Document:

Industrial Building Lease dated February 20, 2006

 Exhibit 10.28 
 INDUSTRIAL BUILDING LEASE 
 BETWEEN 
 560 ARAPEEN LLC, SEVENTH AVENUE LLC, FIRST AVENUE LLC 
 ALASKA LIMITED LIABILITY
COMPANIES 
 (“LANDLORD”) 
 AND 
 AMEDICA CORP., A DELAWARE CORPORATION (“TENANT”) 
 DATE OF LEASE February 20, 2006 
  

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 TABLE OF CONTENTS 
  

					
	 1.
	  	Definitions	  	1
			
	2.	  	Lease Grant	  	5
			
	3.	  	Adjustment of Commencement Date/Possession	  	5
			
	4.	  	Use	  	6
			
	5.	  	Base Rent	  	6
			
	6.	  	Security Deposit	  	7
			
	7.	  	Services to be Furnished by Landlord	  	8
			
	8.	  	Leasehold Improvements/Tenant’s Property	  	9
			
	9.	  	Signage	  	9
			
	10.	  	Repairs and Alterations by Tenant	  	9
			
	11.	  	Use of Electrical Services by Tenant	  	11
			
	12.	  	Entry by Landlord	  	12
			
	13.	  	Assignment and Subletting	  	12
			
	14.	  	Mechanic’s Liens	  	14
			
	15.	  	Insurance	  	15
			
	16.	  	Indemnity	  	17
			
	17.	  	Damages from Certain Causes	  	17
			
	18.	  	Casualty Damage	  	18
			
	19.	  	Condemnation	  	18
			
	20.	  	Hazardous Substances.	  	19
			
	21.	  	Americans with Disabilities Act	  	21
			
	22.	  	Events of Default	  	21
			
	23.	  	Remedies	  	22
			
	24.	  	No Waiver	  	27

  

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	25.	  	Peaceful Enjoyment	  	27
			
	26.	  	Substitution Intentionally Omitted	  	27
			
	27.	  	Holding Over	  	27
			
	28.	  	Subordination to Mortgage/Estoppel Certificate	  	28
			
	29.	  	Notice	  	29
			
	30.	  	Intentionally Omitted	  	29
			
	31.	  	Surrender of Premises	  	29
			
	32.	  	Rights Reserved to Landlord	  	29
			
	33.	  	Miscellaneous	  	30
			
	34.	  	Entire Agreement	  	32
			
	35.	  	LIMITATION OF LIABILITY	  	33
		
	EXHIBIT A - OUTLINE AND LOCATION OF PREMISES	  	
		
	EXHIBIT B - RULES AND REGULATIONS	  	
		
	EXHIBIT C - PAYMENT OF TRIPLE NET COSTS AND OPERATING EXPENSES	  	
		
	EXHIBIT D - WORK LETTER	  	
		
	EXHIBIT E - ADDITIONAL PROVISIONS	  	

  

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 INDUSTRIAL BUILDING LEASE AGREEMENT 
 This Industrial Building Lease Agreement (“Lease”), made and entered into on this 20th day of February, 2006, between 560 Arapeen LLC, Seventh Avenue LLC, First Avenue LLC, also known as 560 Arapeen Co-Tenancy (“Landlord”) and Amedica Corp., a Delaware corporation (“Tenant”). 
 WITNESSETH: 
 1. Definitions. The
following are definitions of some of the defined terms used in this Lease. The definitions of other defined terms are found throughout this Lease. 
  

	 	A.	“Building” shall mean the industrial and office building at 560 Arapeen, Salt Lake City, County of Salt Lake, State of Utah which is located on property subject to
a lease from the University of Utah, dated September 4, 1979, as amended by each of (i) that First Addendum to Lease Agreement, dated April 9. 1987, (ii) that Second Addendum to Lease Agreement, dated December 31, 1990,
(iii) that Memorandum of Ground Lease and Amendment to Ground Lease, recorded June 1, 2000 as Entry No. 7650612, in Book 8365 at Page 3595 of the official records of the Salt Lake County Recorder, and (iv) that Third Addendum to
Lease Agreement, dated May 30, 2003 (collectively, the “Ground Lease”). 

  

	 	B.	“Base Rent”: Base Rent will be paid according to the following schedule, subject to the provisions of Section 5. hereof, and shall be revised if the rentable
square footage is found to be different than 17,439. For the purposes of this Section 1.B., “Lease Year” shall mean the twelve (12) month period commencing on the Commencement Date, and on each anniversary of the Commencement
Date. 

  

										
	 PERIOD
	  	RATE/SF	  	ANNUAL BASE
RENT	  	MONTHLY
INSTALLMENTS OF
BASE RENT
	 First Lease Year
	  	$	13.25	  	$	231,066.75	  	$	19,255.56
	 Second Lease Year
	  	$	13.65	  	$	238,042.35	  	$	19,836.86
	 Third Lease Year
	  	$	14.06	  	$	245,192.34	  	$	20,432.70
	 Fourth Lease Year
	  	$	14.48	  	$	252,516.72	  	$	21,043.06
	 Fifth Lease Year
	  	$	14.91	  	$	260,015.49	  	$	21,667.96

 The Base Rent due for the first month rent is payable during the Lease Term (hereinafter defined) shall be paid by
Tenant to Landlord contemporaneously with Tenant’s execution hereof. 
  

	 	C.	“Additional Rent”: shall mean Tenant’s Pro Rata Share of Triple Net Costs (hereinafter defined) and any other sums (exclusive of Base Rent) that are required
to be paid to Landlord by Tenant hereunder, which sums are deemed to be Additional Rent under this Lease. Additional Rent and Base Rent are sometimes collectively referred to herein as “Rent.” 

	 	D.	“Triple Net Costs” shall mean all direct and indirect costs and expenses incurred in connection with the Building as more fully defined in Exhibit C attached
hereto. 

  

	 	E.	“Security Deposit” shall mean the sum of Nineteen Thousand Two Hundred Fifty-Five and 56/100 Dollars ($19,255,56). The Security Deposit shall be paid by Tenant to
Landlord contemporaneously with Tenant’s execution hereof. 

  

	 	F.	“Commencement Date”, “Lease Term” and “Termination Date” shall have the meanings set forth in subsection I.F.(2) below):

  

	 	(1)	Intentionally Omitted 

  

	 	(2)	The “Lease Term” shall mean a period of sixty (60) months commencing on April 15, 2006 (tile “Commencement Date”) . The
“Termination Date” shall, unless sooner terminated as provided herein, mean April 30, 2011. Notwithstanding the foregoing, if the Termination Date, as determined herein, does not occur on the last day of a calendar month, the
Lease Term shall be extended by the number of days necessary to cause the Termination Date to occur on the last day of the last calendar month of the Lease Term. Tenant shall pay Base Rent and Additional Rent for such additional days at the same
rate payable for the portion of the last calendar month immediately preceding such extension. 

  

	 	G.	“Premises” shall mean the space located on the first floor within the Building and outlined on Exhibit A to this Lease. 

  

	 	H.	“Approximate Rentable Area in the Premises” shall mean the area contained within the demising walls of the Premises and any other area designated for the exclusive
use of Tenant plus an allocation of the Tenant’s pro rata share of the square footage of the “Common Areas” and the “Service Areas” (as defined below). For purposes of the Lease it is agreed and stipulated by both Landlord
and Tenant that the Approximate Rentable Area in the Premises is 17,439 square feet, which amount shall be revised upon completion of the plans for the Premises. 

  

	 	I.	The “Approximate Rentable Area in the Building” is 83,271 square feet. The Approximate Rentable Area in the Premises and the Approximate Rentable Area in the
Building as set forth herein may be revised at Landlord’s election if Landlord’s architect determines such estimate to be inaccurate in any material degree after examination of the final drawings of the Premises and the Building.

  

	 	J.	“Tenant’s Pro Rata Share” shall mean twenty and 96/100 percent (20.96%) which is the quotient (expressed as a percentage), derived by dividing the
Approximate Rentable Area in the Premises by the Approximate Rentable Area in the Building. 

  

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	 	K.	“Permitted Use” shall mean laboratories, offices, and prototype production facilities or the research related assembly of high technology equipment or components
and no other use or purpose unless approved by the University of Utah, but only in accordance with the Ground Lease and applicable zoning requirements. If Tenant desires any other Permitted Use, Tenant shall make such request to the University on or
before February 15, 2006. If the University of Utah fails to approve Tenant’s request to expand the Permitted Use to include the same uses as currently allowed for Tenant’s other facility in Research Park, Tenant may terminate this
Lease in which event Landlord shall have no obligation to reimburse Tenant for any tenant improvements. 

  

	 	L.	“Operating Expense” Tenant shall be responsible for its pro-rata share of increases in general operating expenses above a base year of 2006.

  

	 	Ll.	“Triple Net Costs” Tenant shall be responsible for its pro-rata share of the following costs: utilities, property taxes, insurance, janitorial, and Ground Lease.

  

	 	M.	“Guarantor(s)” shall mean NONE 

  

	 	N.	“Broker” shall mean CB Richard Ellis. 

  

	 	O.	“Building Manager” shall mean CB Richard Ellis or such other company as Landlord shall designate from time to time. 

  

	 	P.	“Building Standard”, shall mean the type, brand, quality and/or quantity of materials Landlord designates from time-to-time to be the minimum quality and/or
quantity to be used in the Building or the exclusive type, grade, quality and/or quantity of material to be used in the Building. 

  

	 	Q.	“Business Day(s)” shall mean Mondays through Fridays exclusive of the normal business holidays of New Year’s Day, Memorial Day, Independence Day, Labor Day,
Thanksgiving Day and Christmas Day (“Holidays”). Landlord, from time to time during the Lease Term, shall have the right to designate additional Holidays, provided such additional Holidays are commonly recognized by other industrial
buildings in the area where the Building is located. 

  

	 	R.	“Common Areas” shall mean those areas located within the Building or on the Property used for corridors, elevator foyers, mail rooms, restrooms, mechanical rooms,
elevator mechanical rooms, property management office, janitorial closets, electrical and telephone closets, vending areas, and lobby areas (whether at ground level or otherwise), entrances, exits, sidewalks, skywalks, tunnels, driveways, parking
areas and parking garages and landscaped areas and other similar facilities provided for the common use or benefit of tenants generally and/or the public; provided however that Tenant shall be entitled to use 1.5 undesignated parking spaces per
1,000 useable square feet at no cost during the Term. 

  

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	 	S.	“Default Rate” shall mean the lower of (i) the Prime Rate plus six percent (6%) or (ii) the Maximum Rate (if any). 

  

	 	T.	“Maximum Rate” shall mean the highest rate of interest from time-to-time permitted under applicable federal and state law (if any) 

  

	 	U.	“Normal Business Hours” for the Building shall mean 8:00 a.m. to 6:00 p.m. Mondays through Fridays, and 8:00 a.m. to 1:00 p.m. on Saturdays, exclusive of Holidays.

  

	 	V.	“Prime Rate” shall mean the per annum interest rate announced by and quoted in the Wall Street Journal from time-to-time as the prime or base rate as determined on
the date in which the amount is deemed to be in default. 

  

	 	W.	“Property” shall mean the Building and the parcel(s) of land on which it is located, other improvements located on such land, adjacent parcels of land that Landlord
operates jointly with the Building, and other buildings and improvements located on such adjacent parcels of land. 

  

	 	X.	“Service Areas” shall mean those areas within the Building used for stairs, elevator shafts, flues, vents, stacks, pipe shafts and other vertical penetrations (but
shall not include any such areas for the exclusive use of a particular tenant). 

  

	 	Y.	“Notice Addresses” shall mean the following addresses for Tenant and Landlord, respectively: 

 Tenant: 
 Amedica Corp. 
 Ashok Khandkar, President 
 615 Arapeen Drive,
Suite 320 
 Salt Lake City, Utah 84108 
 Landlord: 
 CB Richard Ellis 
 2755 E. Cottonwood Parkway, Suite 100 
 Salt Lake City, UT 84121 
 Attn: Property Manager 
 with a copy to:

 Stuart C. Bond 
 3201 C Street,
Suite 200 
 Anchorage, Alaska 99503 
 Payments of Rent only shall be made payable to the order of. 
 560 Arapeen LLC 
 at the address of the Property Manager, or such other name and address as Landlord shall, from time to time, designate. 
  

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 2. Lease Grant. Subject to and upon the terms herein set forth, Landlord leases to Tenant and Tenant leases
from Landlord the Premises together with the right, in common with other tenants and users of the Building, to use the Common Areas. 
 3. Adjustment
of Commencement Date/Possession. 
  

	 	A.	Intentionally Omitted 

  

	 	B.	By taking possession of the Premises, Tenant is deemed to have accepted the Premises and agreed that the Premises is in good order and satisfactory condition, with no representation
or warranty by Landlord as to the condition of the Premises or the Building or suitability thereof for Tenant’s use. 

  

	 	C.	Notwithstanding anything to the contrary contained in this Lease, Landlord shall not be obligated to tender possession of any portion of the Premises or other space leased by Tenant
from time to time hereunder that, on the date possession is to be delivered, is occupied by a tenant or other occupant or that is subject to the rights of any other tenant or occupant, nor shall Landlord have any other obligations to Tenant under
this Lease with respect to such space until the date Landlord: (1) recaptures such space from such existing tenant or occupant; and (2) regains the legal right to possession thereof. This Lease shall not be affected by any such failure to
deliver possession and Tenant shall have no claim for damages against Landlord as a result thereof, all of which are hereby waived and released by Tenant. If Landlord is prevented from delivering possession of the Premises to Tenant due to the
holding over in possession of the Premises by a tenant or other occupant thereof, Landlord shall use reasonable efforts to regain possession of the Premises in order to deliver the same to Tenant. If the Lease Term is to be determined pursuant to
Section l.F.(1) hereof, the Commencement Date shall be postponed until the date Landlord delivers possession of the Premises to Tenant, in which event the Termination Date shall, at the option of Landlord, correspondingly be postponed on a per diem
basis. If the Lease Term is to be determined pursuant to Section l.F.(2), the Commencement Date and Termination Date shall be determined as provided in Section 3.A. above. 

  

	 	D.	If Tenant takes possession of the Premises prior to the Commencement Date, such possession shall be subject to all the terms and conditions of the Lease and Tenant shall pay Base
Rent and Additional Rent to Landlord for each day of occupancy prior to the Commencement Date. Notwithstanding the foregoing, if Tenant, with Landlord’s prior approval, takes possession of the Premises prior to the Commencement Date for the
sole purpose of performing any Landlord-approved improvements therein or installing furniture, equipment or other personal property of Tenant, such possession shall be subject to all of the terms and conditions of the Lease, except that Tenant shall
not be required to pay Rent with respect to the period of time prior to the Commencement Date during which Tenant performs 

  

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	 	    	such work. Tenant shall, however, be liable for the cost of any services (e.g. electricity, HVAC, freight elevators) that are provided to Tenant or the Premises during the period of
Tenant’s possession prior to the Commencement Date. Nothing herein shall be construed as granting Tenant the right to take possession of the Premises prior to the Commencement Date, whether for construction, fixturing or any other purpose,
without the prior consent of Landlord. 

 4. Use. 
 The Premises shall be used for the Permitted Use and for no other purpose unless permitted by the University of Utah. The Ground Lease limits the Permitted Uses to the following: laboratories, offices and prototype
production facilities or the research related assembly of high technology equipment of components; retail uses incidental to and in support of the above; such as cafeterias, restaurants, shops, and such service facilities as banking and postal
services, conducted primarily for the convenience of employees; support and maintenance shops for the above; and parking, parking structures, and driveways incidental to building use. Tenant agrees not to use or permit the use of the Premises for
any purpose which is illegal, dangerous to life, limb or property or which, in Landlord’s sole judgment, creates a nuisance or which would increase the cost of insurance coverage with respect to the Building. Tenant will conduct its business
and control its agents, servants, employees, customers, licensees, and invitees in such a manner as not to interfere with, annoy or disturb other tenants or Landlord in the management of the Building and the Property. Tenant will maintain the
Premises in a clean and healthful condition, and comply with all laws, ordinances, orders, rules and regulations of any governmental entity with reference to the use, condition, configuration or occupancy of the Premises. Tenant, within ten
(10) days after the receipt thereof, shall provide Landlord with copies of any notices it receives with respect to a violation or alleged violation of any such laws, ordinances, orders, rules and regulations. Tenant, at its expense, will comply
with the rules and regulations of the Building attached hereto as Exhibit B and such other rules and regulations adopted and altered by Landlord from time-to-time and will cause all of its agents, employees, invitees and visitors to do so.
All such changes to rules and regulations will be reasonable and shall be sent by Landlord to Tenant in writing. 
 5. Base Rent. 

 

	 	A.	Tenant covenants and agrees to pay to Landlord during the Lease Term, without any setoff or deduction except as otherwise expressly provided herein, the full amount of all Base Rent
and Additional Rent due hereunder and the full amount of all such other sums of money as shall become due under this Lease (including, without limitation, any charges for replacement of electric lamps and ballasts and any other services, goods or
materials furnished by Landlord at Tenant’s request), all of which hereinafter may be collectively called “Rent.” Rent payments shall be sent to: 

 CB Richard Ellis 
 2755 E. Cottonwood Parkway,
Suite 100 
 Salt Lake City, UT 84121 
 Attn: Property Manager 
  

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	 	    	In addition Tenant shall pay and be liable for, as Additional Rent, all rent, sales and use taxes or other similar taxes, if any, levied or imposed by any city, state, county or
other governmental body having authority, such payments to be in addition to all other payments required to be paid to Landlord by Tenant under the terms and conditions of this Lease. Any such payments shall be paid concurrently with the payments of
the Rent on which the tax is based. The Base Rent and Additional Rent for each calendar year or portion thereof during the Lease Term, shall be due and payable in advance in monthly instalments of the first day of each calendar month during the
Lease Term and any extensions or renewals hereof, and Tenant hereby agrees to pay such Base Rent and Additional Rent to Landlord without demand. If the Lease Term commences on a day other than the first day of a month or terminates on a day other
than the last day of a month, then the instalments of Base Rent and Additional Rent for such month or months shall be prorated, based on the number of days in such month. Tenant’s covenant to pay Rent shall be independent of every other
covenant set forth in this Lease. 

  

	 	B.	To the extent allowed by law, all instalments of Rent not paid within five (5) days of when due shall bear interest at the Default Rate from the date due until paid. In
addition, if Tenant fails to pay any instalment of Base Rent and Additional Rent or any other item of Rent when due and payable hereunder, a “Late Charge” equal to five percent (5%) of such unpaid amount will be due and payable
immediately by Tenant to Landlord. 

  

	 	C.	The Additional Rent payable hereunder shall be adjusted from time-to-time in accordance with the provisions of Exhibit C attached hereto and incorporated herein for all
purposes. 

 6. Security Deposit. The Security Deposit shall be held by Landlord without liability for interest and as security
for the performance by Tenant of Tenant’s covenants and obligations under this Lease including but not limited to those set forth in Section 10 hereof, it being expressly understood that the Security Deposit shall not be considered an
advance payment of Rent or a measure of Tenant’s liability for damages in case of default by Tenant. Landlord shall have no fiduciary responsibilities or trust obligations whatsoever with regard to the Security Deposit and shall not assume the
duties of a trustee for the Security Deposit. Landlord may, from time-to-time, without prejudice to any other remedy and without waiving such default, use the Security Deposit to the extent necessary to cure or attempt to cure, in whole or in part,
any default of Tenant hereunder. Following any such application of the Security Deposit, Tenant shall pay to Landlord on demand the amount so applied in order to restore the Security Deposit to its original amount. if Tenant is not in default at the
termination of this Lease, the balance of the Security Deposit remaining after any such application shall be returned by Landlord to Tenant within sixty (60) days thereafter. If Landlord transfers its interest in the Premises during the term of
this Lease, Landlord may assign the Security Deposit to the transferee and thereafter shall have no further liability for the return of such Security Deposit. Tenant agrees to look solely to such transferee or assignee or successor thereof for the
return of the Security Deposit. Landlord and its successors and assigns shall not be bound by any actual or attempted assignment or encumbrance of the Security Deposit by Tenant. Landlord shall not be required to keep the Security Deposit separate
from its other accounts. 
  

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 7. Services to be Furnished by Landlord. 
  

	 	A.	Landlord agrees to furnish Tenant the following services some of which are solely Tenant’s expense and some of which are for a pro-rata share of increases over a base year of
2006 all as provided in more detail in Exhibit C incorporated herein by reference: 

  

	 	(1)	Water for use in the lavatories on the floor(s) on which the Premises is located. If Tenant desires water in the Premises for any approved reason,. including a private lavatory or
kitchen, cold water shall be supplied, at Tenant’s sole cost and expense, from the Building water main through a line and fixtures installed at Tenant’s sole cost and expense with the prior reasonable consent of Landlord; unless such work
is expressly included in the allowance for tenant improvements provided for in Exhibit D. If Tenant desires hot water in the Premises, Tenant, at its sole cost and expense and subject to the prior reasonable consent of Landlord, may install a hot
water heater in the Premises. Tenant shall be solely responsible for the maintenance and repair of any such water heater. 

  

	 	(2)	Maintenance and repair of all Common Areas in the manner and to the extent reasonably deemed by Landlord to be standard for buildings of similar class, age and location.

  

	 	(3)	Electricity to the Premises in accordance with and subject to the terms and conditions of Section 11. of this Lease. 

  

	 	B.	If Tenant requests any other utilities or building services in addition to those identified above, or any of the above utilities or building services in frequency, scope, quality or
quantities substantially greater than the standards set by Landlord for the Building, then Landlord shall use reasonable efforts to attempt to furnish Tenant with such additional utilities or building services. Landlord may impose a reasonable
charge for such additional utilities or building services, which shall be paid monthly by Tenant as Additional Rent on the same day that the monthly installment of Base Rent is due. 

  

	 	C.	Except as otherwise expressly provided herein, the failure by Landlord to any extent to furnish, or the interruption or termination of these defined services in whole or in part,
resulting from adherence to laws, regulations and administrative orders, wear, use, repairs, improvements alterations or any causes beyond the reasonable control of Landlord shall not render Landlord liable in any respect nor be construed as a
constructive eviction of Tenant, nor give rise to an abatement of Rent, nor relieve Tenant from the obligation to fulfill any covenant or agreement hereof. Should any of the equipment or machinery used in the provision of such services for any cause
cease to function properly, Landlord shall use reasonable diligence to repair such equipment or machinery. 

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 8. Leasehold Improvements/Tenant’s Property. All fixtures, equipment, improvements and appurtenances
attached to, or built into, the Premises at the commencement of or during the Lease Term, whether or not by, or at the expense of, Tenant (“Leasehold Improvements”), shall be and remain a part of the Premises; shall be the property of
Landlord; and shall not be removed by Tenant except as expressly provided herein. The parties anticipate Tenant will have a number of fixtures and equipment items to install which will remain the property of Tenant and must be removed at the
termination of the Lease, with the Premises to be restored by Tenant to their original condition, normal wear and tear excepted. Tenant shall provide a list of the equipment and fixtures which will remain Tenant’s property, and the parties will
mutually agree on installation process which shall be reasonably satisfactory to Landlord. All unattached and moveable partitions, trade fixtures, moveable equipment or furniture located in the Premises and acquired by or for the account of Tenant,
without expense to Landlord, which can be removed without structural damage to the Building or Premises, and all personally brought into the Premises by Tenant (“Tenant’s Property”) shall be owned and insured by Tenant. Landlord may,
nonetheless, at any time prior to, or within one (1) month after, the expiration or earlier termination of this Lease or Tenant’s right to possession, require Tenant to remove any Leasehold improvements performed by or for the benefit of
Tenant and all electronic, phone and data cabling as are designated by Landlord (the “Required Removables”) at Tenant’s sole cost. In the event that Landlord so elects, Tenant shall remove such Required Removables within ten
(10) days after notice from Landlord, provided that in no event shall Tenant be required to remove such Required Removables prior to the expiration or earlier termination of this Lease or Tenant’s right to possession. In addition to
Tenant’s obligation to remove the Required Removables, Tenant shall repair any damage caused by such removal and perform such other work as is reasonably necessary to restore the Premises to a “move in” condition. If Tenant fails to
remove any specified Required Removables or to perform any required repairs and restoration within the time period specified above, Landlord, at Tenant’s sole cost and expense, may remove the Required Removables (and repair any damage
occasioned thereby) and dispose thereof or deliver the Required Removables to any other place of business of Tenant, or warehouse the same, and Tenant shall pay the cost of such removal, repair, delivery, or warehousing of the Required Removables
within five (5) days after demand from Landlord. 
 9. Signage. Landlord shall provide and install, at Tenant’s cost, all letters or
numerals on the interior entrance to the Premises; all such letters and numerals shall be in the standard graphics for the Building and no others shall be used or permitted on the Premises without Landlord’s prior written consent. In addition,
Landlord will list Tenant’s name in the Building’s nonexclusive directory, if any. No signage shall be permitted on the exterior of the Building. 
 10. Repairs and Alterations by Tenant. 
  

	 	A.	Except to the extent such obligations are imposed upon Landlord hereunder, Tenant shall, at its sole cost and expense, maintain the Premises in good order, condition and repair
throughout the entire Lease Term, ordinary wear and tear excepted. Tenant agrees to keep the areas visible from outside the Premises in a neat, clean and attractive condition at all times. Tenant shall be responsible for all repairs replacements and
alterations in and to the Premises, Building and Property and the facilities and systems thereof, the need for which arises out of (1) Tenant’s use or occupancy of the Premises, (2) the installation, removal, use or operation of

  

 9 

	 	    	Tenant’s Property (as defined in Section 8. above), the moving of Tenant’s Property into or out of the Building, or (4) the act, omission, misuse or negligence
of Tenant, its agents, contractors, employees or invitees. Tenant shall be responsible for repair, maintenance and replacement, if necessary, of any HVAC system and equipment serving only the Premises. This obligation shall not relate to HVAC
systems serving other portions of the Building other than the Premises. All such repairs, replacements or alterations shall be performed in accordance with Section 10.B. below and the rules, policies and procedures reasonably enacted by
Landlord from time to time for the performance of work in the Building. If Tenant fails to maintain the Premises in good order, condition and repair, Landlord shall give Tenant notice to perform such acts as are reasonably required to so maintain
the Premises. If Tenant fails to promptly commence such work and diligently pursue it to its completion, then Landlord may, at is option, make such repairs, and Tenant shall pay the cost thereof to Landlord on demand as Additional Rent, together
with an administration charge in an amount equal to ten percent (10%) of the cost of such repairs. Landlord shall, at its expense (except as included in Triple Net Costs) keep and maintain in good repair and working order and make all repairs
to and perform necessary maintenance upon: (a) all structural elements of the Building; and (b) all mechanical, electrical and plumbing systems that serve the Building in general; and (c) the Building facilities common to all tenants
including but not limited to, the ceilings, walls and floors in the Common Areas. 

  

	 	B.	Tenant shall not make or allow to be made any alterations, additions or improvements to the Premises, without first obtaining the written consent of Landlord in each such instance,
which consent may be refused or given on such conditions as Landlord may elect. Prior to commencing any such work and as a condition to obtaining Landlord’s consent. Tenant must furnish Landlord with plans and specifications acceptable to
Landlord; names and addresses of contractors reasonably acceptable to Landlord; copies of contracts; necessary permits and approvals: evidence of contractor’s and subcontractor’s insurance in accordance with Section 15. hereof; and a
payment bond or other security, all in form and amount satisfactory to Landlord. Tenant shall be responsible for insuring that all such persons procure and maintain insurance coverage against such risks, in such amounts and with such companies as
Landlord may require, including, but not limited to, Builder’s Risk and Worker’s Compensation insurance. All such improvements, alterations or additions shall be constructed in a good and workmanlike manner using Building Standard
materials or other new materials of equal or greater quantity. Landlord, to the extent reasonably necessary to avoid any disruption to the tenants and occupants of the Building, shall have the right to designate the time when any such alterations,
additions and improvements may be performed and to otherwise designate reasonable rules, regulations and procedures for the performance of work in the Building. Upon completion, Tenant shall furnish “as-built” plans, contractor’s
affidavits and full and final waivers of lien and receipted bills covering all labor and materials. All improvements, alterations and additions shall comply with the insurance requirements, codes, ordinances, laws and regulations, including without

  

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	 	    	limitation, the Americans with Disabilities Act. Tenant shall reimburse Landlord upon demand for all sums, if any, expended by Landlord for third party examination of the
architectural, mechanical, electrical and plumbing plans for any alterations, additions or improvements. In addition, if Landlord so requests, Landlord shall be entitled to oversee the construction of any alterations, additions or improvements that
may affect the structure of the Building or any of the mechanical, electrical, plumbing or life safety systems of the Building. In the event Landlord elects to oversee such work, Landlord shall be entitled to receive a fee for such oversight in an
amount equal to ten percent (10%) of the cost of such alterations, additions or improvements. Landlord’s approval of Tenant’s plans and specifications for any work performed for or on behalf of Tenant shall not be deemed to be
representation by Landlord that such plans and specifications comply with applicable insurance requirements, building codes, ordinances, laws or regulations or that the alterations, additions and improvements constructed in accordance with such
plans and specifications will be adequate for Tenant’s use. 

 11. Use of Electrical Services by Tenant. 
  

	 	A.	All electricity used by Tenant in the Premises and any additional costs incurred to provide electrical service for Tenant usage requirements shall be paid for by Tenant through any
one or more of the following, elected in Landlord’s sole discretion: (1) through inclusion in Base Rent and Triple Net Costs (except as provided in Section 11.B. below; (2) by a separate charge billed directly to Tenant by
Landlord and payable by Tenant as Additional Rent within ten (10) days after billing; or (3) by a separate charge or charges billed by the utility company(ies) providing electrical service and payable by Tenant directly to such utilities
company(ies). The cost for installation of separate meters for Tenant’s electrical usage above Building standard shall be billed directly to Tenant and payable as Additional Rent. Landlord shall have the right at any time and from time-to-time
during the Lease Term .to contract for electricity service from such providers of such services as Landlord shall elect (each being an “Electric Service Provider”). Tenant shall cooperate with Landlord, and the applicable Electric
Service Provider, at all times and, as reasonably necessary, shall allow Landlord and such Electric Service Provider reasonable access to the Building’s electric lines, feeders, risers, wiring, and any other machinery within the Premises.
Landlord shall in no way be liable or responsible for any loss, damage, or expense that Tenant may sustain or incur by reason of any change, failure, interference, disruption, or defect in the supply or character of the electric energy furnished to
the Premises, or if the quantity or character of the electric energy supplied by the Electric Service Provider is no longer available or suitable for Tenant’s requirements, and no such change, failure, defect, unavailability, or unsuitability
shall constitute an actual or constructive eviction, in whole or in part, or entitle Tenant to any abatement or diminution of rent, or relieve Tenant from any of its obligations under the Lease. 

  

	 	B.	In addition to Tenant paying its prorata share of electrical usage through the general electrical meter(s) for the Building, Tenant’s use of electrical services

  

 11 

	 	    	furnished by Landlord shall not exceed in voltage, rated capacity, or overall load that which is standard for the Building, except with written consent of Landlord which consent
will not unreasonably be withheld, and at Tenant’s expense for any equipment or modifications reasonably necessary to the electrical system to accommodate the high usage, including but not limited to installation of a separate meter for
equipment with high usage. in the event Tenant shall request that it be allowed to consume electrical services in excess of Building Standard, Landlord may refuse to consent to such usage or may consent upon such conditions as Landlord reasonably
elects (including the installation of utility service upgrades, submeters, air handlers or cooling units), and all such additional usage (to the extent permitted by law), installation and maintenance thereof shall be paid for by Tenant as Additional
Rent, Landlord, at any time during the Lease Term, shall have the right to separately meter electrical usage for the Premises or to measure electrical usage by survey or any other method that Landlord, in its reasonable judgment, deems appropriate.

 12. Entry by Landlord. 
 Tenant shall permit Landlord or its agents or representatives to enter into and upon any part of the Premises to inspect the same, or to show the Premises to prospective purchasers, mortgagees, tenants (during the last (12) twelve
months of the Lease Term or earlier in connection with a potential relocation) or insurers, or to clean or make repairs, alterations, or additions thereto, including any work that Landlord deems necessary for the safety, protection or preservation
of the Building or any occupants thereof, or to facilitate repairs, alterations or additions to the Building or any other tenant’s premises. Except for any entry by Landlord in an emergency situation or to provide normal cleaning and janitorial
service, Landlord shall provide Tenant with reasonable prior notice of any entry into the Premises, which notice may be given verbally. Landlord shall have the right to temporarily close the Premises or the Building to perform repairs, alterations
or additions in the Premises or the Building, provided that Landlord shall use reasonable efforts to perform all such work on weekends and after Normal Business Hours, Entry by Landlord hereunder shall not constitute a constructive eviction or
entitle Tenant to any abatement or reduction of Rent by reason thereof. 
 13. Assignment and Subletting. 
  

	 	A.	Except in connection with a Permitted Transfer (defined in Section 13.E. below), Tenant shall not assign, sublease, transfer or encumber any interest in this Lease or allow any
third party to use any portion of the Premises (collectively or individually, a “Transfer”) without the prior written consent of Landlord, which consent shall not be unreasonably withheld, conditioned or delayed. Without limitation, it is
agreed that Landlord’s consent shall not be considered unreasonably withheld if: (1) the proposed transferee’s financial condition does not meet the criteria Landlord uses to select Building tenants having similar leasehold
obligations; (2) the proposed transferee’s business is not suitable for the Building considering the business of the other tenants and the Building’s prestige, or would result in a violation of another tenant’s rights;
(3) the proposed transferee is a governmental agency or occupant of the Building; (4) Tenant is in default 

  

 12 

	 	    	beyond any applicable notice and cure period; (5) hazardous substances used by the proposed transferee; or (6) any portion of the Building or the Premises would likely
become subject to additional or different laws as a consequence of the proposed Transfer. Any attempted Transfer in violation of this Section 13, shall, exercisable in Landlord’s sole and absolute discretion, be voidable. Consent by
Landlord to one or more Transfer(s) shall not operate as a waiver of Landlord’s rights to approve any subsequent Transfer(s). In no event shall any Transfer or Permitted Transfer release or relieve Tenant from any obligation under this Lease or
any liability hereunder. 

  

	 	B.	If Tenant requests Landlord’s consent to a Transfer, Tenant shall submit to Landlord financial statements for the proposed transferee, a complete copy of the proposed
assignment, sublease and other information as Landlord may reasonably request. Landlord shall within thirty (30) days after Landlord’s receipt of the required information and documentation either: (1) consent or reasonably refuse
consent to the Transfer in writing; (2) in the event of a proposed assignment of this Lease or a proposed sublease of the entire Premises for the entire remaining term of this Lease, terminate this Lease effective the first to occur of ninety
(90) days following written notice of such termination or the date that the proposed Transfer would have come into effect, Tenant shall pay Landlord a review fee of $ 1,000.00 for Landlord’s review of any Permitted Transfer or requested
Transfer. In addition, Tenant shall reimburse Landlord for its actual reasonable costs and expenses (including without limitation reasonable attorney’s fees) incurred by Landlord in connection with Landlord’s review of such requested
Transfer or Permitted Transfer. 

  

	 	C.	Tenant shall pay to Landlord fifty percent (50%) of all cash and other consideration which Tenant receives as a result of a Transfer that is in excess of the rent payable to
Landlord hereunder for the portion of the Premises and Term covered by the Transfer within ten (10) days following receipt thereof by Tenant. If Tenant is in Monetary Default (defined in Section 22. below), Landlord may require that all
sublease payments be made directly to Landlord, in which case Tenant shall receive a credit against rent in the amount of any payments received (less Landlord’s share of any excess). 

  

	 	D.	Except as provided below with respect to a Permitted Transfer, if Tenant is a corporation, limited liability company, partnership or similar entity, and the entity which owns or
controls a majority of the voting shares/rights at the time changes for any reason (including but not limited to a merger, consolidation or reorganization), such change of ownership or control shall constitute a Transfer. The foregoing shall not
apply so long as Tenant is an entity whose outstanding stock is listed on a nationally recognized security exchange, or if at least eighty percent (80%) of its voting stock is owned by another entity, the voting stock of which is so listed.

  

	 	E.	Tenant may assign its entire interest under this Lease or sublet the Premises to any entity controlling or controlled by or under common control with Tenant or to any

  

 13 

	 	    	successor to Tenant by purchase, merger, consolidation or reorganization (hereinafter, collectively, referred to as “Permitted Transfer”) without the consent of Landlord,
provided: (1) Tenant is not in default under this Lease; (2) if such proposed transferee is a successor to Tenant by purchase, said proposed transferee shall acquire all or substantially all of the stock or assets of Tenant’s business
or, if such proposed transferee shall acquire all or substantially all of the stock or assets of Tenant’s business or, if such proposed transferee is a successor to Tenant by merger, consolidation or reorganization, the continuing or surviving
corporation shall own all or substantially all of the assets of Tenant; (3) such proposed transferee shall have a net worth which is at least equal to the greater of Tenant’s net worth at the date of this Lease or Tenant’s net worth
as of the day prior to the proposed purchase, merger, consolidation or reorganization as evidenced to Landlord’s reasonable satisfaction; (4) such proposed transferee operates the business in the Premises for the Permitted Use and no other
purpose; and (5) Tenant shall give Landlord written notice at least thirty (30) days prior to the effective date of the proposed purchase, merger, consolidation or reorganization. 

  

	 	F.	Tenant agrees that in the event Landlord withholds its consent to any Transfer contrary to the provisions of this Section 13, Tenant’s sole remedy shall be to seek an
injunction in equity or compel performance by Landlord to give its consent and Tenant expressly waives any right to damages in the event of such withholding by Landlord of its consent. 

  

	 	G.	Any transferee shall be required to comply with all restrictions and obligations set forth in this Lease and the Ground Lease, including but not limited to the Permitted Uses.

 14. Mechanic’s Liens. Tenant will not permit any mechanic’s liens or other liens to be placed upon the Premises, the
Building, or the Property and nothing in this Lease shall be deemed or construed in any way as constituting the consent or request of Landlord, express or implied, by inference or otherwise, to any person for the performance of any labor or the
furnishing of any materials to the Premises, the Building, or the Property or any part thereof, nor as giving Tenant any right, power, or authority to contract for or permit the rendering of any services or the furnishing of any materials that would
give rise to any mechanic’s or other liens against the Premises, the Building, or the Property. In the event any such lien is attached to the Premises, the Building, or the Property, then, in addition to any other right or remedy of Landlord,
Landlord may, but shall not be obligated to, discharge the same. Any amount paid by Landlord for any of the aforesaid purposes including, but not limited to, reasonable attorneys’ fees, shall be paid by Tenant to Landlord promptly on demand as
Additional Rent. Tenant shall within ten (10) days of receiving such notice of lien or claim (a) have such lien or claim released or (b) deliver to Landlord a bond in form, content, amount and issued by surety, satisfactory to
Landlord, indemnifying, protecting, defending and holding harmless the Indemnities against all costs and liabilities resulting from such lien or claim and the foreclosure or attempted foreclosure thereof. Tenant’s failure to comply with the
provisions of the foregoing sentence shall be deemed an Event of Default under Section 22. hereof entitling Landlord to exercise all of its remedies therefor without the requirement of any additional notice or cure period. 
  

 14 

 15. Insurance. 
  

	 	A.	Landlord shall maintain such insurance on the Building and the Premises (other than on Tenant’s Property or on any additional improvements constructed in the Premises by
Tenant), and such liability insurance in such amounts as Landlord elects. The cost of such insurance shall be included as a part of the Triple Net Costs, and payments for losses thereunder shall be made solely to Landlord or the mortgagees of
Landlord as their interests shall appear. 

  

	 	B.	Tenant shall maintain at its expense, (1) in an amount equal to full replacement cost, special form (formerly known as all risk) property insurance on all of its personal
property, including removable trade fixtures and leasehold and tenant improvements, and Tenant’s Property located in the Premises and in such additional amounts as are required to meet Tenant’s obligations pursuant to Section 18
hereof and with deductibles in an amount reasonably satisfactory to Landlord, and (ii) a policy or policies of commercial general liability insurance (including endorsement or separate policy for owned or non-owned automobile liability) with
respect to its activities in the Building and on the Property, with the premiums thereon fully paid on or before the due date, in an amount of not less than $1,000,000 per occurrence per person and $2,000,000 aggregate coverage for bodily injury,
property damage, personal injury or combination thereof (the term “personal injury” as used herein means, without limitation, false arrest, detention or imprisonment, malicious prosecution, wrongful entry, liable and slander), provided
that if only single limit coverage is available it shall be for at least $1,000,000 per occurrence with an umbrella policy of at least $1,000,000 combined single limit per occurrence. Tenant’s insurance policies shall name Landlord and Building
Manager as additional insureds and shall include coverage for the contractual liability of Tenant to indemnify Landlord and Building Manager pursuant to Section 16 of this Lease and shall have deductibles in an amount reasonably satisfactory to
Landlord. Prior to Tenant’s taking possession of the Premises, Tenant shall furnish evidence satisfactory to Landlord of the maintenance and timely renewal of such insurance, and Tenant shall obtain and deliver to Landlord a written obligation
on the part of each insurer to notify Landlord at least thirty (30) days prior to the modification, cancellation or expiration of such insurance policies. In the event Tenant shall not have delivered to Landlord a policy or certificate
evidencing such insurance at least thirty (30) days prior to the expiration date of each expiring policy, Landlord may obtain such insurance as Landlord may reasonably require to protect Landlord’s interest (which obtaining of insurance
shall not be deemed to be a waiver of Tenant’s default hereunder). The cost to Landlord of obtaining such policies, plus an administrative fee in the amount of fifteen percent (15%) of the cost of such policies shall be paid by Tenant to
Landlord as Additional Rent upon demand. Other than at times of renewal of Tenant’s coverage, Landlord generally will only need certificates of insurance on an annual basis, transfer of the Property by Landlord, or refinancing of the Property.

  

 15 

	 	C.	The insurance requirements set forth in this Section 15 are independent of the waiver, indemnification, and other obligations under this Lease and will not be construed or
interpreted in any way to restrict, limit or modify the waiver. indemnification and other obligations or to in any way limit any party’s liability under this Lease. In addition to the requirements set forth in Sections 15 and 16, the insurance
required of Tenant under this Lease must be issued by an insurance company with a rating of no less than A-VIII in the current Best’s Insurance Guide, or A- in the current Standard & Poor Insurance Solvency Review, or in that is
otherwise acceptable to Landlord, and admitted to engage in the business of insurance in the state in which the Building is located; be primary insurance for all claims under it and provide that any insurance carried by Landlord and Landlord’s
lenders is strictly excess, secondary and non-contributing with any insurance carried by Tenant; and provide that insurance may not be cancelled, nonrenewed or the subject of material change in coverage of available limits of coverage, except upon
thirty (30) days prior written notice to Landlord and Landlord’s lenders. Tenant will deliver either a duplicate original or a legally enforceable certificate of insurance on all policies procured by Tenant in compliance with Tenant’s
obligations under this Lease, together with evidence satisfactory to Landlord of the payment of the premiums therefor, to Landlord on or before the date Tenant first occupies any portion of the Premises, at least thirty (30) days before the
expiration date of any policy and upon the renewal of any policy. Landlord must give its prior written approval to all deductibles and self-insured retentions under Tenant’s policies. Tenant may comply with its insurance coverage requirements
through a blanket policy, provided Tenant, at Tenant’s sole expense, procures a “per location” endorsement, or equivalent reasonably acceptable to Landlord, so that the general aggregate and other limits apply separately and
specifically to the Premises. 

  

	 	D.	If Tenant’s business operations, conduct or use of the Premises or any other part of the Property causes an increase in the premium for any insurance policy carried by
Landlord, Tenant will, within ten (10) days after receipt of notice from Landlord, reimburse Landlord for the entire increase. 

  

	 	E.	Neither Landlord nor Tenant shall be liable (by way of subrogation or otherwise) to the other party (or to any insurance company insuring the other party) for any personal injury or
loss or damage to any of the property of Landlord or Tenant, as the case may be, with respect to their respective property, the Building, the Property or the Premises or any addition or improvements thereto, or any contents therein, to the extent
covered by insurance carried or required to be carried by a party hereto even though such loss might have been occasioned by the negligence or willful acts or omissions of the Landlord or Tenant or their respective employees, agents, contractors or
invitees. Since this mutual waiver will preclude the assignment of any such claim by subrogation (or otherwise) to an insurance company (or any other person), Landlord and Tenant each agree to give each insurance company which has issued, or on the
future may issue, policies of insurance, with respect to the items covered by this waiver, written notice of the terms of this mutual waiver, and to have such insurance policies properly 

  

 16 

	 	    	endorsed, if necessary, to prevent the invalidation of any of the coverage provided by such insurance policies by reason of such mutual waiver. For the purpose of the foregoing
waiver, the amount of any deductible applicable to any loss or damage shall be deemed covered by, and recoverable by the insured under the insurance policy to which such deductible relates. In the event that Tenant is permitted to and self-insures
any risk for which insurance is required to be carried under this Lease, or if Tenant fails to carry any insurance required to be carried by Tenant pursuant to this Lease, then all loss or damage to Tenant, its leasehold interest, its business, its
property, the Premises or any additions or improvements thereto or contents thereof shall be deemed covered by and recoverable by Tenant under valid and collectible policies of insurance. Notwithstanding anything to the contrary herein, Landlord
shall not be liable to the Tenant or any insurance company (by way of subrogation or otherwise) insuring the Tenant for any loss or damage to any property, or bodily injury or personal injury or any resulting loss of income or losses from
worker’s compensation laws and benefits, even though such loss or damage might have been occasioned by the negligence of Landlord, its agents or employees, or Building Manager, if any such loss or damage was required to be covered by insurance
pursuant to this Lease. 

 16. Indemnity. To the extent not expressly prohibited by law, neither Landlord nor Building Manager
nor any of their respective officers, directors, employees, members, managers, or agents shall be liable to Tenant, or to Tenant’s agents, servants, employees, customers, licensees. or invitees for any injury to person or damage to property
caused by any act, omission, or neglect of Tenant, its agents, servants, employees, Customers, invitees, licensees or by any other person entering the Building or upon the Property under the invitation of Tenant or arising out of the use of the
Property, Building or Premises by Tenant and the conduct of its business or out of a default by Tenant in the performance of its obligations hereunder. Tenant hereby indemnifies and holds Landlord and Building Manager and their respective officers,
directors, employees, members, managers and agents (“Indemnitees”), harmless from all liability and claims for any property damage, or bodily injury or death of, or personal injury to, a person in or on the Premises, or at any other place,
including the Property or the Building and this indemnity shall be enforceable to the full extent whether or not such liability and claims are the result of the sole, joint or concurrent acts, negligent or intentional, or otherwise, of Tenant, or
its employees, agents, servants, customers, invitees or licensees. Landlord hereby indemnifies and holds Tenant harmless from all liability and claims for any property damage, or bodily injury or death of, or personal injury to, a person in or on
the Premises, or at any other place, including the Property or the Building caused by the negligence or willful conduct of Landlord. Notwithstanding the terms of this Lease to the contrary, the terms of this Section shall survive the expiration or
earlier termination of this Lease. 
 17. Damages from Certain Causes. To the extent not expressly prohibited by law, Landlord shall not be
liable to Tenant or Tenant’s employees, contractors, agents, invitees or customers, for any injury to person or damage to property sustained by Tenant or any such party or any other person claiming through Tenant resulting from any accident or
occurrence in the Premises or any other portion of the Building caused by the Premises or any other portion of the Building becoming out of repair or by defect in or failure of equipment, pipes, or wiring, or by broken glass, or by the backing up of
drains, or by gas, water, steam, electricity, or oil leaking, 
  

 17 

 escaping or flowing into the Premises (except where due to Landlord’s negligent failure to make repairs required to
be made pursuant to other provisions of this Lease, after the expiration of a reasonable time after written notice to Landlord of the need for such repairs), nor shall Landlord be liable to Tenant for any loss or damage that may be occasioned by or
through the acts or omissions of other tenants of the Building or of any other persons whomsoever, including. but not limited to riot, strike, insurrection, war, court order, requisition, order of any governmental body or authority, acts of God,
fire or theft. 
 18. Casualty Damage. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall give prompt
written notice thereof to Landlord. In case the Building shall be so damaged that substantial alteration or reconstruction of the Building shall, in Landlord’s reasonable opinion, be required and Landlord’s mortgagee requires that the
insurance proceeds payable as a result of a casualty be applied to the payment of the mortgage debt or in the event of any material uninsured loss to the Building, Landlord may, at its option, terminate this Lease by notifying Tenant in writing of
such termination within ninety (90) days after the date of such casualty. If Landlord does not thus elect to terminate this Lease, Landlord shall commence and proceed with reasonable diligence to restore the Building, and the improvements
located within the Premises, if any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement attached hereto as Exhibit D (except that Landlord shall not be responsible for delays not within the control of
Landlord) to substantially the same condition in which it was immediately prior to the happening of the casualty. Notwithstanding the foregoing, Landlord’s obligation to restore the Building, and the improvements located within the Premises, if
any, for which Landlord had financial responsibility pursuant to the Work Letter Agreement, shall not require Landlord to expend for such repair and restoration work more than the insurance proceeds actually received by the Landlord as a result of
the casualty and Landlord’s obligation to restore shall be further limited so that Landlord shall not be required to expend for the repair and restoration of the improvements located within the Premises, if any, for which Landlord had financial
responsibility pursuant to the Work Letter Agreement, more than the dollar amount of the Allowance, if any, described in the Work Letter Agreement. When the repairs described in the preceding two sentences have been completed by Landlord, Tenant
shall complete the restoration of all improvements, including furniture, fixtures and equipment, which are necessary to permit Tenant’s reoccupancy of the Premises. Except as set forth above, all cost and expense of reconstructing the Premises
shall be borne by Tenant, and Tenant shall present Landlord with evidence satisfactory to Landlord of Tenant’s ability to pay such costs prior to Landlord’s commencement of repair and restoration of the Premises. Landlord shall not be
liable for any inconvenience or annoyance to Tenant or injury to the business of Tenant resulting in any way from such damage or the repair thereof, except that, subject to the provisions of the next sentence, Landlord shall allow Tenant a fair
diminution of Rent during the time and to the extent the Premises are unfit for occupancy. If the Premises or any other portion of the Property is damaged by fire or other casualty resulting from the fault or negligence of Tenant or any of
Tenant’s agents, employees, or invitees, the rent hereunder shall not be diminished during the repair of such damage and Tenant shall be liable to Landlord for the cost of the repair and restoration of the Property caused thereby to the extent
such cost and expense is not covered by insurance proceeds. 
 19. Condemnation. If the whole or any substantial part of the Premises or if the
Building or any portion thereof which would leave the remainder of the Building unsuitable for use as an 
  

 18 

 industrial building comparable to its use on the Commencement Date, or if the land on which the Building is located or
any material portion thereof, shall be taken or condemned for any public or quasi-public use under governmental law, ordinance or regulation, or by right of eminent domain, or by private purchase in lieu thereof, then Landlord may, at its option,
terminate this Lease and the rent shall be abated during the unexpired portion of this Lease, effective when the physical taking of said Premises or said portion of the Building or land shall occur. In the event this Lease is not terminated, the
rent for any portion of the Premises so taken or condemned shall be abated during the unexpired term of this Lease effective when the physical taking of said portion of the Premises shall occur. All compensation awarded for any such taking or
condemnation, or sale proceeds in lieu thereof, shall be the property of Landlord, and Tenant shall have no claim thereto, the same being hereby expressly waived by Tenant, except for any portions of such award or proceeds which are specifically
allocated by the condemning or purchasing party for the taking of or damage to trade fixtures of Tenant, which Tenant specifically reserves to itself. 
 20. Hazardous Substances. 
  

	 	A.	Tenant hereby represents and covenants to Landlord the following: No toxic or hazardous substances or wastes, pollutants or contaminants (including, without limitation, asbestos,
urea formaldehyde, the group of organic compounds known as polychlorinated biphenyls, petroleum products including gasoline, fuel oil, crude oil and various constituents of such products, radon, and any hazardous substance as defined in the
Comprehensive Environmental Response, Compensation and Liability Act of 1980, 42 U.S.C. 9601-9657, as amended (“CERCLA”) (collectively, “Environmental Pollutants”) other than customary office supplies and cleaning supplies stored
and handled within the Premises in accordance with all applicable laws, will be generated, treated, stored, released or disposed of, or otherwise placed, deposited in or located on the Property, and no activity shall be taken on the Property by
Tenant, its agents, employees, invitees or contractors, that would cause or contribute to (i) the Property or any part thereof to become a generation, treatment, storage or disposal facility within the meaning of or otherwise bring the Property
within the ambit of the Resource Conservation and Recovery Act of 1976 (“RCRA”), 42 U.S.C. 5901 et, seq., or any similar state law or local ordinance, (ii) a release or threatened release of toxic or hazardous wastes or substances,
pollutants or contaminants, from the Property or any part thereof within the meaning of, or otherwise result in liability in connection with the Property within the ambit of CERCLA. or any similar state law or local ordinance, or (iii) the
discharge of pollutants or effluents into any water source or system, the dredging or filling of any waters, or the discharge into the air of any emissions, that would require a permit under the Federal Water Pollution Control Act, 33 U.S.C. 1251
et. seq., or the Clean Air Act, 42 U.S.C. 7401 et. seq., or any similar state law or local ordinance. At the time of execution of this Lease, Landlord has no knowledge of any Environmental Pollutants in the Premises which would be a violation of the
above stated laws. 

  

	 	B.	Tenant expressly waives, to the extent allowed by law, any claims under federal, state or other law that Tenant might otherwise have against Landlord relating to

  

 19 

	 	    	the condition of such Property or the Premises or the Leasehold Improvements or personal property located thereon or the presence in or contamination of the Property or the Premises
by hazardous materials. Tenant agrees to indemnify and hold Indemnitees (as defined in Section 16) harmless from and against and to reimburse indemnitees with respect to, any and all claims, demands, causes of action, loss, damage, liabilities,
costs and expenses (including attorneys’ fees and court costs) of any and every kind or character, known or unknown, fixed or contingent, asserted against or incurred by Landlord at any time and from time-to-time by reason of or arising out of
the breach of any representation or covenant contained in Section 20.A above. 

  

	 	C.	Tenant shall immediately notify Landlord in writing of any release or threatened release of toxic or hazardous wastes or substances, pollutants or contaminants of which Tenant has
knowledge whether or not the release is in quantities that would require under law the reporting of such release to a governmental or regulatory agency. 

  

	 	D.	Tenant shall also immediately notify Landlord in writing of, and shall contemporaneously provide Landlord with a copy of: 

  

	 	(1)	Any written notice of release of hazardous wastes or substances, pollutants or contaminants on the Property that is provided by Tenant or any subtenant or other occupant if the
Premises to a governmental or regulatory agency; 

  

	 	(2)	Any notice of a violation, or a potential or alleged violation, of any Environmental Law (hereinafter defined) that is received by Tenant or any subtenant or other occupant of the
Premises from any governmental or regulatory agency; 

  

	 	(3)	Any inquiry, investigation, enforcement, cleanup, removal, or other action that is instituted or threatened by a governmental or regulatory agency against Tenant or any subtenant or
other occupant of the Premises and that relates to the release or discharge of hazardous wastes or substances, pollutants or contaminants on or from the Property; 

  

	 	(4)	Any claim that is instituted or threatened by any third-party against Tenant or any subtenant or other occupant of the Premises and that relates to any release or discharge of
hazardous wastes or substances, pollutants or contaminants on or from the Property; and 

  

	 	(5)	Any notice of the loss of any environmental operating permit by Tenant or any subtenant or other occupant of the Premises. 

  

	 	E.	As used herein “Environmental Laws” mean all present and future federal, state and municipal laws, ordinances, rules and regulations applicable to environmental and
ecological conditions, and the rules and regulations of the U.S. Environmental Protection Agency, and any other federal, state or municipal agency, or governmental board or entity relating to environmental matters. 

  

 20 

 21. Americans with Disabilities Act. Tenant agrees to comply with all requirements of the Americans with
Disabilities Act (Public Law (July 26, 1990) (“ADA”)) applicable to the Premises and such other current acts or other subsequent acts, (whether federal or state) addressing like issues as are enacted or amended. Landlord agrees to comply
with all requirements of the ADA applicable to other portions of the Building. Tenant agrees to indemnify and hold Landlord harmless from any and all expenses, liabilities, costs or damages suffered by Landlord as a result of additional obligations
which may be imposed on the Building or the Property under of such acts as a result of Tenant’s operations and/or occupancy. Tenant acknowledges that it will be wholly responsible for any provision of the Lease which may be construed as
authorizing a violation of the ADA. Any such provision shall be interpreted in a manner which permits compliance with the ADA and is hereby amended to permit such compliance. 
 22. Events of Default. 
  

	 	A.	The following events shall be deemed to be “Events of Default” under this Lease: 

  

	 	(1)	Tenant shall fail to pay within five (5) days of when due any Base Rent, Additional Rent or other amount payable by Tenant to Landlord under this Lease (hereinafter sometimes
referred to as a “Monetary Default”) which failure is not cured within five (5) days after delivery to Tenant of notice of the Monetary Default; provided however, that Landlord shall not be required to provide notice of a Monetary
Default to Tenant and Tenant shall not have a five (5) day cure period if a Monetary Default notice was given to Tenant in the immediately preceding month. 

  

	 	(2)	Any failure by Tenant (other than a Monetary Default) to comply with any term, provision or covenant of this Lease, which failure is not cured within thirty (30) days after
delivery to Tenant of notice of the occurrence of such failure provided, however, that if the term. condition, covenant or obligation to be performed by Tenant is of such nature that the same cannot reasonably be performed within such thirty-day
period, such default shall be deemed to have been cured if Tenant commences such performance within said thirty-day period and thereafter diligently undertakes to complete the same, and in fact, completes same within sixty (60) days after
notice. 

  

	 	(3)	Any failure by Tenant to observe or perform any of the covenants with respect to (a) assignment and subletting set forth in Section 13, (b) mechanic’s liens set
forth in Section 14, or (c) insurance set forth in Section 15. 

  

	 	(4)	Tenant or any Guarantor shall (a) become insolvent, (b) make a transfer in fraud of creditors (c) make an assignment for the benefit of creditors,
(d)

  

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	 	    	admit in writing its inability to pay its debts as they become due, (e) file a petition under any section or chapter of the United States Bankruptcy Code, as amended,
pertaining to bankruptcy, or under any similar law or statute of the United States or any State thereof., or Tenant or any Guarantor shall be adjudged bankrupt or insolvent in proceedings filed against Tenant or any Guarantor thereunder; or a
petition or answer proposing the adjudication of Tenant or any Guarantor as a bankrupt or its reorganization under any present or future federal or state bankruptcy or similar law shall be filed in any court and such petition or answer shall not be
discharged or denied within sixty (60) days after the filing thereof. 

  

	 	(5)	A receiver or trustee shall be appointed for all or substantially all of the assets of Tenant or any Guarantor or of the Premises or of any of Tenant’s property located thereon
in any proceeding brought by Tenant or any Guarantor, or any such receiver or trustee shall be appointed in any proceeding brought against Tenant or any Guarantor and shall not be discharged within sixty (60) days after such appointment or
Tenant or such Guarantor shall consent to or acquiesce in such appointment. 

  

	 	(6)	The leasehold estate hereunder shall be taken on execution or other process of law in any action against Tenant. 

  

	 	(7)	Tenant shall abandon or vacate any substantial portion of the Premises. 

  

	 	(8)	Tenant shall fail to take possession of and occupy the Premises within thirty (30) days following the Commencement Date and thereafter continuously conduct its operations in
the Premises for the Permitted Use as set forth in Section 4 hereof. 

  

	 	(9)	The liquidation, termination, dissolution, forfeiture of right to do business or death of Tenant or any Guarantor. 

 23. Remedies. 
  

	 	A.	Upon the occurrence of any Event of Default, Landlord shall have the following rights and remedies, in addition to those allowed by law or equity, any one or more of which may be
exercised without further notice to or demand upon Tenant and which may be pursued successively or cumulatively as Landlord may elect: 

  

	 	(1)	Landlord may re-enter the Premises and cure any default of Tenant, in which event Tenant shall, upon demand, reimburse Landlord as Additional Rent for any cost and expenses which
Landlord may incur to cure such default; and Landlord shall not be liable to Tenant for any loss or damage which Tenant may sustain by reason of Landlord’s action, regardless of whether caused by Landlord’s negligence or otherwise.

  

	 	(2)	Landlord may terminate this Lease by giving to Tenant notice of Landlord’s election to do so, in which event the Term shall end, and all right, title and interest of Tenant
hereunder shall expire, on the date stated in such notice; 

  

 22 

	 	(3)	Landlord may terminate the right of Tenant to possession of the Premises without terminating this Lease by giving notice to Tenant that Tenant’s right to possession shall end
on the date stated in such notice, whereupon the right of Tenant to possession of the Premises or any part thereof shall cease on the date stated in such notice; and 

  

	 	(4)	Landlord may enforce the provisions of this Lease and may enforce and protect the rights of Landlord hereunder by a suit or suits in equity or at law for the specific performance of
any covenant or agreement contained herein, or for the enforcement of any other appropriate legal or equitable remedy, including recovery of all moneys due or to become due from Tenant under any of the provisions of this Lease.

 Landlord shall not be required to serve Tenant with any notices or demands as a prerequisite to its exercise of any of its rights or
remedies under this Lease, other than those notices and demands specifically required under this Lease. 
  

	 	B.	If Landlord exercises either of the remedies provided in Sections 23.A.(2) or 23.A.(3), Tenant shall surrender possession and vacate the Premises and immediately deliver possession
thereof to Landlord, and Landlord may re-enter and take complete and peaceful possession of the Premises, with process of law, full and complete license to do so being hereby granted to Landlord, and Landlord may remove all occupants and property
therefrom, using such force as may be necessary to the extent allowed by law, without being deemed guilty in any manner of trespass, eviction or forcible entry and detainer and without relinquishing Landlord’s right to Rent or any other right
given to Landlord hereunder or by operation of law. 

  

	 	C.	If Landlord terminates the right of Tenant to possession of the Premises without terminating this Lease, Landlord shall have the right to immediate recovery of all amounts then due
hereunder. Such termination of possession shall not release Tenant, in whole or in part, from Tenant’s obligation to pay Rent hereunder for the full Term, and Landlord shall have the right, from time to time, to recover from Tenant, and Tenant
shall remain liable for, all Base Rent, Additional Rent and any other sums accruing as they become due under this Lease during the period from the date of such notice of termination of possession to the stated end of the Term. In any such case,
Landlord may relet the Premises or any pail thereof for the account of Tenant for such rent, for such time (which may be for a term extending beyond the Term) and upon such terms as Landlord shall determine and may collect the rents from such
reletting. Landlord shall not be required to accept any tenant offered by Tenant or to observe any instructions given by Tenant relative to such reletting. Also, in any such case, Landlord may make repairs, alterations and additions in or to the
Premises and redecorate the same to the extent deemed by Landlord necessary or desirable and in connection therewith 

  

 23 

	 	    	change the locks to the Premises, and Tenant upon demand shall pay the cost of all of the foregoing together with Landlord’s expenses of reletting. The rents from any such
reletting shall be applied first to the payment of the expenses of reentry, redecoration, repair and alterations and the expenses of reletting and second to the payment of Rent herein provided to be paid by Tenant. Any excess or residue shall
operate only as an offsetting credit against the amount of Rent due and owing as the same thereafter becomes due and payable hereunder. and the use of such offsetting credit to reduce the amount of Rent due Landlord, if any, shall not be deemed to
give Tenant any right, title or interest in or to such excess or residue and any such excess or residue shall belong to Landlord solely, and in no event shall Tenant be entitled to a credit on its indebtedness to Landlord in excess of the aggregate
sum (including Base Rent and Additional Rent) which would have been paid by Tenant for the period for which the credit to Tenant is being determined, had no Event of Default occurred. No such reentry or repossession, repairs, alterations and
additions, or reletting shall be construed as an eviction or ouster of Tenant or as an election on Landlord’s part to terminate this Lease, unless a written notice of such intention is given to Tenant, or shall operate to release Tenant in
whole or in part from any of Tenant’s obligations hereunder, and Landlord, at any time and from time to time, may sue and recover judgment for any deficiencies remaining after the application of the proceeds of any such reletting.

  

	 	D.	If this Lease is terminated by Landlord pursuant to Section 23.A.(2), Landlord shall be entitled to recover from Tenant all Rent accrued and unpaid for the period up to and
including such termination date, as well as all other additional sums payable by Tenant, or for which Tenant is liable or for which Tenant has agreed to indemnify Landlord under any of the provisions of this Lease, which may be then owing and
unpaid, and all costs and expenses, including without limitation court costs and attorneys’ fees incurred by Landlord in the enforcement of its rights and remedies hereunder, and, in addition, Landlord shall be entitled to recover as damages
for loss of the bargain and not as a penalty (i) the unamortized portion of any concessions offered by Landlord to Tenant in connection with this Lease, including without limitation Landlord’s contribution to the cost of tenant
improvements and alterations, if any, installed by either Landlord or Tenant pursuant to this Lease or any work letter in connection with this Lease, (ii) the aggregate sum which at the time of such termination represents the excess, if any, of
the present value of the aggregate rents which would have been payable after the termination date had this Lease not been terminated, including, without limitation, Base Rent at the annual rate or respective annual rates for the remainder of the
Term provided for in this Lease and the amount projected by Landlord to represent Additional Rent for the remainder of the Term over the then present value of the then aggregate fair rent value of the Premises for the balance of the Term, such
present worth to be computed in each case on the basis of a ten percent (10%) per annum discount from the respective dates upon which such Rents would have been payable hereunder had this Lease not been terminated, and (iii) any damages in
addition thereto, including without limitation reasonable attorneys’ fees and court costs, which Landlord sustains as a result of the breach of any of the covenants of this Lease other than for the payment of Rent. 

  

 24 

	 	E.	Landlord shall use commercially reasonable efforts to mitigate any damages resulting from an Event of Default by Tenant under this Lease. Landlord’s obligation to mitigate
damages after an Event of Default by Tenant under this Lease shall be satisfied in full if Landlord undertakes to lease the Premises to another tenant (a “Substitute Tenant”) in accordance with the following criteria:

  

	 	(1)	Landlord shall have no obligations to solicit or entertain negotiations with any other prospective tenants for the Premises until Landlord obtains full and complete possession of
the Premises including, without limitation, the final and unappealable legal right to relet the Premises free of any claim of Tenant: 

  

	 	(2)	Landlord shall not be obligated to lease or show the Premises, on a priority basis, offer the Premises to a prospective tenant when other premises in the Building suitable for that
prospective tenant’s use are (or soon will be) available; 

  

	 	(3)	Landlord shall not be obligated to lease the Premises to a Substitute Tenant for a Rent less than the current fair market Rent then prevailing for similar uses in comparable
buildings in the same market area as the Building, nor shall Landlord be obligated to enter into a new lease under other terms and conditions that are unacceptable to Landlord under Landlord’s then current leasing policies for comparable space
in the Building; 

  

	 	(4)	Landlord shall not be obligated to enter into a lease with a Substitute Tenant whose use would: 

  

	 	(i)	violate any restriction, covenant, or requirement contained in the lease of another tenant of the Building; 

  

	 	(ii)	adversely affect the reputation of the Building; or 

  

	 	(iii)	be incompatible with the operation of the Building as an industrial building; 

  

	 	(5)	Landlord shall not be obligated to enter into a lease with any proposed Substitute Tenant which does not have, in Landlord’s reasonable opinion, sufficient financial resources
to operate the Premises in a first class manner; and 

  

	 	(6)	Landlord shall not be required to expend any amount of money to alter, remodel, or otherwise make the Premises suitable for use by a proposed Substitute Tenant unless:

  

	 	(i)	Tenant pays any such sum to Landlord in advance of Landlord’s execution of a lease with such tenant (which payment shall not be in lieu of any damages or other sums to which
Landlord may be entitled as a result of Tenant’s default under this Lease); or 

  

 25 

	 	(ii)	Landlord, in Landlord’s reasonable discretion, determines that any such expenditure is financially justified in connection with entering into any such substitute lease.

  

	 	F.	All property of Tenant removed from the Premises by Landlord pursuant to any provision of this Lease or applicable law may be handled, removed or stored by Landlord at the cost and
expense of Tenant, and Landlord shall not be responsible in any event for the value, preservation or safekeeping thereof. Tenant shall pay Landlord for all expenses incurred by Landlord with respect to such removal and storage so long as the same is
in Landlord’s possession or under Landlord’s control. All such property not removed from the Premises or retaken from storage by Tenant within thirty (30) days after the end of the Term or the termination of Tenant’s right to
possession of the Premises, however terminated, at Landlord’s option, shall be conclusively deemed to have been conveyed by Tenant to Landlord as by bill of sale without further payment or credit by Landlord to Tenant. 

 

	 	G.	Tenant hereby grants to Landlord a first lien upon the interest of Tenant under this Lease to secure the payment of moneys due under this Lease, which lien may be enforced in
equity, and Landlord shall be entitled as a matter of right to have a receiver appointed to take possession of the Premises and relet the same under order of court. 

  

	 	H.	If Tenant is adjudged bankrupt, or a trustee in bankruptcy is appointed for Tenant, Landlord and Tenant, to the extent permitted by law, agree to request that the trustee in
bankruptcy determine within sixty (60) days thereafter whether to assume or to reject this Lease. 

  

	 	I.	The receipt by Landlord of less than the full rent due shall not be construed to be other than a payment on account of rent then due, nor shall any statement on Tenant’s check
or any letter accompanying Tenant’s check be deemed an accord and satisfaction, and Landlord may accept such payment without prejudice to Landlord’s right to recover the balance of the rent due or to pursue any other remedies provided in
this lease. The acceptance by Landlord of rent hereunder shall not be construed to be a waiver of any breach by Tenant of any term, covenant or condition of this Lease. No act or omission by Landlord or its employees or agents during the term of
this Lease shall be deemed an acceptance of a surrender of the Premises, and no agreement to accept such a surrender shall be valid unless in writing and signed by Landlord. 

  

	 	J.	In the event of any litigation between Tenant and Landlord to enforce any provision of this Lease or any right of either party hereto, the unsuccessful party

  

 26 

	 	    	to such litigation shall pay to the successful party all costs and expenses, including reasonable attorney’s fees, incurred therein. Furthermore, if Landlord, without fault, is
made a party to any litigation instituted by or against Tenant, Tenant shall indemnify Landlord against, and protect, defend, and save it harmless from, all costs and expenses, including reasonable attorney’s fees, incurred by it in connection
therewith. If Tenant, without fault, is made party to any litigation instituted by or against Landlord, Landlord shall indemnify Tenant against, and protect, defend, and save it harmless from, all costs and expenses, including reasonable
attorney’s fees, incurred by it in connection therewith. 

 24. No Waiver. 
 No failure of Landlord to declare any default immediately upon its occurrence, or delay in taking any action in connection with an event of default. shall
constitute a waiver of such default, nor shall it constitute an estoppel against Landlord, but Landlord shall have the right to declare the default at any time and take such action as is lawful or authorized under this Lease. Failure by Landlord to
enforce its rights with respect to any one default shall not constitute a waiver of its rights with respect to any subsequent default. 
 25. Peaceful
Enjoyment. 
 Tenant shall, and may peacefully have, hold, and enjoy the Premises, subject to the other terms hereof, provided that
Tenant pays the Rent and other sums herein recited to be paid by Tenant and timely performs all of Tenant’s covenants and agreements herein contained. This covenant and any and all other covenants of Landlord shall be binding upon Landlord and
its successors only with respect to breaches occurring during its or their respective periods of ownership of the Landlord’s interest hereunder. 
 26. Substitution. Intentionally Omitted. 
 27. Holding Over. 
 In the event of holding over by Tenant after expiration or other termination of this Lease or in the event Tenant continues to occupy the Premises after
the termination of Tenant’s right of possession pursuant to Section 23.A(3) hereof, occupancy of the Premises subsequent to such termination or expiration shall be that of a tenancy at sufferance and in no event for month-to-month or
year-to-year. Tenant shall, throughout the entire holdover period, be subject to all the terms and provisions of this Lease and shall pay for its use and occupancy an amount (on a per month basis without reduction for any partial months during any
such holdover) equal to one hunched twenty-five percent (125%) of (a) the greater of then current market rate, or (b) the Base Rent and Additional Rent which would have been applicable had the Lease Term continued through the period
of such holding over by Tenant. No holding over by Tenant or payments of money by Tenant to Landlord after the expiration of the Lease Term shall be construed to extend the Lease Term or prevent Landlord from recovery of immediate possession of the
Premises by summary proceedings or otherwise unless Landlord has sent written notice to Tenant that Landlord has elected to extend the Lease Term. In addition to the obligation to pay the amounts set forth above during any such holdover period,
Tenant shall also be liable to Landlord for all 
  

 27 

 damages, including, without limitation, any consequential damages, which Landlord may suffer by reason of any holding
over by Tenant and Tenant shall also indemnify Landlord against any and all claims made by any other tenant or prospective tenant against Landlord for delay by Landlord in delivering possession of the Premises to such other tenant or prospective
tenant. 
 28. Subordination to Mortgage/Estoppel Certificate. 
 Tenant accepts this Lease subject and subordinate to any mortgage, deed of trust or other lien presently existing or hereafter arising upon the Premises, or upon the Building and/or the Property and to any renewals,
modifications, refinancings and extensions thereof but Tenant agrees that any such mortgagee shall have the right at any time to subordinate such mortgage, deed of trust or other lien to this Lease on such terms and subject to such conditions as
such mortgagee may deem appropriate in its discretion. The provisions of the foregoing sentence shall be self-operative and no further instrument of subordination shall be required. However, Landlord is hereby irrevocably vested with full power and
authority to subordinate this Lease to any mortgage, deed of trust or other lien now existing or hereafter placed upon the Premises, or the Building and/or the Property and Tenant agrees within ten (10) days after demand to execute such further
instruments subordinating this Lease or attorning to the holder of any such liens as Landlord may request. The terms of this Lease are subject to approval by the Landlord’s existing lender(s) and any lender(s) who, at the time of the execution
of this Lease, have committed or are considering committing to Landlord to make a loan secured by all or any portion of the Property, and such approval is a condition precedent to Landlord’s obligations hereunder. In the event that Tenant
should fail to execute any subordination or other agreement required by this Section promptly as requested, Tenant hereby irrevocably constitutes Landlord as its attorney-in-fact to execute such instrument in Tenant’s name, place and stead, it
being agreed that such power is one coupled with an interest in Landlord and is accordingly irrevocable. Tenant agrees that it will from time-to-time upon request by Landlord execute and deliver to such persons as Landlord shall request a statement
in recordable form certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full force and effect as so modified), stating the dates to which rent and other charges payable under
this Lease have been paid, stating that Landlord is not in default hereunder (or if Tenant alleges a default stating the nature of such alleged default) and further stating such other matters as Landlord shall reasonably require. Tenant agrees
periodically to furnish within ten (10) days after so requested by Landlord, ground lessor or the holder of any deed of trust, mortgage or security agreement covering the Building, the Property, or any interest of Landlord therein, a
certificate signed by Tenant certifying (a) that this Lease is in full force and effect and unmodified (or if there have been modifications, that the same is in full force and effect as modified and stating the modifications), (b) as to
the Commencement Date and the date through which Base Rent and Tenant’s Additional Rent have been paid, (c) that Tenant has accepted possession of the Premises and that any improvements required by the terms of this Lease to be made by
Landlord have been completed to the satisfaction of Tenant, (d) that except as stated in the certificate no rent has been paid more than thirty (30) days in advance of its due date, (e) that the address for notices to be sent to
Tenant is as set forth in this Lease (or has been changed by notice duly given and is as set forth in the certificate), (f) that except as stated in the certificate, Tenant, as of the date of such certificate, has no charge, lien, or claim of
offset against rent due or to become due, (g) that except as stated in the certificate, Landlord is not then in default under this Lease, (h) as to the amount of the Approximate Rentable Area of the Premises then occupied by Tenant, (i)

  

 28 

 that there are no renewal or extension options, purchase options, rights of first refusal or the like in favor of Tenant
except as set forth in this Lease, 0) the amount and nature of accounts payable to Landlord under terms of this Lease, and (k) as to such other matters as may be requested by Landlord or ground lessor or the holder of any such deed of trust,
mortgage or security agreement. Any such certificate may be relied upon by any ground lessor, prospective purchaser, secured party, mortgagee or any beneficiary under any mortgage, deed of trust on the Building or the Property or any part thereof or
interest of Landlord therein. 
 29. Notice. 
 Any notice required or permitted to be given under this Lease or by law shall be deemed to have been given if it is written and delivered in person or mailed by Express or Certified mail, postage prepaid, or sent by a
nationally recognized overnight delivery service to the party who is to receive such notice at the address specified in Section 1.Y. of this Lease. When so mailed, the notice shall be deemed to be effective upon receipt or refusal to accept
delivery. The address specified in Section 1.Y, of this Lease may be changed from time to time by giving written notice thereof to the other party. 
 30. Intentionally Omitted. 
 31. Surrender of Premises. 
 Upon the termination, whether by lapse of time or otherwise, or upon any termination of Tenant’s right to possession without termination of the
Lease, Tenant will at once surrender possession and vacate the Premises, together with all Leasehold improvements (except those Leasehold Improvements Tenant is required to remove pursuant to Section 8 hereof), to Landlord in good condition and
repair, ordinary wear and tear excepted; conditions existing because of Tenant’s failure to perform maintenance, repairs or replacements as required of Tenant under this Lease shall not be deemed “reasonable wear and tear.” Tenant
shall surrender to Landlord all keys to the Premises and make known to Landlord the explanation of all combination locks which Tenant is permitted to leave on the Premises. Subject to the Landlord’s rights under Section 23 hereof, if
Tenant fails to remove any of Tenant’s Property within one (1) day after the termination of this Lease, or Tenant’s right to possession hereunder, Landlord, at Tenant’s sole cost and expenses, shall be entitled to remove and/or
store such Tenant’s Property and Landlord shall be in no event be responsible for the value, preservation or safekeeping thereof. Tenant shall pay Landlord, upon demand, any and all reasonable expenses caused by such removal and all storage
charges against such property so long as the same shall be in possession of Landlord or under the control of Landlord. In addition, if Tenant fails to remove any Tenant’s Property from the Premises or storage, as the case may be, within ten
(10) days after written notice from Landlord, Landlord, at its option, may deem all or any part of such Tenant’s Property to have been abandoned by Tenant and title thereof shall immediately pass to Landlord under this Lease as by a bill
of sale. 
 32. Rights Reserved to Landlord. 
 Landlord reserves the following rights, exercisable without notice, except as provided herein, and without liability to Tenant for damage or injury to property, person or business and 
  

 29 

 without affecting an eviction or disturbance of Tenant’s use or possession or giving rise to any claim for setoff or
abatement of rent or affecting any of Tenant’s obligations under this Lease: (1) upon thirty (30) days prior notice to change the name or street address of the Building; (2) to install and maintain signs on the exterior and
interior of the Building: (3) to designate and approve window coverings to present a uniform exterior appearance; (4) to make any decorations, alterations, additions, improvements to the Building or Property, or any part thereof
(including, with prior notice, the Premises) which Landlord shall desire, or deem necessary for the safety, protection, preservation or improvement of the Building or Property, or as Landlord may be required to do by law; (5) to have access to
the Premises at reasonable hours to perform its duties and obligations and to exercise its rights under this Lease; (6) to retain at all times and to use in appropriate instances, pass keys to all locks within and to the Premises; (7) to
reasonably approve the weight, size, or location of heavy equipment. or articles within the Premises; (8) to close or restrict access to the Building at all times other than Normal Business Hours subject to Tenant’s right to admittance at
all times under such regulations as Landlord may prescribe from time to time, or to close (temporarily or permanently) any of the entrances to the Building; provided Landlord shall have the right to restrict or prohibit access to the Building or the
Premises at any time Landlord determines it is necessary to do so to minimize the risk of injuries or death to persons or damage to property; (9) to change the arrangement and/or location of entrances of passageways, doors and doorways,
corridors, elevators, stairs, toilets and public parts of the Building or Property; (10) to regulate access to telephone, electrical and other utility closets in the Building and to require use of designated contractors for any work involving
access to the same; (11) if Tenant has vacated the Premises during the last six (6) months of the Lease Term, to perform additions, alterations and improvements to the Premises in connection with a reletting or anticipated reletting
thereof without being responsible or liable for the value or preservation of any then existing improvements to the Premises; and (12) to grant to anyone the exclusive right to conduct any business or undertaking in the Building provided
Landlord’s exercise of its rights under this clause 12, shall not be deemed to prohibit Tenant from the operation of its business in the Premises and shall not constitute a constructive eviction. 
 33. Miscellaneous, 
  

	 	A.	If any term or provision of this Lease, or the application thereof to any person or circumstance shall, to any extent, be invalid or unenforceable, the remainder of this Lease, or
the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable, shall not be affected thereby, and each term and provision of this Lease shall be valid and enforced to the
fullest extent permitted by law. 

  

	 	B.	Tenant agrees not to record this Lease or any short form or memorandum hereof. 

  

	 	C.	This Lease and the rights and obligations of the parties hereto shall be interpreted, construed, and enforced in accordance with the laws of the state in which the Building is
located. 

  

	 	D.	Events of “Force Majeure” shall include strikes, riots, acts of God, shortages of labor or materials, war, governmental laws, regulations or restrictions, or any other
cause whatsoever beyond the control of Landlord or Tenant, as the case may 

  

 30 

 be. Whenever a period of time is herein prescribed for the taking of any action by Landlord or Tenant
(other than the payment of Rent and all other such sums of money as shall become due hereunder), such party shall not be liable or responsible for, there shall be excluded from the computation of such period of time, any delays due to events of
Force Majeure. 
  

	 	E.	Except as expressly otherwise herein provided, with respect to all required acts of Tenant, time is of the essence of this Lease. 

  

	 	F.	Landlord shall have the right to transfer and assign, in whole or in part, all of its rights and obligations hereunder and in the Building and Property referred to herein, and in
such event and upon such transfer Landlord shall be released from any further obligations hereunder, and Tenant agrees to look solely to such successor in interest of Landlord for the performance of such obligations. 

  

	 	G.	Tenant hereby represents to Landlord that it has dealt directly with and only with the Broker as a broker in connection with this Lease. Landlord and Tenant hereby indemnify and
hold each other harmless against any loss, claim, expense or liability with respect to any commissions or brokerage fees claimed on account of the execution and/or renewal of this Lease due to any action of the indemnifying party.

  

	 	H.	If there is more than one Tenant. or if the Tenant as such is comprised of more than one person or entity, the obligations hereunder imposed upon Tenant shall be joint and several
obligations of all such parties. All notices, payments, and agreements given or made by, with or to any one of such persons or entities shall be deemed to have been given or made by, with or to all of them. 

  

	 	I.	The individual signing this Lease on behalf of Tenant represents (1) that such individual is duly authorized to execute or attest and deliver this Lease on behalf of Tenant in
accordance with the organizational documents of Tenant; (2) that this Lease is binding upon Tenant; (3) that Tenant is duly organized and legally existing in the state of its organization, and is qualified to do business in the state in
which the Premises is located. 

  

	 	J.	Tenant acknowledges that the financial capability of Tenant to perform its obligations hereunder is material to Landlord and that Landlord would not enter into this Lease but for
its belief, based on its review of Tenant’s financial statements, that Tenant is capable of performing such financial obligations. Tenant hereby represents, warrants and certifies to Landlord that its financial statements previously furnished
to Landlord were at the time given true and correct in all material respects and that there have been no material subsequent changes thereto as of the date of this Lease. 

  

	 	K.	Notwithstanding anything to the contrary contained in this Lease, the expiration of the Lease Term, whether by lapse of time or otherwise, shall not relieve Tenant from
Tenant’s obligations accruing prior to the expiration of the Lease Term, and such obligations shall survive any such expiration or other termination of the Lease Term. 

  

 31 

	 	L.	Landlord has delivered a copy of this Lease to Tenant for Tenant’s review only, and the delivery hereof does not constitute an offer to Tenant or an option. This Lease shall
not be effective until an original of this Lease executed by both Landlord and Tenant and an original Guaranty, if applicable, executed by each Guarantor is delivered to and accepted by Landlord, and this Lease has been approved by Landlord’s
mortgagee, if required. 

  

	 	M.	Landlord and Tenant understand, agree and acknowledge that (i) this Lease has been freely negotiated by both parties: and (ii) unless prohibited by law, in any
controversy, dispute or contest over the meaning, interpretation, validity, or enforceability of this Lease or any of its terms or conditions, there shall be not inference, presumption, or conclusion drawn whatsoever against either party by virtue
of that party having drafted this Lease or any portion thereof. 

  

	 	N.	The headings and titles to the paragraphs of this Lease are for convenience only and shall have no affect upon the construction or interpretation of any part hereof.

  

	 	O.	Receipt by Landlord of Tenant’s keys to the Premises shall not constitute an acceptance of surrender of the Premises. 

 34. Entire Agreement. 
 This Lease, including
the following Exhibits: 
 Exhibit A - Outline and Location of Premises 
 Exhibit B - Rules and Regulations 
 Exhibit C - Payment of Operating Expenses 
 Exhibit D - Work Letter 
 Exhibit E - Additional Provisions 
 constitutes the entire agreement between the parties hereto with respect to the subject matter of this Lease and supersedes all prior agreements and understandings between the parties related to the Premises,
including all lease proposals, letters of intent and similar documents. Tenant expressly acknowledges and agrees that Landlord has not made and is not making, and Tenant, in executing and delivering this Lease, is not relying upon, any warranties,
representations, promises or statements, except to the extent that the same are expressly set forth in this Lease. All understandings and agreements heretofore had between the parties are merged in this Lease which alone fully and completely
expresses the agreement of the parties, neither party relying upon any statement or representation not embodied in this Lease. This Lease may be modified only be a written agreement signed by Landlord and Tenant. Landlord and Tenant expressly agree
that there are and shall be no implied warranties of merchantibility, habitability, suitability, fitness for a particular purpose or of any other kind arising out of this Lease, all of which are hereby waived by Tenant, and that there are no
warranties which extend beyond those expressly set forth in this Lease. 
  

 32 

 35. LIMITATION OF LIABILITY. 
 EXCEPT TO THE EXTENT SPECIFICALLY ADDRESSED HEREIN, TENANT SHALL NOT HAVE THE RIGHT TO AN ABATEMENT OF RENT OR TO TERMINATE THIS LEASE AS A RESULT OF LANDLORD’S DEFAULT AS TO ANY COVENANT OR AGREEMENT CONTAINED
IN THIS LEASE OR AS A RESULT OF THE BREACH OF ANY PROMISE OR INDUCEMENT IN CONNECTION HEREWITH, WHETHER IN THIS LEASE OR ELSEWHERE AND TENANT HEREBY WAIVES SUCH REMEDIES OF ABATEMENT OF RENT AND TERMINATION. TENANT HEREBY AGREES THAT TENANT’S
REMEDIES FOR DEFAULT HEREUNDER OR IN ANY WAY ARISING IN CONNECTION WITH THIS LEASE INCLUDING ANY BREACH OF ANY PROMISE OR INDUCEMENT OR WARRANTY, EXPRESSED OR IMPLIED, SHALL BE LIMITED TO SUIT FOR DIRECT AND PROXIMATE DAMAGES PROVIDED THAT TENANT
HAS GIVEN THE NOTICES AS HEREINAFTER REQUIRED. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS LEASE, THE LIABILITY OF LANDLORD TO TENANT FOR ANY DEFAULT BY LANDLORD UNDER THIS LEASE SHALL BE LIMITED TO THE INTEREST OF LANDLORD IN THE
BUILDING AND THE PROPERTY AND TENANT AGREES TO LOOK SOLELY TO LANDLORD’S INTEREST IN THE BUILDING AND THE PROPERTY FOR THE RECOVERY OF ANY JUDGMENT AGAINST THE LANDLORD, IT BEING INTENDED THAT LANDLORD SHALL NOT BE PERSONALLY LIABLE FOR ANY
JUDGMENT OR DEFICIENCY. TENANT HEREBY COVENANTS THAT. PRIOR TO THE FILING OF ANY SUIT FOR DIRECT AND PROXIMATE DAMAGES, IT SHALL GIVE LANDLORD AND ALL MORTGAGEES WHOM TENANT HAS BEEN NOTIFIED HOLD MORTGAGES OR DEED OF TRUST LIENS ON THE PROPERTY,
BUILDING OR PREMISES (“LANDLORD MORTGAGEES”) NOTICE AND REASONABLE TIME TO CURE ANY ALLEGED DEFAULT BY LANDLORD. 
 IN WITNESS WHEREOF, Landlord
and Tenant have executed this Lease in multiple original counterparts as of the day and year first above written, 
  

			
	LANDLORD:
	
	560 Arapeen LLC, First Avenue LLC, and Seventh Avenue LLC
		
	By:	 	First Avenue LLC
		
	By:	 	 /s/ Stuart C. Hond

		 	Stuart C. Hond, Managing Member
	
	TENANT:
	
	Amedica Corp.
		
	By:	 	 /s/ Eugene B. Jones

	Name:	 	Eugene B. Jones
	Title:	 	VP - Finance

  

 33 

 Exhibit A-Outline and Location of Premises 
 This Exhibit is attached to and made a part of the Lease dated February 21, 2006 by and between 560 Arapeen LLC, First Avenue LLC, and Seventh Avenue LLC
(“Landlord”) and Amedica Corp., a(n) Utah corporation (“Tenant”) for space in the Building located at 560 Arapeen, Salt Lake City, Utah. 

 EXHIBIT B -Rules and Regulation 
 The following rules and regulations shall apply, where applicable. to the Premises, the Building, the parking garage associated therewith (if any), the Property and the appurtenances thereto: 
  

	 	1.	Sidewalks, entrances, passageways, courts, corridors, vestibules, halls, elevators and stairways in and about the Building shall not be obstructed nor shall objects be placed
against glass partitions, doors or windows which would be unsightly from the Building’s corridors from the exterior of the Building. 

  

	 	2.	Plumbing, fixtures and appliances shall be used for only the purpose for which they were designed and no foreign substance of any kind whatsoever shall be thrown or placed therein.
Damage resulting to any such fixtures or appliances from misuse by Tenant or its agents, employees or invitees, shall be paid for by Tenant and Landlord shall not in any case be responsible therefor. 

  

	 	3.	Any sign, lettering, picture, notice, advertisement installed within the Premises which is visible from the public corridors within the Building shall be installed in such manner,
and be of such character and style as Landlord shall approve, in writing in its reasonable discretion. No sign, lettering, picture, notice or advertisement shall be placed on any outside window or door or in a position to be visible from outside the
Building. No nails, hooks or screws (except for customary artwork or wall hangings) shall be driven or inserted into any part of the Premises or Building except by Building maintenance personnel, nor shall any part of the Building be defaced or
damaged by Tenant. 

  

	 	4.	Tenant shall not place any additional lock or locks on any door in the Premises or Building without Landlord’s prior written consent. A reasonable number of keys to the locks
on the doors in the Premises shall be furnished by Landlord to Tenant at the cost of Tenant, and Tenant shall not have any duplicate keys made. All keys and passes shall be returned to Landlord at the expiration or earlier termination of this Lease.

  

	 	5.	Tenant shall refer all contractors, contractors representatives and installation technicians for Landlord for Landlord’s supervision, approval and control before the
performance of any contractural services. This provision shall apply to all work performed in the Building including, but not limited to installation of telephones, telegraph equipment, electrical devices and attachments, doors, entranceways, and
any and all installations of every nature affecting floors, walls, woodwork, window trim, ceilings, equipment and any other physical portion of the Building. Tenant shall not waste electricity, water or air conditioning. All controls shall be
adjusted only by Building personnel. 

  

	 	6.	All corridor doors, when not in use, shall remain closed. Tenant shall cause all doors to the Premises to be closed and securely locked before leaving the Building at the end of the
day. 

	 	7.	Tenant shall keep all electrical and mechanical apparatus owned by Tenant free of vibration, noise and airwaves which may be transmitted beyond the Premises. Any equipment of Tenant
located anywhere in the Building or on the property shall also be free of vibration and noise so as to not unreasonably disturb other tenants in the Building or users of adjacent properties. Tenant shall properly insulate, cushion, and stabilize all
equipment wherever located, to prevent unreasonable noise and vibration. 

  

	 	8.	Canvassing, soliciting and peddling in or about the Building or Property are prohibited. Tenant shall cooperate and use its best efforts to prevent the same.

  

	 	9.	Tenant shall not use the Premises in any manner which would overload the standard heating, ventilating or air conditioning systems of the Building, 

  

	 	10.	Tenant shall not utilize any equipment or apparatus in such manner as to create any magnetic fields or waves which adversely affect or interfere with the operation of any systems or
equipment in the Building or Property. 

  

	 	11.	Bicycles and other vehicles are not permitted inside or on the walkways outside the Building, except in those areas specifically designated by Landlord for such purposes.

  

	 	12.	Tenant shall not operate or permit to be operated on the Premises any coin or token operated vending machine or similar device (including, without limitation, telephones, lockers,
toilets, scales, amusements devices and machines for sale of beverages, foods, candy, cigarettes or other goods), except for those vending machines or similar devices which are for the sole and exclusive use of Tenant’s employees, and then only
if such operation does not violate the lease of any other tenant in the Building. 

  

	 	13.	Tenant shall utilize the termite and pest extermination service designated by Landlord to control termites and pests in the Premises. Except as included in Triple Net Costs, Tenant
shall bear the cost and expense of such extermination services. 

  

	 	14.	To the extent permitted by law, Tenant shall not permit picketing or other union activity involving its employees or agents in the Building or on the Property, except in those
locations and subject to time and other constraints as to which Landlord may give its prior written consent, which consent may be withheld in Landlord’s sole discretion. 

  

	 	15.	Tenant shall comply with all applicable laws, ordinances, governmental orders or regulations and applicable orders or directions from any public office or body having jurisdiction,
with respect to the Premises, the Building, the Property and their respective use or occupancy thereof. Tenant shall not make or permit any use of the premises, the Building or the Property, respectively, which is directly or indirectly forbidden by
law, ordinance, governmental regulation or order, or direction of applicable public authority, or which may be dangerous to person or property. 

  

 2 

	 	16.	Tenant shall not use or occupy the Premises in any manner or for any purpose which would injure the reputation or impair the present or future value of the Premises, the Building or
the Property; without limiting the foregoing, Tenant shall not use or permit the Premises or any portion thereof to be used for lodging, sleeping or for any illegal purpose. 

  

	 	17.	Tenant shall carry out Tenant’s permitted repair, maintenance, alterations, and improvements in the Premises only during times agreed to in advance by Landlord and in a manner
which will not interfere with the rights of other tenants in the Building. 

  

	 	18.	Landlord may from time to time adopt appropriate systems and procedures for the security or safety of the Building, its occupants, entry and use, or its contents. Tenant,
Tenant’s agents, employees, contractors, guests and invitees shall comply with Landlord’s reasonable requirements thereto. 

  

	 	19.	Landlord shall have the right to prohibit the use of the name of the Building or any other publicity by Tenant that in Landlord’s opinion may tend to impair the reputation of
the Building or its desirability for Landlord or its other tenants. Upon written notice from Landlord, Tenant will refrain from and/or discontinue such publicity immediately. 

  

	 	20.	Neither Tenant nor any of its employees, agents, contractors, invitees or customers shall smoke in any area designated by Landlord (whether through the posting of a “no
smoking” sign or otherwise) as a “no smoking” area. In no event shall Tenant or any of its employees, agents, contractors, invitees or customers smoke in the hallways or bathrooms of the Building. Landlord reserves the right to
designate, from time to time, additional areas of the Building and the Property as “no smoking “ areas and to designate the entire Building and the Property as a “no smoking” area. 

  

	 	21.	DANGEROUS SUBSTANCES, INCLUDING BUT NOT LIMITED TO, LIQUID NITROGEN. 

 On
or before occupancy of the Premises, Tenant shall develop an evacuation plan for the Building and the area to be used in the event dangerous substances from Tenant’s operations are escaping from the Premises or present a danger to the safety of
persons in the Building or area around the Building. 
 SPECIAL FIREFIGHTING INSTRUCTIONS: If possible, remove liquid nitrogen and any other containers of
dangerous substances from fire area or cool with water. Do not direct water spray at a container vent. Self contained breathing apparatus may be required for rescue workers. Evacuate the Building and area as provided in the evacuation plan.

  

 3 

 UNUSUAL FIRE AND EXPLOSION HAZARDS: Liquid nitrogen when spilled is expected to vaporize rapidly and may form an oxygen
deficient vapor cloud. Tenant must take all precautions to protect other users of the Building and area from liquid nitrogen and other dangerous substances in the event of a fire. Pressure in storage containers of dangerous substances may build up
due to heat and may rupture if pressure relief devices fail to function. 
 Because contact with cold liquid may cause frostbite, dangerous substances may
cause injury, and visibility may be obscured in its vapor cloud, Tenant must evacuate all people from affected area. Tenant should increase ventilation to release area and monitor oxygen levels. Appropriate protective equipment should be used for
all persons in the area and Tenant should call the appropriate emergency personnel. 
 STORAGE: No liquid nitrogen or other dangerous substances may be
stored in a confined space must be store in safe containers and areas. All storage containers must be marked with clear instructions as to contents. 
 HANDLING: All dangerous substances must be handled with care and in accordance with industry customs, including at least two (2) people being used when moving containers of dangerous substances. All exposed pipes or vessels which
contain liquid nitrogen must be marked and should be insulated unless expressly consented to by Landlord in writing, to prevent injuries from the cold metal caused when flesh sticks to the metal and is torn when one attempts to withdraw from such
metal. Some metals, such as carbon steel, may become brittle and fracture at low temperatures. 
 A suitable hand truck or other safe device must be used for
any movement of containers of liquid nitrogen or other dangerous substances. All containers shall be handled and stored in an upright position with all applicable precautions, unless customary safety standards require a different storage position.

 Use of piping and equipment must be adequately designed to withstand pressures to be encountered form dangerous substances. Protective apparatus should be
used in any line or piping to prevent reverse flow and such lines or piping shall be equipped with pressure relief devices. Only transfer lines designed for cryogenic liquids shall be used for liquid nitrogen. Unless otherwise agreed to by Landlord
or required by applicable law, all vents shall be piped to the exterior of the Building. 
 EMERGENCY SUPPLIES: if any liquid nitrogen is used in the
Premises, self contained breathing apparatus (SCBA) or positive pressure airline with mask and escape pack are to be available and clearly marked for use by Building personnel in all areas where dangerous substances are stored or used, along with
loose fitting thermal insulated or leather gloves, full face shield and safety glasses. 
 LOW OXYGEN ALARM: if any liquid nitrogen is used in the Premises,
Tenant shall provide the property manager with monthly reports showing the alarm has been tested and is functioning satisfactorily. 
  

 4 

 EXHIBIT C-Payment of Triple Net Costs 
 (USE FOR NET DEALS) 
 This Exhibit is attached to and made a part of the Lease dated
February 20, 2006 by and between 560 Arapeen LLC, First Avenue LLC, and Seventh Avenue LLC (“Landlord”) and Amedica Corp. (“Tenant”) for space in the Building located at 560 Arapeen, Salt Lake City, Utah. 
 A. Triple Net Costs. During each calendar year, or portion thereof, falling within the Lease Term, Tenant shall pay to Landlord as Additional Rent hereunder
Tenant’s Pro Rata Share of Triple Net Costs (as defined below) directly attributable to the Premises for the applicable calendar year. 
 B.
Operating Expenses. in addition to the Triple Net Costs, Tenant shall also pay Landlord as Additional Rent, Tenant’s Pro Rata Share of increases in operating expenses for the Building (“Operating Expenses”) over the Base Year
of 2006 (as defined below). These provisions shall apply to Tenant only and may not be relied upon by other tenants or third parties. 
 C. Payments for
Triple Net Costs and Operating Expenses. Prior to January 1 of each calendar year during the Lease Term, or as soon thereafter as practical, Landlord shall make a good faith estimate of Triple Net Costs and Operating Expenses for the
applicable full or partial calendar year and Tenant’s Pro Rata Share thereof. On or before the first day of each month during such calendar year, Tenant shall pay Landlord, as Additional Rent, a monthly installment equal to one-twelfth of
Tenant’s Pro Rata Share of Landlord’s estimate of Triple Net Costs and Operating Expenses. Landlord shall have the right from time to time during any such calendar year to revise the estimates of Triple Net Costs and/or Operating Expenses
for such year and provide Tenant with a revised statement therefor (provided, however, Landlord agrees that Landlord shall not issue a revised statement more than twice in any calendar year), and thereafter the amount Tenant shall pay each month
shall be based upon such revised estimate. If Landlord does not provide Tenant with an estimate of the Triple Net Costs and Operating Expenses by January 1 of any calendar year, Tenant shall continue to pay a monthly installment based on the
previous year’s estimate until such time as Landlord provides Tenant with an estimate of Triple Net Costs and Operating Expenses for the current year. Upon receipt of such current year’s estimate, an adjustment shall be made for any month
during the current year with respect to which Tenant paid monthly installments of Additional Base Rent based on the previous years estimate. Tenant shall pay Landlord for any underpayment upon demand. Any overpayment in excess of the equivalent of
one (1) month’s Base Rent shall, at Landlord’s option, be refunded to Tenant or credited against the installment(s) of Additional Rent next coming due under the Lease. Any overpayment in an amount equal to or less than the equivalent
of one (1) month’s Base Rent shall, at Landlord’s option, be refunded to Tenant or credited against the installment of Additional Rent due for the month immediately following the furnishing of such estimate. Any amount paid by Tenant
based on any estimate shall be subject to adjustment pursuant to Paragraph D below, when actual Triple Net Costs and/or Operating Expenses are determined for such calendar year. 
 D. Reconciliation of Estimates for Triple Net Costs and Operating Expenses. As soon as is practical following the end calendar year during the Lease Term, Landlord shall furnish to Tenant statements of
Landlord’s actual Triple Net Costs and Operating Expenses for the previous 

 calendar year. If for any calendar year the Additional Rent collected for the prior year, as a result of Landlord’s
estimates of Triple Net Costs and Operating Expenses, is in excess of Tenant’s actual Pro Rata Share of Triple Net Costs or Operating Expenses for such prior year, then Landlord shall refund to Tenant any overpayment (or at Landlord’s
option apply such amount against Additional Base Rent due or to become due hereunder). Likewise, Tenant shall pay to Landlord, on demand, any underpayment with respect to the prior year whether or not the Lease has terminated prior to receipt by
Tenant of a statement for such underpayment, it being understood that this clause shall survive the expiration of the Lease. 
 E. Description of Triple
Net. Triple Net Costs shall mean all direct Taxes, insurance, utilities, and ground lease rent which Landlord incurs, pays or becomes obligated to pay in each calendar year in connection with the Building and the Project. Initial estimates for
the Triple Net Costs for 2006 are: 
  

				
	Taxes:	  	$	125,000
	Insurance	  	$	18,000
	Utilities	  	$	126,000
	Ground Lease	  	$	51,500

 F. Operating Expenses. In addition to the Triple Net Costs, Tenant shall pay as Additional Rent
Tenant’s pro-rata share of the increases over a base year of 2006 in the following expenses (“Operating Expenses”), provided however that such share of the Operating Expenses shall not increase by more than five percent (5%) per
calendar year: 
  

	 	(1)	All labor costs for all persons performing services required or utilized in connection with the operation, repair, replacement and maintenance of and control of access to the
Building and the Project, including but not limited to amounts incurred for wages, salaries and other compensation for services, professional training, payroll, social security, unemployment and other similar taxes, workers’ compensation
insurance, uniforms, training, disability benefits, pensions, hospitalization, retirement plans, group insurance or any other similar or like expenses or benefits. 

  

	 	(2)	All management fees, the cost of equipping and maintaining a management office at the Building, accounting services, legal fees not attributable to leasing and collection activity,
and all other administrative costs relating to the Building and the Property. 

  

	 	(3)	All Rent and/or purchase costs of materials, supplies, tools and equipment used in the operation, repair, replacement and maintenance and the control of access to the Building and
the Property, including but not limited to the Ground Lease rent. 

  

	 	(4)	All amounts charged to Landlord by contractors and/or suppliers for services, replacement parts, components, materials, and supplies furnished in connection with the operation,
repair, maintenance, and control of access to any part of the Building, or the Property generally, including the heating, air conditioning, ventilating, plumbing. electrical, elevator and other systems and equipment of the 

 

 2 

 Building. Major repair items shall be amortized over a reasonably determined estimated useful life of
such repair items or the largest period permitted by law or generally accepted accounting principles, whichever is less, but in no event shall the amortization period exceed five (5) years. 
  

	 	(5)	All premiums and deductibles paid by Landlord for fire, flood and extended insurance coverage, earthquake and extended coverage insurance, liability and extended coverage insurance,
Rent loss insurance, elevator insurance, boiler insurance and other insurance customarily carried from time to time by landlords of comparable industrial buildings or required to be carried by Landlord’s mortgagee for common areas of the
Building. 

  

	 	(6)	Charges for all utilities, including but not limited to water, electricity, gas and sewer, but excluding those electrical charges for which tenants are individually responsible for
common areas of the Building. 

  

	 	(7)	All landscape expenses and costs of repairing, resurfacing and striping of the parking areas and garages of the Property, if any. 

  

	 	(8)	Cost of all maintenance service agreements, including those for equipment, alarm service, window cleaning, drapery or mini-blind cleaning, janitorial services, metal refinishing,
pest control, uniform supply, landscaping and any parking equipment. 

  

	 	(9)	Cost of all other repairs, replacements and general maintenance of the Property and Building neither specified above nor directly billed to tenants, including the cost of
maintaining all interior Common Areas including lobbies, multi-tenant hallways, restrooms and service areas. 

  

	 	(10)	The amortized cost of capital improvements made to the Building or the Property which are (a) reasonably determined to be primarily for the purpose of reducing operating
expense costs or otherwise improving the operating efficiency of the Property or Building; or (b) required to comply with any laws, rules or regulations of any governmental authority or a requirement of Landlord’s insurance carrier. The
cost of such capital improvements shall be amortized over the reasonably determined estimated useful life of such capital improvement or the largest period permitted by law or generally accepted accounting principles, whichever is less, but in no
event shall the amortization period exceed ten (10) years. 

  

	 	(11)	Any other charge or expense of any nature whatsoever which, in accordance with general industry practice with respect to the operation of a first class industrial building, would be
construed as an operating expense. 

 G. Exclusions to Operating Expenses. Operating Expenses shall not include repairs and general
maintenance paid from proceeds of insurance or by a tenant or other third parties, and alterations attributable solely to individual tenants of the Property. Further, Operating Expenses shall not include the cost of capital improvements such as to
replace the roof and HVAC systems not used solely for the Premises (except as above set forth), depreciation, interest (except as 
  

 3 

 provided above with respect to the amortization of capital improvements), lease commissions, and principal payments on
mortgage and other non-operating debts of Landlord. Capital improvements are more specifically defined as: 
  

	 	(1)	Costs incurred in connection with the original construction of the Property or with any major changes to same, including but no limited to, additions or deletions of corridor
extensions, renovations and improvements of the Common Areas beyond the costs caused by normal wear and tear, and upgrades or replacement of major Property systems; and 

  

	 	(2)	Costs of correcting defects (including latent defects), including any allowances for same, in the construction of the Property or its related facilities; and

  

	 	(3)	Costs incurred in renovating or otherwise improving, designing, redesigning, decorating or redecorating space for tenants or other occupants of the Property or other space leased or
held for lease in the Property. 

 H. Percentage of Building Occupied. If the Building and the other buildings Landlord operates in
conjunction therewith are not at least ninety-five percent (95%) occupied, in the aggregate, during any calendar of the Lease term or if Landlord is not supplying services to at least ninety-five percent (95%) of the Approximate Rentable
Area of the Building and such other buildings at any time during any calendar year of the Lease Term, actual Triple Net Costs and Operating Expenses for purposes hereof shall, be determined as if the Building and such other buildings had been
ninety-five percent (95%) occupied and Landlord had been supplying services to ninety-five percent (95%) of the Approximate Rentable Area of the Building and such other buildings during such year. If Tenant pays for its Pro Rata Share of
Operating Expenses based on increases over a “Base Year” and Operating Expenses for any calendar year during the Lease Term are determined as provided in the foregoing sentence, Operating Expenses for such Base Year shall also be
determined as if the Building and such other buildings had been ninety-five percent (95%) occupied and Landlord had been supplying services to ninety-five percent (95%) of the Approximate Rentable Area of the Building and such other
buildings. Any necessary extrapolation of Triple Net Costs or Operating Expenses that are affected by changes in the occupancy of the Building (including, at Landlord’s option, Taxes) to the cost that would have been incurred if the Building
had been ninety-five percent (95%) occupied and Landlord had been supplying services to ninety-five percent (95%) of the Approximate Rentable Area of the Building. In addition, Tenant’s Pro Rata Share of Operating Expenses is
determined based upon increase over of Base Year and Operating Expenses for the Base Year. 
 I. “Taxes”, which for purposes hereof, shall mean
(a) all real estate taxes and assessments on the Property, the Building or the Premises, and taxes and assessments levied in substitution or supplementation in whole or in part of such taxes, (b) all personal property taxes for the
Building’s personal property, including license expenses, (c) all taxes imposed on services of Landlord’s agents and employees, (d) all sales, use or other tax, excluding state and/or federal income tax now or hereafter imposed
by any governmental authority upon Rent received by Landlord, (e) all other taxes, fees or assessments now or hereafter levied by any governmental authority on the Property, the Building or its contents or on the operation and use thereof
(except as relate to specific tenants), and (f) all costs and fees incurred in connection with seeking 
  

 4 

 reductions in or refunds in Taxes including, without limitation, any costs incurred by Landlord to challenge the tax
valuation of the Building or Property, but excluding income taxes. Estimates of real estate taxes and assessments for any calendar year during the Lease Term shall be determined based on Landlord’s good faith estimate of the real estate taxes
and assessments. Taxes and assessments hereunder are those accrued with respect: to such calendar year, as opposed to the real estate taxes and assessments paid or payable for such calendar year. 
 IN WITNESS WFIEREOF, Landlord and Tenant have executed this exhibit as of the day and year first above written. 
  

			
	 560 Arapeen LLC, First Avenue LLC,
 and
Seventh Avenue LLC

		
	By:	 	First Avenue LLC
		
	By:	 	 /s/ Stuart C. Hond

		 	Stuart C. Hond, Managing Member
	
	TENANT:
	
	Amedica Corp.
		
	By:	 	 /s/ Eugene B. Jones

	Name:	 	Eugene B. Jones
	Title:	 	VP - Finance

  

 5 

 EXHIBIT D-Work Letter 
 Plans and Contractor. Tenant, following the full and final execution and delivery of this Lease and payment of all prepaid Rent and security deposits required hereunder, shall have the right to perform
alterations and improvements in the Premises (the “Initial Alterations”). The Initial Alterations may, at Tenant’s option, be divided into phases. The provisions of this Exhibit shall be repeated for each phase of the initial
Alterations. Tenant shall be responsible for preparation of the final plans for the entire Initial Alterations and after completion shall deliver the final plans to Landlord, for Landlord’s approval. Any plans to install a liquid nitrogen tank
shall provide for the tank to be screened from view of the public and partially buried and shall be subject to the approval of the ground lessor, the University of Utah. The final plans shall also provide for installation of a low oxygen detection
alarm system in the Premises. Landlord shall notify Tenant in writing whether it approves of the working drawings within five (5) business days after its receipt thereof. If Landlord disapproves of such working drawings, then Landlord shall
notify Tenant thereof specifying in reasonable detail the reasons for such disapproval, in which case Tenant shall, within five (5) business days after such notice, revise such working drawings in accordance with Landlord’s reasonable
objections and resubmit the revised working drawings to Landlord for its review and approval. This process shall be repeated until the working drawings have been finally approved by Landlord and Tenant. If Landlord fails to notify Tenant that it
disapproves of the initial working drawings within five (5) after the submission thereof, then Landlord shall be deemed to have approved the working drawings in question. 
 Notwithstanding the foregoing. Tenant and its contractors shall not have the right to perform any of the Initial Alterations or any phase of the Initial Alterations in the Premises unless and until: (1) Tenant
has complied with all of the terms and conditions of Section 10 of this Lease, including, without limitation, approval by Landlord of the final plans for the Initial Alterations and of the contractors to be retained by Tenant to perform such
Initial Alterations; (2) Tenant has provided Landlord with a lien waiver from the architect for payment of the cost to prepare the final plans; (3) Tenant has deposited the amount of the construction contract for the entire initial
Alterations (or only the amount for a designated phase of the Initial Alterations if Tenant has given Landlord notice that phases will be used) in an escrow account with the Talon Group as escrow agent, which account shall be interest bearing if
requested by Tenant; and (4) contractor has executed a standard written AIA contract providing for posting a performance bond of $1,000,000 (or if phases are used then 120% of the contract price for the phase) and a retainage of five percent
(5%) of the cost to construct the Initial Alterations (or the designated phase). The escrow agent shall make payments to the contractor upon receipt of pay requests from Tenant and approved in writing by both Tenant and Landlord’s
construction managers or the project architect. 
 Tenant shall be responsible for all elements of the design of Tenant’s plans (including, without
limitation, compliance with law, functionality of design, the structural integrity of the design, the configuration of the Premises and the placement of Tenant’s furniture, appliances and equipment), and Landlord’s approval of
Tenant’s plans shall in no event relieve Tenant of the responsibility for such design. Landlord’s approval of the contractor to perform the Initial Alterations (or any phase of the initial Alterations) shall not be unreasonably withheld.
The parties agree that Landlord’s approval of the general contractor to perform the Initial Alterations shall not be considered to be unreasonably withheld if any such general contractor (i) does not 

 have trade references reasonably acceptable to Landlord, (ii) does not maintain insurance as required pursuant to
the terms of this Lease, (iii) does not have the ability to be bonded for the work in an amount of no less than $1,000,000.00, (iv) does not provide current financial statements reasonably acceptable to Landlord, or (v) is not
licensed as a contractor in the state/municipality in which the Premises is located. Tenant acknowledges the foregoing is not intended to be an exclusive list of the reasons why Landlord may reasonably withhold its consent to a general contractor.

 Construction Allowance. Provided Tenant is not in default, Landlord agrees to contribute the sum of up to $10.00 per rentable square foot in the
Premises as shown in the jointly approved final plans, which is currently estimated at One Hundred Seventy-Four Thousand, Five Hundred Forty Dollars ($174,540.00) (“Construction Allowance”) toward the cost of performing the Initial
Alterations in preparation of Tenant’s occupancy of the Premises, plus one-half (1/2) the cost of each new demising wall being constructed in the Premises included in the Initial Alterations. For purposes of this Lease, a demising wall is
a wall that separates the Premises from other tenants and the other areas of the Building. The Construction Allowance shall be payable to Tenant as a single payment following: (1) completion of the Initial Alterations (or the portion in the
designated phase) including punchlist items as described below; (2) issuance of a final (not temporary) certificate of occupancy for the Premises (or the scope of work for the phase) by the applicable governmental agency(ies): (3) the
certification of Tenant and its architect that the Initial Alterations (or for the work in the designated phase) have been installed in a good and workmanlike manner in accordance with the approved plans, and in accordance with applicable laws,
codes and ordinances; (4) full and final contractor’s, subcontractor’s and material supplier’s waivers of liens which shall cover all Initial Alterations (or all work in the designated phase) and all other statements and forms
required for compliance with the mechanics’ lien laws of the State of Utah; (5) general contractor and architect’s completion affidavits; (6)_plans and specifications for the initial Alterations, together with a certificate from an
AIA architect that such plans and specifications comply in all material respects with all laws affecting the Building, Property and Premises; (7) Tenant furnishing Landlord with an accurate architectural “as-built” plan of the Initial
Alterations as constructed, which plan shall be incorporated into this Exhibit D by this reference for all purposes, and (8) copies of all construction contracts for the Initial Alterations, together with copies of all change orders, if any;
together with all such invoices, contracts, or other supporting data as Landlord or Landlord’s Mortgagee may reasonably require. The Construction Allowance shall be disbursed in the amount reflected on the receipted bills meeting the
requirements above. Upon making payment of the Construction Allowance, Landlord and Tenant shall also jointly notify the escrow agent that all remaining funds in the escrow account may be returned to Tenant. 
 Notwithstanding anything herein to the contrary, Landlord shall not be obligated to disburse any portion of the Construction Allowance during the continuance of an
uncured default under the Lease, and Landlord’s obligation to disburse shall only resume when and if such default is cured. 
 Change
Orders. Tenant may initiate changes in the final plans. Each such change must receive the prior written approval of Landlord, such approval not to be unreasonably withheld or delayed; however, if such requested change would adversely affect
(in the reasonable discretion of Landlord) (1)the Building’s structure or the Building’s systems (including the Building’s restrooms or mechanical rooms), (2) the exterior appearance of the Building, or (3) the 

 

 2 

 appearance of the Building’s common areas or elevator lobby areas (if any), Landlord may withhold its consent in its
reasonable discretion. Landlord may also request changes to Tenant for the final plans during the construction period for Tenant to approve, which approval shall not unreasonably be withheld, provided that such change orders shall not materially
delay the occupancy date and shall not increase the cost of the initial Alterations. If Tenant disapproves a change requested by Landlord because of cost. Landlord shall have the option to require the change order to be made if Landlord provides
funds for the change order. 
 Punchlist. When Tenant considers the initial Alterations to be substantially completed (or the portion in a
designated phase), Tenant will notify Landlord and within three (3) business days thereafter, Landlord’s representative and Tenant’s representative shall conduct a walk-through of the Premises and identify any necessary touch-up work,
repairs and minor completion items that are reasonably necessary for final completion of the Work. Neither Landlord’s representative nor Tenant’s representative shall unreasonably withhold his or her agreement on punchlist items. Tenant
shall use reasonable efforts to cause the contractor performing the Work to complete all punchlist items within ten (10) days after agreement thereon; however, Tenant shall not be obligated to engage overtime labor in order to complete such
items. As used herein “Substantial Completion,” “Substantially Completed,” and any derivations thereof means the Initial Alterations in the Premises have been performed in substantial accordance with
the final plans, as reasonably determined by Tenant (other than any details of construction, mechanical adjustment or other similar matter, the noncompletion of which does not materially interfere with Tenant’s use or occupancy of the
Premises). 
 Construction Management. Tenant shall pay Landlord $5000.00 toward the construction management fee of Landlord’s
construction manager. 
 In no event shall the Construction Allowance be used for the purchase of equipment, furniture or other items of personal property of
Tenant. in the event Tenant does not use the entire Construction Allowance, any unused amount remaining after June 15, 2006, shall no longer be required to be applied to the initial Alterations, it being understood that ‘Tenant shall not
be entitled to any credit, abatement or other concession in connection therewith. Tenant shall be responsible for ail applicable state sales or use taxes, if any, payable to connection with the Initial Alterations and/or Construction Allowance.

 No Work by Landlord. Tenant agrees to accept the Premises in its “as-is” condition and configuration, it being agreed that Landlord shall
not be required to perform any work or, except as provided above with respect to the Construction Allowance, incur any costs in connection with the construction or demolition of any improvements in the Premises. 
 This Exhibit shall not be deemed applicable to any additional space added to the original Premises at any time or from time to time, whether by any options under the
Lease or otherwise, or to any portion of the original Premises or any additions to the Premises in the event of a renewal or extension of the original Term of this Lease, whether by any options under the Lease or otherwise, unless expressly so
provided in the Lease or any amendment or supplement to the Lease. 
  

 3 

 Landlord’s and Tenant’s representatives for coordination of construction and approval of change orders will be
as follows, provided that either party may change its representative upon written notice to the other: 
  

							
	Landlord’s Representative:	 		 	  

		 		 	c/o CB Richard Ellis	 	  

					
		 	  

		 	  

		 	Telephone:	 	  

		 	Telecopy:	 	  

		
	Tenant’s Representative:	 	Bryan J. McEntire
		 	c/o Amedica Corporation
		 	615 Arapeen Drive, Suite 615
		 	Salt Lake City, UT 84108
		 	  

		 	Telephone:	 	(801) 583-5100, ext. 115
		 	Telecopy:	 	(801) 583-8635

 IN WITNESS WHEREOF, Landlord and Tenant have entered into this Exhibit D as of the day and year first above
written. 
  

					
		 	LANDLORD:
		
		 	560 Arapeen LLC, First Avenue LLC, and Seventh Avenue LLC
			
		 	By:	  	First Avenue LLC
			
		 	By:	  	 /s/ Stuart C. Hond

		 		  	Stuart C. Hond, Managing Member
		
		 	TENANT:
		
		 	Amedica Corp.
			
		 	By:	  	 /s/ Eugene B. Jones

		 	Name:	  	Eugene B. Jones
		 	Title:	  	VP – Finance

  

 4 

 ATTACHMENT #1 
 FINAL PLANS 

 EXHIBIT E 
 ADDITIONAL PROVISIONS 
 This exhibit is attached to and made a part of the Lease dated February 20, 2006
by and between 560 Arapeen LLC, First Avenue LLC, and Seventh Avenue LLC (“Landlord”) and Amedica Corp., a Delaware corporation (“Tenant”) for space in the Building located at 560 Arapeen, Salt Lake City, Utah. 
 The following are additional provisions to the Lease: 
 1. Termination of
Tenant’s Existing Lease. Landlord and Tenant shall share equally the rental costs (rental costs shall include Triple Net rental amounts plus amounts due for building operating expenses, net of receipts attributable to subletting
Tenant’s existing premises to a third party) associated with Tenant’s termination of approximately 3,378 rentable square feet located on the first floor of 615 Arapeen Drive, Salt Lake City, Utah. Landlord’s obligation shall commence
on April 15, 2006, and continue through the earlier to occur of. the expiration of Tenant’s obligations under the existing lease, or in the even Tenant’s existing Landlord releases Tenant from its obligation. Both Tenant and Landlord
will work diligently to cause the existing premises to be sublet to a third party if possible. 
 2. Rent Abatement. Landlord shall provide three
(3) months of free base rent on the Premises commencing upon the Commencement Date. In addition, Tenant’s Base Rent for one half of the square footage in the Premises shall be abated through September 30, 2006. During the abatement
period, Tenant shall be responsible for its share of Triple Net Costs and Operating Expenses applicable to the entire Premises. 
 3. Early
Termination. Tenant may terminate the Lease at any time after thirty-six months of paying full rent upon six (6) months notice and upon payment at the time of notice of all unamortized tenant improvements and leasing commissions using a
sixty (60) month amortization period together with interest at the rate of seven percent (7%) on such amount from the date of this Lease. 
 4.
Right of First Refusal Tenant shall have a one (1) time only option regarding any vacant space on the first floor of the Building that is or becomes available during the Lease Term, subject however to the prior rights of existing
tenants. Upon any such space becoming available, Landlord shall give Tenant notice of the space availability and Tenant shall have ten (10) days to exercise the option to immediately begin leasing the additional space at the same rental rates
as apply to Tenant’s existing Premises. Landlord shall provide a tenant improvement allowance as follows: 
  

				
	 Expansion Year of Lease Term
	  	 Tenant Improvement
 Allowance Per
 Rentable
Square
 Foot

	1	  	$	10.00
	2	  	$	8.00
	3	  	$	6.00
	4	  	$	4.00
	5	  	 	None

 Once additional space has been offered to Tenant one time, Landlord shall have no further obligation to offer other
vacant space to Tenant. 
 5. Renewal Option. (a) So long as Tenant is not in default at the expiration of the term of this Lease, Tenant shall
be granted one (1) renewal option for a three (3) year period. If Tenant elects to exercise this option, Tenant shall give Landlord one-hundred eighty (180) days written notice, with the base rental increasing to fair market rental
rates then in effect. The base rent shall not be less than in effect at the end of the initial term of this Lease. 
 (b) The term “fair market rental
rate” as used in the Lease shall mean the annual amount per square foot, projected during the option term, that a willing, institutional, non-equity renewal tenant (excluding sublease and assignment transactions) would pay, and a willing,
institutional landlord of a comparable quality office building located in the Salt Lake City, Utah area, and in particular the University of Utah Research Park, would accept, in an arm’s length transaction (what Landlord is accepting in then
current transactions for the Building may be used for purposes of projecting rent for the option term), for space of comparable size, quality and floor height as the Premises, taking into account the age, quality and layout of the existing
improvements in the Premises, and taking into account items that professional real estate brokers or professional real estate appraisers customarily consider, including, but not limited to, rental rates, space availability, tenant size, tenant
improvement allowances, parking charges and any other lease considerations, if any, then being charged or granted by Landlord or the lessors of such similar office buildings. The fair market rental rate will be an effective rate, not specifically
including, but accounting for, the appropriate economic considerations described above. 
 (c) In the event where a determination of fair market rental rate
is required under the Lease, Landlord shall provide written notice of Landlord’s determination of the fair market rental rate not later than thirty (30) days after the last day upon which Tenant may timely exercise the right giving rise to
the necessity for such fair market rental rate determination. Tenant shall have ten (10) business days (“Tenant’s Review Period”) after receipt of Landlord’s notice of the fair market rental rate within which to accept such
fair market rental rate or to reasonably object thereto in writing. Failure of Tenant to so object to the fair market rental rate submitted by Landlord in writing within Tenant’s Review Period shall conclusively be deemed Tenant’s approval
and acceptance thereof. If within Tenant’s Review Period Tenant reasonably objects to or is deemed to have disapproved the fair market rental rate submitted by Landlord, Landlord and Tenant will meet together with their respective legal counsel
to present and discuss their individual determinations of the fair market rental rate for the Premises under the parameters set forth in Paragraph (b) above and shall diligently and in good faith attempt to negotiate a rental rate on the basis
of such individual determinations. Such meeting shall occur no later than ten (10) business days after the expiration of Tenant’s Review Period. The parties shall each provide the other with such supporting information and documentation as
they deem appropriate. At such meeting if Landlord and Tenant are unable to agree upon the fair market rental rate, they shall each submit to the other their respective best and final offer as to the fair market rental rate. If Landlord and Tenant
fail to reach agreement on such fair market rental rate within five (5) business days following such a meeting (“Outside Agreement Date”), Tenant’s renewal option will be deemed null and void unless Tenant demands appraisal, in
which event each party’s determination shall be submitted to appraisal in accordance with the provisions of Section (d) below. 
  

 2 

	(d)	(1) Landlord and Tenant shall each appoint one (1) independent appraiser who shall by profession be an M.A.I. certified real estate appraiser who shall have been active
over the five (5) year period ending on the date of such appointment in the leasing of commercial (including office) properties in the Salt Lake City, Utah area. The determination of the appraisers shall be limited solely to the issue of
whether Landlord’s or Tenant’s last proposed (as of the Outside Agreement Date) best and final fair market rental rate for the Premises is the closest to the actual fair market rental rate for the Premises as determined by the appraisers,
taking into account the requirements specified in Section 1 above. Each such appraiser shall be appointed within fifteen (15) days after the Outside Agreement Date. 

 (2) The two (2) appraisers so appointed shall within fifteen (15) days of the date of the appointment of the last appointed appraiser agree upon
and appoint a third appraiser who shall be qualified under the same criteria set forth hereinabove for qualification of the initial two (2) appraisers. 
 (3) The three (3) appraisers shall within thirty (30) days of the appointment of the third appraiser reach a decision as to whether the parties shall use Landlord’s or Tenant’s submitted best and
final fair market rental rate, and shall notify Landlord and Tenant thereof. During such thirty (30) day period, Landlord and Tenant may submit to the appraisers such information and documentation to support their respective positions as they
shall deem reasonably relevant and Landlord and Tenant may each appear before the appraisers jointly to question and respond to questions from the appraisers. 
 (4) The decision of the majority of the three (3) appraisers shall be binding upon Landlord and Tenant and neither party shall have the right to reject the decision or to undo the exercise of the applicable
Option. If either Landlord or “Tenant fails to appoint an appraiser within the time period specified in Section c(l) hereinabove, the appraiser appointed by one of them shall within thirty (30) days following the date on which the party
falling to appoint an appraiser could have last appointed such appraiser reach a decision based upon the same procedures as set forth above (i.e., by selecting either Landlord’s or Tenant’s submitted best and final fair market rental
rate), and shall notify Landlord and Tenant thereof, and such appraiser’s decision shall be binding upon Landlord and Tenant and neither party shall have the right to reject the decision or to undo the exercise of the applicable Option.

 (5) If the two (2) appraisers fail to agree upon and appoint a third appraiser, both appraisers shall be dismissed and the matter to
be decided shall be forthwith submitted to arbitration under the provisions of the American Arbitration Association based upon the same procedures as set forth above (i.e., by selecting either Landlord’s or Tenant’s submitted best and
final fair market rental rate). 
 (6) The cost of each party’s appraiser shall be the responsibility of the party selecting such
appraiser, and the cost of the third appraiser (or arbitration, if necessary) shall be shared equally by Landlord and Tenant. 
  

 3 

 (7) If the process described hereinabove has not resulted in a selection of either Landlord’s or
Tenant’s submitted best and final fair market rental rate by the commencement of the applicable lease tern, then the fair market rental rate estimated by Landlord will be used until the appraiser(s) reach a decision, with an appropriate rental
credit and other adjustments for any overpayments of Monthly Basic Rent or other amounts if the appraisers select Tenant’s submitted best and final estimate of the fair market rental rate. The panics shall enter into an amendment to this Lease
confirming the terms of the decision. 
  

	(c)	Upon execution of an amendment by both parties as to the rental rate for the renewal period, Landlord shall provide a refurbishing allowance of up to $5.00 per rentable square foot
for repainting and/or recarpeting the Premises by landlord at the commencement of the renewal term in Building standard materials selected by Tenant. 

 IN WITNISS WHEREOF, Landlord and Tenant have executed this Lease as of the day and year first written above. 
  

			
	LANDLORD:
	
	 560 Arapeen LLC< First Avenue LLC, and Seventh
 Avenue LLC

		
	By:	 	First Avenue LLC
		
	By:	 	 /s/ Stuart C. Hond

		 	Stuart C. Hond, Managing Member
	
	TENANT:
	
	Amedica Corp.
		
	By:	 	 /s/ Eugene B. Jones

	Name:	 	Eugene B. Jones
	Title:	 	VP - Finance

  

 4Credit Agreement

 Exhibit 10.1 
 $1,500,000,000 
 CREDIT AGREEMENT 
 Dated as of May 21, 2007, 
 among 
 SPECTRA ENERGY CAPITAL, LLC, 
 as
Borrower, 
 THE INITIAL LENDERS AND ISSUING BANKS NAMED HEREIN, 
 as Initial Lenders and Issuing Banks, 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent, 
 CITIBANK, N.A.,

 as Syndication Agent 
 and

 WACHOVIA BANK, NATIONAL ASSOCIATION, BANK OF AMERICA, N.A., 
 AND BARCLAYS BANK PLC, 
 as Co-Documentation Agents 
  

 CITIGROUP GLOBAL MARKETS INC.,

 JPMORGAN SECURITIES INC. 
 and 
 BARCLAYS CAPITAL, 
 THE INVESTMENT BANKING DIVISION OF BARCLAYS BANK PLC 
 as Co-Lead Arrangers 

 TABLE OF CONTENTS 
  

					
	 ARTICLE I DEFINITIONS AND ACCOUNTING TERMS
	  	1
	 SECTION 1.01.
	  	Certain Defined Terms	  	1
	 SECTION 1.02.
	  	Computation of Time Periods	  	13
	 SECTION 1.03.
	  	Accounting Terms	  	13
	 SECTION 1.04.
	  	Terms Generally	  	14
	 SECTION 1.05.
	  	Letter of Credit Amounts	  	14
		
	 ARTICLE II REVOLVING CREDIT ADVANCES AND LETTERS OF CREDIT
	  	14
	 SECTION 2.01.
	  	The Advances	  	14
	 SECTION 2.02.
	  	Making the Advances	  	15
	 SECTION 2.03.
	  	Issuance of, and Drawings and Reimbursement Under, Letters of Credit	  	16
	 SECTION 2.04.
	  	Fees	  	20
	 SECTION 2.05.
	  	Termination, Reduction, Increase and Extension of Commitments	  	21
	 SECTION 2.06.
	  	Interest on Advances	  	24
	 SECTION 2.07.
	  	Interest Rate Determination	  	25
	 SECTION 2.08.
	  	Optional Conversion of Advances	  	25
	 SECTION 2.09.
	  	Mandatory Payments and Prepayments of Advances	  	26
	 SECTION 2.10.
	  	Optional Prepayments of Advances	  	26
	 SECTION 2.11.
	  	Funding Losses	  	26
	 SECTION 2.12.
	  	Increased Costs	  	27
	 SECTION 2.13.
	  	Illegality	  	27
	 SECTION 2.14.
	  	Payments and Computations	  	28
	 SECTION 2.15.
	  	Taxes	  	29
	 SECTION 2.16.
	  	Sharing of Payments, Etc.	  	31
	 SECTION 2.17.
	  	Notes	  	32
	 SECTION 2.18.
	  	Mitigation Obligations; Replacement of Lenders	  	32
		
	 ARTICLE III CONDITIONS TO EFFECTIVENESS AND LENDING
	  	33
	 SECTION 3.01.
	  	Conditions Precedent to Effectiveness of Sections 2.01 and 2.03	  	33
	 SECTION 3.02.
	  	Conditions Precedent to Each Borrowing and Letter of Credit Issuance or Extension	  	34
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	35
	 SECTION 4.01.
	  	The Borrower represents and warrants that:	  	35
		
	 ARTICLE V COVENANTS OF THE BORROWER
	  	37
	 SECTION 5.01.
	  	Information	  	37
	 SECTION 5.02.
	  	Payment of Taxes	  	38
	 SECTION 5.03.
	  	Maintenance of Property; Insurance	  	38
	 SECTION 5.04.
	  	Maintenance of Existence	  	39

  

 i 

					
	 SECTION 5.05.
	  	Compliance with Laws	  	39
	 SECTION 5.06.
	  	Books and Records	  	39
	 SECTION 5.07.
	  	Maintenance of Ownership of Certain Subsidiaries	  	39
	 SECTION 5.08.
	  	Negative Pledge	  	40
	 SECTION 5.09.
	  	Consolidations, Mergers and Sales of Assets	  	41
	 SECTION 5.10.
	  	Use of Proceeds	  	42
	 SECTION 5.11.
	  	Transactions with Affiliates	  	42
	 SECTION 5.12.
	  	Indebtedness/Capitalization Ratio	  	42
	 SECTION 5.13.
	  	Designation of Subsidiaries	  	42
		
	 ARTICLE VI EVENTS OF DEFAULT
	  	43
	 SECTION 6.01.
	  	Events of Default	  	43
		
	 ARTICLE VII THE AGENT
	  	45
	 SECTION 7.01.
	  	Authorization and Action	  	45
	 SECTION 7.02.
	  	Agent’s Reliance, Etc.	  	46
	 SECTION 7.03.
	  	JPMorgan and Affiliates	  	46
	 SECTION 7.04.
	  	Lender Credit Decision	  	46
	 SECTION 7.05.
	  	Indemnification	  	47
	 SECTION 7.06.
	  	Successor Agent	  	47
	 SECTION 7.07.
	  	Syndication Agent, Co-Documentation Agents and Co-Lead Arrangers	  	48
	 SECTION 7.08.
	  	Sub-Agents	  	48
		
	 ARTICLE VIII MISCELLANEOUS
	  	48
	 SECTION 8.01.
	  	Amendments, Etc.	  	48
	 SECTION 8.02.
	  	Notices, Etc.	  	48
	 SECTION 8.03.
	  	No Waiver: Remedies	  	49
	 SECTION 8.04.
	  	Costs and Expenses	  	49
	 SECTION 8.05.
	  	Right of Set-off	  	50
	 SECTION 8.06.
	  	Binding Effect	  	51
	 SECTION 8.07.
	  	Assignments and Participations	  	51
	 SECTION 8.08.
	  	Governing Law; Submission to Jurisdiction	  	53
	 SECTION 8.09.
	  	Execution in Counterparts; Integration	  	54
	 SECTION 8.10.
	  	WAIVER OF JURY TRIAL	  	54
	 SECTION 8.11.
	  	Patriot Act	  	54
	 SECTION 8.12.
	  	Headings	  	54
	 SECTION 8.13.
	  	Confidentiality	  	54

  

 ii 

 Schedules 
  

					
	 Schedule 1.01
	  	-	  	Existing Letters of Credit

 Exhibits 
  

					
	 Exhibit A
	  	-	  	Form of Note
	 Exhibit B
	  	-	  	Form of Notice of Borrowing
	 Exhibit C
	  	-	  	Form of Notice of Issuance
	 Exhibit D
	  	-	  	Form of Assignment and Acceptance
	 Exhibit E-1
	  	-	  	Form of Opinion of General Counsel of the Borrower
	 Exhibit E-2
	  	-	  	Form of Opinion of Special Counsel for the Borrower

  

 iii 

 CREDIT AGREEMENT 
 Dated as of May 21, 2007 
 SPECTRA ENERGY CAPITAL, LLC, a Delaware limited liability company (the
“Borrower”), the banks, financial institutions and other institutional lenders (the “Initial Lenders”) listed on the signature pages hereof, the Issuing Banks (as hereinafter defined), JPMORGAN CHASE BANK, N.A.
(“JPMorgan”), as administrative agent (together with any successor administrative agent appointed pursuant to Section 7.06, the “Agent”) for the Lenders (as hereinafter defined), agree as follows:

 ARTICLE I 
 DEFINITIONS AND
ACCOUNTING TERMS 
 SECTION 1.01. Certain Defined Terms. As used in this Agreement, the following terms shall have the following
meanings (such meanings to be equally applicable to both the singular and plural forms of the terms defined): 
 “Accession Agreement” has the meaning specified in Section 2.05(d)(i). 
 “Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Agent. 
 “Advance” means an advance by a Lender to the Borrower as part of a Borrowing and refers to a Base Rate Advance or a Eurodollar Rate Advance (each of which shall be a “Type” of Advance). 
 “Affiliate” means, as to any Person (the “specified Person”) (a) any Person that directly, or
indirectly through one or more intermediaries, controls the specified Person (a “Controlling Person”) or (b) any Person (other than the specified Person or a Subsidiary of the specified Person) that is controlled by or is under
common control with a Controlling Person. As used herein, the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the
ownership of voting securities, by contract or otherwise. Unless otherwise specified, Affiliate means an Affiliate of the Borrower. 
 “Agent” has the meaning set forth in the introductory paragraph of this Agreement. 
 “Agent’s Account” means the account of the Agent maintained by the Agent at JPMorgan Chase Bank, N.A. with its office at Houston, Texas, ABA/Routing No. 021-000-021, Account No. 9008113381H0348, Attention:
Regina M. Harmon, or such other account of the Agent as the Agent shall designate in writing to the Borrower in accordance with Section 8.02. 
 “Agreement” means this Credit Agreement, as amended, restated, supplemented or otherwise modified from time to time. 
  

 1 

 “Algonquin” means Algonquin Gas Transmission, LLC, a Delaware limited
liability company. 
 “Applicable Lending Office” means, with respect to each Lender, such Lender’s
Domestic Lending Office in the case of a Base Rate Advance and such Lender’s Eurodollar Lending Office in the case of a Eurodollar Rate Advance. 
 “Applicable Margin” means, as of any date, with respect to a Eurodollar Rate Advance, a percentage per annum determined by reference to the Public Debt Rating in effect on such date as set forth
below: 
  

							
	 	  	Applicable Margin	 
	 Public Debt Rating S&P/Moody’s
 Public Debt Rating S&P/Moody’s
	  	Utilization
is £ 50%	 	 	Utilization
is > 50%	 
	 Level 1
 3 A by S&P
or
 3 A2 by
Moody’s
	  	0.14	%	 	0.19	%
	 Level 2
 3 A- by S&P
or
 3 A3 by
Moody’s
	  	0.19	%	 	0.24	%
	 Level 3
 3 BBB+ by S&P
or
 3 Baa1 by
Moody’s
	  	0.23	%	 	0.28	%
	 Level 4
 3 BBB by S&P
or
 3 Baa2 by
Moody’s
	  	0.31	%	 	0.36	%
	 Level 5
 3 BBB- by S&P
or
 3 Baa3 by
Moody’s
	  	0.435	%	 	0.485	%
	 Level 6
 < BBB- by S&P and
 < Baa3 by Moody’s
	  	0.60	%	 	0.65	%

 “Applicable Percentage” means, as of any date, a percentage per
annum determined by reference to the Public Debt Rating in effect on such date as set forth below: 
  

				
	 Public Debt Rating S&P/Moody’s
	  	Applicable
Percentage	 
	 Level 1
 3 A by S&P
or
 3 A2 by
Moody’s
	  	0.06	%
	 Level 2
 3 A- by S&P
or
 3 A3 by
Moody’s
	  	0.06	%
	 Level 3
 3 BBB+ by S&P
or
 3 Baa1 by
Moody’s
	  	0.07	%
	 Level 4
 3 BBB by S&P
or
 3 Baa2 by
Moody’s
	  	0.09	%
	 Level 5
 3 BBB- by S&P
or
 3 Baa3 by
Moody’s
	  	0.115	%
	 Level 6
 < BBB- by S&P and
 < Baa3 by Moody’s
	  	0.15	%

  

 2 

 “Approved Fund” means any Person (other than a natural Person) that is
(or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Lender, (b) an Affiliate of
a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “Approved
Officer” means the president, a vice president, the treasurer, an assistant treasurer or the controller of the Borrower or such other representative of the Borrower as may be designated by any one of the foregoing with the consent of the
Agent. 
 “Assignment and Acceptance” means an assignment and acceptance entered into by a Lender and an
assignee, and accepted by the Agent, in substantially the form of Exhibit D hereto. 
 “Base Rate”
means a fluctuating interest rate per annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
 (a) the Prime Rate for such day; and 
 (b) 1/2 of one percent per annum above the Federal
Funds Rate for such day. 
 “Base Rate Advance” means an Advance that bears interest as provided in
Section 2.06(a)(i). 
 “Borrower” has the meaning set forth in the introductory paragraph of this
Agreement. 
 “Borrowing” means a borrowing consisting of simultaneous Advances of the same Type made by each
of the Lenders pursuant to Section 2.01. 
 “Business Day” means any day that is not a Saturday,
Sunday or other day on which commercial banks in New York City are required or authorized by law to remain closed and, if the applicable Business Day relates to any Eurodollar Rate Advances, any day on which commercial banks are open for dealings in
deposits denominated in dollars in the London interbank market. 
 “Cash Collateralize” has the meaning
specified in Section 2.03(h). 
  

 3 

 “Commitment” has the meaning specified in Section 2.01.

 “Commitment Increase” has the meaning specified in Section 2.05(d)(i). 
 “Consenting Lender” has the meaning specified in Section 2.05(e). 
 “Consolidated Capitalization” means, at any date, the sum of (a) Consolidated Indebtedness, (b) consolidated
members equity as would appear on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared in accordance with GAAP, (c) the aggregate liquidation preference of preferred member or other similar preferred or priority
Equity Securities (other than preferred member or other similar preferred or priority Equity Securities subject to mandatory redemption or repurchase) of the Borrower and its Restricted Subsidiaries upon involuntary liquidation, (d) without
duplication of the amount, if any, of Hybrid Securities included in Consolidated Indebtedness by virtue of the proviso in the definition of such term, the aggregate outstanding amount of all Hybrid Securities of the Borrower and its Restricted
Subsidiaries and (e) minority interests as would appear on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries prepared in accordance with GAAP. 
 “Consolidated Indebtedness” means, as of any date, all Indebtedness of the Borrower and its Restricted Subsidiaries
determined on a consolidated basis in accordance with GAAP plus, without duplication, all Indebtedness described in clause (e) of the definition thereof; provided, that solely for purposes of this definition Hybrid
Securities shall constitute Indebtedness only to the extent, if any, that the amount thereof that appears on a consolidated balance sheet of the Borrower and its Restricted Subsidiaries exceeds 15% of Consolidated Capitalization. 
 “Consolidated Net Tangible Assets” means, as of any date, Consolidated Tangible Assets at such date minus all
consolidated current liabilities of the Borrower and its Restricted Subsidiaries at such date determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Tangible Assets” means, as of any date, the consolidated assets of the Borrower and its Restricted Subsidiaries at such date, determined on a consolidated basis in accordance with GAAP,
and after deducting therefrom (a) the net book value of all assets that would be classified as intangibles under GAAP (including, without limitation, goodwill, organizational expenses, trademarks, trade names, copyrights, patents, licenses and
any rights in any thereof) and (b) any prepaid expenses, deferred charges and unamortized debt discount and expense, each such item determined in accordance with GAAP. 
 “Convert”, “Conversion” and “Converted” each refers to a conversion of Advances of one
Type into Advances of the other Type pursuant to Section 2.07 or 2.08. 
 “Declining
Lender” has the meaning specified in Section 2.05(e). 
 “Default” means any Event of
Default or any event that would constitute an Event of Default but for the requirement that notice be given or time elapse or both. 
 “dollars” or “$” refers to lawful money of the United States of America. 
  

 4 

 “Domestic Lending Office” means, with respect to any Lender, the office
of such Lender specified as its “Domestic Lending Office” in its Administrative Questionnaire or in the Assignment and Acceptance pursuant to which it became a Lender, or such other office of such Lender as such Lender may from time to
time specify to the Borrower and the Agent. 
 “Effective Date” has the meaning specified in
Section 3.01. 
 “Environmental Action” means any action, suit, demand, demand letter, claim,
notice of non-compliance or violation, notice of liability or potential liability, investigation, proceeding, consent order or consent agreement relating in any way to any Environmental Law, Environmental Permit or Hazardous Materials or arising
from alleged injury or threat of injury to health, safety or the environment, including, without limitation, (a) by any governmental or regulatory authority for enforcement, cleanup, removal, response, remedial or other actions or damages and
(b) by any governmental or regulatory authority or any third party for damages, contribution, indemnification, cost recovery, compensation or injunctive relief. 
 “Environmental Law” means any federal, state, local or foreign statute, law, ordinance, rule, regulation, code, order,
judgment, decree or judicial or agency interpretation, policy or guidance relating to pollution or protection of the environment, health, safety or natural resources, including, without limitation, those relating to the use, handling,
transportation, treatment, storage, disposal, release or discharge of Hazardous Materials. 
 “Environmental
Permit” means any permit, approval, identification number, license or other authorization required under any Environmental Law. 
 “Equity Securities” means any and all shares, interests, participations or other equivalents (however designated) of capital stock of a corporation, any and all equivalent ownership interests in a
Person (other than a corporation), including, without limitation, partnership interests and membership interests, and any and all warrants, rights or options to purchase or other arrangements or rights to acquire any of the foregoing. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations
promulgated and rulings issued thereunder. 
 “ERISA Group” means all members of a controlled group of
corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board of Governors of the Federal
Reserve System, as in effect from time to time. 
 “Eurodollar Lending Office” means, with respect to any
Lender, the office of such Lender specified as its “Eurodollar Lending Office” in its Administrative Questionnaire or in the Assignment and Acceptance pursuant to which it became a Lender (or, if no such office is specified, its Domestic
Lending Office), or such other office of such Lender as such Lender may from time to time specify to the Borrower and the Agent. 
  

 5 

 “Eurodollar Rate” means, for any Interest Period for each Eurodollar
Rate Advance comprising part of the same Borrowing, (a) the rate appearing on Page 3750 of the Telerate Service Company (or on any successor or substitute page of such service, or any successor to or substitute for such service, providing rate
quotations comparable to those currently provided on such page of the Telerate Service Company, as may be nominated by the British Bankers’ Association for purposes of providing quotations of interest rates applicable to dollar deposits in the
London interbank market) as of 11:00 A.M. (London time) two Business Days prior to the commencement of such Interest Period, as the rate for dollar deposits with a maturity comparable to such Interest Period, divided by (b) one minus the
Eurodollar Rate Reserve Percentage. In the event that the rate described in clause (a) of the preceding sentence is not so available at such time for any reason, then the rate for purposes of clause (a) of the preceding
sentence for such Interest Period shall be the rate per annum at which deposits in dollars are offered to the Agent in the London interbank market at approximately 11:00 A.M. (London time) two Business Days before the first day of such Interest
Period in an amount approximately equal to the principal amount of the Advance of the Agent (in its capacity as a Lender) to which such Interest Period is to apply and for a period of time comparable to such Interest Period. If the Agent does not
furnish a timely rate quotation for purposes of the immediately preceding sentence, the provisions of Section 2.07(a) shall apply. 
 “Eurodollar Rate Advance” means an Advance that bears interest as provided in Section 2.06(a)(ii). 
 “Eurodollar Rate Reserve Percentage” means, for any Interest Period for all Eurodollar Rate Advances comprising part of
the same Borrowing, the reserve percentage applicable two Business Days before the first day of such Interest Period under regulations issued from time to time by the Board of Governors of the Federal Reserve System (or any successor) for
determining the maximum reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System in New York City with respect to liabilities or assets
consisting of or including Eurocurrency Liabilities (or with respect to any other category of liabilities that includes deposits by reference to which the interest rate on Eurodollar Rate Advances is determined) having a term equal to such Interest
Period. 
 “Events of Default” has the meaning specified in Section 6.01. 
 “Excess” has the meaning specified in Section 2.09(b). 
 “Existing Letter of Credit Issuers” means JPMorgan and Wachovia Bank, National Association. 
 “Existing Letters of Credit” means the letters of credit issued by the Existing Letter of Credit Issuers before the date
hereof and listed on Schedule 1.01 attached hereto. 
 “Existing Termination Date” has the meaning
specified in Section 2.05(e). 
 “Federal Funds Rate” means, for any period, a fluctuating
interest rate per annum equal for each day during such period to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds 

  

 6 

 
brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or,
if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by the Agent from three Federal funds brokers of recognized standing selected by it. 
 “GAAP” means generally accepted accounting principles in the United States of America. 
 “Hazardous Materials” means (a) petroleum and petroleum products, byproducts or breakdown products, radioactive
materials, asbestos-containing materials, polychlorinated biphenyls and radon gas and (b) any other chemicals, materials or substances designated, classified or regulated as hazardous or toxic or as a pollutant or contaminant under any
Environmental Law. 
 “Hybrid Securities” means any trust preferred securities, or deferrable interest
subordinated debt with a maturity of at least 20 years, which provides for the optional or mandatory deferral of interest or distributions, issued by the Borrower or any Restricted Subsidiary of the Borrower, or any business trusts, limited
liability companies, limited partnerships or similar entities (i) substantially all of the common equity, general partner or similar interests of which are owned (either directly or indirectly through one or more wholly owned Subsidiaries) at
all times by the Borrower or any of its Restricted Subsidiaries, (ii) that have been formed for the purpose of issuing hybrid securities or deferrable interest subordinated debt, and (iii) substantially all the assets of which consist of
(A) subordinated debt of the Borrower or a Restricted Subsidiary of the Borrower, and (B) payments made from time to time on the subordinated debt. 
 “Increase Effective Date” has the meaning specified in Section 2.05(d)(ii). 
 “Increasing Lender” has the meaning specified in Section 2.05(d)(i). 
 “Indebtedness” of any Person means at any date, without duplication, (a) all obligations of such Person for borrowed
money, (b) all indebtedness of such Person for the deferred purchase price of property or services purchased (excluding current accounts payable incurred in the ordinary course of business), (c) all indebtedness created or arising under
any conditional sale or other title retention agreement with respect to property acquired, (d) all indebtedness under leases which shall have been or should be, in accordance with GAAP, recorded as capital leases in respect of which such Person
is liable as lessee, (e) the face amount of all outstanding letters of credit issued for the account of such Person that support obligations that constitute Indebtedness (provided that the amount of such letter of credit included in
Indebtedness shall not exceed the amount of the Indebtedness being supported) and, without duplication, the unreimbursed amount of all drafts drawn under letters of credit issued for the account of such Person, (f) indebtedness secured by any
Lien on property or assets of such Person, whether or not assumed (but in any event not exceeding the fair market value of the property or asset), (g) all direct guarantees of Indebtedness referred to above of another Person, (h) all
amounts payable in connection with Hybrid Securities or mandatory redemptions or repurchases of preferred stock or member interests or other preferred or priority Equity 

  

 7 

 
Securities, and (i) any obligations of such Person (in the nature of principal or interest) in respect of acceptances or similar obligations issued or
created for the account of such Person. 
 “Indemnified Costs” has the meaning specified in
Section 7.05. 
 “Indemnified Party” has the meaning specified in Section 8.04(b).

 “Independent Financial Advisor” means an accounting, appraisal or investment banking firm of nationally
recognized standing that is, in the good faith judgment of the Borrower, qualified to perform the task for which it has been engaged and that is independent of the Borrower and its Affiliates. 
 “Information” has the meaning specified in Section 8.13(a). 
 “Information Memorandum” means the Confidential Information Memorandum, dated April 2007, relating to the Borrower and
the transactions contemplated by this Agreement. 
 “Initial Advances” has the meaning specified in
Section 2.05(d)(ii). 
 “Initial Issuing Banks” means the banks listed on the signature pages
hereof as the Initial Issuing Banks. 
 “Initial Lenders” has the meaning set forth in the introductory
paragraph of this Agreement. 
 “Initial MLP Asset Transfer” means one or more MLP Asset Transfers of
(a) the assets constituting the Initial MLP Business or (b) all or a portion of the Equity Securities in one or more Restricted Subsidiaries that hold the Initial MLP Business, in each case made in connection with the initial public
offering of Equity Securities of the MLP, provided that no previous MLP Asset Transfer has occurred except those described above. 
 “Initial MLP Business” means the Borrower’s and its Restricted Subsidiaries’ interests in the East Tennessee interstate natural gas transportation system, the Gulfstream interstate natural
gas transportation system and the Market Hub natural gas storage facilities to be transferred to the MLP and certain MLP Subsidiaries and described under the caption “Our Asset Portfolio” in the MLP’s Registration Statement on Form
S-1 filed with the Securities and Exchange Commission on March 30, 2007, as such Registration Statement may from time to time be amended in a filing submitted to the Securities and Exchange Commission and publicly available before the Effective
Date. 
 “Interest Period” means, for each Eurodollar Rate Advance comprising part of the same Borrowing, the
period commencing on the date of such Eurodollar Rate Advance or the date of the Conversion of any Base Rate Advance into such Eurodollar Rate Advance and ending on the last day of the period selected by the Borrower pursuant to the provisions below
and, thereafter, with respect to Eurodollar Rate Advances, each subsequent period commencing on the last day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions
below. The duration of each such Interest Period shall be one, two, three or six months (or, if deposits of a corresponding maturity are 

  

 8 

 
generally available in the London interbank market, such other periods), as the Borrower may, upon notice received by the Agent not later than 11:00 A.M.
(New York City time) on the third Business Day prior to the first day of such Interest Period, select; provided, however, that: 
 (a) the Borrower may not select any Interest Period that ends after the Termination Date; 
 (b) Interest Periods commencing on the same date for Eurodollar Rate Advances comprising part of the same Borrowing shall be of the same duration; 
 (c) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest Period shall be extended to occur on the next succeeding Business Day,
provided, however, that, if such extension would cause the last day of such Interest Period to occur in the next following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and

 (d) whenever the first day of any Interest Period occurs on a day of an initial calendar month for which there is no
numerically corresponding day in the calendar month that succeeds such initial calendar month by the number of months equal to the number of months in such Interest Period, such Interest Period shall end on the last Business Day of such succeeding
calendar month. 
 “Internal Revenue Code” means the Internal Revenue Code of 1986, as amended from time to
time, and the regulations promulgated and rulings issued thereunder. 
 “Investment Grade Status” exists as
to any Person at any date if all non-credit enhanced, long-term senior unsecured debt securities of such Person outstanding at such date that had been rated by S&P or Moody’s are rated BBB- or higher by S&P or Baa3 or higher by
Moody’s, as the case may be. 
 “Issuing Banks” means each Initial Issuing Bank and any other Lender
approved as an Issuing Bank by the Agent and the Borrower so long as each such Lender expressly agrees to perform in accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as an
Issuing Bank and notifies the Agent of its Applicable Lending Office and the amount of its Letter of Credit Commitment (which information shall be recorded by the Agent in the Register), for so long as such Initial Issuing Bank or Lender, as the
case may be, shall have a Letter of Credit Commitment. 
 “JPMorgan” has the meaning set forth in the
introductory paragraph of this Agreement. 
 “Lenders” means the Initial Lenders and each Person that shall
become a party hereto pursuant to Section 8.07(a), (b) and (c). 
 “Letter of
Credit” means a letter of credit issued or to be issued hereunder by any Issuing Bank and each Existing Letter of Credit. 
 “Letter of Credit Agreement” has the meaning specified in Section 2.03(b). 
  

 9 

 “Letter of Credit Commitment” means, with respect to any Issuing Bank at
any time, the amount set forth opposite such Issuing Bank’s name on the signature pages hereof under the caption “Letter of Credit Commitment” or, if such Issuing Bank has entered into any Assignment and Acceptance or otherwise
modified its Letter of Credit Commitment in accordance with the definition of “Issuing Bank,” set forth for such Issuing Bank in the Register maintained by the Agent pursuant to Section 8.07(d), as such amount may be reduced or
increased at or prior to such time by written agreement among such Issuing Bank, the Agent and the Borrower. 
 “Letter of Credit Disbursement” means a payment or disbursement made by any Issuing Bank pursuant to a Letter of Credit. 
 “Letter of Credit Exposure” means, for any Lender at any time, such Lender’s Pro Rata Share of the sum of (a) all outstanding Letter of Credit Disbursements that have not been reimbursed by
the Borrower at such time and (b) the aggregate amount then available for drawing under all Letters of Credit. For purposes of computing the amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be
determined in accordance with Section 1.05. 
 “Lien” means, with respect to any asset, any
mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such asset. For the purposes of this Agreement, the Borrower or any Subsidiary shall be deemed to own subject to a Lien any asset that it has acquired or
holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other title retention agreement relating to such asset. 
 “Material Adverse Change” means any material adverse change in the business, financial condition or results of operations
of the Borrower and its Restricted Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a
material adverse effect on (a) the business, financial condition or results of operations of the Borrower and its Restricted Subsidiaries taken as a whole, or (b) the legality, validity or enforceability of this Agreement or any Note.

 “Material Plan” has the meaning specified in Section 6.01(i). 
 “Material Restricted Subsidiary” means at any time any Restricted Subsidiary that is a Material Subsidiary. 

“Material Subsidiary” means at any time any Subsidiary that is a significant subsidiary (as such term is defined on
the Effective Date in Regulation S-X of the Securities and Exchange Commission (17 CFR 210.1-02(w)), but treating all references therein as references to the Borrower. 
 “MLP” means Spectra Energy Partners LP, a Delaware limited partnership. 
 “MLP Asset Transfer” means any contribution or other disposition of property or assets (including Equity Securities of
any Person) by the Borrower or any Restricted Subsidiary to the MLP or one or more MLP Subsidiaries. 
  

 10 

 “MLP GP” means either or both of the sole general partner of the MLP and
the general partner of the general partner of the MLP. 
 “MLP Subsidiary” means a Subsidiary of the MLP
including, without limitation, Spectra Energy Operating LP, a Delaware limited partnership. 
 “Moody’s”
means Moody’s Investors Service, Inc. 
 “Non-Consenting Lender” means any Lender that withholds its
consent to any proposed amendment, modification or waiver that cannot become effective without the consent of such Lender under Section 8.01, and that has been consented to by the Required Lenders. 
 “Note” means a promissory note of the Borrower payable to the order of any Lender, in substantially the form of
Exhibit A hereto, evidencing the aggregate indebtedness of the Borrower to such Lender resulting from the Advances made by such Lender. 
 “Notice of Borrowing” has the meaning specified in Section 2.02(a). 
 “Notice of Issuance” has the meaning specified in Section 2.03(b). 
 “Other
Taxes” has the meaning specified in Section 2.15(b). 
 “Parent” means Spectra Energy
Corp., a Delaware corporation. 
 “Participant” has the meaning specified in Section 8.07(e).

 “Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001 (Title III of Pub. L. No. 107-56 (signed into law October 26, 2001)). 
 “PBGC” means the Pension Benefit Guaranty Corporation (or any successor). 
 “Permitted MLP
Asset Transfer” means: 
 (a) the Initial MLP Asset Transfer; and 
 (b) any other MLP Asset Transfer, provided that all such other MLP Asset Transfers, taken in the aggregate and not individually,
are on terms and conditions reasonably fair in all material respects to the Borrower and its Restricted Subsidiaries in the good faith judgment of the Borrower. 
 “Person” means an individual, partnership, corporation (including a business trust), joint stock company, trust,
unincorporated association, joint venture, limited liability company or other entity, or a government or any political subdivision or agency thereof. 
 “Plan” means at any time an employee pension benefit plan that is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and is
either (a) maintained by a member of the ERISA Group for employees of a member of the ERISA Group or (b) maintained pursuant to a collective 

  

 11 

 
bargaining agreement or any other arrangement under which more than one employer makes contributions and to which a member of the ERISA Group is then making
or accruing an obligation to make contributions or has within the preceding five plan years made contributions. 
 “Prime Rate” means the rate of interest publicly announced by JPMorgan in New York City from time to time as its prime rate. Each change in the Prime Rate shall be effective from and including the day such change is
publicly announced. 
 “Pro Rata Share” means, with respect to any Lender, the percentage of the aggregate
Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Pro Rata Share shall be determined based upon the Commitments most recently in effect, giving effect to any assignments. 
 “Public Debt Rating” means, as of any date, the rating that has been most recently announced by either S&P or
Moody’s, as the case may be, for all non-credit enhanced long-term senior unsecured debt issued by the Borrower. For purposes of the foregoing, (a) if only one of S&P and Moody’s shall have in effect a Public Debt Rating, the
Applicable Margin and the Applicable Percentage shall be determined by reference to the available rating; (b) if neither S&P nor Moody’s shall have in effect a Public Debt Rating, the Applicable Margin and the Applicable Percentage
will be set in accordance with Level 6 under the definition of “Applicable Margin” or “Applicable Percentage”, as the case may be; (c) if the ratings established by S&P and Moody’s shall fall within
different levels, the Applicable Margin and the Applicable Percentage shall be based upon the higher rating, provided, that if the rating differential is more than one notch, the Applicable Margin and the Applicable Percentage will be based
upon a rating of one notch higher than the lower rating; (d) if any rating established by S&P or Moody’s shall be changed, such change shall be effective as of the date on which such change is first announced publicly by the rating
agency making such change; and (e) if S&P or Moody’s shall change the basis on which ratings are established, each reference to the Public Debt Rating announced by S&P or Moody’s, as the case may be, shall refer to the then
equivalent rating by S&P or Moody’s, as the case may be. 
 “Register” has the meaning specified in
Section 8.07(d). 
 “Required Lenders” means at any time Lenders having at least 50.1% of the sum
of the then aggregate unpaid principal amount of the Advances plus the aggregate Letter of Credit Exposures at such time. 
 “Restricted Subsidiary” means all Subsidiaries of the Borrower other than Unrestricted Subsidiaries. 
 “S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc. 
 “Subsequent Borrowings” has the meaning specified in Section 2.05(d)(ii). 
 “Subsidiary” means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which
would be consolidated with those of the parent in the parent’s consolidated financial 

  

 12 

 
statements if such financial statements were prepared in accordance with GAAP as of such date. Unless otherwise specified, “Subsidiary” means a
Subsidiary of the Borrower. 
 “Taxes” has the meaning specified in Section 2.15(a). 

“Termination Date” means the earlier of May 21, 2012 (as such date may be extended pursuant to
Section 2.05) and the date of termination in whole of the Commitments pursuant to Section 2.05 or 6.01. 
 “Texas Eastern” means Texas Eastern Transmission, LP, a Delaware limited partnership. 
 “Type” has the meaning specified in the definition of Advance. 
 “Unfunded Vested Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (a) the present value of all benefits under such Plan exceeds (b) the fair market value of all Plan assets
allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or the Plan under Title IV of
ERISA. 
 “Unreimbursed Amount” has the meaning specified in Section 2.03(e). 
 “Unrestricted Subsidiary” means (a) the MLP, the MLP GP and all MLP Subsidiaries (it being understood and agreed
that each of the foregoing is hereby designated an Unrestricted Subsidiary for purposes of this Agreement), provided that each of the foregoing satisfies the requirements of clauses (ii) (except the requirement for the delivery by the
Borrower of an officer’s certificate), (iii), (iv), (v) and (vi) of Section 5.13, (b) any other Subsidiary designated by the Board of Directors of the Borrower as an Unrestricted Subsidiary pursuant to
Section 5.13 subsequent to the date hereof and (c) any Subsidiary of an Unrestricted Subsidiary; provided, that neither Texas Eastern nor Algonquin may be an Unrestricted Subsidiary. 
 “Utilization” means, on any date, the sum of the aggregate Advances and aggregate Letter of Credit Exposures on such
date, expressed as a percentage of the aggregate Commitments, after giving effect, if one or more Borrowings are being made at such time, to any substantially concurrent application of the proceeds of such Borrowings to repay one or more other
Borrowings. 
 “Voting Stock” means capital stock issued by a corporation, or equivalent interests in any
other Person, the holders of which are ordinarily, in the absence of contingencies, entitled to vote for the election of directors (or persons performing similar functions) of such Person, even if the right so to vote has been suspended by the
happening of such a contingency. 
 SECTION 1.02. Computation of Time Periods. In this Agreement in the computation of periods of time
from a specified date to a later specified date, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. 
 SECTION 1.03. Accounting Terms. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed
in accordance with 

  

 13 

 
GAAP, as in effect from time to time; provided that, if the Borrower notifies the Agent that the Borrower requests an amendment to be applied on a
basis consistent (except for changes concurred in by the Borrower’s independent public accountants) with the most recent audited consolidated financial statements of the Borrower and its Restricted Subsidiaries delivered to the Lenders any
provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision, or if the Agent notifies the Borrower that the Required Lenders request an amendment to
any provision hereof for such purpose, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied
immediately before such change shall have become effective until such notice shall have been withdrawn or such provision shall have been amended in accordance herewith. 
 SECTION 1.04. Terms Generally. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and
“including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise
(a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject
to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors and assigns, (c) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and
Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property” shall be construed to have the same meaning and effect and to refer to
any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) references to any statute or regulatory provision shall include all statutory and regulatory provisions consolidating,
amending, replacing, supplementing or interpreting such statute or regulatory provision. 
 SECTION 1.05. Letter of Credit Amounts.
Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however, that with respect to any Letter of Credit that,
by its terms or the terms of any Letter of Credit Agreement related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be the maximum stated amount of such
Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time. 
 ARTICLE II

 REVOLVING CREDIT ADVANCES AND LETTERS OF CREDIT 
 SECTION 2.01. The Advances. Each Lender severally agrees, on the terms and conditions hereinafter set forth, to make Advances to the Borrower from time to time on any Business Day during the period from the
Effective Date until the Termination Date in an aggregate amount not to exceed at any time outstanding the amount set forth opposite such Lender’s name on the signature pages hereof under the caption “Commitment” or, if such Lender

  

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has entered into any Assignment and Acceptance, set forth for such Lender in the Register maintained by the Agent pursuant to Section 8.07(d), as
such amount may be reduced or increased pursuant to Section 2.05 (such Lender’s “Commitment”), minus such Lender’s Letter of Credit Exposure. Each Borrowing shall be in the aggregate amount of
$10,000,000 or an integral multiple of $1,000,000 in excess thereof and shall consist of Advances of the same Type made on the same day by the Lenders ratably according to their respective Commitments. Within the limits of each Lender’s
Commitment, the Borrower may borrow under this Section 2.01, prepay pursuant to Section 2.10 and reborrow under this Section 2.01. 
 SECTION 2.02. Making the Advances. 
 (a) Notice of Borrowing. Each Borrowing
shall be made on notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Borrowing in the case of a Borrowing consisting of Eurodollar Rate Advances, or on the date of the proposed
Borrowing in the case of a Borrowing consisting of Base Rate Advances, by the Borrower to the Agent, which shall give to each Lender prompt notice thereof. Each such notice by the Borrower of a Borrowing (a “Notice of Borrowing”)
shall be by telephone, confirmed by the Borrower immediately in writing, or telecopier or telex in substantially the form of Exhibit B hereto, specifying therein the requested (i) date of such Borrowing, (ii) Type of Advances
comprising such Borrowing, (iii) aggregate amount of such Borrowing, and (iv) in the case of a Borrowing consisting of Eurodollar Rate Advances, initial Interest Period for each such Advance. Each Lender shall, before 1:00 P.M. (New York
City time) on the date of such Borrowing, make available for the account of its Applicable Lending Office to the Agent at the Agent’s Account, in same day funds, such Lender’s Pro Rata Share of such Borrowing. After the Agent’s
receipt of such funds and upon fulfillment of the applicable conditions set forth in Article III, the Agent will make such funds available to the Borrower at the Agent’s address referred to in Section 8.02. 
 (b) Certain Limitations. Anything in Section 2.02(a) to the contrary notwithstanding, (i) the Borrower may not
select Eurodollar Rate Advances for any Borrowing if the obligation of the Lenders to make Eurodollar Rate Advances shall then be suspended pursuant to Section 2.07 or 2.13, and (ii) the Eurodollar Rate Advances may not be
outstanding as part of more than five separate Borrowings. 
 (c) Indemnity for Failure to Satisfy Conditions. Each
Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of any Borrowing that the related Notice of Borrowing specifies is to be comprised of Eurodollar Rate Advances, the Borrower shall indemnify each Lender against any
loss, cost or expense incurred by such Lender as a result of any failure to fulfill on or before the date specified in such Notice of Borrowing for such Borrowing the applicable conditions set forth in Article III, including, without
limitation, any loss (other than loss of anticipated profits), cost or expense incurred by such Lender by reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund the Advance to be made by such Lender as
part of such Borrowing when such Advance, as a result of such failure, is not made on such date. 
 (d) Agent’s Right
to Reimbursement with Interest. Unless the Agent shall have received notice from a Lender prior to the time of any Borrowing that such Lender will not 

  

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make available to the Agent such Lender’s Pro Rata Share of such Borrowing, the Agent may assume that such Lender has made such Pro Rata Share available
to the Agent on the date of such Borrowing in accordance with Section 2.02(a) and the Agent may, in reliance upon such assumption, make available to the Borrower on such date a corresponding amount. If and to the extent that such Lender
shall not have so made such Pro Rata Share available to the Agent, such Lender and the Borrower severally agree to repay to the Agent forthwith on demand such corresponding amount together with interest thereon, for each day from the date such
amount is made available by the Agent to the Borrower until the date such amount is repaid to the Agent, at (i) in the case of the Borrower, the interest rate applicable at the time to Advances comprising such Borrowing and (ii) in the
case of such Lender, the Federal Funds Rate. If such Lender shall repay to the Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Advance as part of such Borrowing for purposes of this Agreement. Nothing
herein shall be deemed to relieve any Lender from its obligation to fulfill its Commitment or to prejudice any rights which the Agent or the Borrower may have against any Lender as a result of a default hereunder by such Lender. 
 (e) Each Lender Individually Responsible. The failure of any Lender to make the Advance to be made by it as part of any Borrowing
shall not relieve any other Lender of its obligation, if any, hereunder to make its Advance on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender to make the Advance to be made by such other Lender on
the date of any Borrowing. 
 SECTION 2.03. Issuance of, and Drawings and Reimbursement Under, Letters of Credit. 
 (a) Existing Letters of Credit. On the Effective Date, without further action by any party hereto, each Existing Letter of Credit
Issuer shall be deemed to have granted to each Lender, and each Lender shall be deemed to have acquired from each Existing Letter of Credit Issuer, a participation in each Existing Letter of Credit issued by such Existing Letter of Credit Issuer,
equal to such Lender’s Pro Rata Share of the Letter of Credit Exposure with respect to each Existing Letter of Credit. Such participations shall be on all the same terms and conditions as participations granted under Section 2.03(d)
in all other Letters of Credit issued or to be issued hereunder. 
 (b) Request for Issuance. Letters of Credit may be
issued hereunder in an amount that does not at the time of the issuance of such Letter of Credit exceed the aggregate Commitments minus the sum of the aggregate outstanding Advances and Letter of Credit Exposures of the Lenders at such time,
provided that no Issuing Bank shall be required at any time to issue a Letter of Credit that would result in the aggregate Letter of Credit Exposure in respect of Letters of Credit issued by it to exceed such Issuing Bank’s Letter of
Credit Commitment. Each Letter of Credit shall be issued upon notice, given not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed issuance of such Letter of Credit, by the Borrower to any Issuing
Bank, which shall give to the Agent prompt notice thereof. Each such notice by the Borrower of issuance of a Letter of Credit (a “Notice of Issuance”) shall be by telephone, confirmed by the Borrower immediately in writing in
substantially the form of Exhibit C attached hereto, specifying therein the requested (i) date of such issuance (which shall be a Business Day), (ii) face amount of such Letter of Credit (which 

  

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must be in dollars), (iii) expiration date of such Letter of Credit (which may not be more than one year after the Termination Date; provided
that the Borrower shall Cash Collateralize in accordance with Section 2.03(h) any Letter of Credit that has an expiration date on or after the Termination Date; provided, further, that no Letter of Credit may expire after
the date that is five Business Days prior to an Existing Termination Date in respect of any Declining Lenders under Section 2.05(e) if, after giving effect to the issuance of such Letter of Credit, the aggregate Commitments of the
Consenting Lenders (including any replacement Lenders) for the period following such Existing Termination Date would be less than the Letter of Credit Exposure following such Existing Maturity Date), (iv) name and address of the beneficiary of
such Letter of Credit and (v) form of such Letter of Credit, and shall be accompanied by such application and agreement for letter of credit as such Issuing Bank may specify to the Borrower for use in connection with such requested Letter of
Credit (a “Letter of Credit Agreement”). Upon receipt of a Notice of Issuance, the Agent shall promptly notify each Lender of the contents thereof and of the amount of such Lender’s Letter of Credit Exposure in respect of such
Letter of Credit. If the requested form of such Letter of Credit is acceptable to such Issuing Bank in its sole discretion, such Issuing Bank will, upon fulfillment of the applicable conditions set forth in Article III, make such Letter of
Credit available to the Borrower at its office referred to in Section 8.02 or as otherwise agreed with the Borrower in connection with such issuance. In the event and to the extent that the provisions of any Letter of Credit Agreement
shall conflict with this Agreement, the provisions of this Agreement shall govern. 
 (c) Issuing Bank Reports. Unless
otherwise agreed by the Agent, each Issuing Bank shall report in writing to the Agent (i) on or prior to each Business Day on which such Issuing Bank issues, amends, renews or extends any Letter of Credit, the date of such issuance, amendment,
renewal or extension, and the aggregate face amount of the Letters of Credit issued, amended, renewed or extended by it and outstanding after giving effect to such issuance, amendment, renewal or extension (and whether the amount thereof shall have
changed), it being understood that such Issuing Bank shall not effect any issuance, renewal, extension or amendment resulting in an increase in the aggregate amount of the Letters of Credit issued by it without first obtaining written confirmation
from the Agent that such increase is then permitted under this Agreement, (ii) on each Business Day on which such Issuing Bank makes any Letter of Credit Disbursement, the date and amount of such Letter of Credit Disbursement, (iii) on any
Business Day on which a Borrower fails to reimburse a Letter of Credit Disbursement required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such Letter of Credit Disbursement and (iv) on any other
Business Day, such other information as the Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. 
 (d) Participations in Letters of Credit. Upon the issuance of a Letter of Credit by any Issuing Bank under Section 2.03(b), such Issuing Bank shall be deemed, without further action by any party hereto, to have sold to
each Lender, and each Lender shall be deemed, without further action by any party hereto, to have purchased from such Issuing Bank, a participation in such Letter of Credit in the amount for each Lender equal to such Lender’s Pro Rata Share of
the amount available to be drawn under such Letter of Credit, effective upon the issuance of such Letter of Credit. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of
Credit is absolute and unconditional and shall not be affected by any circumstances whatsoever, including any 

  

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amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments.

 (e) Drawings Under Letters of Credit; Reimbursement; Interim Interest. Upon receipt from the beneficiary of any
Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing Bank shall notify the Agent and the Agent shall promptly notify the Borrower and each other Lender as to the amount to be paid as a result of such demand or drawing
and the payment date. The Borrower shall be irrevocably and unconditionally obligated forthwith to reimburse the Issuing Bank for any amounts paid by the Issuing Bank upon any drawing under any Letter of Credit without presentment, demand, protest
or other formalities of any kind. If the Borrower fails to make such reimbursement payment when due, the Agent shall notify each Lender of the applicable Letter of Credit Disbursement, the payment then due from the Borrower in respect thereof (the
“Unreimbursed Amount”) and such Lender’s Pro Rata Share thereof. Promptly following receipt of such notice, each Lender shall pay to the Agent its Pro Rata Share of the Unreimbursed Amount, in the same manner as provided in
Section 2.02 with respect to Advances made by such Lender (and Section 2.02 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Agent shall promptly pay to the Issuing Bank the
amounts so received by it from the Lenders. Promptly following receipt by the Agent of any payment from the Borrower pursuant to this Section 2.03(e), the Agent shall distribute such payment to the Issuing Bank or, to the extent that
Lenders have made payments pursuant to this Section 2.03(e) to reimburse the Issuing Bank, then to such Lenders and the Issuing Bank as their interests may appear. Any payment made by a Lender pursuant to this Section 2.03(e)
to reimburse the Issuing Bank for any Letter of Credit Disbursement shall not constitute an Advance and shall not relieve the Borrower of its obligation to reimburse the Issuing Bank for such Letter of Credit Disbursement. All such amounts paid by
the Issuing Bank (whether or not their Pro Rata Shares of such amounts have been paid to the Issuing Bank by the Lenders as provided above) and remaining unpaid by the Borrower shall bear interest, payable on demand, for each day until paid at a
rate per annum equal to the Base Rate for such day plus, if such amount remains unpaid for more than three Business Days, 1%. 
 (f) Obligations Unconditional. The obligations of the Borrower under Section 2.03(e) above shall be absolute, unconditional and irrevocable, and shall be performed strictly in accordance with the terms of this Agreement,
under all circumstances whatsoever, including without limitation the following circumstances: 
 (i) the use that may be made
of the Letter of Credit by, or any acts or omission of, a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may be acting); 
 (ii) the existence of any claim, set-off, defense or other rights that the Borrower may have at any time against a beneficiary of a Letter of Credit (or any Person for whom the beneficiary may be acting), the Lenders
(including the Issuing Bank) or any other Person, whether in connection with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction; 
  

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 (iii) any statement or any other document presented under a Letter of Credit proving to
be forged, fraudulent or invalid in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 
 (iv) payment under a Letter of Credit to the beneficiary of such Letter of Credit against presentation to the Issuing Bank of a draft or certificate that does not comply with the terms of the Letter of Credit; provided that the
determination by the Issuing Bank to make such payment shall not have been the result of its willful misconduct or gross negligence; or 
 (v) any other act or omission to act or delay of any kind by any Lender (including the Issuing Bank), the Agent or any other Person or any other event or circumstance whatsoever that might, but for the provisions of
this clause (v), constitute a legal or equitable discharge of the Borrower’s obligations hereunder. 
 None of the Agent, the Lenders or the
Issuing Bank, or any of their Affiliates shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit or any payment or failure to make any payment thereunder (irrespective of any of
the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or relating to any Letter of Credit (including any document
required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of the Issuing Bank; provided that the foregoing shall not be construed to excuse the Issuing
Bank from liability to the Borrower to the extent of any direct damages (as opposed to consequential damages, claims in respect of which are hereby waived by the Borrower to the extent permitted by applicable law) suffered by the Borrower that are
caused by the Issuing Bank’s failure to exercise care when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof. The parties hereto expressly agree that, in the absence of gross
negligence or willful misconduct on the part of the Issuing Bank (as finally determined by a court of competent jurisdiction), the Issuing Bank shall be deemed to have exercised care in each such determination. In furtherance of the foregoing and
without limiting the generality thereof, the parties agree that, with respect to documents presented that appear on their face to be in substantial compliance with the terms of a Letter of Credit, the Issuing Bank may, in its sole discretion, either
accept and make payment upon such documents without responsibility for further investigation, regardless of any notice or information to the contrary, or refuse to accept and make payment upon such documents if such documents are not in strict
compliance with the terms of such Letter of Credit. 
 (g) Additional Issuing Banks. The Borrower may, at any time and
from time to time with the consent of the Agent (which consent shall not be unreasonably withheld or delayed) and such Lender, designate one or more additional Lenders to act as an issuing bank under the terms of this Agreement. Any Lender
designated as an issuing bank pursuant to this Section 2.03(g) shall, upon entering into a Letter of Credit Agreement with the Borrower, be deemed to be an “Issuing Bank” (in addition to being a Lender) hereunder. 

(h) Cash Collateralization. If any Event of Default shall occur and be continuing, on the Business Day that the Borrower
receives notice from the Agent or the 

  

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Required Lenders (or, if the maturity of the Advances has been accelerated, Lenders with aggregate Letter of Credit Exposure representing greater than 50% of
the aggregate Letter of Credit Exposure) demanding the deposit of cash collateral pursuant to this Section 2.03(h), the Borrower shall deposit (“Cash Collateralize”) in an account with the Agent, in the name of the Agent
and for the benefit of the Lenders and the Issuing Banks, an amount in cash equal to the aggregate Letter of Credit Exposure as of such date plus any accrued and unpaid interest thereon; provided that the obligation to Cash
Collateralize shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind, upon the occurrence of any Event of Default with respect to the Borrower described in
Section 6.01(e). Not later than five Business Days prior to the Termination Date, the Borrower shall also deposit cash collateral in an account with the Agent, in the name of the Agent and for the benefit of the Lenders and the Issuing
Banks, an amount in cash equal to the aggregate Letter of Credit Exposure with respect to Letters of Credit with an expiration date after the Termination Date. Each such deposit shall be held by the Agent as collateral for the payment and
performance of the obligations of the Borrower under this Agreement. The Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Other than any interest earned on the investment of such
deposits, which investments shall be made at the option and sole discretion of the Agent and at the Borrower’s risk and expense, such deposits shall not bear interest. Interest or profits, if any, on such investments shall accumulate in such
account. Moneys in such account shall be applied by the Agent to reimburse each Issuing Bank for Letter of Credit Disbursements for which it has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the
reimbursement obligations of the Borrower for the aggregate Letter of Credit Exposures at such time or, if the maturity of the Advances has been accelerated (but subject to the consent of Lenders with Letter of Credit Exposures representing greater
than 50% of the aggregate Letter of Credit Exposures), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an
Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after all Events of Default have been cured or waived. 
 SECTION 2.04. Fees. 
 (a) Facility Fee. The Borrower agrees to pay to the Agent for the account of each Lender a facility fee on the aggregate amount of such Lender’s Commitment from the Effective Date in the case of each Initial Lender, and from the
later of the Effective Date and the effective date specified in the Assignment and Acceptance pursuant to which it became a Lender in the case of each other Lender, until the Termination Date at a rate per annum equal to the Applicable Percentage in
effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December, commencing June 30, 2007, and on the Termination Date. 
 (b) Letter of Credit Fees, Etc. 
 (i) The Borrower shall pay to the Agent for the account of each Lender (including each Issuing Bank) a fee, payable in arrears quarterly on the last day of each March, June, September and December, commencing
June 30, 2007, and on the Termination Date, on such Lender’s Pro Rata Share of the average daily aggregate Letter 

  

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of Credit Exposure during such quarter at the Applicable Margin for Eurodollar Rate Advances. 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 Section 1.05. 
 (ii) The Borrower shall pay to each Issuing Bank, for its own account a fronting fee on the Letters of Credit issued by such Issuing Bank at the rate of 0.125% per annum or such other rate as may be agreed by the
Borrower and such Issuing Bank. 
 (c) Agent’s Fees. The Borrower shall pay to the Agent for its own account such
fees as may from time to time be agreed between the Borrower and the Agent. 
 SECTION 2.05. Termination, Reduction, Increase and
Extension of Commitments. 
 (a) Termination Date. Unless previously terminated, the Commitments and the Letter of
Credit Commitments shall terminate on the Termination Date. 
 (b) Optional Termination or Reduction. The Borrower may
at any time terminate, or from time to time reduce, the Commitments; provided that (i) each reduction of the Commitments shall be in an amount that is at least $10,000,000 and integral multiples of $1,000,000 in excess thereof and
(ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Advances in accordance with Section 2.10, the sum of the aggregate Letter of Credit Exposures and the
aggregate Advances would exceed the aggregate Commitments. 
 (c) Notice of Termination or Reduction. The Borrower
shall notify the Agent of any election to terminate or reduce the Commitments under Section 2.05(b) at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective
date thereof. Promptly following receipt of any notice, the Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section 2.05(c) shall be irrevocable; provided that a
notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or
prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably (based upon their Pro Rata Shares) among the
Lenders in accordance with their respective Commitments. 
 (d) Aggregate Commitment Increases. 
 (i) The Borrower may on one or more occasions, by written notice to the Agent, executed by the Borrower and one or more financial
institutions (any such financial institution referred to in this Section 2.05(d) being called an “Increasing Lender”), which may include any Lender, cause new Commitments in increments of no less than $100,000,000 to be
extended by the Increasing Lenders or cause the existing Commitments of the Increasing Lenders to be increased, as the case may be (any such extension or increase, a “Commitment Increase”), in an amount for each Increasing Lender
(which shall not be less than $10,000,000) set forth in such notice; provided that 

  

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any Lender approached to provide all or a portion of the increased or new Commitments may elect or decline, in its sole discretion, to provide such increased
or new Commitment; provided, further, that (i) at no time shall the aggregate amount of Commitments, including Commitment Increases effected pursuant to this Section 2.05(d), exceed $2,000,000,000 less the aggregate
amount of all prior Commitment reductions effected pursuant to Section 2.05(b), (ii) each Increasing Lender, if not already a Lender hereunder, shall be subject to the approval of the Agent and each Issuing Bank (which approval
shall not be unreasonably withheld or delayed) and (iii) each Increasing Lender, if not already a Lender hereunder, shall become a party to this Agreement by completing and delivering to the Agent a duly executed accession agreement in a form
satisfactory to the Agent and the Borrower (an “Accession Agreement”). New Commitments and increases in Commitments shall become effective on the date specified in the applicable notices delivered pursuant to this
Section 2.05(d); provided that the other conditions set forth in this Section 2.05(d) have been satisfied. Upon the effectiveness of any Accession Agreement to which any Increasing Lender is a party, (i) such
Increasing Lender shall thereafter be deemed to be a party to this Agreement and shall be entitled to all rights, benefits and privileges accorded a Lender hereunder and subject to all obligations of a Lender hereunder and (ii) the Commitments
shall be deemed to have been amended to reflect the Commitment of such Increasing Lender as provided in such Accession Agreement. Upon the effectiveness of any increase pursuant to this Section 2.05(d) in the Commitment of a Lender
already a party hereto, the Commitments shall be deemed to have been amended to reflect the increased Commitment of such Lender. 
 (ii) On the effective date of any Commitment Increase pursuant to this Section 2.05(d) (the “Increase Effective Date”), (A) the aggregate principal amount of the Advances outstanding (the “Initial
Advances”) immediately prior to giving effect to the applicable Commitment Increase on the Increase Effective Date shall be deemed to be repaid, (B) after the effectiveness of the Commitment Increase, the Borrower shall be deemed to
have made new Borrowings (the “Subsequent Borrowings”) in an aggregate principal amount equal to the aggregate principal amount of the Initial Advances and of the Types and for the Interest Periods specified in a Notice of Borrowing
delivered to the Agent in accordance with Section 2.02(a), (C) each Lender shall pay to the Agent in same day funds an amount equal to the difference, if positive, between (x) such Lender’s Pro Rata Share (calculated after
giving effect to the Commitment Increase) of the Subsequent Borrowings and (y) such Lender’s Pro Rata Share (calculated without giving effect to the Commitment Increase) of the Initial Advances, (D) after the Agent receives the funds
specified in clause (C) above, the Agent shall pay to each Lender the portion of such funds that is equal to the difference, if positive, between (1) such Lender’s Pro Rata Share (calculated without giving effect to the
Commitment Increase) of the Initial Advances and (2) such Lender’s Pro Rata Share (calculated after giving effect to the Commitment Increase) of the amount of the Subsequent Borrowings, (E) each Increasing Lender and each other Lender
shall be deemed to hold its Advances of each Subsequent Borrowing (each calculated after giving effect to the Commitment Increase) and (F) the Borrower shall pay each Increasing Lender and each other Lender any and all accrued but unpaid
interest on the Initial Advances. The deemed payments made pursuant to clause (A) above in respect of each Eurodollar Rate Advance shall be subject to indemnification by the Borrower pursuant to the provisions of Section 2.11
if the Increase Effective Date occurs other than on the last day of the Interest Period relating thereto and breakage costs result. 
  

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 (iii) Notwithstanding the foregoing, no increase in the Commitments (or in any Commitment
of any Lender) shall become effective under this Section 2.05(d) unless, on the date of such increase, the conditions set forth in clauses (a) and (b) of Section 3.02 shall be satisfied (with all
references in such clauses to a Borrowing being deemed to be references to such increase and without giving effect to the first parenthetical in Section 3.02(a)) and the Agent shall have received a certificate to that effect dated such
date and executed by the Chief Financial Officer or the Treasurer of the Borrower. 
 (e) Extension of Termination
Date. The Borrower may, by written notice to the Agent (which shall promptly deliver a copy to each of the Lenders) not less than 45 days prior to any anniversary of the date hereof, request that the Lenders extend the Termination Date and the
Commitments for an additional period of one year. Each Lender shall, by notice to the Borrower and the Agent given not later than the 20th day after the date of the Agent’s receipt of the Borrower’s extension request, advise the Borrower
whether or not it agrees to the requested extension (each Lender agreeing to a requested extension being called a “Consenting Lender” and each Lender declining to agree to a requested extension being called a “Declining
Lender”). Any Lender that has not so advised the Borrower and the Agent by such day shall be deemed to have declined to agree to such extension and shall be a Declining Lender. If Lenders constituting the Required Lenders shall have agreed
to an extension request, then the Termination Date shall, as to the Consenting Lenders, be extended to the first anniversary of the Termination Date theretofore in effect. The decision to agree or withhold agreement to any Termination Date extension
shall be at the sole discretion of each Lender. The Commitment of any Declining Lender shall terminate on the Termination Date in effect as to such Lender prior to giving effect to any such extension (such Termination Date being called the
“Existing Termination Date”). The principal amount of any outstanding Advances made by Declining Lenders, together with any accrued interest thereon and any accrued fees and other amounts payable to or for the accounts of such
Declining Lenders hereunder, shall be due and payable on the Existing Termination Date, and on the Existing Termination Date the Borrower shall also make such other prepayments of its Borrowings as shall be required in order that, after giving
effect to the termination of the Commitments of, and all payments to, Declining Lenders pursuant to this sentence, the sum of the aggregate Advances and the aggregate Letter of Credit Exposures shall not exceed the aggregate Commitments. If, after
making the prepayments pursuant to the immediately preceding sentence the sum of the aggregate Advances and the aggregate Letter of Credit Exposures exceed the aggregate Commitments, then the Borrower shall immediately deposit cash collateral in an
account with the Agent, in the name of the Agent and for the benefit of the Lenders and the Issuing Banks (such deposit to be held by the Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement in
accordance with Section 2.03(h)), in an amount such that, after giving effect to such cash collateralization and the termination of the Commitments of, and all payments to, Declining Lenders pursuant to the preceding sentence, the sum of
the aggregate Advances and the aggregate Letter of Credit Exposures not cash collateralized in accordance with this sentence shall not exceed the aggregate Commitments. Notwithstanding the foregoing provisions of this Section 2.05(e),
the Borrower shall have the right, pursuant to Section 2.18(b), at any time prior to the Existing Termination Date, to replace a Declining Lender with a Lender or other financial 

  

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institution that will agree to a request for the extension of the Termination Date, and any such replacement Lender shall for all purposes constitute a
Consenting Lender. Notwithstanding the foregoing, no extension of the Termination Date pursuant to this Section 2.05(e) shall become effective unless (i) on the anniversary of the date hereof that immediately follows the date on
which the Borrower delivers the applicable request for extension of the Termination Date, the conditions set forth in clauses (a) and (b) of Section 3.02 shall be satisfied (with all references in such clauses to
a Borrowing being deemed to be references to such extension and without giving effect to the first parenthetical in Section 3.02(a)) and the Agent shall have received a certificate to that effect dated such date and executed by the Chief
Financial Officer or the Treasurer of the Borrower. 
 SECTION 2.06. Interest on Advances. 
 (a) Scheduled Interest. The Borrower shall pay interest on the unpaid principal amount of each Advance owing to each Lender from
the date of such Advance until such principal amount shall be paid in full, at the following rates per annum: 
 (i) Base
Rate Advances. During such periods as such Advance is a Base Rate Advance, a rate per annum equal at all times to the Base Rate in effect from time to time, payable in arrears quarterly on the last day of each March, June, September and December
during such periods and on the date such Base Rate Advance shall be Converted or paid in full. 
 (ii) Eurodollar Rate
Advances. During such periods as such Advance is a Eurodollar Rate Advance, a rate per annum equal at all times during each Interest Period for such Advance to the sum of (x) the Eurodollar Rate for such Interest Period for such Advance
plus (y) the Applicable Margin in effect from time to time, payable in arrears on the last day of such Interest Period and, if such Interest Period has a duration of more than three months, on each day that occurs during such Interest
Period every three months from the first day of such Interest Period, and on the date such Eurodollar Rate Advance shall be Converted or paid in full. 
 (b) Default Interest. Any overdue principal of or overdue interest on any Advances or reimbursement obligation in respect of a drawing honored under a Letter of Credit shall bear interest, payable on demand,
for each day from and including the date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 1% plus the higher of (i) the sum of the Applicable Margin for such day plus the
Eurodollar Rate applicable in the case of an Advance at the date such payment was due with respect thereto and (ii) the Base Rate for such day. 
 (c) Notice of Interest Period and Interest Rate. Promptly after receipt of a Notice of Borrowing pursuant to Section 2.02(a), a notice of Conversion pursuant to Section 2.08 or a notice
of selection of an Interest Period pursuant to the terms of the definition of “Interest Period,” the Agent shall give notice to the Borrower and Lender of the applicable Interest Period and the applicable interest rate determined by the
Agent for purposes of clause (a)(i) or (a)(ii) above. 
  

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 SECTION 2.07. Interest Rate Determination. 
 (a) Eurodollar Rate Inadequate. If, with respect to any Eurodollar Rate Advances, Lenders having at least 66-2/3% of the sum of the
aggregate unpaid principal amount of the Advances at such time plus the aggregate Letter of Credit Exposures at such time notify the Agent that the Eurodollar Rate for any Interest Period for such Advances will not adequately reflect the cost
to such Required Lenders of making, funding or maintaining their respective Eurodollar Rate Advances for such Interest Period, the Agent shall forthwith so notify the Borrower and the Lenders, whereupon (i) each Eurodollar Rate Advance will
automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance, and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances shall be suspended until the
Agent shall notify the Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 (b)
Failure of Borrower to Select Interest Period. If the Borrower shall fail to select the duration of any Interest Period for any Eurodollar Rate Advances in accordance with the provisions contained in the definition of “Interest
Period” in Section 1.01, the Agent will forthwith so notify the Borrower and the Lenders and such Advances will automatically, on the last day of the then existing Interest Period therefor, Convert into Base Rate Advances.

 (c) Minimum Eurodollar Rate Advance. On the date on which the aggregate unpaid principal amount of Eurodollar Rate
Advances comprising any Borrowing shall be reduced, by payment or prepayment or otherwise, to less than $10,000,000, such Advances shall automatically Convert into Base Rate Advances. 
 (d) Conversion Due to Event of Default. Upon the occurrence and during the continuance of any Event of Default, (i) each
Eurodollar Rate Advance will automatically, on the last day of the then existing Interest Period therefor, Convert into a Base Rate Advance and (ii) the obligation of the Lenders to make, or to Convert Advances into, Eurodollar Rate Advances
shall be suspended. 
 SECTION 2.08. Optional Conversion of Advances. The Borrower may on any Business Day, upon notice given to the
Agent not later than 11:00 A.M. (New York City time) on the third Business Day prior to the date of the proposed Conversion for Conversions into Eurodollar Rate Advances and on the date of the proposed Conversion for conversions into Base Rate
Advances and subject to the provisions of Sections 2.07 and 2.13, Convert all Advances of one Type comprising the same Borrowing into Advances of the other Type; provided, however, that any Conversion of Eurodollar Rate
Advances into Base Rate Advances shall be made only on the last day of an Interest Period for such Eurodollar Rate Advances, any Conversion of Base Rate Advances into Eurodollar Rate Advances shall be in an amount not less than the minimum amount
specified in Section 2.01, and no Conversion of any Advances shall result in more separate Borrowings than permitted under Section 2.02(b). Each such notice of a Conversion shall, within the restrictions specified above,
specify (i) the date of such Conversion, (ii) the Advances to be Converted, and (iii) if such Conversion is into Eurodollar Rate Advances, the duration of the initial Interest Period for each such Eurodollar Rate Advance. Each notice
of Conversion shall be irrevocable and binding on the Borrower. 
  

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 SECTION 2.09. Mandatory Payments and Prepayments of Advances. 
 (a) Termination Date. On the Termination Date, the Borrower shall repay to the Agent for the ratable account of the Lenders the
aggregate principal amount of all Advances then outstanding, together with accrued interest thereon to the date of payment. 
 (b) Outstandings in Excess of Commitments. At any time that the aggregate principal amount of Advances outstanding plus the aggregate Letter of Credit Exposures exceeds the aggregate Commitments (an “Excess”),
the Borrower shall immediately prepay to the Agent for the ratable account of the Lenders, in whole or in part, a principal amount of Advances comprising part of the same Borrowing(s) selected by the Borrower that will eliminate the Excess, together
with accrued interest to the date of such prepayment on the principal amount prepaid; provided, however, that in the event of any such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in
respect thereof pursuant to Section 2.11. 
 SECTION 2.10. Optional Prepayments of Advances. The Borrower may, upon at
least two Business Days’ notice (in the case of Eurodollar Rate Advances) or upon notice (in the case of Base Rate Advances) given on the date of such prepayment, in each case received not later than 11:00 A.M. (New York City time) on such date
to the Agent stating the proposed date and aggregate principal amount of the prepayment, which notice shall be irrevocable, and if such notice is given the Borrower shall, prepay for the ratable account of the Lenders, in whole or in part, the
outstanding principal amount of the Advances comprising part of the same Borrowing(s), together with accrued interest to the date of such prepayment on the principal amount prepaid; provided, that a notice of prepayment of all outstanding
Advances may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Agent on or prior to the specified effective date) if such condition is
not satisfied; provided further, however, that (x) each partial prepayment shall be in an aggregate principal amount of $5,000,000 or an integral multiple of $1,000,000 in excess thereof and (y) in the event of any
such prepayment of a Eurodollar Rate Advance, the Borrower shall be obligated to reimburse the Lenders in respect thereof pursuant to Section 2.11. 
 SECTION 2.11. Funding Losses. If the Borrower makes any payment of principal with respect to any Eurodollar Rate Advance or any Eurodollar Rate Advance is Converted to a Base Rate Advance or continued as a
Eurodollar Rate Advance for a new Interest Period (pursuant to Article II or VI or otherwise) on any day other than the last day of an Interest Period applicable thereto, or if the Borrower fails (for a reason other than the failure of
a Lender to make a Loan) to borrow, prepay (except as otherwise permitted hereunder), Convert or continue any Eurodollar Rate Advance after notice has been given to any Lender in accordance with Section 2.02(a), 2.08 or
2.10 or pursuant to the terms of the definition of “Interest Period,” the Borrower shall reimburse each Lender within 15 days after demand for any resulting loss or expense incurred by it (or by an existing or prospective
participant in the related Advance), including (without limitation) any actual loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of anticipated profits and margin for the period after any such
payment or Conversion or failure to borrow, prepay, Convert or continue; provided that such Lender shall have delivered to the Borrower a certificate setting forth in 

  

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reasonable detail the calculation of the amount of such loss or expense, which certificate shall be conclusive in the absence of manifest error. 

SECTION 2.12. Increased Costs. 
 (a) General. If, due to either (i) the introduction of or any change in or in the interpretation of any law or regulation or (ii) the compliance with any guideline or request from any central bank or
other governmental authority (whether or not having the force of law), there shall be any increase in the cost to any Lender of agreeing to make or making, funding or maintaining Eurodollar Rate Advances or of issuing or participating in any Letter
of Credit (excluding for purposes of this Section 2.12 any such increased costs resulting from (i) Taxes or Other Taxes (as to which Section 2.15 shall govern) and (ii) changes in the basis of taxation of any taxes
described in Section 2.15(a)(i) or (ii)), in each case occurring after the date on which such Lender becomes a Lender hereunder, then the Borrower shall from time to time, upon demand by such Lender (with a copy of such demand to
the Agent), pay to the Agent for the account of such Lender additional amounts sufficient to compensate such Lender for such increased cost provided that no such amount shall be payable with respect to any period commencing more than 180 days
prior to the date such Lender first notifies the Borrower of its intention to demand compensation hereunder. A certificate as to the amount of such increased cost, submitted to the Borrower and the Agent by such Lender, shall be conclusive and
binding for all purposes, absent manifest error. 
 (b) Capital Adequacy. If any Lender determines that due to any
change in or in the interpretation of any law or regulation regarding capital adequacy or any guideline or request from any central bank or other governmental authority regarding capital adequacy (whether or not having the force of law), in each
case occurring after the date on which such Lender becomes a Lender hereunder, affects or would affect the amount of capital required or expected to be maintained by such Lender or any corporation controlling such Lender and that the amount of such
capital is increased by or based upon the existence of such Lender’s Commitment hereunder and other commitments of this type, then, upon demand by such Lender (with a copy of such demand to the Agent), the Borrower shall pay to the Agent for
the account of such Lender, from time to time as specified by such Lender, additional amounts sufficient to compensate such Lender or such corporation in the light of such circumstances, to the extent that such Lender reasonably determines such
increase in capital to be allocable to the existence of such Lender’s commitment to lend hereunder provided that no such amount shall be payable with respect to any period commencing more than 180 days prior to the date such Lender first
notifies the Borrower of its intention to demand compensation hereunder. A certificate as to such amounts submitted to the Borrower and the Agent by such Lender shall be conclusive and binding for all purposes, absent manifest error. 
 SECTION 2.13. Illegality. Notwithstanding any other provision of this Agreement, if any Lender shall notify the Agent that the introduction of or
any change in or in the interpretation of any law or regulation makes it unlawful, or any central bank or other governmental authority asserts that it is unlawful, for any Lender or its Eurodollar Lending Office to perform its obligations hereunder
to make Eurodollar Rate Advances or to fund or maintain Eurodollar Rate Advances hereunder, (a) each Eurodollar Rate Advance of such Lender will automatically, upon such demand, Convert into a Base Rate Advance, and (b) the obligation

  

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of such Lender to make Eurodollar Rate Advances or to Convert Advances into Eurodollar Rate Advances shall be suspended until the Agent shall notify the
Borrower and the Lenders that the circumstances causing such suspension no longer exist. 
 SECTION 2.14. Payments and Computations.

 (a) General Provisions. The Borrower shall make each payment hereunder and under the Notes, irrespective of any
right of counterclaim or set-off, not later than 1:00 PM (New York City time) on the day when due in dollars to the Agent at the Agent’s Account in same day funds. The Agent will promptly thereafter cause to be distributed like funds relating
to the payment of principal or interest or facility fees ratably, based upon the Lenders’ respective Pro Rata Shares (other than amounts payable pursuant to Section 2.02(c), 2.05(d), 2.11, 2.12, 2.15 or
8.04(b)), to the Lenders for the account of their respective Applicable Lending Offices, and like funds relating to the payment of any other amount payable to any Lender to such Lender for the account of its Applicable Lending Office, in each
case to be applied in accordance with the terms of this Agreement. Upon its acceptance of an Assignment and Acceptance and recording of the information contained therein in the Register pursuant to Section 8.07(c), from and after the
effective date specified in such Assignment and Acceptance, the Agent shall make all payments hereunder and under the Notes in respect of the interest assigned thereby to the Lender assignor thereunder for amounts that have accrued to but excluding
the effective date of such assignment, and to the Lender assignee for amounts that have accrued from and after the effective date of such assignment. 
 (b) Basis of Calculation. All computations of facility fees and interest based on the Base Rate shall be made by the Agent on the basis of a year of 365 or 366 days, as the case may be, and all computations of
interest based on the Eurodollar Rate and Letter of Credit fees shall be made by the Agent on the basis of a year of 360 days, in each case for the actual number of days (including the first day but excluding the last day) occurring in the period
for which such interest or fees are payable. Each determination by the Agent of an interest rate hereunder shall be conclusive and binding for all purposes, absent manifest error. 
 (c) Payments Due on Non-Business Days. Whenever any payment hereunder or under the Notes shall be stated to be due on a day other
than a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such case be included in the computation of payment of interest or facility fee, as the case may be; provided,
however, that, if such extension would cause (i) any payment to be made after the Termination Date or (ii) payment of interest on or principal of Eurodollar Rate Advances to be made in the next following calendar month, such payment
shall be made on the next preceding Business Day. 
 (d) Agent Entitled to Assume Payments Made. Unless the Agent shall
have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder that the Borrower will not make such payment in full, the Agent may assume that the Borrower has made such payment in full to the Agent on
such date and the Agent may, in reliance upon such assumption, cause to be distributed to each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have so made such payment in
full to the Agent, each Lender shall repay to the Agent 

  

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forthwith on demand such amount distributed to such Lender together with interest thereon, for each day from the date such amount is distributed to such
Lender until the date such Lender repays such amount to the Agent, at the Federal Funds Rate. 
 (e) Order of
Application. If at any time insufficient funds are received by and available to the Agent to pay fully all amounts of principal, unreimbursed Letter of Credit Disbursements, interest and fees then due hereunder, such funds shall be applied
(i) first, towards payment of interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of
principal of the Advances and unreimbursed Letter of Credit Disbursements then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed Letter of Credit Disbursements then due to such
parties. 
 (f) Application of Funds to Lender’s Obligations. If any Lender shall fail to make any payment
required to be made by it pursuant to Section 2.02(d), 2.03(d), 2.03(e), 2.05(d) or 2.14(e), then the Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter
received by it for the account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 SECTION 2.15. Taxes. 
 (a) Any and all payments by the Borrower to or for the account
of any Lender or the Agent hereunder or under the Notes or any other documents to be delivered hereunder shall be made, in accordance with Section 2.14 or the applicable provisions of such other documents, free and clear of and without
deduction for any and all present or future taxes, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the Agent, (i) taxes imposed on (or measured by)
its overall net income, net profits or net worth, and franchise or similar taxes, by the United States of America or by the jurisdiction under the laws of which such Lender or the Agent (as the case may be) is organized or is otherwise doing
business, or any political subdivision thereof and, in the case of each Lender, taxes imposed on (or measured by) its overall net income, net profits or net worth, and franchise or similar taxes, by the jurisdiction of such Lender’s Applicable
Lending Office or any political subdivision thereof (including, without limitation, any withholding of taxes described in this Section 2.15(a)(i) that is treated under applicable law as a prepayment of taxes), (ii) any branch
profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction in which such Person is located, (iii) any taxes imposed as a result of such Person’s willful misconduct, and (iv) any
interest, penalties or additions to tax imposed on any taxes described in Sections 2.15(a)(i), (ii) or (iii) (all such taxes, levies, imposts, deductions, charges or withholdings and liabilities with respect thereto
not excluded under Section 2.15(a)(i), (ii), (iii) or (iv) in respect of payments hereunder or under the Notes being hereinafter referred to as “Taxes”). If the Borrower shall be required
by law to deduct any Taxes from or in respect of any sum payable hereunder or under any Note or any other documents to be delivered hereunder to any Lender or the Agent, (i) the sum payable shall be increased as may be necessary so that after
making all required deductions (including deductions applicable to additional sums payable under this Section 2.15) such Lender or the Agent (as the case may be) receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall 

  

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make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with
applicable law. 
 (b) In addition, the Borrower shall pay any present or future stamp or documentary taxes or any other
excise or property taxes, charges or similar levies that arise from any payment made hereunder or under the Notes or any other documents to be delivered hereunder or from the execution, delivery or registration of, performing under, or otherwise
with respect to, this Agreement or the Notes or any other documents to be delivered hereunder (hereinafter referred to as “Other Taxes”). 
 (c) The Borrower shall indemnify each Lender and the Agent for and hold it harmless against the full amount, without duplication, of Taxes or Other Taxes (including, without limitation, Taxes of any kind imposed or
asserted by any jurisdiction on amounts payable under this Section 2.15) imposed on or paid by such Lender or the Agent (as the case may be) and any liability (including penalties and interest) arising therefrom or with respect thereto.
This indemnification shall be made within 30 days from the date such Lender or the Agent (as the case may be) makes written demand therefor and provides appropriate computational and, to the extent available, documentary support. 
 (d) Within 30 days after the date of any payment of Taxes, the Borrower shall furnish to the Agent, at its address referred to in
Section 8.02, the original or a certified copy of a receipt evidencing such payment pursuant to Section 2.15(c) to the extent that such a receipt is issued therefor, or other written proof of payment thereof that is
reasonably satisfactory to the Agent. 
 (e) Each Lender organized under the laws of a jurisdiction outside the United States,
on or prior to the date of its execution and delivery of this Agreement in the case of each Initial Lender and on the date of the Assignment and Acceptance pursuant to which it becomes a Lender in the case of each other Lender, and from time to time
thereafter as reasonably requested in writing by the Borrower or the Agent (but only so long as such Lender remains lawfully able to do so), shall provide each of the Agent and the Borrower with two original Internal Revenue Service Forms W-8BEN or
W-8ECI, as appropriate, or any successor or other form prescribed by the Internal Revenue Service, certifying that such Lender is exempt from or entitled to a reduced rate of United States withholding tax on payments pursuant to this Agreement or
the Notes. If the form provided by a Lender at the time such Lender first becomes a party to this Agreement indicates a United States interest withholding tax rate in excess of zero, withholding tax at such rate shall be considered excluded from
Taxes unless and until such Lender provides the appropriate forms certifying that a lesser rate applies, whereupon withholding tax at such lesser rate only shall be considered excluded from Taxes for periods governed by such form; provided,
however, that, if at the date of the Assignment and Acceptance pursuant to which a Lender assignee becomes a party to this Agreement, the Lender assignor was entitled to payments under Section 2.15(a) in respect of United States
withholding tax with respect to interest paid at such date, then, to such extent, the term Taxes shall include (in addition to amounts otherwise includable in Taxes) United States withholding tax, if any, applicable with respect to the Lender
assignee on such date. 
  

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 (f) Each Lender and Agent that is a United States Person, as defined in
Section 7701(a)(30) of the Internal Revenue Code (other than persons that are corporations or otherwise exempt from United States backup withholding tax), shall deliver at the time(s) and in the manner(s) prescribed by applicable law, to each
of the Borrower and the Agent (as applicable) two original properly completed and duly executed United States Internal Revenue Service Forms W-9 or any successor form, certifying that such Person is exempt from United States backup withholding tax
on payments made hereunder. 
 (g) For any period with respect to which a Lender has failed to provide the Borrower with the
appropriate form, certificate or other document described in Section 2.15(e) or (f) (other than if such failure is due to a change in law occurring subsequent to the date on which a form, certificate or other document
originally was required to be provided, or if such form, certificate or other document otherwise is not required under Section 2.15(e) or (f)), such Lender shall not be entitled to increased payments or indemnification under
Section 2.15(a) or (c) with respect to Taxes imposed by reason of such failure; provided, however, that should a Lender become subject to Taxes because of its failure to deliver a form, certificate or other
document required hereunder, the Borrower shall take such steps as the Lender shall reasonably request (at the sole expense of such Lender) to assist the Lender to recover such Taxes (it being understood, however, that the Borrower shall have no
liability to such Lender in respect of such Taxes). 
 (h) If any Lender or the Agent shall become entitled to claim or
receive a refund or tax benefit (including a foreign tax credit) with respect to any Tax or Other Tax for which the Borrower has made a payment under Sections 2.15(a), (b), or (c), such Agent or Lender shall promptly pay to such
Borrower an amount equal to such refund or tax benefit actually received, net of all out-of-pocket expenses of such Agent or Lender, as the case may be, and without interest (other than any interest paid by the relevant taxation authority with
respect to such refund); provided that such Borrower, upon the request of such Agent or Lender, as the case may be, agrees to repay the amount paid over to the Borrower to such Agent or Lender in the event the Agent or Lender is required to
repay such refund to such taxation authority. 
 Nothing contained in this Section 2.15 shall require any Lender or the Agent to make available its tax
returns (or any other information relating to its taxes which it deems to be confidential). 
 SECTION 2.16. Sharing of Payments, Etc.
If any Lender shall, by exercising any right of set off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Advances or funded participations in Letter of Credit Disbursements resulting in such
Lender receiving payment of a greater proportion of the aggregate amount of its Advances and participations in Letter of Credit Disbursements and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving
such greater proportion shall purchase (for cash at face value) participations in the Advances and participations in Letter of Credit Disbursements of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by
the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Advances and participations in Letter of Credit Disbursements; provided that (i) if any such participations are
purchased and all or any portion of the payment giving rise thereto is recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this
Section 2.16 shall not be construed to apply to any payment made by the Borrower 

  

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pursuant to and in accordance with the express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of
a participation in any of its Advances or participations in Letter of Credit Disbursements to any assignee or participant, other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this Section 2.16
shall apply). The Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to the foregoing arrangements may exercise against the Borrower
rights of set off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of the Borrower in the amount of such participation. 
 SECTION 2.17. Notes. The Borrower agrees that upon notice by any Lender to the Borrower (with a copy of such notice to the Agent) to the effect
that a promissory note or other evidence of indebtedness is required or appropriate in order for such Lender to evidence (whether for purposes of pledge, enforcement or otherwise) the Advances owing to, or to be made by, such Lender, the Borrower
shall promptly execute and deliver to such Lender, with a copy to the Agent, a Note, in substantially the form of Exhibit A hereto, payable to the order of such Lender in a principal amount equal to the Commitment of such Lender. 

SECTION 2.18. Mitigation Obligations; Replacement of Lenders. 
 (a) Mitigation. If any Lender requests compensation under Section 2.12, or if the Borrower is required to pay any
additional amount to any Lender or any governmental authority for the account of any Lender pursuant to Section 2.15, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its
Advances or Letter of Credit Disbursements hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the good faith judgment of such Lender, such designation or assignment (i) would
eliminate or reduce amounts payable pursuant to Section 2.12 or 2.15, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to
such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment. 
 (b) Replacement of Lender. If (i) any Lender requests compensation under Section 2.12, (ii) the Borrower is
required to pay any additional amount to any Lender or any governmental authority for the account of any Lender pursuant to Section 2.15, (iii) any Lender defaults in its obligation to fund Advances hereunder, (iv) any Lender
becomes a Non-Consenting Lender or (v) any Lender becomes a Declining Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in
accordance with and subject to the restrictions contained in Section 8.07), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a
Lender accepts such assignment); provided that (A) the Borrower shall have received the prior written consent of the Agent (and, if a Commitment is being assigned, each Issuing Bank), which consent, in each case, shall not unreasonably
be withheld or delayed, (B) such Lender shall have received payment of an amount equal to the outstanding principal amount of its Advances and funded participations in Letter of Credit Disbursements, accrued interest thereon, accrued fees and
all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal, funded 

  

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participations and accrued interest and fees) or the Borrower (in the case of all other amounts), (C) in the case of any such assignment resulting from
a claim for compensation under Section 2.12 or payments required to be made pursuant to Section 2.15, such assignment will result in a material reduction in such compensation or payments, (D) in the case of any such
assignment resulting from the status of such Lender as a Non-Consenting Lender, such assignment, together with any assignments by other Non-Consenting Lenders, will enable the Borrower to obtain sufficient consents to cause the applicable amendment,
modification or waiver to become effective and (E) in the case of any such assignment resulting from the status of such Lender as a Declining Lender, the assignee of such Declining Lender is a Consenting Lender. A Lender shall not be required
to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. 
 ARTICLE III 
 CONDITIONS TO EFFECTIVENESS AND
LENDING 
 SECTION 3.01. Conditions Precedent to Effectiveness of Sections 2.01 and 2.03. Sections 2.01 and 2.03 of this
Agreement shall become effective on and as of the first date (the “Effective Date”) on which the following conditions precedent have been satisfied. 
 (a) (i) The Credit Agreement, dated as of November 28, 2006, among the Borrower, the banks listed therein, and Citibank, N.A., as
administrative agent, and (ii) the Three-Year Credit Agreement, dated as of June 30, 2004, as amended, among the Borrower, the banks listed therein, and JPMorgan, as administrative agent, shall have been terminated, all amounts outstanding
thereunder shall have been paid, and all letters of credit issued (other than Existing Letters of Credit) thereunder shall have been terminated or collateralized by cash to the satisfaction to the issuers of such letters of credit. 
 (b) The Agent shall have received on or before the Effective Date the following, each dated such day, in form and substance reasonably
satisfactory to the Agent and (except for the Notes) in sufficient copies for each Lender: 
 (i) counterparts hereof signed
by each of the parties hereto (or, in the case of any party as to which an executed counterpart shall not have been received, receipt by the Agent of telegraphic, telecopy, telex or other written confirmation from such party of execution of a
counterpart hereof by such party); 
 (ii) the Notes to the order of the Lenders, respectively, requesting same; 

(iii) (A) an opinion of the General Counsel of the Borrower, substantially in the form of Exhibit E-1 hereto, and (B) an
opinion of Skadden, Arps, Slate, Meagher & Flom, LLP, special counsel for the Borrower, substantially in the form of Exhibit E-2 hereto; 
 (iv) certified copies of the resolutions of the Board of Directors of the Borrower approving this Agreement and the Notes, and of all documents evidencing other necessary corporate action and governmental approvals,
if any, with respect to this Agreement and the Notes; 
  

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 (v) a certificate signed by the Chief Financial Officer or the Treasurer of the Borrower,
dated the Effective Date, to the effects set forth in clauses (a) and (b) of Section 3.02; 
 (vi) a certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign this Agreement and the Notes and the other documents to be delivered
hereunder; and 
 (vii) all documents the Agent may have reasonably requested prior to the date hereof relating to the
existence of the Borrower, the corporate authority for and the validity of this Agreement and the Notes, and any other matters relevant hereto. 
 (c) The Agent shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses (including
fees, charges and disbursements of counsel) required to be reimbursed or paid by the Borrower hereunder. 
 (d) The Lenders
shall have received, to the extent requested, all documentation and other information reasonably requested by the Lenders or the Agent under applicable “know your customer” and anti-money laundering rules and regulations, including the
Patriot Act. 
 The Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 
 SECTION 3.02. Conditions Precedent to Each Borrowing and Letter of Credit Issuance or Extension. The obligation of each Lender to make an Advance
on the occasion of each Borrowing, and the obligation of each Issuing Bank to issue or to extend the expiry date of a Letter of Credit, shall be subject to the conditions precedent that the Effective Date shall have occurred or shall occur
simultaneously with such Borrowing, issuance or extension and on the date of such Borrowing or Letter of Credit issuance or extension the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of
Issuance, and the acceptance by the Borrower of the proceeds of any such Borrowing, shall constitute a representation and warranty by the Borrower that on the date of such Borrowing, or such issuance or extension of a Letter of Credit, such
statements are true): 
 (a) the representations and warranties contained in Section 4.01 (except the
representations set forth in Section 4.01(d)(iii), Section 4.01(f) and Section 4.01(g) [in the case of Section 4.01(g), with the exception to apply solely with respect to Environmental Laws], each of
which shall be made only on and as of the Effective Date) are correct on and as of the Effective Date and are correct in all material respects (except for those representations and warranties qualified by “materiality,” “Material
Adverse Effect” or a like qualification, which shall be correct in all respects) on the date of such Borrowing or Letter of Credit issuance or extension, before and after giving effect to such Borrowing and the application of the proceeds
thereof or to such Letter of Credit issuance or extension, as though made on and as of such date (except for those representations and warranties that specifically relate to a prior date, which shall have been correct on such prior date); and

  

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 (b) no event has occurred and is continuing, or would result from such Borrowing or from
the application of the proceeds therefrom or from the issuance or extension of such Letter of Credit, that constitutes a Default or an Event of Default. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 SECTION 4.01. The Borrower represents and warrants that: 
 (a) Organization and Power. The Borrower is duly organized, validly existing and in good standing under the laws of Delaware and has all requisite powers and all material governmental licenses, authorizations,
consents and approvals required to carry on its business as now conducted and is duly qualified to do business in each jurisdiction where such qualification is required, except where the failure so to qualify would not have a Material Adverse
Effect. 
 (b) Company and Governmental Authorization; No Contravention. The execution, delivery and performance by the
Borrower of this Agreement and the Notes are within the Borrower’s limited liability company powers, have been duly authorized by all necessary limited liability company action, require no action by or in respect of, or filing with, any
governmental body, agency or official and do not contravene, or constitute a default under, any provision of applicable law or regulation or of the certificate of formation or limited liability company agreement of the Borrower or of any agreement,
judgment, injunction, order, decree or other instrument binding upon the Borrower or result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Restricted Subsidiaries. 
 (c) Binding Effect. This Agreement constitutes a valid and binding agreement of the Borrower and each Note, if and when executed
and delivered in accordance with this Agreement, will constitute a valid and binding obligation of the Borrower, in each case enforceable in accordance with its terms, except as the same may be limited by bankruptcy, insolvency or similar laws
affecting creditors rights generally and by general principles of equity. 
 (d) Financial Information. 
 (i) The consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of December 31, 2006 and the related
consolidated statements of income, cash flows, capitalization and retained earnings for the fiscal year then ended, reported on by Deloitte & Touche LLP, fairly present, in conformity with generally accepted accounting principles, the
consolidated financial position of the Borrower and its consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows for such fiscal year. 
 (ii) The unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as of March 31, 2007, and the related
unaudited consolidated statements of income and cash flows for the three months then ended, fairly present, in conformity with GAAP, the consolidated financial position of the Borrower and its consolidated Subsidiaries as of such date and their
consolidated results of operations and changes in financial position for such three-month period, subject to normal year-end adjustments and the absence of footnotes. 
  

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 (iii) There has been no Material Adverse Change since December 31, 2006. 

(e) Regulation U. The Borrower and its Restricted Subsidiaries are not engaged in the business of extending credit for the
purpose of purchasing or carrying margin stock (within the meaning of Regulation U issued by the Board of Governors of the Federal Reserve System), and no proceeds of any Borrowing or any Letter of Credit will be used, whether directly or
indirectly, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock in any such case that would cause a violation of such Regulation U. Not more than 25% of the value of the
assets of the Borrower and its Restricted Subsidiaries is represented by margin stock. 
 (f) Litigation. Except as
disclosed in the Borrower’s annual report on Form 10-K for the fiscal year ended December 31, 2006, there is no action, suit or proceeding (including, without limitation, any Environmental Action) pending against, or to the knowledge of
the Borrower threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official that would be likely to be decided adversely to Borrower or such Subsidiary and, as a
result, have a Material Adverse Effect. 
 (g) Compliance with Laws. The Borrower and each Subsidiary is in compliance
in all material respects with all applicable laws, ordinances, rules, regulations and requirements of governmental authorities (including, without limitation, ERISA and Environmental Laws) except where (i) non-compliance would not have a
Material Adverse Effect or (ii) the necessity of compliance therewith is contested in good faith by appropriate proceedings. 
 (h) Taxes. The Borrower and its Subsidiaries have filed all United States Federal income tax returns and all other material tax returns that are required to be filed by them and have paid all taxes due pursuant to such returns or
pursuant to any assessment received by the Borrower or any Subsidiary except (i) where nonpayment or failure to file would not have a Material Adverse Effect or (ii) where the same are contested in good faith by appropriate proceedings.
The charges, accruals and reserves on the books of the Borrower and its Material Restricted Subsidiaries in respect of taxes or other governmental charges are, in the opinion of the Borrower, adequate. 
 (i) Investment Company Status. Neither the Borrower nor any of its Subsidiaries is an “investment company” as defined in,
or subject to regulation under, the Investment Company Act of 1940, as amended. 
 (j) Disclosure. Neither the
Information Memorandum (including the information incorporated therein by reference) nor any of the other reports, financial statements, certificates or other information furnished by or on behalf of the Borrower to the Agent or any Lender in
connection with the negotiation of this Agreement or delivered hereunder (as modified or supplemented by other information so furnished) contains any material misstatement of a material fact or omits to state any material fact necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading; provided that, with 

  

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respect to projected financial information, the Borrower represents only that such information was prepared in good faith based upon assumptions believed to
be reasonable at the time. 
 (k) Unrestricted Subsidiaries. As of the Effective Date, the only Unrestricted
Subsidiaries are the MLP, the MLP GP and all MLP Subsidiaries. 
 ARTICLE V 
 COVENANTS OF THE BORROWER 
 SECTION 5.01. Information. The Borrower will deliver
to the Agent: 
 (a) as soon as available and in any event within 120 days after the end of each fiscal year of the Borrower,
a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such fiscal year and the related consolidated statements of income, cash flows, capitalization and retained earnings for such fiscal year, setting forth in
each case in comparative form the figures for the previous fiscal year, all reported on in a manner consistent with the requirements of the Securities and Exchange Commission by Deloitte & Touche or other independent public accountants of
nationally recognized standing; 
 (b) as soon as available and in any event within 60 days after the end of each of the first
three quarters of each fiscal year of the Borrower, commencing with the fiscal quarter ended March 31, 2007, a consolidated balance sheet of the Borrower and its Restricted Subsidiaries as of the end of such quarter and the related consolidated
statements of income and cash flows for such quarter and for the portion of the Borrowers’ fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding quarter and the
corresponding portion of the Borrower’s previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, application of GAAP and consistency by an Approved Officer of the Borrower; 
 (c) simultaneously with the delivery of each set of financial statements referred to in clauses (a) and (b) above,
a certificate of an Approved Officer of the Borrower (i) setting forth in reasonable detail the calculations required to establish whether the Borrower was in compliance with the requirements of Section 5.12 on the date of such
financial statements and (ii) stating whether any Default or Event of Default exists on the date of such certificate and, if any Default or Event of Default then exists, setting forth the details thereof and the action that the Borrower is
taking or proposes to take with respect thereto; 
 (d) within five days after any officer of the Borrower with responsibility
relating thereto obtains knowledge of any Default or Event of Default, if such Default or Event of Default is then continuing, a certificate of an Approved Officer of the Borrower setting forth the details thereof and the action that the Borrower is
taking or proposes to take with respect thereto; 
 (e) promptly upon the filing thereof, copies of all registration
statements (other than the exhibits thereto and any registration statements on Form S-8 or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) that the Borrower shall have filed with the Securities and Exchange Commission;

  

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 (f) if and when any member of the ERISA Group (i) gives or is required to give
notice to the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Material Plan that might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan
administrator of any Material Plan has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial
withdrawal liability under Title IV of ERISA or notice that any Material Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to
terminate, impose material liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under
Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Material Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC;
(vi) gives notice of withdrawal from any Material Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Material Plan or makes any amendment to any Material Plan that
has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of the Borrower setting forth details as to such occurrence and action,
if any, which the Borrower or applicable member of the ERISA Group is required or proposes to take; and 
 (g) from time to
time such additional information regarding the financial position or business of the Borrower and its Restricted Subsidiaries as the Agent, at the request of any Lender, may reasonably request. 
 Information required to be delivered pursuant to Sections 5.01(a), 5.01(b) and 5.01(e) shall be deemed to have been delivered on the
date on which such information has been posted on the Securities and Exchange Commission website on the Internet at sec.gov/edaux/searches.htm, on the Borrower’s IntraLinks site at intralinks.com or at another website identified in a notice
provided to the Lenders and accessible by the Lenders without charge. 
 SECTION 5.02. Payment of Taxes. The Borrower will pay and
discharge, and will cause each Subsidiary to pay and discharge, at or before maturity, all their tax liabilities, except where (i) nonpayment or failure to file would not have a Material Adverse Effect or (ii) the same may be contested in
good faith by appropriate proceedings, and will maintain, and will cause each Material Subsidiary to maintain, in accordance with GAAP, appropriate reserves for the accrual of any of the same. 
 SECTION 5.03. Maintenance of Property; Insurance. 
 (a) The Borrower will keep, and will cause each Material Restricted Subsidiary to keep, all property useful and necessary in its business in good working order and condition, ordinary wear and tear excepted.

 (b) The Borrower will, and will cause each of its Material Restricted Subsidiaries to, maintain (either in the name of the
Borrower or in such Subsidiary’s own name) 

  

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with financially sound and responsible insurance companies, insurance on all their respective properties in at least such amounts and against at least such
risks (and with such risk retention) as are usually insured against by companies of established repute engaged in the same or a similar business; provided that self-insurance by the Borrower or any such Material Restricted Subsidiary shall
not be deemed a violation of this covenant to the extent that such self-insurance is consistent with reasonable and prudent business practice; and will furnish to the Lenders, upon request from the Agent, information presented in reasonable detail
as to the insurance so carried. 
 SECTION 5.04. Maintenance of Existence. The Borrower will preserve, renew and keep in full force
and effect, and will cause each Material Restricted Subsidiary to preserve, renew and keep in full force and effect their respective corporate or other legal existence and their respective rights, privileges and franchises material to the normal
conduct of their respective businesses; provided that nothing in this Section 5.04 shall prohibit (i) any transaction permitted by Section 5.09 or (ii) the termination of any right, privilege or franchise of
the Borrower or any Material Restricted Subsidiary or of the corporate or other legal existence of any Material Restricted Subsidiary or the change in form of organization of the Borrower or any Material Restricted Subsidiary if the Borrower in good
faith determines that such termination or change is in the best interest of the Borrower, is not materially disadvantageous to the Lenders and, in the case of a change in the form of organization of the Borrower, the Agent has consented thereto
(such consent not to be unreasonably withheld or delayed). 
 SECTION 5.05. Compliance with Laws. The Borrower will comply, and cause
each Subsidiary to comply, in all material respects with all applicable laws, ordinances, rules, regulations, and requirements of governmental authorities (including, without limitation, ERISA and Environmental Laws) except where
(i) noncompliance would not have a Material Adverse Effect or (ii) the necessity of compliance therewith is contested in good faith by appropriate proceedings. 
 SECTION 5.06. Books and Records. The Borrower will keep, and will cause each Material Restricted Subsidiary to keep, proper books of record and account in which full, true and correct entries shall be made of
all financial transactions in relation to its business and activities in accordance with its customary practices; and will permit, and will cause each Material Restricted Subsidiary to permit, representatives of any Lender at such Lender’s
expense (accompanied by a representative of the Borrower, if the Borrower so desires) to visit any of their respective properties, to examine any of their respective books and records and to discuss their respective affairs, finances and accounts
with their respective officers, employees and independent public accountants, all upon such reasonable notice, at such reasonable times and as often as may reasonably be desired provided that such visits shall not occur more than one time per
year unless an Event of Default has occurred and is continuing. 
 SECTION 5.07. Maintenance of Ownership of Certain Subsidiaries. The
Borrower will maintain ownership of all common Equity Securities of Texas Eastern and Algonquin, directly or indirectly through wholly-owned Restricted Subsidiaries, free and clear of all Liens; provided that Texas Eastern and Algonquin may
merge or consolidate with or into the Borrower or another wholly-owned Restricted Subsidiary. 
  

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 SECTION 5.08. Negative Pledge. The Borrower will not, and will not permit any Restricted
Subsidiary to, create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except: 
 (a)
Liens existing on the date of this Agreement granted by the Borrower or any Restricted Subsidiary and securing Indebtedness outstanding on the date of this Agreement; 
 (b) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into the Borrower or any
Restricted Subsidiary and not created in contemplation of such event; 
 (c) any Lien existing on any asset prior to the
acquisition thereof by the Borrower or any Restricted Subsidiary and not created in contemplation of such acquisition; 
 (d)
any Lien on any asset securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset; provided that such Lien attaches to such asset concurrently with or within 365 days after the
acquisition thereof; 
 (e) any Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness
secured by any Lien permitted by any of the foregoing clauses of this Section 5.08; provided that the principal amount of such Indebtedness is not increased and is not secured by any additional assets; 
 (f) Liens for taxes, assessments or other governmental charges or levies not yet due or which are being contested in good faith by
appropriate proceedings and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with GAAP; 
 (g) statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law, created in the ordinary course of business and for amounts not past due for more than 60
days or which are being contested in good faith by appropriate proceedings that are sufficient to prevent imminent foreclosure of such Liens, are promptly instituted and diligently conducted and with respect to which adequate reserves or other
appropriate provisions are being maintained in accordance with GAAP; 
 (h) Liens incurred or deposits made in the ordinary
course of business (including, without limitation, surety bonds and appeal bonds) in connection with workers compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders, bids, leases,
contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations or arising as a result of progress payments under government contracts; 
 (i) easements (including, without limitation, reciprocal easement agreements and utility agreements), rights-of-way, covenants, consents,
reservations, encroachments, variations and other restrictions, charges or encumbrances (whether or not recorded) affecting the use of real property; 
  

 40 

 (j) Liens with respect to judgments and attachments that do not result in an Event of
Default; 
 (k) Liens, deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the
payment of money), leases (permitted under the terms of this Agreement), public or statutory obligations, surety, stay, appeal, indemnity, performance or other obligations arising in the ordinary course of business; 
 (l) other Liens, including Liens imposed by Environmental Laws, arising in the ordinary course of business of the Borrower or such
Restricted Subsidiary that (i) do not secure Indebtedness, (ii) do not secure obligations in an aggregate amount exceeding $100,000,000 at any time at which Investment Grade Status does not exist as to the Borrower and (iii) do not in
the aggregate materially detract from the value of the assets of the Borrower or such Restricted Subsidiary or materially impair the use thereof in the operation of its business; 
 (m) Liens required pursuant to the terms of this Agreement; and 
 (n) Liens not otherwise permitted by the foregoing clauses of this Section 5.08 securing obligations in an aggregate principal
or face amount at any date not to exceed 15% of Consolidated Net Tangible Assets. 
 SECTION 5.09. Consolidations, Mergers and Sales of
Assets. 
 (a) The Borrower will not (i) consolidate or merge with or into any other Person or (ii) sell, lease
or otherwise transfer, directly or indirectly, all or substantially all of its assets to any Person; provided that the Borrower may merge with another Person if the Borrower is the entity surviving such merger (except in the case of a merger
of the Borrower with the Parent, in which case the Parent may be the surviving entity) and, after giving effect thereto, no Event of Default or Default shall have occurred and be continuing. 
 (b) The Borrower will not permit any of its Restricted Subsidiaries to consolidate or merge with any other Person (except with the
Borrower or another Restricted Subsidiary, but subject to the provisions of Sections 5.07 and 5.09(a)) or sell all or substantially all of their respective assets (except to the Borrower or another Restricted Subsidiary, subject to the
provisions of Section 5.07, or except as a Permitted MLP Asset Transfer) if, after giving effect thereto, (i) any Event of Default or Default shall have occurred and be continuing or (ii) such consolidation, merger or sale of
assets, taken as a whole together with all other consolidations, mergers and sales of assets by the Borrower and its Restricted Subsidiaries since the Effective Date, shall result in the disposition by the Borrower and its Restricted Subsidiaries of
assets in an amount that would constitute all or substantially all of the consolidated assets of the Borrower and its Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP, as of the most recently completed fiscal
quarter. 
 (c) The Borrower will not, and will not permit any of its Restricted Subsidiaries to, (i) sell any of the
Equity Interests of Texas Eastern or Algonquin to any Person that is not a Restricted Subsidiary of the Borrower or (ii) sell all or substantially all of the assets of Texas Eastern or Algonquin. 
  

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 SECTION 5.10. Use of Proceeds. The proceeds of the Advances made under this Agreement will be used
by the Borrower for its general company purposes, including liquidity support for outstanding commercial paper and acquisitions. None of such proceeds will be used, directly or indirectly, for the purpose, whether immediate, incidental or ultimate,
of buying or carrying any “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System. 
 SECTION 5.11. Transactions with Affiliates. The Borrower will not, and will not permit any Restricted Subsidiary to, directly or indirectly, pay any funds to or for the account of, make any investment in, lease, sell, transfer or
otherwise dispose of any assets, tangible or intangible, to, or participate in, or effect, any transaction with, any Affiliate (other than the Borrower or a Restricted Subsidiary) unless such transaction is on terms and conditions reasonably fair to
the Borrower or such Restricted Subsidiary in the good faith judgment of the Borrower; provided that the foregoing provisions of this Section 5.11 shall not prohibit the Borrower and each Restricted Subsidiary from
(i) declaring or making any lawful distribution so long as, after giving effect thereto, no Default or Event of Default shall have occurred and be continuing or result therefrom, (ii) issuing and maintaining letters of credit, guaranties
and sureties as contingent obligations on behalf of Affiliates, (iii) making any Permitted MLP Asset Transfer, (iv) the payment of funds and making of capital contributions, loans and other transfers of money to Affiliates or to other
Persons on behalf of such Affiliates, including payments made under letters of credit, guaranties and surety bonds issued and maintained on behalf of Affiliates, provided that the aggregate amount for all such payments and transfers referred
to in this clause (iv) does not exceed $500,000,000 at any time outstanding (calculated at such time after giving effect to any repayments to the Borrower by, or on behalf of, such Affiliates for any such payment of funds and making of capital
contributions, loans and other transfers of money) or (v) any transaction permitted by Section 5.09(a) or by either of the parenthetical provisions in Section 5.09(b). 
 SECTION 5.12. Indebtedness/Capitalization Ratio. The Borrower will not permit the ratio of Consolidated Indebtedness to Consolidated
Capitalization to exceed 65% at the end of any fiscal quarter of the Borrower. 
 SECTION 5.13. Designation of Subsidiaries. The Board
of Directors of the Borrower may at any time designate any Restricted Subsidiary (other than Texas Eastern and Algonquin) as an Unrestricted Subsidiary or any Unrestricted Subsidiary as a Restricted Subsidiary; provided that
(i) immediately before and after such designation, no Event of Default or Default shall have occurred and be continuing, (ii) immediately after giving effect to such designation, the Borrower and its Restricted Subsidiaries shall be in
compliance, on a pro forma basis, with Section 5.12 (as though the effective date of such designation were the last day of a fiscal quarter of the Borrower) and, as a condition precedent to the effectiveness of such designation, the
Borrower shall deliver to the Agent a certificate of its Chief Financial Officer, its Treasurer or its Controller setting forth in reasonable detail the calculations demonstrating such compliance), (iii) no Restricted Subsidiary may be
designated as an Unrestricted Subsidiary if it was previously designated an Unrestricted Subsidiary, (iv) no Subsidiary of an Unrestricted Subsidiary may be designated as a Restricted Subsidiary, (v) no Subsidiary that owns any Equity
Securities or Indebtedness of, or owns or holds any Lien on, any property of the Borrower or any Restricted Subsidiary (other than any Subsidiary of the Subsidiary to be so designated), may be 

  

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designated an Unrestricted Subsidiary, (vi) each Subsidiary to be so designated as an Unrestricted Subsidiary, and its Subsidiaries, has not at the time
of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender or other creditor has recourse to any assets of the
Borrower or any Restricted Subsidiary other than the Equity Securities in such Unrestricted Subsidiary and its Subsidiaries, and (vii) no primary operating Subsidiary of the Borrower may be designated as an Unrestricted Subsidiary. The
designation of any Unrestricted Subsidiary as a Restricted Subsidiary shall constitute the incurrence at the time of designation of any Indebtedness or Liens of such Subsidiary existing at such time. If, at any time, any Unrestricted Subsidiary
fails to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter automatically cease to be an Unrestricted Subsidiary and shall constitute a Restricted Subsidiary for all purposes of this Agreement, and (among other things)
any Indebtedness and Liens of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Borrower as of such date. 
 ARTICLE VI 
 EVENTS OF DEFAULT 
 SECTION 6.01. Events of Default. If any of the following events (“Events of Default”) shall occur and be continuing: 
 (a) (i) the Borrower shall fail to pay any principal of any Advance or any reimbursement for Letter of Credit Disbursements when the same becomes due and payable, or (ii) the Borrower shall fail to pay any
interest on any Advance or make any other payment of fees or other amounts payable under this Agreement or any Note within five Business Days after the same becomes due and payable; or 
 (b) any representation or warranty made by the Borrower herein or by the Borrower (or any of its officers) in connection with this
Agreement shall prove to have been incorrect in any material respect when made; or 
 (c) (i) the Borrower shall fail to
perform or observe any term, covenant or agreement contained in Section 5.01(d), 5.04, 5.08, 5.09, 5.12 or the second sentence of Section 5.10, or (ii) the Borrower shall fail to perform or
observe any other term, covenant or agreement contained in this Agreement on its part to be performed or observed if such failure shall remain unremedied for 30 days after written notice thereof shall have been given to the Borrower by the Agent at
the request of any Lender; or 
 (d) (i) the Borrower or any of its Material Restricted Subsidiaries shall fail to pay any
principal of or premium or interest on any Indebtedness that is outstanding in a principal or notional amount of at least $175,000,000 in the aggregate (but excluding Indebtedness outstanding hereunder) of the Borrower or such Material Restricted
Subsidiary (as the case may be), when the same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in
the agreement or instrument relating to such Indebtedness; or (ii) any such Indebtedness shall be declared to be due and payable, or required to be prepaid or redeemed (other than by a regularly scheduled required prepayment or 

  

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redemption), purchased or defeased, or an offer to prepay, redeem, purchase or defease such Indebtedness shall be required to be made, in each case prior to
the stated maturity thereof; or 
 (e) the Borrower or any of its Material Restricted Subsidiaries shall generally not pay its
debts as such debts become due, or shall admit in writing its inability to pay its debts generally, or shall make a general assignment for the benefit of creditors; or any proceeding shall be instituted by or against the Borrower or any of its
Material Restricted Subsidiaries seeking to adjudicate it a bankrupt or insolvent, or seeking liquidation, winding up, reorganization, arrangement, adjustment, protection, relief, or composition of it or its debts under any law relating to
bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of an order for relief or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its property and, in the
case of any such proceeding instituted against it (but not instituted by it), either such proceeding shall remain undismissed or unstayed for a period of 90 days, or any of the actions sought in such proceeding (including, without limitation, the
entry of an order for relief against, or the appointment of a receiver, trustee, custodian or other similar official for, it or for any substantial part of its property) shall occur; or the Borrower or any of its Material Restricted Subsidiaries
shall take any corporate action to authorize any of the actions set forth above in this subsection (e); or 
 (f)
judgments or orders for the payment of money in excess of $175,000,000 in the aggregate shall be rendered against the Borrower or any of its Material Restricted Subsidiaries and either (i) enforcement proceedings shall have been commenced by
any creditor upon such judgment or order or (ii) there shall be any period of 45 consecutive days during which a stay of enforcement of such judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; or 

(g) (i) the Parent shall cease to own, directly or indirectly, all of the issued and outstanding Equity Securities of the Borrower;
(ii) any Person or two or more Persons acting in concert shall have acquired beneficial ownership (within the meaning of Rule 13d-3 of the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended), directly or
indirectly, of Voting Stock of the Parent (or other Equity Securities convertible into such Voting Stock) representing 50% or more of the combined voting power of all Voting Stock of the Parent; or (iii) during any period of up to 12
consecutive months, commencing after the Effective Date, individuals who at the beginning of such 12-month period (together with any successors appointed or nominated by such directors in the ordinary course) were directors of the Parent shall cease
for any reason to constitute a majority of the board of directors of the Parent; or 
 (h) any member of the ERISA Group shall
fail to pay when due an amount or amounts aggregating in excess of $25,000,000 which it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans having aggregate Unfunded
Vested Liabilities in excess of $50,000,000 (collectively, a “Material Plan”) shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any combination of the foregoing; or the PBGC shall
institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any Material Plan or a proceeding shall be instituted by a fiduciary of any Material Plan against any member of the ERISA Group to enforce
Section 515 or 4219(c)(5) of ERISA and such proceeding shall 

  

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not have been dismissed within 90 days thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating
that any Material Plan must be terminated; 
 then, and in every such event (other than an event with respect to the Borrower described in
Section 6.01(e)), and at any time thereafter during the continuance of such event, the Agent may with the consent of Lenders having at least 66-2/3% of the sum of the aggregate unpaid principal amount of the Advances at such time
plus the aggregate Letter of Credit Exposures at such time, and at the request of such Lenders shall, by notice to the Borrower, take any or all of the following actions, at the same or different times: (i) terminate the Commitments, and
thereupon the Commitments shall terminate immediately, (ii) exercise their rights and remedies under Section 2.03(h), and (iii) declare the Advances then outstanding to be due and payable in whole (or in part, in which case any
principal not so declared to be due and payable may thereafter be declared to be due and payable so long as, at the time of such later declaration, an Event of Default is continuing), and thereupon the principal of the Advances so declared to be due
and payable, together with accrued interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall become due and payable immediately, without presentment, demand, protest or other notice of any kind, all of which are
hereby waived by the Borrower; and in case of any event with respect to the Borrower described in Section 6.01(e), the Commitments shall automatically terminate and the principal of the Advances then outstanding, together with accrued
interest thereon and all fees and other obligations of the Borrower accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. In
addition to the remedies set forth above, the Agent may exercise any other remedies provided by applicable law. 
 ARTICLE VII 
 THE AGENT 
 SECTION 7.01. Authorization and
Action. Each Lender hereby appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such powers
and discretion as are reasonably incidental thereto. As to any matters not expressly provided for by this Agreement (including, without limitation, enforcement or collection of the Notes), the Agent shall not be required to exercise any discretion
or take any action, but shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders, and such instructions shall be binding upon all Lenders
and all holders of Notes; provided, however, that the Agent shall not be required to take any action that exposes the Agent to personal liability or that is contrary to this Agreement or applicable law. Without limiting the generality
of the foregoing, (a) the Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or an Event of Default has occurred and is continuing, (b) the Agent shall not have any duty to take any
discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by this Agreement that the Agent is required to exercise in writing as directed by the Required Lenders (or such other number or
percentage of the Lenders as shall be necessary under the circumstances as provided in Section 8.01), and (c) except as expressly set forth in this Agreement, the Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower or any of the 

  

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Subsidiaries that is communicated to or obtained by it or any of its Affiliates in any capacity. The Agent shall be deemed not to have knowledge of any
Default or Event of Default unless and until written notice thereof is given to the Agent by the Borrower or a Lender. The Agent agrees to promptly forward to each Lender all information delivered to the Agent pursuant to Section 5.01,
and the Agent agrees to give to each Lender prompt notice of each notice given to it by the Borrower pursuant to the terms of this Agreement. 
 SECTION 7.02. Agent’s Reliance, Etc. Neither the Agent nor any of its directors, officers, agents or employees shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement,
except for its or their own gross negligence or willful misconduct. Without limitation of the generality of the foregoing, the Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives and accepts an Assignment
and Acceptance entered into by the Lender that is the payee of such Note, as assignor, and an assignee, as provided in Section 8.07; (b) may consult with legal counsel (including counsel for the Borrower), independent public
accountants and other experts selected by it and shall not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation
to any Lender and shall not be responsible to any Lender for any statements, warranties or representations (whether written or oral) made in or in connection with this Agreement; (d) shall not have any duty to ascertain or to inquire as to the
performance, observance or satisfaction of any of the terms, covenants or conditions of this Agreement on the part of the Borrower or the existence at any time of any Default or to inspect the property (including the books and records) of the
Borrower; (e) shall not be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other instrument or document furnished pursuant hereto; and
(f) shall incur no liability under or in respect of this Agreement by acting upon any notice, consent, certificate or other instrument or writing (which may be by telecopier, telegram or telex) believed by it to be genuine and signed or sent by
the proper party or parties. 
 SECTION 7.03. JPMorgan and Affiliates. With respect to its Commitment, the Advances made by it, the
Note issued to it and any Letter of Credit issued by it, JPMorgan shall have the same rights and powers under this Agreement as any other Lender and may exercise the same as though it were not the Agent; and the terms “Lender”,
“Lenders”, “Issuing Bank” and “Issuing Banks” shall, unless otherwise expressly indicated, include JPMorgan in its individual capacity. JPMorgan and its Affiliates may accept deposits from, lend money to, act as trustee
under indentures of, accept investment banking engagements from and generally engage in any kind of business with, the Borrower, any of its Affiliates and any Person who may do business with or own Equity Securities of the Borrower or any such
Affiliate, all as if JPMorgan were not the Agent and without any duty to account therefor to the Lenders. The Agent shall have no duty to disclose any information obtained or received by it or any of its Affiliates relating to the Borrower or any of
its Affiliates to the extent such information was obtained or received in any capacity other than as Agent. 
 SECTION 7.04. Lender Credit
Decision. Each Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender and based on the financial statements referred to in Section 4.01 and 5.01 and such other documents and
information as it has deemed appropriate, made its own credit analysis and decision to enter into 

  

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this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the 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 action under this Agreement. 
 SECTION 7.05. Indemnification. The Lenders agree to indemnify the Agent and each Issuing Bank (in each case to the extent not reimbursed by the Borrower), ratably according to the respective principal amounts
of the Notes then held by each of them (or if no Notes are at the time outstanding or if any Notes are held by Persons that are not Lenders, ratably according to the respective amounts of their Commitments), from and against any and all liabilities,
obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind or nature whatsoever that may be imposed on, incurred by, or asserted against the Agent or such Issuing Bank in any way relating to or
arising out of this Agreement or any action taken or omitted by the Agent or such Issuing Bank under this Agreement (collectively, the “Indemnified Costs”), provided that no Lender shall be liable for any portion of the
Indemnified Costs resulting from the Agent’s or such Issuing Bank’s gross negligence or willful misconduct. Without limitation of the foregoing, each Lender agrees to reimburse the Agent and each Issuing Bank promptly upon demand for its
ratable share of any out-of-pocket expenses (including counsel fees) incurred by the Agent or such Issuing Bank in connection with the preparation, execution, delivery, administration, modification, amendment or enforcement (whether through
negotiations, legal proceedings or otherwise) of, or legal advice in respect of rights or responsibilities under, this Agreement, to the extent that the Agent or such Issuing Bank is not reimbursed for such expenses by the Borrower. In the case of
any investigation, litigation or proceeding giving rise to any Indemnified Costs, this Section 7.05 applies whether any such investigation, litigation or proceeding is brought by the Agent, any Issuing Bank, any Lender or a third party.

 SECTION 7.06. Successor Agent. The Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower
and may be removed at any time with or without cause by the Required Lenders. Upon any such resignation or removal, (i) the Borrower, with the consent of the Required Lenders (such consent not to be unreasonably withheld or delayed) shall have
the right to appoint a successor Agent or (ii) if an Event of Default shall have occurred and be continuing, then the Required Lenders shall have the right to appoint a successor Agent. If no successor Agent shall have been so appointed, and
shall have accepted such appointment, within 30 days after the retiring Agent’s giving of notice of resignation or the Required Lenders’ removal of the retiring Agent, then the retiring Agent may, on behalf of the Lenders and in
consultation with the Borrower, appoint a successor Agent, which shall be a commercial bank organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $500,000,000. Upon the
acceptance of any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon succeed to and become vested with all the rights, powers, discretion, privileges and duties of the retiring Agent, and the retiring Agent
shall be discharged from its duties and obligations under this Agreement provided that if such successor Agent shall have been appointed without the consent of the Borrower, such successor Agent may be replaced by the Borrower with the
consent of the Required Lenders so long as no Event of Default has occurred and is continuing. After any retiring Agent’s resignation or removal hereunder as Agent, the 

  

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provisions of this Article VII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Agent under this
Agreement. 
 SECTION 7.07. Syndication Agent, Co-Documentation Agents and Co-Lead Arrangers. The Syndication Agent, the
Co-Documentation Agents and the Co-Lead Arrangers, in their respective capacities as such, shall not have any duties or obligations of any kind under this Agreement. 
 SECTION 7.08. Sub-Agents. The Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by it. The Agent and any such sub-agent may perform
any and all its duties and exercise its rights and powers through its respective Affiliates. The exculpatory provisions of the preceding paragraphs and the provisions of Section 8.04 shall apply to any such sub-agent and to the
Affiliates of the Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Agent. 
 ARTICLE VIII 
 MISCELLANEOUS 
 SECTION 8.01. Amendments, Etc. No amendment or waiver of any provision of this Agreement or the Notes, nor consent to any departure by the
Borrower therefrom, shall in any event be effective unless the same shall be in writing and signed by the Required Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which
given; provided, however, that no amendment, waiver or consent shall, unless in writing and signed by all the Lenders directly affected thereby, do any of the following: (a) waive any of the conditions specified in
Section 3.01, (b) increase or extend the Commitments of the Lenders except as provided in Section 2.05(d) or (e), (c) reduce the principal of, or interest on, the Notes, any Advance, any Letter of Credit
Disbursement or any fees or other amounts payable hereunder, (d) postpone any date fixed for any payment of principal of, or interest on, the Notes, or the required date of reimbursement of any Letter of Credit Disbursement, or any fees or
other amounts payable hereunder except as provided in Section 2.05(e), (e) change the percentage of the Commitments or of the aggregate unpaid principal amount of the Notes, or change the number of Lenders, that shall be required
for the Lenders or any of them to take any action hereunder, (f) amend this Section 8.01, or (g) modify Section 2.16; and provided further that no amendment, waiver or consent shall, unless in writing
and signed by the Agent in addition to the Lenders required above to take such action, affect the rights or duties of the Agent under this Agreement or any Note; and provided further that no amendment, waiver or consent shall, unless
in writing and signed by the applicable Issuing Bank in addition to the Lenders required above to take such action, affect the rights or duties of such Issuing Bank under this Agreement. 
 SECTION 8.02. Notices, Etc. (a) All notices and other communications provided for hereunder shall be in writing (including telecopier,
telegraphic or telex communication) and mailed, telecopied, telegraphed, telexed or delivered, if to the Borrower, at its address at 5400 Westheimer Court, Houston, Texas 77056-5310, fax number 713-989-1717, Attention: Chip Fichtner; if to any
Initial Lender or Initial Issuing Bank, at its Domestic Lending Office specified in its Administrative Questionnaire; if to any other Lender, at its Domestic Lending Office 

  

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specified in the Assignment and Acceptance pursuant to which it became a Lender; and if to the Agent, at its address at 712 Main Street, 12th Floor, Houston,
Texas 77002-3223, fax number 713-216-1081, Attention: Robert Traband; or, as to the Borrower or the Agent, at such other address as shall be designated by such party in a written notice to the other parties and, as to each other party, at such other
address as shall be designated by such party in a written notice to the Borrower and the Agent. All such notices and communications shall, when mailed, telecopied, telegraphed or telexed, be effective when deposited in the mails, telecopied,
delivered to the telegraph company or confirmed by telex answerback, respectively, except that notices and communications to the Agent pursuant to Article II, III or VII shall not be effective until received by the Agent.
Delivery by telecopier or other electronic communication of an executed counterpart of any amendment or waiver of any provision of this Agreement or the Notes or of any Exhibit hereto to be executed and delivered hereunder shall be effective as
delivery of a manually executed counterpart thereof. 
 (b) Notices and other communications to the Lenders hereunder may be
delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article
II if such Lender has notified the Agent that it is incapable of receiving notices under such Article by electronic communication. The Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder
by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. Unless the Agent otherwise prescribes, (i) notices and other
communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or their
written acknowledgment), provided that 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, 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. 
 SECTION 8.03. No
Waiver: Remedies. No failure on the part of any Lender or the Agent to exercise, and no delay in exercising, any right hereunder or under any Note shall operate as a waiver thereof; nor shall any single or partial exercise of any such right
preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 
 SECTION 8.04. Costs and Expenses. 
 (a) The Borrower agrees to pay, within 15 days after demand therefor, all reasonable out-of-pocket costs and expenses of the Agent in connection with the preparation, execution, delivery, administration, modification
and amendment of this Agreement, the Notes and the other documents to be delivered hereunder, including, without limitation, the reasonable fees and out-of-pocket expenses of counsel for the Agent with respect thereto and with respect to advising
the Agent as to its rights and responsibilities under this Agreement. The Borrower 

  

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further agrees to pay on demand all reasonable out-of-pocket costs and expenses of the Agent and the Lenders, if any (including, without limitation,
reasonable fees and out-of-pocket expenses of counsel), in connection with the enforcement (whether through negotiations, legal proceedings or otherwise) of this Agreement, the Notes and the other documents to be delivered hereunder, including,
without limitation, reasonable fees and out-of-pocket expenses of counsel for the Agent and each Lender in connection with the enforcement of rights under this Section 8.04(a). 
 (b) The Borrower agrees to indemnify and hold harmless the Agent, each Issuing Bank and each Lender and each of their Affiliates and their
officers, directors, employees, agents and advisors (each, an “Indemnified Party”) from and against any and all claims, damages, penalties, losses, liabilities and expenses (including, without limitation, reasonable fees and
out-of-pocket expenses of counsel) incurred by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of (including, without limitation, in connection with any investigation, litigation
or proceeding or preparation of a defense in connection therewith) the Notes, this Agreement, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances except to the extent that such claim, damage,
loss, liability or expense is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from such Indemnified Party’s gross negligence or willful misconduct, and except to the extent such claim, damage or
loss consists of Taxes excluded under clause (i), (ii), (iii) or (iv) of Section 2.15(a). The Borrower also agrees not to assert any claim for special, indirect, consequential or punitive damages
against the Agent, any Lender, any Issuing Bank, any of their Affiliates, or any of their respective directors, officers, employees, attorneys and agents, on any theory of liability arising out of or otherwise relating to the Notes, this Agreement,
any Letter of Credit, any of the transactions contemplated herein or the actual or proposed use of the proceeds of the Advances. 
 (c) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and obligations of the Borrower contained in Sections 2.11, 2.12, 2.14, 2.15 and 8.04 shall survive
the payment in full of principal, interest and all other amounts payable hereunder and under the Notes. 
 SECTION 8.05. Right of
Set-off. Upon (i) the occurrence and during the continuance of any Event of Default and (ii) the making of the request or the granting of the consent specified by Section 6.01 to authorize the Agent to declare the Notes due
and payable pursuant to the provisions of Section 6.01, each Lender and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to set off and apply any and all deposits
(general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by such Lender or such Affiliate to or for the credit or the account of the Borrower against any and all of the obligations of the
Borrower now or hereafter existing under this Agreement and the Note held by such Lender, whether or not such Lender shall have made any demand under this Agreement or such Note. Each Lender agrees promptly to notify the Borrower after any such
set-off and application, provided that the failure to give such notice shall not affect the validity of such set-off and application. The rights of each Lender and its Affiliates under this Section 8.05 are in addition to other
rights and remedies (including, without limitation, other rights of set-off) that such Lender and its Affiliates may have. 
  

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 SECTION 8.06. Binding Effect. This Agreement shall become effective (other than Sections
2.01 and 2.03, which shall only become effective upon satisfaction of the conditions precedent set forth in Section 3.01) when it shall have been executed by the Borrower and the Agent and when the Agent shall have been
notified by each Initial Lender that such Initial Lender has executed it and thereafter shall be binding upon and inure to the benefit of the Borrower, the Agent and each Lender and their respective successors and assigns, except that the Borrower
shall not have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders. 
 SECTION
8.07. Assignments and Participations. 
 (a) Each Lender may assign to one or more banks or other financial
institutions all or a portion of its rights and obligations under this Agreement (including, without limitation, all or a portion of its Commitment, the Advances owing to it and the Note or Notes held by it) with (and only with and subject to) the
prior written consent of the Agent and each Issuing Bank (which shall not be unreasonably withheld or delayed) and, so long as no Event of Default has occurred and is continuing, the Borrower (which shall not be unreasonably withheld or delayed);
provided, however, that any Lender may, without the consent of the Borrower, at any time assign to another Lender, an Approved Fund or an Affiliate of such assignor Lender all or a portion of its rights and obligations under this
Agreement; and provided, further, that (i) each such assignment shall be of a constant, and not a varying, percentage of all rights and obligations under this Agreement, (ii) except in the case of an assignment to a Person
that, immediately prior to such assignment, was a Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, the amount of the Commitment of the assigning Lender being assigned pursuant to each such assignment
(determined as of the date of the Assignment and Acceptance with respect to such assignment) shall in no event be less than $10,000,000 or an integral multiple of $1,000,000 in excess thereof, and (iii) the parties to each such assignment shall
execute and deliver to the Agent, for its acceptance and recording in the Register, an Assignment and Acceptance, together with any Note subject to such assignment and a processing and recordation fee of $3,500. Upon such execution, delivery,
acceptance and recording, from and after the effective date specified in each Assignment and Acceptance, (x) the assignee thereunder shall be a party hereto and, to the extent that rights and obligations hereunder have been assigned to it
pursuant to such Assignment and Acceptance, have the rights and obligations of a Lender hereunder and (y) the Lender assignor thereunder shall, to the extent that rights and obligations hereunder have been assigned by it pursuant to such
Assignment and Acceptance, relinquish its rights (other than its rights under Sections 2.11, 2.12, 2.14, 2.15 and 8.04 to the extent any claim thereunder relates to an event arising prior to such assignment) and be
released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all or the remaining portion of an assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a
party hereto). 
 (b) By executing and delivering an Assignment and Acceptance, the Lender assignor thereunder and the
assignee thereunder confirm to and agree with each other and the other parties hereto as follows: (i) other than as provided in such Assignment and Acceptance, such assigning Lender makes no representation or warranty and assumes no
responsibility with respect to any statements, warranties or representations made in or in connection with this Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value 

  

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of this Agreement or any other instrument or document furnished pursuant hereto; (ii) such assigning Lender makes no representation or warranty and
assumes no responsibility with respect to the financial condition of the Borrower or the performance or observance by the Borrower of any of its obligations under this Agreement or any other instrument or document furnished pursuant hereto;
(iii) such assignee confirms that it has received a copy of this Agreement, together with copies of the financial statements referred to in Section 4.01 and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into such Assignment and Acceptance; (iv) such assignee will, independently and without reliance upon the Agent, such assigning Lender or any other Lender and based on such documents and information
as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under this Agreement; (v) such assignee appoints and authorizes the Agent to take such action as agent on its behalf and to
exercise such powers and discretion under this Agreement as are delegated to the Agent by the terms hereof, together with such powers and discretion as are reasonably incidental thereto; and (vi) such assignee agrees that it will perform in
accordance with their terms all of the obligations that by the terms of this Agreement are required to be performed by it as a Lender. 
 (c) Upon its receipt of an Assignment and Acceptance executed by an assigning Lender and an assignee, together with any Note or Notes subject to such assignment, the Agent shall, if such Assignment and Acceptance has
been completed and is in substantially the form of Exhibit D hereto, (i) accept such Assignment and Acceptance, (ii) record the information contained therein in the Register and (iii) give prompt notice thereof to the Borrower.
Within five Business Days after its receipt of such notice, the Borrower, at its own expense, shall execute and deliver to the Agent in exchange for any surrendered Note a new Note to the order of such Eligible Assignee in an amount equal to the
Commitment assumed by it pursuant to such Assignment and Acceptance and, if the assigning Lender has retained a Commitment hereunder, a new Note to the order of the assigning Lender in an amount equal to the Commitment retained by it hereunder. Such
new Note or Notes shall be in an aggregate principal amount equal to the aggregate principal amount of such surrendered Note or Notes, shall be dated the effective date of such Assignment and Acceptance and shall otherwise be in substantially the
form of Exhibit A hereto. 
 (d) The Agent shall maintain at its address referred to in Section 8.02 a copy
of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the Commitment of, and principal amount of the Advances owing to, each Lender (the
“Register”). The entries in the Register shall be conclusive and binding for all purposes, absent manifest error, and the Borrower, the Agent and the Lenders shall treat each Person whose name is recorded in the Register as a Lender
hereunder for all purposes of this Agreement. The Register shall be available for inspection by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. No Commitment, Advance or Note shall be transferred
by any Lender unless such transfer is entered in the Register. 
 (e) Each Lender may, with the consent (unless an Event of
Default then exists) of the Borrower (which shall not be unreasonably withheld or delayed), sell participations to one or more banks or other entities (other than the Borrower or any of its Affiliates) (a “Participant”) in or to all
or a portion of its rights and obligations under this Agreement 

  

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(including, without limitation, all or a portion of its Commitment, the Advances owing to it and the Note or Notes held by it); provided,
however, that any Lender may, without the consent of the Borrower, at any time sell participations to another Lender, an Approved Fund or an Affiliate of such transferor Lender; and provided, further, that (i) such
Lender’s obligations under this Agreement (including, without limitation, its Commitment to the Borrower hereunder) shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of
such obligations, (iii) such Lender shall remain the holder of any such Note for all purposes of this Agreement, (iv) the Borrower, the Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement and (v) no participant under any such participation shall have any right to approve any amendment or waiver of any provision of this Agreement or any Note, or any consent to
any departure by the Borrower therefrom, except to the extent that such amendment, waiver or consent would reduce the principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such
participation, or, except as provided in Section 2.05(e), postpone any date fixed for any payment of principal of, or interest on, the Notes or any fees or other amounts payable hereunder, in each case to the extent subject to such
participation. 
 (f) Any Lender may, in connection with any assignment, designation or participation or proposed assignment,
designation or participation pursuant to this Section 8.07, disclose to the assignee, designee or participant or proposed assignee, designee or participant, any information relating to the Borrower and its Affiliates furnished to such
Lender by or on behalf of the Borrower; provided that, prior to any such disclosure, the assignee, designee or participant or proposed assignee, designee or participant shall agree to preserve the confidentiality of any confidential
information relating to the Borrower and its Affiliates received by it from such Lender. 
 (g) Notwithstanding any other
provision set forth in this Agreement, any Lender may at any time create a security interest in all or any portion of its rights under this Agreement (including, without limitation, the Advances owing to it and the Note or Notes held by it) in favor
of any Federal Reserve Bank in accordance with Regulation A of the Board of Governors of the Federal Reserve System. 
 (h) No
assignee, Participant or other transferee of any Lender’s rights (including any Applicable Lending Office other than such Lender’s initial Applicable Lending Office) shall be entitled to receive any greater payment under
Section 2.12, 2.15 or 8.04 than such Lender would have been entitled to receive with respect to the rights transferred, unless such transfer is made by reason of the provisions of Section 2.18 requiring such
Lender to designate a different Applicable Lending Office under certain circumstances or at a time when the circumstances giving rise to such greater payment did not exist. 
 SECTION 8.08. Governing Law; Submission to Jurisdiction. This Agreement and each Note (if any) shall be construed in accordance with and governed
by the law of the State of New York. The Borrower hereby submits to the nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York City for purposes of all
legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. The Borrower irrevocably waives, to the fullest extent 

  

 53 

 
permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such proceeding brought in such a court and any claim
that any such proceeding brought in such a court has been brought in an inconvenient forum. 
 SECTION 8.09. Execution in Counterparts;
Integration. This Agreement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed shall be deemed to be an original and all of which taken together shall constitute
one and the same agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other electronic means shall be effective as delivery of a manually executed counterpart of this Agreement. This Agreement
constitutes the entire agreement and understanding among the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. 
 SECTION 8.10. WAIVER OF JURY TRIAL. EACH OF THE BORROWER, THE AGENT AND THE LENDERS HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN ANY
ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE NOTES OR THE ACTIONS OF THE AGENT OR ANY LENDER IN THE NEGOTIATION, ADMINISTRATION, PERFORMANCE OR ENFORCEMENT
THEREOF. 
 SECTION 8.11. Patriot Act. Each Lender hereby notifies the Borrower that pursuant to the requirements of the Patriot Act,
it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the
Act. 
 SECTION 8.12. Headings. Article, Section and other headings and the Table of Contents used herein are for convenience of
reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement. 
 SECTION 8.13. Confidentiality. 
 (a) The Agent, each Issuing Bank and each Lender
agrees to maintain the confidentiality of the Information (as defined below), except that Information may be disclosed (i) to its and its Affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other
advisors (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential), (ii) to the extent requested by any
governmental authority, (iii) to the extent required by applicable laws or regulations, (iv) to the extent required by any subpoena or similar legal process provided that the Agent or such Lender as applicable shall use reasonable
efforts, consistent with its normal practices, to notify the Borrower if disclosure of such Information is required, to the extent it is not prohibited from doing so by any law or regulation or by such subpoena or legal process, (v) to any
other party to this Agreement, (vi) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (vii) subject to an agreement containing
provisions substantially the same as those of this Section 8.13, to (A) any assignee of or 

  

 54 

 
Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this Agreement (it being understood that such actual
or prospective assignee or Participant will be informed of the confidential nature of such Information and instructed to keep such Information confidential) or (B) any actual or prospective counterparty (or its advisors) to any swap or
derivative transaction relating to the Borrower and its obligations (it being understood that such actual or prospective counterparty will be informed of the confidential nature of such Information and instructed to keep such Information
confidential), (viii) with the consent of the Borrower or (ix) to the extent such Information (A) becomes publicly available other than as a result of a breach of this Section 8.13 or (B) becomes available to the
Agent, any Issuing Bank or any Lender on a nonconfidential basis from a source other than the Borrower unless the Agent or such Lender, as applicable, shall have actual knowledge that such source was required to keep such Information confidential.
For the purposes of this Section 8.13, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Agent, any Issuing
Bank or any Lender on a nonconfidential basis prior to disclosure by the Borrower; provided that, in the case of information received from the Borrower after the date hereof, such information is either clearly identified at the time of
delivery as confidential or should, because of its nature, reasonably be understood to be confidential. Any Person required to maintain the confidentiality of Information as provided in this Section 8.13 shall be considered to have
complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. 
 (b) Each Lender acknowledges that Information furnished to it pursuant to this Agreement may include material non-public information
concerning the Borrower and its Affiliates or their respective securities, and confirms that it has developed compliance procedures regarding the use of material non-public information and that it will handle such material non-public information in
accordance with those procedures and applicable law, including Federal and state securities laws. 
 (c) All information,
including requests for waivers and amendments, furnished by the Borrower or the Agent pursuant to, or in the course of administering, this Agreement will be syndicate-level information, which may contain material non-public information about the
Borrower and its Affiliates or their respective securities. Accordingly, each Lender represents to the Borrower and the Agents that it has identified in its Administrative Questionnaire a credit contact who may receive information that may contain
material non-public information in accordance with its compliance procedures and applicable law, including Federal and state securities laws. 
 [Remainder of Page Intentionally Left Blank; Signature Pages Follow] 
  

 55 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their respective
officers thereunto duly authorized, as of the date first above written. 
  

			
	SPECTRA ENERGY CAPITAL, LLC
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	105,000,000	  	$	100,000,000

  

			
	JPMORGAN CHASE BANK, N.A., as the Agent, as a Lender and as an Issuing Bank
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	105,000,000	  	$	0

  

			
	CITIBANK, N.A., as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	100,000,000	  	$	100,000,000

  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender and as an Issuing Bank
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	100,000,000	  	$	0

  

			
	BANK OF AMERICA, N.A., as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	100,000,000	  	$	0

  

			
	BARCLAYS BANK PLC, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	90,000,000	  	$	0

  

			
	ABN AMRO BANK, N.V., as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	90,000,000	  	$	0

  

			
	CREDIT SUISSE, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	90,000,000	  	$	0

  

			
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	90,000,000	  	$	0

  

			
	THE ROYAL BANK OF SCOTLAND PLC, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	90,000,000	  	$	0

  

			
	UBS LOAN FINANCE LLC, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	75,000,000	  	$	0

  

			
	LEHMAN BROTHERS COMMERCIAL BANK,
as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	75,000,000	  	$	0

  

			
	MERRILL LYNCH BANK USA, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	75,000,000	  	$	0

  

			
	MORGAN STANLEY BANK, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	THE BANK OF NOVA SCOTIA, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	BANK OF TOKYO-MITSUBISHI UFJ, LTD., NEW YORK BRANCH, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	BMO CAPITAL MARKETS FINANCING, INC.,
as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	CIBC INC., as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	KEYBANK NATIONAL ASSOCIATION, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	SUNTRUST BANK, as a Lender
		
	By:	 	  
	Title:	 	

 [Signature Page to Credit Agreement] 

					
	Commitment:	  	Letter of Credit
Commitment:
	$	45,000,000	  	$	0

  

			
	TORONTO DOMINION (TEXAS) LLC, as a Lender
		
	By:	 	  
	Title:	 	

  

					
	Total
Commitments:	  	Total Letter of
Credit Commitments:
	$	1,500,000,000	  	$	200,000,000

 [Signature Page to Credit Agreement] 

 SCHEDULE 1.01 
 EXISTING LETTERS OF CREDIT 
  

								
	 Issuing Bank
	  	 Letter of Credit
Reference Number
	  	Face Amount	  	 Expiry Date

	 Wachovia Bank, National Association
	  	SM222694W	  	$	12,500,000	  	December 31, 2007
	 Wachovia Bank, National Association
	  	SM223974W	  	$	2,900,000	  	January 1, 2008
	 Wachovia Bank, National Association
	  	LC968-099170	  	$	500,000	  	March 31, 2008

 EXHIBIT A – FORM OF 
 PROMISSORY NOTE 
 PROMISSORY NOTE 
  

	 $                                      
   
	 Dated:                     , 200__ 

 FOR VALUE RECEIVED, the undersigned, SPECTRA ENERGY CAPITAL, LLC, a Delaware limited liability company (the “Borrower”), HEREBY PROMISES
TO PAY to the order of [                    ] or its registered assignees (the “Lender”) for the account of its
Applicable Lending Office on the Termination Date (each as defined in the Credit Agreement referred to below) the principal sum of $[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the
Advances made by the Lender to the Borrower pursuant to the Credit Agreement dated as of May 21, 2007, among the Borrower, the Lender and certain other lenders parties thereto, and JPMorgan Chase Bank, N.A., as Agent for the Lender and such
other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined), outstanding on the Termination Date. 
 The Borrower promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in
full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 
 Both principal and interest are payable
in lawful money of the United States of America to JPMorgan Chase Bank, N.A., as Agent, at the Agent’s Account, in same day funds. Each Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on
account of principal thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto that is part of this Promissory Note; provided that the failure to make a notation of any such Advance or
payment made on this Promissory Note shall not limit or otherwise affect the obligations of the Borrower hereunder with respect to payments of principal of or interest on this Promissory Note. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit Agreement, among other
things, (i) provides for the making of Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the dollar amount first above mentioned, the indebtedness of the Borrower resulting
from each such Advance by the Lender being evidenced by this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal
hereof prior to the maturity hereof upon the terms and conditions therein specified. 
 This Promissory Note shall be construed in accordance
with and governed by the law of the State of New York. 
 As provided in the Credit Agreement, the Borrower hereby submits to the
nonexclusive jurisdiction of the United States District Court for the Southern District of New York and of any New York State court sitting in New York City for purposes of all legal proceedings arising our of or relating to the Credit Agreement,
this Promissory Note or the transactions contemplated thereby. 
  

 Exhibit A-1 

 The terms of this Promissory Note are subject to amendment only in the manner provided in the Credit
Agreement. The Borrower promises to pay all costs and expenses, including reasonable attorneys’ fees and out-of-pocket expenses, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Promissory Note. The
Borrower and any endorsers of this Promissory Note hereby consent to renewals and extensions of time at or after the maturity hereof, without notice, and hereby waive diligence, presentment, protest, demand, notice of every kind and, to the full
extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
 IN WITNESS WHEREOF, the
Borrower has caused this Promissory Note to be duly executed and delivered by its officer thereunto duly authorized as of the date first above written. 
  

			
	SPECTRA ENERGY CAPITAL, LLC
		
	By:	 	  
	Title:	 	

  

 Exhibit A-2 

 ADVANCES AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	  	Amount of
Advance	  	 Amount of
 Principal Paid or
 Prepaid
	  	 Unpaid Principal
 Balance
	  	 Notation Made By

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

 Exhibit A-3 

 EXHIBIT B – FORM OF 
 NOTICE OF BORROWING 
 NOTICE OF BORROWING 
 [Date] 
 JPMorgan Chase Bank, N.A., as Agent 
 for the Lenders parties 
 to the Credit Agreement 
 referred to below 
 Attention:
                             
 Ladies and Gentlemen: 
 The undersigned, Spectra Energy Capital, LLC, refers to the Credit Agreement, dated
as of May 21, 2007 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein defined), among the undersigned, certain Lenders parties thereto and JPMorgan Chase
Bank, N.A. as Agent for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the undersigned hereby requests a Borrowing under the Credit Agreement, and in that connection sets
forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required by Section 2.02(a) of the Credit Agreement: 
 (i) The Business Day of the Proposed Borrowing is
                    , 200__. 
 (ii) The Type of Advances comprising the Proposed Borrowing is [Base Rate Advances] [Eurodollar Rate Advances]. 
 (iii) The aggregate amount of the Proposed Borrowing is $                    . 
 [(iv) The initial Interest Period for each Eurodollar Rate Advance made as part of the Proposed Borrowing is
         month[s].] 
 The undersigned hereby certifies that the following statements are true
on the date hereof, and will be true on the date of the Proposed Borrowing: 
 (A) the
representations and warranties contained in Section 4.01 of the Credit Agreement 1[(except the
representations set forth in Section 4.01(d)(iii), Section 4.01(f) and Section 4.01(g) {in the case of Section 4.01(g), with the exception to apply solely with respect to Environmental Laws})] are
correct 2[in all material respects (except for those representations and warranties qualified by
“materiality,” “Material Adverse Effect” or a like qualification, which shall be correct in all respects)], before and after giving effect to the Proposed Borrowing and to the application of the proceeds therefrom, as though
made on and as of such date (except for those representations and warranties that specifically relate to a prior date, which shall have been correct on such prior date); and 

	 1
	 Insert bracketed text for borrowings after the initial funding. 

  

	 2
	 Insert bracketed text for borrowings after the initial funding. 

  

 Exhibit B-1 

 (B) no event has occurred and is continuing, or would result from such Proposed Borrowing or from the
application of the proceeds therefrom, that constitutes a Default or an Event of Default. 
  

			
	Very truly yours,
	
	SPECTRA ENERGY CAPITAL, LLC
		
	By:	 	  
	Title:	 	

  

 Exhibit B-2 

 EXHIBIT C – FORM OF 
 NOTICE OF ISSUANCE 
 NOTICE OF ISSUANCE 
  

	To:	JPMorgan Chase Bank, as Agent 

	    	                    , as Issuing Bank 

  

	From:	Spectra Energy Capital, LLC 

  

	Date:	                     

  

	Re:	Credit Agreement dated as of May 21, 2007 (as amended or modified from time to time, the “Credit Agreement”) among Spectra Energy Capital, LLC (the
“Borrower”), the Lenders parties thereto and JPMorgan Chase Bank, N.A., as Agent 

 The Borrower hereby gives
notice pursuant to Section 2.03(b) of the Credit Agreement that the Borrower requests the above-named Issuing Bank to issue on or before
                     (which is a Business Day) a Letter of Credit containing the terms attached hereto as Schedule I (the
“Requested Letter of Credit”). 
 The Requested Letter of Credit will be subject to [UCP 500] [ISP98]. 
 The Borrower hereby represents and warrants to the Issuing Bank, the Agent and the Lenders that: 
  

	 	(a)	immediately after the issuance of the Requested Letter of Credit, the sum of the aggregate outstanding Advances and Letter of Credit Exposures will not exceed the aggregate amount
of the Commitments; 

  

	 	(b)	immediately after the issuance of the Requested Letter of Credit, the aggregate Letter of Credit Exposure of the above-named Issuing Bank in respect of Letters of Credit issued by
it will not exceed such Issuing Bank’s Letter of Credit Commitment; 

  

	 	(c)	immediately after the issuance of the Requested Letter of Credit, no Default or Event of Default shall have occurred and be continuing; and 

  

	 	 (d)
	 the representations and warranties contained in Section 4.01 of the Credit Agreement 3[(except the representations set forth in Section 4.01(d)(iii), Section 4.01(f) and
Section 4.01(g) ({in the case of Section 4.01(g), with the exception to apply solely with respect to Environmental Laws})] shall be true 4[in all material respects (except for those representations and warranties qualified by “materiality,” “Material Adverse Effect” or a like 

	 3
	 Insert bracketed text for Letters of Credit issued after the Effective Date.

  

	 4
	 Insert bracketed text for Letters of Credit issued after the Effective Date.

  

 Exhibit C-3 

 qualification, which shall be correct in all respects)] on and as of the date of issuance of the
Requested Letter of Credit (except for those representations and warranties that specifically relate to a prior date, which shall have been correct on such prior date). 
 The Borrower hereby authorizes the Issuing Bank to issue the Requested Letter of Credit with such variations from the above terms as the Issuing Bank may, in its discretion, determine are necessary and are not
materially inconsistent with this Notice of Issuance. The opening of the Requested Letter of Credit and the Borrower’s responsibilities with respect thereto are subject to [UCP 500] [ISP98] as indicated above and the terms and conditions
set forth in the Credit Agreement. 
 Terms used herein and not otherwise defined herein have the meanings assigned to them in the Credit
Agreement. 
  

			
	Very truly yours,
	
	SPECTRA ENERGY CAPITAL, LLC
		
	By:	 	  
	Title:	 	

  

 Exhibit C-4 

 EXHIBIT D – FORM OF 
 ASSIGNMENT AND ACCEPTANCE 
 ASSIGNMENT AND ACCEPTANCE 
 This Assignment and Acceptance (the “Assignment and Acceptance”) is dated as of the Effective Date set forth below and is entered into
by and between [NAME OF ASSIGNOR] (the “Assignor”) and [NAME OF ASSIGNEE] (the “Assignee”). Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended or modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are
hereby agreed to and incorporated herein by reference and made a part of this Assignment and Acceptance as if set forth herein in full. 
 For an agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions
and the Credit Agreement, as of the Effective Date inserted by the Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Lender under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the respective facilities identified below (including any letters of
credit included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to
clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and
Acceptance, without representation or warranty by the Assignor. 
  

					
	 1.
	  	Assignor:	    	_________________________
			
	 2.
	  	Assignee:	    	_________________________
		  		    	[and is an Affiliate of [identify Lender]]
			
	 3.
	  	Borrower:	    	Spectra Energy Capital, LLC
			
	 4.
	  	Agent:	    	JPMorgan Chase Bank, N.A., as administrative agent under the Credit Agreement
			
	 5.
	  	Credit Agreement:	    	Credit Agreement dated as of May 21, among Spectra Energy Capital, LLC, a Delaware limited liability company, JPMorgan Chase Bank, N.A., as Agent and the other Lenders party
thereto

	6.	Assigned Interest: 

  

									
	 Facility Assigned
	  	Aggregate Amount of
Commitment for all
Lenders	  	Amount of
Commitment Assigned	  	Percentage Assigned
of Commitment1
	 Revolving Facility
	  	$	 	  	$	 	  	%

  

									
	 7.
	  	 Assignee’s Domestic
 Lending
Office:
	  	  	  		  	
					
	 8.
	  	 Assignee’s Eurodollar
 Lending
Office:
	  	  	  		  	
					
	 9.
	  	 Assignee’s Letter of
 Credit
Commitment:
	  	  	  		  	

 Effective Date:
                             , 20         [TO BE
INSERTED BY AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The Assignee agrees to deliver to the Agent
a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its Affiliates or their
respective securities) will be made available and who may receive such information in accordance with the Assignee’s compliance procedures and applicable laws, including Federal and state securities laws. 
  

					
	ASSIGNOR
	
	[NAME OF ASSIGNOR],
			
		 	by	 	  
		 		 	Name:
		 		 	Title:
	
	ASSIGNEE
	
	[NAME OF ASSIGNEE],
			
		 	by	 	  
		 		 	Name:
		 		 	Title:

	 1
	 Set forth, to at least 9 decimals, as a percentage of the Commitment of all Lenders thereunder.

					
	Consented to and Accepted:
	
	JPMORGAN CHASE BANK, N.A., as Agent,
			
		 	by	 	  
		 		 	Name:
		 		 	Title:
	
	Consented to:
	
	[NAME OF EACH ISSUING BANK]
			
		 	by	 	  
		 		 	Name:
		 		 	Title:
	
	[Consented to:]2
	
	SPECTRA ENERGY CAPITAL, LLC
			
		 	by	 	  
		 		 	Name:
		 		 	Title:

	 2
	 To be added only if the consent of the Borrower is required by the terms of the Credit Agreement.

 Standard Terms And Conditions For 
 Assignment And Assumption 
 1. Representations and Warranties.

 1.1 Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned
Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Acceptance and
to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the execution, legality,
validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of
the Credit Agreement or (iv) the performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement. 
 1.2. Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action necessary, to
execute and deliver this Assignment and Acceptance and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit Agreement that are
required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to the extent of the
Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it has received and/or had the opportunity to review a copy of the Credit Agreement to the extent it has in its sole discretion deemed necessary, together with copies of
the most recent financial statements delivered pursuant to Section 5.01(a) and 5.01(b) thereof, as applicable, and such other documents and information as it has in its sole discretion deemed appropriate to make its own credit
analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Agent or any other Lender, and
(v) if it is a Lender that is organized under the laws of a jurisdiction other than the United States of America or any State thereof or the District of Columbia, attached to the Assignment and Acceptance is any documentation required to be
delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Agent, the Assignor or any other Lender, and based on
such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the
obligations that by the terms of the Credit Agreement are required to be performed by it as a Lender. 
 2. Payments. From and after
the Effective Date, the Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts that have accrued to but excluding the Effective Date and to
the Assignee for amounts that have accrued from and after the Effective Date. 
  

 Schedule 1 to Assignment and Acceptance - 4 

 3. General Provisions. This Assignment and Acceptance shall be binding upon, and inure to the
benefit of, the parties hereto and their respective successors and assigns. This Assignment and Acceptance may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a
signature page of this Assignment and Acceptance by telecopy or other electronic means shall be effective as delivery of a manually executed counterpart of this Assignment and Acceptance. This Assignment and Acceptance shall be governed by, and
construed in accordance with, the law of the State of New York. 
  

 Schedule 1 to Assignment and Acceptance - 5 

 EXHIBIT E-1 - FORM OF 
 OPINION OF GENERAL COUNSEL OF 
 THE BORROWER 
 May 21, 2007 
 To the Lenders, the Issuing Banks and the Administrative Agent 
     Referred to Below 
 c/o JPMorgan Chase Bank, N.A.,

     as Administrative Agent 
 270 Park
Avenue 
 New York, New York 10017 
 Ladies and Gentlemen:

 I am the General Counsel of Spectra Energy Corp, the parent company of Spectra Energy Capital LLC (the “Borrower”), and have acted as its
counsel in connection with the Credit Agreement (the “Credit Agreement”), dated as of May 21, 2007, among the Borrower, the banks listed on the signature pages thereof, JPMorgan Chase Bank, N.A., as Administrative Agent, Citibank,
N.A., as Syndication Agent, and Wachovia Bank, National Association, Bank of America, N.A. and Barclays Bank PLC, as Co-Documentation Agents. Capitalized terms defined in the Credit Agreement are used herein as therein defined. This opinion letter
is being delivered pursuant to Section 3.01(b) of the Credit Agreement. 
 In such capacity, I or attorneys under my direct supervision have examined
originals or copies, certified or otherwise identified to my satisfaction, of such documents, company records, certificates of public officials and other instruments and have conducted such other investigations of fact and law as I have deemed
necessary or advisable for purposes of this opinion. 
 Upon the basis of the foregoing, I am of the opinion that: 
 1. The Borrower is a limited liability company duly formed, validly existing and in good standing under the laws of Delaware. 
 2. The execution, delivery and performance by the Borrower of the Credit Agreement and any Notes are within the Borrower’s limited liability company powers, have
been duly authorized by all necessary limited liability company action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default under, any provision of
applicable law or regulation or of the certificate of formation or limited liability company agreement of the Borrower or, to my knowledge, of any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or, to my
knowledge, result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries. 

 3. The Credit Agreement and any Notes executed and delivered as of the date hereof have been duly executed and delivered
by the Borrower. 
 4. Except as disclosed in the Borrower’s quarterly report on Form 10-Q for the period ended March 31, 2007, to my knowledge
(but without independent investigation), there is no action, suit or proceeding pending or threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any governmental body, agency or official, which
would be likely to be decided adversely to the Borrower or such Subsidiary and, as a result, to have a material adverse effect upon the business, consolidated financial position or consolidated results of operations of the Borrower and its
Consolidated Subsidiaries, considered as a whole, or which in any manner draws into question the validity of the Credit Agreement or any Notes. 
 The phrase
“to my knowledge”, as used in the foregoing opinion, refers to my actual knowledge without any independent investigation as to any such matters. 
 I am a member of the Bar of the State of Colorado and do not express any opinion herein concerning any law other than the law of the State of Colorado, the Limited Liability Company Act of the State of Delaware and the federal law of the
United States of America. 
 This opinion is rendered to you in connection with the above-referenced matter and may not be relied upon by you for any other
purpose, or relied upon by, or furnished to, any other Person, firm or corporation without my prior written consent, except for Skadden, Arps, Slate, Meagher and Flom, LLP, provided, that each assignee of any Lender that hereafter becomes a
“Lender” under the Credit Agreement pursuant to Section 8.07 thereof may rely on this opinion with the same effect as if it had been addressed to such assignee on the date hereof. My opinions expressed herein are as of the date
hereof, and I undertake no obligation to advise you of any changes of applicable law or any other matters that may come to my attention after the date hereof that may affect my opinions expressed herein. 
  

	
	Very truly yours,
	
	   
	William S. Garner, Jr.

 EXHIBIT E-2 - FORM OF 
 OPINION OF SPECIAL COUNSEL FOR 
 THE BORROWER 
                     May [21], 2007

 JPMorgan Chase Bank, N.A., as Administrative Agent 
 270 Park
Avenue 
 New York, New York 10017 
 and the Lenders and Issuing
Banks listed on Schedule I attached hereto 
  

	 	Re:	Spectra Energy Capital, LLC 

 Ladies and Gentlemen: 
 We have acted as special counsel to Spectra Energy Capital, LLC, a Delaware limited liability
company (the “Company”), in connection with the preparation, execution and delivery of and the initial borrowing under the Credit Agreement, dated the date hereof (the “Credit Agreement”), between the Company and
JPMorgan Chase Bank, N.A., as agent for the financial institutions (the “Lenders”) party to the Credit Agreement (in such capacity, the “Agent”) and certain other agreements, instruments and documents related to the
Credit Agreement. This opinion is being delivered pursuant to Section 3.01(b)(iii)(B) of the Credit Agreement. 
 In our examination we have assumed the genuineness of all signatures, the legal capacity and competency of natural persons, the authenticity of all documents submitted to us as originals, the conformity to original
documents of all documents submitted to us as facsimile, electronic, certified or photostatic copies, and the authenticity of the originals of such copies. As to any facts material to this opinion which we did not independently establish or verify,
we have relied upon statements and representations of the Company and its officers and other representatives and of public officials, including the facts and conclusions set forth therein. 
 In rendering the opinions set forth herein, we have examined and relied on originals or copies of the following: 
 (a) the Credit Agreement; 
 (b) the Notes (as defined in the Credit Agreement); 
 (c) the certificate of [name], [title]
of the Company, dated the date hereof, a copy of which is attached as Exhibit A hereto (the “Company’s Certificate”); and 
 (d) such other documents as we have deemed necessary or appropriate as a basis for the opinions set forth below. 

 We express no opinion as to the laws of any
jurisdiction other than (i) the Applicable Laws of the State of New York and (ii) the Applicable Laws of the United States of America (including, without limitation, Regulations U and X of the Federal Reserve Board). 
 Capitalized terms used herein and not otherwise defined herein shall have the same meanings herein
as ascribed thereto in the Credit Agreement. The Credit Agreement [and the Notes] shall hereinafter be referred to collectively as the “Transaction Agreements.” “Applicable Laws” shall mean those laws, rules and
regulations which, in our experience, are normally applicable to transactions of the type contemplated by the Transaction Agreements, without our having made any special investigation as to the applicability of any specific law, rule or regulation,
and which are not the subject of a specific opinion herein referring expressly to a particular law or laws. “Governmental Approval” means any consent, approval, license, authorization or validation of, or filing, recording or
registration with, any governmental authority pursuant to the Applicable Laws of the State of New York and the Applicable Laws of the United States of America. “Applicable Orders” means those orders or decrees of governmental
authorities identified on Schedule I to the Company’s Certificate. 
 Based upon the foregoing and subject to the limitations,
qualifications, exceptions and assumptions set forth herein, we are of the opinion that: 
 1. Each of the Transaction Agreements constitutes
the valid and binding obligation of the Company enforceable against the Company in accordance with its terms under the Applicable Laws of the State of New York and the United States of America. 
 2. Neither the execution, delivery or performance by the Company of the Transaction Agreements nor the compliance by the Company with the terms and
provisions thereof will contravene any provision of any Applicable Law of the State of New York or any Applicable Law of the United States of America. 
 3. No Governmental Approval, which has not been obtained or taken and is not in full force and effect, is required to authorize, or is required in connection with, the execution or delivery of any of the Transaction
Agreements by the Company or the enforceability of any of the Transaction Agreements against the Company except those Governmental Approvals set forth in Schedule II to the Company’s Certificate. 
 4. Neither the execution, delivery or performance by the Company of its obligations under the Transaction Agreements nor compliance by the Company with
the terms thereof will contravene any Applicable Order to which the Company is subject. 
 Our opinions are subject to the following
assumptions and qualifications: 
 (a) enforcement may be limited by applicable bankruptcy, insolvency, reorganization,
moratorium or other similar laws affecting creditors’ rights generally and by general principles of equity (regardless of whether enforcement is sought in equity or at law); 
 (b) we have assumed that each of the Transaction Agreements constitutes the valid and binding obligation of each party to such Transaction
Agreement (other than the Company to the extent expressly set forth herein) enforceable against such other party in accordance with its terms; 

 (c) we express no opinion as to the effect on the opinions expressed herein of
(i) the compliance or non-compliance of any party (other than the Company to the extent expressly set forth herein) to the Transaction Agreements with any state, federal or other laws or regulations applicable to it or (ii) the legal or
regulatory status or the nature of the business of any party (other than the Company to the extent expressly set forth herein); 
 (d) we express no opinion as to the enforceability of any rights to contribution or indemnification provided for in the Transaction Agreements which are violative of the public policy underlying any law, rule or regulation (including any
federal or state securities law, rule or regulation); 
 (e) we express no opinion as to the enforceability of any section of
the Credit Agreement to the extent it purports to waive any objection a person may have that a suit, action or proceeding has been brought in an inconvenient forum or a forum lacking subject matter jurisdiction; 
 (f) we express no opinion as to the enforceability of any section of the Credit Agreement containing releases or waivers of, or
indemnities with respect to, claims; 
 (g) we have assumed that all conditions precedent contained in Article III of the
Credit Agreement, which conditions require the delivery of documents, evidence or other items satisfactory in form, scope and/or substance to the Agent or the satisfaction of which is otherwise in the discretion or control of the Agent or the
Lenders have been, or contemporaneously with the delivery hereof will be, fully satisfied; 
 (h) to the extent that any
opinion relates to the enforceability of the choice of New York law and choice of New York forum provisions of the Transaction Agreements, our opinion is rendered in reliance upon N.Y. Gen. Oblig. Law §§ 5-1401, 5-1402 (McKinney 2001) and
N.Y. CPLR 327(b) (McKinney 2001) and is subject to the qualifications that such enforceability may be limited by public policy considerations of any jurisdiction, other than the courts of the State of New York, in which enforcement of such
provisions, or of a judgment upon an agreement containing such provisions, is sought; 
 (i) we express no opinion with
respect to any provision of the Credit Agreement to the extent it authorizes or permits any Affiliate of any Lender or the Agent or any purchaser of a participation interest to set-off or apply any deposit, property or indebtedness or the effect
thereof on the opinions contained herein; and 
 (j) we express no opinion with respect to any section of the Credit Agreement
to the extent it excuses the issuer of a letter of credit from liability to the extent such provision is unenforceable pursuant to Section 5-103 of the Uniform Commercial Code. 

 In rendering the foregoing opinions, we have
assumed, with your consent, that: 
 (a) the Company is validly existing and in good standing as a limited liability company
under the laws of the State of Delaware. 
 (b) the Company has the limited liability company power and authority to execute,
deliver and perform all of its obligations under each of the Transaction Agreements and the execution and delivery of each of the Transaction Agreements and the consummation by the Company of the transactions contemplated thereby have been duly
authorized by all requisite action on the part of the Company. Each of the Transaction Agreements has been duly authorized, executed and delivered by the Company; 
 (c) the execution, delivery and performance of any of its obligations under the Transaction Agreements does not and will not conflict
with, contravene, violate or constitute a default under (i) the Certificate of Formation or the Limited Liability Company Agreement of the Company, (ii) any lease, indenture, instrument or other agreement to which the Company or its
property is subject, (iii) any rule, law or regulation to which the Company is subject (other than Applicable Laws of the State of New York and Applicable Laws of the United States of America as to which we express our opinion in paragraph 2
herein) or (iv) any judicial or administrative order or decree of any governmental authority (other than Applicable Orders as to which we express our opinion in paragraph 4 herein); and 
 (d) no authorization, consent or other approval of, notice to or filing with any court, governmental authority or regulatory body (other
than Governmental Approvals as to which we express our opinion in paragraph 3 herein) is required to authorize or is required in connection with the execution, delivery or performance by the Company of any Transaction Agreement or the transactions
contemplated thereby. 
 This opinion is being furnished only to you in connection with the Transaction Agreements and is solely for your
benefit and is not to be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by any other person or entity for any purpose without our prior written consent, provided, that each assignee of any Lender that
hereafter becomes a “Lender” under the Credit Agreement pursuant to Section 8.07 thereof may rely on this opinion with the same effect as if it had been addressed to such assignee on the date hereof. 
 Very truly yours, 

 Schedule I 
 Lenders and Issuing Banks 
 Citibank, N.A. 
 JPMorgan Chase Bank, N.A. 
 Wachovia Bank, National Association 
 Bank of America, N.A. 
 Barclays Bank PLC 
 ABN AMRO Bank, N.V. 
 Credit Suisse, Cayman Islands Branch 
 Deutsche Bank AG New York Branch 
 The Royal Bank of Scotland PLC

 UBS Loan Finance LLC 
 Lehman Brothers Commercial Bank

 Merrill Lynch Bank USA 
 Morgan Stanley Bank 
 The Bank of Nova Scotia 
 Bank of Tokyo Mitsubishi UFJ, Ltd., New York
Branch 
 BMO Capital Markets Financing, Inc. 
 CIBC Inc.

 KeyBank National Association 
 SunTrust Bank 
 Toronto Dominion (Texas) LLC

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