Document:

Officer Employment Agreement - Thomas T. Yang

 Exhibit 10.55 
 CALLAWAY GOLF COMPANY 
 OFFICER EMPLOYMENT AGREEMENT 

This Officer Employment Agreement (“Agreement”) is entered into as of May 1, 2011 (the “Effective
Date”) by and between Callaway Golf Company, a Delaware corporation, (the “Company”) and Thomas T. Yang (“Employee”). 
 1. TERM. The Company hereby employs Employee and Employee hereby accepts employment pursuant to the terms and provisions of this Agreement for the period commencing May 1, 2011 and terminating
April 30, 2012, unless this Agreement is earlier terminated as hereinafter provided. If Employee is still employed upon expiration of this Agreement, Employee’s status shall be one of at-will employment. At all times during the term of
this Agreement, Employee shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations, including, but not limited to, laws and regulations governing unemployment insurance, workers’
compensation, industrial accident, labor and taxes. 
 2. TITLE. Employee shall serve as Senior Vice
President, International, of the Company. Employee’s duties shall be the usual and customary duties of the offices in which Employee serves. Employee shall report to the President and Chief Executive Officer, or such other person as the Chief
Executive Officer shall designate from time to time. The Board of Directors and/or the Chief Executive Officer of the Company may change employee’s title, position and/or duties at any time. 

3. SERVICES TO BE EXCLUSIVE. Employee agrees to devote Employee’s full productive time and best efforts to
the performance of Employee’s duties hereunder pursuant to the supervision and direction of the Company’s Board of Directors, its Chief Executive Officer or their designee. Employee further agrees, as a condition to the performance by the
Company of each and all of its obligations hereunder, that so long as Employee is employed by the Company, Employee will not directly or indirectly render services of any nature to, otherwise become employed by, or otherwise participate or engage in
any other business without the Company’s prior written consent. Nothing herein contained shall be deemed to preclude Employee from having outside personal investments and involvement with appropriate community or charitable activities, or from
devoting a reasonable amount of time to such matters, provided that this shall in no manner interfere with or derogate from Employee’s work for the Company. 

4. COMPENSATION. 
 (a) Base Salary. In accordance with the Company’s usual review and pay practices, the Company agrees to pay Employee a base salary at the rate of $420,000.00 per year (prorated for any partial
years of employment), payable in equal installments on regularly scheduled Company pay dates. 
 (b) Annual
Bonus. The Company shall provide Employee an opportunity to earn an annual bonus based upon participation in the Company’s applicable bonus plan as it may or may not exist from time to time. Employee’s bonus target percentage is
fifty-five percent (55%) of Employee’s annual base salary. Any annual bonus earned pursuant to an applicable bonus plan shall be payable in the first quarter of the following year. 

(c) Long Term Incentive. The Company shall provide Employee an opportunity to participate in the Company’s
applicable long term incentive plan as it may or may not exist from time to time. 
 5. EXPENSES AND
BENEFITS. 
 (a) Reasonable and Necessary Expenses. In addition to the compensation provided for in
Section 4, the Company shall reimburse Employee for all reasonable, customary and necessary expenses incurred in the performance of Employee’s duties hereunder. Employee shall first account for such expenses in accordance with the policies
and procedures set by the Company from time to time for reimbursement of such expenses. The amount, nature, and extent of such expenses shall always be subject to the control, supervision and direction of the Company and its Chief Executive Officer.

 (b) Paid Time Off. Employee shall accrue paid time off in accordance
with the terms and conditions of the Company’s Paid Time Off Program, as stated in the Company’s Employee Handbook, and as may be modified from time to time. Subject to the maximum accrual permitted under the Paid Time Off Program,
Employee shall accrue paid time off at the rate of thirty (30) days per year. The time off may be taken any time during the year subject to prior approval by the Company. The Company reserves the right to pay Employee for unused, accrued
benefits in lieu of providing time off. 
 (c) Insurance/Death Benefit. During Employee’s employment
with the Company pursuant to this Agreement, the Company shall provide the following: 
 (i) Employee may
participate in the Company’s health insurance and disability insurance plans as the same may be modified from time to time; 
 (ii) Subject to all applicable laws, and satisfaction of the conditions set forth below, Employee may be eligible for an additional disability benefit if Employee becomes permanently disabled. Permanent
Disability shall be defined as Employee’s failure to perform or being unable to perform all or substantially all of Employee’s duties under this Agreement for a continuous period of six (6) months or more on account of any physical or
mental disability, either as mutually agreed to by the parties or as reflected in the opinions of three (3) qualified physicians, one of which has been selected by the Company, one of which has been selected by Employee, and one of which has
been selected by the two other physicians jointly. In the event that Employee is declared permanently disabled (the “Permanent Disability Date”), then Employee shall be entitled to (i) any compensation accrued and unpaid as of the
Permanent Disability Date; (ii) a cash payment equal to Employee’s target bonus for the current year pro-rated to the Permanent Disability Date; (iii) a lump sum payment equal to six (6) months of Employee’s then current
base salary at the same rate as in effect on the Permanent Disability Date; (iv) the immediate vesting of all unvested long-term incentive compensation awards held by Employee that would have vested had Employee continued to perform services
pursuant to this Agreement for a period of six (6) months from the Permanent Disability Date1; (v) subject to Section 7(g)(iii)(2) below, the payment of premiums owed for COBRA insurance benefits for a period of twelve (12) months from the Permanent Disability Date; and
(vi) no other payments. The payment of the benefits described in (i), (ii), (iii) and (iv) of this sub-section shall be made as soon as administratively practicable following the Permanent Disability Date, but in no event later than
seventy (70) days after the Permanent Disability Date. The payment of this benefit shall not eliminate Employee’s right to permanent disability insurance benefits if the Employee so qualifies, and shall not eliminate the right of the
Company to terminate Employee’s employment (e.g., a termination for substantial cause pursuant to section 7(b)) without any further payment pursuant to this Agreement. Employee agrees that the Company shall be entitled to take as an offset
against any amounts to be paid pursuant to this subsection any amounts received by Employee pursuant to disability or other insurance or similar income sources provided by the Company; and 

(iii) Employee shall receive, if Employee is insurable under usual underwriting standards, term life insurance coverage
on Employee’s life, payable to whomever Employee directs, in an amount equal to three (3) times Employee’s base salary and target bonus (combined), not to exceed a maximum of $1,500,000.00 in coverage, provided that Employee completes
the required health statement and application and that Employee’s physical condition does not prevent Employee from qualifying for such insurance coverage under reasonable terms and conditions. 

(iv) In the event of Employee’s death, all outstanding unvested service-based full value long-term incentive awards
(e.g., restricted stock units and phantom stock units) held by Employee shall immediately vest. 
  

 

	1 	 Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance
criteria underlying such awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation
of whether the performance criteria have been met, and any such payment will be made to Employee at the same time other participants receive payment. 

  

					
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 (d) Retirement. Employee shall be permitted to participate in the
Company’s 401(k) retirement investment plan, employee stock purchase plan and executive deferred compensation plan pursuant to the terms of such plans, as the same may be modified from time to time, to the extent such plans are offered to other
officers of the Company. 
 (e) Financial Planning, Annual Executive Physical, Golf Expense Reimbursement
Program and Other Perquisites. To the extent the Company provides financial, tax and estate planning and related services, annual executive physicals, golf expense reimbursements, or any other perquisites and personal benefits to other officers
generally from time to time, such services and perquisites shall be made available to Employee on the same terms and conditions. 
 6. TAXES. Employee acknowledges that Employee is responsible for all taxes related to Employee’s compensation except for those taxes for which the Company is obligated to pay under applicable
law or regulation. Employee agrees that the Company may withhold from Employee’s compensation any amounts that the Company is required to withhold under applicable law or regulation. 

7. TERMINATION OF EMPLOYMENT. 

(a) Termination by the Company Without Substantial Cause. Employee’s employment under this Agreement may be
terminated by the Company at any time without substantial cause. In the event of a termination by the Company without substantial cause, Employee shall be entitled to receive (i) any compensation accrued and unpaid as of the date of
termination; (ii) a cash payment equal to Employee’s target bonus for the current year pro-rated over the portion of the year actually employed; and (iii) the immediate vesting of all unvested long-term incentive compensation awards
held by Employee that would have vested had Employee remained employed pursuant to this Agreement for a period of twelve (12) months from the date of such termination1. The payment of the benefits described in (i), (ii) and (iii) of this sub-section shall be made as soon as
administratively practicable following the date of termination. In addition to the foregoing and subject to the provisions thereof, Employee shall be eligible to receive Special Severance as described in subsection 7(g) and Incentive Payments as
described in subsection 7(h). 
 (b) Termination by the Company for Substantial Cause or by Employee Without
Good Reason. Employee’s employment under this Agreement may be terminated immediately and at any time by the Company for substantial cause or by Employee without good reason. In the event of such a termination, Employee shall be entitled to
receive (i) any compensation accrued and unpaid as of the date of termination; and (ii) no other severance. “Substantial cause” shall mean Employee’s (1) failure to substantially perform Employee’s duties;
(2) material breach of this Agreement; (3) misconduct, including but not limited to, use or possession of illegal drugs during work and/or any other action that is damaging or detrimental in a significant manner to the Company;
(4) conviction of, or plea of guilty or nolo contendere to, a felony; or (5) failure to cooperate with, or any attempt to obstruct or improperly influence, any investigation authorized by the Board of Directors or any governmental
or regulatory agency.  
 (c) Termination by Employee for Good Reason or Non-Renewal. 

(i) Employee’s employment under this Agreement may be terminated immediately by Employee for good reason at any
time. In the event of a termination by Employee for good reason, Employee shall be entitled to receive (1) any compensation accrued and unpaid as of the date of termination; (2) a cash payment equal to Employee’s target bonus for the
current year pro-rated over the portion of the year actually employed; and (3) the immediate vesting of all unvested long-term incentive compensation awards held by Employee that would have vested had Employee remained employed pursuant

  
  

	1 	 Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance
criteria underlying such awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation
of whether the performance criteria have been met, and any such payment will be made to Employee at the same time other participants receive payment. 

  

					
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to this Agreement for a period of twelve (12) months from the date of such termination1. The payment of the benefits described in (1), (2) and (3) of this sub-section shall be made as soon as
administratively practicable following the date of termination. In addition to the foregoing and subject to the provisions thereof, Employee shall be eligible to receive Special Severance as described in subsection 7(g) and Incentive Payments as
described in subsection 7(h). “Good Reason” shall mean a material breach of this Agreement by the Company. Notwithstanding the foregoing, no basis for a termination for Good Reason will be deemed to exist (a) unless Employee notifies
the Company in writing, within ninety (90) days after the Employee knows that Employee is entitled to terminate for Good Reason, that he or she intends to terminate his or her employment no earlier than thirty (30) days after providing
such notice; (b) the Company does not cure such condition within thirty (30) days following its receipt of such notice or states unequivocally in writing that it does not intend to attempt to cure such condition; and (c) the Employee
resigns from employment prior to expiration of ninety (90) days after the end of the period described in (b) above.  
 (ii) Should this Agreement expire pursuant to its terms and Employee becomes an at-will employee pursuant to Section 1, and provided further that the Company has not offered Employee a new employment
agreement on substantially the same or better terms and has not otherwise terminated Employee’s employment for substantial cause or due to permanent disability, then Employee shall have the option for forty-five (45) days following the
expiration of this Agreement to terminate Employee’s employment due to the Company’s non-renewal. In the event of a termination of employment by Employee for non-renewal, Employee shall be entitled to receive (1) any compensation
accrued and unpaid as of the date of termination; (2) a cash payment equal to Employee’s target bonus for the current year pro-rated over the portion of the year actually employed; and (3) the immediate vesting of all unvested
long-term incentive compensation awards held by Employee that would have vested had Employee remained employed pursuant to this Agreement for a period of twelve (12) months from the date of such termination1. The payment of the benefits described in (1), (2) and
(3) of this sub-section shall be made as soon as administratively practicable following the date of termination. In addition to the foregoing and subject to the provisions thereof, Employee shall be eligible to receive Special Severance as
described in subsection 7(g) and Incentive Payments as described in subsection 7(h). It is expressly understood that if Employee and the Company enter into a new written employment agreement, or if the Company offers Employee a new written
employment agreement on substantially the same or better terms, then Employee shall have no right or option to terminate employment for non-renewal of this Agreement. It is further understood that any termination of Employee’s employment by the
Company during any such 45 day period for reasons other than substantial cause or permanent disability shall be deemed to be a termination by Employee for non-renewal pursuant to this section. 

(d) Reserved. 
 (e) Termination by Mutual Agreement of the Parties. Employee’s employment pursuant to this Agreement may be terminated at any time upon the mutual agreement in writing of the parties. Any such
termination of employment shall have the consequences specified in such agreement. 
 (f) Pre-Termination
Rights. The Company shall have the right, at its option, to require Employee to vacate Employee’s office or otherwise remain off the Company’s premises and to cease any and all activities on the Company’s behalf without such
action constituting a termination of employment or a breach of this Agreement. 
 (g) Special Severance. 

 (i) Amount in Event of a Termination Pursuant to Section 7(a) or 7(c). In the event of a
termination pursuant to Sections 7(a) or 7(c) of this Agreement, Special Severance shall consist of 
  

 

	1 	 Note: Performance Cash Units that may vest pursuant to this section will not be paid unless, and then only to the extent that, the performance
criteria underlying such awards has been satisfied. As a result, any potential payment related to the accelerated vesting of such Performance Cash Units will be paid following the completion of the relevant performance period and the evaluation
of whether the performance criteria have been met, and any such payment will be made to Employee at the same time other participants receive payment. 

  

					
		 	4	 	Thomas T. Yang

 
a total amount equal to 0.500 times the sum of Employee’s most recent annual base salary and annual target bonus, payable in equal installments on the same pay schedule as in effect at the
time of termination over a period of twelve (12) months from the date of termination. 
 (ii) Amount in
the Event of a Termination Pursuant to Section 9. In the event of a termination pursuant to Section 9 of this Agreement, then Special Severance shall consist of a total amount equal to 1.000 times the sum of the Employee’s most
recent annual base salary and annual target bonus, payable in equal installments on the same pay schedule as in effect at the time of termination over a period of twenty-four (24) months from the date of termination. All such Special Severance
shall be subject to the provisions of Section 9(c). 
 (iii) Additional Special Severance.

 (1) In addition to the Special Severance referenced above, Employee shall be entitled to the payment of
premiums owed for COBRA and/or CalCOBRA insurance benefits and the continuation of the financial, tax and estate planning services (on the then-existing terms and conditions) through the period during which Employee is receiving Special Severance.
In addition, the Company shall offer to provide, at Company expense, up to one (1) year of outplacement services through a professional outplacement firm of the Company’s choosing. 

(2) Notwithstanding the foregoing, if the Company determines, in its sole discretion, that the Company cannot provide
COBRA premium benefits under this Agreement without potentially incurring financial costs or penalties under applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company shall, in lieu thereof, pay
Employee a taxable cash amount, which payment shall be made if Employee has elected health care continuation coverage (the “Health Care Benefit Payment”). If applicable, the Health Care Benefit Payment shall be paid in a single lump sum as
soon as administratively practicable following the date of termination, but in no event later than seventy (70) days after the date of termination of employment or the Permanent Disability Date, as applicable. The Health Care Benefit Payment
shall be equal to the amount that the Company would have otherwise paid for COBRA insurance premiums (at the level of healthcare benefits Employee and Employee’s dependents are enrolled in as of the termination date) calculated based on the
premium for the first month of coverage. 
 (iv) Conditions on Receiving Special Severance and/or Additional
Special Severance. Notwithstanding anything else to the contrary, it is expressly understood that any obligation of the Company to pay Special Severance and/or Additional Special Severance pursuant to this Agreement shall be subject to
Employee’s continued compliance with the terms and conditions of Sections 8 and 11; Employee’s continued forbearance from directly, indirectly or in any other way, disparaging the Company, its officers or employees, vendors,
customers, products or activities, or otherwise interfering with the Company’s press, public and media relations; and Employee’s execution, prior to receiving any Special Severance or Additional Special Severance, of an effective release
in the form attached hereto as Exhibit B within the time period set forth therein (but in no event later than sixty (60) days after the date of termination of employment). Additionally, none of the Special Severance or Additional Special
Severance benefits will be paid or otherwise delivered prior to the effective date of the release, so that amounts otherwise payable prior to the release effective date will accrue and be paid as soon as administratively practicable, except as
required by section 7(k) below. 
 (h) Incentive Payments.  

(i) Amount in the Event of a Termination Pursuant to Sections 7(a) or 7(c). In the event of a termination
pursuant to Sections 7(a) or 7(c) of this Agreement, Employee shall be offered the opportunity to receive Incentive Payments in a total amount equal to 0.500 times the sum of Employee’s most recent annual base salary and target bonus, payable
in equal installments on the same pay schedule in effect at the time of termination over a period of twelve (12) months from the date of termination. 
 Amount in the Event of a Termination Pursuant to Section 9. In the event of a termination pursuant to Section 9 of this Agreement, Employee shall be offered the opportunity to receive

  

					
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Incentive Payments in a total amount equal to 1.000 times the sum of Employee’s most recent annual base salary and annual target bonus, payable in equal installments on the same pay schedule
as in effect at the time of termination over a period of twenty-four (24) months from the date of termination. All such Incentive Payments shall be subject to the provisions of Section 9(c). 

(ii) Terms and Conditions for Incentive Payments. Employee may receive Incentive Payments so long as Employee
chooses not to engage (whether as an owner, employee, agent, consultant, or in any other capacity) in any business or venture that competes with the business of the Company or any of its affiliates. If Employee chooses to engage in such activities,
then the Company shall have no obligation to make further Incentive Payments commencing upon the date which Employee chooses to do so. 
 (iv) Sole Consideration. Employee and the Company agree and acknowledge that the sole and exclusive consideration for the Incentive Payments is Employee’s forbearance as described in
subsection 7(h)(iii) above. In the event that subsection 7(h)(iii) is deemed unenforceable or invalid for any reason, then the Company will have no obligation to make Incentive Payments for the period of time during which it has been deemed
unenforceable or invalid. The obligations and duties of this subsection 7(h) shall be separate and distinct from the other obligations and duties set forth in this Agreement, and any finding of invalidity or unenforceability of this subsection 7(h)
shall have no effect upon the validity or invalidity of the other provisions of this Agreement. 
 (i)
Treatment of Special Severance, Additional Special Severance and Incentive Payments. Any Special Severance, Additional Special Severance and Incentive Payments shall be subject to usual and customary employee payroll practices and all
applicable withholding requirements. 
 (j) Other. Except for the amounts specifically provided pursuant
to this Section 7, Employee shall not be entitled to any further compensation, bonus, damages, restitution, relocation benefits, or other severance benefits upon termination of employment. The amounts payable to Employee pursuant to these
Sections shall not be treated as damages, but as compensation to which Employee may be entitled by reason of termination of employment under the applicable circumstances. The Company shall not be entitled to set off against the amounts payable to
Employee pursuant to this Section 7 any amounts earned by Employee in other employment after termination of Employee’s employment with the Company pursuant to this Agreement, or any amounts which might have been earned by Employee in other
employment had Employee sought such other employment. The provisions of this Section 7 shall not limit Employee’s rights under or pursuant to any other agreement or understanding with the Company regarding any pension, profit sharing,
insurance or other employee benefit plan of the Company to which Employee is entitled pursuant to the terms of such plan. 
 (k) Compliance with Section 409A. Each installment of severance benefits is a separate “payment” for purposes of Section 409A of the Internal Revenue Code of 1986 and the
regulations governing Section 409A (collectively “Section 409A”), and the severance benefits are intended to satisfy the exemptions under Section 409A. It is intended that if Employee is a “specified employee”
within the meaning of Section 409A at the time of a separation from service, then, to the extent necessary, the severance benefits will not be paid until at least six (6) months after separation from service.

(l) Forfeiture. 
 (i) If the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of the intentional misconduct or gross negligence of the Employee, with
any financial reporting requirement under the United States securities laws, then the Employee shall forfeit and reimburse the Company for all of the following: (i) any bonus or incentive compensation paid based upon such erroneously stated
financial information, (ii) any bonus or incentive compensation or equity compensation received by Employee during the twelve month period following the earlier of the first public issuance or filing with the SEC of the financial document
embodying the financial reporting requirement, (iii) any profits realized from the sale of Company securities during that same twelve month period, (iv) if Employee is terminated or has been terminated, the right to receive Special
Severance 

  

					
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and Incentive Payments, and (v) if Employee is terminated or has been terminated, any unvested and/or unexercised long-term incentive compensation awards. 

(ii) If the Employee is one of the persons subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley
Act of 2002 (i.e. the Chief Executive Officer or Chief Financial Officer), and the Company is required to prepare an accounting restatement due to the material noncompliance of the Company, as a result of misconduct (within the meaning of said
Section 304), with any financial reporting requirement under the United States securities laws, then the Employee shall forfeit and reimburse the Company for all of the following: (i) any bonus or incentive compensation or equity
compensation received by Employee during the twelve month period following the earlier of the first public issuance or filing with the SEC of the financial document embodying the financial reporting requirement and (ii) any profits realized
from the sale of Company securities during that same twelve month period. 
 (iii) Employee acknowledges that
Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other things, requires the United States Securities and Exchange Commission to direct the national securities exchanges to prohibit the continued listing of the
securities of an issuer unless the issuer develops and implements a policy providing, among other things, for the recovery of certain erroneously awarded compensation. Upon the Company’s adoption of such a policy, Employee agrees that this
Agreement shall be automatically amended without any further consideration to incorporate the recovery provisions set forth in the policy. Upon the request of the Company, Employee agrees without further consideration to execute an amendment
evidencing the incorporation of said provisions into this Agreement. 
 8. OTHER EMPLOYEE DUTIES AND
OBLIGATIONS. 
 In addition to any other duties and obligations set forth in this Agreement, Employee shall
be obligated as follows: 
 (a) Compliance. Employee shall be required to comply with all policies and
procedures of the Company as such shall be adopted, modified or otherwise established by the Company from time to time, including but not limited to the Company’s Code of Conduct. While employed by the Company pursuant to this Agreement, or
while receiving severance, incentive or other payments or consideration from the Company following termination of this Agreement, Employee shall disclose in writing to the Company’s General Counsel any conviction of, or plea of guilty or
nolo contendere to, a felony. 
 (b) Trade Secrets and Confidential Information. 

(i) As used in this Agreement, the term “Trade Secrets and Confidential Information” means information,
whether written or oral, not generally available to the public, regardless of whether it is suitable to be patented, copyrighted and/or trademarked, which is received from the Company and/or its affiliates, either directly or indirectly, including
but not limited to concepts, ideas, plans and strategies involved in the Company’s and/or its affiliates’ products, the processes, formulae and techniques disclosed by the Company and/or its affiliates to Employee or observed by Employee,
the designs, inventions and innovations and related plans, strategies and applications which Employee develops during the term of this Agreement in connection with the work performed by Employee for the Company and/or its affiliates; and third party
information which the Company and/or its affiliates has/have agreed to keep confidential. 
 (ii) While
employed by the Company, Employee will have access to and become familiar with Trade Secrets and Confidential Information. Employee acknowledges that Trade Secrets and Confidential Information are owned and shall continue to be owned solely by the
Company and/or its affiliates. Employee agrees that Employee will not, at any time, whether during or subsequent to Employee’s employment by the Company and/or its affiliates, use or disclose Trade Secrets and Confidential Information for any
competitive purpose or divulge the same to any person other than the Company or persons with respect to whom the Company has given its written consent, unless Employee is compelled to make disclosure by governmental process. In the event Employee
believes that Employee is legally required to disclose any Trade Secrets or Confidential Information, Employee shall give reasonable notice to the Company prior to disclosing such information and shall assist the Company in taking such legally
permissible 

  

					
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steps as are reasonable and necessary to protect the Trade Secrets or Confidential Information, including, but not limited to execution by the receiving party of a non-disclosure agreement in a
form acceptable to the Company. 
 (iii) Employee agrees to execute such secrecy, non-disclosure, patent,
trademark, copyright and other proprietary rights agreements, if any, as the Company may from time to time reasonably require. 
 (iv) The provisions of this subsection 8(b) shall survive the termination or expiration of this Agreement, and shall be binding upon Employee in perpetuity. 

(c) Assignment of Rights. 

(i) As used in this Agreement, “Designs, Inventions and Innovations,” whether or not they have been patented,
trademarked, or copyrighted, include, but are not limited to designs, inventions, innovations, ideas, improvements, processes, sources of and uses for materials, apparatus, plans, systems and computer programs relating to the design, manufacture,
use, marketing, distribution and management of the Company’s and/or its affiliates’ products. 
 (ii)
As a material part of the terms and understandings of this Agreement, Employee agrees to assign to the Company all Designs, Inventions and Innovations developed, conceived and/or reduced to practice by Employee, alone or with anyone else, in
connection with the work performed by Employee for the Company during Employee’s employment with the Company, regardless of whether they are suitable to be patented, trademarked and/or copyrighted. 

(iii) Employee agrees to disclose in writing to the President of the Company any Design, Invention or Innovation
relating to the business of the Company and/or its affiliates, which Employee develops, conceives and/or reduces to practice in connection with any work performed by Employee for the Company, either alone or with anyone else, while employed by the
Company and/or within twelve (12) months of the termination of employment. Employee shall disclose all Designs, Inventions and Innovations to the Company, even if Employee does not believe that Employee is required under this Agreement, or
pursuant to California Labor Code Section 2870, to assign Employee’s interest in such Design, Invention or Innovation to the Company. If the Company and Employee disagree as to whether or not a Design, Invention or Innovation is included
within the terms of this Agreement, it will be the responsibility of Employee to prove that it is not included. 
 (iv) Pursuant to California Labor Code Section 2870, the obligation to assign as provided in this Agreement does not apply to any Design, Invention or Innovation to the extent such obligation would
conflict with any state or federal law. The obligation to assign as provided in this Agreement does not apply to any Design, Invention or Innovation that Employee developed entirely on Employee’s own time without using the Company’s
equipment, supplies, facilities or Trade Secrets and Confidential Information, except those Designs, Inventions or Innovations that either relate at the time of conception or reduction to practice to the Company’s and/or its affiliates’
business, or actual or demonstrably anticipated research of the Company and/or its affiliates; or result from any work performed by Employee for the Company and/or its affiliates. 

(v) Employee agrees that any Design, Invention and/or Innovation which is required under the provisions of this
Agreement to be assigned to the Company shall be the sole and exclusive property of the Company. Upon the Company’s request, at no expense to Employee, Employee shall execute any and all proper applications for patents, copyrights and/or
trademarks, assignments to the Company, and all other applicable documents, and will give testimony when and where requested to perfect the title and/or patents (both within and without the United States) in all Designs, Inventions and Innovations
belonging to the Company. 
 (vi) The provisions of this subsection 8(c) shall survive the termination or
expiration of this Agreement, and shall be binding upon Employee in perpetuity. 

  

					
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 (d) Competing Business. To the fullest extent permitted by law,
Employee agrees that, while employed by the Company, Employee will not, directly or indirectly (whether as employee, agent, consultant, holder of a beneficial interest, creditor, or in any other capacity), engage in any business or venture which
conflicts with Employee’s duties under this Agreement, including services that are directly or indirectly in competition with the business of the Company or any of its affiliates, or have any interest in any person, firm, corporation, or
venture which engages directly or indirectly in competition with the business of the Company or any of its affiliates. For purposes of this section, the ownership of interests in a broadly based mutual fund shall not constitute ownership of the
stocks held by the fund. 
 (e) Other Employees. Except as may be required in the performance of
Employee’s duties hereunder, Employee shall not cause or induce, or attempt to cause or induce, any person now or hereafter employed by the Company or any of its affiliates to terminate such employment. This obligation shall remain in effect
while Employee is employed by the Company and for a period of one (1) year thereafter. 
 (f)
Suppliers. While employed by the Company, and for one (1) year thereafter, Employee shall not cause or induce, or attempt to cause or induce, any person or firm supplying goods, services or credit to the Company or any of its affiliates
to diminish or cease furnishing such goods, services or credit. 
 (g) Conflict of Interest. While
employed by the Company, Employee shall comply with all Company policies regarding actual or apparent conflicts of interest with respect to Employee’s duties and obligations to the Company. 

(h) Non-Disparagement. While employed by the Company, and for one (1) year thereafter, Employee shall not in
any way undertake to harm, injure or disparage the Company, its officers, directors, employees, agents, affiliates, vendors, products, or customers, or their successors, or in any other way exhibit an attitude of hostility toward them. 

(i) Surrender of Equipment, Books and Records. Employee understands and agrees that all equipment, books, records,
customer lists and documents connected with the business of the Company and/or its affiliates are the property of and belong to the Company. Under no circumstances shall Employee remove from the Company’s facilities any of the Company’s
and/or its affiliates’ equipment, books, records, documents, lists or any copies of the same without the Company’s permission, nor shall Employee make any copies of the Company’s and/or its affiliates’ books, records, documents
or lists for use outside the Company’s office except as specifically authorized by the Company. Employee shall return to the Company and/or its affiliates all equipment, books, records, documents and customer lists belonging to the Company
and/or its affiliates upon termination of Employee’s employment with the Company. 
 9. RIGHTS UPON A
CHANGE IN CONTROL. 
 (a) Notwithstanding anything in this Agreement to the contrary, if upon or at any time
during the term of this Agreement there is a Termination Event (as defined below) that occurs within one (1) year following any Change in Control (as defined in Exhibit A), Employee shall be treated as if Employee had been terminated by the
Company without substantial cause pursuant to Section 7(a). 
 (b) A “Termination Event” shall
mean the occurrence of any one or more of the following, and in the absence of Employee’s death, or any of the factors enumerated in Section 7(b) providing for termination by the Company for substantial cause: 

(i) the termination or material breach of this Agreement by the Company; 

(ii) a failure by the Company to obtain the assumption of this Agreement by any successor to the Company or any assignee
of all or substantially all of the Company’s assets or business; 
 (iii) any material diminishment in the
title, position, duties, responsibilities or status that Employee had with the Company, as a publicly traded entity, immediately prior to the Change in Control; 

  

					
		 	9	 	Thomas T. Yang

 (iv) any reduction, limitation or failure to pay or provide any of the
compensation, reimbursable expenses, long-term incentive compensation awards, incentive programs, or other benefits or perquisites provided to Employee under the terms of this Agreement or any other agreement or understanding between the Company and
Employee, or pursuant to the Company’s policies and past practices as of the date immediately prior to the Change in Control; or 
 (v) any requirement that Employee relocate or any assignment to Employee of duties that would make it unreasonably difficult for Employee to maintain the principal residence Employee had immediately prior
to the Change in Control. 
 (c) To the extent that any or all of the payments and benefits provided for in this
Agreement and pursuant to any other agreements with Employee constitute “parachute payments” within the meaning of Section 280G of the Internal Revenue Code (the “Code”) and, but for this Section 9, would be subject to
the excise tax imposed by Section 4999 of the Code, then the aggregate amount of such payments and benefits shall be reduced by the minimum amounts necessary to equal one dollar less than the amount which would result in such payments and
benefits being subject to such excise tax. The reduction, unless the employee elects otherwise, shall be in such order that provides employee with the greatest after-tax amount possible. All determinations required to be made under this
Section 9, including whether a payment would result in a parachute payment and the assumptions to be utilized in arriving at such determination, shall be made by a nationally recognized accounting firm agreed to by the Company and Employee. The
Company shall pay the cost of the accounting firm, and the accounting firm shall provide detailed supporting calculations both to the Company and the Employee. The determination of the accounting firm shall be final and binding upon the Company and
the Employee, except that if, as a result of subsequent events or conditions (including a subsequent payment or the absence of a subsequent payment or a determination by the Internal Revenue Service or applicable court), it is determined that the
excess parachute payments, excise tax or any reduction in the amount of payments and benefits, is or should be other than as determined initially, an appropriate adjustment shall be made, as applicable, to reflect the final determination.

 10. MISCELLANEOUS. 

(a) Assignment. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto and the
successors and assigns of the Company. Employee shall have no right to assign Employee’s rights, benefits, duties, obligations or other interests in this Agreement, it being understood that this Agreement is personal to Employee. 

(b) Entire Understanding. This Agreement sets forth the entire understanding of the parties hereto with respect to
the subject matter hereof, and no other representations, warranties or agreements whatsoever as to that subject matter have been made by Employee or the Company. This Agreement shall not be modified, amended or terminated except by another
instrument in writing executed by the parties hereto. As of the Effective Date, except as otherwise explicitly provided herein, this Agreement replaces and supersedes any and all prior understandings or agreements between Employee and the Company
regarding employment. 
 (c) Notices. Any notice, request, demand, or other communication required or
permitted hereunder, shall be deemed properly given when actually received or within five (5) days of mailing by certified or registered mail, postage prepaid, to Employee at the address currently on file with the Company, and to the Company
at: 
  

			
	 Company:
	  	 Callaway Golf Company
 2180 Rutherford Road
 Carlsbad, California 92008

Attn: Steven C. McCracken
 Senior Executive Vice President, Chief Administrative Officer

or to such other address as Employee or the Company may from time to time furnish, in writing, to the other. 

  

					
		 	10	 	Thomas T. Yang

 (d) Headings. The headings of the several sections and paragraphs of
this Agreement are inserted solely for the convenience of reference and are not a part of and are not intended to govern, limit or aid in the construction of any term or provision hereof. 

(e) Waiver. Failure of either party at any time to require performance by the other of any provision of this
Agreement shall in no way affect that party’s rights thereafter to enforce the same, nor shall the waiver by either party of any breach of any provision hereof be held to be a waiver of any succeeding breach of any provision or a waiver of the
provision itself. 
 (f) Applicable Law. This Agreement shall constitute a contract under the internal
laws of the State of California and shall be governed and construed in accordance with the laws of said state as to both interpretation and performance. 
 (g) Severability. In the event any provision or provisions of this Agreement is or are held invalid, the remaining provisions of this Agreement shall not be affected thereby. 

(h) Advertising Waiver. Employee agrees to permit the Company and/or its affiliates, and persons or other
organizations authorized by the Company and/or its affiliates, to use, publish and distribute advertising or sales promotional literature concerning the products of the Company and/or its affiliates, or the machinery and equipment used in the
manufacture thereof, in which Employee’s name and/or pictures of Employee taken in the course of Employee’s provision of services to the Company and/or its affiliates, appear. Employee hereby waives and releases any claim or right Employee
may otherwise have arising out of such use, publication or distribution. 
 (i) Counterparts. This
Agreement may be executed in one or more counterparts which, when fully executed by the parties, shall be treated as one agreement. 
 11. IRREVOCABLE ARBITRATION OF DISPUTES. 
 (a)
Employee and the Company agree that any dispute, controversy or claim arising hereunder or in any way related to this Agreement, its interpretation, enforceability, or applicability, or relating to Employee’s employment, or the termination
thereof, that cannot be resolved by mutual agreement of the parties shall be submitted to binding arbitration. This includes, but is not limited to, alleged violations of federal, state and/or local statutes, claims based on any purported breach of
duty arising in contract or tort, including breach of contract, breach of the covenant of good faith and fair dealing, violation of public policy, violation of any statutory, contractual or common law rights, but excluding workers’
compensation, unemployment matters, or any matter falling within the jurisdiction of the state Labor Commissioner. The parties agree that arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such claims
in any other forum, unless otherwise provided by law. Any court action involving a dispute which is not subject to arbitration shall be stayed pending arbitration of arbitrable disputes. 

(b) Employee and the Company agree that the arbitrator shall have the authority to issue provisional relief. Employee
and the Company further agree that each has the right, pursuant to California Code of Civil Procedure section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to prevent the arbitration from being
rendered ineffective. 
 (c) Any demand for arbitration shall be in writing and must be communicated to
the other party prior to the expiration of the applicable statute of limitations. 
 (d) The arbitration
shall be administered by JAMS pursuant to its Employment Arbitration Rules and Procedures. The arbitration shall be conducted in San Diego by a former or retired judge or attorney with at least 10 years experience in employment-related disputes, or
a non-attorney with like experience in the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do all that is necessary to resolve the matter. The parties must mutually agree on the
arbitrator. If the parties cannot agree on the arbitrator after their best 

  

					
		 	11	 	Thomas T. Yang

 
efforts, an arbitrator will be selected from JAMS pursuant to its Employment Arbitration Rules and Procedures. The Company shall pay the costs of the arbitrator’s fees. 

(e) The arbitration will be decided upon a written decision of the arbitrator stating the essential findings and
conclusions upon which the award is based. The arbitrator shall have the authority to award damages, if any, to the extent that they are available under applicable law(s). The arbitration award shall be final and binding, and may be entered as a
judgment in any court having competent jurisdiction. Either party may seek review pursuant to California Code of Civil Procedure section 1286, et seq. 
 (f) It is expressly understood that the parties have chosen arbitration to avoid the burdens, costs and publicity of a court proceeding, and the arbitrator is expected to handle all aspects of the
matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden and publicity of the process, while assuring a fair and just result. In particular, the parties expect that the arbitrator will limit discovery by
controlling the amount of discovery that may be taken (e.g., the number of depositions or interrogatories) and by restricting the scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum, each party will be
entitled to at least one (1) deposition and shall have access to essential documents and witnesses as determined by the arbitrator. 
 (g) The provisions of this Section shall survive the expiration or termination of the Agreement, and shall be binding upon the parties. 

THE PARTIES HAVE READ SECTION 11 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE IDENTIFIED ABOVE. 

 

			
	             (Employee)	 	             (Company)

IN WITNESS WHEREOF, the parties have caused this Agreement to be executed effective the date first written above.

  

					
	EMPLOYEE	 		 	COMPANY
			
		 		 	 Callaway Golf Company, a Delaware corporation

			
	 /s/ Thomas T. Yang
	 	 By:
	 	 /s/ George Fellows

	 Thomas T. Yang
	 		 	 George Fellows

		 		 	 President & Chief Executive Officer

  

  

					
		 	12	 	Thomas T. Yang

 EXHIBIT A 
 CHANGE IN CONTROL 
 A “Change in Control” means
the following and shall be deemed to occur if any of the following events occurs: 
 1. Any person, entity or
group, within the meaning of Section 13(d) or 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) but excluding the Company and its subsidiaries and any employee benefit or stock ownership plan of the Company or its
subsidiaries and also excluding an underwriter or underwriting syndicate that has acquired the Company’s securities solely in connection with a public offering thereof (such person, entity or group being referred to herein as a
“Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 30% or more of either the then outstanding shares of Common Stock or the combined voting power of the Company’s then
outstanding securities entitled to vote generally in the election of directors; or 
 2. Individuals who, as of
the effective date hereof, constitute the Board of Directors of the Company (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board of Directors of the Company, provided that any individual who becomes a
director after the effective date hereof whose election, or nomination for election by the Company’s shareholders, is approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered to be a
member of the Incumbent Board unless that individual was nominated or elected by any Person having the power to exercise, through beneficial ownership, voting agreement and/or proxy, 20% or more of either the outstanding shares of Common Stock or
the combined voting power of the Company’s then outstanding voting securities entitled to vote generally in the election of directors, in which case that individual shall not be considered to be a member of the Incumbent Board unless such
individual’s election or nomination for election by the Company’s shareholders is approved by a vote of at least two-thirds of the directors then comprising the Incumbent Board; or 

3. Consummation by the Company of the sale, lease, exchange or other disposition, in one transaction or a series of
transactions, by the Company of all or substantially all of the Company’s assets or a reorganization or merger or consolidation of the Company with any other person, entity or corporation, other than 

(a) a reorganization or merger or consolidation that would result in the voting securities of the Company outstanding
immediately prior thereto (or, in the case of a reorganization or merger or consolidation that is preceded or accomplished by an acquisition or series of related acquisitions by any Person, by tender or exchange offer or otherwise, of voting
securities representing 5% or more of the combined voting power of all securities of the Company, immediately prior to such acquisition or the first acquisition in such series of acquisitions) continuing to represent, either by remaining outstanding
or by being converted into voting securities of another entity, more than 50% of the combined voting power of the voting securities of the Company or such other entity outstanding immediately after such reorganization or merger or consolidation (or
series of related transactions involving such a reorganization or merger or consolidation), or 
 (b) a
reorganization or merger or consolidation effected to implement a recapitalization or reincorporation of the Company (or similar transaction) that does not result in a material change in beneficial ownership of the voting securities of the Company
or its successor; or 
 4. Approval by the shareholders of the Company or an order by a court of competent
jurisdiction of a plan of complete liquidation or dissolution of the Company. 

  

					
		 	13	 	Thomas T. Yang

 EXHIBIT B 
 RELEASE OF CLAIMS — GENERAL RELEASE 
 This Release of
Claims — General Release (“Release”) is effective as of the date provided for in Section 10 below, and is made by and between
                     (“Employee”), pursuant to the Officer Employment Agreement (the “Agreement”) to which this document
is attached, and Callaway Golf Company (the “Company”), a Delaware corporation. This Release is entered into in light of the fact that Employee’s employment with the Company will terminate and Employee will be eligible to
receive Special Severance pursuant to Section 7 of the Agreement. 
 1. Consideration. In
consideration for the payment of Special Severance, Employee agrees to the terms and provisions set forth in this Release. 
 2. Release. 
 (a) Employee hereby irrevocably and
unconditionally releases and forever discharges the Company, its predecessors, successors, subsidiaries, affiliates and benefit plans, and each and every past, present and future officer, director, employee, representative and attorney of the
Company, its, predecessors, successors, subsidiaries, affiliates and benefit plans, and their successors and assigns (collectively referred to herein as the “Releasees”), from any, every, and all charges, complaints, claims, causes of
action, and lawsuits of any kind whatsoever, including, to the extent permitted under the law, all claims which Employee has against the Releasees, or any of them, arising from or in any way related to circumstances or events arising out of
Employee’s employment by the Company, including, but not limited to, harassment, discrimination, retaliation, failure to progressively discipline Employee, termination of employment, violation of state and/or federal wage and hour laws,
violations of any notice requirement, violations of the California Labor Code, or breach of any employment agreement, together with any and all other claims Employee now has or may have against the Releasees through and including Employee’s
date of termination from the Company, provided, however, that Employee does not waive or release the right to enforce the Agreement, the right to enforce any stock option, restricted stock, retirement, welfare or other benefit plan, agreement or
arrangement, or any rights to indemnification or reimbursement, whether pursuant to charter and by-laws of the Company or its affiliates, applicable state laws, D&O insurance policies, or otherwise. EMPLOYEE ALSO SPECIFICALLY AGREES AND
ACKNOWLEDGES THAT EMPLOYEE IS WAIVING ANY RIGHT TO RECOVERY AGAINST RELEASEES BASED ON STATE OR FEDERAL AGE, SEX, PREGNANCY, RACE, COLOR, NATIONAL ORIGIN, MARITAL STATUS, RELIGION, VETERAN STATUS, DISABILITY, SEXUAL ORIENTATION, MEDICAL CONDITION OR
OTHER ANTI-DISCRIMINATION LAWS, INCLUDING, WITHOUT LIMITATION, TITLE VII, THE AMERICANS WITH DISABILITIES ACT, THE CALIFORNIA FAIR HOUSING AND EMPLOYMENT ACT, THE AGE DISCRIMINATION IN EMPLOYMENT ACT OF 1967, THE FAMILY MEDICAL RIGHTS ACT, THE
CALIFORNIA FAMILY RIGHTS ACT OR BASED ON THE EMPLOYEE RETIREMENT INCOME SECURITY ACT OR THE WORKER ADJUSTMENT AND RETRAINING NOTIFICATION ACT, ALL AS AMENDED, WHETHER SUCH CLAIM BE BASED UPON AN ACTION FILED BY EMPLOYEE OR A GOVERNMENTAL AGENCY.

 (b) Employee understands that rights or claims under the Age Discrimination in Employment Act of 1967 (29
U.S.C. § 621, et seq.) that may arise after the date this Release is executed are not waived. Nothing in this Release shall be construed to prohibit Employee from exercising Employee’s right to file a charge with the Equal
Employment Opportunity Commission or from participating in any investigation or proceeding conducted by the Equal Employment Opportunity Commission. 
 (c) Employee understands and agrees that if Employee files such a charge, the Company has the right to raise the defense that the charge is barred by this Release. 

  

					
		 	14	 	Thomas T. Yang

 3. Employee also waives all rights under section 1542 of the Civil Code of
the State of California. Section 1542 provides as follows: 
 A general release does not extend to claims
which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor. 

4. Governing Law. This Release shall be construed and enforced in accordance with the internal laws of the State
of California. 
 5. Binding Effect. This Release shall be binding upon and inure to the benefit of the
parties hereto and their respective heirs, personal representatives, successors and assigns. 
 6.
Irrevocable Arbitration of Disputes. 
 (a) Employee and the Company agree that any dispute,
controversy or claim arising hereunder or in any way related to this Release, its interpretation, enforceability, or applicability, or relating to Employee’s employment, or the termination thereof, that cannot be resolved by mutual agreement of
the parties shall be submitted to binding arbitration. This includes, but is not limited to, alleged violations of federal, state and/or local statutes, claims based on any purported breach of duty arising in contract or tort, including breach of
contract, breach of the covenant of good faith and fair dealing, violation of public policy, violation of any statutory, contractual or common law rights, but excluding workers’ compensation, unemployment matters, or any matter falling within
the jurisdiction of the state Labor Commissioner. The parties agree that arbitration is the parties’ only recourse for such claims and hereby waive the right to pursue such claims in any other forum, unless otherwise provided by law. Any court
action involving a dispute which is not subject to arbitration shall be stayed pending arbitration of arbitrable disputes. 
 (b) Employee and the Company agree that the arbitrator shall have the authority to issue provisional relief. Employee and the Company further agree that each has the right, pursuant to California Code
of Civil Procedure section 1281.8, to apply to a court for a provisional remedy in connection with an arbitrable dispute so as to prevent the arbitration from being rendered ineffective. 

(c) Any demand for arbitration shall be in writing and must be communicated to the other party prior to the expiration
of the applicable statute of limitations. 
 (d) The arbitration shall be administered by JAMS pursuant
to its Employment Arbitration Rules and Procedures. The arbitration shall be conducted in San Diego by a former or retired judge or attorney with at least 10 years experience in employment-related disputes, or a non-attorney with like experience in
the area of dispute, who shall have the power to hear motions, control discovery, conduct hearings and otherwise do all that is necessary to resolve the matter. The parties must mutually agree on the arbitrator. If the parties cannot agree on the
arbitrator after their best efforts, an arbitrator will be selected from JAMS pursuant to its Employment Arbitration Rules and Procedures. The Company shall pay the costs of the arbitrator’s fees. 

(e) The arbitration will be decided upon a written decision of the arbitrator stating the essential findings and
conclusions upon which the award is based. The arbitrator shall have the authority to award damages, if any, to the extent that they are available under applicable law(s). The arbitration award shall be final and binding, and may be entered as a
judgment in any court having competent jurisdiction. Either party may seek review pursuant to California Code of Civil Procedure section 1286, et seq. 
 (f) It is expressly understood that the parties have chosen arbitration to avoid the burdens, costs and publicity of a court proceeding, and the arbitrator is expected to handle all aspects of the
matter, including discovery and any hearings, in such a way as to minimize the expense, time, burden and publicity of the process, while assuring a fair and just result. In particular, 

  

					
		 	15	 	Thomas T. Yang

 
the parties expect that the arbitrator will limit discovery by controlling the amount of discovery that may be taken (e.g., the number of depositions or interrogatories) and by restricting the
scope of discovery only to those matters clearly relevant to the dispute. However, at a minimum, each party will be entitled to at least one deposition and shall have access to essential documents and witnesses as determined by the arbitrator.

 (g) The provisions of this Section shall survive the expiration or termination of the Release, and
shall be binding upon the parties. 
 THE PARTIES HAVE READ SECTION 6 AND IRREVOCABLY AGREE TO ARBITRATE ANY DISPUTE
IDENTIFIED ABOVE. 
  

			
	             (Employee)	 	             (Company)

7. Counterparts. This Release may be executed in one or more counterparts which, when fully executed by the
parties, shall be treated as one agreement. 
 8. Advice of Counsel. The Company hereby advises Employee
in writing to discuss this Release with an attorney before executing it. Employee further acknowledges that the Company will provide Employee twenty-one (21) days within which to review and consider this Release before signing it. Should
Employee decide not to use the full twenty-one (21) days, then Employee knowingly and voluntarily waives any claims that he was not in fact given that period of time or did not use the entire twenty-one (21) days to consult an attorney
and/or consider this Release. 
 9. Right to Revoke. The parties acknowledge and agree that Employee may
revoke this Release for up to seven (7) calendar days following Employee’s execution of this Release and that it shall not become effective or enforceable until the revocation period has expired. The parties further acknowledge and agree
that such revocation must be in writing addressed to Steven C. McCracken, Senior Executive Vice President and Chief Administrative Officer, Callaway Golf Company, 2180 Rutherford Road, Carlsbad, California 92008, and received no later than midnight
on the seventh day following the execution of this Release by Employee. If Employee revokes this Release under this section, it shall not be effective or enforceable, and Employee will not receive the consideration described in Section 1 above.

 10. Effective Date. If Employee does not revoke this Release in the timeframe specified in
Section 9 above, the Release shall become effective at 12:01 a.m. on the eighth day after it is fully executed by the parties. 
 11. Severability. In the event any provision or provisions of this Release is or are held invalid, the remaining provisions of this Release shall not be affected thereby. 

IN WITNESS WHEREOF, the parties hereto have executed this Release on the dates set forth below, to be effective as of the
date set forth in Section 10 above. 
  

					
	Employee	 		 	Company
			
		 		 	 Callaway Golf Company, a Delaware corporation

	
	EXHIBIT ONLY — DO NOT SIGN AT THIS TIME
			
	  
	 	 By:
	 	  

	 [Employee’s Name]
	 		 	   [Authorized Signature]

			
	
Dated:                            
                                         
                                  
	 		 	
  Dated:                          
                                         
                                         

  

					
		 	16	 	Thomas T. YangRevolving Credit Agreement

 Exhibit 10.1 
 Execution Version 
 REVOLVING CREDIT AGREEMENT

 dated as of May 2, 2011 
 among 
 ATMOS ENERGY CORPORATION, 

as Borrower, 

THE LENDERS FROM TIME TO TIME PARTY HERETO, 
 THE ROYAL BANK OF SCOTLAND PLC 
 as Administrative Agent, 

CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK 
 as Syndication Agent, 
 BANK OF AMERICA, N.A., 

U.S. BANK NATIONAL ASSOCIATION 
 and 
 WELLS FARGO BANK, N.A. 

as Co-Documentation Agents 
  

 
  

RBS SECURITIES INC., CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, U.S. BANK NATIONAL 

ASSOCIATION, and WELLS FARGO SECURITIES, LLC 
 As Joint Lead Arrangers 
 and 

Joint-Bookrunners 

 TABLE OF CONTENTS 

 

					
	 	  	 	  	 Page

		
	 ARTICLE I DEFINITIONS; CONSTRUCTION
	  	1
	 Section 1.1.
	  	 Definitions
	  	1
	 Section 1.2.
	  	 Classifications of Loans and Borrowings
	  	15
	 Section 1.3.
	  	 Accounting Terms and Determination
	  	15
	 Section 1.4.
	  	 Terms Generally
	  	15
	 ARTICLE II AMOUNT AND TERMS OF THE COMMITMENTS
	  	16
	 Section 2.1.
	  	 General Description of Facility
	  	16
	 Section 2.2.
	  	 Loans
	  	16
	 Section 2.3.
	  	 Procedure for Borrowings
	  	16
	 Section 2.4.
	  	 Funding of Borrowings
	  	16
	 Section 2.5.
	  	 Interest Elections
	  	17
	 Section 2.6.
	  	 Optional Reduction and Termination of Commitments
	  	18
	 Section 2.7.
	  	 Repayment of Loans
	  	18
	 Section 2.8.
	  	 Evidence of Indebtedness
	  	18
	 Section 2.9.
	  	 Prepayments
	  	19
	 Section 2.10.
	  	 Interest on Loans
	  	19
	 Section 2.11.
	  	 Fees
	  	20
	 Section 2.12.
	  	 Computation of Interest and Fees
	  	20
	 Section 2.13.
	  	 Inability to Determine Interest Rates
	  	21
	 Section 2.14.
	  	 Illegality
	  	21
	 Section 2.15.
	  	 Increased Costs
	  	22
	 Section 2.16.
	  	 Funding Indemnity
	  	22
	 Section 2.17.
	  	 Taxes
	  	23
	 Section 2.18.
	  	 Payments Generally; Pro Rata Treatment; Sharing of Set-offs
	  	24
	 Section 2.19.
	  	 Mitigation of Obligations
	  	25
	 Section 2.20.
	  	 Replacement of Lenders
	  	26
	 Section 2.21.
	  	 Increase of Commitments; Additional Lenders
	  	26
	 Section 2.22.
	  	 Defaulting Lenders
	  	27
	 ARTICLE III CONDITIONS PRECEDENT TO LOANS
	  	28
	 Section 3.1.
	  	 Conditions To Effectiveness
	  	28
	 Section 3.2.
	  	 Each Credit Event
	  	30
	 Section 3.3.
	  	 Delivery of Documents
	  	31
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	31
	 Section 4.1.
	  	 Organization and Good Standing
	  	31
	 Section 4.2.
	  	 Due Authorization
	  	31
	 Section 4.3.
	  	 No Conflicts
	  	31
	 Section 4.4.
	  	 Consents
	  	31
	 Section 4.5.
	  	 Enforceable Obligations
	  	32
	 Section 4.6.
	  	 Financial Condition
	  	32
	 Section 4.7.
	  	 Intentionally Omitted
	  	32
	 Section 4.8.
	  	 No Default
	  	32
	 Section 4.9.
	  	 Intentionally Omitted
	  	32
	 Section 4.10.
	  	 Taxes
	  	32
	 Section 4.11.
	  	 Compliance with Law
	  	32
	 Section 4.12.
	  	 Material Agreements
	  	33
	 Section 4.13.
	  	 ERISA
	  	33
	 Section 4.14.
	  	 Use of Proceeds
	  	34
	 Section 4.15.
	  	 Government Regulation
	  	34

					
	 Section 4.16.
	  	 Disclosure
	  	34
	 Section 4.17.
	  	 Intentionally Omitted
	  	34
	 Section 4.18.
	  	 Insurance
	  	34
	 Section 4.19.
	  	 Franchises, Licenses, Etc
	  	35
	 Section 4.20.
	  	 Secured Indebtedness
	  	35
	 Section 4.21.
	  	 Subsidiaries
	  	35
	 ARTICLE V AFFIRMATIVE COVENANTS
	  	35
	 Section 5.1.
	  	 Information Covenants
	  	35
	 Section 5.2.
	  	 Debt to Capitalization Ratio
	  	37
	 Section 5.3.
	  	 Preservation of Existence, Franchises and Assets
	  	37
	 Section 5.4.
	  	 Books and Records
	  	37
	 Section 5.5.
	  	 Compliance with Law
	  	37
	 Section 5.6.
	  	 Payment of Taxes and Other Claims
	  	37
	 Section 5.7.
	  	 Insurance
	  	38
	 Section 5.8.
	  	 Use of Proceeds
	  	38
	 Section 5.9.
	  	 Audits/Inspections
	  	38
	 ARTICLE VI NEGATIVE COVENANTS
	  	38
	 Section 6.1.
	  	 Nature of Business
	  	38
	 Section 6.2.
	  	 Consolidation and Merger
	  	38
	 Section 6.3.
	  	 Sale or Lease of Assets
	  	39
	 Section 6.4.
	  	 Arm’s-Length Transactions
	  	39
	 Section 6.5.
	  	 Fiscal Year; Organizational Documents
	  	39
	 Section 6.6.
	  	 Liens
	  	39
	 Section 6.7.
	  	 Required Clear Period
	  	40
	 ARTICLE VII EVENTS OF DEFAULT
	  	40
	 Section 7.1.
	  	 Events of Default
	  	40
	 Section 7.2.
	  	 Acceleration; Remedies
	  	42
	 Section 7.3.
	  	 Allocation of Payments After Event of Default
	  	43
	 ARTICLE VIII THE ADMINISTRATIVE AGENT
	  	44
	 Section 8.1.
	  	 Appointment of Administrative Agent
	  	44
	 Section 8.2.
	  	 Nature of Duties of Administrative Agent
	  	44
	 Section 8.3.
	  	 Lack of Reliance on the Administrative Agent
	  	45
	 Section 8.4.
	  	 Certain Rights of the Administrative Agent
	  	45
	 Section 8.5.
	  	 Reliance by Administrative Agent
	  	45
	 Section 8.6.
	  	 The Administrative Agent in its Individual Capacity
	  	45
	 Section 8.7.
	  	 Successor Administrative Agent
	  	46
	 Section 8.8.
	  	 Co-Documentation Agents; Syndication Agent
	  	46
	 ARTICLE IX MISCELLANEOUS
	  	46
	 Section 9.1.
	  	 Notices
	  	46
	 Section 9.2.
	  	 Waiver; Amendments
	  	49
	 Section 9.3.
	  	 Expenses; Indemnification
	  	50
	 Section 9.4.
	  	 Successors and Assigns
	  	51
	 Section 9.5.
	  	 Governing Law; Jurisdiction; Consent to Service of Process
	  	54
	 Section 9.6.
	  	 WAIVER OF JURY TRIAL
	  	55
	 Section 9.7.
	  	 Right of Setoff
	  	55
	 Section 9.8.
	  	 Counterparts; Integration
	  	55
	 Section 9.9.
	  	 Survival
	  	56
	 Section 9.10.
	  	 Severability
	  	56
	 Section 9.11.
	  	 Confidentiality
	  	56
	 Section 9.12.
	  	 Interest Rate Limitation
	  	57
	 Section 9.13.
	  	 Waiver of Effect of Corporate Seal
	  	57

  
 ii 

					
	 Section 9.14.
	  	 Patriot Act
	  	57
	 Section 9.15.
	  	 No Fiduciary Duty
	  	57

  

					
	Schedules	  		  	
	 Schedule I
	  	-	  	Applicable Margins and Applicable Percentages
	 Schedule II
	  	-	  	Commitment Amounts
	 Schedule 4.20
	  	-	  	Secured Indebtedness
	 Schedule 4.21
	  	-	  	Subsidiaries
			
	Exhibits	  		  	
			
	 Exhibit A
	  	-	  	Form of Assignment and Acceptance
	 Exhibit 2.3
	  	-	  	Form of Notice of Borrowing
	 Exhibit 2.5
	  	-	  	Form of Notice of Conversion/Continuation
	 Exhibit 3.1(b)(iii)
	  	-	  	Form of Secretary’s Certificate
	 Exhibit 3.1(b)(vi)
	  	-	  	Form of Officer’s Certificate
	 Exhibit 5.1(c)
	  	-	  	Form of Compliance Certificate

  
 iii

 REVOLVING CREDIT AGREEMENT 

THIS REVOLVING CREDIT AGREEMENT (this “Agreement”) is made and entered into as of May 2, 2011, by and among
ATMOS ENERGY CORPORATION, a Texas and Virginia corporation (the “Borrower”), the several banks and other financial institutions and lenders from time to time party hereto (the “Lenders”), and THE ROYAL BANK OF
SCOTLAND PLC, in its capacity as administrative agent for the Lenders (the “Administrative Agent”). 
 W I
T N E S S E T H: 
 WHEREAS, the Borrower has requested that the Lenders establish in favor of the Borrower a
$750,000,000 revolving credit facility; 
 WHEREAS, subject to the terms and conditions of this Agreement, the Lenders,
to the extent of their respective Commitments as defined herein, are willing severally to establish the requested revolving credit facility in favor of the Borrower. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Borrower, the Lenders and the Administrative Agent agree as follows: 

ARTICLE I  
 DEFINITIONS; CONSTRUCTION 
 Section 1.1.
Definitions. In addition to the other terms defined herein, the following terms used herein shall have the meanings herein specified (to be equally applicable to both the singular and plural forms of the terms defined): 

“Additional Commitment Amount” shall have the meaning set forth in Section 2.21. 

“Additional Lender” shall have the meaning set forth in Section 2.21. 

“Adjusted LIBO Rate” shall mean, with respect to each Interest Period for a Eurodollar Borrowing, the rate per annum
obtained by dividing (i) LIBOR for such Interest Period by (ii) a percentage equal to 1.00 minus the Eurodollar Reserve Percentage. 
 “Administrative Questionnaire” shall mean, with respect to each Lender, an administrative questionnaire in the form prepared by the Administrative Agent and submitted to the
Administrative Agent duly completed by such Lender. 
 “Affiliate” shall mean, as to any Person, any other
Person directly or indirectly controlling, controlled by or under direct or indirect common control with such Person. A Person shall be deemed to control another Person if such Person possesses, directly or indirectly, the power (a) to vote 10%
or more of the securities having ordinary voting power for the election of directors of such other Person or (b) to direct or cause direction of the management and policies of such other Person, whether through the ownership of voting
securities, by contract or otherwise. 

 “Aggregate Commitment Amount” shall mean the aggregate principal amount of
the Aggregate Commitments from time to time. On the Closing Date, the Aggregate Commitment Amount equals $750,000,000. 

“Aggregate Commitments” shall mean, collectively, all Commitments of all Lenders at any time outstanding. 

“Applicable Commitment Fee Percentage” shall mean, as of any date, with respect to the Commitment Fee as of any date,
the percentage per annum determined by reference to the applicable Rating Category as set forth on Schedule I; provided, that a change in the Applicable Commitment Fee Percentage resulting from a change in the Rating Category shall be
effective on the day on which any rating agency changes its rating and shall continue until the day prior to the day that a further change becomes effective. Notwithstanding the foregoing, the Applicable Commitment Fee Percentage for the Commitment
Fee from the Closing Date until the first change in the applicable Rating Category after the Closing Date shall be at Level III as set forth on Schedule I. 
 “Applicable Lending Office” shall mean, for each Lender and for each Type of Loan, the “Lending Office” of such Lender (or an Affiliate of such Lender) designated for such Type
of Loan in the Administrative Questionnaire submitted by such Lender or such other office of such Lender (or an Affiliate of such Lender) as such Lender may from time to time specify to the Administrative Agent and the Borrower as the office by
which its Loans of such Type are to be made and maintained. 
 “Applicable Margin” shall mean, as of any date,
the percentage per annum determined by reference to the applicable Rating Category from time to time in effect as set forth on Schedule I; provided, that a change in the Applicable Margin resulting from a change in the Rating Category
shall be effective on the day on which any rating agency changes its rating and shall continue until the day prior to the day that a further change becomes effective. Notwithstanding the foregoing, the Applicable Margin from the Closing Date until
the first change in the applicable Rating Category after the Closing Date shall be at Level III as set forth on Schedule I. 
 “Approved Fund” shall mean 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 (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an Affiliate of an entity that administers or manages a Lender.

 “Assignment and Acceptance” shall mean an assignment and acceptance entered into by a Lender and an assignee
(with the consent of any party whose consent is required by Section 9.4(b)) and accepted by the Administrative Agent, in the form of Exhibit A attached hereto or any other form approved by the Administrative Agent. 

“Availability Period” shall mean the period from the Closing Date to the Commitment Termination Date. 

“Bankruptcy Code” shall mean the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded
or replaced from time to time. 
 “Base Rate” shall mean the highest of (i) the per annum rate which the
Administrative Agent announces from time to time to be its prime lending rate, as in effect from time to time, (ii) the Federal Funds Rate, as in effect from time to time, (any changes in such rate to be effective as of the date of any change
in such rate) plus one-half of one percent (0.50%) and (iii) the one-month Adjusted LIBO 

  
 2 

 
Rate, which rate shall be determined on a daily basis (any changes in such rate to be effective as of the date of any change in such rate) plus 100 basis points per annum, which rate shall be
determined on a daily basis. The Administrative Agent’s prime lending rate is a reference rate and does not necessarily represent the lowest or best rate charged to customers. The Administrative Agent may make commercial loans or other loans at
rates of interest at, above or below the Administrative Agent’s prime lending rate. Each change in the Administrative Agent’s prime lending rate shall be effective from and including the date such change is publicly announced as being
effective. 
 “Borrowing” shall mean a borrowing consisting of Loans of the same Type, made, converted or
continued on the same date and in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 

“Business Day” shall mean (i) any day other than a Saturday, Sunday or other day on which commercial banks in New
York, New York are authorized or required by law to close and (ii) if such day relates to a Borrowing of, a payment or prepayment of principal or interest on, a conversion of or into, or an Interest Period for, a Eurodollar Loan or a notice
with respect to any of the foregoing, any day on which dealings in Dollars are carried on in the London interbank market. 

“Capital Stock” shall mean (a) in the case of a corporation, all classes of capital stock of such corporation,
(b) in the case of a partnership, partnership interests (whether general or limited), (c) in the case of a limited liability company, membership interests and (d) any other interest or participation that confers on a Person the right
to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
 “Change in
Law” shall mean (i) the adoption of any applicable law, rule or regulation after the date of this Agreement, (ii) any change in any applicable law, rule or regulation, or any change in the interpretation, implementation or
application thereof, by any Governmental Authority after the date of this Agreement, or (iii) compliance by any Lender (or its Applicable Lending Office) (or, for purposes of Section 2.15(b), by the Parent Company of such Lender, if
applicable) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement; provided, however, that for purposes of this Agreement, (x) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives in connection therewith and (y) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the
Basel Committee on Banking Supervision (or any successor or similar authority) or the United States regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date
enacted, adopted or issued. 
 “Change of Control” shall mean either of the following events: 

(a) any “person” or “group” (within the meaning of Section 13(d) or 14(d) of the Exchange Act)
has become, directly or indirectly, the “beneficial owner” (as defined in Rules 13d-3 (other than subsection (d) thereof) and 13d-5 under the Exchange Act), by way of merger, consolidation or otherwise of 40% or more of the voting
power of the Borrower on a fully-diluted basis, after giving effect to the conversion and exercise of all outstanding warrants, options and other securities of the Borrower convertible into or exercisable for voting stock of the Borrower (whether or
not such securities are then currently convertible or exercisable); or 
 (b) during any period of two
consecutive calendar years, individuals who at the beginning of such period constituted the board of directors of the Borrower together with any new members of such board of directors whose elections by such board of directors or whose nomination
for election by the stockholders of the Borrower was approved by a vote of a majority 

  
 3 

 
of the members of such board of directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved
cease for any reason to constitute a majority of the directors of the Borrower then in office. 
 “Charges”
shall have the meaning set forth in Section 9.12. 
 “Closing Date” shall mean the date on which
the conditions precedent set forth in Section 3.1 and Section 3.2 have been satisfied or waived in accordance with Section 9.2. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder. 

“Co-Documentation Agents” shall mean, collectively, Bank of America, N.A., U.S. Bank National Association and Wells
Fargo Bank, N.A. 
 “Commitment” shall mean, with respect to each Lender, the obligation of such Lender to make
Loans to the Borrower in an aggregate principal amount not exceeding the amount set forth with respect to such Lender on Schedule II, as such schedule may be amended pursuant to Section 2.21, or in the case of a Person becoming a
Lender after the Closing Date through an assignment of an existing Commitment, the amount of the assigned “Commitment” as provided in the Assignment and Acceptance executed by such Person as an assignee, as the same may be increased or
deceased pursuant to terms hereof. 
 “Commitment Fee” shall have the meaning set forth in
Section 2.11(b). 
 “Commitment Termination Date” shall mean the earliest of (i) May 2,
2016, (ii) the date on which the Commitments are terminated pursuant to Section 2.6 and (iii) the date on which all amounts outstanding under this Agreement have been declared or have automatically become due and payable
(whether by acceleration or otherwise). 
 “Compliance Certificate” shall mean a certificate from a Financial
Officer of the Borrower in the form of, and containing the certifications set forth in, the certificate attached hereto as Exhibit 5.1(c). 
 “Consolidated Capitalization” shall mean, without duplication, the sum of (a) all of the shareholders’ equity or net worth of the Borrower and its Subsidiaries on a consolidated
basis, as determined in accordance with GAAP plus (b) the aggregate principal amount of Preferred Securities plus (c) the aggregate Minority Interests in Subsidiaries plus (d) Consolidated Funded Debt. 

“Consolidated Funded Debt” shall mean, without duplication, the sum of (a) all indebtedness of the Borrower and its
Subsidiaries for borrowed money, (b) all purchase money indebtedness of the Borrower and its Subsidiaries (other than trade accounts payable), (c) the principal portion of all obligations of the Borrower and its Subsidiaries under capital
leases, (d) all commercial letters of credit and all performance and standby letters of credit issued or bankers’ acceptances created for the account of the Borrower or one of its Subsidiaries, including, without duplication, all
unreimbursed draws thereunder, (e) all Guaranty Obligations of the Borrower and its Subsidiaries with respect to funded indebtedness of another Person of the types listed in clauses (a) through (d), (f) all indebtedness of another
entity secured by a Lien on any property of the Borrower or any of its Subsidiaries whether or not such indebtedness has been assumed by the Borrower or any of its Subsidiaries, (g) all indebtedness of any partnership or unincorporated joint
venture to the extent the 

  
 4 

 
Borrower or one of its Subsidiaries is legally obligated with respect thereto, net of any assets of such partnership or joint venture and in the case of the Capital Stock of such partnership or
joint venture being held by a Subsidiary, limited to the net worth of such Subsidiary, (h) all obligations of the Borrower and its Subsidiaries to advance or provide funds or other support for the payment or purchase of funded indebtedness
(including, without limitation, maintenance agreements, comfort letters or similar agreements or arrangements) (other than as may be given in respect of Atmos Energy Marketing, LLC (“AEM”)) and (i) the principal balance outstanding
under any synthetic lease, tax retention operating lease, off-balance sheet loan or similar off-balance sheet financing product of the Borrower or one of its Material Subsidiaries where such transaction is considered borrowed money indebtedness for
tax purposes but is classified as an operating lease in accordance with GAAP; provided, however, that (x) neither the indebtedness of AEM incurred in connection with the purchase of gas by AEM for resale to the Borrower nor the
guaranty by the Borrower or one of its Subsidiaries of such indebtedness shall be included in this definition if such indebtedness has been outstanding for less than two months from the date of its incurrence by AEM and (y) for the purposes of
calculating the Debt to Capitalization Ratio, Consolidated Funded Debt will exclude (to the extent otherwise included in Consolidated Funded Debt) (i) any pension and other post-retirement benefits liability adjustments recorded in accordance
with GAAP and (ii) an amount of Hybrid Securities not to exceed a total of 15% of Consolidated Capitalization. 

“Consolidated Net Property” shall mean the Fixed Assets less, without duplication, the amount of accumulated
depreciation and amortization attributable thereto. 
 “Consolidated Net Worth” shall mean, as of any date,
(i) the total assets of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated balance sheet as of such date prepared in accordance with GAAP, after eliminating all amounts properly attributable to
minority interests, if any, in the stock and surplus of Subsidiaries, minus (ii) the total liabilities of the Borrower and its Subsidiaries that would be reflected on the Borrower’s consolidated balance sheet as of such date
prepared in accordance with GAAP. 
 “Contractual Obligation” of any Person shall mean any provision of any
security issued by such Person or of any agreement, instrument or undertaking under which such Person is obligated or by which it or any of the property in which it has an interest is bound. 

“Credit Documents” shall mean, collectively, this Agreement, any promissory notes issued pursuant to this Agreement, the
Fee Letter, all Notices of Borrowing, all Notices of Conversion/Continuation, all Compliance Certificates and any and all other instruments, agreements, documents and writings executed in connection with any of the foregoing. 

“Credit Exposure” shall mean, with respect to any Lender at any time, the outstanding principal amount of such
Lender’s Loans. 
 “Debt to Capitalization Ratio” shall mean the ratio of (a) Consolidated Funded
Debt to (b) Consolidated Capitalization. 
 “Default” shall mean any act, condition or event that, with
the giving of notice or the lapse of time or both, would constitute an Event of Default. 
 “Defaulting Lender”
shall mean, at any time, subject to Section 2.22, any Lender that, as determined by the Administrative Agent acting in good faith, (a) has failed to fund any portion of its Commitments required to be funded by it within two Business
Days after the date required to be funded by it, unless the subject of a good faith dispute as specified to the Administrative Agent, (b) has otherwise 

  
 5 

 
failed to pay over to the Administrative Agent or any other Lender any other amount required to be paid by it under the Credit Documents within three Business Days after the date when due, unless
the subject of a good faith dispute as specified to the Administrative Agent, (c) has notified the Borrower or the Administrative Agent that it does not intend to comply with its funding obligations or has made a public statement to that effect
with respect to its funding obligations under the Credit Documents unless such notification or public statement relates to such Lender’s obligation to fund any portion of its Commitments hereunder and states that such position is based on such
Lender’s determination that a condition precedent to funding cannot be satisfied, (d) has failed, within three Business Days after request by the Administrative Agent, to confirm to the Administrative Agent that it will comply with its
funding obligations; provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (d) upon receipt of such confirmation by the Administrative Agent, or (e) as to which a Lender Insolvency Event has occurred and
is continuing. 
 “Default Interest” shall have the meaning set forth in Section 2.10(b).

 “Dollar(s)” and the sign “$” shall mean lawful money of the United States of America. 

“Environmental Laws” shall mean any current or future legal requirement of any Governmental Authority pertaining to
(a) the protection of health, safety, and the indoor or outdoor environment, (b) the conservation, management, or use of natural resources and wildlife, (c) the protection or use of surface water and groundwater or (d) the
management, manufacture, possession, presence, use, generation, transportation, treatment, storage, disposal, release, threatened release, abatement, removal, remediation or handling of, or exposure to, any hazardous or toxic substance or material
or (e) pollution (including any release to land surface water and groundwater) and includes, without limitation, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and
Reauthorization Act of 1986, 42 USC 9601 et seq., Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act of 1976 and Hazardous and Solid Waste Amendment of 1984, 42 USC 6901 et seq., Federal Water Pollution
Control Act, as amended by the Clean Water Act of 1977, 33 USC 1251 et seq., Clean Air Act of 1966, as amended, 42 USC 7401 et seq., Toxic Substances Control Act of 1976, 15 USC 2601 et seq., Hazardous Materials Transportation Act, 49 USC
App. 1801 et seq., Occupational Safety and Health Act of 1970, as amended, 29 USC 651 et seq., Oil Pollution Act of 1990, 33 USC 2701 et seq., Emergency Planning and Community Right-to-Know Act of 1986, 42 USC 11001 et
seq., National Environmental Policy Act of 1969, 42 USC 4321 et seq., Safe Drinking Water Act of 1974, as amended, 42 USC 300(f) et seq., any analogous implementing or successor law, and any amendment, rule, regulation, order, or
directive issued thereunder. 
 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as
amended, and any successor statute thereto, as interpreted by the rules and regulations thereunder, all as the same may be in effect from time to time. References to sections of ERISA shall be construed also to refer to any successor sections.

 “ERISA Affiliate” shall mean an entity, whether or not incorporated, which is under common control with the
Borrower or any of its Subsidiaries within the meaning of Section 4001(a)(14) of ERISA, or is a member of a group which includes the Borrower or any of its Subsidiaries and which is treated as a single employer under Sections 414(b), (c), (m),
or (o) of the Code. 
 “Eurodollar” when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans comprising such Borrowing, bears interest at a rate determined by reference to the Adjusted LIBO Rate. 

  
 6 

 “Eurodollar Reserve Percentage” shall mean the
aggregate of the maximum reserve percentages (including, without limitation, any emergency, supplemental, special or other marginal reserves) expressed as a decimal (rounded upwards to the next 1/100th of 1%) in effect on any day with respect to the Adjusted LIBO Rate
pursuant to regulations issued by the Board of Governors of the Federal Reserve System (or any Governmental Authority succeeding to any of its principal functions) with respect to eurocurrency funding (currently referred to as “eurocurrency
liabilities” under Regulation D). Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under Regulation D. The Eurodollar Reserve Percentage shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Event of Default” shall have the meaning provided in Section 7.1. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder. 
 “Excluded Taxes” shall mean with respect to the Administrative Agent, any Lender or any
other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income or franchise taxes imposed on (or measured by) its net income by the United States of America, or by the jurisdiction under the
laws of which such recipient is organized or in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located, (b) any branch profits taxes imposed by the United States of America or any
similar tax imposed by any other jurisdiction in which any Lender is located and (c) in the case of a Foreign Lender, any withholding tax that (i) is imposed on amounts payable to such Foreign Lender at the time such Foreign Lender becomes
a party to this Agreement, (ii) is imposed on amounts payable to such Foreign Lender at any time that such Foreign Lender designates a new lending office, other than taxes that have accrued prior to the designation of such lending office that
are otherwise not Excluded Taxes, and (iii) is attributable to such Foreign Lender’s failure to comply with Section 2.17(e). 
 “Existing Five-Year Credit Agreement” shall mean that certain Revolving Credit Agreement, dated as of December 15, 2006, among the Borrower, the lenders identified therein and
SunTrust Bank, as administrative agent, as amended, modified, supplemented or replaced from time to time. 

“FATCA” means Sections 1471 through 1474 of the Code and any current or future regulations or official interpretations
thereof. 
 “Federal Funds Rate” shall mean, for any day, the rate per annum (rounded
upwards, if necessary, to the next 1/100th of 1%) equal to
the weighted average of the rates on overnight Federal funds transactions with member banks of the Federal Reserve System arranged by Federal funds brokers, as published by the Federal Reserve Bank of New York on the next succeeding Business Day or
if such rate is not so published for any Business Day, the Federal Funds Rate for such day shall be the average rounded upwards, if necessary, to the next 1/100th of 1% of the quotations for such day on such transactions received by the
Administrative Agent from three Federal funds brokers of recognized standing selected by the Administrative Agent. 

“Fee Letter” shall mean, collectively, that certain fee letter, dated as of March 28, 2011, executed by the
Administrative Agent and accepted by the Borrower and that certain fee letter dated as of March 28, 2011 executed by the Administrative Agent, RBS Securities Inc. and Crédit Agricole Corporate and Investment Bank and accepted by the
Borrower. 

  
 7 

 “Financial Officer” shall mean any one of the chief financial officer, the
controller or the treasurer of the Borrower. 
 “Fitch” shall mean Fitch Ratings Ltd., or any successor or
assignee of the business of such company in the business of rating securities. 
 “Fixed Assets” shall mean the
assets of the Borrower and its Subsidiaries constituting “net property, plant and equipment” on the consolidated balance sheet of the Borrower and its Subsidiaries. 
 “Foreign Lender” shall mean any Lender that is not a United States person under Section 7701(a)(3) of the Code. 

“GAAP” shall mean generally accepted accounting principles in the United States applied on a consistent basis and
subject to Section 1.3. 
 “Governmental Authority” shall mean any Federal, state, local or foreign
court or governmental agency, authority, instrumentality or regulatory body. 
 “Guaranty Obligations” shall
mean, with respect to any Person, without duplication, any obligations (other than endorsements in the ordinary course of business of negotiable instruments for deposit or collection) guaranteeing any indebtedness for borrowed money of any other
Person in any manner, whether direct or indirect, and including without limitation any obligation, whether or not contingent, (a) to purchase any such indebtedness or other obligation or any property constituting security therefor, (b) to
lease or purchase property, securities or services primarily for the purpose of assuring the owner of such indebtedness or (c) to otherwise assure or hold harmless the owner of such indebtedness or obligation against loss in respect thereof.
The amount of any Guaranty Obligation hereunder shall (subject to any limitations set forth therein) be deemed to be an amount equal to the outstanding principal amount of the indebtedness in respect of which such Guaranty Obligation is made.

 “Hazardous Materials” shall mean all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 “Hedging Obligations” shall mean any and all obligations of such Person, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Hedging Transactions, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Hedging Transactions and (iii) any
and all renewals, extensions and modifications of any Hedging Transactions and any and all substitutions for any Hedging Transactions. 
 “Hedging Transaction” shall mean any transaction (including an agreement with respect thereto) now existing or hereafter entered into by such Person that is a rate swap, basis swap,
forward rate transaction, commodity swap, interest rate option, foreign exchange transaction, cap transaction, floor transaction, collateral transaction, forward transaction, currency swap transaction, cross-currency rate swap transaction, currency
option or any other similar transaction (including any option with respect to any of these transactions) or any combination thereof, whether linked to one or more interest rates, foreign currencies, commodity prices, equity prices or other financial
measures. 
 “Hybrid Securities” shall mean any trust preferred securities, or deferrable interest subordinated
debt with a maturity of at least 20 years, which provides for the optional or mandatory 

  
 8 

 
deferral of interest or distributions, issued by 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 subsidiaries, (ii) that have been formed for the
purpose of issuing trust preferred securities or deferrable interest subordinated debt, and (iii) substantially all the assets of which consist of (A) subordinated debt of the Borrower or a subsidiary of the Borrower, and (B) payments
made from time to time on the subordinated debt. 
 “Indemnified Taxes” shall mean Taxes other than Excluded
Taxes. 
 “Information Memorandum” shall mean the Confidential Executive Summary dated March 2011 relating to
the Borrower and the transactions contemplated by this Agreement and the other Credit Documents. 
 “Interest
Period” shall mean with respect to any Eurodollar Borrowing, a period of one, two, three or six months; provided, that: 
 (i) the initial Interest Period for such Borrowing shall commence on the date of such Borrowing (including the date of any conversion from a Borrowing of another Type), and each Interest Period occurring
thereafter in respect of such Borrowing shall commence on the day on which the next preceding Interest Period expires; 
 (ii) if any Interest Period would otherwise end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day, unless such Business Day falls in another
calendar month, in which case such Interest Period would end on the next preceding Business Day; 
 (iii) any
Interest Period which begins on the last Business Day of a calendar month or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period shall end on the last Business Day of such calendar
month; 
 (iv) no Interest Period may extend beyond the Commitment Termination Date. 

“Joint Lead Arrangers” shall mean, collectively, RBS Securities, Inc., Crédit Agricole Corporate and Investment
Bank, Merrill Lynch, Pierce, Fenner & Smith Incorporated, U.S. Bank National Association and Wells Fargo Securities, LLC. 
 “Lender Insolvency Event” shall mean that (i) a Lender or its Parent Company is adjudicated as, or determined by any Governmental Authority having regulatory authority over such
Person or its assets to be, insolvent, or is generally unable to pay its debts as they become due, or admits in writing its inability to pay its debts as they become due, or makes a general assignment for the benefit of its creditors, (ii) a
Lender or its Parent Company is the subject of a bankruptcy, insolvency, reorganization, liquidation or similar proceeding, or a receiver, trustee, conservator, custodian or similar Person charged with reorganization or liquidation of its business
or assets, including the Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such capacity, has been appointed for such Lender or its Parent Company, or such Lender or its Parent Company has taken any
action in furtherance of or indicating its consent to or acquiescence in any such proceeding or appointment, or (iii) a Lender or its Parent Company has been adjudicated as, or determined by any Governmental Authority having regulatory
authority over such Person or its assets to be, insolvent; 

  
 9 

 
provided that, for the avoidance of doubt, a Lender Insolvency Event shall not be deemed to have occurred solely by virtue of the ownership or acquisition of any equity interest
in or control of a Lender or a Parent Company thereof by a Governmental Authority or an instrumentality thereof so long as such ownership or acquisition does not result in or provide such Lender with immunity from the jurisdiction of courts within
the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender.

 “Lenders” shall have the meaning assigned to such term in the opening paragraph of this Agreement and shall
include, where appropriate, each Additional Lender that joins this Agreement pursuant to Section 2.21. 

“LIBOR” shall mean, for any Interest Period with respect to a Eurodollar Loan, the rate per annum (rounded upwards, if
necessary, to the nearest 1/100 of 1%) appearing on Reuters Screen LIBOR01 Page (or such other commercially available source providing quotations of BBA LIBOR as may be designated by the Administrative Agent from time to time) as the London
interbank offered rate for deposits in Dollars at approximately 11:00 a.m. (London, England time), two Business Days prior to the first day of such Interest Period for a term comparable to such Interest Period. If for any reason such rate is not
available, LIBOR shall be, for any Interest Period, the rate per annum reasonably determined by the Administrative Agent as the rate of interest at which Dollar deposits in the approximate amount of the Eurodollar Loan comprising part of such
borrowing would be offered by the Administrative Agent to major banks in the London interbank Eurodollar market at their request at or about 10:00 a.m. two Business Days prior to the first day of such Interest Period for a term comparable to such
Interest Period. 
 “Lien” shall mean any mortgage, pledge, hypothecation, assignment, deposit arrangement,
security interest, encumbrance, lien (statutory or otherwise), preference, priority or charge of any kind. 

“Loan” shall mean a loan made by a Lender to the Borrower under its Commitment, which may either be a Base Rate Loan or
a Eurodollar Loan. 
 “Material Adverse Effect” shall mean a material adverse effect on (a) the business,
assets, liabilities, results of operations or financial condition of the Borrower and its Subsidiaries, taken as a whole, (b) the ability of the Borrower to perform its obligations under this Agreement or any of the other Credit Documents or
(c) the validity or enforceability of this Agreement, any of the other Credit Documents, or the rights and remedies of the Lenders hereunder or thereunder. 
 “Material Subsidiary” shall mean, at any date, a Subsidiary of the Borrower whose aggregate assets properly included under the category “property, plant and equipment” on the
balance sheet of such Subsidiary, less the amount of depreciation and amortization attributable thereto, constitutes at least 10% of Consolidated Net Property as of such date; provided that if at any time the Borrower has Subsidiaries that are not
Material Subsidiaries whose total aggregate assets under the category “property, plant and equipment” on the balance sheet of such Subsidiaries, less the amount of depreciation and amortization attributable thereto, constitute more than
20% of Consolidated Net Property as of such date the Borrower shall designate one or more of such Subsidiaries as Material Subsidiaries for the purposes of this Agreement in order that all Subsidiaries of the Borrower, other than Material
Subsidiaries, own not more than 20% of Consolidated Net Property. 
 “Maximum Rate” shall have the meaning set
forth in Section 9.12. 

  
 10 

 “Minority Interests” shall mean interests owned by Persons (other than the
Borrower or a Subsidiary of the Borrower) in a Subsidiary of the Borrower in which less than 100% of all classes of the voting securities are owned by the Borrower or its Subsidiaries. 

“Moody’s” shall mean Moody’s Investors Service, Inc., or any successor or assignee of the business of such
company in the business of rating securities. 
 “Multiemployer Plan” shall mean a Plan covered by Title IV of
ERISA which is a multiemployer plan as defined in Section 3(37) or 4001(a)(3) of ERISA. 
 “Multiple Employer
Plan” shall mean a Plan covered by Title IV of ERISA, other than a Multiemployer Plan, which the Borrower or any ERISA Affiliate and at least one employer other than the Borrower or any ERISA Affiliate are contributing sponsors. 

“1998 Indenture” shall mean, collectively, that certain Indenture, dated as of July 15, 1998, granted by the
Borrower to US Bank Trust National Association, as Trustee, and all Supplemental Indentures thereto. 
 “Non-Defaulting
Lender” shall mean, at any time, a Lender that is not a Defaulting Lender. 
 “Non-Recourse
Indebtedness” shall mean, at any time, indebtedness incurred after the date hereof by the Borrower or a Material Subsidiary in connection with the acquisition of property or assets by the Borrower or such Material Subsidiary or the
financing of the construction of or improvements on property, whenever acquired, that, under the terms of such indebtedness and pursuant to applicable law, the recourse at such time and thereafter of the lenders with respect to such indebtedness is
limited to the property or assets so acquired, or such construction or improvements, and any accession or additions thereto and proceeds thereof, including indebtedness as to which a performance or completion guarantee or similar undertaking was
initially applicable to such indebtedness or the related property or assets if such guarantee or similar undertaking has been satisfied and is no longer in effect at such time. Indebtedness which is otherwise Non-Recourse Indebtedness will not lose
its character as Non-Recourse Indebtedness because there is recourse to the Borrower, any Material Subsidiary, any guarantor or any other Person for (a) environmental representations, warranties or indemnities, or (b) indemnities for and
liabilities arising from (i) fraud, (ii) misrepresentation, (iii) misapplication or non-payment of rents, profits, insurance and condemnation proceeds and other sums actually received from secured assets to be paid to the lender,
(iv) waste, (v) materialmen’s and mechanics’ liens or (vi) similar matters. 
 “Notice of
Borrowing” shall have the meaning set forth in Section 2.3. 
 “Notice of
Conversion/Continuation” shall mean the notice given by the Borrower to the Administrative Agent in respect of the conversion or continuation of an outstanding Borrowing as provided in Section 2.5(b). 

“Obligations” shall mean all amounts owing by the Borrower to the Administrative Agent or any Lender pursuant to or in
connection with this Agreement or any other Credit Document, including without limitation, all principal, interest (including any interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization
or like proceeding relating to the Borrower, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), all reimbursement obligations, fees, expenses, indemnification and reimbursement payments, costs and
expenses (including all reasonable fees and expenses of counsel to the Administrative Agent and any Lender incurred pursuant to this Agreement or any other Credit Document), whether direct or indirect,

  
 11 

 
absolute or contingent, liquidated or unliquidated, now existing or hereafter arising hereunder or thereunder, and all Hedging Obligations owed to the Administrative Agent, any Lender or any of
their Affiliates incurred in order to limit interest rate or fee fluctuation with respect to the Loans, and all obligations and liabilities incurred in connection with collecting and enforcing the foregoing, together with all renewals, extensions,
modifications or refinancings thereof. 
 “Other Taxes” shall mean any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Credit Document.

 “Parent Company” shall mean, with respect to a Lender, the bank holding company (as defined in Federal
Reserve Board Regulation Y), if any, of such Lender, and/or any Person owning, beneficially or of record, directly or indirectly, a majority of the shares of such Lender. 
 “Participant” shall have the meaning set forth in Section 9.4(d). 
 “Payment Office” shall mean the office of the Administrative Agent located at 600 Washington Boulevard, Stamford, CT, 06901, or such other location as to which the Administrative Agent
shall have given written notice to the Borrower and the other Lenders. 
 “PBGC” shall mean the Pension Benefit
Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA and any successor thereto. 
 “Permitted
Lien” shall mean, with respect to any asset, the Liens permitted to exist on such asset under Section 6.6. 

“Person” shall mean any individual, partnership, joint venture, firm, corporation, association, trust, limited liability
company or other enterprise (whether or not incorporated), or any government or political subdivision or any agency, department or instrumentality thereof. 
 “Physical Trade Contract” shall mean any agreement that is for the purchase, sale, transfer or exchange of natural gas or any other similar transaction (including any option to enter into
any of the foregoing) or any combination of the foregoing and any master agreement relating to or governing any or all of the foregoing, in each case entered into in the ordinary course of business. 

“Physical Trade Obligations” shall mean any and all obligations of such Person, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired under (i) any and all Physical Trade Contracts, (ii) any and all cancellations, buy backs, reversals, terminations or assignments of any Physical Trade Contracts and
(iii) any and all renewals, extensions and modifications of any Physical Trade Contracts and any and all substitutions for any Physical Trade Contracts. 
 “Plan” shall mean any employee benefit plan (as defined in Section 3(3) of ERISA) which is covered by ERISA and with respect to which the Borrower or any ERISA Affiliate is (or, if
such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” within the meaning of Section 3(5) of ERISA. 
 “Preferred Securities” shall mean, at any date, any equity interests in the Borrower, in a Special Purpose Financing Subsidiary of the Borrower or in any other Subsidiary of the Borrower
(such as those known as “TECONS”, “MIPS” or “RHINOS”): (a) that are not (i) required to be redeemed or redeemable at the option of the holder thereof prior to the fifth anniversary of the Commitment

  
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Termination Date or (ii) convertible into or exchangeable for (unless solely at the option of the Borrower or such Subsidiary of the Borrower) equity interests referred to in clause
(i) above or indebtedness having a scheduled maturity, or requiring any repayments or prepayments of principal or any sinking fund or similar payments in respect of principal or providing for any such repayment, prepayment, sinking fund or
other payment at the option of the holder thereof prior to the fifth anniversary of the Commitment Termination Date and (b) as to which, at such date, the Borrower or such Subsidiary of the Borrower has the right to defer the payment of all
dividends and other distributions in respect thereof for the period of at least 19 consecutive quarters beginning at such date. 

“Pro Rata Share” shall mean with respect to any Commitment of any Lender at any time, a percentage, the numerator of
which shall be such Lender’s Commitment (or if such Commitments have been terminated or expired or the Loans have been declared to be due and payable, such Lender’s Credit Exposure), and the denominator of which shall be the sum of such
Commitments of all Lenders (or if such Commitments have been terminated or expired or the Loans have been declared to be due and payable, all Credit Exposure of all Lenders). 
 “Rating Category” shall mean the applicable credit ratings categories given to the Borrower by Moody’s, S&P and Fitch as set forth on Schedule I. 

“Register” shall have the meaning set forth in Section 9.4(c). 

“Regulation D, T, U, or X” shall mean Regulation D, T, U or X, respectively, of the Board of Governors of the Federal
Reserve System (or any successor body) as from time to time in effect, any amendment thereto and any successor to all or a portion thereof. 
 “Related Parties” shall mean, with respect to any specified Person, such Person’s Affiliates and the respective directors, partners, officers, employees, agents and advisors of such
Person and such Person’s Affiliates. 
 “Release” shall mean any release, spill, emission, leaking,
dumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into the environment (including ambient air, surface water, groundwater, land surface or subsurface strata) or within any building, structure, facility or
fixture. 
 “Reportable Event” shall mean a “reportable event” as defined in Section 4043 of
ERISA with respect to which the notice requirements to the PBGC have not been waived. 
 “Required Lenders”
shall mean, at any time, Lenders holding more than 50% of the aggregate outstanding Commitments of the Lenders at such time or if the Lenders have no Commitments outstanding, then Lenders holding more than 50% of the Credit Exposure of the Lenders;
provided however, that to the extent that any Lender is a Defaulting Lender, such Defaulting Lender and all of its Commitments and Credit Exposure shall be excluded for purposes of determining Required Lenders. 

“Requirement of Law” for any Person shall mean the articles or certificate of incorporation, bylaws, partnership
certificate and agreement, or limited liability company certificate of organization and agreement, as the case may be, and other organizational and governing documents of such Person, and any law, treaty, rule or regulation, or determination of a
Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 

  
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 “S&P” shall mean Standard & Poor’s Ratings Services, a
division of The McGraw-Hill Companies, Inc., or any successor or assignee of the business of such division in the business of rating securities. 
 “SEC” shall mean the Securities and Exchange Commission or any successor agency. 
 “Single Employer Plan” shall mean any Plan which is covered by Title IV of ERISA, but which is not a Multiemployer Plan or a Multiple Employer Plan. 

“Special Purpose Financing Subsidiary” shall mean a Subsidiary of the Borrower that has no direct or indirect interest
in the business of the Borrower and its other Subsidiaries and was formed solely for the purpose of issuing Preferred Securities. 
 “Subsidiary” shall mean, as to any Person, (a) any corporation more than 50% of whose stock of any class or classes having by the terms thereof ordinary voting power to elect a
majority of the directors of such corporation (irrespective of whether or not, at the time, any class or classes of such corporation shall have or might have voting power by reason of the happening of any contingency) is at the time owned by such
Person directly or indirectly through Subsidiaries and (b) any partnership, association, joint venture, limited liability company or other entity in which such Person directly or indirectly through Subsidiaries has more than 50% voting equity
interest at any time. 
 “Syndication Agent” shall mean Crédit Agricole Corporate and Investment Bank.

 “Taxes” shall mean any and all present or future taxes, levies, imposts, duties, deductions, charges or
withholdings imposed by any Governmental Authority. 
 “Termination Event” shall mean (a) with respect to
any Single Employer Plan, the occurrence of a Reportable Event or the substantial cessation of operations (within the meaning of Section 4062(e) of ERISA), (b) the withdrawal of the Borrower or any ERISA Affiliate from a Multiple Employer
Plan during a plan year in which it was a substantial employer (as such term is defined in Section 4001(a)(2) of ERISA), or the termination of a Multiple Employer Plan, (c) the distribution of a notice of intent to terminate or the actual
termination of a Plan pursuant to Section 4041(a)(2) or 4041A of ERISA, (d) the institution of proceedings to terminate or the actual termination of a Plan by the PBGC under Section 4042 of ERISA, (e) any event or condition which
might reasonably constitute grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or (f) the complete or partial withdrawal of the Borrower or any ERISA Affiliate from a
Multiemployer Plan. 
 “Total Assets” shall mean all assets of the Borrower and its Subsidiaries as shown on
its most recent quarterly consolidated balance sheet, as determined in accordance with GAAP. 
 “2001
Indenture” shall mean, collectively, that certain Indenture, dated as of May 22, 2001, granted by the Borrower to SunTrust Bank, Atlanta, as Trustee, and all Supplemental Indentures thereto. 

“2007 Indenture” shall mean, collectively, that certain Indenture, dated as of June 14, 2007, granted by the
Borrower to U.S. Bank National Association, as Trustee, and all Supplemental Indentures, if any, thereto. 

  
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 “2009 Indenture” shall mean, collectively, that certain Indenture, dated as
of March 26, 2009, granted by the Borrower to U.S. Bank National Association, as Trustee, and all Supplemental Indentures, if any, thereto. 
 “Type”, when used in reference to a Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the
Adjusted LIBO Rate or the Base Rate. 
 Section 1.2. Classifications of Loans and Borrowings. For
purposes of this Agreement, Loans may be classified and referred to by Type (e.g. a “Eurodollar Loan”, or “Base Rate Loan”). Borrowings also may be classified and referred to by Type (e.g. “Eurodollar Borrowing”).

 Section 1.3. Accounting Terms and Determination. Unless otherwise defined or specified herein, all
accounting terms used herein shall be interpreted, all accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared, in accordance with GAAP as in effect from time to time,
applied on a basis consistent with the most recent audited consolidated financial statements of the Borrower delivered pursuant to Section 5.1(a); provided, that if the Borrower notifies the Administrative Agent that the Borrower
wishes to amend the covenant in Section 5.2 to eliminate the effect of any change in GAAP on the operation of such covenant (or if the Administrative Agent notifies the Borrower that the Required Lenders wish to amend
Section 5.2 for such purpose), then the Borrower’s compliance with such covenant shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is
withdrawn or such covenant is amended in a manner satisfactory to the Borrower and the Required Lenders. Notwithstanding any other provision contained herein, all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made, without giving effect to any election under Accounting Standards Codification Section 825-10 (or any other Financial Accounting Standard having a similar result or effect) to
value any Consolidated Funded Indebtedness or other liabilities of the Borrower or any Subsidiary of the Borrower at “fair value”, as defined therein. 
 Section 1.4. Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” 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”. 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 word “to” means “to but excluding”. Unless the context requires otherwise (i) 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 it was originally executed or as it may from time to time be amended, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set
forth herein), (ii) any reference herein to any Person shall be construed to include such Person’s successors and permitted assigns, (iii) the words “hereof”, “herein” and “hereunder” and words of similar
import shall be construed to refer to this Agreement as a whole and not to any particular provision hereof, (iv) all references to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles, Sections, Exhibits and
Schedules to this Agreement and (v) all references to a specific time shall be construed to refer to the time in the city and state of the Administrative Agent’s principal office, unless otherwise indicated. 

  
 15 

 ARTICLE II  

AMOUNT AND TERMS OF THE COMMITMENTS 
 Section 2.1. General Description of Facility. Subject to and upon the terms and conditions herein set forth, the Lenders hereby establish in favor of the Borrower a revolving
credit facility pursuant to which each Lender severally agrees (to the extent of such Lender’s Commitment) to make Loans to the Borrower in accordance with Section 2.2. 

Section 2.2. Loans. Subject to the terms and conditions set forth herein, each Lender severally agrees to make
Loans, ratably in proportion to its Pro Rata Share, to the Borrower, from time to time during the Availability Period, in an aggregate principal amount outstanding at any time that will not result in (a) such Lender’s Credit Exposure
exceeding such Lender’s Commitment or (b) the sum of the aggregate Credit Exposures of all Lenders exceeding the Aggregate Commitment Amount. During the Availability Period, the Borrower shall be entitled to borrow, prepay and reborrow
Loans in accordance with the terms and conditions of this Agreement; provided, that the Borrower may not borrow or reborrow should there exist a Default or Event of Default. 

Section 2.3. Procedure for Borrowings. The Borrower shall give the Administrative Agent written notice (or
telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.3 (a “Notice of Borrowing”) (x) prior to 11:00 a.m. (New York time) one (1) Business Day prior to the
requested date of each Base Rate Borrowing and (y) prior to 11:00 a.m. (New York time) three (3) Business Days prior to the requested date of each Eurodollar Borrowing. Each Notice of Borrowing shall be irrevocable and shall specify:
(i) the aggregate principal amount of such Borrowing, (ii) the date of such Borrowing (which shall be a Business Day), (iii) the Type of such Loan comprising such Borrowing and (iv) in the case of a Eurodollar Borrowing, the
duration of the initial Interest Period applicable thereto (subject to the provisions of the definition of Interest Period). Each Borrowing shall consist entirely of Base Rate Loans or Eurodollar Loans, as the Borrower may request. The aggregate
principal amount of each Eurodollar Borrowing shall be not less than $5,000,000 or a larger multiple of $1,000,000, and the aggregate principal amount of each Base Rate Borrowing shall not be less than $1,000,000 or a larger multiple of $100,000;
provided, that Base Rate Loans made pursuant to Section 2.4 may be made in lesser amounts as provided therein. At no time shall the total number of Eurodollar Borrowings outstanding exceed six. Promptly following the receipt of a
Notice of Borrowing in accordance herewith, the Administrative Agent shall advise each Lender of the details thereof and the amount of such Lender’s Loan to be made as part of the requested Borrowing. 

Section 2.4. Funding of Borrowings. 
 (a) Each Lender will make available each Loan to be made by it hereunder on the proposed date thereof by wire transfer in immediately available funds by 11:00 a.m. (New York time) to the Administrative
Agent at the Payment Office. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts that it receives, in like funds by the close of business on such proposed date, to an account maintained by the
Borrower with the Administrative Agent or at the Borrower’s option, by effecting a wire transfer of such amounts to an account designated by the Borrower to the Administrative Agent. 

  
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 (b) Unless the Administrative Agent shall have been notified by any Lender prior to 5:00
p.m. (New York time) one (1) Business Day prior to the date of a funding of a requested Borrowing in which such Lender is to participate that such Lender will not make available to the Administrative Agent such Lender’s share of such
Borrowing, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date, and the Administrative Agent, in reliance on such assumption, may make available to the Borrower on such date a
corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender on the date of such Borrowing, the Administrative Agent shall be entitled to recover such corresponding amount on demand from
such Lender together with interest at the Federal Funds Rate until the second Business Day after such demand and thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand
therefor, the Administrative Agent shall promptly notify the Borrower, and the Borrower shall immediately pay such corresponding amount to the Administrative Agent together with interest at the rate specified for such Borrowing. Nothing in this
subsection shall be deemed to relieve any Lender from its obligation to fund its Pro Rata Share of any Borrowing hereunder or to prejudice any rights which the Borrower may have against any Lender as a result of any default by such Lender hereunder.

 (c) All Borrowings shall be funded by the Lenders severally on the basis of their respective Pro Rata Shares. No Lender shall
be responsible for any default by any other Lender in its obligations hereunder, and each Lender shall be obligated to make its Loans provided to be made by it hereunder, regardless of the failure of any other Lender to make its Loans hereunder.

 Section 2.5. Interest Elections. 
 (a) Each Borrowing initially shall be of the Type specified in the applicable Notice of Borrowing, and in the case of a Eurodollar Borrowing, shall have an initial Interest Period as specified in such
Notice of Borrowing. Thereafter, the Borrower may elect to convert such Borrowing into a different Type or to continue such Borrowing, and in the case of a Eurodollar Borrowing, may elect Interest Periods therefor, all as provided in this
Section 2.5. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding Loans comprising such Borrowing, and
the Loans comprising each such portion shall be considered a separate Borrowing. 
 (b) To make an election pursuant to this
Section 2.5, the Borrower shall give the Administrative Agent prior written notice (or telephonic notice promptly confirmed in writing) of each Borrowing substantially in the form of Exhibit 2.5 attached hereto (a “Notice
of Conversion/Continuation”) that is to be converted or continued, as the case may be, (x) prior to 11:00 a.m. (New York time) one (1) Business Day prior to the requested date of a conversion into a Base Rate Borrowing and
(y) prior to 11:00 a.m. (New York time) three (3) Business Days prior to a continuation of or conversion into a Eurodollar Borrowing. Each such Notice of Conversion/Continuation shall be irrevocable and shall specify (i) the Borrowing
to which such Notice of Conversion/Continuation applies and if different options are being elected with respect to different portions thereof, the portions thereof that are to be allocated to each resulting Borrowing (in which case the information
to be specified pursuant to clauses (iii) and (iv) shall be specified for each resulting Borrowing); (ii) the effective date of the election made pursuant to such Notice of Conversion/Continuation, which shall be a Business Day,
(iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a Eurodollar Borrowing; and (iv) if the resulting Borrowing is to be a Eurodollar Borrowing, the Interest Period applicable thereto after giving effect to such
election, which shall be a period contemplated by the definition of “Interest Period”. If any such Notice of Conversion/Continuation requests a Eurodollar Borrowing but does not specify an

  
 17 

 
Interest Period, the Borrower shall be deemed to have selected an Interest Period of one month. The principal amount of any resulting Borrowing shall satisfy the minimum borrowing amount for
Eurodollar Borrowings and Base Rate Borrowings set forth in Section 2.3. 
 (c) If, on the expiration of any
Interest Period in respect of any Eurodollar Borrowing, the Borrower shall have failed to deliver a Notice of Conversion/Continuation, then, unless such Borrowing is repaid as provided herein, the Borrower shall be deemed to have elected to convert
such Borrowing to a Base Rate Borrowing. No Borrowing may be converted into, or continued as, a Eurodollar Borrowing if a Default or an Event of Default exists, unless the Administrative Agent and each of the Lenders shall have otherwise consented
in writing. No conversion of any Eurodollar Loans shall be permitted except on the last day of the Interest Period in respect thereof. 
 (d) Upon receipt of any Notice of Conversion/Continuation, the Administrative Agent shall promptly notify each Lender of the details thereof and of such Lender’s portion of each resulting Borrowing.

 Section 2.6. Optional Reduction and Termination of Commitments. 

(a) Unless previously terminated, all Commitments shall terminate on the Commitment Termination Date. 

(b) Upon at least three (3) Business Days’ prior written notice (or telephonic notice promptly confirmed in writing) to the
Administrative Agent (which notice shall be irrevocable), the Borrower may reduce the Aggregate Commitments in part or terminate the Aggregate Commitments in whole; provided, that (i) any partial reduction shall apply to reduce
proportionately and permanently the Commitment of each Lender, (ii) any partial reduction pursuant to this Section 2.6 shall be in an amount of at least $5,000,000 and any larger multiple of $1,000,000, and (iii) no such
reduction shall be permitted which would reduce the Aggregate Commitment Amount to an amount less than the outstanding Credit Exposures of all Lenders. 
 Section 2.7. Repayment of Loans. The outstanding principal amount of all Loans shall be due and payable (together with accrued and unpaid interest thereon) on the Commitment Termination
Date. 
 Section 2.8. Evidence of Indebtedness. 

(a) Each Lender shall maintain in accordance with its usual practice appropriate records evidencing the indebtedness of the Borrower to
such Lender resulting from each Loan made by such Lender from time to time, including the amounts of principal and interest payable thereon and paid to such Lender from time to time under this Agreement. The Administrative Agent shall maintain
appropriate records in which shall be recorded (i) the Commitment of each Lender, (ii) the amount of each Loan made hereunder by each Lender, the Type thereof and the Interest Period applicable thereto, (iii) the date of each
continuation thereof pursuant to Section 2.5, (iv) the date of each conversion of all or a portion thereof to another Type pursuant to Section 2.5, (v) the date and amount of any principal or interest due and
payable or to become due and payable from the Borrower to each Lender hereunder in respect of such Loans and (vi) both the date and amount of any sum received by the Administrative Agent hereunder from the Borrower in respect of the Loans and
each Lender’s Pro Rata Share thereof. The 

  
 18 

 
entries made in such records shall be prima facie evidence of the existence and amounts of the obligations of the Borrower therein recorded; provided, that the failure or delay of
any Lender or the Administrative Agent in maintaining or making entries into any such record or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans (both principal and unpaid accrued interest) of such
Lender in accordance with the terms of this Agreement. 
 (b) This Agreement evidences the obligation of the Borrower to repay
the Loans and is being executed as a “noteless” credit agreement. However, at the request of any Lender at any time, the Borrower agrees that it will prepare, execute and deliver to such Lender a promissory note payable to the order of
such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including
after assignment permitted hereunder) be represented by one or more promissory notes in such form payable to the order of the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns).

 Section 2.9. Prepayments. 
 (a) Optional Prepayments. The Borrower shall have the right at any time and from time to time to prepay any Borrowing, in whole or in part, without premium or penalty, by giving irrevocable written
notice (or telephonic notice promptly confirmed in writing) to the Administrative Agent no later than (i) in the case of prepayment of any Eurodollar Borrowing, 11:00 a.m. (New York time) not less than three (3) Business Days prior to any
such prepayment, and (ii) in the case of any prepayment of any Base Rate Borrowing, not less than one Business Day prior to the date of such prepayment. Each such notice shall be irrevocable and shall specify the proposed date of such
prepayment and the principal amount of each Borrowing or portion thereof to be prepaid. Upon receipt of any such notice, the Administrative Agent shall promptly notify each affected Lender of the contents thereof and of such Lender’s Pro Rata
Share of any such prepayment. If such notice is given, the aggregate amount specified in such notice shall be due and payable on the date designated in such notice, together with accrued interest to such date on the amount so prepaid in accordance
with Section 2.10(c); provided, that if a Eurodollar Borrowing is prepaid on a date other than the last day of an Interest Period applicable thereto, the Borrower shall also pay all amounts required pursuant to
Section 2.16. Each partial prepayment of any Loan shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type pursuant to Section 2.3. Each prepayment of a Borrowing shall be
applied ratably to the Loans comprising such Borrowing. 
 (b) Mandatory Repayments. No later than the earlier of
(i) 364 days after the date any Loan is made and (ii) the Commitment Termination Date, the Borrower shall repay the principal amount and any interest outstanding of such Loan. 

Section 2.10. Interest on Loans. 
 (a) The Borrower shall pay interest on each Base Rate Loan at the Base Rate in effect from time to time and on each Eurodollar Loan at the Adjusted LIBO Rate for the applicable Interest Period in effect
for such Loan, plus, in each case, the Applicable Margin in effect from time to time. 
 (b) Upon the occurrence, and
during the continuation, of an Event of Default under Section 7.1(a) or, at the option of the Required Lenders, any other Event of Default, the Borrower shall pay interest (“Default Interest”) with respect to all
Eurodollar Loans at the rate otherwise applicable for 

  
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the then-current Interest Period plus an additional 2% per annum until the last day of such Interest Period, and thereafter, and with respect to all Base Rate Loans and all other
Obligations hereunder (other than Loans), at an all-in rate in effect for Base Rate Loans, plus an additional 2% per annum. 
 (c) Interest on the principal amount of all Loans shall accrue from and including the date such Loans are made to but excluding the date of any repayment thereof. Interest on all outstanding Base Rate
Loans shall be payable quarterly in arrears on the last day of each March, June, September and December and on the Commitment Termination Date. Interest on all outstanding Eurodollar Loans shall be payable on the last day of each Interest Period
applicable thereto, and, in the case of any Eurodollar Loans having an Interest Period in excess of three months, on each day which occurs every three months after the initial date of such Interest Period, and on the Commitment Termination Date.
Interest on any Loan which is converted into a Loan of another Type or which is repaid or prepaid shall be payable on the date of such conversion or on the date of any such repayment or prepayment (on the amount repaid or prepaid) thereof. All
Default Interest shall be payable on demand. 
 (d) The Administrative Agent shall determine each interest rate applicable to
the Loans hereunder and shall promptly notify the Borrower and the Lenders of such rate in writing (or by telephone, promptly confirmed in writing). Any such determination shall be conclusive and binding for all purposes, absent manifest error.

 Section 2.11. Fees. 
 (a) The Borrower shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously agreed upon in writing by the Borrower and the Administrative Agent. 

(b) The Borrower agrees to pay to the Administrative Agent for the account of each Lender a commitment fee (the “Commitment
Fee”), which shall accrue at the Applicable Commitment Fee Percentage per annum (determined daily in accordance with Schedule I) on the daily amount of the unused Commitment of such Lender during the Availability Period.
Notwithstanding anything set forth herein to the contrary, a Defaulting Lender shall not be entitled to receive any Commitment Fees under this Section 2.11(b) for any date in which such Lender was and/or continued to be a Defaulting
Lender. 
 (c) The Borrower shall pay to the Administrative Agent, for the ratable benefit of each Lender, the upfront fee
previously agreed upon by the Borrower and the Administrative Agent, which shall be due and payable on the Closing Date. 
 (d)
Accrued fees under paragraph (b) and (c) above shall be payable quarterly in arrears on the last day of each March, June, September and December, commencing on December 31, 2010 and on the Commitment Termination Date. 

Section 2.12. Computation of Interest and Fees. Interest hereunder based on the Administrative Agent’s prime
lending rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day). All other interest and all fees shall be computed on
the basis of a year of 360 days and paid for the actual number of days elapsed (including the first day but excluding the last day) Each determination by the Administrative Agent of an interest amount or fee hereunder shall be made in good faith
and, except for manifest error, shall be final, conclusive and binding for all purposes. 

  
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 Section 2.13. Inability to Determine Interest Rates. If prior to
the commencement of any Interest Period for any Eurodollar Borrowing, 
 (i) the Administrative Agent shall have
determined in good faith (which determination shall be conclusive and binding upon the Borrower) that, by reason of circumstances affecting the relevant interbank market, adequate means do not exist for ascertaining LIBOR for such Interest Period,
or 
 (ii) the Administrative Agent shall have received notice from the Required Lenders that the Adjusted LIBO
Rate does not adequately and fairly reflect the cost to such Lenders of making, funding or maintaining their Eurodollar Loans for such Interest Period, 
 the Administrative Agent shall give written notice (or telephonic notice, promptly confirmed in writing) to the Borrower and to the Lenders as soon as practicable thereafter. Until the Administrative
Agent shall notify the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist, (i) the obligations of the Lenders to make Eurodollar Loans or to continue or convert outstanding Loans as or into Eurodollar
Loans shall be suspended and (ii) all such affected Loans shall be converted into Base Rate Loans on the last day of the then current Interest Period applicable thereto unless the Borrower prepays such Loans in accordance with this Agreement.
Unless the Borrower notifies the Administrative Agent at least one Business Day before the date of any Eurodollar Borrowing for which a Notice of Borrowing has previously been given that it elects not to borrow on such date, then such Borrowing
shall be made as a Base Rate Borrowing. 
 Section 2.14. Illegality. If any Change in Law shall make it
unlawful or impossible for any Lender to make, maintain or fund any Eurodollar Loan and such Lender shall so notify the Administrative Agent, the Administrative Agent shall promptly give notice thereof to the Borrower and the other Lenders,
whereupon until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make Eurodollar Loans, or to continue or convert outstanding Loans
as or into Eurodollar Loans, shall be suspended. In the case of the making of a Eurodollar Borrowing, such Lender’s Loan shall be made as a Base Rate Loan as part of the same Borrowing for the same Interest Period and if the affected Eurodollar
Loan is then outstanding, such Loan shall be converted to a Base Rate Loan either (i) on the last day of the then current Interest Period applicable to such Eurodollar Loan if such Lender may lawfully continue to maintain such Loan to such date
or (ii) immediately if such Lender shall determine that it may not lawfully continue to maintain such Eurodollar Loan to such date. Notwithstanding the foregoing, the affected Lender shall, prior to giving such notice to the Administrative
Agent, designate a different Applicable Lending Office if such designation would avoid the need for giving such notice and if such designation would not otherwise be disadvantageous to such Lender in the good faith exercise of its discretion.

  
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 Section 2.15. Increased Costs. 

(a) If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve, special deposit or similar requirement that is not otherwise included in the determination of the Adjusted LIBO Rate hereunder against assets of,
deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate); or 
 (ii) impose on any Lender or the eurodollar interbank market any other condition affecting this Agreement or any Eurodollar Loans made by such Lender; 

and the result of either of the foregoing is to increase the cost to such Lender of making, converting into, continuing or maintaining a Eurodollar Loan
or to reduce the amount received or receivable by such Lender hereunder (whether of principal, interest or any other amount), then the Borrower shall promptly pay, upon written notice from and demand by such Lender on the Borrower (with a copy of
such notice and demand to the Administrative Agent), to the Administrative Agent for the account of such Lender, within five Business Days after the date of such notice and demand, additional amount or amounts sufficient to compensate such Lender
for such additional costs incurred or reduction suffered. 
 (b) If any Lender shall have determined that on or after the date
of this Agreement any Change in Law regarding capital requirements has or would have the effect of reducing the rate of return on such Lender’s capital (or on the capital of the Parent Company of such Lender) as a consequence of its obligations
hereunder to a level below that which such Lender or the Parent Company of such Lender could have achieved but for such Change in Law (taking into consideration such Lender’s policies or the policies of the Parent Company of such Lender with
respect to capital adequacy) then, from time to time, within five (5) Business Days after receipt by the Borrower of written demand by such Lender (with a copy thereof to the Administrative Agent), the Borrower shall pay to such Lender such
additional amounts as will compensate such Lender or the Parent Company of such Lender for any such reduction suffered. 
 (c) A
certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or the Parent Company of such Lender, as the case may be, specified in paragraph (a) or (b) of this Section 2.15 shall be delivered
to the Borrower (with a copy to the Administrative Agent) and shall be conclusive, absent manifest error. The Borrower shall pay any such Lender such amount or amounts within 10 days after receipt thereof. 

(d) Failure or delay on the part of any Lender to demand compensation pursuant to this Section 2.15 shall not constitute a
waiver of such Lender’s right to demand such compensation. 
 Section 2.16. Funding Indemnity. In
the event of (a) the payment of any principal of a Eurodollar Loan other than on the last day of the Interest Period applicable thereto (including as a result of an Event of Default), (b) the conversion or continuation of a Eurodollar Loan
other than on the last day of the Interest Period applicable thereto, or (c) the failure by the Borrower to borrow, prepay, convert or continue any Eurodollar Loan on the date specified in any applicable notice (regardless of whether such
notice is withdrawn or revoked), then, in any such event, the Borrower shall compensate each Lender, within five (5) Business Days after written demand from such Lender, for any loss, reasonable cost or expense directly attributable to such
event. In the case of a Eurodollar Loan, such loss, cost or expense shall be deemed to include an amount determined by such Lender to be the excess, if any, of (A) the amount of interest that would have accrued on the principal amount of such
Eurodollar Loan if such event had not occurred at the Adjusted LIBO Rate applicable to such Eurodollar Loan for the period from the 

  
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date of such event to the last day of the then current Interest Period therefor (or in the case of a failure to borrow, convert or continue, for the period that would have been the Interest
Period for such Eurodollar Loan) over (B) the amount of interest that would accrue on the principal amount of such Eurodollar Loan for the same period if the Adjusted LIBO Rate were set on the date such Eurodollar Loan was prepaid or converted
or the date on which the Borrower failed to borrow, convert or continue such Eurodollar Loan. A certificate as to any additional amount payable under this Section 2.16 submitted to the Borrower by any Lender (with a copy to the
Administrative Agent) shall be conclusive, absent manifest error. 
 Section 2.17. Taxes. 

(a) Any and all payments by or on account of any obligation of the Borrower hereunder shall be made free and clear of and without
deduction for any Indemnified Taxes or Other Taxes; provided, that if the Borrower shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased as necessary so that
after making all required deductions (including deductions applicable to additional sums payable under this Section 2.17) the Administrative Agent or any Lender (as the case may be) shall receive an amount equal to the sum it would have
received had no such deductions been made, (ii) the Borrower shall make such deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law. 

(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law.

 (c) The Borrower shall indemnify the Administrative Agent and each Lender, within five (5) Business Days after written
demand therefor, for the full amount of any Indemnified Taxes or Other Taxes paid by the Administrative Agent or such Lender, as the case may be, on or with respect to any payment by or on account of any obligation of the Borrower hereunder
(including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section 2.17) and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not
such Indemnified Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to the Borrower by a Lender, or by the Administrative
Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (d) As soon as practicable after
any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such
payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. 
 (e) Any Foreign Lender that is entitled to an exemption from or reduction of withholding tax under the Code or any treaty to which the United States is a party, with respect to payments under this
Agreement shall deliver to the Borrower (with a copy to the Administrative Agent), at the time or times prescribed by applicable law, such properly completed and executed documentation prescribed by applicable law or reasonably requested by the
Borrower as will permit such payments to be made without withholding or at a reduced rate. Without limiting the generality of the foregoing, each Foreign Lender agrees that it will deliver to the Administrative Agent and the Borrower (or in the case
of a Participant, to the Lender from which the related participation shall have been purchased), as 

  
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appropriate, two (2) duly completed copies of (i) Internal Revenue Service Form W-8 ECI, or any successor form thereto, certifying that the payments received from the Borrower hereunder
are effectively connected with such Foreign Lender’s conduct of a trade or business in the United States; or (ii) Internal Revenue Service Form W-8 BEN, or any successor form thereto, certifying that such Foreign Lender is entitled to
benefits under an income tax treaty to which the United States is a party which reduces the rate of withholding tax on payments of interest; or (iii) Internal Revenue Service Form W-8 BEN, or any successor form prescribed by the Internal
Revenue Service, together with a certificate (A) establishing that the payment to the Foreign Lender qualifies as “portfolio interest” exempt from U.S. withholding tax under Code section 871(h) or 881(c), and (B) stating that
(1) the Foreign Lender is not a bank for purposes of Code section 881(c)(3)(A), or the obligation of the Borrower hereunder is not, with respect to such Foreign Lender, a loan agreement entered into in the ordinary course of its trade or
business, within the meaning of that section; (2) the Foreign Lender is not a 10% shareholder of the Borrower within the meaning of Code section 871(h)(3) or 881(c)(3)(B); and (3) the Foreign Lender is not a controlled foreign corporation
that is related to the Borrower within the meaning of Code section 881(c)(3)(C); or (iv) such other Internal Revenue Service forms as may be applicable to the Foreign Lender, including Forms W-8 IMY or W-8 EXP. Each such Foreign Lender shall
deliver to the Borrower and the Administrative Agent such forms on or before the date that it becomes a party to this Agreement (or in the case of a Participant, on or before the date such Participant purchases the related participation). In
addition, each such Foreign Lender shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Foreign Lender. Each such Foreign Lender shall promptly notify the Borrower and the Administrative
Agent at any time that it determines that it is no longer in a position to provide any previously delivered certificate to the Borrower (or any other form of certification adopted by the Internal Revenue Service for such purpose). 

(f) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and Administrative Agent, at the time or
times prescribed by law and at such time or times reasonably requested by the Borrower or Administrative Agent, such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such
additional documentation reasonably requested by the Borrower or Administrative Agent as may be necessary for the Borrower or Administrative Agent to comply with its obligations under FATCA, to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. 

Section 2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs. 

(a) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, fees, or amounts payable
under Sections 2.15, 2.16 or 2.17, or otherwise) prior to 12:00 noon (New York time) on the date when due, in immediately available funds, free and clear of any defenses, rights of set-off, counterclaim, or withholding or
deduction of taxes. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such
payments shall be made to the Administrative Agent at the Payment Office, except that payments pursuant to Sections 2.15, 2.16 and 2.17 and 9.3 shall be made directly to the Persons entitled thereto. The Administrative
Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for
payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be made payable for the period of such extension. All payments hereunder shall be made in Dollars. 

  
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 (b) If at any time insufficient funds are received by and available to the Administrative
Agent to pay fully all amounts of principal, 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 then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

 (c) 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 Loans that would result in such Lender receiving payment of a greater proportion of the aggregate amount of its Loans 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 Loans 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 Loans; 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 paragraph shall not be construed to apply to any payment made by the Borrower 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 Loans to any assignee or participant, other than to the Borrower or any Subsidiary or
Affiliate thereof (as to which the provisions of this paragraph 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. 

(d) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the
Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon
such assumption, distribute to the Lenders the amount or amounts due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the greater of the Federal Funds Effective Rate and a
rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

Section 2.19. Mitigation of Obligations. If any Lender requests compensation under Section 2.15,
Section 2.16, or Section 2.17, 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 2.17, then such Lender shall
use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the sole judgment of such Lender,
such designation or assignment (i) would eliminate or reduce amounts payable under Section 2.15 or Section 2.17, 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 such designation or assignment. 

  
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 Section 2.20. Replacement of Lenders. If any Lender requests
compensation under Section 2.15, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority of the account of any Lender pursuant to Section 2.17, or if any Lender is a Defaulting
Lender, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions set forth in
Section 9.4(b)) all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender); provided, that (i) the Borrower shall have received the
prior written consent of the Administrative Agent, which consent shall not be unreasonably withheld, (ii) such Lender shall have received payment of an amount equal to the outstanding principal amount of all Loans owed to it, accrued interest
thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (in the case of such outstanding principal and accrued interest) and from the Borrower (in the case of all other amounts) and (iii) in the case of a claim
for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment will result in a reduction in such compensation or payments. 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. 

Section 2.21. Increase of Commitments; Additional Lenders. 

(a) So long as no Event of Default has occurred and is continuing, from time to time after the Closing Date and provided that
(a) at the time of and immediately after giving effect to any such proposed increase, no Default or Event of Default shall exist, all representations and warranties of each Borrower set forth in the Credit Documents shall be true and correct in
all material respects (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects), and,
since September 30, 2010, there shall have been no change which has had or could reasonably be expected to have a Material Adverse Effect, (b) the Borrower shall be in pro forma compliance with Section 5.2 as of the most
recently ended fiscal quarter for which financial statements have been delivered, calculated as if all such Additional Revolving Commitments had been established as of the first day of the relevant period for testing compliance and (c) the
Borrower shall have received all consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained under any Requirement of Law, or by any Contractual Obligation of Borrower, Borrower may, upon at
least 30 days’ written notice to the Administrative Agent (who shall promptly provide a copy of such notice to each Lender), propose to increase the Aggregate Commitments up to an aggregate amount not to exceed $250,000,000 (the amount of any
such increase, the “Additional Commitment Amount”). All Additional Commitments shall have the same terms and conditions applicable to the Commitments established on the Closing Date, including without limitation, as to yield,
maturity and amortization. Each Lender shall have the right, for a period of 20 days following receipt of such notice, to elect by written notice to the Borrower and the Administrative Agent to increase its Commitment by a principal amount equal to
its Pro Rata Share of the Additional Commitment Amount. No Lender (or any successor thereto) shall have any obligation to increase its Commitment or its other obligations under this Agreement and the other Credit Documents, and any decision by a
Lender to increase its Commitment shall be made in its sole discretion independently from any other Lender. 

  
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 (b) If any Lender shall not elect to increase its Commitment pursuant to subsection
(a) of this Section 2.21, the Borrower may designate another bank or other financial institution (which may be, but need not be, one or more of the existing Lenders) which at the time agrees to, in the case of any such Person that
is an existing Lender, increase its Commitment and in the case of any other such Person (an “Additional Lender”), become a party to this Agreement; provided, however, that any new bank or financial institution must be
acceptable to the Administrative Agent, which acceptance will not be unreasonably withheld or delayed. The sum of the increases in the Commitments of the existing Lenders pursuant to this subsection (b) plus the Commitments of the Additional
Lenders shall not in the aggregate exceed the Additional Commitment Amount. 
 (c) An increase in the Aggregate Commitment
Amount pursuant to this Section 2.21 shall become effective upon the receipt by the Administrative Agent of a supplement or joinder in form and substance reasonably satisfactory to the Administrative Agent executed by the Borrower and by
each Additional Lender and by each existing Lender whose Commitment is to be increased, setting forth the new Commitments of such Lenders and setting forth the agreement of each Additional Lender to become a party to this Agreement and to be bound
by all the terms and provisions hereof, and such evidence of appropriate corporate authorization on the part of the Borrower with respect to the increase in the Commitments and such opinions of counsel for the Borrower with respect to the increase
in the Commitments as the Administrative Agent may reasonably request. 
 (d) Upon the acceptance of any such agreement by the
Administrative Agent, the Aggregate Commitment Amount shall automatically be increased by the amount of the Commitments added or increased through such agreement and Schedule II shall automatically be deemed amended to reflect the Commitments
of all Lenders after giving effect to the addition and increase of such Commitments. 
 (e) Upon any increase in the Aggregate
Commitment Amount pursuant to this Section 2.21 that is not pro rata among all Lenders, within five Business Days, in the case of any Base Rate Loans then outstanding, and at the end of the then current Interest Period with respect
thereto, in the case of any Eurodollar Loans then outstanding, the Borrower shall prepay such Loans in their entirety and, to the extent the Borrower elects to do so and subject to the conditions specified in Article III, the Borrower shall
reborrow Loans from the Lenders in proportion to their respective Commitments after giving effect to such increase, until such time as all outstanding Loans are held by the Lenders in proportion to their respective Commitments after giving effect to
such increase. 
 Section 2.22. Defaulting Lenders. 

(a) Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such
time as such Lender is no longer a Defaulting Lender, to the extent permitted by applicable Requirement of Law: 

(i) Waivers and Amendments. Such Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders and in Section 9.2. 
 (ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of such Defaulting Lender (whether voluntary or
mandatory, at maturity, pursuant to Article VII or otherwise) shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such

  
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Defaulting Lender to the Administrative Agent hereunder; second, as the Borrower may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of
which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit
account and released pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any
then final and non-appealable judgment of a court of competent jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; fifth, so long as
no Default or Event of Default exists, to the payment of any amounts owing to the Borrower as a result of any the final and non-appealable judgment of a court of competent jurisdiction obtained by the Borrower against such Defaulting Lender as a
result of such Defaulting Lender’s breach of its obligations under this Agreement; and sixth, to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a
payment of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 3.2 were satisfied
or waived, such payment shall be applied solely to pay the Loans of all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans are held by the Lenders pro
rata in accordance with the Commitments without giving effect to Section 2.18. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender
pursuant to this Section 2.22(ii) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto. 
 (b) If the Borrower and the Administrative Agent agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein, that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take such other actions as the Administrative Agent
may determine to be necessary to cause the Loans to be held pro rata by the Lenders in accordance with the Commitments, whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrower while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change
hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 

ARTICLE III 
 CONDITIONS PRECEDENT TO LOANS  
 Section 3.1. Conditions
To Effectiveness. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which each of the following conditions is satisfied (or waived in accordance with Section 9.2).

 (a) The Administrative Agent and the Joint Lead Arrangers shall have received all fees and other amounts due and payable on
or prior to the Closing Date, including reimbursement or payment of all out-of-pocket expenses (including reasonable fees, charges and disbursements of counsel 

  
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to the Administrative Agent) required to be reimbursed or paid by the Borrower hereunder, under any other Credit Document and under any agreement with the Administrative Agent or the Joint Lead
Arrangers. 
 (b) The Administrative Agent (or its counsel) shall have received the following: 

(i) a counterpart of this Agreement signed by or on behalf of each party hereto or written evidence satisfactory to the
Administrative Agent (which may include telecopy transmission of an executed signature page of this Agreement) that such party has signed a counterpart of this Agreement; 

(ii) evidence satisfactory to Administrative Agent that the Existing Five-Year Credit Agreement has been terminated and
all amounts owing to the Lenders thereunder have been paid in full; 
 (iii) a certificate of the Secretary or
Assistant Secretary of the Borrower in the form of Exhibit 3.1(b)(iii), attaching and certifying copies of its bylaws and of the resolutions of its boards of directors, authorizing the execution, delivery and performance of the Credit
Documents and certifying the name, title and true signature of each officer of the Borrower executing the Credit Documents; 
 (iv) certified copies of the articles or certificate of incorporation of the Borrower, together with certificates of good standing or existence, as may be available from the Secretary of State of the
jurisdictions of organization of the Borrower and each other jurisdiction in which the failure to so qualify and be in good standing would have or would reasonably be expected to have a Material Adverse Effect; 

(v) a favorable written opinion of inside or outside counsel to the Borrower, addressed to the Administrative Agent and
each of the Lenders, and covering such matters relating to the Borrower, the Credit Documents and the transactions contemplated therein as the Administrative Agent or the Required Lenders shall reasonably request; 

(vi) a certificate in the form of Exhibit 3.1(b)(vi), dated the Closing Date and signed by a Financial Officer,
certifying that (A) no Default or Event of Default exists, (B) all representations and warranties of the Borrower set forth in the Credit Documents are true and correct in all material respects, (C) since September 30, 2010,
there shall have been no material adverse change in the business, condition (financial or otherwise), operations, liabilities (contingent or otherwise), properties or prospects of the Borrower and its subsidiaries taken as a whole, (D) there
are no actions, suits, investigations or legal, equitable, arbitration or administrative proceedings pending or, to the knowledge of the Borrower, threatened against the Borrower, any of its Subsidiaries or any of its properties which would have or
be reasonably expected to have a Material Adverse Effect and (E) except as would not result or be reasonably expected to result in a Material Adverse Effect: (a) each of the properties of the Borrower and its Subsidiaries and all
operations at such properties are in compliance in all material respects with all applicable Environmental Laws, (b) there is no violation of any Environmental Law with respect to the properties or the businesses operated by the Borrower or its
Subsidiaries, and (c) there are no conditions relating to the businesses or properties that would reasonably be expected to give rise to a material liability under any applicable Environmental Laws; 

  
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 (vii) if a Borrowing will be made on the Closing Date, a duly executed
Notice of Borrowing and a duly executed funds disbursement agreement, together with a report setting forth the sources and uses of the proceeds hereof; 
 (viii) certified copies of all consents, approvals, authorizations, registrations and filings and orders required or advisable to be made or obtained under any Requirement of Law, or by any Contractual
Obligation of Borrower, in connection with the execution, delivery, performance, validity and enforceability of the Credit Documents or any of the transactions contemplated thereby, and such consents, approvals, authorizations, registrations,
filings and orders shall be in full force and effect and all applicable waiting periods shall have expired, and no investigation or inquiry by any governmental authority regarding the Commitments or any transaction being financed with the proceeds
thereof shall be ongoing; 
 (ix) copies of (A) the internally prepared quarterly financial statements of
the Borrower and its Subsidiaries on a consolidated basis for the fiscal quarter ending on December 31, 2010 and (B) the audited consolidated financial statements for the Borrower and its Subsidiaries for the fiscal year ending
September 30, 2010; and 
 (x) such other documents, certificates or information as the Joint Lead Arrangers
may reasonably request, all in form and substance reasonably satisfactory to the Joint Lead Arrangers. 
 (c) To the extent
requested by the Administrative Agent in writing not less than five (5) Business Days prior to the Closing Date, the Administrative Agent shall have received, not later than two (2) calendar days prior to the Closing Date, all
documentation and other information with respect to the Borrower that the Administrative Agent reasonably believes is required by regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations,
including without limitation the Patriot Act (as defined below). 
 Section 3.2. Each Credit Event. The
obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the satisfaction of the following conditions: 
 (a) at the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall exist; 
 (b) at the time of and immediately after giving effect to such Borrowing, all representations and warranties of the Borrower set forth in the Credit Documents shall be true and correct in all material
respects on and as of the date of such Borrowing before and after giving effect thereto; 
 (c) the Borrower shall have
delivered the required Notice of Borrowing; 
 (d) since September 30, 2010, there shall have been no change which has had
or could reasonably be expected to have a Material Adverse Effect; and 

  
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 (e) the Administrative Agent shall have received such other documents, certificates,
information or legal opinions as the Administrative Agent or the Required Lenders may reasonably request, all in form and substance reasonably satisfactory to the Administrative Agent or the Required Lenders. 

Each Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters
specified in paragraphs (a) and (b) of this Section 3.2. 
 Section 3.3. Delivery of
Documents. All of the Credit Documents, certificates, legal opinions and other documents and papers referred to in this Article III, unless otherwise specified, shall be delivered to the Administrative Agent for the account of
each of the Lenders and, except for any promissory notes, in sufficient counterparts or copies for each of the Lenders and shall be in form and substance reasonably satisfactory to the Administrative Agent. 

ARTICLE IV  
 REPRESENTATIONS AND WARRANTIES 
 The Borrower represents and
warrants to the Administrative Agent and each Lender as follows: 
 Section 4.1. Organization and Good
Standing. The Borrower (a) is a corporation duly organized, validly existing and in good standing under the laws of the jurisdictions of its incorporation, (b) is duly qualified and in good standing as a foreign corporation
authorized to do business in every jurisdiction where the failure to so qualify would have or would reasonably be expected to have a Material Adverse Effect and (c) has the requisite corporate power and authority to own its properties and to
carry on its business as now conducted and as proposed to be conducted. 
 Section 4.2. Due
Authorization. The Borrower (a) has the requisite corporate power and authority to execute, deliver and perform this Agreement and the other Credit Documents and to incur the obligations herein and therein provided for and
(b) has been authorized by all necessary corporate action, to execute, deliver and perform this Agreement and the other Credit Documents. 
 Section 4.3. No Conflicts. Neither the execution and delivery of the Credit Documents, nor the consummation of the transactions contemplated therein, nor performance of and
compliance with the terms and provisions thereof by the Borrower will (a) violate or conflict with, in any material respect, any provision of its articles of incorporation or bylaws, (b) violate, contravene or conflict with, in any
material respect, any law, regulation (including without limitation, Regulation U, Regulation X or any regulation promulgated by the Federal Energy Regulatory Commission), order, writ, judgment, injunction, decree or permit applicable to it,
(c) except as would not reasonably be expected to result in a Material Adverse Effect, violate, contravene or conflict with contractual provisions of, or cause an event of default under, any indenture, loan agreement, mortgage, deed of trust,
contract or other agreement or instrument to which it is a party or by which it or its properties may be bound, or (d) in any material respect, result in or require the creation of any Lien upon or with respect to its properties, other than a
Permitted Lien. 
 Section 4.4. Consents. No consent, approval, authorization or order of, or filing,
registration or qualification with, any court or Governmental Authority or third party is required in 

  
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connection with the execution, delivery or performance of this Agreement or any of the other Credit Documents, except any such consent, approval, authorization, order, filing, registration or
qualification as would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.5. Enforceable
Obligations. This Agreement and the other Credit Documents have been duly executed and delivered and constitute legal, valid and binding obligations of the Borrower enforceable against the Borrower in accordance with their respective
terms, except as may be limited by bankruptcy or insolvency laws or similar laws affecting creditors’ rights generally or by general equitable principles. 
 Section 4.6. Financial Condition. 
 (a) The consolidated
financial statements delivered to the Lenders pursuant to Section 3.1(b)(ix) and pursuant to Section 5.1(a) and (b): (i) have been prepared in accordance with GAAP (subject to the provisions of
Section 1.3) and (ii) present fairly in all material respects the financial condition, results of operations, and cash flows of the Borrower and its Subsidiaries as of such date and for such periods. 

(b) Since September 30, 2010, there has been no sale, transfer or other disposition by the Borrower of any material part of the
business or property of the Borrower, and no purchase or other acquisition by the Borrower of any business or property (including any Capital Stock of any other Person) material in relation to the financial condition of the Borrower, in each case
which is not (i) reflected in the most recent financial statements delivered to the Lenders pursuant to Section 3.1(b)(ix) and pursuant to Section 5.1 or in the notes thereto or (ii) otherwise permitted by the terms
of this Agreement and communicated to the Administrative Agent. 
 Section 4.7. Intentionally Omitted.

 Section 4.8. No Default. No Default or Event of Default presently exists and is continuing. 

Section 4.9. Intentionally Omitted. 
 Section 4.10. Taxes. The Borrower and its Subsidiaries have filed, or caused to be filed, all material tax returns (federal, state, local and foreign) required to be filed and
paid all amounts of taxes shown thereon to be due (including interest and penalties) and has paid all other material taxes, fees, assessments and other governmental charges (including mortgage recording taxes, documentary stamp taxes and intangibles
taxes) owing by it, except for such taxes which are not yet delinquent or that are being contested in good faith and by proper proceedings, and against which adequate reserves are being maintained in accordance with GAAP. 

Section 4.11. Compliance with Law. The Borrower and each of its Subsidiaries is in compliance with all laws,
rules, regulations, orders and decrees applicable to it or to its properties, except where the failure to be in compliance would not have or would not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 4.12. Material Agreements. Neither the Borrower nor any of its
Subsidiaries is in default in any respect under any contract, lease, loan agreement, indenture, mortgage, security agreement or other agreement or obligation to which it is a party or by which any of its properties is bound which default has had or
would be reasonably expected to have a Material Adverse Effect. 
 Section 4.13. ERISA. Except as
would not result or be reasonably expected to result in a Material Adverse Effect: 
 (a) During the five-year period prior to
the date on which this representation is made or deemed made: (i) no Termination Event has occurred, and, to the best knowledge of the Borrower, no event or condition has occurred or exists as a result of which any Termination Event is
reasonably expected to occur, with respect to any Plan; (ii) no “accumulated funding deficiency,” as such term is defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, has occurred with respect
to any Plan; (iii) each Plan has been maintained, operated, and funded in material compliance with its own terms and in material compliance with the provisions of ERISA, the Code, and any other applicable federal or state laws; and (iv) no
Lien in favor or the PBGC or a Plan has arisen or is reasonably expected to arise on account of any Plan. 
 (b) No liability
has been or is reasonably expected by the Borrower to be incurred under Sections 4062, 4063 or 4064 of ERISA with respect to any Single Employer Plan by the Borrower or any of its Subsidiaries which has or would reasonably be expected to have a
Material Adverse Effect. 
 (c) The actuarial present value of all “benefit liabilities” under each Single Employer
Plan (determined within the meaning of Section 401(a)(2) of the Code, utilizing the actuarial assumptions used to fund such Plans), whether or not vested, did not, as of the last annual valuation date prior to the date on which this
representation is made or deemed made, exceed the current value of the assets of such Plan allocable to such accrued liabilities, except as disclosed in the Borrower’s financial statements. 

(d) Neither the Borrower nor any ERISA Affiliate has incurred, or, to the best knowledge of the Borrower, is reasonably expected to
incur, any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan. Neither the Borrower nor any ERISA Affiliate has received any notification that any Multiemployer Plan is in reorganization (within the meaning of
Section 4241 of ERISA), is insolvent (within the meaning of Section 4245 of ERISA), or has been terminated (within the meaning of Title IV of ERISA), and no Multiemployer Plan is, to the best knowledge of the Borrower, reasonably expected
to be in reorganization, insolvent, or terminated. 
 (e) No prohibited transaction (within the meaning of Section 406 of
ERISA or Section 4975 of the Code) or breach of fiduciary responsibility has occurred with respect to a Plan which has subjected or is reasonably likely to subject the Borrower or any ERISA Affiliate to any liability under Sections 406, 407,
409, 502(i), or 502(l) of ERISA or Section 4975 of the Code, or under any agreement or other instrument pursuant to which the Borrower or any ERISA Affiliate has agreed or is required to indemnify any person against any such liability.

 (f) The present value (determined using actuarial and other assumptions which are reasonable with respect to the benefits
provided and the employees participating) of the liability of the Borrower and each ERISA Affiliate for post-retirement welfare benefits to be provided to their current and former employees under Plans which are welfare benefit plans (as defined in
Section 3(1) of ERISA), net of all assets under all such Plans allocable to such benefits, are reflected on the financial statements referenced in Section 5.1 in accordance with FASB 106. 

  
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 (g) Each Plan which is a welfare plan (as defined in Section 3(1) of ERISA) to which
Sections 601-609 of ERISA and Section 4980B of the Code apply has been administered in compliance in all material respects with such sections. 
 Section 4.14. Use of Proceeds. The proceeds of the Loans hereunder will be used solely for the purposes specified in Section 5.8. None of such proceeds will be used
for the acquisition of another Person unless the board of directors (or other comparable governing body) or stockholders, as appropriate, of such Person has approved such acquisition. 

Section 4.15. Government Regulation. 
 (a) No proceeds of the Loans will be used, directly or indirectly, for the purpose of purchasing or carrying any “margin stock” within the meaning of Regulation U, or for the purpose of
purchasing or carrying or trading in any securities. If requested by any Lender or the Administrative Agent, the Borrower will furnish to the Administrative Agent and each Lender a statement to the foregoing effect in conformity with the
requirements of FR Form U-1 referred to in Regulation U. No indebtedness being reduced or retired out of the proceeds of the Loans was or will be incurred for the purpose of purchasing or carrying any margin stock within the meaning of Regulation U
or any “margin security” within the meaning of Regulation T. “Margin stock” within the meaning of Regulation U does not constitute more than 25% of the value of the consolidated assets of the Borrower and its Subsidiaries.

 (b) Neither the Borrower nor any of its Subsidiaries is an “investment company” registered or required to be
registered under the Investment Company Act of 1940, as amended, and is not controlled by an “investment company”. 

Section 4.16. Disclosure. Neither this Agreement nor the Information Memorandum nor any financial statements
delivered to the Lenders nor any other document, certificate or statement furnished to the Lenders by or on behalf of the Borrower in connection with the transactions contemplated hereby (in each case, as modified or supplemented by other
information so furnished) contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained therein or herein, taken as a whole, not misleading; provided that, with 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 (it being understood that the projected financial information is subject to
significant uncertainties and contingencies, many of which are beyond the Borrower’s control, and that no assurance can be given that any projections will be realized). 
 Section 4.17. Intentionally Omitted. 

Section 4.18. Insurance. The Borrower and its Subsidiaries maintain insurance with financially sound and
reputable insurance companies or associations in such amounts and covering such risks as is usually carried by companies engaged in similar business and owning similar properties in the same general areas in which the Borrower and its Subsidiaries
operate and/or maintain a system or systems of self-insurance or assumption of risk which accords with the practices of similar businesses. 

  
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 Section 4.19. Franchises, Licenses, Etc. The Borrower and its
Subsidiaries possess (a) good title to, or the legal right to use, all properties and assets and (b) all franchises, certificates, licenses, permits and other authorizations, in each case as are necessary for the operation of their
respective businesses, except to the extent the failure to possess any of the foregoing would not and would not reasonably be expected to have a Material Adverse Effect. 
 Section 4.20. Secured Indebtedness. All of the secured indebtedness of the Borrower is set forth on Schedule 4.20 or permitted by Section 6.6. 

Section 4.21. Subsidiaries. All Subsidiaries of the Borrower and the designation as to which such Subsidiaries
are Material Subsidiaries are set forth on Schedule 4.21. Schedule 4.21 may be updated from time to time by the Borrower. 
 ARTICLE V  
 AFFIRMATIVE COVENANTS 

The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains unpaid or outstanding:

 Section 5.1. Information Covenants. The Borrower will furnish, or cause to be furnished, to the
Administrative Agent (who shall forward copies thereof to each Lender): 
 (a) Annual Financial Statements. As soon as
available, and in any event within 120 days after the close of each fiscal year of the Borrower, a consolidated balance sheet and income statement of the Borrower and its Subsidiaries, as of the end of such fiscal year, together with retained
earnings and a consolidated statement of cash flows for such fiscal year setting forth in comparative form figures for the preceding fiscal year, all such financial information described above to be in reasonable form and detail and audited by
independent certified public accountants of recognized national standing and whose opinion shall be furnished to the Administrative Agent, shall be to the effect that such financial statements have been prepared in accordance with GAAP (except for
changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified by a going concern or similar qualification. 
 (b) Quarterly Financial Statements. As soon as available, and in any event within 65 days after the close of each fiscal quarter of the Borrower (other than the fourth fiscal quarter) a
consolidated balance sheet and income statement of the Borrower and its Subsidiaries, as of the end of such fiscal quarter, together with a related consolidated statement of cash flows for such fiscal quarter in each case setting forth in
comparative form figures for the corresponding period of the preceding fiscal year, all such financial information described above to be in reasonable form and detail and reasonably acceptable to the Administrative Agent, and accompanied by a
certificate of a Financial Officer of the Borrower to the effect that such quarterly financial statements fairly present in all material respects the financial condition of the Borrower and have been prepared in accordance with GAAP, subject to
changes resulting from audit and normal year-end audit adjustments and absence of notes. 

  
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 (c) Officer’s Certificate. At the time of delivery of the financial statements
provided for in Sections 5.1(a) and 5.1(b) above, a certificate of a Financial Officer of the Borrower, substantially in the form of Exhibit 5.1(c), (i) demonstrating compliance with Section 5.2 by calculation thereof
as of the end of each such fiscal period and (ii) stating that no Default or Event of Default exists, or if any Default or Event of Default does exist, specifying the nature and extent thereof and what action the Borrower proposes to take with
respect thereto. 
 (d) Reports. Promptly after the same are available, copies of all annual, regular, periodic and
special reports and registration statements which the Borrower may file or be required to file with the SEC under Section 13 or 15(d) of the Exchange Act, and not otherwise required to be delivered to the Administrative Agent pursuant hereto.

 (e) Notices. Upon the Borrower obtaining knowledge thereof, the Borrower will give written notice to the
Administrative Agent promptly of (i) the occurrence of a Default or Event of Default, specifying the nature and existence thereof and what action the Borrower proposes to take with respect thereto, (ii) any change in any rating from
S&P, Moody’s, Fitch and any loss of rating and (iii) the occurrence of any of the following with respect to the Borrower or any Subsidiary: (A) the pendency or commencement of any litigation, arbitration or governmental proceeding
against the Borrower or such Subsidiary which, if adversely determined, would have or would be reasonably expected to have a Material Adverse Effect or (B) the institution of any proceedings against the Borrower or such Subsidiary with respect
to, or the receipt of notice by such Person of potential liability or responsibility for violation or alleged violation of, any federal, state or local law, rule or regulation (including, without limitation, any Environmental Law), the violation of
which would have or would be reasonably expected to have a Material Adverse Effect. 
 (f) ERISA. Upon the Borrower or
any ERISA Affiliate obtaining knowledge thereof, the Borrower will give written notice to the Administrative Agent and each of the Lenders promptly (and in any event within five Business Days) of: (i) any event or condition, including, but not
limited to, any Reportable Event, that constitutes, or would be reasonably expected to lead to, a Termination Event; (ii) any communication from the PBGC stating its intention to terminate any Plan or to have a trustee appointed to administer
any Plan together with a statement of the amount of liability, if any, incurred or expected to be incurred by the Borrower or any Subsidiary in connection therewith; (iii) with respect to any Multiemployer Plan, the receipt of notice as
prescribed in ERISA or otherwise of any withdrawal liability assessed against the Borrower or any ERISA Affiliate, or of a determination that any Multiemployer Plan is in reorganization or insolvent (both within the meaning of Title IV of ERISA);
(iv) the failure to make full payment on or before the due date (including extensions) thereof of all amounts which the Borrower or any of its Subsidiaries or ERISA Affiliates is required to contribute to each Plan which is subject to Title IV
of ERISA pursuant to its terms and as required to meet the minimum funding standard set forth in ERISA and the Code with respect thereto; or (v) any change in the funding status of any Plan that would have or would be reasonably expected to
have a Material Adverse Effect; together, with a description of any such event or condition or a copy of any such notice and a statement by a officer of the Borrower briefly setting forth the details regarding such event, condition, or notice, and
the action, if any, which has been or is being taken or is proposed to be taken by the Borrower with respect thereto. Promptly upon request, the Borrower shall furnish the Administrative Agent with such additional information concerning any Plan as
may be reasonably requested by the Administrative Agent or any Lender, including, but not limited to, copies of each annual report/return (Form 5500 series), as well as all schedules and attachments thereto required to be filed with the Department
of Labor and/or the Internal Revenue Service pursuant to ERISA and the Code, respectively, for each “plan year” (within the meaning of Section 3(39) of ERISA). 

  
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 (g) Other Information. With reasonable promptness upon any such request, such other
information regarding the business, properties or financial condition of the Borrower as the Administrative Agent or the Required Lenders may reasonably request. 
 (h) Delivery of Information. Documents required to be delivered pursuant to this Section (to the extent any such documents are included in materials otherwise filed with the SEC) may be delivered
electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which the Borrower posts such documents, or provides a link thereto on the Borrower’s website on the Internet at the website address
www.atmosenergy.com; or (ii) on which such documents are posted on the Borrower’s behalf on an Internet or intranet website, if any, to which each Lender and the Administrative Agent have access (whether a commercial, third party
website or sponsored by the Administrative Agent); provided that the Borrower shall notify the Administrative Agent (by telecopier or electronic mail) of the posting of any such documents (which notice the Administrative Agent shall promptly forward
to the Lenders). Notwithstanding anything contained herein, in every instance the Borrower shall be required to provide paper or facsimile copies of the officer’s certificates required by Section 5.1(c) to the Administrative Agent.
Except for such officer’s certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above, and in any event shall have no responsibility to monitor compliance by
the Borrower with any such request for delivery, and each Lender shall be solely responsible for maintaining its copies of such documents. 
 Section 5.2. Debt to Capitalization Ratio. As of the last day of each fiscal quarter of the Borrower, the Debt to Capitalization Ratio shall be less than or equal to 0.70 to 1.0.

 Section 5.3. Preservation of Existence, Franchises and Assets. The Borrower will, and will cause
its Subsidiaries to, do all things necessary to preserve and keep in full force and effect its existence, rights, franchises and authority, except where failure to do so would not or would not reasonably be expected to have a Material Adverse
Effect. The Borrower will, and will cause its Subsidiaries to, generally maintain its properties, real and personal, in good condition, and the Borrower and its Subsidiaries shall not waste or otherwise permit such properties to deteriorate,
reasonable wear and tear excepted, except, in each case, where failure to do so would not or would not reasonably be expected to have a Material Adverse Effect. 
 Section 5.4. Books and Records. The Borrower will, and will cause its Subsidiaries to, keep complete and accurate books and records of its transactions in accordance with good
accounting practices on the basis of GAAP (including the establishment and maintenance of appropriate reserves). 

Section 5.5. Compliance with Law. The Borrower will, and will cause its Subsidiaries to, comply with, and
obtain all permits and licenses required by, all laws (including, without limitation, all Environmental Laws and ERISA laws), rules, regulations and orders, and all applicable restrictions imposed by all Governmental Authorities, applicable to it
and its property, if the failure to comply would have or would be reasonably expected to have a Material Adverse Effect. 

Section 5.6. Payment of Taxes and Other Claims. The Borrower will, and will cause its Subsidiaries to, pay,
settle or discharge (a) all material taxes, assessments and governmental charges or levies imposed upon it, or upon its income or profits, or upon any of its properties, before they shall become delinquent and (b) all lawful claims
(including claims for labor, materials and supplies) which, if unpaid, might give rise to a Lien upon any of its properties; provided, however, that the Borrower shall not be required to pay any such tax, assessment, charge, levy,
claim or indebtedness which 

  
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is being contested in good faith by appropriate action and as to which adequate reserves therefor, if required, have been established in accordance with GAAP, unless the failure to make any such
payment (i) would give rise to an immediate right to foreclose or collect on a Lien securing such amounts or (ii) would have or would reasonably be expected to have a Material Adverse Effect. 

Section 5.7. Insurance. The Borrower will, and will cause its Subsidiaries to, at all times maintain in full
force and effect insurance (including worker’s compensation insurance, liability insurance and casualty insurance) with financially sound and reputable insurance companies or associations in such amounts and covering such risks as is usually
carried by companies engaged in similar business and owning similar properties in the same general areas in which the Borrower and its Subsidiaries operate and/or maintain a system or systems of self-insurance or assumption of risk which accords
with the practices of similar businesses. 
 Section 5.8. Use of Proceeds. The proceeds of the Loans
may be used solely (a) to refinance the indebtedness under each of the Existing Five-Year Credit Agreement on the Closing Date and to pay related fees and expenses, (b) to maintain a liquidity facility for the issuance of commercial paper,
(c) to fund future acquisitions permitted by Section 4.14 and (d) for working capital, capital expenditures and other lawful corporate purposes of the Borrower. 

Section 5.9. Audits/Inspections. Upon reasonable prior notice and during normal business hours and no more
frequently than once during any fiscal year upon reasonable advance notice through the Administrative Agent to the Borrower, the Borrower will permit representatives appointed by the Administrative Agent, including, without limitation, independent
accountants, agents, attorneys, and appraisers to visit and inspect the Borrower’s and its Subsidiaries’ property, including their books and records, their accounts receivable and inventory, the Borrower’s and its Subsidiaries’
facilities and their other business assets, and to make photocopies or photographs thereof and to write down and record any information such representative obtains and shall permit the Administrative Agent or its representatives to discuss all such
matters with the officers, employees and representatives of the Borrower and its Subsidiaries; provided, however, that when an Event of Default exists the Administrative Agent or any Lender (or any of their respective representatives) may do any of
the foregoing at the expense of the Borrower at any time during normal business hours. 
 ARTICLE VI  

NEGATIVE COVENANTS 
 The Borrower covenants and agrees that so long as any Lender has a Commitment hereunder or any Obligation remains outstanding: 
 Section 6.1. Nature of Business. The Borrower will not materially alter the character of its business from that conducted as of the Closing Date. 

Section 6.2. Consolidation and Merger. The Borrower will not (a) enter into any transaction of merger, or
(b) consolidate, liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution); provided that, so long as no Default or Event of Default shall exist or be caused thereby, a Person may be merged or consolidated with or
into the Borrower so long as the Borrower shall be the continuing or surviving corporation. 

  
 38 

 Section 6.3. Sale or Lease of Assets. Within any period of four
consecutive fiscal quarters, the Borrower will not, nor will it permit any Subsidiary to, convey, sell, lease, transfer or otherwise dispose of assets, business or operations with a net book value in excess of 25% of Total Assets as calculated as of
the end of the most recent such fiscal quarter. 
 Section 6.4. Arm’s-Length Transactions. The
Borrower will not, nor will it permit its Subsidiaries to, enter into any transaction or series of transactions, whether or not in the ordinary course of business, with any Affiliate other than on terms and conditions substantially as favorable as
would be obtainable in a comparable arm’s-length transaction with a Person other than an Affiliate; provided that the foregoing restriction shall not apply to the payment or grant of reasonable compensation, benefits and indemnities to any
director, officer, employee or agent of the Borrower or any Subsidiary. 
 Section 6.5. Fiscal Year; Organizational
Documents. The Borrower will not (a) change its fiscal year or (b) in any manner that would reasonably be expected to materially adversely affect the rights of the Lenders, change its organizational documents or its bylaws;
it being understood that the Borrower’s shareholders may approve an amendment to the Borrower’s Articles of Incorporation to permit the issuance of Preferred Securities. 

Section 6.6. Liens. The Borrower will not, nor will it permit any of its Material Subsidiaries to, contract,
create, incur, assume or permit to exist any Lien with respect to any of its property or assets of any kind (whether real or personal, tangible or intangible), whether now owned or after acquired, except for the following: (a) Liens securing
Obligations, (b) Liens for taxes not yet due or Liens for taxes being contested in good faith by appropriate action and for which adequate reserves, if required, determined in accordance with GAAP have been established (and as to which the
property subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof), (c) Liens in respect of property imposed by law arising in the ordinary course of business such as materialmen’s, mechanics’,
warehousemen’s, carrier’s, landlords’ and other nonconsensual statutory Liens which are not yet due and payable, which have been in existence less than 90 days or which are being contested in good faith by appropriate action and for
which adequate reserves, if required, determined in accordance with GAAP have been established (and as to which the property subject to any such Lien is not yet subject to foreclosure, sale or loss on account thereof), (d) pledges or deposits
made in the ordinary course of business to secure payment of worker’s compensation insurance, unemployment insurance, pensions or social security programs, (e) Liens arising from good faith deposits in connection with or to secure
performance of tenders, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations incurred in the ordinary course of business (other than obligations in respect of the payment of borrowed money),
(f) Liens arising from good faith deposits in connection with or to secure performance of statutory obligations and surety and appeal bonds, (g) easements, rights-of-way, restrictions (including zoning restrictions), minor defects or
irregularities in title and other similar charges or encumbrances not, in any material respect, impairing the use of the encumbered property for its intended purposes, (h) judgment Liens that would not constitute an Event of Default or securing
appeal or other surety bonds related to such judgments, (i) Liens arising by virtue of any statutory or common law provision relating to banker’s liens, rights of setoff or similar rights as to deposit accounts or other funds maintained
with a creditor depository institution, (j) any Lien on any assets securing indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring, developing, operating, constructing, altering, repairing or
improving all or part of such assets; provided that such Lien attaches to such asset concurrently with or within 90 days after the acquisition thereof, completion of construction, improvement or repair, or commencement of commercial operation of
such assets, (k) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into 

  
 39 

 
the Borrower or one of its Subsidiaries and not created in contemplation of such event, (l) any Lien existing on any asset prior to the acquisition thereof by the Borrower or one of its
Subsidiaries and not created in contemplation of such acquisition, (m) any Lien on the assets of the Borrower or any Material Subsidiary pursuant to Section 803 of the 1998 Indenture, Section 803 of the 2001 Indenture,
Section 803 of the 2007 Indenture, or Section 803 of the 2009 Indenture if placed on the property of the Borrower or such Material Subsidiary on an equal and ratable basis with Liens securing Obligations and other Liens that may be placed
on the properties of the Borrower or such Material Subsidiary in the future, (n) any Lien created in connection with a project financed with, or created to secure, Non-Recourse Indebtedness, (o) Liens on goods (and the proceeds thereof)
and documents of title and the property covered thereby securing indebtedness in respect of commercial letters of credit, (p) Liens that have been placed by any developer, landlord or other third party on property over which the Borrower or any
Material Subsidiary has easement rights or on any real property leased by the Borrower or any Material Subsidiary and subordination or similar agreements relating thereto, (q) any condemnation or eminent domain proceedings affecting any real
property, (r) any provision for the retention of title to an asset by vendor or transferor of such asset which asset is acquired by the Borrower or a Material Subsidiary in a transaction entered into in the ordinary course of business,
(s) Liens on the proceeds of assets that were subject to Liens permitted hereunder or on assets acquired with such proceeds as a replacement of such former assets, (t) Liens not otherwise permitted by this Agreement securing indebtedness
in the aggregate (at the time such Liens are created) not in excess of ten percent (10%) of Consolidated Net Property, (u) Liens constituted by a right of set off, or rights over a margin call account, or any form of cash collateral, or
any similar arrangement, securing Hedging Obligations and/or Physical Trade Obligations, in each case so long as the aggregate principal amount of cash securing such Hedging Obligations and Physical Trade Obligations, do not exceed ten
percent (10%) of Consolidated Net Worth, (v) Liens on accounts and related assets arising under an areawide utility contract or similar contract with the federal government related to energy management, conservation, or similar services,
securing indebtedness of the Persons to whom Borrower has subcontracted to provide such services to the federal government and (w) any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in
part, of any Liens referred to in the foregoing clauses (a) through (v) for amounts not exceeding the principal amount of the indebtedness (including undrawn commitments) secured by the Lien so extended, renewed or replaced (except for
accrued interest and a reasonable premium or other reasonable amount paid, and fees and expenses reasonably incurred in connection with such extension, renewal or replacement); provided that such extension, renewal or replacement Lien is limited to
all or a part of the same property or assets that were covered by the Lien extended, renewed or replaced (plus improvements on such property or assets). 
 Section 6.7. Required Clear Period. The Borrower shall cause there to be no Loans outstanding hereunder for a period of at least thirty (30) consecutive days during each
fiscal year of the Borrower. 
 ARTICLE VII  

EVENTS OF DEFAULT 
 Section 7.1. Events of Default. An Event of Default shall exist upon the occurrence of any of the following specified events (each an “Event of Default”): 

(a) Payment. The Borrower shall default in the payment (i) when due of any principal of any of the Loans or (ii) within
three Business Days of when due of any interest on the Loans 

  
 40 

 
or of any fees owing hereunder or any of the other Credit Documents or (iii) within ten days of when due of any other amounts owing hereunder, under any of the other Credit Documents or in
connection herewith. 
 (b) Representations. Any representation, warranty or statement made or deemed to be made by the
Borrower herein, in any of the other Credit Documents, or in any statement or certificate delivered or required to be delivered pursuant hereto or thereto (including without limitation the certificate delivered pursuant to
Section 3.1(b)(vi)) shall prove untrue in any material respect on the date as of which it was deemed to have been made. 
 (c) Covenants. The Borrower shall: 
 (i) default in the due
performance or observance of any term, covenant or agreement contained in Sections 5.2, 5.3 (as to maintenance of existence of the Borrower only), 5.9 or 6.1 through 6.6 inclusive; or 

(ii) default in the due performance or observance by it of any term, covenant or agreement contained in
Section 5.1 and such default shall continue unremedied for a period of five Business Days after the earlier of the Borrower becoming aware of such default or notice thereof given by the Administrative Agent; or 

(iii) default in the due performance or observance by it of any term, covenant or agreement (other than those referred to
in subsections (a), (b), (c)(i), or (c)(ii) of this Section 7.1) contained in this Agreement or any other Credit Document and such default shall continue unremedied for a period of at least 30 days after the earlier of the Borrower
becoming aware of such default or notice thereof given by the Administrative Agent. 
 (d) Credit Documents. The Borrower
shall default in the due performance or observance of any term, covenant or agreement in any of the other Credit Documents and such default shall continue unremedied for a period of at least 30 days after the earlier of (i) the Borrower
becoming aware of such default or notice thereof given by the Administrative Agent or (ii) any Credit Document shall fail to be in full force and effect or the Borrower shall so assert. 

(e) Bankruptcy, etc. The occurrence of any of the following with respect to the Borrower or any of its Material Subsidiaries:
(i) a court or governmental agency having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of its Material Subsidiaries in an involuntary case under any applicable bankruptcy, insolvency or
other similar law now or hereafter in effect, or appoint a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Borrower or any of its Material Subsidiaries or for any substantial part of its property or order
the winding up or liquidation of its affairs; or (ii) an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect is commenced against the Borrower or any of its Material Subsidiaries and such
petition remains unstayed and in effect for a period of 60 consecutive days; or (iii) the Borrower or any of its Material Subsidiaries shall commence a voluntary case under any applicable bankruptcy, insolvency or other similar law now or
hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar
official of such Person or any substantial part of its property or make any general assignment for the benefit of creditors; or (iv) the Borrower or any of its Material Subsidiaries shall admit in writing its inability to pay its debts
generally as they become due or any action shall be taken by such Person in furtherance of any of the aforesaid purposes. 

  
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 (f) Defaults under Other Agreements. With respect to any indebtedness of the Borrower
in excess of $100,000,000 (other than indebtedness outstanding under this Agreement or Non-Recourse Indebtedness) (A) the Borrower shall (1) default in any payment (beyond the applicable grace period with respect thereto, if any) with
respect to any such indebtedness, or (2) default (after giving effect to any applicable grace period) in the observance or performance of any covenant or agreement relating to such indebtedness or contained in any instrument or agreement
evidencing, securing or relating thereto, or any other event or condition shall occur or condition exist, the effect of which default or other event or condition is to cause, or permit, the holder of the holders of such indebtedness (or trustee or
agent on behalf of such holders) to cause (determined without regard to whether any notice or lapse of time is required) any such indebtedness to become due prior to its stated maturity; or (B) any such indebtedness shall be declared due and
payable, or required to be prepaid other than by a regularly scheduled required prepayment, or by a mandatory prepayment upon specified events or conditions, in each case, prior to the stated maturity thereof; or (C) any such indebtedness shall
mature and remain unpaid. 
 (g) Judgments. One or more final judgments, orders, or decrees shall be entered against the
Borrower involving a liability of $100,000,000 or more, in the aggregate (to the extent not paid or covered by insurance provided by a carrier who has acknowledged coverage) and such judgments, orders or decrees shall continue unsatisfied,
undischarged and unstayed for a period of 90 days; provided that if such judgment, order or decree provides for periodic payments over time then the Borrower shall have a grace period of 30 days with respect to each such periodic payment.

 (h) ERISA. The occurrence of any of the following events or conditions if any of the same would be reasonably expected
to result in a liability of an amount greater than or equal to $20,000,000: (A) any “accumulated funding deficiency,” as such term is defined in Section 302 of ERISA and Section 412 of the Code, whether or not waived, shall
exist with respect to any Plan, or any lien shall arise on the assets of the Borrower or any ERISA Affiliate in favor of the PBGC or a Plan; (B) a Termination Event shall occur with respect to a Single Employer Plan, which is, in the reasonable
opinion of the Administrative Agent, likely to result in the termination of such Plan for purposes of Title IV of ERISA; (C) a Termination Event shall occur with respect to a Multiemployer Plan or Multiple Employer Plan, which is, in the
reasonable opinion of the Administrative Agent, likely to result in (i) the termination of such Plan for purposes of Title IV of ERISA, or (ii) the Borrower or any ERISA Affiliate incurring any liability in connection with a withdrawal
from, reorganization of (within the meaning of Section 4241 of ERISA), or insolvency (within the meaning of Section 4245 of ERISA) of such Plan; or (D) any prohibited transaction (within the meaning of Section 406 of ERISA or
Section 4975 of the Code) or breach of fiduciary responsibility shall occur which would be reasonably expected to subject the Borrower or any ERISA Affiliate to any liability under Sections 406, 409, 502(i), or 502(l) of ERISA or
Section 4975 of the Code, or under any agreement or other instrument pursuant to which the Borrower or any ERISA Affiliate has agreed or is required to indemnify any person against any such liability. 

(i) Change of Control. The occurrence of any Change of Control. 

Section 7.2. Acceleration; Remedies. Upon the occurrence and during the continuation of an Event of Default,
the Administrative Agent may, with the consent of the Required Lenders, and shall, upon the request and direction of the Required Lenders, by written notice to the 

  
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Borrower take any of the following actions without prejudice to the rights of the Administrative Agent or any Lender to enforce its claims against the Borrower, except as otherwise specifically
provided for herein: 
 (a) Termination of Commitments. Declare the Commitments terminated whereupon the Commitments
shall be immediately terminated. 
 (b) Acceleration of Loans. Declare the unpaid amount of all Obligations to be due
whereupon the same shall be immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
 (c) Enforcement of Rights. Enforce any and all rights and interests created and existing under the Credit Documents or otherwise available at law or in equity, including, without limitation, all
rights of set-off. 
 Notwithstanding the foregoing, if an Event of Default specified in Section 7.1(e) shall occur, then the
Commitments shall automatically terminate and all Loans, all accrued interest in respect thereof, all accrued and unpaid fees and other indebtedness or obligations owing to the Lenders and the Administrative Agent hereunder shall immediately become
due and payable without the giving of any notice or other action by the Administrative Agent or the Lenders. 
 Notwithstanding the fact that
enforcement powers reside primarily with the Administrative Agent, each Lender has, to the extent permitted by law, a separate right of payment and shall be considered a separate “creditor” holding a separate “claim” within the
meaning of Section 101(5) of the Bankruptcy Code or any other insolvency statute. 
 Section 7.3. Allocation of
Payments After Event of Default. 
 Notwithstanding any other provisions of this Agreement, but subject in all
respects to Section 2.22, after the occurrence of an Event of Default, all amounts collected or received by the Administrative Agent or any Lender on account of amounts outstanding under any of the Credit Documents shall be paid over or
delivered as follows: 
 FIRST, to the payment of all reasonable out-of-pocket costs and expenses (including
without limitation reasonable attorneys’ fees) of the Administrative Agent or any of the Lenders in connection with enforcing the rights of the Lenders under the Credit Documents, pro rata as set forth below; 

SECOND, to payment of any fees owed to the Administrative Agent or any Lender, pro rata as set forth below; 

THIRD, to the payment of all accrued interest payable to the Lenders hereunder, pro rata as set forth below; 

FOURTH, to the payment of the outstanding principal amount of the Loans, pro rata as set forth below; 

FIFTH, to all other obligations which shall have become due and payable under the Credit Documents and not repaid pursuant
to clauses “FIRST” through “FOURTH” above; and 

  
 43 

 SIXTH, to the payment of the surplus, if any, to whoever may be lawfully
entitled to receive such surplus. 
 In carrying out the foregoing, (a) amounts received shall be applied in the numerical order provided
until exhausted prior to application to the next succeeding category and (b) each of the Lenders shall receive an amount equal to its pro rata share (based on the proportion that the then outstanding Loans held by such Lender bears to the
aggregate then outstanding Loans) of amounts available to be applied. 
 ARTICLE VIII  

THE ADMINISTRATIVE AGENT 
 Section 8.1. Appointment of Administrative Agent. Each Lender irrevocably appoints The Royal Bank of Scotland plc as the Administrative Agent and authorizes it to take such
actions on its behalf and to exercise such powers as are delegated to the Administrative Agent under this Agreement and the other Credit Documents, together with all such actions and powers that are reasonably incidental thereto. The Administrative
Agent may perform any of its duties hereunder or under the other Credit Documents by or through any one or more sub-agents or attorneys-in-fact appointed by the Administrative Agent. The Administrative Agent and any such sub-agent or
attorney-in-fact may perform any and all of its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions set forth in this Article shall apply to any such sub-agent or attorney-in-fact and the
Related Parties of the Administrative Agent, any such sub-agent and any such attorney-in-fact and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent. 
 Section 8.2. Nature of Duties of Administrative Agent. The Administrative
Agent shall not have any duties or obligations except those expressly set forth in this Agreement and the other Credit Documents. Without limiting the generality of the foregoing, (a) the Administrative 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 Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary
powers, except those discretionary rights and powers expressly contemplated by the Credit Documents that the Administrative Agent is required to exercise in writing by the Required Lenders (or such other number or percentage of the Lenders as shall
be necessary under the circumstances as provided in Section 9.2), and (c) except as expressly set forth in the Credit Documents, the Administrative 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 its Subsidiaries that is communicated to or obtained by the Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action
taken or not taken by it, its sub-agents or attorneys-in-fact with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in
Section 9.2) or in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall not be responsible for the negligence
or misconduct of any sub-agents or attorneys-in-fact selected by it with reasonable care. The Administrative Agent shall not be deemed to have knowledge of any Default or Event of Default unless and until written notice thereof (which notice shall
include an express reference to such event being a “Default” or “Event of Default” hereunder) is given to the Administrative Agent by the Borrower or any Lender, and the Administrative Agent shall not be responsible for or have
any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with any Credit 

  
 44 

 
Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of
any of the covenants, agreements, or other terms and conditions set forth in any Credit Document, (iv) the validity, enforceability, effectiveness or genuineness of any Credit Document or any other agreement, instrument or document, or
(v) the satisfaction of any condition set forth in Article III or elsewhere in any Credit Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. The Administrative Agent may
consult with legal counsel (including counsel for the Borrower) concerning all matters pertaining to such duties. 

Section 8.3. Lack of Reliance on the Administrative Agent. Each of the Lenders acknowledges that it has,
independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each of the
Lenders also acknowledges that it will, independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate, continue to make its own decisions in taking or
not taking of any action under or based on this Agreement, any related agreement or any document furnished hereunder or thereunder. 
 Section 8.4. Certain Rights of the Administrative Agent. If the Administrative Agent shall request instructions from the Required Lenders with respect to any action or actions
(including the failure to act) in connection with this Agreement, the Administrative Agent shall be entitled to refrain from such act or taking such act, unless and until it shall have received instructions from such Lenders; and the Administrative
Agent shall not incur liability to any Person by reason of so refraining. Without limiting the foregoing, no Lender shall have any right of action whatsoever against the Administrative Agent as a result of the Administrative Agent acting or
refraining from acting hereunder in accordance with the instructions of the Required Lenders where required by the terms of this Agreement. 
 Section 8.5. Reliance by Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request,
certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed, sent or made by the proper Person. The Administrative Agent may also rely upon any statement made to it orally or by
telephone and believed by it to be made by the proper Person and shall not incur any liability for relying thereon. The Administrative Agent 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 not taken by it in accordance with the advice of such counsel, accountants or experts. 
 Section 8.6. The Administrative Agent in its Individual Capacity. The bank serving as the Administrative Agent shall have the same rights and powers under this Agreement and any other
Credit Document in its capacity as a Lender as any other Lender and may exercise or refrain from exercising the same as though it were not the Administrative Agent; and the terms “Lenders”, “Required Lenders” or any similar terms
shall, unless the context clearly otherwise indicates, include the Administrative Agent in its individual capacity. The bank acting as the Administrative Agent and its Affiliates may accept deposits from, lend money to, and generally engage in any
kind of business with the Borrower or any Subsidiary or Affiliate of the Borrower as if it were not the Administrative Agent hereunder. 

  
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 Section 8.7. Successor Administrative Agent. 

(a) The Administrative Agent may resign at any time by giving written notice thereof to the Lenders and the Borrower. Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Administrative Agent, subject to the approval by the Borrower provided that no Default or Event of Default shall exist at such time. If no successor Administrative Agent
shall have been so appointed, and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent, which shall be a commercial bank organized under the laws of the United States of America or any state thereof or a bank which maintains an office in the United States, having a combined capital and surplus of at least
$500,000,000. 
 (b) Upon the acceptance of its appointment as the Administrative Agent hereunder by a
successor, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its
duties and obligations under this Agreement and the other Credit Documents. If within 45 days after written notice is given of the retiring Administrative Agent’s resignation under this Section 8.7 no successor Administrative Agent
shall have been appointed and shall have accepted such appointment, then on such 45th day (i) the retiring Administrative Agent’s resignation shall become effective, (ii) the retiring Administrative Agent shall thereupon be discharged from its duties and obligations under
the Credit Documents and (iii) the Required Lenders shall thereafter perform all duties of the retiring Administrative Agent under the Credit Documents until such time as the Required Lenders appoint a successor Administrative Agent as provided
above. After any retiring Administrative Agent’s resignation hereunder, the provisions of this Article shall continue in effect for the benefit of such retiring Administrative Agent and its representatives and agents in respect of any actions
taken or not taken by any of them while it was serving as the Administrative Agent. 
 Section 8.8. Co-Documentation
Agents; Syndication Agent. Each of the Lenders and the Borrower hereby acknowledges and agrees that the Co-Documentation Agents and the Syndication Agent shall have no duties or obligations under any Credit Documents to any Lender or
the Borrower. 
 ARTICLE IX  
 MISCELLANEOUS 
 Section 9.1. Notices. 

(a) Except in the case of notices and other communications expressly permitted to be given by telephone, all notices and other
communications to any party herein to be effective shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail, sent by telecopy or to the extent permitted below, by email as follows:

  

			
	To the Borrower:	  	Atmos Energy Corporation
		  	Three Lincoln Centre, Suite 1800
		  	5430 LBJ Freeway
		  	Dallas, Texas 75240

  
 46 

			
	 	  	Attention: Fred E. Meisenheimer
		  	Telecopy Number: (214) 550-5641
		  	Email Address: Fred.Meisenheimer@atmosenergy.com
		
	With a copy to:	  	Atmos Energy Corporation
		  	700 Three Lincoln Centre
		  	5430 LBJ Freeway
		  	Dallas, Texas 75240
		  	Attention: Treasurer
		  	Telecopy Number: (214) 550-9326
		  	Email Address: dan.meziere@atmosenergy.com
		
	and	  	Atmos Energy Corporation
		  	Three Lincoln Centre, Suite 1800
		  	5430 LBJ Freeway
		  	Dallas, Texas 75240
		  	Attention: General Counsel
		  	Telecopy Number: (214) 550-9216
		  	Email Address: louis.gregory@atmosenergy.com
		
	To the Administrative Agent:	  	The Royal Bank of Scotland plc
		  	600 Washington Blvd.
		  	Stamford, CT 06901
		  	Attention: Damon Matthews
		  	Telecopy Number: 203-873-5300
		  	Email Address: GBMNAgency@rbs.com
		
	With a copy to:	  	The Royal Bank of Scotland plc
		  	600 Washington Blvd.
		  	Stamford, CT 06901
		  	Attention: Lynne Alfarone
		  	Telecopy Number: 203-873-3569
		  	Email Address: AgencyOps@rbs.com
		
		  	and
		
		  	King & Spalding LLP
		  	1180 Peachtree Street, N.E.
		  	Atlanta, Georgia 30309
		  	Attention: Carolyn Z. Alford
		  	Telecopy Number: (404) 572-5100
		  	Email Address: czalford@kslaw.com
		
	To any other Lender:	  	the address set forth in the Administrative Questionnaire or the Assignment and Acceptance executed by such Lender

Notices and other communications hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites)
pursuant to procedures approved by the 

  
 47 

 
Administrative Agent, provided that the foregoing shall not apply to notices to any Lender pursuant to Article II if such Lender has notified the Administrative Agent that it is incapable
of receiving notices under such Article by electronic communication. The Administrative 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 Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address
shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), 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. 
 Any party hereto may change its address or telecopy number
for notices and other communications hereunder by notice to the other parties hereto. All such notices and other communications shall, when transmitted by overnight delivery, or faxed, be effective when delivered for overnight (next-day) delivery,
or transmitted in legible form by facsimile machine, respectively, or if mailed, upon the third Business Day after the date deposited into the mail or if delivered, upon delivery; provided, that notices delivered to the Administrative Agent shall
not be effective until actually received by such Person at its address specified in this Section 9.1 during normal business hours for such Person, or if received after normal business hours for such Person, such notice shall be effective
on the next Business Day. 
 (b) Any agreement of the Administrative Agent and the Lenders herein to receive certain notices by
telephone or facsimile is solely for the convenience and at the request of the Borrower. The Administrative Agent and the Lenders shall be entitled to rely on the authority of any Person purporting to be a Person authorized by the Borrower to give
such notice and the Administrative Agent and Lenders shall not have any liability to the Borrower or other Person on account of any action taken or not taken by the Administrative Agent or the Lenders in reliance upon such telephonic or facsimile
notice. The obligation of the Borrower to repay the Loans and all other Obligations hereunder shall not be affected in any way or to any extent by any failure of the Administrative Agent and the Lenders to receive written confirmation of any
telephonic or facsimile notice or the receipt by the Administrative Agent and the Lenders of a confirmation which is at variance with the terms understood by the Administrative Agent and the Lenders to be contained in any such telephonic or
facsimile notice. 
 (c) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the
Communications (as defined below) available to the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system (the “Platform”). The Platform is provided
“as is” and “as available”. The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express,
implied or statutory, including, without limitation, any warranty of merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection
with the Communications of the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent Parties”) have any liability to the Borrower, any Lender or any other Person or entity for
damages of any kind, including, without limitation, direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise) arising out of Borrower’s or the Administrative Agent’s
transmission of Communications through the 

  
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Platform. “Communications” means, collectively, any notice, demand, communication, information, document or other material that the Borrower provides to the Administrative Agent
pursuant to any Credit Document or the transactions contemplated therein which is distributed to the Administrative Agent or any Lender by means of electronic communications pursuant to this Section, including through the Platform. 

Section 9.2. Waiver; Amendments. 
 (a) No failure or delay by the Administrative Agent or any Lender in exercising any right or power hereunder or any other Credit Document, and no course of dealing between the Borrower and the
Administrative Agent or any Lender, shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power or any abandonment or discontinuance of steps to enforce such right or power, preclude any other or further
exercise thereof or the exercise of any other right or power hereunder or thereunder. The rights and remedies of the Administrative Agent and the Lenders hereunder and under the other Credit Documents are cumulative and are not exclusive of any
rights or remedies provided by law. No waiver of any provision of this Agreement or any other Credit Document or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph
(b) of this Section 9.2, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan shall not be
construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent or any Lender may have had notice or knowledge of such Default or Event of Default at the time. 

(b) No amendment or waiver of any provision of this Agreement or the other Credit Documents, 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 Borrower and the Required Lenders or the Borrower and the Administrative Agent with the consent of 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, that no amendment or waiver shall: (i) increase the Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the date fixed for any payment of any
principal of, or interest on, any Loan or interest thereon or any fees hereunder or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any Commitment, without the written
consent of each Lender affected thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any
of the provisions of this Section 9.2 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or
make any determination or grant any consent hereunder, without the consent of each Lender; (vi) release any guarantor or limit the liability of any such guarantor under any guaranty agreement, without the written consent of each Lender other
than Defaulting Lenders; (vii) release all or substantially all collateral (if any) securing any of the Obligations, without the written consent of each Lender other than Defaulting Lenders; provided further, that no such agreement shall
amend, modify or otherwise affect the rights, duties or obligations of the Administrative Agent without the prior written consent of such Person. Notwithstanding anything contained herein to the contrary, this Agreement may be amended and restated
without the consent of any Lender (but with the consent of the Borrower and the Administrative Agent) if, upon giving effect to such amendment and restatement, such Lender shall no longer be a party to this Agreement (as so amended and restated),
the Commitments of such Lender shall have terminated (but such Lender shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 9.3), such Lender shall have no other commitment or other obligation
hereunder and shall have been paid in full all principal, interest and other amounts owing to it or accrued for its account under this Agreement. 

  
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 Section 9.3. Expenses; Indemnification. 

(a) The Borrower shall pay (i) all reasonable, out-of-pocket costs and expenses of the Administrative Agent and its Affiliates,
including the reasonable fees, charges and disbursements of counsel for the Administrative Agent and its Affiliates, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of the
Credit Documents and any amendments, modifications or waivers thereof (whether or not the transactions contemplated in this Agreement or any other Credit Document shall be consummated), and (ii) all reasonable out-of-pocket costs and expenses
(including, without limitation, the reasonable fees, charges and disbursements of outside counsel and the allocated cost of inside counsel) incurred by the Administrative Agent or any Lender in connection with the enforcement or protection of its
rights in connection with this Agreement, including its rights under this Section 9.3, or in connection with the Loans made hereunder, including all such out-of-pocket expenses incurred during any workout, restructuring or negotiations
in respect of such Loans. 
 (b) The Borrower shall indemnify the Administrative Agent (and any sub-agent thereof), the Joint
Lead Arrangers, each Lender and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and
related expenses (including the reasonable fees, charges and disbursements of any counsel for any Indemnitee), and shall indemnify and hold harmless each Indemnitee from all fees and time charges and disbursements for attorneys who may be employees
of any Indemnitee, incurred by any Indemnitee or asserted against any Indemnitee by any third party or by the Borrower arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement, any other Credit
Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby,
(ii) any Loan or the use or proposed use of the proceeds therefrom, (iii) any actual or alleged presence or Release of Hazardous Materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any
liability arising under the Environmental Laws related in any way to the Borrower or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on
contract, tort or any other theory, whether brought by a third party or by the Borrower, and regardless of whether any Indemnitee is a party thereto, provided that such indemnity shall not, as to any Indemnitee, be available to the extent
that such losses, claims, damages, liabilities or related expenses (x) are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee
or (y) result from a claim brought by the Borrower against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Credit Document, if the Borrower has obtained a final and nonappealable judgment
in its favor on such claim as determined by a court of competent jurisdiction. 
 (c) The Borrower shall pay, and hold the
Administrative Agent and each of the Lenders harmless from and against, any and all present and future stamp, documentary, and other similar taxes with respect to this Agreement and any other Credit Documents, any collateral described therein, or
any payments due thereunder, and save the Administrative Agent and each Lender harmless from and against any and all liabilities with respect to or resulting from any delay or omission to pay such taxes. 

  
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 (d) To the extent that the Borrower fails to pay any amount required to be paid to the
Administrative Agent under clauses (a), (b) or (c) hereof, each Lender severally agrees to pay to the Administrative Agent such Lender’s Pro Rata Share (determined as of the time that the unreimbursed expense or indemnity payment is
sought) of such unpaid amount; provided, that the unreimbursed expense or indemnified payment, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against the Administrative Agent in its capacity as
such. 
 (e) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to actual or direct damages) arising out of, in connection with or as a result of, this Agreement or any agreement or instrument
contemplated hereby, the transactions contemplated therein, any Loan or the use of proceeds thereof. 
 (f) All amounts due
under this Section 9.3 shall be payable promptly after written demand therefor. 
 Section 9.4.
Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns permitted hereby, except that the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative Agent and
each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of participation in
accordance with the provisions of paragraph (d) of this Section or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted assignment or
transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby,
Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under
or by reason of this Agreement. 
 (b) Any Lender may at any time assign to one or more assignees all or a portion of its rights
and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 

(i) Minimum Amounts. 
 (A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of
a Lender or an Approved Fund, no minimum amount need be assigned; and 
 (B) in any case not described in
paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for this purpose includes Loans and Credit Exposure outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance
of the Loans and Credit Exposure of the assigning Lender 

  
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subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is
specified in the Assignment and Acceptance, as of the “Trade Date”) shall not be less than $5,000,000, unless each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, the Borrower otherwise
consents (each such consent not to be unreasonably withheld or delayed). 
 (ii) Proportionate Amounts.
Each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loans, Credit Exposure or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except to the extent required by paragraph
(b)(i)(B) of this Section and, in addition: 
 (A) the consent of the Borrower (such consent not to be
unreasonably withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund;

 (B) the consent of the Administrative Agent (such consent not to be unreasonably withheld or delayed) shall be
required for assignments to a Person that is not a Lender, an Affiliate of a Lender or an Approved Fund. 
 (iv)
Assignment and Acceptance. The parties to each assignment shall deliver to the Administrative Agent (A) a duly executed Assignment and Acceptance, (B) a processing and recordation fee of $3,500, (C) an Administrative
Questionnaire unless the assignee is already a Lender and (D) the documents required under Section 2.17(e) if such assignee is a Foreign Lender. 

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s
Affiliates or Subsidiaries. 
 (vi) No Assignment to Natural Persons or Defaulting Lender. No such
assignment shall be made to a natural person or a Defaulting Lender or an Affiliate thereof. 
 (vii) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the
parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or
subparticipations, or other compensating actions, including funding, with the consent of the Borrower and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which
the applicable assignee and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent and each other Lender hereunder (and interest accrued
thereon), and (y) acquire (and fund as appropriate) its full pro rata share of all Loans. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Lender hereunder shall become effective
under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement until such compliance occurs. 

  
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 Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of
this Section 9.4, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Acceptance,
have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the
case of an Assignment and Acceptance covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of Sections 2.15,
2.16, 2.17 and 9.3 with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with
this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this Section 9.4. If the consent of the Borrower to an
assignment is required hereunder (including a consent to an assignment which does not meet the minimum assignment thresholds specified above), the Borrower shall be deemed to have given its consent five Business Days after the date notice thereof
has actually been delivered by the assigning Lender (through the Administrative Agent) to the Borrower, unless such consent is expressly refused by the Borrower prior to such fifth Business Day. 

(c) The Administrative Agent shall maintain at one of its offices a copy of each Assignment and Acceptance delivered to it and a register
for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amount of the Loans and Credit Exposure owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The
entries in the Register shall be conclusive, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this
Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender (as to its commitment only), at any reasonable time and from time to time upon reasonable prior notice. 

(d) Any Lender may at any time, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations to
any Person (other than a natural person, the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement
(including all or a portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other
parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent and the Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations
under this Agreement. 
 (e) Any agreement or instrument pursuant to which a Lender sells such a participation shall provide
that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; provided that such agreement or instrument may provide that such Lender will not,
without the consent of the Participant, agree to any amendment, modification or waiver with respect to the following to the extent affecting such Participant: (i) increase the Commitment of any Lender without the written consent of such Lender,
(ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the date fixed for any payment of any
principal of, or interest on, any Loan or interest thereon or any fees hereunder or 

  
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reduce the amount of, waive or excuse any such payment, or postpone the scheduled date for the termination or reduction of any Commitment, without the written consent of each Lender affected
thereby, (iv) change Section 2.18(b) or (c) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of this
Section 9.4 or the definition of “Required Lenders” or any other provision hereof specifying the number or percentage of Lenders which are required to waive, amend or modify any rights hereunder or make any determination or
grant any consent hereunder, without the consent of each Lender; (vi) release any guarantor or limit the liability of any such guarantor under any guaranty agreement without the written consent of each Lender except to the extent such release
is expressly provided under the terms of this Agreement or such guaranty agreement; or (vii) release all or substantially all collateral (if any) securing any of the Obligations. Subject to paragraph (e) of this Section 9.4,
the Borrower agrees that each Participant shall be entitled to the benefits of Sections 2.15, 2.16, and 2.17 to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of
this Section 9.4, provided, that such Participant agrees to be subject to the provisions of Sections 2.19 and 2.20 as if it were an assignee hereunder, further, to the extent permitted by law, each Participant also
shall be entitled to the benefits of Section 9.7 as though it were a Lender, provided such Participant agrees to be subject to Section 2.15 as though it were a Lender. 

(f) A Participant shall not be entitled to receive any greater payment under Section 2.15 and Section 2.17 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. A Participant that
would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.17 unless the Borrower is notified of the participation sold to such Participant and such Participant agrees, for the benefit of the
Borrower, to comply with Section 2.17(e) as though it were a Lender. 
 (g) Any Lender may at any time pledge or
assign a security interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central bank
or a Governmental Authority having jurisdiction over any Lender or its parent; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such
Lender as a party hereto. 
 Section 9.5. Governing Law; Jurisdiction; Consent to Service of Process.

 (a) This Agreement and the other Credit Documents shall be construed in accordance with and be governed by the law
(without giving effect to the conflict of law principles thereof, except for Sections 5-1401 and 5-1402 of the New York General Obligations Law) of the State of New York. 
 (b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court of the Southern District of New York, and of
any state court of the State of New York sitting in New York County and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document or the transactions contemplated
hereby or thereby, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such New
York state court or, to the extent permitted by applicable law, such Federal court. Each of the parties hereto agrees that a final 

  
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judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement
or any other Credit Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against the Borrower or its properties in
the courts of any jurisdiction. 
 (c) The Borrower irrevocably and unconditionally waives any objection which it may now or
hereafter have to the laying of venue of any such suit, action or proceeding described in paragraph (b) of this Section 9.5 and brought in any court referred to in paragraph (b) of this Section 9.5. Each of the
parties hereto irrevocably waives, to the fullest extent permitted by applicable law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to the service of process in the manner provided for notices in
Section 9.1, provided that such service of process is delivered only by overnight courier, signature required. Nothing in this Agreement or in any other Credit Document will affect the right of any party hereto to serve process in any
other manner permitted by law. 
 Section 9.6. WAIVER OF JURY TRIAL. EACH PARTY HERETO IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF THIS AGREEMENT OR ANY OTHER CREDIT DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT
OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER CREDIT DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND
CERTIFICATIONS IN THIS SECTION. 
 Section 9.7. Right of Setoff. In addition to any rights now or
hereafter granted under applicable law and not by way of limitation of any such rights, each Lender shall have the right, at any time or from time to time upon the occurrence and during the continuance of an Event of Default, without prior notice to
the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, to set off and apply against all deposits (general or special, time or demand, provisional or final) of the Borrower at any time held or
other obligations at any time owing by such Lender to or for the credit or the account of the Borrower against any and all Obligations held by such Lender irrespective of whether such Lender shall have made demand hereunder and although such
Obligations may be unmatured. Each Lender agrees promptly to notify the Administrative Agent and the Borrower after any such set-off and any application made by such Lender; provided, that the failure to give such notice shall not affect the
validity of such set-off and application. Each Lender agrees to apply all amounts collected from any such set-off to the Obligations before applying such amounts to any other indebtedness or other obligations owed by the Borrower and any of its
Subsidiaries to such Lender. 
 Section 9.8. Counterparts; Integration. This Agreement may be executed
by one or more of the parties to this Agreement on any number of separate counterparts (including by telecopy), and all of said counterparts taken together shall be deemed to constitute one and the same instrument. This Agreement, the Fee Letter,
the other Credit Documents, and any separate letter agreement(s) relating to 

  
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any fees payable to the Administrative Agent constitute the entire agreement among the parties hereto and thereto regarding the subject matters hereof and thereof and supersede all prior
agreements and understandings, oral or written, regarding such subject matters. Delivery of an executed counterpart to this Agreement or any other Loan Document by facsimile transmission or by electronic mail in pdf format shall be as effective as
delivery of a manually executed counterpart hereof. 
 Section 9.9. Survival. All covenants,
agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto
and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had
notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any
other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17, and 9.3 and Article VIII shall survive
and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.
All representations and warranties made herein, in the certificates, reports, notices, and other documents delivered pursuant to this Agreement shall survive the execution and delivery of this Agreement and the other Credit Documents, and the making
of the Loans. 
 Section 9.10. Severability. Any provision of this Agreement or any other Credit
Document held to be illegal, invalid or unenforceable in any jurisdiction, shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity or unenforceability without affecting the legality, validity or enforceability of
the remaining provisions hereof or thereof; and the illegality, invalidity or unenforceability of a particular provision in a particular jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

Section 9.11. Confidentiality. Each of the Administrative Agent and each Lender agrees to take normal and
reasonable precautions to maintain the confidentiality of any Information, except that such Information may be disclosed (i) to any Related Party of the Administrative Agent or any such Lender, including without limitation accountants, legal
counsel and other advisors, (ii) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (iii) to the extent requested by any regulatory agency or authority, (iv) to the extent that such
information becomes publicly available other than as a result of a breach of this Section 9.11, or which becomes available to the Administrative Agent, any Lender or any Related Party of any of the foregoing on a non-confidential basis
from a source other than the Borrower, (v) in connection with the exercise of any remedy hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, and (vi) subject to provisions
substantially similar to this Section 9.11, to any actual or prospective assignee or Participant, or to any direct or indirect contractual counterparties (or the professional advisors thereto) to any swap or derivative transaction
relating to Borrower and its obligations, (vii) on a confidential basis to (a) any rating agency in connection with rating the Borrower, its Subsidiaries or the facilities or (b) the CUSIP Service Bureau or any similar agency in
connection with the issuance and monitoring of CUSIP numbers with respect to the facilities; or (viii) with the consent of the Borrower. Any Person required to maintain the confidentiality of any information as provided for in this
Section 9.11 shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such information as such Person would accord its own confidential
information. For the purposes of this Section, “Information” means all information received from the 

  
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Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent 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 clearly identified at the time of delivery as confidential. 

Section 9.12. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which may be treated as interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the maximum lawful rate of
interest (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by a Lender holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder,
together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of
this Section 9.12 shall be cumulated and the interest and Charges payable to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with
interest thereon at the Federal Funds Rate to the date of repayment, shall have been received by such Lender. 

Section 9.13. Waiver of Effect of Corporate Seal. The Borrower represents and warrants that it is not required to
affix its corporate seal to this Agreement or any other Credit Document pursuant to any requirement of law or regulation, agrees that this Agreement is delivered by Borrower under seal and waives any shortening of the statute of limitations that may
result from not affixing the corporate seal to this Agreement or such other Credit Documents. 
 Section 9.14.
Patriot Act. The Administrative Agent and each Lender hereby notifies the Borrower that pursuant to the requirements of the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Patriot
Act”), it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender or the Administrative Agent, as
applicable, to identify the Borrower in accordance with the Patriot Act. The Borrower shall, and shall cause each of its Subsidiaries to, provide to the extent commercially reasonable, such information and take such other actions as are reasonably
requested by the Administrative Agent or any Lender in order to assist the Administrative Agent and the Lenders in maintaining compliance with the Patriot Act. 
 Section 9.15. No Fiduciary Duty. The Administrative Agent, the Syndication Agent, the Co-Documentation Agents, each Lender and their Affiliates (collectively, solely for purposes of
this paragraph, the “Lenders”), may have economic interests that conflict with those of Borrower. Borrower agrees that nothing in the Credit Documents or otherwise will be deemed to create an advisory, fiduciary or agency
relationship or fiduciary or other implied duty between the Lenders and Borrower, its stockholders or its affiliates. The Borrower acknowledges and agrees that (i) the transactions contemplated by the Credit Documents are arm’s-length
commercial transactions between the Lenders, on the one hand, and Borrower, on the other, (ii) in connection therewith and with the process leading to such transaction each of the Lenders is acting solely as a principal and not the agent or
fiduciary of Borrower, its management, stockholders, creditors or any other person, (iii) no Lender has assumed an advisory or fiduciary responsibility in favor of Borrower with respect to the transactions contemplated hereby or the process
leading thereto (irrespective of whether any Lender or any of its affiliates has advised or is currently advising Borrower on other matters) or any other obligation to Borrower except the obligations expressly set forth in the Credit Documents and
(iv) Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate. Borrower further acknowledges and agrees that it is responsible for 

  
 57 

 
making its own independent judgment with respect to such transactions and the process leading thereto. Borrower agrees that it will not claim that any Lender has rendered advisory services
of any nature or respect, or owes a fiduciary or similar duty to Borrower, in connection with such transaction or the process leading thereto. 
 (remainder of page left intentionally blank) 

  
 58 

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

					
	ATMOS ENERGY CORPORATION, as Borrower
		
	By:	 	 /s/ FRED E. MEISENHEIMER

		 	Name:	 	Fred E. Meisenheimer
		 	Title:	 	Senior Vice President and CFO

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	THE ROYAL BANK OF SCOTLAND PLC,
	as Administrative Agent and as a Lender
		
	By:	 	 /s/ BRIAN D. WILLIAMS

		 	Name:	 	Brian D. Williams
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	CRÉDIT AGRICOLE CORPORATE AND INVESTMENT BANK,
	as Syndication Agent and as a Lender
		
	By:	 	 /s/ DIXON SCHULTZ

		 	Name:	 	Dixon Schultz
		 	Title:	 	Managing Director
		
	By:	 	 /s/ SHARADA MANNE

		 	Name:	 	Sharada Manne
		 	Title:	 	Director

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	U.S. BANK NATIONAL ASSOCIATION,
	as a Co-Documentation Agent and as a Lender
		
	By:	 	 /s/ JOHN PRIGGE

		 	Name:	 	John Prigge
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	BANK OF AMERICA, N.A.,
	as a Co-Documentation Agent and as a Lender
		
	By:	 	 /s/ ALLISON W. CONNALLY

		 	Name:	 	Allison W. Connally
		 	Title:	 	Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION,
	as a Co-Documentation Agent and as a Lender
		
	By:	 	 /s/ KATIE KLOECKNER

		 	Name:	 	Katie Kloeckner
		 	Title:	 	Assistant Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD., as a Lender
		
	By:	 	 /s/ JOHN JEFFERS

		 	Name:	 	John Jeffers
		 	Title:	 	Managing Director

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	BNP PARIBAS, as a Lender
		
	By:	 	 /s/ DENIS OMEARA

		 	Name:	 	Denis Omeara
		 	Title:	 	Managing Director
		
	By:	 	 /s/ PASQUALE PERRAGLIA

		 	Name:	 	Pasquale Perraglia
		 	Title:	 	Vice-President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	DEUTSCHE BANK AG NEW YORK BRANCH, as a Lender
		
	By:	 	 /s/ OLIVER SCHWARZ

		 	Name:	 	Oliver Schwarz
		 	Title:	 	Director
		
	By:	 	 /s/ HANS-JOSEF THIELE

		 	Name:	 	Hans-Josef Thiele
		 	Title:	 	Director

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	UBS AG, STAMFORD BRANCH, as a Lender
		
	By:	 	 /s/ MARY E. EVANS

		 	Name:	 	Mary E. Evans
		 	Title:	 	Associate Director
		
	By:	 	 /s/ IRJA R. OTSA

		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	BRANCH BANKING AND TRUST COMPANY, as a Lender
		
	By:	 	 /s/ MARK B. GROVER

		 	Name:	 	Mark B. Grover
		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	GOLDMAN SACHS BANK USA, as a Lender
		
	By:	 	 /s/ MARK WALTON

		 	Name:	 	Mark Walton
		 	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ JUAN J. JAVELLANA

		 	Name:	 	Juan J. Javellana
		 	Title:	 	Executive Director

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	MORGAN STANLEY BANK, N.A., as a Lender
		
	By:	 	 /s/ SHERRESE CLARKE

		 	Name:	 	Sherrese Clarke
		 	Title:	 	Authorized Signatory

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

					
	BOKF, N.A. DBA BANK OF TEXAS, as a Lender
		
	By:	 	 /s/ DAVID K. FELAN

		 	Name:	 	David K. Felan
		 	Title:	 	Senior Vice President

  
 [SIGNATURE
PAGE TO REVOLVING CREDIT AGREEMENT] 

 Schedule I 
 APPLICABLE MARGINS AND APPLICABLE PERCENTAGES 
  

															
	 Level
	  	 Rating Category

Moody’s/S&P/Fitch
	  	Applicable
Margin 
for
Eurodollar
Advances	 	 	Applicable
Margin for 
Base
Rate Advances	 	 	Applicable
Commitment 
Fee
Percentage	 
	 I
	  	A2/A/A or higher	  	 	1.00	% 	 	 	0.00	% 	 	 	0.125	% 
	 II
	  	A3/A-/ A-	  	 	1.25	% 	 	 	0.25	% 	 	 	0.150	% 
	 III
	  	Baa1/ BBB+/ BBB+	  	 	1.50	% 	 	 	0.50	% 	 	 	0.175	% 
	 IV
	  	Baa2/ BBB/ BBB	  	 	1.75	% 	 	 	0.75	% 	 	 	0.250	% 
	 V
	  	Baa3/ BBB-/ BBB- or lower	  	 	2.00	% 	 	 	1.00	% 	 	 	0.300	% 

 The credit ratings to be
utilized for purposes of this Schedule are those assigned to the senior, unsecured long-term debt securities of the Borrower without third-party credit enhancement, whether or not any such debt securities are actually outstanding, and any rating
assigned to any other debt security of the Borrower shall be disregarded. The rating in effect on any date is that in effect at the close of business on such date. If the ratings established or deemed to have been established by Moody’s,
S&P and Fitch for the Borrower fall within different Levels, the highest rating (or numerically lower Level) shall apply, unless the ratings differ by more than one Level, in which case, if the rating is the same by two rating agencies, and the
third agency rating is lower, then the higher rating shall govern and otherwise, the governing rating shall be the rating next below the highest of the three. If the Borrower is not rated by Moody’s, S&P or Fitch, then the rate shall be
established by reference to Level V. 
 If the rating system of Moody’s, S&P or Fitch shall change, or if any of these
rating agencies shall cease to be in the business of rating corporate debt obligations, the Borrower, the Lenders and the Administrative Agent shall negotiate in good faith to amend this Schedule to reflect such changed rating system or the
unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Margin and the Applicable Percentage shall be determined by reference to the rating most recently in effect prior to any such
change or cessation. If after a reasonable time (not to exceed 90 days) the parties cannot agree to a mutually acceptable amendment, the Applicable Margin and the Applicable Percentage shall be determined by reference to Level V. 

  
 [SCHEDULE
I] 

 Schedule II 
 COMMITMENT AMOUNTS 
  

					
	 Lender
	  	Commitment Amount	 
	 The Royal Bank of Scotland plc
	  	$	60,000,000	  
	 Crédit Agricole Corporate and Investment Bank
	  	$	60,000,000	  
	 Bank of America, N.A.
	  	$	60,000,000	  
	 U.S. Bank National Association
	  	$	60,000,000	  
	 Wells Fargo Bank, National Association
	  	$	60,000,000	  
	 The Bank of Tokyo-Mitsubishi UFJ, Ltd.
	  	$	56,250,000	  
	 BNP Paribas
	  	$	56,250,000	  
	 Deutsche Bank AG New York Branch
	  	$	56,250,000	  
	 UBS AG, Stamford Branch
	  	$	56,250,000	  
	 Branch Banking and Trust Company
	  	$	47,500,000	  
	 Goldman Sachs Bank USA
	  	$	47,500,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	47,500,000	  
	 Morgan Stanley Bank, N.A.
	  	$	47,500,000	  
	 Bokf, N.A. dba Bank of Texas
	  	$	35,000,000	  
	 TOTAL
	  	$	750,000,000	  

  
 [SCHEDULE
II] 

 SCHEDULE 4.20 
 Secured Indebtedness as of March 31, 2011 
  

											
	 	  	 Interest
 Rate
	  	Maturity	  	 	  	 Balance at

3/31/11
	 
					
	 Rental Property fixed rate term notes
	  	various	  	due 2013	  	due in installments	  	$	327,379.43	  
		  		  		  		  	 	 	 
					
	 Total Secured Indebtedness
	  		  		  		  	$	327,379.43	  
		  		  		  		  	 	 	 

  
 [SCHEDULE
4.20] 

 SCHEDULE 4.21 

SUBSIDIARIES (1) 
  

			
	 Name
	  	State or Country 
of
Incorporation
		
	BLUE FLAME INSURANCE SERVICES, LTD	  	Bermuda
	(wholly-owned subsidiary of Atmos Energy Corporation)	  	
		
	MISSISSIPPI ENERGIES, INC.	  	Mississippi
	(wholly-owned subsidiary of Atmos Energy Corporation)	  	
		
	 UNITARY GH&C PRODUCTS, LLC
	  	Delaware
	 (28% owned by Mississippi Energies, Inc.)
	  	
		
	ATMOS ENERGY HOLDINGS, INC.	  	Delaware
	(wholly-owned subsidiary of Atmos Energy Corporation)	  	
		
	 ATMOS ENERGY SERVICES, LLC
	  	Delaware
	 (a limited liability company, wholly-owned by Atmos Energy Holdings, Inc.)
	  	
		
	 EGASCO, LLC
	  	Texas
	 (a limited liability company, wholly-owned by Atmos Energy Holdings, Inc.)
	  	
		
	 ATMOS ENERGY MARKETING, LLC
	  	Delaware
	 (a limited liability company, wholly-owned by Atmos Energy Holdings, Inc.)
	  	
		
	 ATMOS POWER SYSTEMS, INC.
	  	Georgia
	 (a wholly-owned subsidiary of Atmos Energy Holdings, Inc.)
	  	

  
 [SCHEDULE
4.21] 

			
	 Name
	  	State or Country 
of
Incorporation
		
	 ATMOS PIPELINE AND STORAGE, LLC
	  	Delaware
	 (a limited liability company, wholly-owned by Atmos Energy Holdings, Inc.)
	  	
		
	 UCG STORAGE, INC.
	  	Delaware
	 (wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 WKG STORAGE, INC.
	  	Delaware
	 (wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 ATMOS EXPLORATION AND PRODUCTION, INC.
	  	Delaware
	 (wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 TRANS LOUISIANA GAS PIPELINE, INC.
	  	Louisiana
	 (wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 TRANS LOUISIANA GAS STORAGE, INC.
	  	Delaware
	 (wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 FORT NECESSITY GAS STORAGE, LLC
	  	Delaware
	 (a limited liability company, wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 ATMOS GATHERING COMPANY, LLC
	  	Delaware
	 (a limited liability company, wholly-owned by Atmos Pipeline and Storage, LLC)
	  	
		
	 PHOENIX GAS GATHERING COMPANY
	  	Delaware
	 (wholly-owned by Atmos Gathering Company, LLC)
	  	

  

	(1) 	 No Subsidiary of the Borrower currently qualifies as a Material Subsidiary as that term is defined in the Agreement. 

  
 [SCHEDULE
4.21] 

 EXHIBIT A 
 FORM OF ASSIGNMENT AND ACCEPTANCE 
 [Date] 

Reference is made to the Revolving Credit Agreement dated as of May 2, 2011 (as amended and in effect on the date hereof, the
“Credit Agreement”), among Atmos Energy Corporation, a Texas and Virginia corporation, the lenders from time to time party thereto and The Royal Bank of Scotland plc, as Administrative Agent for such lenders. Terms defined in the
Credit Agreement are used herein with the same meanings. 
 [Name of Assignor] (the “Assignor”) hereby
sells and assigns, without recourse, to [name of Assignee] (the “Assignee”), and the Assignee hereby purchases and assumes, without recourse, from the Assignor, effective as of the Assignment Date set forth below, the
interests set forth below (the “Assigned Interest”) in the Assignor’s rights and obligations under the Credit Agreement, including, without limitation, the Commitment of the Assignor on the Assignment Date and Credit Exposure
owing to the Assignor which are outstanding on the Assignment Date, but excluding accrued interest and fees to and excluding the Assignment Date. The Assignee hereby acknowledges receipt of a copy of the Credit Agreement. From and after the
Assignment Date (i) the Assignee shall be a party to and be bound by the provisions of the Credit Agreement and, to the extent of the Assigned Interest, have the rights and obligations of a Lender thereunder and (ii) the Assignor shall, to
the extent of the Assigned Interest, relinquish its rights and be released from its obligations under the Credit Agreement. 

This Assignment and Acceptance is being delivered to the Administrative Agent together with (i) if the Assignee is a Foreign
Lender, any documentation required to be delivered by the Assignee pursuant to Section 2.17(e) of the Credit Agreement, duly completed and executed by the Assignee, and (ii) if the Assignee is not already a Lender under the Credit
Agreement, an Administrative Questionnaire in the form supplied by the Administrative Agent, duly completed by the Assignee. The Assignee shall pay the fee payable to the Administrative Agent pursuant to Section 9.4(b)(iv) of the Credit
Agreement. 
 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 (ii) 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 or any other Credit Document,
(ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Documents 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 any Credit Document 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 any Credit Document.

 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 meets all

  
 A-1

 
requirements of an eligible assignee under Section 9.4 of the Credit Agreement (subject to receipt of such consents as may be required under Section 9.4(b)(iii) of the Credit
Agreement), (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 a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to Section 5.1 thereof, as applicable, and such other documents and information as it has deemed appropriate to make
its own credit analysis and decision to enter into this Assignment and Acceptance and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or
any other Lender, and (v) if it is a Foreign Lender, 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 Administrative 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 Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Documents are required to be performed by it as a
Lender. 
 Choose in the alternative [Alternative A: From and after the Effective Date, the Administrative
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 which have accrued to but excluding the Effective Date and to the Assignee for amounts
which have accrued from and after the Effective Date.] [Alternative B: From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees
and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate adjustments in payments by the Administrative Agent for periods prior to the
Effective Date or with respect to the making of this assignment directly between themselves.] 
 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 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 laws of the State of New York. 
 Assignment Date: 

Legal Name of Assignor: 

  
 A-2

 Legal Name of Assignee: 
 Assignee’s Address for Notices: 
 Effective Date of Assignment: 

(“Effective Date”): 
  

									
	 Facility
	  	Principal 
Amount
Assigned	 	  	Percentage Assigned 
of
Commitment (set forth, to at
least 8 decimals, as a 
percentage
of the aggregate Commitments
of all Lenders thereunder)	 
			
	 Commitment:
	  	$	 	  	  	 	%	  

 The terms set forth above are hereby
agreed to: 
  

			
	[NAME OF ASSIGNOR], as Assignor
		
	By:	 	  

		 	Name:
		 	Title:
	
	[NAME OF ASSIGNEE], as Assignee
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3

 The undersigned hereby consents to the within assignment1: 

 

									
	ATMOS ENERGY CORPORATION	 		 	THE ROYAL BANK OF SCOTLAND PLC, as Administrative Agent:
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

  

 

	1 	 Consents to be included to the extent required by Section 9.4(b)(iii) of the Credit Agreement. 

  
 A-4

 EXHIBIT 2.3 
 FORM OF NOTICE OF BORROWING 
 [Date] 

The Royal Bank of Scotland plc, 

    as Administrative Agent 

    for the Lenders referred to below 
 600 Washington Blvd. 
 Stamford, CT 06901 
 Ladies and Gentlemen: 
 Reference is made to the Revolving Credit Agreement dated
as of May 2, 2011 (as amended and in effect on the date hereof, the “Credit Agreement”), among the undersigned, as Borrower, the lenders from time to time party thereto, and The Royal Bank of Scotland plc, as Administrative
Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This notice constitutes a Notice of Borrowing, and the Borrower hereby requests a Borrowing under the Credit Agreement, and in that connection the Borrower
specifies the following information with respect to the Borrowing requested hereby: 
  

	 	(A)	 Aggregate principal amount of Borrowing2:
                             

 

	 	(B)	Date of Borrowing (which is a Business Day):
                             

 

	 	(C)	 Interest Rate
basis3:
                             

 

	 	(D)	 Interest
Period4:
                             

 

	 	(E)	Location and number of Borrower’s account to which proceeds of Borrowing are to be disbursed:
                             

The Borrower hereby represents and warrants that the conditions specified in paragraphs (a) and (b) of Section 3.2 of the
Credit Agreement are satisfied. 
  

			
	Very truly yours,
	
	ATMOS ENERGY CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  

 

	2 	 Not less than $5,000,000 for Eurodollar Borrowing or $1,000,000 for Base Rate Borrowing. 

	3 	 Eurodollar Borrowing or Base Rate Borrowing. 

	4 	 Which must comply with the definition of “Interest Period” and end not later than the Commitment Termination Date.

  
 2.3-1

 EXHIBIT 2.5 
 FORM OF NOTICE OF CONVERSION/CONTINUATION 
 [Date] 

The Royal Bank of Scotland plc, 

    as Administrative Agent 

    for the Lenders referred to below 
 600 Washington Blvd. 
 Stamford, CT 06901 
 Ladies and Gentlemen: 
 Reference is made to the Revolving Credit Agreement dated
as of May 2, 2011 (as amended and in effect on the date hereof, the “Credit Agreement”), among the undersigned, as Borrower, the lenders named therein, and The Royal Bank of Scotland plc, as Administrative Agent. Terms defined
in the Credit Agreement are used herein with the same meanings. This notice constitutes a Notice of Conversion/Continuation and the Borrower hereby requests the conversion or continuation of a Borrowing under the Credit Agreement, and in that
connection the Borrower specifies the following information with respect to the Borrowing to be converted or continued as requested hereby: 
  

	 	(A)	Borrowing to which this request applies:
                             

 

	 	(B)	Principal amount of Borrowing to be converted/continued:
                             

 

	 	(C)	Effective date of election (which is a Business Day):
                             

 

	 	(D)	Interest rate basis:
                             

 

	 	(E)	Interest Period:
                             

 

			
	Very truly yours,
	
	ATMOS ENERGY CORPORATION
		
	By:	 	  

		 	Name:
		 	Title:

  
 2.5-1

 EXHIBIT 3.1(b)(iii) 

FORM OF SECRETARY’S CERTIFICATE OF ATMOS ENERGY CORPORATION 

Reference is made to the Revolving Credit Agreement dated as of May 2, 2011 (the “Credit Agreement”), among Atmos
Energy Corporation (the “Borrower”), the lenders named therein, and The Royal Bank of Scotland plc, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This certificate is being
delivered pursuant to Section 3.1(b)(iii) of the Credit Agreement. 
 I,
                            , Secretary of the Borrower, DO HEREBY CERTIFY that: 

(a) annexed hereto as Exhibit A is a true, correct and complete copy of the Amended and Restated Articles of
Incorporation of the Borrower, and all amendments thereto, for each of the State of Texas and the Commonwealth of Virginia. Except as shown on Exhibit A, each of such Amended and Restated Articles of Incorporation of the Borrower has not been
amended or otherwise modified since [date] and at all times hereafter through the date hereof; 
 (b) annexed hereto as Exhibit B is a true and correct copy of the Amended and Restated Bylaws of the Borrower as in effect on [date]5 and at all times thereafter through the date hereof; 

(c) annexed hereto as Exhibit C is a true and correct copy of certain resolutions duly adopted by the Board of
Directors of the Borrower at its meeting on [date] with respect to the transactions contemplated by the Credit Agreement, which resolutions are the only resolutions adopted by the Board of Directors of the Borrower or any committee thereof
relating to the Credit Agreement and the other Loan Documents to which the Borrower is a party and the transactions contemplated therein and have not been revoked, amended, supplemented or modified and are in full force and effect on the date
hereof; and 
 (d) each of the persons named below is and has been at all times since [date] a duly
elected and qualified officer of the Borrower holding the office set forth opposite her name and the signature set forth opposite her name is her genuine signature: 
  

					
	 Name
	  	 Title
	  	 Specimen Signature

	[Include all officers who are signing the Credit Agreement or any other Loan Documents.]	  		  	

  

 

	5 	 This date should be prior to the date of the resolutions referred to in clause (d). 

  
 3.1(b)(iii)-1

					
	 Name
	  	 Title
	  	 Specimen Signature

		  		  	
		  		  	
		  		  	
		  		  	

 IN WITNESS WHEREOF, I have hereunto signed my name this      day of
[month], [year]. 
  

	
	  

	Name
	Secretary

 I,
                            ,
[                            ] of the Borrower, do hereby certify that
                             has been duly elected, is duly qualified and is the [Assistant]
Secretary of the Borrower, that the signature set forth above is [his/her] genuine signature and that [he/she] has held such office at all times since [date].6 
  

	
	  

	Name:
	Title:

  

 

	6 	 This certification should be included as part of the Secretary’s certificate and signed by one of the officers whose incumbency is certified
pursuant to clause (e) above. 

  
 3.1(b)(iii)-2

 Exhibit A 
 [Articles of Incorporation] 

  
 3.1(b)(iii)-3

 Exhibit B 
 [Bylaws] 

  
 3.1(b)(iii)-4

 Exhibit C 
 [Resolutions] 

  
 3.1(b)(iii)-5

 EXHIBIT 3.1(b)(vi) 

FORM OF OFFICER’S CERTIFICATE OF ATMOS ENERGY CORPORATION 

Reference is made to the Revolving Credit Agreement dated as of May 2, 2011 (the “Credit Agreement”), among Atmos
Energy Corporation (the “Borrower”), the lenders from time to time party thereto, and The Royal Bank of Scotland plc, as Administrative Agent. Terms defined in the Credit Agreement are used herein with the same meanings. This
certificate is being delivered pursuant to Section 3.1(b)(vi) of the Credit Agreement. 
 I,
                            ,
[                            ] of the Borrower, DO HEREBY CERTIFY that: 

(a) no Default or Event of Default exists; 
 (b) the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct in all material respects; 

(c) since September 30, 2010, there have been no material adverse change in the business, condition (financial or otherwise),
operations, liabilities (contingent or otherwise), properties or prospects of the Borrower and its subsidiaries taken as a whole; 
 (d) there are no actions, suits, investigations or legal, equitable, arbitration or administrative proceedings pending or, to the knowledge of the Borrower, threatened against the Borrower, any of
its Subsidiaries or any of their properties which would have or be reasonably expected to have a Material Adverse Effect; 
 (e) except as would not result or be reasonably expected to result in a Material Adverse Effect: (a) each of the properties of the Borrower and its Subsidiaries and all operations at such
properties are in compliance in all material respects with all applicable Environmental Laws, (b) there is no violation of any Environmental Law with respect to such properties or the businesses operated by the Borrower or its Subsidiaries (the
“Businesses”), and (c) there are no conditions relating to the Businesses or such properties that would reasonably be expected to give rise to a material liability under any applicable Environmental Laws; and

 (f) attached hereto as Exhibit A are true, correct and complete copies of all consents, approvals,
authorizations, registrations and filings and orders required or advisable to be made or obtained under any Requirement of Law, or by any Contractual Obligation of Borrower, in connection with the execution, delivery, performance, validity and
enforceability of the Credit Documents or any of the transactions contemplated thereby, and such consents, approvals, authorizations, registrations, filings and orders are in full force and effect and all applicable waiting periods have expired, and
no investigation or inquiry by any governmental authority regarding the Commitments or any transaction being financed with the proceeds thereof is ongoing. 
 IN WITNESS WHEREOF, I have hereunto signed my name this      day of [month], [year]. 

 

	
	  

	Name:
	Title:

  
 3.1(b)(vi)-1

 Exhibit A 
 [third party consents and approvals] 

  
 3.1(b)(vi)-2

 EXHIBIT 5.1(c) 

FORM OF COMPLIANCE CERTIFICATE 
  

			
	To:	 	 The Royal Bank of Scotland plc, as Administrative Agent
 303 Peachtree St., N.E.
 Atlanta, GA 30308
 Attention: Mark Huffstetler

 Ladies and Gentlemen: 

Reference is made to that certain Revolving Credit Agreement dated as of May 2, 2011 (as amended and in effect on the date hereof,
the “Credit Agreement”), among Atmos Energy Corporation (the “Borrower”), the lenders named therein, and The Royal Bank of Scotland plc, as Administrative Agent. Capitalized terms used herein and not otherwise
defined shall have the meanings assigned to such terms in the Credit Agreement. 
 I,
                            , being the duly elected and qualified, and acting in my capacity as Chief
Financial Officer of the Borrower, hereby certify to the Administrative Agent and each Lender as follows: 
 1. The consolidated
financial statements of the Borrower and its Subsidiaries attached hereto for the fiscal [quarter][year] ending
                             fairly present in all material respects the financial condition of the
Borrower and its Subsidiaries as at the end of such fiscal [quarter][year] on a consolidated basis, and the related statements of income cash flows of the Borrower and its Subsidiaries for such fiscal
[quarter][year], in accordance with generally accepted accounting principles consistently applied (subject, in the case of such quarterly financial statements, to normal year-end audit adjustments and
the absence of footnotes). 
 2. The calculations set forth in Attachment 1 are computations of the financial
covenants set forth in Article V of the Credit Agreement calculated from the financial statements referenced in clause 1 above in accordance with the terms of the Credit Agreement. 

3. Based upon a review of the activities of Borrower and its Subsidiaries and the financial statements attached hereto during the period
covered thereby, as of the date hereof, there exists no Default or Event of Default. 
  

	
	  

	Name:
	Title: Treasurer

  
 3.1(b)(vi)-1

 Attachment 1 to Compliance Certificate 

  
 3.1(b)(vii)-2

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