long as the General Partner has acted in accordance with the Fund LPA (without regard to any reference to "fiduciary

duty" therein, and it being understood that references to "good faith" in the Fund LPA refers to subjective good faith), the

action will, even if the General Partner would otherwise be conflicted because of an interest in the matter, be conclusively

deemed to be fair and reasonable and not a breach by the General Partner of any duties it may owe. This is different from a

situation with a general partner of a limited partnership operating under common law or default rules, where, for example,

involvement of independent parties may, in certain circumstances, merely shift the burden of demonstrating unfairness to a

limited partner plaintiff. This includes matters regarding conflicts which are approved by the Board of Directors, wherein the

approval of the Board of Directors will be binding on all Unitholders.

***Placement Agents***. One or more parties will act as Placement Agents (each, a "Placement Agent", and together, the

"Placement Agents") for the Units and, in that capacity, act for the General Partner and in such capacity would not act as

investment advisers to potential investors in connection with the offering of the Units. Potential investors must independently

evaluate the offering and make their own investment decisions. The General Partner will generally pay each Placement Agent a

placement fee based upon the amount of Units committed to by investors (other than prohibited governmental investors) that

each such Placement Agent introduces to the General Partner. The General Partner expects to charge such placement fees to all

Unitholders or certain classes of Unitholders as Fund Expenses, notwithstanding that such placement fees only relate to certain

investors.

Potential investors should also note that at various times, the Placement Agents may act as placement agents for other

fund sponsors and funds, including unaffiliated fund sponsors and funds, which may offer interests that are similar to the Units

and / or otherwise compete with SP+ INFRA for Investments. Those unaffiliated sponsors may pay placement fees on terms

different from the fees that the Placement Agents will receive from the General Partner in connection with this offering, and this

difference in fees may influence the Placement Agents to introduce or not introduce potential investors to the General Partner.

Furthermore, certain Placement Agents may seek to do business with and earn fees or commissions from other investment

funds and their portfolio companies. Notwithstanding that Stonepeak has entered into, and may enter into additional, written

agreements with Placement Agents which agreements involve the Placement Agent (or an Affiliate thereof) agreeing to make a

capital contribution to SP+ INFRA, Unitholders will not receive a copy of the agreement memorializing such agreement.

***Broad Strategy***. SP+ INFRA's investment strategy covers a broad range of asset classes and geographic ranges. The

General Partner is expected to implement on behalf of SP+ INFRA whatever strategies or discretionary approaches within such

broad mandate the General Partner believes from time to time may be best suited to prevailing market conditions. There can be

no assurance that the General Partner will be successful in applying any strategy or discretionary approach to SP+ INFRA's

trading or investment activities. The investment strategies of these entities may involve risks that are not described in this

Annual Report. Such risks could prove substantial and therefore investments in SP+ INFRA are suitable only for investors that

are able to bear the potential loss of their entire investment. Except as described in the Fund LPA, statements contained in this

Annual Report (including those relating to the investment strategies of SP+ INFRA) are based on current expectations of the

General Partner and / or the Investment Advisor and are not binding on SP+ INFRA.

***Force Majeure Risk***. SP+ INFRA and its portfolio companies may be affected by force majeure events (e.g., subject to

applicable laws, events beyond the control of the party claiming that the event has occurred, including, without limitation, acts

of God, fires, floods, hurricanes, tornadoes, landslides, explosions, weather, earthquakes, outbreaks of an infectious disease,

pandemic or any other serious public health concern, war, terrorism, regional armed conflict, trade war, cyber security breaches,

nationalization of industry and labor strikes). Disease outbreaks have occurred in certain countries in the past and are currently

occurring (including severe acute respiratory syndrome or SARS, avian flu, H1N1/09 flu, respiratory syncytial virus or RSV,

COVID-19 and other coronaviruses) and any prolonged occurrence of infectious disease, or other adverse public health

developments or natural disasters in any country in which SP+ INFRA targets investments could have a material adverse effect

on the economy globally and / or in such country, and could impact the business operations of portfolio companies in which

SP+ INFRA invests. Force majeure events could adversely affect the ability of SP+ INFRA, a portfolio company or a

counterparty to perform its obligations, including but not limited to the construction of its in-process development. The liability

and cost arising out of a failure to perform obligations as a result of a force majeure event could be considerable and could be

borne by SP+ INFRA or a portfolio company. Such events, whether or not considered to be a contractual, force majeure event,

may nonetheless impact the operations of SP+ INFRA or a portfolio company, potentially materially. For example, the cost of

repairing or replacing damaged assets could be considerable. Repeated or prolonged service interruptions may result in

permanent loss of customers, substantial or costly litigation, or penalties for regulatory or contractual non-compliance. In some

cases, project agreements can be terminated if the force majeure event is so material as to render it incapable of remedy within a

reasonable, pre-agreed time period.

Force majeure events that are incapable of, or costly to, cure may also have a permanent adverse effect on an

Investment. Certain force majeure events, such as war, earthquakes, fires or an outbreak of an infectious disease, could have a

broader negative impact on the global and local economy and international business activity generally, or in any country in

which SP+ INFRA, the General Partner and Stonepeak may invest. Additionally, a major governmental intervention into an

industry, in light of a force majeure event or otherwise, including the nationalization of an industry or the assertion of control

over one or more portfolio companies or its assets, could result in a loss to SP+ INFRA including if its Investment is cancelled,

unwound, or acquired (which could be without what the General Partner considers to be adequate compensation) if an

Investment or portfolio company is affected, and any compensation provided by the relevant government may not be adequate.

Deterioration in economic conditions could cause decreases in or delays in spending and reduce and / or negatively impact SP+

INFRA's portfolio companies' short-term ability to grow revenues. Further, any early termination of agreements due to

deterioration in economic conditions could negatively impact results of operations of portfolio companies. Any of the foregoing

may therefore adversely affect the performance of SP+ INFRA and its Investments. See also "—*Natural Disasters*" above.

Force majeure clauses may be drafted or construed narrowly in a manner that would not cover a particular event that might

occur, such as a pandemic or global public health crisis. If this were to occur, there could be an adverse impact on SP+ INFRA

or its portfolio companies.

***Availability of Insurance Against Certain Catastrophic Losses***. With respect to Investments, the General Partner

and / or the Investment Advisor may seek to require SP+ INFRA, the underlying portfolio company and / or project to obtain

liability, fire, flood, extended coverage, rental loss, cyber sabotage and / or terrorism insurance with insured limits and policy

specifications that the General Partner and / or the Investment Advisor, or, if applicable, portfolio company management,

believes are customary and reasonable. However, certain losses of a catastrophic nature, such as wars, natural disasters, terrorist

attacks (including cyber sabotage), or other similar events, may be either uninsurable or insurable only at uneconomically high

rates such that no insurance coverage exists or maintenance of such coverage would cause an adverse impact on the related

portfolio companies. In general, losses related to terrorism and cyber sabotage are becoming harder and more expensive to

insure against. In some cases, the insurers exclude terrorism and / or cyber sabotage, in others the coverage against terrorist acts

or cyber sabotage is limited, or available only for a significant price. A similar dynamic has been unfolding with respect to

certain weather events and earthquakes, and it is possible that coverage areas, such as liabilities arising from legal, tax,

regulatory considerations could also face pressure from insurers. As a result, not all Investments may be insured against all

risks. Furthermore, even when insurance is available and has been procured, formalities must be followed to obtain the benefit

of the insurance in the case of a loss event, such as timely delivery of a notice of claim; a failure to follow these formalities

could result in voidance of coverage. If a major loss for which insurance is unavailable occurs, SP+ INFRA could lose both

invested capital in and anticipated profits from the affected Investments.

**LEGAL, TAX AND REGULATORY RISKS—GENERAL**

***Legal, Tax and Regulatory Risks***. SP+ INFRA's ability to achieve its investment objectives, as well as the ability of

SP+ INFRA to conduct its operations, is based on laws and regulations that are subject to change through legislative, judicial or

administrative action. Future legislative, judicial or administrative action could adversely affect SP+ INFRA's ability to achieve

its investment objectives, as well as the ability of SP+ INFRA to conduct its operations. The effects of regulatory changes could

also be indirect.

The regulatory environment for private investment funds is evolving, and changes in the regulation of private

investment funds have the potential to adversely affect the value of investments held by SP+ INFRA and the ability of SP+

INFRA to effectively employ its investment and trading strategies. Increased scrutiny and legislation applicable to private

investment funds and their sponsors could also impose significant administrative burdens on Stonepeak and divert time and

attention from portfolio management activities. In addition, SP+ INFRA will be required to register under certain additional

foreign laws and regulations and will need to engage additional distributors or other agents in certain non-U.S. jurisdictions in

order to market Units to potential investors. The effect of any future regulatory change on SP+ INFRA could be substantial and

adverse. For example, from time to time the market for private equity transactions has been adversely affected by a decrease in

the availability of senior and subordinated financing for transactions, in part in response to regulatory pressures on providers of

financing to reduce or eliminate their exposure to such transactions. In addition, the securities and futures markets are subject to

comprehensive statutes, regulations and margin requirements. The SEC, other regulators and self-regulatory organizations and

exchanges are authorized to take extraordinary actions in the event of market emergencies. The current state of evolving

regulatory affairs may significantly increase the cost of managing SP+ INFRA and providing effective compliance oversight

and any such costs and expenses will be borne directly by SP+ INFRA as Fund Expenses.

The current regulatory environment in the U.S. may be impacted by future legislative developments. The nature,

timing and economic effects of potential future changes to the current legal and regulatory framework affecting financial

institutions remain highly uncertain. Changes in U.S. policy resulting from a new administration could result in a number of

changes to U.S. and non-U.S. economic, national security, fiscal, tax and other policies, as well as the global financial markets

generally. Any significant changes in, among other things, economic policy (including with respect to interest rates, foreign

trade and regulatory changes leading to greater availability of bank debt), the regulation of the asset management industry, tax

law, immigration policy and/or government entitlement programs could have a material adverse impact on SP+ INFRA and its

investments. None of the General Partner, SP+ INFRA or their respective affiliates can predict the ultimate impact of the

foregoing on SP+ INFRA, its business and investments, or the private equity industry generally, and any prolonged uncertainty

could also have an adverse impact on SP+ INFRA and its investment objectives. Future changes may adversely affect SP+

INFRA's operating environment and therefore SP+ INFRA's business, operating costs, financial condition and results of

operations. Further, an extended federal government shutdown resulting from failing to pass budget appropriations, adopt

continuing funding resolutions, or raise the debt ceiling, and other budgetary decisions limiting or delaying deferral government

spending, may negatively impact U.S. or global economic conditions, including corporate and consumer spending, and liquidity

of capital markets.

In addition, any changes in U.S. social, political, regulatory and economic conditions or in laws and policies governing

the financial services industry, foreign trade, manufacturing, outsourcing, development and investment in the territories and

countries or types of investments in which SP+ INFRA may invest, and any negative sentiments towards the United States as a

result of such changes, could adversely affect the performance of SP+ INFRA's investments. Moreover, media (including social

media) has the potential to influence public sentiment and escalate tensions both within the U.S. and in international relations,

which could cause social unrest and could negatively impact stock markets and economics around the globe and SP+ INFRA's

investments.

***Intermediate Entities.*** The General Partner or any of its Affiliates may, in its sole discretion, cause the Fund to hold

certain investments directly or indirectly through Intermediate Entities (including Aggregators, Lower Funds and Corporations).

See "—*Use of Corporate Intermediate Entities*" below. Management Fees and Performance Participation Allocations may be

paid or allocated, as applicable, in whole or in part, at the level of the Fund, the Lower Funds or any other such Intermediate

Entity and will generally not take into account accrued and unpaid taxes of any Corporation or taxes paid by the Corporation

during the applicable period.

***Contributions In-Kind by the Lux Fund and Other Stonepeak Accounts and / or Third Parties.*** Pursuant to the Fund

LPA, the General Partner may accept, on behalf of SP+ INFRA, at any time and from time to time contributions in-kind

(without regard to any commitments remaining to be drawn down) on terms and conditions that the General Partner deems

appropriate in good faith. In connection therewith, the General Partner may accept a contribution in-kind of any asset (or

portion thereof) held by an Other Stonepeak Account, including, without limitation, the Lux Fund, a supplemental capital

vehicle or co-investment vehicle, without the consent of any other Unitholder, the Board of Directors or the Independent

Directors, as a contribution in-kind in exchange for Units in SP+ INFRA, in exchange for a cash payment or any combination

thereof, so long as (i) SP+ INFRA has an existing investment in such asset and (ii) the number of Units issued in exchange

therefor shall be at a price representing a valuation no higher than the valuation of SP+ INFRA's investment in such asset at the

time of such exchange. The General Partner's ability to accept or reject a contribution in-kind of any asset from the Lux Fund, a

supplemental capital vehicle or co-investment vehicle consistent with the foregoing is limited and could result in SP+ INFRA

acquiring an additional portion of an existing investment that it would not otherwise acquire but for such arrangement. SP+

INFRA can be expected to bear costs and expenses in connection with the acquisition of any such asset, similar to the

acquisition of any other investment by SP+ INFRA. Such costs and expenses will be determined by Stonepeak in its sole

discretion on a case-by-case basis and will result in SP+ INFRA bearing more costs and expenses in certain contributions-in-

kind than others and, in turn, certain contributing Unitholders paying more costs and expenses than others. The conditions on

which any contribution in-kind is made also can be expected to result in the contributing Unitholder, which may be the General

Partner or an affiliate thereof (in connection with the direct or indirect conversion of its interests in such Other Stonepeak

Account, whether derived from such entity's capital commitment to such vehicle or received in connection with any incentive

allocation paid in-kind in connection therewith), receiving more favorable terms than other Unitholders or classes of

Unitholders or other contributing Unitholders with respect to the Units it acquires in exchange for such contribution, such as a

waiver of the early purchase deduction or more favorable economic terms. In addition, the investor or general partner (in each

case, which may be an affiliate of Stonepeak) in any Other Stonepeak Account making such contribution in-kind may be

entitled to submit a redemption request to SP+ INFRA in connection with such contribution in-kind and/or be entitled to remain

invested in such Other Stonepeak Account until such time as SP+ INFRA is able to redeem the Units such Other Stonepeak

Account (or investor or general partner therein) may have received in respect of such contribution in-kind simultaneously with

the issuance of such Units. From time to time, investors in Other Stonepeak Accounts that may request conversions of all or

part of their interests in one or more investments into Units of SP+ INFRA may also be able to request a similar conversion of

such interest into units of another Other Stonepeak Account that participates in any such investment, and such decision could

impact the amount of liquidity available in SP+ INFRA if such investor chooses to seek a conversion to SP+ INFRA and

subsequently requests a redemption from SP+ INFRA, notwithstanding that it could have converted and redeemed its interest

through an Other Stonepeak Account. Such requests may also result in shifting ownership of investments between SP+ INFRA

and Other Stonepeak Accounts. Moreover, Unitholders will not receive a copy of any agreement memorializing any agreement

related to a contribution in-kind from a third-party (even if in the form of a side letter). In addition, with respect to contributions

in-kind of assets held by any Other Stonepeak Account, if such Other Stonepeak Account remains co-invested in such

investment or if an Other Stonepeak Account is co-invested in such investment, Stonepeak may have contractual obligations to

such Other Stonepeak Account to divest such investment pro rata between SP+ INFRA and such Other Stonepeak Account

generally at the same time and on substantially the same terms. As Stonepeak will have capital invested in any Other Stonepeak

Account or co-investment vehicle, and potentially will be entitled to the realization of incentive allocation with respect to such

Other Stonepeak Account or co-investment vehicle in connection with the contribution in-kind of all or any portion of the assets

of such vehicle to SP+ INFRA (which may be in the form of Units in SP+ INFRA), conflicts of interest may arise from time to

time in connection with any allocation of an investment opportunity to any such Other Stonepeak Account and SP+ INFRA, the

General Partner's decision to cause SP+ INFRA to accept such contribution in-kind (which may be influenced in part by the

potential of realizing such incentive allocation) and other matters. See also "—*Allocation of Investment Opportunities*" herein.

***Enhanced Scrutiny and Potential Regulation of the Private Investment Fund Industry and the Financial Services*** 

***Industry***. SP+ INFRA's ability to achieve its investment objectives, as well as the ability of SP+ INFRA to conduct its

operations, is based on laws and regulations which are subject to change through legislative, judicial or administrative action.

Future legislative, judicial or administrative action could adversely affect SP+ INFRA's ability to achieve its investment

objectives, as well as the ability of SP+ INFRA to conduct its operations.

The alternative asset management and financial services industries are subject to enhanced governmental scrutiny and /

or increased regulation, and a number of legislative initiatives have been signed into law affecting alternative investment firms,

including the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act"), a key feature of which is

the potential extension of prudential regulation by the Board of Governors of the Federal Reserve System (the "Federal Reserve

Board") to nonbank financial companies that are not currently subject to such regulation but that are determined to pose risk to

the U.S. financial system. The Dodd-Frank Act defines a "nonbank financial company" as a company that is predominantly

engaged in activities that are financial in nature. The Financial Stability Oversight Council (the "FSOC"), an interagency body

created to monitor and address systemic risk, has the authority to subject such a company to supervision and regulation by the

Federal Reserve Board (including capital, leverage and liquidity requirements) if the FSOC determines that such company is

systemically important, in that its material financial distress or the riskiness of its activities could pose a threat to the financial

stability of the United States. The Dodd-Frank Act does not contain any minimum size requirements for such a determination

by the FSOC, and it is possible that it could be applied to private funds, particularly large, highly leveraged funds, although no

such funds have been designated as systemically important by the FSOC to date.

The Dodd-Frank Act also imposes a number of restrictions on the relationship and activities of banking organizations

with certain private equity funds and hedge funds and other provisions that affect the private equity industry, either directly or

indirectly. For example, the Dodd-Frank Act added section 13 to the Bank Holding Company Act of 1956 (as amended),

commonly referred to as the "Volcker Rule," which (together with its implementing regulations), among other things, generally

prohibits, subject to certain exceptions, any "banking entity" (generally defined as (i) any insured depository institution, subject

to certain exceptions including for a depository institution that (together with every company that controls it) has $10 billion or

less in total consolidated assets and trading assets and liabilities that are less than 5% of total consolidated assets, (ii) any

company that controls such an institution, (iii) a non-U.S. bank that is treated as a bank holding company for purposes of U.S.

banking law, and (iv) any affiliate or subsidiary of the foregoing entities) from sponsoring, investing in, or conducting certain

activities with a private equity fund, hedge fund or other fund that is not subject to the provisions of the 1940 Act in reliance

solely upon either Section 3(c)(1) or Section 3(c)(7) of the 1940 Act. Prospective investors in SP+ INFRA that are banking

entities should consult their bank regulatory counsel prior to making an investment.

Future legislation may have an adverse effect on the private equity industry generally and/or on the Investment

Advisor or SP+ INFRA, specifically. Therefore, there can be no assurance that any continued regulatory scrutiny or initiatives

will not have an adverse impact on the Investment Advisor or otherwise impede SP+ INFRA's activities. Federal, state, and

local legislators and regulators regularly introduce measures or take actions that may modify the regulatory requirements

applicable to the financial industry. Changes in laws, regulations or regulatory policies, including resulting from changes in

U.S. executive administration or Congressional leadership, could adversely affect the private equity industry generally and/or

the Investment Advisor or SP+ INFRA in substantial and unpredictable ways. We cannot predict if new legislation or

regulations will be enacted or adopted and, if enacted or adopted, the effect that it would have on the private investment fund

industry. Prospective investors should note that any significant changes in, among other things, banking and financial services

regulation, including the regulation of the asset management industry, could have a material adverse impact on SP+ INFRA and

its activities.

Although the Investment Advisor is registered under the Advisers Act, the enactment of these reforms and / or other

similar legislation could nonetheless have an adverse effect on the private investment funds industry generally and on

Stonepeak and / or SP+ INFRA specifically and may impede SP+ INFRA's ability to effectively achieve its investment

objectives. As a registered investment adviser under the Advisers Act, the Investment Advisor is required to comply with a

variety of periodic reporting and compliance-related obligations under applicable federal and state securities laws (including,

without limitation, the obligation of the Investment Advisor and its Affiliates to make regulatory filings with respect to SP+

INFRA and its activities under the Advisers Act (including, without limitation, Form PF and Form ADV)). In addition, the

Investment Advisor is required to comply with a variety of regulatory reporting and compliance-related obligations under

applicable federal, state and foreign securities laws (including, without limitation, reports or notices in connection with the

AIFMD and / or CFTC ((as defined below) as well as other international jurisdiction-specific obligations)). In light of the

heightened regulatory environment in which SP+ INFRA, the General Partner and the Investment Advisor operate and the

regulations applicable to private investment funds and their investment advisors, it has, over time, become increasingly

expensive and time-consuming for SP+ INFRA, the General Partner, Investment Advisor and their Affiliates to comply with

such regulatory reporting and compliance-related obligations. For example, Form PF requires that Stonepeak Partners LP report

detailed information about the assets, investments, performance, and liabilities of SP+ INFRA and other accounts and

investment funds it advises as well as aggregated information about the investors in such vehicles, and because SP+ INFRA

will be required to bear SP+ INFRA's share of expenses relating to compliance-related matters and regulatory filings, SP+

INFRA will bear its pro rata share of the costs and expenses of initial and ongoing Form PF compliance applicable to SP+

INFRA, including costs and expenses of collecting and calculating data and the preparation of such reports and filings. Further

changes to any required regulatory reporting with respect to SP+ INFRA could increase the costs and expenses associated

therewith and may furthermore place SP+ INFRA at a competitive disadvantage to the extent that Stonepeak is required to

disclose sensitive business information. Similarly, certain expenses incurred in connection with ongoing compliance with

respect to SP+ INFRA, including compliance with Rule 206(4)-1 under the Advisers Act, known as the "Marketing Rule,"

including reviewing marketing materials that are prepared for existing and/or prospective limited partners for compliance

therewith, shall be treated as Fund Expenses. In each case, such expenses are likely to be material, including on a cumulative

basis over the life of SP+ INFRA. Additionally, SP+ INFRA may in the future engage third party service providers to perform

some or a significant portion of the reporting and compliance related matters and functions under SP+ INFRA's supervision

(including, without limitation, draft preparation and the filing of Form PF), which could result in increased compliance costs

and expenses borne by SP+ INFRA. Any further increases in the regulations applicable to private investment funds generally or

SP+ INFRA and / or the Investment Advisor in particular may result in increased expenses associated with SP+ INFRA's

activities and additional resources of the Investment Advisor being devoted to such regulatory reporting and compliance-related

obligations, which may reduce overall returns for the Unitholders and / or have an adverse effect on the ability of SP+ INFRA

to effectively achieve its investment objective.

Current or future proposed rulemakings by the SEC are expected to result in alterations to how Stonepeak and the

Investment Advisor operate their business and / or SP+ INFRA, as well as the Investment Advisor's implementation of SP+

INFRA's investment strategy, to significantly increase compliance burdens and associated costs (which, to the extent permitted

under the Fund LPA and consistent with applicable law, will be treated as Fund Expenses) and to possibly restrict the ability of

the Investment Advisor to receive certain expense reimbursements or allocate certain expenses in certain circumstances. This

regulatory complexity, in turn, could increase the need for broader insurance coverage by fund managers and increase such

costs and expenses charged to SP+ INFRA and its Unitholders, if permitted. New SEC rules could also increase the cost of

entering into and maintaining relationships with service providers to Stonepeak, the Investment Advisor and SP+ INFRA and /

or limit the number of service providers in a manner detrimental to Stonepeak, the Investment Advisor or SP+ INFRA.

In addition, new SEC rules could increase the risk of exposure of SP+ INFRA, the Investment Advisor and Stonepeak

to additional regulatory scrutiny, litigation, censure and penalties for noncompliance or perceived noncompliance, which in turn

would be expected to adversely (potentially materially) affect the Investment Advisor, Stonepeak, and SP+ INFRA's reputation,

and to negatively impact SP+ INFRA in conducting its business (thereby materially reducing returns to Unitholders).

There can be no assurance that any new SEC or other regulatory rules and amendments will not have a material

adverse effect on the Investment Advisor, Stonepeak, SP+ INFRA, its Investments and / or the Unitholders or that such rules or

amendments will not materially reduce returns to the Unitholders. The SEC's regulatory and examinations priorities under the

agency's new leadership are expected to continue to evolve.

In addition, the SEC has recently indicated an intention to focus on making alternative investments more available to

retail investors. As an example, the President's 2025 Executive Order to the U.S. Department of Labor to provide 401(k) plan

fiduciaries with greater protection against litigation when offering investment options that include alternative assets supports the

SEC's enhanced focus and efforts to democratize access to the "alternative asset" class. The Executive Order considers

"alternative assets" to include private market investments, direct and indirect holdings in real estate, digital assets, commodities

and infrastructure investments. While the full extent of the anticipated SEC rulemaking or guidance is yet to be determined,

potential changes relating to (i) accredited investor and/or qualified purchaser status or (ii) disclosure requirements surrounding

fees are likely to have an impact on the operations of the Fund, including the types of products Stonepeak offers and the

investor base Stonepeak targets.

SP+ INFRA is subject to certain anti-money laundering and anti-terrorist financing ("AML/CFT") laws. For example,

in January 2024, the U.S. Corporate Transparency Act and its beneficial ownership information reporting requirements

(collectively, the "CTA") became effective, requiring certain legal entities to report beneficial ownership information to the

U.S. Department of the Treasury's Financial Crimes Enforcement Network ("FinCEN"). On March 21, 2025, FinCEN issued

an interim final rule (the "IFR") which was published in the Federal Register on March 26, 2025, reducing the scope of the

CTA's reporting requirements to apply only to foreign entities registered to do business in a U.S. state or territory. This

narrowing may not be permanent, and further rulemaking now or in future administrations could re-impose the more expansive

requirements of the prior rule. The CTA or any other similar rules, including those imposed by non-U.S. regulators, U.S. states,

or other authorities, may impose increased compliance costs, regulatory obligations and reporting burdens.

Additionally, in August 2024, FinCEN issued a final rule that would require certain investment advisers, including

registered investment advisers, to, among other measures, adopt an AML/CFT program and file certain reports, such as

suspicious activity reports, with FinCEN and to maintain additional records related to such activities ("IA AML Rule"). The

SEC has been delegated responsibility for examining investment advisers' compliance with these requirements. On July 21,

2025, FinCEN announced its intention to delay the implementation of the AML/CFT rule until January 1, 2028 and to revisit

the scope of both the AML/CFT rule and a related proposed rule establishing customer identification program rule requirements

for investment advisers. These types of AML/CFT rules, if and when they become effective, may impose substantial regulatory

obligations related to AML/CFT on Stonepeak's business and may result in increased compliance costs and expenses borne by

SP+ INFRA.

These and other potentially applicable AML/CFT laws may impose substantial regulatory obligations on SP+ INFRA,

and may require reporting the identity of, and certain other information regarding, at least certain Unitholders and their

beneficial owners and/or control persons to relevant governmental authorities. In certain circumstances such disclosure may be

eligible to be provided to governmental authorities on a confidential basis; however, there can be no assurance that, even if

confidential treatment can be obtained in some circumstances, the confidentiality of the reported information will be maintained

in all instances, or that SP+ INFRA will not be subject to other regimes that require public disclosure of such information.

Furthermore, various federal, state and local agencies have been examining, and the SEC has enacted a rule restricting,

the role of Placement Agents, finders and other similar private investment fund service providers in the context of investments

by public pension plans and other similar entities, including investigations and requests for information and limitations on

making political contributions by certain persons associated with the sponsors of private funds, and in connection therewith,

new and / or proposed rules and regulations in this arena may increase the possibility that the General Partner, Investment

Advisor and their Affiliates may be exposed to claims and / or actions that could require a Unitholder to withdraw from SP+

INFRA. As a related matter, Stonepeak may be required to provide certain information regarding some of the Unitholders to

regulatory agencies and bodies in order to comply with applicable laws and regulations, including the FCPA (as defined below).

In addition, elements of organized labor and other representatives of labor unions have embarked on a campaign targeting

private investment firms on a variety of matters of interest to organized labor.

Stonepeak is from time to time subject to litigation and claims relating to its businesses, as well as governmental and /

or regulatory inquiries, investigations and / or proceedings. Certain regulatory, litigation and other similar matters are disclosed

in (i) the Fund's public filings (including, without limitation, its current, periodic and annual reports on Forms 8-K, 10-Q and

10-K) and filings of Stonepeak Partners LP on Form ADV, which may be accessed through the website of the SEC

(www.sec.gov), and (ii) materials made available through the Fund's investor data site. Any such disclosures in the Fund's

public filings or which are otherwise made available to Unitholders, including by way of posting to the Fund's investor data

site, are incorporated herein by reference, to the extent applicable, including with respect to litigation, investigations,

settlements and similar proceedings. There can be no assurance that the foregoing will not have an adverse impact on Stonepeak

or SP+ INFRA or otherwise impede SP+ INFRA's activities. The recent negative perception of the private investment fund

industry in certain countries could make it harder for funds sponsored by private investment firms, such as SP+ INFRA, to

successfully bid for and complete investments.

In addition to the U.S. legislation described above, other jurisdictions, including many European jurisdictions, have

proposed modernizing financial regulations that have called for, among other things, increased regulation of and disclosure with

respect to, and possibly registration of, hedge funds and private investment funds such as through the AIFMD discussed below.

There is therefore a material risk that regulatory agencies in the United States, Europe, Asia or elsewhere may adopt

burdensome laws (including tax laws) or regulations, or changes in law or regulation, or in the interpretation or enforcement

thereof, which are specifically targeted at the private investment fund industry, or other changes that could adversely affect

private investment firms and the funds they sponsor, including SP+ INFRA.

In addition, as private fund firms and other alternative asset managers become more influential participants in the U.S.

and global financial markets and economy generally, the private fund industry has recently been subject to criticism by some

politicians, regulators and market commentators. The recent negative perception of the private fund industry in certain countries

could make it harder for SP+ INFRA to successfully bid for and complete Investments.

Each prospective investor is strongly urged to consult its own legal advisors with respect to the consequences under

applicable regulatory regimes regarding banks and other financial institutions and investors therein of the purchase and

ownership of Units in SP+ INFRA.

***Absence of Regulatory Oversight***. Notwithstanding that the Investment Advisor is registered as an investment adviser

under the Advisers Act, and the Fund may be considered similar in some ways to an investment company, the Fund is not

required and does not intend to register under the Advisers Act, and, accordingly, Unitholders are not afforded the protections

of the Advisers Act.

***Registration under the U.S. Commodity Exchange Act.*** Registration with the U.S. Commodity Futures Trading

Commission (the "CFTC") as a "commodity pool operator" ("CPO") or commodity trading advisor ("CTA"), reliance on an

alternative exemption (including in the event that any exemption or no-action relief upon which the Fund is currently relying is

modified, rescinded or otherwise no longer available), or any change in SP+ INFRA's, the General Partner's, the Investment

Advisor's or their affiliates' operations (including, without limitation, any change that causes the General Partner, the

Investment Advisor or their principals to be subject to certain specified covered statutory disqualifications) necessary to

maintain the General Partner's or the Investment Advisor's ability to rely upon an exemption or other relief from registration as

a CPO and/or CTA with respect to SP+ INFRA could adversely affect SP+ INFRA's ability to implement its investment

program, conduct its operations and / or achieve its objectives and subject SP+ INFRA to certain additional costs, expenses and

administrative burdens. Furthermore, any determination by the General Partner and/or the Investment Advisor to cease or to

limit holding or investing in interests, which may be treated as "commodity interests" in order to comply with the regulations of

the CFTC may have a material adverse effect on SP+ INFRA's ability to implement its investment objectives and to hedge risks

associated with its operations.

***Laws of Other Jurisdictions Where SP+ INFRA is Marketed.*** Units in SP+ INFRA can be marketed in various

jurisdictions in addition to those more specifically addressed elsewhere in this Annual Report. In order to market Units in SP+

INFRA in certain jurisdictions (or to investors who are citizens of or resident in such jurisdictions), SP+ INFRA, the General

Partner, Stonepeak and its Affiliates will be required to comply with applicable laws and regulations relating to such activities.

Compliance might involve, among other things, making notifications to or filings with local regulatory authorities, registering

SP+ INFRA, the General Partner, Stonepeak and its Affiliates or the Units with local regulatory authorities or complying with

operating or investment restrictions and requirements, including with respect to prudential regulation. Compliance with such

laws and regulations could limit the ability of SP+ INFRA to participate in investment opportunities and could impose onerous

or conflicting operating requirements on SP+ INFRA, the General Partner, Stonepeak and its Affiliates. The costs, fees and

expenses incurred in order to comply with such laws and regulations, including, without limitation, related legal fees and filing

or registration fees and expenses, will be borne by SP+ INFRA and could be substantial. In addition, if SP+ INFRA, the

General Partner, Stonepeak and its Affiliates were to fail to comply with such laws and regulations, any or all of them could be

subject to fines or other penalties, the cost of which typically would be borne by SP+ INFRA.

***Impact of E.U. and U.K. Sustainable Finance Regulatory Developments***. The European sustainable finance

regulatory environment for alternative investment fund managers and financial services firms continues to evolve and increase

in complexity, making compliance more costly and time-consuming. There is growing regulatory interest, both in the E.U. and

the U.K., in improving transparency around how asset managers define, measure and disclose impact of sustainability factors

on the performance of their funds and financial products, in part, to avoid the practice of 'greenwashing' but principally to

enable prospective investors to make informed choices in pursuit of their own responsible investment or sustainability policies.

The European Union has published a number of strategic initiatives in recent years that are designed to transform the

entire financial system and reorient capital flows towards sustainable investment, which is to be achieved through the selection

of appropriate investments by well-informed, or suitably advised, investors who may themselves be under an obligation to

disclose to their own stakeholders how they integrate sustainability into their own decision-making.

It is difficult to predict whether the E.U.'s measures will succeed in reorienting capital flows and, if it is successful, the

impact it will have on the returns to investors. There is a risk that the value of investments made by SP+ INFRA in pursuing its

investment strategy could be adversely affected over the life of SP+ INFRA by changes to economic conditions brought about

by the E.U.'s initiatives.

As part of the above, the E.U. adopted the Sustainable Finance Disclosure Regulation ((EU) 2019/2088) (the "SFDR"),

which took effect from 10 March 2021 (as supplemented by delegated legislation specifying detailed regulatory technical

standards ("RTS")) and which requires transparency with regard to the integration of sustainability risks and the consideration

of adverse sustainability impacts in an alternative investment fund manager's processes and the provision of sustainability-

related information with respect to AIFs. In addition, the Regulation on the establishment of a framework to facilitate

sustainable investment ((EU) 2020/852) (the "Taxonomy Regulation") establishes a framework (and detailed criteria in

regulatory technical standards made under the Taxonomy Regulation) to determine whether an economic activity qualifies as an

environmentally sustainable economic activity, and requires in-scope financial products to disclose whether, and if so the

degree to which, the financial product is invested in investments with exposure to such environmentally sustainable economic

activities.

While SP+ INFRA is not directly subject to SFDR, the Taxonomy Regulation or the RTS but these regulations may

have an indirect impact on the Investment Advisor and SP+ INFRA and its ability to achieve its investment objectives,

including as a result of the parallel management of SP+ INFRA and the Lux Fund and the expectation that interests in the Lux

Fund will be offered to investors in the E.U. An affiliate of the General Partner has formed the Lux Fund, which is managed by

an EEA alternative investment fund manager in Luxembourg (the "Luxembourg AIFM"). The Luxembourg AIFM will need to

comply with these regulations and provide certain sustainability related disclosures, including with respect to such

environmental and / or social characteristics as may be promoted by the Lux Fund as part of its investment strategy. There is

also a risk that the Lux Fund's SFDR classification will affect the pool of investors that it will be able to target, which may have

an indirect effect on SP+ INFRA.

In November 2025, the European Commission proposed significant changes to the SFDR regime, which are proposed

to come into effect during 2028. The changes are not expected to apply directly to the Lux Fund by virtue of transitional

provisions that would exempt closed-end funds that are created and distributed prior to the implementation of the new

requirements. Nonetheless, there is significant uncertainty as to the final form that such rules could take and it is unclear

whether and to what extent there could be any direct or indirect impact on the Lux Fund and indirectly SP+ INFRA. The

Luxembourg AIFM will, therefore, have to continue to monitor any developments to these regulations and their implementation

and resources will need to be allocated to continue to assess how SP+ INFRA is impacted and the effects of any additional

compliance and reporting burdens. The Luxembourg AIFM reserves the right to adopt such arrangements as it deems necessary

or desirable to comply with applicable current or future requirements of the SFDR and the Taxonomy Regulation.

As of the date hereof, the full impact of the SFDR and the Taxonomy Regulation on the Lux Fund, and indirectly SP+

INFRA, continues to develop as guidance and clarifications are published by the European Commission and the European

Supervisory Authorities. There could also be divergent interpretations of the requirements at E.U. Member State level, and

national guidance and supervisory activities have already emerged in certain Member States. In addition, the European

Commission has also proposed an "Omnibus simplification package" aimed at simplifying sustainability regulatory

requirements, which may introduce changes to regulations such as the Taxonomy Regulation (among possible other E.U.

sustainability-related regulations).

The U.K. has introduced certain sustainability-related disclosure requirements for asset managers, including naming

and marketing requirements for funds that have sustainability-related characteristics; however, these are expected to have

limited direct impact on non-U.K. funds managed by non-U.K. asset managers (including SP+ INFRA) as they will apply only

to U.K. authorised firms and do not currently extend to overseas funds; however, there could be an indirect impact on the Lux

Fund, and consequently SP+ INFRA in circumstances where the Lux Fund is marketed to investors via a U.K. authorised firm

acting as a placement agent or distributor (including an affiliate of the General Partner), as such firms are required to comply

with an "anti-greenwashing rule", which may result in additional costs to the Lux Fund and SP+ INFRA and/or reputational risk

to Stonepeak, and may impact the way in which a distributor is able to market the Lux Fund on behalf of the General Partner to

U.K. investors. Nonetheless, there is still uncertainty as to the potential indirect impacts of this SFDR and investment labels

regime on the General Partner, the Investment Advisor, the Luxembourg AIFM, the Lux Fund, and indirectly SP+ INFRA.

Overall, compliance with these and other sustainability-related regulatory developments, including existing and future

regulation in the E.U., the U.K., and elsewhere, is expected to result in increased legal, compliance, reporting and other

associated costs and expenses which may be borne by SP+ INFRA. The General Partner and SP+ INFRA may become subject

to additional disclosure or other regulatory requirements in the future and there is no guarantee that SP+ INFRA's current

arrangements will be sufficient to meet future regulatory requirements. In addition, the General Partner and/or SP+ INFRA may

become subject to conflicting regulatory requirements in the United States and the European Union. The General Partner

reserves the right to adopt such arrangements with respect to compliance with current or future sustainability-related regulatory

requirements, including under the E.U. and U.K. regimes described above, as it deems appropriate, including in relation to

conflicting requirements in different jurisdictions.

SP+ INFRA will bear (pro rata with the Parallel Funds and the Lux Fund based on net asset value, or in a different

manner if Stonepeak determines in good faith that doing so is more equitable or appropriate under the circumstances) the costs

and expenses of compliance with the SFDR, the Taxonomy Regulation and any other applicable sustainability-related

legislation or regulations, including costs and expenses of collecting and calculating data and the preparation of policies,

disclosures and reports, in addition to other matters that relate solely to marketing and regulatory matters which otherwise

would apply solely to the Partnership. It is difficult to predict the full extent of any such costs and expenses.

***"Bad Actor" Restrictions for Private Placements Conducted Under Rule 506 of Regulation D.*** Regulation D under

the Securities Act bars issuers deemed to be "bad actors" from relying on the exemption from registration under the Securities

Act provided by Rule 506 of Regulation D ("Rule 506") if a "covered person" of the issuer has been the subject of a

"disqualifying event" (each as defined below). "Covered persons" include, among others, the issuer, its affiliates, any

investment manager or solicitor of the issuer, any director, executive officer or other officer participating in the offering of the

issuer, any general partner or managing member of the foregoing entities, any promoter of the issuer and any beneficial owner

of 20% or more of the issuer's outstanding voting equity securities, calculated on the basis of voting power. A "disqualifying

event" includes, among other things, certain (i) criminal convictions and court injunctions and restraining orders issued in

connection with the purchase or sale of a security, false filings with the SEC or arising out of the conduct of certain financial

services businesses; (ii) final orders from the CFTC, federal banking agencies and certain other regulators that bar a person

from associating with a regulated entity or engaging in the business of securities, insurance or banking or that are based on

certain fraudulent conduct; (iii) SEC disciplinary orders relating to investment advisers, brokers, dealers and their associated

persons; (iv) SEC cease and desist orders relating to violations of certain anti-fraud provisions and registration requirements of

the federal securities laws; (v) suspensions or expulsions from membership in a self-regulatory organization ("SRO") or from

association with an SRO member; and (vi) U.S. Postal Service false representation orders. A disqualification occurs only in the

case of a disqualifying event of a covered person that occurred or occurs on or after September 23, 2013, although issuers must

disclose to potential investors in an offering pursuant to Rule 506 disqualifying events of covered persons that occurred before

September 23, 2013. Rule 506 provides an exception from disqualification if the issuer can show that it did not know and, in the

exercise of reasonable care could not have known, that the issuer or any other covered person was subject to a disqualifying

event, although an issuer will not be able to establish that it has exercised reasonable care unless it has made, in light of the

circumstances, factual inquiry into whether any disqualifications exist.

In connection with the offering of the Fund's Units, Stonepeak and the General Partner will make inquiries into

whether any persons that either Stonepeak or the General Partner has determined to be covered persons of SP+ INFRA have

been subject to any disqualifying events. In some circumstances, however, Stonepeak's or the General Partner's ability to

determine whether SP+ INFRA would be disqualified from relying on Rule 506 will depend on the cooperation of parties over

whom Stonepeak or the General Partner has limited control and influence. If any of SP+ INFRA's covered persons, including

any such covered person affiliated with Stonepeak or the General Partner, is subject to a disqualifying event, SP+ INFRA could

lose the ability to raise capital in a future offering in reliance on Rule 506 for a significant period of time and SP+ INFRA's

business, financial condition and results of operations could be materially and adversely affected.

Each investor may be required to represent that neither it nor any of its beneficial owners is subject to a disqualifying

event. In addition, if at any time a Unitholder is or becomes subject to a disqualifying event that could result in disqualification

of the Fund's use of the Rule 506 exemption under the Securities Act, as determined in good faith by the General Partner, at

any time on or prior to the final admission of Unitholders, then the portion of such Unitholder's Units in the Fund in excess of

19.99% of the aggregate voting interests of the Fund will be converted to non-voting interests, and such non-voting interests

will not be included for purposes of calculating any vote, approval or consent of the Unitholders under the Fund LPA.

***FOIA.*** To the extent that the General Partner determines in good faith that, as a result of the U.S. Freedom of

Information Act ("FOIA"), any governmental public records access law, any state or other jurisdiction's laws similar in intent

or effect to FOIA, or any other similar statutory or regulatory requirement, a Unitholder or any of its Affiliates may be required

to disclose information relating to SP+ INFRA, its Affiliates, and / or any entity in which an Investment is made (other than

certain fund-level, aggregate performance information described in the Fund LPA), which disclosure could, for example, affect

SP+ INFRA's competitive advantage in finding attractive investment opportunities. The General Partner may, in order to

prevent any such potential disclosure, withhold all or any part of the information otherwise to be provided to such Unitholder,

as more fully described in the Fund LPA. Without limiting the foregoing, in the event that any party seeks the disclosure of

information relating to SP+ INFRA, its Affiliates, and / or any entity in which an Investment is made under FOIA or any such

similar law, the General Partner may, in its discretion, initiate legal action and / or otherwise contest such disclosure, which

may or may not be successful, and any expenses incurred therewith will be borne by SP+ INFRA.

***Handling of Mail***. Mail addressed to SP+ INFRA and received at its registered office will be forwarded unopened to

the forwarding address supplied by SP+ INFRA to be dealt with. None of SP+ INFRA, the Investment Advisor, the General

Partner, or any of its or their directors, officers, advisors, or service providers (including any organization which provides

registered office services in Delaware) will bear any responsibility for any delay howsoever caused in mail reaching the

forwarding address. In particular, the directors or officers, as applicable, of the General Partner will only receive, open or deal

directly with mail which is addressed to them personally (as opposed to mail which is addressed just to SP+ INFRA).

***Proxy Statements, Unitholder Proposals and Other Matters***. Unitholders are not entitled to vote in the election of the

Fund's directors. Accordingly, the Fund is not required to file proxy statements or information statements under Section 14 of

the Exchange Act except in those limited circumstances where a vote of Unitholders is required under the Fund LPA or

Delaware law. Moreover, Unitholders are not able to bring matters before meetings of unitholders or nominate directors at such

meeting, nor are they generally able to submit proposals under Rule 14a-8 of the Exchange Act except on matters on which

such Unitholders have voting rights, if any.

***Exclusive Delaware Jurisdiction.*** The Fund LPA designates the courts of the State of Delaware (or, if the General

Partner determines and a Unitholder agrees as of such Unitholder's admission date, in the courts of the State of New York

located in New York County or the United States District Court for the Southern District of New York), and to the extent

subject matter jurisdiction exists therefor, the United States for the District of Delaware, as the exclusive forum for any such

action or proceeding against the parties relating in any way to the Fund LPA. Any person or entity purchasing or otherwise

acquiring Units shall be deemed to have notice of and to have consented to the forum provision in the Fund LPA. Unitholders

will not be deemed to have waived compliance with the federal securities laws and the rules and regulations thereunder as a

result of the forum selection provisions in the Fund LPA. This forum selection provision may limit a Unitholder's ability to

bring a claim in a different judicial forum, including one that it may find favorable or convenient for a specified class of

disputes with Stonepeak or the Fund's directors and officers or other Unitholders, which may discourage such lawsuits. The

validity of the forum selection provision could be challenged and a court could rule that such provision is inapplicable or

unenforceable. If a court were to find this provision of the Fund LPA inapplicable or unenforceable with respect to one or more

types of actions or proceedings, the Fund may incur additional costs associated with resolving such matters in other

jurisdictions, which could materially adversely affect the Fund's business, financial condition and results of operations and

result in a diversion of the time and resources of the General Partner and the Investment Advisor and the Fund's directors and

officers.

***Change of Law***. In addition to the risks regarding regulatory approvals, it should be noted that government

counterparties or agencies may have the discretion to implement, change or increase regulation or to implement laws affecting

the operations of SP+ INFRA and its portfolio companies. SP+ INFRA and its portfolio companies also could be materially and

adversely affected as a result of statutory or regulatory changes or judicial or administrative interpretations of existing laws and

regulations that impose more comprehensive or stringent requirements on SP+ INFRA and / or its portfolio companies.

Governments have considerable discretion in implementing regulations, including, for example, the possible imposition or

increase of taxes on income earned by or from a portfolio company or gains recognized by SP+ INFRA on its investment in a

portfolio company, that could impact the portfolio company's business as well as SP+ INFRA's return on investment with

respect to such portfolio company. These same factors may limit the ability of SP+ INFRA to source, diligence and execute

new investments and to manage, finance and exit investments in the future, and governmental mitigation actions may constrain

or alter existing financial, legal and regulatory frameworks in ways that are adverse to the investment strategy SP+ INFRA

intends to pursue, all of which could adversely affect SP+ INFRA's ability to fulfill its investment objectives. Moreover,

because some of SP+ INFRA's portfolio companies may provide basic everyday services and / or face limited competition, or

because the industries of certain of SP+ INFRA's portfolio companies may be considered strategic areas or for other reasons,

governments may be influenced by political considerations and may make decisions that adversely affect a portfolio company's

business.

***1940 Act Considerations***. The Fund and the Feeder Fund currently rely upon the exclusion from the definition of

"investment company" set out in Section 3(c)(7) of the 1940 Act. Reliance on Section 3(c)(7) of the 1940 Act requires, among

other things, that each purchaser be a "qualified purchaser." A "qualified purchaser," as such term is defined in the 1940 Act,

including the rules and regulations thereunder, includes a natural person who owns not less than $5 million in investments or a

company, acting for its own account or the accounts of other qualified purchasers, that owns and invests on a discretionary basis

not less than $25 million in investments, and certain trusts. The Fund's subscription documents and Fund LPA contain

representations and restrictions on transfer designed to assure that the foregoing conditions are met. Further, Stonepeak has

operated and intends to continue to operate such that none of the Fund, the Feeder Fund, the Aggregators, the Lower Funds or

any Parallel Fund will be required to register as investment companies under the 1940 Act.

While not currently expected, in light of SP+ INFRA's perpetual structure, in the future, the General Partner may

determine in its sole discretion for the Fund and/or the Feeder Fund to seek to: (i) rely on a different exclusion from the

definition of "investment company" under the 1940 Act; (ii) register as an investment company under the 1940 Act; or (iii)

elect to be regulated as a business development company under the 1940 Act.

If the Fund and the Feeder Fund were to rely on a different exclusion from the definition of "investment company"

under the 1940 Act, it is possible a change in the value of SP+ INFRA's assets could cause SP+ INFRA to fall within the

definition of "investment company" inadvertently. As a result, SP+ INFRA may need to structure its holdings and business

operations in a different manner, including restricting or limiting the scope of its operations or the types of acquisitions that it

may make, modifying its organizational structure and tax treatment, or acquiring or disposing of assets that it might not have

otherwise. SP+ INFRA may incur additional costs and expenses and be subject to increased regulatory scrutiny as a result of

such a change. Specifically, if the General Partner were to structure SP+ INFRA's holdings and business operations in such a

manner that in the future it does not meet the definition of an "investment company" set out in Section 3(a)(1) of the 1940 Act,

it is expected that SP+ INFRA's assets would primarily consist of majority-controlled portfolio companies or general partner or

co-general partner interests in joint ventures (that in turn hold majority or primary control of portfolio companies). It is

expected these joint ventures would generally be alongside Other Stonepeak Accounts and in cases where SP+ INFRA is a co-

general partner of the joint venture an Other Stonepeak Account may be the other co-general partner. In such cases the relative

economic interests of the co-general partners are expected to vary from joint venture to joint venture and such Other Stonepeak

Accounts may have certain governance rights that do not correspond with their economic interests on a pro rata basis.

Any adjustment in SP+ INFRA's business strategy, assets, tax treatment or other matters related to a change in SP+

INFRA's treatment under the 1940 Act could negatively impact the value of the Units.

If the Fund and the Feeder Fund are required to register as an investment company under the 1940 Act, SP+ INFRA

would become subject to substantial regulation with respect to its capital structure (including the ability to use borrowings),

management, operations, transactions with affiliated persons (as defined in the 1940 Act), and portfolio composition, including

disclosure requirements and restrictions with respect to diversification and industry concentration, and other matters.

Compliance with the 1940 Act would, accordingly, limit SP+ INFRA's ability to make certain investments and require it to

significantly restructure its business plan, which could materially adversely affect SP+ INFRA's NAV and its ability to pay

distributions to Unitholders.

***Economic Sanctions and Anti-Bribery Considerations***. Economic sanctions laws in the United States and other

jurisdictions may prohibit Stonepeak, Stonepeak's professionals and SP+ INFRA from transacting with or in certain countries

and with certain individuals and companies. For example, in the United States, the U.S. Department of the Treasury's Office of

Foreign Assets Control ("OFAC") administers and enforces laws, Executive Orders and regulations establishing U.S. economic

and trade sanctions. Such sanctions prohibit, among other things, transactions with, and the provision of services to, certain

foreign countries, territories, entities and individuals. These entities and individuals include specially designated nationals,

sanctions evaders and other parties subject to OFAC sanctions and embargo programs. The lists of OFAC prohibited countries,

territories, persons and entities, including the List of Specially Designated Nationals and Blocked Persons, as such list may be

amended from time to time (as has recently been the case with respect to Russia and certain Russian and Belarusian entities and

individuals), can be found on the OFAC website at . In addition, certain programs administered by

OFAC prohibit dealing with individuals or entities in certain countries and territories regardless of whether such individuals or

entities appear on the lists maintained by OFAC. These types of sanctions may significantly restrict SP+ INFRA's investment

activities in certain countries and territories, and if SP+ INFRA or its portfolio companies were to violate any such laws or

regulations, they may face significant legal and monetary penalties. Other jurisdictions maintain different and / or additional

economic and trade sanctions. Accordingly, SP+ INFRA may require Unitholders to represent that they are not named on a list

of prohibited entities and individuals maintained by OFAC or under similar E.U. Regulations and U.K. Regulations (including

as the latter are extended to the Cayman Islands by Statutory Instrument), and Cayman Islands Regulations, and are not

operationally based or domiciled in a country or territory in relation to which current sanctions have been issued by the U.S.,

the United Nations, the E.U., the U.K. or the Cayman Islands (collectively "Sanctions Lists"). If a Unitholder is on a Sanctions

List, SP+ INFRA may be required to cease any further dealings with the Unitholder's interest in SP+ INFRA until such

sanctions are lifted or a license is sought under applicable law to continue dealings. Accordingly, these types of sanctions laws

may prohibit or limit SP+ INFRA's investment activities. Although Stonepeak expends significant effort to comply with the

sanctions regimes in the countries where it operates, one of these rules could be violated by Stonepeak's or Fund's activities,

which would adversely affect SP+ INFRA.

Accordingly, SP+ INFRA may require each investor to represent and warrant, on a continuing basis, that it is not, and

that, to the best of its knowledge or belief, its beneficial owners, controllers or authorized persons ("Related Persons") (if any)

are not: (i) named on any list of sanctioned entities or individuals maintained by the OFAC or pursuant to E.U. and / or U.K.

Regulations (as the latter are extended to the Cayman Islands by Statutory Instrument) and / or Cayman Islands legislation, (ii)

operationally based or domiciled in a country or territory in relation to which sanctions imposed by the United Nations, OFAC,

the E.U., the U.K. and / or the Cayman Islands apply, or (iii) otherwise subject to sanctions imposed by the United Nations,

OFAC, the E.U., the U.K. (including as the latter are extended to the Cayman Islands by Statutory Instrument) or the Cayman

Islands (collectively, a "Sanctions Subject").

Where an investor or a Related Person is or becomes a Sanctions Subject, SP+ INFRA may be required immediately

and without notice to such investor to cease any further dealings with the investor and / or the investor's interest in SP+ INFRA

until the investor or the relevant Related Person (as applicable) ceases to be a Sanctions Subject, or a license is obtained under

applicable law to continue such dealings (a "Sanctioned Persons Event"). SP+ INFRA, the General Partner, the Investment

Advisor and their respective employees, agents and representatives shall have no liability whatsoever for any liabilities, costs,

expenses, damages and / or losses (including but not limited to any direct, indirect or consequential losses, loss of profit, loss of

revenue, loss of reputation and all interest, penalties and legal costs and all other professional costs and expenses) incurred by

the investor as a result of a Sanctioned Persons Event.

In addition, should any investment made on behalf of SP+ INFRA subsequently become subject to applicable

sanctions, SP+ INFRA may immediately and without notice to the investor cease any further dealings with that investment until

the applicable sanctions are lifted or a license is obtained under applicable law to continue such dealings.

In some countries, there is a greater acceptance than in the United States of government involvement in commercial

activities, and of corruption. Stonepeak, the Stonepeak professionals and SP+ INFRA are committed to complying with the U.S.

Foreign Corrupt Practices Act ("FCPA"), the U.K. Bribery Act of 2010 (the "U.K. Bribery Act") and other anti-corruption

laws, anti-bribery laws and regulations as well as anti-boycott regulations, to which they are subject. As a result, SP+ INFRA

may be adversely affected because of its unwillingness to participate in transactions that violate such laws or regulations. Such

laws and regulations may make it difficult in certain circumstances for SP+ INFRA to act successfully on investment

opportunities and for portfolio companies to obtain or retain business. Although Stonepeak conducts anti-corruption due

diligence on all targets with operations, SP+ INFRA may acquire an Investment with risks related to prior non-compliance with

one or more of these statutes. Furthermore, although Stonepeak has robust compliance programs designed to ensure strict

compliance by Stonepeak and its personnel with the FCPA and the U.K. Bribery Act and other similar laws, even reasonable

compliance programs may not be effective in all instances at preventing violations.

In addition, the U.K. Bribery Act is broader in scope than the FCPA and applies to private and public sector corruption

and holds companies liable for failure to prevent bribery unless they have adequate procedures in place to prevent bribery.

Other countries have also adopted or improved their anti-corruption legal regimes in recent years. Many of these laws have

extraterritorial application. In addition, in spite of Stonepeak's policies and procedures, portfolio companies, particularly in

cases where SP+ INFRA or Other Stonepeak Account does not control such portfolio company, and persons acting on behalf of

SP+ INFRA or any portfolio company and third-party consultants, managers and advisors, including Related Persons of

Stonepeak, may engage in conduct and activities that could result in a violation of one or more of the FCPA, U.K. Bribery Act

or other similar laws. Any determination that a related entity not controlled by Stonepeak or SP+ INFRA, or Stonepeak or SP+

INFRA themselves or their controlled entities, have violated the FCPA, the U.K. Bribery Act or other applicable anti-corruption

laws or anti-bribery laws (including Luxembourg) could subject Stonepeak and SP+ INFRA to, among other things, civil and

criminal penalties, material fines, profit disgorgement, injunctions on future conduct, securities litigation, reputational harm

and / or a general loss of investor confidence, any one of which could adversely affect Stonepeak's business prospects and / or

financial position, as well as SP+ INFRA's ability to achieve its investment objective and / or conduct its operations. SP+

INFRA may incur costs and expenses associated with engaging external counsel or other third-party consultants or

professionals in connection with inquiries or investigations relating to the FCPA, the U.K. Bribery Act or other applicable anti-

corruption laws or anti-bribery laws. In these cases, SP+ INFRA could suffer significant losses from the cost of defense,

interruption to ordinary operations and fines and penalties.

***Antitrust Risk.*** SP+ INFRA and its portfolio companies are and will be subject to antitrust and competition rules that

apply in the U.S. and the countries or regions where they do business. Failure to comply with those rules could result in

sanctions, fines or penalties, including civil damage actions, or delays in consummating SP+ INFRA's Investments. In certain

instances, a failure to comply could also result in an inability to consummate an Investment, restricting additional investment(s)

in existing Investments and / or requiring divestment of certain assets. This could also negatively affect Stonepeak's brand and

reputation and could require the General Partner's and / or the Investment Advisor's management to devote time to compliance

with such rules and resolution of such outcomes, which would reduce the time spent on SP+ INFRA's other activities. In some

cases, private equity sponsors could be held jointly and severally liable for any sanctions or penalties imposed on current or

former portfolio companies for breach of antitrust rules or regulations. This has become particularly true in Europe. Also, there

have been governmental investigations and lawsuits alleging that certain club deals or consortium bids constituted an illegal

attempt to collude and drive down the price on acquisitions. There can be no assurances that SP+ INFRA, the General Partner,

the Investment Advisor or the portfolio companies will not be subject to litigation or investigations involving consortium bids

or allegations of other anticompetitive activity, or the resulting negative impacts described above.

***Cayman Islands Regulatory Oversight.*** Many investment vehicles related to SP+ INFRA and established in the

Cayman Islands will be required to register and be regulated as a private fund under the Private Funds Act (as revised) (the

"Private Funds Act") of the Cayman Islands. Once registered, the Cayman Islands Monetary Authority (the "Authority") will

have supervisory and enforcement powers to ensure any such vehicle's compliance with the Private Funds Act. The Authority

may take certain actions if it is satisfied that a regulated private fund is or is likely to become unable to meet its obligations as

they become due, or is carrying on business fraudulently or otherwise in a manner detrimental to the public interest or to the

interests of its investors or creditors, or is carrying on or is attempting to carry on business or is winding up of its business

voluntarily in a manner that is prejudicial to its investors or creditors. The powers of the Authority include the power to require

the substitution of the general partner of such vehicle, to appoint a person to advise such vehicle on the proper conduct of its

affairs or to appoint a person to assume control of the affairs of such vehicle. There are other remedies available to the

Authority including the ability to apply to court for approval of other actions.

***Cayman Islands Data Protection.*** The Cayman Islands Data Protection Act (As Revised) (the "DPA") establishes

legal requirements for SP+ INFRA based on internationally accepted principles of data privacy.

The Fund has prepared a document outlining the Fund's data protection obligations and the data protection rights of

investors (and individuals connected with investors) under the DPA (the "Fund Privacy Notice"). The Fund Privacy Notice is

contained within the Subscription Agreement and is available to existing investors by contacting the Investment Advisor.

Prospective investors should note that, by virtue of making investments in SP+ INFRA and the associated interactions

with SP+ INFRA, the General Partner and their respective Affiliates and / or delegates (including completing the Subscription

Agreement, and including the recording of electronic communications or phone calls where applicable), or by virtue of

providing SP+ INFRA with personal information on individuals connected with the investor (for example directors, trustees,

employees, representatives, shareholders, investors, clients, beneficial owners or agents) such individuals will be providing SP+

INFRA, the General Partner and their respective Affiliates and / or delegates (including, without limitation, any third party

administrator) with certain personal information which constitutes personal data within the meaning of the DPA. SP+ INFRA

and / or the General Partner shall, to the extent applicable, act as a data controller in respect of this personal data and their

respective Affiliates and / or delegates, such as a third party administrator, the Investment Advisor and others, may act as data

processors (or data controllers in their own right in some circumstances).

By investing in SP+ INFRA and / or continuing to invest in SP+ INFRA, investors shall be deemed to acknowledge

that they have read in detail and understood the Fund Privacy Notice and that the Fund Privacy Notice provides an outline of

their data protection rights and obligations as they relate to the investment in the Fund. The Subscription Agreement contains

relevant representations and warranties.

Oversight of the DPA is the responsibility of the Ombudsman's office of the Cayman Islands. Breach of the DPA by

the Fund could lead to enforcement action by the Ombudsman, including the imposition of remediation orders, monetary

penalties or referral for criminal prosecution.

**LEGAL & REGULATORY – ERISA**

***ERISA & Related Considerations***. The General Partner intends to conduct the affairs of the Fund so that the Fund's

assets should not be deemed to constitute "plan assets" under the U.S. Employee Retirement Income Security Act of 1974, as

amended ("ERISA") and certain U.S. Department of Labor regulations promulgated thereunder, as modified by Section 3(42)

of ERISA (the "Plan Asset Regulations"). In this regard, if any class of the Units are not considered "publicly-offered

securities," within the meaning of the Plan Asset Regulations, the General Partner intends to prohibit "benefit plan investors"

from acquiring Units that are part of a class of Units that are not considered "publicly-offered securities."

The General Partner may also elect to operate the Fund as a "venture capital operating company," within the meaning

of the Plan Asset Regulations ("VCOC"). Operating the Fund as a VCOC would require that the Fund obtain rights to

substantially participate in or influence the conduct of the management of a number of the Fund's Investments. In the case of

Investments in portfolio companies, the Fund may designate a director to serve on the board of directors of one or more

portfolio companies as to which it obtains such rights. The designation of directors and other measures contemplated could

expose the assets of the Fund to claims by a portfolio company, its security holders and its creditors. While the General Partner

intends to minimize exposure to these risks, the possibility of successful claims cannot be precluded.

Moreover, because the General Partner may operate the Fund in a manner intended to qualify the Fund as a VCOC, the

Fund may be restricted or precluded from making certain Investments. In addition, such operation could require the General

Partner to liquidate Investments at a disadvantageous time, resulting in lower proceeds to the Fund than might have been the

case without the need for such compliance. No assurance can be given that the Fund will operate as a VCOC.

***Risk Arising from Potential Control Group Liability***. Under ERISA, upon the termination of a tax-qualified single

employer defined benefit pension plan, the sponsoring employer and all members of its "controlled group" will be jointly and

severally liable for 100% of the plan's unfunded benefit liabilities whether or not the controlled group members have ever

maintained or participated in the plan. In addition, the U.S. Pension Benefit Guaranty Corporation (the "PBGC") may assert a

lien with respect to such liability against any member of the controlled group on up to 30% of the collective net worth of all

members of the controlled group. Similarly, in the event a participating employer partially or completely withdraws from a

multiemployer (union) defined benefit pension plan, any withdrawal liability incurred under ERISA will represent a joint and

several liability of the withdrawing employer and each member of its controlled group.

A "controlled group" includes all "trades or businesses" under 80% or greater common ownership. This common

ownership test is broadly applied to include both "parent-subsidiary groups" and "brother-sister groups" applying complex

exclusion and constructive ownership rules. However, regardless of the percentage ownership that the Fund holds in one or

more of its portfolio companies, the Fund itself cannot be considered part of an ERISA controlled group unless the Fund is

considered to be a "trade or business".

While there are a number of cases that have held that managing investments is not a "trade or business" for tax

purposes, in 2007 the PBGC Appeals Board ruled that a private equity fund was a "trade or business" for ERISA controlled

group liability purposes and at least one U.S. Federal Circuit Court has similarly concluded that a private equity fund could be a

trade or business for these purposes based upon a number of factors including the fund's level of involvement in the

management of its portfolio companies and the nature of any management fee arrangements.

If the Fund were determined to be a trade or business for purposes of ERISA, it is possible, depending upon the

structure of the Investment by the Fund and / or its Affiliates and other co-investors in a portfolio company and their respective

ownership interests in the portfolio company, that any tax-qualified single employer defined benefit pension plan liabilities

and / or multiemployer plan withdrawal liabilities incurred by the portfolio company could result in liability being incurred by

the Fund, with a resulting need for additional capital contributions, the appropriation of Fund assets to satisfy such pension

liabilities and / or the imposition of a lien by the PBGC on certain Fund assets. Moreover, regardless of whether or not the Fund

were determined to be a trade or business for purposes of ERISA, a court might hold that one of the Fund's portfolio companies

could become jointly and severally liable for another portfolio company's unfunded pension liabilities pursuant to the ERISA

"controlled group" rules, depending upon the relevant investment structures and ownership interests as noted above.

**LEGAL & REGULATORY – TAX**

***General Tax Considerations.*** An investment in the Fund may involve complex tax considerations that will differ for

each investor, and there may be delays in distributing important tax information to investors (including the distribution of U.S.

Schedule K-1s or their equivalent). In addition, the Fund will take positions with respect to certain tax issues that depend on

legal and other interpretive conclusions. Should the IRS or another tax authority successfully challenge any such positions, the

Fund or a Unitholder might be found to have a different tax liability for that year than that reported on the applicable tax return.

***Tax Liability.*** Any change of the Fund's tax status or in taxation legislation or any interpretation thereof in the United

States or any country where the Fund has assets or operations could affect the value of the assets held by the Fund or its ability

to achieve its investment strategy or provide favorable returns to Unitholders. Any such change could also adversely affect the

net amount of any redemption proceeds paid to Unitholders. If the Fund is treated as having a permanent establishment, or as

otherwise being engaged in a trade or business, in any country in which it invests or in which its interests are managed, income

attributable to or effectively connected with such permanent establishment or trade or business may be subject to tax in the

place of such permanent establishment. In order for the Fund to maintain its tax status, continued attention must be paid to

ensure that all relevant conditions are satisfied in all the jurisdictions which the Fund operates in order to avail itself of any

benefits.

***Base Erosion, Profit Shifting and Related Measures.*** The Organization for Economic Co-operation and Development

("OECD") together with the G20 countries has committed to reduce perceived abusive global tax avoidance, referred to as base

erosion and profit shifting ("BEPS"). As part of this commitment, an action plan has been developed to address BEPS with the

aim of securing tax revenue by realigning taxation with economic activities and value creation by creating a single set of

consensus based international tax rules. As part of the BEPS project, new rules dealing with the operation of double tax treaties,

the definition of permanent establishments, interest deductibility and the taxation of hybrid instruments and hybrid entities have

already been introduced and will continue to be introduced in relevant tax legislation of participating OECD countries.

Depending on if and how these proposals are implemented, they may have a material impact on how returns to investors are

taxed. Such implementation may also give rise to additional reporting and disclosure obligations for the Fund and / or its

investors.

***FATCA.*** Under the Foreign Account Tax Compliance Act ("FATCA"), all entities in a broadly defined class of foreign

financial institutions ("FFIs") must comply with a complicated and expansive reporting regime or be subject to a 30% U.S.

withholding tax on certain U.S. payments and non-U.S. entities which are not FFIs must either certify they have no substantial

U.S. beneficial ownership or report certain information with respect to their substantial U.S. beneficial ownership or be subject

to a 30% U.S. withholding tax on certain U.S. payments. FATCA also contains complex provisions requiring participating FFIs

to withhold on certain "foreign passthru payments" made to nonparticipating FFIs and to holders that fail to provide the

required information. The definition of a "foreign passthru payment" is still reserved under the current regulations, however, the

term generally refers to payments that are from non-U.S. sources but that are "attributable to" certain U.S. payments described

above. Withholding on these payments is not set to apply until two years after the date on which the final U.S. Treasury

regulations that define "foreign passthru payments" are published. In general, non-U.S. investment funds, such as underlying

entities in which the Fund may invest, are expected to be considered FFIs. The reporting obligations imposed under FATCA

require FFIs to enter into agreements with the IRS to obtain and disclose information about certain investors to the IRS, or, if

subject to an Intergovernmental Agreement ("IGA"), register with the IRS and comply with the reporting requirements regime

of the IGA and any implementing legislation enacted thereunder. IGAs are generally intended to result in the automatic

exchange of tax information through reporting by an FFI to the government or tax authorities of the country in which such FFI

is domiciled, followed by the automatic exchange of reported information with the IRS. The Investment Advisor intends that

any non-U.S. partnership that constitutes an FFI would comply, to the extent reasonably practicable, with the reporting

requirements to avoid the imposition of the withholding tax, but if such FFI does not do so (because, for example, investors fail

to provide the required information), certain payments made to FFIs may be subject to a U.S. withholding tax, fines and

penalties which would reduce the cash available to investors in SP+ INFRA. These reporting requirements may apply to

underlying entities in which SP+ INFRA invests and SP+ INFRA may not have control over whether such entities comply with

the reporting regime. Such withheld amounts that are allocable to a Unitholder may, in accordance with the Fund LPA, be

deemed to have been distributed to such Unitholder to the extent the taxes reduce the amount otherwise distributable to such

Unitholder. In addition, non-U.S. investment funds and underlying entities in which the Fund may invest may be subject to

reporting requirements in other jurisdictions under legislation similar to FATCA, such as legislation implementing the OECD

Standard for Automatic Exchange of Financial Account Information in Tax Matters – the Common Reporting Standard.

Prospective investors should consult their own tax advisors regarding all aspects of FATCA as it affects their particular

circumstances.

***Possible Legislative or Other Developments.*** All statements contained in this Annual Report concerning the income

tax consequences of any investment in the Fund are based upon existing law and the interpretations thereof. Therefore, no

assurance can be given that the currently anticipated income tax treatment of an investment in the Fund will not be modified by

legislative, judicial or administrative changes, possibly with retroactive effect, to the detriment of Unitholders. Additionally, tax

authorities in jurisdictions where the Fund maintains Investments may change their tax codes so as to materially increase the tax

burden associated with an investment in the Fund or to force or attempt to force increased disclosure from or about the Fund

and / or the Unitholders as to the identity of all persons having a direct or indirect interest in the Fund. Such additional

disclosure may take the form of additional filing requirements on Unitholders.

***Taxation in Certain Jurisdictions.*** The Fund, vehicles through which the Fund makes Investments, or Unitholders

may be subject to income or other tax in the jurisdictions in which Investments are made, jurisdictions in which the Fund

operates, and / or jurisdictions of entities through which the Fund makes Investments. Additionally, withholding tax or branch

tax may be imposed on the Fund's earnings (or vehicles through which the Fund invests) from Investments in such

jurisdictions. Local and other tax incurred in non-U.S. jurisdictions by the Fund or vehicles through which the Fund invests may

not be creditable to or deductible by a Unitholder under the tax laws of the jurisdiction where such Unitholder resides, including

the United States. There can be no assurance that tax authorities in such jurisdictions will not treat the Fund (or any of its

Affiliates) as if the Fund or its Affiliates have a permanent establishment in the local jurisdiction, which would result in

additional local taxation. Changes to taxation treaties (or their interpretation) between countries in Europe and countries through

which the Fund invests may adversely affect its ability to efficiently realize income or capital gains.

***Changes in Tax Law.*** Changes in applicable law or interpretations of such law may in particular adversely affect the

Fund's ability to efficiently realize income or capital gains. To the extent possible, the Fund seeks to structure its Investments

and activities to minimize its tax liability; however, there can be no assurance that the Fund will be able to eliminate its tax

liability or reduce it to a specified level. Unitholders should be aware that the described tax effects are based on the currently

applicable law and its interpretation by jurisprudence and the respective tax authorities.

***U.S. Federal Income Tax Legislation.*** Legislation has been proposed that includes, among other changes, increases in

the corporate and capital gains rates and further modifications to the international tax rules. It is unclear whether any legislation

will be enacted into law or, if enacted, what form it would take, and it is also unclear whether there could be regulatory or

administrative action that could affect U.S. tax rules. The impact of any potential tax changes on an investment in the Fund is

uncertain. Prospective investors should consult their own tax advisors regarding potential changes in tax laws and the impact on

their investment in the Fund and the impact on the Fund and any potential investments.

***UBTI & ECI; Tax Treatment of Corporations.*** The Fund generally expects to make investments that give rise to

UBTI, other than UDFI, or ECI (all as defined below) (other than with respect to ECI resulting from entities classified as

United States real property holding corporations ("USRPHC")) through Corporations for U.S. federal income tax purposes,

whether formed in a U.S. or non-U.S. jurisdiction. Although the Fund believes any Corporation, if formed, should be respected,

it is possible the IRS could seek to disregard any such Corporation for UBTI or ECI purposes, which could result in the debt-

financed property or other UBTI rules being applied to tax-exempt Unitholders directly or the ECI rules being applied to Non-

U.S. Unitholders directly.

Although the Fund generally expects to avoid incurring ECI and UBTI (other than UDFI) by making investments

through entities classified as corporations for U.S. federal income tax purposes, there can be no guarantee the Fund will in fact

do so and investors that are sensitive to direct incurrence of UBTI, including UDFI, or ECI, including ECI arising from an

investment in a USRPHC, are encouraged to consider an investment in the Feeder Fund.

To the extent that any Corporation through which the Feeder Fund and / or the Fund invests were disregarded by the

IRS, an investment in the Fund by a tax-exempt Unitholder may result in such Unitholder recognizing UBTI (including from a

trade or business conducted by a partnership of which the tax-exempt entity is a partner). Thus, tax-exempt Unitholders should

be aware that they may be subject to U.S. federal income tax (and possibly state and local income tax) with respect to their

share of such income and gain from the Fund that is treated as UBTI. Additionally, the Fund may directly or indirectly incur

leverage on a portfolio or investment basis and such leverage may give rise to unrelated debt-financed income ("UDFI"). No

assurances can be provided that the Fund will not incur UDFI and that such UDFI will not be attributed directly to tax-exempt

investors. In addition, an investment in the Fund by a Non-U.S. Unitholder may result in such Unitholder recognizing and being

required to report income that is effectively connected with the conduct of a U.S. trade or business ("ECI"). Non-U.S.

Unitholders must generally file U.S. federal income tax returns and pay U.S. federal income tax with respect to ECI of the Fund

allocable to them. Regardless of whether the Fund's activities constitute a trade or business, under provisions added to the Code

by the FIRPTA, gain derived by the Fund from the disposition of U.S. real property interests (including interests in certain

entities owning U.S. real property interests) is generally treated as ECI. Thus, Non-U.S. Unitholders that invest in the Fund

should be aware that a portion of the Fund's income and gain from U.S. Investments may be treated as ECI and thus may cause

the Non-U.S. Unitholders to be subject to U.S. federal income tax (and possibly state and local income tax), as well as U.S.

federal income tax return filing obligations, with respect to their share of such income and gain. Stonepeak has no obligation to

minimize UBTI or ECI.

Prospective investors should consult their own tax advisors regarding the foregoing.

***Phantom Income.*** A Unitholder that is subject to U.S. tax or subject to tax in other jurisdictions may be required to

take into account its allocated share of all items of partnership income, gain, loss, deduction and credit, whether or not

distributed. Because of the nature of the Fund's investment activities, it may generate taxable income in excess of cash

distributions to the Unitholders and no assurance can be given that the Fund will be able to make cash distributions to cover

such tax liabilities as they arise. Accordingly, the Unitholders should ensure that they have sufficient cash flow from other

sources to pay all tax liabilities resulting from the Unitholder's ownership of the Units.

***U.S. Taxation of Carried Interest.*** U.S. federal income tax law treats certain income allocations to service providers

by a partnership (such as the Fund) as short-term capital gain taxed at higher ordinary income rates unless such partnership has

held the asset which generated such gain for more than three years. Similar rules may operate in other jurisdictions. This may

create an incentive for the General Partner to cause the Fund to hold investments for a longer period. In addition, this three-year

holding period requirement for long-term capital gains treatment in respect of carried interest may create the potential for

conflicts of interest between the General Partner and Unitholders. For example, the General Partner may cause the Fund to

borrow more frequently, in greater amounts, or for longer periods; hold investments for longer than it would absent adverse tax

consequences to the General Partner from a shorter holding period; or waive or defer the distribution or allocation of carried

interest to the General Partner, potentially changing the character or amount of income allocated to Unitholders. In addition, the

current tax treatment of carried interest may change and carried interest may not be eligible for the preferential long-term

capital gains tax rate. Any such change could adversely affect employees or other individuals performing services for the Fund

and / or its portfolio companies who hold direct or indirect interests in the Fund and benefit from carried interest, which could

make it more difficult for Stonepeak to incentivize, attract and retain individuals to perform services for the Fund and / or its

portfolio companies. Any such developments could thus adversely affect the Fund's investment returns allocable to the

Unitholders. It is unclear whether the current tax treatment of carried interest will change or how it would apply to Stonepeak

and any other individual involved with the Fund who benefit from carried interest.

***U.S. Federal Income Tax Liability Resulting from IRS Audits.*** U.S. federal income taxes arising from an IRS audit of

the Fund will be paid by the Fund unless the Fund qualifies for and affirmatively elects an alternative procedure. However,

there can be no assurances that the Fund will be eligible to make such an election or that it will, in fact, make such an election.

In addition, a "partnership representative" will have the power to act on behalf of the Fund and its Unitholders in all IRS audits

and other proceedings involving the Fund's U.S. federal income, loss, deductions, and credits. See "*Item 1. Business—Legal &* 

*Regulatory— Tax*" for more information.

***Use of Corporate Intermediate Entities*.** Significant amounts of the assets of the Fund and the Feeder Fund are

expected to be held through one or more entities taxable as corporations for U.S. federal income tax purposes some of which

are expected to be subject to U.S. corporate federal (and applicable state and local) income tax (including, in order to streamline

tax reporting to investors, U.S. Corporations which hold interests in investments which would not timely provide tax reporting

or which consist of interests in certain foreign corporations subject to the passive foreign income company rules). Thus,

significant incremental tax may be incurred from the use of such entities. Prospective investors should consult their own tax

advisors regarding the foregoing.

**Potential Conflicts of Interest**

Stonepeak has conflicts of interest, or conflicting loyalties, as a result of the overall investment activities of SP+

INFRA, Other Stonepeak Accounts, the General Partner, the Investment Advisor, the portfolio companies of SP+ INFRA and

Other Stonepeak Accounts and Affiliates, partners, members, shareholders, officers, directors and employees of the foregoing,

some of which are described herein. Additional conflicts of interest are also expected to arise by virtue of the Fund's

investments in Third-Party Fund Managers and their investment activities (including, where applicable, their management of

Third-Party Pooled Investment Vehicles), although such Third-Party Fund Managers and Third-Party Pooled Investment

Vehicles will not be considered "affiliates" of Stonepeak or SP+ INFRA for any purpose. However, not all potential, apparent

and actual conflicts of interest are included in this Annual Report, and additional conflicts of interest could arise as a result of

new activities, transactions or relationships commenced in the future. Potential Unitholders should review this section and the

Form ADV of Stonepeak Partners LP carefully for additional risks and conflicts disclosure before making an investment

decision. Prospective Unitholders should understand that (i) the relationships among SP+ INFRA, the General Partner, their

respective Affiliates and the investment funds, managed accounts, proprietary accounts and other investment vehicles

sponsored, managed or advised by any of them are complex and dynamic and (ii) as the General Partner's, the Investment

Advisor's, their Affiliates' and SP+ INFRA's businesses change over time, the General Partner, the Investment Advisor and

their Affiliates may be subject, and SP+ INFRA may be exposed, to new or additional conflicts of interest.

SP+ INFRA is subject to certain conflicts of interest arising out of SP+ INFRA's relationship with Stonepeak,

including the General Partner and its Affiliates. Certain members of the Board of Directors are also executives of Stonepeak

and / or one or more of its Affiliates. There is no guarantee that the policies and procedures adopted by the Fund, the terms of

its Fund LPA, the terms and conditions of the Investment Advisory Agreement, or the policies and procedures adopted by the

Board of Directors, General Partner, the Investment Advisor, Stonepeak and their Affiliates, will enable SP+ INFRA to

identify, adequately address or mitigate these conflicts of interest, or that the General Partner will identify or resolve all

conflicts of interest in a manner that is favorable to SP+ INFRA, and Unitholders may not be entitled to receive notice or

disclosure of the occurrence of these conflicts or have any right to consent to them.

If any matter arises that the General Partner and / or its Affiliates (including the Investment Advisor) determine in their

good faith judgment constitutes an actual conflict of interest, the General Partner and its Affiliates (including the Investment

Advisor) will take such actions as they determine in good faith may be necessary or appropriate to mitigate the conflict, which

will be deemed to fully satisfy any fiduciary duties they may have to SP+ INFRA or the Unitholders. Thereafter, the General

Partner and / or its Affiliates (including the Investment Advisor) will be relieved of any liability related to such conflict to the

fullest extent permitted by law and will be deemed to have satisfied applicable duties related thereto to the fullest extent

permitted by law.

Actions that could be taken by the General Partner and / or its Affiliates (including the Investment Advisor) to mitigate

a conflict include, by way of example and without limitation, (i) if applicable, handling the conflict as described in this Annual

Report, (ii) obtaining from the Board of Directors (or the Independent Directors) advice, waiver or consent to the conflict, or

acting in accordance with the standards or procedures approved by the Board of Directors to address the conflict, (iii) disposing

of the Investment or security giving rise to the conflict of interest, (iv) disclosing the conflict to the Board of Directors,

including the Independent Directors, as applicable, and / or the Unitholders (including, without limitation, financial statements

or other communications), (v) appointing an independent client representative (an "Independent Client Representative") or

independent fiduciary to act or provide consent with respect to the matter giving rise to the conflict of interest, (vi) in

connection with a matter giving rise to a conflict of interest with respect to an Investment, consulting with the Board of

Directors (including the Independent Directors), the Unitholders, the limited partner advisory committee or limited partners of

the applicable Other Stonepeak Accounts, or independent fiduciary or Independent Client Representative (if any) regarding the

conflict of interest and either obtaining a waiver or consent from the applicable party(ies) of the conflict of interest or acting in

a manner, pursuant to standards or procedures, approved by the applicable party(ies) with respect to such conflict of interest,

(vii) validating the arms-length nature of the transaction by referencing participation by unaffiliated third parties, (viii) in the

case of conflicts among clients, creating groups of personnel within Stonepeak separated by information barriers (which can be

temporary and limited purpose in nature), each of which would advise or represent one of the clients that has a conflicting

position with other clients, (ix) implementing policies and procedures reasonably designed to mitigate such conflict of interest

or (x) otherwise handling the conflict as determined appropriate by Stonepeak in its discretion. The General Partner has

significant discretion in analyzing and determining whether any conflict of interest exists or would be deemed appropriate (and

therefore whether consent of the Independent Directors is required). The General Partner is expected to determine in many

cases that, although a potential for conflict may exist, such potential conflict does not rise to an actual conflict of interest

requiring such consent, including because of the presence or implementation of mitigation factors described above or elsewhere

in this Annual Report, or because of the presence or implementation of other factors or mitigants that the General Partner

determines to be sufficient, in which case no such consent will be required. For the avoidance of doubt, where the consent or

approval of any limited partner advisory committee is sought with respect to any Other Stonepeak Account matter, the consent

or approval of the Fund's Board of Directors shall not be required in connection with such matter and the lack thereof shall not

prevent any Other Stonepeak Account from proceeding on the basis of any Other Stonepeak Account limited partner advisory

committee's consent or approval (including in circumstance in which the Fund does not similarly proceed). Conversely, to the

extent the limited partner advisory committee of any Other Stonepeak Account does not consent to or approve of a matter,

notwithstanding the consent or approval of the Fund's Board of Directors to such matter or the determination that such consent

or approval is not necessary, the General Partner may determine not to proceed, which could result in the Fund not participating

in transactions that the General Partner otherwise believes would be beneficial for the Fund.

There can be no assurance that Stonepeak will identify or resolve all conflicts of interest in a manner that is favorable

to SP+ INFRA. In addition, investors should note that the Fund LPA contains provisions that, subject to applicable law, (i)

reduce the duties, including fiduciary and other duties, to SP+ INFRA and its Unitholders to which the General Partner would

otherwise be subject, (ii) waive duties or consent to the conduct of the General Partner that might not otherwise be permitted

pursuant to such duties, and (iii) limit the remedies of a Unitholder with respect to breaches of such duties. Additionally, the

Fund LPA contains exculpation and indemnification provisions that, subject to the specific exceptions enumerated therein

(generally for intentional, wrongful acts), provide that the General Partner and its Affiliates (including the Investment Advisor)

will be held harmless and indemnified, respectively, for matters relating to the operation of SP+ INFRA, including matters that

may involve one or more potential or actual conflicts of interest. By executing a Subscription Agreement with respect to SP+

INFRA, each Unitholder will be deemed to have acknowledged and consented to the existence or resolution of any such actual,

apparent or potential conflicts of interest and to have waived any claim with respect to any liability arising from the existence of

any such conflict of interest. Any specific consent to and waiver of certain conflicts of interest described below in no way

limited the generality of the foregoing, which is applicable to all conflicts of interest described, implied or alluded to herein.

***NAV-Based Compensation***. The Performance Participation Allocation and Management Fee were not the product of

an arm's-length negotiation with any third party, and, because the Performance Participation Allocation and Management Fee

are calculated based on the NAV of SP+ INFRA, which includes unrealized appreciation of SP+ INFRA's assets, such

compensation to the General Partner, the Investment Advisor and their affiliates may be greater than if such compensation were

based solely on realized gains. The calculation of SP+ INFRA's NAV includes certain subjective judgments with respect to

estimating, for example, the value of the Investment's and SP+ INFRA's accrued expenses, net portfolio income and liabilities

(e.g., exclusion of potentially subjective or contingent liabilities that may arise on or subsequent to the sale of an Investment),

and therefore, SP+ INFRA's NAV may not correspond to realizable value upon a sale of those assets. The General Partner and

the Investment Advisor may benefit from SP+ INFRA retaining ownership of its assets in order to avoid a reduction in its NAV

at times when Unitholders may be better served by the sale or disposition of SP+ INFRA's assets. In addition to the impact on

the calculation of the Management Fee and the Performance Participation Allocation, if SP+ INFRA's NAV is calculated in a

way that is not reflective of its actual NAV, then the purchase price of Units or the price paid for the redemptions of Units on a

given date may not accurately reflect the value of SP+ INFRA's portfolio, and such Units may be worth less than the purchase

price or more than the redemption price.

As calculated, the Performance Participation Allocation and Management Fee create an incentive for Stonepeak to

make riskier or more speculative investments on behalf of SP+ INFRA than would be the case in the absence of this

arrangement, although Stonepeak's commitment of capital to Other Stonepeak Accounts alongside which SP+ INFRA invests

should somewhat reduce this incentive.

The existence and terms of the Performance Participation Allocation, Management Fees and the variable fees or other

incentive-based compensation in respect of the Other Stonepeak Accounts alongside which SP+ INFRA invests create other

incentives and potential conflicts of interest related to the General Partner's investment-related decisions. SP+ INFRA expects

to make investments that likely will not have readily available market quotes. In such instances, the General Partner generally

will value such investments in accordance with SP+ INFRA's valuation policy. Such valuations may vary from similar

valuations performed by independent third parties for similar types of investments. Inaccurate valuations could, among other

things, prevent SP+ INFRA from effectively managing its investment portfolio and risks, affect the diversification and risk

management of SP+ INFRA, affect the NAV at which Units are issued and redeemed, and affect the amount of Management

Fees received by the Investment Advisor and the amount and timing of the Performance Participation Allocation received by

the General Partner. The Performance Participation Allocation creates an incentive for the General Partner to seek to select

valuation advisors it perceives as providing relatively high valuations, especially with respect to illiquid securities. The General

Partner could also be motivated to accelerate acquisitions to increase net asset value or, similarly, delay or curtail redemptions

to maintain a higher net asset value, which would, in each case, increase the Management Fee payable to the Investment

Advisor. In addition, the Performance Participation Allocation and Management Fee creates an incentive for the Investment

Advisor to time the realization of investments, to maximize the Performance Participation Allocation and Management Fee

rather than the return of SP+ INFRA.

While valuations will be undertaken according to SP+ INFRA's valuation policy, Unitholders should nonetheless be

aware that the General Partner has an incentive to maximize the valuations on the basis of which SP+ INFRA's NAV will be

calculated, given this will positively impact SP+ INFRA's NAV, and therefore the potential Management Fee, to which the

Investment Advisor may be entitled. Such potential conflicts cannot be entirely mitigated and in the event that the actual values

that materialize are different from those on the basis of which the NAV for SP+ INFRA is determined (and the Management

Fee is calculated), then the General Partner shall not be required to reverse or recalculate SP+ INFRA's (or its portfolio

companies') NAV or such valuations, or return of any amount of Management Fees that have been based on such NAV

calculations. In addition, the distributions to be received by the Recipient with respect to its Performance Participation

Allocation will be based in part upon SP+ INFRA's NAV and Total Return as calculated by the General Partner (as described

in the Fund LPA) which differs from SP+ INFRA's NAV and returns. Unitholders should note that, where the General Partner

and/or its affiliates holds Units in SP+ INFRA following any in-kind remuneration, the General Partner will have a further

incentive to maximize investment valuations to positively impact SP+ INFRA's NAV and the value of such Units or interests.

Unitholders should note that, to the extent the General Partner receives proceeds following any redemption of such Units or

interests, and such proceeds exceed the amount that would have been received had the General Partner's remuneration instead

been settled in cash, then the General Partner shall be entitled to retain such excess and shall not be liable to account for such

excess to SP+ INFRA or any Unitholder.

The Management Fee and Performance Participation Allocation are based on the NAV of the Fund, which is

calculated taking into account the valuation of an investment. The General Partner and/or Investment Advisor will have

incentives to make determinations that result in a higher Management Fee and Performance Participation Allocation to the

Investment Advisor and the General Partner, respectively.

Where the Fund LPA does not require Management Fees to be reduced in connection with investment reorganizations,

restructurings, extraordinary dividends or similar transactions, the General Partner and/or the Investment Advisor expect to be

incentivized to pursue such transactions. Further, Management Fees generally will not be reimbursed or refunded in the event of

realizations, dispositions or partial write-downs or write-offs that occur partway through the relevant calculation period.

Additionally, the amount of Performance Participation Allocation and Management Fees is dependent in part on the amount and

timing of investment dispositions, and the General Partner and/or Investment Advisor expect to be subject to related conflicts of

interest in determining whether and when to dispose of investments or make distributions, if at all, within the requirements of

the Fund LPA.

Similarly, NAV-based compensation also incentivizes the General Partner to accept more capital than it can effectively

deploy to increase SP+ INFRA's NAV, which would in turn increase the Management Fees payable to the Investment Advisor

while potentially impacting SP+ INFRA's investment performance. Additionally, accepting new capital to SP+ INFRA will

dilute existing Unitholders' indirect interests in existing investments. Even if the existing investments perform well, accepting

new capital will hurt the existing Unitholders' performance.

The General Partner may also amend or suspend the Redemption Program if in its reasonable judgment it deems such

action to be in SP+ INFRA's best interest and the best interest of Unitholders, including, but not limited to, regulatory or

structuring reasons or as necessary to ensure that the Fund is not subject to tax as a corporation; provided that any such

suspension or material modification shall be subject to the approval of the Independent Directors. While the General Partner

intends to exercise such reasonable judgment in good faith, the decision to suspend the Redemption Program presents a conflict

of interest, as redemptions reduce SP+ INFRA's NAV and may require SP+ INFRA to liquidate assets at less attractive prices,

whereas Stonepeak continues to collect Management Fees and Performance Participation Allocations on the basis of SP+

INFRA's overall NAV.

The General Partner or the Recipient may elect to receive the Performance Participation Allocation in Units in lieu of

cash payments, and the Investment Advisor may elect to receive the Management Fee in Units in lieu of cash payments.

Additionally, the SP Investors may be issued Units in exchange for the contribution of Warehoused Investments. Any of the

foregoing issuances of Units may have a dilutive effect in respect of Unitholders in SP+ INFRA.

In addition, other elements of the manner in which the Performance Participation Allocation and Management Fee are

determined may result in a conflict between its interests and the interests of Unitholders with respect to the sequence and timing

of disposals of investments. For example, the General Partner may receive a Performance Participation Allocation in respect of

pre-tax unrealized appreciation of SP+ INFRA's assets, and the Management Fee will take into account the pre-tax unrealized

value of SP+ INFRA's assets and any cash and cash equivalents (calculated on a pre-tax basis disregarding taxes borne by any

Intermediate Entity).

The Management Fee and the Performance Participation Allocation will be payable without taking into account

accrued and unpaid taxes of any Intermediate Entity (including corporations) through which SP+ INFRA indirectly invests in

an investment or taxes paid by any such Intermediate Entity during the applicable reference period or month (as the case may

be) and certain deferred tax liabilities of subsidiaries through which SP+ INFRA indirectly invests. Accordingly, this reduces

the General Partner's incentive to ensure Intermediate Entities are structured in such a manner as to minimize taxes paid or

payable by such Intermediate Entities.

Although the General Partner and its affiliates intend to operate in accordance with the Fund LPA, as well as SP+

INFRA's valuation policy and other policies, practices and procedures, in order to mitigate the potential for subjectivity in

making such determinations, there can be no assurance that the Fund LPA or any such policies, practices and/or procedures will

address all of the necessary factors to do so, or completely eliminate all potential conflicts of interest in such determinations.

The General Partner presently operates the Fund as a VCOC for a period of time following the Initial Closing Date of

the Fund. With respect to any Investment that the Fund elects to be VCOC compliant during this period, the Recipient will be

required to be paid and / or allocated the estimated portion of any Performance Participation Allocation attributable to such

VCOC Investments at the level of the Fund rather than the Lower Funds, where the Recipient is generally expected to be paid

and / or allocated the Performance Participation Allocation for all other Investments. Such portion will be an estimate

determined by the General Partner based on the percentage of NAV attributable to such VCOC Investments and any other

factors determined by the General Partner to be relevant under the circumstances. The methodology used by the General Partner

to derive such estimate will involve assumptions and opinions about the valuations of the Fund's Investments, which may or

may not turn out to be correct and may result in the Recipient being over-allocated units at the level of the Fund and under-

allocated units at the level of the Lower Funds (and vice versa) with respect to the Performance Participation Allocation.

***Syndication/Warehousing of Warehoused Investments***. Stonepeak and its affiliates have directly or indirectly

transferred or contributed to SP+ INFRA certain investments (such investments, "Warehoused Investments") on or after the

Initial Closing Date. Going forward, Stonepeak and its affiliates are expected to transfer or contribute certain additional

Warehoused Investments (or any portion thereof) to SP+ INFRA.

In the event that Stonepeak is not successful in transferring or contributing an additional Warehoused Investment to

SP+ INFRA or an Intermediate Entity, in whole or in part, SP+ INFRA may consequently hold a greater concentration of

certain Investments than initially was intended, which could make SP+ INFRA more susceptible to fluctuations in value

resulting from adverse economic and/or business conditions with respect thereto. In addition, SP+ INFRA may not be able to

raise sufficient funds to purchase all of the Warehoused Investments. In that case, the General Partner may determine to acquire

some but not all of the assets held by Stonepeak and there is no guarantee that such acquired assets SP+ INFRA accepts will

ultimately be the best performing assets of those available. Alternatively, if SP+ INFRA is not able to raise sufficient funds to

purchase all or a significant portion of the Warehoused Investments, the General Partner may contribute such Warehoused

Investments to SP+ INFRA in exchange for Class X Units, in which case the General Partner and its Affiliates will have a

relatively greater percentage of SP+ INFRA as compared to third-party Unitholders and will be permitted to redeem such Class

X Units through the Stonepeak Unit repurchase arrangement.

Any transaction fees or other fees received by Stonepeak and its affiliates before Stonepeak and/or its affiliates transfer

or contribute a Warehoused Investment to SP+ INFRA will not be subject to the Management Fee offset provisions of the Fund

LPA.

Conflicts of interest are expected to arise in connection with these warehousing arrangements and any related affiliate

transactions, including with respect to allocations, structuring, pricing, the timing of the transfer or contribution of each

warehoused asset to SP+ INFRA and other terms of the transactions related thereto. For example, Stonepeak and/or its affiliates

intend to transfer or contribute each Warehoused Investment either (i) at cost plus, at the option of Stonepeak, an additional

amount thereon of up to 5% per annum from the closing of such Warehoused Investment to the date of such transfer or

contribution or (ii) such other valuation as approved by the Fund's Board of Directors.

The General Partner is also permitted to borrow funds, including from affiliates of the General Partner, in order to

purchase Warehoused Investments, as well as to, among other things, make, acquire, hold, finance (and re-finance) other

Investments. The General Partner will determine in its sole discretion the appropriate time, method and order in which SP+

INFRA will be required to pay, re-pay or reimburse the General Partner and its affiliates for any such loan(s) (and interest

thereon). Because any loans provided to SP+ INFRA continue to accrue interest for so long as they are outstanding, the General

Partner will be incentivized to keep such amounts outstanding for an extended period of time. Unitholders should note that any

loans extended by the General Partner and its affiliates to SP+ INFRA will not be subject to the limitations on borrowings set

forth in the Fund LPA.

These conflicts related to the Warehoused Investments will not necessarily be resolved in favor of SP+ INFRA, and

Unitholders may not be entitled to receive notice or disclosure of the occurrence of these conflicts.

***Allocation of Personnel***. The General Partner and the Investment Advisor will devote such time to SP+ INFRA as

they determine to be necessary to conduct its business and affairs in an appropriate manner. However, Stonepeak personnel,

including members of the SP+ INFRA Investment Committee, will work on other projects and / or Other Stonepeak Accounts,

serve on other committees (including boards of directors, as applicable) and source potential investments for and otherwise

assist the investment programs of Other Stonepeak Accounts and their portfolio companies, including other investment

programs to be developed in the future, and, therefore, conflicts are expected to arise in the allocation of personnel and

personnel's time. All members of the investment team involved with SP+ INFRA (including investment and non-investment

professionals) are also members of Other Stonepeak Account's investment teams (or associated with their investment teams)

and will continue to serve in those roles and as a result not all of their business time will be devoted to SP+ INFRA. Even key

personnel of the investment team involved with SP+ INFRA who devote substantially all of their time to Stonepeak's

investment generally and matters relating thereto will not devote time and attention predominantly, or solely, to SP+ INFRA.

Such personnel can in certain circumstances, be expected to devote a substantial portion or all of their time to such Other

Stonepeak Account and not to SP+ INFRA. Time spent on these other initiatives diverts attention from the activities of SP+

INFRA, which could negatively impact SP+ INFRA and Unitholders. Furthermore, the General Partner, the Investment Advisor

and Stonepeak-personnel derive financial benefit from these other activities, including fees and performance-based

compensation. These and other factors create conflicts of interest in the allocation of time by Stonepeak personnel. The General

Partner's and / or the Investment Advisor's determination of the amount of time necessary to conduct SP+ INFRA's activities

will be conclusive, and Unitholders rely on their judgment in this regard.

***Fund Expenses***. From time to time, the General Partner will be required to decide whether costs and expenses are to

be borne by SP+ INFRA, on the one hand, or the General Partner, the Investment Advisor and / or Other Stonepeak Accounts,

on the other, and / or whether certain costs and expenses should be allocated between or among SP+ INFRA, on the one hand,

and Other Stonepeak Accounts, on the other hand. Certain expenses may be suitable for only the Fund, a particular Parallel

Fund, the Feeder Fund, the Lux Fund or any other participating Other Stonepeak Account, or specific types or categories or

classes of investors in any of the foregoing vehicles which may include, for example, expenses attributable to specific structures

or vehicles throughout which one or more investors participate in the investment program of such vehicles such as costs and

expenses specifically relating to investment structures utilized to facilitate participating in SP+ INFRA and certain reporting or

other obligations and / or expenses of SP+ INFRA as a result thereof and may be allocated specifically for such vehicles and /

or certain investors therein and therefore borne only by such vehicles and / or investors. Alternatively, as is more often the case,

expenses may generally be allocated pro rata among each participating Other Stonepeak Account and SP+ INFRA even if such

expenses relate only to particular vehicle(s) and / or investor(s) therein (including, for the avoidance of doubt, the expenses of

the Feeder Fund and any Parallel Funds).

It is expected that there will be circumstances where SP+ INFRA incurs significant costs and expenses, such as legal,

accounting and expert fees, travel expenses and other items properly classifiable as Broken Deal Expenses in connection with

sourcing, investigating, negotiating and evaluating potential transactions that are not ultimately consummated by SP+ INFRA,

but subsequently such potential investments are ultimately consummated by an Other Stonepeak Account and / or, subject to

the terms of any governing document of SP+ INFRA or any Other Stonepeak Account, by Stonepeak itself (or one or more

individual partners or employees thereof), which in the case of Stonepeak or such individual(s), may specifically (but need not)

occur for relationship reasons and may or may not entail such individual(s) bearing a portion of related diligence and other

expenses. In particular, given that SP+ INFRA's mandate will overlap with Other Stonepeak Accounts, and that the investment

team of SP+ INFRA and Other Stonepeak Accounts are expected to be largely or entirely comprised of the same investing and

operating professionals, it is expected that certain investment opportunities initially evaluated by SP+ INFRA may ultimately be

consummated by an Other Stonepeak Account when the investment opportunity is suitable for both SP+ INFRA and such Other

Stonepeak Account. The converse may apply as well (i.e., there may be circumstances where SP+ INFRA makes an investment

that was previously evaluated by an Other Stonepeak Account pursuant to which such Other Stonepeak Account incurred

significant Broken Deal Expenses). The passage of time between a deal breaking and subsequently being consummated may be

relatively short. In some circumstances, it can be expected that the party originally incurring Broken Deal Expenses will not be

reimbursed, either in whole or in part, by the party that ultimately consummates the investment. This is the case even though the

party making the investment will have benefitted from the knowledge, work and insight gained as a result of the previous

evaluation of the investment (which was paid for by the party that did not make the investment).

The General Partner intends to generally allocate fund expenses, including fund expenses of the Feeder Fund (and

feeder vehicles of any Parallel Funds) and any Parallel Funds, and Organizational and Offering Expenses of the Fund, the

Feeder Fund (and feeder vehicles of any Parallel Funds), and any Parallel Funds, between or among the Fund, the Feeder Fund

(and feeder vehicles of any Parallel Funds), and any Parallel Funds, on a pro rata basis based on invested capital or net asset

value, as applicable, but may in certain circumstances allocate such expenses in a different manner if the General Partner

determines in good faith that doing so is more equitable or appropriate under the circumstances.

Furthermore, it is expected that one or more classes of investors, or all classes of investors, will be allocated Fund

Expenses that are specific to a subset of classes or a subset of investors within one or more classes. However, the General

Partner could allocate certain Fund Expenses to some, but not all classes of investors and/or to some, but not all investors,

within certain classes, to the extent the General Partner determines in good faith that doing so is necessary or appropriate under

the circumstances (and shall be permitted to make adjustments to Units, distributions, allocations and fundings, payments or

calculations in order to give effect to the foregoing).

Stonepeak will likely establish feeder funds/feeder vehicles that invest in the Fund (or any Parallel Fund) as well as

one or more Other Stonepeak Accounts. Expenses associated with such feeder funds / feeder vehicles will be allocated between

the Fund and such Other Stonepeak Accounts based on capital commitments, invested capital or any other manner the General

Partner determines in good faith is appropriate under the circumstances.

With respect to Broken Deal Expenses, SP+ INFRA and the General Partner's side-by-side co-investment vehicles (as

applicable) will generally be required to bear their pro rata portion of Broken Deal Expenses in accordance with the amount

they were expected to invest in the unconsummated deal. The General Partner will make such allocation judgments in its fair

and reasonable discretion, notwithstanding its interest in the outcome, and may make corrective allocations, based on periodic

reviews, if it determines that such corrections are necessary or advisable. The General Partner may withhold on a pro rata basis

from any distributions amounts necessary to create, in its discretion, appropriate reserves for expenses, obligations and

liabilities, contingent or otherwise, including, without limitation, partnership expenses and organizational expenses. Travel and

entertainment expenses in connection with a trip taken by employees of Stonepeak for purposes of multiple matters will

generally be allocated to each such matter based on the time spent for each matter and then the resulting expenses will be

allocated to SP+ INFRA, Other Stonepeak Accounts and / or Stonepeak as otherwise set forth herein. There can be no assurance

that a different manner of allocation would not result in SP+ INFRA or any Other Stonepeak Account bearing less (or more)

expenses.

Travel, entertainment and related expenses described herein include, without limitation, first class and / or business

class airfare (and / or private charter, where appropriate), first class lodging, ground transportation, travel and premium meals

(including, as applicable, closing dinners and mementos, cars and meals (outside normal business hours), and social and

entertainment events with portfolio company employees, customers, clients, borrowers, brokers and service providers) and

related costs and / or expenses incidental thereto.

***Other Fees***. Stonepeak expects to receive (i) transaction fees for Investments, (ii) fees for asset management services,

(iii) fees for advisory services provided to portfolio companies in which SP+ INFRA has an interest, including fees for capital

markets and related services and, (iv) other types of fees in connection with SP+ INFRA's investment activities. To the extent

Stonepeak charges transaction fees borne by the Unitholders, (x) SP+ INFRA's share of any such transaction fees allocable to

any Class offsets the Management Fee paid by Unitholders in such Class as set forth in the Fund LPA and the Investment

Advisory Agreement and (y) often times such transaction fees will (in the aggregate) be calculated as a percentage of the total

enterprise valuation of the transaction, which is generally the aggregate amount of invested capital and debt assumed or

financed by SP+ INFRA and any Other Stonepeak Accounts participating in the transaction and / or the portfolio company and

its subsidiaries and Affiliates, or, will be calculated as a percentage of invested capital with respect to such investment. With

respect to transaction fees, the economic value of offsetting transaction fees is reduced by the inclusion of capitalized

transaction fees in the calculation of the Management Fee and the Performance Participation Allocation. Although such

transaction fees will be borne by SP+ INFRA and any co-invest vehicles thereof participating in a particular investment, such

fees are frequently not borne (or are borne at discounted rates) by members of the applicable portfolio company's management

team, or any operating partners or senior advisors that directly or indirectly participate in such investment. Certain Other

Stonepeak Accounts alongside which SP+ INFRA invests may not be required to bear such transaction fees. It can also be

expected that certain direct and indirect co-investors, co-underwriters and consortium members will receive an offset of all or a

portion of the transaction fee and, because such co-investors, co-underwriters and consortium members generally do not pay a

management fee or pay a management fee at a discounted rate, will receive a rebate or repayment of that portion of their share

of the transaction fee. Such discount or rebate will not extend to the benefit of the Unitholders, which will bear an effectively

higher transaction fee as a result.

Stonepeak expects that it will from time to time agree that certain co-investors can bear their pro rata share of the

transaction fee through distributions rather than funding their pro rata share of the transaction free upfront. Although the co-

investors are still required to bear their pro rata share of the transaction fee through this arrangement, the payment of the

transaction fee is deferred until a later date, which gives the co-investors greater exposure to the investment as compared to

other investors that are required to bear the transaction fee upfront. Moreover, to the extent there are insufficient distributions

from the investment to pay such transaction fee, the co-investors' pro rata share of the transaction fee will be reduced by the

amount of the shortfall.

Any monitoring fees may be payable as fixed dollar amounts or may be calculated as a percentage of EBITDA (or

other similar metric). The terms of a monitoring agreement may in certain instances provide for an acceleration of fees paid to

the Investment Advisor or its Affiliates upon termination following certain milestones, such as an initial public offering or sale,

and where the lump-sum termination fee may be calculated as the present value of hypothetical foregone future payments

(which in some cases may extend past the term of SP+ INFRA and may be based on an assumed growth in EBITDA or other

metric used to calculate the fee) and be calculated using a discount rate as low as the risk-free rate, as determined by the

General Partner or the Investment Advisor.

Additionally, the Investment Advisor and / or its Affiliates may receive fees, from or with respect to SP+ INFRA's

Investments and / or portfolio companies and from unconsummated transactions, including net break-up and topping fees, net

commitment fees, net transaction fees, net monitoring fees (including termination fees relating to monitoring agreements),

directors' fees and net organization, financing, divestment, and other similar fees. Generally, the General Partner would not

allocate break-up and topping fees with respect to a potential Investment to SP+ INFRA, any Other Stonepeak Account or co-

investment vehicle unless such person would also share in Broken Deal Expenses related to the potential investment.

Any other fees that are subject to the Management Fee offset under the Fund LPA will be allocated among SP+

INFRA, any other investment vehicles and accounts managed or advised by Stonepeak and any third parties investing in the

same or substantially similar securities as those in which the foregoing entities invested (but only to the extent such third parties

directly or indirectly pay or bear such other fees), based upon their relative percentage interests in the relevant Investment,

including any percentage interests attributable to Affiliates of the General Partner (or, in the case of net break-up and topping

fees, proposed percentage interests).

The Management Fee borne by each Class will be reduced by 100% of SP+ INFRA's pro rata share of other fees

allocable to the Unitholders in such Class, net of reasonable out-of-pocket expenses incurred by the Investment Advisor or its

affiliates (and not otherwise reimbursed) during the immediately preceding monthly period in connection with the transaction

out of which such fees arose. For purposes of the above, SP+ INFRA's pro rata share of other fees shall be allocated among the

Classes based on their respective percentage interests in the portfolio company giving rise to such other fees (based on each

Class's net asset value). The foregoing allocation shall take into account the percentage interest in such portfolio company that

is indirectly held by the Recipient or any affiliate thereof with respect to SP+ INFRA, including as a result of the Performance

Participation Allocation and the Management Fee, and reduce the percentage of other fees that are allocated to fee-paying

Classes.

SP+ INFRA's pro rata share of any other fees received by the Investment Advisor and its affiliates that are subject to

the Management Fee offset under the Fund LPA will be allocated to each Class (and to the Unitholders in such Class) based on

each Class's percentage interest in the relevant portfolio company giving rise to such other fees, which percentage will be

determined at a given point in time. Because each Class's (and each Unitholder's) percentage interest in each portfolio company

will change over time, such Class's (and such Unitholder's) Management Fees may be reduced by an amount greater or less

than the amount by which its fees would have been reduced had the offset been calculated in a different quarter, potentially

materially so.

In addition, the Investment Advisor and persons affiliated with the Investment Advisor may receive fees (including

fees from portfolio companies) paid and / or borne by third parties in connection with SP+ INFRA's activities. For example,

this may include fees associated with capital invested by co-investors, co-underwriters or other third parties relating to

Investments in which SP+ INFRA participates or otherwise, in connection with a joint venture in which SP+ INFRA

participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty with

respect to which the Investment Advisor or an Affiliate thereof performs services. The Unitholders will not receive the benefit

of any such fees other than as expressly set forth in the Fund LPA. Therefore, Stonepeak will be incentivized to offer as co-

investments amounts that would otherwise be invested by SP+ INFRA because doing so can be expected to result in the receipt

of a transaction fee to Stonepeak that is not subject to the offset provisions as described in the Fund LPA. It should be noted

that co-underwriters participating in an investment alongside SP+ INFRA may also receive a transaction fee for such

investment (in which case such transaction fee borne by such co-underwriter will not result in an offset to Unitholders).

For greater certainty, Stonepeak engages and retains Consultants (as defined below) who are not employees or

Affiliates of Stonepeak who may, from time to time, receive payments from, or allocations with respect to, portfolio companies

and / or SP+ INFRA (including, among other things, net transaction fees and retainers). In such circumstances, such amounts

will not be deemed paid to or received by Stonepeak and such amounts will not be subject to the offset provisions as described

in the Fund LPA. Such amounts will generally be allocated pro rata among SP+ INFRA, any Other Stonepeak Accounts, co-

investment vehicles, side-by-side vehicles and other participants that are participating (or intending to participate) in such

Investment. The amounts allocable to such other participating funds / vehicles will not result in an offset of the Management

Fee payable by Unitholders, even if such other funds, vehicles and / or accounts provide for lower or no management fees for

the investors or participants therein.

Any fees that result in an offset to the Management Fee only apply to the extent such fees are received as part of SP+

INFRA's investment in a portfolio company. As a result, in the case of directors' fees, the Management Fee will not be reduced

or offset to the extent any Stonepeak employees or professionals receive directors' fees relating to continued director service

after SP+ INFRA has exited (or is in the process of exiting) the portfolio company and / or following the termination of such

employee's employment with Stonepeak. Similarly, fees paid to third parties (and not to Stonepeak or its employees) who

Stonepeak appoints to the board of a portfolio company would not reduce or offset Management Fee. Likewise, following an

exit of SP+ INFRA's Investment in a portfolio company, Other Stonepeak Accounts may continue to hold, or may acquire,

interests (debt and / or equity) in such portfolio company, and Stonepeak may begin to earn fees or continue to earn fees from

such portfolio company for providing services thereto, including, but not limited to, capital markets advice and other similar

services, which in each case will not offset or reduce the Management Fee, even if such fees relate to services performed prior

to SP+ INFRA's exit. Conflicts of interest are expected to arise when a portfolio company enters into arrangements with

Stonepeak on or about the time SP+ INFRA exits its Investment in such portfolio company.

Except under limited circumstances, in the event break-up or topping fees are paid to Stonepeak in connection with a

transaction that is not ultimately consummated, co-investment vehicles that invest alongside SP+ INFRA will not be allocated

any share of such break-up or topping fees; similarly, such co-investment vehicles (including any vehicles established to

facilitate the investment by Stonepeak investors) generally do not bear their share of Broken Deal Expenses (which include, but

are not limited to, reverse termination fees, forfeited deposits, extraordinary expenses such as litigation costs and judgments,

travel and entertainment expenses incurred, costs of negotiating co-investment or co-underwriting documentation, and legal,

accounting, tax and other due diligence and pursuit costs and expenses) for unconsummated transactions and such costs and

expenses will generally be borne by the Unitholders. Moreover, expenses related to the organization of co-investment vehicles

formed to invest in broken deals may be borne by SP+ INFRA, and not the proposed co-investors thereof.

To the extent any investment banking fees, consulting (including management consulting) fees, syndication fees,

capital markets syndication and significant sums in advisory fees (including underwriting fees), origination fees, servicing

fees,brokerage fees, fees relating to group purchasing, financial advisory fees and similar fees for arranging acquisitions and

other major financial restructurings and other similar operational and financial matters, loan servicing and / or other types of

insurance fees, data management and services fees or payments, operations fees, financing fees, fees for asset services, title

insurance fees, energy procurement / brokerage fees, fees for sustainability services, fees associated with aviation management

including origination fees, servicer fees (e.g., services relating to lease collections/disbursements, maintenance, insurance, lease

marketing and sale of aircraft/parts), asset management fees (e.g., services relating to the preparation of monthly cash flow

models and industry asset management fees, incentive fees and other similar fees and annual retainers (whether in cash or in

kind)) are received by Stonepeak, such fees will not be required to be shared with SP+ INFRA or the Unitholders and will not

result in any offset to the Management Fee payable by the Unitholders except as set forth in the Fund LPA.

SP+ INFRA will bear the cost of deal advisory, portfolio company operations and other related services provided by

Consultants (as defined below) (including the allocation of their compensation otherwise payable by Stonepeak), and such

amounts will not generally offset the Management Fee. Such allocations require judgments as to methodology that Stonepeak

will make in good faith. Such methodologies can include (i) requiring personnel to periodically record or allocate their

historical time according to SP+ INFRA, (ii) Stonepeak approximating the proportion of certain personnel's time spent on

particular funds, (iii) the assessment of an overall dollar amount (based on a fixed fee or percentage of assets under

management) that Stonepeak believes represents a fair recoupment of expenses and market rate for such services or (iv) any

other similar methodology determined by Stonepeak to be appropriate under the circumstances. Any such methodology

(including the choice thereof) involves inherent conflicts and may not generally result in perfect attribution and allocation of

expenses.

Stonepeak expects to second personnel (including former Consultants that become Stonepeak personnel) to portfolio

companies of one or more Other Stonepeak Accounts (including SP+ INFRA) for purposes of serving in bona fide, non-director

management capacities (or other operational capacities involving a material portion of such person's business time) at such

portfolio companies. This can be expected to include prospective portfolio companies with respect to the period of time after

such portfolio company has become subject to an agreement to be acquired by Stonepeak but prior to the actual closing thereof.

Seconded personnel could also include current and former employees or other personnel of a portfolio company that SP+

INFRA, Stonepeak or any of their respective Affiliates acquires as part of or in connection with an investment. Any amounts

paid to such persons (including, without limitation, for services provided prior to the closing of an Investment but which are

expected to add value or other support to a portfolio company following the closing thereof) by (or with respect to such)

portfolio companies, including through reimbursement by the relevant Other Stonepeak Account(s), will not be subject to the

management fee offset provisions of the Fund LPA or the limited partnership agreement of any Other Stonepeak Account. In

addition, any such amounts shall be deemed to be arms' length to the extent paid or otherwise approved by the relevant

portfolio companies and shall not require any additional third-party benchmarking. See also "—*Secondments and Internships*"

below.

***Stonepeak Capital Markets.*** Stonepeak has established Stonepeak Capital Holdings LLC (f/k/a Stonepeak Finance

Holdings LLC), a non-securities-related capital markets business affiliated with Stonepeak ("Stonepeak Financial"), the primary

focus of which is to, among other things, arrange, advise, structure, place, underwrite, originate and syndicate loans, and a

securities-related capital markets business, Stonepeak Securities LLC ("Stonepeak Securities" and, together with Stonepeak

Financial and certain Affiliates thereof, "Stonepeak Capital Markets"), the primary focus of which is to, among other things,

arrange, advise, structure, place, underwrite, originate and syndicate securities, including underwriting private offerings and

participating in the underwriting syndicate for public offerings. Stonepeak Capital Markets is expected to participate in

underwriting and lending syndicates, act as arranger / structurer of financing transactions and perform advisory services in

connection therewith, as well as perform and participate in each of the other services and activities described below. Stonepeak

Capital Markets (including both Stonepeak Securities and Stonepeak Financial) is considered a "Stonepeak Broker Dealer" for

purposes of the Fund LPA.

Stonepeak Capital Markets will be entitled to receive certain fees, spreads, interest payments and other forms of

compensation in connection with the activities of SP+ INFRA, any holding or special purpose vehicle through which SP+

INFRA invests and SP+ INFRA's portfolio companies, including, without limitation, fees for conducting financial services,

advisory services (including capital markets advisory and credit advisory services), structuring, arranging, offering, holding,

placement, financing, syndication, turnaround, workout, underwriting, solicitation, currency, hedging, loan agent, loan

servicing, insurance, rating advisory, or other similar business as a broker, dealer, distributor, syndicator, arranger, underwriter,

advisor or originator of securities or loans, or any similar capital markets related activity, as well as with respect to an initial

public offering or private placement, the distribution of debt and equity securities of an investment, and the arranging or

providing of financing for (or borrowings by) SP+ INFRA, any holding or special purpose vehicle through which SP+ INFRA

invests or any of SP+ INFRA's portfolio companies alone or with other lenders (which could include Other Stonepeak

Accounts). This could include, by way of example, fees and / or commissions for effecting transactions, including transactions

on the secondary market, as well as equity syndications to co-investment vehicles. Further, SP+ INFRA (or any person through

which SP+ INFRA invests, or any portfolio company of SP+ INFRA) can be expected to pay Stonepeak Capital Markets a fee

for its role in any subscription, net asset value or other form of facility obtained by SP+ INFRA or any person through which

SP+ INFRA invests and while the amount of such fee will be disclosed to the Board of Directors and / or the Unitholders, there

will be no requirement for preapproval or consent required from the Board of Directors and / or the Unitholders. Such fees,

commissions and other compensation may also be earned where Stonepeak Capital Markets is acting as underwriter and / or

syndicate participant of debt that is ultimately purchased by SP+ INFRA or any Other Stonepeak Account and / or where SP+

INFRA or any Other Stonepeak Account guarantees or provides other credit support for all or any portion of any debt or equity

securities or instruments that Stonepeak Capital Markets determines to underwrite. See also "—*Investments in Which Other* 

*Stonepeak Accounts Have a Different Principal Interest Generally"* below. In that regard, SP+ INFRA can be expected to

underwrite, commit to and make Investments where the acquisition thereby results in fees being earned by Stonepeak Capital

Markets (which fees will not be subject to or result in any offset of Management Fees payable by the Unitholders), and there

will be no requirement for preapproval or consent required from the Board of Directors and / or Unitholders notwithstanding

the potential conflict of interest. A similar conflict of interest may exist (with no requirement for Board of Directors or

Unitholder consent) where SP+ INFRA serves as a capital backstop for underwriting activities led by Stonepeak Capital

Markets even though no fees will be paid to, shared with or otherwise benefiting SP+ INFRA and / or the Unitholders. Any

such fees payable to Stonepeak Capital Markets are expected to be in the form of success fees, transaction-based compensation,

spreads or other fees in connection with the provision of services by the Stonepeak Capital Markets business. Such fees, spreads

and interest payments will not be subject to the management-fee offset provisions of the Fund LPA, and neither SP+ INFRA

nor the Unitholders will receive the benefit of any such fees, spreads and interest payments. Co-investors (including those that

are subject to management fees, carried interest and / or incentive allocations in respect of such co-investment) will also not

receive the benefit of any such spreads or other fees. Underwritings and financings can be on a firm commitment basis or on an

uncommitted, or "best efforts," basis, and the underwriting or financing parties are under no duty to provide any commitment

unless specifically set forth in the relevant contract. Stonepeak Capital Markets can also be expected to provide, either alone or

alongside third parties performing similar services to purchasers or sellers of securities (including in connection with primary

offerings, secondary transactions and / or transactions involving special purpose acquisition companies), including loans or

instruments issued by holding or special purpose vehicles through which SP+ INFRA or any Other Stonepeak Account invests

and by portfolio companies of SP+ INFRA and Other Stonepeak Accounts.

As noted above, Stonepeak Capital Markets can be expected to receive a portion of the placement, arranging, or

structuring or other fees that are payable to the entity leading a credit or equity transaction relating to SP+ INFRA or any of its

related entities (including, without limitation, any of SP+ INFRA's holding vehicles or special purpose vehicles) or any of their

respective activities. For example, such fees may be received in connection with Stonepeak Capital Markets' role in facilitating

the establishment, arranging or servicing of any financing of SP+ INFRA, any person through which SP+ INFRA invests or any

of SP+ INFRA's portfolio companies, including with respect to a subscription, net asset value or other form of credit facility for

any of the foregoing, and which financing may include Other Stonepeak Accounts and / or Stonepeak. In the event SP+ INFRA

or any such person or portfolio company secures multiple financing facilities and / or refinances an existing facility, Stonepeak

Capital Markets would earn a separate fee for each transaction. Any such placement, arrangement, structuring or other fees

would likely be determined based on negotiations between Stonepeak and such counterparty, which would be unaffiliated with

Stonepeak, although the fee may be determined based on a different methodology determined by Stonepeak to be appropriate at

the time (including in instances where Stonepeak Capital Markets provides different services than such entity). Stonepeak may

from time to time receive additional fees that are otherwise payable to an arranging, structuring or similar party in connection

with such transaction, whether payable in connection with the closing of such facility (e.g., arranger fees, unused fees, upfront

fees, structuring fees and placement fees) or on an ongoing basis (e.g., administrative fees). Stonepeak will aim to benchmark

such fees based on fees charged in comparable facilities, although the amount of such fees will vary based on then-current

market conditions, the leverage of the sponsor and other considerations. See also "—*Benchmarks*" below. Moreover, it should

be noted that because Stonepeak will be negotiating the fees payable to the entity leading the relevant credit or equity

transaction (including the amount and percentage of such fees in which Stonepeak would share) at the same time that Stonepeak

may be selecting such entity, Stonepeak may be incentivized to select such entity and negotiate the structure and terms

(including fee terms) of such facility in a manner that does not fully align with the interests of SP+ INFRA or the Unitholders.

Accordingly, there can be no assurances that Stonepeak would not have selected a different entity or structured the facility and

its terms differently in the absence of such conflict, or that the amount or percentage of fees payable to Stonepeak may not have

been higher or lower had a different entity been selected.

Stonepeak is committed to growing Stonepeak Capital Markets, and could in the future develop new businesses, such

as providing additional investment banking, advisory and other services to corporations, financial sponsors, management or

other persons. Such services could relate to transactions that could give rise to investment opportunities that are suitable for SP+

INFRA. There is no limitation on the amount of such fees, costs and expenses that may be borne by SP+ INFRA. In addition,

any such fees and payments will be retained by Stonepeak Capital Markets and will not benefit SP+ INFRA or the Unitholders.

The fee potential inherent in a particular investment or transaction could be viewed as an incentive for the General Partner to

seek to refer, allocate or recommend an investment or transaction to SP+ INFRA. In addition, the General Partner may be

incentivized to structure an investment in a manner that would create an opportunity for a fee to be received by Stonepeak

Capital Markets when an alternative structure would have given rise to a more favorable transaction for SP+ INFRA.

It is possible that Stonepeak Capital Markets or one or more Other Stonepeak Accounts or Affiliates thereof will

provide financing as part of a third party purchaser's bid for or acquisition of an Investment of SP+ INFRA. This generally

would include circumstances where Stonepeak Capital Markets or one or more Other Stonepeak Accounts or Affiliates thereof

makes commitments to provide financing at, prior to or around the time such third party purchaser commits to purchase or

purchases such Investment from SP+ INFRA. The involvement of Stonepeak Capital Markets or one or more Other Stonepeak

Accounts or Affiliates as a provider of debt financing in connection with the potential acquisition of Investments by third

parties from SP+ INFRA will give rise to potential or actual conflicts of interest, including the possibility of the General Partner

being motivated to cause SP+ INFRA to agree to terms with a third-party with respect to which Stonepeak Capital Markets or

one or more Other Stonepeak Accounts is providing such debt financing that are less favorable to the applicable portfolio

company and / or SP+ INFRA than might have been obtained from another third-party that did not have access to such

financing, which could adversely impact SP+ INFRA.

Sales of securities for the account of SP+ INFRA and its portfolio companies will from time to time be bunched or

aggregated with orders for other accounts of Stonepeak, including Other Stonepeak Accounts. It could be impossible, as

determined by Stonepeak in its sole discretion, to receive the same price or execution on the entire volume of securities sold,

and the various prices may therefore be averaged, which may be disadvantageous to SP+ INFRA. Stonepeak Capital Markets

may, from time to time, hold positions in instruments or securities and / or loans issued by portfolio companies of SP+ INFRA,

including, for example, where Stonepeak Capital Markets commits to fund the shortfall amount, if any, resulting from the

incomplete syndication of debt, including loans, or equity. Under such circumstances, Stonepeak Capital Markets may commit

to provide capital support for the syndication on a short-term basis (i.e., to provide certainty there will be sufficient capital to

complete the proposed transaction) or fund a different instrument or security in the portfolio company of SP+ INFRA than that

held by SP+ INFRA to facilitate the syndication. In either scenario, Stonepeak Capital Markets typically will sell its holdings

prior to SP+ INFRA disposing of its respective investments in the portfolio company.

Where Stonepeak Capital Markets serves as underwriter with respect to securities of a Fund portfolio company, SP+

INFRA will generally be subject to a "lock- up" period following the offering under applicable regulations or agreements

during which time its ability to sell any securities that it continues to hold is restricted. This could prejudice SP+ INFRA's

ability to dispose of such securities at an opportune time and, in turn, adversely impact SP+ INFRA. In addition, in

circumstances where a portfolio company of SP+ INFRA becomes distressed and the participants in an offering undertaken by

such portfolio company may have a valid claim against the underwriter, the Fund would have a conflict in determining whether

to sue Stonepeak Capital Markets. In circumstances where a non-affiliate broker dealer has underwritten an offering, the issuer

of which becomes distressed, SP+ INFRA will also have a conflict in determining whether to bring a claim on the basis of

concerns regarding Stonepeak Capital Markets' relationship with the broker dealer. On the other hand, a conflict of interest also

exists to the extent Stonepeak Capital Markets may have a valid claim against a Fund portfolio company for indemnification

relating to Stonepeak Capital Markets' services.

Stonepeak Capital Markets is expected to provide investment banking, advisory and other services to affiliates or

unaffiliated corporations, financial sponsors, management or other third parties. Such services may relate to transactions that

could give rise to investment opportunities that are suitable for SP+ INFRA. In such case, Stonepeak Capital Markets' clients

would typically require Stonepeak Capital Markets to act exclusively on their behalf, thereby precluding SP+ INFRA from

participating in such investment opportunities. Stonepeak Capital Markets would not be obligated to decline any such

engagements in order to make an investment opportunity available to SP+ INFRA.

***Multiple Business Lines***. Stonepeak has multiple business lines, including Stonepeak Capital Markets, which

Stonepeak, SP+ INFRA, Other Stonepeak Accounts, portfolio companies of SP+ INFRA and Other Stonepeak Accounts and

third parties will, in certain circumstances, engage for debt and equity financings and to provide other investment banking,

brokerage, investment advisory or other services. As a result of these activities, Stonepeak is subject to a number of actual and

potential conflicts of interest, greater regulatory oversight and more legal and contractual restrictions than if it had one line of

business. For example, from time to time, Stonepeak could come into possession of information that limits SP+ INFRA's

ability to engage in potential transactions. Similarly, other Stonepeak businesses and their personnel could be prohibited by law

or contract from sharing information with the General Partner, the Investment Advisor and / or their Affiliates that would be

relevant to monitoring SP+ INFRA's Investments and other activities. Additionally, Stonepeak or Other Stonepeak Accounts

can be expected to enter into covenants that restrict or otherwise limit the ability of SP+ INFRA or its portfolio companies and

their Affiliates to make investments in, or otherwise engage in, certain businesses or activities. For example, Other Stonepeak

Accounts could have granted exclusivity to a joint venture partner that limits SP+ INFRA and Other Stonepeak Accounts from

owning assets within a certain distance of any of the joint venture's assets, or Stonepeak or an Other Stonepeak Account could

have entered into a non-compete in connection with a sale or other transaction or agreed to other restrictions that could impact

SP+ INFRA's ability to consummate investments. These types of restrictions may negatively impact the ability of SP+ INFRA

to implement its investment program. (See "—*Allocation of Investment Opportunities*" herein). Finally, Stonepeak personnel

who are members of the investment team or investment committee may be excluded from participating in certain investment

decisions due to conflicts involving other Stonepeak businesses or for other reasons, including other personal or business

activities, in which case SP+ INFRA will not benefit from their experience. The Unitholders will not receive a benefit from any

fees earned by Stonepeak or its personnel from these other businesses.

Stonepeak is under no obligation to decline any engagements or investments in order to make an investment

opportunity available to SP+ INFRA. Stonepeak has long-term relationships with a significant number of corporations and their

senior management. The General Partner, or the Investment Advisor and / or its Affiliates will consider those relationships

(including any incentives or disincentives as part of such relationship) when evaluating an investment opportunity, which may

result in the General Partner and / or the Investment Advisor choosing not to make such an investment due to such relationships

(e.g., investments in a competitor of a client or other person with whom Stonepeak has a relationship). SP+ INFRA could be

required to sell or hold existing Investments as a result of investment banking relationships or other relationships that Stonepeak

may have or transactions or investments that Stonepeak may make or has made. (See "—*Allocation of Investment* 

*Opportunities*" and "—*Portfolio Company Relationships; Transactions with Portfolio Companies; Investments Alongside* 

*Portfolio Companies*" herein.) Therefore, there can be no assurance that all potentially suitable investment opportunities that

come to the attention of Stonepeak will be made available to SP+ INFRA. (See "—*Allocation of Investment Opportunities*" and

"—*Portfolio Company Relationships; Transactions with Portfolio Companies; Investments Alongside Portfolio Companies*"

and "—*Conflicting Fiduciary Duties to Other Stonepeak Accounts*" herein.) SP+ INFRA may also co-invest with Other

Stonepeak Accounts or other persons with whom Stonepeak has a relationship in particular investment opportunities, and other

aspects of these Stonepeak relationships could influence the decisions made by the General Partner, the Investment Advisor

and / or its Affiliates with respect to SP+ INFRA's Investments and otherwise result in a conflict. (See also "—*Allocation of* 

*Investment Opportunities*" herein.)

Finally, Stonepeak and Other Stonepeak Accounts could acquire Units in SP+ INFRA and SP+ INFRA could acquire

interests in Other Stonepeak Accounts in the secondary market. Stonepeak and Other Stonepeak Accounts would generally

have greater information than counterparties in such transactions, and the existence of such business could produce conflicts,

including in the valuation of SP+ INFRA's (or any Other Stonepeak Account's) investments. The General Partner may also

from time to time determine that Stonepeak or any Other Stonepeak Account should acquire such Units in SP+ INFRA (and

interests in any Other Stonepeak Account) without offering existing investors, including investors that have previously

indicated an interest in acquiring such interests, the opportunity to acquire such interests in advance and / or to match the terms

offered by Stonepeak or any Other Stonepeak Account (i.e., investors do not have a "right of first refusal" or a "right of first

offer"). As a result, the participation of Stonepeak and / or such Other Stonepeak Accounts in such secondary transactions may

result in fewer secondary opportunities for the Unitholders, and there will be no requirement for preapproval or consent

required from the Board of Directors and / or Unitholders notwithstanding the potential conflict of interest arising from such

participation.

***Other Benefits***. Stonepeak and its personnel and related parties will receive certain intangible and / or other benefits

and / or discounts and / or perquisites arising or resulting from their activities on behalf of SP+ INFRA which will not be

subject to the offset of the Management Fee or otherwise be shared with SP+ INFRA, its Unitholders and / or the portfolio

companies. For example, airline travel or hotel stays incurred as partnership expenses may result in "miles" or "points" or credit

in loyalty / status programs (including credit card points or "cash back" or rebates in addition to such loyalty or status program

miles or points), and such benefits and / or amounts will, whether or not *de minimis* or difficult to value, inure exclusively to

Stonepeak and / or such personnel and related parties (and not SP+ INFRA, Unitholders and / or the portfolio companies) even

though the cost of the underlying service is borne by SP+ INFRA as partnership expenses and / or the portfolio companies. In

addition, airline travel incurred as a partnership expense for Stonepeak personnel traveling for appropriate Fund-related

purposes (including, without limitation, travel related to a portfolio company, a prospective portfolio company or other Fund-

related matter) may benefit such personnel to the extent the trip also serves a personal purpose, as it occurs from time to time.

The Investment Advisor, its personnel and other related persons may also receive discounts on products and services provided

by portfolio companies and / or customers or suppliers of such portfolio companies. Similarly, Stonepeak and its personnel and

related parties, and third parties designated by the foregoing, also receive discounts on products and services provided by

portfolio companies and customers or suppliers of such portfolio companies. The Unitholders consent to the existence of these

arrangements and benefits.

***Allocation of Expenses***. The General Partner will have a conflict of interest in allocating certain expenses among

Unitholders of the Fund as well as among the Fund, any Parallel Funds, the Lux Fund and Other Stonepeak Accounts. Among

other approaches, Stonepeak's allocation policy may provide for allocation of such expenses across Stonepeak's platform based

solely on subscriptions, capital commitments, invested capital or net asset value without regard to the specific services provided

to any Stonepeak fund, vehicle and / or account, including the Fund. In addition, in certain instances where organizational

expenses are generally attributable to the Fund, any Parallel Funds and one or more Other Stonepeak Accounts (including the

Lux Fund) (and any parallel funds thereof), such organizational expenses may be allocated among such funds in a manner that

Stonepeak deems appropriate under the circumstances and, as a result, the Fund and any Parallel Funds could bear a portion of

such expenses even where all such expenses are not directly connected to the Fund and its activities.

Unless otherwise agreed by the parties to any transfer, the costs and expenses incurred in connection with the transfer

of a Unitholder from the Fund to a Parallel Fund, or vice versa (as contemplated by the Fund LPA) will be treated as a Fund

Expense and will be borne by all Unitholders in the Fund and investors in any Parallel Fund. SP+ INFRA will bear as Fund

Expenses the costs of preliminary activities related to the sourcing of investments (such as prospecting for investments), which

will include any costs or expenses incurred in connection with attending industry conferences and the costs and expenses of

software (including subscription based services) designed to provide background or insights on a particular industry or

geography, without regard as to whether the expense is incurred for a specific potential investment.

It is expected that Stonepeak will pay a per agreement payment to a third-party service provider for the costs of

drafting, negotiating and executing non-disclosure or other similar agreements with respect to potential and actual investments

for the Fund, any Parallel Funds and Other Stonepeak Accounts. Stonepeak intends to allocate such costs across the Fund, any

Parallel Funds and such Other Stonepeak Accounts on a pro rata basis based on a methodology determined by Stonepeak to be

equitable under the circumstances. Although Stonepeak will seek to re-evaluate such methodology on a periodic, but no less

than annual, basis to ensure that it provides a fair and reasonable allocation of such expenses, prospective investors should note

that the use of such methodology will result in the Fund being allocated expenses related to potential investments that are not

ultimately consummated by the Fund, any Parallel Funds or any Other Stonepeak Accounts, or actual investments that are

ultimately allocated to one or more Other Stonepeak Accounts (and not to the Fund).

Likewise, Stonepeak has, and will continue to, obtain certain software, technology and other information and analytic

management tools, techniques and system, including for purposes of creating structure charts, to assist with entity formation

and management, to maintain and analyze side letters and subscription agreements, assist with "know your customer" and other

"anti-money laundering" matters, etc. Stonepeak intends to allocate such costs across the Fund, any Parallel Funds and Other

Stonepeak Accounts on a pro rata basis based on a methodology determined by Stonepeak to be equitable under the

circumstances.

The application of the above methodologies may lead to an allocation of expenses to the Fund without the concomitant

performance of services to the Fund or its portfolio companies and without the Fund receiving the benefit of participating in an

investment (in whole or in part) to which such services relate. Moreover, expenses may be incurred that, along with the related

services, benefit other parties, including Other Stonepeak Accounts (including the Lux Fund) or other owners in a portfolio

company but are borne solely by the Fund. Despite Stonepeak's good faith judgment to arrive at a fair and reasonable expense

allocation methodology, the use of any particular methodology may lead the Fund to bear relatively more expenses in certain

instances and relatively less in other instances compared to what the Fund would have borne if a different methodology had

been used. However, Stonepeak seeks to make allocations that are equitable on an overall basis in its good faith judgment.

Stonepeak may from time to time organize events geared to prospective investors that participate in multiple

Stonepeak funds, including SP+ INFRA. The costs of such events may be allocated as organizational expenses among the

relevant Stonepeak funds that are fundraising at the time, including SP+ INFRA, even if such prospective investors do not

ultimately subscribe to SP+ INFRA. In addition to such events, Stonepeak has held and may in the future hold one-on-one

meetings with prospective investors related generally to Stonepeak or that are in a preliminary stage of diligence with respect to

an investment in SP+ INFRA; while such investors may ultimately not subscribe to SP+ INFRA, the expenses of such meetings

could be allocated as an organizational expense of SP+ INFRA.

Deal-specific expenses incurred in connection with unrealized Investments irrespective of whether such expenses are

paid by SP+ INFRA (or any special purpose vehicle or holding vehicle through which SP+ INFRA invests) or the portfolio

company itself will be capitalized into the overall costs of the Investments. Unitholders should also note that acquisition costs

for unrealized Investments will be capitalized into the overall cost of the Investments for U.S. GAAP purposes irrespective of

whether such costs are paid to Stonepeak or its affiliates or to a third party, including, without limitation, any legal fees and

expenses, transaction fees, commitment fees, underwriting fees, organizational and offering expenses of co-underwriting, co-

investment and other similar vehicles, operating partner and senior advisor fees, actual or estimated third-party diligence

expenses, borrowing and other financing fees and expenses (including interest expenses), as well as amounts that are eligible to

be treated as "Fund Expenses" under the Fund LPA. Capitalized expenses can also include transaction fees, commitment fees

and other fees and expenses that are required to be capitalized under U.S. GAAP, even if charged to only a subset of

participants in the relevant Investment (e.g., co-investors). Accordingly, although SP+ INFRA may not be charged such fees

and expenses directly, SP+ INFRA will indirectly bear a portion of such fees and expenses.

Fees, costs and expenses incurred in connection with the organization of Stonepeak-controlled co-investment, co-

underwriting and other similar vehicles that participate in an Investment and the offering of interests therein will be capitalized

into the overall cost of the Investment where the initial closing of such vehicles occurs on or prior to the closing of the

transaction (or, in certain limited circumstances, where the negotiation of such vehicles was substantially completed prior to the

closing of the transaction even if the initial closing of such vehicle has not yet occurred). Other expenses that are often

capitalized into the overall cost of the Investment include those relating to the drafting, negotiation and execution of "opt-in" or

"opt-out" or other similar notices or forms for certain standing co-investment or other similar vehicles. Accordingly, all

investors participating in the Investment (including Unitholders) will bear their pro rata share of such expenses, which expenses

can be expected to be material. For the avoidance of doubt, any such expenses will be capitalized into the overall cost of the

Investment whether or not the applicable co-investment vehicle(s) or other similar vehicle(s) closed on or prior to the signing of

the relevant Investment so long as such co-investment or other similar vehicle held at least an initial closing (or completed

substantial negotiation of the terms of such vehicle) on or prior to the closing of such Investment (accordingly, organizational

and offering fees, costs and expenses of any such co-investment or other similar vehicle that are incurred after the closing of the

Investment may also be capitalized into the overall cost of the Investment).

***Broken Deal Expenses***. Investments in private equity generally often require extensive due diligence activities prior to

acquisition, including legal costs. Broken Deal Expenses, which may be significant, may be borne by the Fund. The General

Partner will use commercially reasonable efforts to cause any third-party co-investors that have agreed in writing to participate

in a potential Investment alongside SP+ INFRA to bear their pro rata share of any Broken Deal Expenses. Examples of such

Broken Deal Expenses include, but are not limited to, reverse termination fees, extraordinary expenses such as litigation costs

and judgments, meal, travel and entertainment expenses incurred, costs of negotiating co-investment documentation (including

non-disclosure agreements with counterparties), the costs from onboarding (i.e., KYC) investment entities with a financial

institution, legal, tax, accounting and consulting fees and expenses (including all expenses incurred in connection with any tax

audit, investigation settlement or review of the Fund, and any expenses of the Fund's representative or its designated

individual), printing and publishing expenses, and legal, accounting, tax and other due diligence and pursuit costs and expenses.

Investments will generally be allocated between SP+ INFRA and one or more Other Stonepeak Accounts on a case-

by-case basis in accordance with the factors described in "— *Allocation of Investment Opportunities*" below. In certain

circumstances, such allocation to SP+ INFRA will occur after the investment has already been allocated to one or more Other

Stonepeak Accounts. Accordingly, while the General Partner will generally allocate Broken Deal Expenses between SP+

INFRA and Other Stonepeak Accounts based on their relative expected investment sizes, such allocation will vary based on,

among other things, the timing of the allocation to SP+ INFRA, the governing documents of SP+ INFRA and such Other

Stonepeak Accounts, and any other factors determined by the General Partner to be relevant under the circumstances. Any

methodology used to determine such allocation (including the choice thereof) involves inherent conflicts and will not result in

perfect attribution and allocation of such costs.

In addition to the foregoing, such Broken Deal Expenses could, in the reasonable discretion of Stonepeak acting in

good faith, be allocated solely to the Fund and not to Other Stonepeak Accounts, including any Continuation Vehicle, or co-

investment vehicles (including such standing co-investment vehicles) that could have made the Investment (including any

situation where an Other Stonepeak Account was initially allocated an investment opportunity and incurred such expenses

before such investment opportunity was reallocated to the Fund), even when the Other Stonepeak Account, including any

Continuation Vehicle, or co-investment vehicle commonly invests alongside the Fund in its Investments or Stonepeak or Other

Stonepeak Accounts in their investments. In such cases the Fund's share of expenses would increase. In the event Broken Deal

Expenses are allocated to an Other Stonepeak Account or a co-investment vehicle, Stonepeak or the Fund will, in certain

circumstances, advance such fees and expenses without charging interest until paid by the Other Stonepeak Account or co-

investment vehicle, as applicable. In addition, certain portfolio companies will provide transaction support services (including

identifying potential investments) to the Fund, Other Stonepeak Accounts and their respective portfolio companies in respect of

certain investments that are not ultimately consummated. See also "—*Service Providers, Vendors and Counterparties*" in this

Item 1A. Stonepeak will endeavor in good faith to allocate the costs of such services to the Fund and such Other Stonepeak

Accounts as it deems appropriate under the particular circumstances. Any methodology used to determine such allocation

(including the choice thereof) involves inherent conflicts and may not result in perfect attribution and allocation of such costs,

and there can be no assurance that a different manner of allocation would result in the Fund and its portfolio companies bearing

less or more of such costs. Further, any of the foregoing costs, although allocated in a particular period, could be allocated

based on activities occurring outside such period. Additionally, the allocation of such costs can be expected to generally be

based on the relative expected investment sizes (as determined by the General Partner in good faith), in certain circumstances

they may be based on different methodologies, including, without limitation, the aggregate value or number of, or invested

capital in, transactions consummated in the applicable prior quarter, and therefore the Fund could pay more than its pro rata

portion of such cost based on its actual usage of such services.

***Benchmarks***. The General Partner will make determinations of market rates (i.e., rates that fall within a range that the

General Partner has determined is reflective of rates in the applicable market and certain similar markets, though not necessarily

equal to or lower than the median rate of comparable firms) based on its consideration of a number of factors, which are

generally expected to include the General Partner's experience with non-affiliated service providers as well as benchmarking

data and other methodologies determined by the General Partner to be appropriate under the circumstances. In respect of

benchmarking, while Stonepeak expects to obtain benchmarking data regarding the rates charged or quoted by third parties for

services similar to those provided by Stonepeak in the applicable market or certain similar markets, relevant comparisons may

not be available for a number of reasons, including, without limitation, as a result of a lack of a substantial market of providers

or users of such services or the confidential or bespoke nature of such services (e.g., different assets may receive different

services). In addition, benchmarking data is based on general market and broad industry overviews rather than determined on an

asset by asset basis, and benchmarking may also be conducted only on a periodic basis (e.g., every few years) rather than on an

ongoing or regular basis. As a result, benchmarking data does not take into account specific characteristics of individual assets

then owned or to be acquired by SP+ INFRA, or the particular characteristics of services provided. For these reasons, such

market comparisons may not result in precise market terms for comparable services. In certain circumstances Stonepeak can be

expected to determine that third party benchmarking is unnecessary, either because the price for a particular good or service is

mandated by law or because in Stonepeak's view no comparable service provider offering such good or service exists or

because Stonepeak has access to adequate market data to make the determination without reference to third party

benchmarking. Any benchmarking is not expected to be memorialized in formal reports but rather conducted on an informal

basis.

It may not be possible to benchmark placement and arranging services provided by Stonepeak Capital Markets (or any

other Stonepeak service provider, such as Stonepeak Aviation (as defined below)) against similar services provided by third-

party investment banks, independent placement agents or other service providers because the services provided by such third

parties are often bundled with other services which are not priced separately from one another. As a matter of commercial

practice, these services are often intrinsically linked such that it is challenging to precisely allocate the pricing between these

services. For example, in connection with transactions by a portfolio company, the provision of placement or arranging services

to a portfolio company would not necessarily be bundled or otherwise provided in the same way as a third-party investment

bank, independent placement agent or other service provider would do so. Accordingly, in such cases the services provided by

Stonepeak Capital Markets would be different than services commonly performed by persons unaffiliated with Stonepeak. As a

result, pricing information for the specific services provided by Stonepeak Capital Markets may not be practicable to obtain,

and accordingly the pricing of the services provided by Stonepeak Capital Markets may not accurately reflect market rates. In

connection with the involvement of Stonepeak Capital Markets with SP+ INFRA or a portfolio company, it may be required to

engage multiple parties alongside Stonepeak Capital Markets to provide the same bundle or level of services that a single third

party would be able to provide, leading to less efficient or less effective services being provided by Stonepeak Capital Markets

to SP+ INFRA or a portfolio company. In this case, the services provided by a third party on a standalone basis may be more

expensive given they would be provided as part of a package of other services. Moreover, the provision of such services by

Stonepeak Capital Markets and any such methodology (including the choice thereof and any benchmarking verification or other

analysis related thereto) involves inherent conflicts.

From time to time, Stonepeak Capital Markets may be engaged on a transaction during the course of execution to the

extent Stonepeak Capital Markets or the investment / deal team determines that the transaction execution is not proceeding as

planned or where market risk to the issuer is higher than initially expected. In such cases, the compensation payable to

Stonepeak Capital Markets would be incremental to the fees previously agreed to by the applicable issuer. While the

involvement by Stonepeak Capital Markets in such a case may curtail the potential increase of pricing payable by the issuer or

other deterioration of terms affecting the transaction documentation, for example by avoiding the exercise by such underwriters

of "market flex" rights, there can be no assurances that Stonepeak's involvement will have such an effect. Any amounts paid to

Stonepeak Capital Markets for such services, as well as the expenses, charges and costs of any benchmarking, verification or

other analysis related thereto, will, subject to the terms of the Fund LPA, be borne indirectly by SP+ INFRA and the

Unitholders by virtue of their ownership of equity or debt in the applicable portfolio company, and will not result in any offset

to the management fee.

The fees payable to Stonepeak Capital Markets may be approved on the basis that the aggregate fees paid to Stonepeak

Capital Markets and any investment bank or similar provider of capital or underwriting, collectively, are lower than the

aggregate fees Stonepeak determines would have been paid by SP+ INFRA or the applicable portfolio company in the absence

of participation by Stonepeak Capital Markets. However, in certain cases the aggregate fees payable by SP+ INFRA or the

applicable portfolio company may exceed those that would have been payable in the absence of the participation of Stonepeak

Capital Markets.

To the extent SP+ INFRA or Other Stonepeak Accounts engage in a long-term or recurring contract with a Stonepeak-

affiliated service provider, Stonepeak may not seek to benchmark or otherwise renegotiate the original fee arrangement for a

significant period of time.

***Stonepeak Policies and Procedures***. Policies and procedures implemented by Stonepeak from time to time (including

as may be implemented in the future) to mitigate potential conflicts of interest and address certain regulatory requirements and

contractual restrictions may reduce the synergies across Stonepeak's areas of operation or expertise that SP+ INFRA expects to

draw on for purposes of pursuing attractive investment opportunities. Because Stonepeak has other activities beyond SP+

INFRA, it is subject to a number of actual and potential conflicts of interest, additional regulatory considerations, and more

legal and contractual restrictions than that to which it would otherwise be subject if it focused only on SP+ INFRA. As a

consequence, information which could be of benefit to SP+ INFRA might become restricted to certain business units within

Stonepeak and otherwise be available to SP+ INFRA. In addressing these conflicts and regulatory, legal, and contractual

requirements across its various businesses and to protect against inappropriate sharing and / or use of information between the

private equity group of Stonepeak and the other business units at Stonepeak (such as Stonepeak Capital Markets or the Credit

Fund), Stonepeak has implemented and may in the future implement certain policies and procedures (such as, for example,

information walls) that may reduce the positive synergies that SP+ INFRA expects to utilize for purposes of finding attractive

Investments. In that regard, it is possible that in the future Stonepeak may establish information barriers or other forms of

separation between certain professionals, such as those who are primarily involved in trading marketable securities or liquid

instruments or distressed investments, on the one hand, and other professionals, such as others who are primarily involved in

privately negotiated or illiquid investments, on the other hand, and in any such event it is possible that SP+ INFRA may not be

able to avail itself of the full resources of Stonepeak as otherwise described in this Annual Report. There can be no assurance

that walling off procedures can be implemented efficiently or successfully in all cases. Additionally, the terms of confidentiality

or other agreements with or related to companies in which Stonepeak has or has considered making an investment or which is

otherwise an advisory client of Stonepeak may restrict or otherwise limit the ability of SP+ INFRA and / or its portfolio

companies and their Affiliates to make investments in or otherwise engage in businesses or activities competitive with such

companies.

***Risks Arising from Contractual Restrictions under M&A Documentation***. While Stonepeak has sought to, and will

continue to, resist, mitigate and manage contractual restrictions requested by investment counterparties, non-competition

undertakings and analogous agreements are becoming increasingly prevalent in international M&A and any restrictions

(whether in existence under current investment documentation or to be negotiated under future investment documents) may

have consequences that are adverse to the interests of SP+ INFRA, such as, for example and without limitation, adversely

affecting the ability of SP+ INFRA to participate in certain sectors and / or geographies. Further, Stonepeak may enter into one

or more strategic relationships in certain regions or with respect to certain types of investments that, although may be intended

to provide greater opportunities for SP+ INFRA, may require SP+ INFRA to share such opportunities or otherwise limit the

amount of an opportunity SP+ INFRA can otherwise take.

***Syndication***. Subject to the limitations in the Fund LPA, SP+ INFRA may commit to or initially acquire an investment

and subsequently syndicate, or sell some or all of it, to the General Partner, the Investment Advisor, Other Stonepeak Accounts,

co-investment vehicles, joint venture partners, Consultants, or Affiliates or related parties of the foregoing or other third parties

(including any person (including, if applicable any Unitholder other than solely in their capacity as such and Consultants) that

the General Partner determines has the ability to add value to an Investment in light of its relationships, experience, geographic

location, market or industry knowledge and / or other relevant attributes as determined by Stonepeak), notwithstanding the

availability of capital from the Unitholders and other investors thereof or applicable credit facilities. If any such intended

syndication is not ultimately consummated, Stonepeak, SP+ INFRA or the other party that initially acquires such portion will be

expected to retain it, leading to SP+ INFRA or such other party having more of the Investment (including expenses relating to

such unconsummated syndication) initially intended to be syndicated than it would otherwise have had if such syndication had

not initially been completed. For the avoidance of doubt, certain Other Stonepeak Accounts participating in such investment

will likely not take part in any such syndication in the same manner or to the same extent (if at all), or may participate in a

syndication alongside SP+ INFRA but at a different interest rate, due to legal, regulatory, accounting, administrative or other

considerations. The General Partner may cause these transfers to be made at cost, or cost plus an interest rate or carrying cost

charged from the time of acquisition to the time of transfer, notwithstanding that the fair market value of any such Investments

may have declined below or increased above cost from the date of acquisition to the time of such transfer. The General Partner

may also determine another methodology for pricing these transfers, including fair market value at the time of transfer. Also,

the General Partner may charge fees on these transfers to either or both of the parties to them. Subject to the terms of the Fund

LPA, SP+ INFRA or its Affiliates may retain any portion of an investment initially acquired by them with a view to syndication

to co-investors or other potential purchasers to the extent such portion has not been syndicated after reasonable efforts to do so.

Conflicts of interest are expected to arise in connection with these Affiliate transactions, including with respect to timing,

structuring, pricing and other terms. For example, the General Partner will have a potential conflict of interest when the General

Partner, the Investment Advisor or an Affiliate thereof receives fees, including carried interest or management fees, from an

Affiliate of the General Partner acquiring from or transferring to SP+ INFRA all or a portion of an investment.

Stonepeak, Other Stonepeak Accounts, joint venture partners, or Affiliates or related parties of the foregoing have the

right to commit to or initially acquire a portion of an investment (including an investment alongside SP+ INFRA or that is

expected to be syndicated to SP+ INFRA) if Stonepeak intends to syndicate such amounts to co-investors and other potential

purchasers (which may include one or more Unitholders, Other Stonepeak Accounts and / or third parties). The equity

committed / used in any such underwriting by the General Partner and its Affiliates may come from Stonepeak's own balance

sheet and / or from one or more third parties that enter into arrangements with Stonepeak with respect thereto and may come

from an Other Stonepeak Account. In such circumstances, Stonepeak will have the right to (and can be expected to) earn

underwriting, commitment, guarantee, syndication, holding or other similar fees from SP+ INFRA, the portfolio company, or

the purchasers of such equity, regardless of whether such equity was the subject of a commitment or actually deployed into the

investment, and SP+ INFRA and Unitholders will not be entitled to share in or receive the benefit of any such underwriting

and / or syndication fees. As a result, Stonepeak will be incentivized to underwrite, commit, guarantee and / or syndicate

amounts of equity in Investments due to the right to earn fees not subject to offset in favor of the Unitholders, even if the capital

used to underwrite such amounts does not come entirely from Stonepeak's own balance sheet, and Stonepeak may share such

fees with one or more third parties that commit to such equity investments and may charge purchasers of the equity fees and

carried interest with respect thereto. Moreover, it can be expected that Stonepeak will charge such underwriting, commitment,

guarantee, syndication, holding and / or similar fees, notwithstanding that Stonepeak funds, vehicles and/or accounts do not

typically charge such fees (or any "additional amounts") to co-investors in similar circumstances where such fund, vehicle and/

or account (and not the Stonepeak balance sheet) initially underwrites or funds a portion of an investment that is subsequently

syndicated. Despite this difference, neither SP+ INFRA nor the Unitholders will be entitled to share in or receive the benefit of

any such fees.

***Holding Entities and Tracking Interests***. The General Partner may determine that for legal, tax, regulatory,

accounting, administrative or other reasons SP+ INFRA should hold an Investment (or a portion of a portfolio or pool of assets)

through a single holding entity through which one or more Other Stonepeak Accounts hold different investments (or a different

portion of such portfolio or pool of assets, including where such portfolio or pool has been divided and allocated among SP+

INFRA and such Other Stonepeak Accounts as described in "—*Allocation of Investment Opportunities*") in respect of which

SP+ INFRA does not have the same economic rights, obligations or liabilities. In such circumstances, it is expected that the

economic rights, liabilities and obligations in respect of the Investment (or portion of a portfolio or pool) that is indirectly held

by SP+ INFRA would be specifically attributed to SP+ INFRA through tracking interests in such holding entity or back-to-back

or other similar contribution or reimbursement agreements or other similar arrangements entered into with such Other

Stonepeak Accounts, and that SP+ INFRA would be deemed for purposes of the Fund LPA to hold its Investment (or portion of

a portfolio or pool) separately from, and not jointly with, such Other Stonepeak Accounts (and vice versa in respect of the

investments (or portion of a portfolio or pool) held indirectly through such holding entity by such Other Stonepeak Accounts).

The use of such investment structures in connection with SP+ INFRA's investment activities could have an adverse impact on

SP+ INFRA. For example, liabilities could arise in relation to a specific investment held indirectly through such holding entity

by an Other Stonepeak Account, but not SP+ INFRA, and a counterparty could seek recourse against the holding entity from a

different investment that is held indirectly through such holding entity by SP+ INFRA, but not the Other Stonepeak Account.

SP+ INFRA's investment made through such a holding entity will therefore be subject to risks by virtue of other investments

owned by the holding entity in which SP+ INFRA does not have a tracking interest, and such risks would not be present if

separate holding entities were used for the separate investments made by SP+ INFRA and the Other Stonepeak Account.

Furthermore, certain holding structures may require a newly-established manager, advisor, service provider or other entity

intended to address certain legal, tax, regulatory, accounting, administrative or other considerations applicable to SP+ INFRA

and / or Other Stonepeak Accounts. For example, due to rules, regulations and / or requirements in a particular jurisdiction (e.g.,

licensing requirements), it may be the case that in order to comply with the foregoing, one Stonepeak entity serves a particular

role for another Stonepeak entity (e.g., as an administrator or other role requiring a license) that it otherwise would not but for

the rules, regulations and / or requirements in such jurisdiction. It is possible that SP+ INFRA will be responsible for the costs

and expenses of establishing such holding structure (including any such newly-established entities) prior to, and / or, in

anticipation of, Other Stonepeak Accounts participating through such structure for their investments and it is expected that such

Other Stonepeak Accounts reimburse SP+ INFRA for any such costs and expenses on a pro rata basis. Any investment by SP+

INFRA in a holding entity of the type described by this paragraph, or the sale of any investments held thereby (whether in a

single or multiple transactions), will not be subject to the approval of the Board of Directors or any Unitholder.

***Allocations of Portfolios***. Stonepeak will, in certain circumstances, have an opportunity to acquire a portfolio or pool

of assets, securities and instruments that it determines should be divided and allocated among SP+ INFRA and Other Stonepeak

Accounts. Such allocations generally would be based on Stonepeak's assessment of the expected returns and risk profile of each

of the assets and in any such case the combined purchase price paid to a seller would be allocated among the multiple assets,

securities or instruments based on a determination by the seller, by a third-party valuation firm and/or by Stonepeak. For

example, some of the assets in a pool may have a higher return profile, while others may have a lower return profile not

appropriate for SP+ INFRA. Also, a pool may contain both debt and equity instruments that Stonepeak determines should be

allocated to different funds. In all of these situations, the combined purchase price paid to a seller or received from a buyer

would be allocated among the multiple assets, securities and instruments in the pool and therefore among SP+ INFRA and

Other Stonepeak Accounts acquiring any of the assets, securities and instruments, although Stonepeak could, in certain

circumstances, allocate value to SP+ INFRA and such Other Stonepeak Account on a different basis than the contractual

purchase price (e.g., based on accounting, tax or in a different manner). Similarly, there will likely be circumstances in which

SP+ INFRA and Other Stonepeak Accounts will sell assets in a single or related transactions to a buyer. In some cases, a

counterparty will require an allocation of value in the purchase or sale contract, though Stonepeak could determine such

allocation of value is not accurate and should not be relied upon. Stonepeak will generally rely upon internal analysis to

determine the ultimate allocation of value, though it could also obtain third party valuation reports. Regardless of the

methodology for allocating value, Stonepeak will have conflicting duties to SP+ INFRA and Other Stonepeak Accounts when

they buy or sell assets together in a portfolio, including as a result of different financial incentives Stonepeak has with respect to

different vehicles, most clearly when the fees and compensation, including performance-based compensation, earned from the

different vehicles differ. There can be no assurance that an Investment of SP+ INFRA will not be valued or allocated a purchase

price that is higher or lower than it might otherwise have been allocated if such Investment were acquired or sold independently

rather than as a component of a portfolio shared with Other Stonepeak Accounts. In certain cases, SP+ INFRA could purchase

an Investment or an entire portfolio or pool from a third-party seller and promptly thereafter sell the portion of the portfolio or

pool allocated to an Other Stonepeak Account to that Other Stonepeak Account pursuant to an agreement entered into between

SP+ INFRA and such Other Stonepeak Account prior to closing of the transaction (or vice versa), and any such sell down of

assets will not be subject to the approval of the Board of Directors, Independent Client Representative or any Unitholder, or

otherwise, as applicable.

***Portfolio Company Relationships; Transactions with Portfolio Companies; Investments Alongside Portfolio*** 

***Companies***. The portfolio companies of SP+ INFRA and Other Stonepeak Accounts will be counterparties or participants in

agreements, transactions, or other arrangements with SP+ INFRA, Other Stonepeak Accounts, and portfolio companies of SP+

INFRA and Other Stonepeak Accounts for the provision of goods and services (e.g., asset management services), purchase and

sale of assets and other matters. For example, from time to time, certain portfolio companies of SP+ INFRA or Other Stonepeak

Accounts will provide or recommend goods or services to Stonepeak, SP+ INFRA, Other Stonepeak Accounts, or other

portfolio companies. These agreements, transactions and other arrangements will involve payment of fees and other amounts

and / or other benefits to Stonepeak and / or a portfolio company, none of which will result in an offset to the Management

Fees, notwithstanding that some of the services provided by a portfolio company are similar in nature to the services provided

by the General Partner and / or the Investment Advisor.

For example, Stonepeak may, like other private equity firms, in the future cause portfolio companies to enter into

agreements regarding group procurement, benefit management, data management and / or mining, technology development,

purchase of title and / or other insurance policies (which may be pooled across portfolio companies and discounted due to scale)

and other similar operational initiatives that may result in fees, commissions or similar payments and / or discounts being paid

to the Investment Advisor or its Affiliates, or one or more portfolio companies of SP+ INFRA, including related to a portion of

the savings achieved by such portfolio companies. SP+ INFRA and its Unitholders typically will not share in any fees,

economics, equity or other benefits accruing to Stonepeak, Other Stonepeak Accounts and their portfolio companies as a result

of any such transactions.

Stonepeak, including through its operating team and / or capital markets team, has in the past, and is expected in the

future to, recommend or make referrals to or introduce, portfolio companies of Other Stonepeak Accounts (and / or service

providers to those Other Stonepeak Accounts) to portfolio companies of SP+ INFRA, may recommend, refer or introduce a

portfolio company of SP+ INFRA to one or more portfolio companies of Other Stonepeak Accounts and / or may recommend,

refer or introduce existing portfolio companies of SP+ INFRA (or portfolio companies of Other Stonepeak Accounts) that are

already engaged in business transactions to improve, deepen and / or alter the terms of the business relationship between these

portfolio companies. Additionally, Stonepeak may recommend or make referrals to companies which may later on become

portfolio companies of SP+ INFRA or Other Stonepeak Accounts and / or companies that were formerly portfolio companies of

SP+ INFRA (or of Other Stonepeak Accounts) where members of Stonepeak continue to participate in or otherwise have

influence over the management of such former portfolio companies. Stonepeak may engage in such recommendations,

references and / or referrals in order to achieve various goals, including, but not limited to, efforts to increase revenue per

customer of such companies (e.g., through "cross-sell" and "up-sell" arrangements), efforts to increase revenue growth of such

companies and efforts to increase the customer base and / or revenues of such companies, and, in turn, increase the value of

such fund's investment and, in addition, Stonepeak's investment in such companies through its funds. Likewise, such referrals

or introductions may result in other financial benefits such as collaboration between the companies involved. In the event a

portfolio company of SP+ INFRA is introduced to, or asked to use the products or services of one or more portfolio companies

of an Other Stonepeak Account, or otherwise transacts with any such other portfolio company, Stonepeak would have a

financial interest in both sides of this transaction. This represents a conflict of interest and there may be transactions of this type

that occur that are thus not at arm's length and which could either benefit or harm SP+ INFRA while in either case benefiting

Stonepeak and its Other Stonepeak Accounts. Separately, it is also possible that a portfolio company of SP+ INFRA could

receive and / or use the data of, or share data with, portfolio companies of Other Stonepeak Accounts (see "—*Data*" herein).

SP+ INFRA and the Unitholders typically will not share in any fees, economics, equity or other benefits accruing to Stonepeak,

Other Stonepeak Accounts and their portfolio companies as a result of the introduction of SP+ INFRA and its portfolio

companies.

With respect to transactions or agreements with portfolio companies of SP+ INFRA (including, for the avoidance of

doubt, long-term incentive plans) occurring at times when there are no "unrelated" (i.e., unaffiliated with Stonepeak) officers of

a portfolio company, Stonepeak may negotiate and execute agreements on behalf of the portfolio company with Stonepeak, SP+

INFRA, Other Stonepeak Accounts and their portfolio companies and Affiliates and other related parties. These negotiations

would not be arm's length and would entail conflicts of interest. Among the measures Stonepeak may use to mitigate such

conflicts is to involve outside counsel to review and advise on such agreements and provide insights into commercially

reasonable terms, or establish separate groups with information barriers within Stonepeak to advise on each side of the

negotiation.

In addition, portfolio companies of SP+ INFRA or portfolio companies of Other Stonepeak Accounts may do business

with, support, or have other relationships with competitors of SP+ INFRA's other portfolio companies, and in that regard

prospective investors should not assume that a company related to or otherwise affiliated with Stonepeak will only take actions

that are beneficial to or not opposed to the interests of SP+ INFRA and its portfolio companies. Specifically, Stonepeak may

provide advice or otherwise provide support to the portfolio company of an Other Stonepeak Account. In such circumstances,

Stonepeak may consider the interests of such portfolio company or Other Stonepeak Account and any potential conflicts

between any such portfolio company or Other Stonepeak Account, on the one hand, and any portfolio company of SP+ INFRA

or SP+ INFRA itself, on the other hand, could be resolved in a manner that does not favor SP+ INFRA, or is adverse to SP+

INFRA. Accordingly, this may create a conflict of interest in such instances because the advice or other support provided by

Stonepeak to the portfolio company of such Other Stonepeak Account, or steps taken on such Other Stonepeak Account's

behalf, may have an adverse impact on a portfolio company of SP+ INFRA. For example, the performance or strategy of a

portfolio company of an Other Stonepeak Account that is a competitor, customer or service provider of a portfolio company of

SP+ INFRA could conflict with, and adversely impact, the performance and operations of a portfolio company. Such other

portfolio company could potentially adversely affect prices or business opportunities for a portfolio company, or compete for or

interfere with potential acquisition opportunities for such portfolio company. Further, it is possible that certain portfolio

companies of SP+ INFRA or portfolio companies of the Other Stonepeak Accounts or companies in which the Other Stonepeak

Accounts have an interest will compete with SP+ INFRA for one or more investment opportunities. In addition, it is possible

that one or more portfolio companies of SP+ INFRA may look to buy or sell a business or asset to or from a portfolio company

of an Other Stonepeak Account (or to or from the Other Stonepeak Account itself).

Furthermore, management teams of portfolio companies of Other Stonepeak Accounts will from time to time enter into

arrangements with portfolio companies of SP+ INFRA and / or their respective management teams regarding the provision of

goods and services (including, without limitation, the sourcing of investments), in exchange for, among other things, interests in

one or more of SP+ INFRA's portfolio companies or the right to participate in any such portfolio company's equity incentive

plan or other long-term incentive plans. Such arrangements could also result in the allocation of any investment opportunity (or

co-investment opportunity) that is appropriate for SP+ INFRA being offered (including on a programmatic basis) to a portfolio

company of such Other Stonepeak Account as compensation for the goods and services that its management team provided.

Such agreements, transactions and other arrangements will generally be entered into without the consent or direct

involvement of SP+ INFRA and / or such Other Stonepeak Accounts or the consent of the Board of Directors and Unitholders

of SP+ INFRA or such Other Stonepeak Accounts. This is because, among other considerations, portfolio companies of SP+

INFRA and portfolio companies of Other Stonepeak Accounts are not considered Affiliates of Stonepeak, SP+ INFRA or the

General Partner under the Fund LPA, and are therefore not covered by Affiliate transaction restrictions included in the Fund

LPA, such as the requirement to obtain consent from the Board of Directors in certain circumstances. There can be no assurance

that the terms of any such agreement, transaction or other arrangement will be as favorable to SP+ INFRA as otherwise would

be the case if the counterparty were not related to Stonepeak.

SP+ INFRA is expected to co-invest alongside portfolio companies of Other Stonepeak Accounts and / or their

Affiliates in certain Investments. Although the General Partner will have a potential conflict of interest in allocating the

investment opportunity between SP+ INFRA, such Other Stonepeak Accounts and / or their portfolio companies, such

investments or allocation decisions will not require the consent of the Board of Directors and Unitholders of SP+ INFRA or

such Other Stonepeak Accounts and / or their Affiliates because, as noted above, portfolio companies of Other Stonepeak

Accounts and / or their Affiliates are not considered Affiliates of Stonepeak, SP+ INFRA or the General Partner under the Fund

LPA.

Moreover, in connection with seeking financing or refinancing of portfolio companies of SP+ INFRA and their assets,

it may be the case that better financing terms are available when more than one portfolio company provides collateral,

particularly in circumstances where the assets of each portfolio company are similar in nature. As such, rather than seeking such

financing or refinancing on its own, a portfolio company may enter into cross collateralization arrangements with another

portfolio company or portfolio companies of one or more Other Stonepeak Accounts. While Stonepeak would expect any such

financing arrangements to generally be non-recourse to SP+ INFRA and Other Stonepeak Accounts, as a result of any cross-

collateralization, SP+ INFRA could also lose its interests in otherwise performing Investments due to poorly performing or non-

performing investments of Other Stonepeak Accounts. See "—*Financial Leverage*" above.

Likewise, for certain Investment-related hedging transactions, it can be expected to be advantageous for counterparties

to trade solely with the Fund (or the relevant Parallel Fund). For these transactions, it is anticipated that the Fund (or the

relevant Parallel Fund) would then enter into back-to-back trade confirmations or other similar arrangements with the relevant

Parallel Fund or Other Stonepeak Accounts (including co-investment vehicles). The party owing under such an arrangement

may not have resources to pay its liability, however, in which case the other party will bear more than its pro rata share of the

relevant loss. In certain circumstances where SP+ INFRA participates in an Investment alongside any Other Stonepeak

Account, SP+ INFRA may bear more than its pro rata share of relevant expenses related to such Investment, including, but not

limited to, as the result of such Other Stonepeak Account's insufficient reserves or inability to call capital contributions to cover

expenses. It is not expected that SP+ INFRA or Other Stonepeak Accounts will be compensated for agreeing to be primarily

liable *vis-à-vis* a third-party counterparty. Moreover, in connection with the divestment of all or part of a portfolio company

(e.g., an initial public offering) and / or the wind-down of a portfolio company, Stonepeak will seek to track the ownership

interests, liabilities and obligations of SP+ INFRA and any Other Stonepeak Accounts owning an interest in the portfolio

company comprising such operating business, but it is possible that SP+ INFRA and applicable Other Stonepeak Accounts will,

in certain circumstances, incur shared, disproportionate or crossed liabilities. Furthermore, depending on various factors

including the relative assets, expiration dates, investment objectives and return profiles of each of SP+ INFRA and such Other

Stonepeak Accounts, it is possible that one or more of them will have greater exposure to legal claims and that they will have

conflicting goals with respect to the price, timing and manner of disposition opportunities. Finally, in certain circumstances, if

SP+ INFRA is participating in an investment alongside an Other Stonepeak Account (including a co-investment vehicle), SP+

INFRA could also bear more than its pro rata share of expenses relating to such investment if such Other Stonepeak Account

does not have resources to bear such expenses (including, but not limited to, as a result of insufficient reserves and / or the

inability to call capital contributions to cover such expenses).

Additionally, Stonepeak may hold equity or other Investments in companies or businesses (even if they are not

"Affiliates" of Stonepeak) that provide services to or otherwise contract with portfolio companies. In connection with such

relationships, Stonepeak may also make referrals and / or introductions to portfolio companies (which may result in financial

incentives (including additional equity ownership) and / or milestones benefitting Stonepeak that are tied or related to

participation by portfolio companies). SP+ INFRA and the Unitholders will not share in any fees or economics accruing to

Stonepeak as a result of these relationships and / or participation by portfolio companies.

It is also possible that certain portfolio companies of SP+ INFRA or Other Stonepeak Accounts and their Affiliates

will compete with SP+ INFRA for one or more investment opportunities. It is also possible that certain portfolio companies of

the Other Stonepeak Accounts and their Affiliates will compete with or engage in activities that may have adverse

consequences on SP+ INFRA and / or its portfolio companies (including, by way of example only, as a result of laws and

regulations of certain jurisdictions (e.g., bankruptcy, environmental, consumer protection and / or labor laws) that may not

recognize the segregation of assets and liabilities as between separate entities and may permit recourse against the assets of not

just the entity that has incurred the liabilities, but also the other entities that are under common control with, or part of the same

economic group as, such entity, which may result in the assets of SP+ INFRA and / or its portfolio companies being used to

satisfy the obligations or liabilities of one or more Other Stonepeak Accounts, their portfolio companies and / or Affiliates).

In addition, portfolio companies and Stonepeak could also establish other investment products, vehicles and platforms

focusing on specific asset classes or industry sectors that fall within SP+ INFRA's investment strategy, which may compete

with SP+ INFRA for investment opportunities (it being understood that such arrangements may give rise to conflicts of interest

that may not necessarily be resolved in favor of SP+ INFRA).

Executives of SP+ INFRA's portfolio companies may provide services for Stonepeak, other portfolio companies of

SP+ INFRA or portfolio companies of an Other Stonepeak Account. For example, a portfolio company executive may serve in

a deal sourcing role. While in some cases such services may be provided pursuant to a formal arrangement under which the

portfolio company executive is compensated by Stonepeak (or the other portfolio company of the Fund or portfolio company of

the Other Stonepeak Account), in other cases the relationships are more informal and the services may be provided for no

compensation or for an alternative benefit such as a shared portion of the General Partner's carried interest in such new deal

opportunity.

Further, portfolio companies with respect to which the General Partner or their respective Affiliates may elect

members to the board of directors will, as a result, subject such directors to fiduciary obligations to make decisions that they

believe to be in the best interests of such portfolio company. Although in most cases the interests of SP+ INFRA and any such

portfolio company will be aligned, this may not always be the case. This has the potential to create conflicts of interest between

the relevant director's obligations to such portfolio company and its stakeholders, on the one hand, and the interests of SP+

INFRA, on the other hand. Although the General Partner will generally seek to minimize the impact of any such conflicts, there

can be no assurance they will be resolved favorably for SP+ INFRA.

***Outside Activities of Principals and Employees***. Certain of the principals and employees of Stonepeak may be subject

to a variety of conflicts of interest relating to their responsibilities to SP+ INFRA and the management of SP+ INFRA's

investment portfolio, Other Stonepeak Accounts and their respective portfolio companies. Such individuals may serve and

currently do serve, in an advisory capacity to other managed accounts or investment vehicles, as members of an investment or

advisory committee or a board of directors (or similar such capacity) for one or more investment funds, corporations,

foundations, or other organizations. Such positions may create a conflict between the services and advice provided to such

entities and the responsibilities owed to SP+ INFRA, such as when such other entities compete with SP+ INFRA for investment

opportunities and resources. The other managed accounts and / or investment funds in which such individuals may become

involved may have investment objectives that overlap with SP+ INFRA. Furthermore, certain principals and employees of

Stonepeak may have a greater financial interest in the performance of such other funds or accounts than the performance of SP+

INFRA. Such involvement may create conflicts of interest in making investments on behalf of SP+ INFRA and such other

funds and accounts. Such principals and employees will seek to limit any such conflicts in a manner that is in accordance with

their fiduciary duties to SP+ INFRA and such organizations. However, there can be no assurance that such conflicts will be

resolved favorably for SP+ INFRA.

Additionally, certain personnel and other professionals of Stonepeak have family members or relatives that are actively

involved in industries and sectors in which SP+ INFRA invests and / or have business, personal, financial or other relationships

with companies in such industries and sectors (including the advisors and service providers described above) or other industries,

which gives rise to potential or actual conflicts of interest. For example, such family members or relatives might be officers,

directors, personnel or owners of companies or assets which are actual or potential investments of SP+ INFRA or other

counterparties of SP+ INFRA and its portfolio companies. Moreover, in certain instances, SP+ INFRA or its portfolio

companies may purchase or sell companies or assets from or to, or otherwise transact with, companies that are owned by such

family members or relatives or in respect of which such family members or relatives have other involvement. These

relationships have the potential to influence Stonepeak, including the General Partner, in deciding whether to select,

recommend or create such service providers to perform services for SP+ INFRA or a portfolio company (the cost of which will

generally be borne directly or indirectly by SP+ INFRA or such portfolio company, as applicable) and to incentivize Stonepeak

to engage in such service provider over a third party. The fees for services provided by such service providers may or may not

be at the same rate charged by other third parties and the General Partner undertakes no obligations to select service providers

who may have lower rates. The General Partner undertakes no minimum amount of benchmarking. To the extent the General

Partner does not engage in benchmarking, it cannot be assured that such benchmarking will be accurate, comparable, or relate

specifically to the assets or services to which such rates or terms relate. Whether or not the General Partner has a relationship or

receives financial or other benefit from recommending a particular service provider, there can be no assurance that no other

service provider is more qualified to provide the applicable services or could provide such services at lesser cost. In most such

circumstances, the Fund LPA will not preclude SP+ INFRA from undertaking any of these investment activities or transactions.

To the extent Stonepeak determines appropriate, conflict mitigation strategies may be put in place with respect to a particular

circumstance, such as internal information barriers or recusal, disclosure or other steps determined appropriate by Stonepeak.

The Unitholders rely on Stonepeak to manage these conflicts in its sole discretion.

***Unitholders' Outside Activities***. A Unitholder shall be entitled to and can be expected to have business interests and

engage in activities in addition to those relating to SP+ INFRA, including business interests and activities in direct competition

with SP+ INFRA and its portfolio companies, and may engage in transactions with, and provide services to, SP+ INFRA or its

portfolio companies (which will, in certain circumstances, include providing leverage or other financing to SP+ INFRA or its

portfolio companies as determined by the General Partner in their sole discretion). None of SP+ INFRA, any Unitholder or any

other person shall have any rights by virtue of the Fund LPA or any related agreements in any business ventures of any

Unitholder. The Unitholder, and in certain cases the General Partner will have conflicting loyalties in these situations.

***Secondments and Internships***. Certain personnel of Stonepeak, including Consultants (as defined below), will be

seconded to one or more portfolio companies of SP+ INFRA and Other Stonepeak Accounts to provide finance, accounting,

operational support, data management and other similar services, including the sourcing of investments for SP+ INFRA or other

parties. The salaries, benefits, overhead and other similar expenses for such personnel during the secondment could be borne (in

whole or in part) by Stonepeak or the organization for which the personnel are working or both. In addition, personnel (and

related family members) of portfolio companies and Unitholders of SP+ INFRA and Other Stonepeak Accounts may be

seconded, or serve internships at or otherwise provide consulting services to, Stonepeak, SP+ INFRA and portfolio companies

of SP+ INFRA. While often SP+ INFRA, Other Stonepeak Accounts and their portfolio companies are the beneficiaries of

these types of arrangements, Stonepeak is from time to time a beneficiary of these arrangements as well, including in

circumstances where the vendor, personnel or service provider also provides services to SP+ INFRA in the ordinary course. The

General Partner, the Investment Advisor or the portfolio company may or may not pay salary or cover expenses associated with

such secondees and interns, and if a portfolio company does not pay the cost it will be borne directly or indirectly by SP+

INFRA. Stonepeak, SP+ INFRA, Other Stonepeak Accounts or their respective portfolio companies could receive benefits from

these arrangements at no cost, or alternatively could pay all or a portion of the fees, compensation or other expenses in respect

of these arrangements and if a portfolio company of SP+ INFRA or an Other Stonepeak Account pays the costs or Stonepeak

seeks reimbursement from SP+ INFRA, such Other Stonepeak Account, or their respective portfolio companies for such

secondment costs, all or a portion of such costs would be borne directly or indirectly by SP+ INFRA or such Other Stonepeak

Account. To the extent such fees, compensation or other expenses are borne by SP+ INFRA, including indirectly through its

portfolio companies or reimbursement of Stonepeak for such cost, the Management Fee will not be offset or reduced as a result

of these secondments or internships or any fees, expense reimbursements or other costs related thereto. The personnel described

above may provide services in respect of multiple matters, including in respect of matters related to Stonepeak, its Affiliates and

related parties, and any costs of such personnel may be allocated accordingly. Stonepeak will endeavor in good faith to allocate

the costs of these arrangements, if any, to Stonepeak, SP+ INFRA, Other Stonepeak Accounts, portfolio companies and other

parties based on time spent by the personnel or another methodology Stonepeak deems appropriate in a particular circumstance.

***Portfolio Company Service Providers and Vendors.*** SP+ INFRA, Other Stonepeak Accounts, portfolio companies of

each of the foregoing and Stonepeak can be expected to engage portfolio companies of SP+ INFRA and Other Stonepeak

Accounts to provide to other portfolio companies, SP+ INFRA and Stonepeak, services including, without limitation, the

following: (a) corporate administrative and support services (including, without limitation, accounts payable, accounts

receivable, accounting/audit (e.g., valuation support services), account management (e.g., treasury, customer due diligence),

insurance, procurement, placement, brokerage and consulting services, cash management, accounts receivable financing,

corporate secretarial and executive assistant services, domiciliation, data management, directorship services, finance/budget,

human resources (e.g., the onboarding and ongoing development of personnel), communication, public relations and publicity,

information technology and software systems support, corporate governance and entity management (e.g., liquidation,

dissolution and / or otherwise end of term services), risk management and compliance, internal compliance, know-your-client

reviews and refreshes, judicial processes, legal, environmental and / or sustainability due diligence support (e.g., review of asset

condition reports, energy consumption), climate accounting services, sustainability program management services, engineering

services, services related to the sourcing, development and implementation of renewable energy, sustainability data collection

and reporting services, capital planning services, operational coordination (e.g., coordination with joint venture partners, third-

party service providers), risk management, reporting (e.g., tax, debt, portfolio or other similar topics), tax and treasury, tax

analysis and compliance (e.g., CIT and VAT compliance), transfer pricing, internal risk control and valuation services, business

intelligence and data science services, fundraising support, legal/business/finance optimization and innovation (including legal

invoice automation), and vendor selection); (b) borrowing management services (including, without limitation, monitoring,

restructuring and work-out of performing, sub-performing and non-performing loans, consolidation, cash management,

financing management, administrative support, lender relationship management (e.g., coordinating with lender on any ongoing

obligations under any relevant borrowing, indebtedness or other credit support (including any required consultation with or

reporting to such lender), and whole loan servicing oversight (e.g., collateral management, due diligence and servicing

oversight))); (c) operational services including personnel (i.e., general management of day to day operations, including, without

limitation, construction management and oversight (such as management of general contractors on capital and energy efficiency

projects)) and operational coordination (i.e., coordination with joint venture partners, operating partners, and property

managers), tracking portfolio company employees' and other advisors' utilization and other metrics for fund-level reporting

obligations, planning with respect to portfolio composition (including hold/sell analysis support), sustainability-related planning

(including data collection, review, support and execution and creating and developing strategic initiatives and road maps with

respect to sustainability), consolidating and assisting with sustainability and other side letter reporting, revenue management

support and portfolio and property reporting; and (d) transaction support services (including, without limitation, acquisition

support; customer due diligence and related on-boarding; liquidation; reporting; relationship management with brokers, banks

and other potential sources of investments; identifying potential investments including development sites and providing

diligence and negotiation support to acquire the same, coordinating with investors; assembling relevant information; conducting

financial and market analyses and modelling; coordinating closing/post-closing procedures for acquisitions, dispositions and

other transactions; coordinating design and development works (such as recommending and implementing design decisions)

and conducting diligence and negotiation support to acquire the same; coordinating with potential sources of capital;

assembling relevant information, conducting financial and market analyses and modelling; coordinating closing/post-closing

procedures for acquisitions, dispositions and other transactions; marketing and distribution; overseeing brokers, lawyers,

accountants and other advisors; working with consultants and third parties to pursue entitlements; providing in-house legal,

sustainability and accounting services; and assisting with due diligence, preparation of asset improvement feasibility analysis,

site visits, transaction consulting and specification of technical analyses and review of (i) design and structural work, (ii)

certifications, (iii) operations and maintenance manuals and (iv) statutory documents).

Similarly, Stonepeak, Other Stonepeak Accounts and their portfolio companies can be expected to engage portfolio

companies of SP+ INFRA to provide some or all of these services. Some of the services performed by portfolio company

service providers could also be performed by the General Partner, the Investment Advisor or their Affiliates and vice versa.

vendors (including service providers and vendors in which the General Partners and its Affiliates have an interest or

relationship) do not offset or reduce the Management Fee payable by the Unitholders and are not otherwise shared with SP+

INFRA, unless otherwise required by the Fund LPA. Furthermore, in certain circumstances, Stonepeak can be expected to play

a substantial role in overseeing the personnel of portfolio company service providers that provide services to SP+ INFRA,

Other Stonepeak Accounts and / or their portfolio companies on an ongoing basis, including with respect to the selection,

hiring, retention and compensation of such personnel. Stonepeak has multiple business lines, which may result in competition

with a portfolio company for high performing executive talent and presents actual and potential conflicts of interest. For

example, Stonepeak may "poach" a portfolio company executive, or such executive may interview with Stonepeak during the

applicable contractual period with respect to his or her existing position and later be hired by Stonepeak after such period. A

portfolio company may want to retain such executives or other employees, and regardless, Stonepeak is under no obligation to

avoid interviewing or hiring such employees. For example, Stonepeak expects that certain portfolio company service providers,

as described below, with Stonepeak's oversight, will establish a team of personnel to provide support services exclusively to

SP+ INFRA and its portfolio companies (and / or other investment funds or accounts managed or controlled by Stonepeak).

There may be instances where current and former employees of Other Stonepeak Accounts' portfolio companies are

seconded to or temporarily hired by SP+ INFRA's portfolio companies or, at times, SP+ INFRA's Investments directly. Such

secondments or temporary hiring of current and former employees of Other Stonepeak Accounts' portfolio companies by SP+

INFRA's portfolio companies (or its Investments) may result in a potential conflict of interest between SP+ INFRA's portfolio

companies and those of such Other Stonepeak Accounts. The costs of such employees are expected to be borne by SP+ INFRA

or its relevant portfolio companies, as applicable, and the fees paid by SP+ INFRA or such portfolio companies to, other

portfolio company service providers or vendors do not offset or reduce the Management Fee. See also "—*Service Providers,* 

*Vendors and Counterparties*" herein.

SP+ INFRA and its portfolio companies will compensate one or more of these service providers and vendors owned by

SP+ INFRA or Other Stonepeak Accounts, including through incentive-based compensation payable to their management

teams and other related parties. Some of these service providers and vendors owned by SP+ INFRA or Other Stonepeak

Accounts will charge SP+ INFRA and its portfolio companies for goods and services at rates generally consistent with those

available in the market for similar goods and services. As a general matter, SP+ INFRA's portfolio companies are not expected

to generate profit for SP+ INFRA or Other Stonepeak Accounts by whom they are owned. Accordingly, Unitholders should

have no expectation that portfolio companies owned in whole or in part by SP+ INFRA will generate any positive returns and

such portfolio companies could instead result in a loss to SP+ INFRA.

In certain circumstances, SP+ INFRA and Other Stonepeak Accounts will enter into fee arrangements with portfolio

company service providers (including instances where the fee is structured as a cost-plus fee, i.e., the cost of services plus a

fixed percentage). Where portfolio company service providers have entered into such fee arrangements, there may be situations

where the portfolio company service provider's tax liabilities that are associated with the income received from SP+ INFRA

and / or Other Stonepeak Accounts could be passed along to SP+ INFRA such that SP+ INFRA would ultimately be

responsible for bearing such expenses. Accordingly, the General Partner and the Investment Advisor may have an incentive to

structure its fee arrangements with portfolio company service providers in such a manner where SP+ INFRA or an Other

Stonepeak Account may bear all or a portion of such portfolio company service providers' tax liabilities. As further noted

above, no fees charged by these service providers and vendors in the fee arrangement discussed in this paragraph will offset or

reduce Management Fees unless otherwise required by the Fund LPA.

A portfolio company service provider will, in certain circumstances, subcontract certain of its responsibilities to other

portfolio companies of SP+ INFRA and Other Stonepeak Accounts. In such circumstances, the relevant subcontractor could

invoice the portfolio company for fees (or in the case of a cost reimbursement arrangement, for allocable costs and expenses) in

respect of the services provided by the subcontractor. The portfolio company, if charging on a cost reimbursement, no-profit,

revenue, purchase and sale price, capital spend or break-even basis, would in turn allocate those costs and expenses as it

allocates other fees and expenses as described above. Similarly, Other Stonepeak Accounts, their portfolio companies and

Stonepeak can be expected to engage portfolio companies of SP+ INFRA to provide services, and these portfolio companies

will generally charge for services in the same manner described above, but SP+ INFRA and its portfolio companies generally

will not be reimbursed for any costs (such as start-up costs or technology build-up costs) relating to such Portfolio companies

incurred prior to such engagement.

Portfolio company service providers described in this section are generally owned and / or controlled by one or more

Stonepeak funds, such as SP+ INFRA and Other Stonepeak Accounts. In certain instances, a similar company could be owned

and controlled by Stonepeak directly. Stonepeak could cause a transfer of ownership of one of these service providers (or the

employees, leases, contracts, a business unit or office assets of one service provider to another service provider) from SP+

INFRA to an Other Stonepeak Account, or from an Other Stonepeak Account to SP+ INFRA.

The transfer of a portfolio company service provider (or the employees, leases, contracts, a business unit or office

assets of such service provider) between SP+ INFRA and / or Other Stonepeak Accounts (where SP+ INFRA may be, directly

or indirectly, a seller or a buyer in any such transfer) will generally be consummated for minimal or no consideration, and

without obtaining any consent from any Board of Directors, any Independent Client Representative or the Unitholders. The

General Partner may, but is not required to, obtain a third-party valuation confirming the same, and if it does, the General

Partner may rely on such valuation. Portfolio companies of SP+ INFRA and Other Stonepeak Accounts are not considered

"Affiliates" of Stonepeak, the General Partner, the Investment Advisor or SP+ INFRA under the Fund LPA and therefore are

not covered by the Affiliate transaction restrictions included in the Fund LPA, such as the requirement to obtain consent from

the Board of Directors in certain circumstances.

In the case of Investments involving a "platform company," SP+ INFRA will from time to time enter into an

arrangement with one or more individuals (who may have experience or capability in sourcing and / or managing investments)

to undertake a build-up strategy to acquire and develop assets and businesses in a particular sector or involving a particular

strategy. The counterpart individuals may be compensated with a salary and / or equity incentive plan. Such compensation may

take the form of a management fee and / or profits allocation (whether paid directly to such individuals and / or to an affiliated

entity controlled by such individuals), which may be calculated as a percentage of assets under management and / or a waterfall

similar to a carried interest, respectively, and which will not be subject to the management fee offset. The professionals at such

platform company, which in certain circumstances may include former employees or current or former senior advisors or

consultants to the General Partner, the Investment Advisor, its Affiliates and / or management of portfolio companies of Other

Stonepeak Accounts, can be expected to undertake analysis and evaluation of potential investment and acquisition opportunities

for such platform company. In such circumstances, SP+ INFRA would initially invest capital to fund a portion of the overhead

(including rent, benefits, salary or retainers for the counterpart individuals and / or their affiliated entity) and sourcing costs for

such investments. Although the General Partner is generally responsible under the Fund LPA for certain overhead expenses and

investment analysis associated with sourcing and managing investments, as well as compensation costs of investment

professionals, SP+ INFRA (and indirectly the Unitholders), and not solely the General Partner, will bear some or all of the costs

of such platform companies including costs related to overhead and the sourcing and analysis of Investments, as well as

compensation for the related counterparties, for any such platform companies.

In addition, in the event of the disposition of a portfolio company (whether by way of transfer to SP+ INFRA, an Other

Stonepeak Account, a portfolio company of the foregoing or Stonepeak (as described above) or by way of a sale to a third

party), such portfolio company may continue to provide some or all of the services described herein to SP+ INFRA, Other

Stonepeak Accounts, portfolio companies of the foregoing or Stonepeak, as applicable, even for a substantial period of time

following such disposition.

***Service Providers, Vendors and Counterparties***. Certain third-party advisors and other service providers and vendors

or their Affiliates to SP+ INFRA and its portfolio companies (including accountants, administrators, paying agents,

depositaries, lenders, bankers, brokers, attorneys, consultants, title agents, property managers and investment or commercial

banking firms) to SP+ INFRA, Stonepeak and / or certain entities in which SP+ INFRA has (or proposes to make) an

Investment may also provide goods or services to, or have business, personal, financial, or other relationships with, the General

Partner, the Investment Advisor, Other Stonepeak Accounts (including co-investment vehicles, where applicable) and their

respective portfolio companies and Affiliates and personnel of the foregoing Such advisors and service providers may be

investors in SP+ INFRA or Other Stonepeak Accounts, Affiliates of the General Partner, sources of financing and investment

opportunities or co-investors, or commercial counterparties or entities in which Stonepeak, SP+ INFRA and / or Other

Stonepeak Accounts have an Investment, and payments by SP+ INFRA and / or such portfolio companies may indirectly

benefit Stonepeak and / or such Other Stonepeak Accounts (including co-investment vehicles, where applicable) and their

respective portfolio companies or any Affiliates or personnel of the foregoing. Also, advisors, lenders, investors, commercial

counterparties, vendors and service providers (including any of their Affiliates or personnel) to SP+ INFRA and its portfolio

companies could have other commercial or personal relationships with Stonepeak, Other Stonepeak Accounts (including co-

investment vehicles, where applicable) and their respective portfolio companies, or any Affiliates or personnel of the foregoing.

The relationship of service providers and vendors to Stonepeak as described above will influence Stonepeak in

deciding whether to select or recommend such service providers to perform services for SP+ INFRA or a portfolio company

(the cost of which will generally be borne directly or indirectly by SP+ INFRA or such entity, as applicable) and may

incentivize Stonepeak to engage such service provider over a third party and / or to utilize the services of such service providers

and vendors more frequently than would be the case absent the conflict, or to pay such service providers and vendors higher

fees or commissions than would be the case absent the conflict. Fees paid by SP+ INFRA or its portfolio companies to service

providers and vendors (including service providers and vendors in which Stonepeak and its affiliates have an interest or

relationship) do not offset or reduce the Management Fee payable by the Unitholders of SP+ INFRA and are not otherwise

shared with SP+ INFRA unless required by the Fund LPA.

Notwithstanding the foregoing, transactions relating to SP+ INFRA that require the use of a service provider will

generally be allocated to service providers on the basis of best execution, the evaluation of which includes, among other

considerations, such service provider's provision of certain investment-related services and research that the General Partner

believes to be of benefit to SP+ INFRA. Advisors and service providers, or their Affiliates, often charge different rates or have

different arrangements for different types of services. With respect to service providers, for example, the fee for a given type of

work may vary depending on the complexity of the matter as well as the expertise required and demands placed on the service

provider. Therefore, to the extent the types of services used by SP+ INFRA and / or portfolio companies are different from

those used by Stonepeak and its Affiliates (including personnel), the Investment Advisor or its Affiliates (including personnel)

may pay different amounts or rates than those paid by SP+ INFRA and / or portfolio companies. Similarly, Stonepeak, its

Affiliates, SP+ INFRA, the Other Stonepeak Accounts and / or their portfolio companies can be expected to enter into

agreements or other arrangements with vendors and other similar counterparties (whether such counterparties are affiliated or

unaffiliated with Stonepeak) from time to time whereby such counterparty will, in certain circumstances, charge lower rates (or

no fee) or provide discounts or rebates for such counterparty's products and / or services depending on certain factors, including

without limitation, volume of transactions entered into with such counterparty by Stonepeak, its Affiliates, SP+ INFRA, the

Other Stonepeak Accounts, and / or their portfolio companies in the aggregate or other factors, which may include early

adoption, timing and other reasons. However, the Investment Advisor and its Affiliates have a longstanding practice of not

entering into any arrangements with advisors or service providers that could provide for lower rates or discounts than those

available to the Other Stonepeak Accounts and / or portfolio companies for the same services.

Additionally, SP+ INFRA, Other Stonepeak Accounts, the portfolio companies, and / or Stonepeak itself will from

time to time engage investment banks or other similar financial advisors in connection with specific potential Investments. In

most cases, the costs and expenses of these third parties will be borne (directly or indirectly) by the relevant Stonepeak fund and

investors thereof (and not Stonepeak). However, one of the tangible and / or intangible benefits from these relationships

includes general referral of investment opportunities, which opportunities may inure to the benefit of SP+ INFRA and any

Other Stonepeak Accounts, and / or Stonepeak (and not necessarily the parties bearing the cost of the particular engagement

that created, enhanced, or supported the underlying relationship that came to produce such opportunities in the first place). In

addition, in connection with an actual or potential Investment, Stonepeak may occasionally compensate an investment bank or

other service provider in connection with their contributions to such Investment, which such contributions may be indirect,

qualitative and / or may include, or consist entirely of, consideration for potential future business opportunities (such as where

an investment bank was working on a potential IPO, but is compensated when the portfolio company is instead sold outright in

lieu of an IPO), and whether or not such arrangements have been formalized with a written agreement. While any such payment

is expected, in part or in whole, to be borne by the Fund, such arrangements may provide a benefit to Other Stonepeak

Accounts and to Stonepeak itself, including by virtue of any good will generated between Stonepeak and such service provider,

which could result in enhanced deal flow to such Other Stonepeak Accounts which have not borne a portion of such fees paid to

the investment bank.

***Stonepeak Affiliated Service Providers.*** In addition to the service providers (including portfolio company service

providers) and vendors described above, SP+ INFRA and its portfolio companies are expected to engage in transactions with

one or more businesses that are owned or controlled by Stonepeak directly, not through one of its funds, including the

businesses described below. These businesses will, in certain circumstances, also enter into transactions with other

counterparties of SP+ INFRA and its portfolio companies, as well as service providers, vendors and the Unitholders. Stonepeak

could benefit from these transactions and activities through current income and creation of enterprise value in these businesses.

No fees charged by these service providers and vendors will offset or reduce Management Fees, unless otherwise required by

the Fund LPA. Furthermore, Stonepeak, the Other Stonepeak Accounts and their portfolio companies and their Affiliates and

related parties will use the services of these Stonepeak Affiliates, including at different rates. Although Stonepeak believes the

services provided by its Affiliates are equal to or better than those of third parties, Stonepeak directly benefits from the

engagement of these Affiliates, and there is therefore an inherent conflict of interest.

Some of the services performed by Stonepeak-affiliated service providers could also be performed by Stonepeak and

vice versa. Fees paid by SP+ INFRA or its portfolio companies to or value created in Stonepeak-affiliated service providers or

vendors do not offset or reduce the Management Fee payable by the Unitholders and are not otherwise shared with SP+ INFRA,

unless otherwise required by the Fund LPA.

SP+ INFRA could acquire from or sell to Stonepeak a service provider as an Investment or participate alongside

Stonepeak in the acquisition of a service provider. Stonepeak is expected to establish a valuation methodology in relation to any

such sale or acquisition by SP+ INFRA of a service provider. In addition, before entering into any transaction with respect to

any such service provider, it is anticipated that Stonepeak will obtain any consents that may be required under the Advisers Act

or other applicable laws or regulations.

Certain Stonepeak-affiliated service providers and their respective personnel will receive a management promote, an

incentive fee and other performance-based compensation in respect of investments, sales or other transaction volume.

Furthermore, Stonepeak-affiliated service providers can be expected to charge costs and expenses based on allocable overhead

associated with personnel working on relevant matters (including salaries, benefits and other similar expenses).

To the extent SP+ INFRA or Other Stonepeak Accounts engage in a long-term or recurring contract with a Stonepeak-

affiliated service provider, the General Partner may not seek to benchmark or otherwise renegotiate the original fee arrangement

for a significant period of time.

The General Partner will make determinations of certain market rates (i.e., rates that fall within a range that the

General Partner has determined is reflective of rates in the applicable market and certain similar markets, though not necessarily

equal to or lower than the median rate of comparable firms), and, in certain circumstances, is expected to be in the top of the

range, based on its consideration of a number of factors, which are generally expected to include the General Partner's

experience with non-affiliated service providers as well as benchmarking data and other methodologies determined by the

General Partner to be appropriate under the circumstances. In respect of benchmarking, while Stonepeak often obtains

benchmarking data regarding the rates charged or quoted by third parties for services similar to those provided by Stonepeak

Affiliates in the applicable market or certain similar markets, relevant comparisons may not be available for a number of

reasons, including, without limitation, as a result of a lack of a substantial market of providers or users of such services or the

confidential or bespoke nature of such services (e.g., different assets may receive different services). In addition, benchmarking

data is based on general market and broad industry overviews, rather than determined on an asset-by-asset basis. As a result,

benchmarking data does not take into account specific characteristics of individual assets then owned or to be acquired by SP+

INFRA (such as size or location), or the particular characteristics of services provided. Further, it could be difficult to identify

comparable third-party service providers that provide services of a similar scope and scale as the Stonepeak-affiliated service

providers that are the subject of the benchmarking analysis or to obtain detailed information about pricing of a service

comparable to that being provided to SP+ INFRA from third-party service providers if such service providers anticipate that

Stonepeak will not in fact engage their services. For these reasons, such market comparisons may not result in precise market

terms for comparable services. Expenses to obtain benchmarking data will be borne by SP+ INFRA, Other Stonepeak Accounts

and their respective portfolio companies and will not offset the Management Fee. Finally, in certain circumstances the General

Partner can be expected to determine that third-party benchmarking is unnecessary, including in circumstances where the price

for a particular good or service is mandated by law (e.g., title insurance in rate-regulated U.S. states) or because in Stonepeak's

view no comparable service provider offering such good or service (or an insufficient number of comparable service providers

for a reasonable comparison) exists or because Stonepeak has access to adequate market data (including from third-party clients

of the Stonepeak-affiliated service provider that is the subject of the benchmarking analysis) to make the determination without

reference to third-party benchmarking. For example, in certain circumstances a Stonepeak-affiliated service provider or a

portfolio company service provider could provide services to third parties, in which case if the rates charged to such third

parties are consistent with the rates charged to SP+ INFRA, Other Stonepeak Accounts and their respective portfolio

companies, then a separate benchmarking analysis of such rates is not expected to be prepared. Some of the services performed

by Stonepeak-affiliated service providers could also be performed by the General Partner and vice versa. Fees paid by SP+

INFRA or its portfolio companies to Stonepeak-affiliated service providers do not offset or reduce the Management Fee

payable by the Unitholders and are not otherwise shared by SP+ INFRA. These conflicts related to Stonepeak-affiliated service

providers will not necessarily be resolved in favor of SP+ INFRA, and Unitholders may not be entitled to receive notice or

disclosure of the occurrence of these conflicts.

Stonepeak expects to establish an affiliate of Stonepeak dedicated to providing aviation-related services ("Stonepeak

Aviation"), including in connection with investments made by SP+ INFRA, Other Stonepeak Accounts, Stonepeak, any of their

respective portfolio companies, and third parties. The services to be performed by Stonepeak Aviation are expected to include,

among other things, technical diligence of aircraft investment opportunities and aircraft-leasing opportunities, negotiation of

financing related thereto, and the performance of lease management, re-marketing and technical services with respect to any

aviation investments. In exchange for such services, Stonepeak Aviation will earn fees and other payments from SP+ INFRA or

its portfolio companies that would have otherwise been paid to third parties and which will be on arms' length terms. Any such

fees and payments will be borne by SP+ INFRA and the Unitholders. Further, although Stonepeak Aviation will be an affiliate

of Stonepeak, such fees and other payments will not be subject to the management fee offset provisions of the Fund LPA, and

neither SP+ INFRA nor the Unitholders will directly or indirectly receive any amount of such fees or other payments. In that

regard, SP+ INFRA can be expected to make investments that result in fees and other payments being earned by Stonepeak

Aviation, and there will be no requirement for preapproval or consent required from the Board of Directors and/or the

Unitholders notwithstanding the potential conflict of interest.

***Stonepeak Network***. Stonepeak believes that the network of bankers, portfolio company executives, management

teams and other market participants which it has developed over time, in part as a result of its management of Other Stonepeak

Accounts, will provide a built-in benefit to SP+ INFRA. At the same time, as a result of Stonepeak's management of SP+

INFRA, it will continue to develop such relationships and grow such network – for example in the same way that executives

and management teams from portfolio companies of Other Stonepeak Accounts may provide insight and / or deal origination

for the benefit of SP+ INFRA, the executives and management teams of SP+ INFRA's portfolio companies may benefit Other

Stonepeak Accounts. Additionally, Stonepeak personnel may attend events and / or meetings sponsored by portfolio companies

of SP+ INFRA and / or Other Stonepeak Accounts or other members of the Stonepeak network, and similarly, members of the

Stonepeak network may attend annual meetings of SP+ INFRA and may be involved in fundraising activities on behalf of

Stonepeak. Moreover, in negotiating and structuring transactions with counterparties (such as investment banks, financial

intermediaries and other service providers) of SP+ INFRA or portfolio companies, Stonepeak will generally not seek to

maximize terms as if such transaction was taking place in isolation – it will be free to consider relationship, reputational and

market considerations. While SP+ INFRA may bear costs as a result of this practice, Stonepeak believes SP+ INFRA will also

be the beneficiary of historical use of this practice and the network and relationships nurtured thereby. It is expected that there

will be members of the Stonepeak network who invest in SP+ INFRA on a reduced or fee-free and carried interest-free basis, or

who will invest in SP+ INFRA indirectly through the General Partner or any Affiliate thereof.

***Distribution Through Financial Intermediaries.*** SP+ INFRA will generally be distributed through wirehouses,

private banks, and other financial intermediaries, rather than directly by the General Partner and/or the Investment Advisor.

Any material adverse change to the ability of the General Partner and/or the Investment Advisor to build and maintain a

network of licensed securities broker-dealers, financial intermediaries and other agents could have a material adverse effect on

SP+ INFRA's business and the offering. If the General Partner and/or the Investment Advisor is unable to build and maintain a

sufficient network of participating broker-dealers and financial intermediaries to distribute Units in the issuance, SP+ INFRA's

ability to raise proceeds through the issuance and implement SP+ INFRA's investment strategy may be adversely affected.

Further, the participating distributors retained by the General Partner and/or the Investment Advisor may have numerous

competing investment products, some with similar or identical investment strategies and areas of focus as SP+ INFRA, which

they may elect to emphasize to their retail clients. This may further adversely impact the ability of SP+ INFRA to raise capital

and therefore its ability to implement the investment strategy of SP+ INFRA.

Any personnel of the General Partner and Investment Advisor involved in offering Units are acting for the Investment

Advisor and not acting as investment, tax, financial, legal or accounting advisors to potential investors in connection with the

offering of the Units. Potential investors must independently evaluate the offering and make their own investment decisions.

Intermediaries that solicit prospective investors on behalf of the Fund are subject to a conflict of interest because they will be

compensated by the Fund, relevant Unitholders and/or the Investment Advisor in connection with their solicitation activities

(including through subscription fees, servicing fees or otherwise). Such intermediaries may have an incentive in promoting the

acquisition of Units in SP+ INFRA in preference to products with respect to which they receive a smaller fee. Prospective

investors should take the existence of such fees and other compensation into account in evaluating an investment in SP+

INFRA.

***Restrictive Covenants; Restrictions on Fund Activities***. Stonepeak, SP+ INFRA, Other Stonepeak Accounts, joint

venture partners and / or their respective portfolio companies and Affiliates can be expected to enter into covenants that restrict

or otherwise limit the ability of Stonepeak, SP+ INFRA, Other Stonepeak Accounts, joint venture partners and / or their

respective portfolio companies and Affiliates to make investments in, or otherwise engage in, certain businesses or activities.

For example, Other Stonepeak Accounts could have granted exclusivity to a joint venture partner that limits SP+ INFRA and

Other Stonepeak Accounts from owning assets within a certain distance of any of the joint venture's assets. Stonepeak, SP+

INFRA, Other Stonepeak Accounts, a joint venture partner and / or their respective portfolio companies and Affiliates could

have entered into a non-compete or other undertaking in connection with a purchase, sale or other transaction, including,

without limitation, that Stonepeak, SP+ INFRA, Other Stonepeak Accounts, joint venture partners and / or their respective

portfolio companies and Affiliates will not make investments or otherwise engage in any business or activity if such

investment, business or activity could adversely affect or materially delay obtaining regulatory or other approvals in connection

with any such purchase, sale or other transaction. These types of restrictions may negatively impact the ability of SP+ INFRA

to implement its investment program.

***Advisors, Consultants and Operating Partners***. Stonepeak engages and retains strategic advisors, senior advisors,

consultants, operating partners, industry experts, industrial specialists, joint venture and / or other partners and professionals

and market participants (which may include former Stonepeak employees as well as current and former executive officers of

Stonepeak portfolio companies) (collectively, "Consultants") who are not employees or Affiliates of Stonepeak and who are

expected, from time to time, to receive payments from, or allocations or performance-based compensation with respect to,

portfolio companies (e.g., promote, net transaction fees, retainers, expense reimbursements, equity interests, etc.) (as well as

from Stonepeak or SP+ INFRA). In such circumstances, such payments from, or allocations or performance-based

compensation with respect to, portfolio companies, and / or SP+ INFRA (e.g., promote, net transaction fees, retainers, expense

reimbursements, equity interests, etc.) will be treated as Fund Expenses and will not, even if they have the effect of reducing

any retainers or minimum amounts otherwise payable by Stonepeak, be deemed paid to or received by Stonepeak, and such

amounts will not be subject to the offset provisions as described in the Fund LPA. In certain cases, Consultants will receive

intangible and other benefits resulting from their activities on behalf of SP+ INFRA – for example in the same way that

executives from portfolio companies of Other Stonepeak Accounts may provide insight and / or deal origination for the benefit

of SP+ INFRA, the executives of SP+ INFRA's portfolio companies may benefit Consultants and / or Other Stonepeak

Accounts. Consultants may attend events and / or meetings sponsored by SP+ INFRA's portfolio companies and / or Other

Stonepeak Accounts or other members of the Stonepeak network, and similarly, members of the Stonepeak network may attend

annual meetings of SP+ INFRA and may be involved in fundraising activities on behalf of Stonepeak. These Consultants have

the right or may be offered the ability to co-invest alongside an Other Stonepeak Account in investments SP+ INFRA also

participates in, including in those Investments in which they are involved (and for which they may be entitled to receive

performance-related incentive fees and transaction fees, which will reduce SP+ INFRA's returns), or otherwise participate in

equity plans for management of any such portfolio company, or invest directly in SP+ INFRA or in a vehicle controlled by SP+

INFRA subject to reduced or waived management fees and / or carried interest, including after the termination of their

engagement by or other status with Stonepeak, and such co-investment and / or participation (which generally will result in SP+

INFRA being allocated a smaller share of an Investment) will not be considered as part of Stonepeak's side-by-side co-

investment rights. Additionally, and notwithstanding the foregoing, these Consultants are expected to be (or have the right to

be) investors in Stonepeak portfolio companies and / or Other Stonepeak Accounts (which, in some cases, may involve

agreements to pay performance fees to such persons in connection with SP+ INFRA's Investment therein, which will reduce

SP+ INFRA's returns), and may be permitted to participate in Stonepeak's side-by-side co-investment rights, which generally

do not provide for a management fee or carried interest payable by participants therein and generally result in SP+ INFRA

being allocated a smaller share of an Investment than would otherwise be the case in the absence of such side-by-side co-

investment rights. These Consultants may also receive direct compensation from portfolio companies, including a salary, bonus,

director fees or equity-based compensations, and such compensation will not offset the management fee. Consultants' benefits

described in this paragraph will, in certain circumstances, continue after termination of status as a Consultant. Moreover, in

negotiating and structuring transactions with counterparties (such as investment banks, financial intermediaries and other

service providers) of SP+ INFRA or portfolio companies, the General Partner will generally not seek to maximize terms as if

such transaction was taking place in isolation – it will be free to consider relationship, reputational and market considerations,

which can in some circumstances result in a cost to SP+ INFRA (or otherwise make the terms of the transaction less favorable

for SP+ INFRA).

The nature of the relationship with each of the Consultants and the amount of time devoted or required to be devoted

by them varies considerably. In certain cases, a Consultant advises the General Partner on private equity transactions, provides

the General Partner and / or the Investment Advisor with industry-specific insights and feedback on investment themes, assists

in transaction due diligence, makes introductions to and provides reference checks on management teams. In other cases,

Consultants take on more extensive roles, including serving as executives or directors on the boards of portfolio companies and

contributing to the identification and origination of new investment opportunities. SP+ INFRA may rely on these Consultants to

recommend Stonepeak and SP+ INFRA as a preferred investment partner and carry out its investment program, but there is no

assurance that any Consultant will continue to be involved with Stonepeak for any length of time.

In certain instances, Stonepeak has formal arrangements with these Consultants (which may or may not be terminable

upon notice by any party), and in other cases the relationships are more informal. They are either compensated (including

pursuant to retainers and expense reimbursement and, in any event, pursuant to negotiated arrangements which will not be

confirmed as being comparable to the market rates for such services) from Stonepeak, SP+ INFRA and / or portfolio companies

or otherwise uncompensated unless and until an engagement with a portfolio company develops. In certain cases, they have

certain attributes of Stonepeak "employees" (e.g., they can be expected to have offices at Stonepeak, receive administrative

support from Stonepeak personnel, participate in certain meetings and events for Stonepeak personnel, work on Stonepeak

matters as their primary or sole business activity, have Stonepeak-related e-mail addresses or business cards and participate in

certain arrangements typically reserved for Stonepeak employees (e.g., the side-by-side program and healthcare-related

benefits)) even though they are not Stonepeak employees, Affiliates, or personnel for purposes of the Fund LPA and the

Investment Advisory Agreement, as applicable, and their salaries and related expenses are paid by SP+ INFRA as Fund

Expenses or by the portfolio companies without any reduction or offset to Management Fees. Some Consultants work only for

SP+ INFRA and its portfolio companies, while other Consultants may have other clients. In particular, in some cases,

Consultants, including those with "Senior Advisor" or "Operating Partner" title, have been and will be engaged with the

responsibility to source, diligence and recommend transactions to Stonepeak potentially on a full-time and / or exclusive basis

and, notwithstanding any overlap with the responsibilities of Stonepeak under the Investment Advisory Agreement and / or the

Fund LPA, the compensation to such Consultants may be borne fully by SP+ INFRA and / or portfolio companies (with no

reduction or offset to Management Fees) and not the Investment Advisor. Consultants could have conflicts of interest between

their work for SP+ INFRA and its portfolio companies, on the one hand, and themselves or other clients, on the other hand, and

Stonepeak is limited in its ability to monitor and mitigate these conflicts. Additionally, Consultants may provide services on

behalf of SP+ INFRA and Other Stonepeak Accounts, and any work performed by Consultants retained on behalf of SP+

INFRA may benefit such Other Stonepeak Accounts (and alternatively, work performed by Consultants on behalf of Other

Stonepeak Accounts may benefit SP+ INFRA), and Stonepeak shall have no obligation to allocate any portion of the costs to be

borne by SP+ INFRA in respect of such Consultant to such Other Stonepeak Accounts.

Consultants will likely provide services in respect of multiple matters, including in respect of matters related to

Stonepeak, its affiliates and related parties, and any compensation and/or other costs of such Consultants will be allocated

accordingly. Stonepeak will endeavor in good faith to allocate the Consultant compensation and/or costs of these arrangements,

if any, to Stonepeak, the Stonepeak's clients, portfolio companies and other parties based on time spent by the Consultants or

another methodology Stonepeak deems appropriate in a particular circumstance.

In addition, SP+ INFRA may in certain circumstances from time to time enter into an arrangement with one or more

individuals (who may be former personnel of Stonepeak or current or former personnel of portfolio companies of SP+ INFRA

or Other Stonepeak Accounts, may have experience or capability in sourcing or managing investments, and may form a

management team) to undertake a build-up strategy to originate, acquire and develop assets and businesses in a particular sector

or involving a particular strategy. The services provided by such individuals or relevant portfolio company, as the case may be,

could include the following with respect to Investments: origination or sourcing, due diligence, evaluation, negotiation,

servicing, development, management (including turnaround) and disposition. The individuals or relevant portfolio company

could be compensated with a salary and equity incentive plan, including a portion of profits derived from SP+ INFRA or a

portfolio company or asset of SP+ INFRA, or other long-term incentive plans. Compensation could also be based on assets

under management, a waterfall similar to a carried interest, respectively, or other similar metric. SP+ INFRA could initially

bear the cost of overhead (including rent, utilities, benefits, salary or retainers for the individuals or their affiliated entities) and

the sourcing, diligence and analysis of investments, as well as the compensation for the individuals and entity undertaking the

build-up strategy. Such expenses could be borne directly by SP+ INFRA as Fund Expenses (or Broken Deal Expenses, if

applicable) or indirectly through expenditures by a portfolio company. None of such portfolio companies or Consultants will be

treated as Affiliates of the General Partner and / or the Investment Advisor for purposes of the Fund LPA and none of the fees,

costs or expenses described above will reduce or offset the Management Fee.

In addition, the General Partner may engage third parties as operating partners and senior advisors (or another similar

capacity) in order to advise it with respect to existing investments, specific investment opportunities, and economic and

industry trends. Such operating partners and senior advisors may receive reimbursement of reasonable related expenses by

portfolio companies or SP+ INFRA and may have the opportunity to invest in a portion of the equity available to SP+ INFRA

for investment which may be taken by the General Partner and its Affiliates. If such operating partners and senior advisors

generate investment opportunities on SP+ INFRA's behalf, such members may receive special additional fees or allocations

comparable to those received by a third party in an arm's length transaction.

There can be no assurance that any of the Consultants will continue to serve in such roles and / or continue their

arrangements with Stonepeak, SP+ INFRA and / or any portfolio companies throughout the term of SP+ INFRA. Affiliates of

the General Partner and individuals or entities established by or for the benefit of such individuals with whom the General

Partner or its Affiliates has a personal and / or strategic relationship (including, for the avoidance of doubt, strategic advisors,

senior advisors, consultants, operating partners, placement agents, and other similar professionals who are not employees or

Affiliates of Stonepeak) may invest as Unitholders of SP+ INFRA and, in such circumstances, any such capital contributions

made thereby generally will not be subject to Management Fees or incentive allocation.

***Valuation Matters***. The fair value of all Investments will ultimately be determined by the General Partner, or the

general partner of the applicable Other Stonepeak Account or Third-Party Pooled Investment Vehicle, in accordance with the

Fund's valuation policy. It may be the case that the NAV of an Investment may not reflect the price at which the Investment is

ultimately sold in the market, and the difference between NAV and the ultimate sales price could be material. The valuation of

such Investments will be determined by the General Partner in accordance with procedures set forth in the Fund LPA and the

Fund's valuation policy. The valuation methodologies used to value any investment will involve subjective judgments and

projections and will, in certain circumstances, not be accurate. Valuation methodologies will also involve assumptions and

opinions about future events, which may or may not turn out to be correct. Ultimate realization of the value of an asset depends

to a great extent on economic, market and other conditions beyond Stonepeak's control, including the type of market volatility

characterizing the current economic environment. As such, the resulting valuations of securities or financial instruments will

likely differ from values that would have been determined had an active market existed for such securities or had there been less

market volatility. There will be no retroactive adjustment in the valuation of any investment, the offering price at which Units in

SP+ INFRA were purchased or sold by Unitholders or redeemed by SP+ INFRA, as applicable, or the fees and / or

performance-based compensation paid to the General Partner or any Affiliate thereof to the extent any valuation proves to not

accurately reflect the realizable value of an asset in SP+ INFRA.

The valuation of Investments will affect the amount and timing of the Performance Participation Allocation and the

amount of Management Fees payable to the Investment Advisor. The valuation of investments of Other Stonepeak Accounts

will, in certain circumstances, affect the decision of potential Unitholders to subscribe for Units in SP+ INFRA. Similarly, the

valuation of SP+ INFRA's Investments will, in certain circumstances, affect the ability of Stonepeak to form and attract capital

to Other Stonepeak Accounts. As a result, there may be circumstances where the General Partner is incentivized to defer

realization of Investments, make more speculative Investments, seek to deploy capital at an accelerated pace, hold Investments

longer and / or determine valuations that are higher than the actual fair value of Investments. The valuation of investments of

SP+ INFRA and Other Stonepeak Accounts, which generally remains in the sole discretion of Stonepeak, involve conflicts. In

particular, given that the amount of Management Fees and Performance Participation Allocation will be dependent on the

valuation of non-marketable securities, which will be determined by Stonepeak, Stonepeak could be incentivized to value the

securities higher than if Management Fees and Performance Participation Allocation were not based on the valuation of such

securities. The foregoing conflicts arising from valuation matters will not necessarily be resolved in favor of Stonepeak, and

Unitholders may not be entitled to receive notice or disclosure of the occurrence of these conflicts (except as provided above).

***Valuation of Investments and Interests***. As noted above, there is no established market for private investment

partnership interests and there may not be any comparable companies for which public market valuations exist. Because there is

significant uncertainty as to the valuation of illiquid investments, the values of such Investments may not necessarily reflect the

values that could actually be realized by SP+ INFRA. Under certain conditions SP+ INFRA may be forced to sell Investments

at lower prices than it had expected to realize or defer – potentially for a considerable period of time – sales that it had planned

to make. In addition, in certain limited circumstances, Stonepeak may not have access to all material information relevant to a

valuation analysis with respect to an Investment. Further, Stonepeak depends on financial information provided by third parties

in order to value its Investments and such financial information may be unreliable. As a result, the valuation of SP+ INFRA's

Investments, and as a result the valuation of the Units themselves, will at times be based on imperfect information and is subject

to inherent uncertainties.

***Insurance***. The General Partner will cause SP+ INFRA to purchase, and / or bear premiums, fees, costs and expenses

(including any expenses or fees of insurance brokers) for, insurance to insure SP+ INFRA, the General Partner, the Investment

Advisor, Stonepeak and / or their respective directors, officers, employees, agents, representatives, members of the Board of

Directors and other indemnified parties, against liability in connection with the activities of SP+ INFRA. This includes a

portion of any premiums, fees, costs and expenses for one or more "umbrella" or other insurance policies maintained by

Stonepeak that cover SP+ INFRA, Other Stonepeak Account, the Investment Advisor and / or Stonepeak (including their

respective directors, officers, employees, agents, representatives, members of the Board of Directors and other indemnified

parties). The General Partner will make judgments about the allocation of premiums, fees, costs and expenses for such

"umbrella" or other insurance policies among SP+ INFRA, other-Stonepeak sponsored vehicles, the Investment Advisor and /

or Stonepeak on a fair and reasonable basis, in their sole discretion, and may make corrective allocations should it determine

subsequently that such corrections are necessary or advisable. There can be no assurance that a different allocation would not

result in SP+ INFRA bearing less (or more) premiums, fees, costs and expenses for insurance policies.

***Data***. Stonepeak receives, generates or obtains various kinds of data and information from SP+ INFRA, Other

Stonepeak Accounts and their portfolio companies, and investors in SP+ INFRA and in Other Stonepeak Accounts, and service

providers, including data and information relating to business operations, financial information results, trends, budgets, plans,

sustainability, energy usage, carbon emissions and other metrics, customer and user data, employee and contractor data,

supplier and cost data, and other related data and information, some of which is sometimes referred to as alternative data or "big

data". Stonepeak may be better able to anticipate macroeconomic and other trends, and otherwise develop investment themes or

identify specific investment, trading, or business opportunities, as a result of its access to and rights regarding, including use,

distribution and derived works rights over, this data and information from SP+ INFRA, Other Stonepeak Accounts and their

portfolio companies, and investors in SP+ INFRA and in Other Stonepeak Accounts. Stonepeak has entered and will continue

to enter into information sharing and use, measurement and other arrangements with SP+ INFRA, Other Stonepeak Accounts,

and their portfolio companies, investors in SP+ INFRA and in Other Stonepeak Accounts, as well as with related parties and

service providers, which will give Stonepeak access to (and rights regarding, including ownership and distribution rights over)

data that it would not otherwise obtain in the ordinary course. Further, this alternative data is expected to be aggregated across

SP+ INFRA, Other Stonepeak Accounts and their respective portfolio companies. Although Stonepeak believes that these

activities improve Stonepeak's investment management activities on behalf of SP+ INFRA and Other Stonepeak Accounts,

information obtained from SP+ INFRA and its portfolio companies, and investors in SP+ INFRA and in Other Stonepeak

Accounts also provides material benefits to Stonepeak or Other Stonepeak Accounts without compensation or other benefit

accruing to SP+ INFRA or the Unitholders. For example, information from a portfolio company owned by SP+ INFRA may

enable Stonepeak to better understand a particular industry, enhance Stonepeak's ability to provide advice or direction to a

company's management team on strategy or operations and execute trading and investment strategies in reliance on that

understanding for Stonepeak and Other Stonepeak Accounts that do not own an interest in the portfolio company, without

compensation or benefit to SP+ INFRA or its portfolio companies. Stonepeak is expected to serve as the repository for such

data described in this paragraph.

Furthermore, except for contractual obligations to third parties to maintain confidentiality of certain information or

otherwise limit the scope and purpose of its use or distribution, and regulatory limitations on the use of material non-public

information, Stonepeak is generally free to use data and information from SP+ INFRA's activities to assist in the pursuit of

Stonepeak's various other activities, including to trading activities or use for the benefit of Stonepeak or an Other Stonepeak

Account. Any confidentiality obligations in the Fund LPA do not limit Stonepeak's ability to do so. For example, Stonepeak's

ability to trade in securities of an issuer relating to a specific industry may, subject to applicable law, be enhanced by

information of a portfolio company in the same or related industry. Such trading is expected to provide a material benefit to

Stonepeak without compensation or other benefit to SP+ INFRA or Unitholders.

The sharing and use of "big data" and other information presents potential conflicts of interest and the Unitholders

acknowledge and agree that any benefits received by Stonepeak or its personnel (including fees (in cash or in-kind), costs and

expenses) will not be subject to the Management Fee offset provisions or otherwise shared with SP+ INFRA or Unitholders. As

a result, the General Partner has an incentive to pursue Investments that have data and information that is utilized in a manner

that benefits Stonepeak or Other Stonepeak Accounts.

***Diverse Unitholder Group***. The Unitholders have conflicting investment, tax, and other interests with respect to their

investments in the Fund (including based on the time at which such Unitholder is admitted to the Fund) and with respect to the

interests of investors in other investment vehicles managed or advised by Stonepeak that may participate in the same

investments as the Fund, and investor personnel may have incentives or conflicts with respect to their investments in the Fund

or Other Stonepeak Accounts. The conflicting interests of individual Unitholders with respect to other Unitholders and relative

to investors in other investment vehicles would generally relate to or arise from, among other things, the nature of Investments

made by the Fund and such other investment vehicles, the structuring, financing, tax profile and the timing of disposition of

Investments. As a consequence, conflicts of interest will, in certain circumstances, arise for Stonepeak in making these

decisions, which may be more beneficial for one or more (but not all) Unitholders than for another Unitholder, especially with

respect to Unitholders' individual tax situations. In addition, the Fund can be expected to make Investments that will, in certain

circumstances, have a negative impact on related investments made by the Unitholders in separate transactions. In selecting and

structuring investments appropriate for the Fund, the General Partner and the Investment Advisor will consider the investment

and tax objectives of the Fund and the Unitholders as a whole (and those of investors in other investment vehicles managed or

advised by Stonepeak that participate in the same Investments as the Fund), and not the investment, tax, or other objectives of

any investors individually. Further, certain Unitholders can be expected to also be investors in Other Stonepeak Accounts,

including co-investment vehicles that may invest alongside the Fund in one or more Investments, which could create conflicts

of interest for Stonepeak in the treatment of different Unitholders.

As a result of disparate tax considerations applicable to certain investors in the Fund and Other Stonepeak Accounts,

but not other investors therein, not all such investors will participate in Investments through the same investment structures and

vehicles, and the securities indirectly held by such investors (or consideration ultimately distributed to such investors) may

differ as a result of the foregoing, and there can be no assurance that the foregoing considerations will not impact (positively or

negatively) the returns achieved by any investor, as compared to other investors. It is also possible that the Fund or the Fund's

portfolio companies will, in certain circumstances, be counterparties (such counterparties dealt with on market terms) or

participants in agreements, transactions or other arrangements with a Unitholder or an Affiliate of a Unitholder (which may

occur in connection with such investors or Affiliates making a capital commitment to Other Stonepeak Accounts), including

with respect to one or more Investments (or types of Investments). Such transactions may include agreements to pay

performance fees to operating partners in connection with the Fund's Investment therein, which will reduce the Fund's returns.

Such Unitholders described in the previous sentences can be expected to therefore have different information about Stonepeak

and the Fund than Unitholders not similarly positioned. In addition, conflicts of interest will, in certain circumstances, arise in

dealing with any such Unitholders, and the General Partner and its Affiliates may be motivated to enter into agreements,

transactions or arrangements with Unitholders or their Affiliates in order to secure capital commitments from investors in Other

Stonepeak Accounts and may otherwise be motivated by factors other than the interest of the Fund. Moreover, there is an

increasing trend in the private equity industry of fund sponsors offering liquidity to investors in existing funds through a

structured secondary process where purchasing investors would, as a condition to participating in such purchase from existing

investors, also make a commitment to a new fund being raised. Stonepeak could be incentivized to engage in such a process for

one or more of its existing funds (or any investments therein) to the extent doing so could be expected to improve Stonepeak's

ability to raise a successor fund to such fund and to form and attract capital to existing or future Other Stonepeak Accounts

(e.g., by securing an agreement from the purchasing investors participating in the process to make commitments to such funds

or, more generally, by positively impacting the performance information for the relevant fund that is presented to prospective

investors in Stonepeak fundraise materials). Similarly, not all Unitholders monitor their investments in vehicles such as the

Fund in the same manner. For example, certain Unitholders can be expected to periodically request from General Partner

information regarding the Fund and Investments and / or portfolio companies that is not otherwise set forth in (or has yet to be

set forth) in the reporting and other information delivered to all Unitholders. In such circumstances, the General Partner may

provide such information to such Unitholder, but just because it has provided such information upon request by one or more

Unitholders does not mean the General Partner will be obligated to affirmatively provide such information to all Unitholders

(although the General Partner will generally provide the same information upon request and treat Unitholders equally in that

regard). As a result, certain Unitholders can be expected to receive more information about the Fund than other Unitholders,

and the General Partner will have no duty to ensure all Unitholders seek, obtain or process the same information regarding the

Fund and its Investments and / or portfolio companies.

Additionally, Stonepeak may be restricted from disclosing or may determine it is appropriate not to disclose to the

Unitholders material non-public information regarding one or more specific Investments, including certain Investments in

which the Fund may participate alongside Other Stonepeak Accounts, which may result in the Unitholders not receiving certain

material non-public information regarding the Fund and / or one or more of its Investments under certain circumstances.

Furthermore, in the event certain Stonepeak investment professionals acquire confidential or material, non-public information

concerning an entity in which the Fund has invested in or propose to invest in, the possession of such information may limit the

ability of the General Partner to buy or sell particular securities of such entity on behalf of the Fund, thereby limiting the

investment opportunities or exit strategies available to the Fund.

Further, Unitholders with different domiciles or tax categorizations could receive different investment returns or

amounts of tax basis and / or pay different levels of expenses, e.g., based on tax savings or ownership of "blocker" or other

structures used to facilitate their investments in, through or below the Fund.

***The Lux Fund***. The General Partner and its affiliates have established the Lux Fund for investors primarily domiciled

in countries of the European Economic Area, the United Kingdom, Switzerland, Asia and certain other jurisdictions. The Lux

Fund will generally co-invest in its investments with SP+ INFRA on substantially the same terms as SP+ INFRA, unless the

Investment Advisor determines in good faith that different allocations or terms are reasonably necessary for legal, tax,

regulatory, compliance, structuring or certain other operational requirements. SP+ INFRA and the Lux Fund will generally also

dispose of each such Investment at the same time and on substantially the same terms at the relevant time of disposal, unless the

Investment Advisor determines in good faith that different terms are reasonably necessary for legal, tax, regulatory, compliance,

structuring or certain other operational requirements. Unitholders should note that, as a result of legal, tax, regulatory,

compliance, structuring or other considerations, the terms of the Lux Fund substantially differ from the terms of the Fund.

It is expected that subject to legal, tax, regulatory, compliance, structuring or other considerations, (i) investment-

related expenses and Broken Deal Expenses will generally be allocated pro rata between SP+ INFRA and the Lux Fund based

on their respective net asset values at the time of the Investment or potential Investment, (ii) the establishment, ongoing,

winding up and dissolution costs associated with any Intermediate Entity through which SP+ INFRA and the Lux Fund jointly

invest will generally be allocated pro rata between SP+ INFRA and the Lux Fund based on their respective net asset values and

(iii) each of SP+ INFRA and the Lux Fund will bear its own respective organizational and offering expenses and fund expenses

(although there will be instances where Stonepeak determines that certain of such expenses are attributable to both SP+ INFRA

and the Lux Fund and therefore should be borne pro rata by each such entity based on net asset value). In each case of the

foregoing, Stonepeak may determine to allocate or re-allocate such expenses in a different manner or at a different time if

Stonepeak determines in good faith that doing so is more equitable or appropriate under the circumstances. Because certain

expenses, such as the costs of preparing and filing reports under the Exchange Act (in the case of the Fund) and the costs of

preparing and filing certain necessary documents with the CSSF (in the case of the Lux Fund), will be allocated between SP+

INFRA and the Lux Fund on a non-pro rata basis, it can be expected that the net asset value and the unit price associated with

each share class in SP+ INFRA and the Lux Fund will materially differ.

The voting rights of the Unitholders in SP+ INFRA will not be aggregated with those of unitholders in the Lux Fund.

It is expected that SP+ INFRA and the Lux Fund will participate in all or substantially all of their investments through

a combined investment structure using shared Intermediate Entities. Investments that are held through such combined

investment structure will generally be shared pro rata between SP+ INFRA and the Lux Fund based on their proportionate

interests in the Intermediate Entities that hold such investments, which will be subject to adjustment based on, among other

things, subscriptions and redemptions. Stonepeak may also make adjustments to distributions, allocations and other fundings,

payments or calculations to give effect to any expenses or other considerations that are specifically attributable to the Fund, any

Parallel Fund and the Lux Fund, without the consent of any Unitholder, the Board or the board of the Lux Fund. In addition, (i)

the Lux Fund may from time to time, directly or indirectly, acquire interests in any Intermediate Entity from, or buy interests

from or sell interests to, SP+ INFRA at the fair market value thereof, and vice versa, although neither SP+ INFRA nor the Lux

Fund shall be under any obligation to engage in such transactions and (ii) the Investment Advisor or any affiliate thereof may

cause the Fund (or any other Intermediate Entity) to accept at any time and from time to time a capital contribution in-kind of

any asset from the Lux Fund (or any Intermediate Entity) or any Other Stonepeak Account in exchange for units so long as (x)

the Fund has an existing investment in such asset and (y) the number of units issued in exchange therefor shall be at a price

representing a valuation no higher than the valuation of the Fund's investment in such asset at the time of such exchange.

Notwithstanding the foregoing, the participation of the Lux Fund through a combined investment structure with shared

Intermediate Entities will impose certain restrictions and limitations on SP+ INFRA. Because the Lux Fund is subject to certain

legal, regulatory and other restrictions to which SP+ INFRA is not also subject (and vice versa), such restrictions will indirectly

restrict or limit the investments in which SP+ INFRA and the Lux Fund are able to participate and will impose on SP+ INFRA

and the Lux Fund additional restrictions and limitations to which they would not otherwise be subject. For example, following a

four-year ramp-up period, the Lux Fund is prohibited from investing more than 20% of the Lux Fund's net asset value in any

single investment, which single-investment limit is applied at the time an investment is consummated and on an ongoing basis.

Although SP+ INFRA does not have a similar investment restriction, the Lux Fund's restriction will be imposed on SP+

INFRA given their expected shared participation in investments. Such restrictions and limitations could prevent SP+ INFRA

and / or the Lux Fund from participating in one or more Investments, or cause them to participate in such Investments to a

lesser extent, as compared to what their participation would be in a separate investment structure. This could result in SP+

INFRA and / or the Lux Fund being allocated more than its / their desired amount of other Investments. The combined

investment structure will generally require SP+ INFRA and the Lux Fund to invest and exit each investment at the same time

and on the same terms, and therefore could result in SP+ INFRA or the Lux Fund participating in an investment on less

desirable terms or for a shorter or longer period of time than the relevant fund otherwise would in the absence of such structure,

notwithstanding that such fund may have received more desirable terms had it participated in such investment without the other

fund or received a higher price had such fund exited such investment on its desired timeline. Accordingly, the use of the

combined investment structure can be expected to materially affect the construction of SP+ INFRA's and the Lux Fund's

portfolio and their participation in Investments therein.

Each of SP+ INFRA and the Lux Fund will be permitted to use its pro rata share of available cash at the level of the

Master Aggregator, or any other Intermediate Entity through which SP+ INFRA and the Lux Fund jointly invest, to satisfy

redemption requests for SP+ INFRA and the Lux Fund, respectively. Cash balances in the Master Aggregator and other

Intermediate Entities will be managed having regard to the liquidity terms of both funds as set out in their respective

constitutional documents. Stonepeak can agree (without the consent of any Unitholder or the Fund's Board or the Lux Board)

that SP+ INFRA or the Lux Fund is permitted to use more than its pro rata share for a specific period or for an extended period

of time. Accordingly, to the extent the Lux Fund's pro rata share of available cash in a shared Intermediate Entity is insufficient

to satisfy the Lux Fund's redemption requests, Stonepeak will be incentivized to cause the Lux Fund to use more than its pro

rata share of such cash, which could materially reduce the amount of available cash for SP+ INFRA and, potentially, SP+

INFRA's ability to satisfy its own redemption requests.

It should also be noted that by using a combined investment structure, incoming subscriptions to SP+ INFRA may be

used to satisfy redemption requests of the Lux Fund, and vice versa. Although this structuring increases the pool of available

cash to either fund, the cash received by a Unitholder in SP+ INFRA that redeems its Units or shareholder in the Lux Fund that

redeems its shares, as applicable, pursuant to the Redemption Program or the Lux Fund's redemption process may be treated as

received pursuant to a disguised sale for U.S. federal income tax purposes.

SP+ INFRA and the Lux Fund have separate boards of directors. With respect to conflicts of interests that require an

approval, consent or waiver pursuant to the terms of the governing document of the Lux Fund, (i) to the extent the Investment

Advisor determines in good faith that SP+ INFRA and the Lux Fund are similarly situated with respect to such conflict, the Lux

Board will agree that any consent, approval or waiver of such conflict by the Fund's Board of Directors, if applicable, will be

deemed to apply, *mutatis mutandis*, to the Lux Fund and (ii) to the extent the Investment Advisor determines in good faith that

SP+ INFRA and the Lux Fund are not similarly situated with respect to such conflict, the approval, consent or waiver of the

Lux Board will be required. For the avoidance of doubt, (x) the Lux Board will continue to retain approval, consent and waiver

rights with respect to matters unique to the Lux Fund and other corporate-level matters, such as approval of financial reports

and the establishment of new share classes and (y) nothing in this paragraph shall limit Stonepeak's flexibility to use more than

a fund's pro rata share of available cash to satisfy redemption requests (without the consent of SP+ INFRA's Board of

Directors, the Lux Board or any unitholder in SP+ INFRA or the Lux Fund) as more fully described above. Accordingly,

decisions made by the Lux Board will from time to time affect (and limit or prohibit) SP+ INFRA's actions and its ability to

participate in certain transactions and arrangements that the Fund's Board of Directors has approved.

In the event that Stonepeak determines, in its sole discretion, that SP+ INFRA and the Lux Fund should not participate

in a combined investment structure as outlined above and that SP+ INFRA and the Lux Fund should each participate through

distinct investment structures with separate holding structures and intermediate entities, the Investment Advisor and its affiliates

will be permitted to restructure each investment in which SP+ INFRA and the Lux Fund jointly participate, as well as the

Intermediate Entities and any other holding vehicles or special purpose vehicles through which they invest. Stonepeak will be

permitted to take any other actions that it determines are necessary or appropriate in order to effect the foregoing (and will be

permitted to amend the Fund LPA to effect the foregoing without the consent of any Unitholder or the Board). However, such

re-structuring could result in significant expenses, tax burdens and other consequences that materially and adversely affect each

of SP+ INFRA and the Lux Fund and their investments. After giving effect to any re-structuring, it is not expected that the

percentage interest of SP+ INFRA and the Lux Fund in any shared investment will be subject to further re-balancing or re-

adjustment and new investment opportunities will instead be allocated in good faith and on a fair and reasonable basis, in

accordance with Stonepeak's internal allocation policy, as further described in "*Allocation of Investment Opportunities*" below.

***Allocation of Investment Opportunities***. SP+ INFRA does not have the exclusive unconditional right to any

investment opportunity. Accordingly, Stonepeak is under no obligation to offer investment opportunities to SP+ INFRA and

may choose to allocate all or any part of any opportunity to an Other Stonepeak Account or any business in which Stonepeak

has invested, in accordance with its allocation policy. The General Partner and its Affiliates will, from time to time, be

presented with investment opportunities that fall within the investment objective of SP+ INFRA and an Other Stonepeak

Account now existing or to be formed in the future in accordance with the Fund LPA. Situations where an investment may be

shared or allocated away from SP+ INFRA may also arise as a result of the fact that the General Partner and its Affiliates have

the ability to, and are expected to, form, sponsor, and / or manage other limited partnerships or pooled investment vehicles,

including funds that are for Stonepeak's own account or managed by Stonepeak for the account of another. Such investment

funds may be ancillary or accretive to, or otherwise supplement, SP+ INFRA's investment program, including, without

limitation, the establishment of securitized vehicles or trading vehicles. The investment objectives of such Other Stonepeak

Accounts may be a subset of, overlap significantly with, or be more narrowly focused (e.g., focusing on one asset class, sector

and / or one geographic region) than the investment objectives of SP+ INFRA, and allocations of relevant investment

opportunities will be made to such Other Stonepeak Accounts on a priority basis. Moreover, Stonepeak may establish Other

Stonepeak Accounts or other vehicles that would otherwise be Other Stonepeak Accounts but for the fact that the vehicles will

not target multiple investments and / or are publicly-offered (e.g., a special purpose acquisition vehicle), and this is the case

even though the initial target company may make additional add-on acquisitions. Such Other Stonepeak Accounts may be

sponsored and managed by the General Partner or its Affiliates and may participate alongside SP+ INFRA with respect to

investments within such narrower focus, limitation or shared investment objectives (which may reduce, in whole or in part, the

allocation thereof to SP+ INFRA). Unitholders should expect that not all of the investment opportunities suitable for SP+

INFRA will be presented to SP+ INFRA. Investment opportunities that might otherwise fall within the investment objectives of

SP+ INFRA or its strategy will be allocated to Other Stonepeak Accounts (in whole or in part). In addition, certain Other

Stonepeak Accounts have investment objectives, and a history of investing in investments that are a subset of or overlap with

the investment objectives of SP+ INFRA's investment program.

SP+ INFRA invests alongside the Lux Fund through a combined investment structure as part of the "Fund Program."

As noted above and subject to certain exceptions, (i) the Lux Fund will generally invest alongside SP+ INFRA in Investments

on substantially the same terms as SP+ INFRA (including by means of investing in the Master Aggregator and the relevant

Intermediate Entities) and (ii) SP+ INFRA and the Lux Fund will generally dispose of each such Investment at the same time

and on substantially the same terms (including by an Intermediate Entity disposing of such Investment). SP+ INFRA's and the

Lux Fund's percentage interest in each Investment will generally be based on its proportionate share of the Intermediate Entity

through which such Investment is made, which will be subject to adjustment as described above.

However, in the event that the General Partner determines to use distinct investment structures for SP+ INFRA and the

Lux Fund, they will continue to have substantially similar investment objectives and strategies and will continue to have highly

overlapping investment portfolios, but will not be required to generally invest and divest in each investment at the same time

and on the same terms. When using distinct investment structures, investment opportunities will be allocated between SP+

INFRA and the Lux Fund in accordance with Stonepeak's internal allocation policy on a basis that the General Partner believes

in good faith to be fair and reasonable, which may be pro rata based on available capital, subject to the following

considerations: (x) any applicable investment strategies, mandates, objectives, focus, parameters, guidelines, limitations,

liquidity positions and requirements of SP+ INFRA and the Lux Fund; (y) available capital of SP+ INFRA and the Lux Fund;

and (z) legal, tax, accounting, regulatory and any other considerations deemed relevant by Stonepeak, including, without

limitation, the considerations described below. As a result, certain conflicts of interest between SP+ INFRA and the Lux Fund

may arise with respect to allocation determinations.

Additionally, because the Fund Program invests across Stonepeak's platform, it is expected that its investment strategy

will overlap with that of Other Stonepeak Accounts that are actively investing and similarly overlap with future Other

Stonepeak Accounts. Although the Fund Program may make unique investments that are not shared by Other Stonepeak

Accounts outside of the Fund Program, it is expected that many investment opportunities will be shared with Other Stonepeak

Accounts to the extent such opportunities fall within the investment strategy of such Other Stonepeak Accounts and the

investment strategy across the Fund Program. This overlap will from time to time create conflicts of interest, which Stonepeak

and its Affiliates will seek to manage in a fair and reasonable manner in their sole discretion in accordance with their prevailing

policies and procedures. Moreover, under certain circumstances, investment opportunities sourced and/or identified by

Stonepeak and that fall within the Fund Program's investment strategy and objective are expected to be allocated on a priority

basis in whole or in part to portfolio companies owned by SP+ INFRA and/or the Lux Fund, Other Stonepeak Accounts,

portfolio companies of Other Stonepeak Accounts, or Stonepeak.

It is expected that some activities of Stonepeak, the Other Stonepeak Accounts and their portfolio companies will

compete with SP+ INFRA and the Lux Fund and their respective portfolio companies for one or more investment opportunities

that are consistent with SP+ INFRA's investment objectives, and as a result such investment opportunities may only be

available on a limited basis, or not at all, to SP+ INFRA. Stonepeak may also from time to time make and hold investments of

various types with or in lieu of Other Stonepeak Accounts. Although such investments could be limited or restricted by the

organizational documents of or other agreements relating to Other Stonepeak Accounts, to the extent Stonepeak does make or

hold such investments, many of the conflicts of interest associated with the activities of Other Stonepeak Accounts also apply to

such investment activities of Stonepeak. Stonepeak and its investment personnel have conflicting loyalties in determining

whether an investment opportunity should be allocated to SP+ INFRA, Stonepeak or an Other Stonepeak Account (including

the Lux Fund), and these conflicts may not necessarily be resolved in favor of SP+ INFRA.

Stonepeak generally determines the relative allocation of investment opportunities between the Fund Program and

Other Stonepeak Accounts on a basis that Stonepeak believes in good faith to be fair and reasonable and consistent with

Stonepeak's allocation policy (which will be updated from time to time). However, the application of the allocation policy may

result in the Fund Program not participating, or not participating to the same extent, in investment opportunities in which it

would have otherwise participated, or participated to a greater extent, had the related allocations been determined without

regard to such guidelines. Among the factors Stonepeak considers in making investment allocations between the Fund Program

and Other Stonepeak Accounts are the following: (i) any applicable investment parameters, limitations and other terms of the

Fund Program and such Other Stonepeak Accounts, (ii) the Fund Program and such Other Stonepeak Accounts having available

capital with respect thereto and (iii) legal, tax, regulatory, accounting, and other considerations deemed relevant by the General

Partner (including, without limitation, the specific nature, size, terms, sourcing and type of an Investment, relative investment

strategies and primary investment mandates, policies, portfolio diversification concerns, contractual obligations, applicable

investment limitations, relative amounts of available capital for each investment fund, source of the investment opportunity, the

investment focus of each investment fund, the expected risk-return profile, the anticipated holding period, the anticipated cash

yield and remaining investment periods, co-investment and co-underwriting arrangements, the extent of involvement of the

respective teams of investment professionals dedicated to the Fund Program and Other Stonepeak Accounts, and other relevant

considerations). Moreover, a fair and reasonable allocation methodology for purposes of the foregoing could involve the

General Partner establishing a formulaic methodology (such as a pre-determined fixed split) to allocate such opportunities

between the Fund Program and one or more of such Other Stonepeak Accounts, although no such formulaic allocation

methodology is required. As a result, in certain circumstances, investment opportunities that fall within the Fund Program's

investment objectives may not be presented to or pursued by SP+ INFRA, and may be allocated in whole or in part to any such

Other Stonepeak Accounts. In addition, in certain circumstances certain other investment vehicles may receive allocations of

investments that may otherwise be appropriate for SP+ INFRA (including Other Stonepeak Accounts), which may result in SP+

INFRA not participating in certain investment opportunities otherwise within its mandate. Where potential overlaps in

investment objective and strategies with any of the Other Stonepeak Accounts exist, the Investment Advisor (or applicable

Stonepeak investment advisor) may, in accordance with Stonepeak's investment allocation policy, forego investment

opportunities suitable for the Fund (or one or more Other Stonepeak Accounts) and the Fund (or Other Stonepeak Accounts)

may participate in investments in which Other Stonepeak Accounts have (or the Fund has) determined not to invest. Similarly,

the Fund may choose to participate in investments in which Other Stonepeak Accounts have determined not to invest.

The appropriate allocation between one or more of SP+ INFRA and any Other Stonepeak Accounts of the General

Partner of expenses and fees generated in the course of evaluating and making Investments which are not consummated, such as

out-of-pocket fees associated with due diligence, attorney fees and the fees of other professionals, will be determined by the

General Partner in its sole discretion. Prospective investors should also note that although the General Partner and its Affiliates

may determine to form a fund or other entity that is initially funded in whole or in part from the Stonepeak balance sheet (a

"Seed Fund"), the General Partner may determine to treat such Seed Fund as an "Other Stonepeak Account" for all or any

purposes of the Fund LPA (including, without limitation, allocation of investment opportunities) so long as the General Partner

intends or projects that one or more third party investors will be admitted to such Seed Fund at a later date. The allocation of

any such investment opportunities to the Seed Fund (which may be on a case/case or programmatic basis) could result in the

General Partner and its Affiliates being allocated a greater amount of one or more investment opportunities than would

otherwise be permissible solely pursuant the side-by-side program, notwithstanding that no third-party capital has actually been

admitted to the Seed Fund at the time of any such allocation (and may ultimately never be admitted). It should also be noted

that to the extent SP+ INFRA is co-investing alongside the Stonepeak balance sheet and the General Partner and its Affiliates

determine to transfer, sell or contribute all or any portion of their investments that are held, in whole or in part, on the

Stonepeak balance sheet to a Seed Fund or an Other Stonepeak Account that includes (or is expected to include) third-party

investors, there will be no requirement for preapproval or consent required from the Board of Directors and / or the Unitholders,

notwithstanding that the General Partner and its Affiliates are "exiting" the investment in advance of SP+ INFRA.

It is expected that directors, partners, officer, employees and other persons Affiliated with Stonepeak will invest in

SP+ INFRA. As a result, any of the foregoing individuals who are involved in the investment decision-making process of SP+

INFRA will have an incentive to take actions in respect of SP+ INFRA that they would otherwise not have in the absence of

such investment, including an incentive to allocate certain investment opportunities (or a greater portion of such investment

opportunities) to SP+ INFRA, or on the contrary, allocate certain investment opportunities (or a greater portion of such

investment opportunities) away from SP+ INFRA. Such allocation decisions may affect, potentially materially, the overall

portfolio composition of SP+ INFRA, as well as the portfolios of Other Stonepeak Accounts.

In addition, the General Partner and / or its Affiliates may be incentivized to offer certain potential co-investors the

opportunities to co-invest since the amount of carried interest and / or management fee to which the General Partner and / or its

Affiliates are entitled under the arrangements with such co-investors with respect to such co-investor's participation in the

Other Stonepeak Accounts may depend on, among other things, the extent to which such co-investors participates in co-

investments. Such incentives will from time to time give rise to conflicts of interest, and there can be no assurance that any

investment opportunities that would have otherwise been offered to SP+ INFRA will be made available to SP+ INFRA. Co-

investments may be offered by the General Partner on such terms and conditions (including with respect to Management Fees,

carried interest and related arrangements) as the General Partner determines in its discretion on a case-by-case basis.

Stonepeak may pursue strategic investments (whether made directly or through a vehicle funded by one or more third

parties (such as a special purpose acquisition company)) in businesses that Stonepeak intends to operate as part of its overall

business. Such investments may be suitable for, or alternatively competitive with, SP+ INFRA. In either case, Stonepeak is

permitted to allocate such investments away from SP+ INFRA to Stonepeak or such other investment vehicles.

Stonepeak may give advice and recommend assets, instruments, loans, securities or other investments to other funds or

accounts managed by Stonepeak which may differ from advice given to, or assets, instruments, loans, securities or other

investments recommended or bought for, SP+ INFRA, even though the investment objectives of such funds or other accounts

managed by Stonepeak may be the same or similar. Because there can be extended periods of time between an investment's

signing and closing date, at times months or more, it is possible that SP+ INFRA's or an Other Stonepeak Account's

circumstances or broader macroeconomic or other conditions may be different at closing than expected at the time of signing.

Therefore, notwithstanding the application of Stonepeak's good faith judgment as to allocation at the time a deal is signed, it is

expected that there may be circumstances where allocations are adjusted between signing and closing, and such adjustments

may be material, and could include allocating either more or less than anticipated to SP+ INFRA and / or Other Stonepeak

Accounts. Furthermore, in certain situations the Investment Advisor has in the past deferred, and in the future expects to defer,

making a final determination relating to the precise allocations of an investment at signing, in recognition that facts may change

between the time of signing and closing, as is especially the case where there is expected to be a long sign to close period.

Allocations are made at the time of signing in the Investment Advisor's good faith judgment in light of the facts and

circumstances then known. In such situation, the Investment Advisor is likely to seek the right in the transaction documents to

adjust the amounts to be invested between the applicable funds, which could result in one fund signing for a larger amount of

the investment than it may ultimately invest, while another may sign for a smaller amount. The Investment Advisor believes

this flexibility allows it to evaluate the optimal split among the applicable funds as facts and circumstances evolve between

signing and closing. However, this practice could adversely affect one fund or the other in a manner that is not anticipated or

known at the time of signing. For example, the initial allocations could be used to allocate Broken Deal Expenses if the

transaction ultimately breaks which could result in one Fund bearing more and another fund bearing less of the expenses then

its ultimate investment allocation would warrant had the transaction been consummated.

***Investments in Which Other Stonepeak Accounts Have a Different Principal Interest Generally***. SP+ INFRA could

invest directly or indirectly in companies or other entities in which Other Stonepeak Accounts have or are currently making a

different principal investment (including with respect to relative seniority) or vice versa. In such situations, SP+ INFRA and

such Other Stonepeak Account may have conflicting interests. For example, (i) if SP+ INFRA makes or has an equity

investment in a portfolio company in which an Other Stonepeak Account has a debt or equity investment, (ii) if an Other

Stonepeak Account, through the purchase of debt obligations or otherwise, becomes a lender to a portfolio company in which

SP+ INFRA has a debt or equity investment, (iii) if SP+ INFRA and Other Stonepeak Account participate in separate tranches

of a fundraising with respect to the same portfolio company or (iv) if the portfolio company in which SP+ INFRA has an equity

investment and in which an Other Stonepeak Account has a debt investment becomes distressed or defaults on its obligations

under the debt investment, Stonepeak will, in each case, generally have conflicting loyalties between the duties to SP+ INFRA

and to such Other Stonepeak Account. In that regard, actions may be taken for the Other Stonepeak Account that are adverse to

SP+ INFRA or vice versa. In addition, conflicts of interest may arise in determining the amount of an Investment, if any, to be

allocated among the potential investors and the respective terms thereof. There can be no assurance that the return on SP+

INFRA's Investment will be equivalent to or better than the returns obtained by the other Affiliates participating in the

transaction. It is possible that in a bankruptcy, insolvency or similar proceeding SP+ INFRA's interest may be subordinated or

otherwise adversely affected by virtue of the involvement and actions of an Affiliate of Stonepeak relating to its Investment.

Except to the extent of fees paid to the General Partner specifically relating to SP+ INFRA's capital commitment or investment

of capital, the Unitholders will in no way receive the benefit from fees paid to Stonepeak from a portfolio company and in any

event Unitholders will receive the benefit of such fees only as set forth in the Fund LPA.

***Joint Investments***. SP+ INFRA may enter into joint investments with Other Stonepeak Accounts and may do so where

such Other Stonepeak Accounts have certain governance rights for legal, regulatory or other reasons. Any such Other

Stonepeak Account may sell any such investment to any person at any time and SP+ INFRA may or may not participate with

such Other Stonepeak Account in such sale.

***Conflicting Fiduciary Duties to Other Stonepeak Accounts***. As noted above, Stonepeak may structure an investment

as a result of which one or more Other Stonepeak Accounts primarily investing in senior secured loans, distressed debt,

subordinated debt, high-yield securities and other similar debt instruments are offered the opportunity to participate in the debt

tranche of an Investment allocated to SP+ INFRA or alongside an investment made by SP+ INFRA but in a different security or

instrument than acquired by SP+ INFRA. At times this could include SP+ INFRA investing in equity while an Other Stonepeak

Account is investing in debt (or vice versa). Additionally, SP+ INFRA may purchase investments in which an Other Stonepeak

Account already has or is acquiring an interest, or otherwise an Other Stonepeak Account may purchase an investment in a

portfolio company of SP+ INFRA and may do so at different points in time. There may also be instances in which SP+ INFRA

invests in an entity that is affiliated with a portfolio company of an Other Stonepeak Account. In any such aforementioned case,

any such participation by any such vehicles or accounts would not be considered "co-investment" alongside SP+ INFRA for

purposes of the Fund LPA. As investment advisor to each of SP+ INFRA and such Other Stonepeak Account, Stonepeak owes

a fiduciary duty to the Other Stonepeak Account as well as to SP+ INFRA. SP+ INFRA may hold senior debt and an Other

Stonepeak Account may hold equity securities, or SP+ INFRA may hold subordinated debt while an Other Stonepeak Account

holds senior debt in the same portfolio company or an Affiliate of a portfolio company (or vice versa). This dynamic would

potentially result in Other Stonepeak Accounts being senior or junior to SP+ INFRA in the capital structure of such portfolio

company, which could cause Stonepeak to face a conflict of interest in respect of decisions made with regard to Other

Stonepeak Accounts or accounts and SP+ INFRA (e.g., with respect to the terms of such debt instruments, the enforcement of

covenants, the terms of recapitalizations, and the resolution of workouts or bankruptcies). If an Other Stonepeak Account were

to purchase high yield securities or other debt instruments of a Fund's portfolio company, or if SP+ INFRA were to acquire an

equity interest in a portfolio company in which an Other Stonepeak Account then holds or is acquiring an interest in the debt of

such portfolio company, Stonepeak may, in certain instances, face a conflict of interest in respect of decisions made with regard

to such Other Stonepeak Account and SP+ INFRA (e.g., with respect to the terms of such high-yield securities or other debt

instruments, the enforcement of covenants, the terms of recapitalizations, and the resolution of workouts or bankruptcies) as

more fully described in "—*Investments in Which Other Stonepeak Accounts Have a Different Principal Interest Generally*."

Other Stonepeak Accounts will not be required to take any action or withhold from taking any action to mitigate losses

by SP+ INFRA in such a scenario. It may be the case where such actual or potential conflicts of interest arise that Stonepeak's

financial incentives (including because of potentially disparate financial interests in each of the funds, vehicles or accounts) will

be in favor of the Other Stonepeak Accounts and not SP+ INFRA. For example, in a bankruptcy proceeding, in circumstances

where SP+ INFRA holds an equity investment in a portfolio company, the holders of such portfolio company's debt

instruments (which may include one or more Other Stonepeak Accounts) may take actions for their benefit (particularly in

circumstances where such portfolio company faces financial difficulties or distress) that subordinate or adversely impact the

value of SP+ INFRA's investment in such portfolio company.

Additionally, conflicts might also arise, for example, in connection with SP+ INFRA's provision of additional capital

necessary to support positions taken by Other Stonepeak Accounts, for example, if a portfolio company in which an Other

Stonepeak Account also holds an interest requires financing to finance growth or other opportunities or as a result of financial

or other difficulties. If such Other Stonepeak Account had the potential to incur a loss on its investment as a result of such

difficulties, the General Partner's and/or the Investment Advisor's ability to recommend actions in the best interests of SP+

INFRA might be impaired. If SP+ INFRA were to provide such capital there is a risk that such financing may be done on such

terms and in such amounts that do not favor SP+ INFRA or may adversely impact SP+ INFRA to the benefit of an Other

Stonepeak Account. There is no assurance that the General Partner and/or the Investment Advisor will determine to resolve

these conflicts in a manner that will not have an adverse impact on SP+ INFRA or that the returns to SP+ INFRA would be

equal to and not less than SP+ INFRA would have achieved if such conflict did not occur.

In order to seek to mitigate these conflicts, Stonepeak has adopted certain requirements, policies and procedures,

including restrictions on an Other Stonepeak Account's ability to invest in debt securities or instruments where an Other

Stonepeak Account holds equity voting securities, or securities convertible into voting securities above a specified percentage,

as well as restrictions on such Other Stonepeak Account's ability to act as lead arranger in such circumstances, and rules around

such Other Stonepeak Account's ability to vote in connection with its ownership of such debt instruments.

However, such policies and procedures may not be sufficient to mitigate conflicts or applicable in certain

circumstances, and the General Partner's ability to act in the best interests of SP+ INFRA might be impaired by conflicting

duties to an Other Stonepeak Account. The General Partner and its Affiliates may also seek to address conflicts by adopting

additional policies and procedures in the future, which may include but are not limited to, limiting investments by SP+ INFRA

which produce such conflicts, requiring at least one unaffiliated lender to hold a majority or larger piece of any tranche in which

SP+ INFRA invests where such conflict exists, limiting exercise of voting or consent rights or determining to vote consistent

with certain third parties, limiting roles on creditor committees, implementing procedures designed to ensure that the team

managing the investments of SP+ INFRA make determinations independent from that of Other Stonepeak Accounts, or other

similar procedures determined in the judgment of the General Partner and / or the Investment Advisor. There can be no

assurance that any conflict will be resolved in favor of SP+ INFRA or that the return on SP+ INFRA's investment will be

equivalent to or better than the returns obtained by Other Stonepeak Accounts participating in the transaction.

Furthermore, the involvement of Stonepeak personnel at both the equity and debt levels through SP+ INFRA and one

or more Other Stonepeak Accounts could inhibit strategic information exchanges among fellow creditors. In certain

circumstances, SP+ INFRA and / or Other Stonepeak Accounts may be prohibited from exercising voting or other rights, or

required to vote consistent with a third party administrative agent, and may be subject to claims by other creditors with respect

to the subordination of their interest.

Certain Other Stonepeak Accounts, and Stonepeak and / or its Affiliates and personnel, have in the past invested and

may in the future invest, in bank debt and securities of companies in which Stonepeak, its Affiliates, Other Stonepeak Accounts

or certain personnel and employees of Stonepeak (including former personnel) hold interests or securities, including equity

securities; such bank debt and securities may be senior in the capital structure to investments of SP+ INFRA and actions that

are taken that may be adverse to equity holders or subordinated debtholders could benefit those with more senior positions, thus

creating a potential conflict of interest. Additional conflicts may also exist in such a situation, for example, where the size of an

investment in SP+ INFRA is sizably larger or smaller than that of an Other Stonepeak Account (in which case Stonepeak may

have different economic incentives toward one fund, vehicle and / or account relative to the other). These conflicts related to

fiduciary duties to such Other Stonepeak Accounts will not necessarily be resolved in favor of SP+ INFRA, and Unitholders

may not be entitled to receive notice or disclosure of the occurrence of these conflicts.

***Passive Minority Investments in Stonepeak***. On June 28, 2023, Stonepeak accepted a minority investment from

investment vehicles managed by Blue Owl Capital Inc.'s ("Blue Owl") GP Strategic Capital platform (formerly known as Dyal

Capital), a capital provider for institutional alternative asset managers. Blue Owl thereafter made certain follow-up investments

in Stonepeak. In sum, Blue Owl and other third-party strategic investors are, in the aggregate, indirectly entitled to receive less

than 17% of the fee income of Stonepeak (including management fee income and other income generated from the acquisition,

ongoing advisory and transaction fees received by the Investment Advisor in connection with investments by SP+ INFRA) and

less than 17% of the carried interest income with respect to Stonepeak funds (including the General Partner). Each such third-

party investor currently has no control over the day-to-day operations or investment decisions of Stonepeak as they relate to

SP+ INFRA, but it has certain customary minority protection rights. Please refer to the Form ADV of Stonepeak Partners LP

for additional information regarding the foregoing transaction.

***General Partner Contributions***. In addition to the Blue Owl investment described above, it is expected that from time

to time, Stonepeak will use another third party and/or Other Stonepeak Accounts to fund a portion of the General Partner's

capital contributions (if any) to the Fund and any Parallel Funds, whether in the form of equity, debt or some other combination

thereof. For example, Stonepeak may finance, securitize or employ other structured finance arrangements with third parties in

respect of Stonepeak balance sheet capital that is used to, among other things, fund the general partner's capital contributions to

the Fund and any Parallel Funds and the general partner's capital commitment to Other Stonepeak Accounts. Stonepeak and its

personnel may also directly or indirectly sell down a portion of their interests in the General Partner capital contributions in

connection with the admission of new persons (which may be third parties) to the General Partner. The interests of any such

third party and/or Other Stonepeak Account in SP+ INFRA will generally be held through the General Partner or an Affiliate

thereof (and, as a result, will not be subject to any applicable limitation on third-party commitments that may be accepted by

SP+ INFRA at a subsequent closing) and unless otherwise determined by the General Partner, will not be subject to

Management Fees or Performance Participation Allocation and will not be permitted to vote on matters referred to the

Unitholders, but will count towards satisfaction of the General Partner's capital contributions to the Fund and any Parallel Fund.

These arrangements could alter Stonepeak's returns and risk exposure with respect to balance sheet capital as compared to its

returns and risk exposure if Stonepeak held its interests in the Fund, any Parallel Fund and Other Stonepeak Accounts outside

of such arrangements and could create incentives for Stonepeak to take actions in respect of such interests that it otherwise

would not in the absence of such arrangements or otherwise alter its alignment with the Unitholders of the Fund and any

Parallel Fund and investors in Other Stonepeak Accounts.

***Liability Arising From Transactions Entered into Alongside Stonepeak and / or Other Stonepeak Accounts***. SP+

INFRA is expected to co-invest with one or more Other Stonepeak Accounts (including co-investment or other vehicles in

which Stonepeak or its personnel invest and that co-invest with such Other Stonepeak Accounts) or Stonepeak in investments

that are suitable for both SP+ INFRA and such Other Stonepeak Accounts and/or Stonepeak. Participating in investments

alongside Other Stonepeak Accounts and/or Stonepeak will subject SP+ INFRA to a number of risks and conflicts (and in

certain circumstances Stonepeak could be unaware of an Other Stonepeak Account's participation, as a result of information

walls or otherwise). For example, it is possible that as a result of legal, tax, regulatory, accounting or other considerations, the

terms of such investment (including with respect to price and timing) for SP+ INFRA, Other Stonepeak Accounts and

Stonepeak may not be the same. Additionally, SP+ INFRA and such Other Stonepeak Accounts will generally have different

investment periods or expiration dates and/or investment objectives (including return profiles) and Stonepeak, as a result, may

have conflicting goals with respect to the price and timing of disposition opportunities and such differences may also impact the

allocation of investment opportunities (including follow-on investments related to earlier investments made by SP+ INFRA,

Stonepeak and Other Stonepeak Accounts). Such Other Stonepeak Accounts and/or Stonepeak may also have certain

governance rights for legal, regulatory or other reasons that SP+ INFRA will not have. As such, SP+ INFRA, Stonepeak and/or

such Other Stonepeak Accounts may dispose of any such shared investment at different times and on different terms, and

investors therein may receive different consideration than is offered to the Unitholders (e.g., some or all Unitholders may

receive cash whereas investors in Other Stonepeak Accounts may be provided the opportunity to receive distributions in-kind in

lieu thereof). Similarly, SP+ INFRA and such Other Stonepeak Accounts may participate in financings with respect to shared

investments on different terms, which may result in differing timing and/or amounts of distributions received, obligations or

opportunities to make additional capital contributions and/or other participation rights or obligations with respect to such

investment, subject to the terms of the Fund LPA and the partnership agreements governing such Other Stonepeak Accounts.

At times, a transaction counterparty will, in certain circumstances, require facing only one fund entity, which can be

expected to result in (i) if the Fund is a direct counterparty to a transaction, the Fund being solely liable with respect to its own

share as well as Other Stonepeak Accounts' shares of any applicable obligations, or (ii) if the Fund is not the direct

counterparty, the Fund having a contribution obligation to the relevant Other Stonepeak Accounts. See also "—Holding Entities

and Tracking Interests" herein. Alternatively, a counterparty may agree to face multiple funds, which could result in the Fund

being jointly and severally liable alongside Other Stonepeak Accounts for the full amount of the applicable obligations. In cases

in which the Fund could be responsible for the liability of an Other Stonepeak Account, or vice versa, the applicable parties

would generally enter into a back to back or other similar contribution or reimbursement agreement.

Likewise, for certain Investment related hedging transactions, it can be expected to be advantageous for counterparties

to trade solely with the Fund (or any relevant Parallel Fund). For these transactions, it is anticipated that the Fund (or any

relevant Parallel Fund) would then enter into back to back trade confirmations with deal-specific aggregators as well as

guarantees, keepwells or other similar arrangements with such relevant Parallel Fund or Other Stonepeak Accounts. The party

owing under such an arrangement may not have resources to pay its liability, however, in which case the other party will bear

more than its pro rata share of the relevant loss. In certain circumstances where SP+ INFRA participates in an Investment

alongside any Other Stonepeak Account (including the Lux Fund or any co-investment vehicle), SP+ INFRA may bear more

than its pro rata share of relevant expenses related to such Investment, including, but not limited to, as the result of such Other

Stonepeak Account's insufficient reserves or inability to call capital contributions to cover expenses. It is not expected that SP+

INFRA or Other Stonepeak Accounts will be compensated for agreeing to be primarily liable vis à vis a third-party

counterparty. Moreover, in connection with the divestment of all or part of an Investment (e.g., an initial public offering) and/or

the wind-down of an Investment, Stonepeak will seek to track the ownership interests, liabilities and obligations of SP+ INFRA

and any Other Stonepeak Accounts owning an interest in the portfolio company comprising such operating business, but it is

possible that SP+ INFRA and applicable Other Stonepeak Accounts will, in certain circumstances, incur shared,

disproportionate or crossed liabilities. Furthermore, depending on various factors including the relative assets, expiration dates,

investment objectives and return profiles of each of SP+ INFRA and such Other Stonepeak Accounts, it is possible that one or

more of them will have greater exposure to legal claims and that they will have conflicting goals with respect to the price,

timing and manner of disposition opportunities. Finally, in certain circumstances, if SP+ INFRA is participating in an

investment alongside an Other Stonepeak Account (including a co-investment vehicle), SP+ INFRA could also bear more than

its pro rata share of expenses relating to such investment if such Other Stonepeak Account does not have resources to bear such

expenses (including, but not limited to, as a result of insufficient reserves and/or the inability to call capital contributions to

cover such expenses).

Moreover, in connection with seeking financing or refinancing of portfolio companies and their assets, it may be the

case that better financing terms are available when more than one portfolio company provides collateral, particularly in

circumstances where the assets of each portfolio company are similar in nature. As such, rather than seeking such financing or

refinancing on its own, a portfolio company of SP+ INFRA may enter into cross collateralization arrangements with another

portfolio company of SP+ INFRA or portfolio companies of one or more Other Stonepeak Accounts. While Stonepeak would

expect any such financing arrangements to generally be non-recourse to SP+ INFRA and the Other Stonepeak Accounts, as a

result of any cross-collateralization, SP+ INFRA could also lose its interests in otherwise performing investments due to poorly

performing or non-performing investments of the Other Stonepeak Accounts.

***Board***. The functions and duties that directors (some of whom are affiliated with Stonepeak) undertake for the benefit

of SP+ INFRA will not be exclusive and such director may perform similar functions and duties for Other Stonepeak Accounts

and/or third parties. Accordingly, conflicts of interest may arise in allocating time, services and/or functions among such Other

Stonepeak Accounts, one or more third parties and SP+ INFRA. Directors may be members, employees, officers, managers or

directors of entities or advisory teams that provide advice to the general partner, manager and/or operator of certain Other

Stonepeak Accounts or may be third parties (including third party (sub-)investment managers and/or service providers). Certain

directors may therefore have significant other responsibilities in addition to their responsibilities in respect of SP+ INFRA,

including with respect to portfolio companies of certain Other Stonepeak Accounts and/or the funds of other third-party

sponsors. This may present a conflict of interest if such persons pursue the interests of SP+ INFRA or a third party-managed

fund and Other Stonepeak Accounts simultaneously. Board members are generally indemnified by SP+ INFRA, other than in

certain limited situations set forth in the Fund LPA. Certain directors which are affiliated with Stonepeak may be appointed to

the board of a portfolio company of an Other Stonepeak Account, and situations may arise in which such a member has a duty

to or an interest in a portfolio company which conflicts with its duties to, or the interests of, SP+ INFRA or Other Stonepeak

Accounts. Similar conflicts may arise with the interests of directors which are not affiliated with Stonepeak, including with

respect to their engagement with third party sponsors of investment funds, some of which may compete with the interests of

Other Stonepeak Accounts.

Certain directors may have been or be invited to make an investment in Other Stonepeak Accounts, some of which

SP+ INFRA will participate in and/or alongside, in exchange for a right to receive economic entitlements (such as variable fees

or other incentive-based compensation, where applicable). Additionally, directors who are Stonepeak professionals may hold

investments and/or other economic rights or entitlements with respect to Other Stonepeak Accounts. Other Stonepeak Accounts

and managers, directors, officers and employees of Stonepeak may hold an indirect investment in, or receive other economic

enticements with respect to, SP+ INFRA through one or more Other Stonepeak Accounts (including a subsidiary investment

vehicle) or otherwise invest directly or indirectly alongside SP+ INFRA through one or more co-investment schemes

established for such purpose. Such investments and economic interests of Board of Directors members may present conflicts of

interest and create incentives to resolve a conflict which is more favorable to such Other Stonepeak Accounts than SP+ INFRA.

***Independent Directors***. Independent Directors may perform similar functions for, and have duties to, other

organizations and businesses that may give rise to conflicts of interest. In certain cases, such Independent Directors may also be

associated with or appointed to the board of investment funds of third-party sponsors, typically in a non-executive capacity, and

have other business interests that give rise to conflicts of interest with the interests of SP+ INFRA, Other Stonepeak Accounts

or one or more of their portfolio companies. The Independent Directors may also gain knowledge, expertise and information by

virtue of their role which may benefit one or more competing organizations or businesses in respect of which the Independent

Directors separately provide advice or otherwise have an interest.

***Other Conflicts.*** In addition, other present and future activities of Stonepeak, SP+ INFRA, Other Stonepeak Accounts

and their portfolio companies, Affiliates and related parties will from time to time give rise to additional conflicts of interest

relating to SP+ INFRA and its investment activities. Stonepeak generally attempts to resolve conflicts in a fair and equitable

manner, but conflicts will not necessarily be resolved in favor of SP+ INFRA's interests. In addition, other present and future

activities of Stonepeak, SP+ INFRA, Other Stonepeak Accounts and our/their portfolio companies, Affiliates and related parties

will from time to time give rise to additional conflicts of interest relating to SP+ INFRA and its investment activities. Stonepeak

generally attempts to resolve conflicts in a fair and equitable manner, but conflicts will not necessarily be resolved in favor of

SP+ INFRA's interests and there may be situations where SP+ INFRA, as a passive investor investing alongside or in an Other

Stonepeak Account, may not have the ability to mitigate such conflicts. In addition, pursuant to the Fund LPA, the Board of

Directors is responsible for overseeing management in the preparation of the Fund's periodic reports under the Exchange Act,

certain conflicts of interest related to Stonepeak in accordance with the provisions of the Fund LPA and any policies of the

General Partner, and other matters. The Board of Directors will also be authorized to give consent on SP+ INFRA's behalf with

respect to certain matters, including those which may be required or advisable, as determined in Stonepeak's sole discretion,

under the Advisers Act or other applicable laws or regulations, which may be, but is not required to be, given by a majority of

the Independent Directors. If the Board of Directors consents to a particular matter and Stonepeak acts in a manner consistent

with, or pursuant to the standards and procedures approved by, the Board of Directors, or otherwise as provided in the Fund

LPA, then Stonepeak and its Affiliates will not have any liability to SP+ INFRA or the Unitholders for such actions taken in

good faith by them. In addition, SP+ INFRA may be "dragged along" in engaging in activities that involve conflicts of interest

without Stonepeak's approval.

***Continuation Vehicles and Continuation Transactions***. Stonepeak could, subject to the requirements of the Fund

LPA, from time to time establish other investment vehicles for the purpose of purchasing one or more investments from SP+

INFRA in connection with, or alongside another Other Stonepeak Account making an investment (such vehicles, "Continuation

Vehicles" and such transactions, "Continuation Transactions"). In such circumstances, Stonepeak is acting on behalf of, and

making the investment decision for, both SP+ INFRA and the applicable Continuation Vehicle. As a result, Continuation

Transactions implicate conflicts of interest described below in "*Buying and Selling Investments or Assets from or to Certain* 

*Related Parties*" between SP+ INFRA and the Continuation Vehicle more generally. Further, because Stonepeak and/or its

Affiliates will have the opportunity to earn additional management fees and/or receive additional carried interest and other

benefits in respect of such Continuation Transactions, and because each purchaser's commitment to acquire interests in a

Continuation Vehicle will ordinarily be conditioned upon completion of the Continuation Transaction, Stonepeak will have a

potential conflict of interest in determining transaction terms and participants. While certain conflicts of interest related to

Continuation Transactions often require approval by the Board of Directors, certain transactions may be able to be completed at

the initiation of Stonepeak without any such approval.

***Buying and Selling Investments or Assets from or to Certain Related Parties***. There can be no assurance that any

Investment or asset sold by SP+ INFRA to a Unitholder or Other Stonepeak Accounts (including Continuation Vehicles),

portfolio companies thereof, or any of their respective related parties (or where any such related parties are providing financing

to SP+ INFRA or a third-party purchaser or where any interests in Other Stonepeak Accounts are being sold or redeemed by

SP+ INFRA) will not be valued at or allocated a sale price that is lower than might otherwise have been the case if such asset

were sold to a third party rather than to a Unitholder or Other Stonepeak Accounts, portfolio companies thereof, or any of their

respective related parties (or were sold in a transaction where SP+ INFRA or the third-party purchaser is not receiving

financing from a related party, or in the case of interests in an Other Stonepeak Account sold or redeemed by SP+ INFRA, if

the issuer of the interests were a third party rather than an Other Stonepeak Account). Stonepeak will not be required to solicit

third-party bids or obtain a third-party valuation prior to causing SP+ INFRA or any of its portfolio companies to purchase or

sell any asset or Investment from or to a Unitholder or Other Stonepeak Accounts, portfolio companies thereof, or any of their

respective related parties as provided above (or to purchase, sell, or redeem any interests in an Other Stonepeak Account). In the

event Stonepeak does solicit third-party bids in a sale process of any such assets, the participation of an Other Stonepeak

Account (or a related party thereof) through the financing of a third-party purchase could potentially have a negative impact on

the overall process. For example, a bidder that is not working with, or has otherwise chosen not to work with, an Other

Stonepeak Account for such financing could perceive the process as favoring parties that are doing so. While Stonepeak will

seek to develop sale procedures that mitigate conflicts for SP+ INFRA, there can be no assurance that any bidding process will

not be negatively impacted by the involvement of any Other Stonepeak Accounts in the relevant transaction. All the foregoing

transactions involve conflicts of interest, as Stonepeak will receive fees and other benefits, directly or indirectly, from or

otherwise have interests in both parties to the transaction, including different financial incentives Stonepeak will have with

respect to the parties to the transaction. These conflicts will not necessarily be resolved in favor of SP+ INFRA, and

Unitholders will not necessarily receive notice or disclosure of the occurrence of these conflicts.

***Simultaneous Transactions***. There may be instances where Stonepeak negotiates transactions with counterparties that

involve SP+ INFRA and an Other Stonepeak Account in different capacities; for example where a counterparty negotiates an

investment in a portfolio company of a Stonepeak fund, vehicle and / or account (including SP+ INFRA), and simultaneously

therewith, SP+ INFRA (or an Other Stonepeak Account) negotiates an investment in a portfolio company of such counterparty,

which portfolio company may be a competitor of, or otherwise operate in the same industry as, the portfolio company in which

Stonepeak is selling an interest to such counterparty. There may be actual or perceived conflicts of interest in connection with

such transactions due to Stonepeak's duties to SP+ INFRA on the one hand, and the Other Stonepeak Account participating in

the related transaction on the other hand, for example with respect to ensuring each transaction is separately in the best interest

of the applicable Other Stonepeak Account and SP+ INFRA and that the valuations are fair and reasonable to each respective

fund, among other things. To mitigate such conflicts, Stonepeak may, for example, negotiate each such transaction

independently and resist requests to cross-condition the closing of the two transactions to ensure that the terms of each such

transaction are able to stand on their own. Any transaction of the type described in this paragraph will not require the consent or

approval of the Unitholders or the Board of Directors.

***Asset-Backed Facilities***. The General Partner expects to fund the making of Investments with proceeds from

drawdowns under one or more revolving credit facilities (the collateral for which can be, for example, one or more assets of

SP+ INFRA, i.e., asset-backed facilities). The interest expense and other costs of any such borrowings will be partnership

expenses and, accordingly, decrease net returns of SP+ INFRA.

***Conflicts Related to Investments***. Officers and employees of Stonepeak may serve as directors of certain portfolio

companies and, in that capacity, will be required to make decisions that consider the best interests of such portfolio companies

and their shareholders. In certain circumstances, for example in situations involving bankruptcy or near-insolvency of a

portfolio company, actions that may be in the best interest of the portfolio company may not be in the best interests of SP+

INFRA and vice versa. Accordingly, in these situations, there will be conflicts of interest between such individual's duties as an

officer or employee of Stonepeak, or as a Unitholder, and such individual's duties as a director of the portfolio company.

Conflicts may also arise in cases where SP+ INFRA makes an Investment in a different class of securities relative to any Other

Stonepeak Accounts that may have an interest in the same portfolio company.

***Trading by Stonepeak Personnel***. The officers, directors, members, managers and employees of the General Partner

and/or the Investment Advisor may trade in securities for their own accounts, subject to restrictions and reporting requirements

as may be required by law and Stonepeak policies or otherwise determined from time to time by the General Partner or the

Investment Advisor. Such personal securities transactions and investments will, in certain circumstances, result in conflicts of

interest, including to the extent they relate to (i) a company in which SP+ INFRA holds or acquires an interest (either directly

through a privately negotiated investment or indirectly through the purchase of securities or other traded instruments related

thereto) and (ii) entities that have interests which are adverse to those of SP+ INFRA or pursue similar investment opportunities

as SP+ INFRA.

***Related Financing Counterparties***. SP+ INFRA can be expected to invest in companies or other entities in which

Other Stonepeak Accounts make an investment in a different part of the capital structure (and vice versa). The General Partner

will request in the ordinary course proposals from lenders and other sources to provide financing to SP+ INFRA and its

portfolio companies. The General Partner will take into account various facts and circumstances it deems relevant in selecting

financing sources, including whether a potential lender has expressed an interest in evaluating debt financing opportunities,

whether a potential lender has a history of participating in debt financing opportunities generally and with Stonepeak in

particular, the size of the potential lender's loan amount, the timing of the relevant cash requirement, the availability of other

sources of financing, the creditworthiness of the lender, whether the potential lender has demonstrated a long-term or

continuing commitment to the success of Stonepeak and its funds, and such other factors that Stonepeak deems relevant under

the circumstances. The cost of debt alone is not determinative.

Debt financing to SP+ INFRA and its portfolio companies may be expected to be provided, from time to time, by

Unitholders and / or their Affiliates, Other Stonepeak Accounts and investors therein, their portfolio companies and other

parties with material relationships with Stonepeak, such as shareholders of and lenders to Stonepeak and lenders to Other

Stonepeak Accounts and their portfolio companies, as well as by Stonepeak itself in accordance with the terms of the Fund

LPA. Stonepeak could have incentives to cause SP+ INFRA and its portfolio companies to accept less favorable financing

terms from a Unitholder, Other Stonepeak Accounts, their portfolio companies, Stonepeak itself, investors therein and other

parties with material relationships with Stonepeak than it would from a third party. The same concerns apply when any of these

other parties invest in a more senior position in the capital structure of a portfolio company than SP+ INFRA, even if the form

of the transaction is not a financing. Although less common, SP+ INFRA or a portfolio company could also occupy a different

position in the capital structure than a Unitholder, Other Stonepeak Account, their portfolio companies and other parties with

material relationships with Stonepeak, in which case Stonepeak could have an incentive to cause SP+ INFRA or its portfolio

companies to offer more favorable terms to such parties. In the case of a related party financing between SP+ INFRA or its

portfolio companies, on the one hand, and Stonepeak, Other Stonepeak Accounts or their portfolio companies, on the other

hand, the General Partner could, but is not obligated to, rely on a third-party agent to confirm the terms offered by the

counterparty are consistent with market terms, or the General Partner could instead rely on its own internal analysis. If however

any of Stonepeak, SP+ INFRA, an Other Stonepeak Account or any of their portfolio companies delegates to a third party, such

as another member of a financing syndicate or a joint venture partner, the negotiation of the terms of the financing, the

transaction will be assumed to be conducted on an arms-length basis, even though the participation of the Stonepeak-related

vehicle impacts the market terms and Stonepeak may have influence on such third parties. For example, in the case of a loan

extended to SP+ INFRA or a portfolio company by a financing syndicate in which an Other Stonepeak Account has agreed to

participate on terms negotiated by a third-party participant in the syndicate, it may have been necessary to offer better terms to

the financing provider to fully subscribe the syndicate if the Other Stonepeak Account had not participated; it is also possible

that the frequent participation of Other Stonepeak Accounts in such syndicates could dampen interest among other potential

financing providers, thereby lowering demand to participate in the syndicate and increasing the financing costs to SP+ INFRA.

The General Partner does not believe either of these effects is significant, but no assurance can be given to Unitholders that

these effects will not be significant in any circumstance. The General Partner will not be required to obtain any consent or seek

any approvals from Unitholders, the independent fiduciary or Independent Client Representative (if any) or the Board of

Directors in the case of any of these conflicts.

Stonepeak could cause actions adverse to SP+ INFRA to be taken for the benefit of Other Stonepeak Accounts that

have made an investment more senior in the capital structure of a portfolio company than SP+ INFRA (e.g., provide financing

to a portfolio company, the equity of which is owned by SP+ INFRA) and, vice versa, actions will, in certain circumstances, be

taken for the benefit of SP+ INFRA and its portfolio company that are adverse to Other Stonepeak Accounts. Stonepeak could

seek to implement procedures to mitigate conflicts of interest in these situations such as (i) a forbearance of rights, including

some or all non-economic rights, by SP+ INFRA or relevant Other Stonepeak Accounts (or their respective portfolio

companies, as the case may be) by, for example, causing such Other Stonepeak Account to decline to exercise certain control-

and / or foreclosure-related rights with respect to a portfolio company by agreeing to follow the vote of a third party in the same

tranche of the capital structure, or otherwise deciding to recuse itself with respect to both normal course ongoing matters (such

as consent rights with respect to loan modifications in intercreditor agreements) and also decisions on defaults, foreclosures,

workouts, restructurings and other similar matters, (ii) causing SP+ INFRA or relevant Other Stonepeak Account (or their

respective portfolio companies, as the case may be) to hold only a non-controlling interest in any such portfolio company, (iii)

retaining a third-party loan servicer, administrative agent or other agent to make decisions on behalf of SP+ INFRA or relevant

Other Stonepeak Account (or their respective portfolio companies, as the case may be), or (iv) create groups of personnel

within Stonepeak separated by information barriers (which can be expected to be temporary and limited purpose in nature),

each of which would advise one of the clients that has a conflicting position with other clients. As an example, to the extent an

Other Stonepeak Account holds an interest in a loan or security that is different (including with respect to relative seniority)

than those held by SP+ INFRA or its portfolio companies, Stonepeak may decline to exercise, or delegate to a third party,

certain control, foreclosure and other similar governance rights of the Other Stonepeak Account. In these cases, Stonepeak

would generally act on behalf of one of its clients, though the other client would generally retain certain control rights, such as

the right to consent to certain actions taken by the trustee or administrative or other agent of the Investment, including a release,

waiver, forgiveness or reduction of any claim for principal or interest; extension of maturity date or due date of any payment of

any principal or interest; release or substitution of any material collateral; release, waiver, termination or modification of any

material provision of any guaranty or indemnity; subordination of any lien; and release, waiver or permission with respect to

any covenants. The efficacy of following the vote of third-party creditors will be limited in circumstances where SP+ INFRA

acquires all or substantially all of a relevant instrument, tranche or class of securities.

In connection with negotiating loans and bank financings in respect of Stonepeak-sponsored transactions, Stonepeak

may have the right to participate (for its own account or on behalf of an Other Stonepeak Account) in a portion of the

financings with respect to such Stonepeak-sponsored transactions on the same terms negotiated by third parties with Stonepeak

or other terms Stonepeak determines to be consistent with the market. Although Stonepeak could rely on third parties to verify

market terms, Stonepeak may nonetheless have influence on such third parties. No assurance can be given that negotiating with

a third party, or verification of market terms by a third party, will ensure that SP+ INFRA and its portfolio companies receive

market terms.

Investments to finance follow-on investments may present conflicts of interest, including in relation to the terms of any

new financing as well as the allocation of the investment opportunity in the case of follow-on investments by an Other

Stonepeak Account in a portfolio company in which another Other Stonepeak Account has previously invested. There may be

instances where SP+ INFRA is not able to make a follow-on investment, for example and without limitation, if there is

insufficient capital in SP+ INFRA. In such instances, an Other Stonepeak Account, including a successor fund to SP+ INFRA,

may invest in the same portfolio company in which SP+ INFRA has or is already invested. Circumstances may arise where a

prior Other Stonepeak Account has uncalled or excess capital remaining near the end of its targeted commitment period. In such

circumstances, it is possible that such Other Stonepeak Account may participate in a future investment alongside SP+ INFRA.

In addition, SP+ INFRA may participate in re-levering and recapitalization transactions involving a portfolio company in which

an Other Stonepeak Account has already invested or will invest. Conflicts of interest may arise regarding whether a subsequent

loan is supporting earlier investments by Other Stonepeak Accounts, as to determinations of, to the extent existing investors are

being cashed out, whether they are being cashed out at a price that is higher or lower than market value, and whether new

investors are paying too high or too low a price with terms that are more or less favorable than the prevailing market terms, or

whether, if SP+ INFRA and an Other Stonepeak Account will be invested simultaneously, one Fund has structural priority over

another in a manner that could cause Stonepeak to be conflicted. Follow-on opportunities where multiple Stonepeak funds,

vehicles and / or accounts have invested (either at the same or different times) will be allocated in a manner consistent with the

applicable governing agreements of such Stonepeak funds, vehicles and / or accounts, relevant policies, and / or associated

disclosures and such allocations are likely to present potential conflicts that could be resolved in a manner that does not favor

SP+ INFRA.

In certain circumstances, SP+ INFRA may be required to commit funds necessary for an Investment prior to the time

that all anticipated debt (senior and / or mezzanine) financing has been secured. In such circumstance, an Other Stonepeak

Account and / or Stonepeak itself (using, in whole or in part, its own balance sheet capital), may provide bridge or other short-

term financing and / or commitments, which at the time of establishment are intended to be replaced and / or syndicated with

longer-term financing. Such bridge financing and / or commitment would not be considered "co-investment" under the Fund

LPA and would be sold down ahead of equity invested by SP+ INFRA. Similarly, SP+ INFRA and / or Other Stonepeak

Accounts may seek to originate or initially acquire Investments (including all or part of the relevant tranche of securities) for

the purpose of syndicating a portion thereof to one or more Other Stonepeak Accounts, co-investors or third parties. The terms

of any such acquisition and syndication will be determined by the General Partner in its sole discretion, and may involve SP+

INFRA or Other Stonepeak Account initially acquiring all or substantially all of an instrument or relevant tranche or class of

securities with a view towards syndication. In any such circumstance, third parties may not be available for purposes of

mitigating any potential conflicts of interest (as described above) and the Other Stonepeak Account and / or Stonepeak itself

may receive compensation for providing such financing and / or commitment (including ticking or commitment fees), which

fees will not be shared with and / or otherwise result in an offset of Management Fees payable by any Unitholder. The conflicts

applicable to Other Stonepeak Accounts who invest in different securities of portfolio companies will apply equally to

Stonepeak itself in such situations. See also "—*Syndication*" above. In addition, conflicts can also be expected to arise in

determining the amount of an investment, if any, to be allocated among potential investors and the respective terms thereof.

In addition, it is anticipated that in a bankruptcy proceeding SP+ INFRA's interests will likely be subordinated or

otherwise adverse to the interests of Other Stonepeak Accounts with ownership positions that are more senior to those of SP+

INFRA. For example, an Other Stonepeak Accounts that has provided debt financing to an Investment of SP+ INFRA may take

actions for its benefit, particularly if SP+ INFRA's Investment is in financial distress, which adversely impact the value of SP+

INFRA's subordinated interests.

Although Other Stonepeak Accounts may provide financing to SP+ INFRA and / or its portfolio companies, there can

be no assurance that any Other Stonepeak Accounts will indeed provide any such financing with respect to any particular

Investment. Participation by Other Stonepeak Accounts in some but not all financings of SP+ INFRA and its portfolio

companies may adversely impact the ability of SP+ INFRA and its portfolio companies to obtain financing from third parties

when Other Stonepeak Accounts do not participate, as it may serve as a negative signal to market participants.

Any financing provided by a Unitholder or an Affiliate to SP+ INFRA or a portfolio company is not a capital

contribution to SP+ INFRA and does not reduce the subscription amount of such Unitholder. To the extent any Unitholder (or

unitholder in any Other Stonepeak Account) or any of its Affiliates provides debt financing to SP+ INFRA or its portfolio

companies, it will not be considered a "co-investment" and any applicable covenants regarding co-investments in the Fund LPA

do not apply.

***Related Financing of Counterparties to Acquire Investments or Assets from, or Sell Investments or Assets to, SP+*** 

***INFRA and its Portfolio Companies.*** In certain transactions, Other Stonepeak Accounts will commit to and/or provide

financing to third parties that bid for and/or purchase Investments or assets from SP+ INFRA and its portfolio companies.

Generally, there are no limitations in the Fund LPA or otherwise with respect to such arrangements (including with respect to

terms, price, quantity, frequency, percentage interest therein or otherwise). In addition, SP+ INFRA and its portfolio companies

will from time to time purchase assets or portfolio companies from third parties that obtain, or currently have outstanding, debt

financing from Other Stonepeak Accounts. See "—Related Financing Counterparties" herein. Although Stonepeak believes that

the participation by Other Stonepeak Accounts in such debt financings could be beneficial to SP+ INFRA by supporting third

parties in their efforts to bid on the sale of Investments or assets by, and to sell Investments or assets to, SP+ INFRA and its

portfolio companies, Stonepeak will have an incentive to cause SP+ INFRA or relevant portfolio company to select to sell an

Investment or asset to, or purchase an Investment or asset from, a third party that obtains debt financing from an Other

Stonepeak Account to the potential detriment of SP+ INFRA. For example, although price is often the deciding factor in

selecting from whom to acquire, or to whom to sell, an Investment or asset, other factors at times influence the buyer or the

seller, as the case may be. The General Partner could thereafter cause SP+ INFRA or a portfolio company to sell an Investment

or asset to, or buy an Investment or asset from, a third party that has received financing from an Other Stonepeak Account, even

when such third party has not offered the most attractive price for the Investment or asset. Unitholders rely on General Partner

to select in its sole discretion the best overall buyer in sales of, and the best overall seller in the acquisition of, Fund

Investments or assets, despite any conflict related to the parties financing the buyer or the seller, as applicable.

***Other Trading and Investing Activities***. Certain Other Stonepeak Accounts may invest in securities of publicly traded

companies that are actual or potential companies in which SP+ INFRA has made or will make Investments. The trading

activities of those vehicles may differ from or be inconsistent with activities, which are undertaken for the account of SP+

INFRA in such securities or related securities. In addition, SP+ INFRA may be precluded from pursuing an Investment in an

issuer as a result of such trading activities by Other Stonepeak Accounts.

***Joint Venture Partners***. In certain instances, the General Partner may seek to make investments involving one or more

joint venture partners, and joint venture partners and other third parties may co-invest with SP+ INFRA with respect to certain

Investments. The terms of these Investments may differ from the terms of SP+ INFRA's Investments. There can be no

assurance that suitable joint venture partners will be found with respect to SP+ INFRA's Investments. To the extent that any

operating partner, developer, or other joint venture partner is relied upon for multiple Investments, such party's failure to

perform could have a material adverse effect on SP+ INFRA and its Investments.

***Transactions with Potential and Actual Unitholders and Co-Investors***. Prospective investors should note that the

General Partner and its Affiliates from time to time engage in transactions with prospective and actual Unitholders and co-

investors that entail business benefits to such investors. Such transactions may be entered into prior to, or coincident with, an

investor's admission to SP+ INFRA (or commitment to co-invest) or during the term of their investment. The nature of such

transactions can be diverse and may include benefits relating to SP+ INFRA, Other Stonepeak Accounts, vehicles and / or

accounts and their respective portfolio companies. Examples include the ability to co-invest alongside Stonepeak funds,

investments in Other Stonepeak Accounts, sales of companies to unitholders and recommendations to underwriters for

allocations in initial public offerings or loans to co-investors (or joint venture partners) by Stonepeak or an Other Stonepeak

Account.

***Information Rights***. Unitholders may request information from the General Partner relating to SP+ INFRA, and the

General Partner can in its discretion provide such Unitholders with the information requested. Unitholders that request and

receive such information from the General Partner relating to SP+ INFRA, or otherwise receive additional information with

respect to a portfolio company, including as a result of any rights obtained as a co-investor or Joint Venture Partner in an

Investment, will consequently possess information regarding the business and affairs of SP+ INFRA that is not generally known

to other Unitholders. In addition, it is also expected that Stonepeak will from time to time confirm factual matters to prospective

investors in SP+ INFRA, make statements of intent or expectation to such prospective investors or acknowledge statements by

such prospective investors that relate to SP+ INFRA and/or Stonepeak's activities pertaining thereto in one or more respects,

and Stonepeak may from time to time agree to certain matters relating to knowledge transfer and/or secondments with one or

more Unitholders or prospective investors as part of an overall firm relationship. Any such statements, confirmations,

agreements or acknowledgements, including those made in response to a Unitholder or prospective investor's due diligence

requests, will not involve the granting of any legal right or benefit, and the Unitholders generally will as a result not typically

receive notice of any such confirmation, statements or acknowledgements or copies of the documentation (if any) in which they

are contained. As a result, certain Unitholders may take or not take actions on the basis of such information which, in the

absence of such information, other Unitholders do or do not take. Furthermore, at certain times Stonepeak may be restricted

from disclosing to the Unitholders material non-public information regarding any assets in which SP+ INFRA invests. See also

"—*Diverse Unitholder Group*" above.

***Outside Statements***. Stonepeak and its employees have made, and may in the future make, unless otherwise

prohibited, oral and written statements or expressions of intent or expectation to investors in SP+ INFRA or their Affiliates or

acknowledge statements by such persons ("Outside Statements") regarding SP+ INFRA or Stonepeak's activities pertaining

thereto. These may include, for example, the anticipated or expected allocation and terms of co-investment opportunities, the

anticipated or expected allocation of investment opportunities to SP+ INFRA generally and other topics often addressed in

legally binding documents. Although such Outside Statements are not legally binding, such Outside Statements may influence

allocation and other decisions of Stonepeak and employees with respect to the operations and investment activities of SP+

INFRA and may influence a prospective investor's decision as to whether to invest in SP+ INFRA. There can be no assurance

that any such arrangements will not have an adverse effect on SP+ INFRA or any Unitholder.

***Legal Interpretation***. The Fund LPA and the governing agreements of any Parallel Funds are detailed agreements that

establish complex arrangements among the General Partner, its Affiliates, and the Unitholders therein. Questions are expected

to arise under the Fund LPA and governing agreements of any Parallel Funds regarding the parties' rights and obligations in

certain situations, some of which will not have been contemplated and are not specifically addressed or could have been

articulated more precisely at the time of the Fund LPA's and the governing agreements of any Parallel Funds' drafting and

execution. In these instances, the operative provisions of the Fund LPA and the governing agreements of any Parallel Funds can

be broad, general, ambiguous or conflicting, and could permit more than one reasonable interpretation, including in

circumstances where one reasonable interpretation is most favorable to the General Partner and/or its Affiliates while another

reasonable interpretation is most favorable to SP+ INFRA and where the General Partner therefore has an incentive to prefer

the former interpretation over the latter one. For example, Stonepeak has, and expects to continue to, enter into agreements with

portfolio companies with standards of liability that differ from those contained in the governing documents of SP+ INFRA and,

in such instances, Stonepeak may be entitled to indemnification or exculpation from the portfolio company with respect to

actions, or inactions, for which Stonepeak would not be indemnified or exculpated under the governing documents of SP+

INFRA.

At times, there will not be a provision directly applicable to the situation. While the General Partner will construe the

relevant agreements in good faith and in a manner consistent with its legal obligations (and, when appropriate, in consultation

with external legal counsel), the interpretations the General Partner adopts will not necessarily be, and need not be, the

interpretations that are the most favorable to SP+ INFRA or the Unitholders therein and could be the interpretations that are

most favorable to the General Partner and/or its Affiliates. In such instances, the General Partner and the Investment Advisor

will be incentivized to view such ambiguity in the light most favorable to the General Partner, the Investment Advisor or

Stonepeak, which might not be the light most favorable to Unitholders. For example, the Investment Advisor could be

incentivized to determine that an error does not constitute gross negligence, so as to ensure the entity or individual that made

such error is still entitled to indemnification pursuant to the Fund LPA.

***No Independent Advice***. The terms of the agreements and arrangements under which SP+ INFRA is established and

will be operated have been or will be established by Stonepeak and are not the result of arm's-length negotiations or

representations of the Unitholders by separate counsel. Potential investors should therefore seek their own legal, tax and

financial advice before making an investment in SP+ INFRA.

***Legal Representation.*** Simpson Thacher & Bartlett LLP ("STB") acts as counsel to SP+ INFRA, the General Partner

and the Investment Advisor in connection with this offering of the Units, and also represents Stonepeak from time to time in a

variety of different matters. In connection with the offering of the Units and ongoing advice to SP+ INFRA, the General Partner

and the Investment Advisor, STB is not representing the Unitholders. No independent counsel has been retained to represent the

Unitholders. STB may be removed by the General Partner and / or the Investment Advisor at any time without the consent of,

or notice to, the Unitholders. In addition, STB does not undertake on behalf of or for the benefit of the Unitholders to monitor

the compliance of SP+ INFRA, the General Partner, the Investment Advisor and their Affiliates with the investment program,

investment strategies, valuation procedures, investment restrictions and other guidelines and terms set forth in the Fund LPA,

and nor does STB monitor on behalf of or for the benefit of the Unitholders compliance with applicable laws. STB has not

investigated or verified the accuracy and completeness of information set forth in this Annual Report, including information

concerning SP+ INFRA, the General Partner, the Investment Advisor and their Affiliates and personnel.

THE FOREGOING LIST OF POTENTIAL AND ACTUAL CONFLICTS OF INTEREST DOES NOT PURPORT TO BE A

COMPLETE ENUMERATION OR EXPLANATION OF THE CONFLICTS ATTENDANT TO AN INVESTMENT IN SP+

INFRA. ADDITIONAL CONFLICTS MAY EXIST THAT ARE NOT PRESENTLY KNOWN TO THE GENERAL

PARTNER, THE INVESTMENT ADVISOR, STONEPEAK OR THEIR RESPECTIVE AFFILIATES OR ARE DEEMED

IMMATERIAL. IN ADDITION, AS THE INVESTMENT PROGRAM OF SP+ INFRA DEVELOPS AND CHANGES OVER

TIME, AN INVESTMENT IN SP+ INFRA MAY BE SUBJECT TO ADDITIONAL AND DIFFERENT ACTUAL AND

POTENTIAL CONFLICTS OF INTEREST. THE GENERAL PARTNER AND THE INVESTMENT ADVISOR

GENERALLY ATTEMPT TO RESOLVE CONFLICTS IN A FAIR AND IN ACCORDANCE WITH THE FUND LPA, BUT

CONFLICTS WILL NOT NECESSARILY BE RESOLVED IN FAVOR OF SP+ INFRA'S INTERESTS AND THERE MAY

BE SITUATIONS WHERE SP+ INFRA, AS A PASSIVE INVESTOR INVESTING ALONGSIDE AN OTHER

STONEPEAK ACCOUNT, MAY NOT HAVE THE ABILITY TO MITIGATE SUCH CONFLICTS. IN ADDITION,

PURSUANT TO THE FUND LPA, THE BOARD OF DIRECTORS WILL BE AUTHORIZED TO GIVE CONSENT ON

BEHALF OF SP+ INFRA WITH RESPECT TO CERTAIN MATTERS, INCLUDING THOSE WHICH MAY BE

REQUIRED OR ADVISABLE, AS DETERMINED IN THE GENERAL PARTNER'S SOLE DISCRETION, UNDER THE

ADVISERS ACT OR OTHER APPLICABLE LAWS OR REGULATIONS, WHICH MAY BE, BUT IS NOT REQUIRED

TO BE, GIVEN BY A MAJORITY OF THE INDEPENDENT DIRECTORS OF SP+ INFRA. ADDITIONAL

INFORMATION ABOUT POTENTIAL CONFLICTS OF INTEREST REGARDING STONEPEAK WILL BE SET FORTH

IN THE FORM ADV OF STONEPEAK PARTNERS LP.

**GENERAL RISKS FACTORS OF AN INVESTMENT IN SP+ INFRA**

***No Assurance of Investment Return***. An investment in SP+ INFRA guarantees no certainty of return. The General

Partner, the Investment Advisor and / or any of their respective Affiliates cannot provide assurance that they will be able to

choose, make and realize any particular Investments or otherwise implement SP+ INFRA's investment strategy, or that the

Investments made by SP+ INFRA will be able to generate expected returns. Moreover, there can be no assurance that the

returns will be commensurate with the risks of investing in the types of companies, assets, projects and / or businesses and

transactions described herein, or that any Unitholder will receive a return of its capital or be able to withdraw from SP+ INFRA

within a specific period of time. All Investments involve a risk of partial or total loss of capital and should only be considered

by potential investors with a high tolerance for risk.

***Past performance of investment entities associated with Stonepeak and / or entities associated with SP+ INFRA's*** 

***investment professionals is not necessarily indicative of future results or performance. The performance of SP+ INFRA will*** 

***likely be affected by macroeconomic forces. There can be no assurance that targeted or estimated returns will be achieved,*** 

***that SP+ INFRA will achieve comparable results, that the returns generated by SP+ INFRA will equal or exceed those of*** 

***other investment activities of Stonepeak or that SP+ INFRA will be able to implement its investment strategy or achieve its*** 

***investment objectives.***

***Limited Operating History***. Although certain of the investment professionals of the General Partner and the

Investment Advisor have extensive investment experience generally, SP+ INFRA and the General Partner are relatively newly

formed entities with a limited operating history upon which prospective investors may evaluate their past or future performance.

The prior investment performance regarding Stonepeak's experience with investments described herein, as with all performance

data, can provide no assurance of future results. In the event SP+ INFRA is not successful in procuring substantial

subscriptions, it may have an adverse effect on SP+ INFRA. In addition, there can be no assurance that SP+ INFRA will be able

to implement its investment strategy and investment approach or achieve its investment objective or that a Unitholder will

receive a return of its capital. The past performance of any Other Stonepeak Accounts and the General Partner's investment

professionals is not necessarily indicative of the future performance of SP+ INFRA, and there can be no assurance that SP+

INFRA will achieve comparable results or that targeted returns will be achieved. Moreover, SP+ INFRA is subject to all of the

business risks and uncertainties associated with any new fund, including the risk that it will not achieve its investment

objectives and that the value of units in SP+ INFRA could decline substantially. Accordingly, investors should draw no

conclusions from the prior experience of Stonepeak or its investment professionals or the performance of any other Stonepeak

investments and should not expect to achieve similar returns.

In addition to the foregoing, it should be noted that SP+ INFRA's investments are expected to include investments in

infrastructure and infrastructure-related projects, businesses and assets, and may also include real estate, real-estate adjacent

investment opportunities, renewable energy and energy transition, and infrastructure credit opportunities. SP+ INFRA may also

hold a direct or indirect interest (or synthetic interest) in the firm and the general partners of SP+ INFRA and certain Other

Stonepeak Accounts. In addition, certain of SP+ INFRA's Direct Investments will generally differ from previous investments

made by Other Stonepeak Accounts in other respects, including, without limitation, because certain Direct Investments may

have different target holding periods, may be at a different stage of growth than Other Stonepeak Accounts' investments

typically have been, and may be larger or smaller than investments targeted by Other Stonepeak Accounts. Accordingly,

investors should draw no conclusions from the prior experience of the investment professionals or the performance of any other

Stonepeak investments or funds and should not expect to achieve similar returns.

***Role of Investment Professionals***. The success of SP+ INFRA depends, in large part, upon the skill, expertise and

ability of the personnel and investment professionals of the General Partner, Investment Advisor and their respective Affiliates

to develop and implement investment strategies that achieve SP+ INFRA's objectives. There can be no assurance that the

Stonepeak professionals will continue to be employed by the Investment Advisor throughout the life of SP+ INFRA. In the

event of the death, disability or departure of key personnel of the General Partner, Investment Advisor or their respective

Affiliates, the business and the performance of SP+ INFRA may be adversely affected. The interests of these professionals in

the General Partner and the Investment Advisor, and the vesting and potential forfeiture terms to which their interests are

subject, are intended to serve as a disincentive to withdraw from participation in SP+ INFRA's investment activities. However,

there is ever-increasing competition among alternative asset management firms, financial institutions, private equity firms,

financial sponsors, investment advisors, investment managers and other industry participants for hiring and retaining qualified

investment professionals, and there can be no assurance that such professionals will continue to be associated with Stonepeak,

the General Partner, the Investment Advisor or their respective Affiliates throughout the life of SP+ INFRA or that any

replacements will perform well.

Certain of the senior and other professionals involved in Other Stonepeak Accounts are not and will not be part of the

investment team working on SP+ INFRA. In addition, members of the investment team involved with SP+ INFRA (including

key management personnel) are also members of investment teams associated with Other Stonepeak Accounts and will

continue to serve in those roles (which roles and responsibilities within the firm may continue to expand as the firm evolves)

and, as a result, not all of their business time will be devoted to SP+ INFRA and they will be responsible for the day-to-day

activities and investments of Other Stonepeak Accounts, will work on other projects for Stonepeak or have other roles within

Stonepeak and / or its portfolio companies, which will reduce the amount of their time and attention being allocated to SP+

INFRA, and their dedication of a substantial portion of their time and attention being allocated to other matters, aside from SP+

INFRA, and the ability of the members of the investment team to access other professionals and resources within Stonepeak for

the benefit of SP+ INFRA may be limited. In addition, certain investment professionals that were previously involved in the

investment program of Other Stonepeak Accounts will not be involved (or as actively involved) in the business and affairs of

SP+ INFRA. See "—*Allocation of Personnel*" discussed above.

In addition, members of the investment and operating teams may and likely will work on other projects for Stonepeak

and its Affiliates outside of SP+ INFRA, including but not limited to, projects for Other Stonepeak Accounts. Also, Stonepeak

may in the future consider new strategies, including but not limited to, extensions of its current platforms. The Investment

Committee of SP+ INFRA and personnel involved in SP+ INFRA's investment activities will also, as a general matter, spend

their business time and attention on Other Stonepeak Accounts and investment opportunities that do not fall within the

investment objectives of SP+ INFRA, and this will result in competing demands on the time and attention of these professionals

as between SP+ INFRA and such Other Stonepeak Accounts. The members of the Investment Committee currently serve, and

will likely serve in the future, on the investment committees of Other Stonepeak Accounts, and each such member is expected

to make the activities of such Other Stonepeak Accounts his or her primary business activity. Conflicts of interest are likely to

arise in allocating time, services or functions, as well as investment opportunities and there can be no assurances that the

foregoing will not adversely impact SP+ INFRA and / or its Investments.

Each Investment of SP+ INFRA is and will be approved by the Investment Committee. If Stonepeak's investment

professionals cannot agree on any aspects of decisions with respect to SP+ INFRA and its actual or potential Investments, the

investment results of SP+ INFRA may be adversely impacted. Conflicts of interest may arise in allocating management time,

services or functions, and the ability of the General Partner, the Investment Advisor and the members of the investment team

involved with SP+ INFRA to access other professionals and resources within Stonepeak for the benefit of SP+ INFRA as

described in this Annual Report may be limited. Such access may also be limited by the internal compliance policies of

Stonepeak or other legal or business considerations, including those constraints generally discussed herein.

***Reliance on the General Partner and Investment Advisor***. The General Partner and the Investment Advisor have

exclusive responsibility for management and oversight of SP+ INFRA's activities, and, other than as may be set forth herein

and in the Fund LPA, Unitholders will not be able to make investment or any other decisions concerning the management of

SP+ INFRA and its portfolio companies (although the Board of Directors could have a role in reviewing and / or approving

certain conflicts and / or other matters as more fully set forth in the Fund LPA). Unitholders have no rights or powers to take

part in the business and affairs of SP+ INFRA or make investment decisions and will not receive the amount of any financial

information of a portfolio company (which for all purposes of this Item 1A includes assets, projects and / or businesses in which

SP+ INFRA invests) that is generally available to the General Partner and the Investment Advisor, or potentially to investors in

Other Stonepeak Accounts that are invested in the same portfolio company as SP+ INFRA. The General Partner generally has

sole discretion in structuring, negotiating and purchasing, financing and eventually divesting investments on behalf of SP+

INFRA (subject to specified exceptions). Accordingly, no person should invest in SP+ INFRA unless such person is willing to

entrust all aspects of the management of SP+ INFRA to the General Partner and the Investment Advisor.

A purchaser of Units must rely upon the ability of the General Partner and the Investment Advisor to identify structure

and implement Investments consistent with SP+ INFRA's investment objectives and policies. The General Partner and the

Investment Advisor may be unable to find a sufficient number of attractive opportunities to meet SP+ INFRA's investment

objectives. The success of SP+ INFRA depends on the ability of the General Partner and the Investment Advisor to identify

suitable Investments, to negotiate and arrange the closing of appropriate transactions, and to arrange the timely disposition of

Investments, which may result in SP+ INFRA failing to find a sufficient number of suitable attractive opportunities that meet

SP+ INFRA's investment objectives. No potential investor who is unwilling to entrust all aspects of the management of SP+

INFRA to the General Partner should invest in SP+ INFRA. In addition, in circumstances where Other Stonepeak Accounts are

involved, there may be matters that require approval of limited partners or a limited partner advisory committee of such Other

Stonepeak Account and therefore their actions could thereby affect SP+ INFRA.

***Uncertainty of Estimates and Projections***. Investment underwriting is based in significant part on estimates or

projections of future financial and economic performance, including current and future internal rates of return. Moreover,

decisions on how to manage an Investment during its hold period are informed by expectations of future performance and

projections of operating results, which are often based on management judgments. The General Partner expects to establish the

suitability and capital structure of Investments on the basis of financial projections for such portfolio companies. Projections,

forecasts and estimates are forward-looking statements and are based upon certain assumptions. In all cases, projections are

only estimates of future results that are based upon assumptions made at the time that the projections are developed. In addition,

prospective investors should note that projected performance is not indicative of future results and there can be no assurance

that the projected results or expected returns will be achieved or that SP+ INFRA will be able to effectively implement its

investment objective. While each of the General Partner and the Investment Advisor has used, and will continue to use, its good

faith judgment based on information available at the time to make these projections, there can be no guarantee that the

assumptions will prove to be correct with the benefit of hindsight. Accordingly, actual results may vary significantly from the

projections and expected returns set forth elsewhere herein. General economic conditions and other events, which are not

predictable and may not have been anticipated, can have a material adverse impact on the reliability of such projections.

Moreover, other experts may disagree regarding the feasibility of achieving projected returns. SP+ INFRA will make

Investments which may have different degrees of associated risk. The actual realized returns on SP+ INFRA's Investments may

differ materially from the returns projected at the time of acquisition, which are not a guarantee or prediction of future results.

Estimates or projections of market conditions, commodity prices, natural resource reserves and supply and demand

dynamics, long-term operating performance and / or capacity factors (including potential degradation as assets age), lifespan of

an asset and operations and maintenance costs (e.g., costs to ensure assets are properly maintained, achieve expected

operational availability metrics and sustain useful lives) are key factors in evaluating potential investment opportunities and

valuing portfolio companies and related assets. Estimates of natural resources reserves, customer usage and factors such as solar

energy intensity and movement of wind and water flow (in the case of, for example, solar, wind and hydroelectric power,

respectively) by qualified engineers are often a key factor in valuing certain potential infrastructure projects and companies.

The process of making these estimates is complex, requiring significant decisions, collection of accurate factual information

and assumptions in the evaluation of available geological, geophysical, engineering and economic data for each reservoir or

reserve. These estimates are subject to wide variances based on changes in market conditions, underlying assumptions,

commodity prices and certain technical or investment-related assumptions. The accuracy of any reserve estimate is a function of

the quality of available data, engineering and geological interpretation and judgment. Estimates of economically recoverable

natural resource reserves and of future net cash flows necessarily depend on a number of variable factors and assumptions, such

as historical production from the area compared with production from other producing areas, the assumed effects of regulations

by governmental agencies and assumptions concerning future prices, future operating costs, severance and excise taxes,

development costs and work over and remedial costs, all of which may in fact vary considerably from actual results.

Accordingly, it is possible for such estimates to be significantly revised from time to time, creating significant changes in the

value of the company owning such reserves or subject to such factors.

While the General Partner currently believes that the assumptions upon which the projected returns / underwritten

IRRs, MOICs and cash yields for SP+ INFRA and Other Stonepeak Accounts are reasonable under the circumstances, there is

no guarantee that the conditions on which such assumptions are based will materialize or otherwise be applicable to SP+

INFRA's Investments. In addition, events or conditions, including changes in general market conditions or the political

environment, which may not have been anticipated or which are otherwise not foreseeable, may occur and have a significant

impact on the actual rate of return received with respect to Investments of SP+ INFRA and Other Stonepeak Accounts.

***Future Investments Unspecified***. Unitholders will be relying on the ability of the General Partner and the Investment

Advisor to select the Investments to be made by SP+ INFRA. Furthermore, to the extent the investment strategy of SP+ INFRA

relies upon the recovery, stabilization or improvement of market, economic and / or regulatory conditions and such events do

not occur for an extended period of time, SP+ INFRA may not be able to invest any significant portion of its capital in a timely

manner. Moreover, because Stonepeak intends generally to use a dynamic approach to investing in order to position SP+

INFRA to capitalize on opportunities that it believes most closely align with its investment philosophy, it is likely that risks

associated with such investments that SP+ INFRA may determine to pursue are unknown at this time or not otherwise described

in or contemplated by this Annual Report and Unitholders will not have an opportunity to evaluate for themselves the relevant

economic, financial and other information regarding the Investments to be made by Fund and, accordingly, will be dependent

upon the judgment and ability of the General Partner and the Investment Advisor in investing and managing the capital of Fund.

No assurance can be given that Fund will be successful in obtaining suitable Investments or that, if such Investments are made,

the objectives of SP+ INFRA will be achieved.

***Investor Suitability***. An investment in SP+ INFRA should only be considered by sophisticated investors who are able

to bear the risks associated with such investment for an indefinite period of time and afford a loss of their entire investment. An

investment in SP+ INFRA should not be considered a complete investment program. Prospective Unitholders are advised to

seek professional advice from their investment adviser(s) on the suitability or otherwise of an investment in SP+ INFRA.

By subscribing for units in SP+ INFRA, a prospective Unitholder represents that it is familiar with and understands the

terms, risks and merits of an investment in SP+ INFRA, that it has such knowledge and experience in financial and business

matters generally and that it is capable of evaluating the merits and risks of an investment in SP+ INFRA. In addition, it will be

required to stipulate in its Subscription Agreement that it has not relied upon SP+ INFRA, a Placement Agent (as defined

below), the General Partner, the Investment Advisor or any of their respective Affiliates for tax or legal advice, that it has relied

on its own adviser(s) with respect to the tax and other legal aspects of an investment in the interests and that it has not relied

upon any information about SP+ INFRA other than the Fund LPA and the Subscription Agreement. The Subscription

Agreement contains other representations, warranties, and covenants that Unitholders will be required to make, and SP+

INFRA may impose suitability requirements in addition to those listed above. The General Partner may waive or modify any of

SP+ INFRA's suitability requirements in its discretion.

***Fund Size***. SP+ INFRA has no minimum size. There is no guarantee that additional investors will make subscriptions

to SP+ INFRA in the future. If SP+ INFRA fails to raise additional subscriptions, the existing Unitholders will be required to

bear all Organizational and Offering Expenses and Fund Expenses, which the General Partner currently anticipates to be

consistent with the level of expenses which would be expected if a fund size had been fixed. As a result, such Unitholders

would be required to bear a disproportionate share of SP+ INFRA's expenses and obligations as compared to investors

participating in a larger fund.

SP+ INFRA size may not be sufficiently large to meet the opportunity set. The size of SP+ INFRA may be too small to

enable SP+ INFRA to invest in the opportunities that Stonepeak finds.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

**Cybersecurity Risk Management and Strategy**

SP+ INFRA's day-to-day operations are managed by the General Partner subject to certain oversight rights held by the

Board of Directors, including overseeing risks from a cybersecurity perspective. The General Partner has delegated SP+

INFRA's portfolio management function to the Investment Advisor. The General Partner and the Investment Advisor are

individually and collectively referred to as the "Sponsor." The General Partner and Investment Advisor are both subsidiaries of

Stonepeak. As such, we are reliant on Stonepeak for assessing, identifying, and managing material risks to our business from

cybersecurity threats. Below are details Stonepeak has provided to us regarding its cybersecurity program that are relevant to

us.

Stonepeak maintains a comprehensive cybersecurity program, including policies and procedures designed to protect its

systems, operations, and the data utilized and entrusted to it, including by SP+ INFRA, from anticipated threats or hazards.

Stonepeak utilizes a variety of protective measures as a part of its cybersecurity program. These measures include, where

appropriate, physical and digital access controls, patch management, identity verification and mobile device management

software, new hire and annual employee cybersecurity awareness training programs, security baselines and tools to report

anomalous activity, and monitoring of data usage, hardware and software.

Stonepeak tests its cybersecurity defenses regularly through vulnerability scanning, to identify and remediate critical

vulnerabilities. In addition, it conducts annual internal and external penetration tests to validate its security posture. Stonepeak

internally examines its cybersecurity program on an annual basis and conducts a third-party review annually to evaluate its

effectiveness, in part by considering industry standards and established frameworks, such as those established by the National

Institute of Standards and Technology and Center for Internet Security, as guidelines. Further, Stonepeak engages in annual

cybersecurity incident tabletop exercises involving hypothetical cybersecurity incidents to test its cybersecurity incident

response processes. Stonepeak's Head of IT Infrastructure (the "IT Head") and members of Stonepeak's IT and Legal and

Compliance teams participate in these exercises, as necessary. Learnings from these tabletop exercises and any cybersecurity

events Stonepeak experiences are reviewed, discussed, and incorporated into its incident response processes, as appropriate.

Stonepeak has a comprehensive Cybersecurity Incident Response Plan (the "IRP"), designed to inform the proper

escalation (including, as appropriate, to our senior management) of non-routine suspected or confirmed information security or

cybersecurity events based on the expected risk an event presents. As appropriate, the Computer Security Incident Response

Team ("CSIRT"), composed of individuals from several internal technical and managerial functions, may be involved to

investigate and remediate the event and determine the extent of external advisor support required, including from external

counsel, forensic investigators, and/or law enforcement. The IRP sets out ongoing monitoring or remediation actions to be taken

after resolution of an incident. The IRP is reviewed at least annually by members of Stonepeak's IT and Legal and Compliance

teams.

Stonepeak maintains a formal Information Security Program designed to identify, track and treat cybersecurity risks at

the firm, and integrates these processes into the firm's overall risk management practices described above. Stonepeak's IT Head

periodically discusses and reviews cybersecurity risks and related mitigants with its Technology Risk and Information Security

Committee ("TRISC") and incorporates relevant cybersecurity risk updates and metrics in quarterly reporting.

Stonepeak has a process designed to assess the cybersecurity risks associated with the engagement of third-party

vendors. This assessment is conducted on the basis of, among other factors, the types of services provided and the extent and

type of Stonepeak data accessed or processed by a third-party vendor. On the basis of its preliminary risk assessment of a third-

party vendor, Stonepeak may conduct further cybersecurity reviews or request remediation of, or contractual protections related

to, any actual or potential identified cybersecurity risks. In addition, where appropriate, Stonepeak seeks to include in its

contractual arrangements with certain of its third-party vendors provisions addressing its requirements and industry best

practices with respect to data and cybersecurity, as well as the right to assess such vendors' cybersecurity programs and

practices. Stonepeak also utilizes a number of digital controls, which are reviewed periodically, to monitor and manage third-

party access to its internal systems and data.

For a discussion of how risks from cybersecurity threats affect our business, and our reliance on Stonepeak in managing

these risks, see "*Part I. Item 1A. Risk Factors"* in this Annual Report.

**Cybersecurity Governance**

Stonepeak has a dedicated cybersecurity team, led by Stonepeak IT Head, who works closely with Stonepeak senior

management, including Stonepeak's Chief Compliance Officer and Chief Financial Officer, to develop and advance the firm's

cybersecurity program and strategy, which applies to SP+ INFRA. Stonepeak's IT Head has extensive experience in

cybersecurity and technology, respectively. Stonepeak's IT Head is a Principal at Stonepeak and is responsible for all aspects of

cyber and physical security across Stonepeak. The IT Head has over 20 years of information security, technology and

engineering experience and holds a Certified Information Systems Security Professional (CISSP) designation.

SP+ INFRA conducts periodic cybersecurity risk assessments, including assessments or audits of third-party vendors,

and assists with the management and mitigation of identified cybersecurity risks. The IT Head is responsible for the review of

Stonepeak's cybersecurity framework annually as well as on an event-driven basis, as necessary. The IT Head also reviews the

scope of Stonepeak's cybersecurity measures periodically, including in the event of a change in business practices that may

implicate the security or integrity of Stonepeak's information and systems.

The Board of Directors is responsible for overseeing risks from cybersecurity threats for SP+ INFRA. The Board of

Directors and TRISC are responsible for reviewing SP+ INFRA's and the Investment Advisor's IT security controls with

management and evaluating the adequacy of SP+ INFRA's and the Investment Advisor's IT security program, compliance and

controls with management. Stonepeak's IT Head will report to the Board of Directors and/or TRISC periodically on

cybersecurity matters, including risks facing SP+ INFRA and the Sponsor and, as applicable, certain incidents. In addition to

such periodic reports, the Board of Directors and/or TRISC will receive periodic reports and/or updates from management on

the primary cybersecurity risks facing SP+ INFRA and the Sponsor and the measures we and the Sponsor are taking to mitigate

such risks. In addition to such reports, the Board of Directors and/or TRISC will receive updates regarding changes to SP+

INFRA's and the Sponsor's cybersecurity risk profile or certain newly identified risks.

**Item 2. Properties**

Our corporate headquarters are located at 550 W 34th Street, New York, NY, 10001 and are provided by the General

Partner and the Investment Advisor. We believe that our office facilities are suitable and adequate for our business as it is

contemplated to be conducted.

**Item 3. Legal Proceedings**

We are not currently subject to any pending material legal proceedings. From time to time, we may be a party to certain

legal proceedings in the ordinary course of business, including proceedings relating to the enforcement of our rights under

contracts with our portfolio companies. We may also be subject to regulatory proceedings.

**Item 4. Mine Safety Disclosures**

Not applicable.

**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity** 

**Securities**

**Price Range of Units**

The Fund's Units are not listed or traded on any recognized securities exchange. See "*Part II. Item 7. Management's* 

*Discussion and Analysis of Financial Condition and Results of Operations—Net Asset Value*" for a discussion of the Fund's

calculation of NAV per Unit in accordance with valuation policies and procedures that have been approved by our Board. The

Fund's transactional NAV is the price at which we sell and redeem our Units.

**Holders of Record**

As of February 26, 2026, the Fund has the below number of holders of record of each outstanding class of Units:

---

| | |
|:---|:---|
| **Class** | **Number of Holders of Record** |
| Class A-1a Units | 2 |
| Class A-1b Units | 2 |
| Class A-1c Units | 2 |
| Class I-1 Units | 74 |
| Class F-1 Units | 19 |
| Class X Units | 14 |

---

**Distributions**

The Fund may declare distributions from time to time as authorized by the General Partner. However, the Fund cannot

guarantee that it will make distributions, and any distributions made will be at the discretion of the General Partner, considering

factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law.

As a result, the Fund's distribution rates and payment frequency may vary from time to time. There is no assurance the Fund

will pay distributions in any particular amount, if at all.

Unitholders of record as of the record date will be eligible for distributions declared. The per Unit amount of

distributions on Class A-1-a Units, Class A-1b Units, Class A-1c Units, Class D-1 Units, Class D-2 Units, Class F-1 Units,

Class F-2 Units, Class F-3 Units, Class F-4 Units, Class I-1 Units, Class I-2 Units, Class S-1 Units, Class S-2 Units, and Class

X Units may differ because of different Class-specific fees and expenses that are deducted from the gross distributions for each

Class. In the event that the Fund makes a distribution, we intend to adopt an "opt out" distribution reinvestment plan for

investors. As a result, in the event of a declared cash distribution, each Unitholder that has not "opted out" of the distribution

reinvestment plan will have their distributions automatically reinvested in additional Units rather than receive cash

distributions. See "*Part I. Item 1. Business—Distribution Reinvestment Plan.*"

The following table presents our distributions that were declared and paid for each Class of its Units for the year ended

December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Declaration Date** | **Record Date** | **Payment Date** | **Class of Units** | **Net Distribution** <br>**per Unit**<br>| **Distribution** <br>**Amount**<br>|
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class A-1a | $0.2628 | $3246000 |
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class A-1b | $0.2785 | $476452 |
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class A-1c | $0.3000 | $349189 |
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class F-1 | $0.3000 | $53368 |
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class I-1 | $0.3000 | $87506 |
| December 01, 2025 | October 31, 2025 | December 09, 2025 | Class X | $0.3000 | $72975 |

---

**Unregistered Sales of Equity Securities**

All sales of unregistered securities during the year ended December 31, 2025 were previously disclosed.

**Unit Redemptions**

There have been no redemptions of Units that are registered under Section 12 of the Exchange Act for the three months

ended December 31, 2025.

**Item 6. [Reserved]**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The information contained in this section should be read in conjunction with our consolidated financial statements and related* 

*notes appearing elsewhere in this Annual Report. This discussion contains forward-looking statements, which relate to future* 

*events or the future performance or financial condition and involves numerous risks and uncertainties, including, but not* 

*limited to, those set forth in "Part I. Item 1A. Risk Factors" in this Annual Report for the period ended December 31, 2025.* 

*This discussion should be read in conjunction with the "Forward-Looking Statements: Risk Factor Summary" in this Annual* 

*Report. Actual results could differ materially from those implied or expressed in any forward-looking statements.*

The following discussion and analysis should be read in conjunction with the consolidated financial statements and the

related notes of Stonepeak-Plus Infrastructure Fund LP and the consolidated financial statements and the related notes of

Stonepeak-Plus Infrastructure Fund Master Aggregator LP, both included within this Annual Report.

The investment activities of the Partnership are carried out through the Master Aggregator, a non-consolidated affiliate of

the Partnership. As such, in this discussion and analysis, we believe it is important to present information for the Partnership

and the Master Aggregator. The consolidated financial statements of each entity are presented in "*Part II. Item 8. Financial* 

*Statements and Supplementary Data*" of this Annual Report and for information related to the principles of consolidation see

"*—Critical Accounting Estimates — Principles of Consolidation*."

**Overview**

The Partnership was organized on April 29, 2024 as a limited partnership under the laws of the State of Delaware. We

are a private fund exempt from registration under Section 3(c)(7) of the 1940 Act. We are considered an investment company

under U.S. GAAP and follow the accounting and reporting guidance applicable to investment companies in the Financial

Accounting Standards Board Accounting Standards Codification Topic 946.

Investment operations commenced on May 2, 2025 (the "Initial Closing Date") when the Partnership sold unregistered

limited partnership units to third parties and commenced its investment activities.

SP+ INFRA is structured as a perpetual-life strategy, with monthly, fully funded subscriptions and periodic redemptions.

The Partnership's investment objective is to deliver medium-to long-term capital appreciation and, to a lesser extent, generate

modest current income. The Partnership will seek to achieve this investment objective by providing access to the talent and

investment capabilities of Stonepeak's investment platform (the "Stonepeak Platform") to create a portfolio of diversified

alternative infrastructure and infrastructure-related investments primarily alongside Other Stonepeak Accounts and Stonepeak.

**Recent Developments** 

During the year ended December 31, 2025, public markets had experienced heightened volatility, driven by the impact

of U.S. and reciprocal tariffs and ongoing uncertainty in global economic markets. To date there has been significant

uncertainty as to the outcome of ongoing global trade negotiations, the extent of retaliatory measures taken by other countries,

the potential for a prolonged U.S. government shutdown, geopolitical instability stemming from the conflicts in Ukraine and

Iran and escalating conflicts in other parts of the Middle East and the ultimate impact on the U.S. and global economies. A

prolonged period of policy-driven uncertainty and continued market volatility increases the likelihood of a slowdown in the

U.S. and global economies which could adversely affect us, our investors, our portfolio companies and the value of the

underlying assets related to our investments. Historically, private markets have exhibited lower levels of volatility compared to

public equities during periods of market disruption, offering investors potential diversification benefits. We believe private

markets strategies provide unique opportunities for value creation through strategic and operational support, enabling portfolio

companies to unlock their full potential. However, ongoing fluctuations in industry dynamics, regulatory developments, and

broader macroeconomic factors may continue to contribute to elevated levels of market volatility both in the United States and

internationally.

*Amendment No. 1 to the Fund LPA*

The Partnership entered into Amendment No. 1 to the Fund LPA (the "Amendment No. 1") with the General Partner,

effective March 30, 2026. The Amendment No. 1 amended and restated Section 4.5(b) of the Fund LPA to expand and clarify

the types of fees that the General Partner and its affiliates may receive in connection with the investment activities of Stonepeak

and/or Portfolio Companies (each as defined in the Fund LPA) and from unconsummated transactions, including, among others,

aviation and aviation-related fees.

*Amended and Restated Investment Advisory Agreement*

On March 30, 2026, the Partnership entered into an amended and restated investment advisory agreement with the

Investment Advisor, which amended and restated the investment advisory agreement entered into on May 2, 2025. The

Investment Advisory Agreement (i) extends the period of the Investment Advisor's advancement of organizational and offering

expenses and Initial Partnership Expense Support (as defined in the Investment Advisory Agreement) from the first anniversary

to the second anniversary of the Initial Closing Date, (ii) permits reimbursement by the Partnership to the Investment Advisor

when and if requested by the Investment Advisor during the applicable 60-month period, and (iii) provides that aviation related

fees and any fees or payments as agreed or approved by the Independent Directors are excluded from the Management Fee

offset.

***Performance Summary***

Since the Initial Closing Date, we have delivered positive performance across all classes in Stonepeak-Plus Infrastructure

Fund LP:

---

| | |
|:---|:---|
| | **December 31, 2025** |
| <br>**Unit Class** | **Commencement of** <br>**Operations to Date** <br>**Total Return**<sup>(a),(b)</sup><br>|
| Class A-1a | 21.0% |
| Class A-1b | 21.2% |
| Class A-1c | 21.4% |
| Class F-1 | 21.4% |
| Class I-1 | 10.8% |
| Class X | 28.5% |

---

<sup>(a) Commencement of operations to date total return is</sup><sup>unannualized return from the Initial Closing Date.</sup>

<sup>(b) Returns shown reflect the percent change in the Transactional NAV per Unit from the beginning of the applicable period, plus the amount of any distribution per Unit declared</sup>

<sup>in the period. Returns shown are reflective of each Unit class and not of an individual investor. The Partnership believes total return is a useful measure of overall investment</sup>

<sup>performance of our Units.</sup>

**Results of Operations**

We are dependent upon the proceeds from our continuous private offering (the "Private Offering") in order to conduct

our business. We intend to acquire infrastructure assets with the capital received from our continuous Private Offering and any

indebtedness that we may incur in connection with such activities.

A discussion of the results of operations for the year ended December 31, 2025 is as follows.

**Investment Income**

We generate revenues primarily from our investments, including dividends, distributions and capital appreciation on our

Direct Investments, Secondary Investments and Primary Commitments. To a lesser extent, we also generate revenue in the form

of interest income from our investments in Debt and Other Securities, which may be used to generate income, facilitate capital

deployment and provide a potential source of liquidity.

Revenues for the year ended December 31, 2025 were $8,712,974, compared to no revenues for the year ended

December 31, 2024. The year-over-year increase was primarily attributable to (i) the commencement of the Partnership's

operations in 2025, (ii) distributions received from certain portfolio investments, reflecting a combination of operating

performance, cash generation and the timing of distributions at the portfolio company level, which were subsequently passed

through to investors, and (iii) income earned on cash and cash equivalents.

**Expenses**

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Partnership and the cost of legal

services and other fees pertaining to the Partnership's organization. These costs are expensed as incurred. For the year ended

December 31, 2025, the Partnership incurred organization expenses of $3,973,349, which have been recorded as an expense on

the Consolidated Statements of Operations. For the period from April 29, 2024 (Inception) to December 31, 2024, the

Partnership incurred organization expenses of $2,627,988. The increase in organizational expenses was driven by the

Partnership commencing its operations in 2025. As of December 31, 2025, organization expenses amounting to $3,938,196 and

$35,153 are included within Due to affiliate and Accounts payable and accrued expenses, respectively, in the Consolidated

Statements of Assets and Liabilities.

**Offering Costs**

Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement and

costs in connection with the continuous offering of Units of the Partnership. Offering costs are recognized as a deferred charge

and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. For the year

ended December 31, 2025, the Partnership recognized amortization of offering costs in the amount of $966,961. As of

December 31, 2025, offering costs payable amounting to $1,450,442 and $483,481 are included within Due to affiliate and

Deferred offering costs, respectively, in the Consolidated Statements of Assets and Liabilities. The Partnership did not incur

offering costs for the period from April 29, 2024 (Inception) to December 31, 2024.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the year ended December 31, 2025, the Partnership incurred professional fees of $3,471,626. For the period from

April 29, 2024 (Inception) to December 31, 2024, the Partnership incurred professional fees of $116,000. The increase in

professional fees was driven by the Partnership commencing its operations in 2025. As of December 31, 2025, total

professional fees of $1,625,966 and $1,845,660 are included within Due to affiliate and Accounts payable and accrued

expenses, respectively, in the Consolidated Statements of Assets and Liabilities.

**Unrealized Gain (Loss) on Investment in Master Aggregator**

The Partnership generates income primarily from its investment in the Master Aggregator. The Partnership had an

interest of 70.1% in the Master Aggregator as of December 31, 2025. For the year ended December 31, 2025, the Master

Aggregator generated a Net Increase/(Decrease) in Net Assets Resulting from Operations after Income Taxes of $144,871,850,

respectively. This resulted in the Partnership recognizing a Net Realized and Change in Unrealized Gain/(Loss) on Investments

in Master Aggregator of $85,281,242 for the year ended December 31, 2025. Key drivers of the results of operations of the

Master Aggregator are discussed below.

**Master Aggregator Income, Expenses and Net Realized and Unrealized Gain (Loss) on Investments**

The Master Aggregator generates income primarily from investments in Private Equity Investments and in Debt and

Other Securities, including net realized and unrealized gains and losses. Realized gains or losses are measured as the difference

between the net proceeds from the sale, repayment, or disposal of an asset and the adjusted cost basis of the asset, without

regard to unrealized gains or losses previously recognized. Net change in unrealized gains or losses reflects the change in

investment values during the reporting period, including any reversal of previously recorded unrealized gains or losses, when

gains or losses are realized.

We also generate income in the form of dividends and distributions on our Private Equity Investments.

For the year ended December 31, 2025, the Master Aggregator's Net Increase/(Decrease) in Net Assets Resulting from

Operations after Income Taxes of $144,871,850 was primarily attributable to Net Realized and Unrealized Gain/(Loss) on

Investments and Derivative Instruments After Income Taxes of $129,465,328, which was primarily due to an increase in

unrealized appreciation offset by ongoing expenses during the year ended December 31, 2025 for the Master Aggregator.

*Master Aggregator Net Investment Income/(Loss)*

For the year ended December 31, 2025, the Master Aggregator's Net Investment Income/(Loss) was $15,474,619.

*Master Aggregator Income* 

For the year ended December 31, 2025, the Master Aggregator generated $21,514,197 in Total Income.

*Master Aggregator Expenses* 

For the year ended December 31, 2025, the Master Aggregator incurred $6,016,422 in Total Operating Expenses.

**Liquidity and Capital Resources**

For the year ended December 31, 2025, the Partnership had Total Assets of $779,338,574, which was caused by the Fund

commencing operations on the Initial Closing Date, investment activity, and increase in fair value of the Master Aggregator. As

of December 31, 2025, the Master Aggregator had Total Assets of $1,193,533,228.

For the year ended December 31, 2025, the Partnership had Total Liabilities of $43,851,174 which was driven by

operational expenses for commencing and maintaining the Partnership as well as servicing fees payable in the amount of

$16,605,261. As of December 31, 2025, the Master Aggregator had Total Liabilities of $93,194,817, which was driven by a

credit facility payable of $80,000,000, a distribution payable of $4,132,814 and operating expenses.

We generate cash primarily from (i) the net proceeds of our continuous Private Offering, (ii) cash flows from our

operations, (iii) any financing arrangements we may enter into in the future and (iv) any future offerings of our equity or debt

securities.

Our primary use of cash is for (i) making alternative infrastructure and infrastructure related investments, (ii) the cost of

operations (including the Management Fee and Performance Participation Allocation), (iii) debt service of any borrowings, (iv)

periodic redemptions, including under the Unit Redemption Program (as described herein), and (v) cash distributions to the

holders of our Units.

**Cash Flows**

As of December 31, 2025, the Partnership had no cash. During the year ended December 31, 2025, net cash used in

operating activities was $483,221,769, primarily driven by purchase of investments in the amount of $488,262,695, offset by a

$3,561,727 distribution payable declared as of December 31, 2025.

As of December 31, 2025, the Master Aggregator had $36,361,729 in cash and cash equivalent. During the year ended

December 31, 2025, net cash used in operating activities was $801,416,613, primarily due to purchase of investments in the

amount of $806,839,219, offset by a $4,132,814 distribution payable declared as of December 31, 2025.

As of December 31, 2025, cash, taken together with proceeds from new or amended financing arrangements and the

continuous offering of Units is expected to be sufficient for investing activities and to conduct operations in the near term.

**Transactional Net Asset Value**

The Partnership calculates its Transactional NAV per Unit in accordance with valuation policies and procedures that

have been approved by the Board of Directors. The Partnership's Transactional NAV is the price at which it sells and redeems

its Units and serves as a basis for certain fees incurred by the Partnership. The Partnership's Transactional NAV is based on the

month-end values of its investments and other assets and the deduction of any liabilities, including certain fees and expenses, in

all cases as determined in accordance with its valuation policy that has been approved by the Board of Directors. Organizational

and offering expenses advanced on the Partnership's behalf by the Investment Advisor will be recognized as a reduction to the

Partnership's Transactional NAV ratably over 60 months beginning on May 2, 2027, and Unitholder servicing fees, as

applicable, are recognized as a reduction to Partnership's Transactional NAV on a monthly basis as such fees are accrued.

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| **Components of the Partnership's Transactional Net Asset Value** |  |
| Investment in Affiliated Investments | $774862476 |
| Unit Repurchase | (25000000) |
| Net change in unrealized gain/(loss) | (2704756) |
| Accrued Unitholder Servicing Fees | (534950) |
| Other Liabilities | (8746521) |
| **Transactional Net Asset Value** | $737876249 |

---

The Transactional NAV per Unit for each class of the Partnership as of December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** |
| <br>**Unit Class** | **Transactional NAV** <br>**Per Unit**<br>| **Number of Units** |
| Class A-1a | $30.79 | 14216531 |
| Class A-1b | $30.82 | 1722867 |
| Class A-1c | $30.84 | 1163964 |
| Class F-1 | $30.84 | 179183 |
| Class I-1 | $31.13 | 517477 |
| Class X | $31.67 | 6772578 |
|  |  | 24572600 |

---

The following table reconciles GAAP Net Asset Value to Partnership's Transactional Net Asset Value:

---

| | |
|:---|:---|
|  | **December 31, 2025** |
| GAAP Net Asset Value | $735487400 |
| Adjustments |  |
| Net change in unrealized gain/(loss) | (2704756) |
| Unit Repurchase | (25000000) |
| Organizational and offering expenses and Initial Fund expenses | 14179920 |
| Servicing Fee payable | 16070310 |
| Non-Controlling Interests in Consolidated Entities | (156625) |
| Transactional Net Asset Value | $737876249 |

---

**Critical Accounting Estimates**

The preparation of the consolidated financial statements in accordance with U.S. GAAP involves significant judgments

and assumptions and requires estimates about matters that are inherently uncertain. These judgments will affect our reported

amounts of assets and liabilities and our disclosure of contingent assets and liabilities at the dates of the consolidated financial

statements and the reported amounts of income and expenses during the reporting periods. With different estimates or

assumptions, materially different amounts could be reported in our consolidated financial statements. The following is a

summary of our significant accounting policies that we believe are the most affected by our judgments, estimates and

assumptions.

***Fair Value***

The Partnership has indirect exposure to gains and losses on underlying investments because it invests in the

Intermediate Entities which, in turn, holds such underlying investments through the Intermediate Entities' subsidiaries.

Valuations of investments held by the Intermediate Entities are disclosed in the notes to the Master Aggregator's consolidated

financial statements. For information regarding net realized and change in unrealized gains and losses on such investments held

indirectly by the Partnership, see the Master Aggregator's consolidated financial statements.

The Partnership measures its investment in the Intermediate Entities at fair value using the net asset value of the

Intermediate Entities. The net asset value of the Intermediate Entities is considered a practical expedient that represents fair

value as (a) the investment does not have a readily determinable fair value because the Intermediate Entities' net asset value is

not published or the basis for current transactions, (b) the Intermediate Entities are investment companies and (c) the net asset

value of the Intermediate Entities are calculated in a manner in which all of its investments are reported at fair value as of the

measurement date. Changes in the fair value of the Partnership's investment in the Master Aggregator are presented within Net

change in unrealized gain (loss) on investments in the Consolidated Statements of Operations.

***Servicing Fee***

Each of the Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1 Units, and Class S-2 Units

bear a monthly servicing fee (the "Servicing Fee"), in an amount equal (on an annualized basis) to 0.50% with respect to Class

A-1a Units, 0.25% with respect to Class A-1b Units, Class D-1 Units and Class D-2 Units, and 0.85% with respect to Class S-1

Units and Class S-2 Units, of the NAV of such Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1

Units and Class S-2 Units, as applicable, of each month. The Servicing Fee is calculated based on NAV as of the end of each

month before giving effect to any accruals for the Servicing Fee, redemptions, if any, for the applicable month and distributions

payable on such Units. For the avoidance of doubt, the Servicing Fees are payable by the Partnership, and Unitholders are not

billed separately for payment of the fees. For the avoidance of doubt, Class A-1aTE Units, Class A-1bTE Units, Class D-1TE

Units, Class D-2TE Units, Class S-1TE Units, and Class S-2TE will pay the applicable Servicing Fee at the Fund level, without

duplication at the Feeder Fund level. No Servicing Fee will be payable with respect to Class A-1c Units, Class I-1 Units, Class

I-2 Units, Class F-1 Units, Class A-1cTE Units, Class I-1TE Units, Class I-2TE Units or Class F-1TE Units.

The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Partnership and is reimbursed by

the Partnership for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the

Partnership. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for

reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the

Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest.

For the year ended December 31, 2025, Servicing Fees of $16,605,261 was accrued.

***Principles of Consolidation***

The Partnership and the Master Aggregator are both investment companies under ASC 946. There is inherent judgment

in how to apply ASC Topic 810, Consolidation ("ASC 810"), to instances where an investment company invests in another

investment company as generally investment companies do not consolidate their investments and rather report them at fair

value. The Partnership considered the guidance in ASC 810, ASC 946 and certain SEC industry guidance in concluding that

non-consolidation of the Master Aggregator by the Partnership was appropriate. In considering ASC 810, the following factors

were deemed important in supporting a conclusion that the Partnership does not have a controlling financial interest in the

Master Aggregator: (a) the Master Aggregator's purpose is to pool investments across funds from various regions, (b) there is

no contractual mechanism for the Partnership to control the Master Aggregator and (c) essentially all of the Master

Aggregator's activities are not conducted solely on behalf of the Partnership. The Partnership believes non-consolidation is the

financial presentation that most meaningfully presents the financial position and results of operations. As the investment in and

operations of the Master Aggregator are an integral part of the Partnership's consolidated financial statements, two sets of

financial statements are included in this Annual Report, one for the Partnership and one for the Master Aggregator. Barring a

significant change to the activities and structure of the Master Aggregator, we do not expect this consolidation conclusion and

the resulting presentation to change.

**Recent Accounting Pronouncements**

For information regarding recent accounting developments and their impact on the Partnership and the Master

Aggregator, see "*Note 2. Summary of Significant Accounting Policies*" in the "Notes to Consolidated Financial Statements" of

Stonepeak-Plus Infrastructure Fund LP and "*Note 2. Summary of Significant Accounting Policies*" in the "Notes to

Consolidated Financial Statements" of Stonepeak-Plus Infrastructure Fund Master Aggregator LP to our consolidated financial

statements in this Annual Report.

**Off-Balance Sheet Arrangements**

We currently do not have any off-balance sheet financings or liabilities other than contractual commitments and other

legal contingencies incurred in the normal course of our business.

**Contractual Obligations**

For contractual obligations and commitments extending beyond December 31, 2025, see Note 7. "*Commitments and* 

*Contingencies*" in the "*Notes to Consolidated Financial Statements*" of Stonepeak-Plus Infrastructure Fund LP and Note 6.

"*Borrowings*" and Note 8. "*Commitments and Contingencies*" in the "*Notes to Consolidated Financial Statements*" of

Stonepeak-Plus Infrastructure Fund Master Aggregator LP in "*Part II. Item 8. Financial Statements and Supplementary Data*"

in this Annual Report on Form 10-K.

**Item 7A. Quantitative and Qualitative Disclosures about Market Risk**

Uncertainty with respect to the economic conditions has introduced significant volatility in the financial markets, and the

effect of the volatility could materially impact our market risks. Our primary market risk exposure is the changes in fair values

and interest rate risk with respect to our alternative infrastructure and infrastructure related investments.

**Changes in Fair Value**

With respect to our proposed business operations, we plan to invest, primarily in equity securities of private companies

and illiquid debt. Most of our investments will not have a readily available market price, and we will value these investments at

fair value as determined in good faith pursuant to procedures adopted by, and under the oversight of, the Board in accordance

with the Fund's valuation policy. There is no single standard for determining fair value in good faith. As a result, determining

fair value requires that judgment be applied to the specific facts and circumstances of each portfolio investment while

employing a consistently applied valuation process for the types of investments we make. If we were required to liquidate a

portfolio investment in a forced or liquidation sale, we may realize amounts that are different from the amounts presented and

such differences could be material.

**Interest Rates Risk**

With respect to our proposed business operations, general increases in interest rates over time may cause the interest

expense associated with our borrowings to increase, and the value of our debt acquisitions to decline. Conversely, general

decreases in interest rates over time may cause the interest expense associated with our borrowings to decrease, and the value of

our debt acquisitions to increase.

**Item 8 - Financial Statements and Supplementary Data**

**Index to Consolidated Financial Statements**

---

| | |
|:---|:---|
|  | **Page** |
| Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund LP:  |  |
| <u>[Report of Independent Registered Public Accounting Firm](#id861ae4ead664bedbe5f496b05b590ea_866)</u> <u>(PCAOB ID</u> <u>238</u><u>)</u> | <u>[168](#id861ae4ead664bedbe5f496b05b590ea_866)</u> |
| <u>[Consolidated Statements of Assets and Liabilities as of December 31, 2025 and 2024](#id861ae4ead664bedbe5f496b05b590ea_16)</u> | <u>[169](#id861ae4ead664bedbe5f496b05b590ea_16)</u> |
| <u>[Consolidated Statements of Operations for the Year Ended December 31, 2025 and for the period from April 29, 2024](#id861ae4ead664bedbe5f496b05b590ea_19)</u><br><u>[(Inception) to December 31, 2024](#id861ae4ead664bedbe5f496b05b590ea_19)</u><br>| <u>[170](#id861ae4ead664bedbe5f496b05b590ea_19)</u> |
| <u>[Consolidated Statement of Changes in Net Assets for the Year Ended December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_22)</u> | <u>[171](#id861ae4ead664bedbe5f496b05b590ea_22)</u> |
| <u>[Consolidated Statement of Cash Flows for the Year Ended December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_25)</u> | <u>[172](#id861ae4ead664bedbe5f496b05b590ea_25)</u> |
| <u>[Condensed Consolidated Schedule of Investments as of December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_28)</u> | <u>[173](#id861ae4ead664bedbe5f496b05b590ea_28)</u> |
| <u>[Notes to Consolidated Financial Statements](#id861ae4ead664bedbe5f496b05b590ea_31)</u> | <u>[174](#id861ae4ead664bedbe5f496b05b590ea_31)</u> |
| Consolidated Financial Statements of Stonepeak-Plus Infrastructure Fund Master Aggregator LP:  |  |
| <u>Report of Independent Auditors</u> | <u>189</u> |
| <u>[Consolidated Statement of Assets and Liabilities as of December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_67)</u> | <u>[191](#id861ae4ead664bedbe5f496b05b590ea_67)</u> |
| <u>[Consolidated Statement of Operations for the period from May 2, 2025 (Commencement of Operations) to December 31,](#id861ae4ead664bedbe5f496b05b590ea_70)</u><br><u>[2025](#id861ae4ead664bedbe5f496b05b590ea_70)</u><br>| <u>[192](#id861ae4ead664bedbe5f496b05b590ea_70)</u> |
| <u>[Consolidated Statement of Changes in Net Assets for the period from May 2, 2025 (Commencement of Operations) to](#id861ae4ead664bedbe5f496b05b590ea_73)</u><br><u>[December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_73)</u><br>| <u>[193](#id861ae4ead664bedbe5f496b05b590ea_73)</u> |
| <u>[Consolidated Statement of Cash Flows for the period from May 2, 2025 (Commencement of Operations) to December](#id861ae4ead664bedbe5f496b05b590ea_76)</u><br><u>[31, 2025](#id861ae4ead664bedbe5f496b05b590ea_76)</u><br>| <u>[194](#id861ae4ead664bedbe5f496b05b590ea_76)</u> |
| <u>[Condensed Consolidated Schedule of Investments as of December 31, 2025](#id861ae4ead664bedbe5f496b05b590ea_79)</u> | <u>[195](#id861ae4ead664bedbe5f496b05b590ea_79)</u> |
| <u>[Notes to Consolidated Financial Statements](#id861ae4ead664bedbe5f496b05b590ea_82)</u> | <u>[197](#id861ae4ead664bedbe5f496b05b590ea_82)</u> |

---

**Report of Independent Registered Public Accounting Firm**

To the Board of Directors and Unitholders of Stonepeak-Plus Infrastructure Fund LP

***Opinion on the Financial Statements***

We have audited the accompanying 2025 consolidated financial statements of Stonepeak-Plus Infrastructure Fund

LP and its subsidiaries and the 2024 financial statements of Stonepeak-Plus Infrastructure Fund LP (collectively

referred to as the "Partnership"), which comprise the consolidated statement of assets and liabilities, including the

condensed consolidated schedule of investments as of December 31, 2025, the related consolidated statements of

operations, of changes in net assets and of cash flows for the year ended December 31, 2025, the statement of assets

and liabilities as of December 31, 2024, and the related statement of operations for the period from April 29, 2024

(Inception) to December 31, 2024, including the related notes (collectively referred to as the "financial statements").

In our opinion, the financial statements present fairly, in all material respects, the financial position of the

Partnership as of December 31, 2025 and 2024, the results of its operations, changes in its net assets, and its cash

flows for the year ended December 31, 2025 and the results of its operations for the period from April 29, 2024

(Inception) to December 31, 2024 in conformity with accounting principles generally accepted in the United States

of America.

***Basis for Opinion***

These financial statements are the responsibility of the Partnership's management. Our responsibility is to express

an opinion on the Partnership's financial statements based on our audits. We are a public accounting firm registered

with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent

with respect to the Partnership in accordance with the U.S. federal securities laws and the applicable rules and

regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis

for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

March 31, 2026

We have served as the Partnership's auditor since 2024.

![](sp-20251231_g1.gif)

<sup>1</sup> The financial statements were not consolidated as of December 31, 2024.

**Stonepeak-Plus Infrastructure Fund LP**

**Consolidated Statements of Assets and Liabilities**

---

| | | |
|:---|:---|:---|
|  | **As of** | **As of** |
|  | **December 31, 2025** | **December 31,** <br>**2024**<sup>1</sup><br>|
| **Assets** |  |  |
| Affiliated investments at fair value (cost $688,037,634 as of December 31, <br>2025)<br>| $774862476 | $— |
| Cash |  | 1000 |
| Distribution receivable from affiliated investments | 3902795 |  |
| Deferred offering costs | 483481 |  |
| Prepaid expenses | 89822 |  |
| **Total assets** | $779338574 | $1000 |
| **Liabilities** |  |  |
| Servicing fee payable | $16605261 | $— |
| Accrued performance participation allocation | 10824588 |  |
| Due to affiliate | 10576861 |  |
| Distribution payable | 3561727 |  |
| Accounts payable and accrued expenses | 1911421 |  |
| Management fee payable | 371316 |  |
| **Total liabilities** | 43851174 |  |
| **Commitments and contingencies (Note 7)** |  |  |
| **Net assets** | 735487400 | 1000 |
| **Net assets are comprised of** |  |  |
| Limited Partnership Unit - Class A-1a Units, unlimited Units authorized, <br>14,216,531 Units issued and outstanding ($29.26 NAV per Unit)<br>| 415998052 |  |
| Limited Partnership Unit - Class A-1b Units, unlimited Units authorized, <br>1,722,867 Units issued and outstanding ($29.82 NAV per Unit)<br>| 51377386 |  |
| Limited Partnership Unit - Class A-1c Units, unlimited Units authorized, <br>1,163,964 Units issued and outstanding ($30.37 NAV per Unit)<br>| 35345256 |  |
| Limited Partnership Unit - Class F-1 Units, unlimited Units authorized, <br>179,183 Units issued and outstanding ($30.37 NAV per Unit)<br>| 5441099 |  |
| Limited Partnership Unit - Class I-1 Units, unlimited Units authorized, <br>517,477 Units issued and outstanding ($30.67 NAV per Unit)<br>| 15868446 |  |
| Limited Partnership Unit - Class X Units, unlimited Units authorized, <br>6,772,578 Units issued and outstanding ($31.20 NAV per Unit)<br>| 211300536 |  |
| General partner interest  |  | 1000 |
| Non-controlling interests in consolidated entities | 156625 |  |
| **Total net assets** | $735487400 | $1000 |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](sp-20251231_g1.gif)

<sup>\*</sup> For the period from April 29, 2024 (Inception) to December 31, 2024. The financial statements were not consolidated.

**Stonepeak-Plus Infrastructure Fund LP**

**Consolidated Statements of Operations**

---

| | | |
|:---|:---|:---|
|  | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2025** | **2024**<sup>\*</sup> |
| **Income** |  |  |
| Distribution income from affiliates | $8712974 | $— |
| **Total income** | 8712974 |  |
| **Operating expenses** |  |  |
| Performance participation allocation | $10824588 | $— |
| Organization costs | 3973349 | 2627988 |
| Professional fees | 3471626 | 116000 |
| Management fee, gross | 2205531 |  |
| Amortization of offering costs | 966961 |  |
| Net accretion of interest on servicing fee payable | 788134 |  |
| Other fees | 759057 |  |
| **Total operating expenses** | 22989246 | 2743988 |
| Management fee offset | (1834215) |  |
| **Net operating expenses** | 21155031 | 2743988 |
| Operating expenses payable by an affiliate of the Investment Advisor (Note 5) |  | (2743988) |
| Reimbursable expenses previously borne by an affiliate of the Investment Advisor (Note 5)  | 2743988 |  |
| **Net investment income/(loss)** | (15186045) |  |
| **Net realized and change in unrealized gain/(loss) on investments** |  |  |
| Net realized gain/(loss) on investments | 19760 |  |
| Net change in unrealized gain/(loss) on investments | 86824842 |  |
| **Net realized and change in unrealized gain/(loss) on investments** | 86844602 |  |
| **Net increase/(decrease) in net assets resulting from operations** | 71658557 |  |
| Less: net increase/(decrease) in net assets resulting from operations attributable to non-<br>controlling interests in consolidated entities<br>| 56625 |  |
| **Net increase/(decrease) in net assets resulting from operations attributable to** <br>**Stonepeak-Plus Infrastructure Fund LP**<br>| $71601932 | $— |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund LP**

**Consolidated Statement of Changes in Net Assets**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Class A-1a** | **Class A-1b** | **Class A-1c** | **Class F-1** | **Class I-1** | **Class X** | **General** <br>**Partner** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets/**<br>**(Deficit)**<br>|
| **Balance at December 31, 2024** | **$—** | **$—** | **$—** | **$—** | **$—** | **$—** | **$1000** | **$—** | **$1000** |
| Net investment income/(loss) | (9966298) | (1322973) | (958582) | (147198) | (229790) | (2559518) |  | (1686) | (15186045) |
| Proceeds from Units issued | 384336437 | 45000000 | 30000000 | 4585000 | 15271000 | 206219609 | (1000) | 100000 | 685511046 |
| Distributions reinvested | 2251582 | 356588 |  | 38513 | 72074 | 6734 |  |  | 2725491 |
| Redemption of Units | (219760) |  |  |  |  |  |  |  | (219760) |
| Distributions to Unitholders | (5200976) | (730712) | (535423) | (82037) | (170302) | (1156587) |  |  | (7876037) |
| Servicing fees | (15381451) | (931446) |  |  |  |  |  |  | (16312897) |
| Net realized gain/(loss) on <br>investments<br>| 14980 | 2337 | 1594 | 244 | 290 | 315 |  |  | 19760 |
| Net change in unrealized gain/<br>(loss) on investments<br>| 60163538 | 9003592 | 6837667 | 1046577 | 925174 | 8789983 |  | 58311 | 86824842 |
| **Balance at December 31, 2025** | $415998052 | $51377386 | $35345256 | $5441099 | $15868446 | $211300536 | $— | $156625 | $735487400 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund LP**

**Consolidated Statement of Cash Flows**

---

| | |
|:---|:---|
|  | **Year Ended** <br>**December 31, 2025**<br>|
| **Operating activities** |  |
| Net increase/(decrease) in net assets resulting from operations | $71658557 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in <br>operating activities<br>|  |
| Purchases of investments | (488262695) |
| Net change in unrealized (gain)/loss on investments | (86824842) |
| Net realized (gain)/loss on investments | (19760) |
| Proceeds from investments | 230749 |
| Amortization of offering costs | 966961 |
| Net accretion of interest on servicing fee payable | 788134 |
| Changes in assets and liabilities |  |
| Distribution receivable | (3902795) |
| Deferred offering costs | (1450442) |
| Prepaid expenses | (89822) |
| Accrued performance participation allocation | 10824588 |
| Due to affiliate | 10576861 |
| Accounts payable and accrued expenses | 1911421 |
| Management fee payable | 371316 |
| Net cash used in operating activities | $(483221769) |
| **Financing activities** |  |
| Proceeds from Units issued | 485525118 |
| Redemption of Units | (219760) |
| Distributions to Unitholders | (1588819) |
| Servicing fee paid | (495770) |
| Net cash provided by financing activities | $483220769 |
| **Cash** |  |
| Net increase/(decrease) in cash | $(1000) |
| Cash, beginning of year | $1000 |
| Cash, end of year | $— |
| **Supplemental disclosure of non-cash financing activities** |  |
| Servicing fee payable | $16605261 |
| Distributions reinvested | $2725491 |
| Issuance of 6,529,108 Class X Units for the purchase of assets | $199985928 |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](sp-20251231_g2.gif)

<sup>1</sup> EMEA is defined as Europe, Middle East and Africa.

<sup>2</sup> The Master Aggregator controls and consolidates this entity. Included in this interest is an indirect investment in Stonepeak

Partners Holdings LP, Stonepeak GP Investors Holdings LP, and Stonepeak GP Investors Holdings (CYM) LP.

**Stonepeak-Plus Infrastructure Fund LP**

**Condensed Consolidated Schedule of Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| <br>**Name of Investment**  | **Type of** <br>**Investment**<br>| **Industry** | **Geography** | **Cost** | **Fair Value** | **Fair Value as** <br>**a Percentage** <br>**of Net Assets**<br>|
| **Investments** |  |  |  |  |  |  |
| **Other Affiliated** <br>**Investments**<br>|  |  |  |  |  |  |
| Other investments | LP Interest | Digital <br>Infrastructure<br>| EMEA<sup>1</sup> | $2500000 | $3957829 | 0.5% |
| **Affiliated Investee Funds** |  |  |  |  |  |  |
| Stonepeak-Plus <br>Infrastructure Fund <br>Master Aggregator LP<br>| LP Interest | Various | Various | 684689313 | 769970555 | 104.7% |
| Stonepeak-Plus <br>Infrastructure Fund <br>Aggregator I LP<sup>2</sup><br>| LP Interest | Various | Americas | 848321 | 934092 | 0.1% |
| **Total Affiliated** <br>**Investments**<br>|  |  |  | $685537634 | $770904647 | 104.8% |
| **Total Investments** |  |  |  | $688037634 | $774862476 | 105.3% |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund LP**

**Notes to Consolidated Financial Statements**

**Note 1. Organization**

Stonepeak-Plus Infrastructure Fund LP (the "Partnership") is a Delaware limited partnership which was formed on

April 29, 2024. The Partnership is governed by its Second Amended and Restated Limited Partnership Agreement dated as of

October 31, 2025, subsequently amended by Amendment No. 1 of the Second Amended and Restated Limited Partnership

Agreement in March 2026 (as amended, restated and/or supplemented from time to time, the "Partnership Agreement"). The

Partnership was initially formed under the name "Stonepeak Access Fund LP" and has changed its name pursuant to an

amendment to the certificate of limited partnership of the Partnership, as filed in Delaware on October 15, 2024, to "Stonepeak-

Plus Infrastructure Fund LP". The Partnership is a private fund exempt from registration under Section 3(c)(7) of the

Investment Company Act of 1940, as amended (the "1940 Act"). Stonepeak-Plus Infrastructure Fund Advisors LLC (the

"Investment Advisor") is the investment advisor of the Partnership. The Investment Advisor is a registered investment advisor

with the U.S. Securities and Exchange Commission (the "SEC") under the Investment Advisers Act of 1940 (the "Advisers

Act") by virtue of being a relying adviser of one of its affiliates.

Stonepeak-Plus Infrastructure Fund (TE) LP (the "Feeder Fund"), a Delaware limited partnership, is a feeder vehicle for

the Partnership. The Feeder Fund intends to invest all or substantially all of its assets in the Partnership. The Feeder Fund was

established for certain investors with particular tax characteristics, such as tax-exempt investors and certain non-U.S. investors.

Stonepeak-Plus Infrastructure Fund Associates LP (the "General Partner") may create one or more parallel vehicles established

by, or at the direction of, the General Partner or any Affiliate thereof to invest alongside the Partnership in Stonepeak-Plus

Infrastructure Fund Master Aggregator LP (the "Master Aggregator"), a Cayman Islands exempted limited partnership, or any

other Intermediate Entity (collectively, "Parallel Funds") to accommodate legal, tax, regulatory, compliance, or certain other

operational requirements which will generally co-invest (either directly or indirectly) in its investments with the Partnership on

a pro rata basis. The General Partner may, in its sole discretion, cause the Partnership to hold certain investments directly or

indirectly through (i) one or more corporations or (ii) one or more limited liability companies or limited partnerships or other

similar entities (each, a "Lower Fund" and together with any corporation, and including Stonepeak-Plus Infrastructure Fund

Aggregator I LP, the Master Aggregator and any other vehicle(s) used to aggregate the holdings of the Fund and any Parallel

Funds, "Intermediate Entities"). Overall responsibility for the Partnership's oversight rests with the General Partner, subject to

certain oversight rights held by the Partnership's Board of Directors (the "Board of Directors" or "Board").

Investment operations commenced on May 2, 2025 (the "Initial Closing Date") when the Partnership sold unregistered

limited partnership units to third parties and commenced its investment activities.

The Partnership's investment objective is to deliver total returns, with a focus on capital appreciation and generating

current income through its investments. The Partnership seeks to achieve this investment objective by providing access to the

talent and investment capabilities of the investment program designed to offer eligible individuals access to Stonepeak's

infrastructure platform (the "Stonepeak Platform") to create a portfolio of diversified alternative infrastructure and

infrastructure-related investments primarily alongside other investment vehicles managed by the Investment Advisor or

affiliated investment advisors.

The Partnership entered into a services agreement with SS&C Technologies, Inc. and SS&C GIDS, Inc. (collectively, the

"Administrator"), under which the Administrator provides various accounting and administrative services to the Partnership.

Administrative services may include maintenance of the Partnership's books and records, processing of investor transactions,

and calculation of the net asset value (the "NAV"). Administrative services commenced on the Initial Closing Date and are

charged at the Partnership, Feeder Fund and Master Aggregator. For the year ended December 31, 2025, the Partnership

incurred an Administration Fee of $812,527, which has been included as Professional fees on the Consolidated Statements of

Operations.

The Partnership expects to conduct a continuous private offering of its units in reliance on exemptions from the

registration requirements of the Securities Act of 1933, as amended, the ("Securities Act") to investors that are both (i)

accredited investors (as defined in Regulation D under the Securities Act) and (ii) qualified purchasers (as defined in the 1940

Act and rules thereunder). The Partnership is structured as a perpetual-life strategy, with monthly, fully funded subscriptions

and periodic redemptions, which enables investors to gain exposure to private markets asset classes, such as infrastructure and

real assets.

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

**Basis of Presentation** 

The Partnership's consolidated financial statements have been prepared in accordance with generally accepted

accounting principles in the United States of America ("U.S. GAAP"). The Partnership's consolidated financial statements and

related financial information have been prepared pursuant to the requirements of Regulation S-X. The Partnership is considered

an investment company under U.S. GAAP and follows the accounting and reporting guidance applicable to investment

companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification ("ASC") Topic 946.

The functional currency of the Partnership is U.S. dollars and these consolidated financial statements have been prepared in that

currency. A statement of changes in net assets, statement of cash flows and financial highlights have not been presented as of

December 31, 2024 because the Partnership had not commenced operations as of December 31, 2024.

**Principles of Consolidation**

In accordance with ASC Topic 946, the Partnership generally does not consolidate investments unless the Partnership

has a controlling financial interest in an investment company or operating company whose business consists of providing

services to the Partnership. The General Partner determines whether the Partnership has a controlling financial interest in an

investment company at such company's inception and continuously reconsiders that conclusion. For wholly owned and

substantially wholly owned interests in investment companies, the General Partner assesses the nature of the investment

structure and considers its interests in and governance rights over the investment company to determine whether the Partnership

holds a controlling financial interest. Performance of that analysis requires the exercise of judgment.

The Partnership has a controlling financial interest in Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP ("Lower

Fund VI-A") which wholly owns Stonepeak-Plus Infrastructure Fund Holdco A (CYM) LLC ("Holdco A," collectively with

Lower Fund VI-A, the "Consolidated Entities"), and as a result these entities are consolidated for reporting purposes. All

intercompany balances have been eliminated in consolidation.

The Partnership does not have a controlling financial interest in and, as a result, does not consolidate the Master

Aggregator, nor any other reporting entities within SP+ INFRA (defined as the Fund, together with any Parallel Funds, any

Feeder Funds, the Aggregators, the Lower Funds and any other Intermediate Entities, collectively) except for the entities noted

above, because (a) the General Partner is not acting solely on behalf of the Partnership as it carries out its duties and (b) the

Partnership does not absorb essentially all of the Master Aggregator's variability. At each reporting date, the General Partner

assesses whether the Partnership has a controlling financial interest in the Master Aggregator or any other reporting entities

within SP+ INFRA, and any associated consolidation implications.

**Use of Estimates**

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the Partnership to make

estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and

liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets

from operations during the reporting period. Actual results could differ from those estimates and such differences could be

material.

**Valuation of Investments at Fair Value**

The Partnership has indirect exposure to gains and losses on underlying investments because it invests in the

Intermediate Entities which, in turn, hold such underlying investments through the Intermediate Entities' subsidiaries.

Valuations of investments held by the Intermediate Entities are disclosed in the notes to the Master Aggregator's consolidated

financial statements included in this report. For information regarding net realized and change in unrealized gains and losses on

such investments held indirectly by the Partnership, see the Master Aggregator's consolidated financial statements attached to

this Consolidated Financial Statement included in this report.

The Partnership measures its investment in certain Intermediate Entities, except for the entities noted below, at fair value

using the net asset value of the Intermediate Entities. The net asset value of the Intermediate Entities is considered a practical

expedient that represents fair value as (a) the investment does not have a readily determinable fair value because the

Intermediate Entities' net asset value is not published or the basis for current transactions, (b) the Intermediate Entities are

investment companies and (c) the net asset value of the Intermediate Entities are calculated in a manner in which all of its

investments are reported at fair value as of the measurement date. Changes in the fair value of the Partnership's investment in

the Intermediate Entities are presented within net change in unrealized gain (loss) on investments in the Consolidated

Statements of Operations.

ASC Topic 820, *Fair Value Measurement* ("ASC 820"), establishes a hierarchical disclosure framework which

prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price

observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment,

and the state of the marketplace. Investments with readily available, actively quoted prices, or for which fair value can be

measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of

judgment used in measuring fair value.

The investment held at the Consolidated Entities is measured and reported at fair value and is classified and disclosed in

one of the following categories:

• Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The

type of investments included in Level I are publicly traded securities in an active market. The Partnership does not

adjust the quoted price for these investments (to the extent it holds them) even in situations where the Partnership

holds a large position and a sale could reasonably impact the quoted price.

• Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly

observable as of the reporting date, and fair value is determined through the use of models or other valuation

methodologies. The types of investments that would generally be included in this category include publicly traded

securities with restrictions on disposition, certain convertible securities and certain over-the-counter derivatives where

the fair value is based on observable inputs.

• Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity

for the investment. Fair value for these investments is determined using valuation methodologies that consider a range

of factors, including, but not limited to, the price at which the investment was acquired, the nature of the investment,

local market conditions, valuations for comparable companies, current and projected operating performance and

financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value

require significant judgment. Due to the inherent uncertainty of these estimates, these values may differ materially

from the values that would have been used had a ready market for these investments existed. Investments that are

included in this category generally are privately held debt, equity and certain convertible securities.

In certain cases the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such

cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair

value measurement. The Investment Advisor's assessment of the significance of a particular input to the fair value measurement

in its entirety requires judgment, and considers factors specific to the investment.

**Cash**

Cash consists of a demand deposit held with a nationally recognized financial institution, which at times may exceed

federally insured limits.

**Income Recognition**

The Partnership recognizes interest income from its affiliated investments when earned pursuant to the terms of the

respective investment. The Partnership recognizes distribution income from investments on the ex-distribution date. In the case

of proceeds received from investments, the General Partner determines the character of such proceeds and records any interest

income, distribution income, realized gain or loss, or return of capital accordingly.

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Partnership and the cost of legal

services and other fees pertaining to the Partnership's organization. These costs are expensed as incurred. For the year ended

December 31, 2025, the Partnership incurred organization expenses of $3,973,349, which have been recorded as an expense on

the Consolidated Statements of Operations. As of December 31, 2025, organization expenses amounting to $3,938,196 and

$35,153 are included within Due to affiliate and Accounts payable and accrued expenses, respectively, in the Consolidated

Statements of Assets and Liabilities. For the period from April 29, 2024 (Inception) to December 31, 2024, the Partnership

incurred organization expenses of $2,627,988.

**Offering Costs**

Offering costs include registration fees and legal fees regarding the preparation of the initial registration statement and

costs in connection with the continuous offering of Units of the Partnership. Offering costs are recognized as a deferred charge

and are amortized on a straight-line basis over 12 months beginning on the date of commencement of operations. For the year

ended December 31, 2025, the Partnership recognized amortization of offering costs in the amount of $966,961. As of

December 31, 2025, offering costs amounting to $1,450,442 and $483,481 are included within Due to affiliate and Deferred

offering costs, respectively, in the Consolidated Statements of Assets and Liabilities. The Partnership did not incur offering

costs for the period from April 29, 2024 (Inception) to December 31, 2024.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the year ended December 31, 2025, the Partnership incurred professional fees of $3,471,626. As of December 31,

2025, total professional fees of $1,625,966 and $1,845,660 are included within Due to affiliate and Accounts payable and

accrued expenses, respectively, in the Consolidated Statements of Assets and Liabilities. For the period from April 29, 2024

(Inception) to December 31, 2024, the Partnership incurred professional fees of $116,000.

**Income Taxes**

The Partnership is treated as a partnership for U.S. federal and state income tax purposes, is not directly subject to U.S.

federal income taxes, and is generally not directly subject to U.S. state income taxes. The Partnership is subject to the

provisions of the Accounting Standard Codification ("ASC") Topic 740 "Income Taxes". This standard establishes consistent

thresholds as it relates to accounting for income taxes. It defines the threshold for recognizing the benefits of tax-return

positions in the consolidated financial statements as "more-likely-than-not" to be sustained by the taxing authority and requires

measurement of a tax position meeting the more-likely-than-not criterion, based on the largest benefit that is more than 50

percent likely to be realized. The General Partner has analyzed the Partnership's inventory of tax positions taken with respect to

all applicable income tax issues for all open tax years (in each respective jurisdiction), and has concluded that there were no

uncertain tax positions that require a provision for income tax in the Partnership's consolidated financial statements for the year

ended December 31, 2025. Interest and penalties assessed by the tax authorities would be recognized as expenses in the period

in which they were incurred and are presented as other expenses in the Consolidated Statements of Operations. For the year

ended December 31, 2025, there were no income tax expenses and no interest and penalties were incurred.

As of December 31, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the

statute of limitations are from inception forward.

Dividends, as well as certain interest and other income received by the Partnership from sources within the U.S., may be

subject to, and reflected gross of, U.S. withholding tax. Interest, dividends and other income realized by the Partnership from

non-U.S. sources and capital gains realized on the sale of non-U.S. investments may be subject to withholding and other taxes

levied by the jurisdiction in which the income is sourced. Amounts withheld for the payment of U.S. or foreign withholding tax

are treated as if such amounts were realized and recognized by the Partnership and distributed to the partners.

No provisions have been made in the accompanying consolidated financial statements for federal, state and local income

taxes since such liabilities are the responsibility of the individual partners.

**Deferred Taxes**

U.S. GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are

recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

existing assets and liabilities and their respective tax basis. Valuation allowances are established when the Partnership

determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Partnership

assesses all available positive and negative evidence, including the amount and character of future taxable income.

**Uncertain Tax Positions**

The Partnership recognizes uncertain tax positions when it is more likely than not that the position will be sustained by

the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-than not

threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate

settlement. The Partnership reevaluates its tax positions each period in which new information becomes available. the

Partnership's policy is to recognize tax related interest and penalties, if applicable, as a component of the provision for income

taxes on the Consolidated Statements of Operations.

**Segment Reporting**

The Partnership operates through a single reportable segment. The chief operating decision maker (the "CODM") is the

Chief Executive Officer of the Partnership. The CODM assesses the performance of, allocates resources to and makes operating

decisions for the Partnership primarily based on the Partnership's Net Increase in Net Assets Resulting from Operations.

Reportable segment assets are reflected on the accompanying Consolidated Statements of Assets and Liabilities as Total Assets

and reportable segment significant expenses that are regularly provided to the CODM are listed on the accompanying

Consolidated Statements of Operations.

**New Accounting Standards**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting

Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses ("ASU

2024-03"). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income

statement captions such as "Selling, general and administrative expenses." The new guidance is effective for annual reporting

periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early

adoption permitted. The Partnership is currently evaluating the impact that this change will have on the Partnership's

consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures, including

expanded effective tax rate reconciliation disclosures, disaggregation of income taxes paid by jurisdiction, and additional

disclosures of pretax income and income tax expense. The new guidance is effective for annual reporting periods beginning

after December 15, 2025 with early adoption permitted. The Partnership has adopted this new accounting standard as of

December 31, 2025 and this change is not significant for the Partnership's consolidated financial statements.

**Note 3. Investment in the Master Aggregator** 

The Partnership recognizes distribution income when earned at the time of receipt of proceeds from the Master

Aggregator. The Partnership had a limited partner interest of 70.1% and no interest in the Master Aggregator as of

December 31, 2025 and December 31, 2024, respectively. The remaining interest in the Master Aggregator is held by

Stonepeak-Plus Infrastructure Master Fund SCSp-RAIF and the General Partner. The Partnership's interest in the Master

Aggregator may result in the Partnership indirectly holding investments of the Master Aggregator that, on a proportional basis,

at times may exceed 5% of the net assets of the Partnership.

**Note 4. Investments and Fair Value Measurement** 

The following table summarizes the valuation of investments by the fair value hierarchy levels as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** | **NAV**  | **Total**  |
| **Assets**  |  |  |  |  |  |
| **Cash** | $— | $— | $— | $— | $— |
| Total cash |  |  |  |  |  |
| **Investments**  |  |  |  |  |  |
| Affiliated investee funds |  |  |  | 770904647 | 770904647 |
| Total investments  |  |  |  | 770904647 | 770904647 |
| **Other affiliated investments** |  |  |  |  |  |
| Other investments |  |  | 3957829 |  | 3957829 |
| Total other affiliated <br>investments<br>|  |  | 3957829 |  | 3957829 |
| **Total cash and investments** | $— | $— | $3957829 | $770904647 | $774862476 |

---

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in

Level III of the fair value hierarchy as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Valuation** <br>**Techniques**<br>| **Unobservable** <br>**Input**<br>| **Ranges** | **Weighted-**<br>**Average**<br>| **Impact to** <br>**Valuation from** <br>**an Increase in** <br>**Input**<br>|
| **Financial assets**  |  |  |  |  |  |  |
| Other affiliated investments |  |  |  |  |  |  |
| Other investments | $3957829 | Discounted <br>Cash Flows<br>| Discount rate | 15% | 15% | Lower |
|  |  |  | LQA EBITDA <br>Exit Multiple<br>| 18.0x | 18.0x | Higher |
| **Total other affiliated** <br>**investments**<br>| $3957829 |  |  |  |  |  |

---

• LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

For the year ended December 31, 2025, the following table presents changes in the fair value of investments for which

Level III inputs were used to determine the fair value:

---

| | |
|:---|:---|
|  | **Year Ended December 31,** <br>**2025**<br>|
|  | **Other Affiliated Investments** |
| **Balance, beginning of period** | $— |
| Purchases  | 2500000 |
| Change in unrealized gain/(loss) included in net assets  | 1457829 |
| **Balance, end of period**  | $3957829 |
| Changes in unrealized gain (loss) included in earnings related to financial assets still held at <br>reporting date <br>| $1457829 |

---

**NAV as a Practical Expedient** 

The Master Aggregator and Stonepeak-Plus Infrastructure Fund Aggregator I LP (together, "Affiliated Investee Funds")

were formed with the objectives of acquiring, holding, and disposing of investments.

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical

expedient as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Affiliated Investee Funds** | **Unfunded** <br>**Commitment** <br>| **Fair Value**  |
| Stonepeak-Plus Infrastructure Fund Master Aggregator LP | $— | $769970555 |
| Stonepeak-Plus Infrastructure Fund Aggregator I LP | $— | $934092 |
| **Total Affiliated Investee Funds** | $— | $770904647 |

---

**Note 5. Related Party Transactions**

**Due to Affiliate**

The Partnership's operating expenses are paid either by the Partnership or by the Investment Advisor or its related

affiliates. As of December 31, 2025, an affiliate of the Investment Advisor has advanced total costs of $10,576,861 all of which

are subject to recoupment by the affiliate of the Investment Advisor and have been recorded in the Consolidated Statements of

Assets and Liabilities within Due to affiliate.

**Acquisition of Certain Affiliated Investments**

For the year ended December 31, 2025, the Partnership purchased investments from an affiliate of the Investment

Advisor, at a discount to fair market value in exchange for a total cash consideration of $2,500,000, as governed by the

executed purchase and contribution agreements.

For the year ended December 31, 2025, the Partnership issued to Stonepeak Investment Holdings II LP, an affiliate of the

Investment Advisor, 6,529,108 Class X Units in exchange for the contribution of approximately $199,985,928 of investments to

the Master Aggregator, as governed by the executed purchase and contribution agreements. *See also below "–Stonepeak Unit* 

*Repurchase Arrangement for Class X Units Held by SP Investors."*

From time to time, the Partnership may acquire additional investments from its affiliates.

**Affiliated Unitholders Ownership and Concentration**

As of December 31, 2025, affiliated Unitholders collectively held approximately 6,529,108 Class X Units, representing

approximately 96.4% of all outstanding Class X Units and approximately 26.6% of the total Units outstanding of the

Partnership. Total affiliated net assets as a percentage of the Partnership's total net assets was approximately 27.7% as of

December 31, 2025.

**Investment Advisory Agreement**

On May 2, 2025, the Partnership entered into an investment advisory agreement with the Investment Advisor, which was

subsequently amended and restated on March 30, 2026 (as may be further amended and restated from time to time, the

"Investment Advisory Agreement"). The Investment Advisor provides investment advisory services to the Partnership pursuant

to the Investment Advisory Agreement. Under the terms of the Investment Advisory Agreement, the Investment Advisor is

responsible for monitoring and evaluating the Partnership's Investments, originating and recommending investment

opportunities that are consistent with the investment objective and strategy of the Partnership, among other responsibilities.

**Management Fee**

In consideration for its investment management services, the Investment Advisor is entitled to receive a management fee

(the "Management Fee") with respect to each Class of Units payable by the Partnership directly or indirectly through an

Intermediate Entity equal to the product of (x) the Applicable Management Fee Percentage (as specified in the table below)

with respect to such Class of Units and (y) the month-end Net Asset Value attributable to such Class of Units, payable monthly

in arrears, before giving effect to any accruals for the Management Fee, the Servicing Fee, the Performance Participation

Allocation, Unit redemptions (and pending redemptions), any distributions and without taking into account accrued and unpaid

taxes of any Intermediate Entity through which the Partnership indirectly invests in an Investment (or any comparable entities

of other investment vehicles managed by the Investment Advisor or its Affiliates in which the Partnership directly or indirectly

participates) or taxes paid by any such entity during the applicable month. The Partnership and any Parallel Fund will each be

obligated to pay its proportional share of the Management Fee with respect to each Class of Units.

---

| | |
|:---|:---|
| **Class** | **Applicable Management Fee Percentage**  |
| Class A-1a  | 0.875% per annum |
| Class A-1b  | 0.875% per annum |
| Class A-1c  | 0.875% per annum |
| Class D-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date (as defined below), and <br>1.25% per annum thereafter<br>|
| Class D-2  | 1.25% per annum |
| Class F-1  | 0.875% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-2  | 0.75% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-3  | 0.625% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per <br>annum thereafter<br>|
| Class F-4  | 0.875% per annum |
| Class I-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class I-2  | 1.25% per annum |
| Class S-1  | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum <br>thereafter<br>|
| Class S-2  | 1.25% per annum |
| Class X | —% per annum |

---

The Investment Advisor may elect to receive the Management Fee in cash, Units in the respective Class and/or shares,

interests or Units of Intermediate Entities. If the Management Fee is paid in Units, such Units may be redeemed by the

Partnership at NAV at the Investment Advisor's request and will not be subject to the volume limitations of the Unit

Redemption Program (as defined below) or the early redemption deduction of the Unit Redemption Program.

Each Management Fee payment will, as determined in the General Partner's sole discretion, either (i) result in a

reduction of NAV of the applicable Class of Units to which such payment relates or (ii) result in a reduction in Units held by

Unitholders of the applicable Class and the Partnership will make a payment in the form of cash or Units of an equivalent

amount to the Investment Advisor, which, in the case of a cash payment, may be invested or reinvested, as applicable, by the

Investment Advisor in whole or in part in Units and/or shares, interests or Units of Intermediate Entities.

Class X Units are not subject to the Management Fee.

The Management Fee payable by the Partnership with respect to each Class of Units shall be reduced by an amount (the

"Reduction Amount") equal to 100% of the Partnership's pro rata share of any fees earned by the Investment Advisor and its

Affiliates in connection with Investments and from the Partnership's unconsummated transactions ("Other Fees") allocable to

the Units in such Class (net of reasonable out-of-pocket expenses incurred by the Investment Advisor or its Affiliates (and not

otherwise reimbursed) during the immediately preceding monthly period in connection with the transaction out of which such

fees arose (but shall not be net of all other direct or administrative costs allocable to such fees), it being understood that the

Investment Advisor or its Affiliates may seek to have all such reasonable out-of-pocket expenses and costs reimbursed or paid

by the Partnership in respect of which such expenses and costs are generated (which shall not be considered a fee for purposes

of calculating the Reduction Amount)). In the event the Investment Advisor and its Affiliates have paid any fees, costs and

expenses incurred in connection with a proposed Investment that is not actually made or a proposed disposition which is not

actually consummated ("Broken Deal Expenses") allocable to Units in a relevant Class in lieu of having them paid by the

Partnership, then the Reduction Amount with respect to such Class for such monthly period will be decreased by the amount of

such Broken Deal Expenses then or previously paid by the Investment Advisor and its Affiliates with respect to such Class to

the extent that such Broken Deal Expenses have not already been applied against the Reduction Amount. The Reduction

Amount with respect to any Class for each monthly period shall be applied to reduce the Management Fee payable with respect

to such Class for such monthly period (but not to an amount below zero) and to the extent not so applied shall be carried

forward for application against future installments of the Management Fee with respect to such Class until such Reduction

Amount is fully utilized in reducing the Management Fee with respect to such Class. To the extent such excess Reduction

Amount remains unapplied with respect to any Class upon either (i) the redemption (or withdrawal) of all Units in such Class or

(ii) the Partnership's final distribution of assets, the Investment Advisor or an Affiliate thereof shall retain such unapplied

amount.

During the year ended December 31, 2025, the Partnership accrued gross Management Fees of $2,205,531. For the year

ended December 31, 2025, the Management Fee is net of $1,834,215 in management fee offset (the "Management Fee Offset"),

which consists of transaction fees payable to an affiliate of the Partnership. For the year ended December 31, 2025, net

Management Fees were $371,316.

**Partnership Agreement**

The Partnership has entered into the Partnership Agreement with the General Partner. Under the terms of the Partnership

Agreement, overall responsibility for the Partnership's oversight rests with the General Partner, subject to certain oversight

rights held by the Board of Directors.

**Servicing Fee**

Each of the Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1 Units, and Class S-2 Units

bear a monthly servicing fee (the "Servicing Fee"), in an amount equal (on an annualized basis) to 0.50% with respect to Class

A-1a Units, 0.25% with respect to Class A-1b Units, Class D-1 Units and Class D-2 Units, and 0.85% with respect to Class S-1

Units and Class S-2 Units, of the NAV of such Class A-1a Units, Class A-1b Units, Class D-1 Units, Class D-2 Units, Class S-1

Units and Class S-2 Units, as applicable, of each month. The Servicing Fee is calculated based on NAV as of the end of each

month before giving effect to any accruals for the Servicing Fee, redemptions, if any, for the applicable month and distributions

payable on such Units. For the avoidance of doubt, the Servicing Fees are payable by the Partnership, and Unitholders are not

billed separately for payment of the fees.

The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Partnership and is reimbursed by

the Partnership for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the

Partnership. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for

reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the

Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest. The Partnership accrues the cost of

the servicing fees over the estimated life of the Units, at present value at the time the Units are sold. Interest expense is accrued

over the estimated life of the Units and recorded in the Consolidated Statement of Operations as accretion of interest on

servicing fee payable. For the year ended December 31, 2025, the net accretion of interest on servicing fee payable was

$788,134, and as of December 31, 2025, the Servicing Fee Payable was $16,605,261.

**Performance Participation Allocation**

The General Partner or any other entity so designated by the General Partner (the "Recipient") will be entitled to an

allocation or distribution (the "Performance Participation Allocation") by the Partnership (directly or indirectly through an

Intermediate Entity), (i) with respect to the first Reference Period (as defined below), promptly following the end of the year

(which shall accrue on a monthly basis) and (ii) with respect to all subsequent Reference Periods, upon the end of each quarter

thereafter and at the other times described below (which shall accrue on a monthly basis) in an amount equal to:

• First, if the Total Return (as defined below) for the applicable period exceeds the sum of (i) the Hurdle Amount (as

defined below) for that period and (ii) the Loss Carryforward Amount (as defined below) (any such excess, "Excess

Profits"), 100% of such Excess Profits until the total amount allocated to the Recipient equals 12.5% of the sum of (x)

the Hurdle Amount for that period and (y) any amount allocated to the Recipient pursuant to this clause; and;

• Second, to the extent there are remaining Excess Profits, 12.5% of such remaining excess profits.

"Total Return" for any period since the end of the prior Reference Period shall equal the sum of:

(i)all distributions accrued or paid (without duplication) on the interests of the Master Aggregator or other Intermediate

Entity(ies) outstanding at the end of such period since the beginning of such Reference Period *plus*

(ii)the change in aggregate NAV of such interests of the Master Aggregator and other Intermediate Entity(ies) since the

beginning of such Reference Period, before giving effect to (x) changes resulting solely from the proceeds of issuance of

interests, (y) any allocation/accrual to the Performance Participation Allocation and (z) applicable Servicing Fees; *provided*,

that the aggregate NAV of such interests of the Lower Funds shall be calculated without taking into account any accrued and

unpaid taxes of any Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly

invests in an investment or any comparable entities of any Other Stonepeak Account, or taxes paid by any such entity since the

end of the prior Reference Period *minus*

(iii)all Partnership Expenses of SP+ INFRA (to the extent not already reflected in clause (ii)) but excluding Servicing

Fees.

For the avoidance of doubt, if applicable, the calculation of Total Return will (A) include any appreciation or

depreciation in the NAV of Units issued during the then-current Reference Period, (B) treat certain taxes incurred (directly or

indirectly) by the Partnership which relate to a Unitholder as part of the distributions accrued or paid on Units and (C) exclude

the proceeds from the initial issuance of such Units, where applicable, and any impact to Total Return solely caused by

currency fluctuations and / or currency hedging activities and costs.

"Hurdle Amount" for any period during a Reference Period means that amount that results in a 5% annualized internal

rate of return on the NAV of interests of the Master Aggregator or other Intermediate Entity(ies) outstanding at the beginning of

the then-current Reference Period and all interests of the Master Aggregator or other Intermediate Entity(ies) issued since the

beginning of the then-current Reference Period, calculated in accordance with recognized industry practices and taking into

account: (i) the timing and amount of all distributions accrued or paid (without duplication) on all such interests; and (ii) all

issuances of interests over the period. The ending NAV of interests of the Master Aggregator or other Intermediate Entity(ies)

used in calculating internal rate of return will be calculated before giving effect to any allocation/accrual to the Performance

Participation Allocation and applicable Servicing Fees and without taking into account any accrued and unpaid taxes of any

Intermediate Entity (or the receipts of such Intermediate Entity) through which the Partnership indirectly invests in an

Investment or any comparable entities of any Other Stonepeak Account, or taxes paid by any such Intermediate Entity since the

end of the prior Reference Period. For the avoidance of doubt, the calculation of the Hurdle Amount for any period will exclude

any Units redeemed during such period, which Units will be subject to the Performance Participation Allocation upon

redemption as described above.

"Reference Period" means each calendar year ending December 31 save that (1) the first Reference Period shall

commence on the Initial Closing Date and end on December 31, 2025; and (2) the final Reference Period shall commence on

January 1 in the relevant calendar year and end on the date of dissolution or liquidation of the Partnership.

"Loss Carryforward Amount" shall initially equal zero and shall cumulatively increase by the absolute value of any

negative annual Total Return and decrease by any positive annual Total Return; provided, that the Loss Carryforward Amount

shall at no time be less than zero and provided further that the calculation of the Loss Carryforward Amount will exclude the

Total Return related to any Units redeemed during the applicable Reference Period, which Units will be subject to the

Performance Participation Allocation upon redemption as described above. The effect of the Loss Carryforward Amount is that

the recoupment of past annual Total Return losses will offset the positive annual Total Return for purposes of the calculation of

the Performance Participation Allocation. This is referred to as a high water mark.

The Recipient will also be allocated a Performance Participation Allocation with respect to all Units that are redeemed in

connection with redemptions of Units in an amount calculated as described above with the relevant period being the portion of

the Reference Period for which such unit was outstanding, and proceeds for any such unit redemption will be reduced by the

amount of any such Performance Participation Allocation.

The Recipient may elect to receive the Performance Participation Allocation in cash, Units of the Partnership or any

Parallel Fund and/or shares, Units or interests (as applicable) of Intermediate Entities ("Unit Allocation"). Such Units may be

redeemed at the Recipient's request and will be subject to the volume limitations of the Partnership's Unit Redemption Program

but not the early redemption deduction of the Unit Redemption Program.

For the year ended December 31, 2025, the Partnership accrued $10,824,588 of Performance Participation Allocation.

**Unit Redemption Program**

The Partnership has implemented a Unit redemption program (the "Unit Redemption Program") for all Units except

certain Class X Units held by Stonepeak Partners LP and its subsidiaries and affiliated entities (collectively, the "SP Investors")

pursuant to which it intends to allow redemptions of such Units, in each quarter, up to 5% of Units outstanding (either by

number of Units or aggregate NAV). as of the close of the previous calendar quarter. The General Partner may, in accordance

with the Partnership Agreement, cause the Partnership to allow redemptions of Units in an amount that exceeds the 5%

quarterly limitation in any calendar quarter. The Class X Units held by SP Investors will not be subject to the Redemption

Program, including with respect to any redemption limits. The Partnership has adopted a separate arrangement to redeem Class

X Units held by the SP Investors. Under the Unit Redemption Program, to the extent the Partnership offers to redeem Units in

any calendar quarter, the General Partner will cause the Partnership to redeem Units using the NAV per unit as of the last

calendar day of each calendar quarter, subject to the Early Redemption Deduction, and as further described in the Partnership

Agreement.

Any redemption request of Units that have not been outstanding for at least two years will be subject to an early

redemption deduction equal to 5% of the value of the applicable NAV of the Units being redeemed (the "Early Redemption

Deduction") for the benefit of the Partnership and the Unitholders, subject to certain exceptions.

The Investment Advisor may elect to receive the Management Fee in Units in lieu of cash payments. If the Management

Fee is paid in Units, such Units will not be subject to the volume limitations of the Unit Redemption Program or the Early

Redemption Deduction (as defined below) of the Unit Redemption Program. The General Partner or any other entity so

designated by the General Partner may elect to receive the Performance Participation Allocation in Units in lieu of cash

payments. If the Performance Participation Allocation is paid in Units, such Units will be subject to the volume limitations of

the Unit Redemption Program but not the Early Redemption Deduction of the Unit Redemption Program.

The General Partner may make exceptions to, modify, amend or suspend the Unit Redemption Program without

Unitholder approval if in its reasonable judgment it deems such action to be in the best interest of the Partnership and the

Unitholders, including, but not limited to regulatory or structuring reasons or as necessary to ensure that the Partnership is not

subject to tax as a corporation; provided that any such suspension or material modification shall be subject to the approval of

the Independent Directors. As a result, Unit redemptions may not be available each quarter, such as when a redemption would

place an undue burden on the Partnership's liquidity, adversely affect its operations or risk having an adverse impact on the

Partnership that would outweigh the benefit of the redemptions.

If the quarterly volume limitation is reached in any particular calendar quarter or the General Partner determines to cause

the Partnership to redeem fewer Units than have been requested to be redeemed in any particular calendar quarter, Units

submitted for redemption during such calendar quarter will be redeemed on a pro-rata basis after we have redeemed all Units

for which redemption has been requested due to death, qualifying disability or divorce and other limited exceptions. Unsatisfied

redemption requests will not be automatically carried over to the next redemption period and, in order for a redemption request

to be reconsidered, Unitholders must resubmit their redemption request in the next quarterly redemption window. The

Partnership has no obligation to redeem Units, including if the redemption would violate the restrictions on distributions under

any applicable law or regulation. The limitations and restrictions described above may prevent the Partnership from

accommodating all redemption requests made in any quarter.

**Stonepeak Unit Repurchase Arrangement for Class X Units Held by SP Investors**

In recognition of SP Investors' supporting the Partnership's initial and potential future acquisitions, the Partnership has

adopted an arrangement to repurchase any Class X Units acquired by SP Investors (the "Eligible Units"). On the last calendar

day of each month (the "Repurchase Date"), the Partnership expects to offer to repurchase Class X Units of the Partnership

from SP Investors having an aggregate NAV (the "Monthly Repurchase Amount") up to (i) the net proceeds from new

subscriptions for Units that the Partnership receives in the offering of the Partnership's Units (other than Eligible Units) for

such month (which subscriptions will be accepted and effective on or after the first business day of the following month) less

(ii) the aggregate redemption amount of Units (other than Eligible Units) received by the Partnership during such month

pursuant to the Unit Redemption Program plus (iii) the Excess Operating Cash Flow (as defined below). In addition to the

Monthly Repurchase Amount for the applicable month, the Partnership will offer to repurchase any Monthly Repurchase

Amounts from prior months that have not yet been repurchased. The repurchase price per Eligible Unit for each repurchase

from the SP Investors will be the NAV per Eligible Unit as of the Repurchase Date, as determined in accordance with the

Partnership's valuation policy. This Unit repurchase arrangement is not subject to any time limit and will continue until the

Partnership has repurchased all Eligible Units. As of December 31, 2025 and December 31, 2024, 6,529,108 and no Class X

Units were held by the SP Investors, respectively.

"<u>Excess Operating Cash Flow</u>" means, for any given quarter, the Partnership's net cash provided by operating activities,

if any, less any amount of such cash used, or designated for use, to pay distributions to Unitholders.

Other than as described herein, the Unit repurchase arrangement for Eligible Units is not subject to the redemption

limitations (including the 5% quarterly redemption limitation) of the Redemption Program. Notwithstanding the foregoing, no

repurchase offer will be made to SP Investors during any month in which (1) the 5% quarterly redemption limitation of the

Partnership's Unit Redemption Program has been decreased or (2) the full amount of all Units requested to be redeemed under

the Partnership's Unit Redemption Program is not redeemed. Additionally, the Partnership may elect not to offer to purchase

Units from SP Investors, or may offer to repurchase less than the Monthly Repurchase Amount, if, in the Partnership's

judgment, the Partnership determines that offering to repurchase the full Monthly Repurchase Amount would place an undue

burden on the Partnership's liquidity, adversely affect the Partnership's operations or risk having an adverse impact on the

Partnership as a whole. Further, the General Partner may modify, suspend or terminate this Unit repurchase arrangement if it

deems such action to be in the Partnership's best interests and the best interests of the Partnership's Unitholders. SP Investors

will not request that its Eligible Units be repurchased under the Partnership's Unit Redemption Program.

**Reimbursable Expenses Previously Borne by An Affiliate of the Investment Advisor**

During the year ended December 31, 2024, an affiliate of the Investment Advisor had advanced organizational costs and

professional fees of $2,743,988, respectively. For the year ended December 31, 2025, the Partnership determined it was

probable that they would commence operations and had in fact commenced operations thus incurring these previously advanced

costs for a total of $2,743,988.

**Note 6. Net Assets**

The Partnership, at the discretion of the General Partner, has the authority to issue an unlimited number of Units of each

Unit Class (as defined below).

The Partnership has fourteen classes of limited partnership units (the "Units"): Class A-1a, Class A-1b, Class A-1c, Class

D-1, Class D-2, Class F-1, Class F-2, Class F-3, Class F-4, Class I-1, Class I-2, Class S-1, Class S-2 and Class X (each a "Unit

Class" or a "Class"). The purchase price per Unit of each Class is equal to the transactional NAV per Unit (i.e., the price at

which transactions in the Partnership's Units are made) for such Class as of the last calendar day of the immediately preceding

month. Before the Partnership had determined its first transactional NAV, the subscription price for Units was $25.00 per Unit

plus applicable Subscription Fees. The Partnership will only accept subscriptions as of the first business day of each month (a

"Subscription Date"), unless the General Partner determines otherwise. There are variations between these Unit Classes

including Subscription Fees, Servicing Fees, Management Fees and minimum investment limits.

On December 31, 2024, the General Partner invested $1,000 for no Units as its initial capital. As of December 31, 2025

and December 31, 2024, there were 24,572,600 Units and no Units outstanding, respectively.

The following tables present transactions in the Units during the year ended December 31, 2025:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class-A-1a** | **Class-A-1b** | **Class-A-1c** | **Class-F-1** | **Class-I-1** | **Class-X** | **Total**  |
| **Units Outstanding as of** <br>**December 31, 2024**<br>|  |  |  |  |  |  |  |
| Units issued during the <br>period<br>| 14224291 | 1722867 | 1163964 | 179183 | 517477 | 6772578 | 24580360 |
| Redemption of Units | (7760) |  |  |  |  |  | (7760) |
| **Units Outstanding as of** <br>**December 31, 2025**<br>| 14216531 | 1722867 | 1163964 | 179183 | 517477 | 6772578 | 24572600 |

---

Unless specific to a class, income and expenses are allocated proportionate to the class's share of the Net Asset Value.

For the year ended December 31, 2025, the net investment income also includes a reallocation of Partnership expenses from the

General Partner.

**Distributions to Unitholders**

Distributions to Unitholders are recognized on the ex-distribution date of the distribution determined by the General

Partner. All distributions will be declared at the discretion of the General Partner. Unless otherwise determined by the General

Partner, all distributions of cash shall be made to the Unitholders in amounts proportionate to the aggregate net asset value of

the Units held by the respective Unitholders on the ex-distribution date set by the General Partner, except that the amount

distributed per Unit of any class may differ from the amount per Unit of another class on account of differences in class-specific

expense allocations or for other reasons as determined by the General Partner in good faith.

The following table presents our distributions that were paid and/or payable for each Class of its Units for the year ended

December 31, 2025:

---

| | |
|:---|:---|
| **Class of Units** | **Net Distribution per Unit** |
| Class A-1a | $0.4003 |
| Class A-1b | $0.4261 |
| Class A-1c | $0.4600 |
| Class F-1 | $0.4600 |
| Class I-1 | $0.4600 |
| Class X | $0.4600 |

---

The Partnership has adopted a distribution reinvestment plan ("DRIP") pursuant to which Unitholders will have their

cash distributions automatically reinvested in additional Units of the Partnership's same class of Units to which the distribution

relates unless they elect to receive their distributions in cash. Distributions that are reinvested are recognized in net assets on the

first business day following the record date of a distribution.

**Note 7. Commitments and Contingencies** 

The Investment Advisor may, in its discretion, advance all or a portion of the Partnership Expenses (excluding

organizational and offering expenses) to be borne by the Partnership and the appropriately apportioned expenses relating to the

Partnership's portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities to the extent not paid by

such portfolio companies, the Feeder Fund, Parallel Partnerships and/or Intermediate Entities, in each case as determined

pursuant to the terms of the Partnership Agreement (collectively, "Initial Partnership Expenses Support") through the first

anniversary of the Initial Closing Date. The Partnership will reimburse the Investment Advisor for such advanced Initial

Partnership Expenses Support each month by no later than the date that is sixty (60) months after the first anniversary of the

Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the Partnership to reimburse the

Investment Advisor non-ratably for any month. The Investment Advisor will determine the portion of Initial Partnership

Expenses Support that is attributable to the Partnership or any portfolio entity, Feeder Fund, Parallel Partnership and/or

Intermediate Entity in its sole discretion.

The Investment Advisor will advance all of the Partnership's organizational and offering expenses on the Partnership's

behalf (other than Subscription Fees and Servicing Fees) through the first anniversary of Initial Closing Date. The Partnership

will reimburse the Investment Advisor for such advanced expenses each month ratably over the sixty (60) months following the

first anniversary of the Initial Closing Date, unless, upon request by the Investment Advisor, the Board agrees for the

Partnership to reimburse non-ratably amount. For the year ended December 31, 2025, $10,576,861 was payable to the

Investment Advisor.

In the normal course of business, the Partnership enters into contracts that provide a variety of general indemnifications.

Any exposure to the Partnership under these arrangements could involve future claims that may be made against the

Partnership. Currently, no such claims exist or are expected to arise and, accordingly, the Partnership has not accrued any

liability in connection with such indemnifications.

**Note 8. Financial Highlights** 

The following financial highlights for the year ended December 31, 2025 are calculated for the Unitholders as a whole

and exclude data for the General Partner, except as otherwise noted herein. Calculation of these highlights on an individual

Unitholder basis may yield results that vary from those stated herein due to the timing of capital transactions and differing fee

arrangements.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025(a)** | **Year Ended December 31, 2025(a)** | **Year Ended December 31, 2025(a)** | **Year Ended December 31, 2025(a)** | **Year Ended December 31, 2025(a)** | **Year Ended December 31, 2025(a)** |
|  | **Class-A-1a** | **Class-A-1b** | **Class-A-1c** | **Class-F-1** | **Class-I-1** | **Class-X** |
| **Per Unit Data** |  |  |  |  |  |  |
| Net asset value, beginning of period | $— | $— | $— | $— | $— | $— |
| Proceeds from Units issued | 25.77 | 25.77 | 25.77 | 25.77 | 28.51 | 25.00 |
| Distributions to Unitholders | (0.40) | (0.43) | (0.46) | (0.46) | (0.46) | (0.46) |
| Consideration from the issuance of Units | 0.72 | 0.28 |  | 0.01 | 0.58 | 0.47 |
| Servicing fees | (1.38) | (0.56) |  |  |  |  |
| Net investment income/(loss) | (0.89) | (0.79) | (0.82) | (0.83) | (0.90) | (2.43) |
| Net change in realized and unrealized <br>gain/(loss) on investments<br>| 5.43 | 5.55 | 5.88 | 5.87 | 2.94 | 8.62 |
| Net increase/(decrease) in net assets <br>resulting from operations<br>| 4.54 | 4.75 | 5.05 | 5.05 | 2.03 | 6.19 |
| Net increase/(decrease) in net assets | 29.26 | 29.82 | 30.37 | 30.37 | 30.67 | 31.20 |
| Net asset value, end of period | $29.26 | $29.82 | $30.37 | $30.37 | $30.67 | $31.20 |
| Units outstanding, end of period | 14216531 | 1722867 | 1163964 | 179183 | 517477 | 6772578 |
| Total return based on change in net asset <br>value<sup>(b)</sup><br>| 15.08% | 17.35% | 19.60% | 19.60% | 9.19% | 26.64% |
| **Ratios to weighted-average net assets** <br>**(non-annualized)**<br>|  |  |  |  |  |  |
| Expenses without waivers/offsets<sup>(c)</sup> | (5.71)% | (5.06)% | (4.96)% | (4.96)% | (5.76)% | (11.75)% |
| Expenses and management fees waivers/<br>offsets<sup>(c)</sup><br>| 0.47% | 0.45% | 0.43% | 0.43% | 0.41% | —% |
| Total net expenses | (5.24)% | (4.62)% | (4.53)% | (4.54)% | (5.35)% | (11.75)% |
| Accrued performance participation <br>allocation<br>| (2.75)% | (2.71)% | (2.82)% | (2.82)% | (1.84)% | —% |
| Net investment income/(loss) | (3.27)% | (2.89)% | (2.90)% | (2.91)% | (3.07)% | (8.09)% |

---

(a) Amounts may not add due to rounding.

(b) Total return is calculated as the change in Net Asset Value per Unit during the period, plus distributions per Unit (assuming dividends and distributions are

reinvested in accordance with the Partnership's distribution reinvestment plan) divided by the initial Net Asset Value per Unit. Total return does not include

upfront transaction fees, if any, and it is non-annualized.

(c) Expense ratio includes Management Fees, Performance Participation Allocation, Organizational Expenses, Professional Fees, Deferred Offering Costs

Amortization, Administration Fees and Other.

**Note 9. Subsequent Events**

The General Partner has performed an evaluation of subsequent events through the date the consolidated financial

statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure

in the consolidated financial statements, except as noted below.

**Partial Repurchase of Class X Units**

Stonepeak Investment Holdings II LP received an offer for a partial repurchase of $25,000,000 of its ownership in Class

X Units. The offer was accepted in January 2026. The number of Units repurchased is 789,421 equal to the repurchase amount

divided by the NAV per Unit as of December 31, 2025.

**Amendment No. 1 to the Partnership Agreement**

The Partnership entered into Amendment No. 1 to the Partnership Agreement (the "Amendment No. 1") with the General

Partner, effective March 30, 2026. The Amendment No. 1 amended and restated Section 4.5(b) of the Partnership Agreement to

expand and clarify the types of fees that the General Partner and its affiliates may receive in connection with the investment

activities of Stonepeak and/or Portfolio Companies (each as defined in the Partnership Agreement) and from unconsummated

transactions, including, among others, aviation and aviation-related fees.

**Amended and Restated Investment Advisory Agreement**

The Partnership entered into an Amended and Restated Investment Advisory Agreement (the "A&R Investment

Advisory Agreement") with the Investment Advisor, effective March 30, 2026. The A&R Investment Advisory Agreement (i)

extends the period of the Investment Advisor's advancement of organizational and offering expenses and Initial Partnership

Expense Support from the first anniversary to the second anniversary of the Initial Closing Date, (ii) permits reimbursement by

the Partnership to the Investment Advisor when and if requested by the Investment Advisor during the applicable 60-month

period, and (iii) provides that aviation related fees and any fees or payments as agreed or approved by the Independent

Directors are excluded from the Management Fee offset.

**Report of Independent Auditors**

To the General Partner of Stonepeak-Plus Infrastructure Fund Master Aggregator LP

***Opinion***

We have audited the accompanying consolidated financial statements of Stonepeak-Plus Infrastructure Fund Master

Aggregator LP and its subsidiaries (the "Master Aggregator"), which comprise the consolidated statement of assets

and liabilities, including the consolidated condensed schedule of investments, as of December 31, 2025, and the

related consolidated statements of operations, of changes in net assets and of cash flows, including the related notes

for the period from May 2, 2025 (commencement of operations) to December 31, 2025 (collectively referred to as

the "consolidated financial statements").

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the

financial position of the Master Aggregator as of December 31, 2025, and the results of its operations, changes in its

net assets and its cash flows for the period from May 2, 2025 (commencement of operations) to December 31, 2025

in accordance with accounting principles generally accepted in the United States of America.

***Basis for Opinion***

We conducted our audit in accordance with auditing standards generally accepted in the United States of America

(US GAAS). Our responsibilities under those standards are further described in the Auditors' Responsibilities for

the Audit of the Consolidated Financial Statements section of our report. We are required to be independent of the

Master Aggregator and to meet our other ethical responsibilities, in accordance with the relevant ethical

requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate

to provide a basis for our audit opinion.

***Responsibilities of Management for the Consolidated Financial Statements***

Management is responsible for the preparation and fair presentation of the consolidated financial statements in

accordance with accounting principles generally accepted in the United States of America, and for the design,

implementation, and maintenance of internal control relevant to the preparation and fair presentation of consolidated

financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is required to evaluate whether there are conditions

or events, considered in the aggregate, that raise substantial doubt about the Master Aggregator's ability to continue

as a going concern for one year after the date the consolidated financial statements are available to be issued.

***Auditors' Responsibilities for the Audit of the Consolidated Financial Statements***

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are

free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our

opinion. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a

guarantee that an audit conducted in accordance with US GAAS will always detect a material misstatement when it

exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from

error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal

control. Misstatements are considered material if there is a substantial likelihood that, individually or in the

aggregate, they would influence the judgment made by a reasonable user based on the consolidated financial

statements.

In performing an audit in accordance with US GAAS, we:

• Exercise professional judgment and maintain professional skepticism throughout the audit.

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due

to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures

include examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated

financial statements.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are

appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of

the Master Aggregator's internal control. Accordingly, no such opinion is expressed.

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting

estimates made by management, as well as evaluate the overall presentation of the consolidated financial

statements.

• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise

substantial doubt about the Master Aggregator's ability to continue as a going concern for a reasonable

period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned

scope and timing of the audit, significant audit findings, and certain internal control-related matters that we

identified during the audit.

/s/ PricewaterhouseCoopers LLP

New York, New York

March 31, 2026

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Consolidated Statement of Assets and Liabilities**

---

| | |
|:---|:---|
|  | **As of** |
|  | **December 31, 2025** |
| **Assets** |  |
| Affiliated investments at fair value (cost $992,769,317 as of December 31, 2025) | $1140441518 |
| Debt investments at fair value (cost $11,738,262 as of December 31, 2025) | 12166834 |
| Cash and cash equivalent | 36361729 |
| Derivative assets at fair value | 2362085 |
| Deferred financing costs | 1767008 |
| Interest receivable | 429690 |
| Deferred tax asset | 4364 |
| **Total assets** | $1193533228 |
| **Liabilities** |  |
| Credit facility payable | $80000000 |
| Distribution payable | 4132814 |
| Due to affiliate | 2915456 |
| Deferred tax liability | 2750796 |
| Accounts payable & accrued expenses | 2125719 |
| Derivative liabilities at fair value | 1270032 |
| **Total liabilities** | 93194817 |
| **Commitments and contingencies (Note 8)** |  |
| **Net assets** | 1100338411 |
| **Net assets** |  |
| Limited partners interest | 1099127798 |
| General partner's interest | 642516 |
| Non-controlling interests in consolidated entities | 568097 |
| **Total net assets** | $1100338411 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Consolidated Statement of Operations**

---

| | |
|:---|:---|
|  | **Period from May 2,** <br>**2025** <br>**(Commencement of** <br>**Operations) to** <br>**December 31, 2025**<br>|
| **Income** |  |
| Interest income | $20134057 |
| Dividend income | 1380140 |
| **Total income** | 21514197 |
| **Operating expenses** |  |
| Professional fees | 3596733 |
| Interest expense | 1042263 |
| Other expense | 648847 |
| Credit facility fees | 525327 |
| Organizational costs | 203252 |
| **Total operating expenses** | 6016422 |
| **Net investment income/(loss) before income taxes** | 15497775 |
| Provision for income taxes on net investment income | 23156 |
| **Net investment income/(loss)** | 15474619 |
| **Net realized and unrealized gain on investments and derivative instruments** |  |
| Net realized gain on investments | 258600 |
| Net change in unrealized gain on investments | 130861107 |
| Provision for income taxes  | (2746432) |
| Net change in unrealized gain on derivative instruments | 1092053 |
| **Net realized and unrealized gain/(loss) on investments and derivative instruments after income**<br>**taxes**<br>| 129465328 |
| **Net increase (decrease) in net assets resulting from operations after income taxes** | 144939947 |
| Less: net increase/(decrease) in net assets resulting from operations attributable to Non-Controlling <br>Interests in Consolidated Entities<br>| 68097 |
| **Net increase/(decrease) in net assets resulting from operations attributable to Stonepeak-Plus** <br>**Infrastructure Fund Master Aggregator LP**<br>| $144871850 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Consolidated Statement of Changes in Net Assets**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period from May 2, 2025 (Commencement of Operations) to** <br>**December 31, 2025** | **Period from May 2, 2025 (Commencement of Operations) to** <br>**December 31, 2025** | **Period from May 2, 2025 (Commencement of Operations) to** <br>**December 31, 2025** | **Period from May 2, 2025 (Commencement of Operations) to** <br>**December 31, 2025** |
|  | **Limited** <br>**Partners** <br>**Interest**<br>| **General** <br>**Partner's** <br>**Interest**<br>| **Non-**<br>**Controlling** <br>**Interests in** <br>**Consolidated** <br>**Entities**<br>| **Total Net** <br>**Assets**<br>|
| **Balance at December 31, 2024** | $— | $— | $— | $— |
| Proceeds from contributions | 961370070 | 500000 | 500000 | 962370070 |
| Distributions reinvested | 5237221 |  |  | 5237221 |
| Distributions to Partners | (12208827) |  |  | (12208827) |
| Net investment income/(loss) | 15457642 | 10100 | 6877 | 15474619 |
| Net realized gain/(loss) on investments | 258401 | 165 | 34 | 258600 |
| Net change in unrealized gain/(loss) on investments | 131757048 | 134926 | 61186 | 131953160 |
| Provision for income taxes on net unrealized gain on <br>investments<br>| (2743757) | (2675) |  | (2746432) |
| **Balance at December 31, 2025** | $1099127798 | $642516 | $568097 | $1100338411 |

---

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Consolidated Statement of Cash Flows**

---

| | |
|:---|:---|
|  | **Period from May 2,** <br>**2025** <br>**(Commencement of** <br>**Operations) to** <br>**December 31, 2025**<br>|
| **Operating activities** |  |
| Net increase in net assets resulting from operations | $144939947 |
| Adjustments to reconcile net increase in net assets resulting from operations to net cash used in <br>operating activities:<br>|  |
| Purchase of Investments | (806839219) |
| Net change in unrealized (gain)/loss investments | (130861107) |
| Amortization of effective interest on affiliated investments | (17239666) |
| Net change in unrealized (gain)/loss on derivative instruments | (1092053) |
| Net realized (gain)/loss on investments | (258600) |
| Proceeds from Investments | 2576168 |
| Changes in assets and liabilities |  |
| Accounts payable and accrued expenses | 2125719 |
| Due to affiliate | 2915456 |
| Deferred tax liabilities | 2750796 |
| Deferred tax asset | (4364) |
| Interest receivable | (429690) |
| Net cash used in operating activities | $(801416613) |
| **Financing activities** |  |
| Proceeds from contributions, net of issuance of units for purchase of assets | 762384142 |
| Proceeds from borrowings on Credit Facility | 135863734 |
| Deferred financing costs | (1767008) |
| Distributions to Partners | (2838792) |
| Repayments of credit facility | (55863734) |
| Net cash provided by financing activities | $837778342 |
| **Cash and cash equivalent** |  |
| Net increase/(decrease) in cash and cash equivalent | $36361729 |
| Cash and cash equivalent, beginning of period |  |
| Cash and cash equivalent, end of period | $36361729 |
| **Supplemental disclosure of cash flows information** |  |
| Credit Facility interest paid | $383991 |
| **Supplemental disclosure of non-cash financing activities** |  |
| Distributions reinvested | $5237221 |
| Issuance of Units for purchase of assets | $199985928 |

---

The accompanying notes are an integral part of these consolidated financial statements.

![](sp-20251231_g3.gif)

<sup>1</sup> APAC is defined as Asia Pacific.

<sup>2</sup> EMEA is defined as Europe, Middle East, and Africa.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Condensed Consolidated Schedule of Investments**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| <br>**Name of Investment**  | **Type of** <br>**Investment**<br>| **Industry** | **Geography** | **Cost** | **Fair Value** | **Fair Value as** <br>**a Percentage** <br>**of Net Assets**<br>|
| **Investments** |  |  |  |  |  |  |
| **Affiliated Investee Funds** |  |  |  |  |  |  |
| SCF Cranberry Upper Holdings <br>SPV I LP<sup>(a)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| $35787305 | $45903839 | 4.2% |
| SCF Cranberry (Co-Invest) <br>Holdings IV LP<sup>(a)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 12514754 | 16094889 | 1.5% |
| SCF Cranberry (Co-Invest) <br>Holdings VIII LP<sup>(a)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 22170642 | 24232313 | 2.2% |
| Stonepeak Cologix Holdings V <br>LP<sup>(b)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 27168898 | 39780693 | 3.6% |
| Other Affiliated Investee Funds <br>Investments<br>| Various | Energy | Various | 45565433 | 47782658 | 4.3% |
| Stonepeak Digital Edge (Co-<br>Invest) Holdings III LP<sup>(c)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| APAC<sup>1</sup> | 31549921 | 62188298 | 5.7% |
| Stonepeak Efesto Infrastructure <br>Fund SCSp<sup>(d)</sup><br>| LP Interest | Transport & <br>Logistics<br>| EMEA<sup>2</sup> | 150000000 | 155984996 | 14.2% |
| Stonepeak Midband (Co-Invest) <br>Holdings LP<sup>(e)</sup><br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 93000000 | 104544184 | 9.5% |
| **Total Affiliated Investee Funds** |  |  |  | $417756953 | $496511870 | 45.2% |
| **Other Affiliated Investments** |  |  |  |  |  |  |
| Stonepeak Cubist Holdings Pte. <br>Limited<sup>(f)</sup><br>| Convertible <br>Loan<br>| Digital <br>Infrastructure<br>| APAC | 149948468 | 179837578 | 16.3% |
| Stonepeak Imagine Holdco <br>Limited<sup>(g)</sup><br>| LP Interest | Social <br>Infrastructure<br>| EMEA | 194000000 | 219861618 | 20.0% |
| Stonepeak Node Infrastructure <br>Fund Holdings LP<sup>(h)</sup><br>| LP Interest | Transport & <br>Logistics<br>| EMEA | 101469506 | 102401272 | 9.3% |
| Stonepeak GP Cologix Fund <br>Investors LLC<sup>(b)</sup><br>| LLC <br>Interest<br>| Digital <br>Infrastructure<br>| North <br>America<br>| 15342916 | 21409332 | 1.9% |
| Other Affiliated Investments - <br>North America<sup>(i)</sup><br>| LP Interest | Various | North <br>America<br>| 21760977 | 26145143 | 2.4% |
| Other Affiliated Investments - <br>North America<br>| LP Interest | Energy | North <br>America<br>| 9008964 | 9008964 | 0.8% |
| Other Affiliated Investments - <br>North America<br>| LP Interest | Digital <br>Infrastructure<br>| North <br>America<br>| 3333645 | 3333645 | 0.3% |
| Other Affiliated Investment - <br>APAC<br>| LP Interest | Transport & <br>Logistics<br>| APAC | 1566563 | 1566563 | 0.1% |
| Other Affiliated Investment - <br>APAC<br>| LP Interest | Transport & <br>Logistics<br>| APAC | 28973799 | 30722366 | 2.8% |
| Other Affiliated Investments - <br>EMEA<br>| LP Interest | Energy | EMEA | 41716869 | 41121867 | 3.7% |
| Other Affiliated Investments - <br>EMEA<br>| LP Interest | Energy | EMEA | 7890657 | 8521300 | 0.8% |
| **Total Other Affiliated** <br>**Investments**<br>|  |  |  | $575012364 | $643929648 | 58.4% |
| **Total Affiliated Investments** |  |  |  | $992769317 | $1140441518 | 103.6% |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Derivative Instruments** |  |  |  |  |  |  |
| Foreign Currency Contracts - <br>Assets<br>|  |  | n/a |  | 2362085 | 0.2% |
| Foreign Currency Contracts - <br>Liabilities<br>|  |  | n/a |  | (1270032) | (0.1)% |
| **Total Derivative Instruments** |  |  |  | $— | $1092053 | 0.1% |
| **Debt Investments** |  |  |  |  |  |  |
| Other Debt Investments | Delayed <br>Draw Term <br>Loan<br>| Diversified | North <br>America<br>| 11738262 | 12166834 | 1.1% |
| **Total Other Investments** |  |  |  | $11738262 | $12166834 | 1.1% |
| **Cash and Cash Equivalent** |  |  |  |  |  |  |
| Money Market Fund |  |  |  |  |  |  |
| JPMorgan 100% U.S. Treasury <br>Securities Money Market Fund-<br>Agency<br>|  |  | North <br>America<br>| 36361729 | 36361729 | 3.3% |
| Cash held at Banks |  |  |  |  |  | —% |
| **Total Cash and Cash Equivalent** |  |  |  | $36361729 | $36361729 | 3.3% |
| **Total Investments and Cash and** <br>**Cash Equivalent**<br>|  |  |  | $1040869308 | $1190062134 | 108.2% |

---

(a) The Master Aggregator holds an indirect interest of 51,626 common units and 14,308 preferred units of AppleCore LP. The

fair value allocable to the Master Aggregator of this interest is $74,000,707 and $20,509,087, respectively. The investment has

been financed, in part, using leverage, and the fair values presented in the preceding sentence are not reflective of the impact of

such leverage. The fair value disclosed above in the Consolidated Schedule of Investments takes account of such leverage.

(b) The Master Aggregator holds an indirect interest of 32,810 units of Cologix Inc. The fair value of this interest allocable to

the Master Aggregator is $61,190,025.

(c) The Master Aggregator holds indirect interests of 23,261 D-1 units in DEA TopCo LP and 5,425 D-1 units in DEA TopCo

II LP. The fair value allocable to the Master Aggregator of these interests is $64,505,366 and $12,301,504, respectively. The

investment has been financed, in part, using leverage, and the fair values presented in the preceding sentence are not reflective

of the impact of such leverage. The fair value disclosed above in the Consolidated Schedule of Investments takes account of

such leverage.

(d) The Master Aggregator holds an indirect interest of 137,205 units in Forgital Group.

(e) The Master Aggregator indirectly holds 88,511,444 preferred convertible promissory notes in N77 Holdings, LLC. The fair

value of these notes allocable to the Master Aggregator is $104,544,184.

(f) The Master Aggregator holds indirect preferred equity, penny warrant, and strike warrant interests of 149 units, 4,517,223

units, and 1,129,343 units, respectively, in Princeton Digital Group Limited. The fair value of these interests allocable to the

Master Aggregator is $155,462,455, $24,354,663, and $20,459, respectively. The Master Aggregator's indirect interest is held

through the form of a convertible loan with a 0% interest rate loan and $149,936,987 principal outstanding.

(g) The Master Aggregator holds an indirect equity interest in Inspired Education Holdings Limited.

(h) The Master Aggregator holds an indirect equity interest in IFCO Systems GmbH.

(i) Through certain other affiliated investments, the Master Aggregator holds an indirect interest in Stonepeak Partners

Holdings LP, Stonepeak GP Investors Holdings LP, and Stonepeak GP Investors Holdings (CYM) LP. Additionally, certain

other affiliated investments were funded using leverage; none of these investments are individually more than 5% of NAV.

The accompanying notes are an integral part of these consolidated financial statements.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

**Note 1. Organization**

Stonepeak-Plus Infrastructure Fund Master Aggregator LP is a Cayman Island exempted limited partnership formed on

December 31, 2024. Stonepeak-Plus Infrastructure Fund Master Aggregator LP with its consolidated subsidiaries collectively

form the "Master Aggregator". The Master Aggregator is governed by its Amended and Restated Exempted Limited

Partnership Agreement dated as of May 1, 2025 (as amended, restated and/or supplemented from time to time, the "Master

Aggregator Partnership Agreement").

Stonepeak-Plus Infrastructure Fund LP (the "Partnership") and Stonepeak-Plus Infrastructure Master Fund SCSp-RAIF

(the "RAIF vehicle") are the only limited partners ("Limited Partners") in the Master Aggregator. As of December 31, 2025, the

Partnership and RAIF vehicle own 70.1% and 29.8%, respectively, of the Master Aggregator. The remaining interest of the

Master Aggregator is owned by the General Partner. Stonepeak-Plus Infrastructure Fund Associates (CYM) LP is the general

partner (the "General Partner") of the Master Aggregator and is vested with the overall responsibility for oversight of the

Master Aggregator.

The Master Aggregator's investment objective is to deliver total returns, with a focus on capital appreciation and

generating current income through its investments. The Master Aggregator seeks to achieve this investment objective by

providing access to the talent and investment capabilities of the investment program designed to offer eligible individuals

access to Stonepeak's infrastructure platform (the "Stonepeak Platform") to create a portfolio of diversified alternative

infrastructure and infrastructure-related investments primarily alongside other investment vehicles managed by the Investment

Advisor or affiliated investment advisors.

Investment operations commenced on May 2, 2025 (the "Initial Closing Date") when the Master Aggregator commenced

its investment operations.

The Partnership entered into a services agreement with SS&C Technologies, Inc. and SS&C GIDS, Inc. (collectively, the

"Administrator"), under which the Administrator provides various accounting and administrative services to the Partnership.

Administrative services may include maintenance of the Partnership's books and records, processing of investor transactions,

and calculation of the net asset value (the "NAV"). Administrative services commenced on the Initial Closing Date and are

charged at both the Partnership, Feeder Fund and Master Aggregator. For the period ended December 31, 2025, the Master

Aggregator incurred an Administration Fee of $408,430, which has been included as Professional fees on the Consolidated

Statement of Operations.

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

**Basis of Presentation**

The Master Aggregator's consolidated financial statements have been prepared in accordance with generally accepted

accounting principles in the United States of America ("U.S. GAAP"). The Master Aggregator's consolidated financial

statements and related financial information have been prepared pursuant to the requirements of Regulation S-X. The Master

Aggregator is considered an investment company under U.S. GAAP and follows the accounting and reporting guidance

applicable to investment companies in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification

("ASC") Topic 946 ("ASC 946"). Accordingly, the Master Aggregator reflects its investments on the Consolidated Statement

of Assets and Liabilities at their fair value with unrealized gains and losses resulting from changes in fair value of its

investments reflected in Net change in unrealized gain (loss) on investments on the Consolidated Statement of Operations. The

functional currency of the Master Aggregator is U.S. dollars and these consolidated financial statements have been prepared in

that currency. Certain reclassifications of prior period's amounts have been made to conform to the current period presentation.

Such reclassifications had no effect on Net increase/(decrease) in net assets resulting from operations on the Consolidated

Statement of Operations.

**Principles of Consolidation**

In accordance with ASC Topic 946, the Master Aggregator generally does not consolidate investments unless the Master

Aggregator has a controlling financial interest in an investment company or operating company whose business consists of

providing services to the Master Aggregator. A controlling financial interest is defined as (a) the power to direct the activities of

the investment company that most significantly impact the entity's economic performance and (b) the obligation to absorb

losses of the entity or the right to receive benefits from the entity that could potentially be significant to the investment

company. The General Partner determines whether the Master Aggregator has a controlling financial interest in an investment

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

company at such company's inception and continuously reconsiders that conclusion. For wholly owned and substantially

wholly owned interests in investment companies, the General Partner assesses the nature of the investment structure and

considers its interests in and governance rights over the investment company to determine whether the Master Aggregator holds

a controlling financial interest. Performance of that analysis requires the exercise of judgment.

The Master Aggregator has a controlling financial interest in Stonepeak-Plus Infrastructure Fund Lower Fund III LP

("Lower Fund III"), Stonepeak-Plus Infrastructure Fund Lower Fund IV LP ("Lower Fund IV"), Stonepeak-Plus Infrastructure

Fund Standing Intermediate Blocker LP ("Standing Intermediate"), which wholly owns Stonepeak-Plus Infrastructure Fund

Lower Fund V LP ("Lower Fund V"), Stonepeak-Plus Infrastructure Fund Aggregator I LP ("Aggregator I"), which wholly

owns Stonepeak-Plus Infrastructure Fund Lower Fund I LP ("Lower Fund I") and Stonepeak-Plus Infrastructure Fund Lower

Fund II LP ("Lower Fund II", collectively with Lower Fund I, Lower Fund III, Lower Fund IV, and Lower Fund V, the

"Consolidated Entities"), and as a result these entities are consolidated for reporting purposes. All intercompany balances have

been eliminated in consolidation.

**Use of Estimates**

The preparation of the consolidated financial statements in conformity with U.S. GAAP requires the General Partner to

make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and

liabilities at the date of the consolidated financial statements and the reported amounts of increases and decreases in net assets

from operations during the reporting period. Actual results could differ from those estimates and such differences could be

material.

**Fair Value of Investments and Financial Instruments** 

ASC Topic 820, *Fair Value Measurement* ("ASC 820"), establishes a hierarchical disclosure framework which

prioritizes and ranks the level of market price observability used in measuring investments at fair value. Market price

observability is impacted by a number of factors, including the type of investment, the characteristics specific to the investment,

and the state of the marketplace. Investments with readily available, actively quoted prices, or for which fair value can be

measured from actively quoted prices, generally will have a higher degree of market price observability and a lesser degree of

judgment used in measuring fair value.

Investments measured and reported at fair value are classified and disclosed in one of the following categories:

• Level I – Quoted prices are available in active markets for identical investments as of the reporting date. The

type of investments included in Level I are publicly traded securities in an active market. The Master Aggregator does

not adjust the quoted price for these investments (to the extent it holds them) even in situations where the Master

Aggregator holds a large position and a sale could reasonably impact the quoted price.

• Level II – Pricing inputs are other than quoted prices in active markets, which are either directly or indirectly

observable as of the reporting date, and fair value is determined through the use of models or other valuation

methodologies. The types of investments that would generally be included in this category include publicly traded

securities with restrictions on disposition, certain convertible securities and certain over-the-counter derivatives where

the fair value is based on observable inputs.

• Level III – Pricing inputs are unobservable and include situations where there is little, if any, market activity

for the investment. Fair value for these investments is determined using valuation methodologies that consider a range

of factors, including, but not limited to, the price at which the investment was acquired, the nature of the investment,

local market conditions, valuations for comparable companies, current and projected operating performance and

financing transactions subsequent to the acquisition of the investment. The inputs into the determination of fair value

require significant judgment. Due to the inherent uncertainty of these estimates, these values may differ materially

from the values that would have been used had a ready market for these investments existed. Investments that are

included in this category generally are privately held debt, equity and certain convertible securities.

In certain cases the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such

cases, an investment's level within the fair value hierarchy is based on the lowest level of input that is significant to the fair

value measurement. The Investment Advisor's assessment of the significance of a particular input to the fair value measurement

in its entirety requires judgment, and considers factors specific to the investment.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

**Investments at Fair Value and Investments in Affiliated or Unaffiliated Investee Funds** 

***Investments at Fair Value***

The Master Aggregator values its investments at fair value in accordance with ASC 820. Fair value is the amount that

would be received to sell an asset or paid to transfer a liability, in an orderly transaction between market participants at the

measurement date. In the absence of observable market prices, the Master Aggregator's investments are valued using valuation

methodologies applied on a consistent basis as described below. Additional information regarding these investments is provided

in Note 3. "Investments and Fair Value Measurement."

The General Partner's determination of fair value is based on the best information available in the circumstances and

incorporates the General Partner's own assumptions, including assumptions that the General Partner believes market

participants would use in valuing the investments, and involves a significant degree of judgment, taking into consideration a

combination of internal and external factors, including appropriate risk adjustments for non-performance and liquidity. The

values estimated by the General Partner may differ significantly from values that would have been used had a readily available

market for the investments existed and the differences could be material to the consolidated financial statements.

Under the income approach, which is generally the Master Aggregator's primary valuation approach, fair value is

determined by converting future amounts, such as cash flows or earnings, discounted to a single present amount using current

market expectations about those future amounts. In determining fair value under this approach, the Master Aggregator makes

assumptions over a projection period regarding unobservable inputs such as revenues, operating income, capital expenditures,

income taxes, working capital needs and the terminal value and exit multiple of the investee company, among other things. The

Master Aggregator discounts those projected cash flows by deriving a discount rate based on a capital structure similar to that

of a market participant using observable inputs such as the rate of return available in the market on an investment free of default

risk, an equity risk premium to reflect the additional risk of a market portfolio of equity instruments over risk-free instruments,

beta as a measure of risk based on share price correlation to the market, and equity and debt-to-capital ratios of companies

deemed comparable to the investee company.

Under the market approach, which is generally the Master Aggregator's secondary valuation approach, fair value may be

determined by reference to a recent transaction involving the investment or by reference to observable valuation measures for

companies or assets that are determined by the Master Aggregator to be comparable, such as multiplying a key performance

metric of the investee company, such as earnings before interest and taxes or other performance metric, by a relevant valuation

multiple observed in the range of comparable companies or transactions, adjusted by the Master Aggregator for differences

between the investment and the referenced comparables. Observable inputs used in the market approach to derive a valuation

multiple may include the public prices for securities issued by, and the relevant performance metrics of, companies deemed

comparable to the investee company, and/or transaction prices involving significant equity interests in companies deemed

comparable to the investee company. Unobservable inputs used in the market approach may include the key performance metric

of the investee company, such as earnings before interest, taxes, depreciation and amortization ("EBITDA").

Investments may also be valued at their acquisition price for a period of time after an acquisition as the best measure of

fair value in the absence of any conditions or circumstances that would indicate otherwise. In the event of an announced sale of

investments with a definitive agreement in place, investments may also be valued using a discount-to-sale approach as the

primary method with emphasis given to certain considerations including, but not limited to unitholder approval, regulatory

approval, financing, completion of due diligence and break-up fees.

Investments in debt securities that are not listed on an exchange, but for which external pricing sources, such as dealer

quotes or independent pricing services may be available, are valued by the Master Aggregator after considering, among other

factors, such external pricing sources, recent trading activity or market transactions of similar securities adjusted for security

specific factors such as relative capital structure priority and interest and yield risks.

Publicly traded investments in active markets are reported at the market closing price, less a discount, as appropriate, as

determined by the Master Aggregator to reflect restrictions on disposition where such restrictions are an attribute of the

investment.

***Investments in Affiliated or Unaffiliated Investee Funds***

Investments in SP+ INFRA affiliated investee funds ("Investments in Affiliated Investee Funds") or unaffiliated investee

funds ("Investee Funds") are generally valued using the reported net asset value ("NAV" or "Net Asset Value") of the Investee

Funds as a practical expedient for fair value. The Master Aggregator may, as a practical expedient, estimate the fair value of an

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

Investee Fund based on NAV if the reported NAV of the Investee Fund is calculated in a manner consistent with the

measurement principles applied to investment companies and the Master Aggregator has internal processes to independently

evaluate the fair value measurement process utilized by the underlying Investee Fund to calculate the Investee Fund's NAV,

both of which are in accordance with ASC 946. Such internal processes include the evaluation of the Investee Fund's own

process and related internal controls in place to estimate the fair value of its underlying investments that are included in the

NAV calculation, performance of ongoing operational due diligence, review of the Investee Fund's financial statements and

ongoing monitoring of other relevant qualitative and quantitative factors. If the General Partner determines, based on its own

due diligence and investment monitoring procedures, that NAV does not represent fair value or if the Investee Fund is not an

investment company, such as a collateralized loan obligation vehicle, the Master Aggregator will estimate the fair value in good

faith and in a manner that it reasonably chooses, in accordance with its valuation policies.

**Derivative Investments**

The Master Aggregator recognizes derivative instruments as assets or liabilities at fair value in its Consolidated

Statement of Assets and Liabilities as Derivative Assets at Fair Value and Derivative Liabilities at Fair Value, respectively.

The Master Aggregator recognizes changes in fair value of derivative instruments in current period earnings. For

derivative financial positions that are closed or that mature during a reporting period, the Master Aggregator recognizes realized

gains or losses equal to the difference between the value of the contract at the time it was opened and the value of the contract at

the time it is closed. Realized gains and losses are presented net in Net Realized and Unrealized Gain/(Loss) on Investments and

Derivative Instruments on the Consolidated Statement of Operations. Changes in the value of contracts that remain outstanding

as of period end are measured based on the difference between the unrealized balance as of the beginning of the reporting

period and the unrealized balance as of the end of the reporting period, net of any reversals of previously recorded unrealized

gains or losses once realized. Unrealized gains and losses are presented net in Net Change in Unrealized Gain/(Loss) on

Derivative Instruments on the Consolidated Statement of Operations.

The Master Aggregator maintains master netting agreements with all of its counterparties. Based on the terms outlined

within each master netting agreement, there are no financial instruments available for offset as of December 31, 2025. Further,

there have been no financial instruments or cash pledged or received as collateral as of December 31, 2025.

The Master Aggregator's other disclosures regarding derivative instruments are discussed in Note 5. "Derivative

Instruments."

**Cash and Cash Equivalent**

Cash and cash equivalent represents cash on hand, cash held in banks, money market funds and short-term, and highly

liquid investments with original maturities of three months or less. Master Aggregator may have bank balances in excess of

federally insured amounts; however, Master Aggregator deposits its cash and cash equivalent with high credit-quality

institutions to minimize credit risk.

**Net Realized and Unrealized Gain (Loss) on Investments**

The Master Aggregator recognizes net realized gains (losses) on investments when earned at the time of receipt of

proceeds. Without regard to unrealized gains or losses previously recognized, realized gains or losses will be measured as the

difference between the net proceeds from the sale, repayment or disposal of an asset and the cost basis of the asset.

Net change in unrealized gain (loss) on investments is the change in fair value of its underlying investments. Net change

in unrealized gains or losses will reflect the change in investment values during the reporting period, including any reversal of

previously recorded unrealized gains or losses when gains or losses are realized.

**Income Recognition** 

The Master Aggregator recognizes interest income from private investments when earned pursuant to the terms of the

respective investment. The Master Aggregator recognizes dividend income from investments when earned. In the case of

proceeds received from investments, the General Partner determines the character of such proceeds and records any interest

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

income, dividend income, realized gain or loss, or return of capital accordingly. Interest income is calculated using the effective

interest rate method.

**Organization Expenses**

Organization expenses include, among other things, the cost of incorporating the Master Aggregator and the cost of legal

services and other fees pertaining to the Master Aggregator's organization. These costs are expensed as incurred. For the period

ended December 31, 2025, the Master Aggregator incurred organization expenses of $203,252 which have been recorded as an

expense on the Consolidated Statement of Operations. As of December 31, 2025, total organization expenses of $203,252 are

included within Due to affiliate, in the Consolidated Statement of Assets and Liabilities.

**Professional Fees**

Professional fees include but are not limited to administrative, audit, tax, and legal fees that do not fall under offering

costs. For the period ended December 31, 2025, the Master Aggregator incurred professional fees of $3,596,733. As of

December 31, 2025, total professional fees of $2,187,424 and $1,409,312 are included within Due to affiliate and Accounts

payable and accrued expenses, respectively, in the Consolidated Statement of Assets and Liabilities.

**Deferred Financing Costs**

Deferred financing costs are amortized over the term of the related credit facility agreement. For the period ended

December 31, 2025, the Master Aggregator had deferred financing costs of $1,767,008 and amortized credit facility fees of

$525,327 in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations, respectively.

**Income Taxes**

The Master Aggregator is treated as a partnership for U.S. federal and state income tax purposes, is not directly subject to

U.S. federal income taxes, and is generally not directly subject to U.S. state income taxes. Additionally, the Master Aggregator

owns a controlling interest in several subsidiaries that are treated as corporations for U.S. and non-U.S. tax purposes

("Aggregator Corporations") which are subject to U.S. federal, state and/or local income taxes. Certain intermediate entities

may be formed for use in carrying out the Master Aggregator's activities and these may be subject to income taxes.

As of December 31, 2025, the tax years that remain subject to examination by the major tax jurisdictions under the

statute of limitations are from inception forward.

To the extent investments made by the non-U.S. subsidiaries are engaged in a U.S. trade or business, the subsidiaries will

generally be subject to a U.S. federal income tax of 21% of its share of taxable income effectively connected with the conduct

of a U.S. trade or business and may be subject to additional branch profits tax of 30% of its share of effectively connected

earnings and profits, adjusted as provided by law. The subsidiaries may also be subject to state tax and local taxes. Federal and

state income taxes are expected to be withheld at the source of the U.S. trade or business and taxes withheld can be used as a

credit against the income tax liability of the subsidiaries. The Master Aggregator consolidates certain wholly-owned

subsidiaries that are treated as corporations for U.S. federal income tax purposes. For the period ended December 31, 2025, the

Master Aggregator had a deferred tax asset of $4,364 and a deferred tax liability of $2,750,796 in the Consolidated Statement of

Assets and Liabilities. The deferred tax liability relates to federal and state and local income taxes on unrealized gains and

losses on certain investments.

**Deferred Taxes**

U.S. GAAP requires the asset and liability method of accounting for income taxes. Under this method, deferred taxes are

recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of

existing assets and liabilities and their respective tax basis. Valuation allowances are established where the Master Aggregator

determines it is more likely than not that some portion or all of the deferred tax asset will not be realized. The Master

Aggregator assesses all available positive and negative evidence, including the amount and character of future taxable income.

**Uncertain Tax Positions**

The Master Aggregator recognizes uncertain tax positions when it is more likely than not that the position will be

sustained by the taxing authorities, based on the technical merits of the positions. The tax positions that meet the more-likely-

than not threshold are recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon

ultimate settlement. The Master Aggregator reevaluates its tax positions each period in which new information becomes

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

available. The Master Aggregator's policy is to recognize tax related interest and penalties, if applicable, as a component of the

provision for income taxes on the Consolidated Statement of Operations.

**Affiliates**

The General Partner, Investment Advisor, the Partnership, the Feeder Fund, Parallel Funds, and other vehicles sponsored,

advised and/or managed by SP+ INFRA or its affiliates are affiliates of the Master Aggregator.

**New Accounting Standards**

In November 2024, the FASB issued Accounting Standards Update No. 2024-03, Income Statement – Reporting

Comprehensive Income – Expense Disaggregation Disclosures: Disaggregation of Income Statement Expenses ("ASU

2024-03"). ASU 2024-03 will require more detailed information about the types of expenses in commonly presented income

statement captions such as "Selling, general and administrative expenses." The new guidance is effective for annual reporting

periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 with early

adoption permitted. The Master Aggregator is currently evaluating the impact that this change will have on the Master

Aggregator's consolidated financial statements.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures, including

expanded effective tax rate reconciliation disclosures, disaggregation of income taxes paid by jurisdiction, and additional

disclosures of pretax income and income tax expense. The new guidance is effective for annual reporting periods beginning

after December 15, 2025, and interim reporting periods beginning after December 15, 2026 with early adoption permitted. The

Master Aggregator has adopted this new accounting standard as of December 31, 2025 and this change is not significant for the

Master Aggregator's consolidated financial statements.

**Note 3. Investments and Fair Value Measurement**

The following tables summarize the valuation of the Master Aggregator's investments by the fair value hierarchy levels

as of December 31, 2025:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
|  | **Level I** | **Level II** | **Level III** | **NAV**  | **Total**  |
| **Assets**  |  |  |  |  |  |
| **Cash and cash equivalent** |  |  |  |  |  |
| Cash held at banks | $— | $— | $— | $— | $— |
| Money market fund | 36361729 |  |  |  | 36361729 |
| Total cash and cash equivalent | 36361729 |  |  |  | 36361729 |
| **Investments** |  |  |  |  |  |
| Affiliated investee funds |  |  |  | 496511870 | 496511870 |
| Other affiliated investments |  |  | 617784505 | 26145143 | 643929648 |
| Debt investments |  |  | 12166834 |  | 12166834 |
| Total investments |  |  | 629951339 | 522657013 | 1152608352 |
| Derivative assets |  | 2362085 |  |  | 2362085 |
| **Total cash and cash equivalent and** <br>**investments**<br>| $36361729 | $2362085 | $629951339 | $522657013 | $1191332166 |
| **Liabilities** |  |  |  |  |  |
| Derivative liabilities | $— | $(1270032) | $— | $— | $(1270032) |

---

The Master Aggregator may hold equity securities that are subject to sale restrictions. The nature of such restrictions are

contractual or legal in nature and are deemed an attribute of the holder rather than the investment. Contractual restrictions may

include but are not limited to: consent-rights or event-based transfer restrictions imposed by third parties, underwriter lock-ups

and sale or transfer restrictions applicable to investments pledged as collateral. Restrictions will generally lapse over time or

after a predetermined date. As of December 31, 2025, there were no equity securities subject to sales restrictions within the

Master Aggregator's Level I and II assets. The Master Aggregator's Level III equity securities are generally illiquid and

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

privately negotiated in nature and may also be subject to contractual sale or transfer restrictions including those pursuant to their

respective governing or similar agreements.

The following table summarizes the quantitative inputs and assumptions used for valuation of investments categorized in

Level III of the fair value hierarchy as of December 31, 2025:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Fair Value**<sup>(1)</sup> | **Valuation** <br>**Techniques**<br>| **Unobservable** <br>**Input**<br>| **Ranges** | **Weighted-**<br>**Average**<sup>(5)</sup><br>| **Impact to** <br>**valuation** <br>**from an** <br>**increase in** <br>**input**<br>|
| **Financial assets**  |  |  |  |  |  |  |
| Other affiliated <br>investments & debt <br>investment<br>|  |  |  |  |  |  |
| Other affiliated <br>investments<br>| $460352195 | Discounted <br>Cash Flow<br>| Discount Rate | 12.5%-22.5% | 16.6% | Lower |
|  |  |  | NTM EBITDA <br>Exit Multiple<sup>(2)</sup><br>| 17.0x-18.0x | 17.4x | Higher |
|  |  |  | LTM EBITDA <br>Exit Multiple<sup>(3)</sup><br>| 7.7x | 7.7x | Higher |
|  |  |  | LQA EBITDA <br>Exit Multiple<sup>(4)</sup><br>| 22.5x | 22.5x | Higher |
|  |  |  | Exit Cap | 6.5% | 6.5% | Lower |
| Debt investment | 12166834 | Discounted <br>Cash Flow<br>| Discount Rate | 7.6% | 7.6% | Lower |
| Total other affiliated <br>investments and debt <br>investment<br>| $472519029 |  |  |  |  |  |

---

(1) Not reflected in the table above are Level 3 investments that have been valued based upon recent transactions in the amount of $157,432,310.

(2) NTM EBITDA Exit Multiple represents EBITDA annualized for the next twelve months from exit date.

(3) LTM EBITDA Exit Multiple represents EBITDA for the last twelve months annualized from exit date.

(4) LQA EBITDA Exit Multiple represents EBITDA for the last quarter annualized from exit date.

(5) Inputs are weighted based on fair value of the investments included in the range.

For the period ended December 31, 2025, the following table presents changes in the fair value of investments for which

Level III inputs were used to determine the fair value:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level III Financial Assets at Fair Value**  | **Level III Financial Assets at Fair Value**  | **Level III Financial Assets at Fair Value**  |
|  | **Period Ended December 31, 2025** | **Period Ended December 31, 2025** | **Period Ended December 31, 2025** |
|  | **Other Affiliated** <br>**Investments**<br>| **Debt Investments**  | **Total**  |
| **Balance, beginning of period** | $— | $— |  |
| Purchases  | 575012364 | 11738262 | 586750626 |
| Change in unrealized gain/(loss) included in <br>net assets <br>| 42772141 | 428572 | 43200713 |
| **Balance, end of period**  | $617784505 | $12166834 | $629951339 |
| Changes in unrealized gain (loss) included in <br>earnings related to financial assets still held at <br>reporting date <br>| $42772141 | $428572 | $43200713 |

---

**NAV as a Practical Expedient**

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

The affiliated investee funds were formed with the objectives of acquiring, holding, and disposing of investments. The

exit timing of these investments is unknown as of December 31, 2025. Refer to the Condensed Consolidated Schedule of

Investments for the underlying investment held through these affiliated investee funds.

The following table summarizes investments that estimate the fair value of an investment using NAV as a practical

expedient as of December 31, 2025:

---

| | | |
|:---|:---|:---|
| **Affiliated Investee Funds and Other Affiliated Investments** | **Unfunded** <br>**Commitment**<br>| **Fair Value**  |
| SCF Cranberry Upper Holdings SPV I LP |  | 45903839 |
| SCF Cranberry (Co-Invest) Holdings IV LP |  | 16094889 |
| SCF Cranberry (Co-Invest) Holdings VIII LP |  | 24232313 |
| Stonepeak Cologix Holdings LP | 23137264 | 39780693 |
| Stonepeak Global Renewables Fund LP | 26141594 | 33733817 |
| Stonepeak Global Renewables Fund (Lux) SCSp | 10874525 | 14048841 |
| Stonepeak Midband (Co-Invest) Holdings LP |  | 104544184 |
| Stonepeak Efesto Infrastructure Fund SCSp |  | 155984996 |
| Stonepeak Digital Edge (Co-Invest) Holdings III LP  | 28450079 | 62188298 |
| Other Affiliated Investments | 3239023 | 26145143 |
| **Total affiliated investee funds and other affiliated investments** | $91842485 | $522657013 |

---

**Note 4. Related Party Transactions**

**Due to Affiliate**

The Master Aggregator's operating expenses are paid either by the Master Aggregator or by the Investment Advisor or its

related affiliates. As of December 31, 2025, an affiliate of the Investment Advisor has advanced total costs of $2,915,456 all of

which are subject to recoupment by the affiliate of the Investment Advisor and have been recorded in the Consolidated

Statement of Assets and Liabilities within Due to affiliate.

**Acquisition of Certain Affiliated Investments**

For the period ended December 31, 2025, the Master Aggregator purchased investments from affiliates of the Investment

Advisor, at a discount to fair market value in exchange for a total consideration of $655,977,595. The aggregate fair value of

these investments as of December 31, 2025 was $813,107,037. Included in the consideration is an in-kind contribution of

$199,985,928 that was exchanged for 6,529,108 units of the Partnership, as governed by the executed purchase and contribution

agreements. As of December 31, 2025, the fair value of the investments contributed in-kind is $215,934,579. From time to time

the Master Aggregator may acquire additional investments from its affiliates.

**Note 5. Derivative Instruments**

In the normal course of business, Stonepeak-Plus Infrastructure Fund SPV LP ("SPV"), a wholly owned entity of

Lower Fund V, may enter into derivative contracts to achieve certain risk management objectives on behalf of the Master

Aggregator.

The SPV may enter into derivative instruments to hedge against foreign currency exchange rate risk on a portion or all of

its non-U.S. dollar denominated investments. These instruments primarily include (a) forward currency contracts and (b)

foreign currency swaps. The SPV utilizes forward currency contracts and foreign currency swaps, collectively referred to as

foreign exchange contracts, to economically hedge the currency exposure associated with certain foreign-denominated

investments. These derivative contracts are not designated as hedging instruments for accounting purposes. The use of foreign

exchange contracts does not eliminate fluctuations in the price of the underlying investments recognized by the Master

Aggregator. Additionally, the SPV may enter into derivative instruments to hedge against other risks in its investments,

including commodity price risk and equity price risk.

As a result of the use of derivative contracts, the Master Aggregator is exposed to the risk that counterparties will fail to

fulfill their contractual obligations. To mitigate such counterparty risk, the SPV enters into contracts with certain major

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

financial institutions, primarily those with investment grade ratings. Counterparty credit risk is evaluated in determining the fair

value of derivative instruments.

The table below summarizes the aggregate notional amount and fair value of the derivative instruments. The notional

amount represents the absolute value amount of the foreign exchange contracts:

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Assets** | **Assets** |
|  | **Notional** | **Fair Value** |
| **Derivative instruments** |  |  |
| Foreign Currency Contracts (EUR) | €151,053,074 | $2319051 |
| Foreign Currency Contracts (GBP) | £3,240,375 | $43034 |
| **Total** |  | $2362085 |

---

---

| | | |
|:---|:---|:---|
|  | **December 31, 2025** | **December 31, 2025** |
|  | **Liabilities** | **Liabilities** |
|  | **Notional** | **Fair Value** |
| **Derivative instruments** |  |  |
| Foreign Currency Contracts (EUR) | €71,459,090 | $1124402 |
| Foreign Currency Contracts (GBP) | £689,398 | $14860 |
| Foreign Currency Contracts (AUD) | A$42,940,772 | $130770 |
| **Total** |  | $1270032 |

---

**Note 6. Borrowings**

**Credit Agreement**

On July 16, 2025, the Master Aggregator entered into a revolving credit agreement (the "Credit Agreement") pursuant to

which the lenders and letter of credit issuers thereunder agreed to provide loans and letters of credit for up to an aggregate

initial principal amount of $100 million subject to customary conditions. The available capacity under the Credit Agreement

may be increased up to an amount agreed by the increasing lenders, and in certain cases, subject to the consent of the

Administrative Agent (as defined below), provided that the Master Aggregator maintains a loan to value ratio of not more than

an amount set forth in the Credit Agreement. On November 17, 2025, the Master Aggregator entered into the first amendment

of the Credit Agreement which increased the principal amount to $200 million subject to the same customary conditions as the

original agreement.

The parties to the Credit Agreement include the Master Aggregator, certain affiliated holding vehicles of the Partnership,

as guarantors, ING Capital LLC, as administrative agent (in such capacity, the "Administrative Agent"), the mandated lead

arranger, the sole bookrunner, the letter of credit issuer and a lender, and certain other lenders as identified in the Credit

Agreement. The Credit Agreement matures on July 16, 2027, subject to a 364-day extension option requiring approval by the

Administrative Agent and extending lenders and the satisfaction of customary conditions.

Under the Credit Agreement, borrowings will bear interest, at the Master Aggregator's discretion, at a rate of the (i)

Secured Overnight Financing Rate (as calculated under the Credit Agreement, or a similar benchmark rate for approved foreign

currencies) plus a spread of 2.40% per annum, or (ii) Reference Rate (as defined in the Credit Agreement) plus a spread of

1.40%. Such rates may be increased in accordance with the terms of the Credit Agreement on any principal or interest on such

amount of such borrowing that is overdue.

As of December 31, 2025, the total amount outstanding under the Credit Agreement was $80,000,000 which

approximates fair value.

The aggregate remaining borrowing capacity available for the Credit Facility at December 31, 2025 was $120,000,000.

As of December 31, 2025, the Master Aggregator is in compliance with the debt covenants.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

**Note 7. Net Assets**

On a monthly basis the Master Aggregator accepts contributions ("Contributions") from the Partnership and the RAIF

vehicle indirectly through Stonepeak-Plus Infrastructure Fund S.A. SICAV – UCI Part II (the "Lux Fund"), which in turn will

be invested fully by the Master Aggregator. On a quarterly basis the Master Aggregator may settle withdrawals

("Withdrawals") upon request from the investors. For information regarding the Partnership's Unit Redemption program, see

the Partnership's Notes to the Partnership's consolidated financial statements.

The Master Aggregator, at the discretion of the General Partner, has the authority to issue an unlimited number of

interests.

**Note 8. Commitments and Contingencies**

**Commitments** 

Pursuant to the A&R Investment Advisory Agreement effective March 30, 2026, the Investment Advisor agreed to

advance organizational and offering expenses, other than Servicing Fees, on SP+ INFRA's behalf through the second

anniversary of the Initial Closing Date. As of December 31, 2025, the Investment Advisor and its affiliates have incurred

organizational and offering expenses on the Master Aggregator's behalf in the amount of $203,252 of which $203,252 related

to organizational expenses and was expensed as incurred and no costs related to offering costs that would be capitalized as a

deferred expense and amortized over twelve months.

Conditional commitment allocation for SP+ INFRA will be determined at closing. Conditional commitments are subject

to certain terms and conditions prior to closing of the relevant transactions and there can be no assurance that such transactions

will close as expected or at all.

During the period ended December 31, 2025, the Master Aggregator made a total of $351,186,699 in commitments to

affiliated investee funds and portfolio companies as well as a total of $330,000,000 to other affiliated investments. As of

December 31, 2025, unfunded commitments to existing investments in affiliated investee funds and portfolio companies as well

as other affiliated investments was $91,842,485 and $150,051,532, respectively.

In addition to the borrowings made by the Master Aggregator, certain investments held by the Master Aggregator are

indirectly exposed to debt obligations undertaken by entities through which the Master Aggregator is invested.

Stonepeak Imagine Bidco Limited (the "Company") through Stonepeak Imagine Holdco Limited (the "Imagine

Borrower") entered into a credit agreement (the "Imagine Credit Agreement") for a €160,000,000 term loan with Kroll Agency

Services Limited, as agent, and the other lenders on November 23, 2024. The Imagine Borrower guaranteed the obligations and

granted to the agent limited recourse security over all issued shares in the Master Aggregator and over receivables under

intercompany loans made to the Master Aggregator to secure the obligations. As of December 31, 2025, the outstanding amount

of the term loan was €177,078,801. The value of the investment as recorded on the Partnership's Schedule of Investments is net

of the debt allocable to the Partnership.

The Intermediate Entities through which the Partnership indirectly invests in AppleCore LP entered into a credit

agreement with MUFG Bank, Ltd, Société Générale, ING Capital LLC, Mizuho Bank, Ltd., and Sumitomo Mitsui Banking

Corporation. The Intermediate Entities guaranteed the obligations and granted to the administrative agent a security interest in

and lien upon substantially all of their assets, including their investment in AppleCore LP, to secure the obligations. The value

of the investment as recorded on the Partnership's Schedule of Investments is net of the debt allocable to the Partnership.

The Master Aggregator holds a 10.0% indirect interest in Stonepeak Tulia Lower Holdings LLC (the "Company") and its

subsidiary, Stonepeak Tulia Holdings LLC (the "Tulia Borrower"). The Tulia Borrower entered into a credit agreement on July

22, 2025 for two credit facilities: a $240 million senior secured first lien term loan facility and a $21.9 million senior secured

first lien letter of credit facility. The Master Aggregator and the Tulia Borrower granted the lender recourse via a first-priority

pledge of substantially all of the assets and properties of the Tulia Borrower and a first-priority pledge of all the Fund's equity

interests in the Tulia Borrower. As of December 31, 2025, the outstanding amount of the credit facilities was $225.9 million.

**Contingencies** 

The Master Aggregator may, from time to time, be party to various legal matters arising in the ordinary course of

business, including claims and litigation proceedings. As of December 31, 2025, the Master Aggregator was not subject to any

material litigation nor was the Master Aggregator aware of any material litigation threatened against it.

**Stonepeak-Plus Infrastructure Fund Master Aggregator LP**

**Notes to Consolidated Financial Statements**

**Indemnifications** 

In the normal course of business, the Master Aggregator enters into contracts that contain a variety of indemnification

arrangements. However, the Master Aggregator has not had any claims or losses pursuant to these indemnification

arrangements and expects the potential for a material loss to be remote as of December 31, 2025.

**Note 9. Financial Highlights**

The following operating expenses and net investment income/(loss) ratios for the period from May 2, 2025

(commencement of operations) to December 31, 2025 are calculated as a percentage of average Limited Partners' capital and

are calculated for the Limited Partner class taken as a whole. The computation of such ratios based on the amount of operating

expenses and net investment income/(loss) assessed to an individual Limited Partners' capital account may vary from these

ratios based on the timing of its entry into the Master Aggregator.

---

| | |
|:---|:---|
|  | **Period from May 2, 2025** <br>**(Commencement of Operations)** <br>**to December 31, 2025**<br>|
| Total return (Limited Partners)<sup>(1)(2)</sup> | 24.19% |
| Ratio to average Limited Partners' Interests |  |
| Total operating expenses<sup>(2)</sup> | 1.00% |
| Total net investment income/(loss)<sup>(3)</sup> | 2.55% |

---

(1) Total return is calculated based on a time-weighted rate of return methodology and includes unrealized gains recognized from the purchase of investments

from an affiliate of the Investment Advisor at a discount to fair value.

(2) These metrics are not calculated on an annualized basis.

(3) These metrics include the provision of tax and are not calculated on an annualized basis.

**Note 10. Subsequent Events**

The General Partner has performed an evaluation of subsequent events through the date the consolidated financial

statements were issued and has determined that there were no subsequent events requiring adjustment or additional disclosure

in the consolidated financial statements, except as noted below.

**Second Amendment to the Credit Agreement**

On March 20, 2026, the Master Aggregator entered into the second amendment of the Credit Agreement which increased

the principal amount to $300 million subject to the same customary conditions as the original Credit Agreement.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures**

**Evaluation of Disclosure Controls and Procedures**

We maintain "disclosure controls and procedures," as such term is defined in Rules 13a-15(e) and 15d-15(e) under the

Securities Exchange Act of 1934 (the "Exchange Act"), that are designed to ensure that information required to be disclosed by

us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time

periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and

communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow

timely decisions regarding required disclosure. In designing disclosure controls and procedures, our management necessarily

was required to apply its judgment in evaluating the cost-benefit relationship of possible disclosure controls and procedures.

The design of any disclosure controls and procedures also is based in part upon certain assumptions about the likelihood of

future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future

conditions. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of

achieving the desired objectives.

Our management, including our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of our

disclosure controls and procedures pursuant to Rule 13a-15 under the Exchange Act as of the end of the period covered by this

report. Based on that evaluation, our Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of

the period covered by this report, our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act)

are effective at the reasonable assurance level to accomplish their objectives of ensuring that information we are required to

disclose in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the

time periods specified in Securities and Exchange Commission rules and forms, and that such information is accumulated and

communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow

timely decisions regarding required disclosure.

**Changes in Internal Control over Financial Reporting**

No change in our internal control over financial reporting (as such term is defined in Rules 13a–15(f) and 15d–15(f)

under the Exchange Act) occurred during our most recent quarter that has materially affected, or is reasonably likely to

materially affect, our internal control over financial reporting.

**Management's Report on Internal Control Over Financial Reporting**

This annual report does not include a report of management's assessment regarding internal control over financial

reporting or an attestation report of the Partnership's registered public accounting firm due to a transition period established by

rules of the SEC.

**Item 9B. Other Information**

None.

**Item 9C. Disclosure Regarding Foreign Jurisdiction that Prevent Inspections**

None.

**Part III.**

**Item 10. Directors, Executive Officers and Corporate Governance**

Overall responsibility for the Fund's oversight rests with the General Partner, subject to certain oversight rights held by

the Board of Directors. The Board is responsible for overseeing our periodic reports under the Exchange Act and certain

conflicts of interest related to Stonepeak in accordance with the provisions of the Fund LPA and any policies of the General

Partner. Approval of the Independent Directors is required for (a) the suspension of (x) the calculation of the NAV of the Units,

or (y) the Redemption Program, (b) any material modification to (x) the Fund's valuation policy and (y) the Redemption

Program and (c) the fair valuation of any Direct Investment that the General Partner has determined to value outside of the

applicable range provided by the Fund's independent valuation advisor.

Our Board currently consists of six members, three of whom are Independent Directors. The General Partner expects to

appoint additional directors to the Board from time to time. Our General Partner elects the Fund's executive officers, who serve

at the discretion of the General Partner.

**Board of Directors and Executive Officers**

Information regarding the Board of Directors and executive officers are set forth below:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Age**<sup>(\*)</sup> | **Position** | **Position** <br>**Held** <br>**Since**<br>|
| **Non-Independent Directors** |  |  |  |
| Luke Taylor | 48 | Director, Chair of the Board | 2024 |
| Anthony Borreca | 41 | Director, Chief Investment Officer | 2025 |
| Cyrus Gentry | 37 | Director, Chief Executive Officer and Principal Executive Officer | 2025 |
| **Independent Directors** |  |  |  |
| Nisha Kumar | 55 | Director | 2024 |
| Michael Morgan | 57 | Director | 2025 |
| Robert Soderbery | 59 | Director | 2025 |
| **Executive Officers who are not** <br>**Directors**<br>|  |  |  |
| Steven Mlynar | 41 | Chief Financial Officer, Principal Financial Officer and Principal<br>Accounting Officer<br>| 2025 |
| Zachary Feingold | 50 | Chief Operating Officer | 2025 |

---

(\*) As of January 1, 2026

Each director will hold office until his or her death, resignation, removal or disqualification. The address for each of our

directors is c/o Stonepeak-Plus Infrastructure Fund Advisors LLC, 550 W 34th Street, New York, NY, 10001.

Each officer holds office at the pleasure of the General Partner until his or her successor is duly appointed and qualified.

**Biographical Information**

***Directors***

Our directors have been divided into two groups — Independent Directors and Non-Independent Directors. The status of

an Independent Director under the Fund LPA is determined consistent with the independence tests set out in Rule 303A.02 of

the New York Stock Exchange Listed Company Manual or other standards determined by the General Partner.

<u>Non-Independent Directors</u>

***Luke Taylor*** is Co-President of Stonepeak, and a member of the Fund's Board and all of the firm's investment

committees. Luke joined Stonepeak in 2011 and has been a senior member of the investment team ever since. Previously

having served as the global head of the Transport & Logistics sector, Luke now serves as Co-President of Stonepeak with broad

management responsibility for the firm's investing and operational activities. Luke has been investing in the infrastructure

space for more than 20 years. Prior to joining Stonepeak, Luke was a Senior Vice President with Macquarie Capital based in

New York, where he spent 10 years investing in a variety of sectors. Luke received a Bachelor of Commerce and a Master of

Business (Distinction) from the University of Otago (New Zealand). Mr. Taylor is a valuable member of the Board because of

his extensive investing experience and his history with Stonepeak.

***Anthony Borreca*** is a Senior Managing Director with Stonepeak, where he serves as Co-Head of Energy. Anthony

joined Stonepeak in 2022. He helps lead Stonepeak's energy practice, plays a leadership role in the firm's Global Renewables

strategy, and serves on multiple investment committees and portfolio company boards. He has worked in both the firm's

Houston and London offices. Prior to joining Stonepeak, Anthony spent over a decade on Blackstone Credit's energy team,

investing across the energy, renewables, and energy transition sectors. He previously worked at Blue Source in the firm's low-

carbon infrastructure fund and began his career at Credit Suisse in its Global Energy Investment Banking group. Anthony

received a Bachelor of Science degree in Economics from Colby College. Mr. Borreca is a valuable member of the Board

because of his extensive investing experience and his history with Stonepeak.

***Cyrus Gentry*** is a Managing Director at Stonepeak Partners LP (together with subsidiaries and affiliated entities,

"Stonepeak"). Mr. Gentry joined Stonepeak in 2017 and has played a senior role in the firm's investing activities within the

digital infrastructure sector in both North America and Europe. Prior to Stonepeak, Mr. Gentry held investing roles at BC

Partners, focusing on the industrials and telecommunications sectors, as well as Advent International and J.P. Morgan. Mr.

Gentry received a Bachelor of Science in Applied Economics and Management from Cornell University. He currently sits on

the Board of the South Street Seaport Museum in New York and serves as one of the Church Commissioners for the Church of

England, who hold responsibility for managing the Church's permanent endowment fund. Mr. Gentry is a valuable member of

the Board because of his extensive investing experience and his history with Stonepeak.

<u>Independent Directors</u>

***Nisha Kumar*** served as the Managing Director, Chief Financial Officer and Chief Compliance Officer of Greenbriar

Equity Group L.P., a private equity firm, from 2011 to 2021, where she was also a member of the management and investment

committees. Prior to Greenbriar, Nisha served as Executive Vice President and Chief Financial Officer of AOL, the multi-

billion dollar global consumer internet company and a reporting segment of Time Warner, Inc. Nisha currently serves on the

boards of directors and chairs the audit committees for Birkenstock Holding plc, RealTruck, a premier vertically integrated

truck, Jeep® and off-road parts and accessories company in North America, and the Legg Mason Partners Closed End Funds,

owned by Franklin Templeton. She also serves on the board of directors for The India Fund, managed by Aberdeen Asset

Management. Nisha received her AB degree, magna cum laude, from Harvard and Radcliffe Colleges in Government and her

MBA from Harvard Business School. Ms. Kumar is a valuable member of the Board because of her extensive investment and

financial experience.

***Michael Morgan*** served as a director of Kinder Morgan Inc (NYSE: KMI) since 2007 and as lead director since 2011.

KMI is one of the largest energy infrastructure companies in North America. Mr. Morgan served in various management roles

for KMI from 1997 to 2004, including as President from 2001 until 2004. Mr. Morgan has been Chairman of Triangle Peak

Partners, LP, a registered investment adviser and fund manager, since 2008, and was its Chief Executive Officer from 2008 to

2022. Mr. Morgan has also been President of Portcullis Partners, L.P., a private investment partnership, since 2004. Mr.

Morgan served as a director of Sunnova Energy International (NYSE: NOVA), a residential energy and storage company from

2015 to October 2024. Mr. Morgan served as a director and chair of the compensation committee of Stem, Inc. (NYSE: STEM),

a smart energy storage company, from April 2021 to October 2024. Previously, Mr. Morgan served as Chairman of the board of

directors of each of Star Peak Energy Transition Corp. (NYSE: STPK) from August 2020 until its merger with Stem, Inc. in

April 2021, and Star Peak Corp. II (NYSE: STPC) from January 2021 until its merger with Benson Hill in September 2021. Mr.

Morgan was director of Kayne Anderson MLP Investment Company and Kayne Anderson Energy Total Return Fund from

2007 until 2008. Mr. Morgan earned a BA in Economics and an MA in Sociology from Stanford University in 1990. Mr.

Morgan earned an MBA from Harvard Business School in 1995. In 2022-2023, Mr. Morgan participated in Stanford

University's DCI Fellows program. Mr. Morgan currently serves as co-chair of the Advisory Council to Stanford's Precourt

Institute for Energy and has served on that volunteer board since 2014. Mr. Morgan served as National Chair of The Stanford

Fund from 2015-2022. Mr. Morgan has served on a variety of other Stanford volunteer boards in the last twenty years. Mr.

Morgan currently serves as a trustee on the Naval Postgraduate School Foundation. Mr. Morgan is a valuable member of the

Board because of his extensive investment and financial experience.

***Robert Soderbery*** served as the Executive Vice President and General Manager, Flash Business, of Western Digital

Corporation, from 2020 to 2024. Prior to that, Mr. Soderbery served as president and board member of UpLift, Inc., a travel

finance company, from 2017 to 2020. He has also served as an advisor to Rockwell Automation, Inc. since May 2017 and as

managing member of Acclimate Ventures LLC, a consulting, advisory and investment firm, since 2016. Mr. Soderbery

previously served as senior vice president and general manager, enterprise products, and in other senior leadership roles at

Cisco Systems from 2009 to 2016. Prior to that, he served as senior vice president, storage and availability management group,

and in other leadership roles at Symantec Corporation. Mr. Soderbery received a Bachelor of Science in Electrical Engineering

from California Institute of Technology and a Master of Science in Computer Science from Stanford University. Mr. Soderbery

is a valuable member of the Board because of his extensive investment experience.

***Executive Officers***

For information concerning the background of Mr. Gentry and Mr. Borreca, see "—Non-Independent Directors" above.

***Steven Mlynar*** is a Senior Managing Director and the CFO of Stonepeak. Steve oversees Stonepeak financial operations.

Prior to Stonepeak, Steve held senior finance and accounting roles with Staple Street Capital, Apollo and Deloitte. Steve holds a

Bachelor of Science in Accounting from the University of Connecticut and a Master of Business Administration from Yale

University. Steve is a Certified Public Accountant, Chartered Global Management Accountant and CFA Charterholder.

***Zachary Feingold*** is a Senior Managing Director and Chief of Staff of Stonepeak Partners LP (together with subsidiaries

and affiliated entities, "Stonepeak"). Prior to joining Stonepeak in early 2025, Mr. Feingold spent ten years at Coatue

Management, where he was the Chief Legal Officer and involved as a senior member of management across strategic and

operational functions. Before Coatue, Mr. Feingold served as an Assistant United States Attorney in the United States

Attorney's Office for the Southern District of New York, an associate at Simpson Thacher & Bartlett LLP and a law clerk to the

Honorable K. Michael Moore of the U.S. District Court, Southern District of Florida. Mr. Feingold received a Bachelor of Arts

in Law & Society from American University and a Juris Doctor from Fordham University School of Law.

**Leadership Structure and Oversight Responsibilities**

Overall responsibility for our oversight rests with the General Partner, subject to certain oversight rights held by the

Board. We have entered into the Investment Advisory Agreement pursuant to which the Investment Advisor, an affiliate of the

General Partner, manages the Fund on a day-to-day basis. As described below, the Board has established an Audit Committee,

and may establish ad hoc committees or working groups from time to time, to assist the Board and the General Partner in

fulfilling their oversight responsibilities.

**Committees**

The Board of Directors has established an Audit Committee and may form additional committees in the future.

***Audit Committee***

The Audit Committee is composed of Nisha Kumar, Michael Morgan, and Robert Soderbery, who are Independent

Directors, and is chaired by Nisha Kumar. Our Board determined that each of Nisha Kumar, Michael Morgan, and Robert

Soderbery is an "audit committee financial expert" as that term is defined under Item 407 of Regulation S-K, as promulgated

under the Exchange Act.

The General Partner may appoint additional directors to the Board and the Audit Committee from time to time; provided

that the appointment of new Independent Directors as a result of a vacancy (regardless of how the vacancy was created) will

require approval by the Board of Directors, including a majority of the remaining Independent Directors.

In accordance with its written charter adopted by the Board, the Audit Committee is responsible for overseeing:(i) the

quality and integrity of the Fund's financial statements and internal controls; (ii) the Fund's compliance with legal and

regulatory requirements; (iii) the Fund's risk profile related to operations and financial reporting; and (iv) the qualification,

performance and independence of the registered public accounting firm employed by the Fund.

***Investment Committee***

The Investment Committee process involves a thorough discussion and vigorous debate of issues. Its main tasks include

the making of any decisions relating to investment and divestment by the Fund. Investment Committee discussions provide a

forum for candid and thoughtful discussion which includes feedback from the firm's investment professionals, finance, legal

and compliance, investor relations and sustainability teams.

The SP+ INFRA Investment Committee process emphasizes a consensus-based approach to decision-making among the

members and is the same process that Stonepeak has adopted since inception. In addition, SP+ INFRA will benefit from the

breadth of the entire Stonepeak Platform, including the various acquisition, asset management, portfolio operations, finance,

investor relations, and legal and compliance professionals located around the globe. These resources provide valuable real-time,

proprietary market data that are expected to enable Stonepeak to identify and act on market conditions and trends more rapidly

than competitors and target specific themes with conviction.

The SP+ INFRA Investment Committee is comprised of the following senior and experienced professionals at

Stonepeak: Michael Dorrell, Jack Howell, Luke Taylor, James Wyper, Anthony Borreca and Cyrus Gentry.

For information concerning the background of Luke Taylor, Anthony Borreca and Cyrus Gentry, see "*—Directors and* 

*Executive Officers*" above. Information concerning the background of the remainder of the members of the Investment

Committee is set forth below:

**Michael Dorrell – CEO**

Michael is the Chairman, CEO and Co-Founder of Stonepeak. Michael founded Stonepeak in 2011 and has been deeply

involved in all phases of the firm's development since. Today, Michael directs Stonepeak's strategy and investment decisions,

and oversees the firm's continued expansion into new regions and product areas.

Michael has more than 25 years of experience investing in infrastructure. A longer-tenured investor in a relatively young

and still maturing asset class, Michael has been a leader in infrastructure investing, successfully deploying capital across the

entire landscape through economic cycles.

Prior to forming Stonepeak, Michael was a Senior Managing Director in Private Equity and Co-Head of the

Infrastructure Investment group at Blackstone. Before Blackstone, Michael worked for over a decade at Macquarie, where he

started his career, first in Australia and later in New York where he took on roles of increasing responsibility within the firm

and ultimately held the title of Senior Managing Director.

Michael received a Bachelor of Laws and a Bachelor of Commerce, both from the University of New South Wales in

Sydney.

**Jack Howell – Co-President**

Jack is Co-President of Stonepeak and a member of all of the firm's investment committees. Jack joined Stonepeak in

2015 and has been a senior member of the investment team ever since. Previously having served as the global head of the

Energy sector, Jack now serves as Co-President of Stonepeak with broad management responsibility for the firm's investing

and operational activities. Jack has been investing in the infrastructure space for more than 15 years. Prior to joining Stonepeak,

Jack worked for Davidson Kempner Capital Management, a hedge fund that focuses on distressed debt and merger arbitrage.

Prior to Davidson Kempner, Jack worked for Denham Capital and Credit Suisse.

Jack received a Bachelor of Arts in Plan II Honors and a Bachelor of Arts in Economics (Business Economics Program),

Phi Beta Kappa, from the University of Texas at Austin.

**Luke Taylor – Co-President**

Luke is Co-President of Stonepeak and a member of the Fund's Board and all of the firm's investment committees. See

"*—Directors—Non-Independent Directors*" above for Luke's biography.

**James Wyper – Senior Managing Director**

James is a Senior Managing Director and is Head of Transportation & Logistics with Stonepeak. James joined Stonepeak

in 2013 as an Associate and became Senior Managing Director in 2020. He is responsible for global oversight and

implementation of the Transportation & Logistics investment strategy. Prior to joining Stonepeak, James was a member of

Credit Suisse's Global Energy group, where he focused on the power and renewables sectors.

James received a Bachelor of Arts in Economics from Yale University.

**Anthony Borreca – Senior Managing Director**

Anthony is a Senior Managing Director at Stonepeak and is the Director, Chief Investment Officer of the Fund. See "*—*

*Directors — Non-Independent Directors*" above for Anthony's biography.

**Cyrus Gentry – Managing Director**

Cyrus is a Managing Director at Stonepeak and Director, Chief Executive Officer and Principal Executive Officer of the

Fund. See "*Directors — Non-Independent Directors*" above for Cyrus's biography.

**Code of Business Conduct and Ethics**

The Board has adopted a Code of Business Conduct and Ethics which applies to the principal executive officer, principal

financial officer, principal accounting officer, directors, officers and employees (if any). The Code of Business Conduct and

Ethics is available on our website at https://www.stonepeakplusinfra.com under "Governance Documents." We intend to

disclose any waiver of the Code of Business Conduct and Ethics, as legally required, on our website.

**Insider Trading Policy** 

Our insider trading policy establishes procedures for personal investments and restricts certain personal securities

transactions. Personnel subject to the code (officers, directors, and employees of the Fund, if any, the General Partner and the

Investment Advisor) are permitted to invest in securities for their personal investment accounts, including securities that may be

purchased or held by us, so long as such investments are made in accordance with the policy's requirements. Covered persons,

other than those who are unaffiliated with the General Partner, Investment Advisor or Stonepeak, are prohibited from trading

any securities of Stonepeak without receiving pre-clearance from the Legal and Compliance Group. The insider trading policy

is filed as Exhibit 19.1 to this Annual Report, and the foregoing description is qualified by reference to such exhibit.

**Delinquent Section 16(a) Reports**

Based solely on a review of Section 16(a) reports filed during the year ended December 31, 2025 and the period through

the date hereof and related written representations, we believe that all Section 16(a) reports were filed on a timely basis, except

that one Form 4 was filed on July 3, 2025 for Ms. Kumar to report an acquisition of Units, which should have been reported by

July 2, 2025.

**Item 11. Executive Compensation**

**Compensation of Executive Officers**

We do not currently have any employees and do not expect to have any employees. Services necessary for our business

are provided by individuals who are employees of the General Partner, the Investment Advisor or their affiliates, pursuant to the

terms of the Investment Advisory Agreement and the Fund LPA, as applicable. Our day-to-day investment operations will be

managed by the General Partner and the Investment Advisor. Most of the services necessary for the sourcing and administration

of our investment portfolio are provided by investment professionals employed by the Investment Advisor or its affiliates.

None of our executive officers will receive direct compensation from us. We will reimburse the Investment Advisor and/

or their affiliates for expenses and fees charged or specifically attributed or allocated by the Investment Advisor or its Affiliates

to provide in-house administrative, accounting (including tax services (e.g., tax compliance, tax oversight and tax structuring)),

legal, hedging and currency management and transfer pricing services to SP+ INFRA and/or any portfolio companies, and

expenses charged and/or related costs incurred by the Fund, any Feeder Fund, the Intermediate Entities, the Investment Advisor

or its Affiliates in connection with providing such services including, without limitation, compensation and other overhead

allocable to such services; provided, that the General Partner determines in good faith that any such expenses and fees are not

greater than what would be paid to an unaffiliated third party for substantially similar services. Certain executive officers and

Non-Independent Directors, through their financial interests in the General Partner and/or the Investment Advisor, are entitled

to a portion of the profits earned by the General Partner and/or the Investment Advisor, which includes any fees, including

compensation discussed herein, payable to the General Partner and/or the Investment Advisor under the terms of the Investment

Advisory Agreement and the Fund LPA, as applicable, less expenses incurred by the General Partner and/or the Investment

Advisor in performing their services under the Investment Advisory and the Fund LPA, as applicable. See "*Item 1. Business—*

*Description of Business—Investment Advisory Agreement*" and "*Item 13. Certain Relationships and Related Transactions, and* 

*Director Independence*."

**Compensation of Directors**

No compensation is paid to our directors who are not Independent Directors. Each Independent Director is entitled to

compensation for his or her services as a director of the Fund in the amount of $100,000 per year, payable in cash, and $50,000

per year, payable in Class X Units, plus $10,000 per year for the Chair of the Audit Committee, payable in cash (or, in each

case, such pro-rated amount for any service of less than the full fiscal year). We are also authorized to pay the reasonable out-

of-pocket expenses of each Independent Director incurred by such director in connection with the fulfillment of his or her

duties as an Independent Director.

The following table sets forth the compensation earned or paid by us to our directors for the fiscal year ended December

31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| <br>**Name** | **Fees Earned or**<br>**Paid in Cash** |<br>**Unit Awards (a)** |<br>**Total** |
| Luke Taylor | $― | $― | $― |
| Anthony Borreca | $― | $― | $― |
| Cyrus Gentry | $― | $― | $― |
| Nisha Kumar | $110000 | $50000 | $160000 |
| Michael Morgan | $100000 | $50000 | $150000 |
| Robert Soderbery | $50000 | $50000 | $100000 |

---

____________________

(a) Represents the aggregate grant date fair value of awards of restricted Class X Units calculated under the FASB's ASC Topic 718, *Compensation — Stock* 

*Compensation*. The number of restricted Class X Units awarded to each of our independent directors was determined by dividing the total unit award dollar

amount by the then-current NAV at the date of grant. On June 30, 2025, grants of restricted Class X Units were made to each of Mr. Morgan and Ms. Kumar,

using the NAV transaction price as of May 31, 2025, which was determined on June 30, 2025, and resulted in grant amounts of 1,939.929 restricted Class X

Units for each of them. Such restricted Class X Units shall vest one year following the date of grant on June 30, 2025. Additionally, on August 28, 2025, Mr.

Soderbery received grants of restricted Class X Units, in the amounts of 1,739.227 restricted Class X Units, based on a transaction price on such date. Such

restricted Class X Units shall vest one year following the date of grant on August 28, 2025.

**Compensation Committee Interlocks and Insider Participation**

There is currently no compensation committee of the Board of Directors and the Board of Directors does not make

determinations regarding compensation of executive officers because we do not directly pay any compensation to the executive

officers.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

As of February 26, 2026, the following table sets out certain ownership information with respect to the Units,

including vested and unvested Units, for each of the directors and executive officers and all directors and executive officers as a

group. None of the Unit Classes have voting power. The directors and executive officers only hold Class X Units. The address

for our directors and executive officers is c/o Stonepeak-Plus Infrastructure Fund Advisors LLC, 550 W 34th Street, New York,

NY, 10001.

---

| | | |
|:---|:---|:---|
| | **Class X** | **Class X** |
| | **Partnership Units** | **Partnership Units** |
| | **Beneficially Owned** | **Beneficially Owned** |
| <br>**Name of Beneficial Owner** | <br>**Number** | **% of**<br>**Class** |
| **Non-Independent Directors and Executive Officers** |  |  |
| Luke Taylor | 77598 | 1.23% |
| Anthony Borreca |  |  |
| Cyrus Gentry | 5264 | \* |
| **Independent Directors** |  |  |
| Nisha Kumar | 1969 | \* |
| Michael Morgan | 1969 | \* |
| Robert Soderbery | 1765 | \* |
| **Executive Officers Who Are Not Directors** |  |  |
| Steven Mlynar |  |  |
| Zachary Feingold |  |  |
| All current executive officers and directors as a group (8 persons) | 88565 | 1.40% |

---

______________

(\*) Less than one percent

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

**Transactions with Related Persons, Promoters and Certain Control Persons**

***Investment Advisory Agreement; Fund LPA***

We entered into the Investment Advisory Agreement with the Investment Advisor pursuant to which we will pay the

Management Fee and reimburse certain Fund Expenses. We also entered into the Fund LPA, pursuant to which the General

Partner will be entitled to receive the Performance Participation Allocation. In addition, pursuant to the Investment Advisory

Agreement and the Fund LPA, we will reimburse the Investment Advisor and General Partner for certain expenses as they

occur. See "*Part I. Item 1. Business — Investment Advisory Agreement" and "—Fund LPA*."

***Related Party Transactions***

During the year ended December 31, 2025, we purchased investments from an affiliate of the Investment Advisor, at a

discount to fair market value in exchange for a total cash consideration of $2,500,000, as governed by the executed purchase

and contribution agreements.

During the year ended December 31, 2025, we issued to an affiliate of the Investment Advisor, 6,529,108 Class X Units in

exchange for the contribution to the Partnership of approximately $199,985,928 of investments, as governed by the executed

purchase and contribution agreements.

During the year ended December 31, 2025, the Master Aggregator purchased investments from affiliates of the Investment

Advisor, at a discount to fair market value in exchange for a total cash consideration of $455,991,667, as governed by the

executed purchase and contribution agreements.

***Statement of Policy Regarding Transactions with Related Persons***

Our Board of Directors recognizes the fact that transactions with related persons may present risks of conflicts or the

appearance of conflicts of interest. Our Board of Directors has adopted a written policy on transactions with related persons (the

"Related Person Transaction Policy"). Under the Related Person Transaction Policy, the Independent Directors must review and

approve or ratify any "related person transaction" (as defined below), including any material amendments or modifications to

any "related person transaction". A "related person transaction" is defined as any transaction that (A) requires Independent

Director approval pursuant to the Fund LPA and governance guidelines, and (B) (i) would be required to be disclosed pursuant

to Item 404(a) of Regulation S-K in which the Fund was or is to be a participant, (ii) the amount involved exceeds $120,000

and (iii) in which any "related person" (as defined as paragraph (a) of Item 404 of Regulation S-K) had or will have a direct or

indirect material interest, other than an employment relationship or transaction involving an executive officer and any related

compensation. A "transaction" includes, but is not limited to, any financial transaction, arrangement or relationship (including

any indebtedness or guarantee of indebtedness) or any series of similar transactions, arrangement or relationships.

In reviewing a related person transaction or proposed related person transaction, our Independent Directors shall consider

all relevant facts and circumstances, including without limitation: (i) the relationship of the related person to the Fund, (ii) the

nature and extent of the related person's interest in the transaction, (iii) the material terms of the transaction, (iv) the business

purpose of the transaction, (v) the importance and fairness of the transaction both to the Fund and to the related person, (vi)

whether the transaction would likely impair the judgment of a director or executive officer to act in the best interest of the Fund,

(vii) whether the value and the terms of the transaction are substantially similar as compared to those of similar transactions

previously entered into by the Fund with non-related persons, if any, and (viii) any other matters that management or our

Independent Directors deem appropriate.

In addition, the Related Person Transaction Policy provides that our Independent Directors, in connection with any

approval or ratification of a related person transaction involving a non-employee director or director nominee, considers

whether such transaction would compromise the director or director nominee's status as (i) an "independent director" under the

Fund LPA and governance guidelines; (ii) a "non-employee director," as applicable, under Rule 16b-3 under the Exchange Act,

if such non-employee director serves, or such non-employee nominee will serve, on the compensation committee of the Board,

if any; or (iii) an independent director under Rule 10A-3 of the Exchange Act, if such non-employee director serves on the

Audit Committee of the Board.

***Certain Business Relationships***

SP+ INFRA is subject to certain conflicts of interest arising out of SP+ INFRA's relationship with Stonepeak, including the

General Partner and its Affiliates. Certain members of the Board of Directors are also executives of Stonepeak and / or one or

more of its Affiliates. There is no guarantee that the policies and procedures adopted by the Fund, the terms of the Fund LPA,

the terms and conditions of the Investment Advisory Agreement, or the policies and procedures adopted by the Board of

Directors, General Partner, the Investment Advisor, Stonepeak and their Affiliates, will enable SP+ INFRA to identify,

adequately address or mitigate these conflicts of interest, or that the General Partner will identify or resolve all conflicts of

interest in a manner that is favorable to SP+ INFRA, and Unitholders may not be entitled to receive notice or disclosure of the

occurrence of these conflicts or have any right to consent to them.

See "*Part I. Item 1A. Risk Factors—Potential Conflicts of Interest*" including "—*Buying and Selling Investments or Assets* 

*from or to Certain Related Parties*," "—*Broken Deal Expenses*," *"—Allocation of Investment Opportunities*," and "—*Passive* 

*Minority Investment by Blue Owl*" for more information.

***Promoters and Certain Control Persons***

The Investment Advisor and the General Partner may be deemed promoters of the Fund. We intend to enter into the

Investment Advisory Agreement with the Investment Advisor and the Fund LPA with the General Partner. The Investment

Advisor, for its investment management and its administrative services to us, will be entitled to receive the Management Fee, in

addition to the reimbursement of certain Fund Expenses. The General Partner will also be entitled to receive the Performance

Participation Allocation, as described herein. In addition, under the Investment Advisory Agreement and Fund LPA, to the

extent permitted by applicable law, we will indemnify the Investment Advisor and the General Partner and certain of their

affiliates. See "*Part I. Item 1. Business*."

***Director Independence***

See "—*Item 10. Directors, Executive Officers and Corporate Governance*" for information on SP+ INFRA's Independent

Directors and the definition of "independent."

**Item 14. Principal Accountant Fees and Services**

The following table summarizes the aggregate fees for professional services provided by PricewaterhouseCoopers LLP

and their respective affiliates:

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
|  | **Stonepeak-Plus Infrastructure** <br>**Fund LP** | **Stonepeak-Plus Infrastructure** <br>**Fund Master Aggregator LP** | **Total** |
|  | **Stonepeak-Plus Infrastructure** <br>**Fund LP** | **Stonepeak-Plus Infrastructure** <br>**Fund Master Aggregator LP** | **Total** |
| Audit Fees<sup>(a)</sup> | $510000 | $765000 | $1275000 |
| Tax Fees | 412920 | 348976 | 761896 |
|  | $922920 | $1113976 | $2036896 |

---

______________

(a) Audit Fees consisted of fees for (1) the audits of our consolidated financial statements in our registration statement on our Annual Report on Form 10-K

and services attendant to, or required by, statute or regulation, and (2) reviews of the interim consolidated financial statements included in our quarterly reports

on Form 10-Q.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
|  | **Stonepeak-Plus Infrastructure** <br>**Fund LP** | **Stonepeak-Plus Infrastructure** <br>**Fund Master Aggregator LP** | **Total** |
|  | **Stonepeak-Plus Infrastructure** <br>**Fund LP** | **Stonepeak-Plus Infrastructure** <br>**Fund Master Aggregator LP** | **Total** |
| Audit Fees<sup>(b)</sup> | $210000 | $— | $210000 |
|  | $210000 | $— | $210000 |

---

______________

(b) Audit Fees consisted of fees for the audits of our consolidated financial statements in our registration statement on Form 10.

Our Audit Committee Charter, which is available on our website at www.stonepeakplusinfra.com under "Governance

Documents," requires the Audit Committee to pre-approve all audit and non-audit services to be provided by our independent

registered public accounting firm in accordance with the charter of the Audit Committee. For the year ended December 31,

2025, all services reported in the Audit, Audit-Related, Tax and All Other Fees categories above were approved or ratified by

the Audit Committee.

**Part IV.**

**ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES**

(a)The following documents are filed as part of this Annual Report.

1. *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;See Item 8 above.

2. *Financial Statement Schedules:*

Schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the

related instructions or are not applicable, and therefore have been omitted.

3. *Exhibits:*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | **Incorporated by Reference** | |
| <br>**Exhibit**<br>**Number**<br>| <br>**Exhibit Description** | **Form** | **File No.** | **Exhibit** | **Filing**<br>**Date**<br>| **Filed/**<br>**Furnished**<br>**Herewith**<br>|
| 3.1 | <u>[Certificate of Limited Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-2.htm)</u> | 10-12G | 000-56711 | 3 | 12/03/24 |  |
| 3.2 | <u>[Certificate of Amendment to Certificate of Limited](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-3.htm)</u><br><u>[Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000114036124048214/ny20038852x1_ex3-3.htm)</u><br>| 10-12G | 000-56711 | 3 | 12/03/24 |  |
| 3.3 | <u>[Second Amended and Restated Limited Partnership](https://www.sec.gov/Archives/edgar/data/2045458/000204545825000014/stonepeak-plusinfrastruc.htm)</u><br><u>[Agreement](https://www.sec.gov/Archives/edgar/data/2045458/000204545825000014/stonepeak-plusinfrastruc.htm)</u><br>| 8-K | 000-56711 | 3.1 | 11/05/25 |  |
| 3.4 | <u>[Amendment No. 1 to Second Amended and Restated](exhibit34q42025.htm)</u><br><u>[Limited Partnership Agreement](exhibit34q42025.htm)</u><br>|  |  |  |  | \* |
| 4.1 | <u>[Description of Securities](exhibit41q42025.htm)</u> |  |  |  |  | \* |
| 10.1 | <u>[Revolving Credit Agreement](https://www.sec.gov/Archives/edgar/data/2045458/000114036125026748/ef20052280_ex10-1.htm)</u> | 8-K | 000-56711 | 10.1 | 07/22/25 |  |
| 10.2 | <u>[Lender Joinder and First Amendment to Revolving Credit](exhibit102q42025.htm)</u><br><u>[Agreement](exhibit102q42025.htm)</u><br>|  |  |  |  | \* |
| 10.3 | <u>[Second Amendment to Revolving Credit Agreement](exhibit103q42025.htm)</u> |  |  |  |  | \* |
| 10.4 | <u>[Amended and Restated Investment Advisory Agreement](exhibit104q42025.htm)</u> |  |  |  |  | \* |
| 19.1 | <u>[Insider Trading Policy](exhibit191q42025.htm)</u> |  |  |  |  | \* |
| 21.1 | <u>[List of Subsidiaries](exhibit211-q42025.htm)</u> |  |  |  |  | \* |
| 31.1 | <u>[Certification of Principal Executive Officer, pursuant to](exhibit311q42025.htm)</u><br><u>[Rule 13a-14(a) of the Securities Exchange Act of 1934, as](exhibit311q42025.htm)</u><br><u>[amended, as adopted pursuant to Section 302 of the](exhibit311q42025.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit311q42025.htm)</u><br>|  |  |  |  | \* |
| 31.2 | <u>[Certification of Chief Financial Officer, pursuant to Rule](exhibit312q42025.htm)</u><br><u>[13a-14(a) of the Securities Exchange Act of 1934, as](exhibit312q42025.htm)</u><br><u>[amended, as adopted pursuant to Section 302 of the](exhibit312q42025.htm)</u><br><u>[Sarbanes-Oxley Act of 2002](exhibit312q42025.htm)</u><br>|  |  |  |  | \* |
| 32.1 | <u>[Certification of Principal Executive Officer, pursuant to](exhibit321q42025.htm)</u><br><u>[18 U.S.C. Section 1350, as adopted pursuant to Section](exhibit321q42025.htm)</u><br><u>[906 of the Sarbanes-Oxley Act of 2002](exhibit321q42025.htm)</u><br>|  |  |  |  | \*\* |
| 32.2 | <u>[Certification of Chief Financial Officer, pursuant to 18](exhibit322q42025.htm)</u><br><u>[U.S.C. Section 1350, as adopted pursuant to Section 906](exhibit322q42025.htm)</u><br><u>[of the Sarbanes-Oxley Act of 2002](exhibit322q42025.htm)</u><br>|  |  |  |  | \*\* |
| 101.INS | XBRL Instance Document |  |  |  |  | \* |
| 101.SCH | XBRL Taxonomy Extension Schema Document |  |  |  |  | \* |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase <br>Document<br>|  |  |  |  | \* |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase <br>Document<br>|  |  |  |  | \* |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document |  |  |  |  | \* |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase <br>Document<br>|  |  |  |  | \* |
| 104 | Cover Page Interactive Data File (formatted as Inline <br>XBRL and contained in Exhibit 101)<br>|  |  |  |  |  |

---

__________

\* Filed herewith.

\*\* Furnished herewith.

The agreements and other documents filed as exhibits to this Annual Report are not intended to provide factual

information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and you

should not rely on them for that purpose. In particular, any representations and warranties made by us in these agreements or

other documents were made solely within the specific context of the relevant agreement or document and may not describe the

actual state of affairs as of the date they were made or at any other time.

**Item 16. Form 10-K Summary**

None.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) 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.

---

| | | |
|:---|:---|:---|
|  | **Stonepeak-Plus Infrastructure Fund LP** | **Stonepeak-Plus Infrastructure Fund LP** |
| Date: March 31, 2026 | By: | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer and Director |
|  |  | *(principal executive officer)* |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the

following persons on behalf of the registrant and in the capacities indicated on this 31st day of March, 2026.

---

| | |
|:---|:---|
| Date: March 31, 2026 | /s/ Luke Taylor |
|  | Luke Taylor |
|  | Chair of the Board of Directors |

---

---

| | |
|:---|:---|
| Date: March 31, 2026 | /s/ Cyrus Gentry |
|  | Cyrus Gentry |
|  | Chief Executive Officer and Director |
|  | (Principal Executive Officer) |
| Date: March 31, 2026 | /s/ Anthony Borreca |
|  | Anthony Borreca |
|  | Chief Investment Officer and Director |
| Date: March 31, 2026 | /s/ Nisha Kumar |
|  | Nisha Kumar |
|  | Director |
| Date: March 31, 2026 | /s/ Michael Morgan |
|  | Michael Morgan |
|  | Director |
| Date: March 31, 2026 | /s/ Robert Soderbery |
|  | Robert Soderbery |
|  | Director |
| Date: March 31, 2026 | /s/ Steven Mlynar |
|  | Steven Mlynar |
|  | Chief Financial Officer |
|  | (Principal Financial Officer and Principal <br>Accounting Officer)<br>|

---

## Exhibit 3.4

**Exhibit 3.4**

AMENDMENT NO. 1 TO THE

SECOND AMENDED AND RESTATED LIMITED PARTNERSHIP AGREEMENT

OF

STONEPEAK-PLUS INFRASTRUCTURE FUND LP

This AMENDMENT NO. 1 (this "<u>Amendment</u>") to the Second Amended and Restated Limited Partnership Agreement, dated as of October 31, 2025 (the "<u>Partnership Agreement</u>"), of Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership (the "<u>Partnership</u>"), is made as of March 30, 2026, by and between Stonepeak-Plus Infrastructure Fund Associates LP, a Delaware limited partnership, as general partner (the "<u>General Partner</u>"), and the parties listed in the books and records as limited partners of the Partnership, as limited partners.

WITNESSETH

WHEREAS, the Partnership entered into the Partnership Agreement to govern the management and operation of the Partnership; and

WHEREAS, as set forth in Section 11.2(a) of the Partnership Agreement, the parties wish to amend the Partnership Agreement as set forth in this Amendment.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>DEFINITIONS; REFERENCES</u>. Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Partnership Agreement. Each reference to "hereof," "hereunder," "herein" and "hereby" and each other similar reference and each reference to "this Agreement" and each other similar reference contained in the Partnership Agreement shall, after the date hereof, refer to the Partnership Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>AMENDMENT TO THE AGREEMENT</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Section 4.5(b) of the Partnership Agreement is hereby deleted in its entirety and replaced with the following:

*Business with Certain Affiliates*. The Unitholders recognize and consent that the General Partner or Affiliates of the General Partner may receive various types of fees in connection with the investment activities of Stonepeak and/or Portfolio Companies and from unconsummated transactions, including, without limitation, (i) acquisition fees and asset management fees and (ii) financial advisory fees, organization and financing fees, investment banking fees, consulting fees, syndication fees, commitment fees, capital markets fees (including with respect to syndications or placements of debt and/or equity securities or instruments issued by portfolio companies or entities formed to invest therein),

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

aviation and aviation-related servicing fees and advisory fees (including underwriting fees), origination fees, servicing fees and similar fees for arranging acquisitions and other major financial restructurings, divestment fees and directors' and other fees and annual retainers, in each case, from or with respect to Persons in which the Partnership acquires or holds Investments, and neither the Partnership nor any Unitholder shall have any interest therein by virtue of this Agreement or the partnership relation created hereby. Notwithstanding this Section 4.5, the General Partner or any of its Affiliates may, but shall not be required to, make loans or advances to the Partnership, any Parallel Fund or any Intermediate Entity, which advances shall accrue interest comparable to those received by a third party in an arm's length transaction and shall be repaid from any funds of the Partnership; *provided*, that any such amounts shall not be subject to the limitations on borrowings set forth in Section 4.1(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>ENTIRE AGREEMENT</u>. Except as amended by this Amendment, the Partnership Agreement remains unaltered and in full force and effect. The Partnership Agreement, as amended by this Amendment, embodies the entire understanding of the parties, supersedes any prior agreements or understandings with respect to the subject matter hereof, and cannot be altered, amended, supplemented, or abridged, or any provisions waived except by the written consent of the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>COUNTERPARTS</u>. This Amendment may be executed simultaneously in any number of counterparts, each of which shall be deemed an original but all of which together shall constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>GOVERNING LAW</u>. This Amendment shall be governed by and construed in accordance with the laws of the State of Delaware and, in particular, the provisions of the Act, shall govern the validity of this Amendment, the construction of its terms and interpretation of the rights and duties of the parties.

*[Signatures on next page]*

------

IN WITNESS WHEREOF, the parties hereto have executed this Amendment No. 1 to the Partnership Agreement as of the date and year first above written.

GENERAL PARTNER:

STONEPEAK-PLUS INFRASTRUCTURE FUND ASSOCIATES LP

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;<br>Title: Senior Managing Director & General Counsel/Chief Compliance Officer&nbsp;&nbsp;&nbsp;&nbsp;

[*Signature page to Amendment No. 1 to* 

*Stonepeak-Plus Infrastructure Fund L.P. 2nd A&R LPA*]

## Exhibit 4.1

**Exhibit 4.1**

**Description of Registrant's Securities** 

**Registered Pursuant to Section 12 of the Securities Exchange Act of 1934**

Stonepeak-Plus Infrastructure Fund LP (the "**Fund**" or "**we**," "**us**" or "**our**") has fourteen classes of Units available to Fund investors: Class A-1a ("**Class A-1a**" or the "**Class A-1a Units**"), Class A-1b ("**Class A-1b**" or the "**Class A-1b Units**"), Class A-1c ("**Class A-1c**" or the "**Class A-1c Units**"), Class D-1 ("**Class D-1**" or the "**Class D-1 Units**"), Class D-2 ("**Class D-2**" or the "**Class D-2 Units**"), Class F-1 ("**Class F-1**" or the "**Class F-1 Units**"), Class F-2 ("**Class F-2**" or the "**Class F-2 Units**"), Class F-3 ("**Class F-3**" or the "**Class F-3 Units**"), Class F-4 ("**Class F-4**" or the "**Class F-4 Units**"), Class I-1 ("**Class I-1**" or the "**Class I-1 Units**"), Class I-2 ("**Class I-2**" or the "**Class I-2 Units**"), Class S-1 ("**Class S-1**" or the "**Class S-1 Units**"), Class S-2 ("**Class S-2**" or the "**Class S-2 Units**") and Class X ("**Class X**" or the "**Class X Units**" and, together with the Class A-1a Units, Class A-1b Units, Class A-1c Units, Class D-1 Units, Class D-2 Units, Class F-1 Units, Class F-2 Units, Class F-3 Units, Class F-4 Units, Class I-1 Units, Class I-2 Units, Class S-1 Units and Class S-2 Units, the "**Units**"), thirteen of which are registered under Section 12 of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"). In this exhibit, references to "we," "us" and "our" refer only to the Fund and not any of its subsidiaries.

**The following description of our Units is a summary of the material terms and provisions that apply to our Units. The summary does not purport to be complete. The summary is subject to and qualified in its entirety by reference to our second amended and restated limited partnership agreement (as may be further amended and restated from time to time, the "Fund LPA"), which is filed as an exhibit to the Annual Report on Form 10-K to which this exhibit relates and is incorporated by reference herein. We encourage you to carefully review the Fund LPA for additional information. Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Annual Report on Form 10-K to which this Description of Securities is attached as an exhibit or as defined in the Fund LPA, as context requires.** 

***General***

There is currently no market for our Units, and we do not expect that a market for our Units will develop in the future. We do not intend for the Units to be listed on any national securities exchange. There are no outstanding options or warrants to purchase our Units. Under the terms of the Fund LPA, holders of the Fund's Units ("**Unitholders**") shall be entitled to the same limited liability extended to limited partners of limited partnerships formed under the Delaware Revised Uniform Limited Partnership Act, 6 Del. C. § 17-101, et. seq. (the "**DRULPA**"). The Fund LPA provides that no Unitholder shall have any personal liability whatsoever in its capacity as a Unitholder, whether to the Fund, to any of the other partners therein, or to the creditors of the Fund, for the debts, liabilities, contracts or other obligations of the Fund or for any losses of the Fund. Under the Fund LPA, no Unitholder (in its capacity as such) has the right or power to vote or participate in the management or affairs of the Fund, nor does any Unitholder have the right or power to sign for or bind the Fund. The Fund LPA further provides that the exercise by any Unitholder of any right conferred under the Fund LPA will not be construed to constitute participation by such Unitholder in the control of the business of the Fund so as to make such Unitholder liable as a general partner for the debts and obligations of the Fund for purposes of the DRULPA. To the fullest extent permitted by law, no Unitholder owes any duty (fiduciary or otherwise) to the Fund or any other Unitholder or the General Partner as a result of such Unitholder's status as a Unitholder, other than to act in good faith (to the extent required by law); provided, that this in no way limits any express obligations of a Unitholder provided for under the Fund LPA or in such Unitholder's Subscription Agreement.

***Units***

Unitholders are not entitled to nominate or vote in the election of the Fund's directors and, as such, the Fund is not required to file proxy statements or information statements under Section 14 of the Exchange Act except in those limited circumstances where a vote of Unitholders is required under the Fund LPA or Delaware law. Further, Unitholders are not able to bring matters before meetings of unitholders or nominate directors at such meeting, nor are they generally able to submit unitholder proposals under Rule 14a-8 of the Exchange Act.

------

Overall responsibility for the Fund's oversight rests with Stonepeak-Plus Infrastructure Fund Associates LP (the "**General Partner**"), subject to certain oversight rights held by the Fund's Board of Directors (the "**Board of Directors**"), as further described in the Annual Report on Form 10-K to which this exhibit relates.

Certain financial intermediaries through which a Unitholder was placed in the Fund may charge such Unitholder upfront selling commissions, placement fees, subscription fees or other similar fees ("**Subscription Fees**") on Units that are paid by the Unitholder outside of its investment in the Fund and not reflected in the Fund's net asset value (the "**NAV**").

<u>Classes D-1 and D-2 Units</u> 

Each of Classes D-1 and D-2 Units are expected to bear a monthly servicing fee (the "**Servicing Fee**") in an amount equal (on an annualized basis) to 0.25% of the NAV of the Fund on Classes D-1 and D-2 Units, respectively, each month. The Servicing Fee will be calculated based on NAV as of the end of each month before giving effect to any accruals for the Servicing Fee, repurchases, if any, for the applicable month and distributions payable on such Units. For the avoidance of doubt, the Servicing Fees will be payable by the Fund and Unitholders will not be billed separately for payment of the fees. Stonepeak-Plus Infrastructure Fund Advisors LLC (the "**Investment Advisor**") remits payment of the ongoing Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the Fund. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest.

Certain financial intermediaries may charge Subscription Fees of up to 1.5% of the NAV on Classes D-1 and D-2 Units issued in the offering. In certain circumstances the Subscription Fees may be paid to Stonepeak and reallocated, in whole or in part, to the financial intermediary that placed the applicable Unitholder into the Fund. For the avoidance of doubt, Subscription Fees shall be paid by the applicable Unitholder outside of its investment in the Fund and will not impact the Fund's NAV.

The Subscription Fees are not payable in respect of any Class D-1 or D-2 Units issued pursuant to our distribution reinvestment plan.

<u>Classes S-1 and S-2 Units</u>

Each of Classes S-1 and S-2 Units are expected to bear a monthly Servicing Fee in an amount equal (on an annualized basis) to 0.85% of the NAV of the Fund on Classes S-1 and S-2 Units, respectively, each month. The Servicing Fee will be calculated based on NAV as of the end of each month before giving effect to any accruals for the Servicing Fee, repurchases, if any, for the applicable month and distributions payable on such Units. For the avoidance of doubt, the Servicing Fees will be payable by the Fund and Unitholders will not be billed separately for payment of the fees. The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the Fund. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest.

Certain financial intermediaries may charge Subscription Fees of up to 3.5% of the NAV on Classes S-1 and S-2 Units issued in the offering. In certain circumstances the Subscription Fees may be paid to Stonepeak and reallocated, in whole or in part, to the financial intermediary that placed the applicable Unitholder into the Fund. For the avoidance of doubt, Subscription Fees shall be paid by the applicable Unitholder outside of its investment in the Fund and will not impact the Fund's NAV.

------

The Subscription Fees are not payable in respect of any Class S-1 or S-2 Units issued pursuant to our distribution reinvestment plan.

<u>Class A-1a, A-1b and A-1c Units</u>

Class A-1a Units are expected to bear a monthly Servicing Fee in an amount equal (on an annualized basis) to 0.50% of the NAV of the Fund on such Class A-1a Units each month. Class A-1b Units are expected to bear a monthly Servicing Fee in an amount equal (on an annualized basis) to 0.25% of the NAV of the Fund on such Class A-1b Units each month. No Servicing Fee will be paid on Class A-1c Units. The Servicing Fee will be calculated based on NAV as of the end of each month before giving effect to any accruals for the Servicing Fee, repurchases, if any, for the applicable month and distributions payable on such Units. For the avoidance of doubt, the Servicing Fees will be payable by the Fund and Unitholders will not be billed separately for payment of the fees. The Investment Advisor remits payment of the ongoing Servicing Fees on behalf of the Fund and is reimbursed by the Fund for such payments.

The Servicing Fee is allocated to a Unitholder's financial intermediary through which such Unitholder was placed in the Fund. Any amounts allocated in accordance with the foregoing sentence will compensate such financial intermediary for reporting, administrative and other services provided to a Unitholder by such financial intermediary. The receipt of the Servicing Fee by a Unitholder's financial intermediary will result in a conflict of interest.

Certain financial intermediaries may charge Subscription Fees of up to 2% of the subscription amounts with respect to Classes A-1a, A-1b and A-1c Units issued in the offering. In certain circumstances, the Subscription Fees may be paid to Stonepeak and reallocated, in whole or in part, to the financial intermediary that placed the applicable Unitholder into the Fund. For the avoidance of doubt, Subscription Fees shall be paid by the applicable Unitholder outside of its investment in the Fund and will not impact the Fund's NAV.

The Subscription Fees are not payable in respect of any Class A-1a, A-1b, or A-1c Units issued pursuant to our distribution reinvestment plan.

<u>Classes F-1, F-2, F-3, F-4, I-1, I-2 and X Units</u>

With respect to each of Classes F-1, F-2, F-3, F-4, I-1, I-2 and X Units, (1) no Servicing Fee will be paid on such Units, and (2) no Subscription Fees will be paid with respect to such Units, including those such Units issued pursuant to the Fund's distribution reinvestment plan. For the avoidance of doubt, Class X Units are not registered under Section 12 of the Exchange Act.

***Distributions***

The Fund may declare distributions from time to time as authorized by the General Partner. However, the Fund cannot guarantee that it will make distributions, and any distributions made will be at the discretion of the General Partner, considering factors such as earnings, cash flow, capital needs, taxes and general financial condition and the requirements of applicable law. As a result, the Fund's distribution rates and payment frequency may vary from time to time. There is no assurance the Fund will pay distributions in any particular amount, if at all.

Unitholders of record as of the record date will be eligible for distributions declared. The per Unit amount of distributions on Class A-1-a Units, Class A-1b Units, Class A-1c Units, Class D-1 Units, Class D-2 Units, Class F-1 Units, Class F-2 Units, Class F-3 Units, Class F-4 Units, Class I-1 Units, Class I-2 Units, Class S-1 Units, Class S-2 Units, and Class X Units may differ because of different Class-specific fees and expenses that are deducted from the gross distributions for each Class. In the event that the Fund makes a distribution, we intend to adopt an "opt out" distribution reinvestment plan for investors. As a result, in the event of a declared cash distribution, each Unitholder that has not "opted out" of the distribution reinvestment plan will have their distributions automatically reinvested in additional Units rather than receive cash distributions. See "*Part I. Item 1. Business—Distribution Reinvestment Plan.*"

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***Transfers***

Subject to the terms in the Fund LPA, Unitholders may transfer part or all their Units. The General Partner may refuse such requested transfer for certain reasons, as further described in the Fund LPA.

**Delaware Law and Certain Provisions of the Fund LPA**

***Organization and Duration***

The Fund was formed on April 29, 2024 as a Delaware limited partnership. The Fund will remain in existence until dissolved in accordance with the Fund LPA or pursuant to Delaware law. The Fund LPA provides that the Fund will be dissolved upon (a) the determination made by the General Partner at any time in its sole discretion that the dissolution and winding up of the Fund is in the best interests of the Fund, (b) the bankruptcy or dissolution and commencement of winding up of the General Partner, (c) the termination, dissolution or withdrawal of the General Partner, (d) consent by Unitholders in interest of 75% of the outstanding Units to dissolve the Fund following the lapse of a cure period with respect to certain cause events, including a finding by any court or governmental body of competent jurisdiction (including a regulatory authority sitting as a tribunal) in a final judgment on the merits that the General Partner or the Investment Advisor has committed (i) a criminal offense or a material violation of applicable laws, rules and/or regulations to which the General Partner or the Investment Advisor is subject which would adversely affect the ability of the Fund to conduct its business and affairs in a significant manner, subject to exceptions set forth in the Fund LPA, (ii) any other criminal offense (beyond the type described in the foregoing clause (i)) committed in connection with the Fund's activities or (iii) bad faith, gross negligence, fraud, willful misconduct, a reckless disregard of its duties under the Fund LPA or a knowing and material breach of the Fund LPA or the Investment Advisory Agreement by the General Partner or the Investment Advisor in connection with the performance of their respective duties under the terms of the Fund LPA or the Investment Advisory Agreement, as the case may be, or (e) the entry of a decree of dissolution of the Fund pursuant to Section 18-802 of the DRULPA.

***Purpose***

Under our Fund LPA, the principal purpose of the Fund is to seek to invest in privately negotiated equity investments and other Investments in accordance with the investment objectives and policies of the Fund as in effect from time to time, as described elsewhere in the Annual Report on Form 10-K to which this exhibit relates and the Fund LPA, and to engage in any other lawful activity as the General Partner may from time to time determine.

***Amendment to the Fund LPA***

Except as otherwise required by law or pursuant to the terms of the Fund LPA, the Fund LPA may be amended, modified or supplemented, and any provision may be waived, by the written consent of the General Partner; provided that any amendment, modification or supplement that is viewed by the General Partner in its discretion, as a whole together with all such amendments, modifications or supplements, as having a material adverse effect in the aggregate on the Unitholders of the Fund will require the approval of the Independent Directors.

***Actions Related to Merger, Conversion, Reorganization or Dissolution***

The General Partner may in its sole discretion enter into any one or more transactions related to capital or conversion events, including a merger, conversion, consolidation or other reorganization of the Fund and take all actions necessary or desirable to affect any such transactions, as further described in the Fund LPA.

***Jurisdiction***

Any action or proceeding against the parties relating in any way to the Fund LPA shall be brought and enforced in the courts of the State of Delaware (or, if the General Partner determines and a Unitholder agrees as of such Unitholder's admission date, in the courts of the State of New York located in New York County or the United States District Court for the Southern District of New York), and to the extent that subject matter jurisdiction exists, the United States for the District of Delaware.

------

***Waiver of Trial by Jury***

The Fund LPA provides that each Unitholder and the Fund waives, and covenants that such Unitholder and the Fund shall not assert any right to trial by jury in any forum in respect of any issue, claim or proceeding arising out of the Fund LPA or the subject matter thereof or in any way connected with the dealings of any Unitholder or the Fund or any of its affiliates in connection with any representation, warranty, covenant or agreement contained in the Fund LPA or any transaction contemplated by the Fund LPA.

***Fiduciary Duties***

The Board of Directors (including the Independent Directors) owe a fiduciary duty to use their reasonable business judgment to act in the best interests of the Fund with respect to matters of the Fund that are within the Board of Directors' authority, as described in the Fund LPA.

**Indemnification of Directors, Officers, the General Partner and Investment Advisor; Advance of Expenses**

As further described in the Fund LPA and to the fullest extent permitted by law, the Fund will indemnify and hold harmless the directors, officers of the Fund, General Partner, the Investment Advisor, the partnership representative, any of their respective affiliates and their respective members, partners, officers, directors, employees, agents, advisors, stockholders, senior or special advisors or any person who serves at the specific request of the General Partner or the Investment Advisor on behalf of the Fund as a member, officer, director, partner, manager, employee, trustee, agent, advisor, independent contractor or senior/special advisor of the Fund or any other entity (in each case, an "**Indemnitee**") for any mistake in judgment or for any action or inaction taken or omitted for a purpose which the Indemnitee reasonably believed to be in furtherance of the best interests of the Fund or for any action taken or omitted to be taken for the Indemnitee's own account which the Indemnitee was expressly permitted or required to take or omit pursuant to the Fund LPA, unless such action or inaction by the Indemnitee constituted gross negligence, fraud, bad faith, willful misconduct, a material violation of securities laws and/or an intentional and material breach of the Fund LPA or the Investment Advisory Agreement, in each case as determined by a court or governmental body of competent jurisdiction (including a regulatory authority sitting as a tribunal) in a final judgment on the merits.

The Fund's indemnification obligations will be satisfied from the Fund's assets. The Fund will advance expenses that are reasonably incurred by an Indemnitee in the defense or settlement of any claim that is subject to indemnification.

## Exhibit 10.2

**Exhibit 10.2**

**LENDER JOINDER AND FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT**

This **LENDER JOINDER AND FIRST AMENDMENT TO REVOLVING CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of November 17, 2025, is entered into by and among **STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**, a Cayman Islands exempted limited partnership, acting through its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, a Cayman Islands exempted limited partnership (the "<u>Borrower</u>"), each of the parties listed on the signature pages hereto as a "Guarantor" (collectively, the "<u>Guarantors</u>", and each, individually, a "<u>Guarantor</u>"), **ING CAPITAL LLC**, as the Administrative Agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>"), the Lead Arranger, the Letter of Credit Issuer and a Lender under the Credit Agreement referred to below, and each of the Joining Lenders (as defined below).

<u>RECITALS</u>

WHEREAS, certain of the parties hereto have entered into that certain Revolving Credit Agreement, dated as of July 16, 2025 (as amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>");

WHEREAS, the parties hereto wish to make certain changes to the Credit Agreement as further described herein.

NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein and in the Credit Agreement and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1. <u>Definitions</u>. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

SECTION 2. <u>Amendments to the Credit Agreement</u>. Effective as of the Effective Date (as defined below), certain sections and schedules of the Credit Agreement are hereby amended as set forth on <u>Annex A</u> to this Amendment. Language being inserted into the applicable sections and schedules of the Credit Agreement is evidenced by **<u>bold and underline formatting</u>**. Language being deleted from the applicable sections and schedules of the Credit Agreement is evidenced by **strike-through formatting**.

SECTION 3. <u>Lender Joinder</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1.Effective as of the Effective Date and by its execution of this Amendment, each of (i) MUFG Bank, Ltd., (ii) Royal Bank of Canada and (iii) Lloyds Bank Corporate Markets plc (collectively, the "<u>Joining Lenders</u>", and each, individually, a "<u>Joining Lender</u>") agrees to become a Lender and to be bound by the terms of the Credit Agreement and the other Loan Documents as a Lender pursuant to Section 12.11(e) of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2.Each Joining Lender: (a) confirms that it has received a copy of the Credit Agreement and the other Loan Documents (except for copies of other Lenders' Assignment and Acceptance Agreements which are available to the Joining Lender upon request), and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment; (b) agrees that it will, independently and without reliance upon the Administrative Agent 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 any action under the Credit Agreement or any other Loan Document; (c) appoints and authorizes the Administrative Agent to take such action as

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agent on its behalf and to exercise such powers and discretion under the Credit Agreement and the other Loan Documents as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; (d) agrees that it will perform in accordance with its terms all of the obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender; (e) confirms it has delivered to the Administrative Agent completed and signed copies of any forms that may be required by the United States Internal Revenue Service (together with any additional supporting documentation required pursuant to applicable Treasury Department regulations or such other evidence satisfactory to the Borrower and the Administrative Agent) in order to certify the Joining Lender's complete exemption from United States withholding taxes with respect to any payments or distributions made or to be made to the Joining Lender in respect of the Loans or under the Credit Agreement; (f) confirms that it is an Eligible Assignee; and (g) acknowledges that one or more conditions precedent to the issuance of any Letter of Credit or the making of any Loan may have been waived in connection with any such action and agrees to be bound thereby

SECTION 4. <u>Conditions Precedent</u>. <u>Section 2</u> and <u>Section 3</u> hereof shall become effective on the date (the "<u>Effective Date</u>") when the Administrative Agent shall have received:

&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)a counterpart (or counterparts) of this Amendment, duly executed and delivered by each 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)each Note, duly executed and delivered by the Borrower to each Joining Lender requesting a 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;(c)a counterpart (or counterparts) of each Fee Letter, dated as of the date hereof, duly executed and delivered by each 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)true and complete copies of resolutions of each Credit Party, as applicable, authorizing the entry into the transactions contemplated herein and in the other Loan Documents by such Credit Party, as applicable, in each case certified by a Responsible Officer of such Person as correct and complete copies thereof and in effect on the date 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;(e)reliance letters addressed to each Joining Lender with respect to the opinions delivered on the Closing Date by (i) Simpson Thacher & Bartlett LLP, New York counsel to the Credit Parties, and (ii) Maples and Calder (Cayman) LLP, Cayman Islands counsel to the Credit Parties, each in form and substance satisfactory to the Administrative Agent and its counsel, acting reasonably, and dated 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;(f)(i) a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower if it qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, if so requested by the Administrative Agent prior to the Effective Date, and (ii) any documents or information related to "Know Your Customer" or similar requirements reasonably requested by a Joining Lender (through the Administrative Agent), and required by its applicable regulatory requirements, in each case, if so requested by such Joining Lender prior to the Effective Date; 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;(g)payment of all fees and other amounts due and payable on or prior to the date hereof, and, to the extent invoiced at least two (2) Business Days prior to the date hereof reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrower hereunder, including the reasonable fees and disbursements invoiced through the date hereof of the Administrative Agent's special counsel, Cadwalader, Wickersham & Taft LLP.

SECTION 5. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1.<u>Reallocation of Commitments</u>. On the Effective Date, the Administrative Agent will reallocate the outstanding Loans and participations in Letters of Credit (including any Loans made by any new or increasing Lender) such that, after giving effect thereto, the ratio of each Lender's (including each

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new or increasing Lender's) share of the outstanding Loans or participations in Letters of Credit is in the same proportion as that of such Lender's individual Lender Commitment over the total Lender Commitments. For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, (i) the Administrative Agent will give advance notice sufficient to comply with the applicable timing period in Section 2.3 of the Credit Agreement to each Lender which is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans being reallocated and the Administrative Agent shall remit to any applicable Lender its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment is required), the Borrower shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to Section 4.5 of the Credit Agreement as a result of such reallocation occurring on any date other than an Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2.<u>Reaffirmation of Obligations</u>. Each Credit Party, by its signature below, (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Credit Party's obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3.<u>Representations and Warranties</u>. Each Credit Party hereby represents and warrants 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;(a)this Amendment constitutes a legal and binding obligation of such Credit Party, enforceable in accordance with its terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at 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;(b)the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Effective Date, and will be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the Effective Date, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;(c)upon the Effective Date, no Event of Default or Potential Default has occurred and is continuing;

&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)upon the Effective Date, no Review Event has occurred and is continuing;

&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)no other Trigger Event has occurred and is continuing (or will result from the transactions contemplated by this Amendment); 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)the Borrower is in compliance with the Financial Covenants contained in the Credit Agreement after giving pro forma effect to the transactions contemplated by this Amendment and has demonstrated compliance with such Financial Covenants pursuant to the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4.<u>Reaffirmation of Security Interests</u>. Each Credit Party (i) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting, and (ii) agrees that this

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Amendment and all documents executed by any Credit Party in connection herewith shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5.<u>References to the Credit Agreement</u>. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein", or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6.<u>Effect on Credit Agreement</u>. Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7.<u>No Waiver</u>. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8.<u>Governing Law</u>. This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9.<u>Successors and Assigns</u>. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10.<u>Headings</u>. Section headings in this Amendment are for convenience of reference only and shall in no way affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11.<u>Counterparts</u>. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart hereof or a signature page hereto in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed original counterpart thereof.

[Signatures Follow]

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

**BORROWER:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**GUARANTORS:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

**STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Adrienne Saunders <br>Title: Senior Managing Director & General Counsel/Chief Compliance Officer

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**ADMINISTRATIVE AGENT AND LENDER:**

**ING CAPITAL LLC**, as the Administrative Agent, the Lead Arranger, the Letter of Credit Issuer and a Lender

By: <u>/s/ Alexander Bertram&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Alexander Bertram<br> Title: Managing Director

By: <u>/s/ Gael Cornet d'Elzius&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Gael Cornet d'Elzius<br> Title: Director

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**JOINING LENDERS:**

**MUFG BANK, LTD.**, as a Joining Lender

By: <u>/s/ Michael Gordon&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Michael Gordon<br> Title: Managing Director

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**ROYAL BANK OF CANADA**, as a Joining Lender

By: <u>/s/ Colleen Osborne&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Colleen Osborne<br> Title: Authorized Signatory

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**LLOYDS BANK CORPORATE MARKETS PLC**, as a Joining Lender

By: <u>/s/ Tina Wong&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Tina Wong<br> Title: Assistant Vice President

By: <u>/s/ Catherine Lim&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Catherine Lim<br> Title: Assistant Vice President

*ING – Stonepeak Infra*

*Lender Joinder and First Amendment*

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**<u>ANNEX A</u>**

[See attached]

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***EXECUTION VERSION*<u>ANNEX A TO FIRST AMENDMENT</u>**

---

| |
|:---|
| <br>STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP<br>as the Borrower,<br>and<br>the other Borrowers from time to time party hereto<br>STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP<br>STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP <br>STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP<br>as Guarantors,<br>and <br>the other Guarantors from time to time party hereto |
| <br>REVOLVING CREDIT AGREEMENT |

---

ING CAPITAL LLC,

as the Administrative Agent, a Lender, Letter of Credit Issuer, Mandated Lead Arranger and Sole Bookrunner

and

the Lenders from time to time party hereto.

<u>July 16, 2025</u>

USActive 61816841.20<u>62959519.5</u>

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**TABLE OF CONTENTS**

**Page**

**SECTION 1.**&nbsp;&nbsp;&nbsp;&nbsp;**DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Defined Terms**&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**&nbsp;&nbsp;&nbsp;&nbsp;**Other Definitional Provisions**&nbsp;&nbsp;&nbsp;&nbsp;42

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**&nbsp;&nbsp;&nbsp;&nbsp;**Times of Day**&nbsp;&nbsp;&nbsp;&nbsp;43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Amounts**&nbsp;&nbsp;&nbsp;&nbsp;43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**&nbsp;&nbsp;&nbsp;&nbsp;**Exchange Rates; Currency Equivalents**&nbsp;&nbsp;&nbsp;&nbsp;43

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates**&nbsp;&nbsp;&nbsp;&nbsp;44<u>43</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**&nbsp;&nbsp;&nbsp;&nbsp;**Independent Valuation**&nbsp;&nbsp;&nbsp;&nbsp;44

**SECTION 2.**&nbsp;&nbsp;&nbsp;&nbsp;**REVOLVING CREDIT LOAN AND LETTERS OF CREDIT&nbsp;&nbsp;&nbsp;&nbsp;46<u>45</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**&nbsp;&nbsp;&nbsp;&nbsp;**The Lender Commitment**&nbsp;&nbsp;&nbsp;&nbsp;46<u>45</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Commitment**&nbsp;&nbsp;&nbsp;&nbsp;50<u>49</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp;**Manner of Borrowing**&nbsp;&nbsp;&nbsp;&nbsp;50

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Loan Amounts**&nbsp;&nbsp;&nbsp;&nbsp;53<u>52</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp;**Funding**&nbsp;&nbsp;&nbsp;&nbsp;53<u>52</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate**&nbsp;&nbsp;&nbsp;&nbsp;54<u>53</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**&nbsp;&nbsp;&nbsp;&nbsp;**Determination of Rate**&nbsp;&nbsp;&nbsp;&nbsp;55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**&nbsp;&nbsp;&nbsp;&nbsp;**Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;55

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Borrowers and Guarantors**&nbsp;&nbsp;&nbsp;&nbsp;60<u>59</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**&nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds, Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;61

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent and Lender Fees**&nbsp;&nbsp;&nbsp;&nbsp;62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**&nbsp;&nbsp;&nbsp;&nbsp;**Unused Commitment Fee**&nbsp;&nbsp;&nbsp;&nbsp;62

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Fees**&nbsp;&nbsp;&nbsp;&nbsp;63

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**&nbsp;&nbsp;&nbsp;&nbsp;**Extension of Maturity Date**&nbsp;&nbsp;&nbsp;&nbsp;64<u>63</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**&nbsp;&nbsp;&nbsp;&nbsp;**Increase in the Maximum Commitment; Borrowings and Repayments**&nbsp;&nbsp;&nbsp;&nbsp;65

**SECTION 3.**&nbsp;&nbsp;&nbsp;&nbsp;**PAYMENT OF OBLIGATIONS&nbsp;&nbsp;&nbsp;&nbsp;68<u>67</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Notes**&nbsp;&nbsp;&nbsp;&nbsp;68<u>67</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Obligations**&nbsp;&nbsp;&nbsp;&nbsp;68

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Interest**&nbsp;&nbsp;&nbsp;&nbsp;68

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**&nbsp;&nbsp;&nbsp;&nbsp;**Payments on the Obligations**&nbsp;&nbsp;&nbsp;&nbsp;70<u>69</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**&nbsp;&nbsp;&nbsp;&nbsp;**Voluntary Prepayments**&nbsp;&nbsp;&nbsp;&nbsp;71<u>70</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**&nbsp;&nbsp;&nbsp;&nbsp;**Reduction or Early Termination of Lender Commitments**&nbsp;&nbsp;&nbsp;&nbsp;71<u>70</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7**&nbsp;&nbsp;&nbsp;&nbsp;**Lending Office**&nbsp;&nbsp;&nbsp;&nbsp;72<u>71</u>

**SECTION 4.**&nbsp;&nbsp;&nbsp;&nbsp;**CHANGE IN CIRCUMSTANCES&nbsp;&nbsp;&nbsp;&nbsp;72**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**&nbsp;&nbsp;&nbsp;&nbsp;**Increased Cost and Reduced Return; Change in Law**&nbsp;&nbsp;&nbsp;&nbsp;72

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Types of Loans**&nbsp;&nbsp;&nbsp;&nbsp;74<u>73</u>

USActive 61816841.20<u>62959519.5</u>&nbsp;&nbsp;&nbsp;&nbsp;i

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**TABLE OF CONTENTS**

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**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**&nbsp;&nbsp;&nbsp;&nbsp;**Illegality**&nbsp;&nbsp;&nbsp;&nbsp;76<u>75</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**&nbsp;&nbsp;&nbsp;&nbsp;**Treatment of Affected Loans**&nbsp;&nbsp;&nbsp;&nbsp;76

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**&nbsp;&nbsp;&nbsp;&nbsp;**Compensation**&nbsp;&nbsp;&nbsp;&nbsp;78

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**&nbsp;&nbsp;&nbsp;&nbsp;79<u>78</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7**&nbsp;&nbsp;&nbsp;&nbsp;**Requests for Compensation**&nbsp;&nbsp;&nbsp;&nbsp;84<u>83</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**&nbsp;&nbsp;&nbsp;&nbsp;84

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9**&nbsp;&nbsp;&nbsp;&nbsp;**Replacement of Lenders**&nbsp;&nbsp;&nbsp;&nbsp;84

**SECTION 5.**&nbsp;&nbsp;&nbsp;&nbsp;**SECURITY&nbsp;&nbsp;&nbsp;&nbsp;85**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**&nbsp;&nbsp;&nbsp;&nbsp;**Liens and Security Interest**&nbsp;&nbsp;&nbsp;&nbsp;85

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**&nbsp;&nbsp;&nbsp;&nbsp;**The Collateral Accounts**&nbsp;&nbsp;&nbsp;&nbsp;86<u>85</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Offset**&nbsp;&nbsp;&nbsp;&nbsp;86

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Deliver Additional Collateral Documents**&nbsp;&nbsp;&nbsp;&nbsp;87<u>86</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5**&nbsp;&nbsp;&nbsp;&nbsp;**Subordination**&nbsp;&nbsp;&nbsp;&nbsp;87

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6**&nbsp;&nbsp;&nbsp;&nbsp;**Permitted Liens**&nbsp;&nbsp;&nbsp;&nbsp;88<u>87</u>

**SECTION 6.**&nbsp;&nbsp;&nbsp;&nbsp;**CONDITIONS PRECEDENT TO LENDING.&nbsp;&nbsp;&nbsp;&nbsp;88<u>87</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations of the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;88<u>87</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to all Loans and Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;91<u>90</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Additional Borrower Loans and Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;92<u>91</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions in respect of Additional Guarantors**&nbsp;&nbsp;&nbsp;&nbsp;92

**SECTION 7.**&nbsp;&nbsp;&nbsp;&nbsp;**REPRESENTATIONS AND WARRANTIES&nbsp;&nbsp;&nbsp;&nbsp;93<u>92</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**&nbsp;&nbsp;&nbsp;&nbsp;**Organization and Good Standing**&nbsp;&nbsp;&nbsp;&nbsp;93<u>92</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**&nbsp;&nbsp;&nbsp;&nbsp;**Authorization and Power**&nbsp;&nbsp;&nbsp;&nbsp;93

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**&nbsp;&nbsp;&nbsp;&nbsp;**No Conflicts or Consents**&nbsp;&nbsp;&nbsp;&nbsp;93

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**&nbsp;&nbsp;&nbsp;&nbsp;**Enforceable Obligations**&nbsp;&nbsp;&nbsp;&nbsp;94<u>93</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5**&nbsp;&nbsp;&nbsp;&nbsp;**Priority of Liens**&nbsp;&nbsp;&nbsp;&nbsp;94<u>93</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Condition**&nbsp;&nbsp;&nbsp;&nbsp;94

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7**&nbsp;&nbsp;&nbsp;&nbsp;**Full Disclosure**&nbsp;&nbsp;&nbsp;&nbsp;95<u>94</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8**&nbsp;&nbsp;&nbsp;&nbsp;**No Default**&nbsp;&nbsp;&nbsp;&nbsp;95<u>94</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9**&nbsp;&nbsp;&nbsp;&nbsp;**No Litigation**&nbsp;&nbsp;&nbsp;&nbsp;95<u>94</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**&nbsp;&nbsp;&nbsp;&nbsp;95

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11**&nbsp;&nbsp;&nbsp;&nbsp;**Principal Office; Jurisdiction of Formation**&nbsp;&nbsp;&nbsp;&nbsp;95

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA**&nbsp;&nbsp;&nbsp;&nbsp;96<u>95</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**&nbsp;&nbsp;&nbsp;&nbsp;96<u>95</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year**&nbsp;&nbsp;&nbsp;&nbsp;96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15**&nbsp;&nbsp;&nbsp;&nbsp;**Margin Stock**&nbsp;&nbsp;&nbsp;&nbsp;96

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Company Act**&nbsp;&nbsp;&nbsp;&nbsp;96

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17**&nbsp;&nbsp;&nbsp;&nbsp;**Ownership of Investments**&nbsp;&nbsp;&nbsp;&nbsp;97<u>96</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.18**&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Asset Control Laws**&nbsp;&nbsp;&nbsp;&nbsp;97<u>96</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.19**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Policy and Valuation Policy**&nbsp;&nbsp;&nbsp;&nbsp;97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.20**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.21**&nbsp;&nbsp;&nbsp;&nbsp;**Plan Assets**&nbsp;&nbsp;&nbsp;&nbsp;97

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.22**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreement Representations**&nbsp;&nbsp;&nbsp;&nbsp;97

**SECTION 8.**&nbsp;&nbsp;&nbsp;&nbsp;**AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES&nbsp;&nbsp;&nbsp;&nbsp;98<u>97</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements, Reports and Notices**&nbsp;&nbsp;&nbsp;&nbsp;98<u>97</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Taxes**&nbsp;&nbsp;&nbsp;&nbsp;101<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Existence and Rights**&nbsp;&nbsp;&nbsp;&nbsp;101

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**&nbsp;&nbsp;&nbsp;&nbsp;101

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5**&nbsp;&nbsp;&nbsp;&nbsp;**Other Notices**&nbsp;&nbsp;&nbsp;&nbsp;101

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Loan Documents and Partnership Agreement**&nbsp;&nbsp;&nbsp;&nbsp;102<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7**&nbsp;&nbsp;&nbsp;&nbsp;**Operations and Properties**&nbsp;&nbsp;&nbsp;&nbsp;102<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8**&nbsp;&nbsp;&nbsp;&nbsp;**Books and Records; Access**&nbsp;&nbsp;&nbsp;&nbsp;102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**&nbsp;&nbsp;&nbsp;&nbsp;102

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10**&nbsp;&nbsp;&nbsp;&nbsp;**Insurance**&nbsp;&nbsp;&nbsp;&nbsp;103<u>102</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11**&nbsp;&nbsp;&nbsp;&nbsp;**Authorizations and Approvals**&nbsp;&nbsp;&nbsp;&nbsp;103<u>102</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Liens**&nbsp;&nbsp;&nbsp;&nbsp;103<u>102</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13**&nbsp;&nbsp;&nbsp;&nbsp;**Further Assurances**&nbsp;&nbsp;&nbsp;&nbsp;103<u>102</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14**&nbsp;&nbsp;&nbsp;&nbsp;**Additional Borrowers**&nbsp;&nbsp;&nbsp;&nbsp;103

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;104<u>103</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16**&nbsp;&nbsp;&nbsp;&nbsp;**Notices to Investors**&nbsp;&nbsp;&nbsp;&nbsp;104<u>103</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.17**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Matters**&nbsp;&nbsp;&nbsp;&nbsp;104<u>103</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.18**&nbsp;&nbsp;&nbsp;&nbsp;**Register of Mortgages and Charges**&nbsp;&nbsp;&nbsp;&nbsp;104<u>103</u>

**SECTION 9.**&nbsp;&nbsp;&nbsp;&nbsp;**NEGATIVE COVENANTS OF THE CREDIT PARTIES&nbsp;&nbsp;&nbsp;&nbsp;104**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**&nbsp;&nbsp;&nbsp;&nbsp;**Mergers, Etc**&nbsp;&nbsp;&nbsp;&nbsp;104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**&nbsp;&nbsp;&nbsp;&nbsp;**Negative Pledge**&nbsp;&nbsp;&nbsp;&nbsp;104

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year and Accounting Method**&nbsp;&nbsp;&nbsp;&nbsp;105<u>104</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreements**&nbsp;&nbsp;&nbsp;&nbsp;105<u>104</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;106

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.&nbsp;&nbsp;&nbsp;&nbsp;106

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Compliance**&nbsp;&nbsp;&nbsp;&nbsp;106

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8**&nbsp;&nbsp;&nbsp;&nbsp;**Dissolution**&nbsp;&nbsp;&nbsp;&nbsp;107<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9**&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Laws**&nbsp;&nbsp;&nbsp;&nbsp;107<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10**&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Distributions and Redemptions**&nbsp;&nbsp;&nbsp;&nbsp;107<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Indebtedness**&nbsp;&nbsp;&nbsp;&nbsp;107

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Withdrawals From the Collateral Accounts**&nbsp;&nbsp;&nbsp;&nbsp;108<u>107</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;108<u>107</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14**&nbsp;&nbsp;&nbsp;&nbsp;**Transfers of Investments**&nbsp;&nbsp;&nbsp;&nbsp;108

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;108

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16**&nbsp;&nbsp;&nbsp;&nbsp;**Sanctions**&nbsp;&nbsp;&nbsp;&nbsp;109<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Covenants**&nbsp;&nbsp;&nbsp;&nbsp;109<u>108</u>

**SECTION 10.**&nbsp;&nbsp;&nbsp;&nbsp;**EVENTS OF DEFAULT&nbsp;&nbsp;&nbsp;&nbsp;109<u>108</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**&nbsp;&nbsp;&nbsp;&nbsp;**Events of Default**&nbsp;&nbsp;&nbsp;&nbsp;109<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies Upon Event of Default**&nbsp;&nbsp;&nbsp;&nbsp;112

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**&nbsp;&nbsp;&nbsp;&nbsp;**Performance by the Administrative Agent**&nbsp;&nbsp;&nbsp;&nbsp;113<u>112</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;113<u>112</u>

**SECTION 11.**&nbsp;&nbsp;&nbsp;&nbsp;**AGENTS&nbsp;&nbsp;&nbsp;&nbsp;113**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**&nbsp;&nbsp;&nbsp;&nbsp;**Appointment**&nbsp;&nbsp;&nbsp;&nbsp;113

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**&nbsp;&nbsp;&nbsp;&nbsp;**Delegation of Duties**&nbsp;&nbsp;&nbsp;&nbsp;114<u>113</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3**&nbsp;&nbsp;&nbsp;&nbsp;**Exculpatory Provisions**&nbsp;&nbsp;&nbsp;&nbsp;114

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance on Communications**&nbsp;&nbsp;&nbsp;&nbsp;115<u>114</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**&nbsp;&nbsp;&nbsp;&nbsp;115

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Reliance on the Administrative Agent and the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;115

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7**&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification**&nbsp;&nbsp;&nbsp;&nbsp;116<u>115</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent in Its Individual Capacity**&nbsp;&nbsp;&nbsp;&nbsp;116

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9**&nbsp;&nbsp;&nbsp;&nbsp;**Successor Agent**&nbsp;&nbsp;&nbsp;&nbsp;117<u>116</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance by the Credit Parties**&nbsp;&nbsp;&nbsp;&nbsp;118<u>117</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent May File Proofs of Claim**&nbsp;&nbsp;&nbsp;&nbsp;118<u>117</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12**&nbsp;&nbsp;&nbsp;&nbsp;**Delivery of Notices to the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;119<u>118</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Receipt of Funds by Administrative Agent; Erroneous Payments**&nbsp;&nbsp;&nbsp;&nbsp;119<u>118</u>

**SECTION 12.**&nbsp;&nbsp;&nbsp;&nbsp;**MISCELLANEOUS&nbsp;&nbsp;&nbsp;&nbsp;120**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1**&nbsp;&nbsp;&nbsp;&nbsp;**Amendments**&nbsp;&nbsp;&nbsp;&nbsp;120

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Offsets**&nbsp;&nbsp;&nbsp;&nbsp;123<u>122</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Collateral**&nbsp;&nbsp;&nbsp;&nbsp;123<u>122</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver**&nbsp;&nbsp;&nbsp;&nbsp;123

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Expenses; Indemnity**&nbsp;&nbsp;&nbsp;&nbsp;124<u>123</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6**&nbsp;&nbsp;&nbsp;&nbsp;**Notice**&nbsp;&nbsp;&nbsp;&nbsp;126<u>125</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7**&nbsp;&nbsp;&nbsp;&nbsp;**Governing Law**&nbsp;&nbsp;&nbsp;&nbsp;128<u>127</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8**&nbsp;&nbsp;&nbsp;&nbsp;**Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury**&nbsp;&nbsp;&nbsp;&nbsp;128<u>127</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9**&nbsp;&nbsp;&nbsp;&nbsp;**Invalid Provisions**&nbsp;&nbsp;&nbsp;&nbsp;128

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10**&nbsp;&nbsp;&nbsp;&nbsp;**Entirety**&nbsp;&nbsp;&nbsp;&nbsp;129<u>128</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11**&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound; Assignment**&nbsp;&nbsp;&nbsp;&nbsp;129<u>128</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Default**&nbsp;&nbsp;&nbsp;&nbsp;132<u>131</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13**&nbsp;&nbsp;&nbsp;&nbsp;**Maximum and Criminal Interest**&nbsp;&nbsp;&nbsp;&nbsp;132

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14**&nbsp;&nbsp;&nbsp;&nbsp;**Headings**&nbsp;&nbsp;&nbsp;&nbsp;133<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**&nbsp;&nbsp;&nbsp;&nbsp;133<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16**&nbsp;&nbsp;&nbsp;&nbsp;**Full Recourse**&nbsp;&nbsp;&nbsp;&nbsp;133<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17**&nbsp;&nbsp;&nbsp;&nbsp;**Availability of Records; Confidentiality**&nbsp;&nbsp;&nbsp;&nbsp;133

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.18**&nbsp;&nbsp;&nbsp;&nbsp;**USA Patriot Act Notice**&nbsp;&nbsp;&nbsp;&nbsp;134

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19**&nbsp;&nbsp;&nbsp;&nbsp;**Multiple Counterparts**&nbsp;&nbsp;&nbsp;&nbsp;134

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20**&nbsp;&nbsp;&nbsp;&nbsp;**Conversion of Currencies**&nbsp;&nbsp;&nbsp;&nbsp;135<u>134</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.21**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement and Consent to Bail-In of Affected Financial Institutions**&nbsp;&nbsp;&nbsp;&nbsp;135

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.22**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement Regarding Any Supported QFCs**&nbsp;&nbsp;&nbsp;&nbsp;136<u>135</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23**&nbsp;&nbsp;&nbsp;&nbsp;**No Advisory or Fiduciary Responsibility**&nbsp;&nbsp;&nbsp;&nbsp;137

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.24**&nbsp;&nbsp;&nbsp;&nbsp;**Joint and Several Liability**&nbsp;&nbsp;&nbsp;&nbsp;138<u>137</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**&nbsp;&nbsp;&nbsp;&nbsp;138

**SECTION 13.**&nbsp;&nbsp;&nbsp;&nbsp;**GUARANTY&nbsp;&nbsp;&nbsp;&nbsp;139<u>138</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1**&nbsp;&nbsp;&nbsp;&nbsp;**Guaranty of Payment**&nbsp;&nbsp;&nbsp;&nbsp;**139**<u>138</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**&nbsp;&nbsp;&nbsp;&nbsp;139

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3**&nbsp;&nbsp;&nbsp;&nbsp;**Modifications**&nbsp;&nbsp;&nbsp;&nbsp;140

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver of Rights**&nbsp;&nbsp;&nbsp;&nbsp;141<u>140</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5**&nbsp;&nbsp;&nbsp;&nbsp;**Reinstatement**&nbsp;&nbsp;&nbsp;&nbsp;142<u>141</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies**&nbsp;&nbsp;&nbsp;&nbsp;142<u>141</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7**&nbsp;&nbsp;&nbsp;&nbsp;**Subrogation**&nbsp;&nbsp;&nbsp;&nbsp;142<u>141</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8**&nbsp;&nbsp;&nbsp;&nbsp;**Inducement**&nbsp;&nbsp;&nbsp;&nbsp;142

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9**&nbsp;&nbsp;&nbsp;&nbsp;**Combined Liability**&nbsp;&nbsp;&nbsp;&nbsp;143<u>142</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10**&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Information**&nbsp;&nbsp;&nbsp;&nbsp;143<u>142</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11**&nbsp;&nbsp;&nbsp;&nbsp;**Instrument for the Payment of Money**&nbsp;&nbsp;&nbsp;&nbsp;143<u>142</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12**&nbsp;&nbsp;&nbsp;&nbsp;**Termination**&nbsp;&nbsp;&nbsp;&nbsp;143<u>142</u>

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EXHIBITS

EXHIBIT A:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT B:&nbsp;&nbsp;&nbsp;&nbsp;Form of Note

EXHIBIT C:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT D:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Distribution Collateral Account Pledge

EXHIBIT E:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Borrowing<br>EXHIBIT F:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Letter of Credit<br>EXHIBIT G:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Conversion Notice<br>EXHIBIT H:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Lender Assignment and Acceptance Agreement<br>EXHIBIT I:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT J:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT K:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT L:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Responsible Officer's Certificate<br>EXHIBIT M:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved] <br>EXHIBIT N:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement<br>EXHIBIT O:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Facility Increase Request

EXHIBIT P:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved] <br>EXHIBIT Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT R:&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate/Financial Covenant Certificate/Borrowing Base Certificate

EXHIBIT S:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT T:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT U:&nbsp;&nbsp;&nbsp;&nbsp;Form of Extension Request

EXHIBIT V-1:&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrower Joinder Agreement

EXHIBIT V-2:&nbsp;&nbsp;&nbsp;&nbsp;Form of Guarantor Joinder Agreement

EXHIBIT W:&nbsp;&nbsp;&nbsp;&nbsp;Form of Beneficial Ownership Certificate

SCHEDULE I:&nbsp;&nbsp;&nbsp;&nbsp;Credit Party and General Partner Information

SCHEDULE II:&nbsp;&nbsp;&nbsp;&nbsp;Lender Commitments

SCHEDULE III: &nbsp;&nbsp;&nbsp;&nbsp;Eligible Investments

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**REVOLVING CREDIT AGREEMENT**<br>

**REVOLVING CREDIT AGREEMENT** (this "***Credit Agreement***") is dated as of July 16, 2025, by and among STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP as the borrower (the "***Initial Borrower***" and, collectively with any other Additional Borrowers, the "***Borrower***"; to the extent there are multiple Borrowers, references to "the Borrower" shall mean the applicable Borrower, each Borrower individually or the Borrowers collectively, as the context requires), each of the entities from time to time listed as "Guarantors" on <u>Schedule I</u> hereto, as guarantors (the "***Guarantors***"), ING Capital LLC, a Delaware limited liability company ("***ING***"), as the Administrative Agent for each of the Lenders, the Mandated Lead Arranger, the Sole Bookrunner, the Letter of Credit Issuer and a Lender, and each of the other financial institutions from time to time party hereto as Lenders.

**NOW, THEREFORE**, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Defined Terms**. For the purposes of this Credit Agreement, unless otherwise expressly defined, the following terms shall have the respective meanings assigned to them in this <u>Section 1.1</u> or in the Section or recital referred to:

"***Additional Borrower***" is defined in <u>Section 2.9(a)</u> hereof.

"***Adjusted NAV***" means, as of any date of determination, an amount equal to the NAV, excluding, with respect to any Eligible Primary Investment, any portion of such Eligible Primary Investment that is in excess of the following concentration limits for purposes of calculating the Adjusted NAV: (i)(A) from the Closing Date until and including December 31, 2025, no Distinct Eligible Investment shall constitute more than thirty-five percent (35%) of the NAV, and (B) from January 1, 2026 and thereafter, no Distinct Eligible Investment shall constitute more than twenty percent (20%) of the NAV; and (ii) the aggregate NAV of all Construction Eligible Investments shall not exceed twenty percent (20%) of the NAV, and any such excess shall be excluded from the Adjusted NAV. For the avoidance of doubt, the Adjusted NAV of any Eligible Investment (or portion thereof) that is at the time of determination subject to a Material Investment Event shall be zero (0) at such time.

"***Administrative Agent***" means ING, until the appointment of a successor "Administrative Agent" pursuant to <u>Section 11.9</u> hereof and, thereafter, shall mean such successor Administrative Agent.

"***Advisor***" means Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company.

"***Affected Financial Institution***" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

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"***Affiliate***" of any Person means any other Person (whether or not existing as of the Closing Date) that, directly or indirectly, controls or is controlled by, or is under common control with, such Person. For the purpose of this definition, "control" and the correlative meanings of the terms "controlled by" and "under common control with" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares or partnership interests or by contract or otherwise.

"***Agency Services Address***" means the address for the Administrative Agent set forth in <u>Section 12.6</u> hereof, or such other address as may be identified by written notice from the Administrative Agent to the Borrower and the Lenders.

"***Aggregator I Excluded Share***" means the 0.1% economic ownership interest of Delaware Infra-Fund in Stonepeak-Plus Infrastructure Fund Aggregator I LP.

"***Agreement Currency***" is defined in <u>Section 12.20(b)</u> hereof.

"***AIFM***" means Carne Global Fund Managers (Luxembourg) S.A., a Luxembourg public limited liability company (*société anonyme*), incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B148258, as authorized by the CSSF under article 5 of the AIFM Law (or any successor thereto) (or any successor thereto) or any other entity that may serve as the alternative investment fund manager of the Luxembourg Infra-Fund.

"***AIFM Directive***" means the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, as amended from time to time.

"***AIFM Law***" means the Luxembourg law of 12 July 2013 on alternative investment fund managers, implementing the AIFM Directive, as amended from time to time.

"***Alternative Currency***" means (a) Australian Dollars, Canadian Dollars, Danish Krone, Euros, Sterling, Swedish Krona, Swiss Francs, or Yen or (b) such other currencies requested by a Borrower for the applicable requested Loan or Letter of Credit hereunder, which are reasonably available to the Administrative Agent and all Lenders in their sole discretion; <u>provided</u>, that, any Borrowing and issuance of Letters of Credit in an Alternative Currency shall for all purposes under this Credit Agreement be subject to the prior approval of the Administrative Agent.

"***Alternative Currency Reserve***" means, at any time (a) with respect to Loans and the aggregate face amount of Letters of Credit denominated in Euros or Sterling, zero; and (b) with respect to Loans and the aggregate face amount of Letters of Credit denominated in any Alternative Currencies other than Euros and Sterling, 3.5% of the aggregate Principal Obligations with respect to such amount.

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"***Annual Valuation Period***" means the "annual valuation period" for the applicable Credit Party as defined in *29 C.F.R. §2510.3-101(d)(5)* as determined by designation of its General Partner.

"***Anti-Corruption Laws*"** means all laws, rules and regulations of any jurisdiction applicable to the Credit Parties from time to time concerning or relating to bribery, corruption or money laundering, including the U.S. Foreign Corrupt Practices Act, including, in each case, any regulations thereunder and as may be amended from time to time, and the UK Bribery Act of 2010, as amended.

"***Applicable Creditor***" is defined in <u>Section 12.20</u>(b) hereof.

"***Applicable Lending Office***" means, for each Lender and for each Type of Loan, the "lending office" of such Lender (or of an Affiliate of such Lender) designated for such Type of Loan on the signature pages hereof or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower by written notice in accordance with the terms hereof as the office by which such Type of Loans are to be made and maintained.

"***Applicable Margin***" means, (i) with respect to (A) Eurocurrency Rate Loans or RFR Loans and Letters of Credit, 240 basis points (2.40%) per annum and (B) Reference Rate Loans, 140 basis points (1.40%) per annum.

"***Application for Letter of Credit***" means an application for a letter of credit by, between and among the Borrower, on the one hand, and the Letter of Credit Issuer, on the other hand, substantially in a form provided by the Letter of Credit Issuer (and customarily used by it in similar circumstances) and conformed to the terms of this Credit Agreement, either as originally executed or as it may from time to time be supplemented, modified, amended, renewed, or extended; <u>provided</u> that to the extent the terms of such Application for Letter of Credit are inconsistent with or otherwise more onerous than the terms of this Credit Agreement, the terms of this Credit Agreement shall control.

"***Assignee***" is defined in <u>Section 12.11(c)</u> hereof.

"***Assignment and Acceptance Agreement***" means the agreement contemplated by <u>Section 12.11(c)</u> hereof, pursuant to which any Lender assigns all or any portion of its rights and obligations hereunder, which agreement shall be substantially in the form of <u>Exhibit H</u> hereto.

"***Australian Dollars***" and the sign "***A$***" means the lawful currency of Australia.

"***Available Commitment***" means, on any date of determination, the lesser of: (a) the Maximum Commitment, and (b) the Borrowing Base, *minus*, in either case, the Alternative Currency Reserve. For the avoidance of doubt, the Available Commitment will always be calculated in Dollars.

"***Available Tenor***" means, as of any date of determination and with respect to the relevant then-current Benchmark, as applicable, (a) if the then-current Benchmark is a future looking term rate,

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any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) if <u>clause (a)</u> does not apply, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Credit 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 <u>Section 4.2(b)</u>; <u>provided</u> that "***Available Tenor***" shall be determined on an individual basis in respect of each then-current Benchmark for each Alternative Currency. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

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

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

"***Bank Levy***" means any amount payable by any Lender or Letter of Credit Issuer, pursuant to the laws of the United Kingdom or a state of the European Union on the basis of, or in relation to, its balance sheet, capital base or any part of that person, or its liabilities, minimum regulatory capital or any combination thereof (including, without limitation, the UK bank levy as set out in the Finance Act 2011, the French *taxe bancaire de risque systémique* as set out in Article 235 ter ZE of the French Code *Général des impôts*, the German bank levy as set out in the German Restructuring Fund Act 2010 (*Restrukturierungsfondsgesetz*), the Dutch *bankenbelasting* as set out in the bank levy act (*Wet bankenbelasting*), the Spanish bank levy (*Impuesto sobre los Depósitos en las Entidades de Crédito*) as set out in the Law 16/2012 of 27 December 2012 and any tax in any jurisdiction levied on a similar basis or for a similar purpose or any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011).

"***Basel III***" means, collectively, those certain agreements on capital and liquidity standards contained in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems," "Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring," and "Guidance for National Authorities Operating the Countercyclical Capital Buffer," each as published by the Basel Committee on Banking Supervision in December 2010 (as revised from time to time), and "Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools," as published by the Basel Committee on Banking Supervision in January 2013 (as revised from time to time).

"***BBSY***" is defined in the definition of "Eurocurrency Rate".

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"***Benchmark***" means with respect to any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, at the election of the Borrower, the Daily Simple RFR applicable for Dollars or Term RFR for Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Canadian Dollars, Sterling and Swiss Francs, the Daily Simple RFR applicable for such Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), the Eurocurrency Rate for such Currency;

<u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to a then-current Benchmark for such Currency, then "<u>Benchmark</u>" means, with respect to such Obligations, interest, fees, commissions or other amounts denominated in such Currency, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 4.2</u>.

"***Benchmark Replacement***" means, for any Available Tenor, with respect to any Benchmark Transition Event for a then current Benchmark, the sum of: (i) the alternate benchmark rate and (ii) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such then-current Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in the applicable Currency at such time that are substantially similar to the credit facilities under this Credit Agreement, <u>provided</u> that, if the Benchmark Replacement as determined above would be less the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Credit Agreement and the other Loan Documents.

"***Benchmark Replacement Conforming Changes***" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Reference Rate," the definition of "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, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrower mutually decide may be appropriate to reflect the adoption and implementation of 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 such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent and the Borrower mutually decide is reasonably necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

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"***Benchmark Replacement Date***" means the earliest to occur of the following events with respect to the then-current Benchmark for any Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the later of (i) the date of the public statement or publication of information referenced therein and (ii) 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative.

For the avoidance of doubt, (A) if the event giving rise to the Benchmark Replacement Date for any Benchmark 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 Benchmark and for such determination and (B) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (a) or clause (b) of this definition with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"***Benchmark Transition Event***" means, with respect to any then-current Benchmark for any Currency, the occurrence of one or more of the following events with respect to such Benchmark: a public statement or publication of information by or on behalf of the administrator of such then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, 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 (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

"***Beneficial Ownership Certification***" means, for a "legal entity customer" (as such term is defined in the Beneficial Ownership Regulation), a certification regarding beneficial ownership to the extent required by the Beneficial Ownership Regulation with respect to such "legal entity customer", which certification shall be substantially in the form of <u>Exhibit W</u> hereto.

"***Beneficial Ownership Regulation***" means 31 C.F.R. § 1010.230.

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"***Binding Limitations***" means, with respect to any Person, any limitation or restriction in its Partnership Agreement or any other Constituent Document thereof to the extent that exceeding or otherwise being in violation of such limitation would cause such Person to be in breach of its Partnership Agreement or any other Constituent Document thereof and/or require remedial action by such Person or its General Partner as a result thereof. For the avoidance of doubt, any limitation, restriction or guideline that is a target amount or that would not require remedial action if exceeded shall not be considered a Binding Limitation.

"***Borrower***" is defined in the <u>preamble</u> to this Credit Agreement; "***Borrowers***" means, each of the entities from time to time listed as "Borrowers" on <u>Schedule I</u> hereto (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time).

"***Borrower Joinder Agreement***" means an agreement substantially in the form of <u>Exhibit V-1</u> hereto, pursuant to which an Additional Borrower joins the Credit Facility as a Borrower.

"***Borrower Party***" is defined in <u>Section 11.1(a)</u> hereof.

"***Borrowing***" means a disbursement made by the Lenders of any of the proceeds of the Loans, and "***Borrowings***" means the plural thereof.

"***Borrowing Base***" means an amount equal to the Adjusted NAV multiplied by the Portfolio Borrowing Base Advance Rate.

"***Business Day***" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York City, and (a) if such day relates to any Eurocurrency Rate Loan denominated in Euros, a TARGET Day, (b) if such day relates to any dealings in any other Alternative Currency, any day in which banks are open for foreign currency exchange business in the principal financial center of the country of such Alternative Currency, and (c) if such day relates to Loans denominated in Dollars, such day is not 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.

"***Canadian Dollars***" and the sign "***CAD$***" means the lawful currency of Canada.

"***Capital Lease***" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which, in accordance with Generally Accepted Accounting Principles, is or should be accounted for as a capital lease or finance lease on the balance sheet of that Person and the amount of such obligation shall be the capitalized amount thereof determined in accordance with Generally Accepted Accounting Principles.

"***Capitalized Interest Loan***" is defined in <u>Section 3.3(d)</u> hereof.

"***Capitalized Unused Commitment Fee Loan***" is defined in <u>Section 2.12(b)</u> hereof.

"***Cash Control Event***" means (a) any Event of Default has occurred and is continuing, (b) any Potential Default pursuant to <u>Section 10.1(a),</u> <u>(h)</u> or <u>(i)</u> hereof has occurred and is continuing, (c)

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a breach of the Financial Covenants has occurred and is continuing, and/or (d) any other Trigger Event has occurred and is continuing.

"***Cash Equivalents***" means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (c) investments in certificates of deposit, banker's acceptances, money market deposits and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and having a long-term debt rating of "A" or better by S&P or "A2" or better from Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency) and (d) investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in clauses (a) through (c) above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A2 from S&P or at least P-2 from Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency).

"***Change of Control***" means, either (a) Stonepeak shall cease to Control any Credit Party, or (b) (i) none of the Advisor or Stonepeak, as applicable, shall be acting in the capacity of the "Investment Advisor" (or similar role, including the "Portfolio Manager" of the Luxembourg Infra-Fund) with respect to each Infra-Fund, or (ii) such "Investment Advisor" (or similar entity) shall cease to be directly or indirectly controlled by, or under common control with, Stonepeak.

"***CIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Closing Date***" means July 16, 2025.

"***Collateral***" is defined in <u>Section 5.1</u> hereof.

"***Collateral Account***" means, each Distribution Collateral Account; "***Collateral Accounts***" means, where the context may require, all Collateral Accounts, collectively.

"***Collateral Account Control Agreement***" means, with respect to each Collateral Account, each "springing" account control agreement among a Credit Party, the Administrative Agent and the Depository Bank, as the same may be amended, supplemented or modified from time to time.

"***Collateral Account Pledge***" means, each Distribution Collateral Account Pledge; "***Collateral Account Pledges***" means, where the context may require, all Collateral Account Pledges, collectively.

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"***Collateral Agent***" has the meaning assigned to such term in the applicable Collateral Account Pledge.

"***Collateral Documents***" is defined in <u>Section 5.1</u> hereof.

"***Commitment Period***" means the period commencing on the Closing Date and ending on the Maturity Date.

"***Competitor***" means any private equity, credit, real estate, renewable energy and/or infrastructure fund, Affiliate thereof or Person whose primary business is the management of private equity, renewable energy, credit, real estate and/or infrastructure funds (including mezzanine investment funds), excluding any commercial or investment bank (including any commercial or investment bank that sponsors private equity, credit, real estate, renewable energy and/or infrastructure funds, privately negotiated mezzanine funds or makes private equity, real estate or infrastructure investments, mezzanine or other loans); *provided* that any such fund sponsored by a commercial or investment bank shall be deemed to be a Competitor.

"***Compliance Certificate***" is defined in <u>Section 8.1(b)</u> hereof.

"***Confidential Information***" means, at any time, all data, reports, interpretations, forecasts and records containing or otherwise reflecting information and concerning any Credit Party or any Investor or Affiliate of such Person which is not available to the general public, together with analyses, compilations, studies or other documents, which contain or otherwise reflect such information made available by or on behalf of any Credit Party, any Investor or any such Affiliate pursuant to this Credit Agreement orally or in writing to the Administrative Agent or any Lender or their respective attorneys, certified public accountants or agents, but shall not include any data or information that: (a) was or became generally available to the public at or prior to such time (unless divulged by the Administrative Agent or such Lender or the Administrative Agent's or the Lender's respective attorneys, certified public accountants or agents); or (b) was or became available to the Administrative Agent or a Lender or to the Administrative Agent's or Lender's respective attorneys, certified public accountants or agents on a non-confidential basis from the Credit Parties or any Investor or any other source at or prior to such time, other than as a result of a prohibited (insofar as the Administrative Agent or Lender has actual knowledge of) disclosure by such other source.

"***Conforming Changes***" means, with respect to either the use or administration of Term SOFR, CORRA or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Reference Rate," the definition of "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, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrower mutually decide may be appropriate to reflect the adoption and implementation of 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

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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 Replacement exists, in such other manner of administration as the Administrative Agent and the Borrower mutually decide is reasonably necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

"***Constituent Documents***" means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, exempted limited partnership, special limited partnership, joint venture, trust or other form of business entity, the limited partnership, the exempted limited partnership, joint venture or other applicable agreement of formation, registration the certificate or declaration of limited partnership or exempted limited partnership, and any agreement, instrument, filing, notice or report with respect thereto filed in connection with its formation and/or registration with the secretary of state, registrar of exempted limited partnerships or other department in the state, province, territory or other jurisdiction of its formation and/or registration, in each case as amended from time to time; (b) in the case of any limited liability company, the articles of association, certificate of formation and operating agreement or limited liability company agreement for such Person; and (c) in the case of a corporation or exempted company, the certificate and/or memorandum and articles of incorporation and the bylaws for such Person, and in the case of an exempted company only, the register of directors, register of officers and register of mortgages and charges for such Person, in each such case as it may be restated, modified, amended or supplemented from time to time.

"***Construction Eligible Investment***" means any Eligible Primary Investment that is a standalone construction project or other project under or subject to material development, in each case to the extent such Eligible Primary Investment is not income generating. For the avoidance of doubt, secondary investments in funds managed by Stonepeak which hold investments that include construction or development projects will not be deemed Construction Eligible Investments.

"***Continue***", "***Continuation***", and "***Continued***" shall refer to the continuation pursuant to a Rollover of a Eurocurrency Rate Loan or a Term RFR Loan from one Interest Period to the next Interest Period.

"***Control***" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ability to exercise voting power, by contract or otherwise. "***Controlling***" and "***Controlled***" have meanings correlative thereto.

"***Controlled Group***" means: (a) the controlled group of corporations as defined in Section 414(b) of the Internal Revenue Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code and 302 of ERISA), in each case of which the applicable Credit Party is a member.

"***Conversion***", "***Convert***", and "***Converted***" shall refer to a conversion pursuant to <u>Section 2.3(c)</u> or <u>Section 4</u> hereof of one Type of Loan into another Type of Loan.

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"***Conversion Date***" means any Daily Simple SOFR Conversion Date, Term SOFR Conversion Date or Reference Rate Conversion Date, as applicable.

"***Conversion Notice***" is defined in <u>Section 2.3(c)</u> hereof.

"***CORRA***" means the Canadian Overnight Repo Rate Average administered and published by the CORRA Administrator.

"***CORRA Administrator***" means the Bank of Canada or any successor administrator of the Canadian Overnight Repo Rate Average.

"***CORRA Administrator's Website***" means the Bank of Canada's website, currently at https://www.bankofcanada.ca/rates/interest-rates/corra/, or any successor source for the Canadian Overnight Repo Rate Average identified as such by the CORRA Administrator from time to time

"***CORRA RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Credit Agreement***" means this Revolving Credit Agreement, of which this <u>Section 1.1</u> forms a part, together with all amendments, modifications and restatements hereof, and supplements and attachments hereto.

"***Credit Facility***" means the Loans and Letters of Credit provided to the Borrower by the Lenders under the terms and conditions of this Credit Agreement.

"***Credit Party***" means the Borrower and each Guarantor, and "***Credit Parties***" means, collectively, the Borrower and the Guarantors.

"***Currency***" means Dollars or an Alternative Currency.

"***Current Party***" is defined in <u>Section 12.12</u> hereof.

"***Daily Simple RFR***" means, for any day (an "***RFR Rate Day***"), a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, the greater of (i) SOFR for the day (such day, a "***SOFR RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, as published by the SOFR Administrator on the SOFR Administrator's Website, and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sterling, the greater of (i) SONIA for the day (such day, a "***SONIA RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, utilizing the SONIA component of such SONIA that is published by the SONIA Administrator on the SONIA Administrator's Website and (ii) the Floor;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Swiss Francs, the greater of (i) SARON for the day (such day, a "***SARON RFR Determination Day***" and, together with SOFR RFR Determination Day and SONIA RFR Determination Day, each an "***RFR Determination Day***")) that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, utilizing the SARON component of such SARON that is published by the SARON Administrator on the SARON Administrator's Website and (ii) the Floor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Canadian Dollars, the greater of (i) CORRA for the day (such day, a "***CORRA RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, utilizing the rate that is published by the CORRA Administrator on the CORRA Administrator's Website and (ii) the Floor.

If by 5:00 pm (local time for the applicable RFR) on the second (2nd) Business Day immediately following any applicable RFR Determination Day, the RFR in respect of such RFR Determination Day has not been published on the applicable SOFR Administrator's Website, SONIA Administrator's Website, SARON Administrator's Website, or CORRA Administrator's Website and a Benchmark Replacement Date with respect to the applicable Daily Simple RFR has not occurred, then the RFR for such RFR Determination Day will be the RFR as published in respect of the first preceding Business Day for which such RFR was published on the applicable SOFR Administrator's Website, SONIA Administrator's Website, SARON Administrator's Website, or CORRA Administrator's Website; <u>provided</u> that any RFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple RFR for no more than three (3) consecutive RFR Rate Days. Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective date of such change in the applicable RFR without notice to the Borrower.

"***Daily Simple RFR Loan***" means a Loan that bears interest at a rate based on Daily Simple RFR other than pursuant to <u>clause (c)</u> of the definition of "Reference Rate".

"***Daily Simple SOFR Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof.

"***Debt Limitations***" means the limitations set forth in <u>Section 9.11</u> hereof.

"***Debtor Relief Laws***" means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally in any applicable jurisdiction, including, without limitation, the United States Bankruptcy Code, in each case, including all regulations thereunder and as amended from time to time, as are in effect from time to time during the term of the Loans or while any Letter of Credit is in effect or any Obligation is outstanding or any Lender or Letter of Credit Issuer has any commitment to extend credit hereunder.

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"***Default Rate***" means on any day the lesser of: (a) the applicable interest rate for such outstanding amount (*including* the Applicable Margin) in effect on such day (or if no interest rate is otherwise applicable, the applicable interest rate for Reference Rate Loans *including* the Applicable Margin) *plus* two percent (2%); or (b) the Maximum Rate.

"***Defaulting Lender***" means any Lender that: (a) has failed to make its Pro Rata Share of any disbursement required to be made in respect of any Loan within three (3) Business Days of when due; (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute; (c) has been deemed insolvent or becomes the subject of a bankruptcy or insolvency proceeding; (d) has notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Credit Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Credit Agreement or generally under credit agreements substantially similar to this Credit Agreement (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder or a loan under any such other credit agreement and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (e) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in a manner reasonably satisfactory to the Administrative Agent or the Borrower, as applicable, that it will comply with the terms of this Credit Agreement relating to its obligation to fund prospective Loans; or (f) has, or has an entity that controls such Lender that has, other than via an Undisclosed Administration become the subject of (i) a bankruptcy or insolvency proceeding, (ii) a Bail-in Action, or (iii) has publicly appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest or appointment (as applicable) does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"***Delaware Infra-Fund****"* means Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership.

"***Depository Bank***" means any institution identified in <u>Schedule I</u> hereto as a depository bank with respect to any Collateral Account as of the Closing Date (or any successor thereto or Affiliate thereof) (each, an "***Initial Depository Bank***") or any other financial institution which is an Eligible Institution, in each case, in its capacity as depository or securities intermediary, as the case may be.

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"***Distinct Eligible Investment***" means, any single Investment held by a Credit Party or a Holding Vehicle which is an Eligible Primary Investment; <u>provided</u> that (i) with respect to any Investment in a pooled investment vehicle held by a Credit Party or Holding Vehicle, each pooled investment vehicle related thereto shall be deemed to be a single Investment for the purposes of this Agreement (it being understood that investments in independent pooled investment vehicles will not be considered a single Investment), and (ii) any Investments held by one or more Credit Parties or Holding Vehicles that are cross-collateralized with each other (excluding, for the avoidance of doubt, under the Loan Documents) shall be deemed to be a single Investment for the purposes of this Agreement.

"***Distribution***" is defined in <u>Section 9.10</u> hereof.

"***Distribution Collateral Account***" means, with respect to each Credit Party, each deposit and/or securities account specified as the "Distribution Collateral Account" for such Credit Party on <u>Schedule I</u> hereto, as amended, restated, supplemented or otherwise modified from time to time, into which Portfolio Investment Distributions that are received by such Credit Party shall be required to be deposited, as more fully described in <u>Section 5.2</u> hereof, in each case, shall include the bank accounts described in each Distribution Collateral Account Pledge; "***Distribution Collateral Accounts***" means, where the context may require, all Distribution Collateral Accounts, collectively.

"***Distribution Collateral Account Pledge***" means a pledge by a Credit Party, substantially in the form of <u>Exhibit D</u> hereto, pursuant to which such Credit Party pledges and/or assigns to the Administrative Agent, for the benefit of the Secured Parties, a security interest and Lien in and on its Distribution Collateral Account, as the same may be amended, restated, supplemented or otherwise modified from time to time; "***Distribution Collateral Account Pledges***" means, where the context may require, all Distribution Collateral Account Pledges, collectively.

"***Distribution Reinvestment Plan***" means, the reinvestment plan pursuant to which an Infra-Fund Subscription Entity permits distributions to its Investors to be reinvested into Units in an amount equal to the amount of any distributions by such Infra-Fund Subscription Entity that such Investor has elected (or been deemed to have elected by not opting out of such plan, as applicable) to be reinvested in Units.

"***Divide***" means, with respect to a limited liability company, limited partnership or other business entity, any division under Section 18-217 of the Delaware Limited Liability Company Act, or any similar statute in other jurisdictions applicable to such Person, and shall include the filing of any certificate or plan of division by such Person.

"***Dollar Equivalent***" means, at any time on any date of determination: (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 amount thereof in Dollars as reasonably determined by the Administrative Agent or the Letter of Credit Issuer, as the case may be, at such time on the basis of the Spot Rate for the purchase of Dollars with such Alternative Currency.

"***Dollars***" and the sign "***$***" means the lawful currency of the United States of America.

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

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

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

"***Eligible Assignee***" means an Assignee that has been approved in accordance with <u>Section 12.11(c)</u> hereof.

"***Eligible Institution***" means the Initial Depository Bank or any depository institution, organized under the laws of the United States or any state, having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by law and which is subject to supervision and examination by federal or state banking authorities; <u>provided</u> that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody's and at least A-1 from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

"***Eligible Investment***" means each Investment of a Credit Party (held directly or indirectly through a Holding Vehicle) that (a) in respect of any Eligible Primary Investments, at any time there are less than twelve (12) Eligible Primary Investments (including such Investment) at the time such Eligible Primary Investment is first designated as an Eligible Investment, (x) has been approved by the Administrative Agent in its reasonable discretion, or (y) is a follow-on investment or a follow-up investment with respect to an existing Eligible Investment, and with respect to which Follow-On Investment Materials have been delivered to the Administrative Agent and (b) with respect to all Eligible Investments (noting, for the avoidance of doubt, that clause (a) of this definition will not apply to any Eligible Primary Investments if there are at least twelve (12) Eligible Primary Investments at the time such Eligible Primary Investment is first designated as an Eligible Investment under this Credit Agreement or to any Liquid Assets):

&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if requested by the Administrative Agent or any Lender, with respect to which a Credit Party has delivered evidence of its ownership (directly or indirectly through a Holding Vehicle) in form and substance acceptable to the Administrative Agent, acting reasonably (it being understood that disclosure of such Investment in any applicable reports delivered pursuant

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to <u>Section 8.1(a)</u>, <u>(b)</u> or <u>(c)</u> and certified by a Responsible Officer of a Credit Party and/or any publicly filed reports of any Infra-Fund shall be deemed acceptable evidence of such ownership);

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;which Investment has been made consistent with the Investment Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;that is not subject to a Material Investment Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which no Credit Party or Holding Vehicle has incurred any Lien on its Equity Interest therein (except for (x) any Permitted Lien and (y) solely in the case of any Holding Vehicle, any Lien in respect of Indebtedness not restricted under <u>Section 9.11</u> and taken into account in determining the Adjusted NAV).

Any Investment (or portion thereof, as applicable) subject to a Material Investment Event shall be excluded as an Eligible Investment upon the earlier of notice from the Administrative Agent or the Borrower obtaining knowledge thereof, until such time as such Material Investment Event, if capable of cure, is cured, and the Administrative Agent and the Required Lenders have approved the re-inclusion of such Investment (or portion thereof, as applicable) as an Eligible Investment, in their reasonable discretion. The Eligible Investments as of the Closing<u>First Amendment Effective</u> Date are listed on <u>Schedule III</u> hereto.

"***Eligible Primary Investment***" means each Eligible Investment other than any Liquid Assets.

"***EMU Legislation***" means the legislative measures of the European Council for the introduction of changeover to or operation of a single or unified European currency.

"***Environmental Laws***" means all federal, state, provincial, territorial, national, international and local laws, ordinances, regulations or policies in force and binding relating to pollution or protection of human health as relating to the exposure to Hazardous Materials or the environment including without limitation, air pollution, water pollution, noise control, or the use, handling, discharge, disposal or Release of Hazardous Materials, applicable to any Credit Party, and any and all regulations promulgated under or pursuant to any such statute of any applicable governing body.

"***Equity Interests***" means, with respect to any Person, all (a) shares, interests, participations or other equivalents (howsoever designated) of capital stock and other equity interests of such Person, including without limitation partnership interests, limited partnership interests, exempted limited partnership interests, general partnership interests in a partnership, or exempted limited partnership or membership interests, whether common or preferred and whether voting or non-voting or any other "equity security" (as such term is defined in Rule 3a11-1 under the Securities Exchange Act of 1934, as amended), and (b) rights (other than debt securities convertible into capital stock or other equity interests), warrants or options to acquire any of the foregoing.

"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder, as from time to time in effect.

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"***ERISA Investor***" means an Investor that is: (a) an "*employee benefit plan*" (as such term is defined in Section 3(3) of ERISA) subject to Part 4, Subtitle B of Title I of ERISA; (b) any "*plan*" defined in Section 4975 of the Internal Revenue Code to which the prohibited transaction provisions of Section 4975 applies; (c) a group trust, as described in *Revenue Ruling 81-100*, as amended; or (d) a partnership or commingled account of an employee benefit plan or plan described in clause (a) or (b) above, or any entity whose assets constitute Plan Assets.

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

"***EURIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Eurocurrency Rate***" means, with respect to any Eurocurrency Rate Loan for any Interest Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Australian Dollars, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Bank Bill Swap Bid Rate ("***BBSY***"), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 10:30 a.m. (Melbourne, Australia time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Australian Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Euros, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Euro Interbank Offered Rate ("***EURIBOR***") as administered by the European Money Markets Institute (or any other Person that takes over the administration of such rate), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Brussels time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Euros (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of Yen, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Tokyo Interbank Offered Rate ("***TIBOR***") as administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other Person that takes over the administration of such rate), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Tokyo time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Yen (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; <u>or</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of Danish Krone, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Copenhagen Interbank Offered Rate ("***CIBOR***"), as published on the applicable Bloomberg screen page (or such other commercially available source providing

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such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Copenhagen, Denmark time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Danish Krone (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) in the case of Swedish Krona, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Stockholm Interbank Offered Rate ("***STIBOR***"), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Stockholm, Sweden time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Swedish Krona (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; or

(f<u>d</u>) in the case of any other Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the Lenders; <u>provided</u> that, if more than one rate is published by Bloomberg (or such other commercially available source providing quotations of such applicable rate, as designated by the Administrative Agent from time to time in its reasonable discretion), the applicable rate shall be the arithmetic mean of all such rates;

<u>provided</u>, that the foregoing definition shall be subject to any Conforming Changes or Benchmark Replacement Conforming Changes. For the avoidance of doubt, in the event that any such Eurocurrency Rate is, at any time, below the Floor, such rate shall be deemed to be the Floor for all purposes under this Credit Agreement.

"***Eurocurrency Rate Loan***" means a Loan that bears interest at a rate based on the Eurocurrency Rate.

"***Euros***", "***EUR***" and the sign "***€***" mean the single, legal currency of the Participating Member States introduced in accordance with the EMU Legislation.

"***Event of Default***" is defined in <u>Section 10.1</u> hereof.

"***Excess Prepayment Amount***" has the meaning given to it in <u>Section 2.1(d)(i)</u>.

"***Excess Prepayment Event***" has the meaning given to it in <u>Section 2.1(d)(i)</u>.

"***Excluded Taxes***" means, with respect to the Administrative Agent and any Lender or Letter of Credit Issuer in relation to any Loan Document or Letter of Credit or with respect to any payment made to any such Person in relation to any Loan Document or Letter of Credit, all (a) Taxes imposed on or measured by net income (however denominated), franchise taxes (imposed in lieu of net income Taxes), and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the Laws of which such Person is

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organized, has its principal office, maintains its Applicable Lending Office or otherwise is resident for Tax purposes, or (ii) that are Other Connection Taxes, (b) Taxes imposed by reason of the failure of any such Person to comply with <u>Section 4.6(e)</u>, or the failure of the Administrative Agent to comply with <u>Section 4.6(f)</u>, (c) withholding Taxes imposed by the United States with respect to an applicable interest in a Loan, Letter of Credit or Lender Commitment pursuant to a law in effect on the date on which (i) a Lender or Letter of Credit Issuer acquires such interest in the Loan, Letter of Credit or Lender Commitment, as applicable, other than pursuant to an assignment request by a Borrower under <u>Section 4.9</u>, or (ii) such Lender changes its Applicable Lending Offices, except in the case of either (i) or (ii) to the extent that amounts with respect to such withholding Taxes were payable either to such Lender's or Letter of Credit Issuer's assignor immediately before such Lender or Letter of Credit Issuer became a party hereto or to such Lender immediately before it changed its Applicable Lending Office, and (d) any withholding Taxes imposed under FATCA.

"***Extension Request***" means a written request by the Borrower substantially in the form of <u>Exhibit U</u> hereto to extend the Stated Maturity Date.

"***Facility Increase***" is defined in <u>Section 2.15(a)</u> hereof.

"***Facility Increase Fee***" means the fee payable with respect to any Facility Increase in accordance with <u>Section 2.15</u> hereof, as set forth in the Fee Letter.

"***Facility Increase Request***" means the notice substantially in the form of <u>Exhibit O</u> hereto pursuant to which the Borrower requests an increase of the Lender Commitments in accordance with <u>Section 2.15</u> hereof.

"***FATCA***" means Sections 1471 through 1474 of the Internal Revenue Code as of the date of this Credit Agreement (and any amended or successor version that is substantially comparable and not more materially onerous to comply with), any current or future regulations or official interpretations thereof and any similar amendments thereto or successor provisions, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, any intergovernmental agreements entered into in connection with the implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or guidance notes or official practices adopted pursuant to or in connection with any such intergovernmental agreements.

"***Federal Funds Rate***" means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published by the Federal Reserve Bank of New York on the Business Day next succeeding such day as the federal funds effective rate; <u>provided</u> that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent.

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"***Fee Letter***" means (a) that certain Fee Letter dated as of the date hereof between the Borrower and the Administrative Agent and (b) each other fee letter entered into by the Borrower and each applicable Lender from time to time, in each case as the same may be amended, supplemented or otherwise modified from time to time.

"***Financial Covenants***" means each of the financial covenants set forth in <u>Section 9.17</u> hereof.

"***Financial Covenant Certificate***" is defined in <u>Section 8.1(c)</u> hereof.

<u>"</u>***<u>First Amendment Effective Date</u>***<u>" means November 17, 2025.</u>

"***Floor***" means a rate of interest equal to zero percent (0%)<sup>.</sup>

"***Follow-On Investment Materials***" means, materials and information in form and substance reasonably satisfactory to the Administrative Agent, including with respect to the ownership, acquisition cost, leverage and five (5) year (or such shorter period reasonably acceptable to the Administrative Agent) dividend forecast of such Investment, together with a business description of such Investment.

"***General Partner***" and "***General Partners***" means in respect of any Person, the general partner, managing member or other similar managing fiduciary of such Person, and with respect to each Credit Party, as listed on <u>Schedule I</u> hereto (as the same may be amended from time to time in accordance with the terms hereof), and in each case, any successor thereto permitted under this Credit Agreement.

"***Generally Accepted Accounting Principles***" means those generally accepted accounting principles and practices that are recognized as such by the American Institute of Certified Public Accountants or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof (or the equivalent thereof in the appropriate jurisdiction of the applicable Person's organization, solely in the case of a Person organized outside of the United States which is subject to generally accepted accounting principles of a different jurisdiction), and that are consistently applied for all periods, after the date hereof, so as to properly reflect the financial position of the applicable Person, except that any accounting principle or practice required to be changed by the Financial Accounting Standards Board (or other appropriate board or committee of said Board, or the equivalent thereof in the appropriate jurisdiction) in order to continue as a generally accepted accounting principle or practice may be so changed.

"***Governmental Authority***" means any foreign governmental authority, the United States of America, any State of the United States of America, and any subdivision of any of the foregoing whether provincial, state, territorial or local, and any agency, department, regulatory body, fiscal or monetary authority or other authority relating to financial institutions, central bank, commission, board, authority or instrumentality, bureau or court having jurisdiction over any Credit Party, the Administrative Agent, any Lender, the Letter of Credit Issuer, or any of their respective businesses, operations, assets, or properties, including any supra-national bodies (such as the European Union or the European Central Bank).

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"***Guarantor Joinder Agreement***" means an agreement substantially in the form of <u>Exhibit V-2</u> hereto, pursuant to which an Additional Guarantor joins the Credit Facility as a Guarantor.

"***Guarantors***" are defined in the preamble to this Credit Agreement.

"***Guaranty Obligations***" means, with respect to any Person, without duplication, any obligations guaranteeing any Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent: (a) to purchase any such Indebtedness or other obligation or any property constituting security therefor; (b) to advance or provide funds or other support for the payment or purchase of such Indebtedness or obligation or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder of Indebtedness of such other Person; (c) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of such Indebtedness of the ability of the primary obligor to make payment of such primary obligation; or (d) to otherwise assure or hold harmless the owner of such Indebtedness or obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guaranty Obligations" shall not include (w) endorsements of instruments for deposit or collection in the ordinary course of business, (x) deposits or other obligations to secure the performance of bids or trade contracts (other than for borrowed money), (y) contingent obligations under customary "carve outs" in non-recourse loan documentation, including, but not limited to, environmental indemnities, guarantees of environmental indemnities and guarantees of non-recourse carve-outs which are usual and customary in like transactions involving incurrence of such obligations or liabilities made by subsidiaries of such Person, and (z) other contingent obligations and liabilities which are not shown as indebtedness in the financial statements of the Credit Parties, including but not limited to completion guaranties. The amount of any Guaranty Obligation of any guaranteeing Person shall be deemed to be the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such maximum amount for which such guaranteeing Person may be liable is not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing Person's maximum reasonable anticipated liability in respect thereof as determined by such Person in good faith.

"***Hazardous Material***" means any substance, material, or waste which is or becomes regulated under any Environmental Law, as hazardous to public health or safety or to the environment, including, but not limited to: (a) any substance or material designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act, as amended, 33 U.S.C. §1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, as amended; (b) any substance or material defined as "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.; (c) any substance or material defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. §9601 et seq.; or (d) petroleum, petroleum products and petroleum waste materials.

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"***Hedging Agreements***" means, collectively, interest rate protection agreements, foreign currency exchange agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements.

"***Holding Vehicle***" means each holding company, special purpose vehicle or similar entity that is a direct or indirect Subsidiary of one or more Credit Parties and/or any non-economic general partner or managing member and through which such Credit Party hold(s) an Investment, including any vehicles used to aggregate such holdings; *provided*, that for the avoidance of doubt, to the extent any "Other Stonepeak Account" (as defined in the Partnership Agreement of the Delaware Infra-Fund) or unaffiliated joint venture partner or other co-investor holds Equity Interests in such holding company, special purpose vehicle or similar entity, such Person shall not be a Holding Vehicle.

"***Increase Effective Date***" is defined in <u>Section 2.15(a)</u> hereof.

"***Indebtedness***" of any Person means, without duplication: (a) all obligations of such Person for borrowed money or with respect to advances of any kind held by such Person; (b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business); (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business); (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (f) all Guaranty Obligations (including, in respect of or under Hedging Agreements) of such Person in respect of Indebtedness of others; (g) all obligations of such Person under: (i) Capital Leases; and (ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of such Person where such transaction is considered borrowed money indebtedness for United States federal tax purposes but is classified as an operating lease in accordance with Generally Accepted Accounting Principles; (h) all obligations of such Person to repurchase any securities which repurchase obligation is related to the issuance thereof; (i) all net obligations of such Person in respect of or under Hedging Agreements; (j) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and instruments of a like nature or of such Person in respect of bankers' acceptances; (k) debt obligations in respect of equity commitment letters provided in support of Indebtedness for Borrowed Money, and (l) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale of receivables (or similar transaction) regardless of whether such transaction is effected without recourse to such Person or in a manner that would not be reflected on the balance sheet of such Person in accordance with Generally Accepted Accounting Principles. The Indebtedness of any Person shall include the Indebtedness of any partnership, exempted limited partnership or unincorporated joint venture or similar entity for which such Person is legally obligated unless made non-recourse to such Person by written agreement

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reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, Indebtedness shall not include obligations and liabilities which are not shown as obligations or liabilities on the financial statements of such Person.

"***Indebtedness for Borrowed Money***" means, for any Person, any Indebtedness of such Person as described under clauses (a), (b), (j) and (k) of the definition of "Indebtedness".

"***Indemnitee***" is defined in <u>Section 12.5(b)</u> hereof.

"***Infra-Fund****"* means each of the Delaware Infra-Fund and the Luxembourg Infra-Fund; "***Infra-Funds***" means, where the context may require, the Delaware Infra-Fund and the Luxembourg-Infra-Fund, collectively.

"***Infra-Fund Feeder***" means Stonepeak-Plus Infrastructure Fund (TE) LP, a Delaware limited partnership.

"***Infra-Fund Subscription Entity***" means each Infra-Fund and the Infra-Fund Feeder.

"***Infra-Fund Supplemental Agreement***" means any supplemental or other agreement executed by or on behalf of an Investor with any Infra-Fund Subscription Entity, the General Partner thereof or Stonepeak with respect to such Investor's rights and/or obligations under its subscription agreement or the applicable Partnership Agreement (if any).

"***ING***" means ING Capital LLC, a Delaware limited liability company.

"***Initial Borrower***" is defined in the <u>preamble</u> to this Credit Agreement.

"***Initial Cayman Credit Parties***" means, the Initial Borrower and the Initial Cayman Guarantors.

"***Initial Cayman Guarantor****"* means each of the Liquidity Guarantor, Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP, a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd and Stonepeak-Plus Infrastructure Fund Lower Fund VI-B LP; a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd, "***Initial Cayman Guarantors***" means, where the context may require, Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd and Stonepeak-Plus Infrastructure Fund Lower Fund VI-B LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd, collectively.

"***Initial Guarantor***" means each Guarantor identified as an "Initial Guarantor" on <u>Schedule I</u> hereto (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time).

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"***Initial Purchase Agreement***" is defined in <u>Section 2.1(g)</u> hereof.

"***Intraperiod Adjustment Event***" has the meaning assigned in the definition of "Value".

"***Interest Coverage Ratio***" means, as of any date of determination, the ratio 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;(a) &nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of (x) without duplication, the aggregate income of the Credit Parties from Portfolio Investment Distributions as reflected on the applicable financial statements during the trailing twelve (12) month period, *plus* (y) prior to the date ending July 14, 2028, without duplication, cash and Cash Equivalents on deposit in the Collateral Accounts as of such date of determination; 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;(b) &nbsp;&nbsp;&nbsp;&nbsp;(i) interest obligations of the Credit Parties in respect of Indebtedness during such trailing twelve (12) month period (including any Letter of Credit fees and any interest that is capitalized or paid in kind (solely in the period so capitalized or paid in kind)), *plus* (ii) any unused commitment fees or other similar fees in respect of such Indebtedness (including, any such fees that are capitalized as a loan (solely in the period so capitalized) and, without duplication of any amounts included in clause (b)(i) above, any interest thereon).

"***Interest Option***" means, as applicable: (a) the Eurocurrency Rate; (b) Daily Simple RFR; (c) Term RFR; or (d) the Reference Rate.

"***Interest Payment Date***" means (a) as to any Eurocurrency Rate Loan in respect of which the Borrower has selected a one (1) or three (3)-month Interest Period, the last day of such Interest Period for such Loan, (b) as to any Eurocurrency Rate Loan in respect of which the Borrower has selected a six (6)-month Interest Period, the last day of each third month during such Interest Period for such Loan, (c) as to any Term RFR Loan in respect of which the Borrower has selected a one (1) month Interest Period, the last day of such Interest Period for such Loan and (d) as to any Reference Rate Loan or Daily Simple RFR Loan, the last day of each calendar month.

"***Interest Period***" means, with respect to any Eurocurrency Rate Loan or Term RFR Loan, a period commencing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;on the borrowing date thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;on the applicable Conversion Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;on the termination date of the immediately preceding Interest Period in the case of a Rollover to a successive Interest Period as described in <u>Section 2.3(b)</u> hereof,

and ending on (i) in the case of any Term RFR Loan, the last day of each one (1) month period thereafter, and (ii) in the case of any Eurocurrency Rate Loan, the last day of each one (1), three (3) or, subject to availability from all Lenders (and excluding, for the avoidance of doubt, any Borrowing in Canadian Dollars), six (6) month period thereafter; <u>provided</u> that:

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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;any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding 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;(B)&nbsp;&nbsp;&nbsp;&nbsp;any Interest Period which begins on the last day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to clause (A) above, end on the last Business Day of the applicable calendar month; 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;if the Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on the Maturity Date.

For the avoidance of doubt, the "Interest Period" applicable to all Daily Simple RFR Loans (as applicable) shall be one (1) month.

"***Internal Revenue Code***" means the United States Internal Revenue Code of 1986, as amended.

"***Investment***" means a direct or indirect ownership interest in and/or capital contribution to an "Investment" (as defined in the applicable Infra-Fund's Partnership Agreement), including for the avoidance of doubt, any Liquid Assets and other loans or promissory notes but excluding Equity Interests in each Credit Party and any Holding Vehicle, unless the context otherwise requires.

"***Investment Credit Extension***" means any Loan or Letter of Credit for which the proceeds are used to fund an Investment.

"***Investment Policy***" means the investment objective and investment limitations of each Infra-Fund and each Credit Party, as applicable, as in effect on the Closing Date or as otherwise modified not in contravention of <u>Section 9.4</u>, and with respect to each Infra-Fund, as described in the applicable Memoranda, Section 2.5 of the Delaware Infra-Fund's Partnership Agreement, Section 2.09 of the Luxembourg Infra-Fund's Partnership Agreement or any other similar section of the applicable Infra-Fund's Partnership Agreement, as applicable.

"***Investor***" means any Person that is admitted to an Infra-Fund Subscription Entity as a "Unitholder", an "Investor", a "Limited Partner" or as a "General Partner" (each as defined in the applicable Partnership Agreement) in accordance with the terms of such Partnership Agreement; "***Investors***" means all of such Persons, collectively.

"***Investor Information***" is defined in <u>Section 12.17</u> hereof.

"***Joinder Agreement***" means an agreement contemplated by Section 12.11(e) hereof, pursuant to which a new lender joins the Credit Facility as a Lender, which agreement shall be substantially in the form of <u>Exhibit N</u> hereto.

"***Judgment Currency***" is defined in <u>Section 12.20(b)</u> hereof.

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"***Laws***" means, collectively, all international, foreign, federal, state, provincial, territorial and local laws, statutes, treaties, rules, guidelines, directives, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all rules, regulations directives or published interpretations thereunder or issued in connection therewith relating to capital, liquidity and leverage requirements and (y) all rules, regulations, directives or published interpretations promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "change in Law", regardless of the date enacted, adopted or issued.

"***Lender Commitment***" means, for each Lender, the amount set forth opposite its name on <u>Schedule II</u> hereto or in such Lender's respective Assignment and Acceptance Agreement or Joinder Agreement, as the same may be increased from time to time by the Borrower pursuant to <u>Section 2.15</u> hereof or reduced from time to time by the Borrower pursuant to <u>Section 3.6</u> hereof, or reduced or increased by further assignment by or to such Lender pursuant to <u>Section 12.11(c)</u> hereof.

"***Lenders***" means the Lenders party hereto as of the Closing Date and each of the other lending institutions that shall become a Lender hereunder pursuant to <u>Section 12.11(c)</u> or <u>Section 12.11(e)</u> hereof, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance Agreement or otherwise.

"***Letter of Credit***" means any letter of credit issued for the account of the Borrower by the Letter of Credit Issuer pursuant to <u>Section 2.8</u> hereof either as originally issued or as the same may, from time to time, be amended or otherwise modified or extended.

"***Letter of Credit Issuer***" means ING, or any Lender or Affiliate of such Lender so designated, and which accepts such designation, by the Administrative Agent and approved by the Borrower, including any institution which issues a Letter of Credit to a Borrower pursuant to <u>Section 2.8(a)</u> of this Credit Agreement.

"***Letter of Credit Liability***" means the aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to <u>Section 2.8</u> hereof.

"***Letter of Credit Sublimit***" means an amount equal to the lesser of (i) fifty percent (50%) of the Maximum Commitment, and (ii) $50,000,000. For the avoidance of doubt, the Letter of Credit Sublimit is a part of, and not in addition to, the Maximum Commitment.

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"***Lien***" means any lien, mortgage, security interest, assignment by way of security, charge, tax lien, pledge, similar encumbrance, or conditional sale or title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under common law, any statute, law, contract, or otherwise.

"***Liquid Assets***" means Investments constituting "Debt and Other Securities" (as defined in the Memorandum of the Delaware Infra-Fund) and which Investment has been made consistent with the Investment Policy.

"***Liquidity Guarantor***" means Stonepeak-Plus Infrastructure Fund Liquidity LP, a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC.

"***Loan Documents***" means this Credit Agreement, the Notes (including any renewals, extensions, re-issuances and refinancings thereof), each of the Collateral Documents, each Assignment and Acceptance Agreement, each Application for Letter of Credit, any Borrower Joinder Agreements, any Guarantor Joinder Agreements, any Fee Letters, and such other agreements and documents, and any amendments or supplements thereto or modifications thereof that are executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification that the parties thereto agree shall constitute a "Loan Document" hereunder.

"***Loans***" means the groups of Eurocurrency Rate Loans, RFR Loans and Reference Rate Loans (including any Loans deemed made pursuant to <u>Section 2.8(d)</u> hereof) made by the Lenders to the Borrower pursuant to the terms and conditions of this Credit Agreement, and certain other related amounts specified in <u>Sections 2.9</u>, <u>2.12(b)</u> <u>3.3(c)</u> and <u>3.3(d)</u> hereof shall be treated as Loans pursuant to <u>Sections 2.9</u>, <u>2.12(b)</u>, <u>3.3(c)</u> and <u>3.3(d)</u> hereof.

"***LTV Ratio***" means, as of any date of determination, the ratio (expressed as a percentage) of (a) the sum of the aggregate outstanding Principal Obligations and all other Indebtedness for Borrowed Money of the Credit Parties, to (b) the sum of (x) Adjusted NAV *plus* or *minus* (as applicable) (y) without duplication, all net obligations of the Credit Parties and the Holding Vehicles in respect of or under Hedging Agreements (as a mark-to-market liability shall be deducted and a mark-to-market asset shall be added) *minus,* (z) without duplication, the aggregate amount of Indebtedness of all Holding Vehicles (other than in respect of or under Hedging Agreements and solely to the extent not already deducted in determining NAV), in each case as of such date.

"***Luxembourg***" means the Grand Duchy of Luxembourg.

"***Luxembourg Infra-Fund****"* means Stonepeak-Plus Infrastructure Master Fund SCSp-RAIF, a reserved alternative investment fund (*fonds d'investissement alternatif réservé*) in the form of a special limited partnership (*société en commandite spéciale*) established and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, Rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number

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B293652, represented by its managing general partner (*associé commandité-gérant*) Stonepeak-Plus Infrastructure Fund Associates (Lux) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, Rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B291963.

"***Mandated Lead Arranger***" is defined in the preamble hereof.

"***Margin Stock***" has the meaning assigned thereto in Regulation U.

"***Material Adverse Effect***" means a material adverse effect on (a) the rights of, or benefits available to, the Lenders under the Loan Documents, (b) the Credit Parties' (taken as a whole) ability to pay the Obligations when due in accordance with the terms of the Loan Documents, (c) the Credit Parties' (taken as a whole) ability to perform their respective material obligations under any Loan Document to which any of them is a party, (d) the legality, validity, binding effect or enforceability of any Loan Document, or (e) the ability of the Credit Parties (taken as a whole) to receive Portfolio Investment Distributions.

"***Material Amendment***" is defined in <u>Section 9.4</u> hereof.

"***Material Infra-Fund Amendment***" is defined in <u>Section 9.5</u> hereof.

"***Material Investment Event***" means any of the following events with respect to any Investment that is an Eligible Investment or the Holding Vehicle in which such Eligible Investment is held, as applicable (in each case, which shall be deemed to occur upon the earlier of notice from the Administrative Agent or any Credit Party obtaining knowledge thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any action under any Debtor Relief Law relating to the issuer of such Eligible Investment, such Eligible Investment or such Holding Vehicle (in involuntary cases or proceedings, if not stayed or dismissed within sixty (60) days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) any payment default (whether by virtue of a default with respect to a payment due at scheduled maturity, required prepayment, acceleration, demand, or otherwise) of $15,000,000 or more relating to any Indebtedness for Borrowed Money, hedging obligations or guaranties thereof by such Eligible Investment or such Holding Vehicle that continues uncured (after giving effect to any grace period applicable to such payment), or (ii) any other material event of default (including, but not limited to, the failure to meet or maintain any applicable financial covenants thereunder or the entry of any judgment in contravention of the terms thereof) relating to any Indebtedness for Borrowed Money, hedging obligations or guaranties thereof by such Eligible Investment or such Holding Vehicle that continues uncured beyond the expiration of any applicable grace period or such longer period as agreed by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Value of such Eligible Investment is less than seventy five percent (75%) of the cost of such Investment (in each case, based on applicable local currency) for a period of two consecutive quarters (excluding any reductions caused from the partial disposition of, or distribution made in respect of, such Eligible Investment);

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any default by a Credit Party or Holding Vehicle with respect to any Portfolio Investment Obligations related to such Eligible Investment, beyond any applicable notice or cure period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; a Credit Party or Holding Vehicle has repudiated its Portfolio Investment Obligations or any material obligation under any Portfolio Investment Document and continued enforceability of such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the foreclosure of any material Lien in respect of such Eligible Investment or the Equity Interest of any applicable Borrower or Holding Vehicle therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;such Eligible Investment or Holding Vehicle is prevented under the terms of its financing arrangements from paying a declared distribution (directly or indirectly) to a Credit Party due to its failure to meet any conditions or criteria thereunder for the payment of such distribution, as determined by such Eligible Investment or Holding Vehicle at the time such distribution is declared; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;such Eligible Investment or Holding Vehicle is a Sanctioned Person;

<u>provided</u>, that in each case (other than with respect to clause (a), (c)-(e), (f) and (g) above), if a Material Investment Event occurs only with respect to a portion of an Eligible Investment, only such portion subject to such Material Investment Event shall be treated as subject to a Material Investment Event. Any Investment (or portion thereof) subject to a Material Investment Event shall be excluded as an Eligible Investment upon the earlier of notice from the Administrative Agent or the Borrower obtaining knowledge thereof, until such time as such Material Investment Event, if capable of cure, is cured.

"***Maturity Date***" means the earliest of: (a) the Stated Maturity Date; (b) the date upon which the Administrative Agent declares the Obligations due and payable after the occurrence of an Event of Default; (c) twenty-eight (28) days prior to the dissolution of any Credit Party (other than any Credit Party permitted to withdraw pursuant to <u>Section 2.9(c)</u> and in the process of effectuating such a withdrawal); and (d) the date upon which the Borrower terminates all of the Lender Commitments pursuant to <u>Section 3.6</u> hereof or otherwise.

"***Maximum Commitment***" means $100,000,000<u>200,000,000</u> as it may be (a) reduced from time to time by the Borrower pursuant to <u>Section 3.6</u> hereof or (b) increased from time to time pursuant to <u>Section 2.15</u> hereof.

"***Maximum LC Draw Amount***" is defined in <u>Section 10.4(c)(i)</u> hereof.

"***Maximum LTV Ratio Breach***" is defined in <u>Section 2.1(d)(ii)</u> hereof.

"***Maximum LTV Ratio***" is defined in <u>Section 9.17</u> hereto.

"***Maximum Rate***" means, on any day, the highest rate of interest (if any) permitted by applicable Law on such day.

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"***Memorandum***" means, each "Memorandum" as defined in the Partnership Agreement of the Delaware Infra-Fund and the Partnership Agreement of the Luxembourg Infra-Fund.

"***Minimum Adjusted NAV***" means Adjusted NAV is an amount less than (i) during the first year following the Closing Date, $200,000,000, and (ii) from the first anniversary of the Closing Date and thereafter, $350,000,000.

"***Minimum Interest Coverage Ratio***" is defined in <u>Section 9.17</u> hereto.

"***Minimum Interest Coverage Ratio Breach***" is defined in <u>Section 2.1(d)(iii)</u> hereof.

"***Moody'***s" means Moody's Investors Service, Inc. and any successor thereto.

"***NAV***" means, as of any date of calculation, an amount equal 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Value of all Eligible Investments in U.S. Dollars, as of such date (which, for the avoidance of doubt, shall not include any Investment or portion of an Investment, in each case, to the extent constituting or held through the Aggregator I Excluded Share), *plus* 

&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;without duplication, the amount of cash and Cash Equivalents held by the Credit Parties, *less*

&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;to the extent not deducted in determining the aggregate Value pursuant to <u>clause (a)</u>, the aggregate outstanding Indebtedness for Borrowed Money of any Holding Vehicle in which such Eligible Investment is held (excluding the Obligations).

"***Net Cash Proceeds***" means, in respect of any cash proceeds actually received by a Credit Party or Holding Vehicle from any Investment in which it holds an interest (including in connection with a disposition, distribution, dividend or other payment directly or indirectly from such Investment), the gross amount of cash proceeds so received, net of the sum of, without duplication, (i) all fees and out-of-pocket expenses reasonably incurred by such Credit Party or Holding Vehicle or reasonably expected to be payable and reserved by any such Person in connection with such event, (ii) with respect to any applicable transaction generating such cash proceeds, any funded escrow established pursuant to the documents evidencing any disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale, transfer or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds occurring on the date of such reduction solely to the extent that any such Credit Party or Holding Vehicle receives cash in an amount equal to the amount of such reduction, (iii) any reasonable and customary costs associated with unwinding any related obligations under Hedging Agreements in connection therewith, (iv) the amount of all taxes paid (or reasonably estimated to be payable) by such Credit Party or Holding Vehicle in respect of such Investment and the amount of any reserves established by such Credit Party or Holding Vehicle to fund contingent liabilities reasonably estimated to be payable in respect of such Investment, provided that any reduction at any time in the amount of any such reserves (other

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than as a result of payments made in respect thereof) shall be deemed to constitute the receipt by such Credit Party or Holding Vehicle at such time of Net Cash Proceeds in the amount of such reduction, (v) any amounts applied to pay Permitted Tax Distributions, (vi) any amounts retained or applied to pay operating expenses of a Holding Vehicle (not to exceed $10,000 per annum for each applicable Holding Vehicle) and (vii) any amounts otherwise required to be paid or reserved pursuant to any contractual arrangement related to the applicable Investment entered into in good faith, for a bona fide purpose and not for the primary purpose of prohibiting or preventing the application of such amount (it being understood that (x) if such requirement is pursuant to the terms of Indebtedness, this clause (vii) shall not apply to the extent such Indebtedness was entered into in contravention of <u>Section 9.11</u> and (y) any such amounts that cease to be reserved pursuant to any such contractual arrangement and are not so paid or applied shall again be deemed to constitute Net Cash Proceeds hereunder). With respect to Net Cash Proceeds received in connection with a casualty or condemnation, the term "Net Cash Proceeds" shall exclude amounts paid as income replacement (for example, the proceeds attributable to a claim under a business interruption insurance policy).

"***New Investment Materials***" means, with respect to any new Eligible Primary Investment, materials and information with respect to the ownership, acquisition cost, leverage and, to the extent available to the Credit Parties, dividend forecast of such Eligible Primary Investment, together with a business description of such Eligible Primary Investment.

"***Non-Excluded Taxes***" means all (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 under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes.

"***Notes***" means the promissory notes provided for in <u>Section 3.1</u> hereof, and all promissory notes delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified, and "***Note***" means any one of the Notes.

"***Obligations***" means all present and future indebtedness, obligations, and liabilities of the Credit Parties to the Lenders, and all renewals and extensions thereof (including, without limitation, Loans, Letters of Credit, or both), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the Notes, and all interest accruing thereon, and attorneys' fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all present and future indebtedness, obligations and liabilities of the Credit Parties to the Secured Parties evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. For the avoidance of doubt, the "Obligations" with respect to any Credit Party shall include any joint and several obligations of such Credit Party as described herein.

"***OFAC***" means the Office of Foreign Assets Control of the U.S. Department of Treasury.

"***Operating Company***" means a "*venture capital operating company*" or a "*real estate operating company*", each as defined in the Plan Asset Regulations.

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"***Other Claims***" is defined in <u>Section 5.5</u> hereof.

"***Other Connection Taxes***" means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"***Other Taxes***" is defined in <u>Section 4.6(c)</u> hereof.

"***Participant***" is defined in <u>Section 12.11(b)</u> hereof.

"***Participant Register***" is defined in <u>Section 12.11(f)</u> hereof.

"***Participating Member State***" shall mean a member of the European Communities that adopts or has adopted the Euro as its currency in accordance with EMU Legislation.

"***Partnership Agreement***" means, for any Person, the limited partnership agreement, special limited partnership agreement, limited liability company agreement, exempted limited partnership agreement, memorandum and articles of association, or other equivalent governing document in the applicable jurisdiction of its formation, as the same may be further amended, restated, modified or supplemented in accordance with the terms hereof and in each case of the Credit Parties as described on <u>Schedule I</u> hereto, as such schedule may be amended, restated, modified or supplemented from time to time; "***Partnership Agreements***" means, collectively, all of the Partnership Agreements.

"***Patriot Act***" is defined in <u>Section 12.18</u> hereof.

"***Payment Recipient***" is defined in <u>Section 11.13(a)</u> hereof.

"***Periodic Term CORRA Determination Day***" has the meaning assigned in the definition of "Term CORRA".

"***Permitted Liens***" is defined in <u>Section 9.2</u> hereof.

"***Permitted Tax Distributions***" with respect to any taxable period (or portion thereof) during which any Credit Party is a partnership, S corporation or disregarded entity of a partnership or S corporation for U.S. federal income Tax purposes, payments or distributions by such Credit Party to any direct or indirect holder of Equity Interests of such Credit Party with respect to each estimated Tax payment date as well as each other applicable Tax payment due date, such that each such holder receives, in the aggregate for such taxable period, payments or distributions in an amount not to exceed (i) the sum of the highest combined marginal U.S. federal, state and local Tax rate (including any Tax rate imposed on "net investment income" by Section 1411 of the Internal Revenue Code) applicable to an individual, or if higher, a corporation resident in New York, New York (taking into account the character of the taxable income (e.g., long-term capital gain, ordinary income, etc.)), multiplied by (ii) the amount of net taxable income

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(including reasonable estimates thereof) allocated to such holder for such taxable period in respect of such Credit Party and its subsidiaries (to the extent such subsidiaries are disregarded entities of such Credit Party or partnerships or S corporations allocating income to such Credit Party); *provided* that, the determination of such distributions (A) shall take into account (1) any U.S. federal, state and/or local losses, deductions, and credits allocated to such holder by such Credit Party and its subsidiaries for prior taxable periods to the extent such losses, deductions, or credits are of a character that would allow such losses, deductions, or credits to be available to reduce Taxes in the current taxable period (taking into account any limitations on the utilization of such losses, deductions, or credits to reduce such Taxes and to the extent such losses, deductions, or credits had not already been taken into account to offset income with respect to the operations of such Credit Party and its subsidiaries), (2) any adjustment to such holder's taxable income attributable to its direct or indirect ownership of such Credit Party and its subsidiaries as a result of any Tax examination, audit or adjustment with respect to any taxable period or portion thereof and (3) the deductibility of state and local income Taxes for U.S. federal income tax purposes and (B) shall not take into account the effect of any deduction under Section 199A of the Internal Revenue Code or the impact of any tax basis step ups after the date hereof under Sections 734, 743 or 754 of the Internal Revenue Code.

"***Person***" means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, limited liability company, nonprofit corporation, partnership, limited partnership, exempted limited partnership, exempted company, sovereign government or agency (including any Governmental Authority), instrumentality, or political subdivision thereof, or any similar entity or organization.

"***Plan***" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or Section 412 or Section 430 of the Internal Revenue Code.

"***Plan Asset Regulations***" means *29 C.F.R. §2510.3-101*, et seq., as modified by Section 3(42) of ERISA, as the same may be amended from time to time.

"***Plan Assets***" means "plan assets" within the meaning of the Plan Asset Regulations.

"***Portfolio Borrowing Base Advance Rate***" means, at any time, (a) as long as there are at least five (5) Distinct Eligible Investments and the Adjusted NAV is no less than the Minimum Adjusted NAV, twenty five percent (25%); and (b) there are less than five (5) Distinct Eligible Investments or Adjusted NAV is less than Minimum Adjusted NAV, zero percent (0%).

"***Portfolio Investment Distributions***" means dividends, interest payments, distributions, liquidation, sale and other proceeds of any kind or nature received by any Credit Party or applicable Holding Vehicle on or in respect of any Investment (including in respect of any Liquid Assets), including on account of the purchase, redemption, retirement or other disposition or acquisition of any Equity Interest.

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"***Portfolio Investment Document***" means any governing document, side letter, shareholder agreement, joint venture agreement or other contract which governs the terms and conditions of any Investment held by a Credit Party or a Holding Vehicle.

"***Portfolio Investment Obligation***" means in respect of any Investment, any payments required to be made from time to time in respect thereof by a Credit Party or a Holding Vehicle, including any capital contribution obligation or other liability for which such Credit Party or Holding Vehicle is obligated, including pursuant to any Portfolio Investment Document.

"***Potential Default***" means any condition, act or event which, with the giving of notice or lapse of time or both, would become an Event of Default.

"***Primary Obligations***" means any Principal Obligations or Obligations owing to the Secured Parties in respect of accrued and unpaid interest or fees payable under the Loan Documents.

"***Prime Rate***" means, for any date, a per annum rate equal to the rate of interest set forth for such date as published in The Wall Street Journal as the "prime rate" for such date. The Prime Rate may be, but is not intended to be, the lowest rate of interest charged by the Administrative Agent, any Lender, the Letter of Credit Issuer or any other financial institution in connection with extensions of credit to borrowers. If The Wall Street Journal no longer reports the Prime Rate, or if such Prime Rate no longer exists, the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Prime Rate.

"***Principal Obligations***" means, on any date of determination, the sum of (a) the aggregate outstanding principal amount of the Loans (including any Capitalized Interest Loan and any Capitalized Unused Commitment Fee Loan), and (b) the Letter of Credit Liability.

"***Pro Rata Share***" means, with respect to each Lender, the percentage obtained from the fraction: (a) (i) the numerator of which is the Lender Commitment of such Lender; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders; or (b) in the event the Lender Commitments have been terminated: (i) the numerator of which is the Lender Commitment of such Lender as in effect immediately prior to such termination; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders as in effect immediately prior to such termination.

"***Proceedings***" is defined in <u>Section 7.9</u> hereof.

"***Proposed Amendment***" is defined in <u>Section 9.4</u> hereof.

"***RCS***" means the Luxembourg Trade and Companies Register (*Registre de Commerce et des Sociétés, Luxembourg*).

"***Reference Rate***" means, for any date, the greatest of: (a) the Prime Rate; (b) the Federal Funds Rate plus fifty (50) basis points; and (c) the Daily Simple RFR for Dollars in effect on such date plus one hundred (100) basis points, *plus*, in the case of the foregoing clause (a), clause (b) and clause (c), the Applicable Margin. Each change in the Reference Rate shall become effective

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without prior notice to any Credit Party automatically as of the opening of business on the day of such change in the Reference Rate. Notwithstanding the foregoing, in no event shall the Reference Rate be less than the Floor.

"***Reference Rate Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof*.*

"***Reference Rate Loan***" means a Loan made hereunder with respect to which the interest rate is calculated by reference to the Reference Rate.

"***Reference Time***" means, with respect to any setting of the then-current Benchmark for any Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Benchmark is Term SOFR, two (2) Business Days prior to (i) if the date of such setting is a Business Day, such date or (ii) if the date of such setting is not a Business Day, the Business Day immediately preceding such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Benchmark is a Daily Simple RFR, (i) if the RFR for such Benchmark is SOFR, then four (4) Business Days prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; (ii) if the RFR for such Benchmark is SONIA, then four (4) Business Days prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; and (iii) if the RFR for such Benchmark is SARON, then five (5) Business Days prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise, then the time reasonably determined by the Administrative Agent, including in accordance with any Conforming Changes or Benchmark Replacement Conforming Changes.

"***Regulation T", "Regulation U"*** *and* ***"Regulation X"*** means Regulation T, U, or X, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other regulation relating to margin requirements applicable to member banks of the Federal Reserve System.

"***Release***" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration of Hazardous Materials into the environment, or into or out of any real property Investment, including the movement of any Hazardous Material through or in the air, soil, surface water or groundwater of any real property Investment.

"***Relevant Governmental Body***" means (a) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, 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, (b) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened

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by the Bank of England or, in each case, any successor thereto and (c) with respect to a Benchmark Replacement in respect of Loans denominated in an Alternative Currency (other than Sterling), (i) the central bank for the Currency in which the Loans for such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (A) the central bank for the Currency in which the Loans for such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof with respect to such Benchmark Replacement.

"***Repurchase Request***" means a notice provided by an Investor to the applicable Infra-Fund Subscription Entity pursuant to which such Investor requests the applicable Infra-Fund Subscription Entity to repurchase some or all of its Units as permitted under the applicable Infra-Fund Subscription Entity's Partnership Agreement and in accordance with the Unit Repurchase Program.

"***Repurchases***" means the repurchase by the applicable Infra-Fund Subscription Entity of some or all of an Investor's Units pursuant to the applicable Partnership Agreement and/or Unit Repurchase Program.

"***Request for Borrowing***" is defined in <u>Section 2.3</u> hereof.

"***Request for Letter of Credit***" is defined in <u>Section 2.8(b)</u> hereof.

"***Required Lenders***" means, at any time: (a) the Lenders (other than the Defaulting Lenders) holding an aggregate Pro Rata Share of greater than fifty percent (50%) of the Lender Commitments (excluding the Lender Commitments of any Defaulting Lenders); or (b) at any time that the Lender Commitments are zero (0), the Lenders (other than the Defaulting Lenders) owed an aggregate Pro Rata Share of greater than fifty percent (50%) of the Principal Obligations outstanding at such time, <u>provided</u> that, at any time that there is more than one Lender, the Required Lenders shall be comprised of at least two (2) Lenders.

"***Required Payment***" is defined in <u>Section 11.13(a)</u> hereof.

"***Required Payment Time***" means, (a) within two (2) Business Days, to the extent that funds are available in the Collateral Account maintained by the Borrower; <u>provided</u> that the aggregate amount so debited from such Collateral Accounts shall not exceed the amount of the Dollar Equivalent of the Principal Obligations owing by the Borrower; <u>provided</u> <u>further</u> that such funds first be deposited into the applicable Collateral Account of the Borrower in accordance with the last sentence of <u>Section 9.12</u> hereof or (b) otherwise, within twenty (20) Business Days or, if later, by the fifth (5th) Business Day of the following calendar month.

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

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"***Responsible Officer***" means any Chairman, President, Co-President, Senior Managing Director, Managing Director, Principal, Director, Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer, or Assistant Treasurer or any manager, director or officer of (a) a corporation or an exempted company, (b) the general partner of a limited partnership or an exempted limited partnership or if such general partner is itself a limited partnership or an exempted limited partnership, its general partner, or (c) a limited liability company or the managing member thereof and, in each case, any other authorized officer or signatory thereof who has the power to bind the Person who has provided documentation that is acceptable in the reasonable discretion of the Administrative Agent evidencing such authority.

"***Retained Distributions***" is defined in <u>Section 5.2(a)</u>.

"***Revaluation Date***" means: (a) each date of the making of any Loan in an Alternative Currency or an issuance, amendment, renewal or extension of a Loan or Letter of Credit denominated in an Alternative Currency, as applicable, (b) the date of any Material Investment Event, (c) the last Business Day of each calendar month, and (d) each other date on which the Administrative Agent, the Letter of Credit Issuer or the Borrower shall reasonably request.

"***Review Event***" means, as of the end of any calendar month, the Infra-Fund Subscription Entities in the aggregate shall have satisfied Unit Repurchase Requests with respect to Investors during the trailing twelve month period requesting the Repurchase of Units which resulted in Repurchases by the Infra-Fund Subscription Entities of Units (net of new subscriptions during such twelve month period) representing more than 30% of Adjusted NAV as of the end of such calendar month; *provided*, that Repurchases of Units held by Stonepeak and replaced on a Dollar-for-Dollar basis with new subscriptions from Investors shall not be deemed Repurchased for purposes of this definition.

"***Review Event Cure Plan***" is defined in <u>Section 2.1(d)(vii)</u>.

"***Review Event Period***" is defined in <u>Section 2.1(d)(vii)</u>.

"***RFR***" means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars, SOFR, (b) Sterling, SONIA, (c) Swiss Francs, SARON, and (d) Canadian Dollars, CORRA.

"***RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***RFR Loan***" means a Daily Simple RFR Loan or a Term RFR Loan, as the context may require.

"***RFR Rate Day***" is defined in the definition of "Daily Simple RFR".

"***Rollover***" means the renewal of all or any part of any Eurocurrency Rate Loan or Term RFR Loan upon the expiration of the Interest Period with respect thereto, pursuant to <u>Section 2.3(b)</u> hereof.

"***Rollover Notice***" is defined in <u>Section 2.3(b)</u> hereof.

"***S&P*"** means S&P Global Ratings, a subsidiary of S&P Global Inc., and any successor thereto.

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"***Same-Day Borrowing***" means a Borrowing of a Reference Rate Loan (denominated in Dollars only), for which the date of the Request for Borrowing and the date of the funding requested in such Request for Borrowing occur on the same day.

"***Same-Day Borrowing Sublimit***" means an amount equal to twenty percent (20%) of the Maximum Commitment (or such higher percentage as agreed by the Administrative Agent and the Lenders, each in its sole discretion) at the time of any Same-Day Borrowing.

"***Sanctioned Country***" means, at any time, a country or territory which is the subject or target of any country-based or territory-based Sanctions (at the time of this Agreement, the Crimean, so-called Donetsk People's Republic, Kherson, the so-called Luhansk People's Republic, and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea, and Syria).

"***Sanctioned Person***" means, at any time, (a) any Person or vessel listed in any Sanctions-related list of designated Persons or other similar list maintained by OFAC or the U.S. Department of State or by the United Nations Security Council, the United Kingdom, the European Union, any EU member state, the Australian Department of Foreign Affairs and Trade or any other applicable sanctions authority where a Credit Party is located or conducts business or any other applicable sanctions authority that is otherwise described in the definition for Sanctions, (b) any Person operating, organized, citizen of, or resident in a Sanctioned Country, (c) any Person owned 50% or more by such Persons described in clause (a) or (b), or (d) an agency or instrumentality of, or entity owned 50% or more by, the government of a Sanctioned Country.

"***Sanctions***" 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 OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom (including any sanctions legislation extended to the Cayman Islands pursuant to any Order in Council of His Majesty's Privy Council in the United Kingdom) or the Australian Department of Foreign Affairs and Trade ("***DFAT***"), (c) by such Japanese Governmental Authority imposing, administering or enforcing similar types of sanctions or trade embargoes, (d) Global Affairs Canada and any other applicable Canadian Governmental Authority or (e) such Governmental Authorities imposing, administering or enforcing similar types of sanctions or trade embargoes in the jurisdiction of any Alternative Currency where a Loan or Letter of Credit has been requested by a Borrower in such Alternative Currency.

"***SARON***" means a rate equal to the Swiss Average Rate Overnight as administered by the SARON Administrator.

"***SARON Administrator***" means the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

"***SARON Administrator's Website***" means SIX Swiss Exchange AG's website, currently at https://www.six-group.com, or any successor source for the Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time.

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"***SARON RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Secured Parties***" means the Administrative Agent, the Collateral Agent, the Lenders and any Affiliate of any Lender to which Obligations are owed, and Letter of Credit Issuer.

"***Securities Exchange Act***" means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and any successor statute.

"***SOFR***" means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website.

"***SOFR Administrator***" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

"***SOFR Administrator's Website***" means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"***SOFR RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***SONIA***" means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

"***SONIA Administrator***" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"***SONIA Administrator's Website***" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"***SONIA RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Spot Rate***" means, with respect to any Alternative Currency on any Revaluation Date, the rate at which such Alternative Currency may be exchanged into Dollars, as set forth on such Revaluation Date at approximately 11:00 a.m. on the applicable Reuters World Currency Page. In the event that such rate does not appear on the applicable Reuters World Currency Page, the Spot Rate with respect to such Alternative Currency shall be determined by reference to such other publicly available service for displaying exchange rates as the Administrative Agent may determine, in its reasonable discretion; <u>provided</u>, that if at the time of any such Revaluation Date, for any reason, no such Spot Rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate, in the exercise of its commercially reasonable discretion, to determine such rate, and such determination shall be conclusive absent manifest error.

"***Stated Maturity Date***" means July 16, 2027, subject to the extension of such date pursuant to <u>Section 2.14</u> hereof.

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"***Sterling***" and "***£***" means the lawful currency of the United Kingdom.

"***STIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Stonepeak***" means, collectively, Stonepeak Partners and any applicable Affiliate thereof.

"***Stonepeak Partners***" means Stonepeak Partners LP, a Delaware limited partnership or any successor thereto.

"***Subsidiary***" means, in relation to any Person, any other Person (a) which is controlled, directly or indirectly, by the first mentioned Person, (b) more than half the voting power of shares of stock (or similar or equivalent instruments) of which is beneficially owned, directly or indirectly, by the first mentioned Person or (c) which is a Subsidiary of another Subsidiary of the first mentioned Person, and for this purpose, a Person shall be treated as being "controlled" by another if that other person is able to direct its affairs and/or to control the composition of its board of directors or equivalent body or similarly directs its affairs. Anything herein to the contrary notwithstanding, the term "Subsidiary" shall not include any Person that constitutes an Investment.

"***Swedish Krona***" and the sign "***kr***" mean the lawful currency of Sweden.

"***Swiss Francs***" and the sign "***Fr***" mean the lawful currency of Switzerland.

"***TARGET Day***" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent, in its reasonable discretion, to be a suitable replacement) is open for the settlement of payments in Euro.

"***Tax Payment***" means either the increase in a payment made by, or on account of any obligation of, the Borrower to a Lender or the Administrative Agent under <u>Section 4.6(a)</u> hereof or a payment under the indemnity in <u>Section 4.6(d)</u> hereof.

"***Taxes***" means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"***Term CORRA Administrator***" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"***Term CORRA***" means, for any calculation with respect to a Term RFR Loan denominated in Canadian Dollars, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "***Periodic Term CORRA Determination Day***") 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; *provided, however*, 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

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Replacement Date with respect to Term CORRA Reference Rate has not occurred, then 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.

"***Term CORRA Reference Rate***" means the forward-looking term rate based on CORRA.

"***Term RFR***" means, with respect to Dollars, Canadian Dollars, Sterling or Swiss Francs for any Interest Period, a rate per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the greater of (i) Term SOFR and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling , the greater of (i) SONIA for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Sterling at such time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Swiss Francs, the greater of (i) SARON for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Swiss Francs at such time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars, the greater of (i) Term CORRA for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Canadian Dollars at such time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor.

"***Term RFR Loan***" means a Loan that bears interest at a rate based on Term RFR other than pursuant to <u>clause (c)</u> of the definition of "Reference Rate".

"***Term SOFR***" means, for any calculation with respect to a Term RFR Loan in Dollars, the Term SOFR Reference Rate for a tenor comparable to such Interest Period on the day (such day, the

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"***Periodic Term SOFR Determination Day***") 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; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day prior to the date that would otherwise be applicable for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such date is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"***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 Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof.

"***Term SOFR Reference Rate***" means the forward-looking term rate based on SOFR.

"***Third Party Valuation***" means, an independent "valuation" report prepared by a Third Party Valuation Agent reflecting the fair market valuation (or midpoint of ranges) of any Investment or Investments.

"***Third Party Valuation Agent***" means each of (a) Kroll, LLC, (b) Deloitte & Touche LLC, (c) Ernst & Young LLP, (d) KPMG LLC, (e) PricewaterhouseCoopers LLP, (f) Alvarez & Marsal, (g) Houlihan Lokey, (h) any other third party advisory firm identified by the Borrowers that is acceptable to Administrative Agent (acting at the direction of the Required Lenders).

"***TIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Transfer***" means to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose.

"***Trigger Event***" means (i) the occurrence and continuance of any Excess Prepayment Event or (ii) a Review Event has occurred and is continuing and either no Review Event Cure Plan has been agreed in respect of such Review Event or the Borrower is not in compliance with the agreed Review Event Cure Plan in respect of such Review Event.

"***Type of Loan***" means a Eurocurrency Rate Loan, an RFR Loan or a Reference Rate Loan.

"***UCC***" means the Uniform Commercial Code as adopted in the State of New York and any other state, which from time to time governs creation or perfection (and the effect thereof) of security interests in any Collateral for the Obligations.

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

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

"***Uncommitted Extension Option***" is defined in <u>Section 2.14(a)</u> hereof.

"***Undisclosed Administration***" means, in relation to a Lender or its direct or indirect parent company that is a solvent person, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction, if applicable Law requires that such appointment not be disclosed.

"***Unit Repurchase Program***" means the "Unit Repurchase Program", as defined in the Partnership Agreement of the Delaware Infra-Fund (or any comparable provision of the applicable Luxembourg Infra-Fund's or Infra-Fund Feeder's Partnership Agreement, as applicable).

"***Units***" has the meaning given to such term in the Partnership Agreement of the Delaware Infra-Fund (or any comparable provision of the applicable Luxembourg Infra-Fund's or Infra-Fund Feeder's Partnership Agreement, as applicable).

"***Unused Portion***" is defined in <u>Section 2.12(a)</u> hereof.

"***U.S. Person***" is a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code.

"***Valuation Policy***" means the valuation policy and procedures of each Infra-Fund and each Credit Party, as applicable, as in effect on the Closing Date, and with respect to each Infra-Fund, as described in Section 4.6 of the Partnership Agreement of the Delaware Infra-Fund (or other similar section of the Lux Infra-Fund's Partnership Agreement and/or the "Valuation Policy" set forth in the applicable Memorandum, which, as of the Closing Date, are intended to ensure that each such Infra-Fund's and each Credit Party's Investments are valued in a manner consistent with Generally Accepted Accounting Principles.

"***Value***" means, with respect to an Investment (or portion thereof) held directly or indirectly by any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the net asset value of such Investment, in Dollars, as reflected in the Monthly Report most recently delivered pursuant to <u>Section 8.1(a)</u>; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to an Investment (or portion thereof) acquired after the date the most recent Monthly Report is delivered to the Administrative Agent pursuant to <u>Section 8.1(a)</u> reports the net asset value of the Investments as of, the fair market value of such Investment, in Dollars, at the time of such acquisition;

<u>provided</u>, that Value shall be calculated giving effect to (i) any Distributions made in respect of such Investment, (ii) without duplication of any amounts included in <u>clause (b)</u> above, the amount of any capital contributions made by any Credit Party or Holding Vehicle to such Investment (including with proceeds of the Distribution Reinvestment Plan), or (iii) any write down or write off of any such Investment consistent with the Valuation Policy, in each case, after the date such Monthly Report reports the net asset value as of in the case of <u>clause (a)</u>, or after the acquisition of such Investment in the case of <u>clause (b)</u> (any such event, an "***Intraperiod Adjustment Event***").

"***Voluntary Prepayment***" is defined in <u>Section 3.5</u> hereof.

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

"***Yen***" means the lawful currency of Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**&nbsp;&nbsp;&nbsp;&nbsp;**Other Definitional Provisions**.

&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;All terms defined in this Credit Agreement shall have the above-defined meanings when used in the Notes or any other Loan Documents or any certificate, report or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Defined terms used in the singular shall import the plural and vice versa.

&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 words "hereof", "herein", "hereunder", and similar terms when used in this Credit Agreement shall refer to this Credit Agreement as a whole and not to any particular provisions of this Credit 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;"Including" and similar terms shall be deemed to be followed by "without limitation" unless in fact followed by "without limitation" or a similar term.

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

&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;Any reference to a General Partner shall be deemed to be a reference to such General Partner and any successor 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly provided herein, (a) references to Constituent Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted by any Loan Document and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;Any reference to the "financial statements" of the applicable Credit Parties will be deemed to include any trial balances and/or financial information in Monthly Reports, in each case, to the extent necessary to give effect to the financial condition of the applicable Credit Parties and their applicable subsidiaries and other investment vehicles, but the foregoing shall not result in any duplication in any calculation or other determination of any relevant 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;All references to a Cayman Islands exempted limited partnership taking any action, having any power or authority, owning, holding or dealing with any asset are to such partnership acting through its general partner (or, as the case may be, such general partner's general partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**&nbsp;&nbsp;&nbsp;&nbsp;**Times of Day**. Unless otherwise specified in the Loan Documents, time references are to time in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Amounts**. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the Dollar Equivalent of the maximum face amount of such Letter of Credit available to be drawn at such time after giving effect to all increases thereof contemplated by such Letter of Credit or the documentation related thereto, whether or not such maximum face amount is in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**&nbsp;&nbsp;&nbsp;&nbsp;**Exchange Rates; Currency Equivalents**. Calculations hereunder relating to the Available Commitment shall always be calculated in Dollars by converting that portion of the Eurocurrency Rate Loans, RFR Loans, Letter of Credit Liability, or Unused Portion attributable to, or made in, an Alternative Currency into its Dollar Equivalent. The Administrative Agent or the Letter of Credit Issuer shall determine the applicable Spot Rates as of each Revaluation Date to be used for making such calculations. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable Currencies until the next Revaluation Date to occur.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates**. The Administrative Agent does not warrant or accept 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 Reference Rate, the Term SOFR Reference Rate, Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted Eurocurrency Rate or any other Benchmark, 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, Reference Rate, the Term SOFR Reference Rate, Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted Eurocurrency Rate, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Reference Rate or a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Reference Rate, any Benchmark, any component definition 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, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**&nbsp;&nbsp;&nbsp;&nbsp;**Independent Valuation**.

&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 Required Lenders may from time to time, acting reasonably and in good faith on a belief that the fair market value of all Eligible Investments in the aggregate is at least 20% lower than the Value reported by the Borrower in the financial statements most recently delivered hereunder request further information from the Borrower pertaining to the Value of such Eligible Investments. The Borrower shall use commercially reasonable efforts to, within five (5) Business Days, provide information reasonably requested to support its valuation of such Eligible Investments (*provided*, that in no event shall this <u>Section 1.7(a)</u> require any Credit Party or Affiliate thereof to breach any (x) binding confidentiality obligations owed to any Investors, Investments or bona fide counterparties with respect thereto or (y) securities Laws, other similar Laws or insider trading policies with respect to Investments, and the Borrower will be permitted to redact any of the foregoing contents in any information provided solely to the extent necessary to avoid any such breach).

&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 Borrower and the Lenders agree that, if at any time (A)(i) the LTV Ratio is greater than 20% or (ii) an Event of Default or Potential Event in each case of the type described in <u>Sections 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof has occurred or is continuing, and (B) the Required Lenders acting reasonably and in good faith on a belief that the fair market value of all Eligible Investments in the aggregate is at least 20% lower than the

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Value reported by the Borrower in the financial statements most recently delivered hereunder, then the Administrative Agent (acting at the direction of the Required Lenders) shall have the right to request a Third Party Valuation with respect to any Eligible Investment from a Third Party Valuation 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall use commercially reasonable efforts to cause such Third Party Valuation to be provided to the Administrative Agent (for distribution to the Lenders) within thirty (30) days of the date of any such request.

&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;If the Administrative Agent requests a Third Party Valuation because an Event of Default has occurred and is continuing or if the LTV Ratio is greater than 20%, all fees and expenses incurred in connection with such Third Party Valuation shall be payable by the Borrower. If the Administrative Agent requests a Third Party Valuation of an Eligible Investment for any reason set out in <u>Section 1.7(</u><u>a</u><u>b</u><u>)</u> above other than an Event of Default and the fair market value for such Investment is (i) greater than or equal to 95% of the Value reported by the Borrower in the financial statements most recently delivered hereunder, unless the Value as determined per the Third Party Valuation results in a Maximum LTV Ratio Breach, all fees and expenses incurred in connection with such Third Party Valuation shall be payable by the requesting Lenders, or (ii) less than 95% of the Value reported by the Borrower in the financial statements most recently delivered hereunder, all fees and expenses incurred in connection with such Third Party Valuation shall be payable 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Value of any Eligible Investment for which a Third Party Valuation (A) has been obtained and delivered by the Borrower to the Administrative Agent in accordance with this <u>Section 1.7</u>, and (B) provides a fair market value for such Investment that is less than the Value reported by the Borrower with respect to one or more Eligible Investments in the financial statements most recently delivered hereunder, shall be adjusted to reflect such Third Party Valuation, and the Borrower shall deliver a Financial Covenant Certificate, including a recalculation of the LTV Ratio within five (5) Business Days, using such revised Value. Such revised Value and calculation of the LTV Ratio shall apply for all purposes in the Transaction Documents as of the date of such revaluation or recalculation (and for the avoidance of doubt, shall not apply retroactively) and shall not be increased until the earliest to occur of (x) the 3-month anniversary of the date that the applicable Third Party Valuation is delivered by the Borrower to the Administrative Agent, (y) the date the Borrower delivers a Third Party Valuation by a Third Party Ev<u>V</u>aluat<u>i</u>or<u>n Agent</u>, or (z) the date that the Administrative Agent (acting at the direction of the Required Lenders) agrees with the Borrower to a Value above the Third Party Valuation for such Eligible Investment.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;REVOLVING CREDIT LOAN AND LETTERS OF CREDIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**&nbsp;&nbsp;&nbsp;&nbsp;**The Lender Commitment**.

&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;**Committed Amount**. Subject to the terms and conditions herein set forth, the Lenders agree, during the Commitment Period: (i) to extend to the Borrower a

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revolving line of credit; and (ii) to participate in Letters of Credit issued by the Letter of Credit Issuer for the account 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Borrowings and Re-borrowings**. The Lenders shall not be required to advance any Borrowing or, except as provided in clause (c) below, Rollover or Conversion 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)&nbsp;&nbsp;&nbsp;&nbsp;after giving effect to such Borrowing, Rollover or Conversion: (A) the Dollar Equivalent of the Principal Obligations would exceed the Available Commitment; or (B) the Principal Obligations of any Same-Day Borrowing would exceed the Same-Day Borrowing Sublimit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;an Event of Default or, to any Credit Party's or the Administrative Agent's knowledge, Potential Default is continuing or would occur as a result of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a Review Event has occurred and is continuing and either no Review Event Cure Plan has been agreed in respect of such Review Event or the Borrower is not in compliance with the agreed Review Event Cure Plan in respect of such Review Event 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any other Trigger Event has occurred and is continuing; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is in violation of any Financial Covenant or, after giving effect to any such Borrowing, Rollover or Conversion on a pro forma basis, would not be in compliance with the Financial Covenants.

&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;**Exceptions to Limitations**. Conversions to Reference Rate Loans shall be permitted with the consent of the Administrative Agent in the situations described in clauses (i) through (v) of <u>Section 2.1(b)</u> above, and Rollovers of Eurocurrency Rate Loans and Term RFR Loans shall be permitted in the situations described in clauses (ii), (iii), (iv) (other than with respect to an Excess Prepayment Event) and (v) of <u>Section 2.1(b)</u> above, in each case, unless the Administrative Agent has otherwise accelerated the Obligations or exercised other rights that terminate the Lender Commitments under <u>Section 10.2</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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Prepayment Events, Cash Sweeps, Cure Plan Events and Review 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Excess Loans Outstanding**. If, on any day, the Dollar Equivalent of the Principal Obligations exceeds the Maximum Commitment (including, without limitation, as a result of a change in the Spot Rate as of any Revaluation Date) (each, an "***Excess Prepayment Event***"), then the Borrower shall pay such excess, together with accrued and unpaid interest and fees payable thereon (the "***Excess Prepayment Amount***") to the Administrative Agent, for the benefit of the

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Secured Parties, in immediately available funds, no later than the Required Payment Time following the Notice 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**LTV Breach Prepayment**. If, on any day, the LTV Ratio is greater than the Maximum LTV Ratio (the continuance thereof, a "***Maximum LTV Ratio Breach***"), then, subject to the provisions set forth in <u>Section 3.4</u> hereof, the Borrower shall prepay the principal amount of the Loans, together with accrued and unpaid interest thereon, in an aggregate amount that would cause the LTV Ratio to be less than the Maximum LTV Ratio, to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds no later than the Required Payment Time after the applicable Notice 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Interest Coverage Ratio Prepayment**. If, on any day, the Interest Coverage Ratio is less than the Minimum Interest Coverage Ratio (the continuance thereof, a "***Minimum Interest Coverage Ratio Breach***"), then subject to the provisions set forth in <u>Section 3.4</u> hereof, the Borrower shall prepay the principal amount of the Loans, together with accrued and unpaid interest thereon, in an aggregate amount that would cause the Interest Coverage Ratio to be greater than or equal to the Minimum Interest Coverage Ratio (an "***ICR Cure Payment***"), to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds no later than the Required Payment Time after the applicable Notice Date (it being understood that for purposes of determining whether the applicable Minimum Interest Coverage Ratio Breach has been cured, the principal amount of any Loans and any other Indebtedness so prepaid or repaid shall be reduced for purposes of clause (b) of the definition of Interest Coverage Ratio and the Interest Coverage Ratio shall be retested giving pro forma effect to such reduction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;**Pay Down of Investment Loans**. To the extent that any Investment relating to an Investment Credit Extension causes any applicable investment limits that are Binding Limitations set forth in the applicable Infra-Fund's Partnership Agreement or any Memorandum to be exceeded, or any Investment relating to an Investment Credit Extension is otherwise in violation of the applicable Partnership Agreement or Investment Policy in any material respect (collectively, the "***Investment Limitations***"), the Borrower shall repay (except to the extent such amounts are addressed by <u>Section 2.1(e)</u> hereof) such Investment Credit Extension to the extent necessary to no longer exceed or be in violation of the Investment Limitations with respect thereto on or before the Required Payment Time (measured from the date of any Credit Party's knowledge of such violation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Pay Down of Certain Loans.** To the extent that any Principal Obligations of the Borrower would either (A) cause any Binding Limitations set

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forth in Section 4.1(b) of the Delaware Infra-Fund's Partnership Agreement (or any comparable provision set forth in the Partnership Agreement of any other Infra-Fund (including Section 3.02(c)(i) of the Luxembourg Infra-Fund's Partnership Agreement), Credit Party or other Holding Vehicle with applicable limitations on indebtedness) to be exceeded, or (B) require repayment by the Borrower of Principal Obligations outstanding hereunder by a certain date (and, in each case, the necessary approvals of the General Partner, board of directors or independent directors, as applicable, of each Infra-Fund, Credit Party or other Holding Vehicle, as applicable, have not been obtained such as to permit such amounts to remain outstanding), the Borrower shall promptly repay all such Principal Obligations (or with respect to <u>clause (A)</u> above, promptly repay other indebtedness of the Borrower) required to be repaid on or before such date so as to comply with the requirements of Section 4.1(b) of the Delaware Infra-Fund's Partnership Agreement (or any comparable provision set forth in the Partnership Agreement of any other Infra-Fund, Credit Party or other Holding Vehicle with applicable Binding Limitations on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;**Review Event**. The Borrower shall promptly notify the Administrative Agent of any Review Event, and shall promptly negotiate in good faith with the Administrative Agent regarding a resolution to such Review Event and/or the consequences of such Review Event, and the Borrower and the Administrative Agent (at the instruction of the Required Lenders) shall, if agreed, enter into a written plan (a "***Review Event Cure Plan***") outlining such resolution. In the event that no Review Event Cure Plan shall have been agreed within sixty (60) days of occurrence thereof (which date may be extended by the Administrative Agent and the Required Lenders, in their sole discretion) (the "***Review Event Period***") and such Review Event remains continuing as of the end of the Review Event Period, the Administrative Agent if instructed by the Required Lenders, shall notify the Borrower that all outstanding Obligations (or a lesser portion thereof, to the extent so instructed by the Required Lenders) shall be required to be repaid in full by the Borrower on the next succeeding Business Day after the end of the Review Event 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;**Notice Dates.** Notwithstanding anything to the contrary herein, a Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach shall be deemed to occur upon the earlier of the Borrower's knowledge of such Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach, as applicable, or notice thereof from the Administrative Agent (so long as such Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach is continuing when such notice is given) (such date, a "***Notice 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;**Test Dates**. For purposes of the Loan Documents:

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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;(1)&nbsp;&nbsp;&nbsp;&nbsp;the LTV Ratio shall be tested only (A) as of the end of each fiscal quarter on the date on which calculations thereof are delivered in a Compliance Certificate pursuant to <u>Section 8.1(b)</u>, (B) on a pro forma basis as of the date of any prepayment or other action taken to cause the LTV Ratio to be less than or equal to the Maximum LTV Ratio, (C) on the date on which any Financial Covenant Certificate is delivered pursuant to <u>Section 8.1(c)</u> and/or any Compliance Certificate is delivered pursuant to <u>Section 8.1(b)(y)</u>, (D) (i) on a pro forma basis on the date of the making of any Distribution for purposes of testing the conditions set forth in <u>Section 9.10</u>, and (ii) on a pro forma basis on the date of the making a proposed withdrawal or transfer of funds for purposes of testing the conditions set forth in <u>Section 9.12,</u> and (E) on a pro forma basis for purposes of demonstrating the cure of any Potential Default or Event of Default as a result of any Maximum LTV Ratio Breach in accordance with this Credit Agreement, including after giving effect to any prepayments made pursuant to <u>Section 2.1(d)</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;&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;the Interest Coverage Ratio shall be tested only (A) as of the end of each fiscal quarter on the date on which calculations thereof are delivered in a Compliance Certificate pursuant to <u>Section 8.1(b)</u> and (B) on a pro forma basis for purposes of demonstrating the cure of any Potential Default or Event of Default caused by a breach of <u>Section 9.17(b)</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;(x)&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Liability**. For purposes of any prepayments required to be made under <u>Section 2.1(d)</u>, to the extent any applicable Principal Obligations are comprised of Letter of Credit Liability, the Borrower may satisfy their obligation to prepay any Loans under <u>Section 2.1(d)</u> by cash collateralizing any such Letter of Credit Liability; <u>provided</u>, that unless otherwise directed by the Borrower, any prepayments made by the Borrower pursuant to <u>Section 2.1(d)</u> shall first be applied to prepay any outstanding Loans before being applied to cash collateralize Letter of Credit 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals from Collateral Accounts**. Each Credit Party hereby agrees that, subject to the terms of the applicable Collateral Documents, the Administrative Agent may withdraw from such Credit Party's Collateral Account amounts therein credited to or held as Collateral and apply the same to the Primary Obligations owing by the Borrower pursuant to <u>Section 2.1(d)</u> to the extent not paid when 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Excess Letters of Credit Outstanding**. If, on any day, (i) the Letter of Credit Liability exceeds the Letter of Credit Sublimit, (ii) if any excess amount calculated pursuant to <u>Section 2.1(d)(i)</u> hereof is attributable to undrawn Letters of Credit or (iii) the Borrower gives the Administrative Agent notice that it is making a payment to cash collateralize Letter of Credit Liability pursuant to <u>Section 2.1(d)(x)</u> hereof, the Borrower

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shall pay such excess amount to the Administrative Agent for the account of the Letter of Credit Issuer in the applicable Currency (unless otherwise agreed by the Letter of Credit Issuer in writing), when required pursuant to the applicable terms of <u>Section 2.1(d)</u> hereof for deposit into a segregated interest-bearing cash collateral account, as security for such portion of the Obligations. Unless otherwise required by law, amounts held as such cash collateral shall be required to be returned by the Administrative Agent to the Borrower upon the earlier to occur of (i)(a) in respect a payment made in respect of any excess calculated pursuant to <u>Section 2.1(d)(i)</u>, a change in circumstances such that the Dollar Equivalent of the Principal Obligations no longer exceeds the Maximum Commitment, the Letter of Credit Liability no longer exceeds the Letter of Credit Sublimit and the Principal Obligations of any Same-Day Borrowing no longer exceed the Same-Day Borrowing Sublimit (so long as no Event of Default has occurred and is continuing) or (b) in respect of any other payment made pursuant to <u>Section 2.1(d)(x)</u>, the date on which no Trigger Event or Event of Default is continuing; or (ii) the full and final payment of the 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Currency of Loans and Letters of Credit**. Each Eurocurrency Rate Loan made pursuant to this Credit Agreement may be funded, or Letters of Credit issued, at the request of the Borrower in any applicable Alternative Currency, subject to the prior approval of the Administrative Agent (other than Canadian Dollars, Sterling or Swiss Francs). Daily Simple RFR Loans made pursuant to this Credit Agreement may be funded at the request of the Borrower in Canadian Dollars, Sterling, Swiss Francs or Dollars. Term RFR Loans made pursuant to this Credit Agreement may be funded at the request of the Borrower in Dollars. Reference Rate Loans and any Same-Day Borrowings made pursuant to this Credit Agreement shall be funded in Dollars only. Each Loan shall, unless otherwise agreed by the Lenders in writing, be repaid in the Currency in which such Loan was made. Eurocurrency Rate Loans, RFR Loans and Letters of Credit denominated in an Alternative Currency are subject to <u>Sections 1.4</u> and <u>1.5</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Commitment**. Subject to the terms and conditions herein set forth, each Lender severally agrees, on any Business Day, during the Commitment Period, to make Loans in Dollars and in one or more Alternative Currencies to the Borrower at any time and from time to time in an aggregate Dollar Equivalent principal amount at any one time outstanding up to such Lender's Lender Commitment at any such time; <u>provided</u> that, after making any such Loans: (a) such Lender's Pro Rata Share of the Dollar Equivalent of the Principal Obligations would not exceed such Lender's Lender Commitment; and (b) the Dollar Equivalent of the Principal Obligations would not exceed the Available Commitment. Subject to the foregoing limitations, the conditions set forth in <u>Section 6</u> hereof and the other terms and conditions hereof, the Borrower may borrow, repay without penalty or premium, and re-borrow hereunder, during the Commitment Period. Each Borrowing pursuant to this <u>Section 2.2</u> shall be made ratably by the Lenders in proportion to such Lender's Pro Rata Share of the Available Commitment. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto under <u>Section 2.6</u> hereof would exceed the Maximum Rate then in effect with respect to such Loan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp;**Manner of Borrowing**. The Borrower shall give the Administrative Agent notice at the Agency Services Address of the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in writing, electronic mail, or other written communication, substantially in the form of <u>Exhibit E</u> hereto (a "***Request for Borrowing***"). Any Request for Borrowing may be revoked by the Borrower, subject to compliance with <u>Section 4.5</u> hereof. Each Request for Borrowing: (a) shall be furnished to the Administrative Agent no later than 2:00 p.m. (New York time) at least (i) four (4) Business Days prior to the requested date of the funding of a Eurocurrency Rate Loan; (ii) two (2) Business Days prior to the requested date of the funding of a Term RFR Loan or a Daily Simple RFR Loan (other than in Dollars); (iii) two (2) Business Days prior to the requested date of the funding of a Daily Simple RFR Loan in Dollars; or (iv) one (1) Business Day prior to the requested date of the funding of a Reference Rate Loan (other than a Same-Day Borrowing in Dollars); (b) with respect to a Same-Day Borrowing, shall be furnished to the Administrative Agent no later than 10:00 a.m. (New York time) on the requested date of funding of a Reference Rate Loan constituting a Same-Day Borrowing; and (c) must specify: (A) the Borrower(s); (B) the amount of such Borrowing; (C) the Interest Option; (D) the Interest Period therefor; and (E) the Currency in the case of an RFR Loan or Eurocurrency Rate Loan. Any Request for Borrowing received by the Administrative Agent after the applicable time specified in the immediately preceding sentence shall be deemed to have been given by the Borrower on the next succeeding Business Day; <u>provided</u>, <u>however</u>, with respect to any Request for Borrowing which is received after the applicable time set forth in <u>clauses (a)(i)</u>, <u>(ii)</u> and <u>(iii)</u> above, the Administrative Agent and the Lenders shall use best efforts to fund such Loan as a Reference Rate Loan or as a Daily Simple RFR Loan by the date set forth in the applicable Request for Borrowing. No Request for Borrowing shall be required to be delivered in connection with any Borrowing under <u>Section 2.8</u>, <u>3.3(c), 3.3(d)</u> or <u>4.3</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Request for Borrowing**. Each Request for Borrowing shall be substantially in the form of <u>Exhibit E</u> hereto (with blanks appropriately completed in conformity herewith and signed by a Responsible Officer of the Borrower), shall be delivered to the Agency Services Address, and shall be deemed to constitute a representation and warranty by the Borrower providing such Request for Borrowing (and additionally, it is agreed by each other Borrower that such Request for Borrowing shall also be deemed to constitute, a representation and warranty by each the Borrower as to itself) 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)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in <u>Section 2.3(a)(ii)</u> below) herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such Request for Borrowing, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or, to its knowledge, Potential Default exists and is continuing at such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;No other Trigger Event has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, any such Borrowing; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to, and after giving effect to such Borrowing, (a) the Dollar Equivalent of the Principal Obligations as of such date, will not exceed the Available Commitment as of such date and (b) the Principal Obligations of any Same-Day Borrowing would exceed the Same-Day Borrowing Sublimit.

Each Request for Borrowing shall be revocable, subject to Borrower's compliance with <u>Section 4.5</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Rollovers**. No later than 2:00 p.m. (New York time) at least three (3) Business Days prior to the termination of each Interest Period related to a Eurocurrency Rate Loan or a Term RFR Loan, the Borrower may give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone, if confirmed in writing promptly thereafter) (a "***Rollover Notice***") whether it desires to renew such Loan. Each such notice shall also specify the length of the Interest Period selected by the Borrower, with respect to such Rollover. Each Rollover Notice shall be revocable, subject to the Borrower's compliance with <u>Section 4.5</u> hereof and the provisions of this paragraph. If the Borrower fails to timely give the Administrative Agent such notice with respect to any Eurocurrency Rate Loan or any Term RFR Loan, the Borrower shall be deemed to have elected to continue such Eurocurrency Rate Loan as a Eurocurrency Rate Loan, or such Term RFR Loan as a Term RFR Loan, in each case, with an Interest Period of one (1) month commencing on the expiration the preceding Interest Period. For the avoidance of doubt, any Daily Simple RFR Loan shall automatically Rollover at the end of each Interest Period if not repaid prior to the end of such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Conversions**. The Borrower shall have the right, with respect to: (i) any Reference Rate Loan, on any Business Day, to convert such Reference Rate Loan to either (A) a Term RFR Loan in Dollars or (B) a Daily Simple RFR Loan in Dollars; (ii) any Daily Simple RFR Loan in Dollars, on any Business Day, to convert such Daily Simple RFR Loan to a Term RFR Loan in Dollars (together with any conversion in clause(i)(A), a "***Term SOFR Conversion Date***"); (iii) any Term RFR Loan in Dollars, on any Business Day, to convert such Term RFR Loan to a Daily Simple RFR Loan in

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Dollars (together with any conversion in clause (i)(B), a "***Daily Simple SOFR Conversion Date***"); and (iv) any RFR Loan in Dollars on any Business Day (a "***Reference Rate Conversion Date***"), to convert such RFR Loan to a Reference Rate Loan; <u>provided</u> that the Borrower shall, on such Conversion Date, make the payments required by <u>Section 4.5</u> hereof, if any; in either case, by giving the Administrative Agent written notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone, if confirmed in writing promptly thereafter) substantially in the form of <u>Exhibit G</u> hereto (a "***Conversion Notice***") of such selection no later than (x) 2:00 p.m. (New York time) at least three (3) Business Days prior to such Term SOFR Conversion Date or (y) on such Reference Rate Conversion Date or Daily Simple SOFR Conversion Date, as applicable. Each Conversion Notice shall be irrevocable and effective upon notification thereof 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Periods**. No more than a total of twenty (20) Eurocurrency Rate Loans and RFR Loans in the aggregate may be outstanding hereunder at any one time during the Commitment 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)&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent Notification of the Lenders**. The Administrative Agent shall promptly notify each Lender (and will use good faith efforts to make such notification on the day such notice is timely received from the Borrower) of receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice, the amount of the Borrowing and such Lender's Pro Rata Share thereof, the date the Borrowing is to be made, the Interest Option, the Interest Period and Currency selected, if applicable, and the applicable rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Loan Amounts**. Each Eurocurrency Rate Loan and each RFR Loan shall be in an aggregate amount that is not less than the Dollar Equivalent of $100,000 (or such other amounts as agreed by the Administrative Agent); <u>provided</u> that in addition to the foregoing, a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the total Lender Commitments or that is required to finance the reimbursement of a Letter of Credit under <u>Section 2.8(d)</u> hereof or that is equal to the amount of any interest payment or unused commitment fees that are permitted to be capitalized as a Capitalized Interest Loan or a Capitalized Unused Commitment Fee Loan, as applicable, in accordance with <u>Section 3.3(d)</u> or <u>Section 2.12(b)</u> hereof, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp;**Funding**. Subject to fulfillment of all applicable conditions set forth herein, by no later than 12:00 p.m. (New York time) on the date specified in the related Request for Borrowing as the borrowing date (and with respect to a Request for Borrowing in respect of a Same-Day Borrowing, in sufficient time such that the Administrative Agent can receive funds from Lenders and transfer such proceeds as the Borrower has specified in the relevant Request for Borrowing prior to 4:00 p.m. (New York time) on the date of the requested Borrowing), each Lender shall wire-transfer the proceeds of its Pro Rata Share of each Borrowing in immediately available funds in the applicable Currency to the Administrative Agent for the account of the Borrower for value and, upon fulfillment of all applicable conditions set forth herein, the Administrative Agent shall deposit such proceeds in immediately available funds, on the date specified in the Request for Borrowing as the

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borrowing date, to the account of the Borrower as specified by the Borrower, or if requested by the Borrower in the Request for Borrowing, shall wire-transfer such funds as requested no later than such date specified in the Request for Borrowing as the borrowing date; <u>provided</u> that the Administrative Agent shall issue the wire-transfer request prior to the close of business in New York City on the date of receipt of the Borrower's Request for Borrowing and, with respect to a Request for Borrowing in respect of a Same-Day Borrowing, to the extent that each Lender shall fund its Pro Rata Share of the Borrowing, the Administrative Agent may transfer such proceeds as the Borrower has specified in the relevant Request for Borrowing, prior to 4:00 p.m. (New York time) on the date of receipt of the Borrower's Request for Borrowing. The failure of any Lender to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder shall not relieve any other Lender of its obligation to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder. Absent contrary written notice from a Lender, the Administrative Agent may assume that each Lender has made its Pro Rata Share of the requested Borrowing available to the Administrative Agent on the applicable borrowing date, and the Administrative Agent may, in reliance upon such assumption (but is not required to), make available to the Borrower a corresponding amount. If a Lender fails to make its Pro Rata Share of any requested Borrowing (including any Borrowing in accordance with <u>Section 2.8(d)</u> hereof with respect to the funding of a Letter of Credit) available to the Administrative Agent on the applicable borrowing date, then the Administrative Agent may recover the applicable amount in the applicable Currency on demand: (a) from such Lender, together with interest at the Federal Funds Rate for the period commencing on the date the amount was made available to the Borrower by the Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Lender; or (b) if such Lender fails to pay its amount in the applicable Currency upon the Administrative Agent's demand, then from the Borrower: promptly on demand, to the extent such funds are available in a Collateral Account of the Borrower, <u>provided</u> <u>that</u>, with respect to the Borrower, the amount so debited from such Collateral Accounts shall not exceed the amount that such Lender failed to pay of such requested Borrowing; together with interest at a rate per annum equal to the rate applicable to the requested Borrowing for the period commencing on the borrowing date and ending on (but excluding) the date the Administrative Agent recovers the amount from the Borrower(s). The liabilities and obligations of each Lender hereunder shall be several and not joint, and neither the Administrative Agent nor any Lender shall be responsible for the performance by any other Lender of its obligations hereunder. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. Each Lender hereunder shall be liable to the Borrower only for the amount of its respective Lender Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Eurocurrency Rate*.*** The unpaid principal amount of each Eurocurrency Rate Loan shall bear interest at a rate per annum which shall be equal to the Eurocurrency Rate in effect for the applicable Interest Period for such Currency plus the Applicable Margin.

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Reference Rate**. The unpaid principal amount of each Reference Rate Loan shall bear interest at a rate per annum which shall be equal to the Reference Rate in effect for the applicable 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**RFR 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The unpaid principal amount of each Term RFR Loan shall bear interest at a rate per annum which shall be equal to the applicable Term RFR in effect for the applicable Interest Period for such Currency plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; The unpaid principal amount of each Daily Simple RFR Loan shall bear interest at a rate per annum which shall be equal to the applicable Daily Simple RFR for such Currency on each day during such applicable Interest Period plus the Applicable Margin.

&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;**Past Due Amounts; Calculations of Interest**. Interest on the unpaid principal balance of (i) each Eurocurrency Rate Loan and RFR Loan (other than RFR Loans denominated in Sterling) shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days (<u>provided</u> that Eurocurrency Rate Loans denominated in Alternative Currencies typically calculated on the basis of the actual days elapsed in a year consisting of 365 days (or 366, as the case may be) shall be calculated on such basis), and (ii) each RFR Loan denominated in Sterling and Reference Rate Loan (other than when the Reference Rate is calculated based off Daily Simple RFR for Dollars) shall be calculated on the basis of the actual days elapsed in a year consisting of 365 days (or 366, as the case may be). If any principal of, or interest on, the Obligations is not paid when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), then (in lieu of the interest rate provided in <u>Sections 2.6(a)</u> or <u>(b)</u> above, as applicable) such overdue amount shall bear interest at the Default 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Act (Canada) Disclosure**. For purposes of the *Interest Act* (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365, as applicable. The rates of interest under this Credit Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Credit 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Conforming Changes**. In connection with the use, administration, adoption or implementation of any Benchmark or Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Credit Agreement or any other Loan

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Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**&nbsp;&nbsp;&nbsp;&nbsp;**Determination of Rate**. The Administrative Agent shall calculate each interest rate applicable to the Borrowings hereunder in accordance with the terms set forth in this Credit Agreement. The Administrative Agent shall give prompt notice to the Borrower and to the Lenders of each rate of interest so calculated, and its calculation thereof shall be conclusive and binding in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**&nbsp;&nbsp;&nbsp;&nbsp;**Letters 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Commitment**. Subject to the terms and conditions hereof, on any Business Day during the Commitment Period, the Administrative Agent shall cause the Letter of Credit Issuer to issue such Letters of Credit in such aggregate face amounts and Currencies as the Borrower may request; <u>provided</u> that: (i) after giving effect to the issuance of any such Letter of Credit, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Available Commitment as of such date; (B) the Principal Obligations of any Same-Day Borrowing will not exceed the Same-Day Borrowing Sublimit on such date; and (C) the Dollar Equivalent of the Letter of Credit Liability will not exceed the Letter of Credit Sublimit on such date; (ii) the expiry date of the Letter of Credit shall not be later than the earlier of (A) twelve (12) months after the date of issuance without the Letter of Credit Issuer's consent, in its sole discretion (*provided,* that the Borrower may request, and the Letter of Credit Issuer shall issue, a Letter of Credit that has extension provisions for an automatic extension for twelve (12) months from the initial expiry date thereof or any future expiry date, so long as such Letter of Credit permits the Letter of Credit Issuer to elect not to extend the Letter of Credit for any such additional period by written notice to the Borrower and the applicable beneficiary at least thirty (30) days prior to the relevant expiry date), or (B) thirty (30) days prior to the Stated Maturity Date (unless such Letter of Credit has been cash collateralized on or before the date that is thirty (30) days prior to the Stated Maturity Date); and (iii) the Letter of Credit Issuer shall be under no obligation to issue any Letter of Credit if, after the Closing Date, (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Letter of Credit Issuer shall prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date or shall impose upon the Letter of Credit Issuer any other unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Letter of Credit Issuer in good faith deems material to it and for which the Letter of Credit Issuer is not reimbursed hereunder, or (B) the Borrower has not provided the information necessary for the Letter of Credit Issuer to complete the form of Letter of Credit.

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Request**. Each request for a Letter of Credit (a "***Request for Letter of Credit***") shall be submitted by the Borrower to the Administrative Agent substantially in the form attached hereto as <u>Exhibit F</u> (with blanks appropriately completed in conformity herewith), together with an Application for Letter of Credit, for the Letter of Credit Issuer, on or before 11:00 a.m. (New York time) at least three (3) Business Days prior to the requested date of issuance of such Letter of Credit. The Administrative Agent shall promptly notify each Lender of such Request for Letter of Credit and the terms of the requested Letter of Credit. Upon each such application, a Borrower (as to itself) shall be deemed to have automatically made to the Administrative Agent, each Lender, and the Letter of Credit Issuer the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;As of the date of the issuance of the Letter of Credit requested, the representations and warranties of the Borrower (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in <u>Section 2.8(b)(ii)</u> below) herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such issuance, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or, to its knowledge, Potential Default exists and is continuing at such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;No other Trigger Event has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, the issuance of such 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to, and after giving effect to, the issuance of the requested Letter of Credit, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Available Commitment as of such date; (B) the Principal Obligations of any Same-Day Borrowing as of such date will not exceed the Same-Day Borrowing Sublimit on such date; and (C) the Letter of

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Credit Liability as of such date will not exceed the Letter of Credit Sublimit on such 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(A) Not more than twenty (20) issued but undrawn Letters of Credit are then outstanding, and (B) such Letter of Credit will be in an amount equal to or in excess of $100,000 or the Dollar Equivalent thereof (or such other amount as agreed by the Letter of Credit 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;[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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Participation by the Lenders**. Each Lender shall and does hereby participate ratably with the Letter of Credit Issuer in each Letter of Credit issued and outstanding hereunder to the extent of its Pro Rata Share of the Letter of Credit Liability with respect to each such Letter of Credit, and shall share in all rights and obligations resulting therefrom, including, without limitation: (i) the right to receive from the Administrative Agent its Pro Rata Share of any reimbursement of the amount of each draft drawn under each Letter of Credit, including any interest payable with respect thereto; (ii) the right to receive from the Administrative Agent its Pro Rata Share of the Letter of Credit fee pursuant to <u>Section 2.13</u> hereof (which, for the avoidance of doubt, shall take into account the Applicable Margin in respect of such Letter of Credit); (iii) the right to receive from the Administrative Agent its additional costs pursuant to <u>Section 4.1</u> hereof; and (iv) the obligation to pay to the Administrative Agent or the Letter of Credit Issuer, as the case may be, in immediately available funds, its Pro Rata Share of any unreimbursed drawing under 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Letter of Credit**. In consideration for the issuance by the Letter of Credit Issuer of a Letter of Credit for the account of a Borrower, the Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder by the Borrower, to the Letter of Credit Issuer, with notice to the Borrower, in immediately available funds an amount in the applicable Currency equal to the stated amount of each draft drawn under each such Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit Agreement in respect of Letters of Credit issued for the account of the Borrower. Subject to receipt of notice from the Administrative Agent, each Lender shall pay to the Administrative Agent such Lender's Pro Rata Share of the amount disbursed by the Administrative Agent in the applicable Currency on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees. The Administrative Agent will promptly notify the Borrower of any disbursements made by the Lenders pursuant to the terms hereof; <u>provided</u> that the failure to give such notice will not affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed a Eurocurrency Rate Loan with a one-month Interest Period if such disbursement is in an

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Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), or a Daily Simple RFR Loan if such disbursement is in Dollars, Canadian Dollars, Sterling or Swiss Francs, in each case, to the Borrower, and the Borrower shall be deemed to have given to the Administrative Agent, in accordance with the terms and conditions of <u>Section 2.3(a)</u> hereof, a Request for Borrowing with respect thereto and such payments shall be made without regard to the minimum and multiple amounts set forth in <u>Section 2.4</u> hereof. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by reason of any draft of a Letter of Credit or due the Letter of Credit Issuer under any Application for Letter of Credit. The obligations of a Lender to make payments to the Administrative Agent for the account of the Letter of Credit Issuer under this <u>Section 2.8(d)</u> shall be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall, irrespective of the satisfaction of the conditions to the making of any Loans described in <u>Sections 2.3</u>, <u>6.1</u>, <u>6.2</u> and/or <u>6.3</u> hereof, as applicable, be honored in accordance with this <u>Section 2.8(d)</u> under all circumstances unless there is an Event of Default or Potential Default, in each case, under <u>Section 10.1(h)</u> or <u>(i)</u>, including, without limitation, any of the following circumstances: (i) any lack of validity or enforceability of such Letter of Credit, this Credit Agreement or any of the other Loan Documents; (ii) the existence of any claim, counterclaim, setoff, defense or other right which any Credit Party may have at any time against a beneficiary named in a Letter of Credit or any transferee of a beneficiary named in a Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Letter of Credit Issuer, any Lender, or any other Person, whether in connection with this Credit Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the account party and beneficiary named in any Letter of Credit); (iii) any draft, demand, certificate or any other document presented under a Letter of Credit having been determined to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect or any loss or delay in the transmission or otherwise of any document required in order to make a draw under a Letter of Credit; (iv) any payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; (v) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; or (vi) the occurrence of any Event of Default or Potential 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Inspection**. The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower's instructions or other irregularity, the Borrower shall promptly notify the Letter of Credit Issuer in writing. The Borrower shall

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be conclusively deemed to have waived any such claim against the Letter of Credit Issuer and its correspondents, unless such prompt written notice is given as aforesaid.

&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;**Role of Letter of Credit Issuer**. Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit issued for the account of the Borrower, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent nor any of the respective correspondents, Participants or Assignees of the Letter of Credit Issuer shall be liable to any Lender for: (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit. The Borrower(s) assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit issued for the account of the Borrower; <u>provided</u>, <u>however</u>, that this assumption is not intended to, and shall not, preclude the Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, nor any of the respective correspondents, Participants or Assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in clauses (i) through (vi) of <u>Section 2.8(d)</u> hereof. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Acceleration of Undrawn Amounts**. Should the Administrative Agent demand payment of the Obligations hereunder prior to the Maturity Date pursuant to <u>Section 10.2</u> hereof, the Administrative Agent, by written notice to the Borrower, may take one or more of the following actions: (i) declare the obligation of the Letter of Credit Issuer to issue Letters of Credit hereunder terminated, whereupon such obligations shall forthwith terminate without any other notice of any kind; or (ii) declare the outstanding Letter of Credit Liability to be forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived, and demand that the Borrower pay, in the applicable Currency (unless otherwise agreed to by the Administrative Agent in writing), to the Administrative Agent for deposit in a segregated interest-bearing cash collateral account, as security for its Obligations, an amount equal to the aggregate undrawn stated amount of all Letters of Credit issued for the account of the Borrower then outstanding at the time such notice is given. Unless otherwise required

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by Law, upon the full and final payment of the Obligations, the Administrative Agent shall return to the Borrower any amounts remaining in said cash collateral account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Borrowers and Guarantors**.

&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 order for an entity to be approved as an Additional Borrower: (i) the Borrower shall obtain the consent of the Administrative Agent, such consent to be in the reasonable discretion of the Administrative Agent if such proposed Additional Borrower holds or proposes to acquire an Investment and in the sole discretion of the Administrative Agent if otherwise (such entity, an "***Additional Borrower***"); and (ii) the applicable provisions of this <u>Section 2.9</u> and <u>Section 6.3</u> hereof shall be satisfied.

&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;In order for an entity to be approved as an Additional Guarantor: (i) the Borrower shall obtain the consent of the Administrative Agent which shall be in the sole discretion of the Administrative Agent (such entity, an "***Additional Guarantor***"); and (ii) the applicable provisions of this <u>Section 2.9</u> and <u>Section 6.4</u> hereof shall be satisfied.

&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;Upon the satisfaction of the applicable requirements of <u>clauses (a)</u> and <u>(b)</u> above, the Additional Borrower or Additional Guarantor shall be bound by the terms and conditions of this Credit Agreement as if it were a Borrower or Guarantor, as applicable, hereunder and shall execute and deliver documentation, substantially similar to that executed by the Initial Borrower or Initial Guarantors, as applicable, including but not limited to (i) a Borrower Joinder Agreement and/or a Guarantor Joinder Agreement, as applicable (and any other applicable Loan Documents), (ii) with respect to each Additional Borrower, the documents and other items set forth in <u>Section 6.3(b)</u>, (iii) with respect to each Additional Guarantor, the documents and other items set forth in <u>Section 6.4(b)</u>, and (iv) such other documents and agreements as the Administrative Agent may reasonably require in connection therewith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If any Borrower (i) has no Obligations outstanding (including any Loans or Letters of Credit issued for its benefit but excluding any Obligations of any other Borrower), (ii) holds no Eligible Investments (or Investments that were Eligible Investments prior to a Material Investment Event), (iii) such Borrower accounts for no greater than the lesser of (A) $5,000,000 and (B) 3.5% of Adjusted NAV, and (iv) there exists no Event of Default, Potential Default or Trigger Event which is continuing, such Borrower shall be permitted to withdraw from the Credit Facility as a Borrower upon ten (10) days advance written notice to the Administrative Agent (or such shorter period as agreed by the Administrative Agent in writing), provided that after giving effect to such withdrawal, the LTV Ratio shall not exceed the Maximum LTV Ratio. Upon effectiveness of such withdrawal, such Borrower shall have no further obligations under this Credit Agreement (except as set forth in the last sentence of this <u>Section 2.9(d)(i)</u>). Upon effectiveness of such withdrawal, the Administrative

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Agent will return or destroy any Note issued by such Borrower, and any Collateral Document executed by such Borrower shall, notwithstanding anything to the contrary in any Loan Document, be of no further force or effect. Thereafter, upon request, the Administrative Agent, on behalf of the Secured Parties, shall promptly provide such Borrower, at its sole expense, a written release of their respective Obligations hereunder and under the other Loan Documents and of the Collateral pledged, assigned or otherwise secured, together with any assignment therefor to the relevant party by such Borrower and, so long as such Borrower has written confirmation from the Administrative Agent that such Collateral Documents have been terminated as provided above, such Borrower shall be authorized to prepare and file termination statements terminating all UCC financing statements and any related filings in foreign jurisdictions filed of record in connection with such Collateral Documents. Notwithstanding any withdrawal by a Borrower pursuant to this <u>Section 2.9(d)(i)</u>, such Borrower shall remain liable for any amounts due to the Secured Parties pursuant to <u>Sections 4</u> and <u>12.5</u> hereof from such Borrower, which provisions shall survive any withdrawal by a Borrower and the termination of this Credit 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If any Guarantor does not directly or indirectly hold any Eligible Investments (or Investments that were Eligible Investments prior to a Material Investment Event), and there exists no Event of Default, Potential Default or Trigger Event which is continuing, such Guarantor shall be permitted to withdraw from the Credit Facility as a Guarantor upon ten (10) days advance written notice to the Administrative Agent (or such shorter period as agreed by the Administrative Agent in writing). Upon effectiveness of such withdrawal, such Guarantor shall have no further obligations under this Credit Agreement. Thereafter, upon request, the Administrative Agent, on behalf of the Secured Parties, shall promptly provide such Guarantor, at its sole expense, a written release of their respective Obligations hereunder and under the other Loan Documents, except for those Obligations (including indemnification obligations pursuant to <u>Section 12.5</u>) which by their terms survive withdrawal by a Guarantor and termination of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**&nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds, Letters of Credit**. The proceeds of the Loans and the Letters of Credit shall be used solely to finance any Credit Party's direct or indirect acquisition of Investments, to provide working capital or for other general corporate purposes permitted under each applicable Credit Party's Partnership Agreement, all related documentation (including any subscription agreements and Infra-Fund Supplemental Agreements, if any**)** and the Constituent Documents of each applicable Credit Party, including to acquire or otherwise support an Investment or Investments; <u>provided</u> that, subject to <u>Section 9.10</u>, the outstanding Principal Obligations as of any date used for Distributions to Investors in any Infra-Fund Subscription Entity (excluding any repurchase of Units pursuant to the Unit Repurchase Program of the applicable Infra-Fund Subscription Entities) shall not exceed twenty percent (20%) of the Available Commitment as of such

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date. Neither the Lenders nor the Administrative Agent shall have any liability, obligation, or responsibility whatsoever with respect to the Borrower's use of the proceeds of the Loans or the Letters of Credit, and neither the Lenders nor the Administrative Agent shall be obligated to determine whether or not the Borrower's use of the proceeds of the Loans or the Letters of Credit are for purposes permitted under the Partnership Agreement or other Constituent Documents of any Infra-Fund Subscription Entity, Credit Party or Holding Vehicle or any related documentation (including any applicable subscription agreements and Infra-Fund Supplemental Agreements, if any). Nothing, including, without limitation, any Borrowing, any Rollover, any issuance of any Letter of Credit, or other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to whether any investment by a Borrower is permitted by the terms of its Partnership Agreement and related documentation (including the Partnership Agreement or other Constituent Documents of any Infra-Fund Subscription Entity, Credit Party or other Holding Vehicle, as applicable or any related documentation (including any applicable subscription agreements and Infra-Fund Supplemental Agreements, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent and Lender Fees**. The Borrower shall pay, to the Administrative Agent and to each applicable Lender, fees in consideration of the arrangement and in respect of the Administrative Agent only, administration of the Lender Commitments, which fees shall be payable in amounts and on the dates set forth in the applicable Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**&nbsp;&nbsp;&nbsp;&nbsp;**Unused Commitment 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the payments provided for in <u>Section 3</u> hereof, the Borrower shall pay or cause to be paid to the Administrative Agent, for the account of each Lender, according to its Pro Rata Share, an unused commitment fee on the average daily amount of the Maximum Commitment less the Dollar Equivalent of the Principal Obligations outstanding on such date (the "***Unused Portion***"), during the immediately preceding calendar quarter at the rate of (a) 40 basis points (0.40%) per annum when the Unused Portion is less than or equal to fifty percent (50%) of the Maximum Commitment, or (b) 50 basis points (0.50%) per annum when the Unused Portion is greater than 50 percent (50%) of the Maximum Commitment, in either case calculated on the basis of actual days elapsed in a year consisting of 360 days, in each case, payable in arrears on the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter. The unused commitment fee shall accrue at all times during the Commitment Period, shall be calculated on an average daily basis and shall be payable in Dollars. The Borrower and the Lenders acknowledge and agree that the unused commitment fees payable hereunder are *bona fide* unused commitment fees and are intended as reasonable compensation to the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes.

&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;Any such unused commitment fees accrued pursuant to <u>Section 2.12(a)</u> above shall be paid in cash, unless the Borrower delivers written notice to the Administrative Agent not later than 2:00 p.m. (New York time) three (3) Business Days prior to any payment date for unused commitment fees pursuant to <u>Section 2.12(a)</u> above that it elects to capitalize such fees as a Loan, then the amount of such fees shall be capitalized and deemed to be a Loan under this Credit Agreement (each such Loan, a

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"***Capitalized Unused Commitment Fee Loan***"); <u>provided</u> that on any such payment date for unused commitment fees pursuant to <u>Section 2.12(a)</u> above, (i) no Event of Default or Potential Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein and in the other Loan Documents shall be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of such date, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent in writing and do not constitute an Event of Default or Potential Default or to the extent such representations and warranties expressly relate to an earlier or other specific date), and (iii) no Excess Prepayment Event shall have occurred and be continuing as a result thereof. The initial Capitalized Unused Commitment Fee Loan hereunder shall be a new Loan bearing interest based on Daily Simple RFR for Dollars. Any subsequent Capitalized Unused Commitment Fee Loan, unless otherwise specified by the Borrower in writing, shall become part of the initial Capitalized Unused Commitment Fee Loan, on the same terms and conditions as such initial Capitalized Unused Commitment Fee Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Fees**. The Borrower shall pay 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;for the benefit of the Lenders, in consideration for the issuance of Letters of Credit issued for its account hereunder, a non-refundable fee equal to the Applicable Margin (applicable to Loans in such Currency) on the average daily face amount of each such Letter of Credit, less the amount of any draws on such Letter of Credit, payable quarterly in arrears on the later of (i) the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter and (ii) the fifth (5<sup>th</sup>) Business Day following receipt of an invoice from the Administrative Agent, commencing on the issuance date and continuing for so long as such Letter of Credit remains outstanding (such fee shall be payable in Dollars); 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;for the benefit of the Letter of Credit Issuer, and for the Letter of Credit Issuer's own account, in consideration of the issuance and fronting of Letters of Credit, a fronting fee, with respect to each Letter of Credit, at a rate equal to 0.125% per annum, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears, which fee shall be waived by ING if it is the sole Lender in the Credit Facility. Such fronting fee shall be due and payable on (i) the later of (A) the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter (or portion thereof, in the case of the first payment) and (B) the fifth (5<sup>th</sup>) Business Day following receipt of an invoice from the Administrative Agent, commencing with the first such date to occur after the issuance of such Letter of Credit, (ii) the Maturity Date and (iii) thereafter (if applicable) on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.4</u>. In addition, the Borrower Party shall pay directly to the Letter of Credit Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the Letter of Credit Issuer relating to letters of credit as from time to time in effect.

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Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**&nbsp;&nbsp;&nbsp;&nbsp;**Extension of Maturity 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will may request an extension of the Stated Maturity Date then in effect for 1 additional term of up to 364 days with respect to each such extension (any such extension, an "***Uncommitted Extension Option***"), in each case, subject to the approval of the Administrative Agent and one or more of the Lenders in their sole discretion and to satisfaction of the following applicable conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower shall have paid (on or prior to the date on which such extension becomes effective) an extension fee for the extension as set forth in the applicable Fee Letter, payable to the Administrative Agent, for the benefit of each extending Lender ratably based on such extending Lender's share of the Lender Commitments subject to extension, and such extension fee shall be pro-rated in the case of any extension of less than 364 days, <u>provided</u> <u>that</u> if any such extension is for less than 364 days, then such extension shall have a term of at least six (6) months (or such shorter period agreed by 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;no Potential Default or Event of Default shall have occurred and be continuing on the date on which notice is given in accordance with the following <u>clause (v)</u> or on the Stated Maturity Date then being extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;no other Trigger Event has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the Borrower shall have delivered an Extension Request to the Administrative Agent with respect to such extension no less than thirty (30) days prior to the Stated Maturity Date then in effect (or such shorter period agreed to by the Administrative Agent in writing) (which shall be promptly forwarded by the Administrative Agent to each 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such extension, and will be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the extension pursuant to this <u>Section 2.14</u>, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed

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in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to each requesting Lender a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, if so requested by such Lender prior to the effectiveness of any extension to the Maturity Date; 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)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the then current Maturity Date, the Administrative Agent and one or more existing Lender(s) shall have agreed to extend the Maturity Date for such additional term, each 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent any Lender does not consent to extend its Lender Commitment with respect to any Uncommitted Extension Option under this <u>Section 2.14</u>, the Obligations outstanding to such Lender as of the then effective Stated Maturity Date shall be due and payable to such Lender on such date; <u>provided</u> that, at the discretion of the Administrative Agent and the Borrower, such non-extending Lender may be required to assign on the Stated Maturity Date all or part of its Lender Commitment to one or more extending Lenders (or new Lenders) who have consented to increase their Lender Commitments and have agreed to such extended Stated Maturity Date. Upon the payment of amounts due under the prior sentence to the non-extending Lender (and, if requested by the Administrative Agent and the Borrower, such aforementioned assignment), such non-extending Lender shall cease to be a Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**&nbsp;&nbsp;&nbsp;&nbsp;**Increase in the Maximum Commitment; Borrowings and Repayments**.

&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;**Permanent Increase in the Maximum Commitment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Request for Increase**. Subject to compliance with the terms of this <u>Section 2.15(a)</u>, upon delivery to the Administrative Agent by the Borrower of a Facility Increase Request, the Borrower may permanently increase the Maximum Commitment to an amount whereby immediately after giving effect thereto, the LTV Ratio shall not exceed the Maximum LTV Ratio. Such permanent increases may be effected in one or more requested increases, in minimum increments of $25,000,000 (or such other amount as agreed by the Administrative Agent) (each such increase, shall be referred to herein as a "***Facility Increase***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Effective Date**. The Administrative Agent and the Borrower shall determine the effective date of any Facility Increase (the "***Increase Effective Date***"). The Administrative Agent shall promptly notify the Borrower and the Lenders of the Increase 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Effectiveness of Increase**. The following are conditions precedent to such increase:

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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;(1)&nbsp;&nbsp;&nbsp;&nbsp;each of the increasing Lenders shall consent in writing to such Facility Increase in their sole discretion and the Administrative Agent shall consent in writing to such Facility Increase to the extent such Facility Increase is pursuant to a new Lender joining the Credit Facility (such consent not to 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;no later than ten (10) Business Days prior to the date of such increase (or such shorter period as agreed by the Administrative Agent in its sole discretion), the Borrower shall deliver to the Administrative Agent a Facility Increase Request signed by a Responsible Officer of the Borrower certifying and attaching the resolutions adopted by or on behalf of the Borrower approving or consenting to such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;on or prior to the proposed date of such Facility Increase, the Borrower shall pay to the Administrative Agent, for the benefit of the applicable Lenders or other applicable Persons: (A) the Facility Increase Fee, and (B) to the extent invoiced at least two (2) Business Days prior to the required payment date, all other fees due and owing hereunder or under 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;&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;if requested by the Administrative Agent on behalf of the Lenders and the Borrower executing the Facility Increase Request shall execute replacement Notes payable to the Administrative Agent reflecting the Facility Increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;on the Increase Effective Date, (A) an existing Lender or Lenders agree(s) to increase its Lender Commitment to support the Facility Increase, in its sole discretion, and/or (B) an additional Lender or Lenders shall have joined the Credit Facility in accordance with <u>Section 2.14</u> or <u>12.11(e)</u> hereof, and the aggregate Lender Commitment of such increasing and additional Lenders shall be at least equal to the amount of such Facility Increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Increase Effective Date, and will be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the Facility Increase pursuant to this <u>Section 2.15(a)</u>, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;&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;no Potential 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&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)&nbsp;&nbsp;&nbsp;&nbsp;no other Trigger Event has occurred and is continuing (or will result therefrom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is in compliance with the Financial Covenants after giving pro forma effect to any such increase and shall demonstrate pro forma compliance including (A) an increased interest rate (for the drawn portion on the effective date of such Facility Increase) and (B) increased unused commitment fees (for the undrawn portion on the effective date of such Facility Increase) pursuant to delivery of a Compliance Certificate under <u>Section 8.1(b)</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;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to each requesting Lender (i) a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation; and (ii) any documents or information related to "Know Your Customer" or similar requirements reasonably requested by the Lenders (through the Administrative Agent), and required by their applicable regulatory requirements, in each case, if so requested by such Lender prior to the effectiveness of any Facility Increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For the avoidance of doubt, such increases provided under this <u>Section 2.15(a)</u> may be provided by existing Lender(s) on a non-ratable 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Reallocation Following Facility Increase**. On any Increase Effective Date with respect to any Facility Increase pursuant to <u>Section 2.15(a)</u> hereof (whether pursuant to a new Lender joining the Credit Facility or an existing Lender increasing its Lender Commitment), the Administrative Agent will reallocate the outstanding Loans and participations in Letters of Credit hereunder (including any Loans made by any new or increasing Lender pursuant to <u>Section 2.15(a)</u>) such that, after giving effect thereto, the ratio of each Lender's (including each new or increasing Lender's) share of the outstanding Loans and participations in Letters of Credit is in the same proportion as that of such Lender's individual Lender Commitment over the total Lender Commitments. For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, (i) the Administrative Agent will give advance notice sufficient to comply with the applicable timing period in <u>Section 2.3</u> to each Lender which is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable Lender or Lenders will fund such amounts up

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to their respective shares of the Loans being reallocated and the Administrative Agent shall remit to any applicable Lenders its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment is required), the Borrower shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to <u>Section 4.5</u> hereof as a result of such reallocation occurring on any date other than an Interest Payment Date.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT OF OBLIGATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Notes**. The Administrative Agent may request that Loans made under this Credit Agreement be evidenced by a promissory note executed by each Borrower, with each Borrower being jointly and severally liable for the Obligations of all Borrowers (if applicable). In such event, each Borrower shall execute and deliver a promissory note payable to the Administrative Agent on behalf of the Lenders. Any such note issued by each Borrower shall be substantially in the form of <u>Exhibit B</u> attached hereto (with blanks appropriately completed in conformity herewith). Each Borrower agrees, from time to time, upon the request of the Administrative Agent, to reissue a new Note, in accordance with the terms and in the form heretofore provided, to the Administrative Agent, in renewal of and substitution for the Note previously issued by such Borrower(s) to the Administrative Agent, and such previously issued Note shall be returned to the applicable Borrower(s) marked "replaced."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Obligations**. The unpaid principal amount of the Obligations outstanding on the Maturity Date, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Interest**. Interest on each Borrowing and any portion thereof shall commence to accrue in accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursal or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of <u>Section 2.6</u> hereof, even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a Borrowing is disbursed by wire transfer pursuant to instructions received from the Borrower in accordance with the related Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than the time of receipt thereof by the receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds in the applicable Currency (unless otherwise agreed by all Lenders) by the Administrative Agent to the Administrative Agent's account described in <u>Section 3.4</u> hereof, or any other account of the Administrative Agent which the Administrative Agent designates in writing 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Payment Dates**. Accrued and unpaid interest on the Obligations (i) shall be due and payable in arrears on each Interest Payment Date and on the Maturity

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Date, (ii) shall be due and payable on each other date of any reduction of the Principal Obligations hereunder (solely with respect to the portion of the Obligations so prepaid), (iii) with respect to any Obligation with respect to which the Borrower is in default, shall be due and payable at any time and from time to time following such default upon demand by Administrative Agent and (iv) in the event of any Conversion of any Eurocurrency Rate Loan or Term RFR Loan prior to the end of the Interest Period applicable thereto, accrued interest on such applicable Loan shall be payable on the effective date of such Conversion. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&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;**Direct Disbursement**. If, at any time, the Administrative Agent or Letter of Credit Issuer shall not have received on the date due, any payment of interest upon the Loans (other than as provided in <u>Section 3.3(d)</u> hereof), or any fee described herein, the Administrative Agent may direct the disbursement of funds from a Collateral Account of the Borrower (or the Borrower) to the Lenders to the extent available therein for payment of any such amount; <u>provided</u> that, subject to the provisions set forth in <u>Section 3.1</u> hereof, the amount so debited from any Collateral Account(s) shall not exceed the amount owing by the Borrower. Thereafter, if the amount available in the applicable Collateral Account(s) is not sufficient for the full payment of such amounts due from the Borrower, the Administrative Agent may, without prior notice to or the consent of the Credit Parties, within the limits of the Available Commitment, disburse to the Lenders or the Letter of Credit Issuer, in accordance with the terms hereof, in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be a Daily Simple RFR Loan for an amount owing in Dollars, Canadian Dollars Sterling or Swiss Francs, or a Eurocurrency Rate Loan with a one-month Interest Period with respect to an amount owing in an Alternative Currency (other than Canadian Dollars Sterling or Swiss Francs), to the Borrower pursuant to <u>Section 2.3</u> hereof, and the Borrower shall be deemed to have given to the Lenders in accordance with the terms and conditions of <u>Section 2.3</u> hereof a Request for Borrowing with respect thereto. After any disbursement of funds from any Collateral Account to the Lenders as contemplated in this <u>Section 3.3(c)</u>, the Administrative Agent shall promptly deliver written notice of such disbursement to the Borrower; <u>provided</u> that the failure of the Administrative Agent to give such notice will not affect the validity of such disbursement, and the Administrative Agent shall provide the Lenders with 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Capitalization of Interest**. Notwithstanding anything in this Credit Agreement to the contrary, if the Borrower notifies the Administrative Agent in a Request for Borrowing submitted pursuant to <u>Section 2.3</u> hereof that it elects to capitalize interest related to the Loan requested therein, then the amount of such interest shall be capitalized, added to the principal amount of such Loan and deemed to be a Loan under this Credit Agreement (each such Loan, a "***Capitalized Interest Loan***"), unless the Borrower otherwise notifies the Administrative Agent, with respect to interest payable in Dollars, at least three (3) Business Days and, with respect to interest payable in an Alternative Currency, at least four (4) Business Days prior to the applicable Interest

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Payment Date. Unless otherwise specified by the Borrower in writing, any such Capitalized Interest Loan shall become part of the existing Loan upon which it is capitalized, on the same terms and conditions (and in the same Currency) as such existing Loan. Notwithstanding anything in this <u>Section 3.3(d)</u> to the contrary, no interest shall be capitalized hereunder if (i) the result thereof would be the creation of an Excess Prepayment Event, or (ii) any Event of Default or Potential Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**&nbsp;&nbsp;&nbsp;&nbsp;**Payments on the Obligations**. All payments of principal of, and interest on, the Obligations under this Credit Agreement by the Borrower to or for the account of the Lenders, or any of them, shall be made without condition or deduction for any counterclaim, defense, recoupment or set-off by the Borrower for receipt by the Administrative Agent on the relevant due date therefor in federal or other immediately available funds in the same currency in which the relevant amount was remitted not later than 5:00 p.m., New York time, to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, to such account of the Administrative Agent that the Administrative Agent designates in writing to the Borrower. Funds received after 5:00 p.m., New York time, shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such funds. Except as provided in <u>Section</u> <u>2.14</u>, <u>2.15</u> or <u>12.11</u> hereof, and as contemplated by the definition of "Applicable Margin", each Lender shall be entitled to receive its Pro Rata Share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by the Administrative Agent hereunder for the account of a Lender shall be promptly distributed by the Administrative Agent to such Lender. If any payment to be made by the Borrower shall come due on a day other than an Interest Payment Date, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by the Borrower of principal of, and interest on, the Obligations of the Borrower to or for the account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of the Borrower's obligations with respect to any such payments, and the Administrative Agent shall indemnify, and each Lender shall hold harmless, the Borrower from any claims asserted by any Lender in connection with the Administrative Agent's duty to distribute and apportion such payments to the Lenders in accordance with this <u>Section 3.4</u>. At all times when no Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations shall be credited as directed by the Borrower. At all times when an Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations (including all amounts received by the Administrative Agent pursuant to the exercise of remedies hereunder or under any Collateral Document) shall be credited, to the extent of the amount thereof, in the following manner:

&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;*first*, against all costs, indemnities, expenses and other fees (including attorneys' fees) arising under the terms hereof or under 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;*second*, against the amount of interest accrued and unpaid on the Obligations of the Borrower as of the date of such payment;

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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)&nbsp;&nbsp;&nbsp;&nbsp;*third*, against all principal due and owing on the Obligations of the Borrower as of the date of such payment (including any Capitalized Interest Loan); 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)&nbsp;&nbsp;&nbsp;&nbsp;*fourth*, to all other amounts constituting any portion of the Obligations of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**&nbsp;&nbsp;&nbsp;&nbsp;**Voluntary Prepayments**. The Borrower may, at any time or from time to time, without premium or penalty, with prior written notice to the Administrative Agent, which such notice must be received by Administrative Agent not later than 2:00 p.m.: (i) three (3) Business Days prior to the requested date with respect to any Eurocurrency Rate Loans; (ii) three (3) Business Days prior to the requested date with respect to any Term RFR Loans or Daily Simple RFR Loans (other than in Dollars); (iii) two (2) Business Days prior to the requested date with respect to any Daily Simple RFR Loans in Dollars; and (iv) on the requested date with respect to any Reference Rate Loans if such date is a Business Day, prepay the principal of the Obligations then outstanding, in whole or in part, at any time or from time to time; <u>provided</u> that if the Borrower shall prepay the principal of any Eurocurrency Rate Loan on any date other than the last day of the applicable Interest Period applicable thereto, the Borrower shall make the payments required by <u>Section 4.5</u> hereof. Each such notice shall specify the date (which shall be a Business Day) and amount of such prepayment and the type(s) of Loans to be prepaid. Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's applicable percentage of such prepayment. Any such voluntary prepayment received after the close of business in New York City on the date specified in such notice shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**&nbsp;&nbsp;&nbsp;&nbsp;**Reduction or Early Termination of Lender Commitments**. The Borrower may terminate the Lender Commitments, or from time to time reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction three (3) Business Days (or such shorter time as the Administrative Agent may permit) prior to the effective date of such termination or reduction (which date shall be specified by the Borrower in such notice): (a)(i) in the case of complete termination of the Lender Commitments, upon prepayment by the Borrower of all of the outstanding Obligations, including, without limitation, all fees and interest accrued thereon, in accordance with the terms of <u>Section 3.5</u> hereof; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including, without limitation, payment of all fees and interest accrued thereon, in accordance with the terms of <u>Section 3.5</u> hereof, <u>provided</u> that, except in connection with a termination of all of the Lender Commitments, the Maximum Commitment may not be reduced such that, upon such reduction, the Available Commitment is less than the Dollar Equivalent of the aggregate stated amount of (i) outstanding Letters of Credit plus (ii) the amount indicated in all outstanding Requests for Letter of Credit; and (b) in the case of the complete termination of the Lender Commitments, if any Letter of Credit Liability exists, upon payment to the Administrative Agent for deposit in a segregated interest-bearing cash collateral account, as security for the Letter of Credit Liability, an amount equal to the Letter

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of Credit Liability then outstanding at the time such notice is given in the applicable Currencies of such outstanding Letters of Credit, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived. Unless otherwise required by Law, upon the full and final payment of the Letter of Credit Liability, or upon the termination of all outstanding Letter of Credit Liability due to the expiration of all outstanding Letters of Credit prior to draws thereon, the Administrative Agent shall return to the Borrower any amounts remaining in said cash collateral account; <u>provided</u> that, so long as no Event of Default or Potential Default exists, to the extent individual Letters of Credit expire, the Administrative Agent will return to the Borrower the corresponding amount of the expired Letter of Credit Liability. Notwithstanding the foregoing: (1) any reduction of the Maximum Commitment shall be in an amount equal to $5,000,000 or multiples thereof (or such other amount as agreed by the Administrative Agent); and (2) in no event shall a reduction by the Borrower reduce the Maximum Commitment to less than $25,000,000 (except for a termination of all the Lender Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Lender Commitments of the Lenders on a *pro rata basis*, subject to <u>Section 2.15</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7**&nbsp;&nbsp;&nbsp;&nbsp;**Lending Office**. Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender as its lending office (and the office to whose accounts payments are to be credited) for any Loan; and (b) change its lending offices from time to time by notice to the Administrative Agent and the Borrower. Each Lender shall be entitled to fund all or any portion of its Lender Commitment in any manner it reasonably deems appropriate, consistent with the provisions of <u>Section 2.5</u> hereof, but for the purposes of this Credit Agreement such Lender shall, regardless of such Lender's actual means of funding, be deemed to have funded its Lender Commitment in accordance with the Interest Option selected from time to time by the Borrower for such Borrowing period.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN CIRCUMSTANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**&nbsp;&nbsp;&nbsp;&nbsp;**Increased Cost and Reduced Return; Change in 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Change in Law: Increased Costs**. Subject to <u>Section 4.1(b)</u> hereof, if any Lender or the Letter of Credit Issuer reasonably determines that as a result of the introduction after the Closing Date, or if later, with respect to any Lender or the Letter of Credit Issuer, after the date such Lender or Letter of Credit Issuer became a Lender or the Letter of Credit Issuer hereunder, of any change in, or in the interpretation by any Governmental Authority of, any Law or the method by which such Lender or the Letter of Credit Issuer must comply therewith, there shall be any increase in the cost to such Lender or the Letter of Credit Issuer of agreeing to make or making, funding or maintaining Eurocurrency Rate Loans, RFR Loans or Reference Rate Loans or (as the case may be) issuing or participating in Letters of Credit by virtue of the participation arrangement provided in <u>Section 2.8(c)</u> hereof (including the imposition, modification or application of any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), or a reduction in the amount received or receivable by such Lender or the Letter of Credit Issuer in connection with

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any of the foregoing (excluding for purposes of this <u>Section 4.1(a)</u> any such increased costs or reduction in amount resulting from (i) Non-Excluded Taxes (as to which <u>Section 4.6</u> hereof shall govern), (ii) Taxes described in clauses (b) through (d) of the definition of Excluded Taxes, and (iii) Taxes imposed on or measured by net income (however denominated) or that are franchise Taxes (imposed in lieu of net income Taxes), or branch profit Taxes imposed as a result of a present or former connection between a Lender or Letter of Credit Issuer and the jurisdiction imposing such Tax (other than connections arising from such Lender or Letter of Credit Issuer having executed, delivered, become a party to or performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document), then from time to time upon demand of such Lender or the Letter of Credit Issuer (with a copy of such demand to the Administrative Agent)), the Borrower shall pay to such Lender or the Letter of Credit Issuer, as applicable, on or prior to the Required Payment Time (measured from the date of such demand), such additional amounts (subject to <u>Section 4.7</u> hereof) as will compensate such Lender or the Letter of Credit Issuer for such increased cost or reduction (<u>provided</u> that such amounts (other than Taxes) shall be consistent with amounts that such Lender or the Letter of Credit Issuer is generally charging other borrowers similarly situated 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Change in Law: Reduced Return**. If any Lender or the Letter of Credit Issuer reasonably determines that the introduction after the Closing Date, or if later, with respect to any Lender or the Letter of Credit Issuer, after the date such Lender or the Letter of Credit Issuer became a Lender or the Letter of Credit Issuer hereunder, of any Law regarding capital adequacy or liquidity requirement or any change therein or in the interpretation by any Governmental Authority thereof, or the method by which such Lender (or its Applicable Lending Office) or the Letter of Credit Issuer must comply therewith, has the effect of reducing the rate of return on the capital of such Lender or the Letter of Credit Issuer or any entity controlling such Lender or the Letter of Credit Issuer as a consequence of such Lender's or the Letter of Credit Issuer's obligations hereunder (taking into consideration its policies with respect to capital adequacy and liquidity requirements and such Lender or the Letter of Credit Issuer's or entity's desired return on capital), then from time to time upon demand of such Lender or the Letter of Credit Issuer (with a copy of such demand to the Administrative Agent), the Borrower shall (subject to <u>Section 4.7</u> hereof) pay to such Lender or the Letter of Credit Issuer, as applicable, on or prior to the Required Payment Time (measured from the date of such demand), such additional amounts as will compensate such Lender or the Letter of Credit Issuer for such reduction (<u>provided</u> that such amounts shall be consistent with amounts that such Lender or the Letter of Credit Issuer is generally charging other borrowers similarly situated 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Notice**. Each Lender and the Letter of Credit Issuer shall promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, but in no event later than one hundred eighty (180) days after the occurrence of such event, which will or may entitle such Lender to

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compensation pursuant to this <u>Section 4.1</u>; <u>provided</u>, that, if the circumstance giving rise to such increased cost or reduction is retroactive, then such one hundred eighty (180) day period referenced above shall be extended to include the period of retroactive effect. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the good faith judgment of such Lender, be otherwise disadvantageous to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Types of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**[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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Effect of Benchmark Transition Event**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Benchmark Replacement**. Notwithstanding anything to the contrary herein or in any other Loan Document:

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Future Benchmark Replacement**. If a Benchmark Transition Event occurs after the Closing Date with respect to any then-current Benchmark and a Benchmark Replacement is determined, then such Benchmark Replacement will replace such then-current Benchmark for all purposes hereunder and under each other Loan 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 by the Administrative Agent to the Lenders and the Borrower without any amendment to, or further action or consent of any other party to, this Credit 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. At any time that the administrator of a then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the Borrower(s) may revoke any Request for Borrowing for, Conversion to or Continuation of, a Eurocurrency Rate Loan or RFR Loan that would bear interest by reference to such Benchmark until the Borrower's receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark and, failing that, the Borrower will be deemed to have converted any such Request for Borrowing for, Conversion to or Continuation of, a Eurocurrency Rate Loan or RFR Loan into a Reference Rate Loan. During the period referenced in the foregoing sentence, the component of the Reference Rate based upon the applicable then-current Benchmark will not be used in any determination of the Reference Rate. Furthermore, if any Eurocurrency Rate Loan or RFR Loan in such Currency (as applicable) is outstanding on the date of the Borrower's receipt of such notice from the Administrative Agent under this <u>clause (B)</u> with respect to a then-current Benchmark applicable to such Eurocurrency Rate Loan or RFR Loan, then until such time as a Benchmark Replacement for such then-current Benchmark is implemented pursuant to this <u>Section 4.2(b)</u> (including, for the avoidance of doubt, by any amendment to implement any necessary Benchmark Replacement Conforming Changes related thereto) (i) if such RFR Loan is

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denominated in Dollars, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, a Reference Rate Loan denominated in Dollars on such day or (ii) if such Eurocurrency Rate Loan or RFR Loan is denominated in an Alternative Currency, then such Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), at the Borrower's election prior to such day: (A) be prepaid by the Borrower on such day or (B) such Eurocurrency Rate Loan or RFR Loan shall be Converted into Loans bearing interest at the Reference 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Benchmark Replacement Conforming Changes**. In connection with the implementation and administration of a Benchmark Replacement, 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 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 Credit Agreement or any other Loan Document (other than as provided in the definition of Benchmark Replacement Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Notices; Standards for Decisions and Determinations**. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, and (D) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>clause (iv)</u> below. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 4.2(b)</u>, 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 Credit Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section 4.2(b)</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Unavailability of Tenor of Benchmark**. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if a then-current Benchmark is a term rate (including any Term RFR or Eurocurrency Rate), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for such Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for such Benchmark (including Benchmark Replacement) settings.

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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;(iv)&nbsp;&nbsp;&nbsp;&nbsp;**[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;**Tax Matters**. The Administrative Agent and, to the extent the Borrower shall have any consent or consultation right in respect of the selection of such Benchmark Replacement, each such applicable party shall use commercially reasonable efforts to satisfy any applicable Internal Revenue Service guidance, including Section 1.1001-3 of the United States Treasury Regulations and any future guidance, to the effect that a Benchmark Replacement will not result in a deemed exchange for U.S. federal income tax purposes of any Loan under this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**&nbsp;&nbsp;&nbsp;&nbsp;**Illegality**.

&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;If any Lender reasonably determines that any Law adopted after the Closing Date or if later, with respect to any Lender, after the date such Lender became a Lender hereunder, has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans or RFR Loans, or to determine or charge interest rates based upon the applicable Eurocurrency Rate or RFR or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or take deposits of any Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or Continue Eurocurrency Rate Loans in the relevant Currency or to Convert Loans to such applicable RFR Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower pursuant to <u>Section 4.4</u> hereof that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice: (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans or RFR Loans denominated in an Alternative Currency to Loans bearing interest at the Reference Rate or RFR Loans denominated in Dollars of such Lender to Reference Rate Loans (with an interest rate that shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Daily Simple RFR for Dollars component of the Reference Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans or RFR Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or RFR Loans; and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the applicable RFR, the Administrative Agent shall during the period of such suspension compute the Reference Rate applicable to such Lender without reference to the Daily Simple RFR for Dollars component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon such applicable RFR. Upon the prepayment of any such Loans, the Borrower shall also pay interest on the amount so prepaid. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**&nbsp;&nbsp;&nbsp;&nbsp;**Treatment of Affected 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;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 4.2</u>, in connection with any RFR Loan or any Reference Rate Loan, a Request for Borrowing therefor, a Conversion thereto or a Rollover thereof or otherwise, if for any reason (i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that (x) if Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, "Daily Simple RFR" cannot be determined pursuant to the definition thereof, or (y) if Term RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, "Term RFR" cannot be determined pursuant to the definition thereof on or prior to the first day of any Interest Period, (ii) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that a fundamental change has occurred in the foreign exchange markets with respect to an applicable Alternative Currency (including changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), or (iii) the Required Lenders determine (which determination shall be conclusive and binding absent manifest error) that the applicable Daily Simple RFR, Term RFR or Reference Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower and the Lenders. Upon notice thereof by the Administrative Agent to the Borrower and the Lenders, (A) any obligation of the Lenders to make RFR Loans in each such Currency, and any right of the Borrower to convert any Loan in each such Currency (if applicable) or Rollover any Loan as an RFR Loan in each such Currency (if applicable), shall be suspended (to the extent of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) until the Administrative Agent revokes such notice and (B) if such determination affects the calculation of the Reference Rate, the Administrative Agent shall during the period of such suspension compute the Reference Rate without reference to <u>clause (c)</u> of the definition of "Reference Rate" until the Administrative Agent revokes such notice. Upon receipt of such notice, (A) the Borrower may revoke any pending Request for Borrowing of, Conversion Notice to or Rollover Notice of RFR Loans in each such affected Currency (to the extent of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) or, failing that, (I) in the case of any Request for Borrowing of any affected RFR Loans in Dollars, the Borrower will be deemed to have converted any such request into a Request for Borrowing of or Conversion Notice to Reference Rate Loans in the amount specified therein, and (II) in the case of any Request for Borrowing of any affected RFR Loans in an Alternative Currency, then such request shall be ineffective, and (B)(I) any outstanding affected RFR Loans denominated in Dollars will be deemed to have been converted into Reference Rate Loans immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period, and (II) any outstanding affected RFR Loans denominated in an Alternative Currency, at the Borrower's election, shall either (1) be converted into Reference Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period, or (2) be prepaid in full, together

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with accrued interest thereon (subject to the last sentence of <u>Section 2.6(a)</u>), immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is three (3) Business Days after receipt by the Borrower of such notice or, in the case of Term RFR Loans, the last day of the current Interest Period for the applicable RFR Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (1)</u> above. Upon any such prepayment or conversion, the Borrower shall also pay any additional amounts required pursuant to <u>Section 4.5</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 4.2</u>, if, for any reason on or prior to the first day of any Interest Period with respect to a Eurocurrency Rate Loan, a Request for Borrowing therefor, a Conversion thereto or a Rollover thereof or otherwise, (w) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that deposits are not being offered to banks in the applicable interbank market for the applicable Currency, amount and Interest Period of such Loan, (x) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that a fundamental change has occurred in the foreign exchange or interbank markets with respect to the applicable Alternative Currency (including changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), (y) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the Eurocurrency Rate for such Currency and Interest Period, including because any screen rate for the applicable Currency is not available or published on a current basis, or (z) the Required Lenders determine (which determination shall be conclusive and binding absent manifest error) that the Eurocurrency Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower and the Lenders. Upon notice thereof by the Administrative Agent to the Borrower and the Lenders, any obligation of the Lenders to make Eurocurrency Rate Loans in each such Currency, and any right of the Borrower to convert any Loan in each such Currency (if applicable), or Rollover any Loan as a Eurocurrency Rate Loan in each such Currency (in each case, to the extent of the affected Eurocurrency Rate Loans or Interest Periods), shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such notice, (A) the Borrower may revoke any pending Request for Borrowing of, Conversion Notice to or Rollover Notice of Eurocurrency Rate Loans in each such affected Currency (to the extent of the affected Eurocurrency Rate Loans or the affected Interest Periods) or, failing that, in the case of any Request for Borrowing of any affected Eurocurrency Rate Loans in such Alternative Currency, then such request shall be ineffective and (B) any outstanding affected Eurocurrency Rate Loans denominated in such Alternative Currency, at the Borrower's election, shall either (1) be converted into Reference Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) at the end of the applicable Interest Period or (2) be prepaid in full, together with accrued interest thereon (subject to the last sentence of <u>Section 2.6(a)</u>), at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is

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three (3) Business Days after receipt by the Borrower of such notice or, in the case of Eurocurrency Rate Loans, the last day of the current Interest Period for the applicable Eurocurrency Rate Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (1)</u> above. Upon any such prepayment or conversion, the Borrower shall also pay any additional amounts required pursuant to <u>Section 4.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**&nbsp;&nbsp;&nbsp;&nbsp;**Compensation**. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such Lender for any cost or expense actually incurred by it (other than loss of margin or spread) as a result 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Conversion, payment or prepayment by the Borrower of any Eurocurrency Rate Loan or Term RFR Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); <u>provided</u> that no Borrower shall be required to pay any of the foregoing amounts to the Lenders due to a prepayment pursuant to clause (b) of <u>Section 2.5</u> hereof as a result of a Lender failing to make its Pro Rata Share of any requested Borrowing; 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;any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan, and including, without limitation, the failure of any condition precedent specified in <u>Section 6</u> hereof to be satisfied) to prepay, borrow, or Continue or Convert any Eurocurrency Rate Loan or Term RFR Loan or Convert a Reference Rate Loan to a Eurocurrency Rate Loan or Term RFR Loan on the date or in the amount notified by the Borrower including any loss or expense (other than loss of margin or spread) arising from the liquidation of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**&nbsp;&nbsp;&nbsp;&nbsp;**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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Non-Excluded Taxes**. Any and all payments by, or on account of any obligation of, the Borrower to or for the account of the Administrative Agent, any Lender or the Letter of Credit Issuer under any Loan Document or in connection with any Letter of Credit shall be made free and clear of and without deduction for any and all present or future Taxes with respect thereto, unless required by applicable Law. If the Borrower or the Administrative Agent shall (as determined in the good faith discretion of such Person) be required by any applicable Laws to deduct or withhold any Taxes from any such payment: (i) in the event that such deduction or withholding is in respect of Non-Excluded Taxes, the sum payable by the Borrower 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 <u>Section 4.6</u>), the Administrative Agent and such Lender or Letter of Credit Issuer (without duplication) receives an amount equal to the sum it would have received had no such deductions or withholdings of Non-Excluded Taxes been made; (ii) the Borrower or the Administrative

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Agent, as applicable, shall make such deductions and withholdings of Taxes; and (iii) the Borrower or the Administrative Agent, as applicable, shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Deduction of Excluded Taxes**. The Borrower shall promptly, upon becoming aware that the Borrower must deduct or withhold any Tax on a payment under a Loan Document (or that there is any change in the rate or the basis of a Tax required to be deducted or withheld), notify the Administrative Agent accordingly.

&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;**Other Taxes**. Without duplication of amounts paid to Section 4.6(a), the Borrower agrees to pay any and all present or future stamp, court or documentary, intangible, record, filing, stamp duty reserve tax, stamp duty land tax, and any other excise or property taxes or charges or similar levies or penalties that arise from any payment made by it under any Loan Document or in connection with any Letter of Credit or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document to which it is a party or any Letter of Credit issued for its account (hereinafter referred to as "***Other Taxes***"); <u>provided</u> that the Borrower shall not be responsible hereunder to pay any such Other Taxes (i) arising in connection with any Lender's violation of applicable Law and/or the use by any Lender of funds constituting Plan Assets, (ii) that are Other Connection Taxes imposed on an assignment pursuant to <u>Section 12.11(c)</u> hereof respectively (except in circumstances described in <u>Section 4.9</u> below), (iii) if any Loan Document is voluntarily presented (including under a contractual obligation) to the registration formalities in Luxembourg, or (iv) if any Loan Document is appended to a document that requires mandatory registration in Luxembourg.

&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;**Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower agrees to jointly and severally, indemnify any Secured Party for (A) the full amount of Non-Excluded Taxes and Other Taxes (including any Non-Excluded Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this <u>Section 4.6</u>) paid or payable by such Secured Party (other than the Collateral Agent), and (B) any liability (including, without duplication, penalties, interest or expenses, including legal expenses incurred in the enforcement of this Credit Agreement against the Administrative Agent or the Borrower), excluding any penalties, interest or expenses attributable to the gross negligence or willful misconduct of the Administrative Agent or any Lender or any of their Affiliates arising therefrom or with respect thereto, in each case whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this <u>Section 4.6(d)</u> shall be made by the Required Payment Time (measured from the date of demand by the applicable Secured Party). Nothing in this <u>Section 4.6(d)</u> shall require the Borrower to indemnify the Secured Parties (other than the Collateral Agent) to the extent that the Non-Excluded Taxes, Other Taxes or liabilities are or will be compensated for under <u>Section 4.6(a)</u> hereof, are suffered

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or incurred in respect of any Bank Levy (or any payment attributable to, or liability arising as a consequence of, a Bank Levy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender shall severally indemnify the Administrative Agent for (x) any Non-Excluded Taxes attributable to such Lender (but only to the extent that a Borrower has not already indemnified the Administrative Agent for such Non-Excluded Taxes and without limiting the obligation of the Borrower to do so), (y) any Taxes attributable to such Lender's failure to comply with the provision of <u>Section 12.11(f)</u> relating to the maintenance of a Participant Register, and (z) any Excluded Taxes and any and all related losses, claims, liabilities, penalties, interest and reasonable expenses (including the fees, charges and disbursements of any counsel for the Administrative Agent, as applicable) attributable to such Lender and incurred by or asserted against the Administrative Agent in connection with any Loan Document, as applicable, by the relevant Governmental Authority for not properly withholding such Excluded Taxes, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this <u>Section 4.6(d)(ii)</u>. The agreements in this <u>Section 4.6(d)</u> hereof shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all other 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Prescribed Forms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;In the event that any Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and duly executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender or Letter of Credit Issuer, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender or Letter of Credit Issuer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>clause (e)(ii)</u> and <u>(iii)</u> below) shall not be required if, in

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a Lender's reasonable judgment, such completion, execution or submission would subject such Lender, as applicable, to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing, each Lender or Letter of Credit Issuer that is a U.S. Person, on or prior to the date on which such Lender or Letter of Credit Issuer becomes a Lender or Letter of Credit Issuer hereunder (and from time to time thereafter upon the reasonable request of a Borrower or the Administrative Agent, but only to the extent that such Lender or Letter of Credit Issuer is legally entitled to do so), shall deliver to the Borrower and the Administrative Agent executed copies of Internal Revenue Service Form W-9 or any applicable successor form, certifying that such Lender or Letter of Credit Issuer is exempt from U.S. federal backup withholding tax. Each Lender or Letter of Credit Issuer that is not a U.S. Person, on or prior to the date on which such Lender or Letter of Credit Issuer becomes a Lender or Letter of Credit Issuer under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) shall, only to the extent that such Lender or Letter of Credit Issuer is legally entitled to do so, deliver to the Borrower and the Administrative Agent executed copies of whichever of the following is applicable: (A) Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or any applicable successor form, (I) claiming eligibility of such Lender or Letter of Credit Issuer for a complete exemption from, or reduction of, U.S. federal withholding Tax pursuant to the benefits of an income tax treaty to which the United States is a party, or (II) accompanied by a certificate for the "portfolio interest" rule of Section 881(c) of the Internal Revenue Code, stating that such Lender or Letter of Credit Issuer is not (x) a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (y) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code or (z) a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code, (B) Internal Revenue Service Form W-8ECI, or any applicable successor form, (C) Internal Revenue Service Form W-8IMY, or any applicable successor form accompanied by Internal Revenue Service Form W-8ECI, W-8BEN, W-8BEN-E, W-9 and/or other certification documents from each beneficial owner, as applicable, evidencing a complete exemption from or reduction of U.S. withholding Tax, or (D) such other documentary evidence satisfactory to Borrowers and the Administrative Agent that such Person is entitled to a complete exemption from or reduction of U.S. withholding Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender and Letter of Credit Issuer shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional

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documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender or Letter of Credit Issuer has complied with such Lender's or Letter of Credit Issuer's obligations thereunder or to determine the amount to deduct and withhold from such payment. For purposes of this clause (iii), "FATCA" shall include any amendments made to FATCA after the date of this Credit Agreement and analogous provisions of non-U.S. law.

Each Lender and Letter of Credit Issuer agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&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;**Status of Administrative Agent.** If the Administrative Agent is a U.S. Person, then it shall, on or prior to the date of this Credit Agreement (or, in the case of a successor Administrative Agent, on or before the date on which it becomes the Administrative Agent hereunder), provide the Borrower with a properly completed and duly executed copy of IRS Form W-9 confirming that the Administrative Agent is exempt from U.S. federal back-up withholding. If the Administrative Agent is not a U.S. Person, then it shall, on or prior to the date of this Credit Agreement (or, in the case of a successor Administrative Agent, on or before the date on which it becomes the Administrative Agent hereunder), provide the Borrower with, (i) with respect to payments made to the Administrative Agent for its own account, a properly completed and duly executed copy of IRS Form W-8ECI (or other applicable IRS Form W-8), and (ii) with respect to payments made to the Administrative Agent on behalf of the Lenders, a properly completed and duly executed IRS Form W-8IMY confirming that the Administrative Agent agrees (A) to be treated as a "United States person" for U.S. federal withholding Tax purposes and the payments it receives for the account of such Lenders are not effectively connected with the conduct of its trade or business in the United States or (B) is a "Qualified Intermediary" for U.S. federal withholding Tax purposes; provided, in each case, that the Administrative Agent shall not be required to deliver any documentation pursuant to this Section 4.6(f) that it is not legally eligible to deliver as a result of any change in, or in the interpretation by any Governmental Authority of, any Law or the method by which such Administrative Agent must comply therewith occurring after the Closing Date (or, in the case of a successor Administrative Agent, occurring after the date on which it becomes the Administrative Agent hereunder). Such Administrative Agent agrees that if such documentation previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or promptly notify the Borrower in writing of its legal inability to do so.

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Selection of Lending Office**. If the Borrower is or is likely to be required to pay additional amounts to or for the account of any Lender pursuant to this <u>Section 4.6</u>, then such Lender will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office so as to eliminate or reduce any such additional payment

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which may thereafter accrue if such change, in the good faith judgment of such Lender, is not otherwise materially disadvantageous to such 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Evidence of Payment**. Within thirty (30) days after the date of any payment of Taxes or Other Taxes under a Loan Document by the Borrower, the Borrower shall furnish to the Administrative Agent the original or a certified copy of a receipt evidencing such payment, if any.

&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;**Tax Refunds**. Each Lender and Letter of Credit Issuer and the Administrative Agent agrees that if such Lender or Letter of Credit Issuer or the Administrative Agent determines, in its sole discretion exercised in good faith, that it subsequently recovers or receives a refund of any Taxes attributable to a Tax Payment by the Borrower, such Lender or Letter of Credit Issuer or the Administrative Agent shall promptly pay the Borrower such refund net of all out-of-pocket expenses (including Taxes) related thereto; <u>provided</u> that if, due to subsequent adjustment of such refund, such Lender or Letter of Credit Issuer or the Administrative Agent is required to repay such amount to the relevant Governmental Authorities, the Borrower agrees to repay to such Lender or Letter of Credit Issuer or the Administrative Agent, as the case may be, the amount required to be repaid, plus any interest, penalties, or other charges imposed by the Governmental Authority in respect thereof. Notwithstanding anything to the contrary in this paragraph (i), in no event will any Lender or Letter of Credit Issuer or the Administrative Agent be required to pay any amount to a Borrower pursuant to this paragraph (i) the payment of which would place such Lender or Letter of Credit Issuer or the Administrative Agent in a less favorable net after-Tax position than such Lender or Letter of Credit Issuer or the Administrative Agent 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 Lender or Letter of Credit Issuer or the Administrative Agent to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7**&nbsp;&nbsp;&nbsp;&nbsp;**Requests for Compensation**.

&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;**Certificate**. If requested by the Borrower in connection with any demand for payment pursuant to <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof, a Lender shall provide to the Borrower with a copy to the Administrative Agent, a certificate setting forth, unless prohibited by applicable Law, in reasonable detail the basis for such demand, the amount required to be paid by the Borrower to such Lender, the computations made by such Lender to determine such amount and satisfaction of the condition set forth in <u>subsection (b)</u> below. Such certificate shall, in the absence of manifest error, be conclusive and binding.

&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;**No Duplication**. Any amount payable by the Borrower on account of <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof shall not be duplicative of: (i) any amount paid under any

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other such sections, or (ii) any amounts included in the calculation of any Eurocurrency Rate, RFR or the Reference 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Refund**. Any amount determined to be paid by the Borrower in error pursuant to <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof shall be, if no Event of Default or Potential Default has occurred and is continuing, promptly refunded to the Borrower, or applied to amounts owing by the Borrower hereunder, as the Borrower may elect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8**&nbsp;&nbsp;&nbsp;&nbsp;**Survival.** Without prejudice to the survival of any other agreement of the Borrower hereunder, all of the Borrower's obligations under this <u>Section 4</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Lender Commitments or the termination of this Credit Agreement or any provision hereof. Each Lender and Letter of Credit Issuer shall notify the Borrower of any event occurring after the termination of this Credit Agreement entitling such Lender or Letter of Credit Issuer to compensation under <u>Section 4.1</u>, <u>4.5</u> or <u>4.6</u> hereof as promptly as practicable, but in any event within one hundred eighty (180) days, after such Lender or Letter of Credit Issuer obtains actual knowledge thereof; if any Lender or Letter of Credit Issuer fails to give such notice within one hundred eighty (180) days after it obtains actual knowledge of such an event, such Lender or Letter of Credit Issuer shall, with respect to compensation payable under <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof, only be entitled to payment for such compensation relating to the period from and after the date one hundred eighty (180) days prior to the date that such Lender or Letter of Credit Issuer does give such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9**&nbsp;&nbsp;&nbsp;&nbsp;**Replacement of Lenders**. If any Lender or Letter of Credit Issuer (a) requests compensation under this <u>Section 4</u>, (b) becomes a Defaulting Lender or (c) does not provide its consent to an amendment, modification or waiver that requires the consent of each Lender or Letter of Credit Issuer or each affected Lender or Letter of Credit Issuer, as applicable, and such amendment, modification or waiver receives the consent of the Required Lenders, then, if there is no Event of Default, the Borrower may, at its sole expense and effort, upon notice to such Lender or Letter of Credit Issuer and the Administrative Agent, require such Lender or Letter of Credit Issuer to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 12.11</u> hereof), all of its interests, rights and obligations under this Credit Agreement and the related Loan Documents or Letters of Credit to an Eligible Assignee who agrees to assume such obligations; <u>provided</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Lender or Letter of Credit Issuer shall have received payment of an amount equal to the outstanding principal of its Loans or Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this <u>Section 4</u>) 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any such assignment resulting from a claim for compensation under this <u>Section 4</u>, such assignment will result in a reduction in such compensation or payments thereafter;

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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)&nbsp;&nbsp;&nbsp;&nbsp;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;(d)&nbsp;&nbsp;&nbsp;&nbsp;a Lender or Letter of Credit Issuer shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or Letter of Credit Issuer or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**&nbsp;&nbsp;&nbsp;&nbsp;**Liens and Security 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Accounts**. Subject to the terms of the applicable Collateral Documents, each Credit Party, pursuant to the terms of the applicable Distribution Collateral Account Pledge, to further secure the payment and performance of the Obligations of each Credit Party, shall pledge and assign (by way of security) to the Administrative Agent, for the benefit of the Secured Parties, as collateral, its Distribution Collateral Account and all amounts and assets credited thereto. For the avoidance of doubt, no security interest or Lien will be created with respect to any Credit Party's direct or indirect interest in any Investment.

The collateral security set forth in <u>subsection</u> <u>(a)</u> of this <u>Section 5.1</u> shall be collectively referred to herein as the "***Collateral***". The security agreements, assignments, collateral assignments and any other documents and instruments from time to time executed and delivered pursuant to this Credit Agreement to grant a security interest in the Collateral, the Collateral Account Pledges, the Collateral Account Control Agreements, and any documents or instruments amending or supplementing the same, shall be collectively referred to herein as the "***Collateral Documents***". The Collateral provided by the Credit Parties shall secure the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**&nbsp;&nbsp;&nbsp;&nbsp;**The Collateral Accounts**.

&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 Collateral Accounts**. In order to directly or indirectly secure further the payment and the performance of the Obligations: (A) each Credit Party shall cause any Portfolio Investment Distributions and all proceeds from disposals or sales with respect to the Investments that are received by such Credit Party to be deposited into such Credit Party's Distribution Collateral Account promptly, but in any event within ten (10) Business Days to the extent no Event of Default or any other Cash Control Event is continuing, otherwise within three (3) Business Days following receipt thereof by such Person, and (B) during the continuance of an Event of Default or any other Cash Control Event that is continuing, each Credit Party shall cause any Portfolio Investment Distributions (excluding amounts retained or applied for a purpose set forth in clauses (i)-(vii) in the definition of "Net Cash Proceeds") (collectively, the "***Retained Distributions***" (as further defined below)) that are received by any Holding Vehicle to be deposited into the applicable Credit Party's Distribution Collateral Account, promptly, but in any event within five (5) Business Days, following receipt thereof by such Person; <u>provided</u> that, during a Cash Control Event (other than a Cash Control Event in which an Event of Default or Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof has occurred and is continuing), the "Retained Distributions" may also include

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Distributions retained to make an Investment pursuant to then-existing binding 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Use of the Collateral Accounts**. The Credit Parties may withdraw funds from the Collateral Accounts only in compliance with <u>Section 9.12</u> hereof. During the existence of the conditions specified in <u>Section 9.12</u> hereof, no Credit Party shall have any right to withdraw funds from any Collateral Account, except as described in <u>Section 9.12</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals from Collateral Accounts to pay Borrower Obligations**. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right, at any time during the continuation of such Event of Default, to direct the Depository Bank to withdraw funds from any Collateral Account(s), and apply such funds for the purpose of paying the Obligations that are then due and owing (after the passage of any applicable grace period); <u>provided</u> that promptly after any disbursement of funds from any such account to the Lenders, as contemplated in this <u>Section 5.2(c)</u>, the Administrative Agent shall deliver a written notice of such disbursement to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Offset**. In addition to the rights granted to the Administrative Agent and the Lenders under <u>Section 5.2</u> hereof, the Borrower hereby grants to each Lender a right of offset, to secure repayment of the Obligations of the Borrower or any other Borrower, as applicable, upon any and all monies, securities, or other property of the Borrower and the proceeds therefrom, now or hereafter held or received by or on behalf of or in transit to the Lenders, from or for the account of the Borrower, whether for safekeeping, custody, pledge, transmission, collection, or otherwise, and also upon any and all deposits (general or specified) and credits of the Borrower and any and all claims of the Borrower, against the Lenders at any time existing. The Lenders are hereby authorized at any time and from time to time during the existence of an Event of Default, without notice to the Borrower, to offset, appropriate, apply, and enforce such right of offset against any and all items referred to above against the Obligations of the Borrower or any other Borrower, as applicable. The Borrower shall be deemed directly indebted to the Lenders in the full amount of its Obligations, and the Lenders shall be entitled to exercise the rights of offset provided for above. The rights of the Lenders under this <u>Section 5.3</u> are subject to <u>Section 12.2</u> hereof. The Administrative Agent, and the Lenders, as applicable, shall give the Borrower prompt notice of any action taken pursuant to this <u>Section 5.3</u>, but failure to give such notice shall not affect the validity of such action or give rise to any defense in favor of the Borrower with respect to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Deliver Additional Collateral Documents**. Each Additional Borrower and Additional Guarantor that is added pursuant to <u>Section 2.9</u> hereof shall deliver such security agreements, financing statements, financing change statements, assignments, notices and other acknowledgments and other collateral documents (all of which security agreements shall be deemed part of the Collateral Documents), in form and substance satisfactory to the Administrative Agent, acting reasonably, as the Administrative Agent acting on behalf of the Lenders may reasonably request from time to time for the purpose of granting to, or maintaining or perfecting in favor of the Lenders, security interests in the

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Collateral with respect to which is the Credit Parties are granting a security interest to the Administrative Agent, together with other assurances of the enforceability of the Lenders' Liens and assurances of due recording and documentation of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require to avoid material impairment of the Liens and security interests (or the priority thereof) granted or purported to be granted pursuant to this <u>Section 5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5**&nbsp;&nbsp;&nbsp;&nbsp;**Subordination**. During the occurrence and continuation of an Event of Default, if there are any Obligations outstanding under the Credit Facility, no Credit Party shall make any payments or advances of any kind (other than Permitted Tax Distributions and subject in each case to <u>Section 5.2(a)</u> hereof and, with respect to amounts to be withdrawn from a Collateral Account, <u>Section 9.12</u> hereof), directly or indirectly, on any debts and liabilities to any other Credit Party or Investor whether now existing or hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the "***Other Claims***"), except to the extent that such payments or advances are being provided to a Credit Party in order to pay such Obligations. All Other Claims, together with all Liens, security interests, and all other encumbrances or charges on assets securing the payment of all or any portion of the Other Claims shall at all times during the continuance of an Event of Default, if there are any Obligations outstanding under the Credit Facility, be subordinated to and inferior in right and in payment to the Obligations and all Liens, security interests, and all other encumbrances or charges on assets securing all or any portion of the Obligations, and the Credit Parties agree to take any actions reasonably requested by the Administrative Agent as are necessary to provide for such subordination between it and any other Credit Party, *inter se*, including but not limited to including provisions for such subordination in the documents evidencing the Other Claims. Notwithstanding the foregoing, there shall be no restriction or limitation on the right of any General Partner, the AIFM or the Advisor (or Affiliate of any thereof) to receive management or other fees (including incentive management fees) payable to such General Partner, the AIFM, the Advisor (or such Affiliate) under or pursuant to the Partnership Agreements or the applicable Constituent Documents, except as set forth in <u>Section 9.10</u> hereof, provided that such management or other fees shall not be paid from the Collateral during any time that withdrawals from the Collateral Accounts are prohibited pursuant to <u>Section 9.12</u> hereof.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT TO LENDING.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations of the Lenders**. This Credit Agreement shall become effective on the Closing Date, subject to the Administrative Agent's receipt of the following (which, unless otherwise consented to in writing by the Administrative Agent, shall be received within one (1) Business Day of the date 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Credit Agreement**. This Credit Agreement, duly executed and delivered by the Credit Parties and each other party hereto;

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Notes**. The Notes, duly executed and delivered by the Borrower to each requesting Lender in accordance with <u>Section 3.1</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**[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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Accounts**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Evidence acceptable to the Administrative Agent, acting reasonably, that each Distribution Collateral Account has been established at the Depository 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Distribution Collateral Account Pledges, each duly executed and delivered by each applicable Credit Party; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Account Control Agreements with respect to the Distribution Collateral Accounts, each duly executed and delivered by each applicable Credit Party and the applicable Depository 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**UCC and Bankruptcy Searches**. Searches of (A) UCC filings (or their equivalent) in each jurisdiction where a filing would need to be made in order to perfect the Secured Parties' first priority security interest (subject to any Permitted Liens) in the Collateral, copies of the financing statements (if any) on file in such jurisdictions and evidence that no Liens (other than Permitted Liens) exist on the Collateral, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests and other rights of any Person in any Collateral previously granted, and (B) bankruptcy and insolvency, execution and other searches conducted by the Administrative Agent and its counsel with respect to the Credit Parties in all relevant jurisdictions selected by the Administrative Agent and its counsel;

&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;**Responsible Officer Certificates**. A certificate from a Responsible Officer of each then existing Credit Party, substantially in the form of <u>Exhibit L</u> 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**The Credit Parties' Constituent Documents**. True and complete copies of the Constituent Documents of the Credit Parties (and the Constituent Documents of its general partner, managing general partner or ultimate general partner as set forth in its signature block, as the case may be) and each Infra-Fund Subscription Entity, as in effect on the Closing Date, and together with certificates of existence or good standing or equivalent from the applicable Governmental Authority of each such Credit Party's and Infra-Fund Subscription Entity's jurisdiction of incorporation, organization, registration or formation, each dated on the Closing Date or a recent date prior thereto (including with respect to the Luxembourg Infra-Fund and its respective General Partner, excerpts (*extraits*) issued by the RCS and certificates as to the non-inscription of a court decision or administrative dissolution without liquidation (*certificats de non-inscription d'une décision judiciaire ou de dissolution administrative sans liquidation*) issued by the insolvency register (*Registre de l'insolvabilité*) (*Reginsol*) held and maintained by the

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RCS, dated no earlier than two (2) Business Days prior to the Closing Date), in each case satisfactory to the Administrative Agent 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Authority Documents**. Certified copies of resolutions of (or on behalf of) each applicable Credit Party authorizing the entry by each applicable Credit Party into the transactions contemplated herein and in the other Loan Documents to which such Credit Party 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Incumbency Certificate**. A signed certificate of a Responsible Officer of each Credit Party (or its general partner or applicable ultimate general partner, as the case may be) who shall certify the names of the Persons authorized, on the Closing Date, to sign each of the Loan Documents to which such Credit Party is a party and the other documents or certificates to be delivered pursuant to such Loan Documents on behalf of such Credit Party, together with the true signatures of each such Person. The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of the Persons named in such further certificate;

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties**. All of the representations and warranties of the Credit Parties (including such representation and warranties made on behalf of each General Partner) set forth herein and in the other Loan Documents shall be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Closing Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically 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;

&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)&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event shall have occurred and be continuing, or would result from any Borrowing or the issuance of any Letter of Credit on the Closing Date, which constitutes an Event of Default or a Potential 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;**Opinions**. A favorable opinion or opinions of (i) Simpson Thacher & Bartlett LLP, New York counsel to the Credit Parties; and (ii) Maples and Calder (Cayman) LLP, Cayman counsel to the Cayman Credit Parties; each in form and substance satisfactory to the Administrative Agent and its counsel, acting reasonably, dated 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;**[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;(n)&nbsp;&nbsp;&nbsp;&nbsp;**Fees; Costs and Expenses**. Payment of all fees and other amounts due and payable on or prior to the date hereof, including pursuant to the Fee Letter, and, to the extent invoiced at least two (2) Business Days prior to the date hereof, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrower hereunder, including the reasonable fees and disbursements invoiced through the date

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hereof of the Administrative Agent's special counsel, Cadwalader, Wickersham & Taft LLP and special Cayman Islands counsel, Harney, Westwood & Riegels (Cayman) LLP, which may be deducted from the proceeds of any initial Borrowing 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;(o)&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Status**. As of the Closing Date with respect to each Credit Party with one or more ERISA Investors, either (i) a copy of any opinion acceptable to the Administrative Agent, acting reasonably, delivered to ERISA Investors (along with a reliance letter, dated as of the later of such Credit Party's "initial valuation date" or the Closing Date, from the issuer of such opinion specifying that the Lenders are permitted to rely on such opinion as if such opinion had been addressed to them) regarding the status of such Credit Party as an Operating Company; <u>provided</u> that such opinion delivery requirement under this clause (i) may alternatively be satisfied by delivery to the Lenders of a copy of such Credit Party's most recent certificate, if any, of a Responsible Officer with respect to such Credit Party's most recent Annual Valuation Period to the effect that the assets of such Credit Party should not constitute Plan Assets of any such ERISA Investor and stating the basis for such conclusion, or (ii) a certificate signed by a Responsible Officer certifying that the underlying assets of such Credit Party should not constitute Plan Assets of any such ERISA Investor; 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;**Know Your Customer.** (i) A Beneficial Ownership Certification in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation and/or, with respect to the Borrower that does not qualify as a "legal entity customer" under the Beneficial Ownership Regulation, a certification describing the basis of such exemption, and (ii) any documents or information related to "Know Your Customer" or similar requirements reasonably requested by the Lenders (through the Administrative Agent), and required by their applicable regulatory requirements.

Without limiting the generality of the provisions of the last paragraph of <u>Section 11.3</u>, for purposes of determining compliance with the conditions specified in this <u>Section 6.1</u>, each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;**Additional Information**. The Administrative Agent shall have received such other information and documents as may reasonably be required by the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to all Loans and Letters of Credit**. The obligation of the Lenders to advance each Borrowing (including without limitation the initial Borrowing) or to cause the issuance of Letters of Credit (including, without limitation, the initial Letter of Credit) hereunder is subject to the additional conditions precedent 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties**. The representations and warranties (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in

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<u>Section 6.2(b)</u> below) set forth herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of the advance of such Borrowing or issuance of such Letter of Credit, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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)&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event shall have occurred and be continuing, or would result from the Borrowing or the issuance of the Letter of Credit, which constitutes an Event of Default or a Potential 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Request for Borrowing**. The Administrative Agent shall have received a Request for Borrowing or Request for Letter of Credit, 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Investment Events**. To the knowledge of the Borrower, no Material Investment Event or Intraperiod Adjustment Event has occurred except as disclosed in writing 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Application**. In the case of a Letter of Credit, the Letter of Credit Issuer shall have received an Application for Letter of Credit executed 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**No Material Adverse Effect**. To the knowledge of the Borrower, no circumstances exist or changes to the Borrower have occurred since the date of the most recent financial statements delivered or required to be delivered to the Administrative Agent hereunder that would reasonably be expected to result in a material adverse effect on the Borrower's ability to pay the Obligations when due in accordance with the terms of the Loan 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted NAV**. Solely with respect to the first to occur of the initial Borrowing or the issuance of the initial Letter of Credit, the Administrative Agent shall have received satisfactory evidence that the Adjusted NAV is no less than the applicable Minimum Adjusted NAV;

&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;**Financial Covenants.** The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, any such Borrowing or issuance of Letters 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Review Event.** Either no Review Event has occurred or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure Plan in all material respects;

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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;(j)&nbsp;&nbsp;&nbsp;&nbsp;**No Trigger Event**. No other Trigger Event has occurred as is continuing (or no other Trigger Event will be continuing after giving pro forma effect to the acquisition of any Investments with the proceeds 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;**No Excess Outstanding**. Immediately prior to, and after giving effect to such Borrowing or issuance of Letter of Credit, as applicable, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Maximum Commitment as of such date; and (B) the Letter of Credit Liability as of such date will not exceed the Letter of Credit Sublimit on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Additional Borrower Loans and Letters of Credit**. The obligation of the Lenders to advance a Borrowing to an Additional Borrower or to cause the issuance of a Letter of Credit for the account of an Additional Borrower is subject to the conditions that (in addition to the conditions specified in <u>Section 6.2</u>), on or prior to the date that such entity becomes an "Additional Borrower" hereunder (such date, the "***Additional Borrower Joinder 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Joinder Agreement**. The Administrative Agent shall have received from such Additional Borrower (i) a duly executed Borrower Joinder Agreement complying with the terms and provisions hereof and (ii) an updated <u>Schedule I</u> hereto which provides the relevant <u>Schedule I</u> information with respect to such Additional 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Other Items**. The Administrative Agent shall have received from or on behalf of such Additional Borrower the documents and other items set forth in <u>Sections 6.1(b)</u>, <u>(d)</u>, <u>(e)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u>, <u>(j)</u>, <u>(l)</u>, <u>(n)</u>, <u>(o)</u>, and <u>(p</u>), to the extent applicable to such Additional Borrower and applied *mutatis mutandis* with respect to the Additional Borrower Joinder Date as opposed to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions in respect of Additional Guarantors**. On or prior to the date that an entity becomes an "Additional Guarantor" hereunder (such date, the "***Additional Guarantor Joinder 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Guarantor Joinder Agreement**. The Administrative Agent shall have received from such Additional Guarantor (i) a duly executed Guarantor Joinder Agreement complying with the terms and provisions hereof and (ii) an updated <u>Schedule I</u> hereto which provides the relevant <u>Schedule I</u> information with respect to such Additional Guarantor; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Other Items**. The Administrative Agent shall have received from or on behalf of such Additional Guarantor the documents and other items set forth in <u>Sections 6.1(d)</u>, <u>(e)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u>, <u>(j)</u>, <u>(l)</u>, <u>(n)</u>, <u>(o)</u> and <u>(p</u>), to the extent applicable to such Additional Guarantor and applied *mutatis mutandis* with respect to the Additional Guarantor Joinder Date as opposed to the Closing Date.

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**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES**

To induce the Lenders to make the Loans and cause the issuance of Letters of Credit hereunder, each Credit Party hereby represents and warrants (solely as to itself and its General Partner) to the Administrative Agent and the Lenders that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**&nbsp;&nbsp;&nbsp;&nbsp;**Organization and Good Standing**.

&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 Credit Parties**. Each Credit Party is duly formed and/or registered, as applicable, validly existing and, except where such failure would not result in a Material Adverse Effect, in good standing (to the extent applicable) under the laws of its jurisdiction of formation and/or registration, each has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and each Credit Party, except where such failure would not result in a Material Adverse Effect, is qualified to do business in every jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification.

&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 General Partners**. Each Credit Party's General Partner is duly formed, validly existing and, except where such failure would not result in a Material Adverse Effect, in good standing (to the extent applicable) under the laws of its jurisdiction of formation and/or registration, each has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and each such General Partner, except where such failure would not result in a Material Adverse Effect, is qualified to do business in every jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**&nbsp;&nbsp;&nbsp;&nbsp;**Authorization and Power**. Each Credit Party has the requisite power and authority to execute, deliver and perform its obligations under this Credit Agreement, the Notes, the applicable Partnership Agreement, any applicable Constituent Documents, and any applicable subscription agreements, Infra-Fund Supplemental Agreements (if any) and each of the other Loan Documents to be executed by it, as the case may be; each Credit Party is duly authorized to, and has taken all action necessary to authorize it to, execute, deliver and perform its obligations under this Credit Agreement, the Notes, the applicable Partnership Agreements, the applicable Constituent Documents, the subscription agreements, Infra-Fund Supplemental Agreements (if any) and each of the other Loan Documents 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;**7.3**&nbsp;&nbsp;&nbsp;&nbsp;**No Conflicts or Consents**. None of the execution and delivery of this Credit Agreement or the other Loan Documents to which it is a party, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions thereof, will contravene or conflict, in any material respect, with any provision of Law to which each Credit Party and each Credit Party's General Partner is subject or any material judgment, license, order or permit applicable to such Credit Party and each Credit Party's General Partner or any material indenture, mortgage, deed of trust or other material agreement or instrument (including such Credit Party's and each such Credit Party's General Partner Constituent Documents, as applicable) to which such Credit Party or such Credit Party's General Partner is a party or by

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which such Credit Party or such Credit Party's General Partner may be bound, or to which such Credit Party or such Credit Party's General Partner may be subject. No material consent, approval, authorization or order of any court or Governmental Authority or third party is required in connection with the execution and delivery by any Credit Party of the Loan Documents to which it is a party or to consummate the transactions contemplated hereby or thereby, except (a) the consents, approvals, authorizations, filings and notices that have been obtained or made and are in full force and effect and (b) the filings and regulations referred to in <u>Section 6.1(e)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**&nbsp;&nbsp;&nbsp;&nbsp;**Enforceable Obligations**. This Credit Agreement, any Notes (in the case of the Borrower) and the other Loan Documents to which each Credit Party is a party are the legal and binding obligations of such Credit Party, enforceable against it in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5**&nbsp;&nbsp;&nbsp;&nbsp;**Priority of Liens**. The Collateral Documents to which each Credit Party is a party create, as security for the Obligations of such Credit Party (and, the Obligations of each other Credit Party), valid and enforceable security interests in and Liens on all of the Collateral in which the applicable Credit Party has any right, title or interest, in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens are prior to all other Liens on the Collateral (other than Permitted Liens), except as enforceability may be limited by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens on the Collateral in which the applicable Credit Party has any right, title or interest shall (subject to Permitted Liens) be superior to and prior to the rights of all third parties in such Collateral, and, other than in connection with any future change in Law or in the applicable Credit Party's name, identity or structure, or its jurisdiction of organization, as the case may be, no further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements, financing change statements or their equivalent in accordance with applicable Law. Each Lien referred to in this <u>Section 7.5</u> is and shall be the sole and exclusive Lien (other than Permitted Liens) on the Collateral in which the applicable Credit Party has any right, title or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Condition**. Each Credit Party has delivered to the Administrative Agent the most recently available copies of the financial statements and reports required pursuant to <u>Section 8.1(a)</u> hereof, if any, together with the Compliance Certificate and Financial Covenant Certificate required to be delivered under <u>Section 8.1(b)</u> and <u>(c)</u> hereof, as applicable, and such financial statements fairly present, in all material respects, the financial condition of the applicable Credit Parties as of the date of such financial statements and have been prepared in accordance with Generally Accepted Accounting Principles, except as provided therein. The Credit Parties, taken as a whole (after giving effect to the Loans and the other transactions to be consummated on the Closing Date), are Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7**&nbsp;&nbsp;&nbsp;&nbsp;**Full Disclosure**.

&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;There is no fact and there are no changes to any Credit Party or General Partner that such Credit Party has not disclosed to the Administrative Agent in writing which could reasonably be expected to have a Material Adverse Effect. No information heretofore furnished by such Credit Party, in connection with this Credit Agreement, the other Loan

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Documents or any transaction contemplated hereby (or, to the extent such information was provided to a Credit Party by an Investor, to the knowledge of such Credit Party) contains any untrue statement of material fact 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, to the best of the applicable Responsible Officer's knowledge, the information provided in the Beneficial Ownership Certification of the Borrower (if any) is complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8**&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event has occurred and is continuing which constitutes an Event of Default or a Potential Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9**&nbsp;&nbsp;&nbsp;&nbsp;**No Litigation**. As follows: (a) for purposes of this representation and warranty as of the Closing Date, there are no material actions, suits, investigations or legal, equitable, arbitration or administrative proceedings in any court or before any arbitrator or Governmental Authority ("***Proceedings***") pending, or to the knowledge of such Credit Party threatened, against any Credit Party or such Credit Party's General Partner, other than any such Proceeding that is disclosed in writing by such Credit Party to the Administrative Agent before the Closing Date; and (b) for purposes of this representation and warranty as of the date of the advance of any Borrowing or the issuance of any Letter of Credit, there are no such Proceedings pending, or to the knowledge of such Credit Party threatened, against such Credit Party or such Credit Party's General Partner, other than any such Proceeding that would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**. To the extent that failure to do so would (individually or in the aggregate) result in a Material Adverse Effect, all Tax returns required to be filed by any Credit Party in any jurisdiction have been filed and all Taxes (including mortgage recording Taxes), assessments, fees, and other governmental charges upon such Credit Party or upon any of its properties, income or franchises have been paid prior to the time that such Taxes become delinquent (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with Generally Accepted Accounting Principles have been provided on the books of the relevant Credit Party). To the knowledge of any Credit Party, there is no proposed Tax assessment against any Credit Party or any basis for such assessment that is material and is not being contested in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11**&nbsp;&nbsp;&nbsp;&nbsp;**Principal Office; Jurisdiction of Formation**. As of the Closing Date, (a) each of the principal office, chief executive office, registered office, and principal place of business of each Credit Party and such Credit Party's General Partner is correctly listed on <u>Schedule I</u> hereto, and such Credit Party and such Credit Party's General Partner has maintained such principal office, registered office, chief executive office and principal place of business at such location since its formation and/or registration; and (b) the jurisdiction of formation of each Credit Party and such Credit Party's General Partner is listed on <u>Schedule I</u> hereto, and no Credit Party or such Credit Party's General Partner is organized under the laws of any other jurisdiction. After the Closing Date, the principal office, chief executive or registered office and principal place of business of each Credit Party and such Credit Party's General Partner and the jurisdiction of formation of each Credit Party is as set forth on <u>Schedule I</u> hereto (including any updated <u>Schedule I</u> provided to the Administrative Agent

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for any Credit Party and such Credit Party's General Partner which have changed their principal office, chief executive office and principal place of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA**. Assuming that no portion of the assets used by any Lender in connection with the transactions contemplated under the Loan Documents constitutes Plan Assets, the execution, delivery and performance of this Credit Agreement and the other Loan Documents by each Credit Party which is a party hereto and thereto, and the borrowing and repayment of amounts under this Credit Agreement by the Borrower, do not constitute a non-exempt "prohibited transaction" under Section 406(a) of ERISA or Section 4975(c)(1)(A) - (C) of the Internal Revenue Code. As of the Closing Date, no Credit Party sponsors a Plan. Except as would not reasonably be expected to have a Material Adverse Effect, no Credit Party or any member of its respective Controlled Group maintains, has any obligation to contribute to, or has any liability (contingent or otherwise) with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**. Such Credit Party and its General Partner is in compliance with all Laws, rules, regulations, orders, and decrees which are applicable to it or its properties, except where non-compliance would not be reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year**. The fiscal year of each Credit Party is the calendar year, or in the case of the first and last fiscal years of the Credit Parties, the fraction or multiple thereof commencing on the effective date for such Credit Party or ending on the date on which winding up or liquidation of such Credit Party is completed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15**&nbsp;&nbsp;&nbsp;&nbsp;**Margin Stock.** Neither the execution and delivery by the Credit Parties of the Loan Documents nor the consummation of the transactions contemplated therein, nor performance of and compliance with the terms and provisions thereof by the Credit Parties will or will cause any Lender to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System applicable to Margin Stock or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same may hereafter be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Company Act**. No Credit Party organized, formed, incorporated or established and registered, as applicable, under the laws of a U.S. jurisdiction is an "investment company" and no Credit Party organized, formed, incorporated or established and registered, as applicable, under the laws of a non-U.S. jurisdiction is required to be registered as an "investment company", in each case within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17**&nbsp;&nbsp;&nbsp;&nbsp;**Ownership of Investments**.

&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;As of the Closing Date, and as of the date of each requested Borrowing hereunder by the Borrower, each Eligible Investment included in the calculation of the Available Commitment is owned by a Credit Party (directly or indirectly through a Holding Vehicle).

&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 Borrower, to its knowledge, has good and marketable title to the Investments which it owns (directly or indirectly through a Holding Vehicle), except for Liens not prohibited hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.18**&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Asset Control Laws**. Stonepeak maintains policies and procedures reasonably designed to ensure compliance by each Credit Party, each of its Subsidiaries and

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Holding Vehicles, and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and each such Credit Party, each of its Subsidiaries and Holding Vehicles, and, to the knowledge of each such Credit Party, their respective officers, employees and directors are in compliance with (a) all applicable Sanctions, (b) Anti-Corruption Laws, (c) the Patriot Act and any other applicable terrorism and anti-money laundering laws, rules, regulations and orders. None of (i) the Credit Parties or (ii) to the knowledge of such Credit Parties, their respective directors, officers or employees that will act in any capacity in connection with or benefit from the Credit Facility established hereby, is a Sanctioned Person. None of the Credit Parties (a) are located, incorporated, formed, organized, or resident in a Sanctioned Country, (b) have any business affiliation or commercial dealings with, or investments in, any Sanctioned Country or Sanctioned Person, except to the extent that such business affiliations, commercial dealings, or investments do not cause any Lender or Credit Party to violate any Sanctions, or (c) to the knowledge of such Credit Parties, are the subject of any action or investigation under any Sanctions or Anti-Corruption Laws. No Borrowing, use of proceeds or other transaction contemplated by this Credit Agreement will violate applicable Sanctions, any Anti-Corruption Law or the Patriot Act or any other applicable terrorism or anti-money laundering laws, rules, regulations and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.19**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Policy and Valuation Policy**. The Investment Policy and Valuation Policy of each Infra-Fund and Credit Party (as applicable) is in effect and has not been amended, supplemented or otherwise modified since the Closing Date, except in accordance with <u>Section 9.4</u> hereof and, in accordance with such Valuation Policy, a comprehensive valuation of the Investments shall be conducted annually by an independent valuation firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.20**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved].** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.21**&nbsp;&nbsp;&nbsp;&nbsp;**Plan Assets**. With respect to any Credit Party with one or more ERISA Investors, the underlying assets of such Credit Party do not constitute Plan Assets of any ERISA Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.22**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreement Representations**. The Credit Facility is a type of financing permissible under each Credit Party's Partnership Agreement.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES**

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit hereunder, and until payment and performance in full of the Obligations (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) under this Credit Agreement and the other Loan Documents, each Credit Party agrees (solely as to itself, and in the case of each Credit Party, its General Partner) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements, Reports and Notices**. The Credit Parties shall deliver to the Administrative Agent (and the Administrative Agent shall provide to the Lenders promptly upon receipt) the following:

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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;**Financial Reports**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Annual Reports**. Within one hundred twenty (120) days after the end of each fiscal year of each Infra-Fund (subject to reasonable delays in the event of the late receipt of any necessary financial information from any portfolio company), and in any event no later than five (5) Business Days after delivery thereof to the Investors, commencing with the fiscal year ending December 31, 2025, each such Infra-Fund's audited balance sheet and income statement, prepared in accordance with Generally Accepted Accounting Principles, as more particularly provided in the Partnership Agreement of such Infra-Fund, together with the unqualified opinion of a firm of nationally-recognized independent certified public accountants to the effect that such financial statements present fairly in all material respects the financial condition and results of operations of each Infra-Fund; 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)&nbsp;&nbsp;&nbsp;&nbsp;**Quarterly Reports**. As soon as available, but no later than ninety (90) days after the end of each of the first three (3) fiscal quarters of each Infra-Fund, but in no event later than five (5) Business Days after the date when such statements and reports are distributed to Investors, commencing with the fiscal quarter ending June 30, 2025, an unaudited report setting forth as of the end of such fiscal quarter, each such Infra-Fund's, balance sheet and income statement, certified by a Responsible Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of each Infra-Fund in accordance with Generally Accepted Accounting Principles, subject to normal year-end audit adjustments, the absence of footnotes and as otherwise described therein;

<u>provided</u> that the financial statements to be delivered in accordance with clauses (a)(i) and (ii) above may be separate, consolidated or combined for the various Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Monthly Reports**. As soon as available, but no later than the later of (x) twenty (20) Business Days after the end of each calendar month of the Borrower and (y) the immediately following Business Day after the date on which the monthly net asset value of the Infra-Fund Subscription Entities is delivered to Investors, commencing with the calendar month ending August 31, 2025, a report (collectively, the "***Monthly Report***") containing (A) a spreadsheet substantially in the form delivered on the Closing Date or such other form reasonably acceptable to the Administrative Agent reflecting (1) a trial balance with respect to each Credit Party setting forth each Credit Party's assets and liabilities for such calendar month, (2) a calculation of the Value of each Investment (and with respect to each Eligible Investment, identifying each such Investment as an Eligible Investment) held directly or indirectly by each Credit Party as of the end of such calendar month and the change in the Value as of such calendar month-end from the preceding calendar month-end, as determined in accordance with the

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Valuation Policy and the Generally Accepted Accounting Principles, (3) the amount of Portfolio Investment Distributions received by each Credit Party with respect to each Investment (and with respect to each Eligible Investment, identifying each such Investment as an Eligible Investment) during the trailing twelve (12) month period, (4) a calculation of the aggregate Value of (x) the Eligible Primary Investments and (y) the Liquid Assets, and (5) a calculation of the Adjusted NAV, (B) to the extent the Borrower has not previously notified the Administrative Agent thereof, a summary of any acquisitions or dispositions of Eligible Investments in such calendar month and (C) to the extent not previously delivered to the Administrative Agent, New Investment Materials with respect any new Eligible Primary Investments made by any Credit Party or Holding Vehicle through the date such report is delivered (*provided*, that in no event shall this clause (C) require any Credit Party or Affiliate thereof to breach any (x) binding confidentiality obligations owed to any Investors, Investments or bona fide counterparties with respect thereto or (y) securities Laws, other similar Laws or insider trading policies with respect to Investments, and the Borrower will be permitted to redact any of the foregoing contents of any Monthly Report solely to the extent necessary to avoid any such breach).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Other Reporting**. Promptly following the delivery to the Investors, other financial statements and material periodic reports from time to time prepared by the Infra-Funds and/or the Credit Parties and furnished to Investors in one or more of the Infra-Funds generally, including without limitation, any annual reports, communications relating to any change to the net asset value of any Investment, and the liquidity of such Infra-Fund.

Notwithstanding anything in this <u>Section 8.1(a)</u> to the contrary, the Borrower shall be deemed to have satisfied the applicable requirements of this <u>Section 8.1(a)</u> if the reports, documents and other information of the type otherwise so required thereby are publicly available when filed on EDGAR at the www.sec.gov website or any successor service provided by the SEC.

&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;**Compliance Certificate**. (x) As soon as available, but no later than five (5) Business Days after the date on which any quarterly financial reports are delivered pursuant to <u>Section 8.1(a)(ii)</u> hereof or any annual audited financial reports are delivered pursuant to <u>Section 8.1(a)(i)</u> hereof, (y) promptly upon any Credit Party's knowledge that the LTV Ratio exceeds the Maximum LTV Ratio or the Interest Coverage Ratio has declined below the Minimum Interest Coverage Ratio, and (z) on or prior to the Increase Effective Date pursuant to <u>Section 2.15(a)(iii)(10)</u>, a compliance certificate, substantially in the applicable form of <u>Exhibit R</u> hereto (the "***Compliance Certificate***"), executed by a Responsible Officer of the Borrower, and (i) stating whether, to such Responsible Officer's knowledge, any Event of Default or Potential Default has occurred and is continuing; (ii) stating whether the applicable Credit Parties are in compliance with the Financial Covenants contained in <u>Section 9.17</u> and the Debt Limitations contained in <u>Section 9.11</u> hereof and containing the calculations evidencing such compliance and (iii)

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stating that, to the knowledge of the applicable Responsible Officer, no Material Investment Event has occurred and is continuing with respect to any Eligible Investment or if one has occurred, the nature of such Material Investment Event.

&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;**Financial Covenant Certificates**. The Borrower shall provide to the Administrative Agent a certificate, substantially in the applicable form of <u>Exhibit R</u> hereto, certified by a Responsible Officer of the Borrower to be true and correct in all material respects, stating whether the applicable Credit Parties are in compliance with the Financial Covenants contained in <u>Section 9.17</u> and the Debt Limitations contained in <u>Section 9.11</u> hereof and containing a spreadsheet substantially in the form delivered on the Closing Date which includes the calculations evidencing such compliance (each a "***Financial Covenant Certificate***"): (i) on the effective date of any extension of the Stated Maturity Date pursuant to <u>Section 2.14</u> and any Increase Effective Date pursuant to <u>Section 2.15(a)</u>; and (ii) promptly following its knowledge, but not later than two (2) Business Days thereafter, of the occurrence of any Material Investment Event (calculated after giving effect thereto), which shall include a calculation of the Financial Covenants under <u>Section 9.17</u> hereof after giving effect to such Material Investment Event.

&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;**Borrowing Base Certificate**. The Borrower shall provide to the Administrative Agent a certificate, substantially in the applicable form of <u>Exhibit R</u> hereto, certified by a Responsible Officer of the Borrower to be true and correct in all material respects, setting forth a calculation of the Available Commitment, in each case, in reasonable detail as of such date on a spreadsheet substantially in the form delivered on the Closing Date: (i) in connection with the delivery of each quarterly Compliance Certificate in accordance with <u>Section 8.1(b)</u> hereof; (ii) in connection with any new Borrowing by, or issuance of Letter of Credit to, a Borrower; (iii) promptly following the occurrence of any Material Investment Event (calculated after giving effect thereto) and (iv) subject to <u>Section 9.14</u> hereof, prior to the sale, transfer or other disposition of any Eligible Investment, which results in such Investment (or any portion thereof) no longer being deemed an Eligible 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Funding Deficiencies**. No later than ten (10) days after becoming aware thereof, notice of any funding deficiencies with respect to any Plan maintained or sponsored by any Credit Party or member of its Controlled Group or to which any Credit Party or member of its Controlled Group has an obligation to contribute;

&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;**Material Investment Events**. Promptly, but not later than two (2) Business Days after knowledge of any Material Investment Event, notify the Administrative Agent of such Material Investment Event with respect to any Eligible 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Other Information**. (i) Such other information concerning the business, properties, or financial condition of such Credit Parties as the Administrative Agent shall reasonably request, and which information is not otherwise subject to confidentiality restrictions with third parties, and (ii) information and documentation reasonably requested by the Administrative Agent or any Lender (through the Administrative Agent)

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as reasonably required by the Administrative Agent or such Lender to comply with applicable "know your customer" requirements under the Patriot Act or other applicable anti-money laundering laws; 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Ownership Certification.** Promptly following request from the Administrative Agent, the Borrower shall notify the Administrative Agent of any change in the information provided in the Borrower's Beneficial Ownership Certification (if any) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Taxes**. To the extent that failure to do so would (individually or in the aggregate) result in a Material Adverse Effect, each Credit Party will file, or cause to be filed, all Tax returns required to be filed by it in any jurisdiction, and pay all Taxes (including mortgage recording Taxes), assessments, fees, and other governmental charges or levies imposed upon it or upon any of its properties, income or franchises prior to the time that such Taxes become delinquent; <u>provided</u> that no Credit Party shall be required to pay any such Tax, assessment, charge, or levy if and so long as the amount, applicability, or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate reserves therefor have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Existence and Rights**. Subject to the provisions of the Loan Documents, each Credit Party and its General Partner shall preserve and maintain its existence. Such Credit Party and its General Partner shall further preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations and orders of any Governmental Authority, the failure of which would 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.4**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**. Each Credit Party shall furnish to the Administrative Agent, promptly upon becoming aware (and in no event later than the next Business Day after obtaining actual knowledge) at all times when any Principal Obligations are outstanding, and within five (5) Business Days, at all times when no Principal Obligations are outstanding, of the existence of any condition or event which constitutes (i) an Event of Default or a Potential Default, or (ii) any Trigger Event, a written notice specifying the nature and period of existence thereof and the action which such Credit Party is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5**&nbsp;&nbsp;&nbsp;&nbsp;**Other Notices**.

&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;Prior to or simultaneously with any delivery of a Request for Borrowing or Request for Letter of Credit, the Borrower shall disclose in writing to the Administrative Agent all material Proceedings pending, or to the knowledge of the Credit Parties, threatened against the Credit Parties which could 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, promptly upon receipt of knowledge thereof, notify the Administrative Agent of any of the following events if such event would reasonably be expected to result in a Material Adverse Effect: (i) any change in the financial condition or business of any Credit Party; (ii) any default under any material agreement, contract, or other instrument to which any Credit Party is a party or by which any of its

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properties are bound, or any acceleration of the maturity of any material Indebtedness owing by a Credit Party; (iii) any uninsured claim against or affecting a Credit Party or any of its properties; or (iv) the commencement of, and any material determination in any Proceeding affecting any Credit 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall promptly provide the Administrative Agent with a copy of any written notice received from the Investors of such Credit Party that such any such investors intend to exercise their right to remove the General Partner of any Credit Party in accordance with the applicable Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Loan Documents and Partnership Agreement.** Unless otherwise approved in accordance with the terms of this Credit Agreement (which approval, by such terms, may require more or fewer Lenders than the Required Lenders), such Credit Party and its General Partner shall promptly comply with any and all covenants and provisions of this Credit Agreement applicable to such parties, the Notes, and all of the other Loan Documents executed by such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7**&nbsp;&nbsp;&nbsp;&nbsp;**Operations and Properties**. Such Credit Party and its General Partner shall act in accordance with the Partnership Agreement of such Credit Party in managing or operating its assets, properties, business, and investments so as not to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8**&nbsp;&nbsp;&nbsp;&nbsp;**Books and Records; Access**. Following five (5) Business Days prior written notice, each Credit Party and its General Partner shall give any representative of the Administrative Agent or the Lenders, or any of them, access during ordinary business hours to, and permit such representative to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of the Credit Parties and relating to their affairs; <u>provided</u> that, so long as no Event of Default exists, any such inspection, which shall be at the Borrower's expense, shall be conducted no more than once in any twelve (12) month period, <u>provided</u> <u>further</u>, however, that if an Event of Default has occurred and is continuing, any such inspection may be conducted by representatives of the Administrative Agent and any Lender with reasonable prior notice and as many times as the Administrative Agent reasonably deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**. Such Credit Party and its General Partner shall comply in all material respects with all material laws, rules, regulations, and all orders of any Governmental Authority, including without limitation, Environmental Laws and ERISA, except where the failure to comply would not 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.10**&nbsp;&nbsp;&nbsp;&nbsp;**Insurance**. Such Credit Party shall maintain liability insurance, and insurance on its present and future properties, assets, and businesses except where the failure to maintain 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.11**&nbsp;&nbsp;&nbsp;&nbsp;**Authorizations and Approvals**. Such Credit Party shall promptly obtain, from time to time at its own expense, all such material governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Credit Parties to comply with their respective obligations hereunder, under the other Loan Documents to which it is a party and its Constituent Documents, its depositary agreement, investment management agreement, subscription agreements and Infra-Fund Supplemental Agreements, if any.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13**&nbsp;&nbsp;&nbsp;&nbsp;**Further Assurances**. Such Credit Party shall take such other actions, as the Administrative Agent may, from time to time, reasonably deem necessary or proper in connection with this Credit Agreement or any of the other Loan Documents, the Obligations of such Credit Party hereunder or thereunder for better assuring and confirming unto the Lenders all or any part of the security for any of such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14**&nbsp;&nbsp;&nbsp;&nbsp;**Additional Borrowers or Guarantors**. Subject to <u>Section 2.9</u>, in the event that any present or future Investment (other than, as long as the economic ownership interest represented thereby is less than or equal to 0.1% of the amount of such Investment by the Infra-Funds in the aggregate, any Investment constituting or held through the Aggregator I Excluded Share) having a fair value at any time equal to or greater than $5,000,000, as determined in accordance with the Valuation Policy and the Generally Accepted Accounting Principles is transferred to or acquired by an Infra-Fund through one or more corporations, limited liability companies, limited partnerships, exempted limited partnerships, exempted companies or other similar entities, including any vehicles used to aggregate such holdings (each an "***Intermediate Entity***") and such Investment is not held directly or indirectly through one or more Credit Parties, the Borrower shall notify the Administrative Agent thereof, and shall cooperate with the Administrative Agent in good faith to jointly determine which Intermediate Entity or Intermediate Entities shall be required to become a Borrower or Guarantor hereunder, as elected by the Borrower (it being understood that (x) subject to the consent of the Administrative Agent (acting in its reasonable discretion), the Borrower will be permitted to designate the applicable Intermediate Entity or Intermediate Entities so long as such Intermediate Entities directly or indirectly hold 100% of the aggregate interests in the applicable Investment, and (y) such requirement shall not apply to the extent the Borrower and the Administrative Agent mutually agree in good faith that the cost, burden, difficulty or consequence of causing such Intermediate Entity or Intermediate Entities to become Borrowers hereunder outweighs the benefit thereof). Each such Intermediate Entity shall execute and deliver a Borrower Joinder Agreement or Guarantor Joinder Agreement and such other documents and items as set forth in <u>Section 6.3(b)</u> or <u>Section 6.4(b)</u>, in each case, as applicable, no later than thirty (30) Business Days (or such longer period reasonably acceptable to the Administrative Agent) from the date of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16**&nbsp;&nbsp;&nbsp;&nbsp;**Notices to Investors.** Each Credit Party shall give all notices to its Investors required pursuant to the applicable Partnership Agreement regarding the entry by such Credit Parties into the Loan Documents in the time periods, if any, required for such notices under the applicable Partnership 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;**8.17**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Matters**. Such Credit Party agrees to use commercially reasonable efforts to promptly provide notice to the Administrative Agent in writing if the Borrower has reason to believe that the assets of such Credit Party (or its General Partner) constitute Plan Assets of any ERISA Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.18**&nbsp;&nbsp;&nbsp;&nbsp;**Register of Mortgages and Charges**. Any Credit Party that is a Cayman Islands limited liability company or a Cayman Islands exempted company shall, immediately upon execution of the Collateral Documents, instruct its registered office to update its register of mortgages and charges to reflect the security granted by such Credit Party pursuant to the terms of the Collateral Documents, in form and substance acceptable to the Administrative Agent and shall deliver a copy of the updated register of mortgages and charges to the Administrative Agent within five (5) Business Days of such execution.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;NEGATIVE COVENANTS OF THE CREDIT PARTIES**

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letter of Credit hereunder, and until payment and performance in full of the Obligations (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) under this Credit Agreement and the other Loan Documents, each Credit Party agrees that, without the written consent of the Administrative Agent, based upon the approval of the Required Lenders (unless the approval of the Administrative Agent alone or a different number of the Lenders is expressly permitted below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**&nbsp;&nbsp;&nbsp;&nbsp;**Mergers, Etc.** Except as otherwise provided in the Loan Documents, such Credit Party shall not take any actions (a) to merge, amalgamate or consolidate with or into any Person, unless a Credit Party is the surviving or continuing entity, (b) except as permitted by clause (a), that will dissolve or terminate such Credit Party, or (c) to Divide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**&nbsp;&nbsp;&nbsp;&nbsp;**Negative Pledge**. Without the approval of each Lender, no Credit Party or Holding Vehicle shall create, permit or suffer to exist any Lien (i) upon the Collateral (or any Lien upon any "security entitlement", as such term is defined in the UCC, relating to any Collateral Account), or (ii) upon the interest of such Credit Party or any Holding Vehicle in any assets or property of such Credit Party or Holding Vehicle, other than the following ("***Permitted Liens***"): (A) Liens in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents or as otherwise contemplated by the Loan Documents, (B) Liens securing Indebtedness permitted under <u>Section 9.11</u>, (C) Liens of the Depository Bank holding the Collateral Accounts which arise as a matter of law on items in the course of collection or encumbering deposits or other similar Liens (including the right of set-off), and (D) non-consensual Liens (other than judgment liens in respect of judgments that constitute an Event of Default under <u>Section</u> <u>10.1(j)</u>), if any, imposed on the property of any Credit Party not yet delinquent or being contested in good faith by appropriate proceedings so long as such Credit Party has set aside on its books adequate reserves with respect thereto in accordance with Generally Accepted Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year and Accounting Method**. Such Credit Party shall not change its fiscal year or its method of accounting, other than in accordance with the terms of its Partnership 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;**9.4**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreements**(a)&nbsp;&nbsp;&nbsp;&nbsp;. Except as otherwise provided in this Credit Agreement, no Credit Party or Infra-Fund Subscription Entity shall alter, amend, modify, terminate, or change any provision of its Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or, solely in respect of clause (vii), any Memorandum, if any such Proposed Amendment (hereinafter defined) would (i) adversely affect the rights, powers, remedies and privileges of the Lenders hereunder, (ii) impair the Lenders' rights in the Collateral or adversely affect the rights, titles, first priority security interests (subject to any Permitted Liens) and Liens, and powers and privileges of the Lenders hereunder, (iii) adversely affect any Credit Party's debts, duties, obligations, and liabilities, or rights, titles, security interests, Liens, powers and privileges, in any case, relating to the Collateral, or any Credit Party's rights to receive Portfolio Investment Distributions; (iv) modify the Debt Limitations imposed on the applicable Credit Party in a manner that would allow such Credit Party to incur or suffer to exist additional Indebtedness, other than as permitted by <u>Section 9.11</u> hereof; (v) change its fiscal year or its method of accounting, other than in accordance with the terms of its Constituent Documents, (vi) modify or alter any provision relating to the Distribution Reinvestment Plan or Unit Repurchase Program in a manner materially adverse to Lenders (e.g., providing for reinvestment pursuant to the Distribution Reinvestment Plan or repurchase of Units pursuant to the Unit Repurchase Program without taking into account outstanding Obligations) or (vii) in the case of any Memorandum, override any provision of a Partnership Agreement or any other Constituent Document that would otherwise constitute a material amendment of such Partnership Agreement or other Constituent Document pursuant to the preceding clauses (i) through (vi) (each a "***Material Amendment***").

With respect to any proposed alteration, amendment, modification, termination or change affecting any applicable provisions of any Credit Party's or Infra-Fund Subscription Entity's Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or any Memorandum, in each case, described in clauses (i) through (vi) in the foregoing paragraph (each, a "***Proposed Amendment***"), the applicable Credit Party shall notify the Administrative Agent of such proposal. The Administrative Agent shall determine, in its sole reasonable discretion (i.e., the determination of the other Lenders shall not be required) and on its good faith belief, whether such Proposed Amendment would constitute a Material Amendment within three (3) Business Days of the date on which it is deemed to have received such notification in accordance with <u>Section 12.6</u> hereof and shall promptly notify the applicable Credit Parties of its determination. If the Administrative Agent determines that the Proposed Amendment is a Material Amendment, the approval of the Required Lenders shall be required (unless the approval of all Lenders is otherwise required consistent with the terms of this Credit Agreement), and the Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as appropriate, the Proposed Amendment and any other relevant information provided by the Credit Parties; subject to <u>Section 12.1</u> hereof, the Lenders shall have five (5) Business Days from the date of such notice from the Administrative Agent to deliver their approval or denial thereof. If the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, the applicable Credit Party may make such amendment without the consent of the Lenders.

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Notwithstanding the foregoing, any Credit Party may, without the consent of the Administrative Agent or the Lenders (and without submitting the Proposed Amendment to the Administrative Agent for determination as described above), amend its applicable Partnership Agreement or other Constituent Documents: (a) [reserved]; (b) to reflect transfers of interests in the applicable Credit Party to the extent permitted by the Loan Documents; (c) to modify the Debt Limitations imposed on the applicable Credit Party in a manner that reduces the amount of Indebtedness such Credit Party may incur or suffer to exist, to the extent it does not affect outstanding Obligations; (d) with respect to the Valuation Policy, to comply with guidelines issued by a Governmental Authority; and (e) to cure any ambiguity, correct or supplement any provision of such Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or any Memorandum which is incomplete or inconsistent with any other provision thereof (the effect of which shall be immaterial to the Lenders), correct any printing, stenographic or clerical error or effect changes of an administrative or ministerial nature which do not materially increase the authority of a General Partner or adversely affect the rights of the Lenders or to fix any other obvious error or any other error or omission of a technical or immaterial nature; <u>provided</u> that the applicable Credit Party shall promptly provide to the Administrative Agent a copy of any such amendment which does not require the consent of the Administrative Agent or the Lenders and an executed copy of any amendment consented to by the Administrative Agent or the Lenders; <u>provided</u> that the applicable Credit Party shall promptly provide to the Administrative Agent a copy of any such amendment which does not require the consent of the Administrative Agent or the Lenders and an executed copy of any amendment consented to by the Administrative Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Compliance**. Except as would not reasonably be expected to result in a Material Adverse Effect, no Credit Party or any member of its respective Controlled Group shall maintain, have an obligation to contribute to, or have any liability (contingent or otherwise) with respect to any Plan. Such Credit Party shall not take any action that would reasonably be expected to cause it to fail to meet an exception under the Plan Asset Regulations which prevents the assets of such Credit Party from being Plan Assets of an ERISA Investor which would result in a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Internal Revenue Code in connection with the performance of such Credit Party under this Credit Agreement or any other Loan Documents subjecting any Lender to a tax or penalty on non-exempt prohibited transactions imposed under Section 4975 of the Internal Revenue Code or Section 502(i) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8**&nbsp;&nbsp;&nbsp;&nbsp;**Dissolution**. Except as permitted by <u>Section 9.1</u> hereof, without the prior written consent of all Lenders (in their sole discretion), the Credit Parties shall not take any action to terminate or dissolve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9**&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Laws**. Such Credit Party shall not take any action that would violate any applicable Environmental Law, except to the extent such violation would not 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;&nbsp;&nbsp;&nbsp;&nbsp;**9.10**&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Distributions and Redemptions**. No Credit Party shall make, pay or declare any Distribution (other than Permitted Tax Distributions) (i) during the

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existence of an Event of Default or a Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof, if there are any Principal Obligations or accrued and unpaid interest thereon outstanding, (ii) during the continuance of a Review Event if the Borrower has not presented a Review Event Cure Plan to the Administrative Agent or if it has been presented but has not yet been agreed, (iii) during the continuance of a Review Event if the Borrower is not in compliance with the agreed Review Event Cure Plan, (iv) during the continuance of a violation of any of the Financial Covenants (including after giving pro forma effect to any such Distribution), and (v) during the continuance of any other Cash Control Event. "***Distribution***" means any distributions (whether or not in cash), direct or indirect, on account of any Equity Interest in a Credit Party, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such Equity Interest. For the avoidance of doubt, there shall be no limitation on the right of any General Partner, the AIFM or the Advisor or their respective Affiliates (each such party, a "***Stonepeak Related Party***") to receive management or other fees under the applicable Partnership Agreement; <u>provided</u>, that no management or other fees shall be paid to any Stonepeak Related Party from any Collateral during any time that withdrawals from the Collateral Accounts are prohibited pursuant to <u>Section 9.12</u> hereof. Notwithstanding the foregoing, the Borrower shall comply with the limitations on Distributions with the proceeds of Loans and Letters of Credit set forth in <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Indebtedness.** No Credit Party or Holding Vehicle shall (a) incur, assume or suffer to exist any Indebtedness, except as permitted by its respective Partnership Agreement; (b) incur or assume any Indebtedness to the extent the incurrence or assumption thereof would violate the Financial Covenants; (c) without the consent of the Administrative Agent and the Required Lenders, (i) in the case of any Credit Party, incur or assume any Indebtedness for Borrowed Money or Guaranty Obligations in respect of such Indebtedness for Borrowed Money (in each case, excluding the Obligations) in excess of 1% of NAV, in an aggregate outstanding principal amount at any one time or (ii) in the case of any Holding Vehicle, incur or assume any Indebtedness that is secured by or otherwise recourse to any other Holding Vehicle's (other than another Holding Vehicle that holds the same Investment(s) as such Holding Vehicle) interest in any other Investment, other than where such Indebtedness is attributable to Hedging Agreements, the "***Debt Limitations***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Withdrawals From the Collateral Accounts**. Without the prior written consent of the Administrative Agent, no Credit Party shall make or cause the making of any withdrawal or transfer of funds from its Collateral Account (i) during the existence of an Event of Default or a Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof, if there are any Principal Obligations or accrued and unpaid interest thereon outstanding, (ii) during the continuance of a Review Event if the Borrower is not in compliance with the agreed Review Event Cure Plan, (iii) during the continuance of a violation of any of the Financial Covenants (including any breach of the Financial Covenants after giving pro forma effect to any such withdrawal or transfer), and (iv) during the continuance of any other Cash Control Event, unless such withdrawal shall be used (a) to pay or repay any outstanding Obligations in accordance with this Credit Agreement or (b) for purposes of making Permitted Tax Distributions (it being understood that during the continuance of an Event of Default under Section <u>10.1(a)</u>, <u>(h)</u> or <u>(i)</u> hereof, any amounts so

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withdrawn pursuant to this clause (b) shall first be applied to repay any outstanding amounts described in clause (a) above); <u>provided</u> that, if the Administrative Agent shall have exercised its rights under any Collateral Account Control Agreement to obtain exclusive control of the applicable Collateral Account, then the applicable Credit Party may request that the Administrative Agent withdraw such funds on such Credit Party's behalf as are necessary to make Permitted Tax Distributions or pay or repay outstanding Obligations in accordance with this Credit Agreement (and, in respect of such amounts hereunder, the Administrative Agent shall then be authorized to apply such withdrawn funds to such amounts then due and payable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14**&nbsp;&nbsp;&nbsp;&nbsp;**Transfers of Investments**. No Credit Party shall, nor shall it permit any Holding Vehicle which it directly or indirectly controls to (or, in the case of any other Holding Vehicle of such Credit Party, vote or consent to), sell, transfer or otherwise dispose of (all or a portion of) an Investment to any Person 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;for fair value, as determined by such Credit Party, in accordance with the Valuation Policy; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;in an arm's length transaction (or otherwise in accordance with such Credit Party's Partnership Agreement).

Notwithstanding the foregoing, no Credit Party shall, nor shall it permit any Holding Vehicle which it directly or indirectly controls to (or, in the case of any Holding Vehicle of such Credit Party, vote or consent to), sell, transfer or otherwise dispose of an Investment to any Person: (i) if there are any Obligations outstanding, while an Event of Default under <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> has occurred or any other Event of Default which has occurred and is continuing for a period of thirty (30) consecutive days; and/or (ii) to the extent a breach of a Financial Covenant or an Excess Prepayment Event would result therefrom, in each case unless, (x) the Net Cash Proceeds of such disposition shall be applied to repay the Obligations of the Borrower in accordance with <u>Section 2.1(d)</u>; or (y) such transfer or disposition is to any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16**&nbsp;&nbsp;&nbsp;&nbsp;**Sanctions**. No Borrower will request any Borrowing, and the Borrower shall not directly or indirectly use the proceeds of any Borrowing, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country in violation of any applicable Sanctions, or (iii) in any manner that would result in the violation by the Lenders of any Sanctions or Anti-Corruption Laws. In addition, no Credit Party shall become a Sanctioned Person during the term of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Covenants**.

&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;*Maximum LTV Ratio.* As of all dates of determination, the LTV Ratio shall be less than or equal to 25% (the "***Maximum LTV Ratio***").

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;*Minimum Interest Coverage Ratio.* As of all dates of determination, the Interest Coverage Ratio shall be at least 3.5:1.0 (the "***Minimum Interest Coverage Ratio***").

**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OF DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**&nbsp;&nbsp;&nbsp;&nbsp;**Events of Default**. An "***Event of Default***" shall exist if any one or more of the following events (herein collectively called "***Events of Default***") shall occur and be continuing (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&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;(i) the Borrower shall fail to pay when due (in the applicable Currency as required by <u>Section 2.1(f)</u> hereof), any principal of its Obligations, including any failure to pay any amount required to be paid by it under <u>Section 2.1(d)</u> hereof; or (ii) the Borrower shall fail to pay when due, any interest on its Obligations or any fee, expense, indemnity or other payment required to be paid by it hereunder, including, without limitation, payment of cash for deposit as cash collateral under <u>Section 2.1(e)</u> hereof; provided in respect of clause (ii) such failure shall continue for three (3) Business Days following the date such amount was required to be paid by it 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made by or on behalf of the Credit Parties (in each case, as applicable) under this Credit Agreement, or any of the other Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Lenders or any one of them by the Credit Parties (in each case, as applicable) pursuant hereto, in connection herewith or with the Loans, or in connection with any of the other Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date on which such representation or warranty is made and the adverse effect of the failure of such representation or warranty shall not have been cured within thirty (30) days after written notice thereof is delivered to the Borrower by 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;default shall occur in the performance of: (i) any of the covenants or agreements contained herein (other than the covenants contained in <u>Sections 1.7(b), 2.1(d)</u>, <u>2.1(e)</u>, <u>5.1(a), 5.2(a), 8.1(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u>, <u>(i)</u>, <u>8.3 (solely as to existence)</u>, <u>8.4</u>, <u>8.5</u>, <u>8.8</u>, <u>8.12</u>, <u>8.14</u>, <u>8.18,</u> and <u>Sections 9.1</u> through <u>9.16</u> hereof) by the Credit Parties or any General Partner, as applicable; or (ii) the covenants or agreements of the Credit Parties or any General Partner, as applicable, contained in any other Loan Documents executed by such Person, and such default shall continue uncured to the satisfaction of the Administrative Agent for a period of thirty (30) days after the earlier of: (x) written notice thereof has been given by the Administrative Agent to the Borrower; or (y) the Administrative Agent has been notified or should have been notified of such default pursuant to <u>Section 8.4</u> or <u>Section 8.5</u> hereof; <u>provided</u> that if such default is not susceptible of being cured with diligence within said thirty (30)-day period, but, in the reasonable determination of Administrative Agent, is susceptible of being cured within an additional period, then such period may be extended by the Administrative Agent after

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consulting with the Required Lenders, for such additional period of time, not to exceed an additional thirty (30) days, as may reasonably be necessary to cure the same; <u>provided</u> that the applicable Credit Parties or General Partner commences such cure within such thirty (30) day period and diligently prosecutes the same until its completion;

&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;default shall occur in the performance of any of the covenants or agreements of the Borrower or any other Credit Party contained in <u>Section 2.1(d)</u> (other than with respect to diligently pursuing any LTV Ratio Cure Plan or failure to comply with a Review Event Cure Plan) or <u>(e)</u> or <u>Section 5.1(a)</u> or Section <u>5.2(a),</u> hereof, <u>Section 8.3</u> (solely as to existence) or any one of <u>Sections 9.1</u> through <u>9.16</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) default shall occur in the performance of any one of the covenants contained in <u>Sections 8.1(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e),</u> and <u>(i)</u>, <u>8.5</u>, <u>8.8</u>, <u>8.12, 8.14</u> or <u>8.18</u> of this Credit Agreement and such default shall continue uncured for five (5) Business Days after written notice thereof is given to the Borrower by the Administrative Agent; or (ii) default shall occur in the performance of any one of the covenants contained in <u>Section 8.4</u> of this Credit Agreement and such default shall continue uncured for five (5) Business Days after the earlier of (a) written notice thereof is given to the Borrower by the Administrative Agent or (b) the knowledge of a Responsible Officer of any Credit Party of the occurrence of such breach;

&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;other than in compliance with the explicit provisions of the Loan Documents, any of the Loan Documents executed by any of the Credit Parties party thereto: (i) shall cease, in whole or in material part, to be legal, valid, binding agreements enforceable against such Credit Parties, as the case may be, in accordance with the terms thereof; (ii) shall in any way be terminated or become or be declared ineffective or inoperative except in accordance with its terms thereof; or (iii) shall in any way whatsoever cease to give or provide the respective first priority Liens (subject to any Permitted Liens), security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby (other than, in each case, solely as the result of an action or failure to act on the part of the Administrative Agent); <u>provided</u> that if any of the events set forth in the foregoing clauses (i), (ii) and (iii) occur as a result of a change in any applicable Law, and is in the reasonable judgment of the Administrative Agent susceptible of being cured, then the Administrative Agent shall be permitted to provide the Borrower up to thirty (30) days from the date thereof to cure a default arising under this <u>Section 10.1(f)</u> to the reasonable satisfaction of 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;default shall occur with respect to the payment of any recourse Indebtedness or Guaranty Obligations of the Credit Parties in an aggregate amount of the Dollar Equivalent of 3.5% of NAV or more, and such default shall continue for more than the applicable period of grace or cure, if any; or any non-monetary default occurs in respect of such Indebtedness which permits such Indebtedness to become due before its stated maturity by acceleration of the maturity 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;any Credit Party, the Advisor or Stonepeak Partners shall: (i) apply for or consent to the appointment of a receiver, interim receiver, receiver and manager, trustee,

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custodian, intervenor, liquidator or provisional liquidator of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; (vi) take partnership, limited partnership, exempted limited partnership, limited liability company or corporate action for the purpose of effecting any of the foregoing; or (vii) take any analogous procedure or step in any other 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking reorganization of any Credit Party, the Advisor or Stonepeak Partners, or appointing a receiver, interim receiver, receiver and manager, custodian, trustee, intervenor, liquidator or provisional liquidator of any Credit Party, the Advisor or Stonepeak Partners, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;any final judgment(s) for the payment of money in excess of the sum of the Dollar Equivalent of the lesser of (i) $50,000,000 and (ii) 5% of NAV, in the aggregate shall be rendered against any Credit Party and such judgment is not stayed, discharged or vacated after a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Credit Party to enforce any such judgment, unless such judgment is covered by insurance or bonded or unless it is being appealed and such Credit Party has posted a bond or cash 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;a Minimum Interest Coverage Ratio Breach has occurred and is continuing, and (i) the Borrower has failed to make a prepayment as required by <u>Section 2.1(d)(iii)</u> or (ii) the Borrower makes three or more ICR Cure Payments in any twelve month 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;(l)&nbsp;&nbsp;&nbsp;&nbsp; a Maximum LTV Ratio Breach has occurred and is continuing, and the Borrower has failed to make a prepayment as required by <u>Section 2.1(d)(ii)</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;(m)&nbsp;&nbsp;&nbsp;&nbsp;a Review Event Cure Plan has been agreed in respect of a then-continuing Review Event, and the Borrower have failed to comply with the terms of such Review Event Cure Plan and such failure continues for ten (10) Business Days after notice from the Administrative Agent or the Required 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Credit Party, the assets of such Credit Party shall be treated as Plan Assets of any ERISA Investor and such condition gives rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Internal Revenue Code subjecting the Administrative Agent and/or Lenders to

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any tax or penalty on prohibited transactions imposed under Section 4975 of the Internal Revenue Code or Section 502(i) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;any General Partner of a Credit Party shall cease to be the general partner or managing member, as applicable, or shall withdraw or resign as the general partner or managing member, as applicable, of such Credit Party (except in the case of the appointment of a successor general partner or managing member that is an Affiliate of Stonepeak Partners reasonably acceptable to the Administrative Agent), or any General Partner of a Credit Party shall be removed as a general partner or managing member, as applicable, of such Credit Party or the requisite percentage of Investors shall notify any Credit Party of their intent to seek the removal of such entity's General Partner under the applicable Partnership Agreement to the extent such Investors are permitted to so remove such General Partner under the terms of the applicable Partnership Agreement (provided, that it shall no longer be deemed an Event of Default pursuant to this <u>Section 10.1(o)</u> if the corresponding vote for removal does not succeed in removing such General Partner);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;upon the occurrence of a Change of Control; 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;(q)&nbsp;&nbsp;&nbsp;&nbsp;except as permitted by <u>Section 9.1</u> hereof, an event shall occur that causes a dissolution or liquidation of any Credit Party or General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies Upon Event of Default**. If an Event of Default shall have occurred and be continuing, then the Administrative Agent may (or shall if so directed by the Required Lenders): (a) suspend the Lender Commitments of the Lenders until such Event of Default is cured or waived; (b) terminate the Lender Commitment of the Lenders hereunder; (c) declare the principal of, and all interest then accrued on, the Obligations to be forthwith due and payable (including the liability to fund the Letter of Credit Liability pursuant to <u>Section 2.8(g)</u> hereof), whereupon the same shall forthwith become due and payable without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Borrower hereby expressly waives, anything contained herein or in any other Loan Document to the contrary notwithstanding; (d) exercise any right, privilege, or power set forth in <u>Sections 5.2</u> and <u>5.3</u> hereof or in the Collateral Documents; or (e) without notice of default or demand, pursue and enforce any of the Administrative Agent's or the Lenders' rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any applicable Law or agreement; <u>provided</u> that the Administrative Agent may select which remedies to exercise unless otherwise directed by the Required Lenders, in which case the Administrative Agent will exercise such remedies as directed by the Required Lenders, and <u>provided</u> <u>further</u> that if any Event of Default specified in <u>Section 10.1(h)</u> or <u>10.1(i)</u> hereof shall occur, the principal of, and all interest on, the Obligations shall thereupon become due and payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Borrower hereby expressly waives.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**&nbsp;&nbsp;&nbsp;&nbsp;**Performance by the Administrative Agent**. Should any Credit Party fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents to which it is a party, and such failure continues beyond any applicable cure period, the Administrative Agent may (pursuant to such Loan Documents) but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the applicable Credit Parties shall, at the request of the Administrative Agent, promptly pay any amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Credit Parties, or any related Person hereunder or under any of the Loan Documents or other control over the management and affairs of the Borrower, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Credit Party, or any related Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;AGENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**&nbsp;&nbsp;&nbsp;&nbsp;**Appointment**.

&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;**Authority of the Administrative Agent**. Each Lender hereby designates and appoints ING, as the Administrative Agent of such Lender to act as specified herein and the other Loan Documents, and each such Lender hereby authorizes the Administrative Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms hereof and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents, or shall otherwise exist against the Administrative Agent. The provisions of this <u>Section 11</u> are solely for the benefit of the Administrative Agent and the Lenders and none of the Credit Parties or any Affiliate of the foregoing (each, a "***Borrower Party***") or any Investor or its Affiliates shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties in <u>Section 11.10</u> hereof). In performing its functions and duties under this Credit Agreement and the other Loan Documents, the Administrative Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation or relationship of agency or trust with or for the Borrower 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Release of Collateral**. The Secured Parties irrevocably authorize the Administrative Agent, at the Administrative Agent's option and in its sole discretion, to release any security interest in or Lien on any Collateral granted to or held by the

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Administrative Agent: (i) upon termination of this Credit Agreement and the other Loan Documents, termination of the Lender Commitments and all Letters of Credit and payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan Documents; (ii) pursuant to any express provision of a Loan Document; and (iii) if approved by the Lenders pursuant to the terms of <u>Section 12.1</u>. Upon the request of the Administrative Agent, the Lenders shall confirm in writing the Administrative Agent's authority to release particular types or items of Collateral pursuant to this <u>Section 11.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**&nbsp;&nbsp;&nbsp;&nbsp;**Delegation of Duties**. The Administrative Agent may execute any of its duties hereunder or under the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected by the Administrative Agent concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible to any Lender for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3**&nbsp;&nbsp;&nbsp;&nbsp;**Exculpatory Provisions**. Neither the Administrative Agent nor any of its Affiliates, nor any of their respective officers, directors, employees, agents or attorneys-in-fact, shall be liable to any Lender for any action lawfully taken or omitted to be taken by it or such Person under or in connection herewith or in connection with any of the other Loan Documents (except for its or such Person's own gross negligence or willful misconduct) or responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any of the Borrower Parties contained herein or in any of the other Loan Documents or in any certificate, report, document, financial statement or other written or oral statement referred to or provided for therein, or received by the Administrative Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of a Borrower Party to perform its obligations hereunder or thereunder. The Administrative Agent shall not be responsible to any Lender for the effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any Borrower Party in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by the Administrative Agent to the Lenders or by or on behalf of the Borrower Parties to the Administrative Agent or any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or the use of the Letters of Credit or of the existence or possible existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties. The Administrative Agent is not a trustee for the Lenders and owes no fiduciary duty to the Lenders hereunder and/or pursuant to the Collateral Agreements. Each Lender recognizes and agrees that the Administrative Agent shall not be required to determine independently whether the conditions described in <u>Section 6.2(a)</u> or <u>6.2(b)</u> hereof have been satisfied and, when the Administrative Agent disburses funds to the

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Borrower, or causes Letters of Credit to be issued, it may rely fully upon statements contained in the relevant requests by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance on Communications**. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to any of the Borrower Parties, independent accountants and other experts selected by the Administrative Agent with reasonable care). The Administrative Agent may deem and treat each Lender as the owner of its interests hereunder for all purposes unless an Assignment and Acceptance Agreement shall have been delivered to the Administrative Agent in accordance with <u>Section 12.11(c)</u> hereof*.* The Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Loan Documents unless it shall first receive such advice or concurrence of the Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent specifically required, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Potential Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Reliance on the Administrative Agent and the Lenders**. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its Affiliates nor any of their respective officers, directors, employees, agents or attorneys-in-fact has made any representations or warranties to it and that no act by the Administrative Agent or any Affiliate thereof hereinafter taken, including any review of the affairs of the Borrower Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties and made its own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time,

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continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such investigation as it deems necessary to inform itself as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of the Borrower Parties which may come 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7**&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification**. The Lenders agree to, jointly and severally, indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following payment in full of the Obligations) be incurred by the Administrative Agent in its capacity as such in any way relating to or arising out of this Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <u>provided</u> that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements as determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, fraud or willful misconduct of the Administrative Agent. If any indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. The agreements in this <u>Section 11.7</u> shall survive the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent in Its Individual Capacity**. With respect to the Loans made and Letters of Credit issued and all obligations owing to it, the Administrative Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as though it were not an agent, and the terms "***Lender***" and "***Lenders***" shall include the Administrative Agent in its individual capacity. The Administrative Agent acting in its individual capacity and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though the Administrative Agent were not an agent hereunder and without any duty to account therefor to the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9**&nbsp;&nbsp;&nbsp;&nbsp;**Successor Agent**. The Administrative Agent may at any time resign upon twenty (20) days' prior written notice to the Lenders and the Borrower, subject to the prior written consent of the Borrower, in their sole discretion (except upon the declaration that the Obligations are immediately due and payable pursuant to <u>Section 10.2</u> hereof upon the occurrence and continuation of an Event of Default). In addition, if the Administrative Agent becomes a Defaulting Lender under clause (f) of the definition of "Defaulting Lender," then

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such Administrative Agent may be removed as the Administrative Agent at the reasonable request of the Borrower (except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event of Default which has continued for a period of thirty (30) days)) and the Required Lenders. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, (subject, except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event of Default which has continued for a period of thirty (30) days) exists, to the consent of the Borrower, such consent not to be unreasonably withheld), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Letter of Credit Issuer, (subject, except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event of Default which has continued for a period of thirty (30) days) exists, to the consent of the Borrower, such consent not to be unreasonably withheld), appoint a successor Administrative Agent meeting the qualifications set forth above, *provided* that if Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and: (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by Administrative Agent on behalf of Lenders or the Letter of Credit Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed); and (b) all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender and the Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this <u>Section</u>. Prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days in no event may any Competitor be appointed successor Administrative Agent hereunder. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section</u>). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Section</u> and <u>Section 12.5</u> shall continue in effect for the benefit of such retiring Administrative 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 the retiring Administrative Agent was acting as Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance by the Credit Parties**. Each Credit Party shall be entitled to rely upon, and to act or refrain from acting on the basis of, any notice, statement, certificate,

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waiver or other document or instrument delivered by the Administrative Agent to such Credit Party so long as the Administrative Agent is purporting to act in its respective capacity as the Administrative Agent pursuant to this Credit Agreement, and such Credit Party shall not be responsible or liable to any Lender (or to any Participant or Assignee), or as a result of any action or failure to act (including actions or omissions which would otherwise constitute defaults hereunder) which is based upon such reliance upon the Administrative Agent. Such Credit Party shall be entitled to treat the Administrative Agent as the properly authorized Administrative Agent pursuant to this Credit Agreement until such Credit Party shall have received notice of resignation, and such Credit Party shall not be obligated to recognize any successor Administrative Agent until such Credit Party shall have received written notification satisfactory to it of the appointment of such successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent May File Proofs of Claim**. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, the Secured Parties acknowledge and agree that the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower Parties) shall be entitled and empowered, by intervention in such proceeding 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Liability and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder) allowed in such judicial proceeding; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Party, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize the Administrative Agent to vote in respect of the claim of any Secured Party in any such proceeding.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12**&nbsp;&nbsp;&nbsp;&nbsp;**Delivery of Notices to the Lenders**. Promptly upon receipt of any written notice, report or information from the Credit Parties under the Loan Documents, the Administrative Agent will provide copies of such notice, report or information to the Lenders in a time and manner reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Receipt of Funds by Administrative Agent; Erroneous Payments**.

&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;Unless Administrative Agent shall have received notice from a Lender or Borrower (either one as appropriate being the "***Payor***") prior to the date on which such Lender is to make payment hereunder to Administrative Agent of the proceeds of a Loan or Borrower is required to make payment to Administrative Agent, as the case may be (either such payment being a "***Required Payment***"), which notice shall be effective upon receipt, that the Payor will not make the Required Payment in full to Administrative Agent, Administrative Agent may assume that the Required Payment has been made in full to Administrative Agent on such date, and Administrative Agent in its sole discretion may, but shall not be obligated to, in reliance upon such assumption, make the amount thereof available to the intended recipient on such date. If and to the extent the Payor shall not have in fact so made the Required Payment in full to Administrative Agent, the recipient of such payment shall repay to Administrative Agent forthwith on demand such amount made available to it together with interest thereon, for each day from the date such amount was so made available by Administrative Agent until the date Administrative Agent recovers such amount, 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.

&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;(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "***Payment***") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, 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 Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 11.3(b)</u> shall be conclusive, absent manifest error:

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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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Each Lender hereby further agrees that if it receives a Payment 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 a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "***Payment Notice***") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;The Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower, except, in each case, to the extent 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 a Credit Party for the purpose of prepaying, repaying, discharging or otherwise satisfying any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 11.13(b)(iv)</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1**&nbsp;&nbsp;&nbsp;&nbsp;**Amendments**. Neither this Credit Agreement (including the exhibits hereto) nor any other Loan Document (other than any Fee Letter, which may be amended, waived, discharged or terminated in accordance with its terms) to which any Credit Party is a party, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and signed by the Administrative Agent (based upon the approval of the Required Lenders), or the Required

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Lenders, on the one hand, and such Credit Party on the other hand; <u>provided</u> that no such amendment, waiver, discharge, or termination shall, without the consent 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;each Lender affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;increase the amount or extend the term of the Lender Commitment of such Lender (other than increases complying with <u>Section 2.15</u> hereof or an extension of the Stated Maturity Date pursuant to <u>Section 2.14</u> hereof), decrease the amount of fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing, as contemplated in <u>Section 2.5</u> hereof or to issue or participate in any Letter of Credit, as contemplated in <u>Section 2.8</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;extend the time for payment for the principal of or interest on the Obligations (other than an extension pursuant to <u>Section 2.14</u> hereof), or fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other than as a result of waiving the applicability of the Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;release all or any material portion of the Collateral, except as otherwise contemplated herein or in the Collateral Documents, except in connection with the transfer of interests in a Credit Party permitted under the Loan 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;all 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;amend the definition of "Adjusted NAV," "Available Commitment," "Borrowing Base," "Cash Control Event," "Eligible Investment," "Eligible Investment Concentration Limit," "Excess Prepayment Event," "Fair Market Value," "Financial Covenants," "Interest Coverage Ratio," "LTV Ratio," "Maximum LTV Ratio," "Minimum Interest Coverage Ratio," "NAV," "Portfolio Borrowing Base Advance Rate," "Trigger Event," "Material Investment Event," "Review Event," "Value," or the definition of any of the defined terms used 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;change the percentages specified in the definition of Required Lenders herein or any other provision hereof specifying the number or percentage of the Lenders which is required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;except in a transaction permitted by this Credit Agreement, consent to the assignment or transfer by any Credit Party of any of its rights and obligations under (or in respect of) the Loan 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;change the payment on the Obligations specified in <u>Section 3.4</u>; 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;change any applicable provision in a manner that would alter the pro rata sharing of payments required thereby; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;amend the terms of this <u>Section 12.1</u>.

Notwithstanding the above: (A) no provision of <u>Section 11</u> hereof may be amended or modified without the consent of the Administrative Agent; (B) no provisions of <u>Section 2.8</u> hereof may be amended or modified without the consent of the Letter of Credit Issuer; and (C) <u>Section 8</u> and <u>Section 9</u> hereof specify the requirements for waivers of the affirmative covenants and negative covenants listed therein, and any amendment to a provision of <u>Section 8</u> or <u>Section 9</u> hereof shall require the consent of the Lenders or the Administrative Agent that are specified therein as required for a waiver thereof.

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the United States Bankruptcy Code supersede the unanimous consent provisions set forth herein; (2) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding; and (3) the Administrative Agent may, with the consent of the Borrower, agree to the modification or waiver of any of the other terms of this Credit Agreement or any other Loan Document or consent to any action or failure to act by any Credit Party, if such modification, waiver, or consent is of an administrative nature. If the Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, such Lender shall use best efforts in good faith to give such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the Administrative Agent, as the case may be, but if such Lender is unable to respond within such time, such Lender shall be deemed to have denied its consent to the request.

Notwithstanding anything to the contrary herein, <u>Schedule I</u> hereto may be amended without the consent of any Lender or other Secured Party if delivered in accordance with the terms of the Loan Documents; provided that the Borrower shall provide such revised Schedules to the Administrative Agent prior to such amendment and the Administrative Agent shall have confirmed such amended schedules in writing.

Notwithstanding anything to the contrary herein, if following the Closing Date, the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of this Credit Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.

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Notwithstanding anything to the contrary herein, any Collateral Account Control Agreement may be amended, waived, discharged or terminated by the Administrative Agent in order to (i) assist with any transfer to a new Depository Bank which is an Eligible Institution in accordance with this Credit Agreement or to otherwise reflect any change in the account number with an existing Depository Bank or (ii) to fix an obvious error or any error or omission of a technical or immaterial nature, in either case, without any further action or consent of any other party to this Credit Agreement or any other Loan Document if the same is, in the reasonable determination of the Administrative Agent, not materially adverse to the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Offsets**. Each Lender and the Administrative Agent agrees that if it shall, through the exercise of any right of counterclaim, offset, banker's lien or otherwise, receive payment of a portion of the aggregate amount of principal, interest and fees due to such Lender hereunder which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender hereunder than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and fees due with respect to such other Lenders under this Credit Agreement, then such Lender shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be *pro rata* according to each Lender's Lender Commitment (determined as of the date hereof and regardless of any change in any Lender's Lender Commitment caused by such Lender's receipt of a proportionately greater or lesser payment hereunder) <u>provided</u> that the terms of this Section 12.2 shall not apply to amounts to which each Lender and the Administrative Agent is entitled under the terms of this Credit Agreement or to any amounts received in connection with any assignment or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Collateral**. To the extent permitted by applicable Law, each Lender and the Administrative Agent, in its capacity as a Lender, agrees that if it shall, through the receipt of any proceeds from Collateral or the exercise of any remedies under any Collateral Documents, receive or be entitled to receive payment of a portion of the aggregate amount of principal, interest and fees due to it under this Credit Agreement which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender under this Credit Agreement than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and fees due with respect to any Obligations to such Lender under this Credit Agreement, then such Lender or the Administrative Agent, in its capacity as a Lender, as the case may be, shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be *pro rata* according to each Lender's Lender Commitment (determined as of the date hereof and regardless of any change in any Lender's Lender Commitment caused by such Lender's receipt of a proportionately greater or lesser payment hereunder). Each Lender hereby authorizes and directs the Administrative Agent to coordinate and implement the sharing of collateral contemplated by this <u>Section 12.3</u> prior to the distribution of proceeds from Collateral or proceeds from the exercise of remedies under the Collateral Documents prior to making any

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distributions of such proceeds to each Lender or the Administrative Agent, in their respective capacity as the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver**. No failure to exercise, and no delay in exercising, on the part of the Administrative Agent or the Lenders, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right. The rights of the Administrative Agent and the Lenders hereunder and under the Loan Documents shall be in addition to all other rights provided by Law. No modification or waiver of any provision of this Credit Agreement, the Notes or any of the other Loan Documents, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. Subject to <u>Section 12.1</u> hereof, the Administrative Agent acting on behalf of all Lenders, and the Credit Parties may from time to time enter into agreements amending or changing any provision of this Credit Agreement or the rights of the Lenders or the Credit Parties hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Credit Parties hereunder, any such agreement, waiver or consent made with such written consent of the Administrative Agent being effective to bind all the Lenders, except as provided in <u>Section 12.1</u> hereof. A waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy on any future occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Expenses; Indemnity**.

&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 Borrower agrees to pay (within the Required Payment Time after the receipt of written notice from the Administrative Agent) its pro rata share of all documented out-of-pocket costs and expenses of the Administrative Agent (including without limitation the reasonable fees and expenses of one designated law firm in each applicable jurisdiction acting as counsel to the Administrative Agent) reasonably and actually incurred by it in connection with the negotiation, preparation, execution and delivery of this Credit Agreement, the Notes, and the other Loan Documents and any and all amendments, modifications, waivers and supplements thereof or thereto, and, if an Event of Default exists, all documented out-of-pocket costs and expenses of the Administrative Agent and the Lenders (including, without limitation, the reasonable attorneys' fees of the Administrative Agent's and the Lenders' legal counsel) reasonably incurred by them in connection with the preservation and enforcement of the Administrative Agent's, the Letter of Credit Issuer's and the Lenders' rights under this Credit Agreement, the Notes, and the other Loan 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to indemnify the Administrative Agent, the Letter of Credit Issuer and each of the Lenders and their respective directors, officers, employees, attorneys and agents (each such Person, including without limitation the Administrative Agent, the Letter of Credit Issuer, each of the Lenders, and any affiliate of the foregoing acting in any such capacity in connection with this Credit Agreement or any other Loan Document, being called an "***Indemnitee***") its pro rata share against, and to hold each Indemnitee harmless from, any and all losses, claims, actions, judgments, suits, disbursements, penalties, damages, liabilities and related expenses and counsel fees and expenses (including without limitation the counsel fees and expenses incurred in the

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enforcement of any Loan Documents against any Credit Party), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;this Credit Agreement or any other Loan Document, including without limitation the execution, delivery and enforcement thereof, or any agreement or instrument contemplated thereby,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the use or misuse of the proceeds of the 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the fraudulent actions or misrepresentations of any Credit Party or its Affiliates in connection with the transactions contemplated by this Credit Agreement and the other Loan Documents, or any breach by any Credit Party of its obligations under this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any claim, litigation, investigation or proceeding relating to any of the foregoing or relating to any transaction contemplated hereby, whether or not any Indemnitee is a party thereto;

<u>provided</u> that such indemnity shall not, as to any Indemnitee, apply (1) to any such losses, claims, actions, judgments, suits, disbursements, penalties, damages, liabilities or related expenses as determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from gross negligence, fraud or willful misconduct of such Indemnitee or from any dispute between or among the Indemnitees and not involving any Credit Party or (2) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law, the Borrower and each other Credit Party shall not assert, and hereby waive, 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 Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in <u>clause (b)</u> above 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 Credit Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for direct or actual damages resulting from the gross negligence, bad faith, material breach of contract or willful misconduct of such Indemnitee as determined by a final and non-appealable judgment of a court of competent 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;WITHOUT LIMITATION OF AND SUBJECT TO THE FOREGOING, THE BORROWER AND EACH OTHER CREDIT PARTY INTENDS AND AGREES THAT THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ALL CLAIMS, DAMAGES, LOSSES, LIABILITIES, AND EXPENSES (INCLUDING, WITHOUT LIMITATION, THE REASONABLE AND

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DOCUMENTED FEES AND EXPENSES OF COUNSEL) WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OR CLAIMS OF NEGLIGENCE OF SUCH OR ANY OTHER INDEMNITEE OR ANY STRICT LIABILITY OR CLAIMS OF STRICT 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 12.5</u> shall survive termination of this Credit Agreement, and shall remain operative and in full force and effect regardless of the expiration of the Commitment Period, the consummation of the transactions contemplated hereby, the repayment of the Loans, the occurrence of the Maturity Date, the invalidity, illegality, or unenforceability of any term or provision of this Credit Agreement or any other Loan Document, or any investigation made by or on behalf of the Lenders. All amounts due under this <u>Section 12.5</u> shall be payable promptly on written demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6**&nbsp;&nbsp;&nbsp;&nbsp;**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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Notices Generally**. Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be deemed to be effective: (a) if by hand delivery on the day and at the time on which delivered to such party at the address or fax numbers specified below; (b) if by mail, on the day which it is received after being deposited, postage prepaid, in the United States registered or certified mail, return receipt requested, addressed to such party at the address specified below; (c) if by FedEx or other internationally recognized express mail service, on the next Business Day following the delivery to such express mail service, addressed to such party at the address set forth below; (d) if by telephone, on the day and at the time communication with one of the individuals named below occurs during a call to the telephone number or numbers indicated for such party below; or (e) if by email, as provided in <u>Section 12.6(b)</u> hereof:

If to a Borrower:

At the address specified with respect thereto on <u>Schedule I</u> hereto.

With a copy to:

Simpson Thacher & Bartlett LLP<br>1999 Avenue of the Stars – 29<sup>th</sup> Floor

Los Angeles, CA 90067

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Tom Howland<br>Telephone:&nbsp;&nbsp;&nbsp;&nbsp;(310) 407-7535 <br>Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) 407-7502<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thomas.howland@stblaw.com

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&nbsp;&nbsp;&nbsp;&nbsp;If to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;At the address specified with respect thereto on <u>Schedule II</u> hereto.

With a copy to (which shall not constitute notice):

Cadwalader, Wickersham & Taft LLP<br>200 Liberty Street<br>New York, New York 10281

&nbsp;&nbsp;&nbsp;&nbsp;Attention: &nbsp;&nbsp;&nbsp;&nbsp;Leah Edelboim<br>&nbsp;&nbsp;&nbsp;&nbsp;Telephone: &nbsp;&nbsp;&nbsp;&nbsp;(212) 504-6366<br>&nbsp;&nbsp;&nbsp;&nbsp;Fax: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 504-6666<br>&nbsp;&nbsp;&nbsp;&nbsp;Email: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;leah.edelboim@cwt.com

If to the Lenders:

At the address specified with respect thereto on <u>Schedule II</u> hereto or on the Assignment and Acceptance Agreement of such Lender.

Any party may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this <u>Section 12.6</u>. With respect to any notice received by the Administrative Agent from the Borrower not otherwise addressed herein, the Administrative Agent shall notify the Lenders promptly of the receipt of such notice, and shall provide copies thereof to the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Communication**. Notices and other communications to the Lenders and the Letter of Credit Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to <u>Section 2</u> hereof if such Lender or the Letter of Credit Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving such notices by electronic communication. Any Credit Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the recipient's receipt of such notice with no error message or other evidence of non-delivery received by the sender, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor; *provided* that, for both <u>clauses (i)</u> and <u>(ii)</u> above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be

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deemed to have been sent at the opening of business on the next Business Day for the recipient

Notwithstanding the foregoing, delivery by posting to a secure website which is available to the Administrative Agent shall be an acceptable form of delivery for any report, statement or notice required of the Borrower pursuant to <u>Section 8.1(a)</u>, <u>8.1(b)(iv)(A)</u> and <u>(B)</u>, or <u>8.1(i)</u> hereof; <u>provided</u> that the Borrower shall notify the Administrative Agent by electronic mail (or shall cause the Administrative Agent to be notified by electronic mail from the applicable secure website) that such posting has been made at the notice addresses set forth above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7**&nbsp;&nbsp;&nbsp;&nbsp;**Governing Law**. This Credit Agreement and all of the other Loan Documents (except, as to any other Loan Document, as expressly set forth therein) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8**&nbsp;&nbsp;&nbsp;&nbsp;**Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury**. Any suit, action or proceeding against any Credit Party with respect to this Credit Agreement, the Notes or the other Loan Documents or any judgment entered by any court in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City or any appellate court therefrom, as the Lenders in their sole discretion may elect and each party hereto hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each party hereto hereby irrevocably consents to the service of process in any suit, action or proceeding in said court by the mailing thereof by registered or certified mail, postage prepaid, to such party's address set forth in <u>Section 12.6</u> hereof. Each party hereto hereby irrevocably waives any objections 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 Credit Agreement, the Notes, or the other Loan Documents brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES OR ANY OF THE OTHER LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY. Notwithstanding the foregoing, nothing in this Credit Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Secured Party may otherwise have to bring any action or proceeding relating to this Credit Agreement or any other Loan Document against any Credit Party or its properties in the courts of any other proper jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9**&nbsp;&nbsp;&nbsp;&nbsp;**Invalid Provisions**. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement, unless

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such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10**&nbsp;&nbsp;&nbsp;&nbsp;**Entirety**. The Loan Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof and thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11**&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound; 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound**. The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that, except as expressly permitted hereby, no Credit Party may assign or otherwise transfer any of its respective rights under this Credit Agreement without the prior written consent of all the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Participations**. Any Lender may at any time grant to one or more banks or other institutions (each a "***Participant***") a participating interest in its Lender Commitment or any or all of its Loans; <u>provided</u> that (i) any such participation shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender's entire remaining Lender Commitment), and (ii) prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days, no such participation shall be granted to any Competitor. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Credit Parties and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Credit Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the Obligations including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Credit Agreement. The voting rights of each Participant shall be limited to (i) reductions or increases in the amount, or altering the term, of the Lender Commitment of such Participant and (ii) changes to the Maturity Date or interest rate. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section 4.6</u>, and <u>Section 5.3</u> hereof with respect to its participating interest; <u>provided</u> that in no event shall the Borrower be obligated to pay to such Participant amounts greater than those the Borrower would have been required to pay to the granting Lender in the absence of such participation; and <u>provided</u>, further, that the Participant shall have complied with the obligations of such sections as though such Participant were a Lender. An assignment or other transfer which is not permitted by <u>subsection (c)</u> below shall be given effect for purposes of this Credit Agreement only to the extent of a participating interest which is permitted in accordance with this <u>subsection (b)</u>. Each Lender that sells a participating interest in any Loan, Lender Commitment or other interest to a Participant shall, as agent of the Borrower solely for the purpose of this <u>Section 12.11(b)</u>, record in book entries

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maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive payments in respect of such participating 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Assignments**. With the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) and with the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed (but shall be deemed to have been given on the fifth (5th) Business Day after the date written notice is provided to the Borrower and the assigning Lender has not received, by such time, written notice of the Borrower's objection to such assignment), and such consent of the Borrower not to be required for (i) assignments to another existing Lender, to a Federal Reserve Bank or other central banking authority, an Affiliate of a Lender (so long as, if such Affiliate is a commercial paper conduit, the assigning Lender provides credit support acceptable to the Borrower in their reasonable discretion) or (ii) during the existence of an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>(h)</u> or <u>(i)</u> hereof or any other Event of Default which has continued uncured for a period of thirty (30) days), any Lender may (at its expense) at any time assign to one or more Persons (an "***Assignee***") all, or a proportionate part of all (in a constant, not varying, percentage), of its rights and obligations under this Credit Agreement, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Acceptance Agreement; <u>provided</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;this <u>Section 12.11(c)</u> shall not restrict an assignment or other transfer by any Lender to a Federal Reserve Bank or other central banking authority, but no such assignment to a Federal Reserve Bank or other central banking authority shall release the assigning Lender from its obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;except in the case of an assignment to another Lender, or the assignment of all of a Lender's rights and obligations under this Credit Agreement, any assignment shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender's entire remaining Lender Commitment); <u>provided</u> that*,* no Lender shall have a Lender Commitment of less than $5,000,000 following any such assignment (unless the assigning Lender shall have assigned all of its rights and obligations under this Credit 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days, the Assignee shall not be a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the Assignee shall provide any required documentation under <u>Section 4.6</u> of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance Agreement, and the Assignee shall pay to the transferor Lender an amount equal to the purchase price

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agreed between such transferor Lender and such Assignee, and the transferor Lender shall deliver payment of a processing and recordation fee of $3,500 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Consequences of Assignment**. Upon execution and delivery of such Assignment and Acceptance Agreement and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Credit Agreement and shall have all the rights and obligations of a Lender with a Lender Commitment as set forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required.

&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;**Addition of Lenders**. With the prior written consent of the Administrative Agent in its sole discretion (other than with respect to any Lender agreed in writing between the Borrower and the Administrative Agent on or prior to the Effective Date), at the request of the Borrower, a new lender may join the Credit Facility as a Lender by delivering a Joinder Agreement to the Administrative Agent, and such new Lender shall assume all rights and obligations of a Lender under this Credit Agreement and the other Loan Documents; <u>provided</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Lender Commitment of the new Lender shall be in addition to the Lender Commitment of the existing Lenders in effect on the date of such new Lender's entry into the Credit Facility and the Maximum Commitment shall be increased in a corresponding 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Lender Commitment of the new Lender shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $1,000,000 (in each case, or such lesser amount agreed to by the Borrower and the Administrative Agent in writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the new Lender shall provide any required documentation under <u>Section 4.6</u> of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the parties shall execute and deliver to the Administrative Agent a Joinder Agreement, the Borrower shall execute such new Notes as the Administrative Agent or any Lender may reasonably request, and the new Lender shall deliver payment of a processing and recordation fee of $3,500 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Register of Lenders**. The Administrative Agent shall maintain at its principal offices in New York or at such other location as the Administrative Agent shall designate in writing to each Lender and the Borrower, a copy of each Assignment and Acceptance Agreement and Joinder Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, the principal amount of each Lender's Pro Rata Share of the Lender Commitments and the Loans, and

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the name and address of each Lender's agent for service of process in New York (the "***Register***"). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each person or entity whose name is recorded in the Register as a Lender hereunder for all purposes of this Credit Agreement. The Register shall be available for inspection and copying by the Borrower or any Lender during normal business hours upon reasonable prior notice to the Administrative Agent. A Lender may change its address and its agent for service of process upon written notice to the Administrative Agent, which notice shall be effective upon actual receipt by the Administrative Agent, which receipt will be acknowledged by the Administrative Agent upon request. Upon receipt of any Assignment and Acceptance Agreement or Joinder Agreement, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been completed, fully-executed and is substantially in the form of <u>Exhibit H</u> hereto or if such Joinder Agreement has been completed, fully-executed and is substantially in the form of <u>Exhibit N</u> hereto: (i) accept such an Assignment and Acceptance Agreement or Joinder Agreement; (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "***Participant Register***"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Disclosure of Information**. Any Lender may furnish any information concerning the Borrower Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants), subject, however, to the provisions of <u>Section 12.17</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Default**. If any Lender becomes a Defaulting Lender, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or the Borrower at law or in equity, such Defaulting Lender's right to vote on matters related to this Credit Agreement, other than those set forth in <u>Section 12.1(a)</u> and <u>(b)</u> hereof, to receive the unused commitment fees pursuant to <u>Section 2.</u>12 and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be

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suspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender's Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such Lender's interests, then each Lender that is not a Defaulting Lender (a "***Current Party***") shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire (or if more than one Current Party exercises such right, each Current Party shall have the right to acquire, *pro rata*) at par such Defaulting Lender's Lender Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13**&nbsp;&nbsp;&nbsp;&nbsp;**Maximum and Criminal Interest**. Regardless of any provision contained in any of the Loan Documents, in no event shall the rate of interest payable by the Borrower with respect to any Loan exceed the Maximum Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14**&nbsp;&nbsp;&nbsp;&nbsp;**Headings**. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**. All representations and warranties made by the Credit Parties herein shall survive delivery of the Notes, the making of the Loans and the issuance of the Letters of Credit. Additionally, notwithstanding the first sentence of <u>Section 8</u> and <u>Section 9</u>, so long as any cash collateralized Letters of Credit shall remain outstanding, the applicable Borrowers agree to continue to comply with the covenants provided in <u>Sections</u> <u>8.3</u>, <u>8.9</u> and <u>9.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16**&nbsp;&nbsp;&nbsp;&nbsp;**Full Recourse**. Notwithstanding anything in this Credit Agreement or the Loan Documents to the contrary, (a) the payment and performance of the Obligations of each Credit Party shall be fully recourse to such Credit Party and its properties and assets, as applicable, and (b) the obligations of each Credit Party hereunder or thereunder relating to the obligations of another Credit Party hereunder shall not exceed the lesser of (i) the maximum amount that is permissible under applicable Law for such Credit Party (whether federal or state or otherwise and including, without limitation, Debtor Relief Laws) to borrow or guarantee, respectively (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) and (ii) the maximum amount that may be borrowed or guaranteed, respectively by such Credit Party under the applicable limitation on borrowings, guarantees or investments set forth in such Credit Party's Constituent Documents. Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to the General Partners, any Investor or any Investments, and the Lenders shall not have the right to pursue any claim or action against any General Partner, except for any claim or action for actual damages of the Administrative Agent or Lenders as a result of any fraud, willful misrepresentation or willful misappropriation of proceeds from the Credit Facility on the part of such General Partner, in which event there shall be full recourse against such General Partner. Notwithstanding anything in this Credit Agreement, any legal proceeding, claim or action against a Credit Party which is a Cayman Islands exempted limited partnership may be initiated against the general partner of such Credit Party, solely for purposes of complying with Section 33(1) of the Exempted Limited Partnership Act (As Revised) of the Cayman Islands, and not for the purpose of recovering any amount from the personal assets or property of such general partner, as the Administrative Agent may elect in its sole discretion.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17**&nbsp;&nbsp;&nbsp;&nbsp;**Availability of Records; Confidentiality**. (a) The Credit Parties acknowledge and agree that the Administrative Agent may provide to the Lenders, and that the Administrative Agent and each Lender may provide to any Affiliate of a Lender or Participant or Assignee or proposed Participant or Assignee or any other Person as deemed necessary or appropriate in any Lender's reasonable judgment, originals or copies of this Credit Agreement, all Loan Documents and all other documents, certificates, opinions, letters of credit, reports, and other material information of every nature or description, and may communicate all oral information, at any time submitted by or on behalf of any Credit Party or received by the Administrative Agent or a Lender in connection with the Loans, the Letter of Credit Liability, the Lender Commitments or any Credit Party; <u>provided</u> that, prior to any such delivery or communication, the Lender, Affiliate of a Lender, Participant, or Assignee, or proposed Participant or Assignee or such other Person, as the case may be, shall agree to preserve the confidentiality of all data and information which constitutes Confidential Information; (b) the Administrative Agent and the Lenders (i) acknowledge and agree that (x) the identities of the Investors, the amounts of their respective Units held and details regarding their investments under the Partnership Agreement (collectively, the "***Investor Information***") have been and will be delivered on a confidential basis; and (y) information with respect to Investments has been and will be delivered on a confidential basis; (ii) acknowledge and agree that such Investor Information and information with respect to Investments are Confidential Information; and (iii) agree that such Investor Information and information with respect to Investments shall be subject to the provisions of this <u>Section 12.17</u>; and (c) anything herein to the contrary notwithstanding, the provisions of this <u>Section 12.17</u> shall not preclude or restrict any such party from disclosing any Confidential Information: (i) with the prior written consent of any Credit Party; (ii) upon the order of or pursuant to the rules and regulations of any Governmental Authority having jurisdiction over such party; (iii) in connection with any audit by an independent public accountant of such party, <u>provided</u> such auditor thereto agrees to be bound by the provisions of this <u>Section 12.17</u>; (iv) to examiners or auditors of any applicable Governmental Authority which examines such party's books and records while conducting such examination or audit; (v) as otherwise specifically required by law or legal process, including, for the avoidance of doubt, in connection with any enforcement action relating to the Loan Documents; (vi) professional advisers, insurers, insurance brokers and service providers of a Lender who are under a duty of confidentiality to a Lender; (vii) any rating agency<u>, swap counterparties</u> or direct or indirect provider of credit protection to a permitted party (or its brokers) with the consent of the Borrower (such consent not to be unreasonably withheld or delayed); or (viii) to the extent such information (A) becomes publicly available other than as a result of a breach of this <u>Section 12.17</u> or (B) becomes publicly available to the Administrative Agent, the issuing bank or the Lenders on a non-confidential basis from a source other than the Borrower. Notwithstanding the foregoing, the Credit Parties, the Administrative Agent and the Lenders (and each of their respective employees, representatives, or other agents) may disclose to taxing authorities, the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. Notwithstanding the termination of this Credit Agreement, the Administrative Agent and each Lender agrees to hold Confidential Information in accordance with its internal document retention policies and procedures for two (2) years

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following the termination of this Credit Agreement, which policies and procedures, as of the Closing Date, provide that information considered confidential shall be held on a confidential basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.18**&nbsp;&nbsp;&nbsp;&nbsp;**USA Patriot Act Notice**. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "***Patriot Act***"), it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Credit Party in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19**&nbsp;&nbsp;&nbsp;&nbsp;**Multiple Counterparts**. This Credit Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery of an executed counterpart hereof or a signature page hereto in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed original counterpart thereof. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Credit Agreement or any other Loan Document shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20**&nbsp;&nbsp;&nbsp;&nbsp;**Conversion of Currencies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If, for the purpose of obtaining a judgment in any court in any jurisdiction with respect to any Loan Document, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased by the Administrative Agent with such other currency on the Business Day immediately preceding the day on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Borrower in respect of any sum due from it to any Secured Party hereunder or under the other Loan Documents (the "***Applicable Creditor***") shall, notwithstanding any judgment in a currency (the "***Judgment Currency***") other than the currency in which such sum is stated to be due hereunder or under the other Loan Documents (the "***Agreement Currency***"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the applicable Secured Party in such currency, such Secured Party agrees to return the amount of any excess to the Borrower (or to any other Person who may be

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entitled thereto under applicable Law). The obligations of the Borrower contained in this <u>Section 12.20</u> shall survive the termination of this Credit Agreement and the payment of all other amounts owing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.21**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement and Consent to Bail-In of Affected Financial Institutions**.

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&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 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 Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.22**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Acknowledgement Regarding Any Supported QFCs</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)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "***QFC Credit Support***", and each such QFC, a "***Supported QFC***"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "***U.S. Special Resolution Regimes***") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the 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):

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;In the event a Covered Entity that is party to a Supported QFC (each, a "***Covered Party***") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under the 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.

&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;As used in this <u>Section 11.23</u>, the following terms 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"***BHC Act Affiliate***" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&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;"***Covered Entity***" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&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;"***Swap Contract***" means (a) any and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including

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any options to enter into any of the foregoing), whether or not any such transaction is governed by or subject to any master agreement, and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement (any such master agreement, together with any related schedules, a "***Master Agreement***"), including any such obligations or liabilities under any Master Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23**&nbsp;&nbsp;&nbsp;&nbsp;**No Advisory or Fiduciary Responsibility.** In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Credit Party acknowledges and agrees that: (a)(i) the services regarding this Credit Agreement provided by Administrative Agent are arm's-length commercial transactions between each Credit Party, on the one hand, and Administrative Agent, on the other hand; (ii) each Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; and (iii) each Credit Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) Administrative Agent is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Credit Party; and (ii) Administrative Agent has no obligation to any Credit Party with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) Administrative Agent and its Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of each Credit Party, and Administrative Agent has no obligation to disclose any of such interests to any Credit Party. To the fullest extent permitted by law, each Credit Party hereby waives and releases any claims that it may have against Administrative Agent as of the Closing Date with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.24**&nbsp;&nbsp;&nbsp;&nbsp;**Joint and Several Liability.** In consideration of the establishment of any Lender Commitments and the making of the Loans and issuance of the Letters of Credit under this Credit Agreement, and of the benefits to the Borrowers and each of the Guarantors that are anticipated to result therefrom, each of the Borrowers agrees that, notwithstanding any other provision contained herein or in any other Loan Document, the each of the Borrowers shall be fully liable for all of the Obligations, both severally and jointly, regardless of whether a Borrower actually receives the proceeds of the Loans or the benefit of any other extensions of credit hereunder. Accordingly, each Borrower irrevocably agrees with each Lender and the Administrative Agent and their respective successors and permitted assigns that they will make prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Obligations, strictly in accordance with the terms thereof. Each Borrower hereby further agrees that if any Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Obligations, then they will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be

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promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Each Guarantor hereby acknowledges and agrees that the guarantee of the Obligations by such Guarantor pursuant to <u>Section 13</u> below extends to such joint and several obligations of the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional.** The obligations of each Borrower under <u>Section 12.24</u> above are absolute and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of any Borrower under this Credit Agreement or any other Loan Document, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety (other than the defense of payment), it being the intent of <u>Section 12.24</u> and this <u>Section 12.25</u> that the joint and several obligations of each Borrower hereunder shall, subject to the provisions of the Loan Documents, be absolute and unconditional under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not affect the joint and several liability of each Borrower, which shall, in each case, remain absolute, irrevocable and unconditional under any and all circumstances as described 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)&nbsp;&nbsp;&nbsp;&nbsp;at any time or from time to time, without notice to any Borrower, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;

&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;any of the acts mentioned in any of the provisions of this Credit Agreement or any other agreement or instrument referred to herein or therein shall be done or omitted; 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 maturity of any of the Obligations shall be accelerated or delayed, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under this Credit Agreement or any other agreement or instrument referred to herein or therein shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;GUARANTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1**&nbsp;&nbsp;&nbsp;&nbsp;**Guaranty of Payment**. Each Guarantor hereby jointly and severally unconditionally and irrevocably guarantees to each Secured Party and their respective successors and permitted assigns the prompt payment of the Obligations of each Borrower in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) (such guaranty by each Guarantor, the "<u>Guaranty</u>"). This Guaranty is a guaranty of payment and not of collection and is a continuing irrevocable guaranty and shall apply to all of the Obligations of each Borrower whenever arising. Notwithstanding any provision to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of each Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of each Guarantor hereunder shall be limited to the maximum amount that is permissible under Applicable Law (including Debtor Relief Laws).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**. The obligations of each Guarantor hereunder are absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or any other agreement or instrument referred to therein, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (other than the defense of payment). Each Guarantor agrees that this Guaranty may be enforced by any Secured Party without the necessity at any time of resorting to or exhausting any other security or collateral and without the necessity at any time of having recourse to the Notes or any other of the Loan Documents or any collateral, if any, hereafter securing the Obligations or otherwise and each Guarantor hereby waives the right to require the Administrative Agent, the Letter of Credit Issuer or the Lenders to make demand on or proceed against any Borrower Party or any other Person (including a co-Guarantor) or to require the Administrative Agent, the Letter of Credit Issuer or the Lenders to pursue any other remedy or enforce any other right. Each Guarantor further agrees that nothing contained herein shall prevent any Secured Party from suing on the Notes or any of the other Loan Documents or foreclosing its or their, as applicable, security interest in or Lien on any Collateral, if any, securing the Obligations or from exercising any other rights available to it or them, as applicable, under this Credit Agreement, the Notes, any other of the Loan Documents, or any other instrument of security, if any, and the exercise of any of the aforesaid rights and the completion of any foreclosure proceedings shall not constitute a discharge of each Guarantor's obligations hereunder (other than to the extent of Obligations paid pursuant hereto); it being the purpose and intent of each Guarantor that its obligations hereunder shall be absolute, independent and unconditional under any and all circumstances. Neither each Guarantor's obligations under this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by an impairment, modification, change, release, increase or limitation of the liability of any Credit Party or by reason of the bankruptcy, insolvency or analogous procedure of any Credit Party. Each Guarantor waives any and all notice of the creation, renewal, extension accrual or increase of any of the Obligations and notice of or proof of reliance by any Secured Party on this Guaranty or acceptance of this Guaranty. The Obligations, and any part of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty. All dealings between the Credit Parties, on the one hand, and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty.

This Credit Agreement and the obligations of each Guarantor hereunder shall be valid and enforceable and shall not be subject to any limitation, impairment or discharge for any reason (other than payment in full of the Obligations), including the occurrence of any of the following, whether or not the Administrative Agent shall have had notice or knowledge of any of them: (A) any failure to assert or enforce or agreement not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy with respect to the Obligations or any agreement relating thereto, or with respect to any guaranty of or other security for the payment of the Obligations, (B) any waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to Events of Default) of this Credit Agreement and any other Loan Document or any agreement or instrument executed

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pursuant thereto, or of any guaranty or other security for the Obligations, (C) to the fullest extent permitted by applicable Law, any of the Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect, (D) the application of payments received from any source to the payment of indebtedness other than the Obligations, even though the Administrative Agent might have elected to apply such payment to any part or all of the Obligations, (E) any failure to perfect or continue perfection of a security interest in any of the Collateral, (F) any defenses (other than the defense of payment), set-offs or counterclaims which a Borrower may allege or assert against the Administrative Agent in respect of the Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury, and (G) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of each Guarantor as an obligor in respect of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3**&nbsp;&nbsp;&nbsp;&nbsp;**Modifications**. Each Guarantor agrees that: (a) all or any part of the Collateral now or hereafter held for the Obligations, if any, may be exchanged, compromised or surrendered from time to time; (b) none of the Lenders and the Administrative Agent shall have any obligation to protect, perfect, secure or insure any such security interests, liens or encumbrances now or hereafter held, if any, for the Obligations; (c) the time or place of payment of the Obligations may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; (d) each Credit Party and any other party liable for payment under the Loan Documents may be granted indulgences generally; (e) any of the provisions of the Note or any of the other Loan Documents, including this Credit Agreement may be modified, amended or waived; (f) any party (including any co-Guarantor) liable for the payment thereof may be granted indulgences or be released; and (g) any deposit balance for the credit of each Credit Party or any other party liable for the payment of the Obligations or liable upon any security therefor may be released, in whole or in part, at, before or after the stated, extended or accelerated maturity of the Obligations, all without notice to or further assent by each Guarantor, which shall remain bound thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, indulgence or release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver of Rights**. Each Guarantor expressly waives to the fullest extent permitted by applicable Law: (a) notice of acceptance of the Guaranty by the Lenders and of all extensions of credit to any Credit Party by the Lenders; (b) presentment and demand for payment or performance of any of the Obligations; (c) protest and notice of dishonor or of default (except as specifically required in this Credit Agreement) with respect to the Obligations or with respect to any security therefor; (d) notice of the Lenders obtaining, amending, substituting for, releasing, waiving or modifying any security interest, lien or encumbrance, if any, hereafter securing the Obligations, or the Lenders subordinating, compromising, discharging or releasing such security interests, liens or encumbrances, if any; (e) all other notices, demands, presentments, protests or any agreement or instrument related to this Credit Agreement, any other Loan Document or the Obligations to which each Guarantor might otherwise be entitled; (f) any right to require the Administrative Agent as a condition of payment or performance by each Guarantor, to (A) proceed against a Borrower, any Guarantor of the Obligations or any other Person, (B) proceed against or exhaust any other security held from a Borrower, any Guarantor of the Obligations or any other Person, (C) proceed against or have resort to any

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balance of any deposit account, securities account or credit on the books of the Administrative Agent or any other Person, or (D) pursue any other remedy in the power of the Administrative Agent whatsoever; (g) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of a Borrower (other than the defense of payment), including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of a Borrower from any cause other than payment in full of the Obligations; (h) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (i) any defense based upon the Administrative Agent's errors or omissions in the administration of the Obligations; (j) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Credit Agreement and any legal or equitable discharge of each Guarantor's obligations hereunder, (B) the benefit of any statute of limitations affecting each Guarantor's liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims, and (D) promptness, diligence and any requirement that the Administrative Agent protect, secure, perfect or insure any other security interest or Lien or any property subject thereto; and (k) to the fullest extent permitted by applicable Law, any defenses or benefits that may be derived from or afforded by applicable Law which limit the liability of or exonerate Guarantors or sureties, or which may conflict with the terms of this Credit Agreement (other than the defense of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5**&nbsp;&nbsp;&nbsp;&nbsp;**Reinstatement**. Notwithstanding anything contained in this Credit Agreement or the other Loan Documents, the obligations of each Guarantor under this <u>Section 13</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy, reorganization, any analogous procedure or otherwise, and each Guarantor agrees that it will indemnify each Secured Party promptly after demand for all reasonable and documented costs and expenses (including reasonable fees of outside counsel) incurred by such Person in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies**. Each Guarantor agrees that, as between each Guarantor, on the one hand, and the Secured Parties, on the other hand, the Obligations may be declared to be forthwith due and payable (and shall be deemed to have become automatically due and payable) notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing such Obligation from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or such Obligation being deemed to have become automatically due and payable), such Obligation (whether or not due and payable by any other Person) shall forthwith become due and payable by each Guarantor. Each Guarantor acknowledges and agrees that its obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the Secured Parties may exercise their remedies thereunder in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7**&nbsp;&nbsp;&nbsp;&nbsp;**Subrogation**. Each Guarantor agrees that, until the indefeasible payment of the Obligations in full in cash (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made), if

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an Event of Default or Excess Prepayment Event has occurred and is continuing, it will not exercise any right of reimbursement, subrogation, indemnification, contribution, offset, remedy (direct or indirect) or other claims against any other Credit Party arising by contract or operation of law or equity in connection with any payment made or required to be made by each Guarantor under this Credit Agreement or the other Loan Documents now or hereafter. Each Guarantor further agrees that, to the extent the waiver of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification each Guarantor may have against any other Credit Party or against any Collateral or other collateral or security, and any rights of contribution each Guarantor may have against any other Credit Party, shall be junior and subordinate to any rights the Administrative Agent may have against such Credit Party and to all right, title and interest the Administrative Agent may have in any such other collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8**&nbsp;&nbsp;&nbsp;&nbsp;**Inducement**. The Lenders have been induced to make the Loans to the Borrower in part based upon the assurances by each Guarantor that each Guarantor desires that the Obligations of each Guarantor under the Loan Documents be honored and enforced as separate obligations of each Guarantor, should Administrative Agent and the Lenders desire to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9**&nbsp;&nbsp;&nbsp;&nbsp;**Combined Liability**. Notwithstanding the foregoing, each Guarantor shall be liable to the Lenders for all representations, warranties, covenants, obligations and indemnities, including the Guaranty Obligation, and the Administrative Agent and the Lenders may at their option enforce the entire amount of the Guaranty Obligation against each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10**&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Information**. Each Guarantor confirms and agrees that the Administrative Agent shall have no obligation to disclose or discuss with each Guarantor its assessment of the financial condition of a Borrower. Each Guarantor has adequate means to obtain information from a Borrower on a continuing basis concerning the financial condition of a Borrower and its ability to perform its obligations under this Credit Agreement and any other Loan Document, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of a Borrower and of all circumstances bearing upon the risk of nonpayment of the Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of the Administrative Agent to disclose any matter, fact or thing relating to the business, operations or condition of a Borrower now known or hereafter known by the Administrative Agent. Each guarantor hereby waives any right to have the Collateral or other collateral or security securing the Obligations marshaled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11**&nbsp;&nbsp;&nbsp;&nbsp;**Instrument for the Payment of Money**. Each Guarantor hereby acknowledges that the guarantee in this <u>Section 13</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or the Administrative Agent, at its sole option, in the event of a dispute by each Guarantor in the payment of any moneys due hereunder, shall have the right to bring motions and/or actions under New York CPLR Section 3213.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12**&nbsp;&nbsp;&nbsp;&nbsp;**Termination**. Notwithstanding anything to the contrary in this <u>Section 13</u> but subject to <u>Section 13.5</u>, this <u>Section 13</u> shall automatically terminate and be of no further force or effect upon the earlier of (i) the indefeasible payment of the Obligations in full in cash (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) and (ii) with respect to any Guarantor, the effectiveness of such Guarantor's withdrawal from the Credit Facility pursuant to <u>Section 2.9(c)(ii) (</u>except for those Obligations (including indemnification obligations pursuant

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to <u>Section 12.5</u>) which by their terms survive withdrawal by a Guarantor and termination of this Credit Agreement). Thereafter, upon request, the Administrative Agent shall reasonably provide any applicable Guarantor, at such Guarantor's sole expense, a written confirmation of release of its obligations hereunder in form reasonably satisfactory to such Guarantor and the Administrative Agent.

REMAINDER OF PAGE INTENTIONALLY LEFT BLANK<br>SIGNATURE PAGES FOLLOW.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Credit Agreement to be duly executed and delivered as of the day and year first above written.

**BORROWER:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

**GUARANTORS:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

------

**STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

------

**ADMINISTRATIVE AGENT AND LENDER AND LETTER OF CREDIT ISSUER:**

ING CAPITAL LLC, a Delaware limited liability company, as the Administrative Agent, a Lender and Letter of Credit Issuer

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <br>Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

------

SCHEDULE I

[Intentionally Omitted]

<u>USActive 62959519.5</u>

------

SCHEDULE II

[Intentionally Omitted]

<u>USActive 62959519.5</u>

------

SCHEDULE III

[Intentionally Omitted]

## Exhibit 10.3

**Exhibit 10.3**

**SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT**

This **SECOND AMENDMENT TO REVOLVING CREDIT AGREEMENT** (this "<u>Amendment</u>"), dated as of March 20, 2026, is entered into by and among **STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**, a Cayman Islands exempted limited partnership, acting through its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, a Cayman Islands exempted limited partnership (the "<u>Borrower</u>"), each of the parties listed on the signature pages hereto as a "Guarantor" (collectively, the "<u>Guarantors</u>", and each, individually, a "<u>Guarantor</u>"), **ING CAPITAL LLC**, as the Administrative Agent for the Lenders (in such capacity, the "<u>Administrative Agent</u>"), the Lead Arranger, the Letter of Credit Issuer and a Lender under the Credit Agreement referred to below, and each of the Lenders party hereto.

<u>RECITALS</u>

WHEREAS, the parties hereto have entered into that certain Revolving Credit Agreement, dated as of July 16, 2025 (as amended by that certain Lender Joinder and First Amendment to Revolving Credit Agreement, dated as of November 17, 2025, and as the same may be further amended, restated, supplemented or otherwise modified from time to time, the "<u>Credit Agreement</u>");

WHEREAS, the parties hereto wish to make certain changes to the Credit Agreement as further described herein.

NOW, THEREFORE, in consideration of the promises and the mutual agreements contained herein and in the Credit Agreement and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows:

SECTION 1. <u>Definitions</u>. Capitalized terms not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

SECTION 2. <u>Amendments to the Credit Agreement</u>. Effective as of the Effective Date (as defined below), the Credit Agreement is hereby amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1.Certain sections and schedules of the Credit Agreement are hereby amended as set forth on <u>Annex A</u> to this Amendment. Language being inserted into the applicable sections and schedules of the Credit Agreement is evidenced by **<u>bold and underline formatting</u>**. Language being deleted from the applicable sections and schedules of the Credit Agreement is evidenced by **strike-through formatting**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2.Certain sections of the Exhibits are hereby amended as set forth on <u>Annex B</u> to this Amendment. Language being inserted into the applicable Exhibits is evidenced by **<u>bold and underline formatting</u>**. Language being deleted from the applicable Exhibits is evidenced by **strike-through formatting**.

SECTION 3. <u>Conditions Precedent</u>. <u>Section 2</u> hereof shall become effective on the date (the "<u>Effective Date</u>") when the Administrative Agent shall have received:

&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)a counterpart (or counterparts) of this Amendment, duly executed and delivered by each of the parties hereto;

4927-5328-0662v.3

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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;(b)a counterpart (or counterparts) of each Fee Letter, dated as of the date hereof, duly executed and delivered by each 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;(c)true and complete copies of resolutions of each Credit Party, as applicable, authorizing the entry into the transactions contemplated herein and in the other Loan Documents by such Credit Party, as applicable, in each case certified by a Responsible Officer of such Person as correct and complete copies thereof and in effect on the date 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;(d)a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower if it qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, if so requested by the Administrative Agent prior to the Effective Date; 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;(e)payment of all fees and other amounts due and payable on or prior to the date hereof, and, to the extent invoiced at least two (2) Business Days prior to the date hereof reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrower hereunder, including the reasonable fees and disbursements invoiced through the date hereof of the Administrative Agent's special counsel, Sidley Austin LLP.

SECTION 4. <u>Miscellaneous.</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1.<u>Reallocation of Commitments</u>. On the Effective Date, the Administrative Agent will reallocate the outstanding Loans and participations in Letters of Credit (including any Loans made by any new or increasing Lender) such that, after giving effect thereto, the ratio of each Lender's (including each new or increasing Lender's) share of the outstanding Loans or participations in Letters of Credit is in the same proportion as that of such Lender's individual Lender Commitment over the total Lender Commitments. For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, (i) the Administrative Agent will give advance notice sufficient to comply with the applicable timing period in Section 2.3 of the Credit Agreement to each Lender which is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans being reallocated and the Administrative Agent shall remit to any applicable Lender its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment is required), the Borrower shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to Section 4.5 of the Credit Agreement as a result of such reallocation occurring on any date other than an Interest Payment Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2.<u>Reaffirmation of Obligations</u>. Each Credit Party, by its signature below, (i) acknowledges and consents to all of the terms and conditions of this Amendment, (ii) affirms all of its obligations under the Loan Documents and (iii) agrees that this Amendment and all documents executed in connection herewith do not operate to reduce or discharge such Credit Party's obligations under the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3.<u>Representations and Warranties</u>. Each Credit Party hereby represents and warrants 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;(a)this Amendment constitutes a legal and binding obligation of such Credit Party, enforceable in accordance with its terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at 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;(b)the representations and warranties set forth in the Credit Agreement and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Effective Date, and will be true

4927-5328-0662v.3

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and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the Effective Date, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;(c)upon the Effective Date, no Event of Default or Potential Default has occurred and is continuing;

&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)upon the Effective Date, no Review Event has occurred and is continuing;

&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)no other Trigger Event has occurred and is continuing (or will result from the transactions contemplated by this Amendment); 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)the Borrower is in compliance with the Financial Covenants and the Debt Limitations contained in the Credit Agreement after giving pro forma effect to the transactions contemplated by this Amendment and has demonstrated compliance with such Financial Covenants and Debt Limitations pursuant to the terms of the Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4.<u>Reaffirmation of Security Interests</u>. Each Credit Party (i) affirms that each of the Liens granted in or pursuant to the Loan Documents are valid and subsisting, and (ii) agrees that this Amendment and all documents executed by any Credit Party in connection herewith shall in no manner impair or otherwise adversely affect any of the Liens granted in or pursuant to the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5.<u>References to the Credit Agreement</u>. Upon the effectiveness of this Amendment, each reference in the Credit Agreement to "this Agreement", "hereunder", "hereof", "herein", or words of like import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference to the Credit Agreement in any other document, instrument or agreement executed and/or delivered in connection with the Credit Agreement shall mean and be a reference to the Credit Agreement as amended hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6.<u>Effect on Credit Agreement</u>. Except as specifically amended above, the Credit Agreement and all other documents, instruments and agreements executed and/or delivered in connection therewith shall remain in full force and effect and are hereby ratified and confirmed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7.<u>No Waiver</u>. The execution, delivery and effectiveness of this Amendment shall not operate as a waiver of any right, power or remedy of the Administrative Agent or any Lender under the Credit Agreement or any other document, instrument or agreement executed in connection therewith, nor constitute a waiver of any provision contained therein, except as specifically set forth herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8.<u>Governing Law</u>. This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9.<u>Successors and Assigns</u>. This Amendment shall be binding upon and shall inure to the benefit of the parties hereto and their respective permitted successors and assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10.<u>Headings</u>. Section headings in this Amendment are for convenience of reference only and shall in no way affect the interpretation of this Amendment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11.<u>Counterparts</u>. This Amendment may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed counterpart hereof or

4927-5328-0662v.3

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a signature page hereto in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed original counterpart thereof.

[Signatures Follow]

4927-5328-0662v.3

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

**BORROWER:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

*ING – Stonepeak Infra*

*Second Amendment*

------

**GUARANTORS:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

**STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC

By: <u>/s/ Adrienne Saunders&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: Adrienne Saunders <br> Title: Senior Managing Director & General Counsel/Chief Compliance Officer

*ING – Stonepeak Infra*

*Second Amendment*

------

**ADMINISTRATIVE AGENT:**

**ING CAPITAL LLC**, as the Administrative Agent and the Lead Arranger

By: <u>/s/ Alexander Bertram&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Alexander Bertram<br> Title: Managing Director

By: <u>/s/ Gael Cornet d'Elzius&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Gael Cornet d'Elzius<br> Title: Director

*ING – Stonepeak Infra*

*Second Amendment*

------

**LENDERS:**

**ING CAPITAL LLC**, as the Letter of Credit Issuer and a Lender

By: <u>/s/ Alexander Bertram&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Alexander Bertram<br> Title: Managing Director

By: <u>/s/ Gael Cornet d'Elzius&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Gael Cornet d'Elzius<br> Title: Director

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

*ING – Stonepeak Infra*

*Second Amendment*

------

**MUFG BANK, LTD.**, as a Lender

By: <u>/s/ Kathleen Considine&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Kathleen Considine<br> Title: Managing Director

*ING – Stonepeak Infra*

*Second Amendment*

------

**ROYAL BANK OF CANADA**, as a Lender

By: <u>/s/ Glenn Van Allen&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Glenn Van Allen<br> Title: Authorized Signatory

*ING – Stonepeak Infra*

*Second Amendment*

------

**LLOYDS BANK CORPORATE MARKETS PLC**, as a Lender

By: <u>/s/ Tina Wong&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Tina Wong<br> Title: Assistant Vice President

By: <u>/s/ Catherine Lim&nbsp;&nbsp;&nbsp;&nbsp;</u><br> Name: Catherine Lim<br> Title: Assistant Vice President

*ING – Stonepeak Infra*

*Second Amendment*

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**<u>ANNEX A</u>**

[See attached]

4927-5328-0662v.3

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**ANNEX A TO FIRST<u>SECOND</u> AMENDMENT**

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| |
|:---|
| <br>STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP<br>as the Borrower,<br>and<br>the other Borrowers from time to time party hereto<br>STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP<br>STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP <br>STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP<br>as Guarantors,<br>and <br>the other Guarantors from time to time party hereto |
| <br>REVOLVING CREDIT AGREEMENT |

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ING CAPITAL LLC,

as the Administrative Agent, a Lender, Letter of Credit Issuer, Mandated Lead Arranger and Sole Bookrunner

and

the Lenders from time to time party hereto.

<u>July 16, 2025</u>

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**<u>SECTION</u><u>Section</u> 1.**&nbsp;&nbsp;&nbsp;&nbsp;**DEFINITIONS&nbsp;&nbsp;&nbsp;&nbsp;1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Defined Terms**&nbsp;&nbsp;&nbsp;&nbsp;1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**&nbsp;&nbsp;&nbsp;&nbsp;**Other Definitional Provisions**&nbsp;&nbsp;&nbsp;&nbsp;42<u>43</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**&nbsp;&nbsp;&nbsp;&nbsp;**Times of Day**&nbsp;&nbsp;&nbsp;&nbsp;43<u>44</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Amounts**&nbsp;&nbsp;&nbsp;&nbsp;43<u>44</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**&nbsp;&nbsp;&nbsp;&nbsp;**Exchange Rates; Currency Equivalents**&nbsp;&nbsp;&nbsp;&nbsp;43<u>44</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates**&nbsp;&nbsp;&nbsp;&nbsp;43<u>44</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**&nbsp;&nbsp;&nbsp;&nbsp;**Independent Valuation**&nbsp;&nbsp;&nbsp;&nbsp;44<u>45</u>

**<u>SECTION</u><u>Section</u> 2.**&nbsp;&nbsp;&nbsp;&nbsp;**REVOLVING CREDIT LOAN AND LETTERS OF CREDIT&nbsp;&nbsp;&nbsp;&nbsp;45<u>46</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**&nbsp;&nbsp;&nbsp;&nbsp;**The Lender Commitment**&nbsp;&nbsp;&nbsp;&nbsp;45<u>46</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Commitment**&nbsp;&nbsp;&nbsp;&nbsp;49<u>50</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp;**Manner of Borrowing**&nbsp;&nbsp;&nbsp;&nbsp;50<u>51</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Loan Amounts**&nbsp;&nbsp;&nbsp;&nbsp;52<u>53</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp;**Funding**&nbsp;&nbsp;&nbsp;&nbsp;52<u>53</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rate**&nbsp;&nbsp;&nbsp;&nbsp;53<u>54</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**&nbsp;&nbsp;&nbsp;&nbsp;**Determination of Rate**&nbsp;&nbsp;&nbsp;&nbsp;55<u>56</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**&nbsp;&nbsp;&nbsp;&nbsp;**Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;55<u>56</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Borrowers and Guarantors**&nbsp;&nbsp;&nbsp;&nbsp;59<u>60</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**&nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds, Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;61<u>62</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent and Lender Fees**&nbsp;&nbsp;&nbsp;&nbsp;62<u>63</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**&nbsp;&nbsp;&nbsp;&nbsp;**Unused Commitment Fee**&nbsp;&nbsp;&nbsp;&nbsp;62<u>63</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Fees**&nbsp;&nbsp;&nbsp;&nbsp;63<u>64</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**&nbsp;&nbsp;&nbsp;&nbsp;**Extension of Maturity Date**&nbsp;&nbsp;&nbsp;&nbsp;63<u>64</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**&nbsp;&nbsp;&nbsp;&nbsp;**Increase in the Maximum Commitment; <u>Temporary Increase Tranches,</u> Borrowings and Repayments**&nbsp;&nbsp;&nbsp;&nbsp;65<u>66</u>

**<u>SECTION</u><u>Section</u> 3.**&nbsp;&nbsp;&nbsp;&nbsp;**PAYMENT OF OBLIGATIONS&nbsp;&nbsp;&nbsp;&nbsp;67<u>72</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Notes**&nbsp;&nbsp;&nbsp;&nbsp;67<u>72</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Obligations**&nbsp;&nbsp;&nbsp;&nbsp;68<u>72</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Interest**&nbsp;&nbsp;&nbsp;&nbsp;68<u>72</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**&nbsp;&nbsp;&nbsp;&nbsp;**Payments on the Obligations**&nbsp;&nbsp;&nbsp;&nbsp;69<u>74</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**&nbsp;&nbsp;&nbsp;&nbsp;**Voluntary Prepayments**&nbsp;&nbsp;&nbsp;&nbsp;70<u>75</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**&nbsp;&nbsp;&nbsp;&nbsp;**Reduction or Early Termination of Lender Commitments**&nbsp;&nbsp;&nbsp;&nbsp;70<u>75</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7**&nbsp;&nbsp;&nbsp;&nbsp;**Lending Office**&nbsp;&nbsp;&nbsp;&nbsp;71<u>76</u>

**<u>SECTION</u><u>Section</u> 4.**&nbsp;&nbsp;&nbsp;&nbsp;**CHANGE IN CIRCUMSTANCES&nbsp;&nbsp;&nbsp;&nbsp;72<u>76</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**&nbsp;&nbsp;&nbsp;&nbsp;**Increased Cost and Reduced Return; Change in Law**&nbsp;&nbsp;&nbsp;&nbsp;72<u>76</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Types of Loans**&nbsp;&nbsp;&nbsp;&nbsp;73<u>77</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.3**&nbsp;&nbsp;&nbsp;&nbsp;**Illegality**&nbsp;&nbsp;&nbsp;&nbsp;75<u>79</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**&nbsp;&nbsp;&nbsp;&nbsp;**Treatment of Affected Loans**&nbsp;&nbsp;&nbsp;&nbsp;76<u>80</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**&nbsp;&nbsp;&nbsp;&nbsp;**Compensation**&nbsp;&nbsp;&nbsp;&nbsp;78<u>82</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**&nbsp;&nbsp;&nbsp;&nbsp;78<u>83</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7**&nbsp;&nbsp;&nbsp;&nbsp;**Requests for Compensation**&nbsp;&nbsp;&nbsp;&nbsp;83<u>88</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**&nbsp;&nbsp;&nbsp;&nbsp;84<u>88</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9**&nbsp;&nbsp;&nbsp;&nbsp;**Replacement of Lenders**&nbsp;&nbsp;&nbsp;&nbsp;84<u>88</u>

**<u>SECTION</u><u>Section</u> 5.**&nbsp;&nbsp;&nbsp;&nbsp;**SECURITY&nbsp;&nbsp;&nbsp;&nbsp;85<u>89</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**&nbsp;&nbsp;&nbsp;&nbsp;**Liens and Security Interest**&nbsp;&nbsp;&nbsp;&nbsp;85<u>89</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**&nbsp;&nbsp;&nbsp;&nbsp;**The Collateral Accounts**&nbsp;&nbsp;&nbsp;&nbsp;85<u>89</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Offset**&nbsp;&nbsp;&nbsp;&nbsp;86<u>90</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Deliver Additional Collateral Documents**&nbsp;&nbsp;&nbsp;&nbsp;86<u>91</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.5**&nbsp;&nbsp;&nbsp;&nbsp;**Subordination**&nbsp;&nbsp;&nbsp;&nbsp;87<u>91</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.6**&nbsp;&nbsp;&nbsp;&nbsp;**Permitted Liens**&nbsp;&nbsp;&nbsp;&nbsp;87<u>91</u>

**<u>SECTION</u><u>Section</u> 6.**&nbsp;&nbsp;&nbsp;&nbsp;**CONDITIONS PRECEDENT TO LENDING.&nbsp;&nbsp;&nbsp;&nbsp;87<u>92</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations of the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;87<u>92</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to all Loans and Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;90<u>95</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Additional Borrower Loans and Letters of Credit**&nbsp;&nbsp;&nbsp;&nbsp;91<u>96</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions in respect of Additional Guarantors**&nbsp;&nbsp;&nbsp;&nbsp;92<u>96</u>

**<u>SECTION</u><u>Section</u> 7.**&nbsp;&nbsp;&nbsp;&nbsp;**REPRESENTATIONS AND WARRANTIES&nbsp;&nbsp;&nbsp;&nbsp;92<u>97</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**&nbsp;&nbsp;&nbsp;&nbsp;**Organization and Good Standing**&nbsp;&nbsp;&nbsp;&nbsp;92<u>97</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**&nbsp;&nbsp;&nbsp;&nbsp;**Authorization and Power**&nbsp;&nbsp;&nbsp;&nbsp;93<u>97</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.3**&nbsp;&nbsp;&nbsp;&nbsp;**No Conflicts or Consents**&nbsp;&nbsp;&nbsp;&nbsp;93<u>97</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**&nbsp;&nbsp;&nbsp;&nbsp;**Enforceable Obligations**&nbsp;&nbsp;&nbsp;&nbsp;93<u>98</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5**&nbsp;&nbsp;&nbsp;&nbsp;**Priority of Liens**&nbsp;&nbsp;&nbsp;&nbsp;93<u>98</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Condition**&nbsp;&nbsp;&nbsp;&nbsp;94<u>98</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7**&nbsp;&nbsp;&nbsp;&nbsp;**Full Disclosure**&nbsp;&nbsp;&nbsp;&nbsp;94<u>98</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8**&nbsp;&nbsp;&nbsp;&nbsp;**No Default**&nbsp;&nbsp;&nbsp;&nbsp;94<u>99</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9**&nbsp;&nbsp;&nbsp;&nbsp;**No Litigation**&nbsp;&nbsp;&nbsp;&nbsp;94<u>99</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**&nbsp;&nbsp;&nbsp;&nbsp;95<u>99</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11**&nbsp;&nbsp;&nbsp;&nbsp;**Principal Office; Jurisdiction of Formation**&nbsp;&nbsp;&nbsp;&nbsp;95<u>99</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA**&nbsp;&nbsp;&nbsp;&nbsp;95<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**&nbsp;&nbsp;&nbsp;&nbsp;95<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year**&nbsp;&nbsp;&nbsp;&nbsp;96<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15**&nbsp;&nbsp;&nbsp;&nbsp;**Margin Stock**&nbsp;&nbsp;&nbsp;&nbsp;96<u>100</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Company Act**&nbsp;&nbsp;&nbsp;&nbsp;96<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17**&nbsp;&nbsp;&nbsp;&nbsp;**Ownership of Investments**&nbsp;&nbsp;&nbsp;&nbsp;96<u>100</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.18**&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Asset Control Laws**&nbsp;&nbsp;&nbsp;&nbsp;96<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.19**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Policy and Valuation Policy**&nbsp;&nbsp;&nbsp;&nbsp;97<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.20**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;97<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.21**&nbsp;&nbsp;&nbsp;&nbsp;**Plan Assets**&nbsp;&nbsp;&nbsp;&nbsp;97<u>101</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.22**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreement Representations**&nbsp;&nbsp;&nbsp;&nbsp;97<u>101</u>

**<u>SECTION</u><u>Section</u> 8.**&nbsp;&nbsp;&nbsp;&nbsp;**AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES&nbsp;&nbsp;&nbsp;&nbsp;97<u>101</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements, Reports and Notices**&nbsp;&nbsp;&nbsp;&nbsp;97<u>102</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Taxes**&nbsp;&nbsp;&nbsp;&nbsp;100<u>105</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Existence and Rights**&nbsp;&nbsp;&nbsp;&nbsp;101<u>105</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.4**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**&nbsp;&nbsp;&nbsp;&nbsp;101<u>105</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5**&nbsp;&nbsp;&nbsp;&nbsp;**Other Notices**&nbsp;&nbsp;&nbsp;&nbsp;101<u>105</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Loan Documents and Partnership Agreement**&nbsp;&nbsp;&nbsp;&nbsp;101<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7**&nbsp;&nbsp;&nbsp;&nbsp;**Operations and Properties**&nbsp;&nbsp;&nbsp;&nbsp;101<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8**&nbsp;&nbsp;&nbsp;&nbsp;**Books and Records; Access**&nbsp;&nbsp;&nbsp;&nbsp;102<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**&nbsp;&nbsp;&nbsp;&nbsp;102<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.10**&nbsp;&nbsp;&nbsp;&nbsp;**Insurance**&nbsp;&nbsp;&nbsp;&nbsp;102<u>106</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.11**&nbsp;&nbsp;&nbsp;&nbsp;**Authorizations and Approvals**&nbsp;&nbsp;&nbsp;&nbsp;102<u>107</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Liens**&nbsp;&nbsp;&nbsp;&nbsp;102<u>107</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13**&nbsp;&nbsp;&nbsp;&nbsp;**Further Assurances**&nbsp;&nbsp;&nbsp;&nbsp;102<u>107</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14**&nbsp;&nbsp;&nbsp;&nbsp;**Additional Borrowers**&nbsp;&nbsp;&nbsp;&nbsp;103<u>107</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;103<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16**&nbsp;&nbsp;&nbsp;&nbsp;**Notices to Investors**&nbsp;&nbsp;&nbsp;&nbsp;103<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.17**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Matters**&nbsp;&nbsp;&nbsp;&nbsp;103<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.18**&nbsp;&nbsp;&nbsp;&nbsp;**Register of Mortgages and Charges**&nbsp;&nbsp;&nbsp;&nbsp;103<u>108</u>

**<u>SECTION</u><u>Section</u> 9.**&nbsp;&nbsp;&nbsp;&nbsp;**NEGATIVE COVENANTS OF THE CREDIT PARTIES&nbsp;&nbsp;&nbsp;&nbsp;104<u>108</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**&nbsp;&nbsp;&nbsp;&nbsp;**Mergers, Etc**&nbsp;&nbsp;&nbsp;&nbsp;104<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**&nbsp;&nbsp;&nbsp;&nbsp;**Negative Pledge**&nbsp;&nbsp;&nbsp;&nbsp;104<u>108</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year and Accounting Method**&nbsp;&nbsp;&nbsp;&nbsp;104<u>109</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreements**&nbsp;&nbsp;&nbsp;&nbsp;104<u>109</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;106<u>110</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.&nbsp;&nbsp;&nbsp;&nbsp;106<u>110</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Compliance**&nbsp;&nbsp;&nbsp;&nbsp;106<u>110</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8**&nbsp;&nbsp;&nbsp;&nbsp;**Dissolution**&nbsp;&nbsp;&nbsp;&nbsp;106<u>111</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9**&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Laws**&nbsp;&nbsp;&nbsp;&nbsp;106<u>111</u>

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.10**&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Distributions and Redemptions**&nbsp;&nbsp;&nbsp;&nbsp;106<u>111</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Indebtedness**&nbsp;&nbsp;&nbsp;&nbsp;107<u>111</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Withdrawals From the Collateral Accounts**&nbsp;&nbsp;&nbsp;&nbsp;107<u>111</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;107<u>112</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14**&nbsp;&nbsp;&nbsp;&nbsp;**Transfers of Investments**&nbsp;&nbsp;&nbsp;&nbsp;108<u>112</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;108<u>112</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16**&nbsp;&nbsp;&nbsp;&nbsp;**Sanctions**&nbsp;&nbsp;&nbsp;&nbsp;108<u>112</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Covenants**&nbsp;&nbsp;&nbsp;&nbsp;108<u>113</u>

**<u>SECTION</u><u>Section</u> 10.**&nbsp;&nbsp;&nbsp;&nbsp;**EVENTS OF DEFAULT&nbsp;&nbsp;&nbsp;&nbsp;108<u>113</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**&nbsp;&nbsp;&nbsp;&nbsp;**Events of Default**&nbsp;&nbsp;&nbsp;&nbsp;108<u>113</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies Upon Event of Default**&nbsp;&nbsp;&nbsp;&nbsp;112<u>116</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**&nbsp;&nbsp;&nbsp;&nbsp;**Performance by the Administrative Agent**&nbsp;&nbsp;&nbsp;&nbsp;112<u>117</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**&nbsp;&nbsp;&nbsp;&nbsp;112<u>117</u>

**<u>SECTION</u><u>Section</u> 11.**&nbsp;&nbsp;&nbsp;&nbsp;**AGENTS&nbsp;&nbsp;&nbsp;&nbsp;113<u>117</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**&nbsp;&nbsp;&nbsp;&nbsp;**Appointment**&nbsp;&nbsp;&nbsp;&nbsp;113<u>117</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**&nbsp;&nbsp;&nbsp;&nbsp;**Delegation of Duties**&nbsp;&nbsp;&nbsp;&nbsp;113<u>118</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3**&nbsp;&nbsp;&nbsp;&nbsp;**Exculpatory Provisions**&nbsp;&nbsp;&nbsp;&nbsp;114<u>118</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance on Communications**&nbsp;&nbsp;&nbsp;&nbsp;114<u>119</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**&nbsp;&nbsp;&nbsp;&nbsp;115<u>119</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Reliance on the Administrative Agent and the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;115<u>119</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7**&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification**&nbsp;&nbsp;&nbsp;&nbsp;115<u>120</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent in Its Individual Capacity**&nbsp;&nbsp;&nbsp;&nbsp;116<u>120</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9**&nbsp;&nbsp;&nbsp;&nbsp;**Successor Agent**&nbsp;&nbsp;&nbsp;&nbsp;116<u>121</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance by the Credit Parties**&nbsp;&nbsp;&nbsp;&nbsp;117<u>122</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent May File Proofs of Claim**&nbsp;&nbsp;&nbsp;&nbsp;117<u>122</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12**&nbsp;&nbsp;&nbsp;&nbsp;**Delivery of Notices to the Lenders**&nbsp;&nbsp;&nbsp;&nbsp;118<u>123</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Receipt of Funds by Administrative Agent; Erroneous Payments**&nbsp;&nbsp;&nbsp;&nbsp;118<u>123</u>

**<u>SECTION</u><u>Section</u> 12.**&nbsp;&nbsp;&nbsp;&nbsp;**MISCELLANEOUS&nbsp;&nbsp;&nbsp;&nbsp;120<u>124</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1**&nbsp;&nbsp;&nbsp;&nbsp;**Amendments**&nbsp;&nbsp;&nbsp;&nbsp;120<u>124</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Offsets**&nbsp;&nbsp;&nbsp;&nbsp;122<u>127</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Collateral**&nbsp;&nbsp;&nbsp;&nbsp;122<u>127</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver**&nbsp;&nbsp;&nbsp;&nbsp;123<u>127</u>

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**TABLE OF CONTENTS**

(continued)

**Page**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Expenses; Indemnity**&nbsp;&nbsp;&nbsp;&nbsp;123<u>128</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6**&nbsp;&nbsp;&nbsp;&nbsp;**Notice**&nbsp;&nbsp;&nbsp;&nbsp;125<u>130</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7**&nbsp;&nbsp;&nbsp;&nbsp;**Governing Law**&nbsp;&nbsp;&nbsp;&nbsp;127<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8**&nbsp;&nbsp;&nbsp;&nbsp;**Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury**&nbsp;&nbsp;&nbsp;&nbsp;127<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9**&nbsp;&nbsp;&nbsp;&nbsp;**Invalid Provisions**&nbsp;&nbsp;&nbsp;&nbsp;128<u>132</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10**&nbsp;&nbsp;&nbsp;&nbsp;**Entirety**&nbsp;&nbsp;&nbsp;&nbsp;128<u>133</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11**&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound; Assignment**&nbsp;&nbsp;&nbsp;&nbsp;128<u>133</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Default**&nbsp;&nbsp;&nbsp;&nbsp;131<u>136</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13**&nbsp;&nbsp;&nbsp;&nbsp;**Maximum and Criminal Interest**&nbsp;&nbsp;&nbsp;&nbsp;132<u>136</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14**&nbsp;&nbsp;&nbsp;&nbsp;**Headings**&nbsp;&nbsp;&nbsp;&nbsp;132<u>136</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**&nbsp;&nbsp;&nbsp;&nbsp;132<u>137</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16**&nbsp;&nbsp;&nbsp;&nbsp;**Full Recourse**&nbsp;&nbsp;&nbsp;&nbsp;132<u>137</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17**&nbsp;&nbsp;&nbsp;&nbsp;**Availability of Records; Confidentiality**&nbsp;&nbsp;&nbsp;&nbsp;133<u>137</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.18**&nbsp;&nbsp;&nbsp;&nbsp;**USA Patriot Act Notice**&nbsp;&nbsp;&nbsp;&nbsp;134<u>138</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19**&nbsp;&nbsp;&nbsp;&nbsp;**Multiple Counterparts**&nbsp;&nbsp;&nbsp;&nbsp;134<u>138</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20**&nbsp;&nbsp;&nbsp;&nbsp;**Conversion of Currencies**&nbsp;&nbsp;&nbsp;&nbsp;134<u>139</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.21**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement and Consent to Bail-In of Affected Financial Institutions**&nbsp;&nbsp;&nbsp;&nbsp;135<u>139</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.22**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement Regarding Any Supported QFCs**&nbsp;&nbsp;&nbsp;&nbsp;135<u>140</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23**&nbsp;&nbsp;&nbsp;&nbsp;**No Advisory or Fiduciary Responsibility**&nbsp;&nbsp;&nbsp;&nbsp;137<u>141</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.24**&nbsp;&nbsp;&nbsp;&nbsp;**Joint and Several Liability**&nbsp;&nbsp;&nbsp;&nbsp;137<u>142</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**&nbsp;&nbsp;&nbsp;&nbsp;138<u>142</u>

**<u>SECTION</u><u>Section</u> 13.**&nbsp;&nbsp;&nbsp;&nbsp;**GUARANTY&nbsp;&nbsp;&nbsp;&nbsp;138<u>143</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1**&nbsp;&nbsp;&nbsp;&nbsp;**Guaranty of Payment**&nbsp;&nbsp;&nbsp;&nbsp;138<u>143</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**&nbsp;&nbsp;&nbsp;&nbsp;139<u>143</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3**&nbsp;&nbsp;&nbsp;&nbsp;**Modifications**&nbsp;&nbsp;&nbsp;&nbsp;140<u>144</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver of Rights**&nbsp;&nbsp;&nbsp;&nbsp;140<u>145</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5**&nbsp;&nbsp;&nbsp;&nbsp;**Reinstatement**&nbsp;&nbsp;&nbsp;&nbsp;141<u>145</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies**&nbsp;&nbsp;&nbsp;&nbsp;141<u>146</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7**&nbsp;&nbsp;&nbsp;&nbsp;**Subrogation**&nbsp;&nbsp;&nbsp;&nbsp;141<u>146</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8**&nbsp;&nbsp;&nbsp;&nbsp;**Inducement**&nbsp;&nbsp;&nbsp;&nbsp;142<u>146</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9**&nbsp;&nbsp;&nbsp;&nbsp;**Combined Liability**&nbsp;&nbsp;&nbsp;&nbsp;142<u>146</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10**&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Information**&nbsp;&nbsp;&nbsp;&nbsp;142<u>147</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11**&nbsp;&nbsp;&nbsp;&nbsp;**Instrument for the Payment of Money**&nbsp;&nbsp;&nbsp;&nbsp;142<u>147</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12**&nbsp;&nbsp;&nbsp;&nbsp;**Termination**&nbsp;&nbsp;&nbsp;&nbsp;142<u>147</u>

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EXHIBITS

EXHIBIT A:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT B:&nbsp;&nbsp;&nbsp;&nbsp;Form of Note

EXHIBIT C:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT D:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Distribution Collateral Account Pledge

EXHIBIT E:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Borrowing<br>EXHIBIT F:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Request for Letter of Credit<br>EXHIBIT G:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Conversion Notice<br>EXHIBIT H:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Lender Assignment and Acceptance Agreement<br>EXHIBIT I:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT J:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT K:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]<br>EXHIBIT L:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Responsible Officer's Certificate<br>EXHIBIT M:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved] <br>EXHIBIT N:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form of Joinder Agreement<br>EXHIBIT O<u>-1</u>:&nbsp;&nbsp;&nbsp;&nbsp;Form of Facility Increase Request

<u>EXHIBIT O-2:</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>Form of Temporary Increase Tranche Request</u> 

EXHIBIT P:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved] <br>EXHIBIT Q:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT R:&nbsp;&nbsp;&nbsp;&nbsp;Form of Compliance Certificate/Financial Covenant Certificate/Borrowing Base Certificate

EXHIBIT S:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT T:&nbsp;&nbsp;&nbsp;&nbsp;[Reserved]

EXHIBIT U:&nbsp;&nbsp;&nbsp;&nbsp;Form of Extension Request

EXHIBIT V-1:&nbsp;&nbsp;&nbsp;&nbsp;Form of Borrower Joinder Agreement

EXHIBIT V-2:&nbsp;&nbsp;&nbsp;&nbsp;Form of Guarantor Joinder Agreement

EXHIBIT W:&nbsp;&nbsp;&nbsp;&nbsp;Form of Beneficial Ownership Certificate

SCHEDULE I:&nbsp;&nbsp;&nbsp;&nbsp;Credit Party and General Partner Information

SCHEDULE II:&nbsp;&nbsp;&nbsp;&nbsp;Lender Commitments

SCHEDULE III: &nbsp;&nbsp;&nbsp;&nbsp;Eligible Investments

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**REVOLVING CREDIT AGREEMENT**<br>

**REVOLVING CREDIT AGREEMENT** (this "***Credit Agreement***") is dated as of July 16, 2025, by and among STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP as the borrower (the "***Initial Borrower***" and, collectively with any other Additional Borrowers, the "***Borrower***"; to the extent there are multiple Borrowers, references to "the Borrower" shall mean the applicable Borrower, each Borrower individually or the Borrowers collectively, as the context requires), each of the entities from time to time listed as "Guarantors" on <u>Schedule I</u> hereto, as guarantors (the "***Guarantors***"), ING Capital LLC, a Delaware limited liability company ("***ING***"), as the Administrative Agent for each of the Lenders, the Mandated Lead Arranger, the Sole Bookrunner, the Letter of Credit Issuer and a Lender, and each of the other financial institutions from time to time party hereto as Lenders.

**NOW, THEREFORE**, in consideration of the mutual promises herein contained and for other valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto do hereby agree as follows:

**Section 1.&nbsp;&nbsp;&nbsp;&nbsp;DEFINITIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1**&nbsp;&nbsp;&nbsp;&nbsp;**Defined Terms**. For the purposes of this Credit Agreement, unless otherwise expressly defined, the following terms shall have the respective meanings assigned to them in this <u>Section 1.1</u> or in the Section or recital referred to:

"***Additional Borrower***" is defined in <u>Section 2.9(a)</u> hereof.

"***Adjusted NAV***" means, as of any date of determination, an amount equal to the NAV, excluding, with respect to any Eligible Primary Investment, any portion of such Eligible Primary Investment that is in excess of the following concentration limits for purposes of calculating the Adjusted NAV: (i)(A) from the Closing Date until and including December 31, 2025, no Distinct Eligible Investment shall constitute more than thirty-five percent (35%) of the NAV, and (B) from January 1, 2026 and thereafter, no Distinct Eligible Investment shall constitute more than twenty percent (20%) of the NAV; and (ii) the aggregate NAV of all Construction Eligible Investments shall not exceed twenty percent (20%) of the NAV, and any such excess shall be excluded from the Adjusted NAV. For the avoidance of doubt, the Adjusted NAV of any Eligible Investment (or portion thereof) that is at the time of determination subject to a Material Investment Event shall be zero (0) at such time.

"***Administrative Agent***" means ING, until the appointment of a successor "Administrative Agent" pursuant to <u>Section 11.9</u> hereof and, thereafter, shall mean such successor Administrative Agent.

"***Advisor***" means Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company.

"***Affected Financial Institution***" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

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"***Affiliate***" of any Person means any other Person (whether or not existing as of the Closing Date) that, directly or indirectly, controls or is controlled by, or is under common control with, such Person. For the purpose of this definition, "control" and the correlative meanings of the terms "controlled by" and "under common control with" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting shares or partnership interests or by contract or otherwise.

"***Agency Services Address***" means the address for the Administrative Agent set forth in <u>Section 12.6</u> hereof, or such other address as may be identified by written notice from the Administrative Agent to the Borrower and the Lenders.

"***Aggregator I Excluded Share***" means the 0.1% economic ownership interest of Delaware Infra-Fund in Stonepeak-Plus Infrastructure Fund Aggregator I LP.

"***Agreement Currency***" is defined in <u>Section 12.20(b)</u> hereof.

"***AIFM***" means Carne Global Fund Managers (Luxembourg) S.A., a Luxembourg public limited liability company (*société anonyme*), incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B148258, as authorized by the CSSF under article 5 of the AIFM Law (or any successor thereto) (or any successor thereto) or any other entity that may serve as the alternative investment fund manager of the Luxembourg Infra-Fund.

"***AIFM Directive***" means the Directive 2011/61/EU of the European Parliament and of the Council of 8 June 2011 on Alternative Investment Fund Managers and amending Directives 2003/41/EC and 2009/65/EC and Regulations (EC) No 1060/2009 and (EU) No 1095/2010, as amended from time to time.

"***AIFM Law***" means the Luxembourg law of 12 July 2013 on alternative investment fund managers, implementing the AIFM Directive, as amended from time to time.

"***Alternative Currency***" means (a) Australian Dollars, Canadian Dollars, Euros, Sterling, Swiss Francs, or Yen or (b) such other currencies requested by a Borrower for the applicable requested Loan or Letter of Credit hereunder, which are reasonably available to the Administrative Agent and all Lenders in their sole discretion; <u>provided</u>, that, any Borrowing and issuance of Letters of Credit in an Alternative Currency shall for all purposes under this Credit Agreement be subject to the prior approval of the Administrative Agent.

"***Alternative Currency Reserve***" means, at any time (a) with respect to Loans and the aggregate face amount of Letters of Credit denominated in Euros or Sterling, zero; and (b) with respect to Loans and the aggregate face amount of Letters of Credit denominated in any Alternative Currencies other than Euros and Sterling, 3.5% of the aggregate Principal Obligations with respect to such amount.

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"***Annual Valuation Period***" means the "annual valuation period" for the applicable Credit Party as defined in *29 C.F.R. §2510.3-101(d)(5)* as determined by designation of its General Partner.

"***Anti-Corruption Laws*"** means all laws, rules and regulations of any jurisdiction applicable to the Credit Parties from time to time concerning or relating to bribery, corruption or money laundering, including the U.S. Foreign Corrupt Practices Act, including, in each case, any regulations thereunder and as may be amended from time to time, and the UK Bribery Act of 2010, as amended.

"***Applicable Creditor***" is defined in <u>Section 12.20</u>(b) hereof.

"***Applicable Lending Office***" means, for each Lender and for each Type of Loan, the "lending office" of such Lender (or of an Affiliate of such Lender) designated for such Type of Loan on the signature pages hereof or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower by written notice in accordance with the terms hereof as the office by which such Type of Loans are to be made and maintained.

"***Applicable Margin***" means, <u>:</u>

(i<u>a</u>)&nbsp;&nbsp;&nbsp;&nbsp;<u>with respect to the permanent Lender Commitments hereunder,</u> with respect to (A<u>i</u>) Eurocurrency Rate Loans or<u>,</u> RFR Loans and Letters of Credit, 240 basis points (2.40%) per annum and (B<u>ii</u>) Reference Rate Loans, 140 basis points (1.40%) per annum.<u>; and</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;<u>(b)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>with respect to any Temporary Increase Tranche, if different from clause (a), the amount set forth in the applicable Fee Letter, Lender joinder or other confirmation of such Temporary Increase Tranche with respect to such Temporary Increase Tranche.</u>

"***Application for Letter of Credit***" means an application for a letter of credit by, between and among the Borrower, on the one hand, and the Letter of Credit Issuer, on the other hand, substantially in a form provided by the Letter of Credit Issuer (and customarily used by it in similar circumstances) and conformed to the terms of this Credit Agreement, either as originally executed or as it may from time to time be supplemented, modified, amended, renewed, or extended; <u>provided</u> that to the extent the terms of such Application for Letter of Credit are inconsistent with or otherwise more onerous than the terms of this Credit Agreement, the terms of this Credit Agreement shall control.

"***Assignee***" is defined in <u>Section 12.11(c)</u> hereof.

"***Assignment and Acceptance Agreement***" means the agreement contemplated by <u>Section 12.11(c)</u> hereof, pursuant to which any Lender assigns all or any portion of its rights and obligations hereunder, which agreement shall be substantially in the form of <u>Exhibit H</u> hereto.

"***Australian Dollars***" and the sign "***A$***" means the lawful currency of Australia.

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"***Available Commitment***" means, on any date of determination, the lesser of: (a) the Maximum Commitment, and (b) the Borrowing Base, *minus*, in either case, the Alternative Currency Reserve. For the avoidance of doubt, the Available Commitment will always be calculated in Dollars.

"***Available Tenor***" means, as of any date of determination and with respect to the relevant then-current Benchmark, as applicable, (a) if the then-current Benchmark is a future looking term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) if <u>clause (a)</u> does not apply, any payment period for interest calculated with reference to such Benchmark, as applicable, pursuant to this Credit 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 <u>Section 4.2(b)</u>; <u>provided</u> that "***Available Tenor***" shall be determined on an individual basis in respect of each then-current Benchmark for each Alternative Currency. Any reference to "Benchmark" shall include, as applicable, the published component used in the calculation thereof.

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

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

"***Bank Levy***" means any amount payable by any Lender or Letter of Credit Issuer, pursuant to the laws of the United Kingdom or a state of the European Union on the basis of, or in relation to, its balance sheet, capital base or any part of that person, or its liabilities, minimum regulatory capital or any combination thereof (including, without limitation, the UK bank levy as set out in the Finance Act 2011, the French *taxe bancaire de risque systémique* as set out in Article 235 ter ZE of the French Code *Général des impôts*, the German bank levy as set out in the German Restructuring Fund Act 2010 (*Restrukturierungsfondsgesetz*), the Dutch *bankenbelasting* as set out in the bank levy act (*Wet bankenbelasting*), the Spanish bank levy (*Impuesto sobre los Depósitos en las Entidades de Crédito*) as set out in the Law 16/2012 of 27 December 2012 and any tax in any jurisdiction levied on a similar basis or for a similar purpose or any financial activities taxes (or other taxes) of a kind contemplated in the European Commission consultation paper on financial sector taxation dated 22 February 2011).

"***Basel III***" means, collectively, those certain agreements on capital and liquidity standards contained in "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems," "Basel III: International Framework for Liquidity Risk Measurement, Standards and Monitoring," and "Guidance for National Authorities Operating the Countercyclical Capital Buffer," each as published by the Basel Committee on Banking Supervision in December 2010

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(as revised from time to time), and "Basel III: The Liquidity Coverage Ratio and Liquidity Risk Monitoring Tools," as published by the Basel Committee on Banking Supervision in January 2013 (as revised from time to time).

"***BBSY***" is defined in the definition of "Eurocurrency Rate".

"***Benchmark***" means with respect to any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, at the election of the Borrower, the Daily Simple RFR applicable for Dollars or Term RFR for Dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Canadian Dollars, Sterling and Swiss Francs, the Daily Simple RFR applicable for such Currency; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) any Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), the Eurocurrency Rate for such Currency;

<u>provided</u> that if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to a then-current Benchmark for such Currency, then "<u>Benchmark</u>" means, with respect to such Obligations, interest, fees, commissions or other amounts denominated in such Currency, the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to <u>Section 4.2</u>.

"***Benchmark Replacement***" means, for any Available Tenor, with respect to any Benchmark Transition Event for a then current Benchmark, the sum of: (i) the alternate benchmark rate and (ii) an adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such then-current Benchmark giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in the applicable Currency at such time that are substantially similar to the credit facilities under this Credit Agreement, <u>provided</u> that, if the Benchmark Replacement as determined above would be less the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Credit Agreement and the other Loan Documents.

"***Benchmark Replacement Conforming Changes***" means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Reference Rate," the definition of "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, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent and the Borrower mutually decide may be appropriate to reflect the adoption and implementation of 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

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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 Replacement exists, in such other manner of administration as the Administrative Agent and the Borrower mutually decide is reasonably necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

"***Benchmark Replacement Date***" means the earliest to occur of the following events with respect to the then-current Benchmark for any Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the later of (i) the date of the public statement or publication of information referenced therein and (ii) 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;the first date on which such Benchmark (or the published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative.

For the avoidance of doubt, (A) if the event giving rise to the Benchmark Replacement Date for any Benchmark 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 Benchmark and for such determination and (B) the "Benchmark Replacement Date" will be deemed to have occurred in the case of <u>clause (a)</u> or <u>clause (b)</u> of this definition with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"***Benchmark Transition Event***" means, with respect to any then-current Benchmark for any Currency, the occurrence of one or more of the following events with respect to such Benchmark: a public statement or publication of information by or on behalf of the administrator of such then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date to provide all Available Tenors of such Benchmark, 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 (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored.

"***Beneficial Ownership Certification***" means, for a "legal entity customer" (as such term is defined in the Beneficial Ownership Regulation), a certification regarding beneficial ownership

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to the extent required by the Beneficial Ownership Regulation with respect to such "legal entity customer", which certification shall be substantially in the form of <u>Exhibit W</u> hereto.

"***Beneficial Ownership Regulation***" means 31 C.F.R. § 1010.230.

"***Binding Limitations***" means, with respect to any Person, any limitation or restriction in its Partnership Agreement or any other Constituent Document thereof to the extent that exceeding or otherwise being in violation of such limitation would cause such Person to be in breach of its Partnership Agreement or any other Constituent Document thereof and/or require remedial action by such Person or its General Partner as a result thereof. For the avoidance of doubt, any limitation, restriction or guideline that is a target amount or that would not require remedial action if exceeded shall not be considered a Binding Limitation.

"***Borrower***" is defined in the <u>preamble</u> to this Credit Agreement; "***Borrowers***" means, each of the entities from time to time listed as "Borrowers" on <u>Schedule I</u> hereto (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time).

"***Borrower Joinder Agreement***" means an agreement substantially in the form of <u>Exhibit V-1</u> hereto, pursuant to which an Additional Borrower joins the Credit Facility as a Borrower.

"***Borrower Party***" is defined in <u>Section 11.1(a)</u> hereof.

"***Borrowing***" means a disbursement made by the Lenders of any of the proceeds of the Loans, and "***Borrowings***" means the plural thereof.

"***Borrowing Base***" means an amount equal to the Adjusted NAV multiplied by the Portfolio Borrowing Base Advance Rate.

"***Business Day***" means any day other than a Saturday, Sunday or other day on which commercial banks are authorized to close under the Laws of, or are in fact closed in, New York City, and (a) if such day relates to any Eurocurrency Rate Loan denominated in Euros, a TARGET Day, (b) if such day relates to any dealings in any other Alternative Currency, any day in which banks are open for foreign currency exchange business in the principal financial center of the country of such Alternative Currency, and (c) if such day relates to Loans denominated in Dollars, such day is not 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.

"***Canadian Dollars***" and the sign "***CAD$***" means the lawful currency of Canada.

"***Capital Lease***" means, as applied to any Person, any lease of any property (whether real, personal or mixed) by that Person as lessee which, in accordance with Generally Accepted Accounting Principles, is or should be accounted for as a capital lease or finance lease on the balance sheet of that Person and the amount of such obligation shall be the capitalized amount thereof determined in accordance with Generally Accepted Accounting Principles.

"***Capitalized Interest Loan***" is defined in <u>Section 3.3(d)</u> hereof.

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"***Capitalized Unused Commitment Fee Loan***" is defined in <u>Section 2.12(b)</u> hereof.

"***Cash Control Event***" means (a) any Event of Default has occurred and is continuing, (b) any Potential Default pursuant to <u>Section 10.1(a),</u> <u>(h)</u> or <u>(i)</u> hereof has occurred and is continuing, (c) a breach of the Financial Covenants has occurred and is continuing, and/or (d) any other Trigger Event has occurred and is continuing.

"***Cash Equivalents***" means, collectively, (a) marketable direct obligations issued or unconditionally guaranteed by the United States or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States, in each case maturing within one (1) year from the date of acquisition thereof, (b) commercial paper maturing no more than two hundred seventy (270) days from the date of creation thereof and currently having the highest rating obtainable from either S&P or Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency), (c) investments in certificates of deposit, banker's acceptances, money market deposits and time deposits maturing within one hundred eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of America or any State thereof that has a combined capital and surplus and undivided profits of not less than $500,000,000 and having a long-term debt rating of "A" or better by S&P or "A2" or better from Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency) and (d) investments in any money market fund or money market mutual fund that has (i) substantially all of its assets invested in the types of investments referred to in <u>clauses (a)</u> through <u>(c)</u> above, (ii) net assets of not less than $250,000,000 and (iii) a rating of at least A2 from S&P or at least P-2 from Moody's (or, if at any time either S&P or Moody's are not rating such fund, an equivalent rating from another nationally recognized statistical rating agency).

"***Change of Control***" means, either (a) Stonepeak shall cease to Control any Credit Party, or (b) (i) none of the Advisor or Stonepeak, as applicable, shall be acting in the capacity of the "Investment Advisor" (or similar role, including the "Portfolio Manager" of the Luxembourg Infra-Fund) with respect to each Infra-Fund, or (ii) such "Investment Advisor" (or similar entity) shall cease to be directly or indirectly controlled by, or under common control with, Stonepeak.

"***CIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Closing Date***" means July 16, 2025.

"***Collateral***" is defined in <u>Section 5.1</u> hereof.

"***Collateral Account***" means, each Distribution Collateral Account; "***Collateral Accounts***" means, where the context may require, all Collateral Accounts, collectively.

"***Collateral Account Control Agreement***" means, with respect to each Collateral Account, each "springing" account control agreement among a Credit Party, the Administrative Agent and the Depository Bank, as the same may be amended, supplemented or modified from time to time.

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"***Collateral Account Pledge***" means, each Distribution Collateral Account Pledge; "***Collateral Account Pledges***" means, where the context may require, all Collateral Account Pledges, collectively.

"***Collateral Agent***" has the meaning assigned to such term in the applicable Collateral Account Pledge.

"***Collateral Documents***" is defined in <u>Section 5.1</u> hereof.

"***Commitment Period***" means the period commencing on the Closing Date and ending on the Maturity Date.

"***Competitor***" means any private equity, credit, real estate, renewable energy and/or infrastructure fund, Affiliate thereof or Person whose primary business is the management of private equity, renewable energy, credit, real estate and/or infrastructure funds (including mezzanine investment funds), excluding any commercial or investment bank (including any commercial or investment bank that sponsors private equity, credit, real estate, renewable energy and/or infrastructure funds, privately negotiated mezzanine funds or makes private equity, real estate or infrastructure investments, mezzanine or other loans); *provided* that any such fund sponsored by a commercial or investment bank shall be deemed to be a Competitor.

"***Compliance Certificate***" is defined in <u>Section 8.1(b)</u> hereof.

"***Confidential Information***" means, at any time, all data, reports, interpretations, forecasts and records containing or otherwise reflecting information and concerning any Credit Party or any Investor or Affiliate of such Person which is not available to the general public, together with analyses, compilations, studies or other documents, which contain or otherwise reflect such information made available by or on behalf of any Credit Party, any Investor or any such Affiliate pursuant to this Credit Agreement orally or in writing to the Administrative Agent or any Lender or their respective attorneys, certified public accountants or agents, but shall not include any data or information that: (a) was or became generally available to the public at or prior to such time (unless divulged by the Administrative Agent or such Lender or the Administrative Agent's or the Lender's respective attorneys, certified public accountants or agents); or (b) was or became available to the Administrative Agent or a Lender or to the Administrative Agent's or Lender's respective attorneys, certified public accountants or agents on a non-confidential basis from the Credit Parties or any Investor or any other source at or prior to such time, other than as a result of a prohibited (insofar as the Administrative Agent or Lender has actual knowledge of) disclosure by such other source.

"***Conforming Changes***" means, with respect to either the use or administration of Term SOFR, CORRA or the use, administration, adoption or implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of "Reference Rate," the definition of "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, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or

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operational matters) that the Administrative Agent and the Borrower mutually decide may be appropriate to reflect the adoption and implementation of 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 such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent and the Borrower mutually decide is reasonably necessary in connection with the administration of this Credit Agreement and the other Loan Documents).

"***Constituent Documents***" means, for any Person, its constituent or organizational documents, including: (a) in the case of any limited partnership, exempted limited partnership, special limited partnership, joint venture, trust or other form of business entity, the limited partnership, the exempted limited partnership, joint venture or other applicable agreement of formation, registration the certificate or declaration of limited partnership or exempted limited partnership, and any agreement, instrument, filing, notice or report with respect thereto filed in connection with its formation and/or registration with the secretary of state, registrar of exempted limited partnerships or other department in the state, province, territory or other jurisdiction of its formation and/or registration, in each case as amended from time to time; (b) in the case of any limited liability company, the articles of association, certificate of formation and operating agreement or limited liability company agreement for such Person; and (c) in the case of a corporation or exempted company, the certificate and/or memorandum and articles of incorporation and the bylaws for such Person, and in the case of an exempted company only, the register of directors, register of officers and register of mortgages and charges for such Person, in each such case as it may be restated, modified, amended or supplemented from time to time.

"***Construction Eligible Investment***" means any Eligible Primary Investment that is a standalone construction project or other project under or subject to material development, in each case to the extent such Eligible Primary Investment is not income generating. For the avoidance of doubt, secondary investments in funds managed by Stonepeak which hold investments that include construction or development projects will not be deemed Construction Eligible Investments.

"***Continue***", "***Continuation***", and "***Continued***" shall refer to the continuation pursuant to a Rollover of a Eurocurrency Rate Loan or a Term RFR Loan from one Interest Period to the next Interest Period.

"***Control***" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through the ability to exercise voting power, by contract or otherwise. "***Controlling***" and "***Controlled***" have meanings correlative thereto.

"***Controlled Group***" means: (a) the controlled group of corporations as defined in Section 414(b) of the Internal Revenue Code; or (b) the group of trades or businesses under common control as defined in Section 414(c) of the Internal Revenue Code (and Sections 414(m) and (o) of the Internal Revenue Code for purposes of provisions relating to Section 412 of the Internal Revenue Code and 302 of ERISA), in each case of which the applicable Credit Party is a member.

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"***Conversion***", "***Convert***", and "***Converted***" shall refer to a conversion pursuant to <u>Section 2.3(c)</u> or <u>Section 4</u> hereof of one Type of Loan into another Type of Loan.

"***Conversion Date***" means any Daily Simple SOFR Conversion Date, Term SOFR Conversion Date or Reference Rate Conversion Date, as applicable.

"***Conversion Notice***" is defined in <u>Section 2.3(c)</u> hereof.

"***CORRA***" means the Canadian Overnight Repo Rate Average administered and published by the CORRA Administrator.

"***CORRA Administrator***" means the Bank of Canada or any successor administrator of the Canadian Overnight Repo Rate Average.

"***CORRA Administrator's Website***" means the Bank of Canada's website, currently at https://www.bankofcanada.ca/rates/interest-rates/corra/, or any successor source for the Canadian Overnight Repo Rate Average identified as such by the CORRA Administrator from time to time

"***CORRA RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Credit Agreement***" means this Revolving Credit Agreement, of which this <u>Section 1.1</u> forms a part, together with all amendments, modifications and restatements hereof, and supplements and attachments hereto.

"***Credit Facility***" means the Loans and Letters of Credit provided to the Borrower by the Lenders under the terms and conditions of this Credit Agreement.

"***Credit Party***" means the Borrower and each Guarantor, and "***Credit Parties***" means, collectively, the Borrower and the Guarantors.

"***Currency***" means Dollars or an Alternative Currency.

"***Current Party***" is defined in <u>Section 12.12</u> hereof.

"***Daily Simple RFR***" means, for any day (an "***RFR Rate Day***"), a rate per annum equal to, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Dollars, the greater of (i) SOFR for the day (such day, a "***SOFR RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, as published by the SOFR Administrator on the SOFR Administrator's Website, and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Sterling, the greater of (i) SONIA for the day (such day, a "***SONIA RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the

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Business Day immediately preceding such RFR Rate Day, in each case, utilizing the SONIA component of such SONIA that is published by the SONIA Administrator on the SONIA Administrator's Website and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Swiss Francs, the greater of (i) SARON for the day (such day, a "***SARON RFR Determination Day***" and, together with SOFR RFR Determination Day and SONIA RFR Determination Day, each an "***RFR Determination Day***")) that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, utilizing the SARON component of such SARON that is published by the SARON Administrator on the SARON Administrator's Website and (ii) the Floor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Canadian Dollars, the greater of (i) CORRA for the day (such day, a "***CORRA RFR Determination Day***") that is five (5) Business Days prior to (x) if such RFR Rate Day is a Business Day, such RFR Rate Day, or (y) if such RFR Rate Day is not a Business Day, the Business Day immediately preceding such RFR Rate Day, in each case, utilizing the rate that is published by the CORRA Administrator on the CORRA Administrator's Website and (ii) the Floor.

If by 5:00 pm (local time for the applicable RFR) on the second (2nd) Business Day immediately following any applicable RFR Determination Day, the RFR in respect of such RFR Determination Day has not been published on the applicable SOFR Administrator's Website, SONIA Administrator's Website, SARON Administrator's Website, or CORRA Administrator's Website and a Benchmark Replacement Date with respect to the applicable Daily Simple RFR has not occurred, then the RFR for such RFR Determination Day will be the RFR as published in respect of the first preceding Business Day for which such RFR was published on the applicable SOFR Administrator's Website, SONIA Administrator's Website, SARON Administrator's Website, or CORRA Administrator's Website; <u>provided</u> that any RFR determined pursuant to this sentence shall be utilized for purposes of calculation of Daily Simple RFR for no more than three (3) consecutive RFR Rate Days. Any change in Daily Simple RFR due to a change in the applicable RFR shall be effective from and including the effective date of such change in the applicable RFR without notice to the Borrower.

"***Daily Simple RFR Loan***" means a Loan that bears interest at a rate based on Daily Simple RFR other than pursuant to <u>clause (c)</u> of the definition of "Reference Rate".

"***Daily Simple SOFR Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof.

"***Debt Limitations***" means the limitations set forth in <u>Section 9.11</u> hereof.

"***Debtor Relief Laws***" means any applicable liquidation, conservatorship, bankruptcy, moratorium, rearrangement, insolvency, fraudulent conveyance, reorganization, or similar laws affecting the rights, remedies, or recourse of creditors generally in any applicable jurisdiction, including, without limitation, the United States Bankruptcy Code, in each case, including all regulations thereunder and as amended from time to time, as are in effect from time to time during the term of the Loans or while any Letter of Credit is in effect or any Obligation is

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outstanding or any Lender or Letter of Credit Issuer has any commitment to extend credit hereunder.

"***Default Rate***" means on any day the lesser of: (a) the applicable interest rate for such outstanding amount (*including* the Applicable Margin) in effect on such day (or if no interest rate is otherwise applicable, the applicable interest rate for Reference Rate Loans *including* the Applicable Margin) *plus* two percent (2%); or (b) the Maximum Rate.

"***Defaulting Lender***" means any Lender that: (a) has failed to make its Pro Rata Share of any disbursement required to be made in respect of any Loan within three (3) Business Days of when due; (b) has otherwise failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless such amount is the subject of a good faith dispute; (c) has been deemed insolvent or becomes the subject of a bankruptcy or insolvency proceeding; (d) has notified the Borrower, the Administrative Agent or any Lender in writing that it does not intend to comply with any of its funding obligations under this Credit Agreement or has made a public statement that it does not intend to comply with its funding obligations under this Credit Agreement or generally under credit agreements substantially similar to this Credit Agreement (unless such writing or public statement relates to such Lender's obligation to fund a Loan hereunder or a loan under any such other credit agreement and states that such position is based on such Lender's determination that a condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied); (e) has failed, within three (3) Business Days after written request by the Administrative Agent or the Borrower, to confirm in a manner reasonably satisfactory to the Administrative Agent or the Borrower, as applicable, that it will comply with the terms of this Credit Agreement relating to its obligation to fund prospective Loans; or (f) has, or has an entity that controls such Lender that has, other than via an Undisclosed Administration become the subject of (i) a bankruptcy or insolvency proceeding, (ii) a Bail-in Action, or (iii) has publicly appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets; <u>provided</u> that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any Equity Interest in that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest or appointment (as applicable) does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

"***Delaware Infra-Fund****"* means Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership.

"***Depository Bank***" means any institution identified in <u>Schedule I</u> hereto as a depository bank with respect to any Collateral Account as of the Closing Date (or any successor thereto or Affiliate thereof) (each, an "***Initial Depository Bank***") or any other financial institution which is

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an Eligible Institution, in each case, in its capacity as depository or securities intermediary, as the case may be.

"***Distinct Eligible Investment***" means, any single Investment held by a Credit Party or a Holding Vehicle which is an Eligible Primary Investment; <u>provided</u> that (i) with respect to any Investment in a pooled investment vehicle held by a Credit Party or Holding Vehicle, each pooled investment vehicle related thereto shall be deemed to be a single Investment for the purposes of this Agreement (it being understood that investments in independent pooled investment vehicles will not be considered a single Investment), and (ii) any Investments held by one or more Credit Parties or Holding Vehicles that are cross-collateralized with each other (excluding, for the avoidance of doubt, under the Loan Documents) shall be deemed to be a single Investment for the purposes of this Agreement.

"***Distribution***" is defined in <u>Section 9.10</u> hereof.

"***Distribution Collateral Account***" means, with respect to each Credit Party, each deposit and/or securities account specified as the "Distribution Collateral Account" for such Credit Party on <u>Schedule I</u> hereto, as amended, restated, supplemented or otherwise modified from time to time, into which Portfolio Investment Distributions that are received by such Credit Party shall be required to be deposited, as more fully described in <u>Section 5.2</u> hereof, in each case, shall include the bank accounts described in each Distribution Collateral Account Pledge; "***Distribution Collateral Accounts***" means, where the context may require, all Distribution Collateral Accounts, collectively.

"***Distribution Collateral Account Pledge***" means a pledge by a Credit Party, substantially in the form of <u>Exhibit D</u> hereto, pursuant to which such Credit Party pledges and/or assigns to the Administrative Agent, for the benefit of the Secured Parties, a security interest and Lien in and on its Distribution Collateral Account, as the same may be amended, restated, supplemented or otherwise modified from time to time; "***Distribution Collateral Account Pledges***" means, where the context may require, all Distribution Collateral Account Pledges, collectively.

"***Distribution Reinvestment Plan***" means, the reinvestment plan pursuant to which an Infra-Fund Subscription Entity permits distributions to its Investors to be reinvested into Units in an amount equal to the amount of any distributions by such Infra-Fund Subscription Entity that such Investor has elected (or been deemed to have elected by not opting out of such plan, as applicable) to be reinvested in Units.

"***Divide***" means, with respect to a limited liability company, limited partnership or other business entity, any division under Section 18-217 of the Delaware Limited Liability Company Act, or any similar statute in other jurisdictions applicable to such Person, and shall include the filing of any certificate or plan of division by such Person.

"***Dollar Equivalent***" means, at any time on any date of determination: (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 amount thereof in Dollars as reasonably determined

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by the Administrative Agent or the Letter of Credit Issuer, as the case may be, at such time on the basis of the Spot Rate for the purchase of Dollars with such Alternative Currency.

"***Dollars***" and the sign "***$***" means the lawful currency of the United States of America.

"***EEA Financial Institution***" 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 <u>clause (a)</u> of this definition and is subject to the supervision of an EEA Resolution Authority, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in <u>clause (a)</u> or <u>(b)</u> of this definition and is subject to consolidated supervision of an EEA Resolution Authority with its parent.

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

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

"***Eligible Assignee***" means an Assignee that has been approved in accordance with <u>Section 12.11(c)</u> hereof.

"***Eligible Institution***" means the Initial Depository Bank or any depository institution, organized under the laws of the United States or any state, having capital and surplus in excess of $200,000,000, the deposits of which are insured by the Federal Deposit Insurance Corporation to the fullest extent permitted by law and which is subject to supervision and examination by federal or state banking authorities; <u>provided</u> that such institution also must have a short-term unsecured debt rating of at least P-1 from Moody's and at least A-1 from S&P. If such depository institution publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then the combined capital and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published.

"***Eligible Investment***" means each Investment of a Credit Party (held directly or indirectly through a Holding Vehicle) that (a) in respect of any Eligible Primary Investments, at any time there are less than twelve (12) Eligible Primary Investments (including such Investment) at the time such Eligible Primary Investment is first designated as an Eligible Investment, (x) has been approved by the Administrative Agent in its reasonable discretion, or (y) is a follow-on investment or a follow-up investment with respect to an existing Eligible Investment, and with respect to which Follow-On Investment Materials have been delivered to the Administrative Agent and (b) with respect to all Eligible Investments (noting, for the avoidance of doubt, that <u>clause (a)</u> of this definition will not apply to any Eligible Primary Investments if there are at least twelve (12) Eligible Primary Investments at the time such Eligible Primary Investment is first designated as an Eligible Investment under this Credit Agreement or to any Liquid Assets):

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&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;if requested by the Administrative Agent or any Lender, with respect to which a Credit Party has delivered evidence of its ownership (directly or indirectly through a Holding Vehicle) in form and substance acceptable to the Administrative Agent, acting reasonably (it being understood that disclosure of such Investment in any applicable reports delivered pursuant to <u>Section 8.1(a)</u>, <u>(b)</u> or <u>(c)</u> and certified by a Responsible Officer of a Credit Party and/or any publicly filed reports of any Infra-Fund shall be deemed acceptable evidence of such ownership);

&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;which Investment has been made consistent with the Investment Policy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;that is not subject to a Material Investment Event; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;with respect to which no Credit Party or Holding Vehicle has incurred any Lien on its Equity Interest therein (except for (x) any Permitted Lien and (y) solely in the case of any Holding Vehicle, any Lien in respect of Indebtedness not restricted under <u>Section 9.11</u> and taken into account in determining the Adjusted NAV).

Any Investment (or portion thereof, as applicable) subject to a Material Investment Event shall be excluded as an Eligible Investment upon the earlier of notice from the Administrative Agent or the Borrower obtaining knowledge thereof, until such time as such Material Investment Event, if capable of cure, is cured, and the Administrative Agent and the Required Lenders have approved the re-inclusion of such Investment (or portion thereof, as applicable) as an Eligible Investment, in their reasonable discretion. The Eligible Investments as of the First Amendment Effective Date are listed on <u>Schedule III</u> hereto.

"***Eligible Primary Investment***" means each Eligible Investment other than any Liquid Assets.

"***EMU Legislation***" means the legislative measures of the European Council for the introduction of changeover to or operation of a single or unified European currency.

"***Environmental Laws***" means all federal, state, provincial, territorial, national, international and local laws, ordinances, regulations or policies in force and binding relating to pollution or protection of human health as relating to the exposure to Hazardous Materials or the environment including without limitation, air pollution, water pollution, noise control, or the use, handling, discharge, disposal or Release of Hazardous Materials, applicable to any Credit Party, and any and all regulations promulgated under or pursuant to any such statute of any applicable governing body.

"***Equity Interests***" means, with respect to any Person, all (a) shares, interests, participations or other equivalents (howsoever designated) of capital stock and other equity interests of such Person, including without limitation partnership interests, limited partnership interests, exempted limited partnership interests, general partnership interests in a partnership, or exempted limited partnership or membership interests, whether common or preferred and whether voting or non-voting or any other "equity security" (as such term is defined in Rule 3a11-1 under the Securities Exchange Act of 1934, as amended), and (b) rights (other than debt securities convertible into capital stock or other equity interests), warrants or options to acquire any of the foregoing.

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"***ERISA***" means the Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder, as from time to time in effect.

"***ERISA Investor***" means an Investor that is: (a) an "*employee benefit plan*" (as such term is defined in Section 3(3) of ERISA) subject to Part 4, Subtitle B of Title I of ERISA; (b) any "*plan*" defined in Section 4975 of the Internal Revenue Code to which the prohibited transaction provisions of Section 4975 applies; (c) a group trust, as described in *Revenue Ruling 81-100*, as amended; or (d) a partnership or commingled account of an employee benefit plan or plan described in <u>clause (a)</u> or <u>(b)</u> above, or any entity whose assets constitute Plan Assets.

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

"***EURIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Eurocurrency Rate***" means, with respect to any Eurocurrency Rate Loan for any Interest Period,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) in the case of Australian Dollars, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Bank Bill Swap Bid Rate ("***BBSY***"), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 10:30 a.m. (Melbourne, Australia time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Australian Dollars (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in the case of Euros, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Euro Interbank Offered Rate ("***EURIBOR***") as administered by the European Money Markets Institute (or any other Person that takes over the administration of such rate), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Brussels time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Euros (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in the case of Yen, the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) equal to the Tokyo Interbank Offered Rate ("***TIBOR***") as administered by the Ippan Shadan Hojin JBA TIBOR Administration (or any other Person that takes over the administration of such rate), as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the Administrative Agent from time to time in its reasonable discretion) at approximately 11:00 a.m. (Tokyo time) on the date two (2) Business Days prior to the commencement of such Interest Period, for deposits in Yen (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) in the case of any other Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), the rate per annum (rounded upwards if necessary to the nearest 1/100 of 1%) as designated with respect to such Alternative Currency at the time such Alternative Currency is approved by the Administrative Agent and the Lenders; <u>provided</u> that, if more than one rate is published by Bloomberg (or such other commercially available source providing quotations of such applicable rate, as designated by the Administrative Agent from time to time in its reasonable discretion), the applicable rate shall be the arithmetic mean of all such rates;

<u>provided</u>, that the foregoing definition shall be subject to any Conforming Changes or Benchmark Replacement Conforming Changes. For the avoidance of doubt, in the event that any such Eurocurrency Rate is, at any time, below the Floor, such rate shall be deemed to be the Floor for all purposes under this Credit Agreement.

"***Eurocurrency Rate Loan***" means a Loan that bears interest at a rate based on the Eurocurrency Rate.

"***Euros***", "***EUR***" and the sign "***€***" mean the single, legal currency of the Participating Member States introduced in accordance with the EMU Legislation.

"***Event of Default***" is defined in <u>Section 10.1</u> hereof.

"***Excess Prepayment Amount***" has the meaning given to it in <u>Section 2.1(d)(i)</u>.

"***Excess Prepayment Event***" has the meaning given to it in <u>Section 2.1(d)(i)</u>.

"***Excluded Taxes***" means, with respect to the Administrative Agent and any Lender or Letter of Credit Issuer in relation to any Loan Document or Letter of Credit or with respect to any payment made to any such Person in relation to any Loan Document or Letter of Credit, all (a) Taxes imposed on or measured by net income (however denominated), franchise taxes (imposed in lieu of net income Taxes), and branch profits Taxes, in each case, (i) imposed by the jurisdiction (or any political subdivision thereof) under the Laws of which such Person is organized, has its principal office, maintains its Applicable Lending Office or otherwise is resident for Tax purposes, or (ii) that are Other Connection Taxes, (b) Taxes imposed by reason of the failure of any such Person to comply with <u>Section 4.6(e)</u>, or the failure of the Administrative Agent to comply with <u>Section 4.6(f)</u>, (c) withholding Taxes imposed by the United States with respect to an applicable interest in a Loan, Letter of Credit or Lender Commitment pursuant to a law in effect on the date on which (i) a Lender or Letter of Credit Issuer acquires such interest in the Loan, Letter of Credit or Lender Commitment, as applicable, other than pursuant to an assignment request by a Borrower under <u>Section 4.9</u>, or (ii) such Lender changes its Applicable Lending Offices, except in the case of either (i) or (ii) to the extent that amounts with respect to such withholding Taxes were payable either to such Lender's or Letter of Credit Issuer's assignor immediately before such Lender or Letter of Credit Issuer became a party hereto or to such Lender immediately before it changed its Applicable Lending Office, and (d) any withholding Taxes imposed under FATCA.

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"***Extension Request***" means a written request by the Borrower substantially in the form of <u>Exhibit U</u> hereto to extend the Stated Maturity Date.

"***Facility Increase***" is defined in <u>Section 2.15(a)</u> hereof.

"***Facility Increase Fee***" means the fee payable with respect to any Facility Increase in accordance with <u>Section 2.15</u> hereof, as set forth in the Fee Letter.

"***Facility Increase Request***" means the notice substantially in the form of <u>Exhibit O</u> hereto pursuant to which the Borrower requests an increase of the Lender Commitments in accordance with <u>Section 2.15</u> hereof.

"***FATCA***" means Sections 1471 through 1474 of the Internal Revenue Code as of the date of this Credit Agreement (and any amended or successor version that is substantially comparable and not more materially onerous to comply with), any current or future regulations or official interpretations thereof and any similar amendments thereto or successor provisions, any agreements entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code, any intergovernmental agreements entered into in connection with the implementation of such Sections of the Internal Revenue Code and any fiscal or regulatory legislation, rules or guidance notes or official practices adopted pursuant to or in connection with any such intergovernmental agreements.

"***Federal Funds Rate***" means, for any day, the rate calculated by the Federal Reserve Bank of New York based on such day's federal funds transactions by depository institutions (as determined in such manner as the Federal Reserve Bank of New York shall set forth on its public website from time to time) and published by the Federal Reserve Bank of New York on the Business Day next succeeding such day as the federal funds effective rate; <u>provided</u> that if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) received by the Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent.

"***Fee Letter***" means (a) that certain Fee Letter dated as of the date hereof between the Borrower and the Administrative Agent and (b) each other fee letter entered into by the Borrower and each applicable Lender from time to time, in each case as the same may be amended, supplemented or otherwise modified from time to time.

"***Financial Covenants***" means each of the financial covenants set forth in <u>Section 9.17</u> hereof.

"***Financial Covenant Certificate***" is defined in <u>Section 8.1(c)</u> hereof.

"***First Amendment Effective Date***" means November 17, 2025.

"***Floor***" means a rate of interest equal to zero percent (0%)<sup>.</sup>

"***Follow-On Investment Materials***" means, materials and information in form and substance reasonably satisfactory to the Administrative Agent, including with respect to the ownership,

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acquisition cost, leverage and five (5) year (or such shorter period reasonably acceptable to the Administrative Agent) dividend forecast of such Investment, together with a business description of such Investment.

"***General Partner***" and "***General Partners***" means in respect of any Person, the general partner, managing member or other similar managing fiduciary of such Person, and with respect to each Credit Party, as listed on <u>Schedule I</u> hereto (as the same may be amended from time to time in accordance with the terms hereof), and in each case, any successor thereto permitted under this Credit Agreement.

"***Generally Accepted Accounting Principles***" means those generally accepted accounting principles and practices that are recognized as such by the American Institute of Certified Public Accountants or by the Financial Accounting Standards Board or through other appropriate boards or committees thereof (or the equivalent thereof in the appropriate jurisdiction of the applicable Person's organization, solely in the case of a Person organized outside of the United States which is subject to generally accepted accounting principles of a different jurisdiction), and that are consistently applied for all periods, after the date hereof, so as to properly reflect the financial position of the applicable Person, except that any accounting principle or practice required to be changed by the Financial Accounting Standards Board (or other appropriate board or committee of said Board, or the equivalent thereof in the appropriate jurisdiction) in order to continue as a generally accepted accounting principle or practice may be so changed.

"***Governmental Authority***" means any foreign governmental authority, the United States of America, any State of the United States of America, and any subdivision of any of the foregoing whether provincial, state, territorial or local, and any agency, department, regulatory body, fiscal or monetary authority or other authority relating to financial institutions, central bank, commission, board, authority or instrumentality, bureau or court having jurisdiction over any Credit Party, the Administrative Agent, any Lender, the Letter of Credit Issuer, or any of their respective businesses, operations, assets, or properties, including any supra-national bodies (such as the European Union or the European Central Bank).

"***Guarantor Joinder Agreement***" means an agreement substantially in the form of <u>Exhibit V-2</u> hereto, pursuant to which an Additional Guarantor joins the Credit Facility as a Guarantor.

"***Guarantors***" are defined in the preamble to this Credit Agreement.

"***Guaranty Obligations***" means, with respect to any Person, without duplication, any obligations guaranteeing any Indebtedness of any other Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent: (a) to purchase any such Indebtedness or other obligation or any property constituting security therefor; (b) to advance or provide funds or other support for the payment or purchase of such Indebtedness or obligation or to maintain working capital, solvency or other balance sheet condition of such other Person (including, without limitation, maintenance agreements, comfort letters, take or pay arrangements, put agreements or similar agreements or arrangements) for the benefit of the holder of Indebtedness of such other Person; (c) to lease or purchase property, securities or services primarily for the purpose of assuring the owner of such Indebtedness of the ability of the

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primary obligor to make payment of such primary obligation; or (d) to otherwise assure or hold harmless the owner of such Indebtedness or obligation against loss in respect thereof; <u>provided</u>, <u>however</u>, that the term "Guaranty Obligations" shall not include (w) endorsements of instruments for deposit or collection in the ordinary course of business, (x) deposits or other obligations to secure the performance of bids or trade contracts (other than for borrowed money), (y) contingent obligations under customary "carve outs" in non-recourse loan documentation, including, but not limited to, environmental indemnities, guarantees of environmental indemnities and guarantees of non-recourse carve-outs which are usual and customary in like transactions involving incurrence of such obligations or liabilities made by subsidiaries of such Person, and (z) other contingent obligations and liabilities which are not shown as indebtedness in the financial statements of the Credit Parties, including but not limited to completion guaranties. The amount of any Guaranty Obligation of any guaranteeing Person shall be deemed to be the maximum amount for which such guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation, unless such maximum amount for which such guaranteeing Person may be liable is not stated or determinable, in which case the amount of such Guaranty Obligation shall be such guaranteeing Person's maximum reasonable anticipated liability in respect thereof as determined by such Person in good faith.

"***Hazardous Material***" means any substance, material, or waste which is or becomes regulated under any Environmental Law, as hazardous to public health or safety or to the environment, including, but not limited to: (a) any substance or material designated as a "hazardous substance" pursuant to Section 311 of the Clean Water Act, as amended, 33 U.S.C. §1251 et seq., or listed pursuant to Section 307 of the Clean Water Act, as amended; (b) any substance or material defined as "hazardous waste" pursuant to Section 1004 of the Resource Conservation and Recovery Act, as amended, 42 U.S.C. §6901 et seq.; (c) any substance or material defined as a "hazardous substance" pursuant to Section 101 of the Comprehensive Environmental Response, Compensation and Liability Act, as amended, 42 U.S.C. §9601 et seq.; or (d) petroleum, petroleum products and petroleum waste materials.

"***Hedging Agreements***" means, collectively, interest rate protection agreements, foreign currency exchange agreements, commodity purchase or option agreements or other interest or exchange rate or commodity price hedging agreements.

"***Holding Vehicle***" means each holding company, special purpose vehicle or similar entity that is a direct or indirect Subsidiary of one or more Credit Parties and/or any non-economic general partner or managing member and through which such Credit Party hold(s) an Investment, including any vehicles used to aggregate such holdings; *provided*, that for the avoidance of doubt, to the extent any "Other Stonepeak Account" (as defined in the Partnership Agreement of the Delaware Infra-Fund) or unaffiliated joint venture partner or other co-investor holds Equity Interests in such holding company, special purpose vehicle or similar entity, such Person shall not be a Holding Vehicle.

"***Increase Effective Date***" is defined in <u>Section 2.15(a)</u> hereof.

"***Indebtedness***" of any Person means, without duplication: (a) all obligations of such Person for borrowed money or with respect to advances of any kind held by such Person; (b) all obligations

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of such Person evidenced by bonds, debentures, notes or similar instruments, or upon which interest payments are customarily made; (c) all obligations of such Person under conditional sale or other title retention agreements relating to property purchased by such Person (other than customary reservations or retentions of title under agreements with suppliers entered into in the ordinary course of business); (d) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary course of business); (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on, or payable out of the proceeds of production from, property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed; (f) all Guaranty Obligations (including, in respect of or under Hedging Agreements) of such Person in respect of Indebtedness of others; (g) all obligations of such Person under: (i) Capital Leases; and (ii) any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of such Person where such transaction is considered borrowed money indebtedness for United States federal tax purposes but is classified as an operating lease in accordance with Generally Accepted Accounting Principles; (h) all obligations of such Person to repurchase any securities which repurchase obligation is related to the issuance thereof; (i) all net obligations of such Person in respect of or under Hedging Agreements; (j) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and instruments of a like nature or of such Person in respect of bankers' acceptances; (k) debt obligations in respect of equity commitment letters provided in support of Indebtedness for Borrowed Money, and (l) the aggregate amount of uncollected accounts receivable of such Person subject at such time to a sale of receivables (or similar transaction) regardless of whether such transaction is effected without recourse to such Person or in a manner that would not be reflected on the balance sheet of such Person in accordance with Generally Accepted Accounting Principles. The Indebtedness of any Person shall include the Indebtedness of any partnership, exempted limited partnership or unincorporated joint venture or similar entity for which such Person is legally obligated unless made non-recourse to such Person by written agreement reasonably satisfactory to the Administrative Agent. Notwithstanding the foregoing, Indebtedness shall not include obligations and liabilities which are not shown as obligations or liabilities on the financial statements of such Person.

"***Indebtedness for Borrowed Money***" means, for any Person, any Indebtedness of such Person as described under <u>clauses (a)</u>, <u>(b)</u>, <u>(j)</u> and <u>(k)</u> of the definition of "Indebtedness".

"***Indemnitee***" is defined in <u>Section 12.5(b)</u> hereof.

"***Infra-Fund****"* means each of the Delaware Infra-Fund and the Luxembourg Infra-Fund; "***Infra-Funds***" means, where the context may require, the Delaware Infra-Fund and the Luxembourg-Infra-Fund, collectively.

"***Infra-Fund Feeder***" means Stonepeak-Plus Infrastructure Fund (TE) LP, a Delaware limited partnership.

"***Infra-Fund Subscription Entity***" means each Infra-Fund and the Infra-Fund Feeder.

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"***Infra-Fund Supplemental Agreement***" means any supplemental or other agreement executed by or on behalf of an Investor with any Infra-Fund Subscription Entity, the General Partner thereof or Stonepeak with respect to such Investor's rights and/or obligations under its subscription agreement or the applicable Partnership Agreement (if any).

"***ING***" means ING Capital LLC, a Delaware limited liability company.

"***Initial Borrower***" is defined in the <u>preamble</u> to this Credit Agreement.

"***Initial Cayman Credit Parties***" means, the Initial Borrower and the Initial Cayman Guarantors.

"***Initial Cayman Guarantor****"* means each of the Liquidity Guarantor, Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP, a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd and Stonepeak-Plus Infrastructure Fund Lower Fund VI-B LP; a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd, "***Initial Cayman Guarantors***" means, where the context may require, Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd and Stonepeak-Plus Infrastructure Fund Lower Fund VI-B LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd, collectively.

"***Initial Guarantor***" means each Guarantor identified as an "Initial Guarantor" on <u>Schedule I</u> hereto (as the same may be amended, amended and restated, supplemented or otherwise modified from time to time).

"***Initial Purchase Agreement***" is defined in <u>Section 2.1(g)</u> hereof.

"***Intraperiod Adjustment Event***" has the meaning assigned in the definition of "Value".

"***Interest Coverage Ratio***" means, as of any date of determination, the ratio 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;(a) &nbsp;&nbsp;&nbsp;&nbsp;(i) the sum of (x) without duplication, the aggregate income of the Credit Parties from Portfolio Investment Distributions as reflected on the applicable financial statements during the trailing twelve (12) month period, *plus* (y) prior to the date ending July 14, 2028, without duplication, cash and Cash Equivalents on deposit in the Collateral Accounts as of such date of determination; 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;(b) &nbsp;&nbsp;&nbsp;&nbsp;(i) interest obligations of the Credit Parties in respect of Indebtedness during such trailing twelve (12) month period (including any Letter of Credit fees and any interest that is capitalized or paid in kind (solely in the period so capitalized or paid in kind)), *plus* (ii) any unused commitment fees or other similar fees in respect of such Indebtedness (including, any such fees that are capitalized as a loan (solely in the period

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so capitalized) and, without duplication of any amounts included in <u>clause (b)(i)</u> above, any interest thereon).

"***Interest Option***" means, as applicable: (a) the Eurocurrency Rate; (b) Daily Simple RFR; (c) Term RFR; or (d) the Reference Rate.

"***Interest Payment Date***" means (a) as to any Eurocurrency Rate Loan in respect of which the Borrower has selected a one (1) or three (3)-month Interest Period, the last day of such Interest Period for such Loan, (b) as to any Eurocurrency Rate Loan in respect of which the Borrower has selected a six (6)-month Interest Period, the last day of each third month during such Interest Period for such Loan, (c) as to any Term RFR Loan in respect of which the Borrower has selected a one (1) month Interest Period, the last day of such Interest Period for such Loan and (d) as to any Reference Rate Loan or Daily Simple RFR Loan, the last day of each calendar month.

"***Interest Period***" means, with respect to any Eurocurrency Rate Loan or Term RFR Loan, a period commencing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;on the borrowing date thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;on the applicable Conversion Date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;on the termination date of the immediately preceding Interest Period in the case of a Rollover to a successive Interest Period as described in <u>Section 2.3(b)</u> hereof,

and ending on (i) in the case of any Term RFR Loan, the last day of each one (1) month period thereafter, and (ii) in the case of any Eurocurrency Rate Loan, the last day of each one (1), three (3) or, subject to availability from all Lenders (and excluding, for the avoidance of doubt, any Borrowing in Canadian Dollars), six (6) month period thereafter; <u>provided</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;(A)&nbsp;&nbsp;&nbsp;&nbsp;any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the immediately preceding 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;(B)&nbsp;&nbsp;&nbsp;&nbsp;any Interest Period which begins on the last day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to <u>clause (A)</u> above, end on the last Business Day of the applicable calendar month; 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;if the Interest Period would otherwise end after the Maturity Date, such Interest Period shall end on the Maturity Date.

For the avoidance of doubt, the "Interest Period" applicable to all Daily Simple RFR Loans (as applicable) shall be one (1) month.

"***Internal Revenue Code***" means the United States Internal Revenue Code of 1986, as amended.

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"***Investment***" means a direct or indirect ownership interest in and/or capital contribution to an "Investment" (as defined in the applicable Infra-Fund's Partnership Agreement), including for the avoidance of doubt, any Liquid Assets and other loans or promissory notes but excluding Equity Interests in each Credit Party and any Holding Vehicle, unless the context otherwise requires.

"***Investment Credit Extension***" means any Loan or Letter of Credit for which the proceeds are used to fund an Investment.

"***Investment Policy***" means the investment objective and investment limitations of each Infra-Fund and each Credit Party, as applicable, as in effect on the Closing Date or as otherwise modified not in contravention of <u>Section 9.4</u>, and with respect to each Infra-Fund, as described in the applicable Memoranda, Section 2.5 of the Delaware Infra-Fund's Partnership Agreement, Section 2.09 of the Luxembourg Infra-Fund's Partnership Agreement or any other similar section of the applicable Infra-Fund's Partnership Agreement, as applicable.

"***Investor***" means any Person that is admitted to an Infra-Fund Subscription Entity as a "Unitholder", an "Investor", a "Limited Partner" or as a "General Partner" (each as defined in the applicable Partnership Agreement) in accordance with the terms of such Partnership Agreement; "***Investors***" means all of such Persons, collectively.

"***Investor Information***" is defined in <u>Section 12.17</u> hereof.

"***Joinder Agreement***" means an agreement contemplated by Section 12.11(e) hereof, pursuant to which a new lender joins the Credit Facility as a Lender, which agreement shall be substantially in the form of <u>Exhibit N</u> hereto.

"***Judgment Currency***" is defined in <u>Section 12.20(b)</u> hereof.

"***Laws***" means, collectively, all international, foreign, federal, state, provincial, territorial and local laws, statutes, treaties, rules, guidelines, directives, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law; <u>provided</u> that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and all rules, regulations directives or published interpretations thereunder or issued in connection therewith relating to capital, liquidity and leverage requirements and (y) all rules, regulations, directives or published interpretations promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a "change in Law", regardless of the date enacted, adopted or issued.

"***Lender Commitment***" means, for each Lender, the amount set forth opposite its name on <u>Schedule II</u> hereto or in such Lender's respective Assignment and Acceptance Agreement or

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Joinder Agreement, as the same may be increased from time to time by the Borrower pursuant to <u>Section 2.15</u> hereof or reduced from time to time by the Borrower pursuant to <u>Section 3.6</u> hereof, or reduced or increased by further assignment by or to such Lender pursuant to <u>Section 12.11(c)</u> hereof.

"***Lenders***" means the Lenders party hereto as of the Closing Date and each of the other lending institutions that shall become a Lender hereunder pursuant to <u>Section 12.11(c)</u> or <u>Section 12.11(e)</u> hereof, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance Agreement or otherwise.

"***Letter of Credit***" means any letter of credit issued for the account of the Borrower by the Letter of Credit Issuer pursuant to <u>Section 2.8</u> hereof either as originally issued or as the same may, from time to time, be amended or otherwise modified or extended.

"***Letter of Credit Issuer***" means ING, or any Lender or Affiliate of such Lender so designated, and which accepts such designation, by the Administrative Agent and approved by the Borrower, including any institution which issues a Letter of Credit to a Borrower pursuant to <u>Section 2.8(a)</u> of this Credit Agreement.

"***Letter of Credit Liability***" means the aggregate amount of the undrawn stated amount of all outstanding Letters of Credit plus the amount drawn under Letters of Credit for which the Letter of Credit Issuer and the Lenders, or any one or more of them, have not yet received payment or reimbursement (in the form of a conversion of such liability to Loans, or otherwise) as required pursuant to <u>Section 2.8</u> hereof.

"***Letter of Credit Sublimit***" means an amount equal to the lesser of (i) fifty percent (50%) of the Maximum Commitment <u>(excluding any Temporary Increase Tranche Commitments)</u>, and (ii) $50,000,000. For the avoidance of doubt, the Letter of Credit Sublimit is a part of, and not in addition to, the Maximum Commitment.

"***Lien***" means any lien, mortgage, security interest, assignment by way of security, charge, tax lien, pledge, similar encumbrance, or conditional sale or title retention arrangement, or any other interest in property designed to secure the repayment of indebtedness, whether arising by agreement or under common law, any statute, law, contract, or otherwise.

"***Liquid Assets***" means Investments constituting "Debt and Other Securities" (as defined in the Memorandum of the Delaware Infra-Fund) and which Investment has been made consistent with the Investment Policy.

"***Liquidity Guarantor***" means Stonepeak-Plus Infrastructure Fund Liquidity LP, a Cayman Islands exempted limited partnership, acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC.

"***Loan Documents***" means this Credit Agreement, the Notes (including any renewals, extensions, re-issuances and refinancings thereof), each of the Collateral Documents, each Assignment and Acceptance Agreement, each Application for Letter of Credit, any Borrower Joinder Agreements, any Guarantor Joinder Agreements, any Fee Letters, and such other

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agreements and documents, and any amendments or supplements thereto or modifications thereof that are executed or delivered pursuant to the terms of this Credit Agreement or any of the other Loan Documents and any additional documents delivered in connection with any such amendment, supplement or modification that the parties thereto agree shall constitute a "Loan Document" hereunder.

"***Loans***" means the groups of Eurocurrency Rate Loans, RFR Loans and Reference Rate Loans (including any Loans deemed made pursuant to <u>Section 2.8(d)</u> hereof) made by the Lenders to the Borrower pursuant to the terms and conditions of this Credit Agreement, and certain other related amounts specified in <u>Sections 2.9</u>, <u>2.12(b)</u> <u>3.3(c)</u> and <u>3.3(d)</u> hereof shall be treated as Loans pursuant to <u>Sections 2.9</u>, <u>2.12(b)</u>, <u>3.3(c)</u> and <u>3.3(d)</u> hereof.

"***LTV Ratio***" means, as of any date of determination, the ratio (expressed as a percentage) of (a) the sum of the aggregate outstanding Principal Obligations and all other Indebtedness for Borrowed Money of the Credit Parties, to (b) the sum of (x) Adjusted NAV *plus* or *minus* (as applicable) (y) without duplication, all net obligations of the Credit Parties and the Holding Vehicles in respect of or under Hedging Agreements (as a mark-to-market liability shall be deducted and a mark-to-market asset shall be added) *minus,* (z) without duplication, the aggregate amount of Indebtedness of all Holding Vehicles (other than in respect of or under Hedging Agreements and solely to the extent not already deducted in determining NAV), in each case as of such date.

"***Luxembourg***" means the Grand Duchy of Luxembourg.

"***Luxembourg Infra-Fund****"* means Stonepeak-Plus Infrastructure Master Fund SCSp-RAIF, a reserved alternative investment fund (*fonds d'investissement alternatif réservé*) in the form of a special limited partnership (*société en commandite spéciale*) established and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, Rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B293652, represented by its managing general partner (*associé commandité-gérant*) Stonepeak-Plus Infrastructure Fund Associates (Lux) S.à r.l., a private limited liability company (*société à responsabilité limitée*) incorporated and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 3, Rue Jean Piret, L-2350 Luxembourg, Grand Duchy of Luxembourg and registered with the RCS under number B291963.

"***Mandated Lead Arranger***" is defined in the preamble hereof.

"***Margin Stock***" has the meaning assigned thereto in Regulation U.

"***Material Adverse Effect***" means a material adverse effect on (a) the rights of, or benefits available to, the Lenders under the Loan Documents, (b) the Credit Parties' (taken as a whole) ability to pay the Obligations when due in accordance with the terms of the Loan Documents, (c) the Credit Parties' (taken as a whole) ability to perform their respective material obligations under any Loan Document to which any of them is a party, (d) the legality, validity, binding effect or enforceability of any Loan Document, or (e) the ability of the Credit Parties (taken as a whole) to receive Portfolio Investment Distributions.

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"***Material Amendment***" is defined in <u>Section 9.4</u> hereof.

"***Material Infra-Fund Amendment***" is defined in <u>Section 9.5</u> hereof.

"***Material Investment Event***" means any of the following events with respect to any Investment that is an Eligible Investment or the Holding Vehicle in which such Eligible Investment is held, as applicable (in each case, which shall be deemed to occur upon the earlier of notice from the Administrative Agent or any Credit Party obtaining knowledge thereof):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;any action under any Debtor Relief Law relating to the issuer of such Eligible Investment, such Eligible Investment or such Holding Vehicle (in involuntary cases or proceedings, if not stayed or dismissed within sixty (60) days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;(i) any payment default (whether by virtue of a default with respect to a payment due at scheduled maturity, required prepayment, acceleration, demand, or otherwise) of $15,000,000 or more relating to any Indebtedness for Borrowed Money, hedging obligations or guaranties thereof by such Eligible Investment or such Holding Vehicle that continues uncured (after giving effect to any grace period applicable to such payment), or (ii) any other material event of default (including, but not limited to, the failure to meet or maintain any applicable financial covenants thereunder or the entry of any judgment in contravention of the terms thereof) relating to any Indebtedness for Borrowed Money, hedging obligations or guaranties thereof by such Eligible Investment or such Holding Vehicle that continues uncured beyond the expiration of any applicable grace period or such longer period as agreed by the Administrative Agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the Value of such Eligible Investment is less than seventy five percent (75%) of the cost of such Investment (in each case, based on applicable local currency) for a period of two consecutive quarters (excluding any reductions caused from the partial disposition of, or distribution made in respect of, such Eligible Investment);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;any default by a Credit Party or Holding Vehicle with respect to any Portfolio Investment Obligations related to such Eligible Investment, beyond any applicable notice or cure period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp; a Credit Party or Holding Vehicle has repudiated its Portfolio Investment Obligations or any material obligation under any Portfolio Investment Document and continued enforceability of such obligation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the foreclosure of any material Lien in respect of such Eligible Investment or the Equity Interest of any applicable Borrower or Holding Vehicle therein;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;such Eligible Investment or Holding Vehicle is prevented under the terms of its financing arrangements from paying a declared distribution (directly or indirectly) to a Credit Party due to its failure to meet any conditions or criteria thereunder for the payment of such distribution, as determined by such Eligible Investment or Holding Vehicle at the time such distribution is declared; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;such Eligible Investment or Holding Vehicle is a Sanctioned Person;

<u>provided</u>, that in each case (other than with respect to <u>clause (a)</u>, <u>(c)-(e)</u>, <u>(f)</u> and <u>(g)</u> above), if a Material Investment Event occurs only with respect to a portion of an Eligible Investment, only such portion subject to such Material Investment Event shall be treated as subject to a Material Investment Event. Any Investment (or portion thereof) subject to a Material Investment Event shall be excluded as an Eligible Investment upon the earlier of notice from the Administrative Agent or the Borrower obtaining knowledge thereof, until such time as such Material Investment Event, if capable of cure, is cured.

"***Maturity Date***" means the earliest of: (a) the Stated Maturity Date; (b) the date upon which the Administrative Agent declares the Obligations due and payable after the occurrence of an Event of Default; (c) twenty-eight (28) days prior to the dissolution of any Credit Party (other than any Credit Party permitted to withdraw pursuant to <u>Section 2.9(c)</u> and in the process of effectuating such a withdrawal); and (d) the date upon which the Borrower terminates all of the Lender Commitments pursuant to <u>Section 3.6</u> hereof or otherwise.

"***Maximum Commitment***" means $200,000,000<u>300,000,000</u> as it may be (a) reduced from time to time by the Borrower pursuant to <u>Section 3.6</u> hereof or (b) increased from time to time pursuant to <u>Section 2.15</u> hereof.

"***Maximum LC Draw Amount***" is defined in <u>Section 10.4(c)(i)</u> hereof.

"***Maximum LTV Ratio Breach***" is defined in <u>Section 2.1(d)(ii)</u> hereof.

"***Maximum LTV Ratio***" is defined in <u>Section 9.17</u> hereto.

"***Maximum Rate***" means, on any day, the highest rate of interest (if any) permitted by applicable Law on such day.

"***Memorandum***" means, each "Memorandum" as defined in the Partnership Agreement of the Delaware Infra-Fund and the Partnership Agreement of the Luxembourg Infra-Fund.

"***Minimum Adjusted NAV***" means Adjusted NAV is an amount less than (i) during the first year following the Closing Date, $200,000,000, and (ii) from the first anniversary of the Closing Date and thereafter, $350,000,000.

"***Minimum Interest Coverage Ratio***" is defined in <u>Section 9.17</u> hereto.

"***Minimum Interest Coverage Ratio Breach***" is defined in <u>Section 2.1(d)(iii)</u> hereof.

"***Moody'***s" means Moody's Investors Service, Inc. and any successor thereto.

"***NAV***" means, as of any date of calculation, an amount equal 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate Value of all Eligible Investments in U.S. Dollars, as of such date (which, for the avoidance of doubt, shall not include any Investment or portion of an

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Investment, in each case, to the extent constituting or held through the Aggregator I Excluded Share), *plus* 

&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;without duplication, the amount of cash and Cash Equivalents held by the Credit Parties, *less*

&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;to the extent not deducted in determining the aggregate Value pursuant to <u>clause (a)</u>, the aggregate outstanding Indebtedness for Borrowed Money of any Holding Vehicle in which such Eligible Investment is held (excluding the Obligations).

"***Net Cash Proceeds***" means, in respect of any cash proceeds actually received by a Credit Party or Holding Vehicle from any Investment in which it holds an interest (including in connection with a disposition, distribution, dividend or other payment directly or indirectly from such Investment), the gross amount of cash proceeds so received, net of the sum of, without duplication, (i) all fees and out-of-pocket expenses reasonably incurred by such Credit Party or Holding Vehicle or reasonably expected to be payable and reserved by any such Person in connection with such event, (ii) with respect to any applicable transaction generating such cash proceeds, any funded escrow established pursuant to the documents evidencing any disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale, transfer or disposition; <u>provided</u> that the amount of any subsequent reduction of such escrow (other than in connection with a payment in respect of any such liability) shall be deemed to be Net Cash Proceeds occurring on the date of such reduction solely to the extent that any such Credit Party or Holding Vehicle receives cash in an amount equal to the amount of such reduction, (iii) any reasonable and customary costs associated with unwinding any related obligations under Hedging Agreements in connection therewith, (iv) the amount of all taxes paid (or reasonably estimated to be payable) by such Credit Party or Holding Vehicle in respect of such Investment and the amount of any reserves established by such Credit Party or Holding Vehicle to fund contingent liabilities reasonably estimated to be payable in respect of such Investment, provided that any reduction at any time in the amount of any such reserves (other than as a result of payments made in respect thereof) shall be deemed to constitute the receipt by such Credit Party or Holding Vehicle at such time of Net Cash Proceeds in the amount of such reduction, (v) any amounts applied to pay Permitted Tax Distributions, (vi) any amounts retained or applied to pay operating expenses of a Holding Vehicle (not to exceed $10,000 per annum for each applicable Holding Vehicle) and (vii) any amounts otherwise required to be paid or reserved pursuant to any contractual arrangement related to the applicable Investment entered into in good faith, for a bona fide purpose and not for the primary purpose of prohibiting or preventing the application of such amount (it being understood that (x) if such requirement is pursuant to the terms of Indebtedness, this <u>clause (vii)</u> shall not apply to the extent such Indebtedness was entered into in contravention of <u>Section 9.11</u> and (y) any such amounts that cease to be reserved pursuant to any such contractual arrangement and are not so paid or applied shall again be deemed to constitute Net Cash Proceeds hereunder). With respect to Net Cash Proceeds received in connection with a casualty or condemnation, the term "Net Cash Proceeds" shall exclude amounts paid as income replacement (for example, the proceeds attributable to a claim under a business interruption insurance policy).

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"***New Investment Materials***" means, with respect to any new Eligible Primary Investment, materials and information with respect to the ownership, acquisition cost, leverage and, to the extent available to the Credit Parties, dividend forecast of such Eligible Primary Investment, together with a business description of such Eligible Primary Investment.

"***Non-Excluded Taxes***" means all (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 under any Loan Document and (b) to the extent not otherwise described in <u>clause (a)</u>, Other Taxes.

"***Notes***" means the promissory notes provided for in <u>Section 3.1</u> hereof, and all promissory notes delivered in substitution or exchange therefor, as such notes may be amended, restated, reissued, extended or modified, and "***Note***" means any one of the Notes.

"***Obligations***" means all present and future indebtedness, obligations, and liabilities of the Credit Parties to the Lenders, and all renewals and extensions thereof (including, without limitation, Loans, Letters of Credit, or both), or any part thereof, arising pursuant to this Credit Agreement (including, without limitation, the indemnity provisions hereof) or represented by the Notes, and all interest accruing thereon, and attorneys' fees incurred in the enforcement or collection thereof, regardless of whether such indebtedness, obligations, and liabilities are direct, indirect, fixed, contingent, joint, several, or joint and several; together with all present and future indebtedness, obligations and liabilities of the Credit Parties to the Secured Parties evidenced or arising pursuant to any of the other Loan Documents, and all renewals and extensions thereof, or any part thereof. For the avoidance of doubt, the "Obligations" with respect to any Credit Party shall include any joint and several obligations of such Credit Party as described herein.

"***OFAC***" means the Office of Foreign Assets Control of the U.S. Department of Treasury.

"***Operating Company***" means a "*venture capital operating company*" or a "*real estate operating company*", each as defined in the Plan Asset Regulations.

"***Other Claims***" is defined in <u>Section 5.5</u> hereof.

"***Other Connection Taxes***" means, with respect to any Secured Party, Taxes imposed as a result of a present or former connection between such Secured Party and the jurisdiction imposing such Tax (other than connections arising from such Secured Party having executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan Document).

"***Other Taxes***" is defined in <u>Section 4.6(c)</u> hereof.

"***Participant***" is defined in <u>Section 12.11(b)</u> hereof.

"***Participant Register***" is defined in <u>Section 12.11(f)</u> hereof.

"***Participating Member State***" shall mean a member of the European Communities that adopts or has adopted the Euro as its currency in accordance with EMU Legislation.

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"***Partnership Agreement***" means, for any Person, the limited partnership agreement, special limited partnership agreement, limited liability company agreement, exempted limited partnership agreement, memorandum and articles of association, or other equivalent governing document in the applicable jurisdiction of its formation, as the same may be further amended, restated, modified or supplemented in accordance with the terms hereof and in each case of the Credit Parties as described on <u>Schedule I</u> hereto, as such schedule may be amended, restated, modified or supplemented from time to time; "***Partnership Agreements***" means, collectively, all of the Partnership Agreements.

"***Patriot Act***" is defined in <u>Section 12.18</u> hereof.

"***Payment Recipient***" is defined in <u>Section 11.13(a)</u> hereof.

"***Periodic Term CORRA Determination Day***" has the meaning assigned in the definition of "Term CORRA".

"***Permitted Liens***" is defined in <u>Section 9.2</u> hereof.

"***Permitted Tax Distributions***" with respect to any taxable period (or portion thereof) during which any Credit Party is a partnership, S corporation or disregarded entity of a partnership or S corporation for U.S. federal income Tax purposes, payments or distributions by such Credit Party to any direct or indirect holder of Equity Interests of such Credit Party with respect to each estimated Tax payment date as well as each other applicable Tax payment due date, such that each such holder receives, in the aggregate for such taxable period, payments or distributions in an amount not to exceed (i) the sum of the highest combined marginal U.S. federal, state and local Tax rate (including any Tax rate imposed on "net investment income" by Section 1411 of the Internal Revenue Code) applicable to an individual, or if higher, a corporation resident in New York, New York (taking into account the character of the taxable income (e.g., long-term capital gain, ordinary income, etc.)), multiplied by (ii) the amount of net taxable income (including reasonable estimates thereof) allocated to such holder for such taxable period in respect of such Credit Party and its subsidiaries (to the extent such subsidiaries are disregarded entities of such Credit Party or partnerships or S corporations allocating income to such Credit Party); *provided* that, the determination of such distributions (A) shall take into account (1) any U.S. federal, state and/or local losses, deductions, and credits allocated to such holder by such Credit Party and its subsidiaries for prior taxable periods to the extent such losses, deductions, or credits are of a character that would allow such losses, deductions, or credits to be available to reduce Taxes in the current taxable period (taking into account any limitations on the utilization of such losses, deductions, or credits to reduce such Taxes and to the extent such losses, deductions, or credits had not already been taken into account to offset income with respect to the operations of such Credit Party and its subsidiaries), (2) any adjustment to such holder's taxable income attributable to its direct or indirect ownership of such Credit Party and its subsidiaries as a result of any Tax examination, audit or adjustment with respect to any taxable period or portion thereof and (3) the deductibility of state and local income Taxes for U.S. federal income tax purposes and (B) shall not take into account the effect of any deduction under Section 199A of the Internal Revenue Code or the impact of any tax basis step ups after the date hereof under Sections 734, 743 or 754 of the Internal Revenue Code.

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"***Person***" means an individual, sole proprietorship, joint venture, association, trust, estate, business trust, corporation, limited liability company, nonprofit corporation, partnership, limited partnership, exempted limited partnership, exempted company, sovereign government or agency (including any Governmental Authority), instrumentality, or political subdivision thereof, or any similar entity or organization.

"***Plan***" means any "employee pension benefit plan" (as such term is defined in Section 3(2) of ERISA), including any single-employer plan or multiemployer plan (as such terms are defined in Section 4001(a)(15) and in Section 4001(a)(3) of ERISA, respectively), that is subject to Title IV of ERISA or Section 412 or Section 430 of the Internal Revenue Code.

"***Plan Asset Regulations***" means *29 C.F.R. §2510.3-101*, et seq., as modified by Section 3(42) of ERISA, as the same may be amended from time to time.

"***Plan Assets***" means "plan assets" within the meaning of the Plan Asset Regulations.

"***Portfolio Borrowing Base Advance Rate***" means, at any time, (a) as long as there are at least five (5) Distinct Eligible Investments and the Adjusted NAV is no less than the Minimum Adjusted NAV, twenty five percent (25%); and (b) there are less than five (5) Distinct Eligible Investments or Adjusted NAV is less than Minimum Adjusted NAV, zero percent (0%).

"***Portfolio Investment Distributions***" means dividends, interest payments, distributions, liquidation, sale and other proceeds of any kind or nature received by any Credit Party or applicable Holding Vehicle on or in respect of any Investment (including in respect of any Liquid Assets), including on account of the purchase, redemption, retirement or other disposition or acquisition of any Equity Interest.

"***Portfolio Investment Document***" means any governing document, side letter, shareholder agreement, joint venture agreement or other contract which governs the terms and conditions of any Investment held by a Credit Party or a Holding Vehicle.

"***Portfolio Investment Obligation***" means in respect of any Investment, any payments required to be made from time to time in respect thereof by a Credit Party or a Holding Vehicle, including any capital contribution obligation or other liability for which such Credit Party or Holding Vehicle is obligated, including pursuant to any Portfolio Investment Document.

"***Potential Default***" means any condition, act or event which, with the giving of notice or lapse of time or both, would become an Event of Default.

"***Primary Obligations***" means any Principal Obligations or Obligations owing to the Secured Parties in respect of accrued and unpaid interest or fees payable under the Loan Documents.

"***Prime Rate***" means, for any date, a per annum rate equal to the rate of interest set forth for such date as published in The Wall Street Journal as the "prime rate" for such date. The Prime Rate may be, but is not intended to be, the lowest rate of interest charged by the Administrative Agent, any Lender, the Letter of Credit Issuer or any other financial institution in connection with

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extensions of credit to borrowers. If The Wall Street Journal no longer reports the Prime Rate, or if such Prime Rate no longer exists, the Administrative Agent may select a reasonably comparable index or source to use as the basis for the Prime Rate.

"***Principal Obligations***" means, on any date of determination, the sum of (a) the aggregate outstanding principal amount of the Loans (including any Capitalized Interest Loan and any Capitalized Unused Commitment Fee Loan), and (b) the Letter of Credit Liability.

"***Pro Rata Share***" means, with respect to each Lender, the percentage obtained from the fraction: (a) (i) the numerator of which is the Lender Commitment of such Lender; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders; or (b) in the event the Lender Commitments have been terminated: (i) the numerator of which is the Lender Commitment of such Lender as in effect immediately prior to such termination; and (ii) the denominator of which is the aggregate Lender Commitments of all Lenders as in effect immediately prior to such termination.

"***Proceedings***" is defined in <u>Section 7.9</u> hereof.

"***Proposed Amendment***" is defined in <u>Section 9.4</u> hereof.

"***RCS***" means the Luxembourg Trade and Companies Register (*Registre de Commerce et des Sociétés, Luxembourg*).

"***Reference Rate***" means, for any date, the greatest of: (a) the Prime Rate; (b) the Federal Funds Rate plus fifty (50) basis points; and (c) the Daily Simple RFR for Dollars in effect on such date plus one hundred (100) basis points, *plus*, in the case of the foregoing <u>clause (a)</u>, <u>clause (b)</u> and <u>clause (c)</u>, the Applicable Margin. Each change in the Reference Rate shall become effective without prior notice to any Credit Party automatically as of the opening of business on the day of such change in the Reference Rate. Notwithstanding the foregoing, in no event shall the Reference Rate be less than the Floor.

"***Reference Rate Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof*.*

"***Reference Rate Loan***" means a Loan made hereunder with respect to which the interest rate is calculated by reference to the Reference Rate.

"***Reference Time***" means, with respect to any setting of the then-current Benchmark for any Currency:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) if such Benchmark is Term SOFR, two (2) Business Days prior to (i) if the date of such setting is a Business Day, such date or (ii) if the date of such setting is not a Business Day, the Business Day immediately preceding such date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) if such Benchmark is a Daily Simple RFR, (i) if the RFR for such Benchmark is SOFR, then four (4) Business Days prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; (ii) if the RFR for such Benchmark is SONIA, then four (4) Business Days

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prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; and (iii) if the RFR for such Benchmark is SARON, then five (5) Business Days prior to (A) if the date of such setting is a Business Day, such date or (B) if the date of such setting is not a Business Day, the Business Day immediately preceding such date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) otherwise, then the time reasonably determined by the Administrative Agent, including in accordance with any Conforming Changes or Benchmark Replacement Conforming Changes.

"***Regulation T", "Regulation U"*** *and* ***"Regulation X"*** means Regulation T, U, or X, as the case may be, of the Board of Governors of the Federal Reserve System, from time to time in effect, and shall include any successor or other regulation relating to margin requirements applicable to member banks of the Federal Reserve System.

"***Release***" means any release, spill, emission, leaking, pumping, injection, deposit, disposal, discharge, dispersal, leaching, or migration of Hazardous Materials into the environment, or into or out of any real property Investment, including the movement of any Hazardous Material through or in the air, soil, surface water or groundwater of any real property Investment.

"***Relevant Governmental Body***" means (a) with respect to a Benchmark Replacement in respect of Loans denominated in Dollars, 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, (b) with respect to a Benchmark Replacement in respect of Loans denominated in Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto and (c) with respect to a Benchmark Replacement in respect of Loans denominated in an Alternative Currency (other than Sterling), (i) the central bank for the Currency in which the Loans for such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement or (ii) any working group or committee officially endorsed or convened by (A) the central bank for the Currency in which the Loans for such Benchmark Replacement is denominated, (B) any central bank or other supervisor that is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement, (C) a group of those central banks or other supervisors or (D) the Financial Stability Board or any part thereof with respect to such Benchmark Replacement.

"***Repurchase Request***" means a notice provided by an Investor to the applicable Infra-Fund Subscription Entity pursuant to which such Investor requests the applicable Infra-Fund Subscription Entity to repurchase some or all of its Units as permitted under the applicable Infra-Fund Subscription Entity's Partnership Agreement and in accordance with the Unit Repurchase Program.

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"***Repurchases***" means the repurchase by the applicable Infra-Fund Subscription Entity of some or all of an Investor's Units pursuant to the applicable Partnership Agreement and/or Unit Repurchase Program.

"***Request for Borrowing***" is defined in <u>Section 2.3</u> hereof.

"***Request for Letter of Credit***" is defined in <u>Section 2.8(b)</u> hereof.

"***Required Lenders***" means, at any time: (a) the Lenders (other than the Defaulting Lenders) holding an aggregate Pro Rata Share of greater than fifty percent (50%) of the Lender Commitments (excluding the Lender Commitments of any Defaulting Lenders); or (b) at any time that the Lender Commitments are zero (0), the Lenders (other than the Defaulting Lenders) owed an aggregate Pro Rata Share of greater than fifty percent (50%) of the Principal Obligations outstanding at such time, <u>provided</u> that, at any time that there is more than one Lender, the Required Lenders shall be comprised of at least two (2) Lenders.

"***Required Payment***" is defined in <u>Section 11.13(a)</u> hereof.

"***Required Payment Time***" means, (a) within two (2) Business Days, to the extent that funds are available in the Collateral Account maintained by the Borrower; <u>provided</u> that the aggregate amount so debited from such Collateral Accounts shall not exceed the amount of the Dollar Equivalent of the Principal Obligations owing by the Borrower; <u>provided</u> <u>further</u> that such funds first be deposited into the applicable Collateral Account of the Borrower in accordance with the last sentence of <u>Section 9.12</u> hereof or (b) otherwise, within twenty (20) Business Days or, if later, by the fifth (5th) Business Day of the following calendar month.

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

"***Responsible Officer***" means any Chairman, President, Co-President, Senior Managing Director, Managing Director, Principal, Director, Executive Vice President, Vice President, Secretary, Assistant Secretary, Treasurer, or Assistant Treasurer or any manager, director or officer of (a) a corporation or an exempted company, (b) the general partner of a limited partnership or an exempted limited partnership or if such general partner is itself a limited partnership or an exempted limited partnership, its general partner, or (c) a limited liability company or the managing member thereof and, in each case, any other authorized officer or signatory thereof who has the power to bind the Person who has provided documentation that is acceptable in the reasonable discretion of the Administrative Agent evidencing such authority.

"***Retained Distributions***" is defined in <u>Section 5.2(a)</u>.

"***Revaluation Date***" means: (a) each date of the making of any Loan in an Alternative Currency or an issuance, amendment, renewal or extension of a Loan or Letter of Credit denominated in an Alternative Currency, as applicable, (b) the date of any Material Investment Event, (c) the last Business Day of each calendar month, and (d) each other date on which the Administrative Agent, the Letter of Credit Issuer or the Borrower shall reasonably request.

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"***Review Event***" means, as of the end of any calendar month, the Infra-Fund Subscription Entities in the aggregate shall have satisfied Unit Repurchase Requests with respect to Investors during the trailing twelve month period requesting the Repurchase of Units which resulted in Repurchases by the Infra-Fund Subscription Entities of Units (net of new subscriptions during such twelve month period) representing more than 30% of Adjusted NAV as of the end of such calendar month; *provided*, that Repurchases of Units held by Stonepeak and replaced on a Dollar-for-Dollar basis with new subscriptions from Investors shall not be deemed Repurchased for purposes of this definition.

"***Review Event Cure Plan***" is defined in <u>Section 2.1(d)(vii)</u>.

"***Review Event Period***" is defined in <u>Section 2.1(d)(vii)</u>.

"***RFR***" means, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, (a) Dollars, SOFR, (b) Sterling, SONIA, (c) Swiss Francs, SARON, and (d) Canadian Dollars, CORRA.

"***RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***RFR Loan***" means a Daily Simple RFR Loan or a Term RFR Loan, as the context may require.

"***RFR Rate Day***" is defined in the definition of "Daily Simple RFR".

"***Rollover***" means the renewal of all or any part of any Eurocurrency Rate Loan or Term RFR Loan upon the expiration of the Interest Period with respect thereto, pursuant to <u>Section 2.3(b)</u> hereof.

"***Rollover Notice***" is defined in <u>Section 2.3(b)</u> hereof.

"***S&P*"** means S&P Global Ratings, a subsidiary of S&P Global Inc., and any successor thereto.

"***Same-Day Borrowing***" means a Borrowing of a Reference Rate Loan (denominated in Dollars only), for which the date of the Request for Borrowing and the date of the funding requested in such Request for Borrowing occur on the same day.

"***Same-Day Borrowing Sublimit***" means an amount equal to twenty percent (20%) of the Maximum Commitment (or such higher percentage as agreed by the Administrative Agent and the Lenders, each in its sole discretion) at the time of any Same-Day Borrowing.

"***Sanctioned Country***" means, at any time, a country or territory which is the subject or target of any country-based or territory-based Sanctions (at the time of this Agreement, the Crimean, so-called Donetsk People's Republic, Kherson, the so-called Luhansk People's Republic, and Zaporizhzhia regions of Ukraine, Cuba, Iran, North Korea, and Syria).

"***Sanctioned Person***" means, at any time, (a) any Person or vessel listed in any Sanctions-related list of designated Persons or other similar list maintained by OFAC or the U.S. Department of State or by the United Nations Security Council, the United Kingdom, the European Union, any EU member state, the Australian Department of Foreign Affairs and Trade or any other

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applicable sanctions authority where a Credit Party is located or conducts business or any other applicable sanctions authority that is otherwise described in the definition for Sanctions, (b) any Person operating, organized, citizen of, or resident in a Sanctioned Country, (c) any Person owned 50% or more by such Persons described in <u>clause (a)</u> or <u>(b)</u>, or <u>(d)</u> an agency or instrumentality of, or entity owned 50% or more by, the government of a Sanctioned Country.

"***Sanctions***" 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 OFAC or the U.S. Department of State, (b) the United Nations Security Council, the European Union, His Majesty's Treasury of the United Kingdom (including any sanctions legislation extended to the Cayman Islands pursuant to any Order in Council of His Majesty's Privy Council in the United Kingdom) or the Australian Department of Foreign Affairs and Trade ("***DFAT***"), (c) by such Japanese Governmental Authority imposing, administering or enforcing similar types of sanctions or trade embargoes, (d) Global Affairs Canada and any other applicable Canadian Governmental Authority or (e) such Governmental Authorities imposing, administering or enforcing similar types of sanctions or trade embargoes in the jurisdiction of any Alternative Currency where a Loan or Letter of Credit has been requested by a Borrower in such Alternative Currency.

"***SARON***" means a rate equal to the Swiss Average Rate Overnight as administered by the SARON Administrator.

"***SARON Administrator***" means the SIX Swiss Exchange AG (or any successor administrator of the Swiss Average Rate Overnight).

"***SARON Administrator's Website***" means SIX Swiss Exchange AG's website, currently at https://www.six-group.com, or any successor source for the Swiss Average Rate Overnight identified as such by the SARON Administrator from time to time.

"***SARON RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Secured Parties***" means the Administrative Agent, the Collateral Agent, the Lenders and any Affiliate of any Lender to which Obligations are owed, and Letter of Credit Issuer.

"***Securities Exchange Act***" means the Securities Exchange Act of 1934, as amended to the date hereof and from time to time hereafter, and any successor statute.

"***SOFR***" means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator's Website.

"***SOFR Administrator***" means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

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"***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 RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***SONIA***" means a rate equal to the Sterling Overnight Index Average as administered by the SONIA Administrator.

"***SONIA Administrator***" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"***SONIA Administrator's Website***" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"***SONIA RFR Determination Day***" is defined in the definition of "Daily Simple RFR".

"***Spot Rate***" means, with respect to any Alternative Currency on any Revaluation Date, the rate at which such Alternative Currency may be exchanged into Dollars, as set forth on such Revaluation Date at approximately 11:00 a.m. on the applicable Reuters World Currency Page. In the event that such rate does not appear on the applicable Reuters World Currency Page, the Spot Rate with respect to such Alternative Currency shall be determined by reference to such other publicly available service for displaying exchange rates as the Administrative Agent may determine, in its reasonable discretion; <u>provided</u>, that if at the time of any such Revaluation Date, for any reason, no such Spot Rate is being quoted, the Administrative Agent may use any reasonable method it deems appropriate, in the exercise of its commercially reasonable discretion, to determine such rate, and such determination shall be conclusive absent manifest error.

"***Stated Maturity Date***" means July 16, 2027, subject to the extension of such date pursuant to <u>Section 2.14</u> hereof.

"***Sterling***" and "***£***" means the lawful currency of the United Kingdom.

"***STIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Stonepeak***" means, collectively, Stonepeak Partners and any applicable Affiliate thereof.

"***Stonepeak Partners***" means Stonepeak Partners LP, a Delaware limited partnership or any successor thereto.

"***Subsidiary***" means, in relation to any Person, any other Person (a) which is controlled, directly or indirectly, by the first mentioned Person, (b) more than half the voting power of shares of stock (or similar or equivalent instruments) of which is beneficially owned, directly or indirectly, by the first mentioned Person or (c) which is a Subsidiary of another Subsidiary of the first mentioned Person, and for this purpose, a Person shall be treated as being "controlled" by

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another if that other person is able to direct its affairs and/or to control the composition of its board of directors or equivalent body or similarly directs its affairs. Anything herein to the contrary notwithstanding, the term "Subsidiary" shall not include any Person that constitutes an Investment.

"***Swiss Francs***" and the sign "***Fr***" mean the lawful currency of Switzerland.

"***TARGET Day***" means any day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET) payment system (or, if such payment system ceases to be operative, such other payment system (if any) determined by the Administrative Agent, in its reasonable discretion, to be a suitable replacement) is open for the settlement of payments in Euro.

"***Tax Payment***" means either the increase in a payment made by, or on account of any obligation of, the Borrower to a Lender or the Administrative Agent under <u>Section 4.6(a)</u> hereof or a payment under the indemnity in <u>Section 4.6(d)</u> hereof.

"***Taxes***" means all present or future taxes, levies, imposts, duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

<u>"</u>***<u>Temporary Increase Tranche</u>***<u>" is defined in Section 2.15(b)(i) hereof.</u>

<u>"</u>***<u>Temporary Increase Tranche Commitment</u>***<u>" means, for the Temporary Increase Tranche Lenders, the portion of the Maximum Commitment that has been increased in respect of a particular Temporary Increase Tranche as specified for such Temporary Increase Tranche in the related approved Temporary Increase Tranche Request.</u>

<u>"</u>***<u>Temporary Increase Tranche Effective Date</u>***<u>" is defined in Section 2.15(b)(ii) hereof.</u>

<u>"</u>***<u>Temporary Increase Tranche Fee</u>***<u>" means the fee payable with respect to any Temporary Increase Tranche in accordance with Section 2.15(b)(iii)(3) hereof, as set forth in the applicable Fee Letter.</u>

<u>"</u>***<u>Temporary Increase Tranche Lender</u>***<u>" means a Lender agreeing to increase its Lender Commitment for purposes of a Temporary Increase Tranche in accordance with Section 2.15(b) hereof.</u> 

<u>"</u>***<u>Temporary Increase Tranche Loan</u>***<u>" means Loans funded by the Temporary Increase Tranche Lenders pursuant to a Temporary Increase Tranche in which such Temporary Increase Tranche Lender participates.</u>

<u>"</u>***<u>Temporary Increase Tranche Maturity Date</u>***<u>" means the maturity date of a particular Temporary Increase Tranche which shall be the earliest of: (a) the date requested by the applicable Borrower to be the Temporary Increase Tranche Maturity Date in the respective Temporary Increase Tranche Request for such Temporary Increase Tranche; (b) the date which is</u> 

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<u>364 days following the Temporary Increase Tranche Effective Date; (c) the Stated Maturity Date; and (d) the Maturity Date.</u>

<u>"</u>***<u>Temporary Increase Tranche Request</u>***<u>" means the notice substantially in the form of Exhibit O-2 hereto pursuant to which the Borrowers request a temporary increase of the Lender Commitments in accordance with Section 2.15(b) hereof.</u>

"***Term CORRA Administrator***" means Candeal Benchmark Administration Services Inc., TSX Inc., or any successor administrator.

"***Term CORRA***" means, for any calculation with respect to a Term RFR Loan denominated in Canadian Dollars, the Term CORRA Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "***Periodic Term CORRA Determination Day***") 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; *provided, however*, 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 Term CORRA Reference Rate has not occurred, then 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.

"***Term CORRA Reference Rate***" means the forward-looking term rate based on CORRA.

"***Term RFR***" means, with respect to Dollars, Canadian Dollars, Sterling or Swiss Francs for any Interest Period, a rate per annum equal to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Dollars, the greater of (i) Term SOFR and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Sterling , the greater of (i) SONIA for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Sterling at such time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Swiss Francs, the greater of (i) SARON for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Swiss Francs at such

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time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to, Canadian Dollars, the greater of (i) Term CORRA for a period comparable to such Interest Period and any related spread adjustment that has been selected by the Administrative Agent and the Borrower giving due consideration to any evolving or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body for U.S. syndicated credit facilities denominated in Canadian Dollars at such time that are substantially similar to the credit facilities under this Credit Agreement and (ii) the Floor.

"***Term RFR Loan***" means a Loan that bears interest at a rate based on Term RFR other than pursuant to <u>clause (c)</u> of the definition of "Reference Rate".

"***Term SOFR***" means, for any calculation with respect to a Term RFR Loan in Dollars, the Term SOFR Reference Rate for a tenor comparable to such Interest Period on the day (such day, the "***Periodic Term SOFR Determination Day***") 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; <u>provided</u>, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding Business Day prior to the date that would otherwise be applicable for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR Administrator so long as such date is not more than three (3) Business Days prior to such Periodic Term SOFR Determination Day; <u>provided</u>, <u>further</u>, that if Term SOFR determined as provided above shall ever be less than the Floor, then Term SOFR shall be deemed to be the Floor.

"***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 Conversion Date***" is defined in <u>Section 2.3(c)</u> hereof.

"***Term SOFR Reference Rate***" means the forward-looking term rate based on SOFR.

"***Third Party Valuation***" means, an independent "valuation" report prepared by a Third Party Valuation Agent reflecting the fair market valuation (or midpoint of ranges) of any Investment or Investments.

"***Third Party Valuation Agent***" means each of (a) Kroll, LLC, (b) Deloitte & Touche LLC, (c) Ernst & Young LLP, (d) KPMG LLC, (e) PricewaterhouseCoopers LLP, (f) Alvarez & Marsal, (g) Houlihan Lokey, (h) any other third party advisory firm identified by the Borrowers that is acceptable to Administrative Agent (acting at the direction of the Required Lenders).

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"***TIBOR***" is defined in the definition of "Eurocurrency Rate".

"***Transfer***" means to assign, convey, exchange, pledge, sell, set-off, transfer or otherwise dispose.

"***Trigger Event***" means (i) the occurrence and continuance of any Excess Prepayment Event or (ii) a Review Event has occurred and is continuing and either no Review Event Cure Plan has been agreed in respect of such Review Event or the Borrower is not in compliance with the agreed Review Event Cure Plan in respect of such Review Event.

"***Type of Loan***" means a Eurocurrency Rate Loan, an RFR Loan or a Reference Rate Loan.

"***UCC***" means the Uniform Commercial Code as adopted in the State of New York and any other state, which from time to time governs creation or perfection (and the effect thereof) of security interests in any Collateral for the Obligations.

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

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

"***Uncommitted Extension Option***" is defined in <u>Section 2.14(a)</u> hereof.

"***Undisclosed Administration***" means, in relation to a Lender or its direct or indirect parent company that is a solvent person, the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian, or other similar official by a supervisory authority or regulator under or based on the law in the country where such Lender or such parent company is subject to home jurisdiction, if applicable Law requires that such appointment not be disclosed.

"***Unit Repurchase Program***" means the "Unit Repurchase Program", as defined in the Partnership Agreement of the Delaware Infra-Fund (or any comparable provision of the applicable Luxembourg Infra-Fund's or Infra-Fund Feeder's Partnership Agreement, as applicable).

"***Units***" has the meaning given to such term in the Partnership Agreement of the Delaware Infra-Fund (or any comparable provision of the applicable Luxembourg Infra-Fund's or Infra-Fund Feeder's Partnership Agreement, as applicable).

"***Unused Portion***" is defined in <u>Section 2.12(a)</u> hereof.

"***U.S. Person***" is a "United States person" within the meaning of Section 7701(a)(30) of the Internal Revenue Code.

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"***Valuation Policy***" means the valuation policy and procedures of each Infra-Fund and each Credit Party, as applicable, as in effect on the Closing Date, and with respect to each Infra-Fund, as described in Section 4.6 of the Partnership Agreement of the Delaware Infra-Fund (or other similar section of the Lux Infra-Fund's Partnership Agreement and/or the "Valuation Policy" set forth in the applicable Memorandum, which, as of the Closing Date, are intended to ensure that each such Infra-Fund's and each Credit Party's Investments are valued in a manner consistent with Generally Accepted Accounting Principles.

"***Value***" means, with respect to an Investment (or portion thereof) held directly or indirectly by any Credit Party,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the net asset value of such Investment, in Dollars, as reflected in the Monthly Report most recently delivered pursuant to <u>Section 8.1(a)</u>; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;with respect to an Investment (or portion thereof) acquired after the date the most recent Monthly Report is delivered to the Administrative Agent pursuant to <u>Section 8.1(a)</u> reports the net asset value of the Investments as of, the fair market value of such Investment, in Dollars, at the time of such acquisition;

<u>provided</u>, that Value shall be calculated giving effect to (i) any Distributions made in respect of such Investment, (ii) without duplication of any amounts included in <u>clause (b)</u> above, the amount of any capital contributions made by any Credit Party or Holding Vehicle to such Investment (including with proceeds of the Distribution Reinvestment Plan), or (iii) any write down or write off of any such Investment consistent with the Valuation Policy, in each case, after the date such Monthly Report reports the net asset value as of in the case of <u>clause (a)</u>, or after the acquisition of such Investment in the case of <u>clause (b)</u> (any such event, an "***Intraperiod Adjustment Event***").

"***Voluntary Prepayment***" is defined in <u>Section 3.5</u> hereof.

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

"***Yen***" means the lawful currency of Japan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2**&nbsp;&nbsp;&nbsp;&nbsp;**Other Definitional Provisions**.

&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;All terms defined in this Credit Agreement shall have the above-defined meanings when used in the Notes or any other Loan Documents or any certificate, report

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or other document made or delivered pursuant to this Credit Agreement, unless otherwise defined in such other 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Defined terms used in the singular shall import the plural and vice versa.

&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 words "hereof", "herein", "hereunder", and similar terms when used in this Credit Agreement shall refer to this Credit Agreement as a whole and not to any particular provisions of this Credit 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;"Including" and similar terms shall be deemed to be followed by "without limitation" unless in fact followed by "without limitation" or a similar term.

&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;In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including"; the words "to" and "until" each mean "to but excluding"; and the word "through" means "to and including".

&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;Any reference to a General Partner shall be deemed to be a reference to such General Partner and any successor 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;Unless otherwise expressly provided herein, (a) references to Constituent Documents, agreements (including the Loan Documents) and other contractual instruments shall be deemed to include all subsequent amendments, restatements, extensions, supplements and other modifications thereto, but only to the extent that such amendments, restatements, extensions, supplements and other modifications are permitted by any Loan Document and (b) references to any Law shall include all statutory and regulatory provisions consolidating, amending, replacing, supplementing or interpreting such 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;Any reference to the "financial statements" of the applicable Credit Parties will be deemed to include any trial balances and/or financial information in Monthly Reports, in each case, to the extent necessary to give effect to the financial condition of the applicable Credit Parties and their applicable subsidiaries and other investment vehicles, but the foregoing shall not result in any duplication in any calculation or other determination of any relevant 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;All references to a Cayman Islands exempted limited partnership taking any action, having any power or authority, owning, holding or dealing with any asset are to such partnership acting through its general partner (or, as the case may be, such general partner's general partner).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3**&nbsp;&nbsp;&nbsp;&nbsp;**Times of Day**. Unless otherwise specified in the Loan Documents, time references are to time in New York, New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Amounts**. Unless otherwise specified, all references herein to the amount of a Letter of Credit at any time shall be deemed to mean the Dollar Equivalent of the maximum face amount of such Letter of Credit available to be drawn at such time after giving effect to all increases thereof contemplated by such Letter of Credit or the

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documentation related thereto, whether or not such maximum face amount is in effect at such time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5**&nbsp;&nbsp;&nbsp;&nbsp;**Exchange Rates; Currency Equivalents**. Calculations hereunder relating to the Available Commitment shall always be calculated in Dollars by converting that portion of the Eurocurrency Rate Loans, RFR Loans, Letter of Credit Liability, or Unused Portion attributable to, or made in, an Alternative Currency into its Dollar Equivalent. The Administrative Agent or the Letter of Credit Issuer shall determine the applicable Spot Rates as of each Revaluation Date to be used for making such calculations. Such Spot Rates shall become effective as of such Revaluation Date and shall be the Spot Rates employed in converting any amounts between the applicable Currencies until the next Revaluation Date to occur.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates**. The Administrative Agent does not warrant or accept 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 Reference Rate, the Term SOFR Reference Rate, Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted Eurocurrency Rate or any other Benchmark, 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, Reference Rate, the Term SOFR Reference Rate, Term SOFR, any Daily Simple RFR, the Eurocurrency Rate, the Adjusted Eurocurrency Rate, such Benchmark or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation or composition of any Conforming Changes. The Administrative Agent and its affiliates or other related entities may engage in transactions that affect the calculation of Reference Rate or a Benchmark, any alternative, successor or replacement rate (including any Benchmark Replacement) or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain Reference Rate, any Benchmark, any component definition 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, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.7**&nbsp;&nbsp;&nbsp;&nbsp;**Independent Valuation**.

&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 Required Lenders may from time to time, acting reasonably and in good faith on a belief that the fair market value of all Eligible Investments in the aggregate is at least 20% lower than the Value reported by the Borrower in the financial statements most recently delivered hereunder request further information from the Borrower pertaining to the Value of such Eligible Investments. The Borrower shall use commercially reasonable efforts to, within five (5) Business Days, provide information reasonably requested to support its valuation of such Eligible Investments (*provided*, that in no event shall this <u>Section 1.7(a)</u> require any Credit Party or Affiliate thereof to breach

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any (x) binding confidentiality obligations owed to any Investors, Investments or bona fide counterparties with respect thereto or (y) securities Laws, other similar Laws or insider trading policies with respect to Investments, and the Borrower will be permitted to redact any of the foregoing contents in any information provided solely to the extent necessary to avoid any such breach).

&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 Borrower and the Lenders agree that, if at any time (A)(i) the LTV Ratio is greater than 20% or (ii) an Event of Default or Potential Event in each case of the type described in <u>Sections 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof has occurred or is continuing, and (B) the Required Lenders acting reasonably and in good faith on a belief that the fair market value of all Eligible Investments in the aggregate is at least 20% lower than the Value reported by the Borrower in the financial statements most recently delivered hereunder, then the Administrative Agent (acting at the direction of the Required Lenders) shall have the right to request a Third Party Valuation with respect to any Eligible Investment from a Third Party Valuation 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall use commercially reasonable efforts to cause such Third Party Valuation to be provided to the Administrative Agent (for distribution to the Lenders) within thirty (30) days of the date of any such request.

&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;If the Administrative Agent requests a Third Party Valuation because an Event of Default has occurred and is continuing or if the LTV Ratio is greater than 20%, all fees and expenses incurred in connection with such Third Party Valuation shall be payable by the Borrower. If the Administrative Agent requests a Third Party Valuation of an Eligible Investment for any reason set out in <u>Section 1.7(b)</u> above other than an Event of Default and the fair market value for such Investment is (i) greater than or equal to 95% of the Value reported by the Borrower in the financial statements most recently delivered hereunder, unless the Value as determined per the Third Party Valuation results in a Maximum LTV Ratio Breach, all fees and expenses incurred in connection with such Third Party Valuation shall be payable by the requesting Lenders, or (ii) less than 95% of the Value reported by the Borrower in the financial statements most recently delivered hereunder, all fees and expenses incurred in connection with such Third Party Valuation shall be payable 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The Value of any Eligible Investment for which a Third Party Valuation (A) has been obtained and delivered by the Borrower to the Administrative Agent in accordance with this <u>Section 1.7</u>, and (B) provides a fair market value for such Investment that is less than the Value reported by the Borrower with respect to one or more Eligible Investments in the financial statements most recently delivered hereunder, shall be adjusted to reflect such Third Party Valuation, and the Borrower shall deliver a Financial Covenant Certificate, including a recalculation of the LTV Ratio within five (5) Business Days, using such revised Value. Such revised Value and calculation of the LTV Ratio shall apply for all purposes in the Transaction Documents as of the date of such revaluation or recalculation (and for the avoidance of doubt, shall not apply retroactively) and shall not be increased until the earliest to occur of (x) the 3-month anniversary of the

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date that the applicable Third Party Valuation is delivered by the Borrower to the Administrative Agent, (y) the date the Borrower delivers a Third Party Valuation by a Third Party Valuation Agent, or (z) the date that the Administrative Agent (acting at the direction of the Required Lenders) agrees with the Borrower to a Value above the Third Party Valuation for such Eligible Investment.

**Section 2.&nbsp;&nbsp;&nbsp;&nbsp;REVOLVING CREDIT LOAN AND LETTERS OF CREDIT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.1**&nbsp;&nbsp;&nbsp;&nbsp;**The Lender Commitment**.

&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;**Committed Amount**. Subject to the terms and conditions herein set forth, the Lenders agree, during the Commitment Period: (i) to extend to the Borrower a revolving line of credit; and (ii) to participate in Letters of Credit issued by the Letter of Credit Issuer for the account 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Borrowings and Re-borrowings**. The Lenders shall not be required to advance any Borrowing or, except as provided in <u>clause (c)</u> below, Rollover or Conversion 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)&nbsp;&nbsp;&nbsp;&nbsp;after giving effect to such Borrowing, Rollover or Conversion: (A) the Dollar Equivalent of the Principal Obligations would exceed the Available Commitment; or (B) the Principal Obligations of any Same-Day Borrowing would exceed the Same-Day Borrowing Sublimit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;an Event of Default or, to any Credit Party's or the Administrative Agent's knowledge, Potential Default is continuing or would occur as a result of such 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;a Review Event has occurred and is continuing and either no Review Event Cure Plan has been agreed in respect of such Review Event or the Borrower is not in compliance with the agreed Review Event Cure Plan in respect of such Review Event 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any other Trigger Event has occurred and is continuing; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is in violation of any Financial Covenant or, after giving effect to any such Borrowing, Rollover or Conversion on a pro forma basis, would not be in compliance with the Financial Covenants.

&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;**Exceptions to Limitations**. Conversions to Reference Rate Loans shall be permitted with the consent of the Administrative Agent in the situations described in <u>clauses (i)</u> through <u>(v)</u> of <u>Section 2.1(b)</u> above, and Rollovers of Eurocurrency Rate Loans and Term RFR Loans shall be permitted in the situations described in <u>clauses (ii)</u>, <u>(iii)</u>, <u>(iv)</u> (other than with respect to an Excess Prepayment Event) and (v) of <u>Section 2.1(b)</u> above, in each case, unless the Administrative Agent has otherwise accelerated the Obligations or exercised other rights that terminate the Lender Commitments under <u>Section 10.2</u> hereof.

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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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Prepayment Events, Cash Sweeps, Cure Plan Events and Review 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Excess Loans Outstanding**. If, on any day, the Dollar Equivalent of the Principal Obligations exceeds the Maximum Commitment (including, without limitation, as a result of a change in the Spot Rate as of any Revaluation Date) (each, an "***Excess Prepayment Event***"), then the Borrower shall pay such excess, together with accrued and unpaid interest and fees payable thereon (the "***Excess Prepayment Amount***") to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds, no later than the Required Payment Time following the Notice 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**LTV Breach Prepayment**. If, on any day, the LTV Ratio is greater than the Maximum LTV Ratio (the continuance thereof, a "***Maximum LTV Ratio Breach***"), then, subject to the provisions set forth in <u>Section 3.4</u> hereof, the Borrower shall prepay the principal amount of the Loans, together with accrued and unpaid interest thereon, in an aggregate amount that would cause the LTV Ratio to be less than the Maximum LTV Ratio, to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds no later than the Required Payment Time after the applicable Notice 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Interest Coverage Ratio Prepayment**. If, on any day, the Interest Coverage Ratio is less than the Minimum Interest Coverage Ratio (the continuance thereof, a "***Minimum Interest Coverage Ratio Breach***"), then subject to the provisions set forth in <u>Section 3.4</u> hereof, the Borrower shall prepay the principal amount of the Loans, together with accrued and unpaid interest thereon, in an aggregate amount that would cause the Interest Coverage Ratio to be greater than or equal to the Minimum Interest Coverage Ratio (an "***ICR Cure Payment***"), to the Administrative Agent, for the benefit of the Secured Parties, in immediately available funds no later than the Required Payment Time after the applicable Notice Date (it being understood that for purposes of determining whether the applicable Minimum Interest Coverage Ratio Breach has been cured, the principal amount of any Loans and any other Indebtedness so prepaid or repaid shall be reduced for purposes of <u>clause (b)</u> of the definition of Interest Coverage Ratio and the Interest Coverage Ratio shall be retested giving pro forma effect to such reduction).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;**Pay Down of Investment Loans**. To the extent that any Investment relating to an Investment Credit Extension causes any applicable investment limits that are Binding Limitations set forth in the applicable Infra-Fund's Partnership Agreement or any Memorandum to be exceeded, or any Investment relating to an Investment Credit Extension is otherwise in violation of the applicable Partnership Agreement or Investment Policy in any material respect

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(collectively, the "***Investment Limitations***"), the Borrower shall repay (except to the extent such amounts are addressed by <u>Section 2.1(e)</u> hereof) such Investment Credit Extension to the extent necessary to no longer exceed or be in violation of the Investment Limitations with respect thereto on or before the Required Payment Time (measured from the date of any Credit Party's knowledge of such violation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Pay Down of Certain Loans.** To the extent that any Principal Obligations of the Borrower would either (A) cause any Binding Limitations set forth in Section 4.1(b) of the Delaware Infra-Fund's Partnership Agreement (or any comparable provision set forth in the Partnership Agreement of any other Infra-Fund (including Section 3.02(c)(i) of the Luxembourg Infra-Fund's Partnership Agreement), Credit Party or other Holding Vehicle with applicable limitations on indebtedness) to be exceeded, or (B) require repayment by the Borrower of Principal Obligations outstanding hereunder by a certain date (and, in each case, the necessary approvals of the General Partner, board of directors or independent directors, as applicable, of each Infra-Fund, Credit Party or other Holding Vehicle, as applicable, have not been obtained such as to permit such amounts to remain outstanding), the Borrower shall promptly repay all such Principal Obligations (or with respect to <u>clause (A)</u> above, promptly repay other indebtedness of the Borrower) required to be repaid on or before such date so as to comply with the requirements of Section 4.1(b) of the Delaware Infra-Fund's Partnership Agreement (or any comparable provision set forth in the Partnership Agreement of any other Infra-Fund, Credit Party or other Holding Vehicle with applicable Binding Limitations on 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;**Review Event**. The Borrower shall promptly notify the Administrative Agent of any Review Event, and shall promptly negotiate in good faith with the Administrative Agent regarding a resolution to such Review Event and/or the consequences of such Review Event, and the Borrower and the Administrative Agent (at the instruction of the Required Lenders) shall, if agreed, enter into a written plan (a "***Review Event Cure Plan***") outlining such resolution. In the event that no Review Event Cure Plan shall have been agreed within sixty (60) days of occurrence thereof (which date may be extended by the Administrative Agent and the Required Lenders, in their sole discretion) (the "***Review Event Period***") and such Review Event remains continuing as of the end of the Review Event Period, the Administrative Agent if instructed by the Required Lenders, shall notify the Borrower that all outstanding Obligations (or a lesser portion thereof, to the extent so instructed by the Required Lenders) shall be required to be repaid in full by the Borrower on the next succeeding Business Day after the end of the Review Event 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;**Notice Dates.** Notwithstanding anything to the contrary herein, a Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach shall be deemed to occur upon the earlier of the Borrower's

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knowledge of such Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach, as applicable, or notice thereof from the Administrative Agent (so long as such Trigger Event, Maximum LTV Ratio Breach or Minimum Interest Coverage Ratio Breach is continuing when such notice is given) (such date, a "***Notice 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;**Test Dates**. For purposes of the Loan 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;&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;the LTV Ratio shall be tested only (A) as of the end of each fiscal quarter on the date on which calculations thereof are delivered in a Compliance Certificate pursuant to <u>Section 8.1(b)</u>, (B) on a pro forma basis as of the date of any prepayment or other action taken to cause the LTV Ratio to be less than or equal to the Maximum LTV Ratio, (C) on the date on which any Financial Covenant Certificate is delivered pursuant to <u>Section 8.1(c)</u> and/or any Compliance Certificate is delivered pursuant to <u>Section 8.1(b)(y)</u>, (D) (i) on a pro forma basis on the date of the making of any Distribution for purposes of testing the conditions set forth in <u>Section 9.10</u>, and (ii) on a pro forma basis on the date of the making a proposed withdrawal or transfer of funds for purposes of testing the conditions set forth in <u>Section 9.12,</u> and (E) on a pro forma basis for purposes of demonstrating the cure of any Potential Default or Event of Default as a result of any Maximum LTV Ratio Breach in accordance with this Credit Agreement, including after giving effect to any prepayments made pursuant to <u>Section 2.1(d)</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;&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;the Interest Coverage Ratio shall be tested only (A) as of the end of each fiscal quarter on the date on which calculations thereof are delivered in a Compliance Certificate pursuant to <u>Section 8.1(b)</u> and (B) on a pro forma basis for purposes of demonstrating the cure of any Potential Default or Event of Default caused by a breach of <u>Section 9.17(b)</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;(x)&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Liability**. For purposes of any prepayments required to be made under <u>Section 2.1(d)</u>, to the extent any applicable Principal Obligations are comprised of Letter of Credit Liability, the Borrower may satisfy their obligation to prepay any Loans under <u>Section 2.1(d)</u> by cash collateralizing any such Letter of Credit Liability; <u>provided</u>, that unless otherwise directed by the Borrower, any prepayments made by the Borrower pursuant to <u>Section 2.1(d)</u> shall first be applied to prepay any outstanding Loans before being applied to cash collateralize Letter of Credit 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;(xi)&nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals from Collateral Accounts**. Each Credit Party hereby agrees that, subject to the terms of the applicable Collateral Documents, the Administrative Agent may withdraw from such Credit Party's Collateral Account amounts therein credited to or held as Collateral and apply the same to

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the Primary Obligations owing by the Borrower pursuant to <u>Section 2.1(d)</u> to the extent not paid when 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Excess Letters of Credit Outstanding**. If, on any day, (i) the Letter of Credit Liability exceeds the Letter of Credit Sublimit, (ii) if any excess amount calculated pursuant to <u>Section 2.1(d)(i)</u> hereof is attributable to undrawn Letters of Credit or (iii) the Borrower gives the Administrative Agent notice that it is making a payment to cash collateralize Letter of Credit Liability pursuant to <u>Section 2.1(d)(x)</u> hereof, the Borrower shall pay such excess amount to the Administrative Agent for the account of the Letter of Credit Issuer in the applicable Currency (unless otherwise agreed by the Letter of Credit Issuer in writing), when required pursuant to the applicable terms of <u>Section 2.1(d)</u> hereof for deposit into a segregated interest-bearing cash collateral account, as security for such portion of the Obligations. Unless otherwise required by law, amounts held as such cash collateral shall be required to be returned by the Administrative Agent to the Borrower upon the earlier to occur of (i)(a) in respect a payment made in respect of any excess calculated pursuant to <u>Section 2.1(d)(i)</u>, a change in circumstances such that the Dollar Equivalent of the Principal Obligations no longer exceeds the Maximum Commitment, the Letter of Credit Liability no longer exceeds the Letter of Credit Sublimit and the Principal Obligations of any Same-Day Borrowing no longer exceed the Same-Day Borrowing Sublimit (so long as no Event of Default has occurred and is continuing) or (b) in respect of any other payment made pursuant to <u>Section 2.1(d)(x)</u>, the date on which no Trigger Event or Event of Default is continuing; or (ii) the full and final payment of the 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Currency of Loans and Letters of Credit**. Each Eurocurrency Rate Loan made pursuant to this Credit Agreement may be funded, or Letters of Credit issued, at the request of the Borrower in any applicable Alternative Currency, subject to the prior approval of the Administrative Agent (other than Canadian Dollars, Sterling or Swiss Francs). Daily Simple RFR Loans made pursuant to this Credit Agreement may be funded at the request of the Borrower in Canadian Dollars, Sterling, Swiss Francs or Dollars. Term RFR Loans made pursuant to this Credit Agreement may be funded at the request of the Borrower in Dollars. Reference Rate Loans and any Same-Day Borrowings made pursuant to this Credit Agreement shall be funded in Dollars only. Each Loan shall, unless otherwise agreed by the Lenders in writing, be repaid in the Currency in which such Loan was made. Eurocurrency Rate Loans, RFR Loans and Letters of Credit denominated in an Alternative Currency are subject to <u>Sections 1.4</u> and <u>1.5</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.2**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Commitment**. Subject to the terms and conditions herein set forth, each Lender severally agrees, on any Business Day, during the Commitment Period, to make Loans in Dollars and in one or more Alternative Currencies to the Borrower at any time and from time to time in an aggregate Dollar Equivalent principal amount at any one time outstanding up to such Lender's Lender Commitment at any such time; <u>provided</u> that, after making any such Loans: (a) such Lender's Pro Rata Share of the Dollar Equivalent of the Principal Obligations would not exceed such Lender's Lender Commitment; and (b) the

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Dollar Equivalent of the Principal Obligations would not exceed the Available Commitment. Subject to the foregoing limitations, the conditions set forth in <u>Section 6</u> hereof and the other terms and conditions hereof, the Borrower may borrow, repay without penalty or premium, and re-borrow hereunder, during the Commitment Period. Each Borrowing pursuant to this <u>Section 2.2</u> shall be made ratably by the Lenders in proportion to such Lender's Pro Rata Share of the Available Commitment. No Lender shall be obligated to fund any Loan if the interest rate applicable thereto under <u>Section 2.6</u> hereof would exceed the Maximum Rate then in effect with respect to such Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.3**&nbsp;&nbsp;&nbsp;&nbsp;**Manner of Borrowing**. The Borrower shall give the Administrative Agent notice at the Agency Services Address of the date of each requested Borrowing hereunder, which notice may be by telephone, if confirmed in writing, electronic mail, or other written communication, substantially in the form of <u>Exhibit E</u> hereto (a "***Request for Borrowing***"). Any Request for Borrowing may be revoked by the Borrower, subject to compliance with <u>Section 4.5</u> hereof. Each Request for Borrowing: (a) shall be furnished to the Administrative Agent no later than 2:00 p.m. (New York time) at least (i) four (4) Business Days prior to the requested date of the funding of a Eurocurrency Rate Loan; (ii) two (2) Business Days prior to the requested date of the funding of a Term RFR Loan or a Daily Simple RFR Loan (other than in Dollars); (iii) two (2) Business Days prior to the requested date of the funding of a Daily Simple RFR Loan in Dollars; or (iv) one (1) Business Day prior to the requested date of the funding of a Reference Rate Loan (other than a Same-Day Borrowing in Dollars); (b) with respect to a Same-Day Borrowing, shall be furnished to the Administrative Agent no later than 10:00 a.m. (New York time) on the requested date of funding of a Reference Rate Loan constituting a Same-Day Borrowing; and (c) must specify: (A) the Borrower(s); (B) the amount of such Borrowing; (C) the Interest Option; (D) the Interest Period therefor; and (E) the Currency in the case of an RFR Loan or Eurocurrency Rate Loan. Any Request for Borrowing received by the Administrative Agent after the applicable time specified in the immediately preceding sentence shall be deemed to have been given by the Borrower on the next succeeding Business Day; <u>provided</u>, <u>however</u>, with respect to any Request for Borrowing which is received after the applicable time set forth in <u>clauses (a)(i)</u>, <u>(ii)</u> and <u>(iii)</u> above, the Administrative Agent and the Lenders shall use best efforts to fund such Loan as a Reference Rate Loan or as a Daily Simple RFR Loan by the date set forth in the applicable Request for Borrowing. No Request for Borrowing shall be required to be delivered in connection with any Borrowing under <u>Section 2.8</u>, <u>3.3(c), 3.3(d)</u> or <u>4.3</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Request for Borrowing**. Each Request for Borrowing shall be substantially in the form of <u>Exhibit E</u> hereto (with blanks appropriately completed in conformity herewith and signed by a Responsible Officer of the Borrower), shall be delivered to the Agency Services Address, and shall be deemed to constitute a representation and warranty by the Borrower providing such Request for Borrowing (and additionally, it is agreed by each other Borrower that such Request for Borrowing shall also be deemed to constitute, a representation and warranty by each the Borrower as to itself) 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)&nbsp;&nbsp;&nbsp;&nbsp;The representations and warranties (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in <u>Section 2.3(a)(ii)</u> below) herein and in the other Loan Documents are true and correct in all material

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respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such Request for Borrowing, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or, to its knowledge, Potential Default exists and is continuing at such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;No other Trigger Event has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, any such Borrowing; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to, and after giving effect to such Borrowing, (a) the Dollar Equivalent of the Principal Obligations as of such date, will not exceed the Available Commitment as of such date and (b) the Principal Obligations of any Same-Day Borrowing would exceed the Same-Day Borrowing Sublimit.

Each Request for Borrowing shall be revocable, subject to Borrower's compliance with <u>Section 4.5</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Rollovers**. No later than 2:00 p.m. (New York time) at least three (3) Business Days prior to the termination of each Interest Period related to a Eurocurrency Rate Loan or a Term RFR Loan, the Borrower may give the Administrative Agent written notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone, if confirmed in writing promptly thereafter) (a "***Rollover Notice***") whether it desires to renew such Loan. Each such notice shall also specify the length of the Interest Period selected by the Borrower, with respect to such Rollover. Each Rollover Notice shall be revocable, subject to the Borrower's compliance with <u>Section 4.5</u> hereof and the provisions of this paragraph. If the Borrower fails to timely give the Administrative Agent such notice with respect to any Eurocurrency Rate Loan or any Term RFR Loan, the Borrower shall be deemed to have elected to continue such Eurocurrency Rate Loan as a Eurocurrency Rate Loan, or such Term RFR Loan as a Term RFR Loan, in each case, with an Interest Period of one (1) month commencing on the expiration the preceding Interest Period. For the avoidance of doubt, any Daily

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Simple RFR Loan shall automatically Rollover at the end of each Interest Period if not repaid prior to the end of such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Conversions**. The Borrower shall have the right, with respect to: (i) any Reference Rate Loan, on any Business Day, to convert such Reference Rate Loan to either (A) a Term RFR Loan in Dollars or (B) a Daily Simple RFR Loan in Dollars; (ii) any Daily Simple RFR Loan in Dollars, on any Business Day, to convert such Daily Simple RFR Loan to a Term RFR Loan in Dollars (together with any conversion in <u>clause(i)(A)</u>, a "***Term SOFR Conversion Date***"); (iii) any Term RFR Loan in Dollars, on any Business Day, to convert such Term RFR Loan to a Daily Simple RFR Loan in Dollars (together with any conversion in <u>clause (i)(B)</u>, a "***Daily Simple SOFR Conversion Date***"); and (iv) any RFR Loan in Dollars on any Business Day (a "***Reference Rate Conversion Date***"), to convert such RFR Loan to a Reference Rate Loan; <u>provided</u> that the Borrower shall, on such Conversion Date, make the payments required by <u>Section 4.5</u> hereof, if any; in either case, by giving the Administrative Agent written notice at the Agency Services Address (which notice may be via fax, electronic mail, or by telephone, if confirmed in writing promptly thereafter) substantially in the form of <u>Exhibit G</u> hereto (a "***Conversion Notice***") of such selection no later than (x) 2:00 p.m. (New York time) at least three (3) Business Days prior to such Term SOFR Conversion Date or (y) on such Reference Rate Conversion Date or Daily Simple SOFR Conversion Date, as applicable. Each Conversion Notice shall be irrevocable and effective upon notification thereof 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Periods**. No more than a total of twenty (20) Eurocurrency Rate Loans and RFR Loans in the aggregate may be outstanding hereunder at any one time during the Commitment 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)&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent Notification of the Lenders**. The Administrative Agent shall promptly notify each Lender (and will use good faith efforts to make such notification on the day such notice is timely received from the Borrower) of receipt of a Request for Borrowing, a Conversion Notice or a Rollover Notice, the amount of the Borrowing and such Lender's Pro Rata Share thereof, the date the Borrowing is to be made, the Interest Option, the Interest Period and Currency selected, if applicable, and the applicable rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.4**&nbsp;&nbsp;&nbsp;&nbsp;**Minimum Loan Amounts**. Each Eurocurrency Rate Loan and each RFR Loan shall be in an aggregate amount that is not less than the Dollar Equivalent of $100,000 (or such other amounts as agreed by the Administrative Agent); <u>provided</u> that in addition to the foregoing, a Reference Rate Loan may be in an aggregate amount that is equal to the entire unused balance of the total Lender Commitments or that is required to finance the reimbursement of a Letter of Credit under <u>Section 2.8(d)</u> hereof or that is equal to the amount of any interest payment or unused commitment fees that are permitted to be capitalized as a Capitalized Interest Loan or a Capitalized Unused Commitment Fee Loan, as applicable, in accordance with <u>Section 3.3(d)</u> or <u>Section 2.12(b)</u> hereof, as applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.5**&nbsp;&nbsp;&nbsp;&nbsp;**Funding**. Subject to fulfillment of all applicable conditions set forth herein, by no later than 12:00 p.m. (New York time) on the date specified in the related Request for Borrowing as the borrowing date (and with respect to a Request for Borrowing in respect of a Same-Day Borrowing, in sufficient time such that the Administrative Agent can receive funds from Lenders and transfer such proceeds as the Borrower has specified in the relevant Request for Borrowing prior to 4:00 p.m. (New York time) on the date of the requested Borrowing), each Lender shall wire-transfer the proceeds of its Pro Rata Share of each Borrowing in immediately available funds in the applicable Currency to the Administrative Agent for the account of the Borrower for value and, upon fulfillment of all applicable conditions set forth herein, the Administrative Agent shall deposit such proceeds in immediately available funds, on the date specified in the Request for Borrowing as the borrowing date, to the account of the Borrower as specified by the Borrower, or if requested by the Borrower in the Request for Borrowing, shall wire-transfer such funds as requested no later than such date specified in the Request for Borrowing as the borrowing date; <u>provided</u> that the Administrative Agent shall issue the wire-transfer request prior to the close of business in New York City on the date of receipt of the Borrower's Request for Borrowing and, with respect to a Request for Borrowing in respect of a Same-Day Borrowing, to the extent that each Lender shall fund its Pro Rata Share of the Borrowing, the Administrative Agent may transfer such proceeds as the Borrower has specified in the relevant Request for Borrowing, prior to 4:00 p.m. (New York time) on the date of receipt of the Borrower's Request for Borrowing. The failure of any Lender to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder shall not relieve any other Lender of its obligation to advance the proceeds of its Pro Rata Share of any Borrowing required to be advanced hereunder. Absent contrary written notice from a Lender, the Administrative Agent may assume that each Lender has made its Pro Rata Share of the requested Borrowing available to the Administrative Agent on the applicable borrowing date, and the Administrative Agent may, in reliance upon such assumption (but is not required to), make available to the Borrower a corresponding amount. If a Lender fails to make its Pro Rata Share of any requested Borrowing (including any Borrowing in accordance with <u>Section 2.8(d)</u> hereof with respect to the funding of a Letter of Credit) available to the Administrative Agent on the applicable borrowing date, then the Administrative Agent may recover the applicable amount in the applicable Currency on demand: (a) from such Lender, together with interest at the Federal Funds Rate for the period commencing on the date the amount was made available to the Borrower by the Administrative Agent and ending on (but excluding) the date the Administrative Agent recovers the amount from such Lender; or (b) if such Lender fails to pay its amount in the applicable Currency upon the Administrative Agent's demand, then from the Borrower: promptly on demand, to the extent such funds are available in a Collateral Account of the Borrower, <u>provided</u> <u>that</u>, with respect to the Borrower, the amount so debited from such Collateral Accounts shall not exceed the amount that such Lender failed to pay of such requested Borrowing; together with interest at a rate per annum equal to the rate applicable to the requested Borrowing for the period commencing on the borrowing date and ending on (but excluding) the date the Administrative Agent recovers the amount from the Borrower(s). The liabilities and obligations of each Lender hereunder shall be several and not joint, and neither the Administrative Agent nor any Lender shall be responsible for the performance by any other

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Lender of its obligations hereunder. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender that shall have failed to make such payment to the Administrative Agent. Each Lender hereunder shall be liable to the Borrower only for the amount of its respective Lender Commitment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.6**&nbsp;&nbsp;&nbsp;&nbsp;**Interest 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Eurocurrency Rate*.*** The unpaid principal amount of each Eurocurrency Rate Loan shall bear interest at a rate per annum which shall be equal to the Eurocurrency Rate in effect for the applicable Interest Period for such Currency plus the Applicable Margin.

&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;**Reference Rate**. The unpaid principal amount of each Reference Rate Loan shall bear interest at a rate per annum which shall be equal to the Reference Rate in effect for the applicable 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**RFR 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The unpaid principal amount of each Term RFR Loan shall bear interest at a rate per annum which shall be equal to the applicable Term RFR in effect for the applicable Interest Period for such Currency plus the Applicable Margin.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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; The unpaid principal amount of each Daily Simple RFR Loan shall bear interest at a rate per annum which shall be equal to the applicable Daily Simple RFR for such Currency on each day during such applicable Interest Period plus the Applicable Margin.

&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;**Past Due Amounts; Calculations of Interest**. Interest on the unpaid principal balance of (i) each Eurocurrency Rate Loan and RFR Loan (other than RFR Loans denominated in Sterling) shall be calculated on the basis of the actual days elapsed in a year consisting of 360 days (<u>provided</u> that Eurocurrency Rate Loans denominated in Alternative Currencies typically calculated on the basis of the actual days elapsed in a year consisting of 365 days (or 366, as the case may be) shall be calculated on such basis), and (ii) each RFR Loan denominated in Sterling and Reference Rate Loan (other than when the Reference Rate is calculated based off Daily Simple RFR for Dollars) shall be calculated on the basis of the actual days elapsed in a year consisting of 365 days (or 366, as the case may be). If any principal of, or interest on, the Obligations is not paid when due (whether at stated maturity, by acceleration, by mandatory prepayment or otherwise), then (in lieu of the interest rate provided in <u>Sections 2.6(a)</u> or <u>(b)</u> above, as applicable) such overdue amount shall bear interest at the Default 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Act (Canada) Disclosure**. For purposes of the *Interest Act* (Canada) and disclosure thereunder, whenever any interest or any fee to be paid hereunder or in connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365, as applicable. The rates of

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interest under this Credit Agreement are nominal rates, and not effective rates or yields. The principle of deemed reinvestment of interest does not apply to any interest calculation under this Credit 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Conforming Changes**. In connection with the use, administration, adoption or implementation of any Benchmark or Benchmark Replacement, the Administrative Agent will have the right to make Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document (other than as provided in the definition of Conforming Changes). The Administrative Agent will promptly notify the Borrower and the Lenders of the effectiveness of any Conforming Changes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.7**&nbsp;&nbsp;&nbsp;&nbsp;**Determination of Rate**. The Administrative Agent shall calculate each interest rate applicable to the Borrowings hereunder in accordance with the terms set forth in this Credit Agreement. The Administrative Agent shall give prompt notice to the Borrower and to the Lenders of each rate of interest so calculated, and its calculation thereof shall be conclusive and binding in the absence of manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.8**&nbsp;&nbsp;&nbsp;&nbsp;**Letters 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Commitment**. Subject to the terms and conditions hereof, on any Business Day during the Commitment Period, the Administrative Agent shall cause the Letter of Credit Issuer to issue such Letters of Credit in such aggregate face amounts and Currencies as the Borrower may request; <u>provided</u> that: (i) after giving effect to the issuance of any such Letter of Credit, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Available Commitment as of such date; (B) the Principal Obligations of any Same-Day Borrowing will not exceed the Same-Day Borrowing Sublimit on such date; and (C) the Dollar Equivalent of the Letter of Credit Liability will not exceed the Letter of Credit Sublimit on such date; (ii) the expiry date of the Letter of Credit shall not be later than the earlier of (A) twelve (12) months after the date of issuance without the Letter of Credit Issuer's consent, in its sole discretion (*provided,* that the Borrower may request, and the Letter of Credit Issuer shall issue, a Letter of Credit that has extension provisions for an automatic extension for twelve (12) months from the initial expiry date thereof or any future expiry date, so long as such Letter of Credit permits the Letter of Credit Issuer to elect not to extend the Letter of Credit for any such additional period by written notice to the Borrower and the applicable beneficiary at least thirty (30) days prior to the relevant expiry date), or (B) thirty (30) days prior to the Stated Maturity Date (unless such Letter of Credit has been cash collateralized on or before the date that is thirty (30) days prior to the Stated Maturity Date); and (iii) the Letter of Credit Issuer shall be under no obligation to issue any Letter of Credit if, after the Closing Date, (A) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms enjoin or restrain the Letter of Credit Issuer from issuing such Letter of Credit, or any Law applicable to the Letter of Credit Issuer or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Letter of Credit Issuer shall

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prohibit, or request that the Letter of Credit Issuer refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Letter of Credit Issuer with respect to such Letter of Credit any restriction, reserve or capital requirement (for which the Letter of Credit Issuer is not otherwise compensated hereunder) not in effect on the Closing Date or shall impose upon the Letter of Credit Issuer any other unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the Letter of Credit Issuer in good faith deems material to it and for which the Letter of Credit Issuer is not reimbursed hereunder, or (B) the Borrower has not provided the information necessary for the Letter of Credit Issuer to complete the form of 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Request**. Each request for a Letter of Credit (a "***Request for Letter of Credit***") shall be submitted by the Borrower to the Administrative Agent substantially in the form attached hereto as <u>Exhibit F</u> (with blanks appropriately completed in conformity herewith), together with an Application for Letter of Credit, for the Letter of Credit Issuer, on or before 11:00 a.m. (New York time) at least three (3) Business Days prior to the requested date of issuance of such Letter of Credit. The Administrative Agent shall promptly notify each Lender of such Request for Letter of Credit and the terms of the requested Letter of Credit. Upon each such application, a Borrower (as to itself) shall be deemed to have automatically made to the Administrative Agent, each Lender, and the Letter of Credit Issuer the following representations and warranties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;As of the date of the issuance of the Letter of Credit requested, the representations and warranties of the Borrower (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in <u>Section 2.8(b)(ii)</u> below) herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such issuance, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;No Event of Default or, to its knowledge, Potential Default exists and is continuing at such 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;Either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;No other Trigger Event has occurred and is continuing;

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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;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, the issuance of such 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Immediately prior to, and after giving effect to, the issuance of the requested Letter of Credit, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Available Commitment as of such date; (B) the Principal Obligations of any Same-Day Borrowing as of such date will not exceed the Same-Day Borrowing Sublimit on such date; and (C) the Letter of Credit Liability as of such date will not exceed the Letter of Credit Sublimit on such 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;(viii)&nbsp;&nbsp;&nbsp;&nbsp;(A) Not more than twenty (20) issued but undrawn Letters of Credit are then outstanding, and (B) such Letter of Credit will be in an amount equal to or in excess of $100,000 or the Dollar Equivalent thereof (or such other amount as agreed by the Letter of Credit 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;(ix)&nbsp;&nbsp;&nbsp;&nbsp;[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x)&nbsp;&nbsp;&nbsp;&nbsp;[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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Participation by the Lenders**. Each Lender shall and does hereby participate ratably with the Letter of Credit Issuer in each Letter of Credit issued and outstanding hereunder to the extent of its Pro Rata Share of the Letter of Credit Liability with respect to each such Letter of Credit, and shall share in all rights and obligations resulting therefrom, including, without limitation: (i) the right to receive from the Administrative Agent its Pro Rata Share of any reimbursement of the amount of each draft drawn under each Letter of Credit, including any interest payable with respect thereto; (ii) the right to receive from the Administrative Agent its Pro Rata Share of the Letter of Credit fee pursuant to <u>Section 2.13</u> hereof (which, for the avoidance of doubt, shall take into account the Applicable Margin in respect of such Letter of Credit); (iii) the right to receive from the Administrative Agent its additional costs pursuant to <u>Section 4.1</u> hereof; and (iv) the obligation to pay to the Administrative Agent or the Letter of Credit Issuer, as the case may be, in immediately available funds, its Pro Rata Share of any unreimbursed drawing under 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Letter of Credit**. In consideration for the issuance by the Letter of Credit Issuer of a Letter of Credit for the account of a Borrower, the Borrower hereby authorizes, empowers, and directs the Administrative Agent, for the benefit of the Secured Parties and the Letter of Credit Issuer, to disburse directly, as a Borrowing hereunder by the Borrower, to the Letter of Credit Issuer, with notice to the Borrower, in immediately available funds an amount in the applicable Currency equal to the stated amount of each draft drawn under each such Letter of Credit plus all interest, reasonable costs and expenses, and fees due to the Letter of Credit Issuer pursuant to this Credit

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Agreement in respect of Letters of Credit issued for the account of the Borrower. Subject to receipt of notice from the Administrative Agent, each Lender shall pay to the Administrative Agent such Lender's Pro Rata Share of the amount disbursed by the Administrative Agent in the applicable Currency on the Business Day on which the Letter of Credit Issuer honors any such draft or incurs or is owed any such interest, costs, expenses or fees. The Administrative Agent will promptly notify the Borrower of any disbursements made by the Lenders pursuant to the terms hereof; <u>provided</u> that the failure to give such notice will not affect the validity of the disbursement, and the Administrative Agent shall provide the Lenders with notice thereof. Any such disbursement made by the Lenders to the Letter of Credit Issuer on account of a Letter of Credit shall be deemed a Eurocurrency Rate Loan with a one-month Interest Period if such disbursement is in an Alternative Currency (other than Canadian Dollars, Sterling or Swiss Francs), or a Daily Simple RFR Loan if such disbursement is in Dollars, Canadian Dollars, Sterling or Swiss Francs, in each case, to the Borrower, and the Borrower shall be deemed to have given to the Administrative Agent, in accordance with the terms and conditions of <u>Section 2.3(a)</u> hereof, a Request for Borrowing with respect thereto and such payments shall be made without regard to the minimum and multiple amounts set forth in <u>Section 2.4</u> hereof. The Administrative Agent and the Lenders may conclusively rely on the Letter of Credit Issuer as to the amount due the Letter of Credit Issuer by reason of any draft of a Letter of Credit or due the Letter of Credit Issuer under any Application for Letter of Credit. The obligations of a Lender to make payments to the Administrative Agent for the account of the Letter of Credit Issuer under this <u>Section 2.8(d)</u> shall be irrevocable, shall not be subject to any qualification or exception whatsoever, and shall, irrespective of the satisfaction of the conditions to the making of any Loans described in <u>Sections 2.3</u>, <u>6.1</u>, <u>6.2</u> and/or <u>6.3</u> hereof, as applicable, be honored in accordance with this <u>Section 2.8(d)</u> under all circumstances unless there is an Event of Default or Potential Default, in each case, under <u>Section 10.1(h)</u> or <u>(i)</u>, including, without limitation, any of the following circumstances: (i) any lack of validity or enforceability of such Letter of Credit, this Credit Agreement or any of the other Loan Documents; (ii) the existence of any claim, counterclaim, setoff, defense or other right which any Credit Party may have at any time against a beneficiary named in a Letter of Credit or any transferee of a beneficiary named in a Letter of Credit (or any Person for whom any such transferee may be acting), the Administrative Agent, the Letter of Credit Issuer, any Lender, or any other Person, whether in connection with this Credit Agreement, any Letter of Credit, the transactions contemplated herein or any unrelated transactions (including any underlying transactions between the account party and beneficiary named in any Letter of Credit); (iii) any draft, demand, certificate or any other document presented under a Letter of Credit having been determined to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect or any loss or delay in the transmission or otherwise of any document required in order to make a draw under a Letter of Credit; (iv) any payment by the Letter of Credit Issuer under such Letter of Credit against presentation of a draft or certificate that does not strictly comply with the terms of such Letter of Credit; or any payment made by the Letter of Credit Issuer under such Letter of Credit to any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or

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successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; (v) the surrender or impairment of any security for the performance or observance of any of the terms of any of the Loan Documents; or (vi) the occurrence of any Event of Default or Potential 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Inspection**. The Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim of noncompliance with the Borrower's instructions or other irregularity, the Borrower shall promptly notify the Letter of Credit Issuer in writing. The Borrower shall be conclusively deemed to have waived any such claim against the Letter of Credit Issuer and its correspondents, unless such prompt written notice is given as aforesaid.

&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;**Role of Letter of Credit Issuer**. Each Lender and the Borrower agrees that, in paying any drawing under a Letter of Credit issued for the account of the Borrower, the Letter of Credit Issuer shall not have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by such Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. None of the Letter of Credit Issuer, the Administrative Agent nor any of the respective correspondents, Participants or Assignees of the Letter of Credit Issuer shall be liable to any Lender for: (i) any action taken or omitted in connection herewith at the request or with the approval of the Lenders or the Required Lenders, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct; or (iii) the due execution, effectiveness, validity or enforceability of any document or instrument related to any Letter of Credit. The Borrower(s) assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit issued for the account of the Borrower; <u>provided</u>, <u>however</u>, that this assumption is not intended to, and shall not, preclude the Borrower from pursuing such rights and remedies as it may have against the beneficiary or transferee at law or under any other agreement. None of the Letter of Credit Issuer, the Administrative Agent, nor any of the respective correspondents, Participants or Assignees of the Letter of Credit Issuer, shall be liable or responsible for any of the matters described in <u>clauses (i)</u> through <u>(vi)</u> of <u>Section 2.8(d)</u> hereof. In furtherance and not in limitation of the foregoing, the Letter of Credit Issuer may accept documents that appear on their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and the Letter of Credit Issuer shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason.

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Acceleration of Undrawn Amounts**. Should the Administrative Agent demand payment of the Obligations hereunder prior to the Maturity Date pursuant to <u>Section 10.2</u> hereof, the Administrative Agent, by written notice to the Borrower, may take one or more of the following actions: (i) declare the obligation of the Letter of Credit

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Issuer to issue Letters of Credit hereunder terminated, whereupon such obligations shall forthwith terminate without any other notice of any kind; or (ii) declare the outstanding Letter of Credit Liability to be forthwith due and payable, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived, and demand that the Borrower pay, in the applicable Currency (unless otherwise agreed to by the Administrative Agent in writing), to the Administrative Agent for deposit in a segregated interest-bearing cash collateral account, as security for its Obligations, an amount equal to the aggregate undrawn stated amount of all Letters of Credit issued for the account of the Borrower then outstanding at the time such notice is given. Unless otherwise required by Law, upon the full and final payment of the Obligations, the Administrative Agent shall return to the Borrower any amounts remaining in said cash collateral account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.9**&nbsp;&nbsp;&nbsp;&nbsp;**Addition of Borrowers and Guarantors**.

&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 order for an entity to be approved as an Additional Borrower: (i) the Borrower shall obtain the consent of the Administrative Agent, such consent to be in the reasonable discretion of the Administrative Agent if such proposed Additional Borrower holds or proposes to acquire an Investment and in the sole discretion of the Administrative Agent if otherwise (such entity, an "***Additional Borrower***"); and (ii) the applicable provisions of this <u>Section 2.9</u> and <u>Section 6.3</u> hereof shall be satisfied.

&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;In order for an entity to be approved as an Additional Guarantor: (i) the Borrower shall obtain the consent of the Administrative Agent which shall be in the sole discretion of the Administrative Agent (such entity, an "***Additional Guarantor***"); and (ii) the applicable provisions of this <u>Section 2.9</u> and <u>Section 6.4</u> hereof shall be satisfied.

&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;Upon the satisfaction of the applicable requirements of <u>clauses (a)</u> and <u>(b)</u> above, the Additional Borrower or Additional Guarantor shall be bound by the terms and conditions of this Credit Agreement as if it were a Borrower or Guarantor, as applicable, hereunder and shall execute and deliver documentation, substantially similar to that executed by the Initial Borrower or Initial Guarantors, as applicable, including but not limited to (i) a Borrower Joinder Agreement and/or a Guarantor Joinder Agreement, as applicable (and any other applicable Loan Documents), (ii) with respect to each Additional Borrower, the documents and other items set forth in <u>Section 6.3(b)</u>, (iii) with respect to each Additional Guarantor, the documents and other items set forth in <u>Section 6.4(b)</u>, and (iv) such other documents and agreements as the Administrative Agent may reasonably require in connection therewith.

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;If any Borrower (i) has no Obligations outstanding (including any Loans or Letters of Credit issued for its benefit but excluding any Obligations of any other Borrower), (ii) holds no Eligible Investments (or Investments that were Eligible Investments prior to a Material Investment Event), (iii) such Borrower accounts for no greater than the lesser of (A) $5,000,000 and (B) 3.5% of

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Adjusted NAV, and (iv) there exists no Event of Default, Potential Default or Trigger Event which is continuing, such Borrower shall be permitted to withdraw from the Credit Facility as a Borrower upon ten (10) days advance written notice to the Administrative Agent (or such shorter period as agreed by the Administrative Agent in writing), provided that after giving effect to such withdrawal, the LTV Ratio shall not exceed the Maximum LTV Ratio. Upon effectiveness of such withdrawal, such Borrower shall have no further obligations under this Credit Agreement (except as set forth in the last sentence of this <u>Section 2.9(d)(i)</u>). Upon effectiveness of such withdrawal, the Administrative Agent will return or destroy any Note issued by such Borrower, and any Collateral Document executed by such Borrower shall, notwithstanding anything to the contrary in any Loan Document, be of no further force or effect. Thereafter, upon request, the Administrative Agent, on behalf of the Secured Parties, shall promptly provide such Borrower, at its sole expense, a written release of their respective Obligations hereunder and under the other Loan Documents and of the Collateral pledged, assigned or otherwise secured, together with any assignment therefor to the relevant party by such Borrower and, so long as such Borrower has written confirmation from the Administrative Agent that such Collateral Documents have been terminated as provided above, such Borrower shall be authorized to prepare and file termination statements terminating all UCC financing statements and any related filings in foreign jurisdictions filed of record in connection with such Collateral Documents. Notwithstanding any withdrawal by a Borrower pursuant to this <u>Section 2.9(d)(i)</u>, such Borrower shall remain liable for any amounts due to the Secured Parties pursuant to <u>Sections 4</u> and <u>12.5</u> hereof from such Borrower, which provisions shall survive any withdrawal by a Borrower and the termination of this Credit 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;If any Guarantor does not directly or indirectly hold any Eligible Investments (or Investments that were Eligible Investments prior to a Material Investment Event), and there exists no Event of Default, Potential Default or Trigger Event which is continuing, such Guarantor shall be permitted to withdraw from the Credit Facility as a Guarantor upon ten (10) days advance written notice to the Administrative Agent (or such shorter period as agreed by the Administrative Agent in writing). Upon effectiveness of such withdrawal, such Guarantor shall have no further obligations under this Credit Agreement. Thereafter, upon request, the Administrative Agent, on behalf of the Secured Parties, shall promptly provide such Guarantor, at its sole expense, a written release of their respective Obligations hereunder and under the other Loan Documents, except for those Obligations (including indemnification obligations pursuant to <u>Section 12.5</u>) which by their terms survive withdrawal by a Guarantor and termination of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.10**&nbsp;&nbsp;&nbsp;&nbsp;**Use of Proceeds, Letters of Credit**. The proceeds of the Loans and the Letters of Credit shall be used solely to finance any Credit Party's direct or indirect

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acquisition of Investments, to provide working capital or for other general corporate purposes permitted under each applicable Credit Party's Partnership Agreement, all related documentation (including any subscription agreements and Infra-Fund Supplemental Agreements, if any**)** and the Constituent Documents of each applicable Credit Party, including to acquire or otherwise support an Investment or Investments; <u>provided</u> that, subject to <u>Section 9.10</u>, the outstanding Principal Obligations as of any date used for Distributions to Investors in any Infra-Fund Subscription Entity (excluding any repurchase of Units pursuant to the Unit Repurchase Program of the applicable Infra-Fund Subscription Entities) shall not exceed twenty percent (20%) of the Available Commitment as of such date. Neither the Lenders nor the Administrative Agent shall have any liability, obligation, or responsibility whatsoever with respect to the Borrower's use of the proceeds of the Loans or the Letters of Credit, and neither the Lenders nor the Administrative Agent shall be obligated to determine whether or not the Borrower's use of the proceeds of the Loans or the Letters of Credit are for purposes permitted under the Partnership Agreement or other Constituent Documents of any Infra-Fund Subscription Entity, Credit Party or Holding Vehicle or any related documentation (including any applicable subscription agreements and Infra-Fund Supplemental Agreements, if any). Nothing, including, without limitation, any Borrowing, any Rollover, any issuance of any Letter of Credit, or other document or instrument, shall be construed as a representation or warranty, express or implied, to any party by the Lenders or the Administrative Agent as to whether any investment by a Borrower is permitted by the terms of its Partnership Agreement and related documentation (including the Partnership Agreement or other Constituent Documents of any Infra-Fund Subscription Entity, Credit Party or other Holding Vehicle, as applicable or any related documentation (including any applicable subscription agreements and Infra-Fund Supplemental Agreements, if any).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent and Lender Fees**. The Borrower shall pay, to the Administrative Agent and to each applicable Lender, fees in consideration of the arrangement and in respect of the Administrative Agent only, administration of the Lender Commitments, which fees shall be payable in amounts and on the dates set forth in the applicable Fee Letter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.12**&nbsp;&nbsp;&nbsp;&nbsp;**Unused Commitment 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the payments provided for in <u>Section 3</u> hereof, the Borrower shall pay or cause to be paid to the Administrative Agent, for the account of each Lender, according to its Pro Rata Share, an unused commitment fee on the average daily amount of the Maximum Commitment less the Dollar Equivalent of the Principal Obligations outstanding on such date (the "***Unused Portion***"), during the immediately preceding calendar quarter at the rate of (a) 40 basis points (0.40%) per annum when the Unused Portion is less than or equal to fifty percent (50%) of the Maximum Commitment, or (b) 50 basis points (0.50%) per annum when the Unused Portion is greater than 50 percent (50%) of the Maximum Commitment, in either case calculated on the basis of actual days elapsed in a year consisting of 360 days, in each case, payable in arrears on the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter. The unused commitment fee shall accrue at all times during the Commitment Period, shall be calculated on an average daily basis and shall be payable in Dollars. The Borrower and the Lenders acknowledge and agree that the unused commitment fees payable hereunder are *bona fide* unused commitment fees and are intended as reasonable compensation to

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the Lenders for committing to make funds available to the Borrower as described herein and for no other purposes.

&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;Any such unused commitment fees accrued pursuant to <u>Section 2.12(a)</u> above shall be paid in cash, unless the Borrower delivers written notice to the Administrative Agent not later than 2:00 p.m. (New York time) three (3) Business Days prior to any payment date for unused commitment fees pursuant to <u>Section 2.12(a)</u> above that it elects to capitalize such fees as a Loan, then the amount of such fees shall be capitalized and deemed to be a Loan under this Credit Agreement (each such Loan, a "***Capitalized Unused Commitment Fee Loan***"); <u>provided</u> that on any such payment date for unused commitment fees pursuant to <u>Section 2.12(a)</u> above, (i) no Event of Default or Potential Default shall have occurred and be continuing, (ii) each of the representations and warranties set forth herein and in the other Loan Documents shall be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of such date, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent in writing and do not constitute an Event of Default or Potential Default or to the extent such representations and warranties expressly relate to an earlier or other specific date), and (iii) no Excess Prepayment Event shall have occurred and be continuing as a result thereof. The initial Capitalized Unused Commitment Fee Loan hereunder shall be a new Loan bearing interest based on Daily Simple RFR for Dollars. Any subsequent Capitalized Unused Commitment Fee Loan, unless otherwise specified by the Borrower in writing, shall become part of the initial Capitalized Unused Commitment Fee Loan, on the same terms and conditions as such initial Capitalized Unused Commitment Fee Loan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.13**&nbsp;&nbsp;&nbsp;&nbsp;**Letter of Credit Fees**. The Borrower shall pay 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;for the benefit of the Lenders, in consideration for the issuance of Letters of Credit issued for its account hereunder, a non-refundable fee equal to the Applicable Margin (applicable to Loans in such Currency) on the average daily face amount of each such Letter of Credit, less the amount of any draws on such Letter of Credit, payable quarterly in arrears on the later of (i) the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter and (ii) the fifth (5<sup>th</sup>) Business Day following receipt of an invoice from the Administrative Agent, commencing on the issuance date and continuing for so long as such Letter of Credit remains outstanding (such fee shall be payable in Dollars); 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;for the benefit of the Letter of Credit Issuer, and for the Letter of Credit Issuer's own account, in consideration of the issuance and fronting of Letters of Credit, a fronting fee, with respect to each Letter of Credit, at a rate equal to 0.125% per annum, computed on the daily amount available to be drawn under such Letter of Credit on a quarterly basis in arrears, which fee shall be waived by ING if it is the sole Lender in the Credit Facility. Such fronting fee shall be due and payable on (i) the later of (A) the fifteenth (15<sup>th</sup>) Business Day of each calendar quarter for the preceding calendar quarter

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(or portion thereof, in the case of the first payment) and (B) the fifth (5<sup>th</sup>) Business Day following receipt of an invoice from the Administrative Agent, commencing with the first such date to occur after the issuance of such Letter of Credit, (ii) the Maturity Date and (iii) thereafter (if applicable) on demand. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with <u>Section 1.4</u>. In addition, the Borrower Party shall pay directly to the Letter of Credit Issuer for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the Letter of Credit Issuer relating to letters of credit as from time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.14**&nbsp;&nbsp;&nbsp;&nbsp;**Extension of Maturity 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower will may request an extension of the Stated Maturity Date then in effect for 1 additional term of up to 364 days with respect to each such extension (any such extension, an "***Uncommitted Extension Option***"), in each case, subject to the approval of the Administrative Agent and one or more of the Lenders in their sole discretion and to satisfaction of the following applicable conditions precedent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower shall have paid (on or prior to the date on which such extension becomes effective) an extension fee for the extension as set forth in the applicable Fee Letter, payable to the Administrative Agent, for the benefit of each extending Lender ratably based on such extending Lender's share of the Lender Commitments subject to extension, and such extension fee shall be pro-rated in the case of any extension of less than 364 days, <u>provided</u> <u>that</u> if any such extension is for less than 364 days, then such extension shall have a term of at least six (6) months (or such shorter period agreed by 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;no Potential Default or Event of Default shall have occurred and be continuing on the date on which notice is given in accordance with the following <u>clause (v)</u> or on the Stated Maturity Date then being extended;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;no other Trigger Event has occurred and is continuing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the Borrower shall have delivered an Extension Request to the Administrative Agent with respect to such extension no less than thirty (30) days prior to the Stated Maturity Date then in effect (or such shorter period agreed to by the Administrative Agent in writing) (which shall be promptly forwarded by the Administrative Agent to each Lender);

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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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the date of such extension, and will be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the extension pursuant to this <u>Section 2.14</u>, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;(vii)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to each requesting Lender a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, if so requested by such Lender prior to the effectiveness of any extension to the Maturity Date; 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)&nbsp;&nbsp;&nbsp;&nbsp;on or prior to the then current Maturity Date, the Administrative Agent and one or more existing Lender(s) shall have agreed to extend the Maturity Date for such additional term, each 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;To the extent any Lender does not consent to extend its Lender Commitment with respect to any Uncommitted Extension Option under this <u>Section 2.14</u>, the Obligations outstanding to such Lender as of the then effective Stated Maturity Date shall be due and payable to such Lender on such date; <u>provided</u> that, at the discretion of the Administrative Agent and the Borrower, such non-extending Lender may be required to assign on the Stated Maturity Date all or part of its Lender Commitment to one or more extending Lenders (or new Lenders) who have consented to increase their Lender Commitments and have agreed to such extended Stated Maturity Date. Upon the payment of amounts due under the prior sentence to the non-extending Lender (and, if requested by the Administrative Agent and the Borrower, such aforementioned assignment), such non-extending Lender shall cease to be a Lender hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.15**&nbsp;&nbsp;&nbsp;&nbsp;**Increase in the Maximum Commitment; <u>Temporary Increase Tranches,</u> Borrowings and Repayments**.

&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;**Permanent Increase in the Maximum Commitment.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Request for Increase**. Subject to compliance with the terms of this <u>Section 2.15(a)</u>, upon delivery to the Administrative Agent by the Borrower of a Facility Increase Request, the Borrower may permanently increase the Maximum Commitment to an amount whereby immediately after giving effect thereto, <u>(for the avoidance of doubt, including any Temporary Increase Tranches),</u> the LTV Ratio shall not exceed the Maximum LTV Ratio. Such permanent increases may

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be effected in one or more requested increases, in minimum increments of $25,000,000 (or such other amount as agreed by the Administrative Agent) (each such increase, shall be referred to herein as a "***Facility Increase***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Effective Date**. The Administrative Agent and the Borrower shall determine the effective date of any Facility Increase (the "***Increase Effective Date***"). The Administrative Agent shall promptly notify the Borrower and the Lenders of the Increase 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Effectiveness of Increase**. The following are conditions precedent to such increase:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;each of the increasing Lenders shall consent in writing to such Facility Increase in their sole discretion and the Administrative Agent shall consent in writing to such Facility Increase to the extent such Facility Increase is pursuant to a new Lender joining the Credit Facility (such consent not to 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;(2)&nbsp;&nbsp;&nbsp;&nbsp;no later than ten (10) Business Days prior to the date of such increase (or such shorter period as agreed by the Administrative Agent in its sole discretion), the Borrower shall deliver to the Administrative Agent a Facility Increase Request signed by a Responsible Officer of the Borrower certifying and attaching the resolutions adopted by or on behalf of the Borrower approving or consenting to such increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;on or prior to the proposed date of such Facility Increase, the Borrower shall pay to the Administrative Agent, for the benefit of the applicable Lenders or other applicable Persons: (A) the Facility Increase Fee, and (B) to the extent invoiced at least two (2) Business Days prior to the required payment date, all other fees due and owing hereunder or under 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;&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;if requested by the Administrative Agent on behalf of the Lenders and the Borrower executing the Facility Increase Request shall execute replacement Notes payable to the Administrative Agent reflecting the Facility Increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;on the Increase Effective Date, (A) an existing Lender or Lenders agree(s) to increase its Lender Commitment to support the Facility Increase, in its sole discretion, and/or (B) an additional Lender or Lenders shall have joined the Credit Facility in accordance with <u>Section 2.14</u> or <u>12.11(e)</u> hereof, and the aggregate Lender Commitment of such increasing and additional Lenders shall be at least equal to the amount of such Facility Increase;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the representations and warranties set forth herein and in the other Loan Documents are true and correct in all material respects (except

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that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Increase Effective Date, and will be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) immediately after the Facility Increase pursuant to this <u>Section 2.15(a)</u>, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed in writing to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or specified 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;(7)&nbsp;&nbsp;&nbsp;&nbsp;no Potential 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure 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;&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)&nbsp;&nbsp;&nbsp;&nbsp;no other Trigger Event has occurred and is continuing (or will result therefrom);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower is in compliance with the Financial Covenants <u>and the Debt Limitations</u> after giving pro forma effect to any such increase and shall demonstrate pro forma compliance including (A) an increased interest rate (for the drawn portion on the effective date of such Facility Increase) and (B) increased unused commitment fees (for the undrawn portion on the effective date of such Facility Increase) pursuant to delivery of a Compliance Certificate under <u>Section 8.1(b)</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;&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)&nbsp;&nbsp;&nbsp;&nbsp;the Borrower shall have delivered to each requesting Lender (i) a new or updated Beneficial Ownership Certification, as applicable, in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation; and (ii) any documents or information related to "Know Your Customer" or similar requirements reasonably requested by the Lenders (through the Administrative Agent), and required by their applicable regulatory requirements, in each case, if so requested by such Lender prior to the effectiveness of any Facility Increase.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;For the avoidance of doubt, such increases provided under this <u>Section 2.15(a)</u> may be provided by existing Lender(s) on a non-ratable 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;<u>(b)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Temporary Increase Tranches, Borrowings and Repayments</u>**<u>.</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;<u>(i)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Request for Temporary Increase</u>**<u>. Provided there exists no Event of Default or Potential Default, and subject to compliance with the terms of this Section 2.15(b), upon five (5) Business Days' prior notice to the Administrative Agent (or such shorter notice period as the Borrower and the Temporary Increase Tranche Lenders participating in such Temporary Increase Tranche may agree), the Borrower may from time to time request temporary increases in the Maximum Commitment, which increases shall be effectuated in separate tranches (each such increase, a "</u>***<u>Temporary Increase Tranche</u>***<u>"); provided that each such Temporary Increase Tranche shall be in a minimum amount of $25,000,000 (or such other amount as agreed by the Administrative Agent), and the Maximum Commitment as increased by (A) all Temporary Increase Tranches and (B) all permanent Facility Increases pursuant to Section 2.15(a) hereto, may be up to an aggregate amount whereby immediately after giving effect thereto, the LTV Ratio shall not exceed the Maximum LTV Ratio at any one time. The maturity of Loans outstanding associated with each Temporary Increase Tranche shall be requested in the related Temporary Increase Tranche Request, but shall not extend beyond the Temporary Increase Tranche Maturity 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(ii)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Effective Date</u>**<u>. In the Temporary Increase Tranche Request, the Borrower shall request a date for a Temporary Increase Tranche to become effective. The Administrative Agent and the Borrower shall determine the effective date of any Temporary Increase Tranche (the "</u>***<u>Temporary Increase Tranche Effective Date</u>***<u>") and, subject to the conditions set forth in clause (iii) below, shall confirm the participation of Lender(s) in a particular Temporary Increase Tranche through an acknowledgement to such Temporary Increase Tranche Request. The Administrative Agent shall promptly notify the Borrower and the applicable Lenders of the Temporary Increase Tranche 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(iii)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Conditions to Effectiveness of a Temporary Increase Tranche</u>**<u>. The following are conditions precedent to each Temporary Increase Tranche:</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;<u>(1)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>The Administrative Agent shall consent in writing to such Temporary Increase Tranche, which consent shall be in the Administrative Agent's discretion, not to be unreasonably withheld;</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;<u>(2)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>the Borrower shall deliver to the Administrative Agent a Temporary Increase Tranche Request signed by a Responsible Officer of the Borrower, certifying and attaching the resolutions adopted by or on behalf of the Borrower approving or consenting to such increase;</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;<u>(3)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>on or prior to the Temporary Increase Tranche Effective Date, the Borrower shall have paid to the Administrative Agent, for the benefit of each applicable Temporary Increase Tranche Lender: (A) the Temporary Increase Tranche Fee and (B) all other fees due and owing hereunder or under any other Loan Document;</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(4)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>the amount of such Temporary Increase Tranche shall comply with the limits set forth in Section 2.15(b)(i) hereof;</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;<u>(5)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>if requested by the Administrative Agent on behalf of the Lenders, the Borrower shall execute Notes payable to the Administrative Agent reflecting such Temporary Increase Tranche;</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;<u>(6)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>either no Review Event has occurred and is continuing or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure Plan;</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;<u>(7)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>no other Trigger Event has occurred and is continuing (or will result therefrom);</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;<u>(8)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>the Borrower is in compliance with the Financial Covenants and the Debt Limitations after giving pro forma effect to any such increase and shall demonstrate pro forma compliance including (A) an increased interest rate (for the drawn portion on the Temporary Increase Tranche Effective Date) and (B) increased unused commitment fees (for the undrawn portion on the effective date of such Temporary Increase Tranche) pursuant to delivery of a Compliance Certificate under Section 8.1(b);</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;<u>(9)</u>&nbsp;&nbsp;&nbsp;&nbsp;<u>on or prior to the Temporary Increase Tranche Effective Date for such requested Temporary Increase Tranche, (A) an existing Lender or Lenders agree(s) to increase its Lender Commitment for such Temporary Increase Tranche, in its sole discretion; and/or (B) an additional Lender or Lenders shall have joined the Credit Facility in accordance with Section 12.11(e) hereof, and the aggregate Lender Commitment of such increasing and additional Lenders shall be at least equal to the amount of such Temporary Increase Tranche.</u>

<u>For the avoidance of doubt, (A) no such Temporary Increase Tranche may be utilized for the issuance of Letters of Credit and (B) the Temporary Increase Tranche Commitments may be provided by existing Lender(s) on a non-ratable basis. Further, in order for any Loan to be borrowed under a Temporary Increase Tranche, the specific Temporary Increase Tranche intended to be so utilized must be specified in the related Request for Borrowing as allocated to such Temporary Increase Tranche. Without the consent of the applicable Temporary Increase Tranche Lenders, Loans from each particular Temporary Increase Tranche may not be combined with Loans from any other Temporary Increase Tranche and each Temporary Increase Tranche must be renewed or Continued separately. No more than five (5) Temporary Increase Tranches may be outstanding hereunder at any one time.</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;<u>(iv)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Temporary Increase Tranche Loans</u>**<u>. At any time, and from time to time, prior to the Temporary Increase Tranche Maturity Date related to a Temporary Increase Tranche, the Borrower shall specify whether a Loan is to be funded as a Temporary Increase Tranche Loan by noting such in the related Request for Borrowing delivered to the Administrative Agent in accordance with Section 2.3 and Section 2.15(b) hereof and if more than one Temporary Increase Tranche is currently effective, by specifying which Temporary Increase Tranche such Temporary Increase Tranche Loan will be allocated to. Temporary Increase Tranche Loans shall be Loans and part of the Obligations in all respects but shall be subject to the terms set forth in this Section 2.15(b). Temporary Increase Tranche Loans will be secured by the Collateral in the same manner and to the same extent as all other Loans and will be</u> *<u>pari passu</u>* <u>with all other Loans in all respects. Provided that all applicable conditions precedent for a Loan in Sections 2.1(b) and 6.2 (or, if applicable, Section 6.3) hereof have been satisfied, the applicable Lenders for such Temporary Increase Tranche will fund, at any time and from time to time, its pro rata share of the Temporary Increase Tranche Loans requested by the Borrower; provided that after giving effect to such Temporary Increase Tranche Loan (A) the Dollar Equivalent of the Principal Obligations with respect to Temporary Increase Tranche Loans outstanding at such time for such Temporary Increase Tranche will not exceed the Temporary Increase Tranche Commitment then in effect for such Temporary Increase Tranche and (B) the Dollar Equivalent of the Principal Obligations will not exceed the Available Commitment. Subject to the limitations in this Section 2.15(b), and the other terms and conditions of this Credit Agreement, the Borrower may borrow, repay without penalty or premium, and re-borrow Temporary Increase Tranche Loans hereunder at any time following the effectiveness of a Temporary Increase Tranche and prior to the related Temporary Increase Tranche Maturity Date then in effect with respect to such Temporary Increase Tranche.</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;<u>(v)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Temporary Increase Tranche Maturity Date</u>**<u>. The unpaid principal amount of the Obligations with respect to Temporary Increase Tranche Loans outstanding on the Temporary Increase Tranche Maturity Date then in effect with respect to the related Temporary Increase Tranche, together with all accrued but unpaid interest thereon, shall be due and payable on such Temporary Increase Tranche Maturity 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>(vi)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Temporary Increase Tranche Loan Repayments</u>**<u>. Notwithstanding anything to the contrary herein, so long as no Event of Default has occurred and is continuing and no event requiring payment or prepayment of any amounts pursuant to Section 2.1(d) hereof has occurred and is continuing, all repayments of Principal Obligations and payments of interest, fees and other amounts from the Borrowers shall be applied to Temporary Increase Tranche Loans or Loans other than Temporary Increase Tranche Loans as directed by the Borrowers in their sole discretion (and the Administrative Agent shall in turn apply such repayments and payments in accordance with such direction from the</u> 

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<u>Borrowers). If an Event of Default has occurred and is continuing or an event requiring payment or prepayment of any amounts pursuant to Section 2.1(d) hereof has occurred and is continuing at any time when there are Obligations outstanding related to Temporary Increase Tranche Loans, notwithstanding anything herein to the contrary, all payments made by a Borrower on the applicable Obligations shall be credited, to the extent of the amount thereof, to the Lenders in accordance with their Pro Rata Share of the Principal Obligations at the time of such repayment (i.e., ratably between Temporary Increase Tranche Loans or Loans other than Temporary Increase Tranche Loans).</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;<u>(vii)</u>&nbsp;&nbsp;&nbsp;&nbsp;**<u>Temporary Increase Tranche Loans Generally</u>**<u>. Except as otherwise stated in this Section 2.15(b), Temporary Increase Tranche Loans shall be subject to all the applicable provisions of this Credit Agreement with respect to Loans generally to the extent applicable, other than pricing.</u> 

(b<u>c</u>)&nbsp;&nbsp;&nbsp;&nbsp;**Reallocation Following Facility Increase**. On any Increase Effective Date with respect to any Facility Increase pursuant to <u>Section 2.15(a)</u> hereof (whether pursuant to a new Lender joining the Credit Facility or an existing Lender increasing its Lender Commitment), the Administrative Agent will reallocate the outstanding Loans <u>(other than any Temporary Increase Tranche Loans)</u> and participations in Letters of Credit hereunder (including any Loans made by any new or increasing Lender pursuant to <u>Section 2.15(a)</u>) such that, after giving effect thereto, the ratio of each Lender's (including each new or increasing Lender's) share of the outstanding Loans and participations in Letters of Credit is in the same proportion as that of such Lender's individual Lender Commitment over the total Lender Commitments <u>(excluding any Temporary Increase Tranche Commitments)</u>. For the avoidance of doubt, such reallocation may require the reallocation of Loans from an existing Lender to a new or increasing Lender. In connection with any such reallocation of the outstanding Loans, (i) the Administrative Agent will give advance notice sufficient to comply with the applicable timing period in <u>Section 2.3</u> to each Lender which is required to fund any amount or receive any partial repayment in connection therewith and (ii) the applicable Lender or Lenders will fund such amounts up to their respective shares of the Loans being reallocated and the Administrative Agent shall remit to any applicable Lenders its applicable portion of such funded amount if necessary to give effect to the reallocation of such Loans. In connection with such repayment made with respect to such reallocation (to the extent such repayment is required), the Borrower shall pay (i) all interest due on the amount repaid to the date of repayment on the immediately following Interest Payment Date and (ii) any amounts due pursuant to <u>Section 4.5</u> hereof as a result of such reallocation occurring on any date other than an Interest Payment Date.

**Section 3.&nbsp;&nbsp;&nbsp;&nbsp;PAYMENT OF OBLIGATIONS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.1**&nbsp;&nbsp;&nbsp;&nbsp;**Revolving Credit Notes**. The Administrative Agent may request that Loans made under this Credit Agreement be evidenced by a promissory note executed by each Borrower, with each Borrower being jointly and severally liable for the Obligations of all

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Borrowers (if applicable). In such event, each Borrower shall execute and deliver a promissory note payable to the Administrative Agent on behalf of the Lenders. Any such note issued by each Borrower shall be substantially in the form of <u>Exhibit B</u> attached hereto (with blanks appropriately completed in conformity herewith). Each Borrower agrees, from time to time, upon the request of the Administrative Agent, to reissue a new Note, in accordance with the terms and in the form heretofore provided, to the Administrative Agent, in renewal of and substitution for the Note previously issued by such Borrower(s) to the Administrative Agent, and such previously issued Note shall be returned to the applicable Borrower(s) marked "replaced."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Obligations**. The unpaid principal amount of the Obligations outstanding on the Maturity Date, together with all accrued but unpaid interest thereon, shall be due and payable on the Maturity Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.3**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Interest**. Interest on each Borrowing and any portion thereof shall commence to accrue in accordance with the terms of this Credit Agreement and the other Loan Documents as of the date of the disbursal or wire transfer of such Borrowing by the Administrative Agent, consistent with the provisions of <u>Section 2.6</u> hereof, even if such Borrowing is held in escrow pursuant to the terms of any escrow arrangement or agreement. When a Borrowing is disbursed by wire transfer pursuant to instructions received from the Borrower in accordance with the related Request for Borrowing, then such Borrowing shall be considered made at the time of the transmission of the wire, rather than the time of receipt thereof by the receiving bank. With regard to the repayment of the Loans, interest shall continue to accrue on any amount repaid until such time as the repayment has been received in federal or other immediately available funds in the applicable Currency (unless otherwise agreed by all Lenders) by the Administrative Agent to the Administrative Agent's account described in <u>Section 3.4</u> hereof, or any other account of the Administrative Agent which the Administrative Agent designates in writing 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Interest Payment Dates**. Accrued and unpaid interest on the Obligations (i) shall be due and payable in arrears on each Interest Payment Date and on the Maturity Date, (ii) shall be due and payable on each other date of any reduction of the Principal Obligations hereunder (solely with respect to the portion of the Obligations so prepaid), (iii) with respect to any Obligation with respect to which the Borrower is in default, shall be due and payable at any time and from time to time following such default upon demand by Administrative Agent and (iv) in the event of any Conversion of any Eurocurrency Rate Loan or Term RFR Loan prior to the end of the Interest Period applicable thereto, accrued interest on such applicable Loan shall be payable on the effective date of such Conversion. Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Law.

&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;**Direct Disbursement**. If, at any time, the Administrative Agent or Letter of Credit Issuer shall not have received on the date due, any payment of interest upon the Loans (other than as provided in <u>Section 3.3(d)</u> hereof), or any fee described herein, the

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Administrative Agent may direct the disbursement of funds from a Collateral Account of the Borrower (or the Borrower) to the Lenders to the extent available therein for payment of any such amount; <u>provided</u> that, subject to the provisions set forth in <u>Section 3.1</u> hereof, the amount so debited from any Collateral Account(s) shall not exceed the amount owing by the Borrower. Thereafter, if the amount available in the applicable Collateral Account(s) is not sufficient for the full payment of such amounts due from the Borrower, the Administrative Agent may, without prior notice to or the consent of the Credit Parties, within the limits of the Available Commitment, disburse to the Lenders or the Letter of Credit Issuer, in accordance with the terms hereof, in immediately available funds an amount equal to the interest or fee due to the Lenders, which disbursement shall be deemed to be a Daily Simple RFR Loan for an amount owing in Dollars, Canadian Dollars Sterling or Swiss Francs, or a Eurocurrency Rate Loan with a one-month Interest Period with respect to an amount owing in an Alternative Currency (other than Canadian Dollars Sterling or Swiss Francs), to the Borrower pursuant to <u>Section 2.3</u> hereof, and the Borrower shall be deemed to have given to the Lenders in accordance with the terms and conditions of <u>Section 2.3</u> hereof a Request for Borrowing with respect thereto. After any disbursement of funds from any Collateral Account to the Lenders as contemplated in this <u>Section 3.3(c)</u>, the Administrative Agent shall promptly deliver written notice of such disbursement to the Borrower; <u>provided</u> that the failure of the Administrative Agent to give such notice will not affect the validity of such disbursement, and the Administrative Agent shall provide the Lenders with 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Capitalization of Interest**. Notwithstanding anything in this Credit Agreement to the contrary, if the Borrower notifies the Administrative Agent in a Request for Borrowing submitted pursuant to <u>Section 2.3</u> hereof that it elects to capitalize interest related to the Loan requested therein, then the amount of such interest shall be capitalized, added to the principal amount of such Loan and deemed to be a Loan under this Credit Agreement (each such Loan, a "***Capitalized Interest Loan***"), unless the Borrower otherwise notifies the Administrative Agent, with respect to interest payable in Dollars, at least three (3) Business Days and, with respect to interest payable in an Alternative Currency, at least four (4) Business Days prior to the applicable Interest Payment Date. Unless otherwise specified by the Borrower in writing, any such Capitalized Interest Loan shall become part of the existing Loan upon which it is capitalized, on the same terms and conditions (and in the same Currency) as such existing Loan. Notwithstanding anything in this <u>Section 3.3(d)</u> to the contrary, no interest shall be capitalized hereunder if (i) the result thereof would be the creation of an Excess Prepayment Event, or (ii) any Event of Default or Potential Default shall have occurred and be continuing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.4**&nbsp;&nbsp;&nbsp;&nbsp;**Payments on the Obligations**. All payments of principal of, and interest on, the Obligations under this Credit Agreement by the Borrower to or for the account of the Lenders, or any of them, shall be made without condition or deduction for any counterclaim, defense, recoupment or set-off by the Borrower for receipt by the Administrative Agent on the relevant due date therefor in federal or other immediately available funds in the same currency in which the relevant amount was remitted not later than 5:00 p.m., New York time,

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to the Administrative Agent, for the account of the respective Lenders to which such payment is owed, to such account of the Administrative Agent that the Administrative Agent designates in writing to the Borrower. Funds received after 5:00 p.m., New York time, shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such funds. Except as provided in <u>Section</u> <u>2.14</u>, <u>2.15</u> or <u>12.11</u> hereof, and as contemplated by the definition of "Applicable Margin", each Lender shall be entitled to receive its Pro Rata Share of each payment received by the Administrative Agent hereunder for the account of the Lenders on the Obligations. Each payment received by the Administrative Agent hereunder for the account of a Lender shall be promptly distributed by the Administrative Agent to such Lender. If any payment to be made by the Borrower shall come due on a day other than an Interest Payment Date, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be. The Administrative Agent and each Lender hereby agree that payments to the Administrative Agent by the Borrower of principal of, and interest on, the Obligations of the Borrower to or for the account of the Lenders in accordance with the terms of this Credit Agreement, the Notes and the other Loan Documents shall constitute satisfaction of the Borrower's obligations with respect to any such payments, and the Administrative Agent shall indemnify, and each Lender shall hold harmless, the Borrower from any claims asserted by any Lender in connection with the Administrative Agent's duty to distribute and apportion such payments to the Lenders in accordance with this <u>Section 3.4</u>. At<u>Except as expressly provided otherwise in this Credit Agreement (including, without limitation, in Section 2.1(d) and Section 2.15(b)(vi) hereof), at</u> all times when no Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations shall be credited as directed by the Borrower. At all times when an Event of Default has occurred and is continuing, all payments made by a Borrower on the Obligations (including all amounts received by the Administrative Agent pursuant to the exercise of remedies hereunder or under any Collateral Document) shall be credited, to the extent of the amount thereof, in the following manner:

&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;*first*, against all costs, indemnities, expenses and other fees (including attorneys' fees) arising under the terms hereof or under 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;*second*, against the amount of interest accrued and unpaid on the Obligations of the Borrower as of the date of such 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;*third*, against all principal due and owing on the Obligations of the Borrower as of the date of such payment (including any Capitalized Interest Loan); 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)&nbsp;&nbsp;&nbsp;&nbsp;*fourth*, to all other amounts constituting any portion of the Obligations of the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.5**&nbsp;&nbsp;&nbsp;&nbsp;**Voluntary Prepayments**. The Borrower may, at any time or from time to time, without premium or penalty, with prior written notice to the Administrative Agent, which such notice must be received by Administrative Agent not later than 2:00 p.m.: (i) three (3) Business Days prior to the requested date with respect to any Eurocurrency Rate Loans; (ii) three (3) Business Days prior to the requested date with respect to any Term RFR

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Loans or Daily Simple RFR Loans (other than in Dollars); (iii) two (2) Business Days prior to the requested date with respect to any Daily Simple RFR Loans in Dollars; and (iv) on the requested date with respect to any Reference Rate Loans if such date is a Business Day, prepay the principal of the Obligations then outstanding, in whole or in part, at any time or from time to time; <u>provided</u> that if the Borrower shall prepay the principal of any Eurocurrency Rate Loan <u>or Term RFR Loan</u> on any date other than the last day of the applicable Interest Period applicable thereto, the Borrower shall make the payments required by <u>Section 4.5</u> hereof. Each such notice shall specify the date (which shall be a Business Day) and amount of such prepayment and the type(s) of Loans to be prepaid. Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender's applicable percentage of such prepayment. Any such voluntary prepayment received after the close of business in New York City on the date specified in such notice shall be treated for all purposes as having been received by the Administrative Agent on the first Business Day next following receipt of such amount.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.6**&nbsp;&nbsp;&nbsp;&nbsp;**Reduction or Early Termination of Lender Commitments**. The Borrower may terminate the Lender Commitments, or from time to time reduce the Maximum Commitment, by giving prior irrevocable written notice to the Administrative Agent of such termination or reduction three (3) Business Days (or such shorter time as the Administrative Agent may permit) prior to the effective date of such termination or reduction (which date shall be specified by the Borrower in such notice): (a)(i) in the case of complete termination of the Lender Commitments, upon prepayment by the Borrower of all of the outstanding Obligations, including, without limitation, all fees and interest accrued thereon, in accordance with the terms of <u>Section 3.5</u> hereof; or (ii) in the case of a reduction of the Maximum Commitment, upon prepayment of the amount by which the Dollar Equivalent of the Principal Obligations exceed the reduced Available Commitment resulting from such reduction, including, without limitation, payment of all fees and interest accrued thereon, in accordance with the terms of <u>Section 3.5</u> hereof, <u>provided</u> that, except in connection with a termination of all of the Lender Commitments, the Maximum Commitment may not be reduced such that, upon such reduction, the Available Commitment is less than the Dollar Equivalent of the aggregate stated amount of (i) outstanding Letters of Credit plus (ii) the amount indicated in all outstanding Requests for Letter of Credit; and (b) in the case of the complete termination of the Lender Commitments, if any Letter of Credit Liability exists, upon payment to the Administrative Agent for deposit in a segregated interest-bearing cash collateral account, as security for the Letter of Credit Liability, an amount equal to the Letter of Credit Liability then outstanding at the time such notice is given in the applicable Currencies of such outstanding Letters of Credit, without presentment, demand, protest or any other notice of any kind, all of which are hereby waived. Unless otherwise required by Law, upon the full and final payment of the Letter of Credit Liability, or upon the termination of all outstanding Letter of Credit Liability due to the expiration of all outstanding Letters of Credit prior to draws thereon, the Administrative Agent shall return to the Borrower any amounts remaining in said cash collateral account; <u>provided</u> that, so long as no Event of Default or Potential Default exists, to the extent individual Letters of Credit expire, the Administrative Agent will return to the Borrower the corresponding amount of the expired Letter of Credit Liability. Notwithstanding the foregoing: (1) any reduction of the Maximum Commitment shall be in an amount equal to $5,000,000 or multiples thereof (or such other

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amount as agreed by the Administrative Agent); and (2) in no event shall a reduction by the Borrower reduce the Maximum Commitment to less than $25,000,000 (except for a termination of all the Lender Commitments). Promptly after receipt of any notice of reduction or termination, the Administrative Agent shall notify each Lender of the same. Any reduction of the Maximum Commitment shall reduce the Lender Commitments of the Lenders on a *pro rata basis*, subject to <u>Section 2.15</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.7**&nbsp;&nbsp;&nbsp;&nbsp;**Lending Office**. Each Lender may: (a) designate its principal office or a branch, subsidiary or Affiliate of such Lender as its lending office (and the office to whose accounts payments are to be credited) for any Loan; and (b) change its lending offices from time to time by notice to the Administrative Agent and the Borrower. Each Lender shall be entitled to fund all or any portion of its Lender Commitment in any manner it reasonably deems appropriate, consistent with the provisions of <u>Section 2.5</u> hereof, but for the purposes of this Credit Agreement such Lender shall, regardless of such Lender's actual means of funding, be deemed to have funded its Lender Commitment in accordance with the Interest Option selected from time to time by the Borrower for such Borrowing period.

**Section 4.&nbsp;&nbsp;&nbsp;&nbsp;CHANGE IN CIRCUMSTANCES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.1**&nbsp;&nbsp;&nbsp;&nbsp;**Increased Cost and Reduced Return; Change in 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Change in Law: Increased Costs**. Subject to <u>Section 4.1(b)</u> hereof, if any Lender or the Letter of Credit Issuer reasonably determines that as a result of the introduction after the Closing Date, or if later, with respect to any Lender or the Letter of Credit Issuer, after the date such Lender or Letter of Credit Issuer became a Lender or the Letter of Credit Issuer hereunder, of any change in, or in the interpretation by any Governmental Authority of, any Law or the method by which such Lender or the Letter of Credit Issuer must comply therewith, there shall be any increase in the cost to such Lender or the Letter of Credit Issuer of agreeing to make or making, funding or maintaining Eurocurrency Rate Loans, RFR Loans or Reference Rate Loans or (as the case may be) issuing or participating in Letters of Credit by virtue of the participation arrangement provided in <u>Section 2.8(c)</u> hereof (including the imposition, modification or application of any reserve (including pursuant to regulations issued from time to time by the Federal Reserve Board for determining the maximum reserve requirement (including any emergency reserve requirement) with respect to eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D)), or a reduction in the amount received or receivable by such Lender or the Letter of Credit Issuer in connection with any of the foregoing (excluding for purposes of this <u>Section 4.1(a)</u> any such increased costs or reduction in amount resulting from (i) Non-Excluded Taxes (as to which <u>Section 4.6</u> hereof shall govern), (ii) Taxes described in <u>clauses (b)</u> through <u>(d)</u> of the definition of Excluded Taxes, and (iii) Taxes imposed on or measured by net income (however denominated) or that are franchise Taxes (imposed in lieu of net income Taxes), or branch profit Taxes imposed as a result of a present or former connection between a Lender or Letter of Credit Issuer and the jurisdiction imposing such Tax (other than connections arising from such Lender or Letter of Credit Issuer having executed, delivered, become a party to or performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to, or enforced any Loan Document, or sold or assigned an interest in any Loan or Loan

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Document), then from time to time upon demand of such Lender or the Letter of Credit Issuer (with a copy of such demand to the Administrative Agent)), the Borrower shall pay to such Lender or the Letter of Credit Issuer, as applicable, on or prior to the Required Payment Time (measured from the date of such demand), such additional amounts (subject to <u>Section 4.7</u> hereof) as will compensate such Lender or the Letter of Credit Issuer for such increased cost or reduction (<u>provided</u> that such amounts (other than Taxes) shall be consistent with amounts that such Lender or the Letter of Credit Issuer is generally charging other borrowers similarly situated 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Change in Law: Reduced Return**. If any Lender or the Letter of Credit Issuer reasonably determines that the introduction after the Closing Date, or if later, with respect to any Lender or the Letter of Credit Issuer, after the date such Lender or the Letter of Credit Issuer became a Lender or the Letter of Credit Issuer hereunder, of any Law regarding capital adequacy or liquidity requirement or any change therein or in the interpretation by any Governmental Authority thereof, or the method by which such Lender (or its Applicable Lending Office) or the Letter of Credit Issuer must comply therewith, has the effect of reducing the rate of return on the capital of such Lender or the Letter of Credit Issuer or any entity controlling such Lender or the Letter of Credit Issuer as a consequence of such Lender's or the Letter of Credit Issuer's obligations hereunder (taking into consideration its policies with respect to capital adequacy and liquidity requirements and such Lender or the Letter of Credit Issuer's or entity's desired return on capital), then from time to time upon demand of such Lender or the Letter of Credit Issuer (with a copy of such demand to the Administrative Agent), the Borrower shall (subject to <u>Section 4.7</u> hereof) pay to such Lender or the Letter of Credit Issuer, as applicable, on or prior to the Required Payment Time (measured from the date of such demand), such additional amounts as will compensate such Lender or the Letter of Credit Issuer for such reduction (<u>provided</u> that such amounts shall be consistent with amounts that such Lender or the Letter of Credit Issuer is generally charging other borrowers similarly situated 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Notice**. Each Lender and the Letter of Credit Issuer shall promptly notify the Borrower and the Administrative Agent of any event of which it has knowledge, occurring after the date hereof, but in no event later than one hundred eighty (180) days after the occurrence of such event, which will or may entitle such Lender to compensation pursuant to this <u>Section 4.1</u>; <u>provided</u>, that, if the circumstance giving rise to such increased cost or reduction is retroactive, then such one hundred eighty (180) day period referenced above shall be extended to include the period of retroactive effect. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the good faith judgment of such Lender, be otherwise disadvantageous to it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.2**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Types of 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**[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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Effect of Benchmark Transition Event**.

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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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Benchmark Replacement**. Notwithstanding anything to the contrary herein or in any other Loan Document:

**&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(A)**&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Future Benchmark Replacement**. If a Benchmark Transition Event occurs after the Closing Date with respect to any then-current Benchmark and a Benchmark Replacement is determined, then such Benchmark Replacement will replace such then-current Benchmark for all purposes hereunder and under each other Loan 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 by the Administrative Agent to the Lenders and the Borrower without any amendment to, or further action or consent of any other party to, this Credit 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. At any<u>the</u> time that the administrator of a then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored, the<u>of any such Benchmark Transition Event, the applicable</u> Borrower(s) may revoke any Request for Borrowing for, Conversion to or Continuation of, a Eurocurrency Rate Loan or RFR Loan that would bear interest by reference to such Benchmark until the Borrower's receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark and, failing that, the Borrower will be deemed to have converted any such Request for Borrowing for, Conversion to or Continuation of, a Eurocurrency Rate Loan or RFR Loan into a Reference Rate Loan. During the period referenced in the foregoing sentence, the component of the Reference Rate based upon the applicable then-current Benchmark will not be used in any determination of the Reference Rate. Furthermore, if any Eurocurrency Rate Loan or RFR Loan in such Currency (as applicable) is outstanding on the date of the Borrower's receipt of such notice from the Administrative Agent under this <u>clause (B)</u> with respect to a then-current Benchmark applicable to such Eurocurrency Rate Loan or RFR Loan, then until such time as a Benchmark Replacement for such then-current Benchmark is implemented pursuant to this <u>Section 4.2(b)</u> (including, for the avoidance of doubt, by any amendment to implement any necessary Benchmark Replacement Conforming Changes related thereto) (i) if such RFR Loan is denominated in Dollars, then on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), such Loan shall be converted by the Administrative Agent to, and shall constitute, a Reference Rate Loan denominated in Dollars on such day or (ii) if such Eurocurrency Rate Loan or RFR Loan is denominated in an Alternative Currency, then such Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), at the Borrower's election prior to such day: (A) be prepaid by the Borrower on such day or (B) such Eurocurrency Rate Loan or RFR Loan shall be Converted into Loans bearing interest at the Reference 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Benchmark Replacement Conforming Changes**. In connection with the implementation and administration of a Benchmark Replacement, 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 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 Credit Agreement or any other Loan Document (other than as provided in the definition of Benchmark Replacement Conforming Changes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Notices; Standards for Decisions and Determinations**. The Administrative Agent will promptly (and in any event within five (5) Business Days) notify the Borrower and the Lenders of (A) any occurrence of a Benchmark Transition Event, (B) the implementation of any Benchmark Replacement, (C) the effectiveness of any Benchmark Replacement Conforming Changes, and (D) the removal or reinstatement of any tenor of a Benchmark pursuant to <u>clause (iv)</u> below. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, the Borrower or any Lender (or group of Lenders) pursuant to this <u>Section 4.2(b)</u>, 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 Credit Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this <u>Section 4.2(b)</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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Unavailability of Tenor of Benchmark**. At any time (including in connection with the implementation of a Benchmark Replacement), (i) if a then-current Benchmark is a term rate (including any Term RFR or Eurocurrency Rate), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or non-representative for such Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for such Benchmark (including Benchmark Replacement) settings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**[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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;**Tax Matters**. The Administrative Agent and, to the extent the Borrower shall have any consent or consultation right in respect of the selection of such Benchmark Replacement, each such applicable party shall use commercially reasonable efforts to satisfy any applicable Internal Revenue Service guidance, including Section 1.1001-3 of the United States Treasury Regulations and any future guidance, to the effect that a Benchmark Replacement will not result in a deemed exchange for U.S. federal income tax purposes of any Loan under this Credit 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;**4.3**&nbsp;&nbsp;&nbsp;&nbsp;**Illegality**.

&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;If any Lender reasonably determines that any Law adopted after the Closing Date or if later, with respect to any Lender, after the date such Lender became a Lender hereunder, has made it unlawful, or that any Governmental Authority has asserted that it is unlawful, for any Lender or its Applicable Lending Office to make, maintain or fund Eurocurrency Rate Loans or RFR Loans, or to determine or charge interest rates based upon the applicable Eurocurrency Rate or RFR or any Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or take deposits of any Currency in the applicable interbank market, then, on notice thereof by such Lender to the Borrower through the Administrative Agent, any obligation of such Lender to make or Continue Eurocurrency Rate Loans in the relevant Currency or to Convert Loans to such applicable RFR Loans shall be suspended until such Lender notifies the Administrative Agent and the Borrower pursuant to <u>Section 4.4</u> hereof that the circumstances giving rise to such determination no longer exist. Upon receipt of such notice: (i) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurocurrency Rate Loans or RFR Loans denominated in an Alternative Currency to Loans bearing interest at the Reference Rate or RFR Loans denominated in Dollars of such Lender to Reference Rate Loans (with an interest rate that shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the Daily Simple RFR for Dollars component of the Reference Rate), either on the last day of the Interest Period therefor, if such Lender may lawfully continue to maintain such Eurocurrency Rate Loans or RFR Loans to such day, or promptly, if such Lender may not lawfully continue to maintain such Eurocurrency Rate Loans or RFR Loans; and (ii) if such notice asserts the illegality of such Lender determining or charging interest rates based upon the applicable RFR, the Administrative Agent shall during the period of such suspension compute the Reference Rate applicable to such Lender without reference to the Daily Simple RFR for Dollars component thereof until the Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon such applicable RFR. Upon the prepayment of any such Loans, the Borrower shall also pay interest on the amount so prepaid. Each Lender agrees to designate a different Applicable Lending Office if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;[Reserved].

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.4**&nbsp;&nbsp;&nbsp;&nbsp;**Treatment of Affected 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;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 4.2</u>, in connection with any RFR Loan or any Reference Rate Loan, a Request for Borrowing therefor, a Conversion thereto or a Rollover thereof or otherwise, if for any reason (i) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that (x) if Daily Simple RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, "Daily Simple RFR" cannot be determined pursuant to the definition thereof, or (y) if Term RFR is utilized in any calculations hereunder or under any other Loan Document with respect to any Obligations, interest, fees, commissions or other amounts, "Term RFR" cannot be

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determined pursuant to the definition thereof on or prior to the first day of any Interest Period, (ii) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that a fundamental change has occurred in the foreign exchange markets with respect to an applicable Alternative Currency (including changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), or (iii) the Required Lenders determine (which determination shall be conclusive and binding absent manifest error) that the applicable Daily Simple RFR, Term RFR or Reference Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower and the Lenders. Upon notice thereof by the Administrative Agent to the Borrower and the Lenders, (A) any obligation of the Lenders to make RFR Loans in each such Currency, and any right of the Borrower to convert any Loan in each such Currency (if applicable) or Rollover any Loan as an RFR Loan in each such Currency (if applicable), shall be suspended (to the extent of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) until the Administrative Agent revokes such notice and (B) if such determination affects the calculation of the Reference Rate, the Administrative Agent shall during the period of such suspension compute the Reference Rate without reference to <u>clause (c)</u> of the definition of "Reference Rate" until the Administrative Agent revokes such notice. Upon receipt of such notice, (A) the Borrower may revoke any pending Request for Borrowing of, Conversion Notice to or Rollover Notice of RFR Loans in each such affected Currency (to the extent of the affected RFR Loans or, in the case of Term RFR Loans, the affected Interest Periods) or, failing that, (I) in the case of any Request for Borrowing of any affected RFR Loans in Dollars, the Borrower will be deemed to have converted any such request into a Request for Borrowing of or Conversion Notice to Reference Rate Loans in the amount specified therein, and (II) in the case of any Request for Borrowing of any affected RFR Loans in an Alternative Currency, then such request shall be ineffective, and (B)(I) any outstanding affected RFR Loans denominated in Dollars will be deemed to have been converted into Reference Rate Loans immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period, and (II) any outstanding affected RFR Loans denominated in an Alternative Currency, at the Borrower's election, shall either (1) be converted into Reference Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period, or (2) be prepaid in full, together with accrued interest thereon (subject to the last sentence of <u>Section 2.6(a)</u>), immediately or, in the case of Term RFR Loans, at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is three (3) Business Days after receipt by the Borrower of such notice or, in the case of Term RFR Loans, the last day of the current Interest Period for the applicable RFR Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (1)</u> above. Upon any such prepayment or conversion, the Borrower shall also pay any additional amounts required pursuant to <u>Section 4.5</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;(b)&nbsp;&nbsp;&nbsp;&nbsp;Subject to <u>Section 4.2</u>, if, for any reason on or prior to the first day of any Interest Period with respect to a Eurocurrency Rate Loan, a Request for Borrowing therefor, a Conversion thereto or a Rollover thereof or otherwise, (w) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that deposits are not being offered to banks in the applicable interbank market for the applicable Currency, amount and Interest Period of such Loan, (x) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that a fundamental change has occurred in the foreign exchange or interbank markets with respect to the applicable Alternative Currency (including changes in national or international financial, political or economic conditions or currency exchange rates or exchange controls), (y) the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for the ascertaining the Eurocurrency Rate for such Currency and Interest Period, including because any screen rate for the applicable Currency is not available or published on a current basis, or (z) the Required Lenders determine (which determination shall be conclusive and binding absent manifest error) that the Eurocurrency Rate does not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then the Administrative Agent shall promptly give notice thereof to the Borrower and the Lenders. Upon notice thereof by the Administrative Agent to the Borrower and the Lenders, any obligation of the Lenders to make Eurocurrency Rate Loans in each such Currency, and any right of the Borrower to convert any Loan in each such Currency (if applicable), or Rollover any Loan as a Eurocurrency Rate Loan in each such Currency (in each case, to the extent of the affected Eurocurrency Rate Loans or Interest Periods), shall be suspended until the Administrative Agent revokes such notice. Upon receipt of such notice, (A) the Borrower may revoke any pending Request for Borrowing of, Conversion Notice to or Rollover Notice of Eurocurrency Rate Loans in each such affected Currency (to the extent of the affected Eurocurrency Rate Loans or the affected Interest Periods) or, failing that, in the case of any Request for Borrowing of any affected Eurocurrency Rate Loans in such Alternative Currency, then such request shall be ineffective and (B) any outstanding affected Eurocurrency Rate Loans denominated in such Alternative Currency, at the Borrower's election, shall either (1) be converted into Reference Rate Loans denominated in Dollars (in an amount equal to the Dollar Equivalent of such Alternative Currency) at the end of the applicable Interest Period or (2) be prepaid in full, together with accrued interest thereon (subject to the last sentence of <u>Section 2.6(a)</u>), at the end of the applicable Interest Period; <u>provided</u> that if no election is made by the Borrower by the date that is three (3) Business Days after receipt by the Borrower of such notice or, in the case of Eurocurrency Rate Loans, the last day of the current Interest Period for the applicable Eurocurrency Rate Loan, if earlier, the Borrower shall be deemed to have elected <u>clause (1)</u> above. Upon any such prepayment or conversion, the Borrower shall also pay any additional amounts required pursuant to <u>Section 4.5</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.5**&nbsp;&nbsp;&nbsp;&nbsp;**Compensation**. Upon demand of any Lender (with a copy to the Administrative Agent) from time to time, the Borrower shall promptly compensate such

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Lender for any cost or expense actually incurred by it (other than loss of margin or spread) as a result 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;any Conversion, payment or prepayment by the Borrower of any Eurocurrency Rate Loan or Term RFR Loan on a day other than the last day of the Interest Period for such Loan (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise); <u>provided</u> that no Borrower shall be required to pay any of the foregoing amounts to the Lenders due to a prepayment pursuant to <u>clause (b)</u> of <u>Section 2.5</u> hereof as a result of a Lender failing to make its Pro Rata Share of any requested Borrowing; 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;any failure by the Borrower (for a reason other than the failure of such Lender to make a Loan, and including, without limitation, the failure of any condition precedent specified in <u>Section 6</u> hereof to be satisfied) to prepay, borrow, or Continue or Convert any Eurocurrency Rate Loan or Term RFR Loan or Convert a Reference Rate Loan to a Eurocurrency Rate Loan or Term RFR Loan on the date or in the amount notified by the Borrower including any loss or expense (other than loss of margin or spread) arising from the liquidation of funds obtained by it to maintain such Loan or from fees payable to terminate the deposits from which such funds were obtained.

The Borrower shall also pay any customary administrative fees charged by such Lender in connection with the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.6**&nbsp;&nbsp;&nbsp;&nbsp;**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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Non-Excluded Taxes**. Any and all payments by, or on account of any obligation of, the Borrower to or for the account of the Administrative Agent, any Lender or the Letter of Credit Issuer under any Loan Document or in connection with any Letter of Credit shall be made free and clear of and without deduction for any and all present or future Taxes with respect thereto, unless required by applicable Law. If the Borrower or the Administrative Agent shall (as determined in the good faith discretion of such Person) be required by any applicable Laws to deduct or withhold any Taxes from any such payment: (i) in the event that such deduction or withholding is in respect of Non-Excluded Taxes, the sum payable by the Borrower 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 <u>Section 4.6</u>), the Administrative Agent and such Lender or Letter of Credit Issuer (without duplication) receives an amount equal to the sum it would have received had no such deductions or withholdings of Non-Excluded Taxes been made; (ii) the Borrower or the Administrative Agent, as applicable, shall make such deductions and withholdings of Taxes; and (iii) the Borrower or the Administrative Agent, as applicable, shall pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Deduction of Excluded Taxes**. The Borrower shall promptly, upon becoming aware that the Borrower must deduct or withhold any Tax on a payment under a Loan Document (or that there is any change in the rate or the basis of a Tax required to be deducted or withheld), notify the Administrative Agent accordingly.

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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)&nbsp;&nbsp;&nbsp;&nbsp;**Other Taxes**. Without duplication of amounts paid to Section 4.6(a), the Borrower agrees to pay any and all present or future stamp, court or documentary, intangible, record, filing, stamp duty reserve tax, stamp duty land tax, and any other excise or property taxes or charges or similar levies or penalties that arise from any payment made by it under any Loan Document or in connection with any Letter of Credit or from the execution, delivery, performance, enforcement or registration of, or otherwise with respect to, any Loan Document to which it is a party or any Letter of Credit issued for its account (hereinafter referred to as "***Other Taxes***"); <u>provided</u> that the Borrower shall not be responsible hereunder to pay any such Other Taxes (i) arising in connection with any Lender's violation of applicable Law and/or the use by any Lender of funds constituting Plan Assets, (ii) that are Other Connection Taxes imposed on an assignment pursuant to <u>Section 12.11(c)</u> hereof respectively (except in circumstances described in <u>Section 4.9</u> below), (iii) if any Loan Document is voluntarily presented (including under a contractual obligation) to the registration formalities in Luxembourg, or (iv) if any Loan Document is appended to a document that requires mandatory registration in Luxembourg.

&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;**Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Borrower agrees to jointly and severally, indemnify any Secured Party for (A) the full amount of Non-Excluded Taxes and Other Taxes (including any Non-Excluded Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this <u>Section 4.6</u>) paid or payable by such Secured Party (other than the Collateral Agent), and (B) any liability (including, without duplication, penalties, interest or expenses, including legal expenses incurred in the enforcement of this Credit Agreement against the Administrative Agent or the Borrower), excluding any penalties, interest or expenses attributable to the gross negligence or willful misconduct of the Administrative Agent or any Lender or any of their Affiliates arising therefrom or with respect thereto, in each case whether or not such Non-Excluded Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Payment under this <u>Section 4.6(d)</u> shall be made by the Required Payment Time (measured from the date of demand by the applicable Secured Party). Nothing in this <u>Section 4.6(d)</u> shall require the Borrower to indemnify the Secured Parties (other than the Collateral Agent) to the extent that the Non-Excluded Taxes, Other Taxes or liabilities are or will be compensated for under <u>Section 4.6(a)</u> hereof, are suffered or incurred in respect of any Bank Levy (or any payment attributable to, or liability arising as a consequence of, a Bank Levy).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender shall severally indemnify the Administrative Agent for (x) any Non-Excluded Taxes attributable to such Lender (but only to the extent that a Borrower has not already indemnified the Administrative Agent for such Non-Excluded Taxes and without limiting the obligation of the Borrower to do so), (y) any Taxes attributable to such Lender's failure to comply with the provision of <u>Section 12.11(f)</u> relating to the maintenance of a Participant Register,

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and (z) any Excluded Taxes and any and all related losses, claims, liabilities, penalties, interest and reasonable expenses (including the fees, charges and disbursements of any counsel for the Administrative Agent, as applicable) attributable to such Lender and incurred by or asserted against the Administrative Agent in connection with any Loan Document, as applicable, by the relevant Governmental Authority for not properly withholding such Excluded Taxes, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Administrative Agent to such Lender from any other source against any amount due to the Administrative Agent under this <u>Section 4.6(d)(ii)</u>. The agreements in this <u>Section 4.6(d)</u> hereof shall survive the resignation and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Lender, and the repayment, satisfaction or discharge of all other 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Prescribed Forms**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;In the event that any Lender is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan Document, such Lender shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and duly executed documentation reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender or Letter of Credit Issuer, if reasonably requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender or Letter of Credit Issuer is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in <u>clause (e)(ii)</u> and <u>(iii)</u> below) shall not be required if, in a Lender's reasonable judgment, such completion, execution or submission would subject such Lender, as applicable, to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;Without limiting the foregoing, each Lender or Letter of Credit Issuer that is a U.S. Person, on or prior to the date on which such Lender or Letter of Credit Issuer becomes a Lender or Letter of Credit Issuer hereunder (and from time to time thereafter upon the reasonable request of a Borrower or the Administrative Agent, but only to the extent that such Lender or Letter of Credit

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Issuer is legally entitled to do so), shall deliver to the Borrower and the Administrative Agent executed copies of Internal Revenue Service Form W-9 or any applicable successor form, certifying that such Lender or Letter of Credit Issuer is exempt from U.S. federal backup withholding tax. Each Lender or Letter of Credit Issuer that is not a U.S. Person, on or prior to the date on which such Lender or Letter of Credit Issuer becomes a Lender or Letter of Credit Issuer under this Credit Agreement (and from time to time thereafter upon the reasonable request of the Borrower or the Administrative Agent) shall, only to the extent that such Lender or Letter of Credit Issuer is legally entitled to do so, deliver to the Borrower and the Administrative Agent executed copies of whichever of the following is applicable: (A) Internal Revenue Service Form W-8BEN or W-8BEN-E, as applicable, or any applicable successor form, (I) claiming eligibility of such Lender or Letter of Credit Issuer for a complete exemption from, or reduction of, U.S. federal withholding Tax pursuant to the benefits of an income tax treaty to which the United States is a party, or (II) accompanied by a certificate for the "portfolio interest" rule of Section 881(c) of the Internal Revenue Code, stating that such Lender or Letter of Credit Issuer is not (x) a "bank" within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, (y) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code or (z) a controlled foreign corporation receiving interest from a related person within the meaning of Section 881(c)(3)(C) of the Internal Revenue Code, (B) Internal Revenue Service Form W-8ECI, or any applicable successor form, (C) Internal Revenue Service Form W-8IMY, or any applicable successor form accompanied by Internal Revenue Service Form W-8ECI, W-8BEN, W-8BEN-E, W-9 and/or other certification documents from each beneficial owner, as applicable, evidencing a complete exemption from or reduction of U.S. withholding Tax, or (D) such other documentary evidence satisfactory to Borrowers and the Administrative Agent that such Person is entitled to a complete exemption from or reduction of U.S. withholding Tax.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender and Letter of Credit Issuer shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender or Letter of Credit Issuer has complied with such Lender's or Letter of Credit Issuer's obligations thereunder or to determine the amount to deduct and withhold from such payment. For purposes of this <u>clause (iii)</u>, "FATCA" shall include any amendments made to FATCA after the date of this Credit Agreement and analogous provisions of non-U.S. law.

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Each Lender and Letter of Credit Issuer agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&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;**Status of Administrative Agent.** If the Administrative Agent is a U.S. Person, then it shall, on or prior to the date of this Credit Agreement (or, in the case of a successor Administrative Agent, on or before the date on which it becomes the Administrative Agent hereunder), provide the Borrower with a properly completed and duly executed copy of IRS Form W-9 confirming that the Administrative Agent is exempt from U.S. federal back-up withholding. If the Administrative Agent is not a U.S. Person, then it shall, on or prior to the date of this Credit Agreement (or, in the case of a successor Administrative Agent, on or before the date on which it becomes the Administrative Agent hereunder), provide the Borrower with, (i) with respect to payments made to the Administrative Agent for its own account, a properly completed and duly executed copy of IRS Form W-8ECI (or other applicable IRS Form W-8), and (ii) with respect to payments made to the Administrative Agent on behalf of the Lenders, a properly completed and duly executed IRS Form W-8IMY confirming that the Administrative Agent agrees (A) to be treated as a "United States person" for U.S. federal withholding Tax purposes and the payments it receives for the account of such Lenders are not effectively connected with the conduct of its trade or business in the United States or (B) is a "Qualified Intermediary" for U.S. federal withholding Tax purposes; provided, in each case, that the Administrative Agent shall not be required to deliver any documentation pursuant to this Section 4.6(f) that it is not legally eligible to deliver as a result of any change in, or in the interpretation by any Governmental Authority of, any Law or the method by which such Administrative Agent must comply therewith occurring after the Closing Date (or, in the case of a successor Administrative Agent, occurring after the date on which it becomes the Administrative Agent hereunder). Such Administrative Agent agrees that if such documentation previously delivered expires or becomes obsolete or inaccurate in any respect, it shall update such form or promptly notify the Borrower in writing of its legal inability to do so.

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Selection of Lending Office**. If the Borrower is or is likely to be required to pay additional amounts to or for the account of any Lender pursuant to this <u>Section 4.6</u>, then such Lender will agree to use reasonable efforts to change the jurisdiction of its Applicable Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue if such change, in the good faith judgment of such Lender, is not otherwise materially disadvantageous to such 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Evidence of Payment**. Within thirty (30) days after the date of any payment of Taxes or Other Taxes under a Loan Document by the Borrower, the Borrower shall furnish to the Administrative Agent the original or a certified copy of a receipt evidencing such payment, if any.

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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;**Tax Refunds**. Each Lender and Letter of Credit Issuer and the Administrative Agent agrees that if such Lender or Letter of Credit Issuer or the Administrative Agent determines, in its sole discretion exercised in good faith, that it subsequently recovers or receives a refund of any Taxes attributable to a Tax Payment by the Borrower, such Lender or Letter of Credit Issuer or the Administrative Agent shall promptly pay the Borrower such refund net of all out-of-pocket expenses (including Taxes) related thereto; <u>provided</u> that if, due to subsequent adjustment of such refund, such Lender or Letter of Credit Issuer or the Administrative Agent is required to repay such amount to the relevant Governmental Authorities, the Borrower agrees to repay to such Lender or Letter of Credit Issuer or the Administrative Agent, as the case may be, the amount required to be repaid, plus any interest, penalties, or other charges imposed by the Governmental Authority in respect thereof. Notwithstanding anything to the contrary in this paragraph (i), in no event will any Lender or Letter of Credit Issuer or the Administrative Agent be required to pay any amount to a Borrower pursuant to this paragraph (i) the payment of which would place such Lender or Letter of Credit Issuer or the Administrative Agent in a less favorable net after-Tax position than such Lender or Letter of Credit Issuer or the Administrative Agent 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 Lender or Letter of Credit Issuer or the Administrative Agent to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.7**&nbsp;&nbsp;&nbsp;&nbsp;**Requests for Compensation**.

&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;**Certificate**. If requested by the Borrower in connection with any demand for payment pursuant to <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof, a Lender shall provide to the Borrower with a copy to the Administrative Agent, a certificate setting forth, unless prohibited by applicable Law, in reasonable detail the basis for such demand, the amount required to be paid by the Borrower to such Lender, the computations made by such Lender to determine such amount and satisfaction of the condition set forth in <u>subsection (b)</u> below. Such certificate shall, in the absence of manifest error, be conclusive and binding.

&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;**No Duplication**. Any amount payable by the Borrower on account of <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof shall not be duplicative of: (i) any amount paid under any other such sections, or (ii) any amounts included in the calculation of any Eurocurrency Rate, RFR or the Reference 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Refund**. Any amount determined to be paid by the Borrower in error pursuant to <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof shall be, if no Event of Default or Potential Default has occurred and is continuing, promptly refunded to the Borrower, or applied to amounts owing by the Borrower hereunder, as the Borrower may elect.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.8**&nbsp;&nbsp;&nbsp;&nbsp;**Survival.** Without prejudice to the survival of any other agreement of the Borrower hereunder, all of the Borrower's obligations under this <u>Section 4</u> shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Lender Commitments or the termination of this Credit Agreement or any provision hereof. Each Lender and Letter of Credit Issuer shall notify the Borrower of any event occurring after the termination of this Credit Agreement entitling such Lender or Letter of Credit Issuer to compensation under <u>Section 4.1</u>, <u>4.5</u> or <u>4.6</u> hereof as promptly as practicable, but in any event within one hundred eighty (180) days, after such Lender or Letter of Credit Issuer obtains actual knowledge thereof; if any Lender or Letter of Credit Issuer fails to give such notice within one hundred eighty (180) days after it obtains actual knowledge of such an event, such Lender or Letter of Credit Issuer shall, with respect to compensation payable under <u>Section 4.1</u>, <u>4.5</u>, or <u>4.6</u> hereof, only be entitled to payment for such compensation relating to the period from and after the date one hundred eighty (180) days prior to the date that such Lender or Letter of Credit Issuer does give such notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.9**&nbsp;&nbsp;&nbsp;&nbsp;**Replacement of Lenders**. If any Lender or Letter of Credit Issuer (a) requests compensation under this <u>Section 4</u>, (b) becomes a Defaulting Lender or (c) does not provide its consent to an amendment, modification or waiver that requires the consent of each Lender or Letter of Credit Issuer or each affected Lender or Letter of Credit Issuer, as applicable, and such amendment, modification or waiver receives the consent of the Required Lenders, then, if there is no Event of Default, the Borrower may, at its sole expense and effort, upon notice to such Lender or Letter of Credit Issuer and the Administrative Agent, require such Lender or Letter of Credit Issuer to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, <u>Section 12.11</u> hereof), all of its interests, rights and obligations under this Credit Agreement and the related Loan Documents or Letters of Credit to an Eligible Assignee who agrees to assume such obligations; <u>provided</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;(a)&nbsp;&nbsp;&nbsp;&nbsp;such Lender or Letter of Credit Issuer shall have received payment of an amount equal to the outstanding principal of its Loans or Letters of Credit, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under this <u>Section 4</u>) 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;in the case of any such assignment resulting from a claim for compensation under this <u>Section 4</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;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;(d)&nbsp;&nbsp;&nbsp;&nbsp;a Lender or Letter of Credit Issuer shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Lender or Letter of Credit Issuer or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

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**Section 5.&nbsp;&nbsp;&nbsp;&nbsp;SECURITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.1**&nbsp;&nbsp;&nbsp;&nbsp;**Liens and Security 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Accounts**. Subject to the terms of the applicable Collateral Documents, each Credit Party, pursuant to the terms of the applicable Distribution Collateral Account Pledge, to further secure the payment and performance of the Obligations of each Credit Party, shall pledge and assign (by way of security) to the Administrative Agent, for the benefit of the Secured Parties, as collateral, its Distribution Collateral Account and all amounts and assets credited thereto. For the avoidance of doubt, no security interest or Lien will be created with respect to any Credit Party's direct or indirect interest in any Investment.

The collateral security set forth in <u>subsection</u> <u>(a)</u> of this <u>Section 5.1</u> shall be collectively referred to herein as the "***Collateral***". The security agreements, assignments, collateral assignments and any other documents and instruments from time to time executed and delivered pursuant to this Credit Agreement to grant a security interest in the Collateral, the Collateral Account Pledges, the Collateral Account Control Agreements, and any documents or instruments amending or supplementing the same, shall be collectively referred to herein as the "***Collateral Documents***". The Collateral provided by the Credit Parties shall secure the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.2**&nbsp;&nbsp;&nbsp;&nbsp;**The Collateral Accounts**.

&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 Collateral Accounts**. In order to directly or indirectly secure further the payment and the performance of the Obligations: (A) each Credit Party shall cause any Portfolio Investment Distributions and all proceeds from disposals or sales with respect to the Investments that are received by such Credit Party to be deposited into such Credit Party's Distribution Collateral Account promptly, but in any event within ten (10) Business Days to the extent no Event of Default or any other Cash Control Event is continuing, otherwise within three (3) Business Days following receipt thereof by such Person, and (B) during the continuance of an Event of Default or any other Cash Control Event that is continuing, each Credit Party shall cause any Portfolio Investment Distributions (excluding amounts retained or applied for a purpose set forth in <u>clauses (i)-(vii)</u> in the definition of "Net Cash Proceeds") (collectively, the "***Retained Distributions***" (as further defined below)) that are received by any Holding Vehicle to be deposited into the applicable Credit Party's Distribution Collateral Account, promptly, but in any event within five (5) Business Days, following receipt thereof by such Person; <u>provided</u> that, during a Cash Control Event (other than a Cash Control Event in which an Event of Default or Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof has occurred and is continuing), the "Retained Distributions" may also include Distributions retained to make an Investment pursuant to then-existing binding 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Use of the Collateral Accounts**. The Credit Parties may withdraw funds from the Collateral Accounts only in compliance with <u>Section 9.12</u> hereof. During the existence of the conditions specified in <u>Section 9.12</u> hereof, no Credit Party shall have

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any right to withdraw funds from any Collateral Account, except as described in <u>Section 9.12</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Withdrawals from Collateral Accounts to pay Borrower Obligations**. Upon the occurrence and during the continuation of an Event of Default, the Administrative Agent shall have the right, at any time during the continuation of such Event of Default, to direct the Depository Bank to withdraw funds from any Collateral Account(s), and apply such funds for the purpose of paying the Obligations that are then due and owing (after the passage of any applicable grace period); <u>provided</u> that promptly after any disbursement of funds from any such account to the Lenders, as contemplated in this <u>Section 5.2(c)</u>, the Administrative Agent shall deliver a written notice of such disbursement to the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.3**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Offset**. In addition to the rights granted to the Administrative Agent and the Lenders under <u>Section 5.2</u> hereof, the Borrower hereby grants to each Lender a right of offset, to secure repayment of the Obligations of the Borrower or any other Borrower, as applicable, upon any and all monies, securities, or other property of the Borrower and the proceeds therefrom, now or hereafter held or received by or on behalf of or in transit to the Lenders, from or for the account of the Borrower, whether for safekeeping, custody, pledge, transmission, collection, or otherwise, and also upon any and all deposits (general or specified) and credits of the Borrower and any and all claims of the Borrower, against the Lenders at any time existing. The Lenders are hereby authorized at any time and from time to time during the existence of an Event of Default, without notice to the Borrower, to offset, appropriate, apply, and enforce such right of offset against any and all items referred to above against the Obligations of the Borrower or any other Borrower, as applicable. The Borrower shall be deemed directly indebted to the Lenders in the full amount of its Obligations, and the Lenders shall be entitled to exercise the rights of offset provided for above. The rights of the Lenders under this <u>Section 5.3</u> are subject to <u>Section 12.2</u> hereof. The Administrative Agent, and the Lenders, as applicable, shall give the Borrower prompt notice of any action taken pursuant to this <u>Section 5.3</u>, but failure to give such notice shall not affect the validity of such action or give rise to any defense in favor of the Borrower with respect to such action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.4**&nbsp;&nbsp;&nbsp;&nbsp;**Agreement to Deliver Additional Collateral Documents**. Each Additional Borrower and Additional Guarantor that is added pursuant to <u>Section 2.9</u> hereof shall deliver such security agreements, financing statements, financing change statements, assignments, notices and other acknowledgments and other collateral documents (all of which security agreements shall be deemed part of the Collateral Documents), in form and substance satisfactory to the Administrative Agent, acting reasonably, as the Administrative Agent acting on behalf of the Lenders may reasonably request from time to time for the purpose of granting to, or maintaining or perfecting in favor of the Lenders, security interests in the Collateral with respect to which is the Credit Parties are granting a security interest to the Administrative Agent, together with other assurances of the enforceability of the Lenders' Liens and assurances of due recording and documentation of the Collateral Documents or copies thereof, as the Administrative Agent may reasonably require to avoid material impairment of the Liens and security interests (or the priority thereof) granted or purported to be granted pursuant to this <u>Section 5</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;**5.5**&nbsp;&nbsp;&nbsp;&nbsp;**Subordination**. During the occurrence and continuation of an Event of Default, if there are any Obligations outstanding under the Credit Facility, no Credit Party shall make any payments or advances of any kind (other than Permitted Tax Distributions and subject in each case to <u>Section 5.2(a)</u> hereof and, with respect to amounts to be withdrawn from a Collateral Account, <u>Section 9.12</u> hereof), directly or indirectly, on any debts and liabilities to any other Credit Party or Investor whether now existing or hereafter arising and whether direct, indirect, several, joint and several, or otherwise, and howsoever evidenced or created (collectively, the "***Other Claims***"), except to the extent that such payments or advances are being provided to a Credit Party in order to pay such Obligations. All Other Claims, together with all Liens, security interests, and all other encumbrances or charges on assets securing the payment of all or any portion of the Other Claims shall at all times during the continuance of an Event of Default, if there are any Obligations outstanding under the Credit Facility, be subordinated to and inferior in right and in payment to the Obligations and all Liens, security interests, and all other encumbrances or charges on assets securing all or any portion of the Obligations, and the Credit Parties agree to take any actions reasonably requested by the Administrative Agent as are necessary to provide for such subordination between it and any other Credit Party, *inter se*, including but not limited to including provisions for such subordination in the documents evidencing the Other Claims. Notwithstanding the foregoing, there shall be no restriction or limitation on the right of any General Partner, the AIFM or the Advisor (or Affiliate of any thereof) to receive management or other fees (including incentive management fees) payable to such General Partner, the AIFM, the Advisor (or such Affiliate) under or pursuant to the Partnership Agreements or the applicable Constituent Documents, except as set forth in <u>Section 9.10</u> hereof, provided that such management or other fees shall not be paid from the Collateral during any time that withdrawals from the Collateral Accounts are prohibited pursuant to <u>Section 9.12</u> hereof.

**Section 6.&nbsp;&nbsp;&nbsp;&nbsp;CONDITIONS PRECEDENT TO LENDING.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.1**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations of the Lenders**. This Credit Agreement shall become effective on the Closing Date, subject to the Administrative Agent's receipt of the following (which, unless otherwise consented to in writing by the Administrative Agent, shall be received within one (1) Business Day of the date 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Credit Agreement**. This Credit Agreement, duly executed and delivered by the Credit Parties and each other party 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;**Notes**. The Notes, duly executed and delivered by the Borrower to each requesting Lender in accordance with <u>Section 3.1</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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

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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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Collateral Accounts**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Evidence acceptable to the Administrative Agent, acting reasonably, that each Distribution Collateral Account has been established at the Depository 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Distribution Collateral Account Pledges, each duly executed and delivered by each applicable Credit Party; 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Collateral Account Control Agreements with respect to the Distribution Collateral Accounts, each duly executed and delivered by each applicable Credit Party and the applicable Depository 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**UCC and Bankruptcy Searches**. Searches of (A) UCC filings (or their equivalent) in each jurisdiction where a filing would need to be made in order to perfect the Secured Parties' first priority security interest (subject to any Permitted Liens) in the Collateral, copies of the financing statements (if any) on file in such jurisdictions and evidence that no Liens (other than Permitted Liens) exist on the Collateral, or, if necessary, copies of proper financing statements, if any, filed on or before the date hereof necessary to terminate all security interests and other rights of any Person in any Collateral previously granted, and (B) bankruptcy and insolvency, execution and other searches conducted by the Administrative Agent and its counsel with respect to the Credit Parties in all relevant jurisdictions selected by the Administrative Agent and its counsel;

&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;**Responsible Officer Certificates**. A certificate from a Responsible Officer of each then existing Credit Party, substantially in the form of <u>Exhibit L</u> 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**The Credit Parties' Constituent Documents**. True and complete copies of the Constituent Documents of the Credit Parties (and the Constituent Documents of its general partner, managing general partner or ultimate general partner as set forth in its signature block, as the case may be) and each Infra-Fund Subscription Entity, as in effect on the Closing Date, and together with certificates of existence or good standing or equivalent from the applicable Governmental Authority of each such Credit Party's and Infra-Fund Subscription Entity's jurisdiction of incorporation, organization, registration or formation, each dated on the Closing Date or a recent date prior thereto (including with respect to the Luxembourg Infra-Fund and its respective General Partner, excerpts (*extraits*) issued by the RCS and certificates as to the non-inscription of a court decision or administrative dissolution without liquidation (*certificats de non-inscription d'une décision judiciaire ou de dissolution administrative sans liquidation*) issued by the insolvency register (*Registre de l'insolvabilité*) (*Reginsol*) held and maintained by the RCS, dated no earlier than two (2) Business Days prior to the Closing Date), in each case satisfactory to the Administrative Agent 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Authority Documents**. Certified copies of resolutions of (or on behalf of) each applicable Credit Party authorizing the entry by each applicable Credit Party into the

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transactions contemplated herein and in the other Loan Documents to which such Credit Party 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Incumbency Certificate**. A signed certificate of a Responsible Officer of each Credit Party (or its general partner or applicable ultimate general partner, as the case may be) who shall certify the names of the Persons authorized, on the Closing Date, to sign each of the Loan Documents to which such Credit Party is a party and the other documents or certificates to be delivered pursuant to such Loan Documents on behalf of such Credit Party, together with the true signatures of each such Person. The Administrative Agent may conclusively rely on such certificate until it shall receive a further certificate canceling or amending the prior certificate and submitting the authority and signatures of the Persons named in such further certificate;

&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)&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties**. All of the representations and warranties of the Credit Parties (including such representation and warranties made on behalf of each General Partner) set forth herein and in the other Loan Documents shall be true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and correct in all respects as so qualified) on and as of the Closing Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically 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;

&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)&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event shall have occurred and be continuing, or would result from any Borrowing or the issuance of any Letter of Credit on the Closing Date, which constitutes an Event of Default or a Potential 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;(l)&nbsp;&nbsp;&nbsp;&nbsp;**Opinions**. A favorable opinion or opinions of (i) Simpson Thacher & Bartlett LLP, New York counsel to the Credit Parties; and (ii) Maples and Calder (Cayman) LLP, Cayman counsel to the Cayman Credit Parties; each in form and substance satisfactory to the Administrative Agent and its counsel, acting reasonably, dated 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;(m)&nbsp;&nbsp;&nbsp;&nbsp;**[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;(n)&nbsp;&nbsp;&nbsp;&nbsp;**Fees; Costs and Expenses**. Payment of all fees and other amounts due and payable on or prior to the date hereof, including pursuant to the Fee Letter, and, to the extent invoiced at least two (2) Business Days prior to the date hereof, reimbursement or payment of all reasonable expenses required to be reimbursed or paid by the Borrower hereunder, including the reasonable fees and disbursements invoiced through the date hereof of the Administrative Agent's special counsel, Cadwalader, Wickersham & Taft<u>Sidley Austin</u> LLP and special Cayman Islands counsel, Harney, Westwood & Riegels (Cayman) LLP, which may be deducted from the proceeds of any initial Borrowing on the Closing 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;(o)&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Status**. As of the Closing Date with respect to each Credit Party with one or more ERISA Investors, either (i) a copy of any opinion acceptable to the Administrative Agent, acting reasonably, delivered to ERISA Investors (along with a reliance letter, dated as of the later of such Credit Party's "initial valuation date" or the Closing Date, from the issuer of such opinion specifying that the Lenders are permitted to rely on such opinion as if such opinion had been addressed to them) regarding the status of such Credit Party as an Operating Company; <u>provided</u> that such opinion delivery requirement under this <u>clause (i)</u> may alternatively be satisfied by delivery to the Lenders of a copy of such Credit Party's most recent certificate, if any, of a Responsible Officer with respect to such Credit Party's most recent Annual Valuation Period to the effect that the assets of such Credit Party should not constitute Plan Assets of any such ERISA Investor and stating the basis for such conclusion, or (ii) a certificate signed by a Responsible Officer certifying that the underlying assets of such Credit Party should not constitute Plan Assets of any such ERISA Investor; 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;(p)&nbsp;&nbsp;&nbsp;&nbsp;**Know Your Customer.** (i) A Beneficial Ownership Certification in relation to the Borrower that qualifies as a "legal entity customer" under the Beneficial Ownership Regulation and/or, with respect to the Borrower that does not qualify as a "legal entity customer" under the Beneficial Ownership Regulation, a certification describing the basis of such exemption, and (ii) any documents or information related to "Know Your Customer" or similar requirements reasonably requested by the Lenders (through the Administrative Agent), and required by their applicable regulatory requirements.

Without limiting the generality of the provisions of the last paragraph of <u>Section 11.3</u>, for purposes of determining compliance with the conditions specified in this <u>Section 6.1</u>, each Lender that has signed this Credit Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender unless the Administrative Agent shall have received notice from such Lender prior to the proposed Closing Date specifying its objection thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q)&nbsp;&nbsp;&nbsp;&nbsp;**Additional Information**. The Administrative Agent shall have received such other information and documents as may reasonably be required by the Administrative Agent and its counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.2**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to all Loans and Letters of Credit**. The obligation of the Lenders to advance each Borrowing (including without limitation the initial Borrowing) or to cause the issuance of Letters of Credit (including, without limitation, the initial Letter of Credit) hereunder is subject to the additional conditions precedent 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Representations and Warranties**. The representations and warranties (other than those in <u>Section 7.8</u> hereof, which shall be replaced with the condition in <u>Section 6.2(b)</u> below) set forth herein and in the other Loan Documents are true and correct in all material respects (except that any representation (or portion thereof, as applicable) qualified as to "materiality" or "Material Adverse Effect" shall be true and

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correct in all respects as so qualified) on and as of the date of the advance of such Borrowing or issuance of such Letter of Credit, with the same force and effect as if made on and as of such date (except to the extent of changes in facts or circumstances that have been disclosed to the Administrative Agent and do not constitute an Event of Default or a Potential Default or to the extent such representations and warranties relate to an earlier or other specific 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)&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event shall have occurred and be continuing, or would result from the Borrowing or the issuance of the Letter of Credit, which constitutes an Event of Default or a Potential 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Request for Borrowing**. The Administrative Agent shall have received a Request for Borrowing or Request for Letter of Credit, 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Investment Events**. To the knowledge of the Borrower, no Material Investment Event or Intraperiod Adjustment Event has occurred except as disclosed in writing 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Application**. In the case of a Letter of Credit, the Letter of Credit Issuer shall have received an Application for Letter of Credit executed 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**No Material Adverse Effect**. To the knowledge of the Borrower, no circumstances exist or changes to the Borrower have occurred since the date of the most recent financial statements delivered or required to be delivered to the Administrative Agent hereunder that would reasonably be expected to result in a material adverse effect on the Borrower's ability to pay the Obligations when due in accordance with the terms of the Loan 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Adjusted NAV**. Solely with respect to the first to occur of the initial Borrowing or the issuance of the initial Letter of Credit, the Administrative Agent shall have received satisfactory evidence that the Adjusted NAV is no less than the applicable Minimum Adjusted NAV;

&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;**Financial Covenants.** The Borrower is in compliance with the Financial Covenants contained in <u>Section 9.17</u> at the time of, and after giving pro forma effect to, any such Borrowing or issuance of Letters 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Review Event.** Either no Review Event has occurred or if a Review Event has occurred and is continuing, a Review Event Cure Plan has been agreed with respect thereto and the Borrower is in compliance with such agreed Review Event Cure Plan 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;**No Trigger Event**. No other Trigger Event has occurred as is continuing (or no other Trigger Event will be continuing after giving pro forma effect to the acquisition of any Investments with the proceeds thereof); 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;**No Excess Outstanding**. Immediately prior to, and after giving effect to such Borrowing or issuance of Letter of Credit, as applicable, (A) the Dollar Equivalent of the Principal Obligations as of such date will not exceed the Maximum Commitment as of such date; and (B) the Letter of Credit Liability as of such date will not exceed the Letter of Credit Sublimit on such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.3**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions to Additional Borrower Loans and Letters of Credit**. The obligation of the Lenders to advance a Borrowing to an Additional Borrower or to cause the issuance of a Letter of Credit for the account of an Additional Borrower is subject to the conditions that (in addition to the conditions specified in <u>Section 6.2</u>), on or prior to the date that such entity becomes an "Additional Borrower" hereunder (such date, the "***Additional Borrower Joinder 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Joinder Agreement**. The Administrative Agent shall have received from such Additional Borrower (i) a duly executed Borrower Joinder Agreement complying with the terms and provisions hereof and (ii) an updated <u>Schedule I</u> hereto which provides the relevant <u>Schedule I</u> information with respect to such Additional 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Other Items**. The Administrative Agent shall have received from or on behalf of such Additional Borrower the documents and other items set forth in <u>Sections 6.1(b)</u>, <u>(d)</u>, <u>(e)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u>, <u>(j)</u>, <u>(l)</u>, <u>(n)</u>, <u>(o)</u>, and <u>(p</u>), to the extent applicable to such Additional Borrower and applied *mutatis mutandis* with respect to the Additional Borrower Joinder Date as opposed to the Closing Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.4**&nbsp;&nbsp;&nbsp;&nbsp;**Conditions in respect of Additional Guarantors**. On or prior to the date that an entity becomes an "Additional Guarantor" hereunder (such date, the "***Additional Guarantor Joinder 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Guarantor Joinder Agreement**. The Administrative Agent shall have received from such Additional Guarantor (i) a duly executed Guarantor Joinder Agreement complying with the terms and provisions hereof and (ii) an updated <u>Schedule I</u> hereto which provides the relevant <u>Schedule I</u> information with respect to such Additional Guarantor; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Other Items**. The Administrative Agent shall have received from or on behalf of such Additional Guarantor the documents and other items set forth in <u>Sections 6.1(d)</u>, <u>(e)</u>, <u>(f)</u>, <u>(g)</u>, <u>(h)</u>, <u>(i)</u>, <u>(j)</u>, <u>(l)</u>, <u>(n)</u>, <u>(o)</u> and <u>(p</u>), to the extent applicable to such Additional Guarantor and applied *mutatis mutandis* with respect to the Additional Guarantor Joinder Date as opposed to the Closing Date.

**Section 7.&nbsp;&nbsp;&nbsp;&nbsp;REPRESENTATIONS AND WARRANTIES**

To induce the Lenders to make the Loans and cause the issuance of Letters of Credit hereunder, each Credit Party hereby represents and warrants (solely as to itself and its General Partner) to the Administrative Agent and the Lenders that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.1**&nbsp;&nbsp;&nbsp;&nbsp;**Organization and Good Standing**.

&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 Credit Parties**. Each Credit Party is duly formed and/or registered, as applicable, validly existing and, except where such failure would not result in a Material Adverse Effect, in good standing (to the extent applicable) under the laws of its jurisdiction of formation and/or registration, each has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and each Credit Party, except where such failure would not result in a Material Adverse Effect, is qualified to do business in every jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification.

&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 General Partners**. Each Credit Party's General Partner is duly formed, validly existing and, except where such failure would not result in a Material Adverse Effect, in good standing (to the extent applicable) under the laws of its jurisdiction of formation and/or registration, each has the requisite power and authority to own its properties and assets and to carry on its business as now conducted, and each such General Partner, except where such failure would not result in a Material Adverse Effect, is qualified to do business in every jurisdiction where the nature of the business conducted or the property owned or leased requires such qualification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.2**&nbsp;&nbsp;&nbsp;&nbsp;**Authorization and Power**. Each Credit Party has the requisite power and authority to execute, deliver and perform its obligations under this Credit Agreement, the Notes, the applicable Partnership Agreement, any applicable Constituent Documents, and any applicable subscription agreements, Infra-Fund Supplemental Agreements (if any) and each of the other Loan Documents to be executed by it, as the case may be; each Credit Party is duly authorized to, and has taken all action necessary to authorize it to, execute, deliver and perform its obligations under this Credit Agreement, the Notes, the applicable Partnership Agreements, the applicable Constituent Documents, the subscription agreements, Infra-Fund Supplemental Agreements (if any) and each of the other Loan Documents 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;**7.3**&nbsp;&nbsp;&nbsp;&nbsp;**No Conflicts or Consents**. None of the execution and delivery of this Credit Agreement or the other Loan Documents to which it is a party, the consummation of any of the transactions herein or therein contemplated, or the compliance with the terms and provisions hereof or with the terms and provisions thereof, will contravene or conflict, in any material respect, with any provision of Law to which each Credit Party and each Credit Party's General Partner is subject or any material judgment, license, order or permit applicable to such Credit Party and each Credit Party's General Partner or any material indenture, mortgage, deed of trust or other material agreement or instrument (including such Credit Party's and each such Credit Party's General Partner Constituent Documents, as applicable) to which such Credit Party or such Credit Party's General Partner is a party or by which such Credit Party or such Credit Party's General Partner may be bound, or to which such Credit Party or such Credit Party's General Partner may be subject. No material consent, approval, authorization or order of any court or Governmental Authority or third party is required in connection with the execution and delivery by any Credit Party of the Loan Documents to which it is a party or to consummate the transactions contemplated hereby or thereby, except (a) the consents, approvals, authorizations, filings and notices that

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have been obtained or made and are in full force and effect and (b) the filings and regulations referred to in <u>Section 6.1(e)</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.4**&nbsp;&nbsp;&nbsp;&nbsp;**Enforceable Obligations**. This Credit Agreement, any Notes (in the case of the Borrower) and the other Loan Documents to which each Credit Party is a party are the legal and binding obligations of such Credit Party, enforceable against it in accordance with their respective terms, subject to Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.5**&nbsp;&nbsp;&nbsp;&nbsp;**Priority of Liens**. The Collateral Documents to which each Credit Party is a party create, as security for the Obligations of such Credit Party (and, the Obligations of each other Credit Party), valid and enforceable security interests in and Liens on all of the Collateral in which the applicable Credit Party has any right, title or interest, in favor of the Administrative Agent, for the benefit of the Secured Parties, and such Liens are prior to all other Liens on the Collateral (other than Permitted Liens), except as enforceability may be limited by Debtor Relief Laws and general equitable principles (whether considered in a proceeding in equity or at law). Such security interests in and Liens on the Collateral in which the applicable Credit Party has any right, title or interest shall (subject to Permitted Liens) be superior to and prior to the rights of all third parties in such Collateral, and, other than in connection with any future change in Law or in the applicable Credit Party's name, identity or structure, or its jurisdiction of organization, as the case may be, no further recordings or filings are or will be required in connection with the creation, perfection or enforcement of such security interests and Liens, other than the filing of continuation statements, financing change statements or their equivalent in accordance with applicable Law. Each Lien referred to in this <u>Section 7.5</u> is and shall be the sole and exclusive Lien (other than Permitted Liens) on the Collateral in which the applicable Credit Party has any right, title or interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.6**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Condition**. Each Credit Party has delivered to the Administrative Agent the most recently available copies of the financial statements and reports required pursuant to <u>Section 8.1(a)</u> hereof, if any, together with the Compliance Certificate and Financial Covenant Certificate required to be delivered under <u>Section 8.1(b)</u> and <u>(c)</u> hereof, as applicable, and such financial statements fairly present, in all material respects, the financial condition of the applicable Credit Parties as of the date of such financial statements and have been prepared in accordance with Generally Accepted Accounting Principles, except as provided therein. The Credit Parties, taken as a whole (after giving effect to the Loans and the other transactions to be consummated on the Closing Date), are Solvent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.7**&nbsp;&nbsp;&nbsp;&nbsp;**Full Disclosure**.

&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;There is no fact and there are no changes to any Credit Party or General Partner that such Credit Party has not disclosed to the Administrative Agent in writing which could reasonably be expected to have a Material Adverse Effect. No information heretofore furnished by such Credit Party, in connection with this Credit Agreement, the other Loan Documents or any transaction contemplated hereby (or, to the extent such information was provided to a Credit Party by an Investor, to the knowledge of such Credit Party) contains any untrue statement of material fact that could reasonably be expected to result in a Material Adverse Effect.

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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;(b)&nbsp;&nbsp;&nbsp;&nbsp;As of the Closing Date, to the best of the applicable Responsible Officer's knowledge, the information provided in the Beneficial Ownership Certification of the Borrower (if any) is complete and correct.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.8**&nbsp;&nbsp;&nbsp;&nbsp;**No Default**. No event has occurred and is continuing which constitutes an Event of Default or a Potential Default.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.9**&nbsp;&nbsp;&nbsp;&nbsp;**No Litigation**. As follows: (a) for purposes of this representation and warranty as of the Closing Date, there are no material actions, suits, investigations or legal, equitable, arbitration or administrative proceedings in any court or before any arbitrator or Governmental Authority ("***Proceedings***") pending, or to the knowledge of such Credit Party threatened, against any Credit Party or such Credit Party's General Partner, other than any such Proceeding that is disclosed in writing by such Credit Party to the Administrative Agent before the Closing Date; and (b) for purposes of this representation and warranty as of the date of the advance of any Borrowing or the issuance of any Letter of Credit, there are no such Proceedings pending, or to the knowledge of such Credit Party threatened, against such Credit Party or such Credit Party's General Partner, other than any such Proceeding that would not have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.10**&nbsp;&nbsp;&nbsp;&nbsp;**Taxes**. To the extent that failure to do so would (individually or in the aggregate) result in a Material Adverse Effect, all Tax returns required to be filed by any Credit Party in any jurisdiction have been filed and all Taxes (including mortgage recording Taxes), assessments, fees, and other governmental charges upon such Credit Party or upon any of its properties, income or franchises have been paid prior to the time that such Taxes become delinquent (other than any Taxes the amount or validity of which are currently being contested in good faith by appropriate proceedings and with respect to which reserves in conformity with Generally Accepted Accounting Principles have been provided on the books of the relevant Credit Party). To the knowledge of any Credit Party, there is no proposed Tax assessment against any Credit Party or any basis for such assessment that is material and is not being contested in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.11**&nbsp;&nbsp;&nbsp;&nbsp;**Principal Office; Jurisdiction of Formation**. As of the Closing Date, (a) each of the principal office, chief executive office, registered office, and principal place of business of each Credit Party and such Credit Party's General Partner is correctly listed on <u>Schedule I</u> hereto, and such Credit Party and such Credit Party's General Partner has maintained such principal office, registered office, chief executive office and principal place of business at such location since its formation and/or registration; and (b) the jurisdiction of formation of each Credit Party and such Credit Party's General Partner is listed on <u>Schedule I</u> hereto, and no Credit Party or such Credit Party's General Partner is organized under the laws of any other jurisdiction. After the Closing Date, the principal office, chief executive or registered office and principal place of business of each Credit Party and such Credit Party's General Partner and the jurisdiction of formation of each Credit Party is as set forth on <u>Schedule I</u> hereto (including any updated <u>Schedule I</u> provided to the Administrative Agent for any Credit Party and such Credit Party's General Partner which have changed their principal office, chief executive office and principal place of business).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.12**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA**. Assuming that no portion of the assets used by any Lender in connection with the transactions contemplated under the Loan Documents constitutes Plan Assets, the execution, delivery and performance of this Credit Agreement and the other Loan

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Documents by each Credit Party which is a party hereto and thereto, and the borrowing and repayment of amounts under this Credit Agreement by the Borrower, do not constitute a non-exempt "prohibited transaction" under Section 406(a) of ERISA or Section 4975(c)(1)(A) - (C) of the Internal Revenue Code. As of the Closing Date, no Credit Party sponsors a Plan. Except as would not reasonably be expected to have a Material Adverse Effect, no Credit Party or any member of its respective Controlled Group maintains, has any obligation to contribute to, or has any liability (contingent or otherwise) with respect to any Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.13**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**. Such Credit Party and its General Partner is in compliance with all Laws, rules, regulations, orders, and decrees which are applicable to it or its properties, except where non-compliance would not be reasonably likely to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.14**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year**. The fiscal year of each Credit Party is the calendar year, or in the case of the first and last fiscal years of the Credit Parties, the fraction or multiple thereof commencing on the effective date for such Credit Party or ending on the date on which winding up or liquidation of such Credit Party is completed, as the case may be.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.15**&nbsp;&nbsp;&nbsp;&nbsp;**Margin Stock.** Neither the execution and delivery by the Credit Parties of the Loan Documents nor the consummation of the transactions contemplated therein, nor performance of and compliance with the terms and provisions thereof by the Credit Parties will or will cause any Lender to violate Regulation T, U or X or any other regulation of the Board of Governors of the Federal Reserve System applicable to Margin Stock or to violate Section 7 of the Securities Exchange Act, in each case as now in effect or as the same may hereafter be in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.16**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Company Act**. No Credit Party organized, formed, incorporated or established and registered, as applicable, under the laws of a U.S. jurisdiction is an "investment company" and no Credit Party organized, formed, incorporated or established and registered, as applicable, under the laws of a non-U.S. jurisdiction is required to be registered as an "investment company", in each case within the meaning of the Investment Company Act of 1940, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.17**&nbsp;&nbsp;&nbsp;&nbsp;**Ownership of Investments**.

&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;As of the Closing Date, and as of the date of each requested Borrowing hereunder by the Borrower, each Eligible Investment included in the calculation of the Available Commitment is owned by a Credit Party (directly or indirectly through a Holding Vehicle).

&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 Borrower, to its knowledge, has good and marketable title to the Investments which it owns (directly or indirectly through a Holding Vehicle), except for Liens not prohibited hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.18**&nbsp;&nbsp;&nbsp;&nbsp;**Foreign Asset Control Laws**. Stonepeak maintains policies and procedures reasonably designed to ensure compliance by each Credit Party, each of its Subsidiaries and Holding Vehicles, and their respective directors, officers and employees with Anti-Corruption Laws and applicable Sanctions, and each such Credit Party, each of its Subsidiaries and Holding Vehicles, and, to the knowledge of each such Credit Party, their respective officers, employees and directors are in compliance with (a) all applicable Sanctions, (b) Anti-Corruption Laws, (c) the Patriot Act and any other applicable terrorism

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and anti-money laundering laws, rules, regulations and orders. None of (i) the Credit Parties or (ii) to the knowledge of such Credit Parties, their respective directors, officers or employees that will act in any capacity in connection with or benefit from the Credit Facility established hereby, is a Sanctioned Person. None of the Credit Parties (a) are located, incorporated, formed, organized, or resident in a Sanctioned Country, (b) have any business affiliation or commercial dealings with, or investments in, any Sanctioned Country or Sanctioned Person, except to the extent that such business affiliations, commercial dealings, or investments do not cause any Lender or Credit Party to violate any Sanctions, or (c) to the knowledge of such Credit Parties, are the subject of any action or investigation under any Sanctions or Anti-Corruption Laws. No Borrowing, use of proceeds or other transaction contemplated by this Credit Agreement will violate applicable Sanctions, any Anti-Corruption Law or the Patriot Act or any other applicable terrorism or anti-money laundering laws, rules, regulations and orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.19**&nbsp;&nbsp;&nbsp;&nbsp;**Investment Policy and Valuation Policy**. The Investment Policy and Valuation Policy of each Infra-Fund and Credit Party (as applicable) is in effect and has not been amended, supplemented or otherwise modified since the Closing Date, except in accordance with <u>Section 9.4</u> hereof and, in accordance with such Valuation Policy, a comprehensive valuation of the Investments shall be conducted annually by an independent valuation firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.20**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved].** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.21**&nbsp;&nbsp;&nbsp;&nbsp;**Plan Assets**. With respect to any Credit Party with one or more ERISA Investors, the underlying assets of such Credit Party do not constitute Plan Assets of any ERISA Investor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.22**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreement Representations**. The Credit Facility is a type of financing permissible under each Credit Party's Partnership Agreement.

**Section 8.&nbsp;&nbsp;&nbsp;&nbsp;AFFIRMATIVE COVENANTS OF THE CREDIT PARTIES**

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letters of Credit hereunder, and until payment and performance in full of the Obligations (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) under this Credit Agreement and the other Loan Documents, each Credit Party agrees (solely as to itself, and in the case of each Credit Party, its General Partner) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.1**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Statements, Reports and Notices**. The Credit Parties shall deliver to the Administrative Agent (and the Administrative Agent shall provide to the Lenders promptly upon receipt) 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;**Financial Reports**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Annual Reports**. Within one hundred twenty (120) days after the end of each fiscal year of each Infra-Fund (subject to reasonable delays in the event of the late receipt of any necessary financial information from any portfolio company), and in any event no later than five (5) Business Days after delivery thereof to the Investors, commencing with the fiscal year ending December 31,

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2025, each such Infra-Fund's audited balance sheet and income statement, prepared in accordance with Generally Accepted Accounting Principles, as more particularly provided in the Partnership Agreement of such Infra-Fund, together with the unqualified opinion of a firm of nationally-recognized independent certified public accountants to the effect that such financial statements present fairly in all material respects the financial condition and results of operations of each Infra-Fund; 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)&nbsp;&nbsp;&nbsp;&nbsp;**Quarterly Reports**. As soon as available, but no later than ninety (90) days after the end of each of the first three (3) fiscal quarters of each Infra-Fund, but in no event later than five (5) Business Days after the date when such statements and reports are distributed to Investors, commencing with the fiscal quarter ending June 30, 2025, an unaudited report setting forth as of the end of such fiscal quarter, each such Infra-Fund's, balance sheet and income statement, certified by a Responsible Officer of the Borrower as presenting fairly in all material respects the financial condition and results of operations of each Infra-Fund in accordance with Generally Accepted Accounting Principles, subject to normal year-end audit adjustments, the absence of footnotes and as otherwise described therein;

<u>provided</u> that the financial statements to be delivered in accordance with <u>clauses (a)(i)</u> and <u>(ii)</u> above may be separate, consolidated or combined for the various Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Monthly Reports**. As soon as available, but no later than the later of (x) twenty (20) Business Days after the end of each calendar month of the Borrower and (y) the immediately following Business Day after the date on which the monthly net asset value of the Infra-Fund Subscription Entities is delivered to Investors, commencing with the calendar month ending August 31, 2025, a report (collectively, the "***Monthly Report***") containing (A) a spreadsheet substantially in the form delivered on the Closing Date or such other form reasonably acceptable to the Administrative Agent reflecting (1) a trial balance with respect to each Credit Party setting forth each Credit Party's assets and liabilities for such calendar month, (2) a calculation of the Value of each Investment (and with respect to each Eligible Investment, identifying each such Investment as an Eligible Investment) held directly or indirectly by each Credit Party as of the end of such calendar month and the change in the Value as of such calendar month-end from the preceding calendar month-end, as determined in accordance with the Valuation Policy and the Generally Accepted Accounting Principles, (3) the amount of Portfolio Investment Distributions received by each Credit Party with respect to each Investment (and with respect to each Eligible Investment, identifying each such Investment as an Eligible Investment) during the trailing twelve (12) month period, (4) a calculation of the aggregate Value of (x) the Eligible Primary Investments and (y) the Liquid Assets, and (5) a calculation of the Adjusted NAV, (B) to the extent the Borrower has not previously notified the

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Administrative Agent thereof, a summary of any acquisitions or dispositions of Eligible Investments in such calendar month and (C) to the extent not previously delivered to the Administrative Agent, New Investment Materials with respect any new Eligible Primary Investments made by any Credit Party or Holding Vehicle through the date such report is delivered (*provided*, that in no event shall this <u>clause (C)</u> require any Credit Party or Affiliate thereof to breach any (x) binding confidentiality obligations owed to any Investors, Investments or bona fide counterparties with respect thereto or (y) securities Laws, other similar Laws or insider trading policies with respect to Investments, and the Borrower will be permitted to redact any of the foregoing contents of any Monthly Report solely to the extent necessary to avoid any such breach).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;**Other Reporting**. Promptly following the delivery to the Investors, other financial statements and material periodic reports from time to time prepared by the Infra-Funds and/or the Credit Parties and furnished to Investors in one or more of the Infra-Funds generally, including without limitation, any annual reports, communications relating to any change to the net asset value of any Investment, and the liquidity of such Infra-Fund.

Notwithstanding anything in this <u>Section 8.1(a)</u> to the contrary, the Borrower shall be deemed to have satisfied the applicable requirements of this <u>Section 8.1(a)</u> if the reports, documents and other information of the type otherwise so required thereby are publicly available when filed on EDGAR at the www.sec.gov website or any successor service provided by the SEC.

&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;**Compliance Certificate**. (x<u>w</u>) As soon as available, but no later than five (5) Business Days after the date on which any quarterly financial reports are delivered pursuant to <u>Section 8.1(a)(ii)</u> hereof or any annual audited financial reports are delivered pursuant to <u>Section 8.1(a)(i)</u> hereof, (y<u>x</u>) promptly upon any Credit Party's knowledge that the LTV Ratio exceeds the Maximum LTV Ratio or the Interest Coverage Ratio has declined below the Minimum Interest Coverage Ratio, and (z<u>y</u>) on or prior to the Increase Effective Date pursuant to <u>Section 2.15(a)(iii)(10</u><u>) and (z) on or prior to the Temporary Increase Tranche Effective Date pursuant to Section 2.15(b)(iii)(8</u><u>)</u>, a compliance certificate, substantially in the applicable form of <u>Exhibit R</u> hereto (the "***Compliance Certificate***"), executed by a Responsible Officer of the Borrower, and (i) stating whether, to such Responsible Officer's knowledge, any Event of Default or Potential Default has occurred and is continuing; (ii) stating whether the applicable Credit Parties are in compliance with the Financial Covenants contained in <u>Section 9.17</u> and the Debt Limitations contained in <u>Section 9.11</u> hereof and containing the calculations evidencing such compliance and (iii) stating that, to the knowledge of the applicable Responsible Officer, no Material Investment Event has occurred and is continuing with respect to any Eligible Investment or if one has occurred, the nature of such Material Investment Event.

&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;**Financial Covenant Certificates**. The Borrower shall provide to the Administrative Agent a certificate, substantially in the applicable form of <u>Exhibit R</u> 

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hereto, certified by a Responsible Officer of the Borrower to be true and correct in all material respects, stating whether the applicable Credit Parties are in compliance with the Financial Covenants contained in <u>Section 9.17</u> and the Debt Limitations contained in <u>Section 9.11</u> hereof and containing a spreadsheet substantially in the form delivered on the Closing Date which includes the calculations evidencing such compliance (each a "***Financial Covenant Certificate***"): (i) on the effective date of any extension of the Stated Maturity Date pursuant to <u>Section 2.14</u> and any Increase Effective Date pursuant to <u>Section 2.15(a)</u> <u>or any Temporary Increase Effective Date pursuant to Section 2.15(b)</u>; and (ii) promptly following its knowledge, but not later than two (2) Business Days thereafter, of the occurrence of any Material Investment Event (calculated after giving effect thereto), which shall include a calculation of the Financial Covenants under <u>Section 9.17</u> hereof after giving effect to such Material Investment Event.

&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;**Borrowing Base Certificate**. The Borrower shall provide to the Administrative Agent a certificate, substantially in the applicable form of <u>Exhibit R</u> hereto, certified by a Responsible Officer of the Borrower to be true and correct in all material respects, setting forth a calculation of the Available Commitment, in each case, in reasonable detail as of such date on a spreadsheet substantially in the form delivered on the Closing Date: (i) in connection with the delivery of each quarterly Compliance Certificate in accordance with <u>Section 8.1(b)</u> hereof; (ii) in connection with any new Borrowing by, or issuance of Letter of Credit to, a Borrower; (iii) promptly following the occurrence of any Material Investment Event (calculated after giving effect thereto) and (iv) subject to <u>Section 9.14</u> hereof, prior to the sale, transfer or other disposition of any Eligible Investment, which results in such Investment (or any portion thereof) no longer being deemed an Eligible 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;**Funding Deficiencies**. No later than ten (10) days after becoming aware thereof, notice of any funding deficiencies with respect to any Plan maintained or sponsored by any Credit Party or member of its Controlled Group or to which any Credit Party or member of its Controlled Group has an obligation to contribute;

&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;**Material Investment Events**. Promptly, but not later than two (2) Business Days after knowledge of any Material Investment Event, notify the Administrative Agent of such Material Investment Event with respect to any Eligible 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Other Information**. (i) Such other information concerning the business, properties, or financial condition of such Credit Parties as the Administrative Agent shall reasonably request, and which information is not otherwise subject to confidentiality restrictions with third parties, and (ii) information and documentation reasonably requested by the Administrative Agent or any Lender (through the Administrative Agent) as reasonably required by the Administrative Agent or such Lender to comply with applicable "know your customer" requirements under the Patriot Act or other applicable anti-money laundering laws; 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;**Beneficial Ownership Certification.** Promptly following request from the Administrative Agent, the Borrower shall notify the Administrative Agent of any change in the information provided in the Borrower's Beneficial Ownership Certification (if any) that would result in a change to the list of beneficial owners identified in parts (c) or (d) of such certification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.2**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Taxes**. To the extent that failure to do so would (individually or in the aggregate) result in a Material Adverse Effect, each Credit Party will file, or cause to be filed, all Tax returns required to be filed by it in any jurisdiction, and pay all Taxes (including mortgage recording Taxes), assessments, fees, and other governmental charges or levies imposed upon it or upon any of its properties, income or franchises prior to the time that such Taxes become delinquent; <u>provided</u> that no Credit Party shall be required to pay any such Tax, assessment, charge, or levy if and so long as the amount, applicability, or validity thereof shall currently be contested in good faith by appropriate proceedings and appropriate reserves therefor have been established.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.3**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Existence and Rights**. Subject to the provisions of the Loan Documents, each Credit Party and its General Partner shall preserve and maintain its existence. Such Credit Party and its General Partner shall further preserve and maintain all of its rights, privileges, and franchises necessary in the normal conduct of its business and in accordance with all valid regulations and orders of any Governmental Authority, the failure of which would 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.4**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**. Each Credit Party shall furnish to the Administrative Agent, promptly upon becoming aware (and in no event later than the next Business Day after obtaining actual knowledge) at all times when any Principal Obligations are outstanding, and within five (5) Business Days, at all times when no Principal Obligations are outstanding, of the existence of any condition or event which constitutes (i) an Event of Default or a Potential Default, or (ii) any Trigger Event, a written notice specifying the nature and period of existence thereof and the action which such Credit Party is taking or proposes to take with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.5**&nbsp;&nbsp;&nbsp;&nbsp;**Other Notices**.

&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;Prior to or simultaneously with any delivery of a Request for Borrowing or Request for Letter of Credit, the Borrower shall disclose in writing to the Administrative Agent all material Proceedings pending, or to the knowledge of the Credit Parties, threatened against the Credit Parties which could 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower shall, promptly upon receipt of knowledge thereof, notify the Administrative Agent of any of the following events if such event would reasonably be expected to result in a Material Adverse Effect: (i) any change in the financial condition or business of any Credit Party; (ii) any default under any material agreement, contract, or other instrument to which any Credit Party is a party or by which any of its properties are bound, or any acceleration of the maturity of any material Indebtedness owing by a Credit Party; (iii) any uninsured claim against or affecting a Credit Party or any of its properties; or (iv) the commencement of, and any material determination in any Proceeding affecting any Credit Party.

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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)&nbsp;&nbsp;&nbsp;&nbsp;Each Credit Party shall promptly provide the Administrative Agent with a copy of any written notice received from the Investors of such Credit Party that such any such investors intend to exercise their right to remove the General Partner of any Credit Party in accordance with the applicable Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.6**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Loan Documents and Partnership Agreement.** Unless otherwise approved in accordance with the terms of this Credit Agreement (which approval, by such terms, may require more or fewer Lenders than the Required Lenders), such Credit Party and its General Partner shall promptly comply with any and all covenants and provisions of this Credit Agreement applicable to such parties, the Notes, and all of the other Loan Documents executed by such parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.7**&nbsp;&nbsp;&nbsp;&nbsp;**Operations and Properties**. Such Credit Party and its General Partner shall act in accordance with the Partnership Agreement of such Credit Party in managing or operating its assets, properties, business, and investments so as not to have a Material Adverse Effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.8**&nbsp;&nbsp;&nbsp;&nbsp;**Books and Records; Access**. Following five (5) Business Days prior written notice, each Credit Party and its General Partner shall give any representative of the Administrative Agent or the Lenders, or any of them, access during ordinary business hours to, and permit such representative to examine, copy, or make excerpts from, any and all books, records, and documents in the possession of the Credit Parties and relating to their affairs; <u>provided</u> that, so long as no Event of Default exists, any such inspection, which shall be at the Borrower's expense, shall be conducted no more than once in any twelve (12) month period, <u>provided</u> <u>further</u>, however, that if an Event of Default has occurred and is continuing, any such inspection may be conducted by representatives of the Administrative Agent and any Lender with reasonable prior notice and as many times as the Administrative Agent reasonably deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.9**&nbsp;&nbsp;&nbsp;&nbsp;**Compliance with Law**. Such Credit Party and its General Partner shall comply in all material respects with all material laws, rules, regulations, and all orders of any Governmental Authority, including without limitation, Environmental Laws and ERISA, except where the failure to comply would not 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.10**&nbsp;&nbsp;&nbsp;&nbsp;**Insurance**. Such Credit Party shall maintain liability insurance, and insurance on its present and future properties, assets, and businesses except where the failure to maintain 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;&nbsp;&nbsp;&nbsp;&nbsp;**8.11**&nbsp;&nbsp;&nbsp;&nbsp;**Authorizations and Approvals**. Such Credit Party shall promptly obtain, from time to time at its own expense, all such material governmental licenses, authorizations, consents, permits and approvals as may be required to enable such Credit Parties to comply with their respective obligations hereunder, under the other Loan Documents to which it is a party and its Constituent Documents, its depositary agreement, investment management agreement, subscription agreements and Infra-Fund Supplemental Agreements, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.12**&nbsp;&nbsp;&nbsp;&nbsp;**Maintenance of Liens**. Such Credit Party shall perform, all such acts and execute all such documents as the Administrative Agent may reasonably request in order to enable the Secured Parties to file and record every instrument that the Administrative Agent may reasonably deem necessary in order to perfect and maintain the Administrative Agent's first priority security interests (subject to any Permitted Liens) in and Liens on the Collateral

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.13**&nbsp;&nbsp;&nbsp;&nbsp;**Further Assurances**. Such Credit Party shall take such other actions, as the Administrative Agent may, from time to time, reasonably deem necessary or proper in connection with this Credit Agreement or any of the other Loan Documents, the Obligations of such Credit Party hereunder or thereunder for better assuring and confirming unto the Lenders all or any part of the security for any of such Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.14**&nbsp;&nbsp;&nbsp;&nbsp;**Additional Borrowers or Guarantors**. Subject to <u>Section 2.9</u>, in the event that any present or future Investment (other than, as long as the economic ownership interest represented thereby is less than or equal to 0.1% of the amount of such Investment by the Infra-Funds in the aggregate, any Investment constituting or held through the Aggregator I Excluded Share) having a fair value at any time equal to or greater than $5,000,000, as determined in accordance with the Valuation Policy and the Generally Accepted Accounting Principles is transferred to or acquired by an Infra-Fund through one or more corporations, limited liability companies, limited partnerships, exempted limited partnerships, exempted companies or other similar entities, including any vehicles used to aggregate such holdings (each an "***Intermediate Entity***") and such Investment is not held directly or indirectly through one or more Credit Parties, the Borrower shall notify the Administrative Agent thereof, and shall cooperate with the Administrative Agent in good faith to jointly determine which Intermediate Entity or Intermediate Entities shall be required to become a Borrower or Guarantor hereunder, as elected by the Borrower (it being understood that (x) subject to the consent of the Administrative Agent (acting in its reasonable discretion), the Borrower will be permitted to designate the applicable Intermediate Entity or Intermediate Entities so long as such Intermediate Entities directly or indirectly hold 100% of the aggregate interests in the applicable Investment, and (y) such requirement shall not apply to the extent the Borrower and the Administrative Agent mutually agree in good faith that the cost, burden, difficulty or consequence of causing such Intermediate Entity or Intermediate Entities to become Borrowers hereunder outweighs the benefit thereof). Each such Intermediate Entity shall execute and deliver a Borrower Joinder Agreement or Guarantor Joinder Agreement and such other documents and items as set forth in <u>Section 6.3(b)</u> or <u>Section 6.4(b)</u>, in each case, as applicable, no later than thirty (30) Business Days (or such longer period reasonably acceptable to the Administrative Agent) from the date of such determination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.16**&nbsp;&nbsp;&nbsp;&nbsp;**Notices to Investors.** Each Credit Party shall give all notices to its Investors required pursuant to the applicable Partnership Agreement regarding the entry by such Credit Parties into the Loan Documents in the time periods, if any, required for such notices under the applicable Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.17**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Matters**. Such Credit Party agrees to use commercially reasonable efforts to promptly provide notice to the Administrative Agent in writing if the Borrower has reason to believe that the assets of such Credit Party (or its General Partner) constitute Plan Assets of any ERISA Investor.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.18**&nbsp;&nbsp;&nbsp;&nbsp;**Register of Mortgages and Charges**. Any Credit Party that is a Cayman Islands limited liability company or a Cayman Islands exempted company shall, immediately upon execution of the Collateral Documents, instruct its registered office to update its register of mortgages and charges to reflect the security granted by such Credit Party pursuant to the terms of the Collateral Documents, in form and substance acceptable to the Administrative Agent and shall deliver a copy of the updated register of mortgages and charges to the Administrative Agent within five (5) Business Days of such execution.

**Section 9.&nbsp;&nbsp;&nbsp;&nbsp;NEGATIVE COVENANTS OF THE CREDIT PARTIES**

So long as the Lenders have any commitment to lend hereunder or to cause the issuance of any Letter of Credit hereunder, and until payment and performance in full of the Obligations (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) under this Credit Agreement and the other Loan Documents, each Credit Party agrees that, without the written consent of the Administrative Agent, based upon the approval of the Required Lenders (unless the approval of the Administrative Agent alone or a different number of the Lenders is expressly permitted below):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.1**&nbsp;&nbsp;&nbsp;&nbsp;**Mergers, Etc.** Except as otherwise provided in the Loan Documents, such Credit Party shall not take any actions (a) to merge, amalgamate or consolidate with or into any Person, unless a Credit Party is the surviving or continuing entity, (b) except as permitted by <u>clause (a)</u>, that will dissolve or terminate such Credit Party, or (c) to Divide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.2**&nbsp;&nbsp;&nbsp;&nbsp;**Negative Pledge**. Without the approval of each Lender, no Credit Party or Holding Vehicle shall create, permit or suffer to exist any Lien (i) upon the Collateral (or any Lien upon any "security entitlement", as such term is defined in the UCC, relating to any Collateral Account), or (ii) upon the interest of such Credit Party or any Holding Vehicle in any assets or property of such Credit Party or Holding Vehicle, other than the following ("***Permitted Liens***"): (A) Liens in favor of the Administrative Agent, for the benefit of the Secured Parties, pursuant to the Collateral Documents or as otherwise contemplated by the Loan Documents, (B) Liens securing Indebtedness permitted under <u>Section 9.11</u>, (C) Liens of the Depository Bank holding the Collateral Accounts which arise as a matter of law on items in the course of collection or encumbering deposits or other similar Liens (including the right of set-off), and (D) non-consensual Liens (other than judgment liens in respect of judgments that constitute an Event of Default under <u>Section</u> <u>10.1(j)</u>), if any, imposed on the property of any Credit Party not yet delinquent or being contested in good faith by appropriate proceedings so long as such Credit Party has set aside on its books adequate reserves with respect thereto in accordance with Generally Accepted Accounting Principles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.3**&nbsp;&nbsp;&nbsp;&nbsp;**Fiscal Year and Accounting Method**. Such Credit Party shall not change its fiscal year or its method of accounting, other than in accordance with the terms of its Partnership Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.4**&nbsp;&nbsp;&nbsp;&nbsp;**Partnership Agreements**(a)&nbsp;&nbsp;&nbsp;&nbsp;. Except as otherwise provided in this Credit Agreement, no Credit Party or Infra-Fund Subscription Entity shall alter, amend, modify, terminate, or change any provision of its Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or, solely in respect of <u>clause (vii)</u>, any Memorandum, if any such Proposed Amendment (hereinafter defined) would (i) adversely

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affect the rights, powers, remedies and privileges of the Lenders hereunder, (ii) impair the Lenders' rights in the Collateral or adversely affect the rights, titles, first priority security interests (subject to any Permitted Liens) and Liens, and powers and privileges of the Lenders hereunder, (iii) adversely affect any Credit Party's debts, duties, obligations, and liabilities, or rights, titles, security interests, Liens, powers and privileges, in any case, relating to the Collateral, or any Credit Party's rights to receive Portfolio Investment Distributions; (iv) modify the Debt Limitations imposed on the applicable Credit Party in a manner that would allow such Credit Party to incur or suffer to exist additional Indebtedness, other than as permitted by <u>Section 9.11</u> hereof; (v) change its fiscal year or its method of accounting, other than in accordance with the terms of its Constituent Documents, (vi) modify or alter any provision relating to the Distribution Reinvestment Plan or Unit Repurchase Program in a manner materially adverse to Lenders (e.g., providing for reinvestment pursuant to the Distribution Reinvestment Plan or repurchase of Units pursuant to the Unit Repurchase Program without taking into account outstanding Obligations) or (vii) in the case of any Memorandum, override any provision of a Partnership Agreement or any other Constituent Document that would otherwise constitute a material amendment of such Partnership Agreement or other Constituent Document pursuant to the preceding <u>clauses (i)</u> through <u>(vi)</u> (each a "***Material Amendment***").

With respect to any proposed alteration, amendment, modification, termination or change affecting any applicable provisions of any Credit Party's or Infra-Fund Subscription Entity's Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or any Memorandum, in each case, described in <u>clauses (i)</u> through <u>(vi)</u> in the foregoing paragraph (each, a "***Proposed Amendment***"), the applicable Credit Party shall notify the Administrative Agent of such proposal. The Administrative Agent shall determine, in its sole reasonable discretion (i.e., the determination of the other Lenders shall not be required) and on its good faith belief, whether such Proposed Amendment would constitute a Material Amendment within three (3) Business Days of the date on which it is deemed to have received such notification in accordance with <u>Section 12.6</u> hereof and shall promptly notify the applicable Credit Parties of its determination. If the Administrative Agent determines that the Proposed Amendment is a Material Amendment, the approval of the Required Lenders shall be required (unless the approval of all Lenders is otherwise required consistent with the terms of this Credit Agreement), and the Administrative Agent shall promptly notify the Lenders of such request for such approval, distributing, as appropriate, the Proposed Amendment and any other relevant information provided by the Credit Parties; subject to <u>Section 12.1</u> hereof, the Lenders shall have five (5) Business Days from the date of such notice from the Administrative Agent to deliver their approval or denial thereof. If the Administrative Agent determines that the Proposed Amendment is not a Material Amendment, the applicable Credit Party may make such amendment without the consent of the Lenders.

Notwithstanding the foregoing, any Credit Party may, without the consent of the Administrative Agent or the Lenders (and without submitting the Proposed Amendment to the Administrative Agent for determination as described above), amend its applicable Partnership Agreement or other Constituent Documents: (a) [reserved]; (b) to reflect transfers of interests in the applicable Credit Party to the extent permitted by the Loan Documents; (c) to modify the Debt Limitations imposed on the applicable Credit Party in a manner that reduces the amount of

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Indebtedness such Credit Party may incur or suffer to exist, to the extent it does not affect outstanding Obligations; (d) with respect to the Valuation Policy, to comply with guidelines issued by a Governmental Authority; and (e) to cure any ambiguity, correct or supplement any provision of such Partnership Agreement or any other Constituent Document, Investment Policy, the Valuation Policy or any Memorandum which is incomplete or inconsistent with any other provision thereof (the effect of which shall be immaterial to the Lenders), correct any printing, stenographic or clerical error or effect changes of an administrative or ministerial nature which do not materially increase the authority of a General Partner or adversely affect the rights of the Lenders or to fix any other obvious error or any other error or omission of a technical or immaterial nature; <u>provided</u> that the applicable Credit Party shall promptly provide to the Administrative Agent a copy of any such amendment which does not require the consent of the Administrative Agent or the Lenders and an executed copy of any amendment consented to by the Administrative Agent or the Lenders; <u>provided</u> that the applicable Credit Party shall promptly provide to the Administrative Agent a copy of any such amendment which does not require the consent of the Administrative Agent or the Lenders and an executed copy of any amendment consented to by the Administrative Agent or the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.5**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.6**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.7**&nbsp;&nbsp;&nbsp;&nbsp;**ERISA Compliance**. Except as would not reasonably be expected to result in a Material Adverse Effect, no Credit Party or any member of its respective Controlled Group shall maintain, have an obligation to contribute to, or have any liability (contingent or otherwise) with respect to any Plan. Such Credit Party shall not take any action that would reasonably be expected to cause it to fail to meet an exception under the Plan Asset Regulations which prevents the assets of such Credit Party from being Plan Assets of an ERISA Investor which would result in a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Internal Revenue Code in connection with the performance of such Credit Party under this Credit Agreement or any other Loan Documents subjecting any Lender to a tax or penalty on non-exempt prohibited transactions imposed under Section 4975 of the Internal Revenue Code or Section 502(i) of ERISA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.8**&nbsp;&nbsp;&nbsp;&nbsp;**Dissolution**. Except as permitted by <u>Section 9.1</u> hereof, without the prior written consent of all Lenders (in their sole discretion), the Credit Parties shall not take any action to terminate or dissolve.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.9**&nbsp;&nbsp;&nbsp;&nbsp;**Environmental Laws**. Such Credit Party shall not take any action that would violate any applicable Environmental Law, except to the extent such violation would not 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;&nbsp;&nbsp;&nbsp;&nbsp;**9.10**&nbsp;&nbsp;&nbsp;&nbsp;**Limitations on Distributions and Redemptions**. No Credit Party shall make, pay or declare any Distribution (other than Permitted Tax Distributions) (i) during the existence of an Event of Default or a Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof, if there are any Principal Obligations or accrued and unpaid interest thereon outstanding, (ii) during the continuance of a Review Event if the Borrower has not presented a Review Event Cure Plan to the Administrative Agent or if it has been presented but has not yet been agreed, (iii) during the continuance of a Review Event if the Borrower is not in compliance with the agreed Review Event Cure Plan, (iv) during the continuance of a

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violation of any of the Financial Covenants (including after giving pro forma effect to any such Distribution), and (v) during the continuance of any other Cash Control Event. "***Distribution***" means any distributions (whether or not in cash), direct or indirect, on account of any Equity Interest in a Credit Party, including as a dividend or other distribution and on account of the purchase, redemption, retirement or other acquisition of any such Equity Interest. For the avoidance of doubt, there shall be no limitation on the right of any General Partner, the AIFM or the Advisor or their respective Affiliates (each such party, a "***Stonepeak Related Party***") to receive management or other fees under the applicable Partnership Agreement; <u>provided</u>, that no management or other fees shall be paid to any Stonepeak Related Party from any Collateral during any time that withdrawals from the Collateral Accounts are prohibited pursuant to <u>Section 9.12</u> hereof. Notwithstanding the foregoing, the Borrower shall comply with the limitations on Distributions with the proceeds of Loans and Letters of Credit set forth in <u>Section 2.10</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.11**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Indebtedness.** No Credit Party or Holding Vehicle shall (a) incur, assume or suffer to exist any Indebtedness, except as permitted by its respective Partnership Agreement; (b) incur or assume any Indebtedness to the extent the incurrence or assumption thereof would violate the Financial Covenants; (c) without the consent of the Administrative Agent and the Required Lenders, (i) in the case of any Credit Party, incur or assume any Indebtedness for Borrowed Money or Guaranty Obligations in respect of such Indebtedness for Borrowed Money (in each case, excluding the Obligations) in excess of 1% of NAV, in an aggregate outstanding principal amount at any one time or (ii) in the case of any Holding Vehicle, incur or assume any Indebtedness that is secured by or otherwise recourse to any other Holding Vehicle's (other than another Holding Vehicle that holds the same Investment(s) as such Holding Vehicle) interest in any other Investment, other than where such Indebtedness is attributable to Hedging Agreements, the "***Debt Limitations***").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.12**&nbsp;&nbsp;&nbsp;&nbsp;**Limitation on Withdrawals From the Collateral Accounts**. Without the prior written consent of the Administrative Agent, no Credit Party shall make or cause the making of any withdrawal or transfer of funds from its Collateral Account (i) during the existence of an Event of Default or a Potential Default under <u>Section 10.1(a)</u>, <u>(d)</u>, <u>(f)</u>, <u>(h)</u>, <u>(i)</u>, <u>(k)</u>, <u>(l)</u>, <u>(o)</u> or <u>(q)</u> hereof, if there are any Principal Obligations or accrued and unpaid interest thereon outstanding, (ii) during the continuance of a Review Event if the Borrower is not in compliance with the agreed Review Event Cure Plan, (iii) during the continuance of a violation of any of the Financial Covenants (including any breach of the Financial Covenants after giving pro forma effect to any such withdrawal or transfer), and (iv) during the continuance of any other Cash Control Event, unless such withdrawal shall be used (a) to pay or repay any outstanding Obligations in accordance with this Credit Agreement or (b) for purposes of making Permitted Tax Distributions (it being understood that during the continuance of an Event of Default under Section <u>10.1(a)</u>, <u>(h)</u> or <u>(i)</u> hereof, any amounts so withdrawn pursuant to this <u>clause (b)</u> shall first be applied to repay any outstanding amounts described in <u>clause (a)</u> above); <u>provided</u> that, if the Administrative Agent shall have exercised its rights under any Collateral Account Control Agreement to obtain exclusive control of the applicable Collateral Account, then the applicable Credit Party may request that the Administrative Agent withdraw such funds on such Credit Party's behalf as are necessary to make Permitted Tax Distributions or pay or repay outstanding Obligations in

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accordance with this Credit Agreement (and, in respect of such amounts hereunder, the Administrative Agent shall then be authorized to apply such withdrawn funds to such amounts then due and payable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.13**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.14**&nbsp;&nbsp;&nbsp;&nbsp;**Transfers of Investments**. No Credit Party shall, nor shall it permit any Holding Vehicle which it directly or indirectly controls to (or, in the case of any other Holding Vehicle of such Credit Party, vote or consent to), sell, transfer or otherwise dispose of (all or a portion of) an Investment to any Person 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;for fair value, as determined by such Credit Party, in accordance with the Valuation Policy; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;in an arm's length transaction (or otherwise in accordance with such Credit Party's Partnership Agreement).

Notwithstanding the foregoing, no Credit Party shall, nor shall it permit any Holding Vehicle which it directly or indirectly controls to (or, in the case of any Holding Vehicle of such Credit Party, vote or consent to), sell, transfer or otherwise dispose of an Investment to any Person: (i) if there are any Obligations outstanding, while an Event of Default under <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> has occurred or any other Event of Default which has occurred and is continuing <u>(in the case of any sale, transfer or other disposition that was committed to by the applicable Credit Party in writing prior to the occurrence of such an Event of Default,</u> for a period of thirty (30) consecutive days<u>)</u>; and/or (ii) to the extent a breach of a Financial Covenant or an Excess Prepayment Event would result therefrom, in each case unless, (x) the Net Cash Proceeds of such disposition shall be applied to repay the Obligations of the Borrower in accordance with <u>Section 2.1(d)</u>; or (y) such transfer or disposition is to any other Credit Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.15**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.16**&nbsp;&nbsp;&nbsp;&nbsp;**Sanctions**. No Borrower will request any Borrowing, and the Borrower shall not directly or indirectly use the proceeds of any Borrowing, (i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or in any Sanctioned Country in violation of any applicable Sanctions, or (iii) in any manner that would result in the violation by the Lenders of any Sanctions or Anti-Corruption Laws. In addition, no Credit Party shall become a Sanctioned Person during the term of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.17**&nbsp;&nbsp;&nbsp;&nbsp;**Financial Covenants**.

&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;*Maximum LTV Ratio.* As of all dates of determination, the LTV Ratio shall be less than or equal to 25% (the "***Maximum LTV Ratio***").

&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;*Minimum Interest Coverage Ratio.* As of all dates of determination, the Interest Coverage Ratio shall be at least 3.5:1.0 (the "***Minimum Interest Coverage Ratio***").

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**Section 10.&nbsp;&nbsp;&nbsp;&nbsp;EVENTS OF DEFAULT**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.1**&nbsp;&nbsp;&nbsp;&nbsp;**Events of Default**. An "***Event of Default***" shall exist if any one or more of the following events (herein collectively called "***Events of Default***") shall occur and be continuing (whatever the reason for such event and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body):

&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;(i) the Borrower shall fail to pay when due (in the applicable Currency as required by <u>Section 2.1(f)</u> hereof), any principal of its Obligations, including any failure to pay any amount required to be paid by it under <u>Section 2.1(d)</u> hereof; or (ii) the Borrower shall fail to pay when due, any interest on its Obligations or any fee, expense, indemnity or other payment required to be paid by it hereunder, including, without limitation, payment of cash for deposit as cash collateral under <u>Section 2.1(e)</u> hereof; provided in respect of <u>clause (ii)</u> such failure shall continue for three (3) Business Days following the date such amount was required to be paid by it 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;any representation or warranty made by or on behalf of the Credit Parties (in each case, as applicable) under this Credit Agreement, or any of the other Loan Documents executed by any one or more of them, or in any certificate or statement furnished or made to the Lenders or any one of them by the Credit Parties (in each case, as applicable) pursuant hereto, in connection herewith or with the Loans, or in connection with any of the other Loan Documents, shall prove to be untrue or inaccurate in any material respect as of the date on which such representation or warranty is made and the adverse effect of the failure of such representation or warranty shall not have been cured within thirty (30) days after written notice thereof is delivered to the Borrower by 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;default shall occur in the performance of: (i) any of the covenants or agreements contained herein (other than the covenants contained in <u>Sections 1.7(b), 2.1(d)</u>, <u>2.1(e)</u>, <u>5.1(a), 5.2(a), 8.1(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e)</u>, <u>(i)</u>, <u>8.3 (solely as to existence)</u>, <u>8.4</u>, <u>8.5</u>, <u>8.8</u>, <u>8.12</u>, <u>8.14</u>, <u>8.18,</u> and <u>Sections 9.1</u> through <u>9.16</u> hereof) by the Credit Parties or any General Partner, as applicable; or (ii) the covenants or agreements of the Credit Parties or any General Partner, as applicable, contained in any other Loan Documents executed by such Person, and such default shall continue uncured to the satisfaction of the Administrative Agent for a period of thirty (30) days after the earlier of: (x) written notice thereof has been given by the Administrative Agent to the Borrower; or (y) the Administrative Agent has been notified or should have been notified of such default pursuant to <u>Section 8.4</u> or <u>Section 8.5</u> hereof; <u>provided</u> that if such default is not susceptible of being cured with diligence within said thirty (30)-day period, but, in the reasonable determination of Administrative Agent, is susceptible of being cured within an additional period, then such period may be extended by the Administrative Agent after consulting with the Required Lenders, for such additional period of time, not to exceed an additional thirty (30) days, as may reasonably be necessary to cure the same; <u>provided</u> that the applicable Credit Parties or General Partner commences such cure within such thirty (30) day period and diligently prosecutes the same until its completion;

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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;(d)&nbsp;&nbsp;&nbsp;&nbsp;default shall occur in the performance of any of the covenants or agreements of the Borrower or any other Credit Party contained in <u>Section 2.1(d)</u> (other than with respect to failure to comply with a Review Event Cure Plan) or <u>(e)</u> or <u>Section 5.1(a)</u> or Section <u>5.2(a),</u> hereof, <u>Section 8.3</u> (solely as to existence) or any one of <u>Sections 9.1</u> through <u>9.16</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;(e)&nbsp;&nbsp;&nbsp;&nbsp;(i) default shall occur in the performance of any one of the covenants contained in <u>Sections 8.1(a)</u>, <u>(b)</u>, <u>(c)</u>, <u>(d)</u>, <u>(e),</u> and <u>(i)</u>, <u>8.5</u>, <u>8.8</u>, <u>8.12, 8.14</u> or <u>8.18</u> of this Credit Agreement and such default shall continue uncured for five (5) Business Days after written notice thereof is given to the Borrower by the Administrative Agent; or (ii) default shall occur in the performance of any one of the covenants contained in <u>Section 8.4</u> of this Credit Agreement and such default shall continue uncured for five (5) Business Days after the earlier of (a) written notice thereof is given to the Borrower by the Administrative Agent or (b) the knowledge of a Responsible Officer of any Credit Party of the occurrence of such breach;

&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;other than in compliance with the explicit provisions of the Loan Documents, any of the Loan Documents executed by any of the Credit Parties party thereto: (i) shall cease, in whole or in material part, to be legal, valid, binding agreements enforceable against such Credit Parties, as the case may be, in accordance with the terms thereof; (ii) shall in any way be terminated or become or be declared ineffective or inoperative except in accordance with its terms thereof; or (iii) shall in any way whatsoever cease to give or provide the respective first priority Liens (subject to any Permitted Liens), security interest, rights, titles, interest, remedies, powers, or privileges intended to be created thereby (other than, in each case, solely as the result of an action or failure to act on the part of the Administrative Agent); <u>provided</u> that if any of the events set forth in the foregoing <u>clauses (i)</u>, <u>(ii)</u> and <u>(iii)</u> occur as a result of a change in any applicable Law, and is in the reasonable judgment of the Administrative Agent susceptible of being cured, then the Administrative Agent shall be permitted to provide the Borrower up to thirty (30) days from the date thereof to cure a default arising under this <u>Section 10.1(f)</u> to the reasonable satisfaction of 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;(g)&nbsp;&nbsp;&nbsp;&nbsp;default shall occur with respect to the payment of any recourse Indebtedness or Guaranty Obligations of the Credit Parties in an aggregate amount of the Dollar Equivalent of 3.5% of NAV or more, and such default shall continue for more than the applicable period of grace or cure, if any; or any non-monetary default occurs in respect of such Indebtedness which permits such Indebtedness to become due before its stated maturity by acceleration of the maturity 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;(h)&nbsp;&nbsp;&nbsp;&nbsp;any Credit Party, the Advisor or Stonepeak Partners shall: (i) apply for or consent to the appointment of a receiver, interim receiver, receiver and manager, trustee, custodian, intervenor, liquidator or provisional liquidator of itself or of all or a substantial part of its assets; (ii) file a voluntary petition in bankruptcy or admit in writing that it is unable to pay its debts as they become due; (iii) make a general assignment for the benefit of creditors; (iv) file a petition or answer seeking reorganization or an

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arrangement with creditors or to take advantage of any Debtor Relief Laws; (v) file an answer admitting the material allegations of, or consent to, or default in answering, a petition filed against it in any bankruptcy, reorganization or insolvency proceeding; (vi) take partnership, limited partnership, exempted limited partnership, limited liability company or corporate action for the purpose of effecting any of the foregoing; or (vii) take any analogous procedure or step in any other 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;an order, order for relief, judgment or decree shall be entered by any court of competent jurisdiction or other competent authority approving a petition seeking reorganization of any Credit Party, the Advisor or Stonepeak Partners, or appointing a receiver, interim receiver, receiver and manager, custodian, trustee, intervenor, liquidator or provisional liquidator of any Credit Party, the Advisor or Stonepeak Partners, or of all or substantially all of its assets, and such order, judgment or decree shall continue unstayed and in effect for a period of sixty (60) 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;(j)&nbsp;&nbsp;&nbsp;&nbsp;any final judgment(s) for the payment of money in excess of the sum of the Dollar Equivalent of the lesser of (i) $50,000,000 and (ii) 5% of NAV, in the aggregate shall be rendered against any Credit Party and such judgment is not stayed, discharged or vacated after a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Credit Party to enforce any such judgment, unless such judgment is covered by insurance or bonded or unless it is being appealed and such Credit Party has posted a bond or cash 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;(k)&nbsp;&nbsp;&nbsp;&nbsp;a Minimum Interest Coverage Ratio Breach has occurred and is continuing, and (i) the Borrower has failed to make a prepayment as required by <u>Section 2.1(d)(iii)</u> or (ii) the Borrower makes three or more ICR Cure Payments in any twelve month 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;(l)&nbsp;&nbsp;&nbsp;&nbsp; a Maximum LTV Ratio Breach has occurred and is continuing, and the Borrower has failed to make a prepayment as required by <u>Section 2.1(d)(ii)</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;(m)&nbsp;&nbsp;&nbsp;&nbsp;a Review Event Cure Plan has been agreed in respect of a then-continuing Review Event, and the Borrower have failed to comply with the terms of such Review Event Cure Plan and such failure continues for ten (10) Business Days after notice from the Administrative Agent or the Required 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;(n)&nbsp;&nbsp;&nbsp;&nbsp;with respect to any Credit Party, the assets of such Credit Party shall be treated as Plan Assets of any ERISA Investor and such condition gives rise to a non-exempt prohibited transaction under Section 406(a) of ERISA or Section 4975(c)(1)(A)-(C) of the Internal Revenue Code subjecting the Administrative Agent and/or Lenders to any tax or penalty on prohibited transactions imposed under Section 4975 of the Internal Revenue Code or Section 502(i) of ERISA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o)&nbsp;&nbsp;&nbsp;&nbsp;any General Partner of a Credit Party shall cease to be the general partner or managing member, as applicable, or shall withdraw or resign as the general partner or

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managing member, as applicable, of such Credit Party (except in the case of the appointment of a successor general partner or managing member that is an Affiliate of Stonepeak Partners reasonably acceptable to the Administrative Agent), or any General Partner of a Credit Party shall be removed as a general partner or managing member, as applicable, of such Credit Party or the requisite percentage of Investors shall notify any Credit Party of their intent to seek the removal of such entity's General Partner under the applicable Partnership Agreement to the extent such Investors are permitted to so remove such General Partner under the terms of the applicable Partnership Agreement (provided, that it shall no longer be deemed an Event of Default pursuant to this <u>Section 10.1(o)</u> if the corresponding vote for removal does not succeed in removing such General Partner);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p)&nbsp;&nbsp;&nbsp;&nbsp;upon the occurrence of a Change of Control; 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;(q)&nbsp;&nbsp;&nbsp;&nbsp;except as permitted by <u>Section 9.1</u> hereof, an event shall occur that causes a dissolution or liquidation of any Credit Party or General Partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.2**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies Upon Event of Default**. If an Event of Default shall have occurred and be continuing, then the Administrative Agent may (or shall if so directed by the Required Lenders): (a) suspend the Lender Commitments of the Lenders until such Event of Default is cured or waived; (b) terminate the Lender Commitment of the Lenders hereunder; (c) declare the principal of, and all interest then accrued on, the Obligations to be forthwith due and payable (including the liability to fund the Letter of Credit Liability pursuant to <u>Section 2.8(g)</u> hereof), whereupon the same shall forthwith become due and payable without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind (other than notice of such declaration) all of which the Borrower hereby expressly waives, anything contained herein or in any other Loan Document to the contrary notwithstanding; (d) exercise any right, privilege, or power set forth in <u>Sections 5.2</u> and <u>5.3</u> hereof or in the Collateral Documents; or (e) without notice of default or demand, pursue and enforce any of the Administrative Agent's or the Lenders' rights and remedies under the Loan Documents, or otherwise provided under or pursuant to any applicable Law or agreement; <u>provided</u> that the Administrative Agent may select which remedies to exercise unless otherwise directed by the Required Lenders, in which case the Administrative Agent will exercise such remedies as directed by the Required Lenders, and <u>provided</u> <u>further</u> that if any Event of Default specified in <u>Section 10.1(h)</u> or <u>10.1(i)</u> hereof shall occur, the principal of, and all interest on, the Obligations shall thereupon become due and payable concurrently therewith, without any further action by the Administrative Agent or the Lenders, or any of them, and without presentment, demand, protest, notice of default, notice of acceleration, or of intention to accelerate or other notice of any kind, all of which each of the Borrower hereby expressly waives.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.3**&nbsp;&nbsp;&nbsp;&nbsp;**Performance by the Administrative Agent**. Should any Credit Party fail to perform any covenant, duty, or agreement contained herein or in any of the Loan Documents to which it is a party, and such failure continues beyond any applicable cure period, the Administrative Agent may (pursuant to such Loan Documents) but shall not be obligated to, perform or attempt to perform such covenant, duty, or agreement on behalf of such Person. In such event, the applicable Credit Parties shall, at the request of the Administrative Agent,

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promptly pay any amount expended by the Administrative Agent in such performance or attempted performance to the Administrative Agent at its designated Agency Services Address, together with interest thereon at the Default Rate from the date of such expenditure until paid. Notwithstanding the foregoing, it is expressly understood that neither the Administrative Agent nor the Lenders assume any liability or responsibility for the performance of any duties of the Credit Parties, or any related Person hereunder or under any of the Loan Documents or other control over the management and affairs of the Borrower, or any related Person, nor by any such action shall the Administrative Agent or the Lenders be deemed to create a partnership arrangement with any Credit Party, or any related Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.4**&nbsp;&nbsp;&nbsp;&nbsp;**[Reserved]**.

**Section 11.&nbsp;&nbsp;&nbsp;&nbsp;AGENTS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.1**&nbsp;&nbsp;&nbsp;&nbsp;**Appointment**.

&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;**Authority of the Administrative Agent**. Each Lender hereby designates and appoints ING, as the Administrative Agent of such Lender to act as specified herein and the other Loan Documents, and each such Lender hereby authorizes the Administrative Agent, as the agent for such Lender, to take such action on its behalf under the provisions of this Credit Agreement and the other Loan Documents and to exercise such powers and perform such duties as are expressly delegated to the Administrative Agent by the terms hereof and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary elsewhere herein and in the other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Credit Agreement or any of the other Loan Documents, or shall otherwise exist against the Administrative Agent. The provisions of this <u>Section 11</u> are solely for the benefit of the Administrative Agent and the Lenders and none of the Credit Parties or any Affiliate of the foregoing (each, a "***Borrower Party***") or any Investor or its Affiliates shall have any rights as a third-party beneficiary of the provisions hereof (except for the provisions that explicitly relate to the Credit Parties in <u>Section 11.10</u> hereof). In performing its functions and duties under this Credit Agreement and the other Loan Documents, the Administrative Agent shall act solely as an agent of the Lenders and does not assume and shall not be deemed to have assumed any obligation or relationship of agency or trust with or for the Borrower 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Release of Collateral**. The Secured Parties irrevocably authorize the Administrative Agent, at the Administrative Agent's option and in its sole discretion, to release any security interest in or Lien on any Collateral granted to or held by the Administrative Agent: (i) upon termination of this Credit Agreement and the other Loan Documents, termination of the Lender Commitments and all Letters of Credit and payment in full of all of the Obligations, including all fees and indemnified costs and expenses that are then due and payable pursuant to the terms of the Loan Documents; (ii) pursuant to any express provision of a Loan Document; and (iii) if approved by the Lenders pursuant to the terms of <u>Section 12.1</u>. Upon the request of the Administrative

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Agent, the Lenders shall confirm in writing the Administrative Agent's authority to release particular types or items of Collateral pursuant to this <u>Section 11.1(b)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.2**&nbsp;&nbsp;&nbsp;&nbsp;**Delegation of Duties**. The Administrative Agent may execute any of its duties hereunder or under the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of legal counsel, accountants, and other professionals selected by the Administrative Agent concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible to any Lender for the negligence or misconduct of any agents or attorneys-in-fact selected by it with reasonable care, nor shall it be liable for any action taken or suffered in good faith by it in accordance with the advice of such Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.3**&nbsp;&nbsp;&nbsp;&nbsp;**Exculpatory Provisions**. Neither the Administrative Agent nor any of its Affiliates, nor any of their respective officers, directors, employees, agents or attorneys-in-fact, shall be liable to any Lender for any action lawfully taken or omitted to be taken by it or such Person under or in connection herewith or in connection with any of the other Loan Documents (except for its or such Person's own gross negligence or willful misconduct) or responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties made by any of the Borrower Parties contained herein or in any of the other Loan Documents or in any certificate, report, document, financial statement or other written or oral statement referred to or provided for therein, or received by the Administrative Agent under or in connection herewith or in connection with the other Loan Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of a Borrower Party to perform its obligations hereunder or thereunder. The Administrative Agent shall not be responsible to any Lender for the effectiveness, genuineness, validity, enforceability, collectability or sufficiency of this Credit Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements made herein or therein or made by any Borrower Party in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by the Administrative Agent to the Lenders or by or on behalf of the Borrower Parties to the Administrative Agent or any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions, provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Loans or the use of the Letters of Credit or of the existence or possible existence of any Potential Default or Event of Default or to inspect the properties, books or records of the Borrower Parties. The Administrative Agent is not a trustee for the Lenders and owes no fiduciary duty to the Lenders hereunder and/or pursuant to the Collateral Agreements. Each Lender recognizes and agrees that the Administrative Agent shall not be required to determine independently whether the conditions described in <u>Section 6.2(a)</u> or <u>6.2(b)</u> hereof have been satisfied and, when the Administrative Agent disburses funds to the Borrower, or causes Letters of Credit to be issued, it may rely fully upon statements contained in the relevant requests by the Borrower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.4**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance on Communications**. The Administrative Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, email, cablegram, telegram, telecopy, telex or teletype message, statement, order or other document or conversation believed by it to be genuine and

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correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including, without limitation, counsel to any of the Borrower Parties, independent accountants and other experts selected by the Administrative Agent with reasonable care). The Administrative Agent may deem and treat each Lender as the owner of its interests hereunder for all purposes unless an Assignment and Acceptance Agreement shall have been delivered to the Administrative Agent in accordance with <u>Section 12.11(c)</u> hereof*.* The Administrative Agent shall be fully justified in failing or refusing to take any action under this Credit Agreement or under any of the other Loan Documents unless it shall first receive such advice or concurrence of the Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of the Required Lenders (or to the extent specifically required, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and assigns).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.5**&nbsp;&nbsp;&nbsp;&nbsp;**Notice of Default**. The Administrative Agent shall not be deemed to have knowledge or notice of the occurrence of any Potential Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender or a Borrower Party referring to the Loan Document, describing such Potential Default or Event of Default and stating that such notice is a "notice of default." In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect to such Potential Default or Event of Default as shall be reasonably directed by the Required Lenders and as is permitted by the Loan Documents.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.6**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Reliance on the Administrative Agent and the Lenders**. Each Lender expressly acknowledges that neither the Administrative Agent nor any of its Affiliates nor any of their respective officers, directors, employees, agents or attorneys-in-fact has made any representations or warranties to it and that no act by the Administrative Agent or any Affiliate thereof hereinafter taken, including any review of the affairs of the Borrower Party, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties and made its own decision to make its Loans hereunder and enter into this Credit Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent 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 analysis, appraisals and decisions in taking or not taking action under this Credit Agreement, and to make such investigation as it deems necessary to inform itself as to the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower Parties. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any

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Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of the Borrower Parties which may come 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.7**&nbsp;&nbsp;&nbsp;&nbsp;**Indemnification**. The Lenders agree to, jointly and severally, indemnify the Administrative Agent in its capacity as such (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Pro Rata Shares, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including without limitation at any time following payment in full of the Obligations) be incurred by the Administrative Agent in its capacity as such in any way relating to or arising out of this Credit Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby or any action taken or omitted by the Administrative Agent under or in connection with any of the foregoing; <u>provided</u> that no Lender shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements as determined by a court of competent jurisdiction by final and non-appealable judgment to have resulted from the gross negligence, fraud or willful misconduct of the Administrative Agent. If any indemnity furnished to the Administrative Agent for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such additional indemnity is furnished. The agreements in this <u>Section 11.7</u> shall survive the payment of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.8**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent in Its Individual Capacity**. With respect to the Loans made and Letters of Credit issued and all obligations owing to it, the Administrative Agent acting in its individual capacity shall have the same rights and powers under this Credit Agreement as any Lender and may exercise the same as though it were not an agent, and the terms "***Lender***" and "***Lenders***" shall include the Administrative Agent in its individual capacity. The Administrative Agent acting in its individual capacity and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with any Credit Party as though the Administrative Agent were not an agent hereunder and without any duty to account therefor to the other Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.9**&nbsp;&nbsp;&nbsp;&nbsp;**Successor Agent**. The Administrative Agent may at any time resign upon twenty (20) days' prior written notice to the Lenders and the Borrower, subject to the prior written consent of the Borrower, in their sole discretion (except upon the declaration that the Obligations are immediately due and payable pursuant to <u>Section 10.2</u> hereof upon the occurrence and continuation of an Event of Default). In addition, if the Administrative Agent becomes a Defaulting Lender under <u>clause (f)</u> of the definition of "Defaulting Lender," then such Administrative Agent may be removed as the Administrative Agent at the reasonable request of the Borrower (except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event of Default which has continued for a period of thirty (30) days)) and the Required Lenders. Upon receipt of any such notice of resignation, the Required Lenders shall have the right, (subject, except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event

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of Default which has continued for a period of thirty (30) days) exists, to the consent of the Borrower, such consent not to be unreasonably withheld), to appoint a successor, which shall be a bank with an office in the United States, or an Affiliate of any such bank with an office in the United States. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders and the Letter of Credit Issuer, (subject, except when an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>10.1(h)</u> or <u>10.1(i)</u> hereof (or any other Event of Default which has continued for a period of thirty (30) days) exists, to the consent of the Borrower, such consent not to be unreasonably withheld), appoint a successor Administrative Agent meeting the qualifications set forth above, *provided* that if Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and: (a) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by Administrative Agent on behalf of Lenders or the Letter of Credit Issuer under any of the Loan Documents, the retiring Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed); and (b) all payments, communications and determinations provided to be made by, to or through Administrative Agent shall instead be made by or to each Lender and the Letter of Credit Issuer directly, until such time as the Required Lenders appoint a successor Administrative Agent as provided for above in this <u>Section</u>. Prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days in no event may any Competitor be appointed successor Administrative Agent hereunder. Upon the acceptance of a successor's appointment as Administrative Agent hereunder, such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring (or retired) Administrative Agent, and the retiring Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged therefrom as provided above in this <u>Section</u>). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring Administrative Agent's resignation hereunder and under the other Loan Documents, the provisions of this <u>Section</u> and <u>Section 12.5</u> shall continue in effect for the benefit of such retiring Administrative 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 the retiring Administrative Agent was acting as Administrative Agent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.10**&nbsp;&nbsp;&nbsp;&nbsp;**Reliance by the Credit Parties**. Each Credit Party shall be entitled to rely upon, and to act or refrain from acting on the basis of, any notice, statement, certificate, waiver or other document or instrument delivered by the Administrative Agent to such Credit Party so long as the Administrative Agent is purporting to act in its respective capacity as the Administrative Agent pursuant to this Credit Agreement, and such Credit Party shall not be responsible or liable to any Lender (or to any Participant or Assignee), or as a result of any action or failure to act (including actions or omissions which would otherwise constitute defaults hereunder) which is based upon such reliance upon the Administrative Agent. Such

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Credit Party shall be entitled to treat the Administrative Agent as the properly authorized Administrative Agent pursuant to this Credit Agreement until such Credit Party shall have received notice of resignation, and such Credit Party shall not be obligated to recognize any successor Administrative Agent until such Credit Party shall have received written notification satisfactory to it of the appointment of such successor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.11**&nbsp;&nbsp;&nbsp;&nbsp;**Administrative Agent May File Proofs of Claim**. In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to any Credit Party, the Secured Parties acknowledge and agree that the Administrative Agent (irrespective of whether the principal of any Loan or Letter of Credit Liability shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower Parties) shall be entitled and empowered, by intervention in such proceeding 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans, Letter of Credit Liability and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Secured Parties (including any claim for the reasonable compensation, expenses, disbursements and advances of the Secured Parties and their respective agents and counsel and all other amounts due the Secured Parties hereunder) allowed in such judicial proceeding; 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Secured Party to make such payments to the Administrative Agent and, in the event that the Administrative Agent shall consent to the making of such payments directly to the Secured Party, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its agents and counsel, and any other amounts due the Administrative Agent hereunder.

Nothing contained herein shall be deemed to authorize the Administrative Agent to authorize or consent to or accept or adopt on behalf of any Secured Party any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Secured Party or to authorize the Administrative Agent to vote in respect of the claim of any Secured Party in any such proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.12**&nbsp;&nbsp;&nbsp;&nbsp;**Delivery of Notices to the Lenders**. Promptly upon receipt of any written notice, report or information from the Credit Parties under the Loan Documents, the Administrative Agent will provide copies of such notice, report or information to the Lenders in a time and manner reasonable under the circumstances.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.13**&nbsp;&nbsp;&nbsp;&nbsp;**Non-Receipt of Funds by Administrative Agent; Erroneous Payments**.

&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;Unless Administrative Agent shall have received notice from a Lender or Borrower (either one as appropriate being the "***Payor***") prior to the date on which such

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Lender is to make payment hereunder to Administrative Agent of the proceeds of a Loan or Borrower is required to make payment to Administrative Agent, as the case may be (either such payment being a "***Required Payment***"), which notice shall be effective upon receipt, that the Payor will not make the Required Payment in full to Administrative Agent, Administrative Agent may assume that the Required Payment has been made in full to Administrative Agent on such date, and Administrative Agent in its sole discretion may, but shall not be obligated to, in reliance upon such assumption, make the amount thereof available to the intended recipient on such date. If and to the extent the Payor shall not have in fact so made the Required Payment in full to Administrative Agent, the recipient of such payment shall repay to Administrative Agent forthwith on demand such amount made available to it together with interest thereon, for each day from the date such amount was so made available by Administrative Agent until the date Administrative Agent recovers such amount, 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.

&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;(i) Each Lender hereby agrees that (x) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise; individually and collectively, a "***Payment***") were erroneously transmitted to such Lender (whether or not known to such Lender), and demands the return of such Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Lender shall not assert, and hereby waives, as to the Administrative Agent, 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 Payments received, including without limitation any defense based on "discharge for value" or any similar doctrine. A notice of the Administrative Agent to any Lender under this <u>Section 11.3(b)</u> shall be conclusive, absent manifest error:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;Each Lender hereby further agrees that if it receives a Payment 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 a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Payment (a "***Payment Notice***") or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Lender agrees that, in each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been

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sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent at the greater of the Federal Funds Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;The Borrower hereby agrees that (x) in the event an erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (y) an erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower, except, in each case, to the extent 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 a Credit Party for the purpose of prepaying, repaying, discharging or otherwise satisfying any 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;Each party's obligations under this <u>Section 11.13(b)(iv)</u> shall survive the resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document.

**Section 12.&nbsp;&nbsp;&nbsp;&nbsp;MISCELLANEOUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.1**&nbsp;&nbsp;&nbsp;&nbsp;**Amendments**. Neither this Credit Agreement (including the exhibits hereto) nor any other Loan Document (other than any Fee Letter, which may be amended, waived, discharged or terminated in accordance with its terms) to which any Credit Party is a party, nor any of the terms hereof or thereof, may be amended, waived, discharged or terminated, unless such amendment, waiver, discharge, or termination is in writing and signed by the Administrative Agent (based upon the approval of the Required Lenders), or the Required Lenders, on the one hand, and such Credit Party on the other hand; <u>provided</u> that no such amendment, waiver, discharge, or termination shall, without the consent 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;each Lender affected thereby:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;increase the amount or extend the term of the Lender Commitment of such Lender (other than increases complying with <u>Section 2.15</u> hereof or an extension of the Stated Maturity Date pursuant to <u>Section 2.14</u> hereof), decrease the amount of fees (or any other payments) payable to such Lender, or accelerate the obligations of such Lender to advance its portion of any Borrowing, as

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contemplated in <u>Section 2.5</u> hereof or to issue or participate in any Letter of Credit, as contemplated in <u>Section 2.8</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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;extend the time for payment for the principal of or interest on the Obligations (other than an extension pursuant to <u>Section 2.14</u> hereof), or fees or costs, or reduce the principal amount of the Obligations (except as a result of the application of payments or prepayments), or reduce the rate of interest borne by the Obligations (other than as a result of waiving the applicability of the Default Rate), or otherwise affect the terms of payment of the principal of or any interest on the Obligations or fees or costs 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;release all or any material portion of the Collateral, except as otherwise contemplated herein or in the Collateral Documents, except in connection with the transfer of interests in a Credit Party permitted under the Loan 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;all 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;amend the definition of "Adjusted NAV," "Available Commitment," "Borrowing Base," "Cash Control Event," "Eligible Investment," "Eligible Investment Concentration Limit," "Excess Prepayment Event," "Fair Market Value," "Financial Covenants," "Interest Coverage Ratio," "LTV Ratio," "Maximum LTV Ratio," "Minimum Interest Coverage Ratio," "NAV," "Portfolio Borrowing Base Advance Rate," "Trigger Event," "Material Investment Event," "Review Event," "Value," or the definition of any of the defined terms used 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;change the percentages specified in the definition of Required Lenders herein or any other provision hereof specifying the number or percentage of the Lenders which is required to amend, waive or modify any rights hereunder or otherwise make any determination or grant any consent 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;except in a transaction permitted by this Credit Agreement, consent to the assignment or transfer by any Credit Party of any of its rights and obligations under (or in respect of) the Loan 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;change the payment on the Obligations specified in <u>Section 3.4</u>; 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;(v)&nbsp;&nbsp;&nbsp;&nbsp;change any applicable provision in a manner that would alter the pro rata sharing of payments required thereby; 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;(vi)&nbsp;&nbsp;&nbsp;&nbsp;amend the terms of this <u>Section 12.1</u>.

Notwithstanding the above: (A) no provision of <u>Section 11</u> hereof may be amended or modified without the consent of the Administrative Agent; (B) no provisions of <u>Section 2.8</u> hereof may be amended or modified without the consent of the Letter of Credit Issuer; and

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(C) <u>Section 8</u> and <u>Section 9</u> hereof specify the requirements for waivers of the affirmative covenants and negative covenants listed therein, and any amendment to a provision of <u>Section 8</u> or <u>Section 9</u> hereof shall require the consent of the Lenders or the Administrative Agent that are specified therein as required for a waiver thereof.

Notwithstanding the fact that the consent of all the Lenders is required in certain circumstances as set forth above: (1) each Lender is entitled to vote as such Lender sees fit on any reorganization plan that affects the Loans or the Letters of Credit, and each Lender acknowledges that the provisions of Section 1126(c) of the United States Bankruptcy Code supersede the unanimous consent provisions set forth herein; (2) the Required Lenders may consent to allow a Credit Party to use cash collateral in the context of a bankruptcy or insolvency proceeding; and (3) the Administrative Agent may, with the consent of the Borrower, agree to the modification or waiver of any of the other terms of this Credit Agreement or any other Loan Document or consent to any action or failure to act by any Credit Party, if such modification, waiver, or consent is of an administrative nature. If the Administrative Agent shall request the consent of any Lender to any amendment, change, waiver, discharge, termination, consent or exercise of rights covered by this Credit Agreement, such Lender shall use best efforts in good faith to give such consent or denial thereof in writing within ten (10) Business Days of the making of such request by the Administrative Agent, as the case may be, but if such Lender is unable to respond within such time, such Lender shall be deemed to have denied its consent to the request.

Notwithstanding anything to the contrary herein, <u>Schedule I</u> hereto may be amended without the consent of any Lender or other Secured Party if delivered in accordance with the terms of the Loan Documents; provided that the Borrower shall provide such revised Schedules to the Administrative Agent prior to such amendment and the Administrative Agent shall have confirmed such amended schedules in writing.

Notwithstanding anything to the contrary herein, if following the Closing Date, the Administrative Agent and the Borrower shall have jointly identified an obvious error or any error or omission of a technical or immaterial nature, in each case, in any provision of this Credit Agreement or any other Loan Document, then the Administrative Agent and the Borrower shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to this Credit Agreement or any other Loan Document if the same is not objected to in writing by the Required Lenders within five (5) Business Days following receipt of notice thereof.

Notwithstanding anything to the contrary herein, any Collateral Account Control Agreement may be amended, waived, discharged or terminated by the Administrative Agent in order to (i) assist with any transfer to a new Depository Bank which is an Eligible Institution in accordance with this Credit Agreement or to otherwise reflect any change in the account number with an existing Depository Bank or (ii) to fix an obvious error or any error or omission of a technical or immaterial nature, in either case, without any further action or consent of any other party to this Credit Agreement or any other Loan Document if the same is, in the reasonable determination of the Administrative Agent, not materially adverse to the Lenders.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.2**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Offsets**. Each Lender and the Administrative Agent agrees that if it shall, through the exercise of any right of counterclaim, offset, banker's lien or otherwise, receive payment of a portion of the aggregate amount of principal, interest and fees due to such Lender hereunder which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender hereunder than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and fees due with respect to such other Lenders under this Credit Agreement, then such Lender shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be *pro rata* according to each Lender's Lender Commitment (determined as of the date hereof and regardless of any change in any Lender's Lender Commitment caused by such Lender's receipt of a proportionately greater or lesser payment hereunder) <u>provided</u> that the terms of this Section 12.2 shall not apply to amounts to which each Lender and the Administrative Agent is entitled under the terms of this Credit Agreement or to any amounts received in connection with any assignment or participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.3**&nbsp;&nbsp;&nbsp;&nbsp;**Sharing of Collateral**. To the extent permitted by applicable Law, each Lender and the Administrative Agent, in its capacity as a Lender, agrees that if it shall, through the receipt of any proceeds from Collateral or the exercise of any remedies under any Collateral Documents, receive or be entitled to receive payment of a portion of the aggregate amount of principal, interest and fees due to it under this Credit Agreement which constitutes a greater proportion of the aggregate amount of principal, interest and fees then due to such Lender under this Credit Agreement than the proportion received by any other Lender in respect of the aggregate amount of principal, interest and fees due with respect to any Obligations to such Lender under this Credit Agreement, then such Lender or the Administrative Agent, in its capacity as a Lender, as the case may be, shall purchase participations in the Obligations under this Credit Agreement held by such other Lenders so that all such recoveries of principal, interest and fees with respect to this Credit Agreement, the Notes and the Obligations thereunder held by the Lenders shall be *pro rata* according to each Lender's Lender Commitment (determined as of the date hereof and regardless of any change in any Lender's Lender Commitment caused by such Lender's receipt of a proportionately greater or lesser payment hereunder). Each Lender hereby authorizes and directs the Administrative Agent to coordinate and implement the sharing of collateral contemplated by this <u>Section 12.3</u> prior to the distribution of proceeds from Collateral or proceeds from the exercise of remedies under the Collateral Documents prior to making any distributions of such proceeds to each Lender or the Administrative Agent, in their respective capacity as the Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver**. No failure to exercise, and no delay in exercising, on the part of the Administrative Agent or the Lenders, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise thereof preclude any other further exercise thereof or the exercise of any other right. The rights of the Administrative Agent and the Lenders hereunder and under the Loan Documents shall be in addition to all other rights provided by Law. No modification or waiver of any provision of this Credit Agreement, the Notes or any of the other Loan Documents, nor consent to departure therefrom, shall be effective unless in writing and no such consent or waiver shall extend beyond the particular case and purpose

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involved. No notice or demand given in any case shall constitute a waiver of the right to take other action in the same, similar or other instances without such notice or demand. Subject to <u>Section 12.1</u> hereof, the Administrative Agent acting on behalf of all Lenders, and the Credit Parties may from time to time enter into agreements amending or changing any provision of this Credit Agreement or the rights of the Lenders or the Credit Parties hereunder, or may grant waivers or consents to a departure from the due performance of the obligations of the Credit Parties hereunder, any such agreement, waiver or consent made with such written consent of the Administrative Agent being effective to bind all the Lenders, except as provided in <u>Section 12.1</u> hereof. A waiver on any one or more occasions shall not be construed as a bar to or waiver of any right or remedy on any future occasion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.5**&nbsp;&nbsp;&nbsp;&nbsp;**Payment of Expenses; Indemnity**.

&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 Borrower agrees to pay (within the Required Payment Time after the receipt of written notice from the Administrative Agent) its pro rata share of all documented out-of-pocket costs and expenses of the Administrative Agent (including without limitation the reasonable fees and expenses of one designated law firm in each applicable jurisdiction acting as counsel to the Administrative Agent) reasonably and actually incurred by it in connection with the negotiation, preparation, execution and delivery of this Credit Agreement, the Notes, and the other Loan Documents and any and all amendments, modifications, waivers and supplements thereof or thereto, and, if an Event of Default exists, all documented out-of-pocket costs and expenses of the Administrative Agent and the Lenders (including, without limitation, the reasonable attorneys' fees of the Administrative Agent's and the Lenders' legal counsel) reasonably incurred by them in connection with the preservation and enforcement of the Administrative Agent's, the Letter of Credit Issuer's and the Lenders' rights under this Credit Agreement, the Notes, and the other Loan 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Borrower agrees to indemnify the Administrative Agent, the Letter of Credit Issuer and each of the Lenders and their respective directors, officers, employees, attorneys and agents (each such Person, including without limitation the Administrative Agent, the Letter of Credit Issuer, each of the Lenders, and any affiliate of the foregoing acting in any such capacity in connection with this Credit Agreement or any other Loan Document, being called an "***Indemnitee***") its pro rata share against, and to hold each Indemnitee harmless from, any and all losses, claims, actions, judgments, suits, disbursements, penalties, damages, liabilities and related expenses and counsel fees and expenses (including without limitation the counsel fees and expenses incurred in the enforcement of any Loan Documents against any Credit Party), incurred by or asserted against any Indemnitee arising out of, in any way connected with, or as a result 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;(i)&nbsp;&nbsp;&nbsp;&nbsp;this Credit Agreement or any other Loan Document, including without limitation the execution, delivery and enforcement thereof, or any agreement or instrument contemplated thereby,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the use or misuse of the proceeds of the Loans,

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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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the fraudulent actions or misrepresentations of any Credit Party or its Affiliates in connection with the transactions contemplated by this Credit Agreement and the other Loan Documents, or any breach by any Credit Party of its obligations under this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;any claim, litigation, investigation or proceeding relating to any of the foregoing or relating to any transaction contemplated hereby, whether or not any Indemnitee is a party thereto;

<u>provided</u> that such indemnity shall not, as to any Indemnitee, apply (1) to any such losses, claims, actions, judgments, suits, disbursements, penalties, damages, liabilities or related expenses as determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from gross negligence, fraud or willful misconduct of such Indemnitee or from any dispute between or among the Indemnitees and not involving any Credit Party or (2) 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;To the fullest extent permitted by applicable Law, the Borrower and each other Credit Party shall not assert, and hereby waive, 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 Credit Agreement, any other Loan Document or any agreement or instrument contemplated hereby, the transactions contemplated hereby or thereby, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in <u>clause (b)</u> above 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 Credit Agreement or the other Loan Documents or the transactions contemplated hereby or thereby, other than for direct or actual damages resulting from the gross negligence, bad faith, material breach of contract or willful misconduct of such Indemnitee as determined by a final and non-appealable judgment of a court of competent 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;WITHOUT LIMITATION OF AND SUBJECT TO THE FOREGOING, THE BORROWER AND EACH OTHER CREDIT PARTY INTENDS AND AGREES THAT THE FOREGOING INDEMNITIES SHALL APPLY TO EACH INDEMNITEE WITH RESPECT TO ALL CLAIMS, DAMAGES, LOSSES, LIABILITIES, AND EXPENSES (INCLUDING, WITHOUT LIMITATION, THE REASONABLE AND DOCUMENTED FEES AND EXPENSES OF COUNSEL) WHICH IN WHOLE OR IN PART ARE CAUSED BY OR ARISE OUT OF THE NEGLIGENCE OR CLAIMS OF NEGLIGENCE OF SUCH OR ANY OTHER INDEMNITEE OR ANY STRICT LIABILITY OR CLAIMS OF STRICT 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;(e)&nbsp;&nbsp;&nbsp;&nbsp;The provisions of this <u>Section 12.5</u> shall survive termination of this Credit Agreement, and shall remain operative and in full force and effect regardless of the expiration of the Commitment Period, the consummation of the transactions contemplated hereby, the repayment of the Loans, the occurrence of the Maturity Date,

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the invalidity, illegality, or unenforceability of any term or provision of this Credit Agreement or any other Loan Document, or any investigation made by or on behalf of the Lenders. All amounts due under this <u>Section 12.5</u> shall be payable promptly on written demand therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.6**&nbsp;&nbsp;&nbsp;&nbsp;**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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Notices Generally**. Any notice, demand, request or other communication which any party hereto may be required or may desire to give hereunder shall be in writing (except where telephonic instructions or notices are expressly authorized herein to be given) and shall be deemed to be effective: (a) if by hand delivery on the day and at the time on which delivered to such party at the address or fax numbers specified below; (b) if by mail, on the day which it is received after being deposited, postage prepaid, in the United States registered or certified mail, return receipt requested, addressed to such party at the address specified below; (c) if by FedEx or other internationally recognized express mail service, on the next Business Day following the delivery to such express mail service, addressed to such party at the address set forth below; (d) if by telephone, on the day and at the time communication with one of the individuals named below occurs during a call to the telephone number or numbers indicated for such party below; or (e) if by email, as provided in <u>Section 12.6(b)</u> hereof:

If to a Borrower:

At the address specified with respect thereto on <u>Schedule I</u> hereto.

With a copy to:

Simpson Thacher & Bartlett LLP<br>1999 Avenue of the Stars – 29<sup>th</sup> Floor

Los Angeles, CA 90067

Attention:&nbsp;&nbsp;&nbsp;&nbsp;Tom Howland<br>Telephone:&nbsp;&nbsp;&nbsp;&nbsp;(310) 407-7535 <br>Fax:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(310) 407-7502<br>Email:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;thomas.howland@stblaw.com

&nbsp;&nbsp;&nbsp;&nbsp;If to the Administrative Agent:

&nbsp;&nbsp;&nbsp;&nbsp;At the address specified with respect thereto on <u>Schedule II</u> hereto.

With a copy to (which shall not constitute notice):

Cadwalader, Wickersham & Taft<u>Sidley Austin</u> LLP<br>200 Liberty Street<u>787 Seventh Avenue</u><br>New York, New York 10281<u>10019</u>

&nbsp;&nbsp;&nbsp;&nbsp;Attention: &nbsp;&nbsp;&nbsp;&nbsp;Leah Edelboim<br>&nbsp;&nbsp;&nbsp;&nbsp;Telephone: &nbsp;&nbsp;&nbsp;&nbsp;(212) 504-6366<u>839-5571</u>

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<br>&nbsp;&nbsp;&nbsp;&nbsp;Fax: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(212) 504-6666<u>839-5599</u><br>&nbsp;&nbsp;&nbsp;&nbsp;Email: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;leah.edelboim@cwt<u>sidley</u>.com

If to the Lenders:

At the address specified with respect thereto on <u>Schedule II</u> hereto or on the Assignment and Acceptance Agreement of such Lender.

Any party may change its address for purposes of this Credit Agreement by giving notice of such change to the other parties pursuant to this <u>Section 12.6</u>. With respect to any notice received by the Administrative Agent from the Borrower not otherwise addressed herein, the Administrative Agent shall notify the Lenders promptly of the receipt of such notice, and shall provide copies thereof to the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Electronic Communication**. Notices and other communications to the Lenders and the Letter of Credit Issuer hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent; <u>provided</u> that the foregoing shall not apply to notices to any Lender or the Letter of Credit Issuer pursuant to <u>Section 2</u> hereof if such Lender or the Letter of Credit Issuer, as applicable, has notified the Administrative Agent that it is incapable of receiving such notices by electronic communication. Any Credit Party may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications.

Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the recipient's receipt of such notice with no error message or other evidence of non-delivery received by the sender, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing <u>clause (i)</u> of notification that such notice or communication is available and identifying the website address therefor; *provided* that, for both <u>clauses (i)</u> and <u>(ii)</u> above, if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day for the recipient

Notwithstanding the foregoing, delivery by posting to a secure website which is available to the Administrative Agent shall be an acceptable form of delivery for any report, statement or notice required of the Borrower pursuant to <u>Section 8.1(a)</u>, <u>8.1(b)(iv)(A)</u> and <u>(B)</u>, or <u>8.1(i)</u> hereof; <u>provided</u> that the Borrower shall notify the Administrative Agent by electronic mail (or shall cause the Administrative Agent to be notified by electronic mail from the applicable secure website) that such posting has been made at the notice addresses set forth above.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.7**&nbsp;&nbsp;&nbsp;&nbsp;**Governing Law**. This Credit Agreement and all of the other Loan Documents (except, as to any other Loan Document, as expressly set forth therein) shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.8**&nbsp;&nbsp;&nbsp;&nbsp;**Choice of Forum; Consent to Service of Process and Jurisdiction; Waiver of Trial by Jury**. Any suit, action or proceeding against any Credit Party with respect to this Credit Agreement, the Notes or the other Loan Documents or any judgment entered by any court in respect thereof, may be brought in the courts of the State of New York, or in the United States Courts located in the Borough of Manhattan in New York City or any appellate court therefrom, as the Lenders in their sole discretion may elect and each party hereto hereby submits to the non-exclusive jurisdiction of such courts for the purpose of any such suit, action or proceeding. Each party hereto hereby irrevocably consents to the service of process in any suit, action or proceeding in said court by the mailing thereof by registered or certified mail, postage prepaid, to such party's address set forth in <u>Section 12.6</u> hereof. Each party hereto hereby irrevocably waives any objections 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 Credit Agreement, the Notes, or the other Loan Documents brought in the courts located in the State of New York, Borough of Manhattan in New York City, and hereby further irrevocably waives any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. EACH OF THE PARTIES HERETO HEREBY WAIVES TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING BROUGHT IN CONNECTION WITH THIS CREDIT AGREEMENT, THE NOTES OR ANY OF THE OTHER LOAN DOCUMENTS, WHICH WAIVER IS INFORMED AND VOLUNTARY. Notwithstanding the foregoing, nothing in this Credit Agreement or in any other Loan Document shall affect any right that the Administrative Agent or any Secured Party may otherwise have to bring any action or proceeding relating to this Credit Agreement or any other Loan Document against any Credit Party or its properties in the courts of any other proper jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.9**&nbsp;&nbsp;&nbsp;&nbsp;**Invalid Provisions**. If any provision of this Credit Agreement is held to be illegal, invalid, or unenforceable under present or future laws effective during the term of this Credit Agreement, such provision shall be fully severable and this Credit Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part of this Credit Agreement, and the remaining provisions of this Credit Agreement shall remain in full force and effect and shall not be affected by the illegal, invalid or unenforceable provision or by its severance from this Credit Agreement, unless such continued effectiveness of this Credit Agreement, as modified, would be contrary to the basic understandings and intentions of the parties as expressed herein. If any provision of this Credit Agreement shall conflict with or be inconsistent with any provision of any of the other Loan Documents, then the terms, conditions and provisions of this Credit Agreement shall prevail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.10**&nbsp;&nbsp;&nbsp;&nbsp;**Entirety**. The Loan Documents embody the entire agreement between the parties and supersede all prior agreements and understandings, if any, relating to the subject matter hereof and thereof.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.11**&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound; 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;(a)&nbsp;&nbsp;&nbsp;&nbsp;**Parties Bound**. The provisions of this Credit Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns, except that, except as expressly permitted hereby, no Credit Party may assign or otherwise transfer any of its respective rights under this Credit Agreement without the prior written consent of all the 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;(b)&nbsp;&nbsp;&nbsp;&nbsp;**Participations**. Any Lender may at any time grant to one or more banks or other institutions (each a "***Participant***") a participating interest in its Lender Commitment or any or all of its Loans; <u>provided</u> that (i) any such participation shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender's entire remaining Lender Commitment), and (ii) prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days, no such participation shall be granted to any Competitor. In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and the Credit Parties and the Administrative Agent shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Credit Agreement. Any agreement pursuant to which any Lender may grant such a participating interest shall provide that such Lender shall retain the sole right and responsibility to enforce the Obligations including, without limitation, the right to approve any amendment, modification or waiver of any provision of this Credit Agreement. The voting rights of each Participant shall be limited to (i) reductions or increases in the amount, or altering the term, of the Lender Commitment of such Participant and (ii) changes to the Maturity Date or interest rate. The Borrower agrees that each Participant shall be entitled to the benefits of <u>Section 4.6</u>, and <u>Section 5.3</u> hereof with respect to its participating interest; <u>provided</u> that in no event shall the Borrower be obligated to pay to such Participant amounts greater than those the Borrower would have been required to pay to the granting Lender in the absence of such participation; and <u>provided</u>, further, that the Participant shall have complied with the obligations of such sections as though such Participant were a Lender. An assignment or other transfer which is not permitted by <u>subsection (c)</u> below shall be given effect for purposes of this Credit Agreement only to the extent of a participating interest which is permitted in accordance with this <u>subsection (b)</u>. Each Lender that sells a participating interest in any Loan, Lender Commitment or other interest to a Participant shall, as agent of the Borrower solely for the purpose of this <u>Section 12.11(b)</u>, record in book entries maintained by such Lender the name and the amount of the participating interest of each Participant entitled to receive payments in respect of such participating 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;(c)&nbsp;&nbsp;&nbsp;&nbsp;**Assignments**. With the prior written consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) and with the prior written consent of the Borrower (such consent not to be unreasonably withheld, conditioned or delayed (but shall be deemed to have been given on the fifth (5th) Business Day after the date written notice is provided to the Borrower and the assigning Lender has not received, by such time, written notice of the Borrower's objection to such

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assignment), and such consent of the Borrower not to be required for (i) assignments to another existing Lender, to a Federal Reserve Bank or other central banking authority, an Affiliate of a Lender (so long as, if such Affiliate is a commercial paper conduit, the assigning Lender provides credit support acceptable to the Borrower in their reasonable discretion) or (ii) during the existence of an Event of Default of the type described in <u>Section 10.1(a)</u>, <u>(h)</u> or <u>(i)</u> hereof or any other Event of Default which has continued uncured for a period of thirty (30) days), any Lender may (at its expense) at any time assign to one or more Persons (an "***Assignee***") all, or a proportionate part of all (in a constant, not varying, percentage), of its rights and obligations under this Credit Agreement, and such Assignee shall assume such rights and obligations, pursuant to an Assignment and Acceptance Agreement; <u>provided</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;this <u>Section 12.11(c)</u> shall not restrict an assignment or other transfer by any Lender to a Federal Reserve Bank or other central banking authority, but no such assignment to a Federal Reserve Bank or other central banking authority shall release the assigning Lender from its obligations 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;except in the case of an assignment to another Lender, or the assignment of all of a Lender's rights and obligations under this Credit Agreement, any assignment shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $5,000,000 (or such Lender's entire remaining Lender Commitment); <u>provided</u> that*,* no Lender shall have a Lender Commitment of less than $5,000,000 following any such assignment (unless the assigning Lender shall have assigned all of its rights and obligations under this Credit 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;(iii)&nbsp;&nbsp;&nbsp;&nbsp;prior to the occurrence and continuance of an Event of Default pursuant to <u>Section 10.1(a)</u> that has not been cured within sixty (60) days, the Assignee shall not be a Competitor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the Assignee shall provide any required documentation under <u>Section 4.6</u> of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the parties to each such assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance Agreement, and the Assignee shall pay to the transferor Lender an amount equal to the purchase price agreed between such transferor Lender and such Assignee, and the transferor Lender shall deliver payment of a processing and recordation fee of $3,500 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;(d)&nbsp;&nbsp;&nbsp;&nbsp;**Consequences of Assignment**. Upon execution and delivery of such Assignment and Acceptance Agreement and payment by such Assignee to such transferor Lender of an amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Credit Agreement and shall have all the rights and obligations of a Lender with a Lender Commitment as set

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forth in such Assignment and Acceptance Agreement, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further consent or action by any party shall be required.

&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;**Addition of Lenders**. With the prior written consent of the Administrative Agent in its sole discretion (other than with respect to any Lender agreed in writing between the Borrower and the Administrative Agent on or prior to the Effective Date), at the request of the Borrower, a new lender may join the Credit Facility as a Lender by delivering a Joinder Agreement to the Administrative Agent, and such new Lender shall assume all rights and obligations of a Lender under this Credit Agreement and the other Loan Documents; <u>provided</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;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Lender Commitment of the new Lender shall be in addition to the Lender Commitment of the existing Lenders in effect on the date of such new Lender's entry into the Credit Facility and the Maximum Commitment shall be increased in a corresponding 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;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Lender Commitment of the new Lender shall be in a minimum amount of $5,000,000, and, if in a greater amount, in integral multiples of $1,000,000 (in each case, or such lesser amount agreed to by the Borrower and the Administrative Agent in writing);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;the new Lender shall provide any required documentation under <u>Section 4.6</u> of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the parties shall execute and deliver to the Administrative Agent a Joinder Agreement, the Borrower shall execute such new Notes as the Administrative Agent or any Lender may reasonably request, and the new Lender shall deliver payment of a processing and recordation fee of $3,500 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;(f)&nbsp;&nbsp;&nbsp;&nbsp;**Register of Lenders**. The Administrative Agent shall maintain at its principal offices in New York or at such other location as the Administrative Agent shall designate in writing to each Lender and the Borrower, a copy of each Assignment and Acceptance Agreement and Joinder Agreement delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders, the principal amount of each Lender's Pro Rata Share of the Lender Commitments and the Loans, and the name and address of each Lender's agent for service of process in New York (the "***Register***"). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Administrative Agent and the Lenders shall treat each person or entity whose name is recorded in the Register as a Lender hereunder for all purposes of this Credit Agreement. The Register shall be available for inspection and copying by the Borrower or any Lender during normal business hours upon reasonable prior notice to the Administrative Agent. A Lender may change its address and its agent for service of process upon written notice to the Administrative Agent, which notice shall be effective upon actual receipt by the

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Administrative Agent, which receipt will be acknowledged by the Administrative Agent upon request. Upon receipt of any Assignment and Acceptance Agreement or Joinder Agreement, the Administrative Agent shall, if such Assignment and Acceptance Agreement has been completed, fully-executed and is substantially in the form of <u>Exhibit H</u> hereto or if such Joinder Agreement has been completed, fully-executed and is substantially in the form of <u>Exhibit N</u> hereto: (i) accept such an Assignment and Acceptance Agreement or Joinder Agreement; (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under the Loan Documents (the "***Participant Register***"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;**Disclosure of Information**. Any Lender may furnish any information concerning the Borrower Party in the possession of such Lender from time to time to Assignees and Participants (including prospective Assignees and Participants), subject, however, to the provisions of <u>Section 12.17</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.12**&nbsp;&nbsp;&nbsp;&nbsp;**Lender Default**. If any Lender becomes a Defaulting Lender, then, in addition to the rights and remedies that may be available to the Administrative Agent, the Lenders, or the Borrower at law or in equity, such Defaulting Lender's right to vote on matters related to this Credit Agreement, other than those set forth in <u>Section 12.1(a)</u> and <u>(b)</u> hereof, to receive the unused commitment fees pursuant to <u>Section 2.</u>12 and to participate in the administration of the Loans, the Letters of Credit, and this Credit Agreement, shall be suspended during the pendency of such failure or refusal or other event that caused such Lender to be a Defaulting Lender. The Administrative Agent shall have the right, but not the obligation, in its sole discretion, to acquire at par all of such Lender's Lender Commitment, including its Pro Rata Share in the Obligations under this Credit Agreement. In the event that the Administrative Agent does not exercise its right to so acquire all of such Lender's interests, then each Lender that is not a Defaulting Lender (a "***Current Party***") shall then, thereupon, have the right, but not the obligation, in its sole discretion to acquire (or if more than one Current Party exercises such right, each Current Party shall have the right to

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acquire, *pro rata*) at par such Defaulting Lender's Lender Commitment, including its Pro Rata Share in the outstanding Obligations under this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.13**&nbsp;&nbsp;&nbsp;&nbsp;**Maximum and Criminal Interest**. Regardless of any provision contained in any of the Loan Documents, in no event shall the rate of interest payable by the Borrower with respect to any Loan exceed the Maximum Rate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.14**&nbsp;&nbsp;&nbsp;&nbsp;**Headings**. Section headings are for convenience of reference only and shall in no way affect the interpretation of this Credit Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.15**&nbsp;&nbsp;&nbsp;&nbsp;**Survival**. All representations and warranties made by the Credit Parties herein shall survive delivery of the Notes, the making of the Loans and the issuance of the Letters of Credit. Additionally, notwithstanding the first sentence of <u>Section 8</u> and <u>Section 9</u>, so long as any cash collateralized Letters of Credit shall remain outstanding, the applicable Borrowers agree to continue to comply with the covenants provided in <u>Sections</u> <u>8.3</u>, <u>8.9</u> and <u>9.1</u> hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.16**&nbsp;&nbsp;&nbsp;&nbsp;**Full Recourse**. Notwithstanding anything in this Credit Agreement or the Loan Documents to the contrary, (a) the payment and performance of the Obligations of each Credit Party shall be fully recourse to such Credit Party and its properties and assets, as applicable, and (b) the obligations of each Credit Party hereunder or thereunder relating to the obligations of another Credit Party hereunder shall not exceed the lesser of (i) the maximum amount that is permissible under applicable Law for such Credit Party (whether federal or state or otherwise and including, without limitation, Debtor Relief Laws) to borrow or guarantee, respectively (including, without limitation, because of any applicable state or federal law relating to fraudulent conveyances or transfers) and (ii) the maximum amount that may be borrowed or guaranteed, respectively by such Credit Party under the applicable limitation on borrowings, guarantees or investments set forth in such Credit Party's Constituent Documents. Notwithstanding anything in this Credit Agreement and the Loan Documents to the contrary, the Obligations shall not be recourse to the General Partners, any Investor or any Investments, and the Lenders shall not have the right to pursue any claim or action against any General Partner, except for any claim or action for actual damages of the Administrative Agent or Lenders as a result of any fraud, willful misrepresentation or willful misappropriation of proceeds from the Credit Facility on the part of such General Partner, in which event there shall be full recourse against such General Partner. Notwithstanding anything in this Credit Agreement, any legal proceeding, claim or action against a Credit Party which is a Cayman Islands exempted limited partnership may be initiated against the general partner of such Credit Party, solely for purposes of complying with Section 33(1) of the Exempted Limited Partnership Act (As Revised) of the Cayman Islands, and not for the purpose of recovering any amount from the personal assets or property of such general partner, as the Administrative Agent may elect in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.17**&nbsp;&nbsp;&nbsp;&nbsp;**Availability of Records; Confidentiality**. (a) The Credit Parties acknowledge and agree that the Administrative Agent may provide to the Lenders, and that the Administrative Agent and each Lender may provide to any Affiliate of a Lender or Participant or Assignee or proposed Participant or Assignee or any other Person as deemed necessary or appropriate in any Lender's reasonable judgment, originals or copies of this Credit Agreement, all Loan Documents and all other documents, certificates, opinions, letters of credit, reports, and other material information of every nature or description, and may communicate all oral information, at any time submitted by or on behalf of any Credit Party

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or received by the Administrative Agent or a Lender in connection with the Loans, the Letter of Credit Liability, the Lender Commitments or any Credit Party; <u>provided</u> that, prior to any such delivery or communication, the Lender, Affiliate of a Lender, Participant, or Assignee, or proposed Participant or Assignee or such other Person, as the case may be, shall agree to preserve the confidentiality of all data and information which constitutes Confidential Information; (b) the Administrative Agent and the Lenders (i) acknowledge and agree that (x) the identities of the Investors, the amounts of their respective Units held and details regarding their investments under the Partnership Agreement (collectively, the "***Investor Information***") have been and will be delivered on a confidential basis; and (y) information with respect to Investments has been and will be delivered on a confidential basis; (ii) acknowledge and agree that such Investor Information and information with respect to Investments are Confidential Information; and (iii) agree that such Investor Information and information with respect to Investments shall be subject to the provisions of this <u>Section 12.17</u>; and (c) anything herein to the contrary notwithstanding, the provisions of this <u>Section 12.17</u> shall not preclude or restrict any such party from disclosing any Confidential Information: (i) with the prior written consent of any Credit Party; (ii) upon the order of or pursuant to the rules and regulations of any Governmental Authority having jurisdiction over such party; (iii) in connection with any audit by an independent public accountant of such party, <u>provided</u> such auditor thereto agrees to be bound by the provisions of this <u>Section 12.17</u>; (iv) to examiners or auditors of any applicable Governmental Authority which examines such party's books and records while conducting such examination or audit; (v) as otherwise specifically required by law or legal process, including, for the avoidance of doubt, in connection with any enforcement action relating to the Loan Documents; (vi) professional advisers, insurers, insurance brokers and service providers of a Lender who are under a duty of confidentiality to a Lender; (vii) any rating agency, swap counterparties or direct or indirect provider of credit protection to a permitted party (or its brokers) with the consent of the Borrower (such consent not to be unreasonably withheld or delayed); or (viii) to the extent such information (A) becomes publicly available other than as a result of a breach of this <u>Section 12.17</u> or (B) becomes publicly available to the Administrative Agent, the issuing bank<u>Letter of Credit Issuer</u> or the Lenders on a non-confidential basis from a source other than the Borrower. Notwithstanding the foregoing, the Credit Parties, the Administrative Agent and the Lenders (and each of their respective employees, representatives, or other agents) may disclose to taxing authorities, the tax treatment and tax structure of the transactions contemplated hereby and all materials of any kind (including opinions or other tax analyses) that are provided to them relating to such tax treatment and tax structure. Notwithstanding the termination of this Credit Agreement, the Administrative Agent and each Lender agrees to hold Confidential Information in accordance with its internal document retention policies and procedures for two (2) years following the termination of this Credit Agreement, which policies and procedures, as of the Closing Date, provide that information considered confidential shall be held on a confidential basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.18**&nbsp;&nbsp;&nbsp;&nbsp;**USA Patriot Act Notice**. Each Lender and the Administrative Agent (for itself and not on behalf of any Lender) hereby notifies each Credit Party that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "***Patriot Act***"), it is required to obtain, verify and record information that identifies each Credit Party, which information includes the name and address of each

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Credit Party and other information that will allow such Lender or the Administrative Agent, as applicable, to identify each Credit Party in accordance with the Patriot Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.19**&nbsp;&nbsp;&nbsp;&nbsp;**Multiple Counterparts**. This Credit Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same agreement, and any of the parties hereto may execute this Credit Agreement by signing any such counterpart. Delivery of an executed counterpart hereof or a signature page hereto in electronic (i.e., "pdf" or "tif") format shall be effective as delivery of a manually executed original counterpart thereof. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Credit Agreement or any other Loan Document shall be deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.20**&nbsp;&nbsp;&nbsp;&nbsp;**Conversion of Currencies**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;If, for the purpose of obtaining a judgment in any court in any jurisdiction with respect to any Loan Document, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the first currency could be purchased by the Administrative Agent with such other currency on the Business Day immediately preceding the day on which final judgment is given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The obligations of the Borrower in respect of any sum due from it to any Secured Party hereunder or under the other Loan Documents (the "***Applicable Creditor***") shall, notwithstanding any judgment in a currency (the "***Judgment Currency***") other than the currency in which such sum is stated to be due hereunder or under the other Loan Documents (the "***Agreement Currency***"), be discharged only to the extent that, on the Business Day following receipt by the Applicable Creditor of any sum adjudged to be so due in the Judgment Currency, the Applicable Creditor may in accordance with normal banking procedures in the relevant jurisdiction purchase the Agreement Currency with the Judgment Currency; if the amount of the Agreement Currency so purchased is less than the sum originally due to the Applicable Creditor from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Applicable Creditor against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the applicable Secured Party in such currency, such Secured Party agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable Law). The obligations of the Borrower contained in this <u>Section 12.20</u> shall survive the termination of this Credit Agreement and the payment of all other amounts owing hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.21**&nbsp;&nbsp;&nbsp;&nbsp;**Acknowledgement and Consent to Bail-In of Affected Financial Institutions**.

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

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&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;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;&nbsp;&nbsp;&nbsp;&nbsp;&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 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 Credit 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;&nbsp;&nbsp;&nbsp;&nbsp;&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 the applicable Resolution Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.22**&nbsp;&nbsp;&nbsp;&nbsp;**<u>Acknowledgement Regarding Any Supported QFCs</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)&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Loan Documents provide support, through a guarantee or otherwise, for any Swap Contract or any other agreement or instrument that is a QFC (such support, "***QFC Credit Support***", and each such QFC, a "***Supported QFC***"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "***U.S. Special Resolution Regimes***") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the 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):

&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;In the event a Covered Entity that is party to a Supported QFC (each, a "***Covered Party***") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were

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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.

&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;As used in this <u>Section 11.23</u>, the following terms 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;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;"***BHC Act Affiliate***" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

&nbsp;&nbsp;&nbsp;&nbsp;&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;"***Covered Entity***" means any of the following: (i) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b); (ii) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or (iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

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

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

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

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.23**&nbsp;&nbsp;&nbsp;&nbsp;**No Advisory or Fiduciary Responsibility.** In connection with all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Credit Party acknowledges and agrees that: (a)(i) the services regarding this Credit Agreement provided by Administrative Agent are arm's-length commercial transactions between each Credit Party, on the one hand, and Administrative Agent, on the other hand; (ii) each Credit Party has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate; and (iii) each Credit Party is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b)(i) Administrative Agent <u>and each Lender</u> is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for any Credit Party; and (ii) <u>none of the</u> Administrative Agent <u>or the Lenders</u> has no<u>any</u> obligation to any Credit Party with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and (c) <u>the</u> Administrative Agent and its<u>, the Lenders and their respective</u> Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of each Credit Party, and <u>none of the</u> Administrative Agent <u>or the Lenders</u> has no<u>any</u> obligation to disclose any of such interests to any Credit Party. To the fullest extent permitted by law, each Credit Party hereby waives and releases any claims that it may have against Administrative Agent <u>and the Lenders</u> as of the Closing Date with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.24**&nbsp;&nbsp;&nbsp;&nbsp;**Joint and Several Liability.** In consideration of the establishment of any Lender Commitments and the making of the Loans and issuance of the Letters of Credit under this Credit Agreement, and of the benefits to the Borrowers and each of the Guarantors that are anticipated to result therefrom, each of the Borrowers agrees that, notwithstanding any other provision contained herein or in any other Loan Document, the each of the Borrowers shall be fully liable for all of the Obligations, both severally and jointly, regardless of whether a Borrower actually receives the proceeds of the Loans or the benefit of any other extensions of credit hereunder. Accordingly, each Borrower irrevocably agrees with each Lender and the Administrative Agent and their respective successors and permitted assigns that they will make prompt payment in full when due (whether at stated maturity, by acceleration or otherwise) of the Obligations, strictly in accordance with the terms thereof. Each Borrower hereby further agrees that if any Borrower shall fail to pay in full when due (whether at stated maturity, by acceleration or otherwise) any of the Obligations, then they will promptly pay the same, without any demand or notice whatsoever, and that in the case of any extension of time of payment or renewal of any of the Obligations, the same will be promptly paid in full when due (whether at extended maturity, by acceleration or otherwise) in accordance with the terms of such extension or renewal. Each Guarantor hereby acknowledges and agrees that the guarantee of the Obligations by such Guarantor pursuant to <u>Section 13</u> below extends to such joint and several obligations of the Borrowers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**12.25**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional.** The obligations of each Borrower under <u>Section 12.24</u> above are absolute and unconditional irrespective of the value, genuineness, validity, regularity or enforceability of the obligations of any Borrower under this Credit Agreement

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or any other Loan Document, or any substitution, release or exchange of any other guarantee of or security for any of the Obligations, and, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety (other than the defense of payment), it being the intent of <u>Section 12.24</u> and this <u>Section 12.25</u> that the joint and several obligations of each Borrower hereunder shall, subject to the provisions of the Loan Documents, be absolute and unconditional under any and all circumstances. Without limiting the generality of the foregoing, it is agreed that the occurrence of any one or more of the following shall not affect the joint and several liability of each Borrower, which shall, in each case, remain absolute, irrevocable and unconditional under any and all circumstances as described 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)&nbsp;&nbsp;&nbsp;&nbsp;at any time or from time to time, without notice to any Borrower, the time for any performance of or compliance with any of the Obligations shall be extended, or such performance or compliance shall be waived;

&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;any of the acts mentioned in any of the provisions of this Credit Agreement or any other agreement or instrument referred to herein or therein shall be done or omitted; 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 maturity of any of the Obligations shall be accelerated or delayed, or any of the Obligations shall be modified, supplemented or amended in any respect, or any right under this Credit Agreement or any other agreement or instrument referred to herein or therein shall be waived or any other guarantee of any of the Obligations or any security therefor shall be released or exchanged in whole or in part or otherwise dealt with.

**Section 13.&nbsp;&nbsp;&nbsp;&nbsp;GUARANTY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.1**&nbsp;&nbsp;&nbsp;&nbsp;**Guaranty of Payment**. Each Guarantor hereby jointly and severally unconditionally and irrevocably guarantees to each Secured Party and their respective successors and permitted assigns the prompt payment of the Obligations of each Borrower in full when due (whether at stated maturity, as a mandatory prepayment, by acceleration or otherwise) (such guaranty by each Guarantor, the "<u>Guaranty</u>"). This Guaranty is a guaranty of payment and not of collection and is a continuing irrevocable guaranty and shall apply to all of the Obligations of each Borrower whenever arising. Notwithstanding any provision to the contrary contained herein or in any of the other Loan Documents, to the extent the obligations of each Guarantor shall be adjudicated to be invalid or unenforceable for any reason (including because of any applicable state or federal law relating to fraudulent conveyances or transfers) then the obligations of each Guarantor hereunder shall be limited to the maximum amount that is permissible under Applicable Law (including Debtor Relief Laws).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.2**&nbsp;&nbsp;&nbsp;&nbsp;**Obligations Unconditional**. The obligations of each Guarantor hereunder are absolute and unconditional, irrespective of the value, genuineness, validity, regularity or enforceability of any of the Loan Documents or any other agreement or instrument referred to therein, to the fullest extent permitted by applicable Law, irrespective of any other circumstance whatsoever which might otherwise constitute a legal or equitable discharge or defense of a surety or Guarantor (other than the defense of payment). Each Guarantor agrees that this Guaranty may be enforced by any Secured Party without the necessity at any time of resorting to or exhausting

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any other security or collateral and without the necessity at any time of having recourse to the Notes or any other of the Loan Documents or any collateral, if any, hereafter securing the Obligations or otherwise and each Guarantor hereby waives the right to require the Administrative Agent, the Letter of Credit Issuer or the Lenders to make demand on or proceed against any Borrower Party or any other Person (including a co-Guarantor) or to require the Administrative Agent, the Letter of Credit Issuer or the Lenders to pursue any other remedy or enforce any other right. Each Guarantor further agrees that nothing contained herein shall prevent any Secured Party from suing on the Notes or any of the other Loan Documents or foreclosing its or their, as applicable, security interest in or Lien on any Collateral, if any, securing the Obligations or from exercising any other rights available to it or them, as applicable, under this Credit Agreement, the Notes, any other of the Loan Documents, or any other instrument of security, if any, and the exercise of any of the aforesaid rights and the completion of any foreclosure proceedings shall not constitute a discharge of each Guarantor's obligations hereunder (other than to the extent of Obligations paid pursuant hereto); it being the purpose and intent of each Guarantor that its obligations hereunder shall be absolute, independent and unconditional under any and all circumstances. Neither each Guarantor's obligations under this Guaranty nor any remedy for the enforcement thereof shall be impaired, modified, changed or released in any manner whatsoever by an impairment, modification, change, release, increase or limitation of the liability of any Credit Party or by reason of the bankruptcy, insolvency or analogous procedure of any Credit Party. Each Guarantor waives any and all notice of the creation, renewal, extension accrual or increase of any of the Obligations and notice of or proof of reliance by any Secured Party on this Guaranty or acceptance of this Guaranty. The Obligations, and any part of them, shall conclusively be deemed to have been created, contracted or incurred, or renewed, extended, amended or waived, in reliance upon this Guaranty. All dealings between the Credit Parties, on the one hand, and the Secured Parties, on the other hand, likewise shall be conclusively presumed to have been had or consummated in reliance upon this Guaranty.

This Credit Agreement and the obligations of each Guarantor hereunder shall be valid and enforceable and shall not be subject to any limitation, impairment or discharge for any reason (other than payment in full of the Obligations), including the occurrence of any of the following, whether or not the Administrative Agent shall have had notice or knowledge of any of them: (A) any failure to assert or enforce or agreement not to assert or enforce, or the stay or enjoining, by order of court, by operation of law or otherwise, of the exercise or enforcement of, any claim or demand or any right, power or remedy with respect to the Obligations or any agreement relating thereto, or with respect to any guaranty of or other security for the payment of the Obligations, (B) any waiver, amendment or modification of, or any consent to departure from, any of the terms or provisions (including provisions relating to Events of Default) of this Credit Agreement and any other Loan Document or any agreement or instrument executed pursuant thereto, or of any guaranty or other security for the Obligations, (C) to the fullest extent permitted by applicable Law, any of the Obligations, or any agreement relating thereto, at any time being found to be illegal, invalid or unenforceable in any respect, (D) the application of payments received from any source to the payment of indebtedness other than the Obligations, even though the Administrative Agent might have elected to apply such payment to any part or all of the Obligations, (E) any failure to perfect or continue perfection of a security interest in any of the Collateral, (F) any defenses (other than the defense of payment), set-offs or

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counterclaims which a Borrower may allege or assert against the Administrative Agent in respect of the Obligations, including failure of consideration, breach of warranty, payment, statute of frauds, statute of limitations, accord and satisfaction and usury, and (G) any other act or thing or omission, or delay to do any other act or thing, which may or might in any manner or to any extent vary the risk of each Guarantor as an obligor in respect of the Obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.3**&nbsp;&nbsp;&nbsp;&nbsp;**Modifications**. Each Guarantor agrees that: (a) all or any part of the Collateral now or hereafter held for the Obligations, if any, may be exchanged, compromised or surrendered from time to time; (b) none of the Lenders and the Administrative Agent shall have any obligation to protect, perfect, secure or insure any such security interests, liens or encumbrances now or hereafter held, if any, for the Obligations; (c) the time or place of payment of the Obligations may be changed or extended, in whole or in part, to a time certain or otherwise, and may be renewed or accelerated, in whole or in part; (d) each Credit Party and any other party liable for payment under the Loan Documents may be granted indulgences generally; (e) any of the provisions of the Note or any of the other Loan Documents, including this Credit Agreement may be modified, amended or waived; (f) any party (including any co-Guarantor) liable for the payment thereof may be granted indulgences or be released; and (g) any deposit balance for the credit of each Credit Party or any other party liable for the payment of the Obligations or liable upon any security therefor may be released, in whole or in part, at, before or after the stated, extended or accelerated maturity of the Obligations, all without notice to or further assent by each Guarantor, which shall remain bound thereon, notwithstanding any such exchange, compromise, surrender, extension, renewal, acceleration, modification, indulgence or release.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.4**&nbsp;&nbsp;&nbsp;&nbsp;**Waiver of Rights**. Each Guarantor expressly waives to the fullest extent permitted by applicable Law: (a) notice of acceptance of the Guaranty by the Lenders and of all extensions of credit to any Credit Party by the Lenders; (b) presentment and demand for payment or performance of any of the Obligations; (c) protest and notice of dishonor or of default (except as specifically required in this Credit Agreement) with respect to the Obligations or with respect to any security therefor; (d) notice of the Lenders obtaining, amending, substituting for, releasing, waiving or modifying any security interest, lien or encumbrance, if any, hereafter securing the Obligations, or the Lenders subordinating, compromising, discharging or releasing such security interests, liens or encumbrances, if any; (e) all other notices, demands, presentments, protests or any agreement or instrument related to this Credit Agreement, any other Loan Document or the Obligations to which each Guarantor might otherwise be entitled; (f) any right to require the Administrative Agent as a condition of payment or performance by each Guarantor, to (A) proceed against a Borrower, any Guarantor of the Obligations or any other Person, (B) proceed against or exhaust any other security held from a Borrower, any Guarantor of the Obligations or any other Person, (C) proceed against or have resort to any balance of any deposit account, securities account or credit on the books of the Administrative Agent or any other Person, or (D) pursue any other remedy in the power of the Administrative Agent whatsoever; (g) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of a Borrower (other than the defense of payment), including any defense based on or arising out of the lack of validity or the unenforceability of the Obligations or any agreement or instrument relating thereto or by reason of the cessation of the liability of a Borrower from any cause other than payment in full of the Obligations; (h) any defense based

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upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (i) any defense based upon the Administrative Agent's errors or omissions in the administration of the Obligations; (j) (A) any principles or provisions of law, statutory or otherwise, which are or might be in conflict with the terms of this Credit Agreement and any legal or equitable discharge of each Guarantor's obligations hereunder, (B) the benefit of any statute of limitations affecting each Guarantor's liability hereunder or the enforcement hereof, (C) any rights to set-offs, recoupments and counterclaims, and (D) promptness, diligence and any requirement that the Administrative Agent protect, secure, perfect or insure any other security interest or Lien or any property subject thereto; and (k) to the fullest extent permitted by applicable Law, any defenses or benefits that may be derived from or afforded by applicable Law which limit the liability of or exonerate Guarantors or sureties, or which may conflict with the terms of this Credit Agreement (other than the defense of payment).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.5**&nbsp;&nbsp;&nbsp;&nbsp;**Reinstatement**. Notwithstanding anything contained in this Credit Agreement or the other Loan Documents, the obligations of each Guarantor under this <u>Section 13</u> shall be automatically reinstated if and to the extent that for any reason any payment by or on behalf of any Person in respect of the Obligations is rescinded or must be otherwise restored by any holder of any of the Obligations, whether as a result of any proceedings in bankruptcy, reorganization, any analogous procedure or otherwise, and each Guarantor agrees that it will indemnify each Secured Party promptly after demand for all reasonable and documented costs and expenses (including reasonable fees of outside counsel) incurred by such Person in connection with such rescission or restoration, including any such costs and expenses incurred in defending against any claim alleging that such payment constituted a preference, fraudulent transfer or similar payment under any bankruptcy, insolvency or similar law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.6**&nbsp;&nbsp;&nbsp;&nbsp;**Remedies**. Each Guarantor agrees that, as between each Guarantor, on the one hand, and the Secured Parties, on the other hand, the Obligations may be declared to be forthwith due and payable (and shall be deemed to have become automatically due and payable) notwithstanding any stay, injunction or other prohibition preventing such declaration (or preventing such Obligation from becoming automatically due and payable) as against any other Person and that, in the event of such declaration (or such Obligation being deemed to have become automatically due and payable), such Obligation (whether or not due and payable by any other Person) shall forthwith become due and payable by each Guarantor. Each Guarantor acknowledges and agrees that its obligations hereunder are secured in accordance with the terms of the Collateral Documents and that the Secured Parties may exercise their remedies thereunder in accordance with the terms thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.7**&nbsp;&nbsp;&nbsp;&nbsp;**Subrogation**. Each Guarantor agrees that, until the indefeasible payment of the Obligations in full in cash (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made), if an Event of Default or Excess Prepayment Event has occurred and is continuing, it will not exercise any right of reimbursement, subrogation, indemnification, contribution, offset, remedy (direct or indirect) or other claims against any other Credit Party arising by contract or operation of law or equity in connection with any payment made or required to be made by each Guarantor under this Credit Agreement or the other Loan Documents now or hereafter. Each Guarantor further agrees that, to the extent the waiver of its rights of subrogation, reimbursement, indemnification and contribution as set forth herein is found by a court of competent jurisdiction

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to be void or voidable for any reason, any rights of subrogation, reimbursement or indemnification each Guarantor may have against any other Credit Party or against any Collateral or other collateral or security, and any rights of contribution each Guarantor may have against any other Credit Party, shall be junior and subordinate to any rights the Administrative Agent may have against such Credit Party and to all right, title and interest the Administrative Agent may have in any such other collateral.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.8**&nbsp;&nbsp;&nbsp;&nbsp;**Inducement**. The Lenders have been induced to make the Loans to the Borrower in part based upon the assurances by each Guarantor that each Guarantor desires that the Obligations of each Guarantor under the Loan Documents be honored and enforced as separate obligations of each Guarantor, should Administrative Agent and the Lenders desire to do so.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.9**&nbsp;&nbsp;&nbsp;&nbsp;**Combined Liability**. Notwithstanding the foregoing, each Guarantor shall be liable to the Lenders for all representations, warranties, covenants, obligations and indemnities, including the Guaranty Obligation, and the Administrative Agent and the Lenders may at their option enforce the entire amount of the Guaranty Obligation against each Guarantor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.10**&nbsp;&nbsp;&nbsp;&nbsp;**Borrower Information**. Each Guarantor confirms and agrees that the Administrative Agent shall have no obligation to disclose or discuss with each Guarantor its assessment of the financial condition of a Borrower. Each Guarantor has adequate means to obtain information from a Borrower on a continuing basis concerning the financial condition of a Borrower and its ability to perform its obligations under this Credit Agreement and any other Loan Document, and each Guarantor assumes the responsibility for being and keeping informed of the financial condition of a Borrower and of all circumstances bearing upon the risk of nonpayment of the Obligations. Each Guarantor hereby waives and relinquishes any duty on the part of the Administrative Agent to disclose any matter, fact or thing relating to the business, operations or condition of a Borrower now known or hereafter known by the Administrative Agent. Each guarantor hereby waives any right to have the Collateral or other collateral or security securing the Obligations marshaled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.11**&nbsp;&nbsp;&nbsp;&nbsp;**Instrument for the Payment of Money**. Each Guarantor hereby acknowledges that the guarantee in this <u>Section 13</u> constitutes an instrument for the payment of money, and consents and agrees that any Lender or the Administrative Agent, at its sole option, in the event of a dispute by each Guarantor in the payment of any moneys due hereunder, shall have the right to bring motions and/or actions under New York CPLR Section 3213.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**13.12**&nbsp;&nbsp;&nbsp;&nbsp;**Termination**. Notwithstanding anything to the contrary in this <u>Section 13</u> but subject to <u>Section 13.5</u>, this <u>Section 13</u> shall automatically terminate and be of no further force or effect upon the earlier of (i) the indefeasible payment of the Obligations in full in cash (other than Letter of Credit obligations which have been fully cash collateralized and contingent indemnification obligations for which no claim has been made) and (ii) with respect to any Guarantor, the effectiveness of such Guarantor's withdrawal from the Credit Facility pursuant to <u>Section 2.9(c)(ii) (</u>except for those Obligations (including indemnification obligations pursuant to <u>Section 12.5</u>) which by their terms survive withdrawal by a Guarantor and termination of this Credit Agreement). Thereafter, upon request, the Administrative Agent shall reasonably provide any applicable Guarantor, at such Guarantor's sole expense, a written confirmation of release of its obligations hereunder in form reasonably satisfactory to such Guarantor and the Administrative Agent.

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REMAINDER OF PAGE INTENTIONALLY LEFT BLANK<br>SIGNATURE PAGES FOLLOW.

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**IN WITNESS WHEREOF**, the parties hereto have caused this Credit Agreement to be duly executed and delivered as of the day and year first above written.

**BORROWER:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND MASTER AGGREGATOR LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

**GUARANTORS:**

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-A LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

**STONEPEAK-PLUS INFRASTRUCTURE FUND LOWER FUND VI-B LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Associates (CYM) LP, acting by its general partner, Stonepeak-Plus Infrastructure Fund Cayman Ltd

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

<u>4901-1368-7190v.5</u>

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**STONEPEAK-PLUS INFRASTRUCTURE FUND LIQUIDITY LP**

Acting by its general partner, Stonepeak-Plus Infrastructure Fund Finance LLC

By: <u>&nbsp;&nbsp;&nbsp;&nbsp;</u> <br> Name: <br> Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

<u>4901-1368-7190v.5</u>

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**ADMINISTRATIVE AGENT AND LENDER AND LETTER OF CREDIT ISSUER:**

ING CAPITAL LLC, a Delaware limited liability company, as the Administrative Agent, a Lender and Letter of Credit Issuer

By:&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;&nbsp;&nbsp;&nbsp;</u><br>Name: <br>Title:

*ING – Stonepeak Retail*

*Revolving Credit Agreement*

<u>4901-1368-7190v.5</u>

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SCHEDULE I

[Intentionally Omitted]

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SCHEDULE II

[Intentionally Omitted]

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SCHEDULE III

[Intentionally Omitted]

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**<u>ANNEX B</u>**

[Intentionally Omitted]

## Exhibit 10.4

**Exhibit 10.4**

<u>AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT</u>

AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (this "<u>Agreement</u>"), dated as of March 30, 2026, by and between Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership (the "<u>Partnership</u>"), and Stonepeak-Plus Infrastructure Fund Advisors LLC, a Delaware limited liability company (the "<u>Investment Advisor</u>").

WHEREAS, the Partnership desires that the Investment Advisor originate and recommend investment opportunities to the Partnership, monitor and evaluate Investments and perform administrative services for the Partnership as requested by the General Partner, and the Investment Advisor desires to render such services to the Partnership in consideration of a management fee and other compensation as hereinafter specified;

WHEREAS, the engagement of the Investment Advisor by the Partnership is authorized by the Second Amended and Restated Agreement of Limited Partnership of the Partnership, as amended by the Amendment No. 1 (as further amended and/or restated from time to time, the "<u>Partnership Agreement</u>");

WHEREAS, the Partnership and the Investment Advisor entered into the Investment Advisory Agreement dated as of May 2, 2025 (the "<u>Original Advisory Agreement</u>"); and

WHEREAS, the parties desire to enter into this Agreement to amend certain provisions of the Original Advisory Agreement as more fully set forth herein in accordance with Section 9(a) of the Original Advisory Agreement.

NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties 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.<u>Defined Terms</u>. The defined terms used in this Agreement shall, unless the context otherwise requires, have the meanings specified in this Section 1 or, if not so specified, shall have the meanings specified in Article I of the Partnership Agreement.

"<u>Applicable Management Fee Percentage</u>" shall have the meaning specified in Schedule 1 hereto.

"<u>Initial Fund Expenses Support</u>" shall have the meaning specified in Section 6 hereof.

"<u>Management Fee</u>" shall have the meaning specified in Section 3(a) hereof.

"<u>Organizational and Offering Expenses</u>" shall have the meaning specified in Section 5 hereof.

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

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"<u>Other Fees</u>" shall mean any fees earned by the Investment Advisor and its Affiliates in connection with Investments and from the Partnership's unconsummated transactions, including, but not limited to, break-up and topping fees, monitoring and directors' fees, commitment, financing and organization fees, set-up fees, consulting fees, asset management fees, investment banking fees, closing and transaction fees, acquisition fees, divestment fees, any other fees set forth in Section 6.2(b) of the Partnership Agreement and other similar fees. For the avoidance of doubt, (i) Other Fees shall not include stock options, restricted stock grants or other compensation granted or paid by Portfolio Companies to (or with respect to) employees or members of the Investment Advisor or its Affiliates who serve in bona fide, non-director management capacities (or other operational capacities involving a material portion of such employee's business time) at Portfolio Companies and all such amounts paid to any such Persons shall be deemed to be compensation for such Persons' service in such capacities irrespective of whether such Persons also serve on the board of directors or other comparable body of the applicable Portfolio Company unless and to the extent any such amounts are explicitly designated in writing by the Portfolio Company to the Partnership or the Investment Advisor at the time of payment as directors' fees payable to the Investment Advisor or its Affiliates in return for the designated board seat thereof, (ii) the Investment Advisor and its Affiliates may receive fees and/or payments from entities or vehicles other than the Partnership's Portfolio Companies, including from joint venture partners, co-investors and other counterparties in relation to one or more transactions otherwise involving the Partnership, and such fees and/or payments shall not be considered Other Fees or be applied to reduce the Management Fees borne by Unitholders and (iii) Other Fees shall not include (A) Subscription Fees and Servicing Fees, (B) any fees or payments as agreed or approved by the Independent Directors and (C) any fees and/or other payments received by the Investment Advisor or its Affiliates in connection with the performance of aviation and aviation-related services in connection with any investment made by the Partnership or any Parallel Fund, any Other Stonepeak Account or any Affiliate thereof so long as such fees and/or payments are on arm's-length terms (it being understood that such fees and/or payments shall be deemed to be on arm's-length terms if they are paid to the Investment Advisor or its Affiliates on the same terms as they are paid to a non-affiliated capital markets or credit advisory advisor, as determined by the General Partner in good faith). In addition, the Investment Advisor or one or more of its Affiliates (including the Stonepeak Broker Dealer) have launched a capital markets and/or credit advisory function, including but not limited to a business to advise on the issuance of debt or equity and/or to participate in loan origination, syndication, placement and/or servicing of debt and/or equity securities (including for portfolio companies or entities formed to invest therein), and should any such business receive underwriting spreads or other fees of any kind with respect to any such activities, including spreads or fees (including advisory fees) from any Portfolio Company of the Partnership, any Other Stonepeak Account or any other investment vehicle sponsored by the General Partner, the Investment Advisor or their respective Affiliates, any such spreads or fees will not be treated as Other Fees even if paid by or on behalf of, or are otherwise derived from, Portfolio Companies of the Partnership so long as such spreads or fees are on arm's-length terms (it being understood that such spreads or fees shall be deemed to be on arm's-length terms if they are paid to the Investment Advisor, the Stonepeak Broker Dealer or one or more of their respective Affiliates on the same terms as they are paid to a non-affiliated capital markets or credit advisory advisor).

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"<u>Reduction Amount</u>" shall have the meaning specified in Section 4 hereof.

"<u>Specified Expenses</u>" shall mean all expenses incurred in the business of the Partnership, including Organizational and Offering Expenses, with the exception of (i) the Management Fee, (ii) the Performance Participation Allocation, (iii) the Servicing Fee, (iv) any distribution fees or subscription fees payable to a distribution agent, (v) portfolio company level expenses, (vi) brokerage costs or other investment-related out-of-pocket expenses, including with respect to unconsummated transactions, (vii) dividend/interest payments (including any dividend payments, interest expenses, commitment fees, or other expenses related to any leverage incurred by the Partnership or any Person through which the Partnership invests), (viii) taxes, (ix) ordinary corporate operating expenses (including costs and expenses related to hiring, retaining, and compensating employees and officers of the Partnership), (x) certain insurance costs and (xi) extraordinary expenses (as determined in the sole discretion of the Investment Advisor).

&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.<u>Provision of Services by the Investment Advisor</u>. (a) The Investment Advisor shall originate and recommend to the Partnership investment opportunities consistent with the purposes of the Partnership, monitor and evaluate Investments and provide such other services related thereto as the Partnership may reasonably request.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 Investment Advisor shall (directly or through an Affiliate) maintain a staff trained and experienced in the business of identifying and structuring transactions contemplated by the Partnership Agreement. Services to be rendered by the Investment Advisor in connection with the Partnership's investment program shall include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)analysis and investigation of potential Portfolio Companies, including their products, services, markets, management, financial situation, competitive position, market ranking and prospects for future performance and analyzing other Investments, including primary and secondary investments in 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;&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)analysis and investigation of potential dispositions of Investments, including identification of potential acquirers and evaluation of offers made by such potential acquirers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)structuring of acquisitions of Investments, including through any Intermediate Entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)identification of bank and institutional sources of financing, arrangement of appropriate introductions and marketing of financing proposals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)supervision of the preparation and review of all documents required in connection with the acquisition, disposition or financing of each 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;&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)monitoring the performance of Portfolio Companies and, where appropriate, providing advice to the management of the Portfolio Companies at the policy level during the life of an 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;&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)arranging and coordinating the services of other professionals and consultants, including Stonepeak; 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;(viii)providing the Partnership with such other services as the General Partner may, from time to time, appoint the Investment Advisor to be responsible for and perform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 the services provided by the Investment Advisor, the Investment Advisor shall not be authorized to manage the affairs of, act in the name of, or bind the Partnership. The management, policies and operations of the Partnership shall be the responsibility of the General Partner acting pursuant to and in accordance with the Partnership Agreement, and all decisions relating to Partnership matters, including, without limitation, the acquisition, management and disposition of Investments, shall be made by the General Partner acting pursuant to and in accordance with the Partnership 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;(d)The General Partner, on behalf of the Partnership, shall appoint the Investment Advisor to be responsible for and perform all functions as, in the General Partner's reasonable discretion, constitute: (i) portfolio management and risk management functions in respect of the Partnership, and (ii) such other functions or responsibilities (if any) as the General Partner determines are appropriate to be carried out by the Investment Advisor, in each case, in substitution for, and to the exclusion of, the General Partner. The General Partner will monitor the Investment Advisor's performance of such functions. For the avoidance of doubt, the Investment Advisor shall be permitted to engage one or more Affiliates to serve as a sub-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;3.<u>Management Fee and Other Fees</u>. (a) Pursuant to Section 6.2 of the Partnership Agreement, the Partnership (directly or indirectly through an Intermediate Entity) shall pay to the Investment Advisor a management fee with respect to each class of Units (the "<u>Management Fee</u>"), calculated in the manner set forth below.

&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 Management Fee shall be calculated and paid monthly by the Partnership (directly or indirectly through an Intermediate Entity) in arrears on the last Business Day of each calendar month and shall, with respect to each class of Units, be equal to, in the aggregate, the product of (x) the Applicable Management Fee Percentage with respect to such class multiplied by (y) the month-end Net Asset Value attributable to such class.

The Management Fee shall be payable by the Partnership before giving effect to any accruals for the Management Fee, the Servicing Fee, the Performance Participation Allocation, Unit redemptions (and pending redemptions), any distributions and without taking into account accrued and unpaid taxes of any Intermediate Entity (including Corporations) through which the Partnership indirectly invests in an Investment (or any comparable entities of any Other Stonepeak Account in which the Partnership directly or indirectly participates), or taxes paid by any such entity during the applicable month. The Partnership, any Feeder Fund and/or Parallel Fund will each be obligated to pay (without duplication) its proportional share of the Management Fee with respect to each class of Units based on its proportional interest in the Master Aggregator or any other Intermediate Entity(ies) with respect to such class. The Investment Advisor may elect to receive the Management Fee in cash, Units of the Partnership and/or any Parallel Fund and/or shares, units or interests (as applicable) of Intermediate Entities (which may, for the avoidance of doubt, be paid or allocated directly by an Intermediate Entity). If the Management Fee is paid in Units, such Units may be redeemed by the Partnership at Net Asset Value at the Investment Advisor's request and will not be subject to the volume limitations of the Unit Redemption Program or the Early Redemption Deduction of the Unit Redemption Program.

&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 Partnership recognizes that the Investment Advisor and its Affiliates may receive Other Fees, all as contemplated by Section 4 hereof, and agree that the Management Fee payable hereunder shall not be affected thereby, except as contemplated by Section 4 hereof.

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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;(d)The Management Fee for each of (i) the first calendar month following the Initial Closing Date and (ii) the last calendar month of SP+ INFRA shall each be prorated for the number of days in 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)Notwithstanding anything to the contrary in this Agreement, the Investment Advisor will forgo an amount of its monthly Management Fee and/or pay, absorb, or reimburse certain expenses of the Partnership, to the extent necessary so that, for the first full calendar year of the Partnership's life, the Partnership's annual Specified Expenses do not exceed 0.60% of the Partnership's Net Asset Value as of the end of each calendar month.

&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.<u>Other Fees</u>. (a) Any Other Fees shall be paid directly to the Investment Advisor or its Affiliates; *provided*, that such Other Fees shall be allocated among the Partnership, any Parallel Funds, any other investment vehicles and accounts managed or advised by Stonepeak and any third parties investing in the same or substantially similar securities as those in which the foregoing entities invested (but only to the extent such third parties directly or indirectly pay or bear such Other Fees), based upon their relative percentage interests in the relevant Investment, including any percentage interests attributable to Affiliates of the General Partner (or, in the case of net break-up and topping fees, proposed percentage interests); and *provided further*, that any such fees received in-kind shall, as applicable, be valued as of the date of receipt (other than fees described in Section 4(c) below) in the manner set forth in Section 4.6 of the Partnership Agreement. Notwithstanding anything to the contrary contained herein or in the Partnership Agreement, the Management Fee paid by the Partnership with respect to each class of Units shall be reduced by an amount (the "<u>Reduction Amount</u>") equal to 100% of the Partnership's pro rata share of Other Fees allocable to the Units in such class (net of reasonable out-of-pocket expenses incurred by the Investment Advisor or its Affiliates (and not otherwise reimbursed) during the immediately preceding monthly period in connection with the transaction out of which such fees arose (but shall not be net of all other direct or administrative costs allocable to such fees), it being understood that the Investment Advisor or its Affiliates may seek to have all such reasonable out-of-pocket expenses and costs reimbursed or paid by the company in respect of which such expenses and costs are generated (which shall not be considered a fee for purposes of calculating the Reduction Amount)). In the event the Investment Advisor and its Affiliates have paid any Broken Deal Expenses allocable to Units in a relevant class in lieu of having them paid by the Partnership, then the Reduction Amount with respect to such class for such monthly period will be decreased by the amount of such Broken Deal Expenses then or previously paid by the Investment Advisor and its Affiliates with respect to such class to the extent that such Broken Deal Expenses have not already been applied against the Reduction Amount. The Reduction Amount with respect to any class for each monthly period shall be applied to reduce the Management Fee payable with respect to such class for such monthly period (but not to an amount below zero) and to the extent not so applied shall be carried forward for application against future installments of the Management Fee with respect to such class until such Reduction Amount is fully utilized in reducing the Management Fee with respect to such class. To the extent such excess Reduction Amount with respect to such class remains unapplied upon (i) the Partnership's final distribution of assets or (ii) the redemption (or withdrawal) of all of the Units in such class, the Investment Advisor or an Affiliate thereof shall retain such unapplied amount. For purposes of this paragraph, the Partnership's pro rata share of Other Fees shall be allocated among classes pro rata based on their respective percentage interests in the relevant Portfolio Company in respect of which such Other Fees are received.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)The Investment Advisor and its Affiliates may receive fees (including fees of the type described in the term "Other Fees") from companies other than SP+ INFRA's Portfolio Companies and their Affiliates and those involved in SP+ INFRA's unconsummated transactions, including in connection with a joint venture in which SP+ INFRA participates or otherwise with respect to assets or other interests retained by a seller or other commercial counterparty of SP+ INFRA and/or as otherwise described in the

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Memorandum. The Investment Advisor and its Affiliates shall have no obligation to reduce the Management Fee in respect of such fees or share such fees in any way with SP+ INFRA or the Unitholders.

&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)For purposes of this Section 4, any Other Fees received in the form other than cash, including stock options (or similar instruments) and "cheap stock", shall be valued in the earlier of (i) the Fiscal Quarter in which such property is disposed of (including, in the case of options, the securities underlying the options and in which case the value for purposes of calculating Reduction Amounts shall equal the value received by the holder thereof net of the exercise price), (ii) the Fiscal Quarter in which there is a Disposition of the related Investment by the Partnership or (iii) the termination of the Partnership.

&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)On any calculation date and for all purposes hereunder, any unapplied Reduction Amount with respect to any class shall be treated as an asset of the Partnership for the purposes of calculating Net Asset Value and gross asset value (excluding, in each case to avoid double counting, any unapplied reduction for Other Fees which have been capitalized and treated as an asset for purposes of calculating Net Asset Value and gross asset value or the payment of which did not otherwise reduce Net Asset Value and gross asset value).

&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.<u>Organizational and Offering Expenses</u>. The Investment Advisor hereby agrees to advance all of SP+ INFRA's organizational and offering expenses on SP+ INFRA's behalf (including legal, accounting, advertising, printing, mailing, subscription processing and filing fees and expenses, due diligence expenses of participating placement agents or financial intermediaries (including third-party marketing material compliance reviews), capital raising expenses, costs in connection with preparing sales materials, design and website expenses, fees and expenses of each entity (including, as applicable, transfer agent, administrator and depository fees, fees paid to public relations, advertising or consulting business, fees to attend retail seminars sponsored by participating broker-dealers and reimbursements for travel, lodging, entertainment and meals, and including all similar organizational and offering expenses of any Feeder Funds, Parallel Funds and/or Intermediate Entities primarily organized to invest in SP+ INFRA to the extent not paid by such Feeder Funds, Parallel Funds and/or Intermediate Entities or their investors, as applicable, but excluding Subscription Fees and Servicing Fees)) (collectively, "<u>Organizational and Offering Expenses</u>") through the second anniversary of the Initial Closing Date. SP+ INFRA will be obligated to reimburse the Investment Advisor for all such advanced Organizational and Offering Expenses when and if requested by the Investment Advisor over the 60 months following the second anniversary of the Initial Closing Date. The Investment Advisor will determine what Organizational and Offering Expenses are attributable to the Partnership or any Feeder Fund, Parallel Fund or Intermediate Entity, 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;6.<u>Initial Fund Expenses Support</u>. The Investment Advisor may, in its discretion, advance all or a portion of the Fund Expenses (excluding Organizational and Offering Expenses) to be borne by SP+ INFRA and the appropriately apportioned expenses relating to the Portfolio Companies, Feeder Funds, Parallel Funds and/or Intermediate Entities to the extent not paid by such Portfolio Companies, Feeder Funds, Parallel Funds and/or Intermediate Entities, in each case as determined pursuant to the terms of this Agreement and the Partnership Agreement (collectively, "<u>Initial Fund Expenses Support</u>") through the second anniversary of the Initial Closing Date. SP+ INFRA will reimburse the Investment Advisor for such advanced Initial Fund Expenses Support when and if requested by the Investment Advisor by no later than the date that is sixty (60) months after the second anniversary of the Initial Closing Date. The Investment Advisor will determine the portion of Initial Fund Expenses Support that is attributable to the Partnership or any Portfolio Company, Feeder Fund, Parallel Fund and/or Intermediate Entity in its sole discretion.

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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;7.<u>Exculpation and Indemnification</u>. The parties hereto acknowledge that the Investment Advisor and its direct and indirect beneficial owners, officers, directors, members, partners, employees, agents, stockholders and Affiliates are beneficiaries of and shall be bound by and deemed subject to the exculpation and indemnification provisions of Sections 4.2 and 4.3 of the Partnership 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;8.<u>Term</u>. The term of this Agreement shall be the same as the term of the Partnership Agreement as set forth in Section 9.1 thereof. This Agreement shall be terminated upon the earliest to occur of (a) the decision of the Partnership in the sole discretion of the General Partner upon sixty (60) days' notice to so terminate, (b) the bankruptcy or termination of the Investment Advisor, and (c) the termination of the Partnership.

&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.<u>Miscellaneous</u>. (a) This Agreement may be amended, modified or supplemented at any time and from time to time by an instrument in writing signed by each party hereto, or their respective successors or assigns (including, without limitation, amendments to conform to successor entities and applicable regulatory requirements), or otherwise as provided herein, and any provision herein may be waived, by the written consent of the General Partner; *provided*, that any amendment, modification or supplement that, in the General Partner's discretion, viewed as a whole together with all such amendments, modifications or supplements, would have a material adverse effect on the Unitholders in the aggregate will require the prior approval of the Independent Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 notice shall be deemed to have been duly given if (i) personally delivered, when received, (ii) sent by United States Express Mail or recognized overnight courier on the second following Business Day (or third following Business Day if mailed outside the United States), (iii) delivered by electronic mail, when received, or (iv) posted on a password protected website maintained by the Partnership or its Affiliates and for which any Unitholder has received access instructions by electronic mail, when posted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)This Agreement shall bind any successors or assigns of the parties hereto as herein provided.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)This Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) and any additional information incidental thereto may be presented, delivered executed and/or maintained in as many counterparts as necessary or convenient, including both counterparts that are executed on paper and counterparts that are electronic records and executed electronically, and each executed counterpart shall be deemed an original. All such counterparts shall constitute one and the same document. For the avoidance of doubt, any party's execution and delivery of this Agreement (or any agreement, document or notice required or permitted by this Agreement, or any amendment to this Agreement) by electronic signature and/or electronic transmission shall constitute the execution and delivery of a counterpart of the executed document by or on behalf of such party and shall bind such party to its terms. The authorization under this Section 9(d) may include, without limitation, a manually signed paper document which has been converted into electronic form (such as scanned into PDF format or transmitted via facsimile), or an electronically signed document converted into another format, for transmission, delivery and/or retention.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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)This Agreement is intended to create, and creates, a contractual relationship for services to be rendered by the Investment Advisor acting in the ordinary course of its business as an independent contractor and is not intended to create, and does not create, a partnership, joint venture or any like relationship among the parties hereto (or any other parties). The provisions of this Agreement shall be construed in accordance with and governed by the laws of the State of New York.

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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;(f)Without the consent of a majority of the Independent Directors (which, for the avoidance of doubt, would include all of the Independent Directors in the event there were two or fewer Independent Directors on the Board of Directors), the Investment Advisor shall not assign, sell or otherwise dispose of all or any part of its right, title and interest in and to this Agreement, except to an Affiliate thereof; *provided*, that nothing in this Agreement shall preclude changes in the composition of the members constituting the limited liability company which is the Investment Advisor so long as Stonepeak and its Affiliates control such limited liability company; *provided, further*, that such limited liability company may be reconstituted from the limited liability company form to the limited partnership form, the general partnership form or to the corporate form or vice versa or any other form of entity so long as Stonepeak and its Affiliates control such reconstituted entity; *provided, further*, that for the avoidance of doubt, the Investment Advisor may make a collateral assignment of all or any portion of its rights to receive Management Fees and Other Fees, or the account(s) into which such fees are received, to secure indebtedness incurred by the Investment Advisor and/or its Affiliates so long as the secured party shall not have any right to become the Investment Advisor hereunder or exercise or perform any the Investment Advisor's responsibilities hereunder (other than to enforce the rights of the Investment Advisor with respect to the payment of the Management 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)No failure on the part of either party to exercise, and no delay on its part in exercising, any right or remedy under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right or remedy under this Agreement preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies provided in this Agreement are cumulative and not exclusive of any rights or remedies provided by law.

[*Rest of page intentionally left blank*]

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their representatives thereunto duly authorized effective as of the day and year first above written.

STONEPEAK-PLUS INFRASTRUCTURE FUND LP

By: Stonepeak-Plus Infrastructure Fund Associates LP, its general partner

By: <u>/s/ Adrienne Saunders</u>&nbsp;&nbsp;&nbsp;&nbsp;

Name: Adrienne Saunders

Title: Senior Managing Director & General Counsel/Chief Compliance Officer

STONEPEAK-PLUS INFRASTRUCTURE FUND ADVISORS LLC

By: <u>/s/ Adrienne Saunders</u>&nbsp;&nbsp;&nbsp;&nbsp;

Name: Adrienne Saunders

Title: Senior Managing Director & General Counsel/Chief Compliance Officer

[*Signature page to Stonepeak-Plus Infrastructure Fund LP IAA*]

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**<u>Schedule 1</u>**

(h) ---

| | |
|:---|:---|
| **<u>Class</u>** | **<u>Applicable Management Fee Percentage</u>** |
| Class A-1a | 0.875% per annum |
| Class A-1b | 0.875% per annum |
| Class A-1c | 0.875% per annum |
| Class D-1 | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class D-2 | 1.25% per annum |
| Class S-1 | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class S-2 | 1.25% per annum |
| Class I-1 | 1.0% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class I-2 | 1.25% per annum |
| Class F-1 | 0.875% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class F-2 | 0.75% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class F-3 | 0.625% per annum until the end of the 48-month period following the Initial Closing Date, and 1.25% per annum thereafter |
| Class F-4 | 0.875% per annum |
| Class X | 0.0% per annum |

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## Exhibit 19.1

**Exhibit 19.1**

**STONEPEAK-PLUS INFRASTRUCTURE FUND LP** 

**Insider Trading Policy**

It is the policy of Stonepeak-Plus Infrastructure Fund LP, a Delaware limited partnership, and its subsidiaries (collectively, the "<u>Partnership</u>"), that they and their directors, officers and employees, if any, all officers and employees of Stonepeak-Plus Infrastructure Fund Associates LP, the Partnership's general partner (the "<u>General Partner</u>"), and all officers and employees of Stonepeak-Plus Infrastructure Fund Advisors LLC, the Partnership's external adviser (the "<u>Investment Advisor</u>"), including members of the Investment Advisor's investment committee, and officers and employees of Stonepeak Partners LP ("<u>Stonepeak</u>") or any of its affiliates acting for or on behalf of the Partnership (collectively, "<u>Covered Parties</u>") must, at all times, comply with the securities laws of the United States and all other applicable jurisdictions. In order to avoid any activity that violates applicable laws or regulations and, in order to avoid even the appearance of impropriety, this Policy restricts or prohibits certain transactions by Covered Parties and their immediate family members (collectively, "<u>Insiders</u>") and subjects transactions by certain Insiders to pre-approval requirements when trading in the Partnership's securities. All Covered Parties must abide by the terms of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;Federal securities laws prohibit "trading" in the "securities" of a company on the basis of "material non-public information." "Trading" means broadly any purchase, sale or other transaction to acquire, transfer or dispose of securities, including Partnership redemptions and repurchases, market option exercises, gifts or other contributions, exercises of unit options granted under any Partnership equity plans, sales of units acquired upon the exercise of options and trades made under an employee benefit plan such as a 401(k) plan. The term "securities" should be broadly construed and shall include, but not be limited to, stock, preferred stock, units, debt securities, such as bonds, notes and debentures, as well as puts, calls, options and other derivative instruments. Generally, information is "non-public" if it has not been effectively made available to investors generally, and information is "material" if there is a substantial likelihood that a reasonable investor would consider it important in making a decision to buy, sell or hold a security or where it is likely to have a significant effect on the market price of the security. Both positive and negative information may be material. Trading on "material non-public information" is commonly known as "insider trading." It is also illegal to recommend to others (commonly called "tipping") that they buy, sell or retain the securities to which such material non-public information relates. Anyone violating these laws is subject to personal liability and could face criminal penalties, including imprisonment. Federal securities law also creates a strong incentive for the Partnership to deter insider trading by Insiders. In the normal course of business, Covered Parties may come into possession of inside information concerning the Partnership, transactions in which the Partnership proposes to engage or other entities with which the Partnership does business. Therefore, the Partnership has established this Policy with respect to trading in its securities or securities of another company.

&nbsp;&nbsp;&nbsp;&nbsp;All Covered Parties, other than those who are unaffiliated with the General Partner, Investment Advisor or Stonepeak, must comply with the procedures set forth in the "Insider Trading" section of the Regulatory Compliance Manual of Stonepeak, as amended, supplemented or otherwise modified from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;All directors and executive officers of the Partnership and their immediate family members (including, such person's spouse, minor children, relatives or other individuals living with the director and individuals for whose support the director is principally responsible) may not trade in any securities of the Partnership without first pre-clearing such trade with the Partnership's Legal & Compliance group.

***Adopted: January 17, 2025***

## Exhibit 21.1

**Exhibit 21.1**

**LIST OF SUBSIDIARIES OF STONEPEAK-PLUS INFRASTRUCTURE FUND LP**

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| | |
|:---|:---|
| **Entity Name** | **Jurisdiction** |
| Stonepeak-Plus Infrastructure Fund Lower Fund VI-A LP | Cayman Islands |
| Stonepeak-Plus Infrastructure Fund Holdco A (CYM) LLC | Cayman Islands |

---

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER**

I, Cyrus Gentry, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 of Stonepeak-Plus Infrastructure Fund LP;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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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| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By:  | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer<br>*(principal executive officer)* |

---

## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER**

I, Steve Mlynar, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 of Stonepeak-Plus Infrastructure Fund LP;

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer 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)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [Intentionally omitted];

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;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.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Steve Mlynar |
|  |  | Steve Mlynar |
|  |  | Chief Financial Officer<br>*(principal financial officer)* |

---

## Exhibit 32.1

**Exhibit 32.1**

**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 Annual Report on Form 10-K of Stonepeak-Plus Infrastructure Fund LP (the "Company") for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Cyrus Gentry, Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report 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. &nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By:  | /s/ Cyrus Gentry |
|  |  | Cyrus Gentry |
|  |  | Chief Executive Officer<br>*(principal executive officer)* |

---

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

## Exhibit 32.2

**Exhibit 32.2**

**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 Annual Report on Form 10-K of Stonepeak-Plus Infrastructure Fund LP (the "Company") for the fiscal year ended December 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Steve Mlynar, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.The Report 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. &nbsp;&nbsp;&nbsp;&nbsp;The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: March 31, 2026 | By: | /s/ Steve Mlynar |
|  |  | Steve Mlynar |
|  |  | Chief Financial Officer<br>(principal financial officer) |

---

*\* The foregoing certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*

<br>