Document:

Exhibit 10.34

    

    

    

    
      	
              Private & Confidential

            	
              Execution Version

              RYYS/RJXH/1001144942

            

      

      

      	 	
              Dated

              

            	18 September

            	2021	 

      

      

      
        GOLAR PARTNERS OPERATING LLC

        as Borrower

         

        

        arranged by

         

        

        CITIGROUP GLOBAL MARKETS LIMITED

        MORGAN STANLEY SENIOR FUNDING, INC.

        HSBC BANK USA, N.A.

        as Mandated Lead Arrangers

         

        

        GOLDMAN SACHS BANK USA

        as Arranger

          

        

        CITIGROUP GLOBAL MARKETS LIMITED

        MORGAN STANLEY SENIOR FUNDING, INC.

        as Bookrunners

         

        

        CITIGROUP GLOBAL MARKETS LIMITED

        MORGAN STANLEY SENIOR FUNDING, INC.

        as Co-ordinators

         

        

        CITIBANK EUROPE PLC, UK BRANCH

        as Agent

         

        

        and

         

        

        CITIBANK, N.A., LONDON BRANCH

        as Security Agent

      

      

      

      
        
 

      

      

      
        FACILITY AGREEMENT

         

        

        for

         

        

        UP TO $725,000,000 SENIOR SECURED AMORTISING TERM LOAN FACILITY

      

      

      

      
        

      
        
          

          

          
          

          

        

      

      
        
          

      

      Contents

       

      	
              Clause

            	
              Page

            
	 	 	 
	
              Section 1 -   Interpretation

            	
              1

            
	 	 
	
              1

            	
              Definitions and interpretation

            	
              1

            
	 	 	 
	
              Section 2 -   The Facility

            	
              34

            
	 	 
	
              2

            	
              The Facility

            	
              34

            
	 	 	 
	
              3

            	
              Purpose

            	
              36

            
	 	 	 
	
              4

            	
              Conditions of Utilisation

            	
              37

            
	 	 	 
	
              Section 3 -   Utilisation

            	
              39

            
	 	 
	
              5

            	
              Utilisation

            	
              40

              

            
	 	 	 
	
              Section 4 -   Repayment, Prepayment and Cancellation

            	
              42

            
	 	 
	
              6

            	
              Repayment

            	42
	 	 	 
	
              7

            	
              Illegality, prepayment and cancellation

            	42
	 	 	 
	
              Section 5 -   Costs of Utilisation

            	49
	 	 
	
              8

            	
              Interest

            	50
	 	 	 
	
              9

            	
              Interest Periods

            	52
	 	 	 
	
              10

            	
              Changes to the calculation of interest

            	52
	 	 	 
	
              11

            	
              Fees

            	54
	 	 	 
	
              Section 6 -   Additional Payment Obligations

            	56
	 	 
	
              12

            	
              Tax gross-up and indemnities

            	
              55

            
	 	 	 
	
              13

            	
              Increased Costs

            	60
	 	 	 
	
              14

            	
              Other indemnities

            	61
	 	 	 
	
              15

            	
              Mitigation by the Lenders

            	64
	 	 	 
	
              16

            	
              Costs and expenses

            	
              65

            
	 	 	 
	
              Section 7 -   Guarantee

            	
              66

            
	 	 
	
              17

            	
              Guarantee and indemnity

            	
              66

            
	 	 	 
	
              Section 8 -   Representations, Undertakings and Events of Default

            	
              69

            
	 	 
	
              18

            	
              Representations

            	
              69

            
	 	 	 
	
              19

            	
              Information undertakings

            	
              78

            
	 	 	 
	
              20

            	
              Financial covenants

            	
              81

            

      

      

      
        
          

      

      	
              21

            	
              General undertakings

            	
              84

            
	 	 	 
	
              22

            	
              Dealings with the Ships

            	
              88

            
	 	 	 
	
              23

            	
              Condition and operation of the Ships

            	
              92

            
	 	 	 
	
              24

            	
              Insurance

            	
              95

            
	 	 	 
	
              25

            	
              Minimum security value

            	
              100

            
	 	 	 
	
              26

            	
              Chartering undertakings

            	
              103

            
	 	 	 
	
              27

            	
              Bank accounts

            	
              105

            
	 	 	 
	
              28

            	
              Business restrictions

            	
              107

            
	 	 	 
	
              29

            	
              Hedging Contracts

            	
              112

            
	 	 	 
	
              30

            	
              Events of Default

            	
              114

            
	 	 	 
	
              31

            	
              Position of Hedging Providers

            	
              120

            
	 	 	 
	
              Section 9 -   Changes to Parties

            	
              121

            
	 	 
	
              33

            	
              Changes to the Lenders

            	
              121

            
	 	 	 
	
              34

            	
              Changes to the Obligors

            	
              126

            
	 	 	 
	
              Section 10 -   The Finance Parties

            	
              127

            
	 	 
	
              35

            	
              Roles of Agent, Security Agent, Arrangers, Bookrunners and Co-ordinators

            	
              127

            
	 	 	 
	
              36

            	
              [Intentionally Deleted]

            	
              146

            
	 	 	 
	
              37

            	
              Conduct of business by the Finance Parties

            	
              146

            
	 	 	 
	
              38

            	
              Sharing among the Finance Parties

            	
              149

            
	 	 	 
	
              Section 11 -   Administration

            	
              151

            
	 	 
	
              39

            	
              Payment mechanics

            	
              151

            
	 	 	 
	
              40

            	
              Set-off

            	
              154

            
	 	 	 
	
              41

            	
              Notices

            	
              154

            
	 	 	 
	
              42

            	
              Calculations and certificates

            	
              156

            
	 	 	 
	
              43

            	
              Partial invalidity

            	
              157

            
	 	 	 
	
              44

            	
              Remedies and waivers

            	
              157

            
	 	 	 
	
              45

            	
              Amendments and waivers

            	
              157

            
	 	 	 
	
              46

            	
              Confidentiality of Funding Rates

            	
              162

            
	 	 	 
	
              47

            	
              Confidentiality

            	
              163

            
	 	 	 
	
              48

            	
              Counterparts and electronic signing

            	
              166

            

      

      

      
        
          

      

      	
              49

            	
              Contractual recognition of bail-in

            	
              167

            
	 	 	 
	
              50

            	
              Qualifying Financial Contract Acknowledgment

            	
              167

            
	 	 	 
	
              51

            	
              Waiver of Consequential Damages

            	
              168

            
	 	 	 
	
              52

            	
              US PATRIOT Act

            	
              168

            
	 	 	 
	
              Section 12 -   Governing Law and Enforcement

            	
              169

            
	 	 
	
              53

            	
              Governing law

            	169
	 	 	 
	
              54

            	
              Enforcement

            	
              169

            
	 	 	 
	
              Schedule 1 The original parties

            	
              170

            
	 	 
	
              Schedule 2 Ship information

            	
              178

            
	 	 
	
              Schedule 3 Conditions precedent

            	
              183

            
	 	 
	
              Schedule 4 Utilisation Request

            	
              195

            
	 	 
	
              Schedule 5 Selection Notice

            	
              196

            
	 	 
	
              Schedule 6 Form of Transfer Certificate

            	
              197

            
	 	 
	
              Schedule 7 Form of Compliance Certificate

            	
              199

              

            
	 	 
	
              Schedule 8 Permitted Security Interests

            	
              200

            
	 	 
	
              Schedule 9 Screen Rate Contingency Period

            	
              202

            
	 	 
	
              Schedule 10 Compounded Rate Terms

            	
              203

            
	 	 
	
              Schedule 11 Daily Non‐Cumulative Compounded RFR Rate

            	
              207

            
	 	 
	
              Schedule 12 Form of Accession Letter – Additional Guarantor

            	
              209

            
	 	 
	
              Schedule 13 Additional Guarantor and Ship H

            	
              210

            
	 	 
	
              Schedule 14 Form of Increase Confirmation

            	
              211

            
	 	 
	
              Signatures

            	
              213

            

      

      

      
        
          

      

      
      THIS AGREEMENT is dated           2021 and made between:

       

      	(1)	
              GOLAR PARTNERS OPERATING LLC (the Borrower);

            

       

      	(2)	
              GOLAR LNG PARTNERS LP (the Parent);

            

       

      	(3)	
              THE ENTITIES listed in Schedule 1 as original guarantors (the Original Guarantors);

            

       

      	(4)	
              CITIGROUP GLOBAL MARKETS LIMITED, MORGAN STANLEY SENIOR FUNDING, INC. and HSBC Bank USA, N.A. as
                mandated lead arrangers (the Mandated Lead Arrangers);

            

       

      	(5)	
              GOLDMAN SACHS BANK USA as arranger (together with the Mandated Lead Arrangers, the Arrangers);

            

       

      	(6)	
              THE FINANCIAL INSTITUTIONS listed in Schedule 1 as lenders (the Original Lenders);

            

       

      	(7)	
              THE FINANCIAL INSTITUTIONS listed in Schedule 1 as hedging providers (the Hedging Providers);

            

       

      	(8)	
              CITIGROUP GLOBAL MARKETS LIMITED and MORGAN STANLEY SENIOR FUNDING, INC. as co-ordinators (the Co-ordinators);

            

       

      	(9)	
              CITIGROUP GLOBAL MARKETS LIMITED and MORGAN STANLEY SENIOR FUNDING, INC. as bookrunners (the Bookrunners);

            

       

      	(10)	
              CITIBANK EUROPE PLC, UK BRANCH as agent of the other Finance Parties (the Agent); and

            

       

      	(11)	
              CITIBANK, N.A., LONDON BRANCH as security agent of the Finance Parties (the Security Agent).

            

       

      IT IS AGREED as follows:

       

      Section 1 -  Interpretation

       

      
        
          	
                  1

                	
                  Definitions and interpretation

                

        

      

       

      
        
          	
                  1.1

                	
                  Definitions

                

        

      

       

      In this Agreement and (unless otherwise defined in the relevant Finance Document) the other Finance Documents.

       

      Accession Letter means a document substantially in the form set out in Schedule 12.

       

      Accordion Lender has the meaning given to that term in clause 2.3(b) (Ship H).

       

      Account means any bank account, deposit or certificate of deposit opened, made or established in accordance with clause 27 (Bank

          accounts).

       

      Account Bank means, in relation to any Account other than a Brazilian Account, Nordea Bank Abp, filial i Norge or, as the case may, Citibank N.A., London
        Branch in accordance with clause 4.7 (Conditions subsequent), and in relation to any Brazilian Account, Citibank Rio de Janeiro.

       

      Account Holder(s) means, in relation to any Account, each Obligor in whose name that Account is held.

       

      
        1

        
          

      

      Account Security means, in relation to an Account, a deed or other instrument by the relevant Account Holder(s) in favour of the Security Agent in an
        agreed form conferring a Security Interest over that Account.

       

      Accounting Reference Date means 31 December or such other date as may be approved by the Lenders.

       

      Additional Advance means, subject to clause 2.4 (Additional Advances), each borrowing of an Advance of the Total
        Commitments up to the aggregate amount of $170,000,000 and Additional Advances means any or all of them.

       

      Additional Business Day means any day specified as such in the Compounded Rate Terms.

       

      Additional Guarantor means the Golar Eskimo Lessee referred to in Schedule 13 (Additional Guarantor and Ship H)
        which becomes an additional guarantor in accordance with clause 34.2.

       

      Advance means each borrowing of a portion of the Total Commitments by the Borrower or (as the context may require) the outstanding principal amount of
        such borrowing.

       

      Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that person or any other Subsidiary of that Holding
        Company.

       

      Agent includes any person who may be appointed as such under the Finance Documents.

       

      Annex VI means Annex VI of the Protocol of 1997 (as subsequently amended from time to time) to amend the International Convention for the Prevention of
        Pollution from Ships 1973 (Marpol), as modified by the Protocol of 1978 relating thereto.

       

      Applicable Fraction means a fraction having (a) a numerator equal to the Vessel Value of the relevant Ship plus the firm remaining EBITDA (applicable to
        the relevant Owner and Bareboat Charterer instead of the Group) of such Ship up to the Final Repayment Date and (b) a denominator equal to the Vessel Value of all of the Ships plus the firm remaining EBITDA (applicable to the relevant Owners and
        Bareboat Charterers instead of the Group) of all of the Ships up to the Final Repayment Date.

       

      Approved Commercial Manager means Golar Management Ltd or another commercial manager approved by the Majority Lender, such approval not to be
        unreasonably withheld.

       

      Approved Flag State means the Marshall Islands or any other international flag reasonably acceptable to all the Lenders.

       

      Approved Technical Manager means Golar Management Norway AS (and Wilhelmsen Ship Management AS as sub-manager) or another technical manager approved by
        the Majority Lenders, such approval not to be unreasonably withheld.

       

      Article 55 BRRD means Article 55 of Directive 2014/59/EU establishing a framework for the recovery and resolution of credit institutions and investment
        firms.

       

      Assignment Deed means:

       

      	

            	(a)	
              in relation to a Ship which is not subject to a Time Charter or a Bareboat Charter, a first assignment deed in respect of that Ship executed or (as the context may require) to be executed by the Owner in favour of the Security Agent in
                the agreed form pursuant to which the Owner assigns its rights in the Earnings, the Insurances and the Requisition Compensation of that Ship;

            

       

      
        2

        
          

      

      	

            	(b)	
              in relation to a Ship which is subject to a Time Charter only, a first assignment deed in respect of that Ship executed or (as the context may require) to be executed by the Owner in favour of the Security Agent in the agreed form
                pursuant to which:

            

       

      	

            	(i)	
              the Owner assigns its rights in the Earnings, the Insurances and the Requisition Compensation of that Ship; and

            

       

      	

            	(ii)	
              the Owner assigns its interest in the Time Charter in respect of that Ship and any other Charter Documents in respect of that Ship to which it is a party; and

            

       

      	

            	(c)	
              in relation to a Ship which is subject to a Bareboat Charter and a Time Charter, a first assignment deed in respect of that Ship executed or (as the context may require) to be executed by the Owner and the Bareboat Charterer (but
                excluding for the avoidance of doubt the NFE Bareboat Charterer) in favour of the Security Agent in the agreed form pursuant to which:

            

       

      	

            	(i)	
              the Owner and the Bareboat Charterer assign their respective rights in the Earnings, the Insurances and the Requisition Compensation of that Ship;

            

       

      	

            	(ii)	
              the Owner assigns its interest in the Bareboat Charter in respect of that Ship and any other Charter Documents in respect of that Ship to which it is a party; and

            

       

      	

            	(iii)	
              the Bareboat Charterer assigns its interest in the Time Charter in respect of that Ship and any other Charter Documents in respect of that Ship to which it is a party.

            

       

      Auditors mean Ernst & Young or any other firm appointed to act as statutory auditors of the Group which has been notified to the Agent.

       

      Available Facility means, at any relevant time, such part of the Total Commitments (drawn and undrawn) which is available for borrowing under this
        Agreement at such time in accordance with clause 4 (Conditions of Utilisation) to the extent that such part of the Total Commitments is not cancelled or reduced under this Agreement.

       

      Backstop Rate Switch Date means the date specified as such in the Compounded Rate Terms or any other date agreed as such between the Agent, the Lenders
        and the Borrower.

       

      Bail-In Action means the exercise of any Write-down and Conversion Powers.

       

      Bail-In Legislation means:

       

      	

            	(a)	
              in relation to an EEA Member Country which has implemented, or which at any time implements, Article 55 BRRD, the relevant implementing law or regulation as described in the EU Bail-In Legislation Schedule from time to time;

            

       

      	

            	(b)	
              in relation to any state other than such  an EEA Member Country and the United Kingdom, any analogous law or regulation from time to time which requires contractual recognition of any Write-down and Conversion Powers contained in that
                law or regulation; and

            

       

      	

            	(a)	
              in relation to the United Kingdom, the UK Bail-In Legislation.

            

       

      
        3

        
          

      

      Bareboat Charter means, in relation to a Ship, the bareboat charter commitment for that Ship as at the date of this Agreement details of which are
        provided in Schedule 2 (Ship information) (other than the NFE Bareboat Charter).

       

      Bareboat Charterer means, in relation to a Ship, the bareboat charterer named in Schedule 2 (Ship information)
        as the bareboat charterer of that Ship (other than the NFE Bareboat Charterer).

       

      Bareboat Charterer Earnings Accounts means each of the interest bearing dollar accounts of a Bareboat Charterer with the Account Bank designated as an "Earnings Account" under clause 27 (Bank accounts).

       

      Basel II Accord means the "International Convergence of Capital Measurement and Capital Standards, a Revised Framework" published by the Basel Committee
        on Banking Supervision in June 2004 as updated prior to, and in the form existing on, the date of this Agreement, excluding any amendment thereto arising out of the Basel III Accord or Reformed Basel III.

       

      Basel II Approach means, in relation to any Finance Party, either the Standardised Approach or the relevant Internal Ratings Based Approach (each as
        defined in the Basel II Regulations applicable to such Finance Party) adopted by that Finance Party (or any of its Affiliates) for the purposes of implementing or complying with the Basel II Accord.

       

      Basel II Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel II Regulation
        in force as at the date hereof (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

       

      Basel II Regulation means:

       

      	

            	(a)	
              any law or regulation in force as at the date hereof implementing the Basel II Accord, (including the relevant provisions of CRD IV and CRR) to the extent only that such law or regulation re-enacts and/or implements the requirements of
                the Basel II Accord but excluding any provision of such law or regulation implementing the Basel III Accord; and

            

       

      	

            	(b)	
              any Basel II Approach adopted by a Finance Party or any of its Affiliates.

            

       

      Basel III Accord means, together:

       

      	

            	(a)	
              the agreements on capital requirements, a leverage ratio and liquidity standards contained in “Basel III: A global regulatory framework for more resilient banks and banking systems”, “Basel III: International framework for liquidity risk
                measurement, standards and monitoring” and “Guidance for national authorities operating the countercyclical capital buffer” published by the Basel Committee on Banking Supervision in December 2010, each as amended, supplemented or restated;

            

       

      	

            	(b)	
              the rules for global systemically important banks contained in “Global systemically important banks: assessment methodology and the additional loss absorbency requirement - Rules text” published by the Basel Committee on Banking
                Supervision in November 2011, as amended, supplemented or restated; and

            

       

      	

            	(c)	
              any further guidance or standards published by the Basel Committee on Banking Supervision relating to “Basel III”

            

       

      other than, in each such case, the agreements, rules, guidance and standards set out in Reformed Basel III as amended, supplemented or restated after the date
          of this Agreement.

       

      
        4

        
          

      

      Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any Basel III Regulation
        (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates).

       

      Basel III Regulation means any law or regulation implementing the Basel III Accord (including the relevant provisions of CRD IV and CRR) save to the
        extent that such law or regulation re-enacts a Basel II Regulation and excluding any such law or regulation which implements Reformed Basel III.

       

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

       

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

       

      Borrower means the company described as such in Schedule 1 (The original parties).

       

      Borrower Earnings Accounts means each of the interest bearing dollar accounts of the Borrower with the Account Bank designated as an "Earnings Account" under clause 27 (Bank accounts).

       

      Brazilian Account means the Brazilian real account of Golar Serviços de Operação de Embarcações Limitada with the Citibank Rio de Janeiro with account
        number 37295080 in respect of Ship F or such replacement account number as notified by the Borrower to the Agent.

       

      Break Costs means, in respect of any Term Rate Loan, the amount (if any) by which:

       

      	

            	(a)	
              the interest (excluding the Margin) which a Lender should have received for the period from the date of receipt of all or any part of its participation in the Loan or the relevant part of it or Unpaid Sum to the last day of the current
                Interest Period in respect of the Loan or the relevant part of it or Unpaid Sum, had the principal amount or Unpaid Sum received been paid on the last day of that Interest Period;

            

       

      exceeds:

       

      	

            	(b)	
              the amount which that Lender would be able to obtain by placing an amount equal to the principal amount or Unpaid Sum received by it on deposit with a leading bank in the Interbank Market for a period starting on the Business Day
                following receipt or recovery and ending on the last day of the current Interest Period.

            

       

      Business Day means:

       

      	

            	(a)	
              a day (other than a Saturday or Sunday) on which banks are open for general business in London and New York; and

            

       

      	

            	(b)	
              in relation to:

            

       

      	

            	(i)	
              any date for payment or purchase of an amount relating to a Compounded Rate Loan; or

            

       

      	

            	(ii)	
              the determination of the first day or the last day of an Interest Period for a Compounded Rate Loan, or otherwise in relation to the determination of the length of such an Interest Period,

            

       

      which is an Additional Business Day relating to that Loan or Unpaid Sum.

       

      
        5

        
          

      

      Central Bank Rate has the meaning given to that term in the Compounded Rate Terms.

       

      Central Bank Rate Adjustment has the meaning given to that term in the Compounded Rate Terms.

       

      Change of Control occurs if:

       

      	

            	(a)	
              the Borrower ceases to be a direct wholly owned Subsidiary of the Parent;

            

       

      	

            	(b)	
              the Borrower ceases to indirectly or directly wholly own each Owner and each Bareboat Charterer of the Ships;

            

       

      	

            	(c)	
              NFE ceases to own and control indirectly or directly 100 per cent. of the Parent (excluding any preferred stock held by third parties)

            

       

      and for the purpose of this definition:

       

      	

            	(a)	
              control means:

            

       

      	

            	(i)	
              the ownership of the voting and/or ordinary shares and/or limited liability company interests of an entity; or

            

       

      	

            	(ii)	
              the power to direct the management and policies of an entity (including, but not limited to, the composition of the majority of the board of directors (or equivalent)), whether through the ownership of voting capital, by contract or
                otherwise; and

            

       

      	

            	(b)	
              two or more persons are acting in concert if pursuant to an agreement or understanding (whether formal or informal) they actively co-operate, through the acquisition (directly or indirectly) of
                shares in the Parent by any of them, either directly or indirectly to obtain or consolidate control of the Parent.

            

       

      Charged Property means all of the assets of the Obligors which from time to time are, or are expressed or intended to be, the subject of the Security
        Documents.

       

      Charter Documents means, in relation to a Ship, any Time Charter, Bareboat Charter or other charter commitment permitted under clause 22.9 (Chartering) of that Ship, any documents supplementing any Time Charter, Bareboat Charter or other charter commitment and any guarantee or security given by any person for the relevant Time Charterer's, Bareboat
        Charterer's or other charterer’s (as applicable) obligations under them.

       

      Classification means, in relation to a Ship, the classification specified in respect of that Ship in Schedule 2 (Ship
          information) or, as the case may be, Schedule 13 (Additional Guarantor and Ship H) with the relevant Classification Society or another classification approved by the Majority Lenders as its
        classification, at the request of the relevant Owner.

       

      Classification Society means, in relation to a Ship, the classification society specified in respect of that Ship in Schedule 2 (Ship information) or another classification society approved by the Majority Lenders as its Classification Society, at the request of the relevant Owner.

       

      Code means the US Internal Revenue Code of 1986.

       

      
        6

        
          

      

      Commitment means:

       

      	

            	(a)	
              in relation to an Original Lender, the amount set opposite its name under the heading "Commitment" in Schedule 1 (The original parties) and the amount of any other Commitment assigned to it under
                this Agreement; and

            

       

      	

            	(b)	
              in relation to any other Lender, the amount of any Commitment assigned to it under this Agreement,

            

       

      to the extent not cancelled, reduced or assigned by it under this Agreement.

       

      Compliance Certificate means a certificate substantially in the form set out in Schedule 7 (Form of Compliance
          Certificate) or otherwise approved.

       

      Compounded Rate Interest Payment means the aggregate amount of interest that:

       

      	

            	(a)	
              is, or is scheduled to become, payable under any Finance Document; and

            

       

      	

            	(b)	
              relates to a Compounded Rate Loan.

            

       

      Compounded Rate Loan means any Loan or, if applicable, Unpaid Sum which is, or becomes, a "Compounded Rate Loan" pursuant to clause 8A (Rate Switch).

       

      Compounded Rate Supplement means a document which:

       

      	

            	(a)	
              is agreed in writing by the Borrower, the Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

            

       

      	

            	(b)	
              specifies the relevant terms which are expressed in this Agreement to be determined by reference to Compounded Rate Terms; and

            

       

      	

            	(c)	
              has been made available to the Borrower and each Finance Party.

            

       

      Compounded Rate Terms means, in relation to:

       

      	

            	(a)	
              a Compounded Rate Loan or, if applicable, an Unpaid Sum;

            

       

      	

            	(b)	
              an Interest Period for such a Loan or Unpaid Sum (or other period for the accrual of commission or fees in a currency); or

            

       

      	

            	(c)	
              any term of this Agreement or any other Finance Document relating to the determination of a rate of interest in relation to such a Loan or Unpaid Sum,

            

       

      the terms set out in Schedule 10 (Compounded Rate Terms) or any Compounded Rate Supplement.

       

      Compounded Reference Rate means, in relation to any RFR Banking Day during the Interest Period of a Compounded Rate Loan, the percentage rate per annum
        which is the aggregate of:

       

      	

            	(a)	
              the Daily Non‐Cumulative Compounded RFR Rate for that RFR Banking Day; and

            

       

      	

            	(b)	
              the Credit Adjustment Spread.

            

       

      
        7

        
          

      

      Compounding Methodology Supplement means, in relation to the Daily Non‐Cumulative Compounded RFR Rate, a document which:

       

      	

            	(a)	
              is agreed in writing by the Borrower, the Agent (in its own capacity) and the Agent (acting on the instructions of the Majority Lenders);

            

       

      	

            	(b)	
              specifies a calculation methodology for that rate; and

            

       

      	

            	(c)	
              has been made available to the Borrower and each Finance Party.

            

       

      Confidential Information means all information relating to an Obligor, the Group, the Finance Documents or the Facility of which a Finance Party becomes
        aware in its capacity as, or for the purpose of becoming, a Finance Party or which is received by a Finance Party in relation to, or for the purpose of becoming a Finance Party under, the Finance Documents or the Facility from either:

       

      	

            	(a)	
              any member of the Group or any of its advisers; or

            

       

      	

            	(b)	
              another Finance Party, if the information was obtained by that Finance Party directly or indirectly from any member of the Group or any of its advisers,

            

       

      in whatever form, and includes information given orally and any document, electronic file or any other way of representing or recording information which contains or is derived or copied from
        such information but excludes:

       

      	

            	(i)	
              information that:

            

       

      	

            	(A)	
              is or becomes public information other than as a direct or indirect result of any breach by that Finance Party of clause 47 (Confidentiality); or

            

       

      	

            	(B)	
              is identified in writing at the time of delivery as non-confidential by any member of the Group or any of its advisers; or

            

       

      	

            	(C)	
              is known by that Finance Party before the date the information is disclosed to it in accordance with paragraphs (a) or (b) above or is lawfully obtained by that Finance Party after that date, from a source which is, as far as that
                Finance Party is aware, unconnected with the Group and which, in either case, as far as that Finance Party is aware, has not been obtained in breach of, and is not otherwise subject to, any obligation of confidentiality; and

            

       

      	

            	(ii)	
              any Funding Rate.

            

       

      Confirmation shall have, in relation to any Hedging Transaction, the meaning given to it in the relevant Hedging Master Agreement.

       

      Constitutional Documents means, in respect of an Obligor, such Obligor's memorandum and articles of association, bye-laws or other constitutional
        documents including as referred to in any certificate relating to an Obligor delivered pursuant to Schedule 3 (Conditions precedent).

       

      Co-ordination Agreements means the agreements in respect of each Ship to be made between the relevant Owner of the Ship, (if applicable) the relevant
        Bareboat Charterer, Citigroup Global Markets Limited and the Security Agent, in each case in an agreed form and Co-ordination Agreement means any of them.

       

      
        8

        
          

      

      CRD IV means directive 2013/36/EU of the European Union on access to the activity of credit institutions and the prudential supervision of credit
        institutions and investment firms.

       

      Credit Adjustment Spread means, in respect of any Compounded Rate Loan, any rate which is either:

       

      	

            	(a)	
              specified as such in the Compounded Rate Terms; or

            

       

      	

            	(b)	
              determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology specified in the Compounded Rate Terms.

            

       

      CRR means the regulation 575/2013 of the European Union on prudential requirements for credit institutions and investment firms.

       

      Daily Non‐Cumulative Compounded RFR Rate means, in relation to any RFR Banking Day during an Interest Period for a Compounded Rate Loan, the percentage
        rate per annum determined by the Agent (or by any other Finance Party which agrees to determine that rate in place of the Agent) in accordance with the methodology set out in Schedule 11 (Daily Non‐Cumulative
          Compounded RFR Rate) or in any Compounding Methodology Supplement.

       

      Daily Rate means the rate specified as such in the Compounded Rate Terms.

       

      Default means an Event of Default or any event or circumstance specified in clause 30 (Events of Default) which
        would (with the expiry of a grace period, the giving of notice, the making of any determination under the Finance Documents or any combination of the foregoing) be an Event of Default.

       

      Defaulting Lender means any Lender:

       

      	

            	(a)	
              which has failed to make its participation in an Advance available and has not remedied such failure within two Business Days or has notified the Agent that it will not make its participation in an
                Advance available by the Utilisation Date of that Advance in accordance with clause 5.3 (Lenders' participation);

            

       

      	

            	(b)	
              which has otherwise rescinded or repudiated a Finance Document; or

            

       

      	

            	(c)	
              with respect to which an Insolvency Event has occurred and is continuing,

            

       

      unless, in the case of paragraph (a) above:

       

      	

            	(i)	
              its failure to pay is caused by:

            

       

      	

            	(A)	
              administrative or technical error; or

            

       

      	

            	(B)	
              a Payment Disruption Event; and

            

       

      payment is made within three Business Days of its due date; or

       

      	

            	(ii)	
              the Lender is disputing in good faith whether it is contractually obliged to make the payment in question.

            

       

      Earnings means, in relation to a Ship and a person, all money at any time payable to that person for or in relation to the use or operation of that Ship
        including freight, hire and passage moneys, money payable to that person for the provision of services by or from that Ship or under any charter commitment, requisition for hire compensation, remuneration for salvage and towage services, demurrage
        and detention moneys and damages for breach and payments for termination or variation of any charter commitment.

       

      
        9

        
          

      

      Earnings Accounts means the Borrower Earnings Account, the Owner Earnings Accounts, the Bareboat Charterer Earnings Accounts and any Account designated as
        an "Earnings Account" under clause 27 (Bank accounts), and Earnings Account means any one of them.

       

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

       

      Environmental Claims means:

       

      	

            	(a)	
              enforcement, clean-up, removal or other governmental or regulatory action or orders or claims instituted or made pursuant to any Environmental Laws or resulting from a Spill; or

            

       

      	

            	(b)	
              any claim made by any other person relating to a Spill.

            

       

      Environmental Incident means any Spill from any vessel in circumstances where:

       

      	

            	(a)	
              any Fleet Vessel or its owner, operator or manager may be liable for Environmental Claims arising from the Spill (other than Environmental Claims arising and fully satisfied before the date of this Agreement); and/or

            

       

      	

            	(b)	
              any Fleet Vessel may be arrested or attached in connection with any such Environmental Claim.

            

       

      Environmental Laws means all laws, regulations and conventions concerning pollution or protection of human health or the environment.

       

      EU Bail-In Legislation Schedule means the document described as such and published by the Loan Market Association (or any successor person) from time to
        time.

       

      EU Ship Recycling Regulation means Regulation (EU) No 1257/2013 of the European Parliament and of the Council of 20 November 2013 on ship recycling and
        amending Regulation (EC) No 1013/2006 and Directive 2009/16/EC (Text with EEA relevance).

       

      Event of Default means any event or circumstance specified as such in clause 30 (Events of Default).

       

      Facility means the term loan facility made available under this Agreement as described in clause 2.1 (The Facility)
        and which shall include any increase made pursuant to clauses 2.3 (Ship H) and 2.4 (Additional Advances).

       

      Facility Office means:

       

      	

            	(a)	
              in respect of a Lender, the office or offices notified by that Lender to the Agent in writing on or before the date it becomes a Lender (or, following that date, by not less than five Business Days' written notice) as the office through
                which it will perform its obligations under this Agreement; and

            

       

      	

            	(b)	
              in respect of any other Finance Party, the office in the jurisdiction in which it is resident for tax purposes.

            

       

      
        10

        
          

      

      Facility Period means the period from and including the date of this Agreement to and including the date on which
        the Total Commitments have reduced to zero and all indebtedness of the Obligors under the Finance Documents has been fully paid and discharged.

       

      FATCA means:

       

      	

            	(a)	
              sections 1471 to 1474 of the Code or any associated regulations;

            

       

      	

            	(b)	
              any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement between the US and any other jurisdiction, which (in either case) facilitates the implementation of any law or regulation referred to
                in paragraph (a) above; or

            

       

      	

            	(c)	
              any agreement pursuant to the implementation of any treaty, law or regulation referred to in paragraphs (a) or (b) above with the US Internal Revenue Service, the US government or any governmental or taxation authority in any other
                jurisdiction.

            

       

      FATCA Application Date means:

       

      	

            	(a)	
              in relation to a "withholdable payment" described in section 1473(1)(A)(i) of the Code (which relates to payments of interest and certain other payments from sources within the US), 1 July 2014; or

            

       

      	

            	(b)	
              in relation to a "passthru payment" described in section 1471(d)(7) of the Code not falling within paragraphs (a) or (b) above, the first date from which such payment may become subject to a deduction or withholding required by FATCA.

            

       

      FATCA Deduction means a deduction or withholding from a payment under a Finance Document required by FATCA.

       

      FATCA Exempt Party means a Party that is entitled to receive payments free from any FATCA Deduction.

       

      Fee Letters means the letters between the Borrower and one or more Finance Parties setting out any of the fees referred to in clause 11 (Fees) and Fee Letter means any one of them and any letter between the Borrower and one or more Finance Parties setting out the fees related to clauses 2.3 (Ship H) and 2.4 (Additional Advances).

       

      Final Repayment Date means, subject to clause 39.7 (Business Days), the date falling 36 months after the date of
        this Agreement.

       

      Finance Documents means this Agreement, the Fee Letters, the Security Documents, any Hedging Contracts, any Hedging Master Agreement, any Compounded Rate
        Supplement, any Compounding Methodology Supplement, any Increase Confirmation and any other document designated as such by the Agent and the Borrower.

       

      Finance Party means the Agent, the Security Agent, the Account Bank, any of the Arrangers, any Hedging Provider, any Bookrunner, any Co-ordinator or a
        Lender.

       

      Financial Indebtedness means any indebtedness for or in respect of:

       

      	

            	(a)	
              moneys borrowed and debit balances at banks or other financial institutions;

            

       

      	

            	(b)	
              any acceptance under any acceptance credit or bill discounting facility (or dematerialised equivalent);

            

       

      
        11

        
          

      

      	

            	(c)	
              any note purchase facility or the issue of bonds, notes, debentures, loan stock or any similar instrument;

            

       

      	

            	(d)	
              the amount of any liability in respect of any lease or hire purchase contract which would, in accordance with GAAP, be treated as a finance or capital lease;

            

       

      	

            	(e)	
              receivables sold or discounted (other than any receivables to the extent they are sold on a non-recourse basis);

            

       

      	

            	(f)	
              any Treasury Transaction (and, when calculating the value of that Treasury Transaction, only the marked to market value (or, if any actual amount is due as a result of the termination or close-out of that Treasury Transaction, that
                amount) shall be taken into account);

            

       

      	

            	(g)	
              any counter-indemnity obligation in respect of a guarantee, indemnity, bond, standby or documentary letter of credit or any other instrument issued by a bank or financial institution;

            

       

      	

            	(h)	
              any amount raised by the issue of shares which are redeemable (other than at the option of the issuer) before the Final Repayment Date or are otherwise classified as borrowings under GAAP);

            

       

      	

            	(i)	
              any amount of any liability under an advance or deferred purchase agreement if (a) one of the primary reasons behind entering into the agreement is to raise finance or to finance the acquisition or construction of the asset or service in
                question or (b) the agreement is in respect of the supply of assets or services and payment is due more than 180 days after the date of supply;

            

       

      	

            	(j)	
              any amount raised under any other transaction (including any forward sale or purchase, sale and sale back, sale and leaseback agreement) having the commercial effect of a borrowing or otherwise classified as borrowings under GAAP; and

            

       

      	

            	(k)	
              the amount of any liability in respect of any guarantee or indemnity for any of the items referred to in paragraphs (a) to (j) above.

            

       

      First Repayment Date means subject to clause 39.7 (Business Days), the earlier of (i) the date falling three
        months after the first Utilisation Date and (ii) 31 December 2021.

       

      Flag State means, in relation to a Ship, the country specified in respect of that Ship in Schedule 2 (Ship information)
        or, as the case may be, Schedule 13 (Additional Guarantor and Ship H) or such other state or territory as may be approved by the Lenders, at the request of the relevant Owner, as being the "Flag State" of that Ship for the purposes of the Finance Documents.

       

      Fleet Vessel means each Ship and any other vessel owned, operated, managed or crewed by any Obligor.

       

      Funding Rate means any individual rate notified by a Lender to the Agent pursuant to clause  10.3 (Cost of funds).

       

      GAAP means, as applicable, generally accepted accounting principles in the United Kingdom, generally accepted accounting principles in United States of
        America or International Accounting Standards, International Financial Reporting Standards and related interpretations as amended, supplemented, issued or adopted from time to time by the International Accounting Standards Board to the extent
        applicable to the relevant financial statements.

       

      
        12

        
          

      

      General Partner means Golar GP LLC a limited liability company incorporated in the Marshall Islands with its registered office at Trust Company Complex,
        Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960.

       

      Golar Eskimo means the LNG FSRU “Golar Eskimo” with IMO number 9624940.

       

      Golar Eskimo Lease BIMCO BARECON 2001 plus Additional clauses dated 4 November 2015 between Sea 23 Leasing Co Limited as owners and the Golar Eskimo
        Lessee.

       

      Golar Eskimo Lessee means GOLAR ESKIMO CORPORATION an entity incorporated in the Republic of the Marshall Islands (registered Co. No. 68975) at the
        registered address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and the lessee and operator of the Golar Eskimo.

       

      Group means the Parent and its Subsidiaries for the time being (being the subsidiaries who are, at any relevant time, the then current subsidiaries of the
        Parent) and, for the purposes of clause 19.2 (Financial statements) and clause 20 (Financial covenants), any other entity required to be treated as a subsidiary in
        its consolidated accounts in accordance with GAAP and/or any applicable law.

       

      Group Member means any Obligor and any other entity which is part of the Group.

       

      Guarantors are the Original Guarantors and shall include  the Golar Eskimo Lessee from the date it accedes to this Agreement as an Additional Guarantor
        pursuant to and in accordance with clause 34.2 (Additional Guarantor) and Guarantor means any one of them. For the avoidance
        of doubt, the only “Guarantors” as at the date of this Agreement are the Original Guarantors.

       

      Hedging Contract means any Hedging Transaction between the Borrower and any Hedging Provider pursuant to any
        Hedging Master Agreement and includes any Hedging Master Agreement and any Confirmations from time to time exchanged under it and governed by its terms relating to that Hedging Transaction and any contract in relation to such a Hedging Transaction
        constituted and/or evidenced by them and Hedging Contracts means all of them.

       

      Hedging Contract Security means a deed or other instrument by the Borrower in favour of the Security Agent in the agreed form conferring a Security
        Interest over any Hedging Contracts.

       

      Hedging Master Agreement means any agreement made or (as the context may require) to be made between the Borrower and a Hedging Provider comprising an
        ISDA Master Agreement and Schedule thereto in the agreed form.

       

      Hedging Transaction has, in relation to any Hedging Master Agreement, the meaning given to the term "Transaction" in that Hedging Master Agreement.

       

      Hilli Episeyo means the FLNG vessel “Hilli Episeyo” with IMO number 7382720.

       

      Hilli Episeyo Charter means BIMCO Standard BBC with Additional Clauses dated 9 September 2015 between Fortune Lianjiang Shipping S.A. as owner and the
        Hilli Episeyo Lessee.

       

      Hilli Episeyo Hedge means an interest rate swap transaction entered into between Golar LNG Partners LP and Citigroup Global Markets Limited in respect of
        the Hilli Episeyo.

       

      Hilli Episeyo Lessee means GOLAR HILLI CORPORATION an entity incorporated in the Republic of the Marshall lslands (registered Co. No. 68975) at the
        registered address Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 and the lessee and operator of the Hilli Episeyo.

       

      
        13

        
          

      

      Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

       

      Increase Confirmation means a confirmation certificate substantially in the form as set out in Schedule 14 (Form of Increase Confirmation) or any other form agreed between the Agent and the Borrower.

       

      Increased Costs has the meaning given to that term in clause 13.1(b) (Increased Costs).

       

      Indemnified Person means:

       

      	

            	(a)	
              each Finance Party and each Receiver and any attorney, agent or other person appointed by them under the Finance Documents;

            

       

      	

            	(b)	
              each Affiliate of each Finance Party and each Receiver; and

            

       

      	

            	(c)	
              any officers, employees or agents of each Finance Party and each Receiver.

            

       

      Insolvency Event in relation to a Finance Party (or, for the purposes of clause 33.2 (Conditions of Assignment),
        a New Lender) means that the Finance Party (or, for the purposes of clause 33.2 (Conditions of Assignment), that New Lender):

       

      	

            	(a)	
              is dissolved (other than pursuant to a consolidation, amalgamation or merger);

            

       

      	

            	(b)	
              becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due;

            

       

      	

            	(c)	
              makes a general assignment, arrangement or composition with or for the benefit of its creditors;

            

       

      	

            	(d)	
              institutes or has instituted against it, by a regulator, supervisor or any similar official with primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organisation or the
                jurisdiction of its head or home office, a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for
                its winding up or liquidation by it or such regulator, supervisor or similar official;

            

       

      	

            	(e)	
              has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors' rights, or a petition is presented for its winding
                up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition is instituted or presented by a person or entity not described in paragraph (d) above and:

            

       

      	

            	(i)	
              results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding up or liquidation; or

            

       

      	

            	(ii)	
              is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation thereof;

            

       

      
        14

        
          

      

      	

            	(f)	
              has exercised in respect of it one or more of the stabilisation powers pursuant to Part 1 of the Banking Act 2009 and/or has instituted against it a bank insolvency proceeding pursuant to Part 2 of the Banking Act 2009 or a bank
                administration proceeding pursuant to Part 3 of the Banking Act 2009;

            

       

      	

            	(g)	
              has a resolution passed for its winding up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger);

            

       

      	

            	(h)	
              seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets (other than, for so long as it
                is required by law or regulation not to be publicly disclosed, any such appointment which is to be made, or is made, by a person or entity described in paragraph (d) above;

            

       

      	

            	(i)	
              has a secured party take possession of all or substantially all its assets or has a execution, attachment, sequestration or other enforcement action or legal process levied, enforced, taken or sued on or against all or substantially all
                its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter;

            

       

      	

            	(j)	
              causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in paragraphs (a) to (i) above; or

            

       

      	

            	(k)	
              takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts.

            

       

      Insurance Notice means, in relation to a Ship, a notice of assignment from that Ship's Owner and (if applicable) the Bareboat Charterer in the form
        scheduled to that Ship's Assignment Deed or in another approved form.

       

      Insurances means, in relation to a Ship:

       

      	

            	(a)	
              all policies and contracts of insurance; and

            

       

      	

            	(b)	
              all entries in a protection and indemnity or war risks or other mutual insurance association

            

       

      	

            	(c)	
              in the name of that Ship's owner or the joint names of its owner and any other person in respect of or in connection with that Ship and/or its owner's Earnings from that Ship and includes all benefits thereof (including the right to
                receive claims and to return of premiums).

            

       

      Interbank Market means the London interbank market.

       

      Interest Period means, in relation to the Loan (or any part of the Loan), each period determined in accordance with clause 9 (Interest Periods) and, in relation to an Unpaid Sum, each period determined in accordance with clause 8.4 (Default interest).

       

      Interpolated Screen Rate means, in relation to LIBOR for an Interest Period with respect to the Loan or any part of it or any Unpaid Sum, the rate
        (rounded to the same number of decimal places as the two relevant Screen Rates) which results from interpolating on a linear basis between:

       

      	

            	(a)	
              the applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the relevant Interest Period of the Loan or any part of it or the relevant Unpaid Sum; and

            

       

      
        15

        
          

      

      	

            	(b)	
              the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the relevant Interest Period of the Loan or any part of it or the relevant Unpaid Sum,

            

       

      each as of 11:00 am on the relevant Quotation Day.

       

      Inventory of Hazardous Material means a statement of compliance issued by the relevant Classification Society and which includes a list of any and all
        materials known to be potentially hazardous utilised in the construction of a Ship and which also may be referred to as a List of Hazardous Material.

       

      Laid Up Ship has the meaning given to it in clause 18.30.

       

      Last Availability Date means, subject to clauses 2.3 (Ship H) and 2.4 (Additional

          Advances), in relation to each Advance the date falling 6 months after the first Utilisation (or such later date as may be approved by the Lenders).

       

      Legal Opinion means any legal opinion delivered to the Agent under clause 4 (Conditions of Utilisation).

       

      Legal Reservations means:

       

      	

            	(a)	
              the principle that equitable remedies may be granted or refused at the discretion of a court and the limitation of enforcement by laws relating to insolvency, reorganisation and other laws generally affecting the rights of creditors;

            

       

      	

            	(b)	
              the time barring of claims under the Limitation Act 1980 and the Foreign Limitation Periods Act 1984, the possibility that an undertaking to assume liability for, or indemnify a person against, non-payment of UK stamp duty may be void
                and defences of set-off or counterclaim; and

            

       

      	

            	(c)	
              similar principles, rights and defences under the laws of any Relevant Jurisdiction.

            

       

      Lender means:

       

      	

            	(a)	
              any Original Lender;

            

       

      	

            	(b)	
              any Accordion Lender; and

            

       

      	

            	(c)	
              any bank, financial institution, trust, fund or other entity which has become a Party as a Lender in accordance with clause 33 (Changes to the Lenders),

            

       

      	

            	(d)	
              which in each case has not ceased to be a Lender in accordance with the terms of this Agreement.

            

       

      LIBOR means, in relation to any Term Rate Loan or any part of it or, as applicable, any Unpaid Sum:

       

      	

            	(a)	
              the applicable Screen Rate as of 11:00 a.m. on the relevant Quotation Day for a period equal in length to the Interest Period of that Loan or any part of it or Unpaid Sum; or

            

       

      	

            	(b)	
              as otherwise determined pursuant to clause 10.1 (Unavailability of Screen Rate),

            

       

      and if, in either case, that rate is less than zero, LIBOR shall be deemed to be zero.

       

      
        16

        
          

      

      Loan means the loan made or to be made available under the Facility or the principal amount outstanding for the time being of that loan.

       

      Lookback Period means the number of days specified as such in the Compounded Rate Terms.

       

      Losses means any costs, expenses, payments, charges, losses, demands, liabilities, claims, actions, proceedings, penalties, fines, damages, judgments,
        orders or other sanctions.

       

      Loss Payable Clauses means, in relation to a Ship, the provisions concerning payment of claims under that Ship's Insurances in the form scheduled to that
        Ship's Assignment Deed or in another approved form.

       

      Major Casualty means any casualty to a vessel for which the total insurance claim, inclusive of any deductible, exceeds or may exceed the Major Casualty
        Amount.

       

      Major Casualty Amount means, in relation to a Ship, the amount specified as such in Schedule 2 (Ship information)
        against the name of that Ship or the equivalent in any other currency.

       

      Majority Lenders means:

       

      	

            	(a)	
              if no Loan is then outstanding, a Lender or Lenders whose Commitments aggregate more than 66 2/3 per cent of the Total Commitments (or, if the Total Commitments have been reduced to zero, aggregated more than 66 2/3 per cent of the Total
                Commitments immediately prior to that reduction); or

            

       

      	

            	(b)	
              at any other time, a Lender or Lenders whose (i) Commitment(s) in the Loan together with (ii) where a Loan has been advanced, such Lender(s) participation in the Loan made, aggregate more than 66 2/3 per cent of the Loan; provided that,
                for the avoidance of doubt, an entity with a sub-participation is not an Existing Lender or a New Lender under this Agreement.

            

       

      Manager's Undertaking means, in relation to a Ship, an undertaking by any manager of that Ship to the Security Agent in the agreed form pursuant to clause
        22.4 (Manager) or clause 26.12 (Bareboat Charterer's manager).

       

      Mandatory Repayment Date means in relation to:

       

      	

            	(a)	
              a Total Loss of a Ship, the applicable Total Loss Repayment Date; or

            

       

      	

            	(b)	
              a sale of a Ship by the relevant Owner or (subject to release of the applicable Share Security) the sale of all or part of an Owner or a Bareboat Charterer, the date upon which such sale is completed by the transfer of title to the
                purchaser in exchange for payment of all or part of the relevant purchase price.

            

       

      Margin means 3 per cent (3.00%) per annum.

       

      Market Rate means, in respect of a charter, terms as to (a) payment which are not materially less beneficial to the relevant Owner, Bareboat Charterer or
        sub-charterer than the terms which at that time could reasonably be expected to be obtained on the open market for vessels of the same age and type as the relevant Ship under a charter of a similar type and (b) hire which is either (i) at a rate of
        not less than $25,000 per day or, if more, (ii) at a rate not materially less beneficial to the relevant Owner, Bareboat Charterer or sub-charterer than the terms which at that time could reasonably be expected to be obtained on the open market for
        vessels of the same age and type as the relevant Ship under a charter of a similar type.

       

      
        17

        
          

      

      Material Adverse Effect means, in the reasonable opinion of the Majority Lenders, a material adverse effect on:

       

      	

            	(a)	
              the business or financial condition of the Group taken as a whole which will, or is reasonably likely to, affect the ability of an Obligor to perform its payment obligations under the Finance Documents; or

            

       

      	

            	(b)	
              the ability of an Obligor to perform its obligations under the Finance Documents; or

            

       

      	

            	(c)	
              the validity or enforceability of, or the effectiveness or ranking of any Security Interest granted or purporting to be granted pursuant to any of, the Finance Documents or the rights or remedies of any Finance Party under any of the
                Finance Documents.

            

       

      Minimum Value means, at any time, the amount in dollars which is at that time equal to 115 per cent of the Loan.

       

      Mortgage means, in relation to a Ship, a first mortgage of that Ship in the agreed form by the
        relevant Owner in favour of the Security Agent.

       

      Mortgage Period means, in relation to a Ship, the period from the date the Mortgage over that Ship is executed and registered until the date such Mortgage
        is released and discharged or, if earlier, its Total Loss Date.

       

      New Lender has the meaning given to that term in clause 33 (Changes to the Lenders).

       

      NFE means New Fortress Energy Inc. a company duly incorporated in Delaware and with its registered office at Corporation Trust Centre, 1209 Orange
        Street, Wilmington

       

      NFE Bareboat Charter means any sub bareboat charter to NFE or any of its Subsidiaries (other than a Group Member) entity where the Lenders already hold an
        assignment to the head charter.

       

      NFE Bareboat Charterer means the charterer in respect of any bareboat charter to NFE or any of its Subsidiaries (other than a Group Member) where the
        Lenders already hold an assignment to the head charter.

       

      Nusantara Regas Satu means the LNG FSRU “Nusantara Regas Satu” with IMO number 7382744.

       

      Nusantara Regas Satu Owner means PT Golar Indonesia, an entity incorporated under the laws of Indonesia and the registered owner of Nusantara Regas Satu.

       

      Obligors mean the Borrower and each Guarantor and Obligor means any one of them.

       

      Original Financial Statements means:

       

      	

            	(a)	
              the audited consolidated financial statements of NFE and the Parent for its financial year ended 31 December 2020; and

            

       

      	

            	(b)	
              the unaudited consolidated financial statements of NFE and the Parent for its financial quarter ended 31 March 2021.

            

       

      Original Jurisdiction means, in relation to an Original Obligor, the jurisdiction under whose laws that Obligor is incorporated as at the date of this
        Agreement or, in the case of any other Obligor, as at the date on which that Obligor becomes an Obligor.

       

      
        18

        
          

      

      Original Obligors means the Borrower and each Guarantor and Obligor means any one of them.

       

      Original Security Documents means:

       

      	

            	(a)	
              any Account Security;

            

       

      	

            	(b)	
              the Assignment Deeds in respect of the Ships;

            

       

      	

            	(c)	
              any Hedging Contract Security;

            

       

      	

            	(d)	
              any Manager's Undertaking in relation to a Ship if required under clause 22.4 (Manager) or 26.12 (Bareboat Charterer's manager);

            

       

      	

            	(e)	
              the Mortgages over each of the Ships;

            

       

      	

            	(f)	
              the Quiet Enjoyment Letters;

            

       

      	

            	(g)	
              any Security Power of Attorney;

            

       

      	

            	(h)	
              the Share Security in relation to each Owner, each Bareboat Charterer and Golar LNG Holding Co.

            

       

      OSAs means:

       

      	

            	(a)	
              the Operation and Services Agreement dated 26 November 2018 (as supplemented and amended from time to time) and entered into between NFE South Holdings Limited and Golar Freeze UK Ltd. in respect of the operation and services to be
                provided in respect of Ship A; and

            

       

      	

            	(b)	
              the Operation and Services Agreement dated 4 September 2007 (as amended by amendment agreements dated 16 February 2009, 26 March 2011 and 16 January 2012) and entered into between Golar Serviços de Operação de Embarcações Limitada and
                Petróleo Brasileiro S.A. in respect of the operation and services to be provided in respect of Ship F.

            

       

      Owner means, in relation to a Ship, the person specified as "Owner" against the name of that Ship in Schedule 2 (Ship
          information) and shall include the Golar Eskimo Lessee from the date the Golar Eskimo Lessee accedes to this Agreement as an Additional Guarantor pursuant to and in accordance with clause 34.2 and Owners means

        any or all of them.

       

      Owner Earnings Accounts means each of the interest bearing dollar accounts of an Owner with the Account Bank designated as an "Earnings Account" under clause 27 (Bank accounts).

       

      Parent means the company described as such in Schedule 1 (The original parties).

       

      Participating Member State means any member state of the European Union that has the euro as its lawful currency in accordance with legislation of the
        European Union relating to Economic and Monetary Union.

       

      Party means a party to this Agreement.

       

      
        19

        
          

      

      Payment Disruption Event means either or both of:

       

      	

            	(a)	
              a material disruption to those payment or communications systems or to those financial markets which are, in each case, required to operate in order for payments to be made in connection with the Facility (or otherwise in order for the
                transactions contemplated by the Finance Documents to be carried out) which disruption is not caused by, and is beyond the control of, any of the Parties; or

            

       

      	

            	(b)	
              the occurrence of any other event which results in a disruption (of a technical or systems-related nature) to the treasury or payments operations of a Party preventing that, or any other Party:

            

       

      	

            	(i)	
              from performing its payment obligations under the Finance Documents; or

            

       

      	

            	(ii)	
              from communicating with other Parties in accordance with the terms of the Finance Documents,

            

       

      (and which (in either such case)) is not caused by, and is beyond the control of, the Party whose operations are disrupted.

       

      Permitted Maritime Liens means, in relation to any Ship:

       

      	

            	(a)	
              any lien disclosed in writing to the Agent prior to the date of this Agreement and approved by the Agent;

            

       

      	

            	(b)	
              unless a Default is continuing, any ship repairer's or outfitter's possessory lien in respect of that Ship for an amount not exceeding the Major Casualty Amount;

            

       

      	

            	(c)	
              any lien on that Ship for master's, officer's or crew's wages outstanding in the ordinary course of its trading;

            

       

      	

            	(d)	
              any lien on that Ship for salvage;

            

       

      	

            	(e)	
              any other lien arising by operation of law in the ordinary course of trading (and not as a result of any default or omission by any Owner or Bareboat Charterer); and

            

       

      	

            	(f)	
              in each case (other than (a) above) securing obligations not more than 30 days overdue.

            

       

      Permitted Security Interests means any Security Interest which is:

       

      	

            	(a)	
              granted by the Finance Documents; or

            

       

      	

            	(b)	
              permitted pursuant to clause 28.4 of this Agreement provided that in connection with the Golar Eskimo only, the Golar Eskimo Lessee has not acceded to this Agreement pursuant to clause 34.2;

            

       

      	

            	(c)	
              permitted pursuant to the Finance Documents or the Co-ordination Agreements which as at the first Utilisation Date are those set out in Schedule 8 (Permitted Security Interests); or

            

       

      	

            	(d)	
              a Permitted Maritime Lien; or

            

       

      	

            	(e)	
              is approved by the Majority Lenders.

            

       

      
        20

        
          

      

      Pollutant means and includes crude oil and its products, any other polluting, toxic or hazardous substance and any other substance whose release into the
        environment is regulated or penalised by Environmental Laws.

       

      Poseidon Principles means the financial industry framework for assessing and disclosing the climate alignment of ship finance portfolios published on 18
        June 2019 as the same may be amended or replaced to reflect changes in applicable law or regulation or the introduction of or changes to mandatory requirements of the International Maritime Organization from time to time.

       

      Pre-Approved New Lender List means the list of entities agreed in writing on or before the date of this Agreement by or on behalf of the Borrower and the
        Bookrunners.

       

      PSC register means a register of persons with significant control required pursuant to section 790M of the Companies Act 2006.

       

      Quiet Enjoyment Letter means, in respect of a Ship (other than Ship B and Ship D), a letter by the Security Agent addressed to, and acknowledged by, the
        relevant Owner, Bareboat Charterer and Time Charterer of the Ship in an agreed form.

       

      Quotation Day means, in relation to any period for which an interest rate is to be determined, in respect of a Term Rate Loan or any part of it, two
        Business Days before the first day of that period unless market practice differs in the Interbank Market for a currency, in which case the Quotation Day for that currency shall be determined by the Agent in accordance with market practice in the
        Interbank Market (and if quotations would normally be given by leading banks in the Interbank Market on more than one day, the Quotation Day will be the last of those days).

       

      Quoted Tenor means any period for which the Screen Rate is customarily displayed on the relevant page or screen of an information service.

       

      Rate Switch Date means the earlier of:

       

      	

            	(a)	
              the Backstop Rate Switch Date; and

            

       

      	

            	(b)	
              any Rate Switch Trigger Event Date.

            

       

      Rate Switch Trigger Event means:

       

      	

            	(a)	
              in relation to the Screen Rate:

            

       

      (i)

       

      	

            	(A)	
              the administrator of the Screen Rate or its supervisor publicly announces that such administrator is insolvent; or

            

       

      	

            	(B)	
              information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which reasonably
                confirms that the administrator of the Screen Rate is insolvent,

            

       

      provided that, in each case, at that time, there is no successor administrator to continue to provide the Screen Rate;

       

      	

            	(ii)	
              the administrator of the Screen Rate publicly announces that it has ceased or will cease to provide the Screen Rate for the Quoted Tenor for three months LIBOR permanently or indefinitely and, at that time, there is no successor
                administrator to continue to provide the Screen Rate for that Quoted Tenor;

            

       

      
        21

        
          

      

      	

            	(iii)	
              the supervisor of the administrator of the Screen Rate publicly announces that the Screen Rate has been or will be permanently or indefinitely discontinued for any Quoted Tenor for three months LIBOR; or

            

       

      	

            	(iv)	
              the administrator of the Screen Rate or its supervisor publicly announces that the Screen Rate for all Quoted Tenors may no longer be used; and

            

       

      	

            	(b)	
              the supervisor of the administrator of the Screen Rate publicly announces or publishes information:

            

       

      	

            	(i)	
              stating that the Screen Rate for the Quoted Tenor for three months LIBOR is no longer, or as of a specified future date will no longer be, representative of the underlying market and the economic reality that it is intended to measure
                and that such representativeness will not be restored (as determined by such supervisor); and

            

       

      	

            	(ii)	
              with awareness that any such announcement or publication will engage certain triggers for fallback provisions in contracts which may be activated by any such pre‐cessation announcement or publication.

            

       

      Rate Switch Trigger Event Date means:

       

      	

            	(a)	
              in the case of an occurrence of a Rate Switch Trigger Event described in paragraph (a) of the definition of "Rate Switch Trigger Event", the date on which the Screen Rate ceases to be published or otherwise becomes unavailable;

            

       

      	

            	(b)	
              in the case of an occurrence of a Rate Switch Trigger Event described in paragraphs (a)(ii) or (a)(iii) of the definition of "Rate Switch Trigger Event", the date on which the Screen Rate for the Quoted Tenor for three months LIBOR
                ceases to be published or otherwise becomes unavailable;

            

       

      	

            	(c)	
              in the case of an occurrence of a Rate Switch Trigger Event described in paragraphs (a)(ii) of the definition of "Rate Switch Trigger Event", the date on which the Screen Rate for the all Quoted Tenors ceases to be published or otherwise
                becomes unavailable; and

            

       

      	

            	(d)	
              in the case of an occurrence of a Rate Switch Trigger Event described in paragraph (b) of the definition of "Rate Switch Trigger Event", the date on which the Screen Rate for the Quoted Tenor for three months LIBOR ceases to be
                representative of the underlying market and the economic reality that it is intended to measure (as determined by the supervisor of the administrator of the Screen Rate).

            

       

      Receiver means a receiver or a receiver and manager or an administrative receiver appointed in relation to the whole or any part of any Charged Property
        under any relevant Security Document.

       

      Reformed Basel III means the agreements contained in “Basel III: Finalising post-crisis reforms” published by the Basel Committee on Banking Supervision
        in December 2017, as amended, supplemented or restated.

       

      Reformed Basel III Increased Cost means an Increased Cost which is attributable to the implementation or application of or compliance with any other law
        or regulation which implements Reformed Basel III (whether such implementation, application or compliance is by a government, regulator, Finance Party or any of its Affiliates.

       

      
        22

        
          

      

      Registry means, in relation to each Ship, such registrar, commissioner or representative of the relevant Flag State who is duly authorised and empowered
        to register the relevant Ship, the relevant Owner's title to that Ship and the relevant Mortgage under the laws of its Flag State.

       

      Related Fund in relation to a fund (the first fund), means a fund which is managed or advised by the same
        investment manager or investment adviser as the first fund or, if it is managed by a different investment manager or investment adviser, a fund whose investment manager or investment adviser is an Affiliate of the investment manager or investment
        adviser of the first fund.

       

      Relevant Market means the market specified as such in the Compounded Rate Terms.

       

      Relevant Jurisdiction means, in relation to an Obligor:

       

      	

            	(a)	
              its Original Jurisdiction;

            

       

      	

            	(b)	
              any jurisdiction where any Charged Property owned by it is situated;

            

       

      	

            	(c)	
              any jurisdiction where it conducts its business; and

            

       

      	

            	(d)	
              any jurisdiction whose laws govern the perfection of any of the Security Documents entered into by it.

            

       

      Repayment Date means:

       

      	

            	(a)	
              the First Repayment Date;

            

       

      	

            	(b)	
              each of the dates falling at three monthly intervals thereafter up to but not including the Final Repayment Date; and

            

       

      	

            	(c)	
              the Final Repayment Date.

            

       

      Repeating Representations means each of the representations and warranties set out in clauses 18.2 (Status) to
        18.11 (Ranking and effectiveness of security) except clause 18.9(c) (Original Financial Statements), clause 18.23 (Legal and
          beneficial ownership), clause 18.35 (No corrupt practices) and clause 18.36 (Financing of vessels owned by Group Members).

       

      Representative means any delegate, agent, manager, administrator, nominee, attorney, trustee or custodian.

       

      Requisition Compensation means, in relation to a Ship, any compensation paid or payable by a government entity for the requisition for title, confiscation
        or compulsory acquisition of that Ship.

       

      Resolution Authority means any body which has authority to exercise any Write-down and Conversion Powers.

       

      Restricted Party means a person, entity or vessel:

       

      	

            	(a)	
              that is listed on any Sanctions List or any other sanctions-related list of persons, vessels or entities published by or on behalf of a Sanctions Authority (in each case, whether designated by name or by reason of being included in a
                class of persons, vessels or entities);

            

       

      
        23

        
          

      

      	

            	(b)	
              that is domiciled, resident, located, registered as located or having its main place of business in, or is incorporated under the laws of, a country or territory which is, subject to Sanctions Laws;

            

       

      	

            	(c)	
              that is directly or indirectly owned or controlled by, or acting on behalf of, at the direction or for the benefit of (as interpreted under any relevant Sanctions Laws), a person or entity referred to in (a) and/or (b) above; or

            

       

      	

            	(d)	
              that is otherwise identified by a Sanctions Authority to be a subject of or targeted by Sanctions Laws.

            

       

      Restrictions Notice means a 'restrictions notice' as defined in paragraph 1(2) of Schedule 1B of the Companies Act 2006.

       

      RFR means the rate specified as such in the Compounded Rate Terms.

       

      RFR Banking Day means any day specified as such in the Compounded Rate Terms.

       

      Sanctions Authority means (a) the United Nations, (b) the Norwegian State, (c) the European Union, (d) the United Kingdom, (e) the EEA Member Countries,
        (f) the United States of America and (g) any other country whose laws or regulations bind any Obligor and any authority acting on behalf of any of them in connection with Sanctions Laws, including but not limited to the Office of Foreign Assets
        Control of the US Department of Treasury, Her Majesty's Treasury, the US Department of Commerce, the US Department of State, any other agency of the US government, and any authority, official institution or agency acting on behalf of any of them in
        connection with Sanctions Laws.

       

      Sanctions Event means:

       

      	

            	(a)	
              any representation contained in clause 18.33 (Sanctions) made or deemed to be made by an Obligor, is or proves to have been incorrect or misleading when made or deemed to be made, or any
                undertaking in clause 21.2 (Use of proceeds) or clause 21.5 (Sanctions) is not complied with; and/or

            

       

      	

            	(b)	
              an Obligor and/or any of their Subsidiaries is or becomes a Restricted Party; and/or

            

       

      	

            	(c)	
              an act or omission of an Obligor or any of their Subsidiaries or their respective directors, officers, employees, agents or representatives causes a Lender or any Affiliate of a Lender to be in breach of Sanctions Laws or otherwise
                results in the Lender or an Affiliate of a Lender becoming a Restricted Party.

            

       

      Sanctions Laws means any applicable trade, economic or financial sanctions laws and/or any regulations, trade embargoes, prohibitions, restrictive
        measures, decisions, executive orders or notices from regulators implemented, adapted, imposed, administered, enacted and/or enforced by any Sanctions Authority from time to time.

       

      Sanctions List means any list of persons, vessels or entities published in connection with Sanctions Laws by or on behalf of any Sanctions Authority
        including, without limitation, the "Specially Designated Nationals and Blocked Persons" issued by the Office of Foreign Assets Control of the US Department of Treasury and the "Consolidated List of Financial Sanctions Targets and Investment Ban
        List" issued by Her Majesty's Treasury or any similar list issued or maintained or made public by or on behalf of any of the Sanctions Authorities.

       

      
        24

        
          

      

      Screen Rate means the London interbank offered rate administered by ICE Benchmark Administration Limited (or any other person which takes over the
        administration of that rate) for dollars and the relevant period displayed (before any correction, recalculation or republication by the administrator) on pages LIBOR01 or LIBOR02 of the Thomson Reuters screen (or any replacement Thomson Reuters
        page which displays that rate), or on the appropriate page of such other information service which publishes that rate from time to time in place of Thomson Reuters.  If such page or service ceases to be available, the Agent may specify another
        page or service displaying the relevant rate after consultation with the Borrower and the Lenders.

       

      Security Agent includes any person as may be appointed as such under the Finance Documents and includes any separate trustee or co-trustee appointed under
        clause 35.33 (Additional trustees).

       

      Security Documents means:

       

      	

            	(a)	
              the Original Security Documents;

            

       

      	

            	(b)	
              any other document as may be executed to guarantee and/or secure any amounts owing to the Finance Parties under this Agreement or any other Finance Document.

            

       

      Security Interest means a mortgage, charge, pledge, lien, assignment, trust, hypothecation or other security interest of any kind securing any obligation
        of any person or any other agreement or arrangement having a similar effect.

       

      Security Value means, at any time, the amount in dollars which, at that time, is the aggregate of (a) the aggregate of the Vessel Values (or, if less in
        relation to an individual Ship, the maximum amount capable of being secured by the Mortgage of the relevant Ship) of all of the Ships subject to a Mortgage which have not then become a Total Loss and (b) the value of any additional security then
        held by the Security Agent provided under clause 25 (Minimum security value), in each case as most recently determined in accordance with this Agreement.

       

      Selection Notice means a notice substantially in the form set out in Schedule 5 (Selection Notice) given in
        accordance with clause 9 (Interest Periods).

       

      Share Security means, in relation to each Owner, each Bareboat Charterer and Golar LNG Holding Co., the document constituting a first Security Interest
        by the relevant Holding Company of such entity in favour of the Security Agent in the agreed form in respect of all of the shares or limited liability company interests in such entity.

       

      Ship A means the ship described as such in Schedule 2 (Ship information).

       

      Ship B means the ship described as such in Schedule 2 (Ship information).

       

      Ship C means the ship described as such in Schedule 2 (Ship information).

       

      Ship D means the ship described as such in Schedule 2 (Ship information).

       

      Ship E means the ship described as such in Schedule 2 (Ship information).

       

      Ship F means the ship described as such in Schedule 2 (Ship information).

       

      Ship G means the ship described as such in Schedule 2 (Ship information).

       

      Ship H means the ship described as such in Schedule 13(Ship information).

       

      
        25

        
          

      

      Ship Representations means each of the representations and warranties set out in clauses 18.30 (Ship status) and
        18.31 (Ship's employment).

       

      Ships means each of the ships described in Schedule 2 (Ship information) and shall include Ship H from the date
        the Golar Eskimo Lessee accedes to this Agreement as an Additional Guarantor pursuant to and in accordance with clause 34.2 and Ship means any of them. For the avoidance of doubt, the only “Ships” as at the
        date of this Agreement are Ship A, Ship B, Ship C, Ship D, Ship E, Ship F and Ship G.

       

      Spill means any actual or threatened spill, release or discharge of a Pollutant into the environment.

       

      Statement of Compliance means a Statement of Compliance related to fuel oil consumption pursuant to regulations 6.6 and 6.7 of Annex VI.

       

      Subsidiary of a person means any other company or entity directly or indirectly controlled by such person and a wholly
          owned Subsidiary of that person means a Subsidiary which has no shareholders or members except such person and that person's wholly owned Subsidiaries and its or their nominees.

       

      Tax means any tax, levy, impost, duty or other charge or withholding of a similar nature (including any penalty or interest payable in connection with any
        failure to pay or any delay in paying any of the same).

       

      Term Rate Loan means any Loan or, if applicable, Unpaid Sum which is not a Compounded Rate Loan.

       

      Time Charter means, in relation to a Ship, any time charter commitment to an independent third party for that Ship as at the date of this Agreement in
        the case of the Ships (other than Ship H) details of which are provided in Schedule 2 (Ship information) and as at the date the Golar Eskimo Lessee accedes to this Agreement as an Additional Guarantor in the
        case of Ship H, details of which are provided in Schedule 13 (Additional Guarantor and Ship H).

       

      Time Charterer means, in relation to a Ship, the time charterer in respect of a Time Charter named in Schedule 2 (Ship
          information) and shall include the time charterer of Ship H as set out in Schedule 13 (Additional Guarantor and Ship H) from the date the Golar Eskimo Lessee accedes to this Agreement as an
        Additional Guarantor pursuant to and in accordance with clause 34.2 as time charterer of that Ship.

       

      Total Commitments means the aggregate of the Commitments, being, at the date of this Agreement, the lower of $430,000,000 and an amount equal to 70 per
        cent. of the aggregate Vessel Value of the Ships subject to a Mortgage, but which, subject to clauses 2.3 (Ship H) and 2.4 (Additional Advances)., may be increased up
        to $725,000,000.

       

      Total Loss means, in relation to a vessel, its:

       

      	

            	(a)	
              actual, constructive, compromised or arranged total loss; or

            

       

      	

            	(b)	
              requisition for title, confiscation or other compulsory acquisition by a government entity; or

            

       

      	

            	(c)	
              hijacking, theft, condemnation, capture, seizure or detention for more than 30 days.

            

       

      Total Loss Date means, in relation to the Total Loss of a vessel:

       

      
        26

        
          

      

      	

            	(a)	
              in the case of an actual total loss, the date it happened or, if such date is not known, the date on which the vessel was last reported;

            

       

      	

            	(b)	
              in the case of a constructive, compromised, agreed or arranged total loss, the earliest of:

            

       

      	

            	(i)	
              the date notice of abandonment of the vessel is given to its insurers; or

            

       

      	

            	(ii)	
              if the insurers do not admit such a claim, the date later determined by a competent court of law to have been the date on which the total loss happened; or

            

       

      	

            	(iii)	
              the date upon which a binding agreement as to such compromised or arranged total loss has been entered into by the vessel's insurers;

            

       

      	

            	(c)	
              in the case of a requisition for title, confiscation or compulsory acquisition, the date it happened; and

            

       

      	

            	(d)	
              in the case of hijacking, theft, condemnation, capture, seizure or detention, the date 30 days after the date upon which it happened.

            

       

      Total Loss Repayment Date means, where a Ship has become a Total Loss, the earlier of:

       

      	

            	(a)	
              the date 180 days after its Total Loss Date; and

            

       

      	

            	(b)	
              the date upon which insurance proceeds or Requisition Compensation for such Total Loss are paid by insurers or the relevant government entity.

            

       

      Transfer Certificate means a certificate substantially in the form set out in Schedule 6 (Form of Transfer Certificate)
        or any other form agreed between the Agent and the Borrower.

       

      Transfer Date means, in relation to an assignment, the later of:

       

      	

            	(a)	
              the proposed Transfer Date specified in the Transfer Certificate; and

            

       

      	

            	(b)	
              the date on which the Agent executes the Transfer Certificate.

            

       

      Treasury Transaction means any derivative transaction entered into in connection with protection against or benefit from fluctuation in any rate or price.
        For the avoidance of doubt, Treasury Transactions shall not include derivative transactions entered into by third parties so long as no Group Member bears any economic exposure prior to the Final Repayment Date.

       

      Trust Property means, collectively:

       

      	

            	(a)	
              all moneys duly received by the Security Agent under or in respect of the Finance Documents;

            

       

      	

            	(b)	
              any portion of the balance on any Account held by or charged to the Security Agent at any time;

            

       

      	

            	(c)	
              the Security Interests, guarantees, security, powers and rights given to the Security Agent under and pursuant to the Finance Documents including, without limitation, the covenants given to the Security Agent in respect of all
                obligations of any Obligor;

            

       

      
        27

        
          

      

      	

            	(d)	
              all assets paid or transferred to or vested in the Security Agent or its agent or received or recovered by the Security Agent or its agent in connection with any of the Finance Documents whether from any Obligor or any other person; and

            

       

      	

            	(e)	
              all or any part of any rights, benefits, interests and other assets at any time representing or deriving from any of the above, including all income and other sums at any time received or receivable by the Security Agent or its agent in
                respect of the same (or any part thereof).

            

       

      UK Bail-In Legislation means Part I of the United Kingdom Banking Act 2009 and any other law or regulation applicable in the United Kingdom relating to
        the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (otherwise than through liquidation, administration or other insolvency proceedings).

       

      Unpaid Sum means any sum due and payable but unpaid by an Obligor under the Finance Documents.

       

      US Waters the waters of the United States of America as such term is defined under any applicable laws and regulations.

       

      Utilisation means the making of an Advance.

       

      Utilisation Date means the date on which a Utilisation is made.

       

      Utilisation Request means a notice substantially in the form set out in Schedule 4 (Utilisation Request).

       

      VAT means:

       

      	

            	(a)	
              any tax imposed in compliance with the Council Directive of 28 November 2006 on the common system of value added tax (EC Directive 2006/112); and

            

       

      	

            	(b)	
              any other tax of a similar nature, whether imposed in a member state of the European Union in substitution for, or levied in addition to, such tax referred to in paragraph (a) above, or imposed elsewhere.

            

       

      Vessel Value means, in respect of a Ship, the value attributed to that Ship in its most recent valuation undertaken in accordance with clause 25 (Minimum security value) and Vessel Values means the aggregate of the valuations of the Ships.

       

      Warning Notice means a 'warning notice' as defined in paragraph 1(2) of Schedule 1B of the Companies Act 2006.

       

      Write-down and Conversion Powers means:

       

      	

            	(a)	
               in relation to any Bail-In Legislation described in the EU Bail-In Legislation Schedule from time to time, the powers described as such in relation to that Bail-In Legislation in the EU Bail-In Legislation Schedule;

            

       

      	

            	(b)	
              in relation to any other applicable Bail-In Legislation other than the UK Bail-in Legislation:

            

       

      	

            	(i)	
              any powers under that Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution, to
                cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any
                other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are
                related to or ancillary to any of those powers; and

            

       

      
        28

        
          

      

      	

            	(ii)	
              any similar or analogous powers under that Bail-In Legislation; and

            

       

      	

            	(c)	
              in relation to any UK Bail-In Legislation:

            

       

      	

            	(i)	
              any powers under that UK Bail-In Legislation to cancel, transfer or dilute shares issued by a person that is a bank or investment firm or other financial institution or affiliate of a bank, investment firm or other financial institution,
                to cancel, reduce, modify or change the form of a liability of such a person or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or
                any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that UK Bail-In Legislation
                that are related to or ancillary to any of those powers; and

            

       

      	

            	(ii)	
              any similar or analogous powers under that UK Bail-In Legislation.

            

       

      
        
          	
                  1.2

                	
                  Construction

                

        

      

       

      	

            	(a)	
              Unless a contrary indication appears, any reference in any of the Finance Documents to:

            

       

      	

            	(i)	
              Sections, clauses and Schedules are to be construed as references to the Sections and clauses of, and the Schedules to, the relevant Finance Document and references to a Finance Document include its Schedules;

            

       

      	

            	(ii)	
              a Finance Document or any other agreement or instrument is a reference to that Finance Document or other agreement or instrument as it may from time to time be amended, restated, novated or
                replaced, however fundamentally;

            

       

      	

            	(iii)	
              words importing the plural shall include the singular and vice versa;

            

       

      	

            	(iv)	
              a time of day are to London time;

            

       

      	

            	(v)	
              any person includes its successors in title, permitted assignees or transferees;

            

       

      	

            	(vi)	
              the knowledge, awareness and/or beliefs (and similar expressions) of any Obligor shall be construed so as to mean the knowledge, awareness and beliefs of the director and officers of such Obligor, having made due and careful enquiry;

            

       

      	

            	(vii)	
              agreed form means:

            

       

      	

            	(A)	
              where a Finance Document has already been executed by all of the relevant parties, such Finance Document in its executed form;

            

       

      	

            	(B)	
              prior to the execution of a Finance Document, the form of such Finance Document separately agreed in writing between the Agent and the Borrower as the form in which that Finance Document is to be executed or another form approved at the
                request of the Borrower or, if not so agreed or approved, is in the form specified by the Agent;

            

       

      
        29

        
          

      

      	

            	(viii)	
              approved by the Majority Lenders or approved by the Lenders means approved in writing by the Agent acting on the instructions of the Majority Lenders or, as
                the case may be, all of the Lenders (on such conditions as they may respectively impose) and otherwise (1) approved means approved in writing by the Agent (on such conditions as the Agent may impose)
                and approval and approve shall be construed accordingly and (2) agreed means, when used with respect to the Agent
                agreeing with the Borrower and unless otherwise set out expressly therein or in clause 45.2 (All Lender Matters), agreed in writing by the Agent (acting on the instructions of the Majority Lenders
                and on such conditions as the Majority Lenders may instruct the Agent to impose) and agree shall be construed accordingly

            

       

      	

            	(ix)	
              assets includes present and future properties, revenues and rights of every description;

            

       

      	

            	(x)	
              an authorisation means any authorisation, consent, concession, approval, resolution, licence, exemption, filing, notarisation or registration;

            

       

      	

            	(xi)	
              charter commitment means, in relation to a vessel, any charter or contract for the use, employment or operation of that vessel or the carriage of people and/or cargo or the provision of services by
                or from it and includes any agreement for pooling or sharing income derived from any such charter or contract;

            

       

      	

            	(xii)	
              control of an entity means (except when used in the definition of Change of Control in clause 1.1 (Definitions)):

            

       

      	

            	(A)	
              the power (whether by way of ownership of shares or limited liability company interests, proxy, contract, agency or otherwise) to:

            

       

      	

            	(1)	
              cast, or control the casting of, more than 50 per cent of the maximum number of votes that might be cast at a general meeting of that entity; or

            

       

      	

            	(2)	
              appoint or remove all, or the majority, of the directors or other equivalent officers of that entity; or

            

       

      	

            	(3)	
              give directions with respect to the operating and financial policies of that entity with which the directors or other equivalent officers of that entity are obliged to comply; and/or

            

       

      	

            	(B)	
              the holding beneficially of more than 50 per cent of the issued share capital of that entity (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either
                profits or capital) (and, for this purpose, any Security Interest over share capital shall be disregarded in determining the beneficial ownership of such share capital);

            

       

      and controlled shall be construed accordingly;

       

      	

            	(xiii)	
              the term disposal or dispose means a sale, transfer or other disposal (including by way of lease or loan but not including by way of loan of money) by a
                person of all or part of its assets, whether by one transaction or a series of transactions and whether at the same time or over a period of time, but not the creation of a Security Interest;

            

       

      	

            	(xiv)	
              $, USD and dollars denote the lawful currency of the United States of America;

            

       

      
        30

        
          

      

      	

            	(xv)	
              the equivalent of an amount specified in a particular currency (the specified currency amount) shall be construed as a reference to the amount of the other
                relevant currency which can be purchased with the specified currency amount in the London foreign exchange market at or about 11 a.m.  on the date the calculation falls to be made for spot delivery, as conclusively determined by the Agent
                (with the relevant exchange rate of any such purchase being the Agent's spot rate of exchange);

            

       

      	

            	(xvi)	
              a government entity means any government, state or agency of a state;

            

       

      	

            	(xvii)	
              a group of Lenders includes all the Lenders;

            

       

      	

            	(xviii)	
              a guarantee means any guarantee, letter of credit, bond, indemnity or similar assurance against loss, or any obligation, direct or indirect, actual or contingent, to purchase or assume any
                indebtedness of any person or to make an investment in or loan to any person or to purchase assets of any person where, in each case, such obligation is assumed in order to maintain or assist the ability of such person to meet its
                indebtedness;

            

       

      	

            	(xix)	
              indebtedness includes any obligation (whether incurred as principal or as surety) for the payment or repayment of money, whether present or future, actual or contingent;

            

       

      	

            	(xx)	
              month means a period starting on one day in a calendar month and ending on the numerically corresponding day in the next calendar month or the calendar month in which it is to end, except that:

            

       

      	

            	(A)	
              if the numerically corresponding day is not a Business Day, that period shall end on the next Business Day in that month (if there is one) or on the immediately preceding Business Day (if there is not); and

            

       

      	

            	(B)	
              if there is no numerically corresponding day in that month, that period shall end on the last Business Day in that month

            

       

      and the above rules in paragraphs (i) to (ii) will only apply to the last month of any period;

       

      	

            	(xxi)	
              an obligation means any duty, obligation or liability of any kind;

            

       

      	

            	(xxii)	
              something being in the ordinary course of business of a person means something that is in the ordinary course of that person's current day-to-day operational business (and not merely anything
                which that person is entitled to do under its Constitutional Documents);

            

       

      	

            	(xxiii)	
              pay or repay in clause 28 (Business restrictions) includes by way of set-off, combination of accounts or otherwise;

            

       

      	

            	(xxiv)	
              a person includes any individual, firm, company, corporation, government entity or any association, trust, joint venture, consortium, partnership or other entity (whether or not having separate
                legal personality);

            

       

      	

            	(xxv)	
              a regulation includes any regulation, rule, official directive, request or guideline (whether or not having the force of law) of any governmental, intergovernmental or supranational body, agency,
                department or regulatory, self-regulatory or other authority or organisation and, in relation to any Lender, includes (without limitation) any Basel II Regulation or Basel III Regulation or any law or regulation which implements Reformed
                Basel III, in each case which is applicable to that Lender;

            

       

      
        31

        
          

      

      	

            	(xxvi)	
              right means any right, privilege, power or remedy, any proprietary interest in any asset and any other interest or remedy of any kind, whether actual or contingent, present or future, arising under
                contract or law, or in equity;

            

       

      	

            	(xxvii)	
              trustee, fiduciary and fiduciary duty has in each case the meaning given to such term under applicable law;

            

       

      	

            	(xxviii)	
              (i) the liquidation, winding up, dissolution, or administration of a
                person or (ii) a receiver or administrative receiver or administrator in the context of insolvency proceedings or
                security enforcement actions in respect of a person shall be construed so as to include any equivalent or analogous proceedings or any equivalent and analogous person or appointee (respectively) under the law of the jurisdiction in which
                such person is established or incorporated or any jurisdiction in which such person carries on business including (in respect of proceedings) the seeking or occurrences of liquidation, winding-up, reorganisation, dissolution,
                administration, arrangement, adjustment, protection or relief of debtors;

            

       

      	

            	(xxix)	
              a provision of law is a reference to that provision as amended or re-enacted; and

            

       

      	

            	(xxx)	
              any applicable law or regulation which is a regulation or directive of the EU or which is an EU Treaty (as such expression is defined in the European Communities Act 1972) and which is given effect in the United Kingdom under the
                European Communities Act 1972 includes a reference to any other applicable law or regulation in force in the United Kingdom at any time after the repeal of the European Communities Act 1972 which is intended to give effect to the provisions
                of such regulation, directive of the EU or EU Treaty.

            

       

      	

            	(b)	
              Where in this Agreement a provision includes a monetary reference level in one currency, unless a contrary indication appears, such reference level is intended to apply equally to its equivalent in other currencies as of the relevant
                time for the purposes of applying such reference level to any other currencies.

            

       

      	

            	(c)	
              Section, clause and Schedule headings are for ease of reference only.

            

       

      	

            	(d)	
              Unless a contrary indication appears, a term used in any other Finance Document or in any notice given under or in connection with any Finance Document has the same meaning in that Finance Document or notice as in this Agreement.

            

       

      	

            	(e)	
              A Default (other than an Event of Default) is continuing if it has not been remedied or waived and an Event of Default is continuing if it has not been
                waived.

            

       

      	

            	(f)	
              Unless a contrary indication appears, in the event of any inconsistency between the terms of this Agreement and the terms of any other Finance Document when dealing with the same or similar subject matter, the terms of this Agreement
                shall prevail.

            

       

      	

            	(g)	
              A Compounded Rate Supplement overrides anything in:

            

       

      	

            	(i)	
              Schedule 10 (Compounded Rate Terms); or

            

       

      	

            	(ii)	
              any earlier Compounded Rate Supplement.

            

       

      
        32

        
          

      

      	

            	(h)	
              A Compounding Methodology Supplement overrides anything in:

            

       

      	

            	(i)	
              Schedule 11 (Daily Non‐Cumulative Compounded RFR Rate); or

            

       

      	

            	(ii)	
              any earlier Compounding Methodology Supplement.

            

       

      	

            	(i)	
              In respect of the liability of the Security Agent under this Agreement or any other Finance Document only, where the Security Agent is referred to in this Agreement or any other Finance Document as acting “reasonably” or in a
                “reasonable” manner or as coming to an opinion or determination that is “reasonable” (or any similar or analogous wording is used including any obligation not to be unreasonable or act unreasonably) or acting or exercising any discretion
                (or refraining from acting or exercising any discretion) this shall mean that the Security Agent shall be acting or exercising any discretion (or refraining from the same) or coming to an opinion or determination on the instructions of the
                Agent on behalf of the Majority Lenders or any other applicable group of Lenders acting reasonably and that the Security Agent shall be under no obligation to determine the reasonableness or unreasonableness of such instructions from Agent
                on behalf of the Majority Lenders or any other applicable group of Lenders or whether in giving such instructions, the Agent on behalf of the Majority Lenders or any other applicable group of Lenders are acting in a reasonable or
                unreasonable manner.

            

       

      
        
          	
                  1.3

                	
                  Third party rights

                

        

      

       

      	

            	(a)	
              Unless expressly provided to the contrary in a Finance Document for the benefit of a Finance Party or another Indemnified Person, a person who is not a party to a Finance Document has no right
                under the Contracts (Rights of Third Parties) Act 1999 (the Third Parties Act) to enforce or enjoy the benefit of any term of the relevant Finance Document.

            

       

      	

            	(b)	
              Any Finance Document may be rescinded or varied by the parties to it without the consent of any person who is not a party to it (unless otherwise provided by this Agreement).

            

       

      	

            	(c)	
              An Indemnified Person who is not a party to a Finance Document may only enforce its rights under that Finance Document through a Finance Party and if and to the extent and in such manner as the Finance Party may determine.

            

       

      	1.4	
              Finance Documents

            

       

      Where any other Finance Document provides that this clause 1.4 shall apply to that Finance Document, any other provision of this Agreement which, by its terms, purports to apply to all or any of
        the Finance Documents and/or any Obligor shall apply to that Finance Document as if set out in it but with all necessary changes.

       

      	1.5	
              Conflict of documents

            

       

      The terms of the Finance Documents (other than as relates to the creation and/or perfection of security) are subject to the terms of this Agreement and, in the event of any conflict between any
        provision of this Agreement and any provision of any Finance Document (other than in relation to the creation and/or perfection of security) the provisions of this Agreement shall prevail.

       

      
        33

        
          

      

      Section 2 -  The Facility

       

      	2	
              The Facility

            

       

      	2.1	
              The Facility

            

       

      Subject to the terms of this Agreement, the Lenders make available to the Borrower a term loan facility in an amount equal to the Total Commitments as at the date of this Agreement.  The Total
        Commitments may be increased by amounts equal to the Commitment for Ship H and the Additional Advances in accordance with clauses 2.3 (Ship H) and 2.4 (Additional Advances).

       

      	2.2	
              Finance Parties' rights and obligations

            

       

      	

            	(a)	
              The obligations of each Finance Party under the Finance Documents are several.  Failure by a Finance Party to perform its obligations under the Finance Documents does not affect the obligations of any other Party under the Finance
                Documents.  No Finance Party is responsible for the obligations of any other Finance Party under the Finance Documents.

            

       

      	

            	(b)	
              The rights of each Finance Party under or in connection with the Finance Documents are separate and independent rights and any debt arising under the Finance Documents to a Finance Party from an Obligor is a separate and independent debt
                in respect of which a Finance Party shall be entitled to enforce its rights in accordance with paragraph (c) below. The rights of each Finance Party include any debt owing to that Finance Party under the Finance Documents and, for the
                avoidance of doubt, any part of the Loan or any other amount owed by an Obligor which relates to a Finance Party's participation in a Facility or its role under a Finance Document (including any such amount payable to the Agent on its
                behalf) is a debt owing to that Finance Party by that Obligor.

            

       

      	

            	(c)	
              A Finance Party may, except as specifically provided in the Finance Documents (including, without limitation, clauses 35.27 (All enforcement action through the Security Agent)) and 37.2 (Finance Parties acting together), separately enforce its rights under or in connection with the Finance Documents.

            

       

      
        	
                2.3

              	
                Ship H

              

      

       

      	

            	(a)	
              The Commitment for Ship H identified in clause 5.3(c) (Currency and amount) may only be borrowed under this Agreement if:

            

       

      	

            	(i)	
              no Event of Default has occurred and is continuing or would result from making such Commitment including, without limitation, compliance with clause 20 (Financial

                  Covenants) and clause 25 (Minimum security value);

            

       

      	

            	(ii)	
              the Borrower has requested the Total Commitments to be increased to an amount of up to such Commitment for Ship H;

            

       

      	

            	(iii)	
              one or more of the Original Lenders or, as the case may be, Accordion Lenders have agreed to increase the Total Commitments by the amount of up to such Commitment for Ship H and the Agent shall have notified the Borrower accordingly and
                the Borrower has provided such know-your-customer documentation to the Agent of the nature set out in clause 19.12 ("Know your customer" checks) as the Agent may require to carry out and satisfy its “Know your customer” checks in relation
                to such Accordion Lender;

            

       

      
        34

        
          

      

      	

            	(b)	
              No Original Lender shall be obliged to participate in any Commitment for Ship H and such Commitment for Ship H shall be subject to agreement with the Borrower on any fees payable with respect to such Commitment for Ship H and such other
                terms and conditions (if any) required by any Original Lender that participates in such Commitment for Ship H and any new Lender that participates in such Commitment for Ship H (or the Additional Advances) (an Accordion Lender) in each case, on no better economic terms than are applicable to the Original Lenders prior to the date of such Commitment for Ship H.

            

       

      	

            	(c)	
              Subject to clauses 2.3(a) and (b) inclusive, the Borrower may increase the Total Commitments by delivering an Increase Confirmation to the Agent not later than five Business Days prior to the
                relevant increase date (being a date not later than six months after the first Utilisation) (the Increase Date). An Increase Confirmation is irrevocable. Each Lender irrevocably authorises the Agent
                to sign an Increase Confirmation pursuant to this clause.

            

       

      	

            	(d)	
              On the date that any Commitment for Ship H is made:

            

       

      	

            	(i)	
              the amount of the participations of each Original Lender and/or Accordion Lender which participates in the Commitment for Ship H will be as set out in the relevant Increase Confirmation;

            

       

      	

            	(ii)	
              each relevant Accordion Lender shall become a Party as a Lender;

            

       

      	

            	(iii)	
              each of the Obligors and each Lender which participates in the Commitment for Ship H shall assume obligations towards one another and/or acquire rights against one another as they would have acquired or assumed had each Lender which
                participates in the Commitment for Ship H been an Original Lender with the rights and obligations acquired and assumed by it as a result of providing its participation in the Commitment for Ship H; and

            

       

      	

            	(iv)	
              the Finance Parties and the Accordion Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the Accordion Lenders been Original Lenders with the rights and
                obligations acquired and assumed by them as a result of their participation in the Commitment for Ship H.

            

       

      
        	
                2.4

              	
                Additional Advances

              

      

       

      	

            	(a)	
              One or more Additional Advances up to the amount identified in clause 5.3(d) (Currency and amount) may only be borrowed under this Agreement if:

            

       

      	

            	(i)	
              no Event of Default has occurred and is continuing or would result from making such Commitment including, without limitation, compliance with clause 20 (Financial

                  Covenants) and clause 25 (Minimum security value);

            

       

      	

            	(ii)	
              the Borrower has requested   the Total Commitments to be increased to an amount of up to each such Additional Advance;

            

       

      
        35

        
          

      

      	

            	(iii)	
              one or more of the Original Lenders or, as the case may be, Accordion Lenders have agreed to increase the Total Commitments by the amount of the relevant Additional Advance and the Agent shall have notified the Borrower accordingly and
                the Borrower has provided such know-your-customer documentation to the Agent of the nature set out in clause 19.12 ("Know your customer" checks) as the Agent may require to carry out and satisfy its
                “Know your customer” checks in relation to such Accordion Lender;

            

       

      	

            	(b)	
              No Original Lender shall be obliged to participate in any Additional Advance and each such Additional Advance shall be subject to agreement with the Borrower on any fees payable with respect to each such Additional Advance and such other
                terms and conditions (if any) required by any Original Lender that participates in each such Additional Advance and any Accordion Lender that participates in each such Additional Advance, in each case, on no better economic terms than are
                applicable to the Original Lenders prior to the date of such Additional Advance.

            

       

      	

            	(c)	
              Subject to clauses 2.4(a) and (b) inclusive, the Borrower may increase the Total Commitments by delivering an Increase Confirmation to the Agent not later than five Business Days prior to the
                relevant Increase Date (being a date not later than six months after the first Utilisation). An Increase Confirmation is irrevocable. Each Lender irrevocably authorises the Agent to sign Increase Confirmations pursuant to this clause.

            

       

      	

            	(d)	
              On the date that any Additional Advance is made:

            

       

      	

            	(i)	
              the amount of the participations of each Original Lender and/or Accordion Lender which participates in any Additional Advance will be as set out in the relevant Increase Confirmation;

            

       

      	

            	(ii)	
              each relevant Accordion Lender shall become a Party as a Lender;

            

       

      	

            	(iii)	
              each of the Obligors and each Lender which participates in any Additional Advance shall assume obligations towards one another and/or acquire rights against one another as they would have acquired or assumed had each Lender which
                participates in any Additional Advance been an Original Lender with the rights and obligations acquired and assumed by it as a result of providing its participation in any Additional Advance; and

            

       

      	

            	(iv)	
              the Finance Parties and the Accordion Lenders shall acquire the same rights and assume the same obligations between themselves as they would have acquired and assumed had the Accordion Lenders been Original Lenders with the rights and
                obligations acquired and assumed by them as a result of their participation in any Additional Advance.

            

       

      	3	
              Purpose

            

       

      	3.1	
              Purpose

            

       

      The Borrower shall apply all amounts borrowed under the Facility in accordance with this clause 3.

       

      
        36

        
          

      

      	3.2	
              General corporate purposes and refinancing of Golar Eskimo

            

       

      The Commitments shall be made available solely for general corporate purposes of the Obligors including payment of dividends or equity contributions to NFE.

       

      	3.3	
              Monitoring

            

       

      No Finance Party is bound to monitor or verify the application of any amount borrowed pursuant to this Agreement.

       

      	4	
              Conditions of Utilisation

            

       

      	4.1	
              Initial conditions precedent

            

       

      The Lenders will only be obliged to comply with clause 5.3 (Lenders' participation) in relation to any Utilisation if on or before the Utilisation Date
        for that Utilisation, the Agent, or its duly authorised representative, has received or is satisfied that it will receive on the date that the relevant Commitments are made available all of the documents and other evidence listed in Part 1 of
        Schedule 3 (Conditions precedent to any Utilisation) in form and substance satisfactory to the Agent.

       

      	4.2	
              Ship and security conditions precedent

            

       

      	

            	(a)	
              The Commitments relative to the first Utilisation shall only become available for borrowing under this Agreement if the Agent, or its duly authorised representative, has received all of the documents and evidence listed in Part 2 of
                Schedule 3 (Ship and security conditions precedent) in form and substance satisfactory to the Agent.

            

       

      	

            	(b)	
              Subject to the satisfaction of the conditions set out in clause 2.4 (Additional Advances), each Additional Advance can be borrowed if the Agent, or its duly authorised representative, has received evidence of the registration of a
                mortgage amendment in favour of the Security Agent in respect of all of the Ships which are subject to a Mortgage in a form and substance acceptable to the Agent and all of the documents and evidence listed in paragraphs 1, 5 and 8 of Part
                2 of Schedule 3 (Ship and security conditions precedent) relative to such mortgage amendments in form and substance satisfactory to the Agent.

            

       

      	4.3	
              Golar Eskimo and security conditions precedent

            

       

      The Commitment for Ship H shall only become available for borrowing under this Agreement if the Agent, or its duly authorised representative, has received all of the documents and evidence
        listed in Part 3 of Schedule 3 (Conditions Precedent required to be delivered by the Additional Guarantor) and Part 4 of Schedule 3 (Ship and security conditions precedent)
        in form and substance satisfactory to the Agent.

       

      	4.4	
              Notice to Lenders

            

       

      The Agent shall notify the Lenders and the Borrower promptly upon receipt and being satisfied with all of the documents and evidence referred to in this clause 4 in form and substance
        satisfactory to it.  Other than to the extent that the Majority Lenders notify the Agent in writing to the contrary before the Agent gives any such notification, the Lenders authorise (but do not require) the Agent to give that notification.  The
        Agent shall not be liable for any damages, costs or losses whatsoever as a result of giving any such notification.

       

      
        37

        
          

      

      	4.5	
              Further conditions precedent

            

       

      The Lenders will only be obliged to comply with clause 5.3 (Lenders' participation) if:

       

      	

            	(a)	
              on the date of the Utilisation Request and on the proposed Utilisation Date, no Default is continuing or would result from the proposed Utilisation;

            

       

      	

            	(b)	
              on the date of the Utilisation Request and on the proposed Utilisation Date, the Repeating Representations are true and, in relation to the first Utilisation, all of the other representations set out in clause 18 (Representations) (other than the Ship Representations) are true; and

            

       

      	

            	(c)	
              where the proposed Utilisation Date is to be the first day of the Mortgage Period for a Ship, the Ship Representations for that Ship are true on the proposed Utilisation Date.

            

       

      	4.6	
              Waiver of conditions precedent

            

       

      The conditions in this clause 4 are inserted solely for the benefit of the Finance Parties and may be waived on their behalf in whole or in part and with or without conditions by the Agent
        acting on the instructions of the Majority Lenders.

       

      	4.7	
              Conditions subsequent

            

       

      The Borrower shall provide to the Agent:

       

      	

            	(a)	
              within thirty days of the date of this Agreement and only with respect to the first Utilisation, the compliance certificate referred to under paragraph 3(f) of Part 1 of Schedule 3 (Conditions precedent
                  to any Utilisation);

            

       

      	

            	(b)	
              evidence of the service on any relevant charterers of the notices of assignment required under paragraph 2(c) of Part 2 of Schedule 3 (Ship and security conditions precedent) (except in respect of
                Ship F) within ten Business Days of the relevant Utilisation Date (and the Borrower and relevant assignor shall exercise commercially reasonable efforts to obtain the acknowledgments to such notices of assignment);

            

       

      	

            	(c)	
              if Quiet Enjoyment Letters are required by the relevant Time Charterer pursuant to the terms of the relevant Time Charter, originals of the duly executed and dated Quiet Enjoyment Letters as soon as practicable after signing thereof by
                the relevant Time Charterer;

            

       

      	

            	(d)	
              the documents and evidence set out in paragraphs 2(a), (b), (c), (d), 4 and 11 of Part 2 of Schedule 3 (Ship and security conditions precedent) with respect to Ship F as soon as practicable after
                signing of any required Quiet Enjoyment Letter in respect of Ship F pursuant to clause 4.7(b);

            

       

      	

            	(e)	
              the documents and evidence set out in (i) paragraph 3(b) of Part 1 of Schedule 3 (Conditions precedent to any Utilisation) and (ii) paragraph 10 of Part 2 of Schedule 3 (Ship and security conditions precedent) and any legal opinion with respect to the jurisdiction in which an Obligor is incorporated (with reference to the Account Security) or in which an Account is opened, in each case
                within ten Business Days of the first Utilisation Date. For the avoidance of doubt, no Accounts are anticipated being opened with respect to the Bareboat Charterer of Ship A or the Owner and Bareboat Charterer of Ship B for the purposes of
                this condition subsequent; and

            

       

      
        38

        
          

      

      	

            	(f)	
              evidence that any Account required to be established under clause 27 (Bank accounts) with Citibank N.A., London Branch has been opened and established, that any Account Security in respect of each
                such Account (other than relative to Ship H)  has been executed and delivered by the relevant Account Holder in favour of the Security Agent and that any notice required to be given to the Account Bank under that Account Security has been
                given to it and acknowledged by it in the manner required by that Account Security and that an amount has been credited to it, in each case, within 90 days of the first Utilisation Date.

            

       

      For the avoidance of doubt, (other than clause 4.7(a) which shall only apply in respect of the first Utilisation) the conditions subsequent listed in this clause 4.7 shall not be required as
        conditions precedent to any Utilisation.

       

      
        39

        
          

      

      Section 3 -  Utilisation

       

      	5	
              Utilisation

            

       

      	5.1	
              Delivery of a Utilisation Request

            

       

      The Borrower may utilise the Facility by delivery to the Agent of a duly completed Utilisation Request not later than 11 a.m. three Business Days before the proposed Utilisation Date it being acknowledged that, for the first Utilisation only, a duly completed Utilisation Request may be submitted one Business Day before the proposed Utilisation Date.

       

      	5.2	
              Completion of a Utilisation Request

            

       

      	

            	(a)	
              A Utilisation Request is irrevocable and will not be regarded as having been duly completed unless:

            

       

      	

            	(i)	
              the proposed Utilisation Date is a Business Day falling on or before the Last Availability Date;

            

       

      	

            	(ii)	
              the currency and amount of the Utilisation comply with clause 5.3 (Currency and amount);

            

       

      	

            	(iii)	
              the proposed Interest Period complies with clause 9 (Interest Periods); and

            

       

      	

            	(iv)	
              it identifies the purpose for the Utilisation and that purpose complies with clause 3 (Purpose).

            

       

      	

            	(b)	
              Only one Advance may be requested in each Utilisation Request.

            

       

      	5.3	
              Currency and amount

            

       

      	

            	(a)	
              The currency specified in a Utilisation Request must be dollars.

            

       

      	

            	(b)	
              The amount of the first proposed Advance shall, subject to the terms of this Agreement, not exceed the lower of (i) $430,000,000 and (ii) such amount as shall equal 70% of the aggregate Vessel Values of the Ships subject to a Mortgage.

            

       

      	

            	(c)	
              Subject to clause 2.3 (Ship H), the amount of the proposed Advance in respect of Ship H shall, subject to the terms of this Agreement, not exceed the lower of (i) $155,000,000 and (ii) such amount
                as shall when aggregated with the Loan equal 70% of the Vessel Values of the Ships subject to a Mortgage.

            

       

      	

            	(d)	
              Subject to clause 2.4 (Additional Advances), the amount of the proposed Additional Advance shall, subject to the terms of this Agreement, not exceed the lower of (i) $135,000,000 less any previous
                Additional Advances which have been borrowed and (ii) such amount as shall when aggregated with the Loan equal 70% of the Vessel Values of the Ships subject to a Mortgage.

            

       

      	

            	(e)	
              The amount of each proposed Advance must not exceed (when aggregated with the outstanding Loan) the Total Commitments (as the same may be increased in accordance with clauses 2.3 (Ship H) and 2.4
                (Additional Advances).

            

       

      
        40

        
          

      

      	5.4	
              Lenders' participation

            

       

      	

            	(a)	
              If the conditions set out in this Agreement have been met and subject to clause 6 (Repayment), each Lender shall make its participation in each Advance available by the relevant Utilisation Date
                through its Facility Office.

            

       

      	

            	(b)	
              The amount of each Lender's participation in an Advance will be equal to the proportion borne by its undrawn Commitment to the undrawn Total Commitments immediately prior to making such Advance.

            

       

      	

            	(c)	
              The Agent shall promptly notify each Lender of the amount of each Advance and the amount of its participation in such Advance and, if different, the amount of that participation to be made available in accordance with clause 39.1 (Payments to the Agent), in each case by 11:00 a.m. on the Quotation Day. The amount of each proposed Advance must not exceed (when aggregated with the outstanding Loan) the Total Commitments.

            

       

      	

            	(d)	
              The Agent shall pay all amounts received by it in respect of each Advance (and its own participation in it, if any) to the Borrower or for its account in accordance with the instructions contained in the relevant Utilisation Request.

            

       

      
        41

        
          

      

      Section 4 -  Repayment, Prepayment and Cancellation

       

      	6	
              Repayment

            

       

      	6.1	
              Repayment

            

       

      The Borrower shall on each Repayment Date repay such part of the Loan as is required to be repaid by clause 6.2 (Scheduled repayment of Facility).

       

      	6.2	
              Scheduled repayment of Facility

            

       

      	

            	(a)	
              To the extent not previously reduced, the Loan shall be repaid by instalments on each Repayment Date by the amount specified for such Repayment Date below (as may be revised by clause 6.3 (Adjustment of
                  scheduled repayments)):

            

       

      	
              Repayment Date

            	
              Amount ($)

            
	
              First to Twelfth

            	
              15,357,142.86

            

      

      

      	

            	(b)	
              Subject to clauses 2.3 (Ship H) and 2.4 (Additional Advances), the Borrower and the Agent shall agree a replacement repayment schedule in clause 6.2(a) in
                the relevant Increase Confirmation, which replacement repayment schedule shall reflect a straight line amortisation profile of the Loan (as so increased) to zero seven years after the first Utilisation Date.

            

       

      	

            	(c)	
              A balloon repayment in an amount equal to the amount of the Loan less the amount of the instalments referred to in clause 6.2(a) above shall be payable together with the final instalment.

            

       

      	

            	(d)	
              On the Final Repayment Date (without prejudice to any other provision of this Agreement), the Loan and all other amounts owing under this Agreement and any of the other Finance
                Documents shall be repaid in full.

            

       

      	6.3	
              Adjustment of scheduled repayments

            

       

      If the Total Commitments have been partially reduced under this Agreement and/or any part of the Loan is prepaid (other than under clause 6.2 (Scheduled
          repayment of Facility)) before any Repayment Date, then the amount of the instalment by which the Loan shall be repaid under clause 6.2 (Scheduled repayment of Facility) on any such Repayment Date
        (as reduced by any earlier operation of this clause 6.3) shall be reduced pro rata (including any balloon instalment) to such reduction in the Total Commitments.

       

      	7	
              Illegality, prepayment and cancellation

            

       

      	7.1	
              Illegality

            

       

      If, in any applicable jurisdiction, it becomes unlawful or contrary to any Sanctions Laws (other than as a result of a Sanctions Event, in which case clause 7.2 (Sanctions

          Event) shall apply) for any Lender to perform any of its obligations as contemplated by this Agreement or to fund or maintain its participation in the Loan or it becomes unlawful or contrary to any Sanctions Laws (other than as a result of
        a Sanctions Event, in which case clause 7.2 (Sanctions Event) shall apply) for any Affiliate of a Lender for that Lender to do so:

       

      
        42

        
          

      

      	

            	(a)	
              that Lender shall promptly notify the Agent (if applicable, providing reasonable detail of the relevant Sanctions Laws, to the extent permitted by law and regulation) upon becoming aware of that event;

            

       

      	

            	(b)	
              upon the Agent notifying the Borrower, the Commitment of that Lender will be immediately cancelled and the Total Commitments shall be reduced rateably; and

            

       

      	

            	(c)	
              to the extent that the Lender’s participation has not been assigned pursuant to clause 7.7 (Right of replacement or cancellation and prepayment in relation to a single Lender), the Borrower shall
                prepay that Lender's participation in the Loan on the last day of the Interest Period for the Loan occurring after the Agent has notified the Borrower or, if earlier, the date specified by the Lender in the notice delivered to the Agent
                (being no earlier than the last day of any applicable grace period permitted by law).

            

       

      	7.2	
              Sanctions Event

            

       

      If a Sanctions Event occurs:

       

      	

            	(a)	
              the Obligors shall promptly notify the Agent of that Sanctions Event, and the Agent shall then notify each Lender thereof; and

            

       

      	

            	(b)	
              each Lender may (regardless of whether it has received any notice) cancel its Commitment with immediate effect (and the Total Commitments shall be reduced rateably) and demand that the Borrower prepay that Lender’s participation in the
                Loan on the date specified by that Lender in a notice to the Borrower, such date being not less than three Business Days after that Lender’s notice to the Borrower or, if earlier, the date required by the relevant Sanctions Laws and/or
                Sanctions Authority.

            

       

      	7.3	
              Expropriation

            

       

      If the authority or ability of any Obligor to conduct its business is limited or wholly or substantially curtailed by any seizure, expropriation or nationalisation in relation to any Ship owned
        by an Obligor and such curtailment is not remedied within 30 days, the Total Commitments shall be reduced by the Applicable Fraction of the Total Commitments and the Borrower shall prepay the Applicable Fraction of the Loan on the date of the
        expiry of such 30 day period.

       

      	7.4	
              Change of control

            

       

      	

            	(a)	
              The Borrower shall promptly notify the Agent upon any Obligor becoming aware of a Change of Control.

            

       

      	

            	(b)	
              If there is a Change of Control, the Agent shall cancel the Total Commitments and the Borrower shall prepay the Loan in full together with any other amounts owing under this Agreement or any of the other Finance Documents, on or prior to
                the date which is 30 days after the date on which the Change of Control occurred.

            

       

      	7.5	
              Voluntary cancellation

            

       

      The Borrower may, if it gives the Agent not less than ten Business Days' (or such shorter period as the Agent and the Majority Lenders may agree) prior notice, cancel the whole or any part
        (being a minimum amount of $5,000,000) of the Facility. Upon any such cancellation the Total Commitments shall be reduced by the same amount and the relevant Commitments of the Lenders reduced pro rata.

       

      
        43

        
          

      

      	7.6	
              Voluntary prepayment

            

       

      The Borrower may, if it gives the Agent (in its own capacity in the case of a prepayment of the whole or any part of a Compounded Rate Loan) not less than ten Business Days' prior written
        notice, prepay the whole or any part of the Loan (but if in part, being an amount that reduces the amount of the Loan by a minimum amount of $5,000,000 and is a multiple of $5,000,000), on the last day of an Interest Period in respect of the amount
        to be prepaid. No more than four prepayments may be made in a calendar year.

       

      	7.7	
              Right of replacement or cancellation and prepayment in relation to a single Lender

            

       

      	

            	(a)	
              If:

            

       

      	

            	(i)	
              any sum payable to any Lender by an Obligor is required to be increased under clause 12.2 (Tax gross-up);

            

       

      	

            	(ii)	
              any Lender claims indemnification from the Borrower under clause 12.3 (Tax indemnity) or clause 13 (Increased Costs); or

            

       

      	

            	(iii)	
              any Lender becomes a Defaulting Lender,

            

       

      the Borrower may, whilst the circumstance giving rise to the requirement for that increase or indemnification continues or whilst the relevant Lender continues to be a Defaulting Lender, give the
        Agent notice of cancellation of the Commitments of that Lender and its intention to procure the repayment of that Lender's participation in the Loan or give the Agent notice of its intention to replace that Lender in accordance with clause 7.7(d).

       

      	

            	(b)	
              On receipt of a notice referred to in clause 7.7(a) above, the Commitments of that Lender shall immediately be reduced to zero and (unless the Commitments of the relevant Lender are replaced in accordance with clause 7.7(d)) the Total
                Commitments shall be reduced accordingly. The Agent shall as soon as practicable after receipt of a notice referred to in clause 7.7(a)(iii) above, notify all the Lenders.

            

       

      	

            	(c)	
              On the last day of each Interest Period which ends after the Borrower has given notice under clause 7.7(a) above in relation to a Lender (or, if earlier, the date specified by the Borrower in that notice), the Borrower shall repay that
                Lender's participation in the Loan and that Lender’s corresponding Commitment shall be immediately cancelled in the amount of the participations repaid.

            

       

      	

            	(d)	
              The Borrower may, in the circumstances set out in clause 7.7(a), on 15 Business Days' prior notice to the Agent and that Lender or in the circumstances set out in clause 7.1 (Illegality), on 15
                Business Days' prior notice to the Agent and that Lender (subject to such period not extending beyond the earlier of the dates referred to in clause 7.1(c) (Illegality)), replace that Lender by
                requiring that Lender to assign (and, to the extent permitted by law, that Lender shall assign) pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its rights under this
                Agreement to a Lender or other bank, financial institution or fund selected by the Borrower which confirms its willingness to undertake and does undertake all the obligations of the assigning Lender in accordance with clause 33 (Changes to the Lenders) for a purchase price in cash or other cash payment payable at the time of the assignment equal to the aggregate of:

            

       

      
        44

        
          

      

      	

            	(i)	
              the outstanding principal amount of such Lender's participation in the Loan;

            

       

      	

            	(ii)	
              all accrued interest owing to such Lender;

            

       

      	

            	(iii)	
              the Break Costs which would have been payable to such Lender pursuant to clause 10.5 (Break Costs) had the Borrower prepaid in full that Lender's participation in the Loan on the date of the
                assignment; and

            

       

      	

            	(iv)	
              all other amounts payable to that Lender under the Finance Documents on the date of the assignment.

            

       

      	

            	(e)	
              The replacement of a Lender pursuant to clause 7.7(d) shall be subject to the following conditions:

            

       

      	

            	(i)	
              the Borrower shall have no right to replace the Agent;

            

       

      	

            	(ii)	
              neither the Agent nor any Lender shall have any obligation to find a replacement Lender;

            

       

      	

            	(iii)	
              in no event shall the Lender replaced under clause 7.7(d) be required to pay or surrender any of the fees received by such Lender pursuant to the Finance Documents; and

            

       

      	

            	(iv)	
              the Lender shall only be obliged to assign its rights pursuant to clause 7.7(d) above once it is satisfied that it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations in
                relation to that assignment.

            

       

      	

            	(f)	
              A Lender shall perform the checks described in clause 7.7(e)(iv) above as soon as reasonably practicable following delivery of a notice referred to in clause 7.7(d) above and shall notify the Agent and the Borrower when it is satisfied
                that it has complied with those checks.

            

       

      	7.8	
              Sale or Total Loss

            

       

      	

            	(a)	
              If a Ship becomes a Total Loss before the Total Commitments have become available for borrowing under this Agreement, the Total Commitments shall immediately be reduced by the Applicable Fraction of the Total Commitments, provided that
                Ship F shall be disregarded from this clause until the condition subsequent set out in clause 4.7(c) (Condition subsequent) has been satisfied.

            

       

      	

            	(b)	
              On a Mandatory Repayment Date in relation to any of the Ships:

            

       

      	

            	(i)	
              the Total Commitments will be reduced by the Applicable Fraction of the Total Commitments; and

            

       

      	

            	(ii)	
              the Borrower shall prepay the Applicable Fraction of the Loan,

            

       

      and in the case of the sale of all or part of an Owner, a Bareboat Charterer, the Applicable Fraction shall relate to the Ship which is owned or chartered by such Owner or Bareboat Charterer,
        provided that Ship F shall be disregarded from this clause until the condition subsequent set out in clause 4.7(c) (Condition subsequent) has been satisfied.

       

      
        45

        
          

      

      	7.9	
              Unsecured Indebtedness

            

       

      If the Parent or any other Group Member raises any unsecured indebtedness, the Borrower shall apply such proceeds in part prepayment of the Loan within ten Business Days of the date of such
        financing.

       

      	7.10	
              Sale or transfer of equity in Hilli Episeyo Lessee or sale of Hilli Episeyo

            

       

      If the Parent sells or transfers any of the issued share capital or voting rights (or equivalent) in the Hilli Episeyo Lessee which it directly or indirectly owns or if the Hilli Episeyo is
        sold, the Borrower shall, on the date upon which such sale is completed by the transfer of title to the purchaser or transferee in exchange for payment of all or part of the relevant purchase price or other consideration, prepay the Loan in an
        amount of:

       

      	

            	(a)	
              if such sale occurs on or before the second anniversary of the date of this Agreement, not less than $100,000,000; or

            

       

      	

            	(b)	
              if such sale occurs after the second anniversary and on or before the third anniversary of the date of this Agreement, not less than $75,000,000.

            

       

      	7.11	
              Termination of Hilli Episeyo Charter

            

       

      If the Hilli Episeyo Charter is terminated, the Borrower shall, on the date on which such termination occurs, prepay the Loan in an amount of:

       

      	

            	(a)	
              if such termination occurs on or before the second anniversary of the first Utilisation Date, not less than $100,000,000; or

            

       

      	

            	(b)	
              if such termination occurs after the second anniversary and on or before the Final Repayment Date, not less than $75,000,000.

            

       

      	7.12	
              Sale or transfer of Nusantara Regas Satu or Golar Eskimo

            

       

      	

            	(a)	
              If the Nusantara Regas Satu is sold or the Parent sells or transfers any of the issued share capital or voting rights (or equivalent) in the Nusantara Regas Satu Owner which it directly or indirectly owns, the Borrower shall:

            

       

      	

            	(i)	
              on the date upon which any such sale or transfer is completed by the transfer of title to the purchaser in exchange for payment of all or part of the relevant purchase price or other consideration, prepay the Loan in an amount equal to
                the amount by which the sale proceeds for that vessel, shares, or voting rights exceed any outstanding Financial Indebtedness secured over the relevant vessel; or

            

       

      	

            	(ii)	
              with the approval of all the Lenders (such approval not to be unreasonably withheld or delayed), apply the amount by which the sale proceeds for that vessel, shares, or voting rights exceed any outstanding Financial Indebtedness secured
                over the relevant vessel towards replacement assets to grow the Group’s business.

            

       

      	

            	(b)	
              For the purposes of clause 7.12(a), if the consideration received for any sale or transfer of the vessel or shares described in clause 7.12(a) is not cash, such consideration shall be valued in accordance with a method, and by valuers
                (appointed by the Agent (at the cost of the Borrower)), approved by the Lenders and the Borrower, and such amount shall be deemed to be the “sale proceeds” for the purposes of calculating the amount of the Loan to be prepaid by the
                Borrower.

            

       

      
        46

        
          

      

      	

            	(c)	
              If the Golar Eskimo is sold (other than to the Golar Eskimo Lessee) or the Parent sells or transfers any of the issued share capital or voting rights (or equivalent) in the Golar Eskimo Lessee which it directly or indirectly owns, the
                Commitments relative to the second Advance of up to $150,000,000 shall automatically be cancelled.

            

       

      	7.13	
              Arrest of Ship

            

       

      If any Ship is arrested in exercise or purported exercise of any possessory lien or other claim and the relevant Owner fails to procure the release of that Ship within a period of 15 days
        thereafter (or such longer period as may be approved), the Total Commitments will be reduced by the Applicable Fraction of the Total Commitments and the Borrower shall prepay the Applicable Fraction of the Loan upon the expiry of such 15 day
        period.

       

      	7.14	
              Ship registration

            

       

      Except with approval of the Lenders, if the registration of any Ship under the laws and flag of its Flag State is:

       

      	

            	(a)	
              cancelled or terminated or, where applicable, not renewed and such registration is not reinstated or renewed (within 30 days provided there is no breach of IMO regulations); or

            

       

      	

            	(b)	
              only provisionally registered on the date of its Mortgage and that Ship is not permanently registered under such laws within 90 days of such date,

            

       

      the Total Commitments will be reduced by the Applicable Fraction of the Total Commitments and the Borrower shall prepay the Applicable Fraction of the Loan upon expiry of such 30 days’ period in
        the case of (a) above provided there is no breach of IMO regulations and otherwise on the date of such cancellation, termination or, non-renewal or, upon the expiry of such 90 days’ period in the case of (b) above.

       

      	7.15	
              Political risk

            

       

      If the Flag State of any Ship becomes involved in hostilities or civil war or there is a seizure of power in the Flag State or any such Relevant Jurisdiction by unconstitutional means if, in any
        such case, such event or circumstance, in the reasonable opinion of the Agent (acting on the instructions of the Lenders), has or is reasonably likely to have, a Material Adverse Effect and, within 30 days of notice from the Agent to do so, such
        action as the Agent (acting on the instructions of the Lenders) may require to ensure that such event or circumstance will not have such an effect has not been taken by the Borrower, the Total Commitments will be reduced by the Applicable Fraction
        of the Total Commitments and the Borrower shall prepay the Applicable Fraction of the Loan upon the expiry of such 30 days’ period.

       

      	7.16	
              Automatic cancellation

            

       

      Any part of the Total Commitments which has not become available by, or which is undrawn on, the Last Availability Date shall be automatically cancelled at close of business on the Last
        Availability Date. For the avoidance of doubt, no commitment commission shall be payable on the cancelled amount in these circumstances unless the Last Availability Date has been extended with approval and any part of the Total Commitments remains
        undrawn at the end of that period of extension.

       

      
        47

        
          

      

      	7.17	
              Restrictions

            

       

      	

            	(a)	
              Any notice of cancellation or prepayment given by any Party under this clause 7 shall be irrevocable and, unless a contrary indication appears in this Agreement, shall specify the date or dates upon which the relevant cancellation or
                prepayment is to be made and the amount of that cancellation or prepayment.

            

       

      	

            	(b)	
              Any prepayment under this Agreement shall be made together with accrued interest on the amount prepaid and, subject to any Break Costs for that Interest Period, without premium or penalty.

            

       

      	

            	(c)	
              The Borrower may not reborrow any part of the Facility which is prepaid or repaid.

            

       

      	

            	(d)	
              The Borrower shall not repay or prepay all or any part of the Loan or cancel all or any part of the Commitments except at the times and in the manner expressly provided for in this Agreement.

            

       

      	

            	(e)	
              No amount of the Commitments cancelled under this Agreement may be subsequently reinstated.

            

       

      	

            	(f)	
              If the Agent receives a notice under this clause 7 it shall promptly forward a copy of that notice to either the Borrower or the affected Lender, as appropriate.

            

       

      (g)

       

      	

            	(i)	
              Any prepayment required as a result of a cancellation in full of an individual Lender’s Commitment under clause 7.1 (Illegality) or clause 7.7 (Right of
                  cancellation and prepayment in relation to a single Lender) shall be applied in prepaying the relevant Lender’s participation in the Loan.

            

       

      	

            	(ii)	
              Any other prepayment shall be applied pro rata to each Lender’s participation in the Loan.

            

       

      	

            	(h)	
              Any prepayment under this Agreement shall be made together with payment to any Hedging Provider, of any amount falling due to the relevant Hedging Provider under a Hedging Contract as a result of the termination or close out of that
                Hedging Contract or any Hedging Transaction under it in accordance with clause 29.3 (Unwinding of Hedging Contracts) in relation to that prepayment.

            

       

      

      
        48

        
          

      

      Section 5 -  Costs of Utilisation

       

      
        	
                8A

              	
                Rate Switch

              

      

       

      
        	
                8A.1

              	
                Switch to Compounded Reference Rate

              

      

       

      Subject to clause 8A.2 (Delayed switch for the Term Rate Loans), on and from the Rate Switch Date:

       

      	

            	(a)	
              use of the Compounded Reference Rate will replace the use of LIBOR for the calculation of interest for the Loan; and

            

       

      	

            	(b)	
              each Loan and any Unpaid Sum shall be a "Compounded Rate Loan" and clause 8.2 (Calculation of interest – Compounded Rate Loan) shall apply to each such
                Loan or Unpaid Sum.

            

       

      
        	
                8A.2

              	
                Delayed switch for the Term Rate Loans

              

      

       

      If the Rate Switch Date falls before the last day of an Interest Period for a Term Rate Loan:

       

      	

            	(a)	
              that Loan shall continue to be a Term Rate Loan for that Interest Period and clause 8.1 (Calculation of interest – Term Rate Loans) shall continue to apply to that Loan for that Interest Period;

            

       

      	

            	(b)	
              any provision of this Agreement which is expressed to relate to a Compounded Rate Loan shall not apply in relation to that Loan for that Interest Period; and

            

       

      	

            	(c)	
              on and from the first day of the next Interest Period (if any) for that Loan:

            

       

      	

            	(i)	
              that Loan shall be a "Compounded Rate Loan"; and

            

       

      	

            	(ii)	
              clause 8.2 (Calculation of interest – Compounded Rate Loans) shall apply to that Loan.

            

       

      
        	
                8A.3

              	
                Early termination of Interest Periods for existing Term Rate Loans

              

      

       

      If:

       

      	

            	(a)	
              an Interest Period for a Term Rate Loan would otherwise end on a day which falls after the Rate Switch Date; and

            

       

      	

            	(b)	
              prior to the date of selection of that Interest Period:

            

       

      	

            	(i)	
              the Backstop Rate Switch Date was scheduled to occur during that Interest Period; or

            

       

      	

            	(ii)	
              notice of a Rate Switch Trigger Event Date falling during that Interest Period had been given pursuant to clause 8A.4(a)(ii) (Notifications by Agent),

            

       

      that Interest Period will instead end on the Rate Switch Date.

       

      
        49

        
          

      

      
        	
                8A.4

              	
                Notifications by Agent

              

      

       

      	

            	(a)	
              Following the occurrence of a Rate Switch Trigger Event, the Agent shall:

            

       

      	

            	(i)	
              promptly upon becoming aware of the occurrence of that Rate Switch Trigger Event, notify the Borrower and the Lenders of that occurrence; and

            

       

      	

            	(ii)	
              promptly upon becoming aware of the date of the Rate Switch Trigger Event Date applicable to that Rate Switch Trigger Event, notify the Borrower and the Lenders of that date.

            

       

      	

            	(b)	
              The Agent shall, promptly upon becoming aware of the occurrence of the Rate Switch Date, notify the Borrower and the Lenders of that occurrence.

            

       

      	

            	(c)	
              The Parties agree that the FCA Cessation Announcement constitutes a Rate Switch Trigger Event in relation to the events described in paragraphs (a)(ii), (iii) and (iv) and (b) of the definition of Rate Switch Trigger Event, that the Rate
                Switch Trigger Event Date applicable to such Rate Switch Trigger Event will be 1 July 2023 and that the Agent is not under any obligation under paragraph 8A.4(a) above to notify any Party of such Rate Switch Trigger Event or Rate Switch
                Trigger Event Date resulting from the FCA Cessation Announcement.

            

       

      	

            	(d)	
              For the purposes of clause 8A.4(c) above, the FCA Cessation Announcement means the announcement on 5 March 2021 by the UK's Financial Conduct Authority that all LIBOR settings will, as of certain
                specified future dates, either cease to be provided by any administrator or no longer be representative of the market and economic reality that they are intended to measure and that such representativeness will not be restored.

            

       

      	8	
              Interest

            

       

      	8.1	
              Calculation of interest – Term Rate Loans

            

       

      The rate of interest on each Term Rate Loan (or any relevant part of it for which there is a separate Interest Period) for each Interest Period is the percentage rate per annum which is the
        aggregate of the applicable:

       

      	

            	(a)	
              Margin; and

            

       

      	

            	(b)	
              LIBOR.

            

       

      	8.2	
              Calculation of interest – Compounded Rate Loans

            

       

      	

            	(a)	
              The rate of interest on each Compounded Rate Loan (or any relevant part of it for which there is a separate Interest Period) for any day during an Interest Period is the percentage rate per annum which is the aggregate of the applicable:

            

       

      	

            	(i)	
              Margin; and

            

       

      	

            	(ii)	
              Compounded Reference Rate for that day.

            

       

      	

            	(b)	
              If any day during an Interest Period for a Compounded Rate Loan is not an RFR Banking Day, the rate of interest on that Compounded Rate Loan for that day will be the rate applicable to the immediately preceding RFR Banking Day.

            

       

      
        50

        
          

      

      	8.3	
              Payment of interest

            

       

      The Borrower shall pay accrued interest on the Loan on the last day of each Interest Period (and, if (other than for a Compounded Rate Loan) the Interest Period is longer than three months, on
        the dates falling at three monthly intervals after the first day of the Interest Period).

       

      	8.4	
              Default interest

            

       

      	

            	(a)	
              If an Obligor fails to pay any amount payable by it under a Finance Document (other than a Hedging Contract) on its due date, interest shall accrue on the overdue amount from the due date up to the date of actual payment (both before and
                after judgment) at a rate which, subject to clause 8.4(b) below, is 2 per cent per annum higher than the rate which would have been payable if the overdue amount had, during the period of non-payment, constituted the Loan for successive
                Interest Periods, each of a duration selected by the Agent (acting reasonably). Any interest accruing under this clause 8.4 shall be immediately payable by the Obligor on demand by the Agent.

            

       

      	

            	(b)	
              If any overdue amount consists of all or part of a Term Rate Loan (or any relevant part of it) which became due on a day which was not the last day of an Interest Period relating to that Loan or the relevant part of it:

            

       

      	

            	(i)	
              the first Interest Period for that overdue amount shall have a duration equal to the unexpired portion of the current Interest Period relating to that Loan; and

            

       

      	

            	(ii)	
              the rate of interest applying to the overdue amount during that first Interest Period shall be 2 per cent per annum higher than the rate which would have applied if the overdue amount had not become due.

            

       

      	

            	(c)	
              Default interest (if unpaid) arising on an overdue amount will be compounded with the overdue amount at the end of each Interest Period applicable to that overdue amount but will remain immediately due and payable.

            

       

      	8.5	
              Notification of rates of interest

            

       

      	

            	(a)	
              The Agent shall promptly notify the Lenders and the Borrower of the determination of a rate of interest under this Agreement relating to a Term Rate Loan.

            

       

      	

            	(b)	
              The Agent shall promptly upon a Compounded Rate Interest Payment being determinable notify:

            

       

      (i)          the Borrower of that Compounded Rate Interest Payment;

       

      	

            	(ii)	
              each Lender of the proportion of that Compounded Rate Interest Payment which relates to that Lender's participation in the relevant Compounded Rate Loan; and

            

       

      	

            	(iii)	
              the Lenders and the Borrower of each applicable rate of interest relating to the determination of that Compounded Rate Interest Payment.

            

       

      	

            	(c)	
              The Agent shall promptly notify the Borrower of each Funding Rate relating to the Loan (or any relevant part of it).

            

       

      	

            	(d)	
              This clause 8.5 shall not require the Agent to make any notification to any Party on a day which is not a Business Day.

            

       

      
        51

        
          

      

      	9	
              Interest Periods

            

       

      	9.1	
              Selection of Interest Periods

            

       

      	

            	(a)	
              The Borrower may select an Interest Period for the first Advance in the Utilisation Request for that Advance and (after the first Advance has been borrowed) may select an Interest Period for the Loan in a Selection Notice.

            

       

      	

            	(b)	
              The first Interest Period for the Loan shall start on the first Utilisation Date, the first Interest Period for any subsequent Advance, shall start on the relevant Utilisation Date and end on the last day of the then current Interest
                Period for the balance of the Loan and each subsequent Interest Period for the Loan shall start on the last day of its preceding Interest Period.

            

       

      	

            	(c)	
              Each Selection Notice is irrevocable and must be delivered to the Agent by the Borrower not later than 11:00 a.m. four Business Days before the last day of the then current Interest Period.

            

       

      	

            	(d)	
              If the Borrower fails to deliver a Selection Notice to the Agent in accordance with clause 9.1(a), the relevant Interest Period will, subject to clause 9.2 (Interest Periods overrunning Repayment Dates),

                be three months.

            

       

      	

            	(e)	
              Subject to this clause 9, the Borrower may select an Interest Period of three or six months or any other period agreed between the Borrower, the Agent and all of the Lenders.

            

       

      	

            	(f)	
              No Interest Period for a Compunded Rate Loan shall be longer than six months or shorter than one month.

            

       

      	

            	(g)	
              No Interest Period shall extend beyond the Final Repayment Date.

            

       

      	9.2	
              Interest Periods overrunning Repayment Dates

            

       

      If the Borrower selects an Interest Period for the Loan which would overrun any later Repayment Date for the Loan, the Loan shall be divided into parts corresponding to the amounts by which the
        Loan is scheduled to be repaid under clause 6.2 (Scheduled repayment of Facility) on each of the Repayment Dates falling during such Interest Period (each of which shall have a separate Interest Period
        ending on the relevant Repayment Date) and to the balance of the Loan (which shall have the Interest Period selected by the Borrower).

       

      	9.3	
              Non-Business Days

            

       

      	

            	(a)	
              Other than where paragraph (b) below applies, if an Interest Period would otherwise end on a day which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the
                preceding Business Day (if there is not).

            

       

      	

            	(b)	
              If the Loan is, or  an Unpaid Sum is in respect of, a Compounded Rate Loan and there are rules specified as "Business Day Conventions" in the Compounded Rate Terms, those rules shall apply to each Interest Period for that Loan or Unpaid
                Sum.

            

       

      	10	
              Changes to the calculation of interest

            

       

      	10.1	
              Unavailability of Screen Rate prior to Rate Switch Date

            

       

      	

            	(a)	
              If no Screen Rate is available for LIBOR for an Interest Period, LIBOR shall be the Interpolated Screen Rate for a period equal in length to that Interest Period.

            

       

      
        52

        
          

      

      	

            	(b)	
              If clause 10.1(a) above applies but no Interpolated Screen Rate is available for dollars or the relevant Interest Period, LIBOR shall be the most recent applicable Screen Rate for dollars and for a period equal in length to the Interest
                Period of that Loan (a Historic Screen Rate);

            

       

      	

            	(c)	
              If clause 10.1(b) above applied, but the Historic Screen Rate is not available for dollars or for a period equal in length to the Interest Period of that Loan, LIBOR shall be the rate (rounded to the same number of decimal places as the
                two relevant Screen Rates) which results from interpolating on a linear basis between:

            

       

      	

            	(i)	
              the most recent applicable Screen Rate for the longest period (for which that Screen Rate is available) which is less than the relevant Interest Period of the Loan or the relevant Unpaid Sum; and

            

       

      	

            	(ii)	
              the most recent applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the relevant Interest Period of the Loan or the relevant Unpaid Sum

            

       

      (the Historic Interpolated Screen Rate); and

       

      	

            	(d)	
              If clause 10.1(c) applies but it is not possible to calculate the Historic Interpolated Screen Rate, there shall be no LIBOR for that Interest Period and clause 10.3(a) (Cost of funds) shall apply
                for that Interest Period.

            

       

      	10.2	
               Market disruption

            

       

      In the case of a Term Rate Loan, if before close of business in London on the Quotation Day for an Interest Period the Agent receives notifications from a Lender or Lenders (whose participations
        in the Loan or relevant part of it exceed 35 per cent of the Loan or relevant part of it) that the cost to it of funding its participation in the Loan from whatever source it may reasonably select would be in excess of LIBOR then clause 10.3(a) (Cost of funds) shall apply to the Loan or relevant part of it for the relevant Interest Period.

       

      	10.3	
              Cost of funds

            

       

      	

            	(a)	
              If this clause 10.3 applies to a Term Rate Loan for an Interest Period, the rate of interest on each Lender’s share of that Loan or relevant part of it for that Interest Period shall be the sum of:

            

       

      	

            	(i)	
              the Margin; and

            

       

      	

            	(ii)	
              the weighted average (by reference to the Loans then outstanding of each Lender) of each rate notified to the Agent by each Lender as soon as practicable, and in any event before interest is due to be paid in respect of that Interest
                Period, to be that which expresses as a percentage rate per annum the cost to that Lender of funding its participation in that Loan from whatever source it may reasonably select, provided that in respect of any rate not so notified to the
                Agent, such Lender's proportion of the Loans then outstanding shall be disregarded for the purposes of calculation of the weighted average of all rates above.

            

       

      
        53

        
          

      

      	

            	(b)	
              If this clause 10.3 applies and the Agent or the Borrower so require, the Agent and the Borrower shall enter into negotiations (for a period of not more than 30 days) with a view to agreeing a substitute basis for determining the rate of
                interest.

            

       

      	

            	(c)	
              Any alternative basis agreed pursuant to clause 10.4(b) above shall, with the prior consent of all the Lenders and the Borrower, be binding on all Parties.

            

       

      	

            	(d)	
              If this clause 10.3 applies pursuant to clause 10.2 (Market disruption) and:

            

       

      	

            	(i)	
              a Lender's Funding Rate is less than LIBOR; or

            

       

      	

            	(ii)	
              a Lender does not supply a quotation by the time specified in clause 10.3(a)(a)(ii) above,

            

       

      the cost to that Lender of funding its participation in the Loan or relevant part of it for that Interest Period shall be deemed, for the purposes of clause 10.3(a) above, to be LIBOR.

       

      	

            	(e)	
              For the avoidance of doubt, this clause shall not apply to in respect of a Compounded Rate Loan.

            

       

      	10.4	
              Notification to Borrower

            

       

      If clause 10.3 (Cost of funds) applies, the Agent shall, as soon as is practicable, notify the Borrower.

       

      	10.5	
              Break Costs

            

       

      	

            	(a)	
              The Borrower shall, within three Business Days of demand by a Finance Party, pay to that Finance Party its Break Costs attributable to all or any part of the Term Rate  Loan or relevant part of it or Unpaid Sum being paid by the Borrower
                on a day other than the last day of an Interest Period for the Term Rate  Loan or relevant part of it or Unpaid Sum.

            

       

      	

            	(b)	
              Each Lender shall, as soon as reasonably practicable after a demand by the Agent, provide a certificate confirming the amount of its Break Costs for any Interest Period in which they accrue.

            

       

      	11	
              Fees

            

       

      	11.1	
              Commitment commission

            

       

      	

            	(a)	
              The Borrower shall pay to the Agent (for the account of each Lender) a fee in dollars computed at the rate of 40 per cent of the Margin per annum on the undrawn and uncancelled portion of that Lender's Commitments calculated on a daily
                basis from the date of this Agreement (the start date) until the Last Availability Date .

            

       

      
        54

        
          

      

      	

            	(b)	
              The Borrower shall pay the accrued commitment commission on the Last Availability Date unless the Last Availability Date is extended by the Lenders in which case the accrued commitment commission shall be payable on the last day of the
                period of one month commencing on the start date and on the last day of each successive period of one month. If the Commitments are cancelled in full, the Borrower shall pay accrued commitment commission on the cancelled amount of the
                Commitments at the time the cancellation is effective. For the avoidance of doubt, if the Commitments are drawn in full on or prior to the Last Availability Date (without extension) then no commitment commission is payable.

            

       

      	11.2	
              Fees

            

       

      The Borrower shall pay any fees set out in a Fee Letter in the amount and at the times agreed in the applicable Fee Letter.

       

      
        55

        
          

      

      Section 6 -  Additional Payment Obligations

       

      	12	
              Tax gross-up and indemnities

            

       

      	12.1	
              Definitions

            

       

      	

            	(a)	
              In this Agreement:

            

       

      Protected Party means a Finance Party which is or will be subject to any liability, or required to make any payment, for or on account of Tax in relation
        to a sum received or receivable (or any sum deemed for the purposes of Tax to be received or receivable) under a Finance Document.

       

      Tax Credit means a credit against, relief or remission for, or repayment of any Tax.

       

      Tax Deduction means a deduction or withholding for or on account of Tax from a payment under a Finance Document (other than a Hedging Contract), other than
        a FATCA Deduction.

       

      Tax Payment means either the increase in a payment made by an Obligor to a Finance Party under clause 12.2 (Tax gross-up)
        or a payment under clause 12.3 (Tax indemnity).

       

      Unless a contrary indication appears, in this clause 12.1 a reference to determines or determined means a
        determination made in the absolute discretion of the person making the determination.

       

      	12.2	
              Tax gross-up

            

       

      	

            	(a)	
              Each Obligor shall make all payments to be made by it under any Finance Document without any Tax Deduction, unless a Tax Deduction is required by law.

            

       

      	

            	(b)	
              The Borrower shall, promptly upon becoming aware that an Obligor must make a Tax Deduction (or that there is any change in the rate or the basis of a Tax Deduction), notify the Agent accordingly.  Similarly, a Lender shall notify the
                Agent on becoming so aware in respect of a payment payable to that Lender.  If the Agent receives such notification from a Lender it shall notify the Borrower and that Obligor.

            

       

      	

            	(c)	
              If a Tax Deduction is required by law to be made by an Obligor, the amount of the payment due from that Obligor under the relevant Finance Document shall be increased to an amount which (after making any Tax Deduction) leaves an amount
                equal to the payment which would have been due if no Tax Deduction had been required.

            

       

      	

            	(d)	
              If an Obligor is required to make a Tax Deduction, that Obligor shall make that Tax Deduction and any payment required in connection with that Tax Deduction within the time allowed and in the minimum amount required by law.

            

       

      	

            	(e)	
              Within 30 days of making either a Tax Deduction or any payment required in connection with that Tax Deduction, the Obligor making that Tax Deduction shall deliver to the Agent for the Finance Party entitled to the payment evidence
                reasonably satisfactory to that Finance Party that the Tax Deduction has been made or (as applicable) any appropriate payment paid to the relevant taxing authority.

            

       

      	

            	(f)	
              This clause 12.2 shall not apply in respect of any payments under any Hedging Contract, where the gross-up provisions of the relevant Hedging Master Agreement itself shall apply.

            

       

      
        56

        
          

      

      
        
          
          
            
              	
                      12.3

                    	
                      Tax indemnity

                    

            

          

          

          

          
            
              	 	
                      (a)

                    	
                      The Borrower shall (within three Business Days of demand by the Agent) pay to a Protected Party an amount equal to the loss, liability or cost which that Protected Party determines will be or has been (directly or indirectly)
                        suffered for or on account of Tax by that Protected Party in respect of a Finance Document.

                    

            

          

          

          

          	

                	(b)	
                  Clause 12.3(a) above shall not apply:

                

          

          

          
            
              	 	
                      (i)

                    	
                      with respect to any Tax assessed on a Finance Party:

                    

            

          

          

          

          	

                	(A)	
                  under the law of the jurisdiction in which that Finance Party is incorporated or, if different, the jurisdiction (or jurisdictions) in which that Finance Party is treated as resident for tax purposes; or

                

          

          

          	

                	(B)	
                  under the law of the jurisdiction in which that Finance Party's Facility Office is located in respect of amounts received or receivable in that jurisdiction,

                

          

          

          if that Tax is imposed on or calculated by reference to the net income received or receivable (but not any sum deemed to be received or receivable) by that Finance Party; or

          

          

          	

                	(ii)	
                  to the extent a loss, liability or cost:

                

          

          

          	

                	(A)	
                  is compensated for by an increased payment under clause 12.2 (Tax gross-up);

                

          

          

          	

                	(B)	
                  is compensated for by an increased payment under clause 12.5 (Indemnities on after Tax basis); or

                

          

          

          	

                	(C)	
                  relates to a FATCA Deduction required to be made by a Party or any Obligor which is not a Party.

                

          

          

          	

                	(c)	
                  A Protected Party making, or intending to make a claim under clause 12.3(a) above shall promptly notify the Agent of the event which will give, or has given, rise to the claim, following which the Agent shall notify the Borrower.

                

          

          

          	

                	(d)	
                  A Protected Party shall, on receiving a payment from an Obligor under this clause 12.3, notify the Agent.

                

          

          

          	12.4	
                  Tax Credit

                

          

          

          	

                	(a)	
                  If an Obligor makes a Tax Payment and the relevant Finance Party determines that:

                

          

          

          	

                	(i)	
                  a Tax Credit is attributable (A) to an increased payment of which that Tax Payment forms part, (B) to that Tax Payment or (C) to a Tax Deduction in consequence of which that Tax Payment was required; and

                

          

          

          	

                	(ii)	
                  that Finance Party has obtained and utilised that Tax Credit,

                

          

          

          the Finance Party shall pay an amount to the Obligor which that Finance Party determines will leave it (after that payment) in the same after-Tax position as it would have been in had the Tax
            Payment not been required to be made by the Obligor.

           

          

          
            57

            
              

          

          	12.5	
                  Indemnities on after Tax basis

                

          

          

          	

                	(a)	
                  If and to the extent that any sum (the Indemnity Sum) constituting (directly or indirectly) an indemnity to any Protected Party but paid by the Borrower to any person other than that Protected
                    Party, shall be treated as taxable in the hands of the Protected Party, the Borrower shall pay to that Protected Party such sum (the Compensating Sum) as (after taking into account any Tax
                    suffered by that Protected Party on the Compensating Sum) shall reimburse that Protected Party for any Tax suffered by it in respect of the Indemnity Sum.

                

          

          

          	

                	(b)	
                  For the purposes of this clause 12.5 a sum shall be deemed to be taxable in the hands of a Protected Party if it falls to be taken into account in computing the profits or gains of that Protected Party for the purposes of Tax and, if
                    so, that Protected Party shall be deemed to have suffered Tax on the relevant sum at the rate of Tax applicable to that Protected Party's profits or gains for the period in which the payment of the relevant sum falls to be taken into
                    account for the purposes of such Tax.

                

          

          

          	12.6	
                  FATCA Information

                

          

          

          	

                	(a)	
                  Subject to clause 12.6(c) below, each Party shall, within ten Business Days of a reasonable request by another Party:

                

          

          

          	

                	(i)	
                  confirm to that other Party whether it is:

                

          

          

          	

                	(A)	
                  a FATCA Exempt Party; or

                

          

          

          	

                	(B)	
                  not a FATCA Exempt Party;

                

          

          

          	

                	(ii)	
                  supply to that other Party such forms, documentation and other information relating to its status under FATCA as that other Party reasonably requests for the purposes of that other Party's compliance with FATCA; and

                

          

          

          	

                	(iii)	
                  supply to that other Party such forms, documentation and other information relating to its status as the other Party reasonably requests for the purposes of that other Party's compliance with any other law, regulation, or exchange of
                    information regime.

                

          

          

          	

                	(b)	
                  If a Party confirms to another Party pursuant to clause 12.6(a)(i) above that it is a FATCA Exempt Party and it subsequently becomes aware that it is not, or has ceased to be a FATCA Exempt Party, that Party shall notify that other
                    Party reasonably promptly.

                

          

          

          	

                	(c)	
                  Clause 12.6(a) above shall not oblige any Finance Party to do anything and clause 12.6(a)(iii) above shall not oblige any Party to do anything which would or might in its reasonable opinion constitute a breach of:

                

          

          

          	

                	(i)	
                  any law or regulation;

                

          

          

          	

                	(ii)	
                  any fiduciary duty; or

                

          

          

          	

                	(iii)	
                  any duty of confidentiality.

                

          

          

          If a Party fails to confirm whether or not it is a FATCA Exempt Party or to supply forms, documentation or other information requested in accordance with clause 12.6(a) above (including, for
            the avoidance of doubt, where clause 12.6(c) above applies), then such Party shall be treated for the purposes of the Finance Documents (and payments made under them) as if it is not a FATCA Exempt Party until such time as the Party in question
            provides the requested confirmation, forms, documentation or other information.

           

          

          
            58

            
              

          

          	12.7	
                  FATCA Deduction

                

          

          

          	

                	(a)	
                  Each Party may make any FATCA Deduction it is required to make by FATCA and any payment required in connection with that FATCA Deduction, and no Party shall be required to increase any payment in respect of which it makes such a
                    FATCA Deduction or otherwise compensate the recipient of the payment for that FATCA Deduction.

                

          

          

          	

                	(b)	
                  Each Party shall promptly, upon becoming aware that it must make a FATCA Deduction (or that there is any change in the rate or the basis of such FATCA Deduction) notify the Party to whom it is making the payment and, in addition,
                    shall notify the Borrower and the Agent and the Agent shall notify the other Finance Parties.

                

          

          

          	12.8	
                  Stamp taxes

                

          

          

          	

                	(a)	
                  The Borrower shall pay and, within three Business Days of demand, indemnify each Finance Party against any cost, loss or liability that Finance Party incurs in relation to all stamp duty, registration and other similar Taxes payable
                    in respect of any Finance Document.

                

          

          

          	

                	(b)	
                  Unless an Event of Default has occurred and is continuing, paragraph (a) above shall not apply in respect of any stamp duty, registration or other similar Taxes which are payable in respect of an assignment, transfer or other
                    alienation of any kind by a Finance Party of any of its rights and/or obligations under a Finance Document.

                

          

          

          	12.9	
                  Value added tax

                

          

          

          	

                	(a)	
                  All amounts expressed in a Finance Document to be payable by any party to a Finance Party which (in whole or in part) constitute the consideration for any supply for VAT purposes are deemed to be exclusive of any VAT which is
                    chargeable on that supply, and accordingly, subject to clause 12.9(b) below, if VAT is or becomes chargeable on any supply made by any Finance Party to any party under a Finance Document, and such Finance Party is required to account to
                    the relevant tax authority for the VAT, that party must pay to such Finance Party (in addition to and at the same time as paying any other consideration for such supply) an amount equal to the amount of the VAT (and such Finance Party
                    must promptly provide an appropriate VAT invoice to that party).

                

          

          

          	

                	(b)	
                  If VAT is or becomes chargeable on any supply made by any Finance Party (the Supplier) to any other Finance Party (the Recipient) under a Finance
                    Document, and any party to a Finance Document other than the Recipient (the Subject Party) is required by the terms of any Finance Document to pay an amount equal to the consideration for such
                    supply to the Supplier (rather than being required to reimburse or indemnify the Recipient in respect of that consideration):

                

          

          

          	

                	(i)	
                  (where the Supplier is the person required to account to the relevant tax authority for the VAT) the Subject Party must also pay to the Supplier (at the same time as paying that amount) an additional amount equal to the amount of the
                    VAT. The Recipient must (where this paragraph (a) applies) promptly pay to the Subject Party an amount equal to any credit or repayment the Recipient receives from the relevant tax authority which the
                    Recipient reasonably determines relates to the VAT chargeable on that supply; and

                

           

          

          
            59

            
              

          

          	

                	(ii)	
                  (where the Recipient is the person required to account to the relevant tax authority for the VAT) the Subject Party must promptly, following demand from the Recipient, pay to the Recipient an amount equal to the VAT chargeable on
                    that supply but only to the extent that the Recipient reasonably determines that it is not entitled to credit or repayment from the relevant tax authority in respect of that VAT.

                

          

          

          	

                	(c)	
                  Where a Finance Document requires any party to it to reimburse or indemnify a Finance Party for any cost or expense, that party shall reimburse or indemnify (as the case may be) such Finance Party for the full amount of such cost or
                    expense, including such part thereof as represents VAT save to the extent that such Finance Party reasonably determines that it is entitled to credit or repayment of in respect of such VAT from the relevant tax authority.

                

          

          

          	

                	(d)	
                  Any reference in this clause 12.9 to any Party shall, at any time when such Party is treated as a member of a group for VAT purposes, include (where appropriate and unless the context otherwise requires) a reference to the
                    representative member of such group at such time (the term "representative member" to have the same meaning as in the Value Added Tax Act 1994).

                

          

          

          	

                	(e)	
                  In relation to any supply made by a Finance Party to any party under a Finance Document, if reasonably requested by such Finance Party, that party must promptly provide such Finance Party with details of that party's VAT registration
                    and such other information as is reasonably requested in connection with such Finance Party's VAT reporting requirements in relation to such supply.

                

          

          

          	13	
                  Increased Costs

                

          

          

          	13.1	
                  Increased Costs

                

          

          

          	

                	(a)	
                  Subject to clause 13.3 (Exceptions), the Borrower shall, within three Business Days of a demand by the Agent, pay for the account of a Finance Party the amount of any Increased Cost incurred
                    by that Finance Party or any of its Affiliates which:

                

          

          

          	

                	(i)	
                  arises as a result of (i) the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation or (ii) compliance with any law or regulation made after the date of this Agreement;
                    and/or

                

          

          

          	

                	(ii)	
                  is a Basel III Increased Cost.

                

          

          

          	

                	(b)	
                  In this Agreement Increased Costs means:

                

          

          

          	

                	(i)	
                  a reduction in the rate of return from the Facility or on a Finance Party's (or its Affiliate's) overall capital;

                

          

          

          	

                	(ii)	
                  an additional or increased cost; or

                

          

          

          	

                	(iii)	
                  a reduction of any amount due and payable under any Finance Document,

                

          

          

          which is incurred or suffered by a Finance Party or any of its Affiliates to the extent that it is attributable to that Finance Party having entered into its Commitments or funding or
            performing its obligations under any Finance Document.

           

          

          
            60

            
              

          

          	13.2	
                  Increased Cost claims

                

          

          

          	

                	(a)	
                  A Finance Party intending to make a claim pursuant to clause 13 (Increased Costs) shall notify the Agent of the event giving rise to the claim, following which the Agent shall promptly notify
                    the Borrower.

                

          

          

          	

                	(b)	
                  Each Finance Party shall, as soon as practicable after a demand by the Agent, provide a certificate confirming the amount of its Increased Costs and setting forth the basis of the computation of such amount but not including any
                    matters which such Lender or its Holding Company regards as confidential.

                

          

          

          	13.3	
                  Exceptions

                

          

          

          	

                	(a)	
                  Clause 13 (Increased Costs) does not apply to the extent any Increased Cost is:

                

          

          

          	

                	(i)	
                  attributable to a Tax Deduction required by law to be made by an Obligor;

                

          

          

          	

                	(ii)	
                  compensated for by clause 12.5 (Indemnities on after Tax basis) or clause 12.3 (Tax indemnity) (or would have been compensated for under clause 12.3 (Tax indemnity) but was not so compensated solely because any of the exclusions in clause 12.3(b) applied);

                

          

          

          	

                	(iii)	
                  attributable to a FATCA Deduction required to be made by a Party; or

                

          

          

          	

                	(iv)	
                  a Basel II Increased Cost or is attributable to the implementation or application or compliance with any other law or regulation which implements the Basel II Accord (whether such implementation, application or compliance is by a
                    government, regulator, Finance Party or any of its Affiliates); or

                

          

          

          	

                	(v)	
                  attributable to the wilful breach by the relevant Finance Party or its Affiliates of any law or regulation.

                

          

          

          	

                	(b)	
                  In this clause 13.3, a reference to a Tax Deduction has the same meaning given to the term in clause 12.1 (Definitions).

                

          

          

          	14	
                  Other indemnities

                

          

          

          	14.1	
                  Currency indemnity

                

          

          

          	

                	(a)	
                  If any sum due from an Obligor under the Finance Documents (a Sum), or any order, judgment or award given or made in relation to a Sum, has to be converted from the currency (the First Currency) in which that Sum is payable into another currency (the Second Currency) for the purpose of:

                

          

          

          	

                	(i)	
                  making or filing a claim or proof against that Obligor; and/or

                

          

          

          	

                	(ii)	
                  obtaining or enforcing an order, judgment or award in relation to any litigation or arbitration proceedings,

                

          

          

          that Obligor shall, as an independent obligation, within three Business Days of demand by a Finance Party, indemnify each Finance Party to whom that Sum is due against any Losses arising out
            of or as a result of the conversion including any discrepancy between (i) the rate of exchange used to convert that Sum from the First Currency into the Second Currency and (ii) the rate or rates of exchange
            available to that person at the time of its receipt of that Sum.

           

          

          
            61

            
              

          

          	

                	(b)	
                  Each Obligor waives any right it may have in any jurisdiction to pay any amount under the Finance Documents in a currency or currency unit other than that in which it is expressed to be payable.

                

          

          

          	14.2	
                  Other indemnities

                

          

          

          	

                	(a)	
                  The Borrower shall (or shall procure that another Obligor will), within three Business Days of demand by a Finance Party, indemnify each Finance Party against any and all Losses properly incurred by that Finance Party as a result of:

                

          

          

          	

                	(i)	
                  the occurrence of any Event of Default or Sanctions Event;

                

          

          

          	

                	(ii)	
                  a failure by an Obligor to pay any amount due under a Finance Document on its due date, including without limitation, any and all Losses arising as a result of clause 38 (Sharing among the Finance
                      Parties);

                

          

          

          	

                	(iii)	
                  any claim, action, civil penalty or fine against, any settlement, and any other kind of loss or liability, and all reasonable costs and expenses (including reasonable counsel fees and disbursements) incurred by any Finance Party
                    whether in respect of investigating or making an enquiry or otherwise as a result of conduct of any Obligor or Affiliates of the Obligors or any of their directors, officers or employees that violates any Sanctions Laws if such loss or
                    liability or cost and expense would not have been, or been capable of being, made or asserted against the relevant Finance Party if it had not entered into any of the Finance Documents and/or exercised any of its rights, powers and
                    discretions thereby conferred and/or performed any of its obligations thereunder and/or been involved in any of the transactions contemplated by the Finance Documents and any reasonable counsel fees and disbursements incurred by any
                    Finance Party as a result of a Finance Party investigating or making any enquiry relating to a possible or alleged violation of any Sanctions Laws by an Obligor or any of their directors, officers or employees where it is reasonable for
                    a Finance Party to investigate or make enquires in relation to any such possible or alleged violation and the Borrower has either requested that a Finance Party undertakes such investigation or makes such enquiries or has approved any
                    such investigation or enquiries (such approval not to be unreasonably withheld or delayed);

                

          

          

          	

                	(iv)	
                  funding, or making arrangements to fund, its participation in the Loan requested by the Borrower in a Utilisation Request but not made by reason of the operation of any one or more of the provisions of this Agreement (other than by
                    reason of default or negligence by that Finance Party alone); or

                

          

          

          	

                	(v)	
                  the Loan (or part of the Loan) not being prepaid in accordance with a notice of prepayment given by the Borrower.

                

          

          

          	14.3	
                  Indemnity to the Agent and the Security Agent

                

          

          

          	

                	(a)	
                  The Borrower shall promptly indemnify the Agent and the Security Agent against:

                

          

          

          	

                	(i)	
                  any and all Losses properly incurred by the Agent or the Security Agent (acting reasonably) as a result of:

                

          

          

          	

                	(A)	
                  investigating any event which it reasonably believes is a Default or Sanctions Event;

                

           

          

          
            62

            
              

          

          	

                	(B)	
                  acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

                

          

          

          	

                	(C)	
                  instructing lawyers, accountants, tax advisers, surveyors or other professional advisers or experts as permitted under this Agreement; or

                

          

          

          	

                	(D)	
                  any action taken by the Agent or the Security Agent or any of its or their representatives, agents or contractors in connection with any powers conferred by any Security Document to remedy any
                    breach of any Obligor's obligations under the Finance Documents, and

                

          

          

          	

                	(ii)	
                  any cost, loss or liability (including, without limitation, in respect of liability for negligence or any other category of liability whatsoever) properly incurred by the Agent or the Security Agent (otherwise than by reason of the
                    Agent's or the Security Agent's gross negligence or wilful misconduct) (or, in the case of any cost, loss or liability pursuant to clause 39.10 (Disruption to payment systems etc.)
                    notwithstanding the Agent's or the Security Agent's negligence, gross negligence or any other category of liability whatsoever but not including any claim based on the fraud of the Agent in acting as Agent or the Security Agent under
                    the Finance Documents.

                

          

          

          	14.4	
                  Indemnity concerning security

                

          

          

          	

                	(a)	
                  The Borrower shall (or shall procure that another Obligor will) promptly indemnify, on an after-Tax basis, each Indemnified Person against any and all Losses properly incurred by it in connection with:

                

          

          

          	

                	(i)	
                  any failure by the Borrower to comply with its obligations under clause 16 (Costs and expenses) or any corresponding provisions in any other Finance
                    Document;

                

          

          

          	

                	(ii)	
                  acting or relying on any notice, request or instruction which it reasonably believes to be genuine, correct and appropriately authorised;

                

          

          

          	

                	(iii)	
                  the taking, holding, protection or enforcement of the Security Documents;

                

          

          

          	

                	(iv)	
                  the exercise or purported exercise of any of the rights, powers, discretions, authorities and remedies vested in the Security Agent and/or any other Finance Party and each Receiver by the Finance Documents or by law;

                

          

          

          	

                	(v)	
                  any breach by an Obligor of the Finance Documents;

                

          

          

          	

                	(vi)	
                  any claim (whether relating to the environment or otherwise) made or asserted against the Indemnified Person which would not have arisen but for the execution or enforcement of one or more Finance Documents (unless and to the extent
                    it is caused by the gross negligence or wilful misconduct of that Indemnified Person as determined in a final and non-appealable judgment in a court of competent jurisdiction); or

                

          

          

          	

                	(vii)	
                  (in the case of the Security Agent and/or any other Finance Party and any Receiver) acting as Security Agent and/or as holder of any of the Security Interests under the Security Documents or Receiver under the Finance Documents or
                    which otherwise relates to the Charged Property.

                

           

          

          
            63

            
              

          

          	

                	(b)	
                  The Security Agent may, in priority to any payment to the other Finance Parties, indemnify itself, on an after-Tax basis, out of the Trust Property in respect of, and pay and retain, all sums necessary to give effect to the indemnity
                    in this clause 14.4 and shall have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to it.

                

          

          

          	14.5	
                  Continuation of indemnities

                

          

          

          The indemnities by the Borrower in favour of the Indemnified Persons contained in this Agreement shall continue in full force and effect notwithstanding any breach by any Finance Party or
            the Borrower of the terms of this Agreement, the repayment or prepayment of the Loan, the cancellation of the Total Commitments or the repudiation by any Finance Party or the Borrower of this Agreement or the resignation or termination of the
            appointment of the Security Agent.

          

          

          	14.6	
                  Third Parties Act

                

          

          

          Each Indemnified Person may rely on the terms of clause 14.4 (Indemnity concerning security) and clauses 12 (Tax
              gross-up and indemnities) and 14.7 (Interest) insofar as it relates to interest on, or the calculation of, any amount demanded by that Indemnified Person under clause 14.4 (Indemnity concerning security), subject to clause 1.3 (Third party rights) and the provisions of the Third Parties Act.

          

          

          	14.7	
                  Interest

                

          

          

          Moneys becoming due by the Borrower to any Indemnified Person under the indemnities contained in this clause 14 (Other indemnities) or elsewhere in
            this Agreement shall be paid on demand made by such Indemnified Person and shall be paid together with interest on the sum demanded from the date of demand therefor to the date of reimbursement by the Borrower to such Indemnified Person (both
            before and after judgment) at the rate referred to in clause 8.4 (Default interest).

          

          

          	14.8	
                  Exclusion of liability

                

          

          

          No Indemnified Person will be in any way liable or responsible to any Obligor (whether as mortgagee in possession or otherwise) who is a Party or is a party to a Finance Document to which
            this clause applies for any loss or liability arising from any act, default, omission or misconduct of that Indemnified Person, except to the extent caused by its own gross negligence or wilful misconduct.  Any Indemnified Person may rely on
            this clause 14.8 subject to clause 1.3 (Third party rights) and the provisions of the Third Parties Act.

          

          

          	15	
                  Mitigation by the Lenders

                

          

          

          	15.1	
                  Mitigation

                

          

          

          	

                	(a)	
                  Each Finance Party shall, in consultation with the Borrower, take all reasonable steps to mitigate any circumstances which arise and which would result in the Facility ceasing to be available or any amount becoming payable under or
                    pursuant to, or cancelled pursuant to, any of clause 7.1 (Illegality), clause 12 (Tax gross-up and indemnities) or clause 13 (Increased Costs) including (but not limited to) assigning its rights or transferring its rights and obligations under the Finance Documents to another Affiliate or Facility Office.

                

          

          

          	

                	(b)	
                  Clause 15.1(a) does not in any way limit the obligations of any Obligor under the Finance Documents.

                

           

          

          
            64

            
              

          

          	15.2	
                  Limitation of liability

                

          

          

          	

                	(a)	
                  The Borrower shall promptly indemnify each Finance Party for all costs and expenses reasonably incurred by that Finance Party as a result of steps taken by it under clause 15.1 (Mitigation).

                

          

          

          	

                	(b)	
                  A Finance Party is not obliged to take any steps under clause 15.1 (Mitigation) if, in the opinion of that Finance Party (acting reasonably), to do so might be prejudicial to it.

                

          

          

          	16	
                  Costs and expenses

                

          

          

          	16.1	
                  Transaction expenses

                

          

          

          	

                	(a)	
                  The Borrower shall promptly within five Business Days of demand pay the Agent, the Arrangers, the Hedging Providers and the Security Agent the amount of all costs and expenses (including fees, costs and expenses of legal advisers,
                    insurance and other consultants and advisers) properly incurred by any of them (and by any Receiver) in connection with the negotiation, preparation, printing, execution, syndication, registration and perfection and any release,
                    discharge or reassignment of:

                

          

          

          	

                	(i)	
                  this Agreement, the Hedging Master Agreements and any other documents referred to in this Agreement and the Original Security Documents;

                

          

          

          	

                	(ii)	
                  any other Finance Documents executed or proposed to be executed after the date of this Agreement including any executed to provide additional security under clause 25 (Minimum security value);
                    or

                

          

          

          	

                	(iii)	
                  any Security Interest expressed or intended to be granted by a Finance Document.

                

          

          

          	16.2	
                  Amendment costs

                

          

          

          If an Obligor requests an amendment, waiver or consent or an amendment or waiver is required pursuant to clause 45.5 or as a result of a Rate Switch Trigger Event, the Borrower shall, within
            five Business Days of demand by the Agent, reimburse the Agent for the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other consultants and advisers) properly incurred by the Agent and
            the Security Agent (and by any Receiver) in responding to, evaluating, negotiating or complying with that request or requirement.

           

          

          	16.3	
                  Enforcement, preservation and other costs

                

           

          

          The Borrower shall, on demand by a Finance Party, pay to each Finance Party the amount of all costs and expenses (including fees, costs and expenses of legal advisers and insurance and other
            consultants, brokers, surveyors and advisers) incurred by that Finance Party in connection with;

           

          

          	

                	(a)	
                  the enforcement of, or the preservation of any rights under, any Finance Document and any proceedings initiated by or against any Indemnified Person and as a consequence of holding the Charged Property or enforcing those rights and
                    any proceedings instituted by or against any Indemnified Person as a consequence of taking or holding the Security Documents or enforcing those rights;

                

          

          

          	

                	(b)	
                  any valuation carried out under clause 25 (Minimum security value); or

                

          

          

          	

                	(c)	
                  any inspection carried out under clause 23.9 (Inspection and notice of dry-dockings) or any survey carried out under clause 23.17 (Survey report)

                

          .

          
            65

            
              

          

          Section 7 -  Guarantee

          

          

          	17	
                  Guarantee and indemnity

                

          

          

          	17.1	
                  Guarantee and indemnity

                

          

          

          Each Guarantor irrevocably and unconditionally jointly and severally:

          

          

          	

                	(a)	
                  guarantees to the Security Agent (as trustee for the Finance Parties) and the other Finance Parties punctual performance by each other Obligor of all such Obligor's obligations under the Finance Documents;

                

          

          

          	

                	(b)	
                  undertakes with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that whenever another Obligor does not pay any amount when due under or in connection with any Finance Document, it shall
                    immediately on demand pay that amount as if it was the principal obligor; and

                

          

          

          	

                	(c)	
                  agrees with the Security Agent (as trustee for the Finance Parties) and the other Finance Parties that if any obligation guaranteed by it is or becomes unenforceable, invalid or illegal, it will, as an independent and primary
                    obligation indemnify that Finance Party immediately on demand against any cost, loss or liability it incurs as a result of the Borrower not paying any amount which would, but for such unenforceability, invalidity or illegality, have
                    been payable by the Borrower under any Finance Document on the date when it would have been due. The amount payable by each Guarantor under this indemnity will not exceed the amount it would have had to pay under this clause 17.1 if the
                    amount claimed had been recoverable on the basis of a guarantee.

                

          

          

          For the avoidance of doubt, the Additional Guarantor shall only become liable under this clause 17.1 immediately following the delivery of an Accession Letter to the Agent in accordance with
            clause 34.2 but in any event prior to the execution and registration of the Mortgage of Ship H in favour of the Security Agent.

          

          

          
            
              	
                      17.2

                    	
                      Continuing guarantee

                    

            

          

          

          

          This guarantee is a continuing guarantee and will extend to the ultimate balance of sums payable by any Obligor under the Finance Documents, regardless of any intermediate payment or
            discharge in whole or in part.

          

          

          	17.3	
                  Reinstatement

                

          

          

          If any discharge, release or arrangement (whether in respect of the obligations of any Obligor or any security for those obligations or otherwise) is made by a Finance Party in whole or in
            part on the basis of any payment, security or other disposition which is avoided or must be restored in insolvency, liquidation, administration or otherwise, without limitation, then the liability of each Guarantor under this clause 17 will
            continue or be reinstated as if the discharge, release or arrangement had not occurred.

          

          

          	17.4	
                  Waiver of defences

                

          

          

          The obligations of each Guarantor under this clause 17 will not be affected by an act, omission, matter or thing (whether or not known to it or any Finance Party) which, but for this clause,
            would reduce, release or prejudice any of its obligations under this clause 17 including (without limitation):

           

          

          
            66

            
              

          

          	

                	(a)	
                  any time, waiver or consent granted to, or composition with, any Obligor or other person;

                

          

          

          	

                	(b)	
                  the release of any other Obligor or any other person under the terms of any composition or arrangement with any creditor of any other Obligor;

                

          

          

          	

                	(c)	
                  the taking, variation, compromise, exchange, renewal or release of, or refusal or neglect to perfect, take up or enforce, any rights against, or security over assets of, any Obligor or other person or any non-presentation or
                    non-observance of any formality or other requirement in respect of any instrument or any failure to realise the full value of any security;

                

          

          

          	

                	(d)	
                  any incapacity or lack of power, authority or legal personality of or dissolution or change in the shareholders or members or status of an Obligor or any other person;

                

          

          

          	

                	(e)	
                  any amendment, novation, supplement, extension, restatement (however fundamental and whether or not more onerous) or replacement of any Finance Document or any other document or security including without limitation any change in the
                    purpose of, any extension of or any increase in any facility or the addition of any new facility under any Finance Document or other document or security;

                

          

          

          	

                	(f)	
                  any unenforceability, illegality or invalidity of any obligation of any person under any Finance Document or any other document or security; or

                

          

          

          	

                	(g)	
                  any insolvency or similar proceedings.

                

          

          

          	17.5	
                  Guarantor Intent

                

          

          

          Without prejudice to the generality of clause 17.4 (Waiver of defences), each Guarantor expressly confirms that it intends that this guarantee shall
            extend from time to time to any (however fundamental) variation, increase, extension or addition of or to any of the Finance Documents and/or any facility or amount made available under any of the Finance Documents.

          

          

          	17.6	
                  Immediate recourse

                

          

          

          Each Guarantor waives any right it may have of first requiring any Finance Party (or any trustee or agent on its behalf) to proceed against or enforce any other rights or security or claim
            payment from any person before claiming from each Guarantor under this clause 17.  This waiver applies irrespective of any law or any provision of a Finance Document to the contrary.

          

          

          	17.7	
                  Appropriations

                

          

          

          Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full, each Finance Party (or any trustee or
            agent on its behalf) may:

          

          

          	

                	(a)	
                  refrain from applying or enforcing any other moneys, security or rights held or received by that Finance Party (or any trustee or agent on its behalf) in respect of those amounts, or apply and enforce the same in such manner and
                    order as it sees fit (whether against those amounts or otherwise) and no Guarantor shall be entitled to the benefit of the same; and

                

          

          

          	

                	(b)	
                  hold in an interest-bearing suspense account any moneys received from any Guarantor or on account of any Guarantor's liability under this clause 17.

                

           

          

          
            67

            
              

          

          	17.8	
                  Deferral of Guarantor's rights

                

          

          

          	

                	(a)	
                  Until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full and unless the Agent otherwise directs, no Guarantor will exercise any rights which
                    it may have by reason of performance by it of its obligations under the Finance Documents or by reason of any amount being payable, or liability arising, under this clause 17:

                

          

          

          	

                	(i)	
                  to be indemnified by another Obligor;

                

          

          

          	

                	(ii)	
                  to claim any contribution from any other guarantor of any Obligor's obligations under the Finance Documents;

                

          

          

          	

                	(iii)	
                  to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the Finance Parties under the Finance Documents or of any other guarantee or security taken
                    pursuant to, or in connection with, the Finance Documents by any Finance Party;

                

          

          

          	

                	(iv)	
                  to bring legal or other proceedings for an order requiring any Obligor to make any payment, or perform any obligation, in respect of which any Guarantor has given a guarantee, undertaking or indemnity under clause 17 (Guarantee and indemnity);

                

          

          

          	

                	(v)	
                  to exercise any right of set-off against any other Obligor; and/or

                

          

          

          	

                	(vi)	
                  to claim or prove as a creditor of any other Obligor in competition with any Finance Party.

                

          

          

          	

                	(b)	
                  If a Guarantor receives any benefit, payment or distribution in relation to such rights it will promptly pay an equal amount to the Agent for application in accordance with clause 39 (Payment
                      mechanics).  This only applies until all amounts which may be or become payable by the Obligors under or in connection with the Finance Documents have been irrevocably paid in full.

                

          

          

          	17.9	
                  Additional security

                

          

          

          This guarantee is in addition to and is not in any way prejudiced by any other guarantee or security now or subsequently held by any Finance Party.

          

          

          	17.10	
                  Reservation of rights

                

          

          

          No failure or delay on the part of the Agent to exercise any power, right or remedy under this guarantee shall operate as a waiver thereof, nor shall any single or partial exercise by the
            Agent of any power, right or remedy preclude any other or further exercise thereof or the exercise of any other power, right or remedy. The remedies provided in this guarantee are cumulative and are not exclusive of any remedies provided by
            law.

          

          

          	17.11	
                  Assignment

                

           

          

          The Guarantors shall maintain this guarantee regardless of any assignment, novation or any other transfer of any of the Obligors’ obligations under the Finance Documents or any rights
            arising for the Security Agent (as trustee for the Finance Parties) under the Finance Documents.

          

          

          
            68

            
              

          

          Section 8 -  Representations, Undertakings and Events of Default

          

          

          	18	
                  Representations

                

          

          

          	18.1	
                  The Borrower and each Guarantor makes and repeats the representations and warranties set out in this clause 18 to each Finance Party at the times specified in clause 18.41 (Times when representations
                      are made).

                

          

          

          	18.2	
                  Status

                

          

          

          	

                	(a)	
                  Each Obligor (except the Parent) is a limited liability company or corporation, duly incorporated or formed and validly existing under the law of its Original Jurisdiction.

                

          

          

          	

                	(b)	
                  The Parent is duly formed and validly existing under the law of its Original Jurisdiction.

                

          

          

          	

                	(c)	
                  Each Obligor has power and authority to carry on its business as it is now being conducted and to own its property and other assets.

                

          

          

          	18.3	
                  Binding obligations

                

          

          

          Subject to the Legal Reservations, the obligations expressed to be assumed by each Obligor in each Finance Document and any Charter Document to which it is, or is to be, a party are or, when
            entered into by it, will be legal, valid, binding and enforceable obligations and each Security Document to which an Obligor is, or will be, a party, creates or will create the Security Interests which that Security Document purports to create
            and those Security Interests are or will be valid and effective.

          

          

          	18.4	
                  Power and authority

                

          

          

          	

                	(a)	
                  Each Obligor has power to enter into, perform and deliver and comply with its obligations under, and has taken all necessary action to authorise its entry into, each Finance Document and any Charter Document to which it is, or is to
                    be, a party and each of the transactions contemplated by those documents.

                

          

          

          	

                	(b)	
                  No limitation on any Obligor's powers to borrow, create security or give guarantees will be exceeded as a result of any transaction under, or the entry into of, any Finance Document or any Charter Document to which such Obligor is,
                    or is to be, a party.

                

          

          

          	18.5	
                  Non-conflict

                

          

          

          	

                	(a)	
                  The entry into and performance by each Obligor of, and the transactions contemplated by the Finance Documents and the Charter Documents and the granting of the Security Interests purported to be created by the Security Documents do
                    not and will not conflict with:

                

          

          

          	

                	(i)	
                  any law or regulation applicable to any Obligor;

                

          

          

          	

                	(ii)	
                  the Constitutional Documents of any Obligor; or

                

          

          

          	

                	(iii)	
                  any agreement or other instrument binding upon any Obligor or its assets,

                

          or constitute a default or termination event (however described) under any such agreement or instrument or result in the creation of any Security Interest (save for a Permitted Maritime Lien
            or under a Security Document) on any Group Member's assets, rights or revenues.

           

          

          
            69

            
              

          

          

          	18.6	
                  Validity and admissibility in evidence

                

          

          

          	

                	(a)	
                  All authorisations required or desirable:

                

          

          

          	

                	(i)	
                  to enable each Obligor lawfully to enter into, exercise its rights and comply with its obligations under each Finance Document and any Charter Document to which it is a party;

                

          

          

          	

                	(ii)	
                  to make each Finance Document and any Charter Document to which it is a party admissible in evidence in its Relevant Jurisdiction; and

                

          

          

          	

                	(iii)	
                  to ensure that each of the Security Interests created under the Security Documents has the priority and ranking contemplated by them,

                

          

          

          have been obtained or effected and are in full force and effect except any authorisation or filing referred to in clause 18.13 (No filing or stamp taxes),

            which authorisation or filing will be promptly obtained or effected within any applicable period.

          

          

          	

                	(b)	
                  All authorisations necessary for the conduct of the business, trade and ordinary activities of each Obligor have been obtained or effected and are in full force and effect if failure to obtain or effect those authorisations might
                    have a Material Adverse Effect.

                

          

          

          	18.7	
                  Governing law and enforcement

                

          

          

          	

                	(a)	
                  Subject to Legal Reservations, the choice of English law or any other applicable law as the governing law of any Finance Document and any Charter Document will be recognised and enforced in each Obligor's Relevant Jurisdictions.

                

          

          

          	

                	(b)	
                  Subject to Legal Reservations, any judgment obtained in England in relation to an Obligor will be recognised and enforced in each Obligor's Relevant Jurisdictions.

                

          

          

          	18.8	
                  Information

                

          

          

          	

                	(a)	
                  Any Information is true and accurate in all material respects at the time it was given or made.

                

          

          

          	

                	(b)	
                  There are no facts or circumstances or any other information which could make the Information incomplete, untrue, inaccurate or misleading in any material respect.

                

          

          

          	

                	(c)	
                  The Information does not omit anything which could make the Information incomplete, untrue, inaccurate or misleading in any material respect.

                

          

          

          	

                	(d)	
                  All opinions, projections, forecasts or expressions of intention contained in the Information and the assumptions on which they are based have been arrived at after due and careful enquiry and consideration and were believed to be
                    reasonable by the person who provided that Information as at the date it was given or made.

                

          

          

          	

                	(e)	
                  For the purposes of this clause 18.8, Information means: any information provided by any Obligor or any other Group Member to any of the Finance Parties in connection with the Finance
                    Documents or any Charter Document or the transactions referred to in them.

                

           

          

          
            70

            
              

          

          	18.9	
                  Original Financial Statements

                

          

          

          	

                	(a)	
                  The Original Financial Statements were prepared in accordance with GAAP consistently applied.

                

          

          

          	

                	(b)	
                  The audited Original Financial Statements give a true and fair view of the financial condition and results of operations of the relevant Obligors and the Group (consolidated in the case of the Group) during the relevant financial
                    period.

                

          

          

          	

                	(c)	
                  There has been no material adverse change in its assets, business or financial condition (or the assets, business or consolidated financial condition of the Group, in the case of the Parent) since the date of the Original Financial
                    Statements.

                

          

          

          	18.10	
                  Pari passu ranking

                

          

          

          Each Obligor's payment obligations under the Finance Documents to which it is, or is to be, a party rank at least pari passu with all its other present and future unsecured and
            unsubordinated payment obligations, except for obligations mandatorily preferred by law applying to companies generally.

          

          

          	18.11	
                  Ranking and effectiveness of security

                

          

          

          Subject to the Legal Reservations and any filing, registration or notice requirements which is referred to in any Legal Opinion delivered to the Agent under clause 4.1 (Initial conditions precedent), the security created by the Security Documents has (or will have when the Security Documents have been executed) the priority which it is expressed to have in the Security
            Documents, the Charged Property is not subject to any Security Interest other than Permitted Security Interests and such security will constitute perfected security on the assets described in the Security Documents.

          

          

          	18.12	
                  No insolvency

                

          

          

          No corporate action, legal proceeding or other procedure or step described in clause 30.11 (Insolvency proceedings) or creditors' process described
            in clause  30.12 (Creditors' process) has been taken or, to the knowledge of any Obligor, threatened in relation to a Group Member and none of the circumstances described in clause 30.10 (Insolvency) applies to any Group Member.

          

          

          	18.13	
                  No filing or stamp taxes

                

          

          

          Other than in respect of the Mortgages and any Finance Documents executed by an Obligor incorporated in the United Kingdom which will need to be registered at Companies House, under the laws
            of each Obligor's Relevant Jurisdictions it is not necessary that any Finance Document or any Charter Document to which it is, or is to be, party be filed, recorded or enrolled with any court or other authority in that jurisdiction or that any
            stamp, registration, notarial or similar Taxes or fees be paid on or in relation to any such Finance Document or any Charter Document or the transactions contemplated by the Finance Documents except any filing, recording or enrolling or any tax
            or fee payable in relation to any Finance Document which is referred to in any Legal Opinion and which will be made or paid promptly after the date of the relevant Finance Document.

          

          

          
            	
                    18.14

                  	
                    Tax

                  

          

          

          

          	

                	(a)	
                  No Obligor is required to make any Tax Deduction from any payment it may make under any Finance Document to which it is, or is to be, a party and no Owner, Bareboat Charterer or, to the knowledge of any Obligor, Time Charterer is
                    required to make any such Tax Deduction from any payment it may make under any Charter Document.

                

           

          

          
            71

            
              

          

          	

                	(b)	
                  Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the Utilisation of the Facility, the execution or delivery or performance by any Party of the Finance Documents will not result in any
                    Finance Party:

                

          

          

          	

                	(i)	
                  having any liability in respect of Tax in any Flag State; or

                

          

          

          	

                	(ii)	
                  having or being deemed to have a place of business in any Flag State or any Relevant Jurisdiction of any Obligor.

                

          

          

          	18.15	
                  Centre of main interests and establishments

                

          

          

          For the purposes of Regulation (EU) 2015/848 of 20 May 2015 on insolvency proceedings (recast) (the Regulations), other than the Borrower or any
            Guarantor incorporated or formed in the Marshall Islands, each Obligor’s centre of main interest (as that term is used in Article 3(1) of the Regulation) is situated in its Original Jurisdiction and does not have any “establishment” (as that
            term is used in Article 2(10) of the Regulation) in any other jurisdiction save as may arise through such Obligor’s Ship’s usual shipping operations.

          

          

          	18.16	
                  No Default

                

          

          

          	

                	(a)	
                  No Default is continuing or might reasonably be expected to result from the making of any Utilisation or the entry into, the performance of, or any transaction contemplated by, any Finance Document or any Charter Document.

                

          

          

          	

                	(b)	
                  No other event or circumstance is outstanding which constitutes (or, with the expiry of a grace period, the giving of notice, the making of any determination or any combination of any of the foregoing, would constitute) a default or
                    termination event (however described) under any other agreement or instrument which is binding on any Obligor or to which any Obligor's assets are subject which might have a Material Adverse Effect.

                

          

          

          	18.17	
                  No proceedings

                

          

          

          	

                	(a)	
                  No litigation, arbitration or administrative proceedings or investigations of, or before, any court, arbitral body or agency which, if adversely determined, might reasonably be expected to have a Material Adverse Effect has or have
                    (to the best of any Obligor's knowledge and belief (having made due and careful enquiry)) been started or threatened against any Obligor.

                

          

          

          	

                	(b)	
                  No judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is reasonably likely to have a Material Adverse Effect has (to the best of any Obligor's
                    knowledge and belief (having made due and careful enquiry)) been made against any Obligor.

                

          

          

          	18.18	
                  No breach of laws

                

          

          

          	

                	(a)	
                  No Obligor or other Group Member has breached any law or regulation which breach might have a Material Adverse Effect.

                

          

          

          	

                	(b)	
                  No labour dispute is current or, to the best of any Obligor's knowledge and belief (having made due and careful enquiry), threatened against any Obligor or other Group Member which may have a Material Adverse Effect.

                

           

          

          
            72

            
              

          

          	18.19	
                  Environmental matters

                

          

          

          	

                	(a)	
                  No Environmental Law applicable to any Fleet Vessel and/or any Obligor or other Group Member has been violated in a manner or circumstances which might have, a Material Adverse Effect.

                

          

          

          	

                	(b)	
                  All consents, licences and approvals required under such Environmental Laws have been obtained and are currently in force.

                

          

          

          	

                	(c)	
                  No Environmental Claim has been made or, to the best of any Obligor's knowledge and belief (having made due and careful enquiry), is threatened or pending against any Group Member or any Fleet Vessel where that claim might have a
                    Material Adverse Effect and there has been no Environmental Incident which has given, or might give, rise to such a claim.

                

          

          

          	18.20	
                  Tax compliance

                

          

          

          	

                	(a)	
                  No Obligor is materially overdue in the filing of any Tax returns or overdue in the payment of any material amount in respect of Tax.

                

          

          

          	

                	(b)	
                  No claims or investigations are being, or are reasonably likely to be, made or conducted against any Obligor with respect to Taxes such that a liability of, or claim against, any Obligor is reasonably likely to arise for an amount
                    for which adequate reserves have not been provided in the Original Financial Statements and which might have a Material Adverse Effect, except as separately disclosed in writing and agreed by the Agent (acting on the instructions of the
                    Lenders).

                

          

          

          	

                	(c)	
                  Neither the Borrower nor the Parent is resident for Tax purposes in any jurisdiction outside of their Original Jurisdiction.

                

          

          

          	18.21	
                  Anti-corruption law

                

          

          

          Each Group Member has conducted its businesses in compliance with applicable anti-corruption laws and has instituted and maintained policies and procedures designed to promote and achieve
            compliance with such laws.

          

          

          	18.22	
                  Security and Financial Indebtedness

                

          

          

          	

                	(a)	
                  No Security Interest exists over all or any of the present or future assets of any Owner or Bareboat Charterer in breach of this Agreement.

                

          

          

          	

                	(b)	
                  No Owner or Bareboat Charterer has any Financial Indebtedness outstanding in breach of this Agreement.

                

          

          

          	18.23	
                  Legal and beneficial ownership

                

          

          

          Each Obligor is or, on the date the Security Documents to which it is a party are entered into, will be, the sole legal and beneficial owner of the respective assets
            over which it purports to grant a Security Interest under the Security Documents, to which it is a party.

          

          

          	18.24	
                  Shares

                

          

          

          The shares or limited liability company interests of each Owner, Bareboat Charterer and Golar LNG Holding Co. are fully paid and not subject to any option to purchase or similar
            rights. The Constitutional Documents of each such entity do not and could not restrict or inhibit any transfer of those shares or limited liability company interests on creation or enforcement of the Security Documents.  There are no agreements
            in force which provide for the issue or allotment of, or grant any person the right to call for the issue or allotment of, any share or loan capital of each Owner, Bareboat Charterer and Golar LNG Holding Co. (including any option or right of
            pre-emption or conversion).

           

          

          
            73

            
              

          

          	18.25	
                  Accounting Reference Date

                

          

          

          The financial year-end of each Obligor and other Group Member is the Accounting Reference Date.

          

          

          	18.26	
                  No adverse consequences

                

          

          

          	

                	(a)	
                  Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the Utilisation of the Facility, it is not necessary under the laws of the Relevant Jurisdictions of any Obligor:

                

          

          

          	

                	(i)	
                  in order to enable any Finance Party to enforce its rights under any Finance Document to which it is, or is to be, a party; or

                

          

          

          	

                	(ii)	
                  by reason of the execution of any Finance Document or the performance by any Obligor of its obligations under any Finance Document,

                

          

          

          that any Finance Party should be licensed, qualified or otherwise entitled to carry on business in any of such Relevant Jurisdictions.

          

          

          	

                	(b)	
                  Other than as specifically stated in any Legal Opinion delivered to the Agent in connection with the Utilisation of the Facility, no Finance Party is or will be deemed to be resident, domiciled or carrying on business in any Relevant
                    Jurisdiction by reason only of the execution, performance and/or enforcement of any Finance Document.

                

          

          

          	18.27	
                  Copies of documents

                

          

          

          The copies of the Charter Documents and the Constitutional Documents of the Obligors delivered to the Agent under clause 4 (Conditions of Utilisation)
            will be true, complete and accurate copies of such documents and include all amendments and supplements to them as at the time of such delivery and no other agreements or arrangements exist between any of the parties to those documents which
            would materially affect the transactions or arrangements contemplated by them or modify or release the obligations of any party under them.

          

          

          	18.28	
                  No breach of any Charter Document

                

          

          

          No Obligor nor (so far as the Obligors are aware) any other person is in breach of any material provisions of any Charter Document to which it is a party nor has anything occurred which
            entitles or may entitle any party to rescind or terminate it or decline to perform their material obligations under it.

          

          

          	18.29	
                  No immunity

                

          

          

          No Obligor or any of its assets is immune to any legal action or proceeding.

          

          

          	18.30	
                  Ship status

                

          

          

          Each Ship will on the first day of the relevant Mortgage Period be:

          

          

          
            74

            
              

          

          	

                	(a)	
                  registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

                

          

          

          	

                	(b)	
                  operationally seaworthy and in every way fit for service, other than, if and for so long as it remains in lay-up, Ship E and any other Ship put into lay-up with approval under clause 22.10 (each a Laid

                      Up Ship);

                

          

          

          	

                	(c)	
                  classed with the relevant Classification with (i) in the case of each Ship that is not a Laid Up Ship, the highest class free of all overdue requirements and recommendations or adverse notations of the relevant Classification
                    Society, or (ii) in the case of each Laid Up Ship, all certifications to be updated on reactivation; and

                

          

          

          	

                	(d)	
                  insured in the manner required by the Finance Documents, but excluding in the case of any Laid Up Ship insurance against loss of Earnings under clause 24.3(c).

                

          

          

          	18.31	
                  Ships’ employment

                

          

          

          Each Ship shall on the first day of the relevant Mortgage Period:

          

          

          	

                	(a)	
                  in the case of Ship C, Ship D, Ship F and Ship G, have been delivered, and accepted for service, under (if applicable) its Bareboat Charter and its Time Charter; and

                

          

          

          	

                	(b)	
                  be free of any other charter commitment which, if entered into after that date, would require approval under the Finance Documents.

                

          

          

          	18.32	
                  Address commission

                

          

          

          There are no rebates, commissions or other payments in connection with any Time Charter or Bareboat Charter other than those referred to in it.

          

          

          	18.33	
                  Sanctions

                

          

          

          	

                	(a)	
                  No Obligor, nor any of its Subsidiaries, nor their respective directors, officers or employees or, so far as each Obligor is aware, their agents or representatives:

                

          

          

          	

                	(i)	
                  is or has been a Restricted Party, or is involved in any transaction, activity or conduct through which it will become, or which could be reasonably expected to result in it becoming, a Restricted Party;

                

          

          

          	

                	(ii)	
                  is or ever has been subject to or involved in any inquiry, claim, action, suit, proceeding or investigation by any Sanctions Authority against it with respect to Sanctions Laws;

                

          

          

          	

                	(iii)	
                  is engaging or has engaged in any transaction that evades or avoids, or has the purpose of evading or avoiding, or breaches or attempts to breach, directly or indirectly, any Sanctions Laws; or

                

          

          

          	

                	(iv)	
                  has engaged or is engaging, directly or indirectly, in any trade, business or other activities which is in breach of any Sanctions Laws or has violated or is violating any Sanctions Laws.

                

          

          

          	

                	(b)	
                  The operation of any Ship does not breach Sanctions Laws

                

          

          

          
            75

            
              

          

          	18.34	
                  No money laundering

                

          

          

          In relation to the borrowing by the Borrower of the Loan, the performance and discharge of the Obligors' obligations and liabilities under the Finance Documents and the transactions and
            other arrangements effected or contemplated by this Agreement and the Finance Documents, the Obligors are acting for their own account and the foregoing will not involve or lead to a contravention of any law, official requirement or other
            regulatory measure or procedure which has been implemented by any relevant regulatory authority or otherwise to combat money laundering (as defined in Article 1 of the
            Directive (2005/60/EC) of the European Parliament and of the Council).

          

          

          	18.35	
                  No corrupt practices

                

          

          

          	

                	(a)	
                  The Loan is not used by any Obligor for and no Obligor is engaged in:

                

          

          

          	

                	(i)	
                  Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices, including the procurement or the execution of any contract for goods or works relating to its functions and each Obligor has instituted and maintains
                    policies and procedures designed to prevent violation of any laws, regulations and rules which prohibit any such Corrupt Practices, Fraudulent Practices, Collusive Practices or Coercive Practices;

                

          

          

          	

                	(ii)	
                  the Financing of Terrorism; and

                

          

          

          	

                	(iii)	
                  activities in breach of Sanctions Laws.

                

          

          

          	

                	(b)	
                  For the purposes of this clause 18.35, the following definitions shall apply:

                

          

          

          Collusive Practice means an arrangement between two or more parties without the knowledge, but designed to improperly influence the actions, of
            another party.

          

          

          Corrupt Practice means the offering, giving, receiving, or soliciting, directly or indirectly, anything of value to improperly influence the actions of
            another party or any other activity or conduct which would violate any applicable anti-bribery, anti-corruption or anti-money laundering laws, regulations or rules in any applicable jurisdiction.

          

          

          Coercive Practice means impairing or harming or threatening to impair or harm, directly or indirectly, any party or its property or to improperly
            influence the actions of that party.

          

          

          Financing of Terrorism means the act of providing or collecting funds with the intention that they be used, or in the knowledge that they are to be
            used, in order to carry out terrorist acts.

          

          

          Fraudulent Practice means any action, including misrepresentation, to obtain a financial or other benefit or avoid an obligation, by deception.

          

          

          	18.36	
                  Financing of vessels owned by Group Members

                

          

          

          No Group Member has entered into any financing arrangement in relation to any vessel owned by any Group Member which contains dividend and distribution provisions which are more restrictive
            than the provisions contained in clause 28.16 (Distributions and other payments) other than in relation to the Hilli Episeyo and the Golar Eskimo.

           

          

          
            76

            
              

          

          	18.37	
                  People with Significant Control (PSC) Regime

                

          

          

          Each Bareboat Charterer represents and warrants that its PSC register is up to date and that no Warning Notices or Restrictions Notices have been issued which have not been complied with or
            lifted.

          

          

          	18.38	
                  United States Investment Company Act of 1940

                

          

          

          Neither the Parent nor any of its Subsidiaries is subject to regulation under the United States Federal Power Act or the United States Investment Company Act of 1940 or under any other
            United States federal or state statute or regulation which may limit its ability to incur Financial Indebtedness or which may otherwise render all or any portion of the Obligors’ obligations under the Finance Documents unenforceable.  Neither
            the Parent nor any of its Subsidiaries is a “registered investment company” or a company “controlled” by a “registered investment company” or a “principal underwriter” of a “registered investment company” as such terms are defined in the United
            States Investment Company Act of 1940.

          

          

          	18.39	
                  Margin stock

                

          

          

          	

                	(a)	
                  None of the Parent, the Borrower or any of their Subsidiaries is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of buying or carrying margin stock.

                

          

          

          	

                	(b)	
                  No portion of the proceeds of the Facility shall be used in any manner, whether directly or indirectly, that causes or could reasonably be expected to cause, the Facility or the application of such proceeds to violate Regulation T,
                    Regulation U or Regulation X of the Board of Governors of the Federal Reserve System or any other regulation thereof or to violate the United States Exchange Act.

                

          

          

          	18.40	
                  Beneficial Ownership Certification

                

          

          

          As of the date of this Agreement, the information in the Beneficial Ownership Certification is true and correct in all respects.

          

          

          	18.41	
                  Times when representations are made

                

          

          

          	

                	(a)	
                  All of the representations and warranties set out in this clause 18 are deemed to be made on the dates of:

                

          

          

          	

                	(i)	
                  this Agreement;

                

          

          

          	

                	(ii)	
                  each Utilisation Request; and

                

          

          

          	

                	(iii)	
                  each Utilisation.

                

           

          

          	

                	(b)	
                  The Repeating Representations are deemed to be made on the date of issuance of each Compliance Certificate and the first day of each Interest Period.

                

          

          

          	

                	(c)	
                  All of the Ship Representations are deemed to be made on the first day of the Mortgage Period for the relevant Ship.

                

          

          

          	

                	(d)	
                  Each representation or warranty deemed to be made after the date of this Agreement shall be deemed to be made by reference to the facts and circumstances then existing at the date the representation or warranty is deemed to be made.

                

           

          

          
            77

            
              

          

          

          	19	
                  Information undertakings

                

          

          

          	19.1	
                  Each Borrower undertakes that this clause 19 will be complied with throughout the Facility Period.

                

          

          

          	19.2	
                  Financial statements

                

          

          

          	

                	(a)	
                  The Borrower shall supply to the Agent as soon as the same become available, but in any event within 180 days after the end of each financial year the audited consolidated financial statements of NFE and the Parent for that financial
                    year together with a reconciliation issued by the Borrower regarding the financial position of the Parent and the Borrower.

                

          

          

          	

                	(b)	
                  The Borrower shall supply to the Agent as soon as the same become available, but in any event within 90 days after the end of each financial quarter of each financial year the unaudited consolidated
                    financial statements of NFE and the Parent for that financial quarter.

                

          

          

          	

                	(c)	
                  The Borrower shall supply to the Agent as soon as they become available, but in any event prior to the beginning of each financial year of the Group, the budget and cash flow projections of the Group.

                

          

          

          	19.3	
                  Provision and contents of Compliance Certificate

                

          

          

          	

                	(a)	
                  The Borrower shall supply to the Agent, with each set of financial statements delivered pursuant to clause 19.2 (Financial statements), a Compliance Certificate setting out (in reasonable
                    detail) computations as to compliance with clause 20 (Financial covenants) and clause 25.13 (Security shortfall).

                

          

          

          	

                	(b)	
                  Each Compliance Certificate shall be signed by the chief financial officer of the Parent or, in his or her absence, by two directors of the Parent.

                

          

          

          	19.4	
                  Requirements as to financial statements

                

          

          

          	

                	(a)	
                  Each set of financial statements delivered pursuant to clause 19.2 (Financial statements) shall:

                

          

          

          	

                	(i)	
                  be prepared in accordance with GAAP;

                

          

          

          	

                	(ii)	
                  give a true and fair view of (in the case of Annual Financial Statements for any financial year), or fairly represent (in other cases), the financial condition and operations of the Group or (as the case may be) the relevant Obligor
                    as at the date as at which those financial statements were drawn up;

                

          

          

          	

                	(iii)	
                  include a profit and loss account, a balance sheet and, in all cases other than in respect of the Borrower, a cashflow statement;

                

          

          

          	

                	(iv)	
                  in the case of the annual financial statements provided pursuant to clause 19.2(a) (Financial Statements), be audited by the Auditors; and

                

          

          

          	

                	(v)	
                  in the case of annual audited financial statements, not be the subject of any qualification in the Auditors' opinion.

                

          

          

          	

                	(b)	
                  The Borrower shall procure that each set of financial statements delivered pursuant to clause 19.2 (Financial statements) shall be prepared using GAAP, accounting practices and financial
                    reference periods consistent with those applied in the preparation of the Original Financial Statements, unless, in relation to any set of financial statements, the Borrower notifies the Agent that there has been a change in GAAP or the
                    accounting practices and the Borrower delivers to the Agent:

                

           

          

          
            78

            
              

          

          	

                	(i)	
                  a description of any change necessary for those financial statements to reflect the GAAP or accounting practices and reference periods upon which corresponding Original Financial Statements were prepared; and

                

          

          

          	

                	(ii)	
                  sufficient information, in form and substance as may be reasonably required by the Agent, to enable the Lenders to determine whether clause 20 (Financial covenants) has been complied with and
                    to make an accurate comparison between the financial position indicated in those financial statements and the Original Financial Statements.

                

          

          

          	

                	(c)	
                  Any reference in this Agreement to any financial statements shall be construed as a reference to those financial statements as adjusted to reflect the basis upon which the Original Financial Statements were prepared.

                

          

          

          	19.5	
                  Year-end

                

          

          

          The Borrower shall procure that each financial year-end of each Obligor and each Group Member falls on the Accounting Reference Date.

          

          

          	19.6	
                  Information: miscellaneous

                

          

          

          The Borrower shall deliver to the Agent:

          

          

          	

                	(a)	
                  at the same time as they are dispatched, copies of all financial statements, financial forecasts, proxy statements and other material communications and documents dispatched by the Parent or any other Obligor to its shareholders or
                    members or creditors generally (or any class of them);

                

          

          

          	

                	(b)	
                  promptly upon becoming aware of them, the details of any bona fide litigation, arbitration or administrative proceedings which are current, threatened or pending against any Obligor, and which, if adversely determined, might have a
                    Material Adverse Effect;

                

          

          

          	

                	(c)	
                  promptly upon becoming aware of them, the details of any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body which is made against any Obligor and
                    which is reasonably likely to have a Material Adverse Effect;

                

          

          

          	

                	(d)	
                  promptly upon becoming aware of them, the details of any change of law or regulation which is likely to have a Material Adverse Effect;

                

          

          

          	

                	(e)	
                  promptly, such information as the Agent may reasonably require about the Charged Property and compliance of the Obligors with the terms of any Security Documents;

                

          

          

          	

                	(f)	
                  promptly on request, such further information as the Agent may reasonably request for the purposes of calculating the amount of the Loan to be prepaid by the Borrower pursuant to clause 7.12; and

                

          

          

          	

                	(g)	
                  promptly on request, such further information regarding the financial condition, business, assets and operations of any Obligor as any Finance Party through the Agent may reasonably request provided that the provision of such further
                    information would not breach any obligation of confidentiality.

                

          

          

          
            79

            
              

          

          	19.7	
                  Information: Sanctions

                

          

          

          The Borrower shall procure that each Obligor shall supply to the Agent:

          

          

          	

                	(a)	
                  promptly upon becoming aware of them, the details of (i) any bond fide enquiry or investigation pursuant to Sanctions Laws or (ii) any bona fide claim, action, suit or proceeding pursuant to Sanctions Laws by any Sanctions Authority,
                    in each case against it or any of its Subsidiaries or any of their respective directors, officers or employees, as well as information on what steps are being taken with regards to answer or oppose such;

                

          

          

          	

                	(b)	
                  promptly upon becoming aware of them, notice of any (i) bona fide enquiry or investigation pursuant to Sanctions Laws or (ii) any claim, action, suit or proceeding pursuant to Sanctions Laws by any Sanctions Authority against any of
                    its agents or representatives; and

                

          

          

          	

                	(c)	
                  promptly upon becoming aware, notice that it or any of its Subsidiaries or any of their respective directors, officers, employees, agents or representatives has become or will become a Restricted Party or has violated any Sanctions
                    Laws.

                

          

          

          	

                	(d)	
                  promptly upon becoming aware, notice that it has identified (i) that any representation made or deemed to be made in clause 18.33 (Sanctions) is or proves to be incorrect or misleading or (ii)
                    any non-compliance with clause 21.2 (Use of proceeds) or clause 21.5 (Sanctions).

                

          

          

          	19.8	
                  Information: US waters

                

          

          

          The Borrower shall provide the Agent with at least ten days prior written notice of any Ship entering US Waters together with a confirmation as to how long the relevant Ship will remain in
            US Waters.

          

          

          	19.9	
                  Notification of Default

                

          

          

          The Borrower shall notify the Agent of any Default (and the steps, if any, being taken to remedy it) promptly upon any Obligor becoming aware of its occurrence (unless that Obligor is aware
            that a notification has already been provided by another Obligor).

          

          

          	19.10	
                  Sufficient copies

                

          

          

          The Borrower, if so requested by the Agent, shall deliver sufficient copies of each document to be supplied under the Finance Documents to the Agent to distribute to each of the Lenders and
            the Hedging Providers.

          

          

          	19.11	
                  Direct electronic delivery by Company

                

          

          

          The Borrower may satisfy its obligation under this Agreement to deliver any information in relation to a Lender by delivering that information directly to that Lender (including, without
            limitation, by way of posting to a secure website) in accordance with Clause 41.5 (Electronic communication) to the extent that Lender and the Agent agree to this method of delivery.

          

          

          	19.12	
                  "Know your customer" checks

                

          

          

          	

                	(a)	
                  If:

                

          

          

          	

                	(i)	
                  the introduction of or any change in (or in the interpretation, administration or application of) any law or regulation made after the date of this Agreement;

                

           

          

          
            80

            
              

          

          	

                	(ii)	
                  any change in the status of an Obligor or the composition of the shareholders or members of an Obligor after the date of this Agreement; or

                

          

          

          	

                	(iii)	
                  a proposed assignment by a Lender or a Hedging Provider of any of its rights under this Agreement or any Hedging Contract to a party that is not already a Lender or a Hedging Provider prior to such assignment,

                

          

          

          obliges the Agent, the Security Agent, the relevant Hedging Provider or any Lender (or, in the case of paragraph (c) above, any prospective new Lender or Hedging
            Provider) to comply with "know your customer" or similar identification procedures in circumstances where the necessary information is not already available to it, each Obligor shall promptly upon the request of the Agent or the Security Agent
            or any Lender or any Hedging Provider supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent (for itself or on behalf of any Lender or any Hedging Provider) or the Security Agent or any
            Lender or any Hedging Provider (for itself or, in the case of the event described in paragraph (c) above, on behalf of any prospective new Lender or Hedging Provider) in order for the Agent, the Security Agent,
            such Lender or any Hedging Provider or, in the case of the event described in paragraph (c) above, any prospective new Lender or Hedging Provider to carry out and be satisfied it has complied with all necessary
            "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

          

          

          	

                	(b)	
                  Each Finance Party shall promptly upon the request of the Agent or the Security Agent supply, or procure the supply of, such documentation and other evidence as is reasonably requested by the Agent or the Security Agent (for itself)
                    in order for it to carry out and be satisfied it has complied with all necessary "know your customer" or other similar checks under all applicable laws and regulations pursuant to the transactions contemplated in the Finance Documents.

                

          

          

          	20	
                  Financial covenants

                

          

          

          The Borrower undertakes that this clause 20 will be complied with throughout the Facility Period, as tested on a quarterly basis in accordance with clause 20.3 (Financial testing).

          

          

          	20.1	
                  Financial definitions

                

          

          

          In this clause 20, clause 28.16 (Distributions and other payments) and in clause 1.1 (Definitions):

          

          

          Cash means cash in hand.

          

          

          Cash Equivalents means:

          

          

          	

                	(a)	
                  deposits with first class international banks the maturity of which does not exceed twelve months;

                

          

          

          	

                	(b)	
                  bonds, certificates of deposit and other money market instruments or securities issued or guaranteed by the Norwegian or United States Governments; and

                

          

          

          	

                	(c)	
                  any other instrument approved by the Agent, with the authorisation of the Majority Lenders.

                

          

          

          Consolidated Debt Service means, for any financial period of the Group, the sum to be the aggregate amount of principal amortisation, interest due and
            payable thereon and all other amounts which shall fall due and will be paid by each Group Member in such period in respect of Total Indebtedness.

          

          

          
            81

            
              

          

          Consolidated Net Worth means, for the Parent (on a consolidated basis), the total value of the stock-holders equity determined in accordance with GAAP
            as shown on the consolidated balance sheet contained in the then most recent financial statements of the Group delivered pursuant to clause 19 (Information undertakings).

          

          

          EBITDA means, in respect of any period, the consolidated profit on ordinary activities of the Group before taxation for such period:

          

          

          	

                	(a)	
                  adjusted to exclude Interest Receivable and Interest Payable and other similar income or costs to the extent not already excluded;

                

          

          

          	

                	(b)	
                  adjusted to exclude any gain or loss realised on the disposal of fixed assets (whether tangible or intangible);

                

          

          

          	

                	(c)	
                  after adding back depreciation and amortisation charged which relates to such period;

                

          

          

          	

                	(d)	
                  adjusted to exclude any exceptional or extraordinary costs or income;

                

          

          

          	

                	(e)	
                  after deducting any profit arising out of the release of any provisions against a liability or charge and adding back any provision relating to long term assets or contracts; and

                

          

          

          	

                	(f)	
                  adjusted to exclude derivative transactions entered into by third parties so long as no Group Member bears any economic exposure prior to the Final Repayment Date.

                

          

          

          Free Liquid Assets means Cash or Cash Equivalents freely available for use by the Parent and/or any other Group Member for any lawful purpose without
            restriction (other than any restriction arising exclusively from any covenant to maintain a minimum level of free Cash or Cash Equivalents similar to that in clause 20.2(a) (Financial condition)
            notwithstanding any Security Interest, right of set-off or agreement with any other party, where:

          

          

          	

                	(a)	
                  the value of Cash Equivalents shall be deemed to be their quoted price, as at any date of determination, on any recognised exchange (being an exchange recognised and approved by the Agent) on which the same are listed or any dealing
                    facility through which the same are generally traded; and

                

          

          

          	

                	(b)	
                  any cash or Cash Equivalents denominated in a currency other than dollars shall be deemed to have a value in dollars equal to the dollar equivalent thereof at the rate of exchange published daily by the Agent as at any date of
                    determination.

                

          

          

          Interest means, in respect of any specified Financial Indebtedness, all continuing regular or periodic costs, charges and expenses incurred in
            effecting, servicing or maintaining such Financial Indebtedness including:

          

          

          	

                	(a)	
                  gross interest, commitment fees, discount and acceptance fees and guarantee, fronting and ancillary facility fees payable or incurred on any form of such Financial Indebtedness; and

                

          

          

          	

                	(b)	
                  arrangement fees or other upfront fees.

                

          

          

          Interest Payable means, in respect of any period, the aggregate (calculated on a consolidated basis for the Group) of:

          

          

          	

                	(a)	
                  the amounts charged and posted (or estimated to be charged and posted) as a current accrual accrued during such period in respect of members of the Group by way of Interest on all Financial Indebtedness, but excluding any amount
                    accruing as interest in-kind (and not as cash payment) to the extent capitalised as principal during such period; and

                

          

          

          
            82

            
              

          

          	

                	(b)	
                  net payments in relation to interest rate or currency hedging arrangements in respect of Financial Indebtedness (after deducting net income in relation to such interest rate or currency hedging arrangements).

                

          

          

          Interest Receivable means, in respect of any period, the amount of Interest accrued on cash balances of the Group (including the amount of interest
            accrued on the Accounts, to the extent that the account holder is entitled to receive such interest) during such period.

          

          

          Net Debt means, on a consolidated basis, an amount equal to Total Indebtedness minus Free Liquid Assets and cash deposits restricted under the terms
            of such debt, as evidenced by the consolidated balance sheet for the Group from time to time.

          

          

          Total Indebtedness means the aggregate debt and capital lease obligations (as such terms are defined in GAAP and presented in the consolidated balance
            sheet for the Group from time to time) as demonstrated by the then most recent financial statements of the Group delivered pursuant to clause 19 (Information undertakings) including negative
            mark-to-market valuations of any Treasury Transactions (after reducing those negative mark-to-market valuations by netting them with any positive mark-to-market valuations of any Treasury Transactions entered into with the same derivative
            counterparty) and any transactions which might have the effect of commercial borrowing under GAAP.

          

          

          	20.2	
                  Financial condition

                

          

          

          The Borrower and the Parent shall ensure that:

          

          

          	

                	(a)	
                  Free Liquid Assets: the aggregate value of the Free Liquid Assets of the Group shall be at all times not less than the higher of:

                

          

          

          	

                	(A)	
                  $30,000,000; and

                

          

          

          	

                	(B)	
                  the lower of (x) an amount equal to four per cent. of Total Indebtedness on a consolidated basis minus any debt in relation to Hilli Episeyo and (y) $50,000,000.

                

          

          

          	

                	(b)	
                  EBITDA to Consolidated Debt Service: on any financial quarter end date, the ratio of EBITDA (including distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service for the
                    previous twelve months, on a trailing four quarter basis, shall be no less than 1.15:1 provided that:

                

          

          

          	

                	(i)	
                  in respect of the unaudited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 30 June 2021, the ratio of EBITDA (including
                    distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous three month period, on a trailing one quarter basis;

                

          

          

          	

                	(ii)	
                  in respect of the unaudited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 30 September 2021, the ratio of EBITDA
                    (including distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous six month period, on a trailing two quarter basis; and

                

          

          

          
            83

            
              

          

          	

                	(iii)	
                  in respect of the audited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 31 December 2021, the ratio of EBITDA (including
                    distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous nine month period, on a trailing three quarter basis.

                

          

          

          	

                	(c)	
                  Net Debt to EBITDA: on any financial quarter end date, the ratio of Net Debt to EBITDA for the previous twelve months, on a trailing four quarter basis, shall be no greater than 6.50:1; and

                

          

          

          	

                	(d)	
                  Consolidated Net Worth: at all times the Consolidated Net Worth shall be greater than $250,000,000.

                

          

          

          	20.3	
                  Financial testing

                

          

          

          The financial covenants set out in clause 20.2 (Financial condition) shall be calculated in accordance with GAAP and tested by reference to each of
            the financial statements delivered pursuant to clause 19.2 (Financial statements) and/or each Compliance Certificate delivered pursuant to clause 19.3 (Provision and
              contents of Compliance Certificate).

          

          

          	21	
                  General undertakings

                

          

          

          	21.1	
                  The Borrower and each Guarantor undertakes that this clause 21 will be complied with by and in respect of each Obligor and each other Group Member throughout the Facility Period.

                

          

          

          	21.2	
                  Use of proceeds

                

          

          

          	

                	(a)	
                  The proceeds of any Utilisation will be used exclusively for the purposes specified in clause 3 (Purpose).

                

          

          

          	

                	(b)	
                  No Obligor shall (and each Obligor shall procure that none of its Subsidiaries will) request any Utilisation and, directly or knowingly indirectly, use the proceeds of the Loan (directly or indirectly) or lend, contribute or
                    otherwise make available the proceeds of the Loan to any Subsidiary or other person or entity (whether or not related to any Group Member):

                

          

          

          	

                	(i)	
                  in breach of Sanctions Laws;

                

          

          

          	

                	(ii)	
                  for the purpose of financing the activities of, or business or transactions with, any Restricted Party;

                

          

          

          	

                	(iii)	
                  in any manner that causes (or will cause) a Lender to be in breach of Sanctions Laws;

                

          

          

          	

                	(iv)	
                  in any manner that results, or is likely to result, in it or a Lender becoming a Restricted Party or otherwise a target of Sanctions Laws; or

                

          

          

          	

                	(v)	
                  in any other manner that would result in a violation of Sanctions Laws by any Obligor or other Group Member.

                

          

          

          	21.3	
                  Authorisations

                

          

          

          	

                	(a)	
                  Each Obligor will promptly:

                

           

          

          
            84

            
              

          

          

          	

                	(i)	
                  obtain, comply with and do all that is necessary to maintain in full force and effect; and

                

          

          

          	

                	(ii)	
                  supply certified copies to the Agent of,

                

          

          

          any authorisation required under any law or regulation of a Relevant Jurisdiction to:

          

          

          	

                	(A)	
                  enable it to perform its obligations under the Finance Documents and the Charter Documents;

                

          

          

          	

                	(B)	
                  ensure the legality, validity, enforceability or admissibility in evidence of any Finance Document or any Charter Document; and

                

          

          

          	

                	(C)	
                  carry on its business where failure to do so has, or is reasonably likely to have, a Material Adverse Effect.

                

          

          

          	21.4	
                  Compliance with laws

                

          

          

          	

                	(a)	
                  Each Obligor and each other Group Member will comply in all respects with all laws and regulations (including Environmental Laws) to which it may be subject.

                

          

          

          	

                	(b)	
                  The Borrower shall procure that each of Owners and the Bareboat Charterers shall:

                

          

          

          	

                	(i)	
                  comply with all laws or regulations:

                

          

          

          	

                	(A)	
                  applicable to its business; and

                

          

          

          	

                	(B)	
                  applicable to each Ship, its ownership, employment, operation, management and registration,

                

          

          

          including the ISM Code, the ISPS Code, all Environmental Laws, the laws of the Flag State and all Sanctions Laws;

          

          

          	

                	(ii)	
                  obtain, comply with and do all that is necessary to maintain in full force and effect any consent, authorisation, licence or approval of any governmental or public body or authorities or courts applicable to each Ship or its
                    operation required under any Environmental Law; and

                

          

          

          	

                	(iii)	
                  without limiting clause 21.4(b) above, not employ a Ship nor allow its employment, operation or management in any manner contrary to any law or regulation including but not limited to the ISM Code, the ISPS Code, all Environmental
                    Laws and all Sanctions Laws.

                

          

          

          	21.5	
                  Sanctions

                

          

          

          	

                	(a)	
                  Each Obligor shall (and shall procure that each of its Subsidiaries and each of its and their directors, officers and employees) comply with Sanctions Laws.

                

          

          

          	

                	(b)	
                  Each Obligor shall (and shall ensure that each of its Subsidiaries shall) maintain in effect policies and procedures designed to ensure compliance by them and their respective directors, officers and employees with all Sanctions Laws
                    and to ensure that none of them engages in any activity that could reasonably be expected to result in any such person being designated as a Restricted Party. Upon request, the Borrower shall provide the Agent with full details of such
                    policies and procedures.

                

           

          

          
            85

            
              

          

          

          	

                	(c)	
                  No Obligor shall use any revenue or benefit derived from any activity or dealing with a Restricted Party in discharging any obligation due or owing to the Finance Parties if this shall lead to a breach of Sanctions Laws.

                

          

          

          	21.6	
                  Anti-corruption law

                

          

          

          	

                	(a)	
                  No Obligor or Group Member will directly or indirectly use the proceeds of the Facility for any purpose which would breach the Bribery Act 2010, the United States Foreign Corrupt Practices Act of 1977 or other similar legislation in
                    other jurisdictions.

                

          

          

          	

                	(b)	
                  Each Obligor shall (and the Borrower shall ensure that each other Group Member will):

                

          

          

          	

                	(i)	
                  conduct its businesses in compliance with applicable anti-corruption laws; and

                

          

          

          	

                	(ii)	
                  maintain policies and procedures designed to promote and achieve compliance with such laws.

                

          

          

          	21.7	
                  Tax compliance

                

          

          

          	

                	(a)	
                  Each Obligor shall pay and discharge all Taxes imposed upon it or its assets within the time allowed by law without incurring penalties unless and only to the extent that:

                

          

          

          	

                	(i)	
                  such payment is being contested in good faith;

                

          

          

          	

                	(ii)	
                  adequate reserves are being maintained for those Taxes and the costs required to contest them which have been disclosed in its latest financial statements delivered to the Agent under clause 19.2 (Financial

                      statements); and

                

          

          

          	

                	(iii)	
                  such payment can be lawfully withheld.

                

          

          

          	

                	(b)	
                  Except as approved by the Majority Lenders, each Bareboat Charterer shall maintain its residence for Tax purposes in the jurisdiction in which it is incorporated and use reasonable efforts to ensure that it is not resident for Tax
                    purposes in any other jurisdiction.

                

          

          

          	21.8	
                  Change of business

                

          

          

          Except as approved by the Lenders, no material change will be made to the general nature of the business of the Obligors or the Group from that carried on at the date of this Agreement.

          

          

          	21.9	
                  Merger and corporate reconstruction

                

          

          

          Subject to the proviso set out below, except as approved by the Lenders:

          

          

          	

                	(a)	
                  no Obligor will enter into any amalgamation, demerger, merger, consolidation, redomiciliation, legal migration or corporate reconstruction; and

                

          

          

          	

                	(b)	
                  no Obligor will materially change its corporate structure, provided that the Borrower shall be entitled to establish additional Subsidiaries.

                

          

          

          	21.10	
                  Further assurance

                

          

          

          	

                	(a)	
                  Each Obligor shall promptly do all such acts or execute all such documents (including assignments, transfers, mortgages, charges, notices and instructions) as the Security Agent or the Agent may reasonably specify (and in such form
                    as the Security Agent or the Agent may reasonably require):

                

          

          

          
            86

            
              

          

          	

                	(i)	
                  to perfect the Security Interests created or intended to be created by that Obligor under or evidenced by the Security Documents (which may include the execution of a mortgage, charge, assignment or other security over all or any of
                    the assets which are, or are intended to be, the subject of the Security Documents) or for the exercise of any rights, powers and remedies of the Security Agent provided by or pursuant to the Finance Documents or by law;

                

          

          

          	

                	(ii)	
                  to confer on the Security Agent Security Interests over any property and assets of that Obligor located in any jurisdiction equivalent or similar to the Security Interest intended to be conferred by or pursuant to the Security
                    Documents;

                

          

          

          	

                	(iii)	
                  to facilitate the realisation of the assets which are, or are intended to be, the subject of the Security Documents; and/or

                

          

          

          	

                	(iv)	
                  to facilitate the accession by a New Lender to any Security Document following an assignment in accordance with clause 33.1 (Assignments by the Lenders).

                

          

          

          	

                	(b)	
                  Each Obligor shall take all such action as is available to it (including making all filings and registrations) as may be necessary for the purpose of the creation, perfection, protection or maintenance of any Security Interest
                    conferred or intended to be conferred on the Security Agent or the other Finance Parties by or pursuant to the Finance Documents.

                

          

          

          	21.11	
                  Environmental matters

                

          

          

          	

                	(a)	
                  The Agent will be notified as soon as reasonably practicable of any bona fide Environmental Claim being made against any Group Member or any Fleet Vessel which, if successful to any extent, might have a Material Adverse Effect and of
                    any Environmental Incident which may give rise to such a claim and will be kept regularly and promptly informed in reasonable detail of the nature of, and response to, any such Environmental Incident and the defence to any such claim.

                

          

          

          	

                	(b)	
                  Environmental Laws (and any consents, licences or approvals obtained under them) applicable to Fleet Vessels will not be violated in a way which might have a Material Adverse Effect.

                

          

          

          	21.12	
                  People with Significant Control (PSC) Regime

                

          

          

          	

                	(a)	
                  Each Obligor shall:

                

          

          

          	

                	(i)	
                  within the relevant timeframe, comply with any notice it receives pursuant to Part 21A of the Companies Act 2006 from each Bareboat Charterer; and

                

          

          

          	

                	(ii)	
                  promptly provide the Agent with a copy of that notice.

                

          

          

          	

                	(b)	
                  Each Bareboat Charterer undertakes that it will use its best endeavours to keep its PSC register up to date and that, if it issues any Restrictions Notices or Warning Notices it will send a copy of these to the Agent at the same time
                    as they are issued.

                

          

          

          	

                	(c)	
                  The Parent will take all steps necessary to ensure that it remains registered in each Bareboat Charterer’s PSC register and will:

                

           

          

          
            87

            
              

          

          	

                	(i)	
                  use its best endeavours to assist each Bareboat Charterer in obtaining any other information each Bareboat Charterer needs in relation to its shares to maintain its PSC register; and

                

          

          

          	

                	(ii)	
                  ensure that updates of any changes to the information relating to the Parent and contained in the PSC register are provided to each Bareboat Charterer promptly.

                

          

          

          	22	
                  Dealings with the Ships

                

          

          

          	22.1	
                  The Borrower and each Guarantor (other than the Parent) undertakes that this clause 22 will be complied with in relation to each Ship throughout the relevant Ship's Mortgage Period.

                

          

          

          	22.2	
                  Ship's name and registration

                

          

          

          	

                	(a)	
                  A Ship's name shall only be changed after prior notice to the Agent and, the Borrower shall promptly take all necessary steps to update all applicable insurance, class and registration documents with such change of name.

                

          

          

          	

                	(b)	
                  Each Ship shall be permanently registered in the name of the relevant Owner with the relevant Registry under the laws of its Flag State.  Except with approval of the Lenders, a Ship shall not be registered under any other flag or at
                    any other port or fly any other flag (other than that of its Flag State), provided that no such approval shall be required for the registration of a Ship under the flag of another Approved Flag State as long as replacement Security
                    Interests are granted in respect of that Ship (which are, in the opinion of the Lenders, equivalent to those in place prior to such registration) in favour of the Security Agent immediately following the registration of such ship under
                    the flag of that Approved Flag State. If a registration is for a limited period, it shall be renewed at least 45 days before the date it is due to expire and the Agent shall be notified of that renewal at least 30 days before that date.

                

          

          

          	

                	(h)	
                  Nothing will be done and no action will be omitted if that might result in such registration being forfeited or imperilled or a Ship being required to be registered under the laws of another state of registry.

                

          

          

          	22.3	
                  Sale or other disposal of a Ship, other vessels or entities

                

          

          

          Except with approval of the Lenders or as may be agreed in the Finance Documents, the relevant Owner will not sell, or agree to sell, transfer, abandon or otherwise dispose of the relevant
            Ship or any share or interest in it, unless the consideration for such sale, transfer or disposal (together with any other unencumbered or unrestricted cash available to the Borrower or to the relevant Owner) shall be sufficient to meet the
            Borrower’s prepayment obligations under clause 7.8 (Sale or Total Loss).

          

          

          	22.4	
                  Manager

                

           

          

          Each Ship shall be managed by a technical and commercial manager. A manager of a Ship shall not be appointed unless that manager and the terms of its appointment are approved (such approval
            not to be unreasonably withheld or delayed) by the Majority Lenders in writing and it has delivered a duly executed Manager's Undertaking.  There shall be no change to the terms of appointment of a manager whose appointment has been approved
            unless such change is also approved (such approval not to be unreasonably withheld or delayed) the Majority Lenders in writing.

           

          

          
            88

            
              

          

          

          	22.5	
                  Copy of Mortgage on board

                

          

          

          A properly certified copy of the relevant Mortgage shall be kept on board each Ship with its papers and shown to anyone having business with that Ship which might create or imply any
            commitment or Security Interest over or in respect of that Ship (other than a lien for crew's wages and salvage) and to any representative of the Agent or the Security Agent.

          

          

          	22.6	
                  Inventory of Hazardous Materials

                

          

          

          An Inventory of Hazardous Materials shall be maintained in relation to and on board each Ship.

          

          

          	22.7	
                  Notice of Mortgage

                

          

          

          	

                	(a)	
                  A framed printed notice of the Ship's Mortgage shall be prominently displayed in the navigation room and in the Master's cabin of each Ship.  The notice must be in plain type and read as follows:

                

          

          

          "NOTICE OF MORTGAGE

          

          

          This Ship is subject to a first mortgage in favour of [here insert name of mortgagee] of [here insert address of mortgagee].  Under the said
            mortgage and related documents, neither the Owner nor any charterer nor the Master of this Ship has any right, power or authority to create, incur or permit to be imposed upon this Ship any commitments or encumbrances whatsoever other than for
            crew's wages and salvage".

          

          

          	

                	(b)	
                  No-one will have any right, power or authority to create, incur or permit to be imposed upon a Ship any lien whatsoever other than for crew's wages and salvage.

                

          

          

          	22.8	
                  Conveyance on default

                

          

          

          Where a Ship is (or is to be) sold in exercise of any power conferred by the Security Documents, the relevant Owner shall, upon the Agent's request, immediately execute such form of transfer
            of title to that Ship as the Agent may require.

          

          

          	22.9	
                  Chartering

                

          

          

          	

                	(a)	
                  Except with approval of the Lenders (which approval shall not be unreasonably withheld or delayed) or as permitted without approval by clause 22.9(b) below, the relevant Owner or Bareboat Charterer shall not enter into any charter
                    commitment for a Ship (except for a Ship's Time Charter or Bareboat Charter) which is:

                

          

          

          	

                	(i)	
                  a bareboat or demise charter or passes possession and operational control of that Ship to another person;

                

          

          

          	

                	(ii)	
                  capable of lasting more than 24 calendar months;

                

          

          

          	

                	(iii)	
                  less than Market Rate; or

                

          

          

          	

                	(iv)	
                  to another Obligor.

                

          

          

          	

                	(b)	
                  Notwithstanding clause 22.9(a) above, the following charter commitments for a Ship are permitted without approval:

                

          

          

          
            89

            
              

          

          	

                	(i)	
                  a bareboat or demise charter or other charter commitment that passes possession and operational control of that Ship to any Subsidiary of NFE or Group Member (except an Obligor), provided that such charter or other charter commitment
                    (A) contains an undertaking from the relevant charterer, enforceable by the relevant Owner or Bareboat Charterer to comply with clauses 22.2 (Ship’s name and registration), 22.4 (Manager) - 22.7 (Notice of Mortgage), 22.9 (Chartering) and 22.10 (Lay up),
                    23 (Condition and operation of the Ships) and 24 (Insurance) (except clauses 24.6 (Mortgagee’s insurance) and
                    24.18 (Independent report) and (B) is:

                

          

          

          	

                	(A)	
                  (in the c) ase of a Group Memberassigned to the Security Agent;

                

          

          

          	

                	(B)	
                  on Market Rate; and

                

          

          

          	

                	(C)	
                  in the case of Ship C, Ship D, Ship F and Ship G:

                

          

          

          	

                	(1)	
                  a charter to NFE Atlantic Holdings LLC or a charter guaranteed to the relevant owner or disponent owner by NFE Atlantic Holdings LLC; and

                

          

          

          	

                	(2)	
                  for a period not ending earlier than 12 months following the Final Repayment Date;

                

          

          

          	

                	(ii)	
                  a time charter capable of lasting 24 calendar months or more to NFE or any Subsidiary of NFE or Group Member (except an Obligor), provided that such charter is:

                

          

          

          	

                	(A)	
                  (in the case of a Group Member) assigned to the Security Agent;

                

          

          

          	

                	(B)	
                   on Market Rate; and

                

          

          

          	

                	(C)	
                  in the case of Ship C, Ship D, Ship F and Ship G:

                

          

          

          	

                	(1)	
                  a charter to NFE Atlantic Holdings LLC or a charter guaranteed to the relevant owner or disponent owner by NFE Atlantic Holdings LLC; and

                

          

          

          	

                	(2)	
                  for a period not ending earlier than 12 months following the Final Repayment Date;

                

          

          

          	

                	(iii)	
                  a time charter that is not capable of lasting more than 24 calendar months to NFE or any Subsidiary of NFE (except an Obligor) or any third party, provided that such charter is:

                

          

          

          	

                	(A)	
                  on Market Rate; and

                

          

          

          	

                	(B)	
                  in the case of Ship C, Ship D, Ship F and Ship G (except where a third party charter complying with clause 26.5 (Expiry of Time Charter) has been entered into):

                

          

          

          	

                	(1)	
                  a charter to NFE Atlantic Holdings LLC or a charter guaranteed to the relevant owner or disponent owner by NFE Atlantic Holdings LLC; and

                

          

          

          	

                	(2)	
                  for a period not ending earlier than 12 months following the Final Repayment Date;

                

           

          

          
            90

            
              

          

          	

                	(iv)	
                  any charter that is entered into pursuant to clause 26.4, clause 26.5 or clause 30.20(b)(ii);

                

          

          

          	

                	(v)	
                  any sub-charter by any sub-charterer of any Ship pursuant to a charter permitted under this clause 22.9 provided such sub-charter complies with this clause 22.9 (for the avoidance of doubt if NFE Atlantic Holdings LLC has either
                    chartered a Ship or provided a guarantee of a charter of a Ship, it will not be required to guarantee any further sub-charters of such Ship to NFE or any of its Subsidiaries, during the subsistence of such charter to, or guarantee from,
                    NFE Atlantic Holdings LLC);

                

          

          

          	

                	(vi)	
                  any extension of a Time Charter at the rates set out in that respective charter or, if at a different rate, provided that the extended Time Charter is on Market Rate.

                

          

          

          	22.10	
                  Lay up

                

          

          

          Save with respect to the current lay up of Ship E, except with approval, (which approval, in relation to a Ship which is subject to a Time Charter, shall not be unreasonably withheld where
            the request is (i) made by the Time Charterer, (ii) made at a time when the relevant Time Charter has not been terminated, cancelled, rescinded and has not expired and the relevant Ship is continuing in service under the relevant Time Charter
            and (iii) made at a time when the relevant Time Charterer is not in breach of any of its obligations under the relevant Time Charter), a Ship shall not be laid up or deactivated.

          

          

          	22.11	
                  Sharing of Earnings

                

          

          

          Except with approval, neither the relevant Owner nor (if applicable) the relevant Bareboat Charterer shall enter into any arrangement under which its Earnings from a Ship may be shared with
            anyone else.

          

          

          	22.12	
                  Payment of Earnings

                

          

          

          The relevant Owner's and (if applicable) Bareboat Charterer's Earnings from the Ship shall be paid in the way required by the Ship's Assignment Deed, or otherwise in accordance with the
            provisions of this Agreement.

          

          

          	22.13	
                  Poseidon Principles

                

          

          

          The Borrower (on behalf of the relevant Owner) shall, upon the request of the Agent and at the cost of the Borrower, on or before 31 July in each calendar year, supply or procure the supply
            to the Agent of all information necessary in order for any Lender to comply with its obligations under the Poseidon Principles in respect of the preceding year, including, without limitation, all ship fuel oil consumption data required to be
            collected and reported in accordance with Regulation 22A of Annex VI and any Statement of Compliance, in each case relating to each Ship for the preceding calendar year provided always that no Lender shall publicly disclose such information
            with the identity of any Ship without the prior written consent of the Borrower and/or the relevant Owner.

          For the avoidance of doubt, such information shall be “Confidential Information” for the purposes of clause 45 (Confidential Information) but the
            Borrower (on behalf of each Owner) acknowledges that, in accordance with the Poseidon Principles, such information will form part of the information published regarding the relevant Lender’s portfolio climate alignment.

          

          

          
            91

            
              

          

          	23	
                  Condition and operation of the Ships

                

          

          

          	23.1	
                  The Borrower undertakes that this clause 23 will be complied with in relation to each Ship throughout the relevant Ship's Mortgage Period.

                

          

          

          	23.2	
                  Defined terms

                

          

          

          In this clause 23 and in Schedule 3 (Conditions precedent):

          applicable code means any code or prescribed procedures required to be observed by a Ship or the persons responsible for its operation under any
            applicable law (including but not limited to those currently known as the ISM Code and the ISPS Code).

          

          

          applicable law means all laws and regulations applicable to vessels registered in a Ship's Flag State or which for any other reason apply to a Ship or
            to its condition or operation at any relevant time.

          

          

          applicable operating certificate means any certificates or other document relating to a Ship or its condition or operation required to be in force
            under any applicable law or any applicable code.

          

          

          	23.3	
                  Repair

                

          

          

          Each Ship shall be kept in a good, safe and efficient state of repair, other than any Laid Up Ship which shall be kept in a state of repair appropriate for a vessel of similar type in
            lay-up.  The quality of workmanship and materials used to repair a Ship or replace any damaged, worn or lost parts or equipment shall be sufficient to ensure that that Ship's value is not reduced.

          

          

          	23.4	
                  Modification

                

          

          

          Except with approval (which shall not be unreasonably delayed) the structure, type or performance characteristics of a Ship shall not be modified in a way which could or might materially
            alter that Ship or materially reduce its value.

          

          

          	23.5	
                  Removal of parts

                

          

          

          Except with approval, no material part of a Ship or any equipment shall be removed from that Ship if to do so would materially reduce its value (unless at the same time it is replaced with
            equivalent parts or equipment owned by the relevant Owner free of any Security Interest except under the Security Documents).

          

          

          	23.6	
                  Third party owned equipment

                

          

          

          Except with approval, equipment owned by a third party shall not be installed on a Ship if it cannot be removed without causing damage to the structure or fabric of that Ship or incurring
            significant expense.

          

          

          	23.7	
                  Maintenance of class; compliance with laws and codes

                

          

          

          Each Ship's class shall be the relevant Classification.  Each Ship and every person who owns, operates or manages each Ship shall comply with all applicable laws and the requirements of all
            applicable codes and regulations (including, but not limited to, all Environmental Laws and all Sanctions Laws).  There shall be kept in force and on board each Ship or in such person's custody any applicable operating certificates which are
            required by applicable laws or applicable codes to be carried on board that Ship or to be in such person's custody.

           

          

          
            92

            
              

          

          

          	23.8	
                  Surveys

                

          

          

          Each Ship shall be submitted to continuous surveys and any other surveys which are required for it to maintain the Classification as its class.  Copies of reports of those surveys shall be
            provided promptly to the Agent if it so requests.

          

          

          	23.9	
                  Inspection and notice of dry-dockings

                

          

          

          The Agent and/or surveyors or other persons appointed by it for such purpose shall be allowed to board each Ship at all reasonable times to inspect it and given all proper facilities needed
            for that purpose, which right shall only be exercised once per calendar year in respect of each Ship or, if a Default has occurred, at any further times whilst such Default is continuing.  The Agent shall be given reasonable advance notice of
            any intended dry-docking of each Ship (whatever the purpose of that dry-docking).

          

          

          	23.10	
                  Prevention of arrest

                

          

          

          All debts, damages, liabilities and outgoings which have given, or may give, rise to maritime, statutory or possessory liens on, or claims enforceable against, a Ship, its Earnings or
            Insurances shall be promptly paid and discharged.

          

          

          	23.11	
                  Release from arrest

                

          

          

          Each Ship, its Earnings and Insurances shall promptly be released from any arrest, detention, attachment or levy, and any legal process against that Ship shall be promptly discharged, by
            whatever action is required to achieve that release or discharge.

          

          

          	23.12	
                  Information about a Ship

                

          

          

          The Agent shall promptly be given any information which it may reasonably require about each Ship or its employment, position, use or operation, including details of towages and salvages,
            and copies of all its charter commitments entered into by or on behalf of any Obligor and copies of any applicable operating certificates.

          

          

          	23.13	
                  Notification of certain events

                

          

          

          The Agent shall promptly be notified of:

          

          

          	

                	(a)	
                  any damage to a Ship where the cost of the resulting repairs may exceed the Major Casualty Amount for that Ship;

                

          

          

          	

                	(b)	
                  any occurrence which may result in a Ship becoming a Total Loss;

                

          

          

          	

                	(c)	
                  any requisition of a Ship for hire;

                

          

          

          	

                	(d)	
                  any Environmental Incident involving a Ship and Environmental Claim being made in relation to such an incident;

                

          

          

          	

                	(e)	
                  any withdrawal or threat to withdraw any applicable operating certificate;

                

          

          

          	

                	(f)	
                  the issue of any operating certificate required under any applicable code;

                

          

          

          	

                	(g)	
                  the receipt of notification that any application for such a certificate has been refused;

                

           

          

          
            93

            
              

          

          

          	

                	(h)	
                  any requirement or recommendation made in relation to a Ship by any insurer or that Ship's Classification Society or by any competent authority which is not, or cannot be, complied with in the manner or time required or recommended;
                    and

                

          

          

          	

                	(i)	
                  any arrest or detention of a Ship or any exercise or purported exercise of a lien or other claim on that Ship or its Earnings or Insurances.

                

          

          

          	23.14	
                  Payment of outgoings

                

          

          

          All tolls, dues and other outgoings whatsoever in respect of a Ship and its Earnings and Insurances shall be paid promptly.  Proper accounting records shall be kept of each Ship and its
            Earnings.

          

          

          	23.15	
                  Evidence of payments

                

          

          

          The Agent shall be allowed proper and reasonable access to those accounting records when it requests it and, when it requires it, shall be given satisfactory evidence that:

          

          

          	

                	(a)	
                  the wages and allotments and the insurance and pension contributions of each Ship's crew are being promptly and regularly paid;

                

          

          

          	

                	(b)	
                  all deductions from its crew's wages in respect of any applicable Tax liability are being properly accounted for; and

                

          

          

          	

                	(c)	
                  each Ship's master has no claim for disbursements other than those incurred by him in the ordinary course of trading on the voyage then in progress.

                

          

          

          	23.16	
                  Repairers' liens

                

          

          

          Save with respect to scheduled periodic dry-docking, except with approval, a Ship shall not be put into any other person's possession for work to be done on that Ship if the cost of that
            work will exceed or is likely to exceed the Major Casualty Amount for that Ship unless that person gives the Security Agent a written undertaking in approved terms not to exercise any lien on that Ship or its Earnings for any of the cost of
            such work.

          

          

          	23.17	
                  Survey report

                

          

          

          As soon as reasonably practicable after the Agent requests it, the Agent shall be given a report on the seaworthiness and/or safe operation of each Ship, from approved surveyors or
            inspectors. This right shall only be exercised once per calendar year in respect of each Ship or, if a Default has occurred, at any further times whilst such Default is continuing. If any recommendations are made in such a report they shall be
            complied with in the way and by the time recommended in the report.

          

          

          	23.18	
                  Lawful use

                

          

          

          A Ship shall not be employed:

          

          

          	

                	(a)	
                  in any way or in any activity which is unlawful under international law or the domestic laws of any relevant country;

                

          

          

          	

                	(b)	
                  in carrying illicit or prohibited goods;

                

          

          

          
            94

            
              

          

          	

                	(c)	
                  in a way which may make it liable to be condemned by a prize court or destroyed, seized or confiscated;

                

          

          

          	

                	(d)	
                  in any manner contrary to any Sanctions Laws; or

                

          

          

          	

                	(e)	
                  if there are hostilities in any part of the world (whether war has been declared or not), in carrying contraband goods,

                

          and the persons responsible for the operation of that Ship shall take all necessary and proper precautions to ensure that this does not happen.

          

          

          	23.19	
                  War zones

                

          

          

          Except with approval, each Ship shall not enter or remain in any zone which has been declared a war zone by any government entity or that Ship's war risk insurers.  If approval is granted
            for it to do so, any requirements of the Agent and/or that Ship's insurers necessary to ensure that that Ship remains properly insured in accordance with the Finance Documents (including any requirement for the payment of extra insurance
            premiums) shall be complied with.

          

          

          	23.20	
                  Sustainable and socially responsible dismantling

                

          

          

          The Obligors shall ensure that the Ships (whilst they are owned by the Obligors or where such vessels are sold to an intermediary with the intention of being scrapped) are recycled at a
            recycling yard which conducts its recycling business in a socially and environmentally responsible matter in accordance with the Hong Kong International Convention for the Sale and Environmentally Sound Recycling of 2009 (whether or not in
            force) or, if applicable, the EU Ship Recycling Regulation.

          

          

          	24	
                  Insurance

                

          

          

          	24.1	
                  The Borrower undertakes that this clause 24 shall be complied with in relation to each Ship and its Insurances throughout the relevant Ship's Mortgage Period.

                

          

          

          	24.2	
                  Insurance terms

                

          

          

          In this clause 24:

          

          

          excess risks means the proportion (if any) of claims for general average, salvage and salvage charges not recoverable under the hull and machinery
            insurances of a vessel in consequence of the value at which the vessel is assessed for the purpose of such claims exceeding its insured value.

          

          

          excess war risk P&I cover means cover for claims only in excess of amounts recoverable under the usual war risk cover including (but not limited
            to) hull and machinery, crew and protection and indemnity risks.

          

          

          hull cover means insurance cover against the risks identified in clause 24.3(a) below.

          

          

          minimum hull cover means, in relation to a Ship, an amount equal at the relevant time to the higher of (a) the Vessel Value of that Ship; and (b) 120
            per cent of such proportion of the Loan as is equal to the proportion which the Vessel Value of that Ship bears to the aggregate of the Vessel Values of all of the Ships.

           

          

          
            95

            
              

          

          P&I risks means the usual risks (including liability for oil pollution, excess war risk P&I cover) covered by a protection and indemnity
            association which is a member of the International Group of protection and indemnity associations (or, if the International Group ceases to exist, any other leading protection and indemnity association or other leading provider of protection
            and indemnity insurance) (including, without limitation, the proportion (if any) of any collision liability not covered under the terms of the hull cover).

          

          

          	24.3	
                  Coverage required

                

          

          

          Each Ship shall at all times be insured:

          

          

          	

                	(a)	
                  against fire and usual marine risks (including excess risks) and war risks (including war protection and indemnity risks and terrorism risks, piracy and confiscation risks) on an agreed value basis (which shall include the total
                    insured value of that Ship, including any sum insured under freight interest insurance), for at least its minimum hull cover, provided that, in the event that part of the agreed insurable value of that Ship is insured by way of an
                    increased value policy (or, in the case of cover under the Nordic Marine Insurance Plan, a hull interest policy), the hull and machinery marine risks policy shall be for an amount of not less than 80 per cent of the agreed insurable
                    value, unless the relevant approved brokers or approved insurers have confirmed in writing to the Agent that such hull and machinery marine risks policy provides that the conditions for condemnation will be met when any casualty damage
                    to that Ship is sufficiently extensive that the cost of removing and repairing that Ship exceeds the amount insured under the hull and machinery marine risks policy, in which case the hull and machinery marine risks policy shall be for
                    an amount of not less than 66 2/3 per cent of the agreed insurable value;

                

          

          

          	

                	(b)	
                  against P&I risks for the highest amount then available in the insurance market for vessels of similar age, size and type as that Ship (which, in relation to liability for oil pollution, is currently $1,000,000,000);

                

          

          

          	

                	(c)	
                  against loss of Earnings in any amount and on terms approved by the Agent (this shall only apply in respect of Ship E ten days prior to Ship E becoming operational);

                

          

          

          	

                	(d)	
                  against such other risks and matters which the Agent notifies it that it considers reasonable for a prudent shipowner or operator to insure against at the time of that notice; and

                

          

          

          	

                	(e)	
                  on terms which comply with the other provisions of this clause 24,

                

          

          

          it being acknowledged that, for Ship E (which is non-operational and laid up as at the date of this Agreement), (i) the hull cover does not comply with the minimum hull cover required under
            this clause 24.3 (Coverage required) and (ii) there is no loss of Earnings insurance in place. The Borrower undertakes that ten (10) days prior to Ship E becoming operational, it shall provide evidence
            satisfactory to the Agent (acting on the instructions of the Majority Lenders) that the insurance coverage required by clause 24.3 (Coverage required).

          

          

          	24.4	
                  Placing of cover

                

          

          

          The insurance coverage required by clause 24.3 (Coverage required) shall be:

          

          

          	

                	(a)	
                  in the name of a Ship's Owner and (in the case of a Ship's hull cover) no other person (other than the Security Agent if required by it) (unless such other person, if so required by the Agent, has duly executed and delivered a first
                    priority assignment of its interest in that Ship's Insurances to the Security Agent in an approved form and provided such supporting documents and opinions in relation to that assignment as the Agent requires). In the case of any
                    assignment of insurances provided by NFE or any of its Subsidiaries (other than a Group Member) such assignment shall be on a third party basis with recourse limited to the insurance proceeds;

                

           

          

          
            96

            
              

          

          

          	

                	(b)	
                  in dollars or another approved currency;

                

          

          

          	

                	(c)	
                  arranged through approved brokers or direct with approved insurers or protection and indemnity or war risks associations; and

                

          

          

          	

                	(d)	
                  on approved terms and with approved insurers or associations.

                

          

          

          	24.5	
                  Deductibles

                

          

          

          The aggregate amount of any excess or deductible under a Ship's hull cover shall not exceed an approved amount.

          

          

          	24.6	
                  Mortgagee's insurance

                

          

          

          The Borrower shall promptly reimburse to the Agent the cost (as conclusively certified by the Agent) of taking out and keeping in force in respect of a Ship and the other Ships on approved
            terms, or in considering or making claims under:

          

          

          	

                	(a)	
                  a mortgagee's interest insurance cover for the benefit of the Finance Parties for an aggregate amount up to 120 per cent of the Loan and a mortgagee's additional perils (pollution risks) cover for the benefit of the Finance Parties
                    if a Ship enters US Waters for at least that Ship's minimum hull cover; and

                

          

          

          	

                	(b)	
                  any other insurance cover which the Agent reasonably requires in respect of any Finance Party's interests and potential liabilities (whether as mortgagee of that Ship or beneficiary of the Security Documents), provided that the
                    taking out of such cover is in accordance with the then current market practice within the shipping finance industry for ships of the type of the Ships.

                

          

          

          	24.7	
                  Fleet liens, set off and cancellations

                

          

          

          If a Ship's hull cover also insures other vessels, the Security Agent shall either be given an undertaking in approved terms by the brokers or (if such cover is not placed through brokers or
            the brokers do not, under any applicable laws or insurance terms, have such rights of set off and cancellation) the relevant insurers that the brokers or (if relevant) the insurers will not:

          

          

          	

                	(a)	
                  set off against any claims in respect of that Ship any premiums due in respect of any of such other vessels insured (other than other Ships); or

                

          

          

          	

                	(b)	
                  cancel that cover because of non-payment of premiums in respect of such other vessels,

                

          or the Borrower shall ensure that hull cover for that Ship and any other Ships is provided under a separate policy from any other vessels.

          

          

          	24.8	
                  Payment of premiums

                

          

          

          All premiums, calls, contributions or other sums payable in respect of the Insurances shall be paid punctually and the Agent shall be provided with all relevant receipts or other evidence of
            payment upon request.

           

          

          
            97

            
              

          

          

          	24.9	
                  Details of proposed renewal of Insurances

                

          

          

          At least seven days before any of a Ship's Insurances are due to expire, the Agent shall be notified of the names of the brokers, insurers and associations proposed to be used for the
            renewal of such Insurances and the amounts, risks and terms in, against and on which the Insurances are proposed to be renewed.

          

          

          	24.10	
                  Instructions for renewal

                

          

          

          At least seven days before any of a Ship's Insurances are due to expire, instructions shall be given to brokers, insurers and associations for them to be renewed or replaced on or before
            their expiry.

          

          

          	24.11	
                  Confirmation of renewal

                

          

          

          Each Ship's Insurances shall be renewed upon their expiry in a manner and on terms which comply with this clause 24 (and Insurances on the same terms and issued by or through the same
            brokers and/or insurers as the existing Insurances shall be deemed to comply with this clause 24 without any further approval being required) and confirmation of such renewal given by approved brokers or insurers to the Agent at least seven
            days (or such shorter period as may be approved) before such expiry.

          

          

          	24.12	
                  P&I guarantees

                

          

          

          Any guarantee or undertaking required by any protection and indemnity or war risks association in relation to a Ship shall be provided when required by the association.

          

          

          	24.13	
                  Insurance documents

                

          

          

          The Agent shall be provided with pro forma copies of all insurance policies and other documentation issued by brokers, insurers and associations in connection with a Ship's Insurances as
            soon as they are available after they have been placed or renewed and all insurance policies and other documents relating to that Ship's Insurances shall be deposited with any approved brokers or (if not deposited with approved brokers) the
            Agent or some other approved person.

          

          

          	24.14	
                  Letters of undertaking

                

          

          

          Unless otherwise approved where the Agent is satisfied that equivalent protection is afforded by the terms of the relevant Insurances and/or any applicable law and/or a letter of undertaking
            provided by another person, on each placing or renewal of the Insurances, the Agent shall be provided promptly with letters of undertaking in an approved form (having regard to general insurance market practice and law at the time of issue of
            such letter of undertaking) from the relevant brokers, insurers and associations.

          

          

          	24.15	
                  Insurance Notices and Loss Payable Clauses

                

          

          

          The interest of the Security Agent as assignee of the Insurances shall be endorsed on all insurance policies and other documents by the incorporation of a Loss Payable Clause and an
            Insurance Notice in respect of each Ship and its Insurances signed by its Owner and Bareboat Charterer and, unless otherwise approved, each other person assured under the relevant cover (other than the Security Agent if it is itself an
            assured).

           

          

          
            98

            
              

          

          

          	24.16	
                  Insurance correspondence

                

          

          

          If so required by the Agent, the Agent shall promptly be provided with copies of all written communications between the assureds and brokers, insurers and associations relating to any of a
            Ship's Insurances as soon as they are available.

          

          

          	24.17	
                  Qualifications and exclusions

                

           

          

          All requirements applicable to a Ship's Insurances shall be complied with and that Ship's Insurances shall only be subject to approved exclusions or qualifications.

          

          

          	24.18	
                  Independent report

                

          

          

          	

                	(a)	
                  If the Agent asks the Borrower for a detailed report from an approved independent firm of marine insurance brokers giving their opinion on the adequacy of a Ship's Insurances then the Agent shall be provided promptly with such a
                    report.

                

          

          

          	

                	(b)	
                  The following such reports shall be provided at no cost to the Agent or (if the Agent obtains such a report itself) the Borrower shall reimburse the Agent for the cost of obtaining that report:

                

          

          

          	

                	(i)	
                  as required pursuant to paragraph 6(a) of the conditions precedent set out in Part 2 of Schedule 3 (Conditions precedent);

                

          

          

          	

                	(ii)	
                  one further such report following any material change (in the opinion of the Agent acting on the instructions of the Lenders (acting reasonably) or the approved independent firm of marine insurance brokers) to a Ship's Insurances; or

                

          

          

          	

                	(iii)	
                  any further such reports requested at any time during which a Default has occurred and is continuing.

                

          

          

          	

                	(c)	
                  The cost of any reports requested by the Agent under clause 24.18(a) in excess of those for the account of the Borrower under clause 24.18(b) shall be for the account of the Agent but the Borrower shall nonetheless provide the Agent
                    with such information as it requires in order to obtain such a report.

                

          

          

          	24.19	
                  Collection of claims

                

          

          

          All documents and other information and all assistance required by the Agent to assist it and/or the Security Agent in trying to collect or recover any claims under a Ship's Insurances shall
            be provided promptly.

          

          

          	24.20	
                  Employment of Ship

                

          

          

          Each Ship shall only be employed or operated in conformity with the terms of that Ship's Insurances (including any express or implied warranties) and not in any other way (unless the
            insurers have consented and any additional requirements of the insurers have been satisfied).

          

          

          	24.21	
                  Declarations and returns

                

          

          

          If any of a Ship's Insurances are on terms that require a declaration, certificate or other document to be made or filed before that Ship sails to, or operates within, an area, those terms
            shall be complied with within the time and in the manner required by those Insurances.

           

          

          
            99

            
              

          

          

          	24.22	
                  Application of recoveries

                

          

          

          All sums paid under a Ship's Insurances to anyone other than the Security Agent shall be applied in repairing the damage and/or in discharging the liability in respect of which they have
            been paid except to the extent that the repairs have already been paid for and/or the liability already discharged.

          

          

          	24.23	
                  Settlement of claims

                

          

          

          Any claim under a Ship's Insurances for a Total Loss or Major Casualty shall only be settled, compromised or abandoned with prior approval of the Lenders (which approval, in the case of a
            Major Casualty, shall not be unreasonably withheld or delayed).

          

          

          	24.24	
                  Change in insurance requirements

                

          

          

          If the Agent gives notice to the Borrower to change the terms and requirements of this clause 24 (which the Agent may only do, in such manner as it considers appropriate, as a result in
            changes of circumstances or practice after the date of this Agreement and in order to better align the terms and requirements of this clause 24 with the then current market practice within the shipping finance industry for ships of the type of
            the Ships), this clause 24 shall be modified in the manner so notified by the Agent on the date 14 days after such notice from the Agent is received.

          

          

          	25	
                  Minimum security value

                

          

          

          	25.1	
                  The Borrower undertakes that this clause 25 will be complied with throughout any Mortgage Period.

                

          

          

          	25.2	
                  Valuation of Ships

                

          

          

          For the purpose of the Finance Documents, the value at any time of any Ship or any other asset over which additional security is provided under this clause 25 will be its value as most
            recently determined in accordance with this clause 25 or, if no such value has been obtained, its value under any valuation provided pursuant to clause 4 (Conditions of Utilisation).

          

          

          	25.3	
                  Valuation frequency

                

          

          

          Valuation of each Ship and each such other asset in accordance with this clause 25 may be required by the Agent (acting on the instructions of the Majority Lenders) at any time upon an Event
            of Default and at all other times the Borrower shall provide one set of valuations of each Ship at six monthly intervals from the first Utilisation Date.

          

          

          	25.4	
                  Expenses of valuation

                

          

          

          The Borrower shall bear, and reimburse to the Agent where incurred by the Agent, all costs and expenses of providing:

          

          

          	

                	(a)	
                  one set of valuations of each Ship per six months (which shall not include the costs and expenses of providing any valuations required under clause 4 (Conditions of Utilisation) which shall
                    also be for the account of the Borrower);

                

          

          

          	

                	(b)	
                  in addition to those referred to in (a) above, any sets of valuations carried out at any time when an Event of Default has occurred and is continuing;

                

          

          

          	

                	(c)	
                  in addition to those referred to in (a) above, any sets of valuations required pursuant to the terms of clause 7.8 (Sale or Total Loss) which valuations must be carried out not more than 30
                    days prior to the relevant event under the terms of clause 7.8 (Sale or Total Loss);

                

           

          

          
            100

            
              

          

          	

                	(d)	
                  in addition to those referred to in (a) above, any sets of valuations required pursuant to the terms of clause 30.20 (Time Charter termination), which valuations must be carried out not more
                    than 30 days prior to the relevant event under the terms of clause 30.20 (Time Charter termination).

                

          

          

          	

                	(e)	
                  in addition to those referred to in (a) above, any sets of valuations requested by the Agent (acting on the instructions of the Majority Lenders) in connection with any Utilisation and carried out not more than 30 days prior to the
                    Utilisation Date for such Utilisation.

                

          

          

          	25.5	
                  Valuations procedure

                

          

          

          The value of any Ship shall be determined in accordance with, and by valuers approved and appointed in accordance with, this clause 25.  Additional security provided under this clause 25
            shall be valued in such a way, on such a basis and by such persons (including the Agent itself) as may be approved by the Lenders or as may be agreed in writing by the Borrower and the Agent (on the instructions of the Lenders).

          

          

          	25.6	
                  Currency of valuation

                

          

          

          Valuations shall be provided by valuers in dollars or, if a valuer is of the view that the relevant type of vessel is generally bought and sold in another currency, in that other currency. 
            If a valuation is provided in another currency, for the purposes of this Agreement it shall be converted into dollars at the Agent's spot rate of exchange for the purchase of dollars with that other currency as at the date to which the
            valuation relates.

          

          

          	25.7	
                  Basis of valuation

                

          

          

          Each valuation will be addressed to the Agent in its capacity as such and made:

          

          

          	

                	(a)	
                  without physical inspection (unless required by the Agent);

                

          

          

          	

                	(b)	
                  on the basis of a sale for prompt delivery for a price payable in full in cash on delivery at arm's length on normal commercial terms between a willing buyer and a willing seller; and

                

          

          

          	

                	(c)	
                  without taking into account the benefit or the burden of any charter commitment.

                

          

          

          	25.8	
                  Information required for valuation

                

          

          

          The Borrower shall promptly provide to the Agent and any such valuer any information which they reasonably require for the purposes of providing such a valuation.

          

          

          	25.9	
                  Approval of valuers

                

          

          

          All valuers must have been approved.  The Agent may (acting on the instructions of the Majority Lenders) from time to time notify the Borrower of approval of one or more independent ship
            brokers as valuers for the purposes of this clause 25.  The Agent shall (following receipt of instructions of the Majority Lenders) respond promptly to any request by the Borrower for approval of a broker nominated by the Borrower.  The Agent
            may (acting on the instructions of the Majority Lenders) at any time by notice to the Borrower withdraw any previous approval of a valuer for the purposes of future valuations. That valuer may not then be appointed to provide valuations unless
            it is once more approved.  If the Agent has not approved at least three brokers as valuers at a time when a valuation is required under this clause 25, the Agent shall (acting on the instructions of the Majority Lenders) promptly notify the
            Borrower of the names of at least three valuers which are approved.  The approved valuers as at the date of this Agreement are Affinity (Shipping) LLP, Clarkson Valuations Ltd., Poten & Partners Inc., Braemar ACM Valuations Ltd. and
            Fearnleys AS.

           

          

          
            101

            
              

          

          

          	25.10	
                  Appointment of valuers

                

          

          

          When a valuation is required for the purposes of this clause 25, the Agent (acting on the instructions of the Majority Lenders) or, if so approved at that time, the Borrower shall promptly
            appoint approved valuers to provide such a valuation.  If the Borrower is approved to appoint valuers but fails to do so promptly, the Agent may appoint approved valuers to provide that valuation.

          

          

          	25.11	
                  Number of valuers

                

          

          

          Each valuation must be carried out by two approved valuers nominated by the Borrower. If the Borrower fails promptly to nominate one or both valuers then the Agent may (acting on the
            instructions of the Majority Lenders) nominate one or both valuers as the case may be.

          

          

          	25.12	
                  Differences in valuations

                

          

          

          If valuations provided by individual valuers differ, the value of the relevant Ship for the purposes of the Finance Documents will be the mean average of those valuations.  If the higher of
            the two valuations obtained pursuant to clause 25.11 (Number of valuers) is more than 110 per cent of the lower of the two valuations then a third valuation shall be obtained by the Agent (acting on the
            instructions of the Majority Lenders) from a third approved valuer and the value of the relevant ship for the purposes of the Finance Documents will be the mean average of those three valuations.

          

          

          	25.13	
                  Security shortfall

                

          

          

          	

                	(a)	
                  If at any time the Security Value is less than the Minimum Value, the Agent may, and shall, if so directed by the Majority Lenders, by notice to the Borrower require that such deficiency be remedied.  The Borrower shall then, within
                    30 Business Days of receipt of such notice, ensure that the Security Value equals or exceeds the Minimum Value.  For this purpose, the Borrower may:

                

          

          

          	

                	(i)	
                  provide additional security over other assets approved by the Lenders in accordance with this clause 25; and/or

                

          

          

          	

                	(ii)	
                  cancel part of the Total Commitments under clause 7.5 (Voluntary cancellation) and prepay on five Business Days' notice a corresponding amount of the Loan.

                

          

          

          	25.14	
                  Creation of additional security

                

           

          

          The value of any additional security which the Borrower offers to provide to remedy all or part of a shortfall in the amount of the Security Value will only be taken into account for the
            purposes of determining the Security Value if and when:

          

          

          	

                	(a)	
                  that additional security, its value and the method of its valuation have been approved by the Lenders;

                

          

          

          	

                	(b)	
                  a Security Interest over that security has been constituted in favour of the Security Agent or (if appropriate) the Finance Parties in a form and manner approved by the Agent;

                

           

          

          
            102

            
              

          

          

          	

                	(c)	
                  this Agreement has been unconditionally amended in such manner as the Agent requires in consequence of that additional security being provided; and

                

          

          

          	

                	(d)	
                  the Agent, or its duly authorised representative, has received such documents and evidence it may reasonably require in relation to that amendment and additional security including documents and evidence of the type referred to in
                    Schedule 3 in relation to that amendment and additional security and its execution and (if applicable) registration.

                

          

          

          	

                	(e)	
                  If at any time the Security Agent holds additional security provided under this clause 25 and the Security Value, disregarding the value of that additional security, is equal to or exceeds 120 per cent of the Loan and the Security
                    Value has been determined by reference to valuations provided no more than 90 days previously, the Borrower may, by notice to the Agent, require the release and discharge of that additional security.  The Agent shall then promptly
                    direct the Security Agent to release and discharge that additional security if no Event of Default is then continuing or will result from such release and discharge and, upon such release and discharge and, if so required by the Agent,
                    the Borrowers shall reimburse to the Agent and the Security Agent any costs and expenses payable under clause 16.1 (Transaction expenses) in relation to that release and discharge.

                

          

          

          	26	
                  Chartering undertakings

                

          

          

          	26.1	
                  The Borrower and each Guarantor (other than the Parent), undertakes that this clause 25 will be complied with in relation to each Ship and its Charter Documents and by the relevant Owner and Bareboat Charterer throughout the relevant
                    Ship's Mortgage Period.

                

          

          

          	26.2	
                  Variations

                

          

          

          Except with approval of all the Lenders (such approval not to be unreasonably withheld or delayed), the Charter Documents shall not be varied in any way
              which would mean that had either (a) the provisions of the Finance Documents existed at the date of signing of such Charter Documents or (b) the amended provisions of the Charter Document existed at the date of signing of such Charter
            Documents, the Lenders’ approval would have been required to the entry into such Charter Documents. The Agent shall, once it has received instructions from the Lenders and at the same time as it notifies the
              Borrower of any approval or rejection to a variation of the Charter Documents, notify the relevant Bareboat Charterer, the relevant Time Charterer and any other relevant charterer of such approval or rejection.

          

          

          	26.3	
                  Releases and waivers

                

          

          

          Except with approval, there shall be no release by the relevant Owner or Bareboat Charterer of any obligation of any other person under a Time Charter or Bareboat Charter (including by way
            of novation), no waiver of any breach of any such obligation and no consent to anything which would otherwise be such a breach.

          

          

          	26.4	
                  Termination by relevant Owner or Bareboat Charterer

                

          

          

          	

                	(a)	
                  Subject to clause 26.4(b) below, except with approval, the relevant Owner or Bareboat Charterer shall not terminate, cancel or rescind any Charter Document relating to a Time Charter in existence as at the date of this Agreement in
                    respect of the Ships (other than Ship H) and the date of accession of the Additional Guarantor pursuant to clause 34.2 in respect of Ship H or withdraw a Ship from service under the relevant Charter Document or take any similar action.

                

           

          

          
            103

            
              

          

          	

                	(b)	
                  Notwithstanding paragraph (a), the relevant Owner or Bareboat Charterer may without further approval of the Lenders terminate, cancel or rescind:

                

          

          

          	

                	(i)	
                   a Charter Document described in clause 26.4(a) above or withdraw a Ship from service under such Charter Document if a replacement time charter has been concluded that complies in all respects with clauses 30.20(b)(ii) and/or

                

          

          

          	

                	(ii)	
                  any other Charter Document or withdraw a Ship from service under such Charter Document if within thirty (30) days a replacement time charter has been concluded that complies in all respects with clause 22.9.

                

          

          

          	26.5	
                  Expiry of Time Charter

                

          

          

          If a Time Charter expires by way of effluxion of time prior to the Final Repayment Date and the relevant Owner or Bareboat Charterer has not procured, within 60 days of
            the date of such expiry (the Marketing End Date), a charter commitment for such Ship on Market Rate, the Borrower shall procure that NFE Atlantic Holdings LLC, or any company guaranteed by NFE Atlantic
            Holdings LLC, shall, from the Marketing End Date, charter the Ship pursuant to a charter permitted under clause 22.9(b) until the earlier of a replacement charter being found at Market Rate, or 12 months after the Final Repayment Date. For the
            avoidance of doubt, provided such charter complies with the terms of this clause 26.5 no further approvals shall be required from the Lenders to enter into such charter. Any such charter or the hire under such charter shall not be required to
            be assigned to the Security Agent.

          

          

          	26.6	
                  Charter performance

                

          

          

          The relevant Owner or Bareboat Charterer shall perform its obligations under the Charter Documents and use its reasonable endeavours to ensure that each other party to them performs their
            obligations under the Charter Documents.

          

          

          	26.7	
                  Notice of assignment

                

          

          

          The relevant Owner and (if applicable) the relevant Bareboat Charterer shall give notice of assignment of the Charter Documents to the other parties to them in the form specified by the
            relevant Assignment Deed for that Ship and shall exercise commercially reasonable efforts to ensure that the Agent receives a copy of that notice acknowledged by each addressee in the form specified therein in accordance with clause 4.7 (Conditions subsequent).

          

          

          	26.8	
                  Payment of Charter Earnings

                

          

          

          All Earnings which the relevant Owner or Bareboat Charterer is entitled to receive under the Charter Documents shall be paid in the manner required by the Security Documents and the
            provisions of this Agreement and, in the case of the Bareboat Charterer, without any set-off or counter-claim and free and clear of any deductions or withholdings.

          

          

          	26.9	
                  Enforcement of charter assignment

                

          

          

          The relevant Bareboat Charterer shall allow the Security Agent to enforce the rights of the relevant Owner under the relevant Bareboat Charter as assignee of those rights under the relevant
            Assignment Deed.

           

          

          
            104

            
              

          

          

          	26.10	
                  Assignment by Bareboat Charterer

                

          

          

          Except with approval or, if such charter (as assigned) would be a charter permitted without approval pursuant to clause 22.9, the relevant Bareboat Charterer shall not assign or otherwise
            dispose of its rights under the relevant Bareboat Charter (which approval shall not be unreasonably withheld or delayed if the Borrower has satisfied the Agent that the relevant Time Charter shall continue in full force and effect following
            such assignment or disposal and if the assignment or disposal is to another Group Member).

          

          

          	26.11	
                  Sub-chartering

                

          

          

          Except with approval or as permitted under clause 22.9(b) (Chartering), the relevant Bareboat Charterer shall not enter into any charter commitment
            for the relevant Ship (other than the relevant Time Charter). If the Security Agent is at any time entitled to enforce its rights as mortgagee of that Ship or otherwise under the terms of any Mortgage, the relevant Bareboat Charterer will
            exercise its rights under any sub-charter of that Ship in such manner as the Agent may direct.

          

          

          	26.12	
                  Performance of other undertakings

                

          

          

          The relevant Bareboat Charterer shall not do anything which would or might prevent the Borrower complying with clauses 22 (Dealings with the Ships),
            23 (Condition and operation of the Ships) or 24 (Insurance)) or fail to do anything required by the relevant Bareboat Charter where failure to do so would or
            might have such an effect.

          

          

          	26.13	
                  Bareboat Charterer's manager

                

          

          

          A manager of a Ship shall not be appointed by the relevant Bareboat Charterer unless that manager and the terms of its employment are approved by the Lenders and it has delivered a duly
            executed Manager's Undertaking.

          

          

          	26.14	
                  Charters with NFE or any of its Subsidiaries

                

           

          

          All hire and other payments under any charter commitment for a Ship entered into by an Owner or Bareboat Charterer with NFE or any of its Subsidiaries (other than a member of the Group)
            pursuant to clause 22.9(b) shall not be overdue by more than 30 days.

          

          

          	27	
                  Bank accounts

                

          

          

          	27.1	
                  The Borrower undertakes that this clause 27 will be complied with throughout the Facility Period.

                

          

          

          	27.2	
                  Earnings Accounts

                

          

          

          	

                	(a)	
                  The Borrower, each Owner and each Bareboat Charterer shall be the holder of one or more Accounts with the Account Bank which is designated as an "Earnings Account" for the purposes of the
                    Finance Documents.

                

          

          

          	

                	(b)	
                  The Earnings of the Ships (other than amounts in Brazilian real in respect of Ship F paid to the Brazilian Account) and all moneys payable to the relevant Owner and/or (if applicable) the relevant Bareboat Charterer under a Ship's
                    Insurances and any net amount payable to the Borrower under any Hedging Contract shall be paid by the persons from whom they are due or, if applicable, paid by the Owner and/or (if applicable) the relevant Bareboat Charterer or the
                    Borrower receiving the same, to an Earnings Account unless required to be paid to the Security Agent under the relevant Finance Documents.

                

          

          

          	

                	(c)	
                  The relevant Account Holder(s) shall not withdraw amounts standing to the credit of an Earnings Account except as permitted by clauses 27.2(d) and 27.2(e).

                

           

          

          
            105

            
              

          

          

          	

                	(d)	
                  Subject to clause 27.2(f), if there is no continuing Default or Event of Default and subject as otherwise prohibited under this Agreement, the Borrower shall be entitled to deal freely with and withdraw amounts standing to the credit
                    of any Earnings Accounts for which it is the Account Holder.

                

          

          

          	

                	(e)	
                  Subject to clause 27.2(f), if there is no continuing Default or Event of Default, the Bareboat Charterers and the Owners may withdraw the following amounts from an Earnings Account:

                

          

          

          	

                	(i)	
                  payments then due to Finance Parties under the Finance Documents (other than payments due in respect of a prepayment unless it is a voluntary prepayment under clause 7.6 (Voluntary prepayment)
                    or payments under Hedging Contracts attributable to the partial unwind of any Hedging Contract pursuant to clause 29.3 (Unwinding of Hedging Contracts));

                

          

          

          	

                	(ii)	
                  payments then due under Hedging Contracts entered into to protect against the fluctuation in the rate of interest payable under the Finance Documents or the price of goods or services purchased by the relevant Owner for the purpose
                    of operating a Ship;

                

          

          

          	

                	(iii)	
                  payments to another Earnings Account of a Bareboat Charterer or Owner (which shall include, in relation to the Bareboat Charterers, payment of hire under the relevant Bareboat Charter to the relevant Owner);

                

          

          

          	

                	(iv)	
                  payments of the proper costs and expenses of insuring, repairing, operating and maintaining any Ship;

                

          

          

          	

                	(v)	
                  payments to purchase other currencies in amounts and at times required to make payments referred to above in the currency in which they are due; and

                

          

          

          	

                	(vi)	
                  any payments permitted under clauses 28.10 (Disposals), 28.14 (Acquisitions and investments) and 28.16 (Distributions
                      and other payments).

                

          

          

          	

                	(f)	
                  The Borrower shall (without prejudice to the rights of the Finance Parties under this Agreement following or in respect of the termination of any Time Charter) procure that, in respect of each Ship, there is a minimum of $2,000,000
                    maintained in the relevant Owner Earnings Account relating to that Ship at any time when that Ship is not subject to a Time Charter or the relevant Time Charter has been terminated and has not been replaced by another charter commitment
                    approved by the Lenders.

                

          

          

          	27.3	
                  The Borrower shall procure that amounts standing to the credit of the Brazilian Account are used (a) if there is no continuing Default or Event of Default, solely for the payment of the proper costs and expenses of repairing,
                    operating and maintaining Ship F and other amounts referred to in clause 27.2(e), or (b) if there is a continuing Default or Event of Default, solely for the payment of the proper costs and expenses of repairing, operating and
                    maintaining Ship F. If an Event of Default has occurred and is continuing and if the Agent so requests, the Borrower shall procure that all amounts standing to the credit of the Brazilian Account are transferred to a Bareboat Charterer
                    Earnings Account held by the Bareboat Charterer in respect of Ship F (as applicable).

                

          

          

          	27.4	
                  Other provisions

                

          

          

          	

                	(a)	
                  An Account may only be designated for the purposes described in this clause 27 if:

                

           

          

          
            106

            
              

          

          

          	

                	(i)	
                  such designation is made in writing by the Agent and acknowledged by the Borrower and specifies the name and address of the Account Bank and the number and any designation or other reference attributed to the Account;

                

          

          

          	

                	(ii)	
                  an Account Security has been duly executed and delivered by the relevant Account Holder in favour of the Security Agent;

                

          

          

          	

                	(iii)	
                  any notice required by the Account Security to be given to the Account Bank has been given to, and acknowledged by, the Account Bank in the form required by the relevant Account Security; and

                

          

          

          	

                	(iv)	
                  the Agent, or its duly authorised representative, has received such documents and evidence it may require in relation to the Account and the Account Security including documents and evidence of the type referred to in Schedule 3 in
                    relation to the Account and the relevant Account Security.

                

          

          

          	

                	(b)	
                  The rates of payment of interest and other terms regulating any Account will be a matter of separate agreement between the relevant Account Holder(s) and the Account Bank.  If an Account is a fixed term deposit account, the relevant
                    Account Holder(s) may select the terms of deposits until the relevant Account Security has become enforceable and the Security Agent directs otherwise.

                

          

          

          	

                	(c)	
                  The relevant Account Holder(s) shall not close any Account or alter the terms of any Account from those in force at the time it is designated for the purposes of this clause
                    27 or waive any of its rights in relation to an Account except with approval (which approval, except in the case of a closure of an Account, shall not be unreasonably withheld or delayed).

                

          

          

          	

                	(d)	
                  The relevant Account Holder(s) shall deposit with or to the order of the Security Agent all certificates of deposit, receipts or other instruments or securities relating to
                    any Account, notify the Security Agent of any claim or notice relating to an Account from any other party and provide the Agent with any other information it may request concerning any Account.

                

        

        
          

           

          

          	

                	(e)	
                  Each of the Agent and the Security Agent agrees that if it is the Account Bank in respect of an Account then there will be no restrictions on creating a Security Interest over that Account as contemplated by this Agreement and it
                    shall not (except with the approval of the Majority Lenders) exercise any right of combination, consolidation or set-off which it may have in respect of that Account in a manner adverse to the rights of the other Finance Parties.

                

          

          

          	28	
                  Business restrictions

                

          

          

          	28.1	
                  Except as otherwise approved by the Majority Lenders, the Borrower and each of the Guarantors each undertake that this clause 28 will be complied with by the relevant party throughout the Facility Period.

                

          

          

          	28.2	
                  General negative pledge

                

          

          

          	

                	(a)	
                  No Obligor (other than the Borrower or the Parent) shall permit any Security Interest to exist, arise or be created or extended over all or any part of its assets and the Borrower shall not permit any Security Interest to exist, arise or be created or extended over any of its shares in the Owners or the Bareboat Charterers.

                

          

          

          
            107

            
              

          

          	

                	(b)	
                  Clause 28.2(a) above does not apply to any Security Interest, listed below:

                

          

          

          	

                	(i)	
                  those granted or expressed to be granted by any of the Security Documents;

                

          

          

          	

                	(ii)	
                  Permitted Security Interests;

                

          

          

          	

                	(iii)	
                  (except in relation to Charged Property) any other lien arising by operation of law in the ordinary course of trading and not as a result of any default or omission by any Obligor.

                

          

          

          	28.3	
                  Financial Indebtedness

                

          

          

          No Owner or Bareboat Charterer shall incur or permit to exist any Financial Indebtedness owed by it to anyone else except:

          

          

          	

                	(a)	
                  Financial Indebtedness incurred under the Finance Documents and Hedging Contracts for Hedging Transactions entered into pursuant to clause 29.2 (Hedging);

                

          

          

          	

                	(b)	
                  Financial Indebtedness secured pursuant to the Co-ordination Agreements including, for the avoidance of doubt, any guarantees given by any Owner or Bareboat Charterer in respect of the Hilli Episeyo Hedge;

                

          

          

          	

                	(c)	
                  Financial Indebtedness owed to another Group Member, provided that such Financial Indebtedness is subordinated in a manner acceptable to all of the Lenders;

                

          

          

          	

                	(d)	
                  Financial Indebtedness owed to trade creditors of the Group given in the ordinary course of its business; and

                

          

          

          	

                	(e)	
                  Financial Indebtedness permitted under clause 28.7 (Guarantees).

                

          

          

          	28.4	
                  Financial Indebtedness in respect of the Hilli Episeyo Lessee, the Nusantara Regas Satu Owner and the Golar Eskimo Lessee

                

          

          

          Except with (i) until the date that an Advance in respect of Ship H in accordance with clause 2.3 (Ship H) or the first
            Additional Advance in accordance with clause 2.4 (Additional Advances) is borrowed by the Borrower, the approval of all Lenders (such approval not to be unreasonably withheld or delayed) or (ii) after
            the date that an Advance in respect of Ship H in accordance with clause 2.3 (Ship H) or the first Additional Advance in accordance with clause 2.4 (Additional Advances)
            is borrowed by the Borrower, the approval of the Majority Lenders (such approval not to be unreasonably withheld or delayed), there shall be no increase to any Financial Indebtedness disclosed in writing to the Agent prior to the date of this
            Agreement and incurred by the Hilli Episeyo Lessee, the Nusantara Regas Satu Owner or the Golar Eskimo Lessee or secured over the Hilli Episeyo, the Nusantara Regas Satu or the Golar Eskimo save that (subject and without prejudice to clause
            7.9) (a) in respect of the Nusantara Regas Satu, senior secured vessel-backed debt of up to $90,000,000 may be raised without approval of the Majority Lenders, and (b) in respect of the Golar Eskimo, a refinancing of senior secured
            vessel-backed debt of up to $189,100,000 is permitted without further approval of the Majority Lenders. For the avoidance of doubt, the incurrence of senior secured vessel-backed debt indebtedness permitted by (a) and (b) of this clause 28.4 is
            both (i) expressly permitted under this Agreement and (ii) not subject to the prepayment requirements regarding the incurrence of unsecured indebtedness set forth in clause 7.9.

           

          

          
            108

            
              

          

          

          	28.5	
                  Negative pledge in respect of the Hilli Episeyo, the Nusantara Regas Satu and the Golar Eskimo

                

          

          

          Except for Permitted Security Interests and subject to clause 28.4 (Financial Indebtedness in respect of the Hilli Episeyo Lessee, the Nusantara Regas Satu
              Owner and the Golar Eskimo Lessee), the Parent shall not grant or allow to exist any Security Interest over any part of the following:

          

          

          	

                	(a)	
                  the Hilli Episeyo or the shares in the Hilli Episeyo Lessee owned by the Parent;

                

          

          

          	

                	(b)	
                  the Nusantara Regas Satu or the shares in the Nusantara Regas Satu Owner owned by the Parent; and

                

          

          

          	

                	(c)	
                  the Golar Eskimo or the shares in the Golar Eskimo Lessee owned by the Parent.

                

          

          

          	28.6	
                  Unsecured Indebtedness

                

          

          

          If the Borrower incurs any unsecured indebtedness, such unsecured indebtedness shall have a maturity, repayment or redemption date of no earlier than the Final Repayment Date.

          

          

          	28.7	
                  Guarantees

                

          

          

          No Owner or Bareboat Charterer shall give or permit to exist, any guarantee by it in respect of indebtedness of any person or allow any of its indebtedness to be guaranteed by anyone else
            except:

          

          

          	

                	(a)	
                  guarantees entered into under the Finance Documents;

                

          

          

          	

                	(b)	
                  guarantees in favour of trade creditors of the Group given in the ordinary course of its business (other than guarantees in favour of NFE or any of its Subsidiaries (excluding the Group));

                

          

          

          	

                	(c)	
                  guarantees under the Co-ordination Agreements;

                

          

          

          	

                	(d)	
                  guarantees which are Financial Indebtedness permitted under clause 28.3 (Financial Indebtedness).

                

          

          

          	28.8	
                  Loans and credit

                

          

          

          No Owner or Bareboat Charterer shall be a creditor in respect of Financial Indebtedness other than in respect of trade credit granted by it in the ordinary course of business.

          

          

          	28.9	
                  Bank accounts and financial transactions

                

          

          

          No Owner or Bareboat Charterer shall:

          

          

          	

                	(a)	
                  maintain any current or deposit account with a bank or financial institution except for the Accounts and the Brazilian Account;

                

          

          

          	

                	(b)	
                  hold cash in any account (other than an Account and the Brazilian Account); or

                

          

          

          	

                	(c)	
                  be party to any banking or financial transaction, whether on or off balance sheet, that is not expressly permitted under this clause 28 (Business restrictions).

                

          

          

          
            109

            
              

          

          	28.10	
                  Disposals

                

          

          

          No Owner or Bareboat Charterer shall enter into a single transaction or a series of transactions, whether related or not and whether voluntarily or involuntarily, to dispose of any asset
            except for any of the following disposals so long as they are not prohibited by any other provision of the Finance Documents:

          

          

          	

                	(a)	
                  disposals of assets made in (and on terms reflecting) the ordinary course of trading of the disposing entity;

                

          

          

          	

                	(b)	
                  disposals permitted by clauses 22.3 (Sale or other disposal of a Ship, other vessels or entities), clause 28.2 (General

                      negative pledge) or 28.3 (Financial Indebtedness); and

                

          

          

          	

                	(c)	
                  the application of cash or cash equivalents in the acquisition of assets or services in the ordinary course of its business.

                

          

          

          	28.11	
                  Chartering-in

                

          

          

          None of the Borrower, the Owners, or the Bareboat Charterers shall charter-in or hire any vessel from any person (other than, in the case of the Bareboat Charterers, pursuant to the Bareboat
            Charters).

          

          

          	28.12	
                  Contracts and arrangements with Affiliates

                

          

          

          None of the Borrower, the Owners, the Bareboat Charterers shall be party to any arrangement or contract with any of its Affiliates unless such arrangement or contract is on an arm's length
            basis.

          

          

          	28.13	
                  Subsidiaries

                

          

          

          No Owner or Bareboat Charterer shall establish or acquire a company or other entity. For the avoidance of doubt, the Parent and the Borrower shall be entitled to establish or acquire a
            company or other entity without any approval from Lenders.

          

          

          	28.14	
                  Acquisitions and investments

                

          

          

          No Owner or Bareboat Charterer shall acquire any person, business, assets or liabilities or make any investment in any person or business or enter into any
            joint-venture arrangement, without the approval of all of the Lenders, except:

          

          

          	

                	(a)	
                  capital expenditures or investments related to maintenance of a Ship in the ordinary course of its business;

                

          

          

          	

                	(b)	
                  acquisitions of assets in the ordinary course of business (not being new businesses or vessels);

                

          

          

          	

                	(c)	
                  the incurrence of liabilities in the ordinary course of its business;

                

          

          

          	

                	(d)	
                  any loan or credit not otherwise prohibited under this Agreement; or

                

          

          

          	

                	(e)	
                  pursuant to any Finance Documents or the Charter Documents to which it is party.

                

           

          

          
            110

            
              

          

          

          	28.15	
                  Reduction of capital

                

          

          

          No Owner or Bareboat Charterer shall redeem or purchase or otherwise reduce any of its equity or any other share capital or any warrants or any uncalled or unpaid liability in respect of any
            of them or reduce the amount (if any) for the time being standing to the credit of its share premium account or capital redemption or other undistributable reserve in any manner if an Event of Default has occurred and is continuing or would
            result from doing so.

          

          

          	28.16	
                  Distributions and other payments

                

          

          

          	

                	(a)	
                  Subject to clauses 28.16(b) and 28.16(c), no Obligor shall:

                

          

          

          	

                	(i)	
                  declare or pay (including by way of set-off, combination of accounts or otherwise) any dividend or redeem or make any other distribution or payment (whether in cash or in specie), including any interest and/or unpaid dividends, in
                    respect of its equity or any other share capital or any warrants for the time being in issue; or

                

          

          

          	

                	(ii)	
                  make any payment (including by way of set-off, combination of accounts or otherwise) by way of interest, or repayment, redemption, purchase or other payment, in respect of any shareholder loan, loan stock or similar instrument,

                

          

          

          (each a Distribution).

          

          

          	

                	(b)	
                  An Owner and Bareboat Charterer may only declare, pay or make a Distribution to its Holding Company.

                

          

          

          	

                	(c)	
                  An Obligor may only declare, pay or make a Distribution where it is financed using the proceeds from a Utilisation or each of the following conditions is satisfied:

                

          

          

          	

                	(i)	
                  no Event of Default is continuing or would result from doing so;

                

          

          

          	

                	(ii)	
                  after giving effect to any Distribution, the Borrower and Parent would remain in compliance with the financial covenants set out in clause 20 (Financial covenants) and clause 25.13 (Security shortfall); and

                

          	

                	(iii)	
                  if, after giving effect to any Distribution, the ratio of EBITDA (including distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service for the previous twelve months, on a trailing four quarter basis, shall be
                    greater than or equal to 1.3:1 provided that:

                

          

          

          	

                	(A)	
                  in respect of the unaudited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 30 June 2021, the ratio of EBITDA (including
                    distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous three month period, on a trailing one quarter basis;

                

          

          

          	

                	(B)	
                  in respect of the unaudited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 30 September 2021, the ratio of EBITDA
                    (including distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous six month period, on a trailing two quarter basis; and

                

          

          

          	

                	(C)	
                  in respect of the audited financial statements to be delivered pursuant to clause 19.2 (Financial Statements) for the financial period ending 31 December 2021, the ratio of EBITDA (including
                    distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service) shall be calculated for the previous nine month period, on a trailing three quarter basis.

                

          

          

          
            111

            
              

          

          
          
            	29

                  	
                    Hedging Contracts

                  

             

            	29.1

                  	
                    The Borrower undertake that this clause 29 will be complied with throughout the Facility Period.

                  

             

            	29.2

                  	
                    Hedging

                  

             

            	

                  	(a)	
                    If, at any time during the Facility Period, the Borrower wishes to enter into any Treasury Transaction so as to hedge all or any part of its exposure under this Agreement to interest rate fluctuations, it shall advise the Agent in
                      writing.

                  

             

            	

                  	(b)	
                    The Borrower agrees that it shall not enter into a speculative hedging transaction (which would include hedging transactions which are: (i) not entered into to hedge a real risk or exposure which the Borrower has or (ii) entered
                      into by the Borrower for the main purpose of financial losses or gains) under any Treasury Transaction with a Hedging Provider.

                  

             

            	

                  	(c)	
                    Subject to clause 29.2(e), any such Treasury Transaction shall be concluded with a Hedging Provider on the terms of the Hedging Master Agreement with that Hedging Provider but (except with the approval of the Majority Lenders) no
                      such Treasury Transaction shall be concluded unless:

                  

             

            	

                  	(i)	
                    its purpose is to hedge the Borrower’s interest rate risk in relation to borrowings under this Agreement for a period exceeding 12 months expiring no later than the Final Repayment Date;

                  

             

            	

                  	(ii)	
                    interest under such Treasury Transaction is payable at three monthly intervals; and

                  

             

            	

                  	(iii)	
                    its notional principal amount, when aggregated with the notional principal amount of any other continuing Hedging Contracts, does not and will not exceed the Loan as then scheduled to be repaid pursuant to clause 6.2 (Scheduled repayment of Facility); and

                  

             

            	

                  	(d)	
                    If and when any such Treasury Transaction has been concluded with a Hedging Provider, it shall constitute a Hedging Contract for the purposes of the Finance Documents.

                  

             

            	

                  	(e)	
                    If a reputable bank or financial institution (which is not a Hedging Provider) agrees to enter into a Treasury Transaction to hedge all or any part of the Borrower’s exposure under this Agreement to interest rate fluctuations, the
                      Borrower shall be entitled to enter into the Treasury Transaction on an unsecured basis with that reputable bank or financial institution on those terms.

                  

             

            	

                  	(f)	
                    The Borrower shall notify the Agent of any Treasury Transaction entered into pursuant to clause 29.2(e) and clauses 29.3 (Unwinding of Hedging Contracts) to 29.9 (Information concerning Hedging Contracts) shall apply to any such Treasury Transaction as if all references to a "Hedging Master Agreement", "Hedging Contracts" and "Hedging Transactions" were references to the
                      equivalent documents or transactions in respect of such Treasury Transaction.

                  

             

            	

                  	(g)	
                    The Borrower shall, if requested to do so, enter into such deeds or other instruments as may be required to confer a Security Interest over the Borrower’s rights under any Treasury Transaction entered into pursuant to clause
                      29.2(e) in favour of the Security Agent equivalent to the Security Interest conferred by the Hedging Contract Security.

                  

            

            

            
              112

              
                

            

            	29.3

                  	
                    Unwinding of Hedging Contracts

                  

             

            If, at any time, and whether as a result of any prepayment (in whole or in part) of the Loan or any cancellation (in whole or in part) of any Commitment or otherwise, the aggregate
              notional principal amount under all Hedging Transactions in respect of the Loan entered into by the Borrower exceeds or will exceed the amount of the Loan outstanding at that time after such prepayment or cancellation, then (unless otherwise
              approved by the Majority Lenders) the Borrower shall immediately close out and terminate sufficient Hedging Transactions (on a pro rata basis) as are necessary to ensure that the aggregate notional principal amount under the remaining
              continuing Hedging Transactions equals, and will in the future be equal to, the amount of the Loan at that time and as scheduled to be repaid from time to time thereafter pursuant to clause 6.2 (Scheduled
                repayment of Facility).

             

            	29.4	
                    Variations

                  

             

            Except with approval (which approval shall not be unreasonably withheld or delayed) or as required by clause 29.3 (Unwinding of Hedging Contracts),
              any Hedging Master Agreement and the Hedging Contracts shall not be varied.

             

            	29.5	
                    Releases and waivers

                  

             

            Except with approval, there shall be no release by the Borrower of any obligation of any other person under the Hedging Contracts (including by way of novation), no waiver of any breach of
              any such obligation and no consent to anything which would otherwise be such a breach.

             

            	29.6	
                    Assignment of Hedging Contracts by Borrower

                  

             

            Except with approval or by the Hedging Contract Security, the Borrower shall not assign or otherwise dispose of its rights under any Hedging Contract.

             

            	29.7	
                    Termination of Hedging Contracts by Borrower

                  

             

            Except with approval, the Borrower shall not terminate or rescind any Hedging Contract or close out or unwind any Hedging Transaction except in accordance with clause 29.3 (Unwinding of Hedging Contracts) for any reason whatsoever.

             

            	29.8	
                    Performance of Hedging Contracts by Borrower

                  

             

            The Borrower shall perform its obligations under the Hedging Contracts.

             

            	29.9	
                    Information concerning Hedging Contracts

                  

             

            The Borrower shall provide the Agent with any information it may request concerning any Hedging Contract, including all reasonable information, accounts and records that may be necessary
              or of assistance to enable the Agent to verify the amounts of all payments and any other amounts payable under the Hedging Contracts.

             

            	29.10	
                    Mortgage Amendments

                  

             

            If a Hedging Master Agreement is entered into by the Borrower following the first Utilisation Date, the Owners shall, at the time such Hedging Master Agreement is entered into, enter into
              amendments to the Mortgages pursuant to which the Mortgages are amended to also secure the obligations under all associated Hedging Contracts.

             

            

            
              113

              
                

            

             

            	30

                  	
                    Events of Default

                  

             

            	30.1	
                    Each of the events or circumstances set out in clauses 30.2 (Non-payment) to 30.20 (Time Charter termination) is an Event of Default.

                  

             

            	30.2	
                    Non-payment

                  

             

            An Obligor does not pay on the due date any amount payable pursuant to a Finance Document at the place at and in the currency in which it is expressed to be payable provided however that
              no Event of Default shall occur if a Payment Disruption Event has occurred or if its failure to pay is caused by an administrative or technical error which is outside its control and, in each case, such payment is made within three Business
              Days of the due date.

             

            	30.3	
                    Hedging Contracts

                  

             

            	

                  	(a)	
                    An Event of Default (as defined in any Hedging Master Agreement) has occurred and is continuing under any Hedging Contract that requires a cash payment in excess of $10,000,000 or $100,000,000 in respect of the Hilli Episeyo Hedge.

                  

             

            	

                  	(b)	
                    An Early Termination Date (as defined in any Hedging Master Agreement) has occurred or been or become capable of being effectively designated under any Hedging Contract.

                  

             

            	

                  	(c)	
                    A person entitled to do so gives notice of such an Early Termination Date under any Hedging Contract except with approval or as may be required by clause 29.3 (Unwinding of Hedging Contracts).

                  

             

            	

                  	(d)	
                    Any Hedging Contract is terminated, cancelled, suspended, rescinded or revoked or otherwise ceases to remain in full force and effect for any reason except with approval or as may be required by clause 29.3 (Unwinding of Hedging Contracts).

                  

             

            	

                  	(e)	
                    No Event of Default under this clause 30.3 will occur if the failure to comply is waived by the relevant Hedging Provider under the relevant Hedging Contract or is remedied, (i) in the case of a failure to comply which relates to a
                      non-payment, within three Business Days of the due date or (ii) in the case of any other failure to comply, within seven days of the earlier of (A) the relevant Hedging Provider giving notice to the Borrower and (B) the Borrower or
                      any Finance Party becoming aware of the failure to comply.

                  

             

            	30.4	
                    Financial covenants

                  

             

            The Borrower or the Parent do not comply with clause 20 (Financial covenants) or clause 19.2 (Financial
                statements).

             

            	30.5	
                    Value of security

                  

             

            The Borrower does not comply with clause 25.13 (Security shortfall).

             

            	30.6	
                    Insurance

                  

             

            	

                  	(a)	
                    The Insurances of a Ship are not placed and kept in force in the manner required by clause 24 (Insurance).

                  

             

            	

                  	(b)	
                    Any insurer either:

                  

             

            	

                  	(i)	
                    cancels any such Insurances; or

                  

          

          

          

          
            114

            
              

          

          
            	

                  	(ii)	
                    disclaims liability under them by reason of any mis-statement or failure or default by any person.

                  

             

            	30.7	
                    Other obligations

                  

             

            	

                  	(a)	
                    An Obligor does not comply with any provision of the Finance Documents (other than those referred to in clauses 30.2 (Non-payment), 30.3 (Hedging Contracts),

                      30.4 (Financial covenants), 30.5 (Value of security), 30.6 (Insurance) and 30.19 (Sanctions)).

                  

             

            	

                  	(b)	
                    No Event of Default under clause 30.7(a) above will occur if the Agent (acting on the instructions of the Majority Lenders) considers that the failure to comply is capable of remedy and the failure is remedied within ten Business
                      Days of the earlier of (A) the Agent giving notice to the Borrower and (B) the Borrower becoming aware of the failure to comply.

                  

             

            	30.8	
                    Misrepresentation

                  

             

            Any representation or statement made or deemed to be made by an Obligor in the Finance Documents or any other document delivered by or on behalf of any Obligor under or in connection with
              any Finance Document is or proves to have been incorrect or misleading to a material extent when made or deemed to be made unless the circumstances giving rise to the misrepresentation are capable of remedy and are remedied within ten
              Business Days of the Agent giving notice to the Borrower to do so.

             

            	30.9	
                    Cross default

                  

             

            	

                  	(a)	
                    Any Financial Indebtedness of any Group Member or of NFE or any of its Subsidiaries (other than a Group Member) is not paid when due nor within any originally applicable grace period.

                  

             

            	

                  	(b)	
                    Any Financial Indebtedness of any Group Member or of NFE or any of its Subsidiaries (other than a Group Member) is declared to be or otherwise becomes due and payable prior to its specified maturity as a result of an event of
                      default (however described).

                  

             

            	

                  	(c)	
                    Any commitment for any Financial Indebtedness of any Group Member or of NFE or any of its Subsidiaries (other than a Group Member) is cancelled or suspended by a creditor of that Group Member as a result of an event of default
                      (however described).

                  

             

            	

                  	(d)	
                    The counterparty to a Treasury Transaction entered into by any Group Member or of NFE or any of its Subsidiaries (other than a Group Member) becomes entitled to terminate that Treasury Transaction early by reason of an event of
                      default (however described).

                  

             

            	

                  	(e)	
                    Any creditor of any Group Member or of NFE or any of its Subsidiaries (other than a Group Member) becomes entitled to declare any Financial Indebtedness of that Group Member or, as the case may be, of NFE or any of its Subsidiaries
                      (other than a Group Member) due and payable prior to its specified maturity as a result of an event of default (however described).

                  

             

            	

                  	(f)	
                    No Event of Default will occur under this clause 30.9 if (i) the aggregate amount of Financial Indebtedness of the Group or commitment for Financial Indebtedness falling within clauses 30.9(a) to 30.9(e) above is less than
                      $20,000,000 (or its equivalent in any other currency or currencies) or (ii) the aggregate amount of Financial Indebtedness of NFE and its Subsidiaries (excluding the Group) or commitment for Financial Indebtedness falling within
                      clauses 30.9(a) to 30.9(e) above is less than $100,000,000 (or its equivalent in any other currency or currencies)

                  

             

            
              115

              
                

            

            	30.10	
                    Insolvency

                  

             

            	

                  	(a)	
                    An Obligor is unable or admits inability to pay its debts as they fall due, is deemed to, or is declared to, be unable to pay its debts under applicable law, suspends making payments on any of its debts or, by reason of actual or
                      anticipated financial difficulties, commences negotiations with one or more of its creditors (excluding any Finance Party in its capacity as such) with a view to rescheduling any of its indebtedness.

                  

             

            	

                  	(b)	
                    The value of the assets of the Borrower or the Parent is less than its liabilities (taking into account contingent and prospective liabilities).

                  

             

            	

                  	(c)	
                    A moratorium is declared in respect of any indebtedness of any Obligor.  If a moratorium occurs, the ending of the moratorium will not remedy any Event of Default caused by that moratorium.

                  

             

            
              
                	
                        30.11

                      	
                        Insolvency proceedings

                      

              

            

             

            	

                  	(a)	
                    Any corporate action, legal proceedings or other procedure or step is taken in relation to:

                  

             

            	

                  	(i)	
                    the suspension of payments, a moratorium of any indebtedness, winding-up, dissolution, administration or reorganisation (by way of voluntary arrangement, scheme of arrangement or otherwise) of any Group Member other than a solvent
                      liquidation or reorganisation of any Group Member which is not an Obligor;

                  

             

            	

                  	(ii)	
                    a composition, compromise, assignment or arrangement with any creditor of any Group Member;

                  

             

            	

                  	(iii)	
                    the appointment of a liquidator (other than in respect of a solvent liquidation of a Group Member which is not an Obligor), receiver, administrator, administrative receiver, compulsory manager or other similar officer in respect of
                      any Group Member or any of its assets (including the directors of any Group Member requesting a person to appoint any such officer in relation to it or any of its assets); or

                  

             

            	

                  	(iv)	
                    enforcement of any Security Interest over any assets of any Group Member,

                  

             

            or any analogous procedure or step is taken in any jurisdiction.

             

            	

                  	(b)	
                    Clause 30.11(a) shall not apply to any winding-up petition (or analogous procedure or step) which is frivolous or vexatious and is discharged, stayed or dismissed within fifteen days of commencement or, if earlier, the date on
                      which it is advertised.

                  

             

            	   30.12	
                    Creditors' process

                  

             

            	

                  	(a)	
                    Any expropriation, attachment, sequestration, execution or any other analogous process or enforcement action affects any asset or assets of any Group Member and is not discharged within seven days;

                  

             

            	

                  	(b)	
                    Any judgment or order for an amount is made against any Group Member and is not stayed or complied with within seven days.

                  

             

            	

                  	(c)	
                    No Event of Default will occur under this clause 30.12 if, in relation to clause 30.12(a) above, the value of such asset or assets is or, in relation to clause 30.12(b) above, such amount is less than $10,000,000 (or its equivalent
                      in any other currency or currencies).

                  

              

            

            
              116

              
                

            

            	   30.13	
                    Unlawfulness and invalidity

                  

             

            	

                  	(a)	
                    It is or becomes unlawful for an Obligor to perform any of its obligations under the Finance Documents or any security created by the Security Documents ceases to be effective.

                  

             

            	

                  	(b)	
                    Any obligation or obligations of any Obligor under any Finance Documents are not (subject to the Legal Reservations) or cease to be legal, valid, binding or enforceable and the cessation individually or cumulatively materially and
                      adversely affects the interests of the Lenders under the Finance Documents.

                  

             

            	

                  	(c)	
                    Any Finance Document or any security created by the Security Documents ceases to be in full force and effect or ceases to be legal, valid, binding, enforceable or effective or is alleged by a party to it (other than a Finance
                      Party) to be ineffective for any reason.

                  

             

            	

                  	(d)	
                    Any Security Document does not create legal, valid, binding and enforceable security over the assets charged under that Security Document or the ranking or priority of such security is adversely affected.

                  

             

            	   30.14	
                    Cessation of business

                  

             

            Any Obligor suspends or ceases to carry on (or threatens to suspend or cease to carry on) all or a material part of its business.

             

            	   30.15	
                    Repudiation and rescission of Finance Documents

                  

             

            An Obligor rescinds or purports to rescind or repudiates or purports to repudiate a Finance Document or evidences an intention to rescind or repudiate a Finance Document.

             

            	   30.16	
                    Litigation

                  

             

            Either:

             

            	

                  	(a)	
                    any litigation, alternative dispute resolution, arbitration or administrative proceeding is taking place, or threatened; or

                  

             

            	

                  	(b)	
                    any judgment or order of a court, arbitral tribunal or other tribunal or any order or sanction of any governmental or other regulatory body is made,

                  

             

            against any Group Member or any of its assets, rights or revenues which has or would involve, if adversely determined, a liability exceeding $20,000,000 (or its equivalent in other
              currencies) or which the Majority Lenders reasonably believe will have a Material Adverse Effect.

             

            	   30.17	
                    Material Adverse Effect

                  

             

            Any Environmental Incident or other event or circumstance or series of events (including any change of law) occurs which the Majority Lenders reasonably believe has a Material Adverse
              Effect.

             

            	   30.18	
                    Security enforceable

                  

             

            Any Security Interest (other than a Permitted Maritime Lien) in respect of Charged Property becomes enforceable.

             

            
              117

              
                

            

            	   30.19	
                    Sanctions

                  

             

            	

                  	(a)	
                    An Obligor or a director, officer, employee of an Obligor is or becomes a Restricted Party and either (a) in the reasonable opinion of the Lenders the situation cannot be remedied within 30 days or (b) if the situation can be
                      remedied within 30 days, without being contrary to any law or regulation, such action as the Majority Lenders may require shall not have been taken within 30 days of the Agent notifying the Borrower of such required action.

                  

             

            	

                  	(b)	
                    If any of the requirements set out in clause 19.7 (Information: Sanctions), clause 21.2 (Use of proceeds), clause 21.4(b)(i) (Compliance with laws) (in so far as it relates to Sanctions Laws), clause 21.5 (Sanctions) or clause 23.18(d) (Lawful use)
                      is not complied with or if a Sanctions Event occurs.

                  

             

            	   30.20	
                    Charter termination

                  

             

            	

                  	(a)	
                    Except in accordance with clause 26.4:

                  

             

            	

                  	(i)	
                    the Time Charter of any Ship is terminated, cancelled or rescinded or (except as a result of that Ship being a Total Loss) frustrated; or

                  

             

            	

                  	(ii)	
                    a Ship is withdrawn from service under the relevant Time Charter before the time that Time Charter was scheduled to expire and is not returned to service within 60 days.

                  

             

            	

                  	(b)	
                    For the avoidance of doubt, no Event of Default under clause 30.20(a) above will occur in relation to a Time Charter if:

                  

             

            	

                  	(i)	
                    as soon as possible after such termination, cancellation, rescission, frustration or withdrawal (and in any event within 120 days of the last date on which the relevant Ship is on charter), any of the following conditions are
                      satisfied:

                  

             

            	

                  	(A)	
                    the Borrower prepays the Loan, in accordance with the provisions of clause 7.17 (Restrictions), in an amount equal to the greater of:

                  

             

            	

                  	(1)	
                    the amount which would be payable under the provisions of clause 7.8(b) (Sale or Total Loss) if the Ship to which the relevant Time Charter relates had been sold or become a Total Loss;

                  

             

            	

                  	(2)	
                    the early termination fee payable as a result of the early termination of the relevant Time Charter (the Terminated Charter); or

                  

             

            	

                  	(B)	
                    the Borrower provides additional security over other assets approved by the Majority Lenders acting reasonably in accordance with the requirements set out in clause 25.14 (Creation of additional
                        security) for the amount provided for under clause 30.20(b)(i)(A), it being agreed that cash collateral provided in dollars shall be acceptable to the Lenders, and shall be valued at par; or

                  

             

            	

                  	(ii)	
                    within 60 days after such termination, cancellation, rescission, frustration or withdrawal, the relevant Owner or Bareboat Charterer (as applicable) has entered into a charter commitment (a Replacement

                        Charter) in respect of the relevant Ship permitted pursuant to any of sub-paragraphs (i) to (iii) of clause 22.9(b).

                  

            

            

            
              118

              
                

            

            	

                  	(iii)	
                    The relevant Owner or Bareboat Charterer (as applicable) obtains approval to terminate, cancel or rescind the relevant Time Charter or withdraw the Ship from service under the relevant Time Charter.

                  

             

            	   30.21	
                    United States Bankruptcy Laws

                  

             

            	

                  	(a)	
                    In this Subclause:

                  

             

            U.S. Bankruptcy Law means the United States Bankruptcy Code 1978 or any other United States Federal or State bankruptcy, insolvency or similar law.

             

            	

                  	(b)	
                    Any of the following occurs in respect of any Obligor:

                  

             

            	

                  	(i)	
                    it makes a general assignment for the benefit of creditors;

                  

             

            	

                  	(ii)	
                    it commences a voluntary case or proceeding under any U.S. Bankruptcy Law;

                  

             

            	

                  	(iii)	
                    an involuntary case under any U.S. Bankruptcy Law is commenced against it and is not controverted within 30 days or is not dismissed or stayed within 90 days after commencement of the case; or

                  

             

            	

                  	(iv)	
                    an order for relief or other order approving any case or proceeding is entered under any U.S. Bankruptcy Law.

                  

             

            	   30.22	
                    Acceleration

                  

             

            	

                  	(a)	
                    If an Event of Default described in clause 30.21 occurs the Total Commitments will, if not already cancelled under this Agreement, be immediately and automatically cancelled and all amounts outstanding under the Finance Documents
                      shall become immediately due and payable without notice from the Agent;

                  

             

            	

                  	(b)	
                    On and at any time after the occurrence of an Event of Default other than under clause 30.21 which is continuing the Agent may, and shall if so directed by the Majority Lenders, by notice to the Borrower:

                  

             

            	

                  	(i)	
                    cancel the Total Commitments at which time they shall immediately be cancelled and the Facility shall immediately cease to be available for further utilisation; and/or

                  

             

            	

                  	(ii)	
                    declare that all or part of the Loan, together with accrued interest, and all other amounts accrued or outstanding under the Finance Documents be immediately due and payable, at which time they shall become immediately due and
                      payable; and/or

                  

             

            	

                  	(iii)	
                    declare that all or part of the Loan be payable on demand, at which time they shall immediately become payable on demand by the Agent on the instructions of the Majority Lenders; and/or

                  

             

            	

                  	(iv)	
                    declare that no withdrawals be made from any Account; and/or

                  

             

            	

                  	(v)	
                    exercise or direct the Security Agent and/or any other beneficiary of the Security Documents to exercise any or all of its rights, remedies, powers or discretions under the Finance Documents.

                  

            

            

            
              119

              
                

            

            	31	
                    Position of Hedging Providers

                  

             

            	31.1	
                    Rights of Hedging Providers

                  

             

            Each Hedging Provider is a Finance Party and as such, will be entitled to share in the security constituted by the Security Documents in respect of any liabilities of the Borrower under
              the Hedging Contracts with such Hedging Provider in the manner and to the extent contemplated by the Finance Documents.

             

            	31.2	
                    No voting rights

                  

             

            No Hedging Provider shall be entitled to vote on any matter where a decision of the Lenders alone is required under this Agreement, whether before or after the termination or close out of
              the Hedging Contracts with such Hedging Provider

             

            	31.3	
                    Acceleration and enforcement of security

                  

             

            Neither the Agent nor the Security Agent or any other beneficiary of the Security Documents shall be obliged, in connection with any action taken or proposed to be taken under or pursuant
              to clause 30 (Events of Default) or pursuant to the other Finance Documents, to have any regard to the requirements of the Hedging Provider except to the extent that the relevant Hedging Provider is
              also a Lender.

             

            	31.4	
                    Close out of Hedging Contracts

                  

             

            	

                  	(a)	
                    No Hedging Provider shall be entitled to terminate or close out any Hedging Contract or any Hedging Transaction under it prior to its stated maturity except:

                  

             

            	

                  	(i)	
                    if, following the occurrence of any Event of Default or Termination Event (as each such expression is defined in the Hedging Master Agreements), the relevant Hedging Provider is entitled to terminate or close out the relevant
                      Hedging Transaction pursuant to the relevant Hedging Contract.; or

                  

             

            	

                  	(ii)	
                    if the Agent takes any action under clause 30.22 (Acceleration); or

                  

             

            	

                  	(iii)	
                    if the Loan and other amounts outstanding under the Finance Documents (other than amounts outstanding under the Hedging Contracts) have been repaid by the Borrower in full.

                  

             

            	

                  	(b)	
                    If there is a net amount payable to the Borrower under a Hedging Transaction or a Hedging Contract upon its termination and close out, the relevant Hedging Provider shall forthwith pay that net amount (together with interest earned
                      on such amount) to the Security Agent for application in accordance with clause 35.25(a) (Order of application).

                  

             

            	

                  	(c)	
                    If a Default has occurred and is continuing and there is a net amount payable to a Hedging Provider under a Hedging Transaction or a Hedging Contract upon its termination and close out, the Borrower shall forthwith pay that net
                      amount (together with interest earned on such amount) to the Agent for application in accordance with clause 39.5 (Partial payments).

                  

             

            	

                  	(d)	
                    No Hedging Provider (in any capacity) shall set-off any such net amount against or exercise any right of combination in respect of any other claim it has against the Borrower.

                  

             

            
              120

              
                

            

            Section 9 -  Changes to Parties

             

            	33

                  	
                    Changes to the Lenders

                  

             

            	33.1	
                    Assignments by the Lenders

                  

             

            Subject to this clause 33, a Lender (the Existing Lender) may assign any of its rights under this Agreement to another bank or financial
              institution or to a trust, fund or other entity which is regularly engaged in or established for the purpose of making, purchasing or investing in loans, securities or other financial assets (the New Lender).

             

            	33.2	
                    Conditions of assignment

                  

             

            	

                  	(a)	
                    The consent of the Borrower is required for an assignment by a Lender, unless the assignment is:

                  

             

            	

                  	(i)	
                    to another Lender, an Affiliate of a Lender, a fund which is a Related Fund of that Existing Lender or an entity identified on the Pre-Approved New Lender List; or

                  

             

            	

                  	(ii)	
                    made at a time when an Event of Default is continuing.

                  

             

            	

                  	(b)	
                    The Borrower's consent to an assignment may not be unreasonably withheld or delayed and will be deemed to have been given five Business Days after the Lender has requested consent unless consent is expressly refused within that
                      time.

                  

             

            	

                  	(c)	
                    The Agent shall, within five Business Days of a reasonable request by any Party, provide a copy of the Pre-Approved New Lender List to that Party.

                  

             

            	

                  	(d)	
                    The Agent will advise the Borrower of the assignment.

                  

             

            	

                  	(e)	
                    No assignment may be made to a New Lender if an Insolvency Event has occurred and is, at the time of the proposed transfer, continuing in relation to that New Lender.

                  

             

            	

                  	(f)	
                    Any assignment will be for a minimum amount of $1,000,000 or the Available Facility (whichever is the lower).

                  

             

            	

                  	(g)	
                    An assignment will only be effective:

                  

             

            	

                  	(i)	
                    on receipt by the Agent of written confirmation from the New Lender (in form and substance satisfactory to the Agent) that the New Lender will assume the same obligations to the Borrower and the other Finance Parties as it would
                      have been under if it was an Original Lender;

                  

             

            	

                  	(ii)	
                    on the New Lender entering into any documentation required for it to accede as a party to any Security Document to which the Original Lender is a party in its capacity as a Lender and, in relation to such Security Documents,
                      completing any filing, registration or notice requirements;

                  

             

            	

                  	(iii)	
                    on the performance by the Agent of all necessary "know your customer" or other similar checks under all applicable laws and regulations relating to any person that it is required to carry out in relation to such assignment to a New
                      Lender, the completion of which the Agent shall promptly notify to the Existing Lender and the New Lender; and

                  

             

            	

                  	(iv)	
                    if that Existing Lender assigns equal fractions of its Commitments and participation in the Loan and each Utilisation (if any) under the Facility.

                  

            

            

            
              121

              
                

            

            	

                  	(h)	
                    Each New Lender, by executing the relevant Transfer Certificate, confirms, for the avoidance of doubt, that the Agent has authority to execute on its behalf any amendment or waiver that has been approved by or on behalf of the
                      requisite Lender or Lenders in accordance with the Finance Documents on or prior to the date on which the assignment becomes effective in accordance with the Finance Documents and that it is bound by that decision to the same extent
                      as the Existing Lender would have been had it remained a Lender.

                  

             

            	

                  	(i)	
                    If a Lender assigns or transfers any of its rights under the Finance Documents or changes its Facility Office and, as a result of circumstances existing at the date of the assignment, transfer or change, an Obligor would be obliged
                      to make a payment to the New Lender or Lender acting through its new Facility Office under clause 12 or clause 13, then the New Lender or Lender acting through its new Facility Office is only entitled to receive payment under those
                      clauses to the same extent as the Existing Lender or Lender acting through its previous Facility Office would have been if the assignment, transfer or change had not occurred.

                  

             

            	33.3	
                    Fee

                  

             

            The New Lender shall, on the date upon which an assignment takes effect, pay to the Agent (for its own account) a fee of $3,500.

             

            	33.4	
                    Limitation of responsibility of Existing Lenders

                  

             

            	

                  	(a)	
                    Unless expressly agreed to the contrary, an Existing Lender makes no representation or warranty and assumes no responsibility to a New Lender for:

                  

             

            	

                  	(i)	
                    the legality, validity, effectiveness, adequacy or enforceability of the Finance Documents or any other documents;

                  

             

            	

                  	(ii)	
                    the financial condition of any Obligor;

                  

             

            	

                  	(iii)	
                    the performance and observance by any Obligor or any other person of its obligations under the Finance Documents or any other documents;

                  

             

            	

                  	(iv)	
                    the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; or

                  

             

            	

                  	(v)	
                    the accuracy of any statements (whether written or oral) made in or in connection with any Finance Document or any other document,

                  

             

            and any representations or warranties implied by law are excluded.

             

            	

                  	(b)	
                    Each New Lender confirms to the Existing Lender and the other Finance Parties that it:

                  

             

            	

                  	(i)	
                    has made (and shall continue to make) its own independent investigation and assessment of:

                  

             

            	

                  	(A)	
                    the financial condition and affairs of the Obligors and their related entities in connection with its participation in this Agreement; and

                  

            

            

            
              122

              
                

            

            	

                  	(B)	
                    the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

                  

             

            and has not relied exclusively on any information provided to it by the Existing Lender or any other Finance Party in connection with any Finance Document;

             

            	

                  	(ii)	
                    will continue to make its own independent appraisal of the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents; and

                  

             

            	

                  	(iii)	
                    will continue to make its own independent appraisal of the creditworthiness of each Obligor and its related entities whilst any amount is or may be outstanding under the Finance Documents or any Commitment is in force.

                  

             

            	

                  	(c)	
                    Nothing in any Finance Document obliges an Existing Lender to:

                  

             

            	

                  	(i)	
                    accept a re-assignment from a New Lender of any of the rights assigned under this clause 33 (Changes to the Lenders); or

                  

             

            	

                  	(ii)	
                    support any losses directly or indirectly incurred by the New Lender by reason of the non-performance by any Obligor of its obligations under the Finance Documents or by reason of the application of any Basel II Regulation to the
                      transactions contemplated by the Finance Documents or otherwise.

                  

             

            	33.5	
                    Procedure for assignment

                  

             

            	

                  	(a)	
                    Subject to the conditions set out in clause 33.2 (Conditions of assignment) an assignment may be effected in accordance with clause 33.5(d) below
                      when (a) the Agent executes an otherwise duly completed Transfer Certificate and (b) the Agent executes any document required under clause 33.5(d) which it may be necessary for it to execute in each case delivered to it by the
                      Existing Lender and the New Lender duly executed by them and, in the case of any such other document, any other relevant person.  The Agent shall, subject to clause 33.5(b), as soon as reasonably practicable after receipt by it of a
                      Transfer Certificate and any such other document each duly completed, appearing on its face to comply with the terms of this Agreement and delivered in accordance with the terms of this Agreement, execute that Transfer Certificate and
                      such other document.

                  

             

            	

                  	(b)	
                    The Agent shall only be obliged to execute a Transfer Certificate delivered to it by the Existing Lender and the New Lender once it is satisfied it has complied with all necessary "know your customer" or other similar checks under
                      all applicable laws and regulations in relation to the assignment to such New Lender.

                  

             

            	

                  	(c)	
                    The Obligors and the other Finance Parties irrevocably authorise the Agent to execute any Transfer Certificate on their behalf without any consultations with them.

                  

             

            	

                  	(d)	
                    On the Transfer Date:

                  

             

            	

                  	(i)	
                    the Existing Lender will assign absolutely to the New Lender the rights under the Finance Documents expressed to be the subject of the assignment in the Transfer Certificate;

                  

            

            

            
              123

              
                

            

             

            	

                  	(ii)	
                    the Existing Lender will be released by each Obligor and the other Finance Parties from the obligations owed by it (the Relevant Obligations) and expressed to be the subject of the release
                      in the Transfer Certificate (but the obligations owed by the Obligors under the Finance Documents shall not be released); and

                  

             

            	

                  	(iii)	
                    the New Lender shall become a Party to the Finance Documents as a "Lender" for the purposes of all the Finance Documents and will be bound by obligations equivalent to the Relevant Obligations.

                  

             

            	

                  	(e)	
                    Lenders may utilise procedures other than those set out in this clause 33.5 (Procedure for assignment) to assign their rights under the Finance Documents (but not, without the consent of
                      the relevant Obligor or unless in accordance with clauses 33.5 (Procedure for assignment) to obtain a release by that Obligor from the obligations owed to that Obligor by the Lenders nor the
                      assumption of equivalent obligations by a New Lender) provided that they comply with the conditions set out in clause 33.2 (Conditions of assignment).

                  

             

            	33.6	
                    Copy of Transfer Certificate to Borrower

                  

             

            The Agent shall, as soon as reasonably practicable after it has executed a Transfer Certificate and any other document required under clause 33.2(f) above, send a copy of that Transfer
              Certificate and such other documents to the Borrower.

             

            	33.7	
                    Security over Lenders' rights

                  

             

            In addition to the other rights provided to Lenders under this clause 33 each Lender may without consulting with or obtaining consent from an Obligor, at any time charge, assign or
              otherwise create a Security Interest in or over (whether by way of collateral or otherwise) all or any of its rights under any Finance Document to secure obligations of that Lender including, without limitation:

             

            	

                  	(a)	
                    any charge, assignment or other Security Interest to secure obligations to a federal reserve or central bank; and

                  

             

            	

                  	(b)	
                    in the case of any Lender which is a fund, any charge, assignment or other Security Interest granted to any holders (or trustee or representatives of holders) of obligations owed, or securities issued, by that Lender as security
                      for those obligations or securities, except that no such charge, assignment or Security Interest shall:

                  

             

            	

                  	(i)	
                    release a Lender from any of its obligations under the Finance Documents or substitute the beneficiary of the relevant charge, assignment or Security Interest for the Lender as a party to any of the Finance Documents; or

                  

             

            	

                  	(ii)	
                    require any payments to be made by an Obligor other than or in excess of, or grant to any person any more extensive rights than, those required to be made or granted to the relevant Lender under the Finance Documents.

                  

             

            	33.8	
                    Disclosure of information

                  

             

            	

                  	(a)	
                    Any Lender may disclose to any of its Affiliates and to any other person:

                  

             

            	

                  	(i)	
                    to (or through) whom that Lender assigns (or may potentially assign) all or any of its rights and obligations under the Finance Documents;

                  

             

            	

                  	(ii)	
                    with (or through) whom that Lender enters into (or may potentially enter into) any sub-participation in relation to, or any other transaction under which payments are to be made by reference to, the Finance Documents or any
                      Obligor; or

                  

            

            

            
              124

              
                

            

            	

                  	(iii)	
                    to whom, and to the extent that, information is required to be disclosed by any applicable law, regulation or request of any regulatory or governmental authority or central bank,

                  

             

            any information about any Obligor, the Group and the Finance Documents as Lender shall consider appropriate.

             

            	

                  	(b)	
                    In relation to clauses (a) and (b) above, the relevant Lender shall procure that the recipient of any information about any Obligor, the Group and the Finance Documents, will enter into a confidentiality undertaking with the
                      relevant Lender.

                  

             

            	

                  	(c)	
                    Any Finance Party may disclose to a rating agency, to a numbering service provider or its professional advisers or (with the consent of the Borrower) any other person, any information about any Obligor, the Group and the Finance
                      Documents as that Finance Party shall consider appropriate.

                  

             

            	

                  	(d)	
                    The Agent and the Arrangers each may, at their own expense, publish information about their participation in, or agency or arrangement in respect of, the Facility and, for such purposes, to use the Borrower’s and/or the Obligors'
                      logo and trademark in connection with such publication.

                  

             

            	33.9	
                    Pro rata interest settlement

                  

             

            	

                  	(a)	
                    In respect of any transfer pursuant to Clause 33.5 (Procedure for assignment) the Transfer Date of which, in each case, is not on the last day of an Interest Period:

                  

             

            	

                  	(i)	
                    any interest or fees in respect of the relevant participation which are expressed to accrue by reference to the lapse of time shall continue to accrue in favour of the Existing Lender up to but excluding the Transfer Date ("Accrued Amounts") and shall become due and payable to the Existing Lender (without further interest accruing on them) on the last day of the current Interest Period (or, if the Interest Period is
                      longer than six Months, on the next of the dates which falls at six Monthly intervals after the first day of that Interest Period); and

                  

             

            	

                  	(ii)	
                    the rights assigned or transferred by the Existing Lender will not include the right to the Accrued Amounts so that, for the avoidance of doubt:

                  

             

            	

                  	(A)	
                    when the Accrued Amounts become payable, those Accrued Amounts will be payable for the account of the Existing Lender; and

                  

             

            	

                  	(B)	
                    the amount payable to the New Lender on that date will be the amount which would, but for the application of this Clause 33.9, have been payable to it on that date, but after deduction of the Accrued Amounts.

                  

             

            	

                  	(b)	
                    In this Clause 33.9 references to "Interest Period" shall be construed to include a reference to any other period for accrual of fees.

                  

            

            

            
              125

              
                

            

            	34

                  	
                    Changes to the Obligors

                  

             

            	34.1	
                    Assignment and transfers by Obligors

                  

             

            No Obligor may assign any of its rights or transfer any of its rights or obligations under the Finance Documents.

             

            	34.2	
                    Additional Guarantor

                  

             

            Subject to compliance with the provisions of clause 19.12 (Know your customer checks), the Borrower may request that the Golar Eskimo Lessee
              become an Additional Guarantor for the purposes of the Utilisation relating to clause 2.3 (Ship H). The Golar Eskimo Lessee shall become an Additional Guarantor if:

             

            	

                  	(a)	
                    it delivers to the Agent a duly completed and executed Accession Letter; and

                  

             

            	

                  	(b)	
                    the Agent has received all of the documents and other evidence listed in  Part 3 of Schedule 3 (Conditions precedent), each in form and substance satisfactory to the Agent.

                  

             

            The Agent shall notify the Borrower and the Lenders promptly upon being satisfied that it has received (in form and substance satisfactory to it) all the documents and other evidence
              listed in Part 3 of Schedule 3 (Conditions precedent) in respect of the Additional Guarantor.

             

            	34.3	
                    Repetition of Representations

                  

             

            Delivery of an Accession Letter constitutes confirmation by the Additional Guarantor that the Repeating Representations are true and correct in relation to it as at the date of delivery of
              the Accession Letter as if made by reference to the facts and circumstances then existing.

             

            

            
              126

              
                

            

            Section 10 -  The Finance Parties

             

            	35

                  	
                    Roles of Agent, Security Agent, Arrangers, Bookrunners and Co-ordinators

                  

             

            	35.1	
                    Appointment of the Agent

                  

             

            	

                  	(a)	
                    Each other Finance Party (other than the Security Agent and the Hedging Providers) appoints the Agent to act as its agent under and in connection with the Finance Documents.

                  

             

            	

                  	(b)	
                    Each such other Finance Party (other than the Hedging Providers) authorises the Agent:

                  

             

            	

                  	(i)	
                    to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Agent under or in connection with the Finance Documents together with any other
                      incidental rights, powers, authorities and discretions; and

                  

             

            	

                  	(ii)	
                    to execute each of the Security Documents and all other documents that may be approved by the Majority Lenders for execution by it.

                  

             

            	

                  	(c)	
                    The Agent accepts its appointment under clause 35.1(a) as agent for the Finance Parties (for so long as they are Finance Parties) on and subject to the terms of this clause 35, and any Finance Documents to which it is a Party.

                  

             

            	35.2	
                    Instructions to Agent

                  

             

            	

                  	(a)	
                    The Agent shall:

                  

             

            	

                  	(i)	
                    unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Agent in accordance with any instructions given to it by:

                  

             

            	

                  	(A)	
                    all Lenders if the relevant Finance Document stipulates the matter is an all Lender decision; and

                  

             

            	

                  	(B)	
                    in all other cases, the Majority Lenders; and

                  

             

            	

                  	(ii)	
                    not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (i) above.

                  

             

            	

                  	(b)	
                    The Agent shall be entitled to request instructions, or clarification of any instruction, from the Majority Lenders (or, if the relevant Finance Document stipulates the matter is a decision for any other Lender or group of Lenders,
                      from that Lender or group of Lenders) as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or discretion and the Agent may refrain from acting unless and until it receives those
                      instructions or that clarification.

                  

             

            	

                  	(c)	
                    Save in the case of decisions stipulated to be a matter for any other Lender or group of Lenders under the relevant Finance Document and unless a contrary indication appears in a Finance Document, any instructions given to the
                      Agent by the Majority Lenders shall override any conflicting instructions given by any other Parties and will be binding on all Finance Parties save for the Security Agent.

                  

             

            
              127

              
                

            

            	

                  	(d)	
                    The Agent may refrain from acting in accordance with any instructions of any Lender or group of Lenders until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent
                      than that contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions.

                  

             

            	

                  	(e)	
                    In the absence of instructions, the Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

                  

             

            	

                  	(f)	
                    The Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender's or any Hedging Provider's consent) in any legal or arbitration proceedings relating to any Finance Document. 
                      This clause 35.2(f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Security Documents.

                  

             

            	35.3	
                    Duties of the Agent

                  

             

            	

                  	(a)	
                    The Agent's duties under the Finance Documents are solely mechanical and administrative in nature.

                  

             

            	

                  	(b)	
                    The Agent shall promptly forward to a Party the original or a copy of any document which is delivered to the Agent for that Party by any other Party.

                  

             

            	

                  	(c)	
                    Without prejudice to clause 33.6 (Copy of Transfer Certificate to Borrower), clause (a) shall not apply to any Transfer Certificate.

                  

             

            	

                  	(d)	
                    Except where a Finance Document specifically provides otherwise, the Agent is not obliged to review or check the adequacy, accuracy or completeness of any document it forwards to another Party.

                  

             

            	

                  	(e)	
                    If the Agent receives notice from a Party referring to this Agreement, describing a Default and stating that the circumstance described is a Default, it shall promptly notify the other Finance Parties (other than the Hedging
                      Providers).

                  

             

            	

                  	(f)	
                    If the Agent is aware of the non-payment of any principal, interest, commitment fee or other fee payable to a Finance Party (other than the Agent or any Arrangers or the Security Agent for their own account) under this Agreement it
                      shall promptly notify the other Finance Parties.

                  

             

            	

                  	(g)	
                    The Agent shall have only those duties, obligations and responsibilities expressly specified in the Finance Documents to which it is expressed to be a party (and no others shall be implied).

                  

             

            	35.4	
                    Role of the Arrangers, Bookrunners and Co-ordinators

                  

             

            Except as specifically provided in the Finance Documents, the Arrangers, the Bookrunners and the Co-ordinators have no obligations of any kind to any other Party under or in connection
              with any Finance Document or the transactions contemplated by the Finance Documents.

             

            	35.5	
                    No fiduciary duties

                  

             

            	

                  	(a)	
                    Nothing in this Agreement constitutes the Agent, the Arrangers, the Bookrunners and the Co-ordinators as a trustee or fiduciary of any other person.

                  

            

            

          

           

            	

                  	(b)	
                    None of the Agent, the Security Agent, the Arrangers, the Bookrunners and the Co-ordinators shall be bound to account to any Lender or any Hedging Provider for any sum or the profit element of any sum received by it for its own
                      account or have any obligations to the other Finance Parties beyond those expressly stated in the Finance Documents.

                  

             

            
              128

              
                

            

            	35.6	
                    Business with the Group

                  

             

            The Agent, the Security Agent, the Arrangers, the Bookrunners  and the Co-ordinators may accept deposits from, lend money to and generally engage in any kind of banking or other business
              with any Obligor or other Group Member or their Affiliates.

             

            	35.7	
                    Rights and discretions of the Agent

                  

             

            	

                  	(a)	
                    The Agent may:

                  

             

            	

                  	(i)	
                    rely on any representation, communication, notice or document believed by it to be genuine, correct and appropriately authorised;

                  

             

            	

                  	(ii)	
                    assume that:

                  

             

            	

                  	(A)	
                    any instructions received by it from the Majority Lenders, any Lenders or any group of Lenders are duly given in accordance with the terms of the Finance Documents; and

                  

             

            	

                  	(B)	
                    unless it has received notice of revocation, that those instructions have not been revoked; and

                  

             

            	

                  	(iii)	
                    rely on a certificate from any person:

                  

             

            	

                  	(A)	
                    as to any matter of fact or circumstance which might reasonably be expected to be within the knowledge of that person; or

                  

             

            	

                  	(B)	
                    to the effect that such person approves of any particular dealing, transaction, step, action or thing,

                  

             

            as sufficient evidence that that is the case and, in the case of paragraph (i) above, may assume the truth and accuracy of that certificate.

             

            	

                  	(b)	
                    The Agent may assume (unless it has received notice to the contrary in its capacity as agent for the other Finance Parties) (other than the Hedging Providers) that:

                  

             

            	

                  	(i)	
                    no Default has occurred (unless it has actual knowledge of a Default arising under clause 30.2 (Non-payment));

                  

             

            	

                  	(ii)	
                    any right, power, authority or discretion vested in any Party or any group of Lenders has not been exercised;

                  

             

            	

                  	(iii)	
                    any notice or request made by the Borrower (other than a Utilisation Request or a Selection Notice) is made on behalf of and with the consent and knowledge of all the Obligors; and

                  

             

            	

                  	(iv)	
                    in the case of the Security Agent, if it receives any instructions, that all applicable conditions under the Finance documents for so acting have been satisfied.

                  

            

            

            
              129

              
                

            

            	

                  	(c)	
                    The Agent may engage and pay for the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts in the conduct of its obligations and responsibilities under the Finance
                      Documents.

                  

             

            	

                  	(d)	
                    Without prejudice to the generality of clause 35.7(c) or clause 35.7(e), the Agent may at any time engage and pay for the services of any lawyers to act as independent counsel to the Agent (and so separate from any lawyers
                      instructed by the Lenders) if the Agent in its reasonable opinion deems this to be desirable.

                  

             

            	

                  	(e)	
                    The Agent may rely on the advice or services of any lawyers, accountants, tax advisers, surveyors or other professional advisers or experts (whether obtained by the Agent or by any other Party) and shall not be liable for any
                      damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of its so relying.

                  

             

            	

                  	(f)	
                    The Agent may act in relation to the Finance Documents through its officers, employees and agents and the Agent shall not:

                  

             

            	

                  	(i)	
                    be liable for any error of judgment made by any such person; or

                  

             

            	

                  	(ii)	
                    be bound to supervise, or be in any way responsible for any loss incurred by reason of misconduct, omission or default on the part, of any such person,

                  

             

            unless such error or such loss was directly caused by the Agent's gross negligence, wilful misconduct or fraudulent behaviour.

             

            	

                  	(g)	
                    Unless a Finance Document expressly provides otherwise, the Agent may disclose to any other Party any information it reasonably believes it has received as agent under this Agreement.

                  

             

            	

                  	(h)	
                    Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent, the Security Agent nor any Arranger is obliged to do or omit to do anything if it would or might in its reasonable opinion constitute a
                      breach of any law or regulation or a breach of a fiduciary duty or duty of confidentiality.  The Agent and any Arranger may do anything which in its opinion, is necessary or desirable to comply with any law or regulation of any
                      jurisdiction.

                  

             

            	

                  	(i)	
                    Without prejudice to the generality of clause 35.7(h), the Agent may (but is not obliged) disclose the identity of a Defaulting Lender to the other Finance Parties (other than the Hedging Providers) and the Borrower and the Agent
                      shall disclose the same upon the written request of the Majority Lenders.

                  

             

            	

                  	(j)	
                    Notwithstanding any provision of any Finance Document to the contrary, the Agent is not obliged to expend or risk its own funds or otherwise incur any financial liability in the performance of its duties, obligations or
                      responsibilities or the exercise of any right, power, authority or discretion if it has grounds for believing the repayment of such funds or adequate indemnity against, or security for, such risk or liability is not reasonably assured
                      to it.

                  

             

            	

                  	(k)	
                    Neither the Agent nor any Arranger shall be obliged to request any certificate, opinion or other information under clause 19 (Information undertakings) unless so required in writing by a
                      Lender or any Hedging Provider, in which case the Agent shall promptly make the appropriate request of the Borrower if such request would be in accordance with the terms of this Agreement.

                  

            

            

            
              130

              
                

            

            	35.8	
                    Responsibility for documentation and other matters

                  

             

            Neither the Agent nor any Arranger is responsible or liable for:

             

            	

                  	(a)	
                    the adequacy, accuracy and/or completeness of any information (whether oral or written) supplied by the Agent, any Arranger, an Obligor or any other person given in or in connection with any Finance Document or the transactions
                      contemplated in the Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or of any representations in any Finance
                      Document or of any copy of any document delivered under any Finance Document;

                  

             

            	

                  	(b)	
                    the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter Document or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
                      connection with any Finance Document or any Charter Document;

                  

             

            	

                  	(c)	
                    the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

                  

             

            	

                  	(d)	
                    any loss to the Trust Property arising in consequence of the failure, depreciation or loss of any Charged Property or any investments made or retained in good faith or by reason of any other matter or thing;

                  

             

            	

                  	(e)	
                    accounting to any person for any sum or the profit element of any sum received by it for its own account;

                  

             

            	

                  	(f)	
                    the failure of any Obligor or any other party to perform its obligations under any Finance Document or any Charter Document or the financial condition of any such person;

                  

             

            	

                  	(g)	
                    ascertaining whether all deeds and documents which should have been deposited with it (or the Security Agent) under or pursuant to any of the Security Documents have been
                      so deposited;

                  

             

            	

                  	(h)	
                    investigating or making any enquiry into the title of any Obligor to any of the Charged Property or any of its other property or assets;

                  

             

            	

                  	(i)	
                    failing to register any of the Security Documents with the Registrar of Companies or any other public office;

                  

             

            	

                  	(j)	
                    failing to register any of the Security Documents in accordance with the provisions of the documents of title of any Obligor to any of the Charged Property;

                  

             

            	

                  	(k)	
                    failing to take or require any Obligor to take any steps to render any of the Security Documents effective as regards property or assets outside England or Wales or to secure the creation of any ancillary charge under the laws of
                      the jurisdiction concerned;

                  

             

            	

                  	(l)	
                    (unless it is the same entity as the Security Agent) the Security Agent and/or any other beneficiary of a Security Document failing to perform or discharge any of its duties or obligations under the Security Documents;

                  

             

            	

                  	(m)	
                    any determination as to whether any information provided or to be provided to any Finance Party is non-public information the use of which may be regulated or prohibited by any applicable law or regulation relating to insider
                      dealing or otherwise; or

                  

            

            
              131

              
                

            

            	

                  	(n)	
                    any payment, deduction or withholding of any Tax or governmental charge as a result of any Agent (i) holding the Security Interests created by the Finance Documents or (ii) enforcing such Security Interests created by the Finance
                      Documents and shall have no liability for distributing any amounts hereunder net of such amounts.

                  

             

            	35.9	
                    No duty to monitor

                  

             

            The Agent shall not be bound, unless it has been instructed by the Majority Lenders in relation to any specific event or circumstance, to enquire:

             

            	

                  	(a)	
                    whether or not any Default has occurred;

                  

             

            	

                  	(b)	
                    as to the performance, default or any breach by any Party of its obligations under any Finance Document; or

                  

             

            	

                  	(c)	
                    whether any other event specified in any Finance Document has occurred.

                  

             

            	35.10	
                    Exclusion of liability

                  

             

            	

                  	(a)	
                    Without limiting clause 35.10(b) (and without prejudice to any other provision of the Finance Documents excluding or limiting the liability of the Agent) the Agent will not be liable (including, without limitation, for negligence
                      or any other category of liability whatsoever) for:

                  

             

            	

                  	(i)	
                    any damages, costs or losses to any person, any diminution in value, or any liability whatsoever arising as a result of taking or not taking any action under or in connection with any Finance Document or the Charged Property,
                      unless directly caused by its gross negligence, wilful misconduct or fraudulent behaviour;

                  

             

            	

                  	(ii)	
                    exercising, or not exercising, any right, power, authority or discretion given to it by, or in connection with, any Finance Document, the Charged Property or any other agreement, arrangement or document entered into, made or
                      executed in anticipation of, under or in connection with, any Finance Document or the Charged Property unless directly caused by its gross negligence, wilful misconduct or fraudulent behaviour; or

                  

             

            	

                  	(iii)	
                    without prejudice to the generality of paragraphs (a) and (b) above, any damages, costs or losses to any person, any diminution in value or any liability whatsoever arising as a result of:

                  

             

            	

                  	(A)	
                    any act, event or circumstance not reasonably within its control; or

                  

             

            	

                  	(B)	
                    the general risks of investment in, or the holding of assets in, any jurisdiction,

                  

             

            including (in each case and without limitation) such damages, costs, losses, diminution in value or liability arising as a result of: nationalisation, expropriation or other governmental
              actions; any regulation, currency restriction, devaluation or fluctuation; market conditions affecting the execution or settlement of transactions or the value of assets (including any Payment Disruption Event); breakdown, failure or
              malfunction of any third party transport, telecommunications, computer services or systems; natural disasters or acts of God; war, terrorism, insurrection or revolution; or strikes or industrial action.

              

            

            
              132

              
                

            

            	

                  	(b)	
                    No Party (other than the Agent) may take any proceedings against any officer, employee or agent of the Agent in respect of any claim it might have against the Agent or in respect of any act or omission of any kind by that officer,
                      employee or agent in relation to any Finance Document and any officer, employee or agent of the Agent may rely on this clause subject to clause 1.3 (Third party rights) and the provisions of
                      the Third Parties Act.

                  

             

            	

                  	(c)	
                    The Agent will not be liable for any delay (or any related consequences) in crediting an account with an amount required under the Finance Documents to be paid by the Agent if the Agent has taken all necessary steps as soon as
                      reasonably practicable to comply with the regulations or operating procedures of any recognised clearing or settlement system used by the Agent for that purpose.

                  

             

            	

                  	(d)	
                    Nothing in this Agreement shall oblige the Agent or any Arrangers to carry out

                  

             

            	

                  	(i)	
                    any "know your customer" or other checks in relation to any person; or

                  

             

            	

                  	(ii)	
                    any check on the extent to which any transaction contemplated by this Agreement might be unlawful for any Lender,

                  

             

            on behalf of any Lender or any Hedging Provider and each Lender and any Hedging Provider confirms to the Agent and the Arrangers that it is solely responsible for any such checks it is
              required to carry out and that it may not rely on any statement in relation to such checks made by the Agent or any Arranger.

             

            	

                  	(e)	
                    Without prejudice to any provision of any Finance Document excluding or limiting the Agent's liability, any liability of the Agent arising under or in connection with any Finance Document or the Charged Property shall be limited to
                      the amount of actual loss which has been finally judicially determined to have been suffered (as determined by reference to the date of default of the Agent or, if later, the date on which the loss arises as a result of such default)
                      but without reference to any special conditions or circumstances known to the Agent at any time which increase the amount of that loss.  In no event shall the Agent be liable for any loss of profits, goodwill, reputation, business
                      opportunity or anticipated saving, or for special, punitive, indirect or consequential damages, whether or not the Agent has been advised of the possibility of such loss or damages.

                  

             

            	35.11	
                    Lenders' indemnity to the Agent

                  

             

            	

                  	(a)	
                    Each Lender shall (in proportion to its share of the Total Commitments or, if the Total Commitments are then zero, to its share of the Total Commitments immediately prior to their reduction to zero) indemnify the Agent, within
                      three Business Days of demand, against:

                  

             

            	

                  	(i)	
                    any Losses for negligence or any other category of liability whatsoever incurred by such Lenders' Representative in the circumstances contemplated pursuant to clause 39.10 (Disruption to payment
                        systems etc) notwithstanding the Agent's negligence, gross negligence, or any other category of liability whatsoever but not including any claim based on the fraud of the Agent); and

                  

             

            	

                  	(ii)	
                    any other Losses (otherwise than by reason of the Agent's gross negligence or wilful misconduct) including the costs of any person engaged in accordance with clause 35.7(c) (Rights and discretions
                        of the Agent) and any Receiver in acting as its agent under the Finance Documents,

                  

              in each case incurred by the Agent in acting as such under the Finance Documents (unless the Agent has been reimbursed by an Obligor pursuant to a Finance Document or out
              of the Trust Property).

             

            

            
              133

              
                

            

            	

                  	(b)	
                    Subject to clause 35.11(c), the Borrower shall immediately on demand reimburse any Lender for any payment that Lender makes to the Agent pursuant to clause 35.11(a).

                  

             

            	

                  	(c)	
                    Clause 35.11(b) shall not apply to the extent that the indemnity payment in respect of which the Lender claims reimbursement relates to a liability of the Agent to an Obligor.

                  

             

            	35.12	
                    Resignation of the Agent

                  

             

            	

                  	(a)	
                    The Agent may resign and appoint one of its Affiliates as successor by giving notice to the Lenders, the Security Agent and the Borrower.

                  

             

            	

                  	(b)	
                    Alternatively the Agent may resign by giving 30 days’ notice to the other Finance Parties (other than the Hedging Providers) and the Borrower, in which case the Majority Lenders (after consultation with the Borrower) may appoint a
                      successor Agent.

                  

             

            	

                  	(c)	
                    If the Majority Lenders have not appointed a successor Agent in accordance with clause (b) above within 20 days after notice of resignation was given, the retiring Agent (after consultation with the Borrower) may appoint a
                      successor Agent.

                  

             

            	

                  	(d)	
                    If the Agent wishes to resign because (acting reasonably) it has concluded that it is no longer appropriate for it to remain as agent and the Agent is entitled to appoint a successor Agent under clause 35.12(c), the Agent may (if
                      it concludes (acting reasonably) that it is necessary to do so in order to persuade the proposed successor Agent to become a party to this Agreement as Agent) agree with the proposed successor Agent amendments to this clause 35 and
                      any other term of this Agreement dealing with the rights or obligations of the Agent consistent with then current market practice for the appointment and protection of corporate trustees together with any reasonable amendments to the
                      agency fee payable under this Agreement which are consistent with the successor Agent's normal fee rates and those amendments will bind the Parties.

                  

             

            	

                  	(e)	
                    The retiring Agent shall, at its own cost (in the case of the Agent or, in the case of the Security Agent, at the cost of the Borrower), make available to the successor Agent or Security Agent such documents and records and provide
                      such assistance as the successor Agent or Security Agent may reasonably request for the purposes of performing its functions as Agent under the Finance Documents.

                  

             

            	

                  	(f)	
                    The Agent's resignation notice shall only take effect upon the appointment of a successor.

                  

             

            	

                  	(g)	
                    The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent.  As from this date, the retiring Agent shall be discharged from any further obligation in
                      respect of the Finance Documents (other than its obligations under clause 35.12(e)) but shall remain entitled to the benefit of clause 14.3 (Indemnity to the Agent and the Security Agent) and this clause 35 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).  Any successor and each of the other Parties shall have
                      the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

                  

             

            
              134

              
                

            

            	35.13	
                    Replacement of the Agent

                  

             

            	

                  	(a)	
                    After consultation with the Borrower, the Majority Lenders may, by giving 30 days' notice to the Agent replace the Agent by appointing a successor Agent.

                  

             

            	

                  	(b)	
                    The retiring Agent shall make available to the successor Agent, at the cost of the Lenders, such documents and records and provide such assistance as the successor Agent may reasonably request for the purposes of performing its
                      functions as Agent under the Finance Documents.

                  

             

            	

                  	(c)	
                    The appointment of the successor Agent shall take effect on the date specified in the notice from the Majority Lenders to the retiring Agent.  As from this date, the retiring Agent shall be discharged from any further obligation in
                      respect of the Finance Documents (other than its obligations under clause 35.13(b)) but shall remain entitled to the benefit of clause 14.3 (Indemnity to the Agent and the Security Agent) and
                      this clause 35 (and any agency fees for the account of the retiring Agent shall cease to accrue from (and shall be payable on) that date).

                  

             

            	

                  	(d)	
                    Any successor Agent and each of the other Parties shall have the same rights and obligations amongst themselves as they would have had if such successor had been an original Party.

                  

             

            	35.14	
                    Replacement of the Agent for FATCA withholding

                  

             

            The Agent shall resign in accordance with clause 35.14(b) above (and, to the extent applicable, shall use reasonable endeavours to appoint a successor Agent pursuant to clause 35.14(b)
              above) if on or after the date which is three months before the earliest FATCA Application Date relating to any payment to the Agent under the Finance Documents, either:

             

            	

                  	(a)	
                    the Agent fails to respond to a request under clause 12.6 (FATCA Information) and a Lender reasonably believes that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on
                      or after that FATCA Application Date;

                  

             

            	

                  	(b)	
                    the information supplied by the Agent pursuant to clause 12.6 (FATCA Information) indicates that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA
                      Application Date; or

                  

             

            	

                  	(c)	
                    the Agent notifies the Borrower and the Lenders that the Agent will not be (or will have ceased to be) a FATCA Exempt Party on or after that FATCA Application Date;

                  

             

            and (in each case) a Lender reasonably believes that a Party will be required to make a FATCA Deduction that would not be required if the Agent were a FATCA Exempt Party, and that Lender,
              by notice to the Agent, requires it to resign.

             

            	35.15	
                    Confidentiality

                  

             

            	

                  	(a)	
                    In acting as agent for the Finance Parties (other than the Hedging Providers), the Agent shall be regarded as acting through its department, division or team directly responsible for the management of the Finance Documents which
                      shall be treated as a separate entity from any other of its divisions, departments or teams.

                  

             

            	

                  	(b)	
                    If information is received by another division or department of the Agent, it may be treated as confidential to that division or department and the Agent shall not be deemed to have notice of it.

                  

             

            
              135

              
                

            

            	

                  	(c)	
                    Notwithstanding any other provision of any Finance Document to the contrary, neither the Agent nor any Arranger is obliged to disclose to any other person (i) any confidential information or (ii) any other information if the
                      disclosure would, or might in its reasonable opinion, constitute a breach of any law or regulation or a breach of a fiduciary duty.

                  

             

            	35.16	
                    Relationship with the Lenders and Hedging Providers

                  

             

            	

                  	(a)	
                    The Agent may treat the person shown in its records as each Lender or as each Hedging Provider at the opening of business (in the place of the Agent's principal office as notified to the Finance Parties from time to time) as a
                      Lender or (as the case may be) as a Hedging Provider acting through its Facility Office:

                  

             

            	

                  	(i)	
                    entitled to or liable for any payment due under any Finance Document on that day; and

                  

             

            	

                  	(ii)	
                    entitled to receive and act upon any notice, request, document or communication or make any decision or determination under any Finance Document made or delivered on that day,

                  

             

            unless it has received not less than five Business Days prior notice from that Lender or (as the case may be) a Hedging Provider to the contrary in accordance with the terms of this
              Agreement.

             

            	

                  	(b)	
                    Each Lender and each Hedging Provider shall supply the Agent with any information that the Agent may reasonably specify as being necessary or desirable to enable the Agent or the Security Agent to perform its functions as Agent or
                      Security Agent.

                  

             

            	

                  	(c)	
                    Each Lender and each Hedging Provider shall deal with the Security Agent exclusively through the Agent and shall not deal directly with the Security Agent.

                  

             

            	35.17	
                    Credit appraisal by the Lenders and Hedging Providers

                  

             

            Without affecting the responsibility of any Obligor for information supplied by it or on its behalf in connection with any Finance Document or any Charter Document, each Lender and each
              Hedging Provider confirms to each other Finance Party that it has been, and will continue to be, solely responsible for making its own independent appraisal and investigation of all risks arising under or in connection with any Finance
              Document or any Charter Document including but not limited to:

             

            	

                  	(a)	
                    the financial condition, status and nature of each Obligor and other Group Member;

                  

             

            	

                  	(b)	
                    the legality, validity, effectiveness, adequacy or enforceability of any Finance Document or any Charter Document and any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in
                      connection with any Finance Document or any Charter Document;

                  

             

            	

                  	(c)	
                    the application of any Basel II Regulation or Basel III Regulation to the transactions contemplated by the Finance Documents;

                  

             

            	

                  	(d)	
                    whether any Finance Party has recourse, and the nature and extent of that recourse, against any Party or any of its respective assets under or in connection with any Finance Document, the transactions contemplated by the Finance
                      Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or the Charged Property;

                  

             

            	

                  	(e)	
                    the adequacy, accuracy and/or completeness of any information provided by the Agent, any Party or by any other person under or in connection with any Finance Document or any Charter Document, the transactions contemplated by the
                      Finance Documents or any other agreement, arrangement or document entered into, made or executed in anticipation of, under or in connection with any Finance Document or any Charter Document; and

                  

             

            	

                  	(f)	
                    the right or title of any person in or to, or the value or sufficiency of, any part of the Charged Property, the priority of the Security Documents or the existence of any Security Interest affecting the Charged Property.

                  

             

            
              136

              
                

            

            	35.18	
                    [Intentionally Deleted]

                  

             

            	35.19	
                    Agent's management time and additional remuneration

                  

             

            	

                  	(a)	
                    Any amount payable to the Agent under clause 14.3 (Indemnity to the Agent and the Security Agent), clause 16 (Costs and expenses) and clause 35.11 (Lenders' indemnity to the Agent) shall include the cost of utilising the Agent's management time or other resources and will be calculated on the basis of such reasonable daily or hourly rates as
                      the Agent may notify to the Borrower and the Lenders, and is in addition to any fee paid or payable to the Agent under clause 11 (Fees).

                  

             

            	

                  	(b)	
                    Without prejudice to clause 35.19(a), in the event of:

                  

             

            	

                  	(i)	
                    a Default;

                  

             

            	

                  	(ii)	
                    the Agent being requested by an Obligor or the Majority Lenders to undertake duties which the Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the Agent under the Finance
                      Documents; or

                  

             

            	

                  	(iii)	
                    the Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances,

                  

             

            the Borrower shall pay to the Agent any additional remuneration that may be agreed between them or determined pursuant to clause 35.19(c).

             

            	

                  	(c)	
                    If the Agent and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in clause 35.19(b) or whether additional remuneration is appropriate in the circumstances, any dispute shall
                      be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Agent and approved by the Borrower or, failing approval, nominated (on the application of the Security Agent) by the President for the
                      time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon the Parties.

                  

             

            	

                  	(d)	
                    The Agent agrees that, unless an Event of Default has occurred and is continuing, all costs or remuneration required to be paid by the Borrower pursuant to this clause 35.19 shall be limited to those costs and/or remuneration which
                      are, in the particular circumstances, reasonable.

                  

             

            	35.20	
                    Deduction from amounts payable by the Agent

                  

             

            If any Party owes an amount to the Agent under the Finance Documents the Agent may, after giving notice to that Party, deduct an amount not exceeding that amount from any payment to that
              Party which the Agent would otherwise be obliged to make under the Finance Documents and apply the amount deducted in or towards satisfaction of the amount owed.  For the purposes of the Finance Documents that Party shall be regarded as
              having received any amount so deducted.

             

            
              137

              
                

            

            	35.21	
                    Common parties

                  

             

            Although the Agent and the Security Agent may from time to time be the same entity, that entity will have entered into the Finance Documents (to which it is party) in its separate
              capacities as agent for the Finance Parties (other than the Hedging Providers) and (as appropriate) security agent and trustee for the Finance Parties.  Where any Finance Document provides for the Agent or Security Agent to communicate with
              or provide instructions to the other, while they are the same entity, such communication or instructions will not be necessary.

             

            	   35.22	
                    Security Agent

                  

             

            	

                  	(a)	
                    Each other Finance Party appoints the Security Agent to act as its agent and (to the extent permitted under any applicable law) trustee under and in connection with the Security Documents and confirms that the Security Agent shall
                      have a lien on the Security Documents and the proceeds of the enforcement of those Security Documents for all moneys payable to the beneficiaries of those Security Documents.

                  

             

            	

                  	(b)	
                    Each other Finance Party authorises the Security Agent:

                  

             

            	

                  	(i)	
                    to perform the duties, obligations and responsibilities and to exercise the rights, powers, authorities and discretions specifically given to the Security Agent under or in connection with the Finance Documents together with any
                      other incidental rights, powers, authorities and discretions; and

                  

             

            	

                  	(ii)	
                    to execute each of the Security Documents and all other documents that may be approved by the Agent and/or the Majority Lenders for execution by it.

                  

             

            	

                  	(c)	
                    The Security Agent accepts its appointment under clause 35.22 (Security Agent) as trustee of the Trust Property with effect from the date of this Agreement and declares that it holds the
                      Trust Property on trust for itself, the other Finance Parties (for so long as they are Finance Parties) on and subject to the terms set out in clauses 35.22 to 35.29 (Indemnity from Trust Property)
                      (inclusive) and the Security Documents to which it is a party.

                  

             

            	35.23	
                    Application of certain clauses to Security Agent

                  

             

            	

                  	(a)	
                    Clauses 35.3(Duties of the Agent) (excluding 35.3(f)), 35.7 (Rights and discretions of the Agent), (excluding 35.7(i) and (k)), 35.8 (Responsibility for documentation and other matters), 35.9 (No duty to monitor), 35.10 (Exclusion of liability), 35.11 (Lenders' indemnity to the Agent), 35.12 (Resignation of the Agent), 35.15 (Confidentiality), 35.16 (Relationship with the Lenders and Hedging Providers), 35.17 (Credit appraisal by the Lenders and Hedging Providers),

                      35.19 (Agent's management time and additional remuneration) (excluding 35.19(d)) and 35.20 (Deduction from amounts payable by the Agent) shall each
                      extend so as to apply to the Security Agent in its capacity as such and for that purpose each reference to the "Agent" in these clauses shall extend to include in addition a reference to the "Security Agent" in its capacity as such
                      and, in clause 35.7(a) (Rights and discretions of the Agent), references to the Lenders and a group of Lenders shall refer to the Agent.

                  

             

            	

                  	(b)	
                    In addition, clause 35.12 (Resignation of the Agent) shall, for the purposes of its application to the Security Agent pursuant to clause 35.23(a), have the following additional sub-clause:

                  

             

            
              138

              
                

            

            	

                  	(i)	
                    At any time after the appointment of a successor, the retiring Security Agent shall do and execute all acts, deeds and documents reasonably required by its successor to transfer to it (or its nominee, as it may direct) any
                      property, assets and rights previously vested in the retiring Security Agent pursuant to the Security Documents and which shall not have vested in its successor by operation of law.  All such acts, deeds and documents shall be done
                      or, as the case may be, executed at the cost of the retiring Security Agent (except where the Security Agent is retiring under clause 35.13(a) (Replacement of the Agent) as extended to it by
                      clause 35.23(a), in which case such costs shall be borne by the Lenders (in proportion to their shares of the Total Commitments or, if the Total Commitments are then zero, to their shares of the Total Commitments immediately prior to
                      their reduction to zero).

                  

             

            	35.24	
                    Instructions to Security Agent

                  

             

            	

                  	(a)	
                    The Security Agent shall:

                  

             

            	

                  	(i)	
                    unless a contrary indication appears in a Finance Document, exercise or refrain from exercising any right, power, authority or discretion vested in it as Security Agent in accordance with any instructions given to it by the Agent;
                      and

                  

             

            	

                  	(ii)	
                    not be liable for any act (or omission) if it acts (or refrains from acting) in accordance with paragraph (a) above.

                  

             

            	

                  	(b)	
                    The Security Agent shall be entitled to request instructions, or clarification of any instruction, from the Agent as to whether, and in what manner, it should exercise or refrain from exercising any right, power, authority or
                      discretion and the Security Agent may refrain from acting unless and until it receives those instructions or that clarification.

                  

             

            	

                  	(c)	
                    Unless a contrary indication appears in a Finance Document, any instructions given to the Security Agent by the Agent shall override any conflicting instructions given by any other Parties and will be binding on all Finance
                      Parties.

                  

             

            	

                  	(d)	
                    The Security Agent may refrain from acting in accordance with any instructions of the Agent until it has received any indemnification and/or security that it may in its discretion require (which may be greater in extent than that
                      contained in the Finance Documents and which may include payment in advance) for any cost, loss or liability which it may incur in complying with those instructions.

                  

             

            	

                  	(e)	
                    In the absence of instructions, the Security Agent may act (or refrain from acting) as it considers to be in the best interest of the Lenders.

                  

             

            	

                  	(f)	
                    The Security Agent is not authorised to act on behalf of a Lender or any Hedging Provider (without first obtaining that Lender's or the relevant Hedging Provider's consent) in any legal or arbitration proceedings relating to any
                      Finance Document.  This clause (f) shall not apply to any legal or arbitration proceeding relating to the perfection, preservation or protection of rights under the Security Documents or enforcement of the Security Documents.

                  

             

            	

                  	(g)	
                    Clause 35.24 above shall not apply:

                  

             

            	

                  	(i)	
                    where a Finance Document requires the Security Agent to act in a specified manner or to take a specified action;

                  

             

            
              139

              
                

            

            	

                  	(ii)	
                    in respect of any provision which protects the Security Agent’s own position in its personal capacity as opposed to its role of the Security Agent for the Finance Parties including, without limitation, clauses 35.5 (No fiduciary duties) to clause 35.11 (Lenders’ indemnity to the Agent), clause 35.15 (Confidentiality) to clause
                      35.17 (Credit Appraisal by the Lenders and Hedging Providers), clause 35.19 (Agent’s management time and additional remuneration), clause 35.26 (Powers and duties of the Security Agent as trustee of the security) and clause 35.29 (Indemnity from Trust Property); and

                  

             

            	

                  	(iii)	
                    in respect of the exercise of the Security Agent’s discretion to exercise a right, power or authority under clause 35.25 (Order of Application)

                  

             

            	35.25	
                    Order of application

                  

             

            	

                  	(a)	
                    The Security Agent agrees to apply the Trust Property and each other beneficiary of the Security Documents agrees to apply all moneys received by it in the exercise of its rights under the Security Documents in accordance with the
                      following respective claims:

                  

             

            	

                  	(i)	
                    first, as to a sum equivalent to the amounts payable to the Security Agent under the Finance Documents (excluding any amounts received by the Security Agent pursuant to clause 35.11 (Lenders'
                        indemnity to the Agent) as extended to the Security Agent pursuant to clause 35.23 (Application of certain clauses to Security Agent)), for the Security Agent absolutely;

                  

             

            	

                  	(ii)	
                    secondly, as to a sum equivalent to the aggregate amount then due and owing to the other Finance Parties (other than the Hedging Providers) under the Finance Documents (other than the Hedging Contracts or any Hedging Master
                      Agreement), for those Finance Parties absolutely for application between them in accordance with clause 39.5 (Partial payments);

                  

             

            	

                  	(iii)	
                    thirdly, until such time as the Security Agent is satisfied that all obligations owed to the Finance Parties (other than the Hedging Providers) have been irrevocably and unconditionally discharged in full, held by the Security
                      Agent on a suspense account for payment of any further amounts owing to the Finance Parties (other than the Hedging Providers) under the Finance Documents (other than the Hedging Contracts or any Hedging Master Agreement) and further
                      application in accordance with this clause 35.25(a) as and when any such amounts later fall due;

                  

             

            	

                  	(iv)	
                    fourthly, as to a sum equivalent to the aggregate amount then due and owing to the Hedging Providers under the Hedging Contracts and any Hedging Master Agreements, for those Hedging Providers absolutely for application between them
                      in accordance with clause 39.5 (Partial payments);

                  

             

            	

                  	(v)	
                    fifthly, until such time as the Security Agent is satisfied that all obligations owed to the Hedging Providers have been irrevocably and unconditionally discharged in full, held by the Security Agent on a suspense account for
                      payment of any further amounts owing to the Hedging Providers under the Hedging Contracts, any Hedging Master Agreement and any other Finance Documents and further application in accordance with this clause 35.25(a) as and when any
                      such amounts later fall due;

                  

             

            	

                  	(vi)	
                    sixthly, to such other persons (if any) as are legally entitled thereto in priority to the Obligors; and

                  

             

            
              140

              
                

            

            	

                  	(vii)	
                    seventhly, as to the balance (if any), for the Obligors by or from whom or from whose assets the relevant amounts were paid, received or recovered or other person entitled to them.

                  

             

            	

                  	(b)	
                    The Security Agent and each other beneficiary of the Security Documents shall make each application as soon as is practicable after the relevant moneys are received by, or otherwise become available to, it save that (without
                      prejudice to any other provision contained in any of the Security Documents) the Security Agent (acting on the instructions of the Agent) any other beneficiary of the Security Documents or any
                      receiver or administrator may credit any moneys received by it to a suspense account for so long and in such manner as the Security Agent), any other beneficiary of the Security Documents or such receiver or administrator may from
                      time to time determine with a view to preserving the rights of the Finance Parties or any of them to prove for the whole of their respective claims against the Borrower or any other person liable.

                  

             

            	

                  	(c)	
                    The Security Agent and/or any other beneficiary of the Security Documents shall obtain a good discharge in respect of the amounts expressed to be due to the other Finance Parties as referred to in this clause 35.25 by paying such
                      amounts to the Agent for distribution in accordance with clause 39 (Payment mechanics).

                  

             

            	35.26	
                    Powers and duties of the Security Agent as trustee of the security

                  

             

            In its capacity as trustee in relation to the Trust Property, the Security Agent:

             

            	

                  	(a)	
                    shall, without prejudice to any of the powers, discretions and immunities conferred upon trustees by law (and to the extent not inconsistent with the provisions of this Agreement or any of the Security Documents), have all the same
                      powers and discretions as a natural person acting as the beneficial owner of such property and/or as are conferred upon the Security Agent by this Agreement and/or any Security Document but so that the Security Agent may only exercise
                      such powers and discretions to the extent that it is authorised to do so by the provisions of this Agreement;

                  

             

            	

                  	(b)	
                    shall (subject to clause 35.25(a) (Order of application)) be entitled (in its own name or in the names of nominees) to invest moneys from time to time forming part of the Trust Property or
                      otherwise held by it as a consequence of any enforcement of the security constituted by any Finance Document which, in the reasonable opinion of the Security Agent, it would not be practicable to distribute immediately, by placing the
                      same on deposit in the name or under the control of the Security Agent as the Security Agent may think fit without being under any duty to diversify the same and the Security Agent shall not be responsible for any loss due to interest
                      rate or exchange rate fluctuations except for any loss arising from the Security Agent's gross negligence or wilful misconduct and shall not be liable to account for an amount of interest greater than the standard amount that would be
                      payable to an independent customer;

                  

             

            	

                  	(c)	
                    may, in the conduct of its obligations under and in respect of the Security Documents (otherwise than in relation to its right to make any declaration, determination or decision), instead of acting personally, employ and pay any
                      agent (whether being a lawyer or any other person) to transact or concur in transacting any business and to do or concur in doing any acts required to be done by the Security Agent (including the receipt and payment of money) and on
                      the basis that (i) any such agent engaged in any profession or business shall be entitled to be paid all usual professional and other charges for business transacted and acts done by him or any partner or employee of his or her in
                      connection with such employment and (ii) the Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such agent if the Security Agent shall have exercised
                      reasonable care in the selection of such agent; and

                  

             

            
              141

              
                

            

            	

                  	(d)	
                    may place all deeds and other documents relating to the Trust Property which are from time to time deposited with it pursuant to the Security Documents in any safe deposit, safe or receptacle selected by the Security Agent
                      exercising reasonable care or with any firm of solicitors or company whose business includes undertaking the safe custody of documents selected by the Security Agent exercising reasonable care and may make any such arrangements as it
                      thinks fit for allowing Obligors access to, or its solicitors or auditors possession of, such documents when necessary or convenient and the Security Agent shall not be responsible for any loss incurred in connection with any such
                      deposit, access or possession if it has exercised reasonable care in the selection of a safe deposit, safe, receptacle or firm of solicitors or company (save that it shall take reasonable steps to pursue any person who may be liable
                      to it in connection with such loss).

                  

             

            	35.27	
                    All enforcement action through the Security Agent

                  

             

            	

                  	(a)	
                    None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in favour of the Security Agent only or to exercise any rights, discretions or powers or to grant any
                      consents or releases under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent.

                  

             

            	

                  	(b)	
                    None of the other Finance Parties shall have any independent power to enforce any of those Security Documents which are executed in their favour or to exercise any rights, discretions or powers or to grant any consents or releases
                      under or pursuant to such Security Documents or otherwise have direct recourse to the security and/or guarantees constituted by such Security Documents except through the Security Agent.  If any Finance Party (other than the Security
                      Agent) is a party to any Security Document it shall promptly upon being requested by the Agent to do so grant a power of attorney or other sufficient authority to the Security Agent to enable the Security Agent to exercise any rights,
                      discretions or powers or to grant any consents or releases under such Security Document.

                  

             

            	

                  	(c)	
                    Each of the Security Agent, any Receiver and any Delegate may, at any time, delegate by power of attorney or otherwise to any person for any period, all or any right, power, authority or discretion vested in it in its capacity as
                      such.   Such delegation may be made upon any terms and conditions (including the power to sub-delegate) and subject to any restrictions that the Security Agent, the Receiver or the Delegate (as the case may be) may, in its discretion,
                      think fit in the interests of the Finance Parties.

                  

             

            	

                  	(d)	
                    No Security Agent, Receiver or Delegate shall be bound to supervise, or be in any way responsible for any damages, costs or losses incurred by reason of any misconduct, omission or default on the part of, any such delegate or
                      sub-delegate if the Security Agent, Receiver or Delegate shall have exercised reasonable care in the selection of the such delegate or sub-delegate.

                  

             

            	35.28	
                    Co-operation to achieve agreed priorities of application

                  

             

            The other Finance Parties shall co-operate with each other and with the Security Agent and any receiver or administrator under the Security Documents in realising the property and assets
              subject to the Security Documents and in ensuring that the net proceeds realised under the Security Documents after deduction of the expenses of realisation are applied in accordance with clause 35.25(a) (Order

                of application).

             

            
              142

              
                

            

            	35.29	
                    Indemnity from Trust Property

                  

             

            	

                  	(a)	
                    In respect of all liabilities, costs or expenses for which the Obligors are liable under this Agreement, the Security Agent and each Affiliate of the Security Agent and each officer or employee of the Security Agent or its
                      Affiliate (each a Relevant Person) shall be entitled to be indemnified out of the Trust Property in respect of all liabilities, damages, costs, claims, charges or expenses whatsoever properly
                      incurred or suffered by such Relevant Person:

                  

             

            	

                  	(i)	
                    in the execution or exercise or bona fide purported execution or exercise of the trusts, rights, powers, authorities, discretions and duties created or conferred by or pursuant to the Finance Documents;

                  

             

            	

                  	(ii)	
                    as a result of any breach by an Obligor of any of its obligations under any Finance Document;

                  

             

            	

                  	(iii)	
                    in respect of any Environmental Claim made or asserted against a Relevant Person which would not have arisen if the Finance Documents had not been executed; and

                  

             

            	

                  	(iv)	
                    in respect of any matter or thing done or omitted in any way in accordance with the terms of the Finance Documents relating to the Trust Property or the provisions of any of the Finance Documents.

                  

             

            	

                  	(b)	
                    The rights conferred by this clause 35.29 are without prejudice to any right to indemnity by law given to trustees generally and to any provision of the Finance Documents entitling the Security Agent or any other person to an
                      indemnity in respect of, and/or reimbursement of, any liabilities, costs or expenses incurred or suffered by it in connection with any of the Finance Documents or the performance of any duties under any of the Finance Documents. 
                      Nothing contained in this clause 35.29  shall entitle the Security Agent or any other person to be indemnified in respect of any liabilities, damages, costs, claims, charges or expenses to the extent that the same arise from such
                      person's own gross negligence or wilful misconduct.

                  

             

            	35.30	
                    Finance Parties to provide information

                  

             

            The other Finance Parties shall provide the Security Agent with such written information as it may reasonably require for the purposes of carrying out its duties and obligations under the
              Security Documents and, in particular, with such necessary directions in writing so as to enable the Security Agent to make the calculations and applications contemplated by clause 35.25(a) (Order of
                application) above and to apply amounts received under, and the proceeds of realisation of, the Security Documents as contemplated by the Security Documents, clause 39.5 (Partial payments) and clause 35.25(a) (Order of application).

             

            
              143

              
                

            

            	35.31	
                    Release to facilitate enforcement and realisation

                  

             

            	

                  	(a)	
                    Each Finance Party acknowledges that pursuant to any enforcement action by the Security Agent (or a Receiver) carried out on the instructions of the Agent it may be desirable for the purpose of such enforcement and/or maximising
                      the realisation of the Charged Property being enforced against, that any rights or claims of or by the Security Agent (for the benefit of the Finance Parties) and/or any Finance Parties against any Obligor and/or any Security Interest
                      over any assets of any Obligor (in each case) as contained in or created by any Finance Document, other than such rights or claims or security being enforced, be released in order to facilitate such enforcement action and/or
                      realisation and, notwithstanding any other provision of the Finance Documents, each Finance Party hereby irrevocably authorises the Security Agent (acting on the instructions of the Agent) to grant any such releases to the extent
                      necessary to fully effect such enforcement action and realisation including, without limitation, to the extent necessary for such purposes to execute release documents in the name of and on behalf of the Finance Parties.  Where the
                      relevant enforcement is by way of disposal of shares or limited liability company interests in an Obligor, the requisite release shall include releases of all claims (including under guarantees) of the Finance Parties and/or the
                      Security Agent against such Obligor and of all Security Interests over the assets of such Obligor.

                  

             

            	

                  	(b)	
                    without prejudice to the generality of any other provision of this Agreement or any other Security Document, the entry into possession of the Charged Property shall not render the Security Agent or any Receiver or Delegate liable
                      to account as mortgagee in possession thereunder (or its equivalent in any other applicable jurisdiction) or take any action which would expose it to any liability in respect of Environmental Claims in respect of which it has not been
                      indemnified and/or secured and/or pre-funded to its satisfaction or to be liable for any loss on realisation or for any default or omission on realisation or for any default or omission for which a mortgagee in possession might be
                      liable unless such loss, default or omission is caused by its own gross negligence or wilful misconduct.

                  

             

            	35.32	
                    Undertaking to pay

                  

             

            Each Obligor which is a Party undertakes with the Security Agent on behalf of the Finance Parties that it will, on demand by the Security Agent, pay to the Security Agent all money from
              time to time owing, and discharge all other obligations from time to time incurred, by it under or in connection with the Finance Documents.

             

            	35.33	
                    Additional trustees

                  

             

            The Security Agent shall have power by notice in writing to the other Finance Parties and the Borrower to appoint any person approved by the Borrower (such approval not to be unreasonably
              withheld or delayed) either to act as separate trustee or as co-trustee jointly with the Security Agent:

             

            	

                  	(a)	
                    if the Security Agent reasonably considers such appointment to be in the best interests of the Finance Parties;

                  

             

            	

                  	(b)	
                    for the purpose of conforming with any legal requirement, restriction or condition in any jurisdiction in which any particular act is to be performed; or

                  

             

            	

                  	(c)	
                    for the purpose of obtaining a judgment in any jurisdiction or the enforcement in any jurisdiction against any person of a judgment already obtained,

                  

             

            and any person so appointed shall (subject to the provisions of this Agreement) have such rights (including as to reasonable remuneration), powers, duties and obligations as shall be
              conferred or imposed by the instrument of appointment.  The Security Agent shall have power to remove any person so appointed.  At the request of the Security Agent, the other parties to this Agreement shall forthwith execute all such
              documents and do all such things as may be required to perfect such appointment or removal and each such party irrevocably authorises the Security Agent in its name and on its behalf to do the same.  Such a person shall accede to this
              Agreement as a Security Agent to the extent necessary to carry out their role on terms satisfactory to the Security Agent and (subject always to the provisions of this Agreement) have such trusts, powers, authorities, liabilities and
              discretions (not exceeding those conferred on the Security Agent by this Agreement and the other Finance Documents) and such duties and obligations as shall be conferred or imposed by the instrument of appointment (being no less onerous than
              would have applied to the Security Agent but for the appointment).  The Security Agent shall not be bound to supervise, or be responsible for any loss incurred by reason of any act or omission of, any such person if the Security Agent shall
              have exercised reasonable care in the selection of such person.

             

            
              144

              
                

            

            	35.34	
                    Non-recognition of trust

                  

             

            It is agreed by all the parties to this Agreement that:

             

            	

                  	(a)	
                    in relation to any jurisdiction the courts of which would not recognise or give effect to the trusts expressed to be constituted by this clause 35, the relationship of the Security Agent and the other Finance Parties shall be
                      construed as one of principal and agent, but to the extent permissible under the laws of such jurisdiction, all the other provisions of this Agreement shall have full force and effect between the parties to this Agreement; and

                  

             

            	

                  	(b)	
                    the provisions of this clause 35 insofar as they relate to the Security Agent in its capacity as trustee for the Finance Parties and the relationship between themselves and the Security Agent as their trustee may be amended by
                      agreement between the other Finance Parties and the Security Agent.  The Security Agent may amend all documents necessary to effect the alteration of the relationship between the Security Agent and the other Finance Parties and each
                      such other party irrevocably authorises the Security Agent in its name and on its behalf to execute all documents necessary to effect such amendments.

                  

             

            	35.35	
                    Appointment of Receiver

                  

             

            Subject to the applicable law governing the relevant Security Document (Applicable Law), the Security Agent may, subject to it being indemnified
              and/or secured and/or prefunded to its satisfaction, appoint a Receiver of all or part of the Charged Property over which any Security Interest shall have become enforceable and may remove any Receiver so appointed and appoint another in his
              place. No delay or waiver of the right to exercise these powers shall prejudice their future exercise. The following provisions shall apply:

             

            	

                  	(a)	
                    such appointment may be made before or after the Security Agent shall have taken possession of all or part of the Charged Property;

                  

             

            	

                  	(b)	
                    to the extent permitted by Applicable Law, such Receiver may be vested by the Security Agent with such powers and discretions as the Security Agent may think expedient, including, without limitation, all the powers set out in
                      Schedule 1 to the Insolvency Act 1986 or any powers vested in the Security Agent pursuant to the relevant Security Document, and may sell, concur in selling, assign or release any of the Charged Property without restriction and on
                      such terms as he may think fit and may effect any such transaction in the name or on behalf of the Borrower or otherwise;

                  

             

            	

                  	(c)	
                    such Receiver shall, in the exercise of his functions, conform to the regulations from time to time made by the Security Agent;

                  

             

            	

                  	(d)	
                    the Security Agent may from time to time fix such Receiver’s remuneration and direct its payment out of moneys accruing to it in the exercise of his powers as such Receiver;

                  

             

            
              145

              
                

            

            	

                  	(e)	
                    the Security Agent may from time to time and at any time require such Receiver to give security for the due performance of his duties as Receiver and may fix the nature and amount of the security to be given. The Security Agent
                      need not, however, in any case require any such security nor shall it be responsible for its adequacy or sufficiency;

                  

             

            	

                  	(f)	
                    all moneys received by such Receiver shall be paid over to the Security Agent for application in accordance with this Agreement; and

                  

             

            	

                  	(g)	
                    such Receiver shall be the Borrower’s agent for all purposes. The Borrower alone shall be responsible for its acts, defaults and misconduct and the Security Agent shall not incur any liability therefor nor be responsible for any
                      misconduct.

                  

             

            	35.36	
                    Insurance by a Security Agent

                  

             

            	

                  	(a)	
                    The Security Agent shall not be obliged:

                  

             

            	

                  	(i)	
                    to insure any of the property subject to Security;

                  

             

            	

                  	(ii)	
                    to require any other person to maintain any insurance; or

                  

             

            	

                  	(iii)	
                    to verify any obligation to arrange or maintain insurance contained in any Finance Document and the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the lack of, or inadequacy of, any
                      such insurance.

                  

             

            	

                  	(b)	
                    Where the Security Agent is named on any insurance policy as an insured party, the Security Agent shall not be liable for any damages, costs or losses to any person as a result of the Security Agent's failure to notify the insurers
                      of any material fact relating to the risk assumed by such insurers or any other information of any kind, unless the Agent requests it to do so in writing and the Security Agent fails to do so within fourteen,(14) days after receipt of
                      that request.

                  

             

            	    35.37	
                    Powers supplemental to Trustee Acts

                  

             

            The rights, powers, authorities and discretions given to the Security Agent under or connection with the Finance Documents shall be supplemental to the Trustee Act
              1925 and the Trustee Act 2000 and in addition to any which may be vested in the Security Agent by law or regulation or otherwise.

             

            	   35.38	
                    Disapplication of Trustee Acts

                  

             

            Section 1 of the Trustee Act 2000 shall not apply to the duties of the Security Agent in relation  to the trusts constituted by this Agreement. Where there are any
              inconsistencies between the Trustee Act 1925 or the Trustee Act 2000 and the provisions of this Agreement, this Agreement shall, to the extent permitted by law and regulation, prevail and, in the case of any inconsistency with the Trustee Act
              2000, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

             

            	36

                  	
                    [Intentionally Deleted]

                  

             

            
              146

              
                

            

            	37

                  	
                    Conduct of business by the Finance Parties

                  

             

            	37.1	
                    Finance Parties tax affairs

                  

             

            No provision of this Agreement will:

             

            	

                  	(a)	
                    interfere with the right of any Finance Party to arrange its affairs (tax or otherwise) in whatever manner it thinks fit;

                  

             

            	

                  	(b)	
                    oblige any Finance Party to investigate or claim any credit, relief, remission or repayment available to it or the extent, order and manner of any claim; or

                  

             

            	

                  	(c)	
                    oblige any Finance Party to disclose any information relating to its affairs (tax or otherwise) or any computations in respect of Tax.

                  

             

            	37.2	
                    Finance Parties acting together

                  

             

            Notwithstanding clause 2.2 (Finance Parties' rights and obligations), if the Agent makes a declaration under clause 30.21 (Acceleration) the Agent shall, in the names of all the Finance Parties, take such action on behalf of the Finance Parties and conduct such negotiations with the Borrower and any Group
              Members and generally administer the Facility in accordance with the wishes of the Majority Lenders.  All the Finance Parties shall be bound by the provisions of this clause and no Finance Party shall be entitled to take action independently
              against any Obligor or any of its assets without the prior consent of the Majority Lenders.

             

            This clause shall not override clause 35 (Roles of Agent, Security Agent, Arrangers, Bookrunners and Co-ordinators) as it applies to the Security Agent.

             

            	37.3	
                    Majority Lenders

                  

             

            	

                  	(a)	
                    Where any Finance Document provides for any matter to be determined by reference to the opinion of, or to be subject to the consent, approval or request of, the Majority Lenders or for any action to be taken on the instructions of
                      the Majority Lenders (a majority decision), such majority decision shall (as between the Lenders) only be regarded as having been validly given or issued by the Majority Lenders if all the
                      Lenders shall have received prior notice of the matter on which such majority decision is required and the relevant majority of Lenders shall have given or issued such majority decision.  However (as between any Obligor and the
                      Finance Parties) the relevant Obligor shall be entitled (and bound) to assume that such notice shall have been duly received by each Lender and that the relevant majority shall have been obtained to constitute Majority Lenders when
                      notified to this effect by the Agent whether or not this is the case.

                  

             

            	

                  	(b)	
                    If, within ten Business Days of the Agent despatching to each Lender a notice requesting instructions (or confirmation of instructions) from the Lenders or the agreement of the Lenders to any amendment, modification, waiver,
                      variation or excuse of performance for the purposes of, or in relation to, any of the Finance Documents, the Agent has not received a reply specifically giving or confirming or refusing to give or confirm the relevant instructions or,
                      as the case may be, approving or refusing to approve the proposed amendment, modification, waiver, variation or excuse of performance, then (irrespective of whether such Lender responds at a later date) the Agent shall treat any
                      Lender which has not so responded as having indicated a desire to be bound by the wishes of 662/3 per cent of those Lenders (measured in terms of the total Commitments of those Lenders) which have so responded.

                  

             

            	

                  	(c)	
                    For the purposes of clause 37.3(b), any Lender which notifies the Agent of a wish or intention to abstain on any particular issue shall be treated as if it had not responded.

                  

              

            

            
              147

              
                

            

            	

                  	(d)	
                    Clauses 37.3(b) and 37.3(c) shall not apply in relation to those matters referred to in, or the subject of, clause 38.5 (Exceptions).

                  

             

            	37.4	
                    Conflicts

                  

             

            	

                  	(a)	
                    The Borrower acknowledges that any Arranger and its parent undertaking, subsidiary undertakings and fellow subsidiary undertakings (together an Arranger Group) may be providing debt finance,
                      equity capital or other services (including financial advisory services) to other persons with which the Borrower may have conflicting interests in respect of the Facility or otherwise.

                  

             

            	

                  	(b)	
                    No member of an Arranger Group shall use confidential information gained from any Obligor by virtue of the Facility or its relationships with any Obligor in connection with their performance of services for other persons.  This
                      shall not, however, affect any obligations that any member of an Arranger Group has as Agent in respect of the Finance Documents.  The Borrower also acknowledges that no member of an Arranger Group has any obligation to use or furnish
                      to any Obligor information obtained from other persons for their benefit.

                  

             

            	

                  	(c)	
                    The terms parent undertaking, subsidiary undertaking and fellow subsidiary undertaking when used in this
                      clause have the meaning given to them in sections 1161 and 1162 of the Companies Act 2006.

                  

             

            	37.5	
                    Replacement of a Defaulting Lender

                  

             

            	

                  	(a)	
                    The Borrower may, at any time a Lender has become a Non-Consenting Lender (as defined in clause 37.5(c) below) or has become and continues to be a Defaulting Lender, by giving 20 Business Days' prior written notice to the Agent and
                      such Lender:

                  

             

            	

                  	(i)	
                    replace such Lender by requiring such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to clause 33 (Changes to the Lenders) all (and not part only) of its
                      rights and obligations under this Agreement; or

                  

             

            	

                  	(ii)	
                    require such Lender to (and to the extent permitted by law such Lender shall) transfer pursuant to clause 33(Changes to the Lenders) all (and not part only) of the undrawn Commitments of the
                      Lender,

                  

             

            to a Lender or other bank or financial institution (a Replacement Lender) selected by the Borrower, and which is acceptable to the Agent (acting
              reasonably and with the approval of the Majority Lenders) and (in the case of any transfer of any undrawn Commitments), which confirms its willingness to assume and does assume all the obligations or all the relevant obligations of the
              transferring Lender (including the assumption of the transferring Lender's participations or unfunded participations (as the case may be) on the same basis as the transferring Lender) for a purchase price in cash payable at the time of
              transfer equal to the outstanding principal amount of such Lender's participation in the outstanding Loan and all accrued interest, Break Costs and other amounts payable in relation thereto under the Finance Documents.

             

            	

                  	(b)	
                    Any transfer of rights and obligations of a Non-Consenting Lender or Defaulting Lender pursuant to this clause shall be subject to the following conditions:

                  

             

            	

                  	(i)	
                    the Borrower shall have no right to replace the Agent;

                  

             

            	

                  	(ii)	
                    neither the Agent nor such Lender or any other Lender shall have any obligation to the Borrower to find a Replacement Lender;

                  

             

            
              148

              
                

            

            	

                  	(iii)	
                    the transfer must take place no later than 20 days after the notice referred to in clause 37.5(a); and

                  

             

            	

                  	(iv)	
                    in no event shall the Non- Consenting Lender or, as the case may be, Defaulting Lender be required to pay or surrender to the Replacement Lender any of the fees received by such Lender pursuant to the Finance Documents.

                  

             

            	

                  	(c)	
                    In the event that:

                  

             

            	

                  	(i)	
                    the Borrower or the Agent (at the request of the Borrower) has requested the Lenders to give a consent in relation to, or to agree to a waiver or amendment of, any provisions of the Finance Documents;

                  

             

            	

                  	(ii)	
                    the consent, waiver or amendment in question requires the approval of all the Lenders; and

                  

             

            	

                  	(iii)	
                    the Majority Lenders have consented or agreed to such waiver or amendment,

                  

             

            then any Lender who does not and continues not to consent or agree to such waiver or amendment shall be deemed a Non-Consenting Lender.

             

            	38

                  	
                    Sharing among the Finance Parties

                  

             

            	38.1	
                    Payments to Finance Parties

                  

             

            If a Finance Party (a Recovering Finance Party) receives or recovers any amount from an Obligor other than in accordance with clause 39  (Payment mechanics) (a Recovered Amount) and applies that amount to a payment due under the Finance Documents then:

             

            	

                  	(a)	
                    the Recovering Finance Party shall, within three Business Days, notify details of the receipt or recovery, to the Agent;

                  

             

            	

                  	(b)	
                    the Agent shall determine whether the receipt or recovery is in excess of the amount the Recovering Finance Party would have been paid had the receipt or recovery been received or made by the Agent and distributed in accordance
                      with clause 39 (Payment mechanics), without taking account of any Tax which would be imposed on the Agent in relation to the receipt, recovery or distribution; and

                  

             

            	

                  	(c)	
                    the Recovering Finance Party shall, within three Business Days of demand by the Agent, pay to the Agent an amount (the Sharing Payment) equal to such receipt or recovery less any amount
                      which the Agent determines may be retained by the Recovering Finance Party as its share of any payment to be made, in accordance with clause 39.5 (Partial payments).

                  

             

            	   38.2	
                    Redistribution of payments

                  

             

            The Agent shall treat the Sharing Payment as if it had been paid by the relevant Obligor and distribute it between the Finance Parties (other than the Recovering Finance Party) (the Sharing Finance Parties) in accordance with clause 39.5 (Partial payments) towards the obligations of that Obligor to the Sharing Finance Parties.

             

            
              149

              
                

            

            	38.3	
                    Recovering Finance Party's rights

                  

             

            On a distribution by the Agent under clause 38.2 (Redistribution of payments) of a payment received by a Recovering Finance Party from an Obligor,
              as between the relevant Obligor and the Recovering Finance Party, an amount of the Recovered Amount equal to the Sharing Payment will be treated as not having been paid by that Obligor.

             

            	38.4	
                    Reversal of redistribution

                  

             

            If any part of the Sharing Payment received or recovered by a Recovering Finance Party becomes repayable and is repaid by that Recovering Finance Party, then:

             

            	

                  	(a)	
                    each Sharing Finance Party shall, upon request of the Agent, pay to the Agent for the account of that Recovering Finance Party an amount equal to the appropriate part of its share of the Sharing Payment (together with an amount as
                      is necessary to reimburse that Recovering Finance Party for its proportion of any interest on the Sharing Payment which that Recovering Finance Party is required to pay) (the Redistributed Amount);

                      and

                  

             

            	

                  	(b)	
                    as between the relevant Obligor and each relevant Sharing Finance Party, an amount equal to the relevant Redistributed Amount will be treated as not having been paid by that Obligor.

                  

             

            	   38.5	
                    Exceptions

                  

             

            	

                  	(a)	
                    This clause 38 shall not apply to the extent that the Recovering Finance Party would not, after making any payment pursuant to this clause, have a valid and enforceable claim against the relevant Obligor.

                  

             

            	

                  	(b)	
                    A Recovering Finance Party is not obliged to share with any other Finance Party any amount which the Recovering Finance Party has received or recovered as a result of taking legal or arbitration proceedings, if:

                  

             

            	

                  	(i)	
                    it notified that other Finance Party of the legal or arbitration proceedings;

                  

             

            	

                  	(ii)	
                    the taking legal or arbitration proceedings was in accordance with the terms of this Agreement; and

                  

             

            	

                  	(iii)	
                    that other Finance Party had an opportunity to participate in those legal or arbitration proceedings but did not do so as soon as reasonably practicable having received notice and did not take separate legal or arbitration
                      proceedings.

                  

             

            
              150

              
                

            

            Section 11 -  Administration

             

            	39

                  	
                    Payment mechanics

                  

             

            	39.1	
                    Payments to the Agent

                  

             

            	

                  	(a)	
                    On each date on which an Obligor or a Lender is required to make a payment under a Finance Document (other than a Hedging Contract), that Obligor or Lender shall make the same available to the Agent (unless a contrary indication
                      appears in a Finance Document) for value on the due date at the time and in such funds specified by the Agent as being customary at the time for settlement of transactions in the relevant currency in the place of payment.

                  

             

            	

                  	(b)	
                    Payment shall be made to such account in the principal financial centre of the country of that currency (or, in relation to euro, in a principal financial centre in such Participating Member State or London, as specified by the
                      Agent) and with such bank as the Agent, in each case, specifies.

                  

             

            	   39.2	
                    Distributions by the Agent

                  

             

            Each payment received by the Agent under the Finance Documents for another Party shall, subject to clause 39.3 (Distributions to an Obligor) and
              clause 39.4 (Clawback and pre-funding) be made available by the Agent as soon as practicable after receipt to the Party entitled to receive payment in accordance with this Agreement (in the case of a
              Lender, for the account of its Facility Office), to such account as that Party may notify to the Agent by not less than five Business Days' notice with a bank specified by that Party in the principal financial centre of the country of that
              currency (or, in relation to euro, in the principal financial centre of a Participating Member State or London, as specified by that Party).

             

            	39.3	
                    Distributions to an Obligor

                  

             

            The Agent may (with the consent of the Obligor or in accordance with clause 40 (Set-off)) apply any amount received by it for that Obligor in or
              towards payment (on the date and in the currency and funds of receipt) of any amount due from that Obligor under the Finance Documents or in or towards purchase of any amount of any currency to be so applied.

             

            	39.4	
                    Clawback and pre-funding

                  

             

            	

                  	(a)	
                    Where a sum is to be paid to the Agent under the Finance Documents for another Party, the Agent is not obliged to pay that sum to that other Party (or to enter into or perform any related exchange contract) until it has been able
                      to establish to its satisfaction that it has actually received that sum.

                  

             

            	

                  	(b)	
                    If the Agent or its Affiliate or Representative on its behalf or direction (the Agent and its applicable Affiliate or Representative, an “Agent Entity”) pays an amount to another Party
                      (unless paragraph (c) below applies) or, at the direction of such Party, that Party’s Affiliate, Related Fund or Representative (such Party and its applicable Affiliate, Related Fund or Representative, an “Other Party Entity”) and it proves to be the case (in the sole determination of the Agent) that (i) neither the Agent nor the applicable Agent Entity actually received that amount or (ii) such amount was otherwise paid
                      in error (whether such error was known or ought to have been known to such other Party or applicable Other Party Entity), then the Party to whom that amount (or the proceeds of any related exchange contract) was paid (or on whose
                      direction its applicable Other Party Entity was paid) by the applicable Agent Entity shall hold such amount on trust or, to the extent not possible as a matter of law, for the account (or will procure that its applicable Other Party
                      Entity holds on trust or for the account) of the Agent Entity and on demand (or will procure that its applicable Other Party Entity shall) refund the same to the Agent Entity together with interest on that amount from the date of
                      payment to the date of receipt by the Agent Entity, calculated by the Agent to reflect its cost of funds.

                  

             

            
              151

              
                

            

            	

                  	(c)	
                    If the Agent is willing to make available amounts for the account of the Borrower before receiving funds from the Lenders then if and to the extent that the Agent does so but it proves (in the sole determination of the Agent) to be
                      the case that it does not then receive funds from a Lender in respect of a sum which it paid to a Borrower:

                  

             

            	

                  	(i)	
                    the Borrower to whom that sum was made available shall hold such amount on trust or, to the extent not possible as a matter of law, for the account, of the Agent and on demand refund it to the Agent; and

                  

             

            	

                  	(ii)	
                    the Lender by whom those funds should have been made available or, if that Lender fails to do so, the Borrower to whom that sum was made available, shall on demand pay to the Agent the amount (as certified by the Agent) which will
                      indemnify the Agent against any funding cost incurred by it as a result of paying out that sum before receiving those funds from that Lender.

                  

             

            	39.5	
                    Partial payments

                  

             

            	

                  	(a)	
                    If the Agent receives a payment for application against amounts in respect of any Finance Documents that is insufficient to discharge all the amounts then due and payable by an Obligor under those Finance Documents, the Agent shall
                      apply that payment towards the obligations of that Obligor under those Finance Documents in the following order:

                  

             

            	

                  	(i)	
                    first, in or towards payment pro rata of any unpaid amount owing to the Agent or the Security Agent under those Finance Documents;

                  

             

            	

                  	(ii)	
                    second in or towards payment pro rata of any unpaid amount owing to the Arrangers under those Finance Documents;

                  

             

            	

                  	(iii)	
                    thirdly, in or towards payment to the Lenders pro rata of any amount owing to the Lenders under clause 35.11 (Lenders' indemnity to the Agent) including

                      any amount resulting from the indemnity to the Security Agent under clause 35.23 (Application of certain clauses to Security Agent);

                  

             

            	

                  	(iv)	
                    fourthly, in or towards payment to the Lenders pro rata of any accrued interest, fee, commission or any principal or any other sum due but unpaid under those Finance Documents;

                  

             

            	

                  	(v)	
                    fifthly, in or towards payment to the Hedging Providers pro rata of any net accrued interest, fees, commission or any other net amounts due to them but unpaid under the Hedging Contracts which is due but unpaid under those Finance
                      Documents; and

                  

             

            	

                  	(vi)	
                    sixthly, in or towards payment pro rata of any other sum due but unpaid under the Finance Documents.

                  

             

            	

                  	(b)	
                    The Agent shall, if so directed by all the Lenders and each Hedging Provider, vary the order set out in paragraphs (ii) to (v) of clause 39.5(a).

                  

            

            

            
              152

              
                

            

            	

                  	(c)	
                    Clauses 39.5(a) and 39.5(b) above will override any appropriation made by an Obligor.

                  

             

            	39.6	
                    No set-off by Obligors

                  

             

            All payments to be made by an Obligor under the Finance Documents shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim.

             

            	39.7	
                    Business Days

                  

             

            	

                  	(a)	
                    Any payment under the Finance Documents which is due to be made on a day that is not a Business Day shall be made on the next Business Day in the same calendar month (if there is one) or the preceding Business Day (if there is
                      not).

                  

             

            	

                  	(b)	
                    During any extension of the due date for payment of any principal or Unpaid Sum under this Agreement interest is payable on the principal or Unpaid Sum at the rate payable on the original due date.

                  

             

            	39.8	
                    Currency of account

                  

             

            	

                  	(a)	
                    Subject to clauses 39.8(b) to 39.8(c), dollars is the currency of account and payment for any sum due from an Obligor under any Finance Document.

                  

             

            	

                  	(b)	
                    A repayment of all or part of the Loan or an Unpaid Sum and each payment of interest shall be made in dollars on its due date.

                  

             

            	

                  	(c)	
                    Each payment in respect of the amount of any costs, expenses or Taxes or other losses shall be made in dollars and, if they were incurred in a currency other than dollars, the amount payable under the Finance Documents shall be the
                      equivalent in dollars of the relevant amount in such other currency on the date on which it was incurred.

                  

             

            	

                  	(d)	
                    All moneys received or held by the Security Agent or by a Receiver under a Security Document in a currency other than dollars may be sold for dollars and the Obligor which executed that Security Document shall indemnify the
                      Security Agent against the full cost in relation to the sale.  Neither the Security Agent nor such Receiver will have any liability to that Obligor in respect of any loss resulting from any fluctuation in exchange rates after the
                      sale.

                  

             

            	39.9	
                    Change of currency

                  

             

            	

                  	(a)	
                    Unless otherwise prohibited by law, if more than one currency or currency unit are at the same time recognised by the central bank of any country as the lawful currency of that country, then:

                  

             

            	

                  	(i)	
                    any reference in the Finance Documents to, and any obligations arising under the Finance Documents in, the currency of that country shall be translated into, or paid in, the currency or currency unit of that country designated by
                      the Agent (after consultation with the Borrower); and

                  

             

            	

                  	(ii)	
                    any translation from one currency or currency unit to another shall be at the official rate of exchange recognised by the central bank for the conversion of that currency or currency unit into the other, rounded up or down by the
                      Agent (acting reasonably).

                  

             

            
              153

              
                

            

            	

                  	(b)	
                    If a change in any currency of a country occurs, this Agreement will, to the extent the Agent (acting reasonably and after consultation with the Borrower) specifies to be necessary, be amended to comply with any generally accepted
                      conventions and market practice in the Interbank Market and otherwise to reflect the change in currency.

                  

             

            	   39.10	
                    Disruption to payment systems etc.

                  

             

            If either the Agent determines (in its discretion) that a Payment Disruption Event has occurred or the Agent is notified by the Borrower that a Payment Disruption Event has occurred:

             

            	

                  	(a)	
                    the Agent may, and shall if requested to do so by the Borrower, consult with the Borrower with a view to agreeing with the Borrower such changes to the operation or administration of the Facility as the Agent may deem necessary in
                      the circumstances;

                  

             

            	

                  	(b)	
                    the Agent shall not be obliged to consult with the Borrower in relation to any changes mentioned in paragraph (a) above if, in its opinion, it is not practicable to do so in the circumstances and, in any event, shall have no
                      obligation to agree to such changes;

                  

             

            	

                  	(c)	
                    the Agent may consult with the Finance Parties in relation to any changes mentioned in paragraph (a) above but shall not be obliged to do so if, in its opinion, it is not practicable to do so in the circumstances;

                  

             

            	

                  	(d)	
                    any such changes agreed upon by the Agent and the Borrower shall (whether or not it is finally determined that a Payment Disruption Event has occurred) be binding upon the Parties as an amendment to (or, as the case may be, waiver
                      of) the terms of the Finance Documents notwithstanding the provisions of clause 45 (Amendments and waivers);

                  

             

            	

                  	(e)	
                    the Agent shall not be liable for any damages, costs or losses to any person, any diminution in value or any liability whatsoever (including, without limitation for negligence, gross negligence or any other category of liability
                      whatsoever but not including any claim based on the fraud of the Agent) arising as a result of its taking, or failing to take, any actions pursuant to or in connection with this clause 39.10; and

                  

             

            	

                  	(f)	
                    the Agent shall notify the Finance Parties of all changes agreed pursuant to paragraph (d) above.

                  

             

            	40

                  	
                    Set-off

                  

             

            Following an Event of Default, a Finance Party may set off any matured obligation due from an Obligor under the Finance Documents (to the extent beneficially owned by that Finance Party)
              against any matured obligation owed by that Finance Party to that Obligor, regardless of the place of payment, booking branch or currency of either obligation.  If the obligations are in different currencies, the Finance Party may convert
              either obligation at a market rate of exchange in its usual course of business for the purpose of the set-off.

             

            	41

                  	
                    Notices

                  

             

            	41.1	
                    Communications in writing

                  

             

            Any communication to be made under or in connection with the Finance Documents shall be made in writing and, unless otherwise stated, may be made by fax or letter.

            

            

            
              154

              
                

            

            	41.2	
                    Addresses

                  

             

            The address, and fax number (and the department or officer, if any, for whose attention the communication is to be made) of each Obligor or Finance Party for any communication or document
              to be made or delivered under or in connection with the Finance Documents is:

             

            	

                  	(a)	
                    in the case of any Obligor which is a Party, that identified with its name in Schedule 1 (The original parties);

                  

             

            	

                  	(b)	
                    in the case of any Obligor which is not a Party, that identified in any Finance Document to which it is a party;

                  

             

            	

                  	(c)	
                    in the case of the Security Agent, the Agent and any other original Finance Party that identified with its name in Schedule 1 (The original parties); and

                  

             

            	

                  	(d)	
                    in the case of each Lender or other Finance Party, that notified in writing to the Agent on or prior to the date on which it becomes a Party in the relevant capacity,

                  

             

            	

                  	(e)	
                    or, in each case, any substitute address, fax number, or department or officer as an Obligor or Finance Party may notify to the Agent (or the Agent may notify to the other Parties, if a change is made by the Agent) by not less than
                      five Business Days' notice.

                  

             

            	   41.3	
                    Delivery

                  

             

            	

                  	(a)	
                    Any communication or document made or delivered by one person to another under or in connection with the Finance Documents will only be effective:

                  

             

            	

                  	(i)	
                    if by way of fax, when received in legible form; or

                  

             

            	

                  	(ii)	
                    if by way of letter, when it has been left at the relevant address or five Business Days after being deposited in the post postage prepaid in an envelope addressed to it at that address,

                  

             

            and, if a particular department or officer is specified as part of its address details provided under clause 41.2 (Addresses), if addressed to that
              department or officer.

             

            	

                  	(b)	
                    Any communication or document to be made or delivered to the Agent or the Security Agent will be effective only when actually received by the Agent or the Security Agent and then only if it is expressly marked for the attention of
                      the department or officer identified in Schedule 1 (The original parties) (or any substitute department or officer as the Agent or the Security Agent shall specify for this purpose).

                  

             

            	

                  	(c)	
                    All notices from or to an Obligor shall be sent through the Agent.

                  

             

            	

                  	(d)	
                    Any communication or document made or delivered to the Borrower in accordance with this clause will be deemed to have been made or delivered to each of the Obligors.

                  

             

            	

                  	(e)	
                    Any communication or document which becomes effective, in accordance with clauses 41.3(a) to (d) above, after 5:00pm in the place of receipt shall be deemed only to become effective on the next Business Day.

                  

             

            	41.4	
                    Notification of address and fax number

                  

             

            Promptly upon changing its own address or fax number, the Agent shall notify the other Parties.

             

            
              155

              
                

            

            	41.5	
                    Electronic communication

                  

             

            	

                  	(a)	
                    Any communication or document to be made or delivered by one Party to another under or in connection with the Finance Documents may be made or delivered by electronic mail or other electronic means (including, without limitation,
                      by way of posting to a secure website) to the extent that those two Parties agree that, unless and until notified to the contrary, this is to be an accepted form of communication and if those two Parties:

                  

             

            	

                  	(i)	
                    notify each other in writing of their electronic mail address and/or any other information required to enable the sending and receipt of information by that means; and

                  

             

            	

                  	(ii)	
                    notify each other of any change to their address or any other such information supplied by them by not less than five Business Days' notice.

                  

             

            	

                  	(b)	
                    Any electronic communication or document made or delivered by one Party to another will be effective only when actually received in readable form and in the case of any electronic communication or document made or delivered by a
                      Party to the Agent or the Security Agent only if it is addressed in such a manner as the Agent or the Security Agent shall specify for this purpose.

                  

             

            	

                  	(c)	
                    Any electronic communication or document which becomes effective, in accordance with clause 41.5(b) above, after 5:00 p.m. in the place of receipt shall be deemed only to become effective on the following Business Day.

                  

             

            	

                  	(d)	
                    Any reference in a Finance Document to a communication being sent or received or a document being delivered shall be construed to include that communication or document being made available in accordance with this clause 41.5.

                  

             

            	41.6	
                    English language

                  

             

            	

                  	(a)	
                    Any notice given under or in connection with any Finance Document shall be in English.

                  

             

            	

                  	(b)	
                    All other documents provided under or in connection with any Finance Document shall be:

                  

             

            	

                  	(i)	
                    in English; or

                  

             

            	

                  	(ii)	
                    if not in English, and if so required by the Agent, accompanied by a certified English translation and, in this case, the English translation will prevail unless the document is a constitutional, statutory or other official
                      document.

                  

             

            	42

                  	
                    Calculations and certificates

                  

             

            	42.1	
                    Accounts

                  

             

            In any litigation or arbitration proceedings arising out of or in connection with a Finance Document, the entries made in the accounts maintained by a Finance Party are prima facie evidence of the matters to which they relate.

             

            	   42.2	
                    Certificates and determinations

                  

             

            Any certification or determination by a Finance Party of a rate or amount under any Finance Document is, in the absence of manifest error, conclusive evidence of the matters to which it
              relates.

             

            
              156

              
                

            

            	   42.3	
                    Day count convention

                  

             

            	

                  	(a)	
                    Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days (or, in any case where the practice in the
                      Interbank Market  or the Relevant Market (as applicable) differs, in accordance with that market practice).

                  

             

            	

                  	(b)	
                    The amount of interest, commission or fee which accrues in respect of any day during an Interest Period for a Compounded Rate Loan (or of any amount equal to that interest, commission or fee) shall be rounded to 2 decimal places
                      (with 0.005 being rounded upwards).

                  

             

            	43

                  	
                    Partial invalidity

                  

             

            If, at any time, any provision of a Finance Document is or becomes illegal, invalid or unenforceable in any respect under any law of any jurisdiction, neither the legality, validity or
              enforceability of the remaining provisions nor the legality, validity or enforceability of such provision under the law of any other jurisdiction will in any way be affected or impaired.

             

            	44

                  	
                    Remedies and waivers

                  

             

            No failure to exercise, nor any delay in exercising, on the part of any Finance Party, any right or remedy under a Finance Document shall operate as a waiver of any such right or remedy or
              constitute an election to affirm any of the Finance Documents.  No election to affirm any of the Finance Documents on the part of any Finance Party shall be effective unless it is in writing.  No single or partial exercise of any right or
              remedy shall prevent any further or other exercise or the exercise of any other right or remedy. The rights and remedies provided in the Finance Documents are cumulative and not exclusive of any rights or remedies provided by law.

             

            	45

                  	
                    Amendments and waivers

                  

             

            	45.1	
                    Required consents

                  

             

            	

                  	(a)	
                    Subject to clauses 45.2 (All Lender matters) and 45.3 (Other exceptions), any term of the Finance Documents may be amended or waived with the consent
                      of the Agent (acting on the instructions of the Majority Lenders and, if it affects the rights and obligations of the Agent or the Security Agent, the consent of the Agent or the Security Agent and, if it affects the rights and
                      obligations of the Hedging Providers, the consent of the Hedging Providers and any such amendment or waiver agreed or given by the Agent will be binding on all the Finance Parties.

                  

             

            	

                  	(b)	
                    The Agent may (or, in the case of the Security Documents, instruct the Security Agent to) effect, on behalf of any Finance Party, any amendment or waiver permitted by this clause 45.

                  

             

            	

                  	(c)	
                    Without prejudice to the generality of sub-clauses (c), (d) and (e) of clause 35.7 (Rights and discretions of the Agent), the Agent may engage, pay for and rely on the services of lawyers
                      in determining the consent level required for and effecting any amendment, waiver or consent under this Agreement.

                  

             

            	

                  	(d)	
                    Each Obligor agrees to any such amendment or waiver permitted by this clause 45 which is agreed to by the Borrower. This includes any amendment or waiver which would, but for this clause 45.1(d), require the consent of the Parent.

                  

             

            
              157

              
                

            

            	45.2	
                    All Lender matters

                  

             

            	

                  	(a)	
                    An amendment, waiver or discharge or release or a consent of, or in relation to, the terms of any Finance Document that has the effect of changing or which relates to:

                  

             

            	

                  	(i)	
                    the definition of “Change of Control” in clause 1.1 (Definitions);

                  

             

            	

                  	(ii)	
                    the definition of "Last Availability Date" in clause 1.1 (Definitions);

                  

             

            	

                  	(iii)	
                    the definition of "Majority Lenders" in clause 1.1 (Definitions);

                  

             

            	

                  	(iv)	
                    the definition of "Restricted Party" in clause 1.1 (Definitions);

                  

             

            	

                  	(v)	
                    the definition of "Sanctions Authority" in clause 1.1 (Definitions);

                  

             

            	

                  	(vi)	
                    the definition of "Sanctions Event" in clause 1.1 (Definitions);

                  

             

            	

                  	(vii)	
                    the definition of "Sanctions Laws" in clause 1.1 (Definitions);

                  

             

            	

                  	(viii)	
                    the definition of "Sanctions List" in clause 1.1 (Definitions);

                  

             

            	

                  	(ix)	
                    an extension to the date of payment of any amount under the Finance Documents;

                  

             

            	

                  	(x)	
                    a reduction in the Margin or a reduction in the amount of any payment of principal, interest, fees or commission payable or the rate at which they are calculated;

                  

             

            	

                  	(xi)	
                    an increase in, or an extension of, any Commitment or any requirement that a cancellation of Commitments reduces the Commitments of the Lenders pro rata under the Facility;

                  

             

            	

                  	(xii)	
                    a change to the Borrower or any other Obligor;

                  

             

            	

                  	(xiii)	
                    any provision which expressly requires the consent or approval of all the Lenders;

                  

             

            	

                  	(xiv)	
                    any provision which relates to Sanctions, a Sanctions Event and a Restricted Party (including, without limitation, clause 7.2 (Sanctions Event), clause 18.33 (Sanctions), clause 19.7 (Information: Sanctions), clause 21.2 (Use of proceeds), clause 21.5 (Sanctions)
                      and clause 30.19 (Sanctions));

                  

             

            	

                  	(xv)	
                    clause 2.2 (Finance Parties' rights and obligations), clause 7.4 (Change of Control), clause 33 (Changes to the
                        Lenders), clause 38.1 (Payments to Finance Parties), this clause 45, clause 51 (Governing law) or clause 52.1 (Jurisdiction of English courts);

                  

             

            	

                  	(xvi)	
                    the order of distribution under clause 35.25(a) (Order of application);

                  

             

            	

                  	(xvii)	
                    the order of distribution under clause 39.5 (Partial payments);

                  

             

            	

                  	(xviii)	
                    an extension to the Backstop Rate Switch Date as provided for in Schedule 10 (Compounded Rate Terms);

                  

             

            	

                  	(xix)	
                    the currency in which any amount is payable under any Finance Document;

                  

             

            	

                  	(xx)	
                    an increase in any Commitment or the Total Commitments, an extension of any period within which the Facility is available for Utilisation or any requirement that a cancellation of Commitments reduces the Commitments pro rata;

                  

             

            
              158

              
                

            

            	

                  	(xxi)	
                    the nature or scope of the Charged Property or the manner in which the proceeds of enforcement of the Security Documents are distributed;

                  

             

            	

                  	(xxii)	
                    the nature or scope of the guarantee and indemnity granted under clause 17 (Guarantee and indemnity); or

                  

             

            	

                  	(xxiii)	
                    the circumstances in which the security constituted by the Security Documents are permitted or required to be released under any of the Finance Documents,

                  

             

            shall not be made, or given, without the prior consent of all the Lenders.

             

            	45.3	
                    Other exceptions

                  

             

            	

                  	(a)	
                    Amendments to or waivers in respect of the Hedging Contracts may only be agreed by the relevant Hedging Provider.

                  

             

            	

                  	(b)	
                    An amendment or waiver which relates to the rights or obligations of the Agent, the Security Agent, any Hedging Provider, the Arrangers, the Bookrunners and the Co-ordinators in their respective capacities as such (and not just as
                      a Lender) may not be effected without the consent of the Agent, the Security Agent, any Hedging Provider, the Arrangers, the Bookrunners and the Co-ordinators (as the case may be).

                  

             

            	

                  	(c)	
                    Notwithstanding clauses 45.1 and (a) to (b) (inclusive), the Agent may make technical amendments to the Finance Documents arising out of manifest errors on the face of the Finance Documents, where such amendments would not
                      prejudice or otherwise be adverse to the interests of any Finance Party without any reference or consent of the Finance Parties.

                  

             

            	45.4	
                    Releases

                  

             

            Except with the approval of the Lenders or for a release which is expressly permitted or required by the Finance Documents, the Agent shall not have authority to authorise the Security
              Agent to release:

             

            	

                  	(a)	
                    any Charged Property from the security constituted by any Security Document; or

                  

             

            	

                  	(b)	
                    any Obligor from any of its guarantee or other obligations under any Finance Document.

                  

             

            	45.5	
                    Changes to reference rates

                  

             

            	

                  	(a)	
                    Subject to clause 45.3 (Other exceptions), if a Published Rate Replacement Event has occurred, any amendment or waiver which relates to:

                  

             

            	

                  	(i)	
                    providing for the use of a Replacement Reference Rate; and

                  

             

            (ii)

             

            	

                  	(A)	
                    aligning any provision of any Finance Document to the use of that Replacement Reference Rate;

                  

             

            	

                  	(B)	
                    enabling that Replacement Reference Rate to be used for the calculation of interest under this Agreement (including, without limitation, any consequential changes required to enable that Replacement Reference Rate to be used for
                      the purposes of this Agreement);

                  

             

            
              159

              
                

            

            	

                  	(C)	
                    implementing market conventions applicable to that Replacement Reference Rate;

                  

             

            	

                  	(D)	
                    providing for appropriate fall‐back (and market disruption) provisions for that Replacement Reference Rate; or

                  

             

            	

                  	(E)	
                    adjusting the pricing to reduce or eliminate, to the extent reasonably practicable, any transfer of economic value from one Party to another as a result of the application of that Replacement Reference Rate (and if any adjustment
                      or method for calculating any adjustment has been formally designated, nominated or recommended by the Relevant Nominating Body, the adjustment shall be determined on the basis of that designation, nomination or recommendation),

                  

             

             may be made with the consent of the Agent (acting on the instructions of the Majority Lenders) and the Borrower.

             

            	

                  	(b)	
                    An amendment or waiver that relates to, or has the effect of, aligning the means of calculation of interest on a Compounded Rate Loan under this Agreement to any recommendation of a Relevant Nominating Body which:

                  

             

            	

                  	(i)	
                    relates to the use of the RFR on a compounded basis in the international or any relevant domestic syndicated loan markets; and

                  

             

            	

                  	(ii)	
                    is issued on or after the date of this Agreement,

                  

             

             may be made with the consent of the Agent (acting on the instruction of the Majority Lenders) and the Borrower.

             

            	

                  	(c)	
                    In this clause 45.5:

                  

             

             Published Rate means:

             

            	

                  	(i)	
                    an RFR; or

                  

             

            	

                  	(ii)	
                    the Screen Rate for the Quoted Tenor of 3 months LIBOR,

                  

             

             Published Rate Replacement Event means, in relation to a Published Rate:

             

            	

                  	(d)	
                    the methodology, formula or other means of determining that Screen Rate has, in the opinion of the Majority Lenders, and the Borrower materially changed; or

                  

             

            (e)

             

            (i)

             

            	

                  	(A)	
                    the administrator of that Published Rate or its supervisor publicly announces that such administrator is insolvent; or

                  

             

            	

                  	(B)	
                    information is published in any order, decree, notice, petition or filing, however described, of or filed with a court, tribunal, exchange, regulatory authority or similar administrative, regulatory or judicial body which
                      reasonably confirms that the administrator of that Published Rate is insolvent,

                  

             

            provided that, in each case, at that time, there is no successor administrator to continue to provide that Published Rate; or

             

            
              160

              
                

            

            	

                  	(ii)	
                    the administrator of that Published Rate publicly announces that it has ceased or will cease, to provide that Published Rate permanently or indefinitely and, at that time, there is no successor administrator to continue to provide
                      that Published Rate; or

                  

             

            	

                  	(iii)	
                    the supervisor of the administrator of that Published Rate publicly announces that that such Published Rate has been or will be permanently or indefinitely discontinued; or

                  

             

            	

                  	(iv)	
                    the administrator of that Published Rate or its supervisor announces that that Published Rate may no longer be used; or

                  

             

            	

                  	(v)	
                    in the case of a Screen Rate for any Quoted Tenor, the supervisor of the administrator of that Screen Rate makes a public announcement or publishes information:

                  

             

            	

                  	(A)	
                    stating that that Screen Rate for that Quoted Tenor is no longer or, as of a specified future date will no longer be, representative of the underlying market or economic reality that it is intended to measure and that
                      representativeness will not be restored (as determined by such supervisor); and

                  

             

            	

                  	(B)	
                    with awareness that any such announcement or publication will engage certain triggers for fallback provisions in contracts which may be activated by  any such pre-cessation announcement or publication; or

                  

             

            	

                  	(f)	
                    the administrator of that Published Rate (or the administrator of an interest rate which is a constituent element of that Published Rate) determines that the Published Rate should be calculated in accordance with its reduced
                      submissions or other contingency or fall‐back policies or arrangements and either:

                  

             

            	

                  	(i)	
                    the circumstance(s) or event(s) leading to such determination are not (in the opinion of the Majority Lenders and the Borrower) temporary; or

                  

             

            	

                  	(ii)	
                    that Published Rate is calculated in accordance with any such policy or arrangement for a period no less than the period which is:

                  

             

            	

                  	(A)	
                    set out opposite the relevant Screen Rate in Schedule 9 (Screen Rate Contingency Period); or

                  

             

            	

                  	(B)	
                    specified as the “RFR Contingency Period” in the Compounded Rate Terms relating to that Published Rate; or

                  

             

            	

                  	(g)	
                    in the opinion of the Majority Lenders and the Borrower, that Published Rate is otherwise no longer appropriate for the purposes of calculating interest under this Agreement.

                  

             

            Relevant Nominating Body means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or
              committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

             

            Replacement Reference Rate means a reference rate which is:

             

            
              161

              
                

            

            	

                  	(h)	
                    formally designated, nominated or recommended as the replacement for a Published Rate by:

                  

             

            	

                  	(i)	
                    the administrator of that Published Rate (provided that the market or economic reality that such reference rate measures is the same as that measured by that Published Rate); or

                  

             

            	

                  	(ii)	
                    any Relevant Nominating Body,

                  

             

            and if replacements have, at the relevant time, been formally designated, nominated or recommended under both paragraphs, the “Replacement Reference Rate” will be the replacement under
              paragraph (ii) above;

             

            	

                  	(i)	
                    in the opinion of the Majority Lenders and the Borrower, generally accepted in the international or any relevant domestic syndicated loan markets as the appropriate successor to a Published Rate; or

                  

             

            	

                  	(j)	
                    in the opinion of the Majority Lenders and the Borrower, an appropriate successor to the Published Rate.

                  

             

            	46

                  	
                    Confidentiality of Funding Rates

                  

             

            	46.1	
                    Confidentiality and disclosure

                  

             

            	

                  	(a)	
                    The Agent and each Obligor agree to keep each Funding Rate confidential and not to disclose it to anyone, save to the extent permitted by clauses 46.1(b), (c) and (d) below.

                  

             

            	

                  	(b)	
                    The Agent may disclose:

                  

             

            	

                  	(i)	
                    any Funding Rate to the Borrower pursuant to clause 8.5 (Notification of rates of interest); and

                  

             

            	

                  	(ii)	
                    any Funding Rate to any person appointed by it to provide administration services in respect of one or more of the Finance Documents to the extent necessary to enable such service provider to provide those services if the service
                      provider to whom that information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality Undertaking for Use With Administration/Settlement Service Providers or such
                      other form of confidentiality undertaking agreed between the Agent and the relevant Lender as the case may be.

                  

             

            	

                  	(c)	
                    The Agent may disclose any Funding Rate and each Obligor may disclose any Funding Rate, to:

                  

             

            	

                  	(i)	
                    any of its Affiliates and any of its or their officers, directors, employees, professional advisers, auditors, partners and Representatives if any person to whom that Funding Rate is to be given pursuant to this clause 46.1(c)(ii)
                      is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to maintain the
                      confidentiality of that Funding Rate or is otherwise bound by requirements of confidentiality in relation to it;

                  

             

            
              162

              
                

            

            	

                  	(ii)	
                    any person to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock
                      exchange or pursuant to any applicable law or regulation if the person to whom that Funding Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall
                      be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as the case may be, it is not practicable to do so in the circumstances;

                  

             

            	

                  	(iii)	
                    any person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes if the person to whom that Funding
                      Rate is to be given is informed in writing of its confidential nature and that it may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of the Agent or the relevant Obligor, as
                      the case may be, it is not practicable to do so in the circumstances; and

                  

             

            	

                  	(iv)	
                    any person with the consent of the relevant Lender.

                  

             

            	   46.2	
                    Related obligations

                  

             

            	

                  	(a)	
                    The Agent and each Obligor acknowledge that each Funding Rate  is or may be price-sensitive information and that its use may be regulated or prohibited by applicable legislation including securities law relating to insider dealing
                      and market abuse and the Agent and each Obligor undertake not to use any Funding Rate for any unlawful purpose.

                  

             

            	

                  	(b)	
                    The Agent and each Obligor agree (to the extent permitted by law and regulation) to inform the relevant Lender =:

                  

             

            	

                  	(i)	
                    of the circumstances of any disclosure made pursuant to clause 46.1(c)(ii) (Confidentiality and disclosure) except where such disclosure is made to any of the persons referred to in that
                      paragraph during the ordinary course of its supervisory or regulatory function; and

                  

             

            	

                  	(ii)	
                    upon becoming aware that any information has been disclosed in breach of this clause 46.2.

                  

             

            	46.3	
                    No Event of Default

                  

             

            No Event of Default will occur under clause 30.7 (Other obligations) by reason only of an Obligor's failure to comply with this clause 46.3.

             

            	47

                  	
                    Confidentiality

                  

             

            	47.1	
                    Confidential Information

                  

             

            Each Obligor agrees to keep all information relating to the Finance Documents, the Facility and the Finance Parties which it receives from a Finance Party or, if the information was
              obtained by a member of the Group from a Finance Party, a member of the Group in connection with the Facility or entry into the Finance Documents confidential and not to disclose it to anyone, save as permitted by clause 47.2 (Disclosure of Confidential Information) below, and to ensure that all such information is protected with security measures and a degree of care that would apply to its own confidential information. The
              obligations in this clause 47 are continuing and, in particular, shall survive and remain binding on each Obligor for a period of 12 months from the date on which all amounts payable by the Obligors under or in connection with the Finance
              Documents have been paid in full and all Commitments have been cancelled or otherwise cease to be available.

             

            
              163

              
                

            

            	47.2	
                    Disclosure of Confidential Information

                  

             

            	

                  	(a)	
                    Any Finance Party may disclose to any of its Affiliates and Related Funds and any of its or their officers, directors, employees, professional advisers, insurers, re-insurers, brokers and re-insurance brokers, auditors, partners
                      and Representatives such Confidential Information as that Finance Party shall consider appropriate if any person to whom the Confidential Information is to be given pursuant to this clause 47.2 is informed in writing of its
                      confidential nature and that some or all of such Confidential Information may be price-sensitive information except that there shall be no such requirement to so inform if the recipient is subject to professional obligations to
                      maintain the confidentiality of the information or is otherwise bound by requirements of confidentiality in relation to the Confidential Information.

                  

             

            	

                  	(b)	
                    Any Finance Party and any of that Finance Party’s Affiliates may disclose to any person:

                  

             

            	

                  	(i)	
                    to (or through) whom it assigns or transfers (or may potentially assign or transfer) all or any of its rights and/or obligations under one or more Finance Documents or which succeeds (or which may potentially succeed) it as Agent,
                      and, in each case, to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

                  

             

            	

                  	(ii)	
                    with (or through) whom it enters into (or may potentially enter into), whether directly or indirectly, any sub-participation in relation to, or any other transaction under which payments are to be made or may be made by reference
                      to, one or more Finance Documents and/or one or more Obligors and to any of that person's Affiliates, Related Funds, Representatives and professional advisers;

                  

             

            	

                  	(iii)	
                    appointed by any Finance Party or any of that Finance Party’s Affiliates or by a person to whom clause 47.2(b)(i) or clause 47.2(b)(ii) above applies to receive communications, notices, information or documents delivered pursuant
                      to the Finance Documents on its behalf;

                  

             

            	

                  	(iv)	
                    appointed by any Finance Party or any of that Finance Party’s Affiliates or by a person to whom clause 47.2(b)(ii) above applies to act as a verification agent in respect of any transaction referred to in clause 47.2(b)(ii) above;

                  

             

            	

                  	(v)	
                    who invests in or otherwise finances (or may potentially invest in or otherwise finance), directly or indirectly, any transaction referred to in clause 47.2(b)(i) or clause 47.2(b)(ii) above;

                  

             

            	

                  	(vi)	
                    to whom information is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or
                      pursuant to any applicable law or regulation, including filing of this Agreement with the U.S. Securities and Exchange Commission;

                  

             

            	

                  	(vii)	
                    to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes;

                  

             

            	

                  	(viii)	
                    to whom or for whose benefit that Finance Party charges, assigns or otherwise creates Security (or may do so) pursuant to clause 33.7 (Security over Lenders' rights);

                  

             

            
              164

              
                

            

            	

                  	(ix)	
                    who is a Party; or

                  

             

            	

                  	(x)	
                    with the consent of the Borrower;

                  

             

             in each case, such Confidential Information as that Finance Party shall consider appropriate if:

             

            	

                  	(A)	
                    in relation to clause 47.2(b)(i), clause 47.2(b)(ii), clause 47.2(b)(iii) and clause 47.2(b)(iv) above, the person to whom the Confidential Information is to be given has entered into a confidentiality undertaking substantially in
                      a recommended form of the Loan Market Association from time to time or in any other form agreed between the Borrower and the relevant Finance Party (a Confidentiality Undertaking) except that
                      there shall be no requirement for a Confidentiality Undertaking if the recipient is a professional adviser and is subject to professional obligations to maintain the confidentiality of the Confidential Information;

                  

             

            	

                  	(B)	
                    in relation to clause 47.2(b)(v) above, the person to whom the Confidential Information is to be given has entered into a Confidentiality Undertaking or is otherwise bound by requirements of confidentiality in relation to the
                      Confidential Information they receive and is informed that some or all of such Confidential Information may be price-sensitive information;

                  

             

            	

                  	(C)	
                    in relation to clause 47.2(b)(vi), clause 47.2(b)(vii) and clause 47.2(b)(viii) above, the person to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential
                      Information may be price-sensitive information except that there shall be no requirement to so inform if, in the opinion of that Finance Party, it is not practicable so to do in the circumstances; and

                  

             

            	

                  	(c)	
                    to any person appointed by that Finance Party or by a person to whom clause 47.2(b)(i) or clause 47.2(b)(ii) above applies to provide administration or settlement services in respect of one or more of the Finance Documents
                      including without limitation, in relation to the trading of participations in respect of the Finance Documents, such Confidential Information as may be required to be disclosed to enable such service provider to provide any of the
                      services referred to in this clause47.2(c) if the service provider to whom the Confidential Information is to be given has entered into a confidentiality agreement substantially in the form of the LMA Master Confidentiality
                      Undertaking for Use With Administration/Settlement Service Providers or such other form of confidentiality undertaking agreed between the Borrower and the relevant Finance Party; and

                  

             

            	

                  	(d)	
                    to any rating agency (including its professional advisers) such Confidential Information as may be required to be disclosed to enable such rating agency to carry out its normal rating activities in relation to the Finance Documents
                      and/or the Obligors if the rating agency to whom the Confidential Information is to be given is informed of its confidential nature and that some or all of such Confidential Information may be price-sensitive information.

                  

             

            	   47.3	
                    Disclosure to numbering service providers

                  

             

            	

                  	(a)	
                    Any Finance Party may disclose to any national or international numbering service provider appointed by that Finance Party to provide identification numbering services in respect of this Agreement, the Facility and/or one or more
                      Obligors the following information:

                  

             

            	

                  	(i)	
                    names of Obligors;

                  

             

            
              165

              
                

            

            	

                  	(ii)	
                    country of domicile of Obligors;

                  

             

            	

                  	(iii)	
                    place of incorporation of Obligors;

                  

             

            	

                  	(iv)	
                    date of this Agreement;

                  

             

            	

                  	(v)	
                    Clause 51 (Governing law);

                  

             

            	

                  	(vi)	
                    the names of the Agent and the Arrangers;

                  

             

            	

                  	(vii)	
                    date of each amendment and restatement of this Agreement;

                  

             

            	

                  	(viii)	
                    amounts of, and names of, the Facility (and any tranches);

                  

             

            	

                  	(ix)	
                    amount of Total Commitments;

                  

             

            	

                  	(x)	
                    currency of the Facility;

                  

             

            	

                  	(xi)	
                    type of Facility;

                  

             

            	

                  	(xii)	
                    ranking of Facility;

                  

             

            	

                  	(xiii)	
                    Final Repayment Date for the Facility;

                  

             

            	

                  	(xiv)	
                    changes to any of the information previously supplied pursuant to paragraphs (i) to (xiii) above; and

                  

             

            	

                  	(xv)	
                    such other information agreed between such Finance Party and the Company,

                  

             

            to enable such numbering service provider to provide its usual syndicated loan numbering identification services.

             

            	

                  	(b)	
                    The Parties acknowledge and agree that each identification number assigned to this Agreement, the Facility and/or one or more Obligors by a numbering service provider and the information associated with each such number may be
                      disclosed to users of its services in accordance with the standard terms and conditions of that numbering service provider.

                  

             

            	

                  	(c)	
                    The Borrower represents that none of the information set out in paragraphs (i) to (xv) of paragraph (a) above is, nor will at any time be, unpublished price-sensitive information.

                  

             

            	

                  	(d)	
                    The Agent shall notify the Company and the other Finance Parties of:

                  

             

            	

                  	(i)	
                    the name of any numbering service provider appointed by the Agent in respect of this Agreement, the Facility and/or one or more Obligors; and

                  

             

            	

                  	(ii)	
                    the number or, as the case may be, numbers assigned to this Agreement, the Facility and/or one or more Obligors by such numbering service provider.

                  

             

            	48

                  	
                    Counterparts and electronic signing

                  

             

            	

                  	(a)	
                    Each Finance Document may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of the Finance Document.

                  

             

            
              166

              
                

            

            	

                  	(b)	
                    The Parties acknowledge and agree that any Party may execute this Agreement by electronic signature. The Parties agree that the use of an electronic signature appearing on this Agreement shall have the same validity and legal
                      effect as a manuscript signature and is made with the intention of authenticating this Agreement and evidencing the relevant Party’s intention to be bound by the terms of this Agreement.

                  

             

            	49

                  	
                    Contractual recognition of bail-in

                  

             

            Notwithstanding any other term of any Finance Document or any other agreement, arrangement or understanding between the Parties, each Party and each Obligor acknowledges and accepts that
              any liability of any Party to any other Party under or in connection with the Finance Documents may be subject to Bail-In Action by the relevant Resolution Authority and acknowledges and accepts to be bound by the effect of:

             

            	

                  	(c)	
                    any Bail-In Action in relation to any such liability, including (without limitation):

                  

             

            	

                  	(i)	
                    a reduction, in full or in part, in the principal amount, or outstanding amount due (including any accrued but unpaid interest) in respect of any such liability;

                  

             

            	

                  	(ii)	
                    a conversion of all, or part of, any such liability into shares or other instruments of ownership that may be issued to, or conferred on, it; and

                  

             

            	

                  	(iii)	
                    a cancellation of any such liability; and

                  

             

            	

                  	(d)	
                    a variation of any term of any Finance Document to the extent necessary to give effect to any Bail-In Action in relation to any such liability.

                  

             

            	50

                  	
                    Qualifying Financial Contract Acknowledgment

                  

             

            To the extent that the Finance Documents provide support, through a guarantee or otherwise, for any agreement or instrument that is a QFC (such support, QFC

                Credit Support and each such QFC a Supported QFC), the Parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the
              Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the U.S. Special Resolution Regimes)
              in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Finance Documents and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of
              the United States or any other jurisdiction):

             

            	

                  	(a)	
                    In the event a Covered Entity that is party to a Supported QFC (each, a Covered Party) becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported
                      QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such
                      Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property)
                      were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default
                      Rights under the Finance Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights
                      could be exercised under the U.S. Special Resolution Regime if the Supported QFC and the Finance Documents were governed by the laws of the United States or a state of the United States. Rights and remedies of the Parties with respect
                      to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

                  

             

            
              167

              
                

            

            
            	

                  	(b)	
                    For the purposes of this Clause 39 (Qualifying Financial Contact Acknowledgment):

                  

             

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

             

             Covered Entity means any of the following:

             

            	

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

                  

             

            	

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

                  

             

            	

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

                  

             

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

             

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

             

            	51

                  	
                    Waiver of Consequential Damages

                  

             

            To the extent permitted by applicable law, no Obligor shall assert, and hereby waives, any claim against any Lender or any of its Affiliates, on any theory of liability, for special,
              indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, the Finance Documents or any agreement or instrument contemplated thereby, the Loans or the use of the
              proceeds thereof.

             

            	52

                  	
                    US PATRIOT Act

                  

             

            Each Lender hereby notifies each Obligor that pursuant to the requirements of the United States PATRIOT Act, it may be required to obtain, verify and record information that identifies
              each Obligor, which information includes the name and address of such Obligor and other information that will allow such Lender to identify the Obligor in accordance with the said Act.

               

            

          

        

        
          168

          
            

        

        
        Section 12 -  Governing Law and Enforcement

         

        
          
            	
                    53

                  	
                    Governing law

                  

          

        

         

        This Agreement and any non-contractual obligations connected with it are governed by English law.

         

        	54	
                Enforcement

              

         

        	54.1	
                Jurisdiction of English courts

              

         

        	

              	(a)	
                The courts of England have exclusive jurisdiction to settle any dispute arising out of or in connection with this Agreement or any non-contractual obligations connected with it (including a dispute regarding the existence, validity or
                  termination of this Agreement) (a Dispute).

              

         

        	

              	(b)	
                The Parties agree that the courts of England are the most appropriate and convenient courts to settle Disputes and accordingly no Party will argue to the contrary.

              

         

        	

              	(c)	
                This clause 52.1 is for the benefit of the Finance Parties only.  As a result, no Finance Party shall be prevented from taking proceedings relating to a Dispute in any other courts with jurisdiction.  To the extent allowed by law, the
                  Finance Parties may take concurrent proceedings in any number of jurisdictions.

              

         

        	54.2	
                Service of process

              

         

        
          
            	 	
                    (a)

                  	
                    Without prejudice to any other mode of service allowed under any relevant law, each Obligor which is a Party (other than an Obligor incorporated in England and Wales):

                  

          

        

         

        	

              	(i)	
                irrevocably appoints the person named in Schedule 1 (The original parties) as that Obligor's English process agent as its agent for service of process in relation to any proceedings before the
                  English courts in connection with any Finance Document;

              

         

        	

              	(ii)	
                agrees that failure by a process agent to notify the relevant Obligor of the process will not invalidate the proceedings concerned; and

              

         

        	

              	(iii)	
                if any person appointed as process agent for an Obligor is unable for any reason to act as agent for service of process, that Obligor must immediately (and in any event within ten days of such event taking place) appoint another agent
                  on terms acceptable to the Agent.  Failing this, the Agent may appoint another agent for this purpose.

              

         

        This Agreement has been entered into on the date stated at the beginning of this Agreement.

         

        
          169

          
            

        

        Schedule 1

        The original parties

         

        Borrower

         

        	 	
                Name

              	 	
                Golar Partners Operating LLC

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                961204

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        The Original Guarantors

         

        	 	
                Name

              	 	
                Golar LNG Partners LP (the Parent)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                950020

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        	 	
                Name

              	 	
                Golar LNG Holding Co.

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                40127

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        
          170

          
            

        

        	 	
                Name

              	 	
                Golar Freeze Holding Co. (Owner of Golar Freeze)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                40129

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

         

        	 	
                Name

              	 	
                Golar Hull M2024 Corporation (Bareboat Charterer of the Golar Freeze)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                05427166

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        
          171

          
            

        

        	 	
                Name

              	 	
                Golar Grand Corporation (Owner of Golar Grand)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                59790

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        	 	
                Name

              	 	
                Golar 2226 UK Limited  (Bareboat Charterer of Golar Grand)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                England

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                N/A

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

         

        	 	
                Name

              	 	
                Golar Hull M2031 Corp. (Owner of Golar Igloo)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                47445

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        
          172

          
            

        

        	 	
                Name

              	 	
                Golar LNG 2234 LLC (Owner of Golar Maria)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Liberia

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                960060

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                80 Broad Street, Monrovia, Republic of Liberia

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        	 	
                Name

              	 	
                Golar Spirit Corporation (Owner of Golar Spirit)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                45732

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

         

        	 	
                Name

              	 	
                Golar Spirit UK Ltd (Bareboat Charterer of Golar Spirit)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                England

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                04679402

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        
          173

          
            

        

        	 	
                Name

              	 	
                Golar Winter Corporation (Owner of the Golar Winter)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                59789

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        	 	
                Name

              	 	
                Golar Winter UK Ltd. (Bareboat Charterer of the Golar Winter)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                England

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                05073292

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        	 	
                Name

              	 	
                Golar LNG 2215 Corporation (Owner of the Methane Princess)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                Marshall Islands

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                21327

              	 
	 	 	 	 	 
	 	
                English process agent (if not

                incorporated in England)

              	 	
                Golar Management Ltd

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

        

        

        
          174

          
            

        

        	 	
                Name

              	 	
                Golar 2215 UK Ltd. (Bareboat Charterer of the Methane Princess)

              	 
	 	 	 	 	 
	 	
                Original Jurisdiction

              	 	
                England

              	 
	 	 	 	 	 
	 	
                Registration number (or

                equivalent, if any)

              	 	
                04871293

              	 
	 	 	 	 	 
	 	
                Registered office

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 
	 	
                Address for service of notices

              	 	
                6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

              	 
	 	 	 	 	 

         

        

        
          175

          
            

        

      

    

  

  The Original Lenders

   

  	 	
          Name

        	 	
          Citibank, N.A.

        
	 	 	 	 
	 	
          Term Loan Commitment ($)

        	 	
          $150,000,000

        
	 	 	 	 
	 	
          Lending Office

        	 	
          N/A

        
	 	 	 	 

  

  

  	 	
          Name

        	 	
          Morgan Stanley Senior Funding, Inc.

        
	 	 	 	 
	 	
          Term Loan Commitment ($)

        	 	
          $150,000,000

        
	 	 	 	 
	 	
          Lending Office

        	 	
          To be confirmed in writing to the Borrower

        
	 	 	 	 

  

  

  	 	
          Name

        	 	
          HSBC Bank USA, N.A.

        
	 	 	 	 
	 	
          Term Loan Commitment ($)

        	 	
          $100,000,000

        
	 	 	 	 
	 	
          Lending Office

        	 	
          New York

        
	 	 	 	 

  

  

  	 	
          Name

        	 	
          Goldman Sachs Bank USA

        
	 	 	 	 
	 	
          Term Loan Commitment ($)

        	 	
          $30,000,000

        
	 	 	 	 
	 	
          Lending Office

        	 	
          To be confirmed in writing to the Borrower

        
	 	 	 	 

  

  

  The Agent

   

  	 	
          Name

        	 	
          CITIBANK EUROPE PLC, UK BRANCH

        
	 	 	 	 

   

  The Security Agent

   

  	 	
          Name

        	 	
          Citibank N.A., London Branch

        
	 	 	 	 

  

  

  The Hedging Providers

   

  	 	
          Name

        	 	
          Citigroup Global Markets Limited

        
	 	 	 	 
	 	
          Name

        	 	
          HSBC Bank Plc

        
	 	 	 	 

  

  

  
    176

    
      

  

  The Bookrunners

   

  	 	
          Name

        	 	
          Citigroup Global Markets Limited

        
	 	 	 	 
	 	
          Name

        	 	
          Morgan Stanley Senior Funding, Inc.

        
	 	 	 	 

   

  The Mandated Lead Arrangers

   

  	 	
          Name

        	 	
          Citigroup Global Markets Limited

        
	 	 	 	 
	 	
          Name

        	 	
          Morgan Stanley Senior Funding, Inc.

        
	 	 	 	 
	 	
          Name:

        	 	
          HSBC Bank USA, N.A.

        
	 	 	 	 

  

  

  The Arranger

   

  	 	
          Name:

        	 	
          Goldman Sachs Bank USA

        
	 	 	 	 

  

  

  The Co-ordinators

   

  	 	
          Name

        	 	
          Citigroup Global Markets Limited

        
	 	 	 	 
	 	
          Name

        	 	
          Morgan Stanley Senior Funding, Inc.

        
	 	 	 	 

  

  

  
    177

    
      

  

  Schedule 2

  Ship information

   

  Ship A

   

  	 	
          Name of Ship:

        	 	
          Golar Freeze

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          129,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          1977

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Floating storage and regasification vessel

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Freeze Holding Co.

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          7361922

        	 
	 	 	 	 	 
	 	
          Bareboat Charter description:

        	 	
          The bareboat charter dated 28 March 2011 (as supplemented and amended from time to time) and as novated to Golar Hull M2024 Corporation as bareboat charterer pursuant to a novation agreement dated 9th August 2021

        	 
	 	 	 	 	 
	 	
          Bareboat Charterer:

        	 	
          Golar Hull M2024 Corporation

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          DNV +1A1 Tanker for Liquified Gas EO Regas 2

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          DNV GL

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $10,000,000

        	 
	 	 	 	 	 

  

  

  Ship B

   

  	 	
          Name of Ship:

        	 	
          Golar Grand

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          145,700 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2006

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Liquefied natural gas carrier

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Grand Corporation

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9303560

        	 
	 	 	 	 	 
	 	
          Bareboat Charter description:

        	 	
          The bareboat charter dated 20 August 2021between the Owner and the Bareboat Charterer

        	 
	 	 	 	 	 
	 	
          Bareboat Charterer:

        	 	
          Golar 2226 UK Limited

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas E0 F-AMC ICS NAUT-OC CLEAN COAT-2 PLU-2 TMON NAUTICUS (Newbuilding, Operation)

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          DNV GL

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $5,000,000

        	 
	 	 	 	 	 

  

  

  
    178

    
      

  

  Ship C

   

  	 	
          Name of Ship:

        	 	
          Golar Igloo

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          170,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2014

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Floating storage and regasification vessel

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Hull M2031 Corp.

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9633991

        	 
	 	 	 	 	 
	 	
          Time Charter description:

        	 	
          The LNG storage and regasification services contract no. CA/4111 between Golar LNG Limited and the Time Charterer dated 9 February 2020  (as novated to the Owner pursuant to an assignment and novation agreement dated 13 January 2021 and as
            supplemented and amended from time to time)

        	 
	 	 	 	 	 
	 	
          Time Charterer:

        	 	
          Kuwait National Petroleum Company

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas REGAS-2 COMF-V(2)C(3) E0 NAUT-OC CLEAN Recyclable COAT-PSPC(B) CSA-2 BIS GAS FUELLED TMON NAUTICUS(Newbuilding)

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          DNV GL

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $10,000,000

        	 
	 	 	 	 	 

  

  

  
    179

    
      

  

  Ship D

   

  	 	
          Name of Ship:

        	 	
          Golar Maria

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          145,700 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2006

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Liquefied natural gas carrier

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar LNG 2234 LLC

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9320374

        	 
	 	 	 	 	 
	 	
          Time Charter description:

        	 	
          The time charter between the Owner and the Time Charterer dated 18 October 2019 (as supplemented and amended from time to time)

        	 
	 	 	 	 	 
	 	
          Time Charterer:

        	 	
          Cheniere Marketing International LLP

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas E0 F-AMC ICS NAUT-OC CLEAN COAT-2 PLUS-2 TMON NAUTICUS(Newbuilding, Operation)

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          DNV GL

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $5,000,000

        	 
	 	 	 	 	 

  

  

   

  Ship E

   

  	 	
          Name of Ship:

        	 	
          Golar Spirit

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          129,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          1981

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Floating storage and regasification vessel

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Spirit Corporation

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          7373327

        	 
	 	 	 	 	 
	 	
          Bareboat Charter description:

        	 	
          Bareboat charter dated 31 August 2021

        	 
	 	 	 	 	 
	 	
          Bareboat Charterer:

        	 	
          Golar Spirit UK Ltd

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas E0 Regas 2

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          Det Norske Veritas

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $10,000,000

        	 
	 	 	 	 	 

  

  

  
    180

    
      

  

  Ship F

   

  	 	
          Name of Ship:

        	 	
          Golar Winter

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          138,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2004

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Floating storage and regasification vessel

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Winter Corporation

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9256614

        	 
	 	 	 	 	 
	 	
          Bareboat Charter description:

        	 	
          The bareboat charter entered into between the Owner and the Bareboat Charterer (as novated from Golar LNG 2220 Corporation to the Owner pursuant to a novation agreement dated 27 June 2013 and as further supplemented and amended from time to
            time)

        	 
	 	 	 	 	 
	 	
          Bareboat Charterer:

        	 	
          Golar Winter UK Ltd.

        	 
	 	 	 	 	 
	 	
          Time Charter description:

        	 	
          The time charter entered into between the Bareboat Charterer and the Time Charterer dated 4 September 2007 (as amended by an interim charter party dated 12 August 2009, an amendment dated 26 March 2011, an amendment dated 16 May 2011, an
            amendment dated 26 January 2012 and an amendment dated 27 June 2013 and as supplemented and amended from time to time)

        	 
	 	 	 	 	 
	 	
          Time Charterer:

        	 	
          Petróleo Brasileiro S.A.

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas REGAS-2 E0 NAUT-OC LCS-SID CLEAN PLUS-2 TMON NAUTICUS(Newbuilding)

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          Det Norske Veritas

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $10,000,000

        	 
	 	 	 	 	 

  

  

  
    181

    
      

  

  Ship G

   

  	 	
          Name of Ship:

        	 	
          Methane Princess

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          138,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2003

        	 
	 	 	 	 	 
	 	
          Type of ship:

        	 	
          Liquefied natural gas carrier

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar LNG 2215 Corporation

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9253715

        	 
	 	 	 	 	 
	 	
          Bareboat Charter description:

        	 	
          The bareboat charter entered into between the Owner and the Bareboat Charterer dated 27 August 2003 (as supplemented and amended from time to time)

        	 
	 	 	 	 	 
	 	
          Bareboat Charterer:

        	 	
          Golar 2215 UK Ltd.

        	 
	 	 	 	 	 
	 	
          Time Charter description:

        	 	
          The time charter entered into between the Owner and the Time Charterer dated 25 October 2001 (as amended and supplemented from time to time and as novated to the Bareboat Charterer and amended and restated pursuant to a novation agreement
            dated 27 August 2003)

        	 
	 	 	 	 	 
	 	
          Time Charterer:

        	 	
           Methane Services Limited

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          X 1A1 Tanker for Liquefied Gas E0, NAUT-OC LCS-SID NAUTICUS (Newbuilding)

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          Det Norske Veritas

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $5,000,000

        	 
	 	 	 	 	 

  

  

  
    182

    
      

  

  Schedule 3

   

  Conditions precedent

   

  Part 1

   

  Conditions precedent to any Utilisation

   

  	1	
          Original Obligors' corporate documents

        

   

  	

        	(a)	
          A copy of the Constitutional Documents of each Original Obligor.

        

   

  	

        	(b)	
          A copy of a resolution of the board of directors (or, in relation to the Parent, its equivalent) of each Original Obligor (or, if applicable, any committee of such board empowered to approve and authorise the following matters):

        

   

  	

        	(i)	
          approving the terms of, and the transactions contemplated by, the Finance Documents to which it is a party (Relevant Documents) and resolving that it execute the Relevant Documents to which it is a party;

        

   

  	

        	(ii)	
          authorising a specified person or persons to execute the Relevant Documents to which it is a party on its behalf; and

        

   

  	

        	(iii)	
          authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices (including, if relevant, any Utilisation Request and any Selection Notice) to be signed and/or despatched by it under or in
            connection with the Relevant Documents to which it is a party.

        

   

  	

        	(c)	
          If applicable, a copy of a resolution of the board of directors (or, in relation to the Parent, its equivalent) of the relevant company, establishing any committee referred to in paragraph (b) above and
            conferring authority on that committee.

        

   

  	

        	(d)	
          A certified true copy of the passport (containing a specimen signature) of each person (i) authorised by the resolution referred to in paragraph (b) above in relation to the Finance Documents and related
            documents and (ii) who has executed any such document.

        

   

  	

        	(e)	
          A copy of a resolution signed by all the holders of the issued shares or limited liability company interests in each Original Obligor or, in the case of the Parent, of a resolution of the General Partner, approving the terms of, and the
            transactions contemplated by, the Relevant Documents to which such Obligor is a party.

        

   

  	

        	(f)	
          A certificate of the Parent (signed by a director) confirming that:

        

   

  	

        	(i)	
          borrowing or guaranteeing or securing, as appropriate, the Total Commitments would not cause any borrowing, guarantee, security or similar limit binding on any Original Obligor to be exceeded; and

        

   

  	

        	(ii)	
          no consents, authorisations, licences or approvals are necessary for any Original Obligor to authorise or are required by any Original Obligor in connection with the borrowing by the Borrower of the Loan pursuant to this Agreement or the
            execution, delivery and performance of any Finance Document.

        

   

  	

        	(g)	
          A copy of any power of attorney under which any person is to execute any of the Relevant Documents on behalf of any Original Obligor (other than any manager of a Ship).

        

   

  
    183

    
      

  

  	

        	(h)	
          A certificate of an authorised signatory of the relevant Original Obligor (other than any manager of a Ship) certifying that each copy document relating to it specified in this Part of this Schedule is correct, complete and in full force and
            effect and has not been amended or superseded as at a date no earlier than the date of this Agreement and that any such resolutions or power of attorney have not been revoked.

        

   

  	2	
          Legal opinions

        

   

  The following Legal Opinions, each addressed to the Agent, the Security Agent, the Original Lenders and the Hedging Providers and capable of being relied upon by any persons who become Lenders
    pursuant to the primary syndication of the Facility:

   

  	

        	(a)	
          A Legal Opinion of Norton Rose Fulbright LLP, London on matters of English law, substantially in the form approved by all of the Lenders prior to signing this Agreement.

        

   

  	

        	(b)	
          A Legal Opinion of the legal advisers to the Agent in each jurisdiction (other than England and Wales) in which an Obligor is incorporated and/or which is or is to be the Flag State of a Ship, or in which an Account opened at the relevant
            time is established substantially in the form approved by all of the Lenders prior to signing this Agreement.

        

   

  	3	
          Other documents and evidence

        

   

  	

        	(a)	
          The Pre-Approved New Lender List.

        

   

  	

        	(b)	
          Evidence that any process agent referred to in clause 52.2 (Service of process) or any equivalent provision of any other Finance Document entered into on or before the relevant Utilisation Date, if
            not an Original Obligor, has accepted its appointment.

        

   

  	

        	(c)	
          Each Fee Letter duly executed by the parties thereto.

        

   

  	

        	(d)	
          A copy, certified by an approved person to be a true and complete copy, of each of the Charter Documents and the OSAs.

        

   

  	

        	(e)	
          A copy of any other authorisation or other document, opinion or assurance which the Agent considers to be necessary or desirable (if it has notified the Borrower accordingly) in connection with the entry into and performance of the
            transactions contemplated by any Finance Document or for the validity and enforceability of any Finance Document.

        

   

  	

        	(f)	
          The Original Financial Statements, together with a Compliance Certificate.

        

   

  	

        	(g)	
          Evidence that the fees, commissions, costs and expenses then due from the Borrower pursuant to clause 11 (Fees) and clause 16 (Costs and expenses) have been
            paid or will be paid by the relevant Utilisation Date.

        

   

  	4	
          Hedging Contract Security

        

   

  Evidence that:

   

  	

        	(a)	
          If a Hedging Master Agreement has been executed, the Borrower has executed the Hedging Contract Security in favour of the Security Agent; and

        

   

  	

        	(b)	
          any notice required to be given to each Hedging Provider under the Hedging Contract Security has been given to it and acknowledged by it in the manner required by the Hedging Contract Security.

        

   

  
    184

    
      

  

  	5	
          "Know your customer" information

        

   

  Such documentation and information as any Finance Party may reasonably request through the Agent to comply with "know your customer" or similar identification procedures under all laws and
    regulations applicable to that Finance Party.

   

  	6	
          Taxation

        

   

  If relevant, evidence in a form acceptable to the Agent that any withholding tax will be paid or any necessary applications have been or will be sent to the relevant tax authorities.

   

  	7	
          Further documentation

        

   

  Such further documentation, evidence, authorisations or opinions as the Agent may reasonably require.

   

  
    185

    
      

  

   Part 2

  Ship and security conditions precedent

   

  	1	
          Corporate documents

        

   

  	

        	(a)	
          A certificate of an authorised signatory of the relevant Owner certifying that each copy document relating to it specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at
            a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in relation to it have not been revoked or amended.

        

   

  	

        	(b)	
          A certificate of an authorised signatory of each other Obligor which is party to any of the Original Security Documents required to be executed at or before the relevant Utilisation Date certifying that each copy document relating to it
            specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in
            Part 1 of this Schedule in relation to it have not been revoked or amended.

        

   

  	2	
          Security

        

   

  	

        	(a)	
          The Mortgage and the Assignment Deed in respect of each Ship (other than Ship H) duly executed.

        

   

  	

        	(b)	
          Any Manager's Undertaking in respect of each Ship (other than Ship H)  then required pursuant to the Finance Documents duly executed by the relevant manager.

        

   

  	

        	(c)	
          Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security Documents and in respect of the acknowledgments required from each Time Charterer, the relevant acknowledgments shall be
            provided as conditions subsequent in accordance with clause 4.7(a) (Conditions subsequent).

        

   

  	

        	(d)	
          If Quiet Enjoyment Letters are required by the relevant Time Charterer pursuant to the terms of the relevant Time Charter, evidence acceptable to the Agent that the Quiet Enjoyment Letters are in a form agreed to by the Security Agent and
            the relevant Owner, Bareboat Charterer and Time Charterer (which have consented to the relevant Security Documents) and that the duly executed and dated Quiet Enjoyment Letters will follow as conditions subsequent in accordance with clause
            4.7(b) (Conditions subsequent). The forms of quiet enjoyment letters entered into in respect of previous finance agreements entered into by the Borrower in respect of the Ships are deemed to be in a form
            agreed by the Security Agent.

        

   

  	3	
          Registration of Ships

        

   

  Evidence that each of the Ships (other than Ship H):

   

  	

        	(a)	
          is legally and beneficially owned by the relevant Owner and registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

        

   

  	

        	(b)	
          is classed with the relevant Classification free of all material overdue requirements and recommendations of the relevant Classification Society;

        

   

  	

        	(c)	
          is insured in the manner required by the Finance Documents;

        

   

  
    186

    
      

  

  	

        	(d)	
          where applicable, has been delivered, and accepted for service, under its Time Charter and Bareboat Charter;

        

   

  	

        	(e)	
          is free of any other charter commitment which would require approval under the Finance Documents;

        

   

  	

        	(f)	
          is managed on terms approved  pursuant to clause 22.4 (Manager); and

        

   

  	

        	(g)	
          any prior registration (other than through the relevant Registry in the relevant Flag State) of each of the Ships has been or will be cancelled.

        

   

  	4	
          Mortgage registration

        

   

  Evidence that the Mortgage in respect of each of the Ships (other than Ship H) has been registered against each of the Ships (other than
    Ship H) through the relevant Registry under the laws and flag of the relevant Flag State.

   

  	5	
          Legal opinions

        

   

  To the extent required by the Agent, the following further Legal Opinions, each addressed to the Agent, the Security Agent, the Original Lenders and the Hedging Providers and capable of being relied
    upon by any persons who become Lenders pursuant to the primary syndication of the Facility:

   

  	

        	(a)	
          A Legal opinion of Norton Rose Fulbright LLP, London on matters of English law, substantially in the form approved by all of the Lenders prior to signing this Agreement in relation to Security Documents.

        

   

  	

        	(b)	
          A Legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction (other than England and Wales) in which an Obligor is incorporated and/or which is or is to be the Flag State of a Ship (other than Ship H), or in
            which an Account opened at the relevant time is established substantially in the form approved by all of the Lenders prior to signing this Agreement.

        

   

  	6	
          Insurance

        

   

  In relation to each of the Ships (other than Ship H)' Insurances:

   

  	

        	(a)	
          an opinion from insurance consultants appointed by the Agent on such Insurances;

        

   

  	

        	(b)	
          evidence that such Insurances have been placed in accordance with clause 24 (Insurance); and

        

   

  	

        	(c)	
          evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved form in relation to the Insurances.

        

   

  	7	
          ISM and ISPS Code

        

   

  Copies of:

   

  	

        	(a)	
          the document of compliance issued in accordance with the ISM Code to the person who is the operator of each of the Ships for the purposes of that code;

        

   

  
    187

    
      

  

  	

        	(b)	
          the safety management certificate in respect of each of the Ships issued in accordance with the ISM Code; and

        

   

  	

        	(c)	
          the international ship security certificate in respect of each of the Ships issued under the ISPS Code.

        

   

  	8	
          Value of security

        

   

  Valuations obtained (not more than 90 days before the relevant Utilisation Date) in accordance with clause 25 (Minimum security value) showing that the
    Security Value will be not less than 115 per cent of the Loan upon execution of the Security Documents specified in paragraph 2 (Security) of this Part 2
    of this Schedule and the relevant Utilisation.

   

  	9	
          Management Agreement

        

   

  Where a manager of the relevant Ship has been approved in accordance with clause 22.4 (Manager), a copy, certified by an approved person to be a true and
    complete copy, of the agreement between the relevant Owner and the manager relating to the appointment of the manager.

   

  	10	
          Bank Accounts

        

   

  Evidence that any Account required to be established under clause 27 (Bank accounts) has been opened and established, that any Account Security in respect of
    each such Account (other than relative to Ship H)  has been executed and delivered by the relevant Account Holder in favour of the Security Agent and that any notice required to be given to the Account Bank under that Account Security has been given to
    it and acknowledged by it in the manner required by that Account Security and that an amount has been credited to it.

   

  	11	
          Share Security

        

   

  The Share Security in respect of each of the Owners (other than relative to Ship H) and the Bareboat Charterers duly executed by the relevant Holding Company together
    with all letters, transfers, certificates and other documents required to be delivered under the Share Security.

   

  	12	
          People with Significant Control (PSC Regime)

        

   

  In respect of each Bareboat Charterer, either:

   

  	

        	(a)	
          a certificate of an authorised signatory of that Bareboat Charterer certifying that:

        

   

  	

        	(i)	
          each Group Member has complied within the relevant timeframe with any notice it has received pursuant to Part 21A of the Companies Act 2006 from that Bareboat Charterer; and

        

   

  	

        	(ii)	
          no Warning Notice or Restrictions Notice has been issued in respect of its shares, together with a copy of the PSC register of that Bareboat Charterer, which is certified by an authorised signatory of that Bareboat Charterer to be correct,
            complete and not amended or superseded as at a date no earlier than the date three Business Days before the relevant Utilisation Date; or

        

   

  	

        	(b)	
          a certificate of an authorised signatory of that Bareboat Charterer certifying that it is not required to comply with Part 21A of the Companies Act 2006.

        

   

  
    188

    
      

  

  	13	
          Beneficial Ownership Regulation

        

   

  Receipt by each Lender of the documentation and other information requested by such Lender to comply with the requirements of the Beneficial Ownership Regulation.

   

  
    189

    
      

  

  Part 3

  Conditions Precedent required to be delivered by the Additional Guarantor

   

  	1	
          An Accession Letter, duly executed by the Additional Guarantor.

        

   

  	2	
          A copy of the Constitutional Documents of the Additional Guarantor.

        

   

  	3	
          A copy of a resolution of the board of directors or sole member, as applicable, of the Additional Guarantor (or, if applicable, any committee empowered to approve and authorise the following matters):

        

   

  	

        	(a)	
          approving the terms of, and the transactions contemplated by, the Accession Letter and the Finance Documents and resolving that it execute the Accession Letter and any other Finance Documents to which the Additional Guarantor is a party;

        

   

  	

        	(b)	
          authorising a specified person or persons to execute the Accession Letter and any other Finance Documents to which the Additional Guarantor is a party on its behalf; and

        

   

  	

        	(c)	
          authorising a specified person or persons, on its behalf, to sign and/or despatch all other documents and notices to be signed and/or despatched by it under or in connection with the Finance Documents.

        

   

  	4	
          If applicable, a copy of a Resolution of the board of directors of the relevant company, establishing any committee referred to in paragraph 3 above and conferring authority on that committee.

        

   

  	5	
          A notarised passport copy (containing a specimen signature) of each person authorised by the resolution referred to in paragraph 3 above.

        

   

  	6	
          A copy of a resolution signed by all the holders of the issued shares in the Additional Guarantor, approving the terms of, and the transactions contemplated by, the Finance Documents to which the Additional Guarantor is a party.

        

   

  	7	
          A copy of a resolution of the board of directors or sole member, as applicable, of any member or shareholder of the Additional Guarantor approving the terms of the resolution referred to in 6 above.

        

   

  	8	
          A certificate of the Additional Guarantor (signed by a director) confirming that guaranteeing, as appropriate, the Total Commitments would not cause any guaranteeing or similar limit binding on it to be exceeded.

        

   

  	9	
          A copy of a goodstanding certificate in respect of the Additional Guarantor.

        

   

  	10	
          A certificate of an authorised signatory of the Additional Guarantor certifying that each copy document listed in this Part 3 of Schedule 3 is correct, complete and in full force and effect as at a date no earlier than the date of the
            Accession Letter.

        

   

  	11	
          A copy of a power of attorney under which any person is appointed by an Additional Guarantor to execute any of the Finance Documents on its behalf.

        

   

  	12	
          Such documentation and information as any Finance Party may reasonably request through the Agent to comply with "know your customer" or similar identification procedures under all laws and regulations applicable to that Finance Party.

        

   

  
    190

    
      

  

  	13	
          A legal opinion of Norton Rose Fulbright LLP, London addressed to the Agent, the Security Agent and the Original Lenders.

        

   

  	14	
          A legal opinion of the legal advisers to the Agent, the Security Agent and the Original Lenders in the jurisdiction in which the Additional Guarantor is formed.

        

   

  	15	
          Evidence that the process agent specified in clause 52.2 (Service of process) has accepted its appointment in relation to the proposed Additional Guarantor.

        

   

  
    191

    
      

  

  Part 4

  Golar Eskimo and security conditions precedent

   

  	1	
          Corporate documents

        

   

  	

        	(a)	
          A certificate of an authorised signatory of the Owner of Ship H certifying that each copy document relating to it specified in Part 3 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date
            approved for this purpose and that any resolutions or power of attorney referred to in Part 3 of this Schedule in relation to it have not been revoked or amended.

        

   

  	

        	(b)	
          A certificate of an authorised signatory of each other Obligor which is party to any of the Original Security Documents required to be executed at or before the relevant Utilisation Date certifying that each copy document relating to it
            specified in Part 1 of this Schedule remains correct, complete and in full force and effect as at a date no earlier than a date approved for this purpose and that any resolutions or power of attorney referred to in Part 1 of this Schedule in
            relation to it have not been revoked or amended.

        

   

  	2	
          Security

        

   

  	

        	(a)	
          The Mortgage and the Assignment Deed in respect of Ship H duly executed.

        

   

  	

        	(b)	
          Any Manager's Undertaking in respect of Ship H then required pursuant to the Finance Documents duly executed by the relevant manager.

        

   

  	

        	(c)	
          Duly executed notices of assignment and acknowledgements of those notices as required by any of the above Security Documents and in respect of the acknowledgments required from the relevant Time Charterer, the relevant acknowledgments shall
            be provided as conditions subsequent in accordance with clause 4.7(a) (Conditions subsequent).

        

   

  	

        	(d)	
          If Quiet Enjoyment Letters are required by the relevant Time Charterer pursuant to the terms of the relevant Time Charter, evidence acceptable to the Agent that the Quiet Enjoyment Letters are in a form agreed to by the Security Agent and
            the relevant Owner and Time Charterer (which have consented to the relevant Security Documents) and that the duly executed and dated Quiet Enjoyment Letters will follow as conditions subsequent in accordance with clause 4.7(b) (Conditions subsequent). The forms of quiet enjoyment letters entered into in respect of previous finance agreements entered into by the Borrower in respect of Ship H are deemed to be in a form agreed by the
            Security Agent.

        

   

  	3	
          Registration of Ship H

        

   

  Evidence that Ship H:

   

  	

        	(a)	
          is legally and beneficially owned by the relevant Owner and registered in the name of the relevant Owner through the relevant Registry as a ship under the laws and flag of the relevant Flag State;

        

   

  	

        	(b)	
          is classed with the relevant Classification free of all material overdue requirements and recommendations of the relevant Classification Society;

        

   

  	

        	(c)	
          is insured in the manner required by the Finance Documents;

        

   

  	

        	(d)	
          where applicable, has been delivered, and accepted for service, under its Time Charter;

        

   

  
    192

    
      

  

  	

        	(e)	
          is free of any other charter commitment which would require approval under the Finance Documents;

        

   

  	

        	(f)	
          is managed on terms approved  pursuant to clause 22.4 (Manager); and

        

   

  	

        	(g)	
          any prior registration (other than through the relevant Registry in the relevant Flag State) of Ship H has been or will be cancelled.

        

   

  	4	
          Mortgage registration

        

   

  Evidence that the Mortgage in respect of Ship H has been registered against Ship H through the relevant Registry under the laws and flag
    of the relevant Flag State.

   

  	5	
          Legal opinions

        

   

  To the extent required by the Agent, the following further Legal Opinions, each addressed to the Agent, the Security Agent, the Original Lenders and the Hedging Providers and capable of being relied
    upon by any persons who become Lenders pursuant to the primary syndication of the Facility:

   

  	

        	(a)	
          A Legal opinion of Norton Rose Fulbright LLP, London on matters of English law, substantially in the form approved by all of the Lenders prior to signing this Agreement in relation to Security Documents.

        

   

  	

        	(b)	
          A Legal opinion of the legal advisers to the Security Agent and the Agent in each jurisdiction (other than England and Wales) in which an Obligor is incorporated and/or which is or is to be the Flag State of Ship H, or in which an Account
            opened at the relevant time is established substantially in the form approved by all of the Lenders prior to signing this Agreement.

        

   

  	6	
          Termination of Golar Eskimo Lease

        

   

  Evidence that the Golar Eskimo Lease has terminated and any amounts due and payable by the Golar Eskimo Lessee thereunder have been paid prior to the relevant Utilisation Date

   

  	7	
          Insurance

        

   

  In relation to Ship H's Insurances:

   

  	

        	(a)	
          an opinion from insurance consultants appointed by the Agent on such Insurances;

        

   

  	

        	(b)	
          evidence that such Insurances have been placed in accordance with clause 24 (Insurance); and

        

   

  	

        	(c)	
          evidence that approved brokers, insurers and/or associations have issued or will issue letters of undertaking in favour of the Security Agent in an approved form in relation to the Insurances.

        

   

  	8	
          Value of security

        

   

  Valuations obtained (not more than 90 days before the relevant Utilisation Date) in accordance with clause 25 (Minimum security value) showing that the
    Security Value will be not less than 115 per cent of the Loan upon execution of the Security Documents specified in paragraph 2 (Security) of this Part 2 of this Schedule and the relevant Utilisation.

   

  
    193

    
      

  

  	9	
          Management Agreement

        

   

  Where a manager of Ship H has been approved in accordance with clause 22.4 (Manager), a copy, certified by an approved person to be a true and complete
    copy, of the agreement between the relevant Owner and the manager relating to the appointment of the manager.

   

  	10	
          Bank Accounts

        

   

  Evidence that any Account required to be established under clause 27 (Bank accounts) has been opened and established, that any Account Security in respect of
    each such Account relative to Ship H  has been executed and delivered by the relevant Account Holder in favour of the Security Agent and that any notice required to be given to the Account Bank under that Account Security has been given to it and
    acknowledged by it in the manner required by that Account Security and that an amount has been credited to it.

   

  	11	
          Share Security

        

   

  The Share Security in respect of the Owner relative to Ship H duly executed by the relevant Holding Company together with all letters, transfers, certificates and other documents required to be
    delivered under the Share Security.

   

  
    194

    
      

  

  Schedule 4

  Utilisation Request

   

  
    	From:	
            Golar Partners Operating LLC

          
	

          	

          
	To:	[●]
	 	 
	Dated:	[●]

  

   

   

  

  Dear Sirs

   

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the
      Agreement)

   

  	1	
          We refer to the Agreement.  This is a Utilisation Request.  Terms defined in the Agreement have the same meaning in this Utilisation Request unless given a different meaning in this Utilisation Request.

        

   

  	2	
          We wish to borrow an Advance on the following terms:

        

   

  
    	
            Proposed Utilisation Date:

          	
            [●] (or, if that is not a Business Day, the next Business Day)

          
	 	 
	
            Amount:

          	
            $[•]

          

  

  

  

  	3	
          We confirm that each condition specified in clause 4.5 (Further conditions precedent) is satisfied on the date of this Utilisation Request.

        

   

  	4	
          The purpose of this Advance is [[●] and its proceeds should be credited to [●]].

        

   

  	5	
          [We request that the first Interest Period for the Loan be [●] months.][We note that the Interest Period for this Advance shall expire on [●].]

        

   

  	6	
          This Utilisation Request is irrevocable.

        

   

  Yours faithfully

   

  

  authorised signatory for

   

  Golar Partners Operating LLC

   

  
    195

    
      

  

  Schedule 5

  

  Selection Notice

  
     
      	From:

            	
              Golar Partners Operating LLC

            
	

            	

            
	To:	[●]
	 	 
	Dated:	[●]
	 	 
	
              Dear Sirs

            	 

    

    

  

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the
      Agreement)

   

  	1	
          We refer to the Agreement.  This is a Selection Notice.  Terms defined in the Agreement have the same meaning in this Selection Notice unless given a different meaning in this Selection Notice.

        

   

  	2	
          We request that the next Interest Period for the Loan be [●] months.

        

   

  	3	
          This Selection Notice is irrevocable.

        

   

  Yours faithfully

   

  
    

  authorised signatory for

   

  Golar Partners Operating LLC

   

  
    196

    
      

  

  Schedule 6

   

  Form of Transfer Certificate

   

  
    
      	To:

            	
              [●] as Agent

            
	

            	

            
	From:	[●] (the Existing Lender) and [●] (the New Lender)
	 	 
	Dated:	

            

    

    

  

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the Agreement)

   

  	1	
          We refer to the Agreement.  This is a Transfer Certificate.  Terms defined in the Agreement have the same meaning in this Transfer Certificate unless given a different meaning in this Transfer Certificate.

        

   

  	2	
          We refer to clause 33.5 (Procedure for assignment):

        

   

  	

        	(a)	
          The Existing Lender assigns absolutely to the New Lender all the rights of the Existing Lender under the Agreement and the other Finance Documents which relate to that portion of the Existing Lender's Commitment(s) and participations in the
            Loans under the Agreement as specified in the Schedule.

        

   

  	

        	(b)	
          The Existing Lender is released from all the obligations of the Existing Lender which correspond to that portion of the Existing Lender's Commitment(s) and participations in the Loans under the Agreement specified in the Schedule.

        

   

  	

        	(c)	
          The New Lender becomes a Party as a Lender and is bound by obligations equivalent to those from which the Existing Lender is released under paragraph (b) above.

        

   

  	

        	(d)	
          The Facility Office and address, fax number and attention details for notices of the New Lender for the purposes of clause 41.2 (Addresses) are set out in the Schedule.

        

   

  	3	
          The proposed Transfer Date is [●].

        

   

  	4	
          The New Lender expressly acknowledges the limitations on the Existing Lender's obligations set out in sub-clause (c) of clause 33.4 (Limitation of responsibility of Existing Lenders).

        

   

  	5	
          This Transfer Certificate may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Transfer Certificate.

        

   

  	6	
          This Transfer Certificate and any non-contractual obligations connected with it are governed by English law.

        

   

  	7	
          This Transfer Certificate has been entered into on the date stated at the beginning of this Transfer Certificate.

        

   

  
    197

    
      

  

  The Schedule

   

  Rights to be assigned and obligations to be released and undertaken

   

  [insert relevant details]

   

  [Facility Office address, fax number and attention details for notices and account details for payments. To also include the Market Entity Identifier for Existing Lender and New Lender.]

   

  

  
    	[Existing Lender]	
            [New Lender]

          
	
             

          	
             

          
	By:

          	
            By:

          

     

  This is accepted by the Agent as a Transfer Certificate and the Transfer Date is confirmed as [•].

   

  Signature of this Transfer Certificate by the Agent constitutes confirmation by the Agent of receipt of notice of the assignment referred to herein, which notice the Agent receives on behalf of each Finance Party.

   

  [Agent]

   

  By:

   

  
    198

    
      

  

  Schedule 7

  

  Form of Compliance Certificate

   

  

    
      	To:

            	
              [●] as Agent

            
	

            	

            
	From:	[Golar LNG Partners LP] (the Company)

       

      

       Dated: [●]

       

      

      
        Dear Sirs

      

    

  

   

  

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the Agreement)

   

  	1	
          I refer to the Agreement.  This is a Compliance Certificate.  Terms defined in the Agreement have the same meaning when used in this Compliance Certificate unless given a different meaning in this Compliance Certificate.

        

   

  	2	
          I confirm that:

        

   

  	

        	(a)	
          the aggregate value of the Free Liquid Assets of the Group is $[●], and was at all times in the period for which the financial statements [and managements accounts] attached hereto relate, not less than the higher of: (i) $30,000,000 and the
            lower of (x) an amount equal to four per cent. of Total Indebtedness on a consolidated basis minus debt in relation to Hilli Episeyo and (y) $50,000,000.

        

   

  	

        	(b)	
          the ratio of EBITDA (including distributable cash in relation to Hilli Episeyo) to Consolidated Debt Service for the previous twelve months has been [●], calculated on a trailing four quarter basis (EBITDA: [●] and Consolidated Debt Service:
            [●]);

        

   

  	

        	(c)	
          the ratio of Net Debt to EBITDA for the previous twelve months has been [●], on a trailing four quarter basis (Net Debt: [●] and EBITDA: [●]); and

        

   

  	

        	(d)	
          the Company’s Consolidated Net Worth is $[●] and was at all times in the period for which the financial statements and management accounts attached hereto relate, greater than $250,000,000.

        

   

  	3	
          [I confirm that no Default is continuing.] [If this statement cannot be made, the certificate should identify any Default that is continuing and the steps, if any, being taken to remedy it.]

        

   

  	4	
          [I confirm that the Borrower is in compliance with the provisions of clause 25 (Minimum security value) of the Facility Agreement and attach evidence demonstrating such compliance over the last twelve
            months.]

        

   

  	5	
          I attach the financial statements and management accounts required to be provided pursuant to clause 19.2 (Financial statements) of the Facility Agreement.

        

   

  Signed by:

   

  
    

  Chief Financial Officer

   

  
    199

    
      

  

  Schedule 8

  Permitted Security Interests

   

  Security Interests covered by (b) of the definition of Permitted Security Interests as at the Utilisation Date

   

  	

        	A.	
          Existing Security Interests as at the Utilisation Date:

        

   

  1.          In relation to each Ship:

   

  	

        	(a)	
          a second mortgage dated on or about the Utilisation Date executed by the relevant Owner of each Ship in favour of Citigroup Global Markets Limited; and

        

   

  	

        	(b)	
          a second assignment deed dated on or about the Utilisation Date executed by the relevant Owner and, where applicable, Bareboat Charterer  in favour of Citigroup Global Markets Limited.

        

   

  2.          In relation to the Golar Eskimo:

   

  	

        	a)	
          an account security deed dated 25 November 2015 and made between Golar Eskimo Corporation as bareboat charterer and Sea 23 Leasing Co. Limited as owner in relation to certain accounts of the bareboat charterer from time to time;

        

   

  	

        	b)	
          an account pledge agreement dated 26 July 2021 and made between Golar Eskimo Corporation as pledgor and Sea 23 Leasing Co. Limited as pledgee in relation to certain accounts of the pledgor from time to time;

        

   

  	

        	c)	
          an assignment of time charter documents relating to m.v. Golar Eskimo dated 25 November 2015 and made between Golar Eskimo Corporation as bareboat charterer and Sea 23 Leasing Co. Limited as owner;

        

   

  	

        	d)	
          a bareboat charter guarantee dated 4 November 2015 and made between Golar LNG Partners LP. as guarantor and Sea 23 Leasing Co. Limited as owner and seller;

        

   

  	

        	e)	
          a general assignment dated 25 November 2015 and made between Golar Eskimo Corporation as bareboat charterer and Sea 23 Leasing Co. Limited as owner;

        

   

  	

        	f)	
          an insurance undertaking dated 25 November 2015 and made by Golar LNG Partners L.P. in favour of Sea 23 Leasing Co. Limited;

        

   

  	

        	g)	
          a manager’s undertaking dated 25 November 2015 made by Golar Management Ltd in favour of Sea 23 Leasing Co. Limited;

        

   

  	

        	(g)	
          a manager’s undertaking dated 25 November 2015 made by Wilhelmsen Ship Management AS in favour of Sea 23 Leasing Co. Limited;

        

   

  	

        	(h)	
          a manager’s undertaking dated 25 November 2015 made by Wilhelmsen Ship Management (Norway) AS in favour of Sea 23 Leasing Co. Limited; and

        

   

  	

        	(i)	
          a shares security dated 25 November 2015 and made between Golar Partners Operating LLC as shareholder and Sea 23 Leasing Co. Limited as charge in relation to the shares in Golar Eskimo Corporation.

        

   

  3.          In relation to the Hilli Episeyo:

   

  
    200

    
      

  

  	

        	a)	
          a shares security dated 12 July 2018 and made between Golar Hilli LLC as shareholder and Fortune Lianjiang Shipping S.A. as chargee in relation to the shares in Golar Hilli Corporation;

        

   

  	

        	b)	
          a general assignment dated 20 June 2018 and made between Golar Hilli Corporation as bareboat charterer and Fortune Lianjiang Shipping S.A. as owner;

        

   

  	

        	c)	
          a bareboat charter guarantee dated 28 November 2018 and made by Golar LNG Partners LP as guarantor in favour of Standard Chartered Bank;

        

   

  	

        	d)	
           a manager’s undertaking dated 20 June 2018 made by Golar Management Norway AS in favour of Fortune Lianjiang Shipping S.A.;

        

   

  	

        	e)	
          a manager’s undertaking dated 20 June 2018 made by Golar Management Ltd in favour of Fortune Lianjiang Shipping S.A.;

        

   

  	

        	f)	
          a corporate guarantee dated 29 November 2016 and made by Golar LNG Limited as guarantor in favour of Standard Chartered Bank;

        

   

  	

        	g)	
          an account security deed dated 20 June 2018 and made between Golar Hilli Corporation as bareboat charterer and Fortune Lianjiang Shipping S.A. as owner in relation to certain accounts of the bareboat charterer from time to time; and

        

   

  	

        	h)	
          an account pledge agreement dated [●] 2021 and made between Golar Hilli Corporation as pledgor and Fortune Lianjiang Shipping S.A.  as pledgee in relation to certain accounts of the pledgor from time to time.

        

   

  	

        	B.	
          Security to be granted in connection with any refinancing of the Golar Eskimo or the Nusantara Regas Satu pursuant to Clause 28.4:

        

   

  Any Security Interest in connection with (a) the Golar Eskimo or the Golar Eskimo Lessee or (b) the Nusantara Regas Satu or the Nusantara Regas Satu Owner which is equivalent to the Security
    Interests in respect of these ships set out in section (A) above.

   

  
    201

    
      

  

  Schedule 9

  Screen Rate Contingency Period

   

  	 	
          Screen Rate

        	 	
          Period

        
	 	 	 	 
	 	
          LIBOR

        	 	
          One month

        
	 	 	 	 

  

  

  
    202

    
      

  

  Schedule 10

  Compounded Rate Terms

   

  	
          Definitions

        	 
	 	 
	
          Additional Business Days:

        	
          An RFR Banking Day.

        
	 	 
	
          Backstop Rate Switch Date:

        	
          31 March 2023 or any other date agreed as such by the Agent, the Lenders and the Borrower.

        
	 	 
	
          Break Costs:

        	
          None.

        
	 	 
	
          Business Day Conventions (definition

          of "Month" and clause 9.3

          (Non‐Business Days)):

        	
          (a)      If any period is expressed to accrue by reference to
              a Month or any number of Months then, in respect of the last Month of that period:

           

            

          (i)          subject to paragraph (iii) below, if the numerically corresponding day is not a Business Day, that period shall end on the next
            Business Day in that calendar month in which that period is to end if there is one, or if there is not, on the immediately preceding Business Day;

           

          

          (ii)         if there is no numerically corresponding day in the calendar month in which that period is to end, that period shall end on the last Business Day in that
            calendar month; and

           

          

          (iii)        if an Interest Period begins on the last Business Day of a calendar month, that Interest Period shall end on the last Business Day in the calendar month in
            which that Interest Period is to end.

           

          

          (b)      If an Interest Period would otherwise end on a day
              which is not a Business Day, that Interest Period will instead end on the next Business Day in that calendar month (if there is one) or the preceding Business Day (if there is not).

          

            (a)      The short‐term interest rate target set by the US Federal Open Market
                Committee as published by the Federal Reserve Bank of New York from time to time; or

          

        

  

  

  
    203

    
      

  

  	
          Central Bank Rate:

        	
          (b)       if that target is not a single figure, the
              arithmetic mean of:

           

            

          (i)         the upper bound of the short‐term interest rate target range set by the US Federal Open Market Committee and published by the Federal Reserve Bank of New York;
            and

           

          

          (ii)          the lower bound of that target range,

           

          

          and shall include any successor rate to, or replacement rate for, that rate which is identified as such in a Compounded Rate Supplement.

        
	 	 
	
          Central Bank Rate Adjustment:

        	
          In relation to the Central Bank Rate prevailing at close of business on any RFR Banking Day, the 20 per cent trimmed arithmetic mean (calculated by the Agent) of the Central Bank Rate Spread for the 5 most
            immediately preceding RFR Banking Days for which the RFR is available.

          For this purpose the Central Bank Rate Spread means, in relation to a RFR Banking Day, the difference expressed as a percentage rate (per annum) calculated by the Agent
            between (a) the RFR for that RFR Banking Day and (b) the Central Bank Rate prevailing at close of business on that RFR Banking Day.

        
	 	 
	
          Credit Adjustment Spread:

        	
          The percentage rate per annum specified in the column entitled "Relevant Spread Adjustment" below for each Relevant Tenor, where "Relevant Tenor" is determined as set out below:

        
	 	 

  
    
      	 	
              Length of

              Interest Period

            	
              Relevant

              Tenor

            	
              Relevant Spread

              Adjustment (%)

            
	 	 	 	 
	 	
              One Month or less

            	
              One Month

            	
              0.11448

            
	 	 	 	 
	 	
              Three Months or less, but greater than one Month

            	
              Three Months

            	
              0.26161

            
	 	 	 	 
	 	
              Greater than three Months

            	
              Six Months

            	
              0.42826

            

    

     

    

    
      204

      
        

    

  

  	 	
          or as otherwise agreed by the Agent (acting on the instructions of the Majority Lenders and each acting reasonably and taking into account guidance from a Relevant Nominating Body) and the Borrower.

           

          

          For this purpose the Relevant Nominating Body means any applicable central bank, regulator or other supervisory authority or a group of them, or any working group or
            committee sponsored or chaired by, or constituted at the request of, any of them or the Financial Stability Board.

        
	 	 
	
          Daily Rate:

        	
          The "Daily Rate" for any RFR Banking Day is:

           

          

          (a)     the RFR for that RFR Banking Day; or

           

            

          (b)     if the RFR is not available for that RFR Banking Day,
              the percentage rate per annum which is the aggregate of:

           

            

          (i)           the Central Bank Rate for that RFR Banking Day; and

           

          

          (ii)          the applicable Central Bank Rate Adjustment; or

           

          

          (c)      if paragraph (b)
              above applies but the Central Bank Rate for that RFR Banking Day is not available, the percentage rate per annum which is the aggregate of:

           

            

          (i)         the most recent Central Bank Rate for a day which is no more than 5 RFR Banking Days before that RFR Banking Day; and

           

          

          (ii)         the applicable Central Bank Rate Adjustment,

           

          

          rounded, in either case, to four decimal places and if, in either case, the aggregate of that rate and the applicable Credit Adjustment Spread is less than zero, the Daily Rate shall be deemed to be such a rate
            that the aggregate of the Daily Rate and the Credit Adjustment Spread is zero.

        
	 	 
	
          Lookback Period:

        	
          Five RFR Banking Days.

        
	 	 
	
          Market Disruption Rate:

        	
          None.

        
	 	 
	
          Relevant Market:

        	
          The market for overnight cash borrowing collateralised by US Government securities.

        
	 	 

  

  

  
    205

    
      

  

  	
          Reporting Day:

        	
          The Business Day which follows the day which is the Lookback Period prior to the last day of the Interest Period.

        
	 	 
	
          RFR:

        	
          The secured overnight financing rate (SOFR) administered by the Federal Reserve Bank of New York (or any other person which takes over the administration of that rate) published by the Federal Reserve Bank of New
            York (or any other person which takes over the publication of that rate).

        
	 	 
	
          RFR Banking Day:

        	
          Any day other than:

           

          

          (a)       a Saturday or Sunday; and

           

            

          (b)     a day on which the Securities Industry and Financial
              Markets Association (or any successor organisation) recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in US Government securities.

        
	 	 
	
          RFR Contingency Period

        	
          Five  Business Days

        
	
          Interest Periods

        	 
	 	 
	
          Length of Interest Period in absence of selection (clause 9.1(c) (Selection of Interest Periods)):

        	
          Three  Months.

        
	 	 
	
          Periods capable of selection as Interest Periods (clause 9.1(d) (Selection of Interest Periods)):

        	
          At any time prior to Completion, three or six Months.

        

  

  

  
    206

    
      

  

  Schedule 11

  Daily Non‐Cumulative Compounded RFR Rate

   

  The "Daily Non‐Cumulative Compounded RFR Rate" for any RFR Banking Day "i" during an Interest Period for a Compounded Rate Loan is the
    percentage rate per annum (without rounding, to the extent reasonably practicable for the Agent, taking into account the capabilities of any software used for that purpose) calculated as set out below:

  

    

  

   

  where:

   

  "UCCDRi" means the Unannualised Cumulative
    Compounded Daily Rate for that RFR Banking Day "i";

   

  "UCCDRi‐1" means, in relation to that RFR
    Banking Day "i", the Unannualised Cumulative Compounded Daily Rate for the immediately preceding RFR Banking Day (if any) during that Interest Period;

   

  "dcc" means 360 or, in any case where market practice in the Relevant Market is to use a different number for quoting the number of days in
    a year, that number;

   

  "ni" means the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day; and

   

  the "Unannualised Cumulative Compounded Daily Rate" for any RFR Banking Day (the "Cumulated RFR Banking Day") during that Interest Period is
    the result of the below calculation (without rounding, to the extent reasonably practicable for the Agent, taking into account the capabilities of any software used for that purpose):

   

  

   

  where:

   

  "ACCDR" means the Annualised Cumulative Compounded Daily Rate for that Cumulated RFR Banking Day;

   

  "tni" means the number of calendar days from, and including,
    the first day of the Cumulation Period to, but excluding, the RFR Banking Day which immediately follows the last day of the Cumulation Period;

   

  "Cumulation Period" means the period from, and including, the first RFR Banking Day of that Interest Period to, and including, that Cumulated RFR Banking Day;

   

  "dcc" has the meaning given to that term above; and

   

  the "Annualised Cumulative Compounded Daily Rate" for that Cumulated RFR Banking Day is the percentage rate per annum (rounded to 4 decimal places) calculated
    as set out below:

   

  

   

  
    207

    
      

  

  where:

   

  "d0" means the number of RFR Banking Days in the Cumulation
    Period;

   

  "Cumulation Period" has the meaning given to that term above;

   

  "i" means a series of whole numbers from one to d0, each representing the
    relevant RFR Banking Day in chronological order in the Cumulation Period; and

   

  "DailyRatei‐LP" means, for any RFR Banking Day "i" in the Cumulation Period, the Daily Rate for the RFR Banking Day which is the applicable Lookback Period prior to that RFR Banking Day "i".

   

  "ni" means, for any RFR Banking Day "i" in the Cumulation Period, the number of calendar days from, and including, that RFR Banking Day "i" up to, but excluding, the following RFR Banking Day;

   

  "dcc" has the meaning given to that term above; and

   

  "tni" has the meaning given to that term above.

   

  
    208

    
      

  

  Schedule 12

  Form of Accession Letter – Additional Guarantor

   

  
    
      	To: 

            	
              [●] as Agent

            
	

            	

            
	From:	
              Golar Eskimo Corporation as Additional Guarantor

            
	 	 
	Dated:	[●]
	 	 
	
              
                Dear Sirs

              

            	 

    

    

  

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the Agreement)

   

  	1	
          We refer to the Agreement.  This is an Accession Letter.  Terms defined in the Agreement have the same meaning in this Accession Letter unless given a different meaning in this Accession Letter.

        

   

  	2	
          Golar Eskimo Corporation agrees to become the Additional Guarantor and to be bound by the terms of the Agreement as the Additional Guarantor pursuant to clause 34.2 (Additional Guarantor) of the
            Agreement.

        

   

  	3	
          Golar Eskimo Corporation is a limited liability company duly formed under the laws of the Marshall Islands.

        

   

  	4	
          Golar Eskimo Corporation’s administrative details are as set out in Schedule 13 to the Agreement.

        

   

  	5	
          Golar Eskimo Corporation intends to give a guarantee and indemnity under the terms of clause 17 (Guarantee and indemnity) of the Agreement.

        

   

  	6	
          This Accession Letter and any non-contractual obligations arising out of or in connection with it are governed by English law.

        

   

  	7	
          This Accession Letter is entered into as a deed.

        

   

  
    	
            EXECUTED as a DEED 

            

          	)

          	 
	for and on behalf of 

          	)

          	 
	
            GOLAR ESKIMO CORPORATION

          	)

          	Attorney-in-fact
	
            under a power of attorney dated [●] Attorney-in-fact

            in the presence of:

          	)

          	 

  

   

  

  
    

  Witness

  Name:

  Address:

  Occupation:

   

  
    209

    
      

  

  Schedule 13

  Additional Guarantor and Ship H

   

  The Additional Guarantor

   

  	 	
          Name:

        	 	
          Golar Eskimo Corporation

        	 
	 	 	 	 	 
	 	
          Original Jurisdiction

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Registration number (or equivalent, if any)

        	 	
          60998

        	 
	 	 	 	 	 
	 	
          English process agent (if not incorporated in England)

        	 	
          Golar Management Ltd

        	 
	 	 	 	 	 
	 	
          Registered office

        	 	
          Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960

        	 
	 	 	 	 	 
	 	
          Address for service of notices

        	 	
          6th Floor, The Zig Zag, 70 Victoria Street, London, SW1E 6SQ, England

        	 
	 	 	 	 	 

  

  

  Ship H

   

  	 	
          Name of Ship:

        	 	
          Golar Eskimo

        	 
	 	 	 	 	 
	 	
          Capacity:

        	 	
          160,000 cbm

        	 
	 	 	 	 	 
	 	
          Year built:

        	 	
          2014

        	 
	 	 	 	 	 
	 	
          Type of Ship:

        	 	
          Floating storage and regasification vessel

        	 
	 	 	 	 	 
	 	
          Owner:

        	 	
          Golar Eskimo Corporation

        	 
	 	 	 	 	 
	 	
          Flag State:

        	 	
          Marshall Islands

        	 
	 	 	 	 	 
	 	
          Port of Registry:

        	 	
          Majuro

        	 
	 	 	 	 	 
	 	
          IMO Number:

        	 	
          9624940

        	 
	 	 	 	 	 
	 	
          Time Charter description:

        	 	
          The FSRU Lease Agreement entered into in 2013 between The Government of the Hashemite Kingdom of Jordan, represented by the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan and Golar
            Eskimo Corporation

        	 
	 	 	 	 	 
	 	
          Time Charterer:

        	 	
          The Government of the Hashemite Kingdom of Jordan, represented by the Ministry of Energy and Mineral Resources of the Hashemite Kingdom of Jordan

        	 
	 	 	 	 	 
	 	
          Classification:

        	 	
          ✠ 1A1 Tanker for liquefied gas BIS Clean COAT-PSPC(B) COMF (C-3, V-2) CSA(2) E0 Gas fuelled NAUT(OC) NAUTICUS(Newbuilding)
              Recylcable REGAS(2) TMON

        	 
	 	 	 	 	 
	 	
          Classification Society:

        	 	
          DNVGL

        	 
	 	 	 	 	 
	 	
          Major Casualty Amount:

        	 	
          $10,000,000

        	 
	 	 	 	 	 

  

  

  
    210

    
      

  

  Schedule 14

  Form of Increase Confirmation

   

  
    
      
        	To: 

              	[●] as Agent, and
	

              	

              
	From:	
                
                  the [Accordion] Lender[s] (the [Accordion] Lender[s]) and the Borrower

                

              
	 	 
	Dated:	[●]
	 	 
	
                
                  Dear Sirs

                

              	 

      

    

  

   

  Up to $725,000,000 Facility Agreement dated [●] 2021 (the Agreement)

   

  	1	
          We refer to the Agreement. This is an Increase Confirmation. Terms defined in the Agreement have the same meaning in this Increase Confirmation unless given a different meaning in this Increase Confirmation.

        

   

  	2	
          We refer to clause [2.3 (Ship H)][clause 2.4 (Additional Advances)] of the Agreement.

        

   

  	3	
          The [Accordion] Lender[s] agree[s] to assume and will assume all of the obligations corresponding to the Commitment specified in the Schedule (the Relevant Commitment) [as if it was an Original Lender
            under the Agreement].

        

   

  	4	
          The proposed date on which the increase in relation to the [Accordion] Lender[s] and the Relevant Commitment is to take effect (the Increase Date) is [●].

        

   

  	5	
          [On the Increase Date, the Accordion Lender[s] become[s] a party to the relevant Finance Documents as a Lender.]

        

   

  	6	
          The repayment instalments for the purposes of clause 6.2(a) of the Agreement shall be:

        

   

  	 	
          Repayment Date

        	
          Amount ($)

        
	 	 	 
	 	
          First to Twelfth

        	
          [●]

        
	 	 	 

  

  

  	7	
          [The Facility Office and address and attention details for notices to the Accordion Lender for the purposes of clause 41.2 (Addresses) are set out in the Schedule.]

        

   

  	8	
          This Increase Confirmation may be executed in any number of counterparts and this has the same effect as if the signatures on the counterparts were on a single copy of this Increase
            Confirmation.

        

   

  	9	
          This Increase Confirmation and any non‐contractual obligations arising out of or in connection with it are governed by English law.

        

   

  	10	
          This Increase Confirmation has been entered into on the date stated at the beginning of this Increase Confirmation.

        

   

  
    211

    
      

  

  The Borrower

   

  GOLAR PARTNERS OPERATING LLC

   

  By:

   

  Name:

   

  Title:

   

  [Lender/Accordion Lender]

   

  

  [Insert name of Lender/Accordion Lender]

   

  By:

   

  Name:

   

  Title:

  

  

  
    212

    
      

  

  Signatures

   

  The Borrower

    

  

  GOLAR PARTNERS OPERATING LLC

   

  

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  The Parent

   

  GOLAR LNG PARTNERS LP

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  
    
      

  

  The Guarantors

   

  GOLAR LNG PARTNERS LP

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR LNG HOLDING CO.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR FREEZE HOLDING CO.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR HULL M2024 CORPORATION

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR GRAND CORPORATION

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  
    
      

  

  GOLAR 2226 UK LIMITED

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR HULL M2031 CORP.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR LNG 2234 LLC

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR SPIRIT CORPORATION

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR SPIRIT UK LTD.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR WINTER CORPORATION

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR WINTER UK LTD.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR LNG 2215 CORPORATION

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  GOLAR 2215 UK LTD.

   

  By: /s/ Cameron MacDougall

   

  Name: Cameron MacDougall

   

  Title: Attorney in fact

   

  
    
      

  

  The Mandated Lead Arrangers

   

  CITIGROUP GLOBAL MARKETS LIMITED

   

  By: /s/ Andrew Mason

   

  Name: Andrew Mason

   

  Title: Director

  

  

  MORGAN STANLEY SENIOR FUNDING, INC.

   

  By: /s/ Maya Venkatraman

   

  Name: Maya Venkatraman

   

  Title: Authorized Signatory

   

  HSBC BANK USA, N.A.

   

  By: /s/ James Edmons

   

  Name: James Edmons

   

  Title: Director

   

  The Arranger

   

  GOLDMAN SACHS BANK USA

   

  By: /s/ Jacob Elder

   

  Name: Jacob Elder

   

  Title: Authorized Signatory

   

  
    
      

  

  The Bookrunners

   

  CITIGROUP GLOBAL MARKETS LIMITED

   

  By: /s/ Andrew Mason

   

  Name: Andrew Mason

   

  Title: Director

   

  MORGAN STANLEY SENIOR FUNDING, INC.

   

  By: /s/ Maya Venkatraman

   

  Name: Maya Venkatraman

   

  Title: Authorized Signatory

   

  
    
      

  

  The Co-ordinators

   

  CITIGROUP GLOBAL MARKETS LIMITED

   

  By: /s/ Andrew Mason

   

  Name: Andrew Mason

   

  Title: Director

   

  MORGAN STANLEY SENIOR FUNDING, INC.

   

  By: /s/ Maya Venkatraman

   

  Name: Maya Venkatraman

   

  Title: Authorized Signatory

   

  
    
      

  

  The Agent

   

  CITIBANK EUROPE PLC, UK BRANCH

   

  By: /s/ Gary Brine

   

  Name: Gary Brine

   

  Title: Vice President

   

  The Security Agent

   

  CITIBANK N.A., LONDON BRANCH

   

  By: /s/ Vanessa Evans

   

  Name: Vanessa Evans

   

  Title: Vice President

   

  
    
      

  

  The Lenders

   

  CITIBANK, N.A.

   

  By: /s/ Andrew Mason

   

  Name: Andrew Mason

   

  Title: Director

   

  MORGAN STANLEY SENIOR FUNDING, INC.

   

  By: /s/ Maya Venkatraman

   

  Name: Maya Venkatraman

   

  Title: Authorized Signatory

   

  HSBC BANK USA, N.A.

   

  By: /s/ James Edmons

   

  Name: James Edmons

   

  Title: Director

   

  GOLDMAN SACHS BANK USA

   

  By: /s/ Jacob Elder

   

  Name: Jacob Elder

   

  Title: Authorized SignatoryExhibit 4.1

          

        

    
      	
              
                Execution Version 

                

              

            

    

    

       

  

   
  New Jersey Natural Gas Company

   
   

   
  $50,000,000 2.97% Senior Notes, Series 2021A, due October 30, 2051

   
  $50,000,000 3.07% Senior Notes, Series 2021B, due October 28, 2061

   
   

   
  
    

     

       

  

   
  Note Purchase Agreement

   
   

     

   
  
    
 

   
   

   
  Dated as of October 28, 2021

   
    
    	
             

          

     

       

  

   
  
    
      

  

  TABLE OF CONTENTS

   
   

   
  (Not a part of the Agreement)

   
   

   
  	
          Section

        	 	
          Heading

        	
          Page

        
	 	 	 	 	 
	
          SECTION 1.

        	
          AUTHORIZATION OF NOTES

        	
          1

        
	 	 	 
	
          SECTION 2.

        	
          SALE AND PURCHASE OF NOTES AND SECURITY FOR THE NOTES

        	
          1

        
	 	 	 	 
	 	
          Section 2.1.

        	
          Sale and Purchase of Notes

        	
          1

        
	 	
          Section 2.2.

        	
          Security for the Notes; First Mortgage Bonds

        	2
	 	 	 	 	 
	
          SECTION 3.

        	
          CLOSING

        	3
	 	 	 	 
	
          SECTION 4.

        	
          CONDITIONS TO CLOSING

        	
          3

        
	 	 	 
	 	
          Section 4.1.

        	
          Representations and Warranties

        	
          3

        
	 	
          Section 4.2.

        	
          Performance; No Default

        	
          3

        
	 	
          Section 4.3.

        	
          Compliance Certificates

        	
          3

        
	 	
          Section 4.4.

        	
          Opinions of Counsel

        	
          4

        
	 	
          Section 4.5.

        	
          Purchase Permitted by Applicable Law, Etc.

        	
          4

        
	 	
          Section 4.6.

        	
          Related Transactions

        	
          4

        
	 	
          Section 4.7.

        	
          Payment of Special Counsel Fees

        	
          4

        
	 	
          Section 4.8.

        	
          Private Placement Number

        	
          4

        
	 	
          Section 4.9.

        	
          Changes in Corporate Structure

        	
          4

        
	 	
          Section 4.10.

        	
          Funding Instructions

        	5
	 	
          Section 4.11.

        	
          Board Approval

        	
          5

        
	 	
          Section 4.12.

        	
          First Mortgage Bonds and Supplemental Indenture

        	
          5

        
	 	
          Section 4.13.

        	
          Proceedings and Documents

        	
          5

        
	 	 	 	 
	
          SECTION 5.

        	
          REPRESENTATIONS AND WARRANTIES OF THE COMPANY

        	
          6

        
	 	 	 
	 	
          Section 5.1.

        	
          Organization; Power and Authority

        	
          6

        
	 	
          Section 5.2.

        	
          Authorization, Etc

        	
          6

        
	 	
          Section 5.3.

        	
          Disclosure

        	
          6

        
	 	
          Section 5.4.

        	
          Organization and Ownership of Shares of Subsidiaries

        	
          6

        
	 	
          Section 5.5.

        	
          Financial Statements

        	7
	 	
          Section 5.6.

        	
          Compliance with Laws, Other Instruments, Etc.

        	
          7

        
	 	
          Section 5.7.

        	
          Governmental Authorizations, Etc.

        	
          7

        
	 	
          Section 5.8.

        	
          Litigation; Observance of Statutes and Orders

        	
          7

        
	 	
          Section 5.9.

        	
          Taxes

        	8
	 	
          Section 5.10.

        	
          Title to Property; Leases

        	
          8

        
	 	
          Section 5.11.

        	
          Licenses, Permits, Etc.

        	
          8

        
	 	
          Section 5.12.

        	
          Compliance with ERISA

        	
          8

        

   
  

     

   
  
    -i-

    
      

  

   
  	 	
          Section 5.13.

           

        	
          Private Offering by the Company

        	
          9

        
	 	
          Section 5.14.

           

        	
          Use of Proceeds; Margin Regulations

        	
          9

        
	 	
          Section 5.15.

           

        	
          Existing Debt

        	
          9

        
	 	
          Section 5.16.

           

        	
          Foreign Assets Control Regulations, Etc

        	
          10

        
	 	
          Section 5.17.

           

        	
          Status under Certain Statutes

        	
          11

        
	 	
          Section 5.18.

           

        	
          Environmental Matters

        	
          11

        
	 	
          Section 5.19.

           

        	
          Perfection of Liens

        	
          11

        
	 	
          Section 5.20.

           

        	
          First Mortgage Bonds Pari Passu

        	
          12

        
	 	
          Section 5.21.

           

        	
          No Event of Default

        	
          12

        
	 	

        	 	 	 
	
          SECTION 6.

        	
          REPRESENTATIONS OF THE PURCHASERS

        	
          12

        
	 	

        	 	 	 
	 	
          Section 6.1.

        	
          Purchase for Investment

        	
          12

        
	 	
          Section 6.2.

           

        	
          Source of Funds

        	
          12

        
	 	 	 	 	 
	
          SECTION 7.

        	
          INFORMATION AS TO COMPANY

        	
          14

        
	 	 	 	 	 
	 	
          Section 7.1.

           

        	
          Financial and Business Information

        	
          14

        
	 	
          Section 7.2.

        	
          Officer’s Certificate

        	
          16

        
	 	
          Section 7.3.

        	
          Inspection

        	
          17

        
	 	
          Section 7.4. 

        	
          Electronic Delivery

        	
          17

        
	 	 	 	 	 
	
          SECTION 8.

        	
          PREPAYMENT OF THE NOTES

        	
          18

        
	 	 	 	 	 
	 	
          Section 8.1.

        	
          Required Prepayments

        	
          18

        
	 	
          Section 8.2.

           

        	
          Required Prepayment—Condemnation; Required Sale

        	
          18

        
	 	
          Section 8.3.

           

        	
          Optional Prepayments with and Without Make-Whole Amount

        	19
	 	
          Section 8.4.

           

        	
          Allocation of Partial Prepayments

        	
          19

        
	 	
          Section 8.5.

           

        	
          Maturity; Surrender, Etc.

        	
          19

        
	 	
          Section 8.6.

           

        	
          Purchase of Notes

        	
          20

        
	 	
          Section 8.7.

           

        	
          Make-Whole Amount for Notes

        	
          20

        
	 	
          Section 8.8.

           

        	
          Offer to Prepay upon Asset Disposition

        	
          22

        
	 	
          Section 8.9.

           

        	
          Offer to Prepay in the Event of a Change of Control

        	
          22

        
	 	 	 	 	 
	
          SECTION 9.

        	
          AFFIRMATIVE COVENANTS

        	
          23

        
	 	 	 	 	 
	 	
          Section 9.1.

           

        	
          Compliance with Laws

        	
          23

        
	 	
          Section 9.2.

           

        	
          Insurance

        	
          23

        
	 	
          Section 9.3.

           

        	
          Maintenance of Properties

        	
          24

        
	 	
          Section 9.4.

           

        	
          Payment of Taxes and Claims

        	
          24

        
	 	
          Section 9.5.

           

        	
          Corporate Existence, Etc.

        	
          24

        
	 	
          Section 9.6.

           

        	
          Regulated Nature

        	
          24

        
	 	
          Section 9.7.

           

        	
          Evidence of Recorded Supplemental Indentures

        	
          24

        
	 	 	 	 	 
	
          SECTION 10.

        	
          NEGATIVE COVENANTS

        	
          24

        
	 	 	 	 	 
	 	
          Section 10.1.

           

        	
          [Reserved]

        	
          24

        
	 	
          Section 10.2.

           

        	
          Liens

        	
          24

        

   
  

     

   
  
    -ii-

    
      

  

   
  	 	
          Section 10.3.

        	
          Restricted Payments

        	
          27

        
	 	
          Section 10.4.

        	
          [RESERVED]

        	
          27

        
	 	
          Section 10.5.

        	
          Sale of Assets, Etc.

        	
          27

        
	 	
          Section 10.6.

        	
          Merger, Consolidation, Etc.

        	
          27

        
	 	
          Section 10.7.

        	
          [RESERVED]

        	
          28

        
	 	
          Section 10.8.

        	
          Limitations on Subsidiaries, Partnerships and Joint Ventures

        	
          28

        
	 	
          Section 10.9.

        	
          Limitation on Certain Leases

        	
          28

        
	 	
          Section 10.10.

        	
          Nature of Business

        	
          29

        
	 	
          Section 10.11.

        	
          Transactions with Affiliates

        	
          29

        
	 	
          Section 10.12.

        	
          [RESERVED]

        	
          29

        
	 	
          Section 10.13.

        	
          Economic Sanctions, Etc

        	
          29

        
	 	 	 	 	 
	
          SECTION 11.

        	
          EVENTS OF DEFAULT

        	
          29

        
	 	 	 	 	 
	 	 	 	 	 
	
          SECTION 12.

        	
          REMEDIES ON DEFAULT, ETC.

        	
          32

        
	 	 	 	 	 
	 	
          Section 12.1.

        	
          Acceleration

        	
          32

        
	 	
          Section 12.2.

        	
          Other Remedies

        	
          33

        
	 	
          Section 12.3.

        	
          Rescission

        	
          33

        
	 	
          Section 12.4.

        	
          No Waivers or Election of Remedies, Expenses, Etc.

        	
          33

        
	 	 	 	 	 
	
          SECTION 13.

        	
          REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES

        	34
	 	 	 	 	 
	 	
          Section 13.1.

        	
          Registration of Notes

        	
          33

        
	 	
          Section 13.2.

        	
          Transfer and Exchange of Notes

        	
          34

        
	 	
          Section 13.3.

        	
          Replacement of Notes

        	
          34

        
	 	 	 	 	 
	
          SECTION 14.

        	
          PAYMENTS ON NOTES

        	
          35

        
	 	 	 	 	 
	 	
          Section 14.1.

        	
          Place of Payment

        	
          35

        
	 	
          Section 14.2.

        	
          Home Office Payment

        	
          35

        
	 	
          Section 14.3.

        	
          FATCA Information

        	
          35

        
	 	 	 	 	 
	
          SECTION 15.

        	
          EXPENSES, ETC.

        	
          36

        
	 	 	 	 	 
	 	
          Section 15.1.

        	
          Transaction Expenses

        	
          36

        
	 	
          Section 15.2.

        	
          Certain Taxes

        	
          36

        
	 	
          Section 15.3.

        	
          Survival

        	
          37

        
	 	 	 	 	 
	
          SECTION 16.

        	
          SURVIVAL OF REPRESENTATIONS AND WARRANTIES; ENTIRE AGREEMENT

        	
          37

        
	 	 	 	 	 
	 	 	 	 	 
	
          SECTION 17.

        	
          AMENDMENT AND WAIVER

        	
          37

        
	 	 	 	 	 
	 	
          Section 17.1.

        	
          Requirements

        	
          37

        
	 	
          Section 17.2.

        	
          Solicitation of Purchasers and Holders of Notes

        	
          37

        
	 	
          Section 17.3.

        	
          Binding Effect, Etc.

        	
          38

        
	 	
          Section 17.4.

        	
          Notes Held by Company, Etc.

        	
          38

        

   
  

     

   
  
    -iii-

    
      

  

   
  	
          SECTION 18.

        	
          NOTICES

        	
          38

        
	 	 	 	 
	
          SECTION 19.

        	
          REPRODUCTION OF DOCUMENTS

        	
          39

        
	 	 	 	 
	
          SECTION 20.

        	
          CONFIDENTIAL INFORMATION

        	40
	 	 	 	 
	
          SECTION 21.

        	
          SUBSTITUTION OF PURCHASER

        	
          41

        
	 	 	 	 
	
          SECTION 22.

        	
          MISCELLANEOUS

        	
          41

        
	 	 	 	 
	 	
          Section 22.1.

        	
          Successors and Assigns

        	
          41

        
	 	
          Section 22.2.

        	
          Submission to Jurisdiction; Waiver of Jury Trial

        	
          41

        
	 	
          Section 22.3.

        	
          Payments Due on Non-Business Days

        	
          42

        
	 	
          Section 22.4.

        	
          Accounting Terms

        	
          42

        
	 	
          Section 22.5.

        	
          Severability

        	
          42

        
	 	
          Section 22.6.

        	
          Construction

        	
          43

        
	 	
          Section 22.7.

        	
          Counterparts; Electronic Contracting

        	
          43

        
	 	
          Section 22.8.

        	
          Governing Law

        	
          43

        
	 	 	 	 
	
          SECTION 23.

        	
          APPOINTMENT AND DIRECTION OF COLLATERAL AGENT

        	
          43

        
	 	 	 	 
	 	
          Section 23.1.

        	
          Appointment and Authority; Direction

        	
          43

        
	 	
          Section 23.2.

        	
          Limited Agency

        	
          44

        
	 	
          Section 23.3.

        	
          Delegation of Duties

        	
          44

        
	 	
          Section 23.4.

        	
          Exculpatory Provisions

        	
          44

        
	 	
          Section 23.5.

        	
          Reliance by Collateral Agent

        	45
	 	
          Section 23.6.

        	
          Indemnification

        	
          45

        
	 	
          Section 23.7.

        	
          Duties; Obligations

        	
          45

        
	 	
          Section 23.8.

        	
          Requesting Instructions

        	
          45

        
	 	
          Section 23.9.

        	
          Administrative Actions

        	
          45

        
	 	
          Section 23.10.

        	
          Exercise of Remedies

        	
          46

        
	 	
          Section 23.11.

        	
          Sharing and Application of Proceeds

        	
          46

        
	 	
          Section 23.12.

        	
          Resignation or Termination of Collateral Agent

        	47
	 	
          Section 23.13.

        	
          Succession of Successor Collateral Agent

        	
          47

        
	 	
          Section 23.14.

        	
          Eligibility of Collateral Agent

        	
          47

        
	 	
          Section 23.15.

        	
          Successor Collateral Agent by Merger

        	
          47

        
	 	
          Section 23.16.

        	
          Compensation and Reimbursement of Collateral Agent

        	
          48

        
	 	
          Section 23.17.

        	
          Self Dealing

        	
          48

        
	 	
          Section 23.18.

        	 	
          Third Party Beneficiary

        	48

   
  

     

   
  
    -iv-

    
      

  

  
    	
            Attachments to Note Purchase Agreement

          
	 
	
            Schedule A

          	
            —

          	
            Information Relating to Purchasers

          
	 	 	 
	
            Schedule B

          	
            —

          	
            Defined Terms

          
	 	 	 
	
            Schedule 4.9

          	
            —

          	
            Changes in Corporate Structure

          
	 	 	 
	
            Schedule 5.3

          	
            —

          	
            Disclosure Materials

          
	 	 	 
	
            Schedule 5.5

          	
            —

          	
            Financials

          
	 	 	 
	
            Schedule 5.8

          	
            —

          	
            Certain Litigation

          
	 	 	 
	
            Schedule 5.11

          	
            —

          	
            Patents, Etc.

          
	 	 	 
	
            Schedule 5.14

          	
            —

          	
            Use of Proceeds

          
	 	 	 
	
            Schedule 5.15

          	
            —

          	
            Existing Debt

          
	 	 	 
	
            Exhibit 1(a)

          	
            —

          	
            Form of 2.97% Senior Notes, Series 2021A, due October 30, 2051

          
	 	 	 
	
            Exhibit 1(b)

          	
            —

          	
            Form of 3.07% Senior Notes, Series 2021B, due October 28, 2061

          
	 	 	 
	
            Exhibit 2

          	
            —

          	
            Form of Supplemental Indenture

          
	 	 	 
	
            Exhibit 4.4(a)

          	
            —

          	
            Form of Opinion of Special Counsel to the Company

          
	 	 	 
	
            Exhibit 4.4(b)

          	
            —

          	
            Form of Opinion of Special Counsel to the Purchasers

          

  

   

    

  
    -v-

    
      

  

  New Jersey Natural Gas Company

   
  1415 Wyckoff Road

   
  Wall, New Jersey 07719

   
  

     

   
  $50,000,000 2.97% Senior Notes, Series 2021A, due October 30, 2051

   
  $50,000,000 3.07% Senior Notes, Series 2021B, due October 28, 2061

   
  

     

   
  Dated as of October 28, 2021

   
   

   
  To the Purchasers Listed in

     
  the Attached Schedule A Hereto:

   
   

   
  Ladies and Gentlemen:

   
   

   
  New Jersey Natural Gas Company, a New Jersey corporation (the “Company”), agrees with each of you as follows:

   
   

   
  Section 1.           Authorization of Notes.

   
   

   
  The Company will authorize the issue and sale of $100,000,000 aggregate principal amount of its senior notes consisting of (a) $50,000,000 aggregate
    principal amount of its 2.97% Senior Notes, Series 2021A, due October 30, 2051 (the “Series A Notes”) and (b) $50,000,000 aggregate principal amount of its 3.07% Senior Notes, Series 2021B, due October 28, 2061
    (the “Series B Notes” and together with the Series A Notes, the “Notes” such term shall also include any such Series A Notes or Series B Notes issued in substitution
    therefor pursuant to Section 13 of this Agreement). The Series A Notes and the Series B Notes shall be substantially in the form set out in Exhibit 1(a) and Exhibit 1(b), respectively, with such changes therefrom, if any, as may be approved by the Purchasers and the Company.  Certain capitalized terms used in this Agreement are defined in Schedule B; references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement.  References to a “Section” are references to a Section of this Agreement unless otherwise
    specified.

   
   

   
  Section 2.           Sale and Purchase of Notes and Security for the Notes.

   
   

   
  Section 2.1          Sale and Purchase of Notes.  Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the
      Company, at the Closing provided for in Section 3, Notes of the series and in the principal amount specified opposite such Purchaser’s name in Schedule A at the
      purchase price of 100% of the principal amount thereof.  Each Purchaser’s obligations hereunder are several and not joint obligations and no Purchaser shall have any obligation or liability to any Person for the performance or non-performance by any
      other Purchaser hereunder.

   
   

   
  
    
      

  

  Section 2.2          Security for the Notes; First Mortgage Bonds.  (a) The Notes of each series shall be secured by an equal principal amount of the related First Mortgage Bonds issued by the Company
      under the Mortgage Indenture to U.S. Bank National Association, as collateral agent for the holders of the Notes.  The First Mortgage Bonds will rank pari passu with all other existing and future first
      mortgage bonds issued pursuant to the Mortgage Indenture.

   
   

   
  (b)     Terms of First Mortgage Bonds.  The First Mortgage Bonds of each series will have the same stated
    interest rate, interest payment dates, stated maturity and redemption provisions (including Make-Whole Amount, if any), and will be in the same aggregate principal amount, as the related Notes.  Payments of the principal of, Make-Whole Amount, if any,
    and interest on the Notes of a series shall be deemed to satisfy and discharge the Company’s obligation to make such payments on the related First Mortgage Bonds.  Principal of, Make-Whole Amount, if any, and interest on the First Mortgage Bonds are
    payable at the principal office of the Mortgage Trustee in Edison, New Jersey or at the Company’s option at the principal office of the Collateral Agent.

   
   

   
  (c)      Parallel Payments of Notes and First Mortgage Bonds.  The First Mortgage Bonds of each series shall
    contain optional and mandatory redemption provisions (including Make-Whole Amount, if any) which correspond to the optional and mandatory prepayment provisions of the related Notes.  In addition, the First Mortgage Bonds shall be subject to mandatory
    redemption if the Company or the Mortgage Trustee is notified that an Event of Default under this Agreement has occurred and is continuing and that the principal amount of all Notes then outstanding has become due and payable in accordance with this
    Agreement.  

   
   

   
  (1)     In the event the Company elects to or is required to prepay the Notes, in whole or in part, in accordance with the provisions
    of this Agreement, the Company’s obligations with respect to a principal amount of related First Mortgage Bonds equal to the principal amount of such Notes being prepaid will, upon prepayment of such Notes, be satisfied and discharged, and the
    Collateral Agent shall deliver corresponding First Mortgage Bonds in a principal amount equal to the principal amount of the Notes so prepaid to the Company for further delivery to the Mortgage Trustee for cancellation.

   
   

   
  (2)     In the event the Company elects to or is required to redeem First Mortgage Bonds in whole or in part, in accordance with the
    provisions of the Mortgage Indenture, the Company shall prepay a principal amount of the related Notes equal to the principal amount of such First Mortgage Bonds being redeemed in accordance with the provisions of Section

      8.2 or Section 8.3, as applicable, and the Company’s obligation in respect of First Mortgage Bonds equal to the principal amount of such prepaid Notes will be satisfied and discharged, and the
    Collateral Agent shall deliver corresponding First Mortgage Bonds in a principal amount equal to the principal amount of such Notes so prepaid to the Company for further delivery to the Mortgage Trustee for cancellation.

   
   

   
  
    -2-

    
      

  

  Section 3.           Closing.

   
   

   
  The sale and purchase of the Notes to be purchased by the Purchasers shall occur at the offices of Schiff Hardin LLP, 1185 Sixth Avenue, Suite 3000, New
    York, New York 10036, at 11:00 a.m., New York, New York time, at a closing (the “Closing”) on October 28, 2021. At the Closing, the Company will deliver to each Purchaser the Notes to be purchased by such
    Purchaser in the form of a single Note of the applicable series (or such greater number of Notes of such series in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name
    (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company
    in accordance with the funding instructions provided pursuant to Section 4.10.  If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further
    obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such nonfulfillment.

   
   

   
  Section 4.           Conditions to Closing.

   
   

   
  Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such
    Purchaser’s satisfaction, prior to or at the Closing, of the following conditions:

   
   

   
  Section 4.1         Representations and Warranties.  (a) The representations and warranties of the Company in this Agreement shall be true and correct at the time of the Closing, except for any
      representation or warranty that by its terms speaks as of a particular time, in which case such representation or warranty shall have been correct as of that time, and (b) the representations and warranties of the Company in the Mortgage Indenture
      (including the Supplemental Indenture) and the First Mortgage Bond Documents to which it is a party shall be correct upon execution and delivery of such First Mortgage Bond Documents at the time of the Closing.

   
   

   
  Section 4.2          Performance; No Default.  The Company shall have performed and complied with all agreements and conditions contained in this Agreement, the Mortgage Indenture (including the
      Supplemental Indenture) and the First Mortgage Bond Documents to which it is a party required to be performed or complied with by it prior to or at the Closing, before and after giving effect to the issue and sale of the Notes (and the application of
      the proceeds thereof as contemplated by Schedule 5.14) and the issue of the First Mortgage Bonds, no Default or Event of Default shall have occurred and be continuing.

   
   

   
  Section 4.3          Compliance Certificates.

   
   

   
  (a)     Officer’s Certificate.  The Company shall have delivered to such Purchaser an Officer’s Certificate,
    dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

   
   

   
  (b)     Secretary’s Certificate.  The Company shall have delivered to such Purchaser a certificate of its
    Secretary, dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of this Agreement, the Supplemental Indenture, the First Mortgage Bond
    Documents to which it is a party, the Notes and the First Mortgage Bonds and (ii) the Company’s organizational documents as then in effect.

   
   

   
  
    -3-

    
      

  

  Section 4.4          Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance satisfactory to such Purchaser, dated the date of the Closing (a) from Richard Reich, Esq.,
      Senior Vice President and General Counsel of the Company, and Troutman Pepper Hamilton Sanders LLP, special counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other
      matters incident to the transactions contemplated hereby as such Purchaser or special counsel to the Purchasers may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to such Purchaser) and (b) from Schiff Hardin
      LLP, special counsel to the Purchasers in connection with such transactions, covering the matters set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser may
      reasonably request.

   
   

   
  Section 4.5       Purchase Permitted by Applicable Law, Etc.  On the date of the Closing, such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to
      which such Purchaser is subject, without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the particular investment, (b)
      not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or liability under or pursuant to any
      applicable law or regulation.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser may reasonably specify to enable it to determine whether such purchase
      is so permitted.

   
   

   
  Section 4.6          Related Transactions.  The Company shall have consummated the sale of the entire principal amount of the Notes scheduled to be sold on the date of the Closing pursuant to this
      Agreement and delivered the First Mortgage Bonds to the Collateral Agent pursuant to this Agreement and the Supplemental Indenture. 

   
   

   
  Section 4.7          Payment of Special Counsel Fees.  Without limiting the provisions of Section 15.1, the Company shall have paid on or before the Closing the
      reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4(b) to the extent reflected in a statement of such counsel rendered to the Company at least one Business
      Day prior to the Closing.

   
   

   
  Section 4.8         Private Placement Number.  A Private Placement Number issued by CUSIP Global Services (in cooperation with the SVO) shall have been obtained for each series of the Notes.

   
   

   
  Section 4.9          Changes in Corporate Structure.  Except as specified in Schedule 4.9, the Company shall not have changed its jurisdiction of incorporation
      or been a party to any merger or consolidation and shall not have succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

   
   

   
  
    -4-

    
      

  

  Section 4.10        Funding Instructions.  At least five Business Days prior to the date of the Closing, such Purchaser shall have received written instructions executed by an authorized financial
      officer of the Company on letterhead of the Company directing the manner of the payment of funds and setting forth (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number, (c) the account name and number into which the
      purchase price for the Notes is to be deposited and (d) the name and telephone number of the account representative at the Company responsible for (1) verifying receipt of such funds and (2) verifying the information set forth in the instructions. 
      Such Purchaser has the right, but not the obligation, upon written notice (which may be by email) to the Company, to elect to deliver a micro deposit (less than $50.00) to the account identified in the written instructions no later than two Business
      Days prior to the date of the Closing. If such Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such Purchaser on a telephone call initiated by such Purchaser prior to the
      Closing. The Company shall not be obligated to return the amount of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the Notes to be issued at the Closing.

   
   

   
  Section 4.11        Board Approval.  The New Jersey Board of Public Utilities shall have entered an appropriate order authorizing the issuance and sale of the Notes to the Purchasers and the delivery
      of the First Mortgage Bonds to the Collateral Agent as security for the Notes, upon terms not inconsistent with this Agreement, the Supplemental Indenture, the Notes and the First Mortgage Bonds and such order shall not be subject to appeal.

   
   

   
  Section 4.12      First Mortgage Bonds and Supplemental Indenture.  (a) All conditions precedent set forth in the Mortgage Indenture with respect to the
      execution and delivery of the Supplemental Indenture and the issuance of the First Mortgage Bonds shall have been satisfied.

   
   

   
  (b)    The First Mortgage Bonds, the Supplemental Indenture and the First Mortgage Bond Documents shall have been duly authorized, executed,
    authenticated in the case of the First Mortgage Bonds and delivered by the respective parties thereto, shall constitute legal, valid and binding contracts and agreements of such parties, and such Purchaser shall have received true, complete, executed
    copies thereof and a certified copy of the Mortgage Indenture.

   
   

   
  (c)      The Mortgage Indenture and the Supplemental Indenture shall have been duly recorded as an indenture on real property and duly filed, recorded
    or indexed as a security interest in personal property so as to constitute a valid, perfected first Lien on all of the Company’s property covered by the Mortgage Indenture and the Supplemental Indenture, all in accordance with applicable law, and the
    Company shall have caused satisfactory evidence thereof to be furnished to such Purchaser and special counsel to the Purchasers.

   
   

   
  Section 4.13       Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such
      transactions shall be satisfactory to such Purchaser and special counsel to the Purchasers, and such Purchaser and special counsel to the Purchasers shall have received all such counterpart originals or certified or other copies of such documents as
      such Purchaser or special counsel to the Purchasers may reasonably request.

   
   

   
  
    -5-

    
      

  

  Section 5.           Representations and Warranties of the Company.

   
   

   
  The Company represents and warrants to each Purchaser that:

   
   

   
  Section 5.1         Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation, and is
      duly qualified as a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually
      or in the aggregate, reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts
      and proposes to transact, to execute and deliver this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes and the First Mortgage Bonds, and to perform the provisions hereof, thereof and of the
      Mortgage Indenture.

   
   

   
  Section 5.2          Authorization, Etc.  This Agreement, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which the Company is a party, the Notes, and
      the First Mortgage Bonds have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement and the Mortgage Indenture constitute, and upon execution and delivery thereof the Supplemental Indenture, the First
      Mortgage Bond Documents to which the Company is a party, each Note and each First Mortgage Bond constitutes, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms, except as such
      enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such
      enforceability is considered in a proceeding in equity or at law).

   
   

   
  Section 5.3          Disclosure.  The Company, through its agents, Mizuho Securities USA LLC and Scotia Capital (USA) Inc., has delivered to each Purchaser a copy of an Investor Presentation, dated
      October 7, 2021 (the “Investor Presentation”), relating to the transactions contemplated hereby.  Except as disclosed in Schedule 5.3, this Agreement, the Supplemental
      Indenture, the Investor Presentation, the documents, certificates or other writings identified in Schedule 5.3 and the financial statements listed in Schedule 5.5
      (collectively, the “Disclosure Documents”), taken as a whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading
      in light of the circumstances under which they were made.  Except as disclosed in the Disclosure Documents, since September 30, 2020, there has been no change in the financial condition, operations, business or properties of the Company except
      changes that, individually or in the aggregate, would not reasonably be expected to have a Material Adverse Effect.

   
   

   
  Section 5.4          Organization and Ownership of Shares of Subsidiaries.  The Company has no Subsidiaries.

   
   

   
  
    -6-

    
      

  

  Section 5.5          Financial Statements.  The Company has delivered to each Purchaser copies of the financial statements of the Company listed on Schedule 5.5. 

      All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the financial position of the Company as of the respective dates specified in such Schedule and the results of its
      operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the notes thereto (subject, in the case of any interim
      financial statements, to normal year-end adjustments).  The Company does not have any Material liabilities that are not disclosed on such financial statements or otherwise disclosed in the Disclosure Documents.

   
   

   
  Section 5.6        Compliance with Laws, Other Instruments, Etc.  Neither the execution and delivery by the Company of this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to
      which it is a party, the Notes or the First Mortgage Bonds nor the performance by the Company of this Agreement, the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party, the Notes or the
      First Mortgage Bonds will (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien (other than the Liens contemplated thereby) in respect of any property of the Company under, any indenture,
      mortgage, deed of trust, loan, purchase or credit agreement, lease corporate charter or by-laws, or any other Material agreement or instrument to which the Company is bound or by which the Company or any of its properties may be bound or affected,
      (b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to the Company or (c) violate any provision of any statute or
      other rule or regulation of any Governmental Authority applicable to the Company 

   
   

   
  Section 5.7         Governmental Authorizations, Etc.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with
      the execution and delivery by the Company of this Agreement, the Supplemental Indenture, the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds or the performance by the Company of this Agreement, the Mortgage
      Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party, the Notes or the First Mortgage Bonds other than such consents, approvals, authorizations, registrations, filings or declarations that have
      been or will be obtained or made prior to the date of the Closing.

   
   

   
  Section 5.8          Litigation; Observance of Statutes and Orders.  (a) Except as disclosed in Schedule 5.8, there are no actions, suits or proceedings pending
      or, to the knowledge of the Company, threatened against or affecting the Company or any property of the Company in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, would
      reasonably be expected to have a Material Adverse Effect.

   
   

   
  (b)     The Company is not in default under any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or is in violation
    of any applicable law, ordinance, rule or regulation (including, without limitation, ERISA, Environmental Laws or the USA PATRIOT Act) of any Governmental Authority, which default or violation, individually or in the aggregate, would reasonably be
    expected to have a Material Adverse Effect.

   
   

   
  
    -7-

    
      

  

  Section 5.9          Taxes.  The Company has filed all income tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns
      and all other taxes and assessments payable by them, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not, individually or in
      the aggregate, Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company has established adequate reserves in accordance with GAAP.  The
      charges, accruals and reserves on the books of the Company in respect of Federal, state or other taxes for all fiscal periods are adequate.  The Federal income tax liabilities of the Company have been determined by the Internal Revenue Service and
      paid for all fiscal years up to and including the fiscal year ended September 30, 2016.

   
   

   
  Section 5.10     Title to Property; Leases.  The Company has good and sufficient title related to the ownership of its Material properties, including all such Material properties reflected in the most
      recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company after said date (except as sold or otherwise disposed of in the ordinary course of business), in each
      case free and clear of Liens prohibited by this Agreement or the Mortgage Indenture (including the Supplemental Indenture), except for those defects in title and Liens that, individually or in the aggregate, would not have a Material Adverse Effect. 
      All Material leases are valid and subsisting and are in full force and effect in all material respects.

   
   

   
  Section 5.11        Licenses, Permits, Etc.  Except as disclosed in Schedule 5.11, the Company owns or possesses all licenses, permits, franchises,
      authorizations, patents, copyrights, proprietary software, service marks, trademarks, trade names and domain names or rights thereto, that are Material, without known conflict with the rights of others, except for those conflicts that, individually
      or in the aggregate, would not have a Material Adverse Effect.

   
   

   
  Section 5.12       Compliance with ERISA.  (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of
      noncompliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax
      provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA) with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, and no event, transaction or condition has
      occurred or exists with respect to any Plan that would reasonably be expected to result in the incurrence of any such liability under Title I or IV of ERISA or the penalty or excise tax provisions of the Code by the Company or any ERISA Affiliate, or
      in the imposition of any Lien under section 430 of the Code or section 4068 of ERISA on any of the rights, properties or assets of the Company or any ERISA Affiliate, other than any such liabilities or Liens as would not, individually or in the
      aggregate, be reasonably expected to result in a Material Adverse Effect.

   
   

   
  (b)    The present value of the aggregate benefit liabilities under each of the Plans which are subject to Title IV of ERISA (other than Multiemployer
    Plans), determined as of the end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value, of
    the assets of such Plans allocable to such benefit liabilities by more than $25,000,000.  The term “benefit liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in
    section 3 of ERISA.

   
   

   
  
    -8-

    
      

  

  (c)     The Company and its ERISA Affiliates have not incurred withdrawal liabilities under section 4201 or 4204 of ERISA (and are not subject to
    contingent withdrawal liabilities under section 4204) in respect of Multiemployer Plans that, individually or in the aggregate, are reasonably expected to result in a Material Adverse Effect.

   
   

   
  (d)     The accumulated post-retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance
    with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to continuation coverage mandated by section 4980B of the Code) of the Company is not reasonably expected to result in
    a Material Adverse Effect.

   
   

   
  (e)     The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject
    to the prohibitions of section 406(a)(1)(A)-(D) of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of the Code.  The representation by the Company in the first sentence of this Section 5.12(e) with respect to each Purchaser is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to pay
    the purchase price of the Notes to be purchased by such Purchaser.

   
   

   
  Section 5.13        Private Offering by the Company.  Neither the Company nor anyone authorized to act on its behalf has offered the Notes, the First Mortgage Bonds or any similar securities for sale
      to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors of the type described in clause (c) of the
      definition thereof, each of which has been offered the Notes at a private sale for investment.  Neither the Company nor anyone authorized to act on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to
      the registration requirements of section 5 of the Securities Act.

   
   

   
  Section 5.14        Use of Proceeds; Margin Regulations.  The Company will apply the proceeds of the sale of the Notes hereunder as set forth in Schedule 5.14. 
      No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12
      CFR 221), or for the purpose of buying or carrying or trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of
      Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 25% of the value of the assets of the Company and the Company does not have any present intention that margin stock will constitute more than 25% of the value of
      such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

   
   

   
  Section 5.15        Existing Debt.  (a) Except as described therein, Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Company
      as of June 30, 2021, since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the Debt of the Company, except as described in Schedule
        5.15.  The Company is not in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Debt of the Company and no event or condition exists with respect to any Debt of the Company the
      outstanding principal amount of which exceeds $10,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Debt to become due and payable before its stated maturity or before its
      regularly scheduled dates of payment.

   
   

   
  
    -9-

    
      

  

   
  (b)     The Company is not a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt of the Company, any agreement
    relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Debt of the Company, except as provided in the
    Mortgage Indenture and any Bank Credit Agreement and as otherwise specifically indicated in Schedule 5.15.

   
   

   
  Section 5.16        Foreign Assets Control Regulations, Etc.  (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future
      appear on a State Sanctions List or (iii) is a target of sanctions that have been imposed by the United Nations or the European Union.

   
   

   
  (b)     Neither the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable
    U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering
    Laws or Anti-Corruption Laws.

   
   

   
  (c)      No part of the proceeds from the sale of the Notes hereunder:

   
   

   
  (i)          constitutes or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company
    or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions
    Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;

   
   

   
  (ii)       will be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable
    Anti-Money Laundering Laws; or

   
   

   
  (iii)       will be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any
    Governmental Official or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption
    Laws.

   
   

   
  (d)     The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to
    ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

   
   

   
  
    -10-

    
      

  

  Section 5.17        Status under Certain Statutes.  The Company is not an “investment company” registered or required to be registered under the Investment Company Act of 1940 or an “affiliated person”
      of an “investment company” or an “affiliated person” of such “affiliated person” or under the “control” of an “investment company” as such terms are defined in the Investment Company Act of 1940, as amended, and shall not become such an “investment
      company” or such an “affiliated person” or under such “control.”  The Company is not a “holding company” or a “subsidiary company” of a “holding company,” or an “affiliate” of a “holding company” or of a “subsidiary company” of a “holding company”
      within the meaning of the Public Utility Holding Company Act of 2005, as amended.  Based upon the immediately preceding sentence, neither the Company nor the issue and sale of the Notes or the issuance of the First Mortgage Bonds pursuant to the
      Supplemental Indenture is subject to regulation under the Public Utility Holding Company Act of 2005, as amended.  The Company is not subject to the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended.  The Company is not
      subject to any Federal or state statute or regulation limiting its ability to incur Debt except for rules and regulations of the New Jersey Board of Public Utilities.

   
   

   
  Section 5.18        Environmental Matters.  Except as disclosed in Schedule 5.8, the Company does not have knowledge of any claim and has not received any notice
      of any claim, and no proceeding has been instituted raising any claim against the Company or any of its real properties now or formerly owned, leased or operated by the Company or other assets, alleging any damage to the environment or violation of
      any Environmental Laws, except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect.  Except as otherwise disclosed in Schedule 5.8:

   
   

   
  (a)    the Company does not have knowledge of any facts which would give rise to any claim, public or private, of violation of
    Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by the Company or to other assets or their use, except, in each case, such as would not
    reasonably be expected to result in a Material Adverse Effect;

   
   

   
  (b)     the Company has not stored any Hazardous Materials on real properties now or formerly owned, leased or operated by the
    Company or disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect; and

   
   

   
  (c)    all buildings on all real properties now owned, leased or operated by the Company are in compliance with applicable
    Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

   
   

   
  Section 5.19          Perfection of Liens.  (a) Each of the Mortgage Indenture and the Supplemental Indenture has been duly recorded and filed in each place in which such recording or filing is required
      to protect and preserve the Lien of the Mortgage Indenture and the Supplemental Indenture, as the case may be, in and to the Trust Estate and such Lien constitutes a valid, fully perfected and continuing first priority Lien in and to, all right,
      title and interest of the Company in the Trust Estate, subject only to Permitted Encumbrances (as defined in the Mortgage Indenture), and all taxes and recording or filing fees required to be paid in connection with the execution, recording or filing
      of the Mortgage Indenture and the Supplemental Indenture have been duly paid; and

   
   

   
  
    -11-

    
      

  

  (b)    The Lien of the Collateral Agent in the First Mortgage Bonds constitutes a valid, fully perfected and continuing first priority Lien, subject
    only to Permitted Encumbrances (as defined in the Mortgage Indenture).

   
   

   
  Section 5.20       First Mortgage Bonds Pari Passu.  The Company’s obligations under the Supplemental Indenture and the First Mortgage Bonds rank pari passu in

      right of payment, without preference or priority, with its obligations under each other series of first mortgage bonds issued and outstanding under the Mortgage Indenture.

   
   

   
  Section 5.21        No Event of Default.  No “Event of Default” under the Mortgage Indenture exists on the date of execution and delivery of this Agreement or, upon the execution and delivery thereof,
      the Supplemental Indenture, or will exist immediately after giving effect to the transactions contemplated by this Agreement or the Supplemental Indenture and the applications of the proceeds from the issue and sale of the Notes and the issuance of
      the First Mortgage Bonds.

   
   

   
  Section 6.          Representations of the Purchasers.

   
   

   
  Section 6.1         Purchase for Investment.  Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser
      or for the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or such pension or trust fund’s property shall at
      all times be within such Purchaser’s or such pension or trust fund’s control.  Each Purchaser represents that it is an “accredited investor,” as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act.  Each Purchaser
      understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where
      neither such registration nor such an exemption is required by law, and that the Company is not required to register the Notes.  Each Purchaser also represents that the Company has made available to it, a reasonable time prior to the consummation of
      the transactions contemplated hereby, the opportunity to ask questions and receive answers concerning the terms and conditions of the offering of the Notes that it is purchasing or shall purchase and to obtain any additional information which the
      Company possesses or could acquire without unreasonable effort or expense; provided that the foregoing shall not be construed as limiting the ability of any Purchaser to rely on the representations and
      warranties contained herein.

   
   

   
  Section 6.2          Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

   
   

   
  
    -12-

    
      

  

  (a)    the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
    Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or
    on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the
    general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or

   
   

   
  (b)    the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations
    under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any
    manner by the investment performance of the separate account; or

   
   

   
  (c)     the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank
    collective investment fund, within the meaning of PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee
    organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

   
   

   
  (d)     the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such
    investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee
    organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a Person controlling or controlled by the QPAM
    maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose
    assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the
    same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or

   
   

   
  
    -13-

    
      

  

  (e)    the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption
    are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii)
    the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

   
   

   
  (f)      the Source is a governmental plan; or

   
   

   
  (g)     the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee
    benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or

   
   

   
  (h)     the Source does not include assets of (i) any employee benefit plan, other than a plan exempt from the coverage of ERISA, or
    (ii) any “plan” as defined in Section 4975(e)(1) of the Code.

   
   

   
  As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.

   
   

   
  Section 7.          Information as to Company.

   
   

   
  Section 7.1          Financial and Business Information.  The Company shall deliver to each holder of Notes that is an Institutional Investor:

   
   

   
  (a)      Quarterly Statements — within 60 days after the end of each quarterly fiscal
    period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of:

   
   

   
  (1)      a balance sheet of the Company as of the end of such quarter, and

   
   

   
  (2)     statements of income, changes in shareholders’ equity and cash flows of the Company for such quarter and (in the case of the
    second and third quarters) for the portion of the fiscal year ending with such quarter,

   
   

   
  setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared
    in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their results of
    operations and cash flows, subject to changes resulting from normal year-end adjustments;

   
   

   
  
    -14-

    
      

  

  (b)     Annual Statements — within 120 days after the end of each fiscal year of the
    Company, duplicate copies of:

   
   

   
  (1)      a balance sheet of the Company as of the end of such year, and

   
   

   
  (2)      statements of income, changes in shareholders’ equity and cash flows of the Company, for such year,

   
   

   
  setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and
    accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent certified public accountants of
    recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been
    prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such
    opinion in the circumstances;

   
   

   
  (c)   SEC and Other Reports — with reasonable promptness, upon their becoming available,
    one copy of (1) each financial statement, report, notice or proxy statement sent by the Company to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as
    information relating to pricing and borrowing availability) or to its public securities holders generally and (2) each regular or periodic report, each registration statement that shall have become effective (without exhibits except as expressly
    requested by such holder), and each final prospectus and all amendments thereto filed by the Company with the Securities and Exchange Commission, excluding in any event confidential correspondence delivered to the Securities and Exchange Commission;

   
   

   
  (d)    Notice of Default or Event of Default — with reasonable promptness, and in any event
    within five days after a Responsible Officer becoming aware of the existence of any Default or Event of Default, a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes to take with
    respect thereto;

   
   

   
  (e)     ERISA Matters — with reasonable promptness, and in any event within five days after
    a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto:

   
   

   
  (1)      with respect to any Plan, the occurrence of any reportable event, as defined in section 4043(c) of ERISA and the regulations
    thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or

   
   

   
  
    -15-

    
      

  

  (2)     the taking by the PBGC of steps to institute, or the threatening in writing by the PBGC of the institution of, proceedings
    under section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with
    respect to such Multiemployer Plan; or

   
   

   
  (3)      the occurrence of any event or transaction that results in the incurrence of any liability by the Company or any ERISA
    Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans with respect to any Plan, or in the imposition of any Lien under section 430 of the Code or section 4068 of ERISA or any
    successor thereto, on any of the rights, properties or assets of the Company or any ERISA Affiliate, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material
    Adverse Effect; and

   
   

   
  (f)     Requested Information — with reasonable promptness, such other data and information
    relating to the business, operations, affairs, financial condition, assets or properties of the Company or relating to the ability of the Company to perform its obligations hereunder, under the Notes, the Mortgage Indenture (including the Supplemental
    Indenture), the First Mortgage Bond Documents to which the Company is a party and the First Mortgage Bonds, as from time to time may be reasonably requested by any such holder of Notes.

   
   

   
  Section 7.2        Officer’s Certificate.  Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) hereof shall be accompanied by a certificate of a Senior Financial Officer setting forth:

   
   

   
  (a)     Covenant Compliance — the information (including reasonably detailed calculations)
    required in order to establish whether the Company was in compliance with the requirements of Section 10.2 through Section 10.5, inclusive, and Section 10.9 during the quarterly or annual period covered by the statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as
    the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence).  In the event that the Company has made an election to measure any financial liability using fair value (which
    election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.4) as to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include a
    reconciliation from GAAP with respect to such election; and

   
   

   
  
    -16-

    
      

  

  (b)    Event of Default — a statement that such Senior Financial Officer has reviewed the
    relevant terms hereof, the Mortgage Indenture (including the Supplemental Indenture), and the First Mortgage Bond Documents to which the Company is a party, and has made, or caused to be made, under his or her supervision, a review of the transactions
    and conditions of the Company from the beginning of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any
    condition or event that constitutes a Default or an Event of Default that is continuing as of the end of such quarterly or annual period, as the case may be, and, if any such condition or event then exists (including, without limitation, any such event
    or condition resulting from the failure of the Company to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.

   
   

   
  Section 7.3          Inspection.  The Company shall permit the representatives of each holder of Notes that is an Institutional Investor:

   
   

   
  (a)     No Default — if no Default under Section 11(b) or an Event of Default then exists,
    at the expense of such Purchaser or such holder and upon reasonable prior written notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company with the Company’s officers,
    and, with the consent of the Company (which consent will not be unreasonably withheld) to visit the other offices and properties of the Company, all at such reasonable times during normal business hours and as often as may be reasonably requested in
    writing; and

   
   

   
  (b)     Default — if a Default under Section 11(b) or an Event of Default then exists, at
    the expense of the Company, upon prior written notice to the Company,  to visit and inspect any of the offices or properties of the Company, to examine all its books of account, records, reports and other papers, to make copies and extracts therefrom,
    and to discuss its affairs, finances and accounts with its officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the Company), all at such times
    during normal business hours and as often as may be requested.

   
   

   
  Section 7.4        Electronic Delivery.  Financial statements, opinions of independent certified public accountants, other information and Officer’s Certificates that are required to be delivered by
      the Company pursuant to Sections 7.1(a), (b) or (c) and Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect thereto:

   
   

   
  (a)     such financial statements satisfying the requirements of Section 7.1(a) or (b) and related Officer’s Certificate satisfying
    the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each holder of a Note by e-mail at the e-mail address set forth in Schedule A or as communicated from time to time in a separate writing delivered
    to the Company; 

   
   

   
  (b)     the Company shall have timely filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or Section
    7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and the related Officer’s Certificate satisfying the requirements of Section 7.2 available on its home page on the internet, which is located at
    http://investor.njresources.com/njng-reports.cfm as of the date hereof; 

   
   

   
  
    -17-

    
      

  

  (c)    such financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and related Officer’s Certificate(s)
    satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are timely posted by or on behalf of the Company on IntraLinks or on any other similar website to which each holder of Notes has free access; or 

   
   

   
  (d)    the Company shall have timely filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and shall have made
    such items available on its home page on the internet or on IntraLinks or on any other similar website to which each holder of Notes has free access;

   
   

   
  provided however,
      that in no case shall access to such financial statements, other information and Officer’s Certificates be conditioned upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement);
      provided further, that in the case of any of clauses (b), (c) or (d), the Company shall have given each holder of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such
      posting or filing in connection with each delivery, provided further, that upon request of any holder to receive paper copies of such forms, financial statements, other information and Officer’s Certificates
      or to receive them by e-mail, the Company will promptly e-mail them or deliver such paper copies, as the case may be, to such holder.

   
   

   
  Section 8.          Prepayment of the Notes.

   
   

   
  Section 8.1       Required Prepayments.  Subject to Section 8.2, the Notes shall not be subject to required prepayments.  The entire unpaid principal balance of
      the Notes of each series shall be due and payable on the respective stated maturity date thereof.

   
   

   
  Section 8.2          Required Prepayment—Condemnation; Required Sale.  In the event that, pursuant to the terms of section 8.08 of the Mortgage Indenture, the First Mortgage Bonds are called for
      redemption, in whole or in part, then the Company shall, (i) at least 30 days and not more than 60 days prior to the redemption date of the First Mortgage Bonds pursuant to section 8.08 of the Mortgage Indenture, give written notice to the Collateral
      Agent, as the registered holder of the First Mortgage Bonds, and each holder of the related Notes, of the redemption of all or a portion of the related First Mortgage Bonds and the corresponding prepayment of all or a portion of the related Notes,
      and (ii) on the redemption date of the First Mortgage Bonds so called for redemption, prepay the related Notes in an aggregate principal amount equal to the amount of First Mortgage Bonds called for redemption at a prepayment price equal to 100% of
      the First Mortgage Bonds being redeemed, together with interest accrued thereon to the date of such prepayment, but without any Make-Whole Amount.  The notice described in (i) above shall specify the prepayment date (which shall be a Business Day),
      the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.4), and the interest to be
      paid on the prepayment date with respect to such principal amount being prepaid.

   
   

   
  
    -18-

    
      

  

  Section 8.3         Optional Prepayments with and Without Make-Whole Amount.  The Company may, at its option, upon notice as provided below, prepay at any time all, or from time to time any part of,
      the Notes of any series, in an amount not less than $1,000,000 in aggregate principal amount of the Notes of such series then outstanding in the case of a partial prepayment, at 100% of the aggregate principal amount so prepaid together with interest
      accrued thereon to the date of such prepayment and the Make-Whole Amount, if any, determined for the prepayment date with respect to such principal amount; provided, that at any time on or after April 30, 2051
      with respect to the Series A Notes and any time on or after April 28, 2061 with respect to the Series B Notes, the Company may, at its option, upon notice as provided below, prepay all or any part of the applicable series of Notes at 100% of the
      aggregate principal amount so prepaid together with interest accrued thereon to the date of such prepayment.  Notwithstanding the foregoing, the Company may not prepay any series of the Notes pursuant to this Section
        8.3 if a Default or Event of Default shall exist or would result from such optional prepayment unless, all Notes at the time outstanding are prepaid on a pro rata basis. The Company will give each holder of Notes of any series to be prepaid
      written notice of each optional prepayment under this Section 8.3 not less than 30 days and not more than 60 days prior to the date fixed for such prepayment.  Each such notice shall specify such date (which
      shall be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by such holder to be prepaid (determined in accordance with Section 8.4),

      and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount, if any, due in connection with such
      prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes of any series to be
      prepaid pursuant to this Section 8.3 a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount, if any, as of the specified prepayment date.

   
   

   
  Section 8.4          Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes of any series pursuant to Section 8.2 or Section 8.3 hereof, the principal amount of the Notes of such series to be prepaid shall be allocated among all of the Notes of such series at the time outstanding in proportion, as nearly as reasonably
      practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.  All partial prepayments or purchases made pursuant to Section 8.6(b), Section

        8.8 or Section 8.9 shall be applied only to the Notes of the holders who have elected to participate in such prepayment or purchase.

   
   

   
  Section 8.5         Maturity; Surrender, Etc.  In the case of each prepayment of Notes pursuant to this Section 8, the principal amount of each Note to be
      prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any.  From and after
      such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall cease to accrue.  Any Note paid or prepaid
      in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

   
   

   
  
    -19-

    
      

  

  Section 8.6          Purchase of Notes.  The Company will not, and will not permit any Affiliate to, purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes
      of any series except (a) upon the payment or prepayment of the Notes of such series in accordance with the terms of this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes of such series at the time outstanding upon the same terms and conditions.  Any such offer shall provide each holder of the Notes of the series being offered for purchase with sufficient
      information to enable it to make an informed decision with respect to such offer and shall remain open for at least 15 Business Days.  If the holders of more than 50% of the principal amount of the Notes of any series being offered to be purchased
      then outstanding accept such offer, the Company shall promptly notify the remaining holders of the Notes of such series of such fact and the expiration date for the acceptance by holders of Notes of such series of such offer shall be extended by the
      number of days necessary to give each such remaining holder at least 10 Business Days from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment,
      prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes.  Notwithstanding the forgoing, neither the Company nor any Affiliate may offer to purchase any
      series of the Notes if a Default or Event of Default shall exist or would result therefrom unless such Person shall offer to purchase all outstanding Notes on a pro rata basis upon the same terms and conditions but taking into account the different
      maturity dates and interest rates for each series of the Notes.

   
   

   
  Section 8.7          Make-Whole Amount for Notes.  The term “Make-Whole Amount” shall mean, with respect to any Note of a series, an amount equal to the excess,
      if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make-Whole Amount may in no
      event be less than zero.  For the purposes of determining the Make-Whole Amount, the following terms have the following meanings:

   
   

   
  “Called Principal” shall mean, with respect to any Note, the principal of such Note that is to be prepaid pursuant to Section 8.3 or has become or is declared to be
      immediately due and payable pursuant to Section 12.1, as the context requires.

   
   

   
  “Discounted Value” shall mean, with respect to the Called Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective
      scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes is payable) equal to
      the Reinvestment Yield with respect to such Called Principal.

   
   

   
  “Reinvestment Yield” shall mean, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the ask-side yield(s) reported as of 10:00 a.m. (New York, New York time) on the
      second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page PX1”  (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively
      traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities
      Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b)
      interpolating linearly between the yields Reported for the applicable most recently issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Remaining Average Life and (2) closest to and less
      than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note.  

   
   

   
  
    -20-

    
      

  

  If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation),
    then “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% over the yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the
    second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining
    Average Life of such Called Principal as of such Settlement Date.  If there is no such U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly
    between (1) the U.S. Treasury constant maturity so reported with the term closest to and greater than such Remaining Average Life and (2) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average
    Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

   
   

   
  “Remaining Average Life” shall mean, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into (ii) the sum of the products obtained by multiplying (a) the principal
      component of each Remaining Scheduled Payment with respect to such Called Principal by (b) the number of years, computed on the basis of a 360-day year composed of twelve 30-day months and calculated to two decimal places, that will elapse between
      the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

   
   

   
  “Remaining Scheduled Payments” shall mean, with respect to the Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called
      Principal and if no payment of such Called Principal were made prior to its scheduled due date, provided that if such Settlement Date is not a date on which
      interest payments are due to be made under the terms of the Notes, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement
      Date pursuant to Section 8.3 or Section 12.1.

   
   

   
  “Settlement Date” shall mean, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.3 or has become or is declared
      to be immediately due and payable pursuant to Section 12.1, as the context requires.

   
   

   
  
    -21-

    
      

  

  Section 8.8          Offer to Prepay upon Asset Disposition.

   
   

   
  (a)      Notice and Offer.  In the event of a Transfer where the Company has elected to apply all or a portion
    of the Net Proceeds Amount of such Transfer as a Debt Prepayment Application pursuant to Section 10.5(b), the Company shall, no later than the 305th day following the date of such Transfer, give
    written notice of such event (an “Asset Disposition Prepayment Event”) to each holder of Notes.  Such notice shall contain, and shall constitute, an irrevocable offer to prepay a Ratable Portion of the Notes
    held by such holder on the date (which shall be a Business Day) specified in such notice (the “Asset Disposition Prepayment Date”) which date shall be not less than 30 days and not more than 60 days after such
    notice.

   
   

   
  (b)     Acceptance and Payment.  A holder of Notes may accept or reject the offer to prepay pursuant to this Section 8.8 by causing a notice of such acceptance or rejection to be delivered to the Company at least 10 days prior to the Asset Disposition Prepayment Date.  A failure by a holder of the Notes to respond to an
    offer to prepay made pursuant to this Section 8.8 shall be deemed to constitute a rejection of such offer by such holder.  If so accepted, such offered prepayment in respect of the Ratable Portion of the Notes
    of each holder that has accepted such offer shall be due and payable on the Asset Disposition Prepayment Date.  Such offered prepayment shall be made at 100% of the aggregate Ratable Portion of the Notes of each holder that has accepted such offer,
    together with interest on that portion of the Notes then being prepaid accrued to the Asset Disposition Prepayment Date, but without any Make-Whole Amount.  If any holder of a Note rejects or is deemed to have rejected such offer of prepayment, the
    Company may use the Ratable Portion for such Note for general corporate purposes.

   
   

   
  (c)      Officer’s Certificate.  Each offer to prepay the Notes pursuant to this Section 8.8 shall be accompanied by a certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (1) the Asset Disposition Prepayment Date; (2) that such offer is being made pursuant to this Section 8.8 and that the failure by a holder to respond to such offer by the deadline established in Section 8.8(b) shall result in such offer to such holder being deemed
    rejected; (3) the Ratable Portion of each such Note offered to be prepaid; (4) the interest that would be due on the Ratable Portion of each such Note offered to be prepaid, accrued to the Asset Disposition Prepayment Date; (5) that the conditions of
    this Section 8.8 have been satisfied and (6) in reasonable detail, a description of the nature and date of the Asset Disposition Prepayment Event giving rise to such offer of prepayment.

   
   

   
  Section 8.9          Offer to Prepay in the Event of a Change of Control.

   
   

   
  (a)     Notice of Change of
        Control.  The Company will, at least 30 days prior to any Change of Control, give written notice of such Change of Control to each holder of the Notes.  Such notice shall contain and constitute an
      offer to prepay the Notes as described in Section 8.9(c) and shall be accompanied by the certificate described in Section 8.9(f).

   
   

   
  (b)     Notice of Acceptance of
        Offer under Section 8.9(a).  If the Company shall at any time receive an acceptance to an offer to prepay Notes under Section 8.9(a) from some, but not all, of
      the holders of the Notes, then the Company will, within two Business Days after the receipt of such acceptance, give written notice of such acceptance to each other holder of the Notes.

   
   

   
  
    -22-

    
      

  

  (c)     Offer to Prepay Notes.  The offer to prepay Notes contemplated by Section 8.9(a) shall be an offer to prepay, in accordance with and subject to this Section 8.9,
      all, but not less than all, of the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) at the time of the occurrence of
      the Change of Control.

   
   

   
  (d)     Rejection; Acceptance.  A holder of Notes may accept or reject the offer to prepay made pursuant to this Section 8.9 by causing a notice of such acceptance or rejection to be delivered to the
      Company prior to the prepayment date.  A failure by a holder of Notes to so respond to an offer to prepay made pursuant to this Section 8.9(d) shall be deemed to constitute an acceptance of such offer by such
      holder.

   
   

   
  (e)     Prepayment.  Prepayment of the Notes to be prepaid pursuant to this Section 8.9 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to
      the date of prepayment, but without any Make-Whole Amount.  The prepayment shall be made at the time of occurrence of a Change of Control.

   
   

   
  (f)      Officer’s Certificate.  Each offer to prepay the Notes pursuant to this Section 8.9 shall be accompanied by a certificate, executed by a Responsible Officer of the Company and dated the date of
      such offer, specifying (i) the proposed prepayment date (which shall be the date of the Change of Control), (ii) that such offer is made pursuant to this Section 8.9, (iii) the principal amount of each Note
      offered to be prepaid, (iv) the interest that would be due on each Note offered to be prepaid, accrued to the prepayment date, (v) that the conditions of this Section 8.9 have been fulfilled, and (vi) in
      reasonable detail, the nature and anticipated date of the Change of Control.

   
   

   
  Section 9.          Affirmative Covenants.

   
   

   
  So long as any of the Notes are outstanding, the Company covenants that:

   
   

   
  Section 9.1          Compliance with Laws.  Without limiting Section 10.13, the Company will comply with all laws, ordinances or governmental rules or regulations
      to which the Company is subject, including, without limitation, ERISA, Environmental Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16, and will obtain and
      maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of its properties or to the conduct of its businesses, in each case to the extent necessary to ensure that
      non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises and other governmental authorizations would not reasonably be expected,
      individually or in the aggregate, to have a Material Adverse Effect.

   
   

   
  Section 9.2          Insurance.  The Company will maintain, with financially sound and reputable insurers, insurance with respect to its properties and businesses against such casualties and
      contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary in the case of entities of established reputations
      engaged in the same or a similar business and in the same industry and similarly situated.

   
   

   
  
    -23-

    
      

  

  Section 9.3          Maintenance of Properties.  The Company will maintain and keep, or cause to be maintained and kept, its properties in good repair, working order and condition (other than ordinary
      wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3 shall not prevent the
      Company from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance would not reasonably be expected,
      individually or in the aggregate, to have a Material Adverse Effect.

   
   

   
  Section 9.4        Payment of Taxes and Claims.  The Company will file all income tax or similar tax returns required to be filed in any jurisdiction and pay and discharge all taxes shown to be due and
      payable on such returns and all other taxes, assessments, governmental charges or levies payable by the Company, to the extent the same have become due and payable and before they have become delinquent, provided
      that the Company need not pay any such tax, assessment, governmental charge or levy if (1) the amount, applicability or validity thereof is contested by the Company on a timely basis in good faith and in appropriate proceedings, and the Company has
      established adequate reserves therefor in accordance with GAAP on the books of the Company or (2) the nonpayment of all such taxes, assessments, governmental charges and levies would not reasonably be expected, individually or in the aggregate, to
      have a Material Adverse Effect.

   
   

   
  Section 9.5          Corporate Existence, Etc.  Subject to Section 10.6, the Company will at all times preserve and keep in full force and effect its corporate
      existence.  Subject to Sections 10.5 and 10.6, the Company will at all times preserve and keep in full force and effect all rights and franchises of the Company unless,
      in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such right or franchise would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect.

   
   

   
  Section 9.6         Regulated Nature.  The Company will at all times be and remain a Person that is subject under law to regulation by a public utility commission or other governmental regulatory body
      with oversight responsibilities for utilities.

   
   

   
  Section 9.7         Evidence of Recorded Supplemental Indentures.  As soon as commercially practicable and without limiting Section 4.12(c), the Company will
      seek to obtain evidence of recorded copies of the Supplemental Indenture, and the Company shall cause satisfactory evidence thereof to be promptly furnished to each holder of Notes and special counsel to the holders of Notes.

   
   

   
  Section 10.            Negative Covenants.

   
   

   
  So long as any of the Notes are outstanding, the Company covenants that:

   
   

   
  Section 10.1         [Reserved].  

   
   

   
  Section 10.2      Liens.  The Company will not directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or otherwise) any Lien on or with respect to any
      property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company, whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise
      convey any right to receive income or profits, except:

   
   

   
  
    -24-

    
      

  

  (a)     Liens for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which is not
    at the time required by Section 9.4;

   
   

   
  (b)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other similar Liens, in each
    case, incurred in the ordinary course of business for sums not yet due and payable or the payment of which is not at the time required by Section 9.4;

   
   

   
  (c)     Liens (other than any Lien imposed by section 430 of the Code or section 4068 of ERISA or any successor thereto) incurred or
    deposits made in the ordinary course of business (1) in connection with workers’ compensation, unemployment insurance and other types of social security or retirement benefits, or (2) to secure (or to obtain letters of credit that secure) the
    performance of tenders, statutory obligations, surety bonds, appeal bonds, bids, leases (other than Capital Leases), performance bonds, purchase, construction or sales contracts, and other similar obligations, in each case not incurred or made in
    connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred purchase price of property;

   
   

   
  (d)     subject to Section 11(k), any attachment or judgment Lien, unless the judgment it
    secures shall not, within 30 days after the entry thereof, have been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 30 days after the expiration of any such stay;

   
   

   
  (e)     leases or subleases granted to others, easements, rights-of-way, restrictions and other similar charges or encumbrances or
    minor survey exceptions, in each case incidental to, and not interfering with, the ordinary conduct of the business of the Company, provided that such Liens do not, in the aggregate, materially detract from the
    value of such property;

   
   

   
  (f)      [Reserved];

   
   

   
  (g)     Liens existing on the date of the Closing and described on Schedule 5.15 hereto
    (other than Liens on “Excepted Property” of the Company as defined in the Mortgage Indenture as in effect on the date of the Closing);

   
   

   
  (h)     [Reserved];

   
   

   
  (i)      any Lien created to secure all or any part of the purchase price, or to secure Debt incurred or assumed to pay all or any
    part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company after the date of the Closing, provided that:

   
   

   
  
    -25-

    
      

  

   
  (1)     any such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed
    and, if required by the terms of the instrument originally creating such Lien, other property (or improvement thereon) which is an improvement to or is acquired for specific use in connection with such acquired or constructed property (or improvement
    thereon) or which is real property being improved by such acquired or constructed property (or improvement thereon);

   
   

   
  (2)      the principal amount of the Debt secured by any such Lien shall at no time exceed an amount equal to the lesser of (i) the
    cost to the Company of the property (or improvement thereon) so acquired or constructed and (ii) the Fair Market Value (as determined in good faith by one or more officers of the Company to whom authority to enter into the subject transaction has been
    delegated by the board of directors of the Company) of such property (or improvement thereon) at the time of such acquisition or construction; and

   
   

   
  (3)      any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such
    property;

   
   

   
  (j)     any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company, or any
    Lien existing on any property acquired by the Company at the time such property is so acquired (whether or not the Debt secured thereby shall have been assumed), provided that (1) no such Lien shall have been
    created or assumed in contemplation of such consolidation or merger or such acquisition of property, and (2) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally
    creating such Lien (i) other property which is an improvement to or is acquired for specific use in connection with such acquired property or (ii) other property that does not constitute property or assets of the Company;

   
   

   
  (k)     Liens on assets of the Company (other than Liens on “Excepted Property” as defined in the Mortgage Indenture as in effect on
    the date of the Closing) which Liens secure Debt outstanding as of the date of the Closing under the Mortgage Indenture and any additional Debt that is issued in accordance with Article Two of the Mortgage Indenture (as in effect on the date of the
    Closing); provided that such additional Debt shall not contain covenants, defaults and other terms and conditions more restrictive than or in addition to those contained in this Agreement;

   
   

   
  (l)      any Lien renewing, extending or refunding any Lien permitted by paragraphs (g), (i), (j) or (k) of this Section 10.2, provided that (1) the principal amount of Debt secured by such Lien immediately prior to such extension, renewal or refunding is not increased or the maturity
    thereof reduced, (2) such Lien is not extended to any other property and (3) immediately after such extension, renewal or refunding no Default or Event of Default would exist; and

   
   

   
  
    -26-

    
      

  

  (m)    other Liens not otherwise permitted by paragraphs (a) through (l), inclusive, of this Section

      10.2 securing Debt.

   
   

   
  Section 10.3          Restricted Payments.  (a) The Company will not declare or make or incur any liability to declare or make any Restricted Payment unless immediately after giving effect to such action
      no Default or Event of Default would exist.

   
   

   
  (b)          The Company will not declare a Restricted Payment that is not payable within 60 days of such declaration.

   
   

   
  Section 10.4        [Reserved].  

   
   

   
  Section 10.5        Sale of Assets, Etc.  (a) Except as permitted under Section 10.6, the Company will not make any Asset Disposition unless:

   
   

   
  (1)      in the good faith opinion of the Company, the Asset Disposition is in the best interest of the Company;

   
   

   
  (2)     immediately after giving effect to the Asset Disposition, no Default or Event of Default would exist; and

   
   

   
  (3)     immediately after giving effect to the Asset Disposition the Disposition Value of all property that was the subject of any
    Asset Disposition occurring in the immediately preceding 12 consecutive month period would not exceed 10% of Tangible Assets as of the end of the then most recently ended fiscal year of the Company.

   
   

   
  (b)      If the Net Proceeds Amount for any Transfer is, within 365 days after such Transfer, (1) applied to a Debt Prepayment Application, (2) applied
    to or would otherwise constitute a Property Reinvestment Application or (3) applied to any combination of the foregoing clauses (1) and (2), then such Transfer, only for the purpose of determining compliance with subsection (3) of Section 10.5(a) as of a date on or after the Net Proceeds Amount is so applied, shall be deemed not to be an Asset Disposition.

   
   

   
  Section 10.6       Merger, Consolidation, Etc.  The Company will not consolidate with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single
      transaction or series of transactions to any Person, provided that the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance, transfer or lease of all or
      substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:

   
   

   
  (a)      the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance,
    transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Corporation”), shall be a solvent Person organized and existing under the laws of the
    United States or any State thereof (including the District of Columbia);

   
   

   
  
    -27-

    
      

  

  (b)    if the Company is not the Successor Corporation, (1) such Person shall have executed and delivered to each holder of the Notes
    its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and the Mortgage Indenture (including the Supplemental Indenture), the First Mortgage Bond Documents to which it is a party
    and the First Mortgage Bonds (pursuant to such agreements or instruments as shall be reasonably satisfactory to the Required Holders), and (2) such Person shall have caused to be delivered to each Purchaser and each holder of the Notes an opinion of
    inside counsel to the Company, Troutman Pepper Hamilton Sanders LLP or another nationally recognized counsel, or other counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption
    are enforceable in accordance with their terms and comply with the terms hereof (subject to bankruptcy, insolvency, fraudulent conveyance or similar laws affecting creditors’ rights generally, and general principles of equity (regardless of whether the
    application of such principles is considered in a proceeding in equity or at law) and subject to such other customary qualifications and exceptions for legal opinions of this type or as may be reasonably acceptable to the Required Holders); and

   
   

   
  (c)      immediately after giving effect to such transaction, no Default or Event of Default would exist.

   
   

   
  No such conveyance, transfer or lease of all or substantially all of the assets of the Company shall have the effect of releasing the Company or any Successor Corporation
    that shall theretofore have become such in the manner prescribed in this Section 10.6 from its liability under this Agreement or the Notes or the Mortgage Indenture (including the Supplemental Indenture), the
    First Mortgage Bond Documents to which it is a party or the First Mortgage Bonds.

   
   

   
  Section 10.7        [Reserved].  

   
   

   
  Section 10.8       Limitations on Subsidiaries, Partnerships and Joint Ventures.  The Company will not own or create directly or indirectly any Subsidiaries without the prior written consent of the
      Required Holders.  Without limiting the foregoing sentence, the Company shall not become or agree to become (a) a general or limited partner in any general or limited partnership, except that the Company may be a limited partner in a Permitted
      Related Business Opportunity, (b) a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Company may be a member or manager of, or hold limited liability company interests in a Permitted
      Related Business Opportunity or (c) a joint venturer or hold a joint venture interest in any joint venture, except that the Company may become a joint venturer in or hold a joint venture interest in any joint venture that is a Permitted Related
      Business Opportunity.

   
   

   
  Section 10.9        Limitation on Certain Leases.  The Company will not engage in any off-balance sheet transaction (i.e., the liabilities in respect of which
      do not appear on the liability side of the balance sheet, with such balance sheet prepared in accordance with GAAP) providing the functional equivalent of borrowed money (including asset securitizations, sale/leasebacks or Synthetic Leases (other
      than any sale/leaseback transaction or Synthetic Lease entered into, in either case, with respect to meter assets and which transaction is otherwise permitted by this Agreement)) with liabilities in excess, in the aggregate for the Company as of any
      date of determination, of 5% of the Tangible Assets.

   
   

   
  
    -28-

    
      

  

  For purposes of this Section 10.9, the amount of any lease which is not a Capital Lease is the aggregate amount
    of minimum lease payments due pursuant to such lease for any non-cancelable portion of its term.

   
   

   
  Section 10.10      Nature of Business.  The Company will not engage in any business if, as a result, the general nature of the business in which the Company would then be engaged would be substantially
      and materially changed from the general nature of the business in which the Company is engaged on the date hereof.

   
   

   
  Section 10.11      Transactions with Affiliates.  Except in the case of a Permitted Related Business Opportunity, the Company will not enter into, directly or indirectly, any Material transaction or
      group of related transactions (including, without limitation, the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate, except in the ordinary course and pursuant to the reasonable
      requirements of the Company’s business and upon fair and reasonable terms no less favorable to the Company than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate.

   
   

   
  Section 10.12       [Reserved].  

   
   

   
  Section 10.13     Economic Sanctions, Etc.  The Company will not, and will not permit any Controlled Entity to, (a) become (including by virtue of being owned or controlled by a Blocked Person), own or
      control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing
      or transaction (i) would cause any holder or any affiliate of such holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to sanctions under any U.S. Economic
      Sanctions Laws.

   
   

   
  Section 11.          Events of Default.

   
   

   
  An “Event of Default” shall exist if any of the following conditions or events shall occur and be continuing:

   
   

   
  (a)     the Company defaults in the payment of any principal or Make-Whole Amount on any Note when the same becomes due and payable,
    whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

   
   

   
  (b)     the Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due
    and payable; or

   
   

   
  
    -29-

    
      

  

  (c)    the Company defaults in the performance of or compliance with any term contained in Section
      9.6, Section 10.2 through Section 10.9, inclusive, or Section 10.13; or

   
   

   
  (d)    the Company defaults in the performance of or compliance with any term contained herein (other than those referred to in
    paragraphs (a), (b) and (c) of this Section 11) and such default is not remedied within 30 days after the earlier of (1) a Responsible Officer obtaining actual knowledge of such default and (2) the Company
    receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this paragraph (d) of Section 11); or

   
   

   
  (e)    any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this
    Agreement or in the Mortgage Indenture (including the Supplemental Indenture) or in any writing furnished in connection with the transactions contemplated hereby or thereby proves to have been false or incorrect in any material respect on the date as
    of which made; or

   
   

   
  (f)     (1) the Company is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or
    make-whole amount or interest on any Debt that is outstanding in an aggregate principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto or (2) the Company
    is in default in the performance of or compliance with any term of any evidence of any Debt in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage, indenture or
    other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Debt has become, or has been declared (or one or more Persons are entitled to declare such Debt to be), due and payable before its
    stated maturity or before its regularly scheduled dates of payment or (3) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Debt to convert such Debt into equity
    interests), (i) the Company has become obligated to purchase or repay Debt before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $30,000,000 (or its equivalent in the
    relevant currency of payment) or (ii) one or more Persons have the right to require the Company to purchase or repay such Debt; or

   
   

   
  (g)     an “Event of Default” under the Mortgage Indenture shall have occurred and be continuing; provided,

      however, that anything in this Agreement to the contrary notwithstanding, the waiver or cure of such default under the Mortgage Indenture and the rescission and annulment of the consequences thereof under the Mortgage Indenture shall
    constitute a waiver of the corresponding Event of Default hereunder and a rescission and annulment of the consequences thereof hereunder; or

   
   

   
  
    -30-

    
      

  

  (h)     the Company is in default under the terms of any agreement involving any off-balance sheet transaction (including any asset
    securitization, sale/leaseback transaction or Synthetic Lease) with obligations in the aggregate thereunder for which the Company may be obligated in an amount in excess of $30,000,000 (or its equivalent in the relevant currency of payment), and such
    breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto) any obligation when due (whether at stated maturity, by acceleration or otherwise) or if such breach or default permits or
    causes the acceleration of any obligation or the termination of such agreement; or

   
   

   
  (i)     the Company (1) is generally not paying, or admits in writing its inability to pay, its debts as they become due, (2) files,
    or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium
    or other similar law of any jurisdiction, (3) makes an assignment for the benefit of its creditors, (4) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any
    substantial part of its property, (5) is adjudicated as insolvent or to be liquidated or (6) takes corporate action for the purpose of any of the foregoing; or

   
   

   
  (j)     a court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company,
    a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any other
    petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding-up or liquidation of the Company, or any such petition shall be filed against the Company and
    such petition shall not be dismissed within 60 days; or

   
   

   
  (k)     a final judgment or judgments for the payment of money aggregating in excess of $30,000,000 (or its equivalent in the
    relevant currency of payment) (exclusive of amounts fully covered by valid and collectible insurance in respect thereof subject to customary deductibles) are rendered against one or more of the Company and which judgments are not, within 45 days after
    entry thereof (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments), bonded, discharged or stayed pending appeal, or are not discharged within 45 days after the expiration of
    such stay (or such shorter period as judgment creditors are stayed pursuant to applicable law from executing on such judgment or judgments); or

   
   

   
  
    -31-

    
      

  

  (l)      if (1) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or a waiver of
    such standards or extension of any amortization period is sought or granted under section 412 of the Code, (2) a notice of intent to terminate any Plan on other than a standard basis shall have been filed with the PBGC by the Company or any ERISA
    Affiliate or the PBGC shall have notified the Company or any ERISA Affiliate of the institution of proceedings under section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or that a Plan is the subject of any such proceedings,
    (3) the present value of the aggregate “amount of unfunded benefit liabilities” within the meaning of section 4001(a)(18) of ERISA under all Plans (determined in accordance with Title IV of ERISA as of the end of the most recent Plan year on the basis
    of the actuarial assumptions specified for funding purposes in the most recent actuarial valuation), shall exceed the aggregate actuarial value of their assets by more than $25,000,000, (4) the Company or any ERISA Affiliate shall have incurred any
    liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans with respect to any Plan, other than for claims for benefits and funding obligations in the ordinary course, (5) the
    Company or any ERISA Affiliate incurs withdrawal liability with respect to any Multiemployer Plan or (6) the Company or any ERISA Affiliate establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a
    manner that would increase the liability of the Company or any ERISA Affiliate thereunder; and any such event or events described in clauses (1) through (6) above, either individually or together with any other such event or events, would reasonably be
    expected to have a Material Adverse Effect.

   
   

   
  As used in Section 11(l), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings
    assigned to such terms in section 3 of ERISA.

   
   

   
  Section 12.          Remedies on Default, Etc.

   
   

   
  Section 12.1        Acceleration.  (a) If an Event of Default with respect to the Company described in paragraph (i) or (j) of Section 11 (other than an Event of
      Default described in clause (1) of paragraph (i) or described in clause (6) of paragraph (i) by virtue of the fact that such clause encompasses clause (1) of paragraph (i)) has occurred, all the Notes then outstanding shall automatically become
      immediately due and payable.

   
   

   
  (b)     If any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or notices
    to the Company, declare all the Notes then outstanding to be immediately due and payable.

   
   

   
  (c)      If any Event of Default described in paragraph (a) or (b) of Section 11 has occurred and is
    continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company, declare all the Notes held by it or them to be immediately due and
    payable.

   
   

    
  Upon any Note becoming due and payable under this Section 12.1, whether automatically or by declaration, such Note will forthwith
    mature and the entire unpaid principal amount of such Note, plus (1) all accrued and unpaid interest thereon and (2) the Make-Whole Amount, if any, determined in respect of such principal amount (to the full extent permitted by applicable law) shall
    all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The Company acknowledges, and the parties hereto agree, that each holder of a Note has the right to
    maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for), and that the provision for payment of the Make-Whole Amount by the Company in the event that the Notes are prepaid or are accelerated
    as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

   
   

   
  
    -32-

    
      

  

  Section 12.2       Other Remedies.  (a) If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and
      payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding,
      whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or
      otherwise.

   
   

   
  (b)     If any Event of Default has occurred and is continuing and the Notes then outstanding have become due and payable pursuant to Section 12.1, the holders of the Notes may immediately proceed to exercise their rights pursuant to section 10.57 and section 10.59 of the Mortgage Indenture (added by section 3.1 and section 5.1 of the Supplemental
    Indenture, respectively), as the case may be, to require the redemption of the First Mortgage Bonds and, upon any failure of the Company to so redeem the First Mortgage Bonds, to exercise all rights as beneficial owners of the First Mortgage Bonds
    under the Mortgage Indenture.

   
   

   
  Section 12.3       Rescission.  At any time after any Notes have been declared due and payable pursuant to clause (b) or (c) of Section 12.1, the Required
      Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and Make-Whole Amount, if any, on any Notes that are due and
      payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the Default
      Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason
      of such declaration, have been cured or have been waived pursuant to Section 17 and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission
      and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

   
   

   
  Section 12.4       No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a
      waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to herein or
      therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand
      such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’
      fees, expenses and disbursements.

   
   

   
  
    -33-

    
      

  

  Section 13.          Registration; Exchange; Substitution of Notes.

   
   

   
  Section 13.1       Registration of Notes.  The Company shall cause its transfer agent to keep at its office designated pursuant to Section 13.2 a register for
      the registration and registration of transfers of Notes.  The name and address of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  If any
      holder of one or more Notes is a nominee, then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such
      beneficial owner or its nominee may execute any amendment, waiver or consent pursuant to this Agreement.  Prior to due presentment for registration of transfer, the Person(s) in whose name any Note(s) shall be registered shall be deemed and treated
      as the owner and holder thereof for all purposes hereof, and the Company shall not be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request
      therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

   
   

   
  Section 13.2      Transfer and Exchange of Notes.  Upon surrender of any Note at the corporate trust office of the Company’s transfer agent, U.S. Bank National Association by mail at U.S. Bank Global
      Corporate Trust Services, Attention: Transfers — EP-MN-WS2N, 60 Livingston Avenue, St. Paul, Minnesota 55107-2292 or by hand at U.S. Bank Global Corporate Trust Services, Attention: Transfers, 1st Floor, 60 Livingston Avenue, St. Paul, Minnesota
      55107-2292, or at such other addresses as may be provided in writing to the holders of the Notes, for registration of transfer or exchange (and in the case of a surrender for registration of transfer, duly endorsed or accompanied by a written
      instrument of transfer duly executed by the registered holder of such Note or its attorney duly authorized in writing and accompanied by the address for notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the
      Company shall execute and deliver, at the Company’s expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal
      amount of the surrendered Note.  Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1(a) or Exhibit

        1(b), as applicable.  Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. 
      The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall not be transferred in denominations of less than $100,000, provided that if necessary to enable the registration of transfer by a holder of its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000.  Any transferee, by its acceptance of
      a Note registered in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2.

   
   

   
  Section 13.3       Replacement of Notes.  Upon receipt by the Company of evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note of any
      series (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and

   
   

   
  (a)      in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided
    that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

   
   

   
  
    -34-

    
      

  

  (b)      in the case of mutilation, upon surrender and cancellation thereof,

   
   

   
  within 10 Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest
    from the date to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

   
   

   
  Section 14.          Payments on Notes.

   
   

   
  Section 14.1       Place of Payment.  Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and interest becoming due and payable on the
      Notes shall be made in New York, New York at the principal office of U.S. Bank National Association in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place
      of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

   
   

   
  Section 14.2    Home Office Payment.  So long as any Purchaser or its nominee shall be the holder of any Note of any series, and notwithstanding anything contained in Section

        14.1 or in such Note to the contrary, the Company will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, interest and all other amounts due hereunder by the method and at the address specified for such purpose
      below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
      presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall
      surrender such Note for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section

        14.1.  Prior to any sale or other disposition of any Note held by any Purchaser or its nominee such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been
      paid thereon or surrender such Note to the Company in exchange for a new Note or Notes of the same series pursuant to Section 13.2.  The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by any Purchaser under this Agreement and that has made the same agreement relating to such Note as such Purchaser has made in
      this Section 14.2.

   
   

   
  Section 14.3    FATCA Information.  By acceptance of any Note, the holder of such Note agrees that such holder will with reasonable promptness duly complete and deliver to the Company, or to such other
      Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification number or other Forms reasonably requested by the Company
      necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of any such holder that is not a United States Person,
      such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations under FATCA and to determine that
      such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such payment made to such holder.  Nothing in this Section 14.3 shall require any holder to provide information
      that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event, the Company shall treat any such information it receives as confidential.

   
   

   
  
    -35-

    
      

  

  Section 15.          Expenses, Etc.

   
   

   
  Section 15.1      Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the Company will pay the reasonable out-of-pocket costs and expenses incurred in connection
      with the initial filing of this Agreement and all related documents and financial information, and all subsequent annual and interim filings of documents and financial information related thereto, with the SVO (which costs and expenses shall not
      exceed $5,000 without the prior written consent of the Company), and all out-of-pocket costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required, local or other counsel) incurred by the Purchasers or
      any other holder of a Note in connection with the transactions contemplated hereby and in connection with any amendments, waivers or consents under or in respect of this Agreement, the Notes, the Mortgage Indenture (including the Supplemental
      Indenture) and the First Mortgage Bonds (whether or not such amendment, waiver or consent becomes effective), including, without limitation: (a) the out-of-pocket costs and expenses incurred in enforcing or defending (or determining whether or how to
      enforce or defend) any rights under this Agreement, the Notes, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bonds, or in responding to any subpoena or other legal process or informal investigative demand issued
      in connection with this Agreement, the Notes, the Mortgage Indenture (including the Supplemental Indenture) and the First Mortgage Bonds, or by reason of being a holder of any Note and (b) the out-of-pocket costs and expenses, including financial
      advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or in connection with any work-out or restructuring of the transactions contemplated hereby, by the Notes, by the Mortgage Indenture (including the Supplemental
      Indenture) or by the First Mortgage Bonds.  If required by the NAIC, the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI). 

   
   

   
  The Company will pay, and will save the Purchasers and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or
    expenses, if any, of brokers and finders (other than those retained by such Person), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such Note to such holder or otherwise charges to a
    holder of a Note with respect to a payment under such Note and (iii) any judgment, liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation resulting from the consummation of
    the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company.

   
   

   
  Section 15.2        Certain Taxes.  The Company agrees to pay all stamp, documentary or similar taxes or fees which may be payable in respect of the execution and delivery or the enforcement of this
      Agreement or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company has assets or of any amendment of, or waiver or consent under or with respect to,
      this Agreement or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by
      applicable law harmless against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company hereunder.

   
   

   
  
    -36-

    
      

  

  Section 15.3     Survival.  The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or
      waiver of any provision of this Agreement or the Notes, and the termination of this Agreement.

   
   

   
  Section 16.          Survival of Representations and Warranties; Entire Agreement.

   
   

   
  All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer
    by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of any Purchaser or any other
    holder of a Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement.  Subject to the
    preceding sentence, this Agreement and the Notes embody the entire agreement and understanding between the Purchasers and the Company and supersede all prior agreements and understandings relating to the subject matter hereof.

   
   

   
  Section 17.          Amendment and Waiver.

   
   

   
  Section 17.1        Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively or prospectively), with (and
      only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21
      hereof, or any defined term (as it is used therein), will be effective as to any Purchaser or holder of a Note unless consented to by such Purchaser or holder in writing and (b) no such amendment or waiver may, without the written consent of each
      Purchaser or the holder of each Note at the time outstanding affected thereby, (1) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or
      payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount on, the Notes, (2) change the percentage of the principal amount of the Notes the holders of which are required
      to consent to any such amendment or waiver or (3) amend any of Sections 8, 11(a), 11(b), 12, 17, 20 or 23.

   
   

   
  Section 17.2          Solicitation of Purchasers and Holders of Notes.

   
   

   
  (a)      Solicitation.  The Company will provide each holder of the Notes (irrespective of the amount of Notes
    then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any
    of the provisions hereof or of the Notes.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 to each holder
    of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

   
   

   
  
    -37-

    
      

  

  (b)     Payment.  The Company will not, directly or indirectly, pay or cause to be paid any remuneration,
    whether by way of supplemental or additional interest, fee or otherwise, or grant any security or provide any other credit support, to any holder of a Note as consideration for or as an inducement to the entering into by such holder of any waiver or
    amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each holder of Notes then outstanding
    even if such holder did not consent to such waiver or amendment.

   
   

   
  (c)     Consent in Contemplation of Transfer.  Any consent made pursuant to this Section 17 by a holder of a Note that has transferred a portion or has agreed to transfer all or a portion of its Notes to (i) the Company, (ii) any Affiliate or (iii) any other Person in connection
      with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company and/or any of its Affiliates and, in each case, has provided or has agreed to provide such written consent as a condition to such
    transfer shall be void and of no force and effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or be so effected or granted but for such consent (and the consents
    of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

   
   

   
  Section 17.3       Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 17 applies equally to all Purchasers and holders of
      Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver.  No such amendment or waiver will extend to or affect any
      obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any Purchaser or holder of any Note nor any delay in exercising any
      rights hereunder or under any Note shall operate as a waiver of any rights of any Purchaser or holder of such Note.  As used herein, the term “this Agreement” and references thereto shall mean this Agreement as it may from time to time be amended or
      supplemented.

   
   

   
  Section 17.4      Notes Held by Company, Etc.  Solely for the purpose of determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved
      or consented to any amendment, waiver or consent to be given under this Agreement or the Notes, or have directed the taking of any action provided herein or in the Notes to be taken upon the direction of the holders of a specified percentage of the
      aggregate principal amount of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

   
   

   
  Section 18.          Notices.

   
   

   
  Except to the extent otherwise provided in Section 7.4, all notices and communications provided for hereunder
    shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested
    (postage prepaid) or (c) by a recognized overnight delivery service (charges prepaid).  Any such notice must be sent:

   
   

  
    -38-

    
      

  

  (1)          if to any Purchaser or its nominee, to such Purchaser or its nominee at the address specified for such communications in
    Schedule A, or at such other address as such Purchaser or its nominee shall have specified to the Company in writing,

   
   

   
  (2)          if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
    Company in writing, or

   
   

   
  (3)          if to the Company, to the Company at its address set forth at the beginning hereof to the attention of the Chief
    Financial Officer of the Company, or at such other address as the Company shall have specified to the holder of each Note in writing.

   
   

   
  Notices under this Section 18 will be deemed given only when actually received.

   
   

   
  Section 19.          Reproduction of Documents.

   
   

   
  This Agreement or the Mortgage Indenture (including the Supplemental Indenture), as the case may be, and all documents relating hereto and thereto,
    including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by the Purchasers at the Closing (except the Notes themselves) and (c) financial statements, certificates and other
    information previously or hereafter furnished to any Purchaser or holder of the Notes, may be reproduced by such Purchaser or such holder by any photographic, photostatic, microfilm, microcard, miniature photographic or other similar process and such
    Purchaser or such holder may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any judicial
    or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by any Purchaser or holder of the Notes in the regular course of business) and any enlargement, facsimile or further reproduction of
    such reproduction shall likewise be admissible in evidence.  This Section 19 shall not prohibit the Company or any other Purchaser or holder of a Note from contesting any such reproduction to the same extent
    that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

   
   

    
  
    -39-

    
      

  

  Section 20.          Confidential Information.

   
   

   
  For the purposes of this Section 20, “Confidential Information” shall
    mean information delivered to any Purchaser by or on behalf of the Company in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in nature and that was clearly marked or labeled or otherwise
    adequately identified when received by such Purchaser as being confidential information of the Company, provided that such term does not include information that (a) was publicly known or otherwise known to
    such Purchaser prior to the time of such disclosure (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by a
    confidentiality agreement with the Company relating to such information), (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such
    Purchaser other than through disclosure by the Company (provided, however, that to such Purchaser’s actual knowledge, the source of such information was not, at the time of disclosure to such Purchaser, bound by
    a confidentiality agreement with the Company relating to such information) or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are otherwise publicly available.  Each
    Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (1) its directors, officers, trustees, employees, agents, attorneys and affiliates (to the extent such disclosure reasonably relates
    to the administration of the investment represented by its Notes and such individuals are bound by the terms of this Section 20 or agree to hold confidential the Confidential Information substantially in
    accordance with the terms of this Section 20), (2) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of
    this Section 20, (3) any other holder of any Note, (4) any Institutional Investor to which such Purchaser sells or offers to sell such Note or any part thereof or any participation therein (if such Person has
    agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (5) any Person from which such Purchaser offers to purchase any security of the Company
    (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (6) any Federal or state regulatory authority having jurisdiction
    over such Purchaser, (7) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (8) any other Person to which such
    delivery or disclosure may be necessary or appropriate (i) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (ii) in response to any subpoena or other legal process, (iii) in connection with any litigation to
    which such Purchaser is a party or (iv) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of
    the rights and remedies under such Purchaser’s Notes and this Agreement (provided with respect to subclauses (i) (except where required disclosure of the purchase of the Notes is to be made to any supervisory or
    regulatory body during the normal course of its exercise of its regulatory or supervisory function over such Purchaser and consistent with such Purchaser’s usual practice), (ii) and (iii) that, to the extent not prohibited by applicable law, rule,
    regulation or order, such Purchaser shall use commercially reasonable efforts to notify the Company of such pending disclosure so that the Company may seek a protective order or to pursue such further legal action as may be necessary to preserve the
    privileged nature and confidentiality of the Confidential Information).  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section

      20 as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such
    holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20.

   
   

    
  
    -40-

    
      

  

  In the event that as a condition to receiving access to information relating to the Company in connection with the transactions contemplated by or
    otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20
    shall supersede any such other confidentiality undertaking.

   
   

   
  Section 21.          Substitution of Purchaser.

   
   

   
  Each Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that such Purchaser has agreed to purchase
    hereunder, by written notice to the Company, which notice shall be signed by both such Purchaser and such Affiliate, shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the
    accuracy with respect to it of the representations set forth in Section 6.  Upon receipt of such notice, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall be deemed to refer to such Affiliate in lieu of such Purchaser.  In the event that such Affiliate is so substituted as a purchaser hereunder and such Affiliate thereafter transfers to such Purchaser all of
    the Notes of a series then held by such Affiliate, upon receipt by the Company of notice of such transfer, wherever the word “Purchaser” is used in this Agreement (other than in this Section 21), such word shall
    no longer be deemed to refer to such Affiliate, but shall refer to such Purchaser, and such Purchaser shall have all the rights of an original holder of the Notes of the applicable series under this Agreement.

   
   

   
  Section 22.          Miscellaneous.

   
   

   
  Section 22.1       Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on behalf of any of the parties hereto bind and inure to the benefit of their respective
      successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not, except that, subject to Section 10.5, the Company may not assign or otherwise transfer any of its rights or obligations hereunder or
      under the Notes without the prior written consent of each holder.  Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and assigns permitted
      hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

   
   

   
  Section 22.2       Submission to Jurisdiction; Waiver of Jury Trial.  (a) The Company hereby irrevocably submits to the non-exclusive jurisdiction of any State of New York court or any Federal court
      located in New York County, New York, New York for the adjudication of any matter arising out of or relating to this Agreement, and consents to the service of all writs, process and summonses by registered or certified priority or express mail out of
      any such court or by service of process on the Company at its address to which notices are to be given pursuant to Section 18 hereof and hereby waives any requirement to have an agent for service of process
      in the State of New York.  Nothing contained herein shall affect the right of any holder of the Notes to serve legal process in any other manner or to bring any proceeding hereunder in any jurisdiction where the Company may be amenable to suit.  The
      Company hereby irrevocably waives any objection to any suit, action or proceeding in any New York court or Federal court located in New York County, New York, New York on the grounds of venue and hereby further irrevocably waives any claim that any
      such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

   
   

   
  
    -41-

    
      

  

  (b)     THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
      AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED IN CONNECTION HEREWITH OR THEREWITH.

   
   

   
  Section 22.3       Payments Due on Non-Business Days.  Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirement in Section

        8.5 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount, if any, or interest on any Note that is due on a date other than a Business Day
      shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity
      date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next
      succeeding Business Day.

   
   

   
  Section 22.4       Accounting Terms.  All accounting terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.  Except as
      otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP; provided,
      that, if the Company notifies the holders of Notes that the Company requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such
      provision, regardless of whether any such notice is given before or after such change in GAAP or in the application thereof (or if the Required Holder(s) notify the Company that the Required Holder(s) request an amendment to any provision hereof for
      such purposes), then (i) such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance
      herewith and (ii) the Company shall provide to the holders financial statements and other documents required by this Agreement or requested by any holder setting forth reconciliations between the computations relating to the compliance with the
      provisions hereof and financial statements provided hereunder made before and after giving effect to such changes in GAAP or the application thereof.  For purposes of determining compliance with this Agreement (including, without limitation, Section 9, Section 10 and the definition of “Debt”), any election by the Company to measure any financial liability using fair value (as permitted by Financial Accounting
      Standards Board Accounting Standards Codification Topic No. 825-10-25 — Fair Value Option, International Accounting Standard 39 — Financial Instruments: Recognition and Measurement or any similar accounting
      standard) shall be disregarded and such determination shall be made as if such election had not been made.

   
   

   
  Section 22.5     Severability.  Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition
      or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other
      jurisdiction.

   
   

    
  
    -42-

    
      

  

  Section 22.6     Construction.  Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so that
      compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any provision herein refers to action to be taken by any Person, or which such Person is prohibited
      from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

   
   

   
  For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

   
   

   
  Section 22.7       Counterparts; Electronic Contracting.  This Agreement may be executed in any number of counterparts, each of which shall be an original but all of which together shall constitute one
      instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.  The parties agree to electronic contracting and signatures with respect to this Agreement and
      any other agreement or instrument hereunder (other than the Notes).  Delivery of an electronic signature to, or a signed copy of, this Agreement and any other agreement or instrument hereunder (other than the Notes) by facsimile, email or other
      electronic transmission shall be fully binding on the parties to the same extent as the delivery of the signed originals and shall be admissible into evidence for all purposes.  Notwithstanding the foregoing, if any Purchaser shall request manually
      signed counterpart signatures to any agreement or instrument hereunder, the Company hereby agrees to use its reasonable endeavors to provide such manually signed signature pages as soon as reasonably practicable. 

   
   

   
  Section 22.8       Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights of the parties shall be governed by, the law of the State of New York excluding
      choice-of-law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

   
   

   
  Section 23.          Appointment and Direction of Collateral Agent.

   
   

   
  Section 23.1       Appointment and Authority; Direction.  Each holder of the Notes, by its acceptance thereof, designates and appoints U.S. Bank National Association to act as Collateral Agent for it
      under this Agreement, and authorizes U.S. Bank National Association, as the Collateral Agent acting on behalf of and for such holder’s benefit, to (a) accept delivery of the First Mortgage Bonds, issued in the name of the Collateral Agent, and to
      hold the First Mortgage Bonds for the benefit of the holders of the Notes in accordance with this Agreement in a collateral account established by the Collateral Agent, (b) execute and deliver the Collateral Agent Acceptance in connection with the
      Closing (the “First Mortgage Bond Documents”) and (c) enter into each and all other instruments relating to the security for the Notes and to take such action under the provisions of the this Agreement, the
      Mortgage Indenture and all other instruments relating hereto and thereto, and to exercise such powers and perform such duties as are expressly delegated to the Collateral Agent by the terms hereof and thereof.

   
   

   
  
    -43-

    
      

  

  Section 23.2        Limited Agency.  Notwithstanding any provision to the contrary set forth elsewhere in this Agreement or any document related hereto, the Collateral Agent shall not have any duties or
      responsibilities in its capacity as Collateral Agent except those expressly set forth herein or therein, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or the First Mortgage
      Bond Documents or otherwise exist against the Collateral Agent.

   
   

   
  Section 23.3       Delegation of Duties.  The Collateral Agent may exercise its powers and execute any of its duties under this Agreement and the First Mortgage Bond Documents by or through employees,
      agents or attorneys-in-fact and shall be entitled to take and to rely on advice of counsel concerning all matters pertaining to such powers and duties.  The Collateral Agent shall not be responsible for the negligence or misconduct of any agents or
      attorneys-in-fact selected by it with reasonable care.  The Collateral Agent may utilize the services of such Persons as the Collateral Agent in its sole discretion may determine, and all reasonable fees and expenses of such Persons shall be borne by
      the Company.

   
   

   
  Section 23.4      Exculpatory Provisions.  (a) The Collateral Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates shall not be (1) liable for any action lawfully
      taken or omitted to be taken by it or such Person under or in connection with this Agreement or the First Mortgage Bond Documents (except for its or such Person’s personal liability for its own or such Person’s own gross negligence or willful
      misconduct) or (2) responsible in any manner to any of the holders for any recitals, statements, representations or warranties made by the Company or any officer thereof contained herein or in any First Mortgage Bond Document or in any certificate,
      report, statement or other document referred to or provided for in, or received by, the Collateral Agent under or in connection with this Agreement or any First Mortgage Bond Document, or for the value, validity, effectiveness, genuineness,
      enforceability or sufficiency of the First Mortgage Bond Documents or for any failure of the Company to perform its obligations thereunder.  The Collateral Agent shall not be under any obligation to the holders to ascertain or to inquire as to the
      observance or performance of any of the agreements contained in, or conditions of, the First Mortgage Bond Documents.

   
   

   
  (b)      The Collateral Agent shall be deemed to have exercised reasonable care in the custody of any First Mortgage Bonds in its possession if the
    First Mortgage Bonds are accorded treatment substantially equal to that which it accords its own property.

   
   

   
  (c)      The Collateral Agent shall not be liable for any action taken, suffered, or omitted to be taken by it in good faith and reasonably believed by
    it to be authorized or within the rights or powers conferred upon it by this Agreement.

   
   

   
  (d)    In no event shall the Collateral Agent be responsible or liable for special, indirect, or consequential loss or damage of any kind whatsoever
    (including, but not limited to, loss of profit).

   
   

    
  
    -44-

    
      

  

  Section 23.5      Reliance by Collateral Agent.  The Collateral Agent shall be entitled to conclusively rely, and shall be fully protected in relying, upon any writing, resolution, notice, consent,
      certificate, affidavit, letter, telecopy, telex or facsimile message, statement, order or other document or conversation believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice
      and statements of legal counsel (including, without limitation, counsel to the Company), independent accountants and other experts selected by the Collateral Agent.  The Collateral Agent shall be fully justified in failing or refusing to take action
      under this Agreement or the First Mortgage Bond Documents unless it shall first receive such advice or concurrence of the Required Holders and it shall first be indemnified to its reasonable satisfaction by the holders against any and all liability
      and expense which may be incurred by it by reason of taking, continuing to take or refraining from taking any such action.  The Collateral Agent, in all cases, shall be fully protected in acting, or in refraining from acting, under this Agreement and
      the First Mortgage Bond Documents if such acting or refraining from acting is in accordance with the provisions hereof, and any action taken or failure to act pursuant hereto shall be binding upon all the holders.

   
   

   
  Section 23.6      Indemnification.  Each holder severally agrees to indemnify the Collateral Agent in its capacity as such (to the extent not reimbursed by the Company (and without limiting the
      Company’s obligation to do so) within 45 days after the Collateral Agent’s written request therefor), ratably according to its respective share of the outstanding principal amount of the Notes held thereby, from and against any and all liabilities,
      obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements of any kind whatsoever which may at any time (including, without limitation, at any time following the payment of the Notes) be imposed on, incurred
      by or asserted against the Collateral Agent in any way relating to or arising out of actions or omissions of the Collateral Agent specifically required or permitted by this Agreement or by written instructions of the Required Holders, delivered
      pursuant thereto, provided that no holder shall be liable for the payment of any portion of such liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
      disbursements to the extent resulting from the Collateral Agent’s own gross negligence or willful misconduct.  The agreements in this Section 23.6 shall survive the payment of the Notes.

   
   

   
  Section 23.7       Duties; Obligations.  The only duties and obligations which the Collateral Agent shall have are those set forth in this Agreement and in the First Mortgage Bond Documents.

   
   

   
  Section 23.8        Requesting Instructions.  The Collateral Agent may at any time request directions in writing from the holders as to any course of action or other matter relating to the performance
      of its duties under this Agreement and the First Mortgage Bond Documents and the holders shall promptly comply with such request.  Directions given to the Collateral Agent by the Required Holders shall be binding on each of the holders.

   
   

   
  Section 23.9        Administrative Actions.  The Collateral Agent shall have the right to take such actions, or omit to take such actions, hereunder and under the First Mortgage Bond Documents not
      inconsistent with the written instructions of the requisite holders or the terms of the First Mortgage Bond Documents and this Agreement, including without limitation actions the Collateral Agent deems necessary or appropriate to perfect or continue
      the perfection of the Liens on the First Mortgage Bonds for the benefit of the holders or to protect the First Mortgage Bonds.  Except as provided above and as otherwise provided pursuant to applicable law, the Collateral Agent shall have no duty as
      to the collection or protection of the First Mortgage Bonds or any income thereon, nor as to the preservation of rights against prior parties, nor as to the preservation of rights pertaining to the First Mortgage Bonds beyond the safe custody of any
      First Mortgage Bonds in the Collateral Agent’s possession.

   
   

    
  
    -45-

    
      

  

  Section 23.10     Exercise of Remedies.  Except as otherwise provided in Section 23.9, the Collateral Agent shall only be authorized to take such actions under the
      First Mortgage Bond Documents and to enforce or prepare to enforce the remedies available under such First Mortgage Bond Documents as are approved in a written notice by the Required Holders; provided, however, that

      no notice to release First Mortgage Bonds shall be effective unless signed by all of the holders.  In furtherance of the foregoing, the Collateral Agent agrees to make such demands and give such notices under the First Mortgage Bond Documents as may
      be requested by, and to take such action to enforce the First Mortgage Bond Documents and to foreclose upon, collect and dispose of the First Mortgage Bonds or any portion thereof as may be directed by the Required Holders; provided, however, that the Collateral Agent shall not be required to take any action that is in its opinion contrary to law or the terms of this Agreement or the First Mortgage Bond Documents and the Collateral Agent shall not be
      required to take any action unless indemnified in accordance with the provisions of Section 23.6 hereof.

   
   

   
  Section 23.11       Sharing and Application of Proceeds.  The holders agree all amounts owing with respect to the Notes shall be secured pro rata by the
      Collateral Agent without distinction.  Upon any realization upon the First Mortgage Bonds by the Collateral Agent, the holders agree that the proceeds thereof shall be applied (i) first, to the payment of
      expenses incurred by and amounts owed to the Collateral Agent with respect to maintenance and protection of the First Mortgage Bonds and of expenses incurred with respect to the sale of or realization upon any of the First Mortgage Bonds or the
      perfection, enforcement or protection of the rights of the holders (including reasonable attorneys’ fees and expenses of every kind, including, without limitation, reasonable allocated costs of staff counsel); (ii) second,
      equally and ratably to the payment of all amounts of interest on the Notes, according to the aggregate amounts thereof owing to each holder; (iii) third, equally and ratably to the payment of all amounts of
      principal on the Notes according to the aggregate amounts thereof owing to each holder; (iv) fourth, equally and ratably to the payment of all Make-Whole Amounts according to the aggregate amounts thereof
      owing to each holder; (v) fifth, equally and ratably to the payment of other amounts then due to the holders under this Agreement (including but not limited to all fees and expenses) with amounts prorated,
      if necessary, based on the aggregate amounts thereof then owing to each holder, and (vi) sixth, the balance, if any, shall be returned to the Company.

   
   

    
  
    -46-

    
      

  

  Section 23.12     Resignation or Termination of Collateral Agent.  The Collateral Agent may resign as Collateral Agent upon not less than 60 days’ written notice to each of the holders (with a copy to
      the Company), such resignation to take effect upon the acceptance by a successor Collateral Agent of its appointment as the Collateral Agent hereunder.  In addition, the Required Holders may remove the Collateral Agent, with or without cause, each at
      any time by giving written notice thereof to the Collateral Agent, such resignation to take effect upon the acceptance by a successor Collateral Agent of its appointment as the Collateral Agent hereunder.  Upon any such resignation or removal, the
      Required Holders shall have the right to appoint a successor Collateral Agent which meets the eligibility requirements of Section 23.14.  If no successor Collateral Agent shall have been so appointed and shall
      have accepted such appointment in writing within 60 days after the retiring Collateral Agent’s giving of notice of resignation or its removal, then any holder or the retiring Collateral Agent (unless the Collateral Agent is being removed), on behalf
      of the holders, may petition at the expense of the Company a court of competent jurisdiction for the appointment of a successor Collateral Agent.  Such court shall, after such notice as it may deem proper, appoint a successor Collateral Agent meeting
      the qualifications specified in Section 23.14.  The holders of the Notes hereby consent to such petition and appointment so long as such criteria are met.  Upon acceptance of appointment as Collateral Agent,
      such successor shall thereupon and forthwith succeed to and become vested with all the rights, powers and privileges, immunities and duties of the retiring Collateral Agent, and the retiring Collateral Agent, upon the signing, transferring and
      setting over to such successor Collateral Agent all rights, moneys and other collateral held by it in its capacity as Collateral Agent, shall be discharged from its duties and obligations hereunder.  After any retiring Collateral Agent’s resignation
      or removal as Collateral Agent, the provisions of this Section 23, shall inure to its benefit as to any actions taken or omitted to be taken by it while it acted as Collateral Agent.

   
   

   
  Section 23.13     Succession of Successor Collateral Agent.  Any successor Collateral Agent appointed hereunder shall execute, acknowledge and deliver to the holders and the predecessor Collateral Agent
      an instrument accepting such appointment, and thereupon such successor Collateral Agent, without any further act, deed, conveyance or transfer, shall become vested with the title to the First Mortgage Bonds, and with all the rights, powers, duties
      and obligations of the predecessor Collateral Agent in the First Mortgage Bonds and the First Mortgage Bond Documents, with like effect as if originally named as Collateral Agent herein.

   
   

   
  Upon the request of any such successor Collateral Agent, however, the holders and the predecessor Collateral Agent shall promptly execute and deliver
    such instruments of conveyance and further assurance reflecting terms consistent with the terms of this Agreement and the First Mortgage Bond Documents then in effect and do such other things as may reasonably be required for more fully and certainly
    vesting and confirming in such successor Collateral Agent its interest in the First Mortgage Bonds and all such rights, powers, duties and obligations of the predecessor Collateral Agent hereunder, and the predecessor Collateral Agent shall also
    promptly assign and deliver to the successor Collateral Agent any First Mortgage Bonds which may then be in its possession.  The Company, to the extent requested by any holder of the Notes or the Collateral Agent shall procure any and all documents,
    conveyances or instruments and execute the same, to the extent required, in order to reflect the transfer to the successor Collateral Agent.

   
   

   
  Section 23.14      Eligibility of Collateral Agent.  Any successor Collateral Agent shall be (a) a state or national bank or trust company in good standing, organized under the laws of the United States
      of America or of any state, having capital, surplus and undivided profits aggregating at least $500,000,000 and subject to supervision or examination by a Federal or state banking authority and (b) authorized under the laws of the jurisdiction of its
      incorporation or organization to assume the functions of the Collateral Agent, if there be such a bank or trust company willing and able to accept the duties hereunder upon reasonable and customary terms.

   
   

   
  Section 23.15       Successor Collateral Agent by Merger.  Any corporation into which the Collateral Agent may be merged or with which it may be consolidated, or any corporation resulting from any merger
      or consolidation to which the Collateral Agent shall be a party, or any state or national bank or trust company in any manner succeeding to the corporate trust business of the Collateral Agent as a whole or substantially as a whole, if eligible as
      provided in Section 23.14, shall be the successor of the Collateral Agent hereunder without the execution or filing of any paper or any further act on the part of any of the parties hereto, anything to the
      contrary contained herein notwithstanding.

   
   

    
  
    -47-

    
      

  

  Section 23.16      Compensation and Reimbursement of Collateral Agent.  The Company agrees:

   
   

   
  (a)     to pay to the Collateral Agent all of its out-of-pocket expenses in connection with the preparation, execution and delivery
    of this Agreement and the First Mortgage Bond Documents and the transactions contemplated hereby, including but not limited to the reasonable charges and disbursements of its special counsel;

   
   

   
  (b)      to pay to the Collateral Agent from time to time reasonable compensation for all services rendered by it hereunder;

   
   

   
  (c)     to reimburse the Collateral Agent upon its request for all reasonable expenses, disbursements and advances incurred or made
    by the Collateral Agent in accordance with any provision of this Agreement (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as shall have been caused
    by its own gross negligence or willful misconduct; and

   
   

   
  (d)    to indemnify the Collateral Agent for, and to hold it harmless against any and all liabilities, obligations, losses, damages,
    penalties, actions, judgments, suits, claims, costs or disbursements of any kind whatsoever imposed on, incurred by or asserted against the Collateral Agent without gross negligence or willful misconduct on its part, at any time (including without
    limitation, at any time following the payment of the Notes), arising out of or in connection with this Agreement or any First Mortgage Bond Document or any action taken or omitted by it thereunder or in connection therewith, including, but not limited
    to, the costs and expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder, and any and all liabilities, obligations, losses, damages, penalties, actions,
    judgments, suits, costs or disbursements of any kind whatsoever or claims arising out of its possession or control, of the First Mortgage Bonds.

   
   

   
  Notwithstanding any other provision of this Agreement or the First Mortgage Bond Documents, the Collateral Agent shall in all cases be fully justified
    in failing or refusing to act hereunder unless it shall be indemnified to its satisfaction by the Company or, to the extent it is not satisfactorily indemnified by the Company, the holders of the Notes against any and all liability and expense that may
    be incurred by it by reason of taking or continuing to take any such action.

   
   

   
  Section 23.17      Self Dealing.  In the event that a holder serves as the Collateral Agent, such holder acting in its capacity as such shall have the same rights and powers under this Agreement and the
      Notes as any other holder and may exercise or refrain from exercising the same as though it were not the Collateral Agent.  Without limiting the generality of the foregoing, the Collateral Agent or any holding company, trust company or corporation in
      or with which the Collateral Agent or the Collateral Agent’s stockholders may be interested or affiliated, or any officer or director of the Collateral Agent, or of any other such entity, or any agent appointed by the Collateral Agent, may have
      commercial relations or otherwise deal with any of the holders, or with any other corporation having relations with any of the holders, and with any other entity, whether or not affiliated with the Collateral Agent.

   
   

   
  Section 23.18      Third Party Beneficiary.  The Collateral Agent is hereby deemed a third party beneficiary of Section 23 of this Agreement.

   
   

  
    -48-

    
      

  

  The execution hereof by the Purchasers shall constitute a contract between the Company and the Purchasers for the uses and purposes and on the terms
    hereinabove set forth.  

   

  	 	
          Very truly yours,

        
	 	 
	 	
          New Jersey Natural Gas Company

        
	 	 	 
	 	
          By

        	
          /s/ Roberto F. Bel

        

  	 	
          Name:

        	
          Roberto F. Bel

        
	 	
          Title:

        	
          Vice President, Treasurer

        

  

  

  [Signature Page to Note Purchase Agreement]

  

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          Great-West Life & Annuity Insurance Company

        
	 	 	 
	 	
          By:

        	
          /s/ Ward Argust

        
	 	 	
          Name: Ward Argust

        
	 	 	
          Title: Assistance Vice President, Investments

        

  

  

  [Signature Page to Note Purchase Agreement]

   

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          New York Life Insurance Company

        
	 	 	 
	 	
          By:

        	
          /s/ Kimberly T. Stepancic

        
	 	 	
          Name: Kimberly T. Stepancic

        
	 	 	
          Title: Corporate Vice President

        

  

  

  	 	
          New York Life Insurance and Annuity

          Corporation

        
	 	 	 
	 	
          By:

        	
          NYL Investors LLC, its Investment Manager

        
	 	 	 
	 	
          By:

        	
          /s/ Kimberly T. Stepancic

        
	 	 	
          Name: Kimberly T. Stepancic

        
	 	 	
          Title: Senior Director

        

  

  

  Signature Page to Note Purchase Agreement

  

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          American United Life Insurance Company

        
	 	 	 
	 	
          By:

        	
          /s/ David M. Weisenburger

        
	 	 	
          Name: David M. Weisenburger

        
	 	 	
          Title: VP, Fixed Income Securities

        
	 	 	 
	 	
          The State Life Insurance Company

        
	 	 	 
	 	
          By:

        	
          American United Life Insurance Company, its

        
	 	 	
          Agent

        
	 	 	 
	 	
          By:

        	
          /s/ David M. Weisenburger

        
	 	 	
          Name: David M. Weisenburger

        
	 	 	
          Title: VP, Fixed Income Securities

        

  

  

  Signature Page to Note Purchase Agreement

  

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          Thrivent Financial for Lutherans

        
	 	 	 
	 	
          By:

        	
          /s/ Robinson Ewald

        
	 	 	
          Name: Robinson Ewald

        
	 	 	
          Title: Intermediate Analyst

        

   

  

  Signature Page to Note Purchase Agreement

  

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          Security Life of Denver Insurance Company

        
	 	 	 
	 	
          By:

        	
          Voya Investment Management Co. LLC, as

        
	 	 	
          Agent

        
	 	 	 
	 	
          By:

        	
          /s/ Fitzhugh L. Wickham III

        
	 	 	
          Name: Fitzhugh L. Wickham III

        
	 	 	
          Title: Senior Vice President

        

  

  

  Signature Page to Note Purchase Agreement

  

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          Standard Insurance Company

        
	 	 	 
	 	
          By:

        	
          /s/ Chris Beaulieu

        
	 	 	
          Name: Chris Beaulieu

        
	 	 	
          Title: VP, Individual Annuities & Investments

        

  

  

  Signature Page to Note Purchase Agreement

   

  

  
    
      

    

  

  The foregoing is hereby agreed

  to as of the date hereof.

  

  

  	 	
          United Farm Family Life Insurance   Company

        
	 	 	 
	 	
          By:

        	
          /s/ Michael Lucado

        
	 	 	 
	 	 	
          Name: Michael Lucado

        
	 	 	
          Title: Portfolio Manager

        

  

  

  Signature Page to Note Purchase Agreement

  

  

  
    
      

    

  

  Information Relating to Purchasers

   

  	 	
          

            

            Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal 

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          Great-West Life & Annuity Insurance Company

          8525 East Orchard Road, 1T3

          Greenwood Village, CO 80111

        	
          Series 2021A

          Series 2021B

           

        	
          $8,000,000

          $14,000,000

        
	
          (1)

        	
          All payments shall be made by wire transfer to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices and communications:

           

          Preferred remittance: bond_compliance@greatwest.com

           

          Great-West Life & Annuity Insurance Company

          8525 East Orchard Road, 1T3

          Greenwood Village, CO 80111

          Attention: Investments Division

        
	
          (3)

        	
          Address for physical delivery of the Notes:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
          U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

        
	
          (5)

        	
          Nominee: None

        

  

  

  
    Schedule A

    (to Note Purchase Agreement)

  

  

  

  
    
      

    

  

  	 	
          

            

            Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal 

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          Great-West Life & Annuity Insurance Company

          8525 East Orchard Road, 1T3

          Greenwood Village, CO 80111

        	
          Series 2021A

          Series 2021B

           

        	
          $3,000,000

          $5,000,000

        
	
          (1)

        	
          All payments shall be made by wire transfer to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices and communications:

           

          Preferred remittance: bond_compliance@greatwest.com

           

          Great-West Life & Annuity Insurance Company

          8525 East Orchard Road, 1T3

          Greenwood Village, CO 80111

          Attention: Investments Division

        
	
          (3)

        	
          Address for physical delivery of the Notes:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
           

          U.S. Tax Identification Number: Redacted and provided to Company under separate cover.

        
	
          (5)

        	
          Nominee: None

        

   

  

  
    A-2

    
      

    

  

  	 	
          

            

            Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal 

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          New York Life Insurance Company

          51 Madison Avenue, Room 208

          New York, NY 10010

        	
          Series 2021A

          Series 2021B

           

        	
          $6,800,000

          $16,000,000

        

  

  

  Purchaser information redacted and provided to the Company under separate cover.

   

  

  
    A-3

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal 

            

          Amount of 

          

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          New York Life Insurance and Annuity Corporation

          51 Madison Avenue, Room 208

          New York, NY 10010

        	
          Series 2021A

          Series 2021B

           

        	
          $2,200,000

          $5,000,000

        

  

  

  

  

  Purchaser information redacted and provided to the Company under separate cover.

  

  

  
    A-4

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          The State Life Insurance Company 

          One American Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

        	
          Series 2021B

           

        	
          $6,000,000

        
	
          (1)

        	
          All payments shall be made in immediately available funds by wire transfer to the following bank account:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices:

           

          American United Life Insurance Company

          Attn: Mike Bullock, Securities Department

          One American Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

          Email: mike.bullock@oneamerica.com

           

        
	
          (3)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
          Nominee: None

           

        
	
          (5)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-5

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

           Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          The State Life Insurance Company One American
            Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

        	
          Series 2021A

          Series 2021B

           

        	
          $2,000,000

          $2,000,000

        
	
          (1)

        	
          All payments shall be made in immediately available funds by wire transfer to the following bank account:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices:

           

          American United Life Insurance Company

          Attn: Mike Bullock, Securities Department

          One American Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

          Email: mike.bullock@oneamerica.com

           

        
	
          (3)

        	
          Address for physical delivery of the Notes:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
          Nominee: None

           

        
	
          (5)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-6

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal 

            Amount of 

          

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          American United Life Insurance Company

          One American Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

        	
          Series 2021A

           

        	
          $4,000,000

           

        
	
          (1)

        	
          All payments shall be made in immediately available funds by wire transfer to the following bank account:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices:

           

          American United Life Insurance Company

          Attn: Mike Bullock, Securities Department

          One American Square, Suite 1017

          Post Office Box 368

          Indianapolis, IN 46206

          Email: mike.bullock@oneamerica.com

           

        
	
          (3)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
          Nominee: None

           

        
	
          (5)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

  

  

  
    A-7

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          Thrivent Financial for Lutherans

          901 Marquette Avenue, Suite 2500

          Minneapolis, MN 55402

        	
          Series 2021A

           

        	
          $13,000,000

           

        
	
          (1)

        	
          All payments shall be made by wire transfer of immediately available funds to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices of payments and written confirmations of such wire transfers:

           

          Investment Division-Private Placements

          Attn: Robinson Ewald

          Thrivent Financial for Lutherans

          901 Marquette Avenue, Suite 2500

          Minneapolis, MN 55402

          Fax: (612) 844-4027

          Email: privateinvestments@thrivent.com

           

          With a copy to:

           

          Thrivent Financial for Lutherans

          Attn: Jeremy Anderson or Harmon Bergenheier

          901 Marquette Avenue, Suite 2500

          Minneapolis, MN 55402

          Email: boxprivateplacement@thrivent.com

           

        
	
          (3)

        	
          Address for all other communications:

           

          Thrivent Financial for Lutherans

          Attn: Investment Division-Private Placements

          901 Marquette Avenue, Suite 2500

          Minneapolis, MN 55402

          Fax: (612) 844-4027

          Email: privateinvestments@thrivent.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-8

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          Security Life of Denver Insurance Company

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327

           

        	
          Series 2021A

           

        	
          $2,500,000

           

        
	
          (1)

        	
          All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices relating to payments and audit confirmations:

           

          Resolution Life US

          5770 Powers Ferry Road NW

          Atlanta, GA 30327-4347

          Attn: Steve Zoeller and Larry Bieske

          Email: Steve.Zoeller@voya.com, Larry.Bieske@voya.com,

                     VoyaIMPCOperations@voya.com and

                     VoyaIMPCFAnalyticsSolutionsGroup@voya.com

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Voya Investment Management Co. LLC

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327-4347

          Attn: Private Placements

          Fax: (770) 690-5342

          Email: Private.Placements@voya.com and Olamide.Bello@voya.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-9

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          

          Notes to be 

          Purchased

        
	 	 	 	 
	 	
          Security Life of Denver Insurance Company

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327

           

        	
          Series 2021A

           

        	
          $2,500,000

           

        
	
          (1)

        	
          All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices relating to payments and audit confirmations:

           

          Resolution Life US

          5770 Powers Ferry Road NW

          Atlanta, GA 30327-4347

          Attn: Steve Zoeller and Larry Bieske

          Email: Steve.Zoeller@voya.com, Larry.Bieske@voya.com,

                     VoyaIMPCOperations@voya.com and

                     VoyaIMPCFAnalyticsSolutionsGroup@voya.com

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Voya Investment Management Co. LLC

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327-4347

          Attn: Private Placements

          Fax: (770) 690-5342

          Email: Private.Placements@voya.com and Olamide.Bello@voya.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-10

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	
          Security Life of Denver Insurance Company

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327

           

        	
          Series 2021A

           

        	
          $400,000

           

        
	
          (1)

        	
          All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices relating to payments and audit confirmations :

           

          Resolution Life US

          5770 Powers Ferry Road NW

          Atlanta, GA 30327-4347

          Attn: Steve Zoeller and Larry Bieske

          Email: Steve.Zoeller@voya.com, Larry.Bieske@voya.com,

          VoyaIMPCOperations@voya.com and

          VoyaIMPCFAnalyticsSolutionsGroup@voya.com

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Voya Investment Management Co. LLC

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327-4347

          Attn: Private Placements

          Fax: (770) 690-5342

          Email: Private.Placements@voya.com and Olamide.Bello@voya.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

  

  

  
    A-11

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be

           Purchased

        
	 	
          Security Life of Denver Insurance Company

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327

           

        	
          Series 2021A

           

        	
          $1,600,000

           

        
	
          (1)

        	
          All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices relating to payments:

           

          Resolution Life US

          5770 Powers Ferry Road NW

          Atlanta, GA 30327-4347

          Attn: Steve Zoeller and Larry Bieske

          Email: Steve.Zoeller@voya.com, Larry.Bieske@voya.com,

          VoyaIMPCOperations@voya.com and

          VoyaIMPCFAnalyticsSolutionsGroup@voya.com

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Voya Investment Management Co. LLC

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327-4347

          Attn: Private Placements

          Fax: (770) 690-5342

          Email: Private.Placements@voya.com and Olamide.Bello@voya.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-12

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	
          Security Life of Denver Insurance Company

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327

           

        	
          Series 2021A

           

        	
          $3,000,000

           

        
	
          (1)

        	
          All payments on account of the Note held by such purchaser shall be made by wire transfer of immediately available funds for credit to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices relating to payments:

           

          Resolution Life US

          5770 Powers Ferry Road NW

          Atlanta, GA 30327-4347

          Attn: Steve Zoeller and Larry Bieske

          Email: Steve.Zoeller@voya.com, Larry.Bieske@voya.com,

                     VoyaIMPCOperations@voya.com and

                     VoyaIMPCFAnalyticsSolutionsGroup@voya.com

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Voya Investment Management Co. LLC

          5780 Powers Ferry Road NW, Suite 300

          Atlanta, GA 30327-4347

          Attn: Private Placements

          Fax: (770) 690-5342

          Email: Private.Placements@voya.com and Olamide.Bello@voya.com

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: None

           

        
	
          (6)

        	
          U.S. Tax Identification Number:          Redacted and provided to Company under separate cover.

        

   

  

  
    A-13

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	
          Standard Insurance Company

          1100 SW Sixth Avenue, P14B

          Portland, OR 97204

           

        	
          Series 2021B

           

        	
          $2,000,000

           

        
	
          (1)

        	
          All payments shall be made by bank wire transfer of immediately available funds to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for notices with respect to payments:

           

          Standard Insurance Company

          c/o Bank of New York Mellon

          Attention: CCSTeam9 – Client Service

          Insurance Custody

          P & I Department

          P.O. Box 19266

          Newark, NJ 07195

          Telephone: (315) 414-3324

          Email: ccsteam9@bnymellon.com

          Fax: (844) 803-7567

           

          Copy to:

           

          Standard Insurance Company

          1100 SW Sixth Avenue, P14B

          Portland, OR 97204

          Telephone: (971) 321-8439

          Attn: Kathy Wolf (IMGOPS@standard.com)

          Fax: (971) 321-5890

           

        
	
          (3)

        	
          Address for all other communications and notices:

           

          Standard Insurance Company

          1100 SW Sixth Avenue, P14B

          Portland, OR 97204

          Telephone:(971) 321-0994

          Attn: Ben Werner (IMGPMS@standard.com)

          Fax: (971) 321-8560

           

        
	
          (4)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (5)

        	
          Nominee: HARE & Co., LLC

        
	
          (6)

        	
          U.S. Tax Identification Number: Redacted and provided to Company under separate
              cover.

        

   

  

  
    A-14

    
      

    

  

  	 	
          Name and Address of Purchaser

        	
          Series

            of

            Notes

        	
          Principal

            

          Amount of 

          Notes to be 

          Purchased

        
	 	
          United Farm Family Life Insurance

             Company

          225 S. East Street

          Indianapolis, IN 46202

           

        	
          Series 2021A

           

        	
          $1,000,000

           

        
	
          (1)

        	
          All payments shall be made by bank wire transfer of immediately available funds to:

           

          Wire instructions redacted and provided to the Company under separate cover.

           

        
	
          (2)

        	
          Address for all notices and communications, including notices with respect to payments and written confirmation of each such payment:

           

          United Farm Family Life Insurance Company

          225 S. East Street

          Indianapolis, IN 46202

          Attn: Investment Accounting Department

          Email: Michael.Lucado@infb.com and InvestmentAccounting@infarmbureau.com

           

        
	
          (3)

        	
          Address for physical delivery of the Note:

           

          Delivery instructions redacted and provided to Company under separate cover.

           

        
	
          (4)

        	
          Nominee: None

        
	
          (5)

        	
          Tax Identification Number: Redacted and provided to Company under separate
              cover.

        

  

  

  
    A-15

    
      

    

  

  Defined Terms

   

  

  As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

   

  

  “Affiliate” shall mean, (a) at any time, and with respect to any Person, any other Person that
      at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person and (b) any Person beneficially owning or holding, directly or indirectly, 10% or more of any
      class of equity or Voting Stock of the Company or any Person of which the Company beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of equity or Voting Stock.  As used in this definition, “Control” means the
      possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of Voting Stock, by contract or otherwise.  Unless the context otherwise clearly requires, any
      reference to an “Affiliate” is a reference to an Affiliate of the Company.

   

  

  “Agreement” shall mean this Note Purchase Agreement, including all Schedules and Exhibits
      attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time. 

   

  

  “Anti-Corruption Laws” shall mean any law or regulation in a U.S. or any non-U.S. jurisdiction
      regarding bribery or any other corrupt activity, including but not limited to the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

   

  

  “Anti-Money Laundering Laws” shall mean any law or regulation in a U.S. or any non-U.S.
      jurisdiction regarding money laundering, drug trafficking, terrorist-related activities or other money laundering predicate crimes, including but not limited to the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank
      Secrecy Act) and the USA PATRIOT Act.

   

  

  “Asset Disposition” shall mean any Transfer except any Transfer made in the ordinary course of
      business and involving only property that is either (1) inventory held for sale or (2) equipment, fixtures, supplies or materials no longer required in the operation of the business of the Company or that is obsolete.

   

  

  “Asset Disposition Prepayment Date” is defined in Section
        8.8(a).

   

  

  “Asset Disposition Prepayment Event” is defined in Section
        8.8(a).

   

  

  “Bank Credit Agreements” shall mean the Second Amended and Restated Credit Agreement by and
      among the Company, PNC Bank, National Association, as Administrative Agent, the banks party thereto, and JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as Syndication Agents, dated as of September 2, 2021, as
      the same may be amended, restated, increased, refinanced, replaced or otherwise modified or any successor thereto.

  

  

  
    Schedule B

      (to Note Purchase Agreement)

     

      

  

  
    
      

  

  “Blocked Person” shall mean (a) a Person whose name appears on the list of Specially Designated
      Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a Person that is an agent, department or
      instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).

   

  

  “Business Day” shall mean (a) for purposes of Section 8.7
      only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed and (b) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday
      or a day on which commercial banks in Wall, New Jersey or New York, New York are required or authorized to be closed.

   

  

  “Capital Lease” shall mean, at any time, a lease with respect to which the lessee is required
      concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.

   

  

  “Change of Control” shall mean an event or series of events by which New Jersey Resources
      Corporation shall cease to own 100% of the issued and outstanding common stock of the Company and 51% of the Voting Stock of the Company.

   

  

  “Closing” is defined in Section 3.

   

  

  “Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and the
      rules and regulations promulgated thereunder from time to time.

   

  

  “Collateral Agent” shall mean the party identified as collateral agent for the holders of the
      Notes in Section 2.2(a).

   

  

  “Company” shall mean New Jersey Natural Gas Company, a New Jersey corporation, or any Successor
      Corporation.

   

  

  “Confidential Information” is defined in Section 20.

   

  

  “Control” is defined in the definition of “Affiliate.”  “Controlled”
      and “Controlling” shall have meanings correlative to the foregoing.

   

  

  “Controlled Entity” shall mean (a) any of the Subsidiaries of the Company and any of their or
      the Company’s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.

  

  

  
    B-2

    
      

  

  “Debt” as to any Person at any time, shall mean, without duplication, any and all indebtedness,
      obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (a) borrowed money, (b) amounts raised under or liabilities in
      respect of any note purchase or acceptance credit facility, (c) reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or other interest rate or
      currency exchange rate management device, (d) any other transaction (including forward sale or purchase agreements, Capital Leases, Synthetic Leases and conditional sales agreements) having the commercial effect of a borrowing of money entered into
      by such Person to finance its operations or capital requirements (but not including trade payables and accrued expenses incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and
      which are not more than 30 days past due), (e) the net indebtedness, obligations and liabilities of such Person under any Hedging Contract to the extent constituting “indebtedness,” as determined in accordance with GAAP, adjusted downward dollar for
      dollar for any related margin collateral account balances maintained  by such Person, (f) any Guaranty of any Hedging Contract described in the immediately preceding clause (e), (g) any Guaranty of Debt for borrowed money, (h) any Hybrid Security
      described in clause (a) of the definition of Hybrid Security or (i) the mandatory repayment obligation of the issuer of any Hybrid Security described in clause (b) of the definition of Hybrid Security.

      

    

  “Debt Prepayment Application” shall mean, with respect to any Transfer of property, the
      application by the Company of cash in an amount equal to the Net Proceeds Amount with respect to such Transfer to pay Senior Debt of the Company (other than Senior Debt owing to any Affiliate and Senior Debt in respect of any revolving credit or
      similar credit facility providing the Company with the right to obtain loans or other extensions of credit from time to time, except to the extent that in connection with such payment of Senior Debt the availability of credit under such credit
      facility is permanently reduced by an amount not less than the amount of such proceeds applied to the payment of such Senior Debt); provided that in the course of making such application the Company shall
      offer to prepay each outstanding Note in accordance with Section 8.8 in a principal amount that equals the Ratable Portion for such Note.

   

  

  “Default” shall mean an event or condition the occurrence or existence of which would, with the
      lapse of time or the giving of notice or both, become an Event of Default.

   

  

  “Default Rate” as of any date shall mean, with respect to the Notes of any series, that rate of
      interest that is the greater of (a) 2.00% per annum over the rate of interest specified in the first paragraph of such Note of such series, or (b) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its
      “base” or “prime” rate.

   

  

  “Disclosure Documents” is defined in Section 5.3.

      

    

  “Disposition Value” shall mean, at any time, with respect to any property, the book value
      thereof, valued at the time of such disposition in good faith by the Company.

   

  

  “Distribution” shall mean, in respect of any corporation, association or other business entity:
      (a) dividends or other distributions or payments on capital stock or other equity interests of such corporation, association or other business entity (except distributions in such stock or other equity interests); and (b) the redemption or
      acquisition of such stock or other equity interests (except when solely in exchange for such stock or other equity interests) unless made, contemporaneously, from the net proceeds of a sale of such stock or other equity interests.

  

  

  
    B-3

    
      

  

  “Environmental Laws” shall mean any and all Federal, state, local, and foreign statutes, laws,
      regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into
      the environment, including but not limited to those related to Hazardous Materials.

   

  

  “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended from time to
      time, and the rules and regulations promulgated thereunder from time to time in effect.

      

    

  “ERISA Affiliate” shall mean any trade or business (whether or not incorporated) that is
      treated as a single employer together with the Company under Section 414 of the Code.

   

  

  “Event of Default” is defined in Section 11.

   

  

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

   

  

  “Fair Market Value” shall mean, at any time and with respect to any property, the sale value of
      such property that would be realized in an arm’s-length sale at such time between an informed and willing buyer and an informed and willing seller (neither being under a compulsion to buy or sell).

   

  

  “FATCA” shall mean (i) sections 1471 through 1474 of the Code, as of the date hereof (or any
      amended or successor version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (ii) any treaty, law or regulation of any other
      jurisdiction, or relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing clause (a), and (iii) any agreements entered into
      pursuant to section 1471(b)(1) of the Code.

      

    

  “First Mortgage Bond Documents” is defined in Section 23.1.

   

  

  “First Mortgage Bonds” shall mean the series of first mortgage bonds designated the (i) “First
      Mortgage Bonds, Series III due 2051” and (ii) “First Mortgage Bonds, Series JJJ due 2061” issued by the Company pursuant to the Mortgage Indenture, as security for the related Notes.

      

    

  “GAAP” shall mean generally accepted accounting principles as in effect from time to time in
      the United States of America.

      

    

  “Gas Business” shall mean the business of generating,
      manufacturing, purchasing, transmitting, distributing, selling and/or supplying gas and any by‐products thereof as a public utility.

   

  

  “Governmental Authority” shall mean

   

  

  (a)          the government of

   

  

  (1)      the United States of America or any State or other political subdivision thereof, or

  

  

  
    B-4

    
      

  

  (2)      any jurisdiction in which the Company conducts all or any part of its business, or which asserts jurisdiction over any
    properties of the Company, or

    

  

  (b)          any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to,
    any such government.

   

  

  “Governmental Official” shall mean any governmental official or employee, employee of any
      government‐owned or government‐controlled entity, political party, any official of a political party, candidate for political office, official of any public international organization or anyone else acting in an official capacity.

      

    

  “Guaranty” shall mean, with respect to any Person, any obligation (except the endorsement in
      the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Debt, dividend or other obligation of any other Person in any manner, whether directly or indirectly,
      including, without limitation, obligations incurred through an agreement, contingent or otherwise, by such Person: (a) to purchase such Debt or obligation or any property constituting security therefor; (b) to advance or supply funds (1) for the
      purchase or payment of such Debt or obligation, or (2) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment
      of such Debt or obligation; (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such Debt or obligation of the ability of any other Person to make payment of such Debt or obligation; or (d)
      otherwise to assure the owner of such Debt or obligation against loss in respect thereof.  In any computation of the Debt or other liabilities of the obligor under any Guaranty, the Debt or other obligations that are the subject of such Guaranty
      shall be assumed to be direct obligations of such obligor.

   

  

  “Hazardous Materials” shall mean any and all pollutants, toxic or hazardous wastes or any other
      substances that might pose a hazard to health or safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use, disposal, release, discharge,
      spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable law (including, without limitation, asbestos, urea formaldehyde foam insulation and polychlorinated biphenyls, petroleum, petroleum
      products, lead based paint, radon gas or similar restricted, prohibited or penalized substances).

   

  

  “Hedging Contract” shall mean any transaction entered into by the Company with respect to
      hedging or trading of gas contracts or other commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Company.

   

  

  “holder” shall mean, with respect to any Note, the Person in whose name such Note is registered
      in the register maintained by the Company pursuant to Section 13.1.

   

  

  “Hybrid Security” shall mean any of the following: any shares of capital stock or other equity
      interests that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the passage of time would be, required
      to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment.

  

  

  
    B-5

    
      

  

  “Inactive Subsidiary” shall mean, at any time, any Subsidiary of any Person, which Subsidiary
      (a) does not conduct any business or have operations and (b) does not have total assets with a net book value, as of any date of determination, in excess of $100,000.

      

    

  “INHAM Exemption” is defined in Section 6.2(e).

   

  

  “Institutional Investor” shall mean (a) any original purchaser of a Note, (b) any holder of a
      Note holding (together with one or more of its affiliates) more than 5% of the aggregate principal amount of any Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any
      investment company, any insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form and (d) any Related Fund of any holder of any Note.

      

    

  “Investment” shall mean any investment, made in cash or by delivery of property, by the Company
      (a) in any Person, whether by acquisition of stock, Debt or other obligation or security, or by loan, Guaranty, advance, capital contribution or otherwise or (b) in any property.

   

  

  “Investor Presentation” is defined in Section 5.3.

   

  

  “Lien” shall mean, with respect to any Person, any mortgage, lien, pledge, charge, security
      interest, or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease or Synthetic Lease, upon or with respect
      to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).

      

    

  “Make-Whole Amount” is defined in Section 8.7.

      

    

  “Material” shall mean material in relation to the business, operations, affairs, financial
      condition, assets or properties of the Company, taken as a whole.

   

  

  “Material Adverse Effect” shall mean a material adverse effect on (a) the business, operations,
      affairs, financial condition, assets or properties of the Company, taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, (c) the validity or enforceability of this Agreement or the Notes,
      (d) the ability of the Company to perform its obligations under the Mortgage Indenture or the First Mortgage Bonds, or (e) the validity or the enforceability of the Mortgage Indenture or the First Mortgage Bonds.

   

  

  “Mortgage Indenture” shall mean the Amended and
      Restated Indenture of Mortgage, Deed of Trust and Security Agreement, dated September 1, 2014, between the Company and the Mortgage Trustee, as supplemented and amended by the First Supplemental Indenture dated as of April 1, 2015, the Second
      Supplemental Indenture dated as of June 21, 2016, the Third Supplemental Indenture dated as of May 1, 2018, the Fourth Supplemental Indenture dated as of April 1, 2019, the Fifth Supplemental Indenture dated as of July 17, 2019, the Sixth
      Supplemental Indenture dated as of August 1, 2019, the Seventh Supplemental Indenture dated as of June 1, 2020, the Eighth Supplemental Indenture dated as of July 1, 2020, and the Ninth Supplemental Indenture dated as of September 1, 2020 between the
      Company and the Mortgage Trustee, as further supplemented and amended by the Supplemental Indenture, and as further supplemented and amended from time to time.

  

  

  
    B-6

    
      

  

  “Mortgage Trustee” shall mean U.S. Bank National Association, as trustee under the Mortgage
      Indenture.

   

  

  “Multiemployer Plan” shall mean any Plan that is a “multiemployer plan” (as such term is
      defined in Section 4001(a)(3) of ERISA) with respect to which the Company or any ERISA Affiliate has any liability.

   

  

  “NAIC” shall mean the National Association of Insurance Commissioners or any successor
      thereto. 

   

  

  “NAIC Annual Statement” is defined in Section 6.2(a).

   

  

  “Net Proceeds Amount” shall mean, with respect to any Transfer of any property by any Person,
      an amount equal to the difference of

      

    

  (a)          the aggregate amount of the consideration (valued at the Fair Market Value of such consideration at the time of the
    consummation of such Transfer) received by such Person in respect of such Transfer, minus

   

    

  (b)         all ordinary and reasonable out-of-pocket costs and expenses actually incurred by such Person in connection with such
    Transfer.

   

  

  “Net Tangible Assets” shall mean the amount shown as total assets on the Company’s balance
      sheet, less (a) intangible assets including, but without limitation, such items as goodwill, trademarks, trade names, patents, unamortized debt discount and expense and certain regulatory assets, and (b) appropriate adjustments, if any, on account of
      minority interests.  Net Tangible Assets shall be determined in accordance with GAAP and practices applicable to the type of business in which the Company is engaged and approved by the independent accountants regularly retained by the Company, and
      may be determined as of a date not more than 60 days prior to the happening of the event for which such determination is being made.

   

  

  “New Jersey Resources Corporation” shall mean New Jersey Resources Corporation, a New Jersey
      corporation.

      

    

  “Notes” is defined in Section 1.

      

    

  “OFAC” shall mean the Office of Foreign Assets Control of the United States Department of the
      Treasury.

   

  

  “OFAC Sanctions Program” shall mean any economic or trade sanction that OFAC is responsible for
      administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

  

  

  
    B-7

    
      

  

  “Officer’s Certificate” shall mean a certificate of a Senior Financial Officer or of any other
      officer of the Company whose responsibilities extend to the subject matter of such certificate.

   

  

  “PBGC” shall mean the Pension Benefit Guaranty Corporation referred to and defined in ERISA or
      any successor thereto.

   

  

  “Permitted Related Business Opportunity” shall mean any transaction with another Person (other
      than any Inactive Subsidiary of New Jersey Resources Corporation) involving business activities or assets reasonably related or complementary to the business of the Company as conducted at Closing or as may be conducted pursuant to Section 10.10, including, without limitation, the management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of
      energy, or the access to gas and energy transmission lines, and business initiatives for the conservation and efficiency of gas and energy.

      

    

  “Person” shall mean an individual, partnership, corporation, limited liability company,
      association, trust, unincorporated organization or a government or agency or political subdivision thereof.

   

  

  “Plan” shall mean an “employee benefit plan” (as defined in section 3(3) of ERISA), other than
      a Multiemployer Plan, subject to Title I of ERISA that is maintained, or to which contributions are required to be made, by the Company or any ERISA Affiliate, or any prior “employee benefit plan” as to which the Company or any ERISA Affiliate has
      any liability.

   

  

  “property” or “properties” shall mean, unless
      otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

   

  

  “Property Reinvestment Application” shall mean, with respect to any Transfer of property, the
      application of an amount equal to the Net Proceeds Amount with respect to such Transfer to the acquisition by the Company of operating assets of the Company to be used in the principal business of the Company.

   

  

  “PTE” is defined in Section 6.2(a).

   

  

  “Purchaser” or “Purchasers” shall mean each of the
      purchasers whose signatures appear at the end of this Agreement and such Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2); provided,
      however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result of a transfer thereof pursuant to Section 13.2 shall cease to
      be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.

   

  

  “QPAM Exemption” is defined in Section 6.2(d).

   

  

  “Ratable Portion” for any Note shall mean an amount equal to the product of (a) the Net
      Proceeds Amount from a Transfer being applied to a Debt Prepayment Application pursuant to Section 10.5(b) multiplied by (b) a fraction, the numerator of which is the
      aggregate outstanding principal amount of such Note and the denominator of which is the aggregate outstanding principal amount of all Senior Debt of the Company (other than Senior Debt owing to any Affiliate).

  

  

  
    B-8

    
      

  

  “Related Fund” shall mean, with respect to any holder of any Note, any fund or entity that (a)
      invests in securities or bank loans and (b) is advised or managed by such holder, the same investment advisor as such holder or by an Affiliate of such holder or such investment advisor.

   

  

  “Required Holders” shall mean, at any time, the holders of more than 50% in principal amount of
      the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).

   

  

  “Required Rating Agency” shall mean any nationally recognized statistical rating organization,
      as recognized and accepted as such by the SVO or any successor organization.

   

  

  “Responsible Officer” shall mean any Senior Financial Officer and any other officer of the
      Company with responsibility for the administration of the relevant portion of this Agreement.

   

  

  “Restricted Payment” shall mean any Distribution in respect of the Company, including, without
      limitation, any Distribution resulting in the acquisition by the Company of securities that would constitute treasury stock.  For purposes of this Agreement, the amount of any Restricted Payment made in property shall be the greater of (a) the Fair
      Market Value of such property (determined in good faith by the Board of Directors (or equivalent governing body) of the Person making such Restricted Payment) and (b) the net book value thereof on the books of such Person, in each case determined as
      of the date on which such Restricted Payment is made.

   

  

  “Securities Act” shall mean the Securities Act of 1933, as amended from time to time and the
      rules and regulations promulgated thereunder from time to time in effect.

   

  

  “Senior Debt” shall mean any Debt of the Company other than Debt that is in any manner
      subordinated in right of payment or security in any respect to the Debt evidenced by the Notes.

      

    

  “Senior Financial Officer” shall mean the chief financial officer, principal accounting
      officer, treasurer or comptroller of the Company.

   

  

  “Series A Notes” is defined in Section 1.

   

    

  “Series B Notes” is defined in Section 1.

   

    

  “Shareholders’ Equity” shall mean, as of any date of determination, the sum of the amounts
      under the headings “Common Shareholders’ Equity” and “Preferred Shareholders’ Equity” on the balance sheet, prepared in accordance with GAAP, for the Company.

   

  

  “Source” is defined in Section 6.2.

   

  

  “Standard & Poor’s” shall mean Standard & Poor’s Ratings Group, a division of The
      McGraw-Hill Companies, Inc.

  

  

  
    B-9

    
      

  

  “State Sanctions List” shall mean a list that is adopted by any state Governmental Authority
      within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic Sanctions Laws.

      

    

  “Subsidiary” shall mean, as to any Person, any corporation, association, or other business
      entity in which such Person or one or more of its Subsidiaries or such Person and one or more of its Subsidiaries owns sufficient Voting Stock to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the
      directors (or Persons performing similar functions) of such entity, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such Person and one
      or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries).  Unless the context otherwise clearly requires,
      any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

   

  

  “Supplemental Indenture” shall mean the Tenth Supplemental Indenture to the Mortgage Indenture,
      entered into between the Company and the Mortgage Trustee, pursuant to which the First Mortgage Bonds shall have been issued, in substantially the form set out in Exhibit 2.

   

  

  “SVO” shall mean the Securities Valuation Office of the NAIC or any successor to such Office.

   

  

  “Synthetic Lease” shall mean any lease transaction under which the parties intend that (a) the
      lease will be treated as an “operating lease” by the lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended, or appropriate successor thereto, and (b) the lessee will be entitled to various tax benefits ordinarily available
      to owners (as opposed to lessees) of like property.

   

  

  “Tangible Assets” shall mean, as of any date of determination, the total assets of the Company
      that would be shown as assets on a balance sheet of the Company as of such time in accordance with GAAP after subtracting therefrom the aggregate amount of all intangible assets of the Company, including, without limitation, all goodwill, franchises,
      licenses, patents, trademarks, trade name, copyrights, service marks and brand names.

   

  

  “Tangible Net Worth” shall mean, as of any date of determination, (a) Shareholders’ Equity minus (b) the net book amount of all assets of the Company (after deducting reserves applicable thereto) that would be shown as intangible assets on a balance sheet, prepared in accordance with GAAP, for the
      Company as of such date of determination.

   

  

  “Transfer” shall mean, with respect to any Person, any transaction in which such Person sells,
      conveys, transfers or leases (as lessor) any of its property.  For purposes of determining the application of the Net Proceeds Amount in respect of any Transfer, the Company may designate any Transfer as one or more separate Transfers each yielding a
      separate Net Proceeds Amount.  In any such case, (a) the Disposition Value of any property subject to each such separate Transfer and (b) the amount of Tangible Assets attributable to any property subject to each such separate Transfer shall be
      determined by ratably allocating the aggregate Disposition Value of, and the aggregate Tangible Assets attributable to, all property subject to all such separate Transfers to each such separate Transfer on a proportionate basis.

  

  

  
    B-10

    
      

  

  “Trust Estate” shall mean substantially all operating
      properties and franchises (other than excepted property, such as cash in hand, chooses in action, securities, rent, and certain materials, supplies, appliances and vehicles) that the Company currently owns or that it will acquire in the future,
      subject to certain permitted encumbrances and any pre-existing Liens at the time of such acquisition, that serve as collateral under the Mortgage Indenture.

   

  

  “USA PATRIOT Act” shall mean United States Public Law 107-56, Uniting and Strengthening America
      by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

   

  

  “U.S. Economic Sanctions Laws” shall mean those laws, executive orders, enabling legislation
      or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the International Emergency
      Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.

   

  

  “Voting Stock” shall mean any securities of any class of a Person whose holders are entitled
      under ordinary circumstances to vote for the election of directors of such Person (or Persons performing similar functions) irrespective of whether at the time securities of any other class shall have or might have voting power by reason of the
      happening of any contingency.

  

  

  
    B-11

    
      

  

  Changes in Corporate Structure

  

  

  None.

  

  

  
    Schedule 4.9

    (to Note Purchase Agreement)

     

      

  

  
    
      

  

  Disclosure Materials

  

  

  The Annual Report of New Jersey Natural Gas Company for the fiscal year ended September 30, 2020 and the Quarterly Reports of New Jersey Natural Gas Company for the quarters ended December 31, 2020, March 31, 2021 and June
    30, 2021 which are located at https://investor.njresources.com/financials/njng-financial-reports/default.aspx.

   

  

  The Current Report on Form 8-K of New Jersey Resources Corporation dated as of September 2, 2021.

  

  Schedule 5.3

  (to Note Purchase Agreement)

   

    

  
    
      

  

  Financials

  NEW JERSEY NATURAL GAS COMPANY

  

  

  Annual Reports for each of the Fiscal Years Ended September 30, 2016 through September 30, 2020, which are located at https://investor.njresources.com/financials/njng-financial-reports/default.aspx.

  

  

  
    Schedule 5.5

    (to Note Purchase Agreement)

     

      

  

  
    
      

  

  Certain Litigation

  

  

  None.

  

  

  
    Schedule 5.8

    (to Note Purchase Agreement)

    

  

  
    
      

  

  Patents, Etc. 

  

  

  None.

  Schedule 5.11

  (to Note Purchase Agreement)

   

    

  
    
      

  

  Use of Proceeds

  

  

  The Company will apply the proceeds of the sale of the Notes for general corporate purposes, including, but not limited to, refinancing or retiring short-term debt and funding capital expenditures.

  

  

  
    Schedule 5.14

    (to Note Purchase Agreement)

        

      

  

  
    
      

  

  Existing Debt

  

  

  	
          June 30, 2021

        	 	

        	 
	 	 	
           Rate

        	 	 	 	
          Maturity

          Date

        	 	
          Principal

          Amt.

        	 
	
          First Mortgage Bonds (Secured)

        	 	 	 	 	 	 	 	 	 
	
          Series OO

        	 	 	
          3.00

        	
          %

        	 	 	
          8/1/2041

        	 	 	
          46,500,000

        	 
	
          Series PP

        	 	 	
          3.15

        	
          %

        	 	 	
          4/15/2028

        	 	 	
          50,000,000

        	 
	
          Series QQ

        	 	 	
          3.58

        	
          %

        	 	 	
          3/13/2024

        	 	 	
          70,000,000

        	 
	
          Series RR

        	 	 	
          4.61

        	
          %

        	 	 	
          3/13/2044

        	 	 	
          55,000,000

        	 
	
          Series SS

        	 	 	
          2.82

        	
          %

        	 	 	
          4/15/2025

        	 	 	
          50,000,000

        	 
	
          Series TT

        	 	 	
          3.66

        	
          %

        	 	 	
          4/15/2045

        	 	 	
          100,000,000

        	 
	
          Series UU

        	 	 	
          3.63

        	
          %

        	 	 	
          6/21/2046

        	 	 	
          125,000,000

        	 
	
          Series VV

        	 	 	
          4.01

        	
          %

        	 	 	
          5/11/2048

        	 	 	
          125,000,000

        	 
	
          Series WW

        	 	 	
          3.50

        	
          %

        	 	 	
          4/1/2042

        	 	 	
          10,300,000

        	 
	
          Series XX

        	 	 	
          3.38

        	
          %

        	 	 	
          4/1/2038

        	 	 	
          10,500,000

        	 
	
          Series YY

        	 	 	
          2.45

        	
          %

        	 	 	
          4/1/2059

        	 	 	
          15,000,000

        	 
	
          Series ZZ

        	 	 	
          3.76

        	
          %

        	 	 	
          7/17/2049

        	 	 	
          100,000,000

        	 
	
          Series AAA

        	 	 	
          3.86

        	
          %

        	 	 	
          7/17/2059

        	 	 	
          85,000,000

        	 
	
          Series BBB (formerly MM)

        	 	 	
          2.75

        	
          %

        	 	 	
          8/1/2039

        	 	 	
          9,545,000

        	 
	
          Series CCC (formerly NN)

        	 	 	
          3.00

        	
          %

        	 	 	
          8/1/2043

        	 	 	
          41,000,000

        	 
	
          Series DDD

        	 	 	
          3.13

        	
          %

        	 	 	
          6/30/2050

        	 	 	
          50,000,000

        	 
	
          Series EEE

        	 	 	
          3.13

        	
          %

        	 	 	
          7/23/2050

        	 	 	
          50,000,000

        	 
	
          Series FFF

        	 	 	
          3.33

        	
          %

        	 	 	
          7/23/2060

        	 	 	
          25,000,000

        	 
	
          Series GGG

        	 	 	
          2.87

        	
          %

        	 	 	
          9/1/2050

        	 	 	
          25,000,000

        	 
	
          Series HHH

        	 	 	
          2.97

        	
          %

        	 	 	
          9/1/2060

        	 	 	
          50,000,000

        	 
	
          Sub-total First Mortgage Bonds

        	 	 	 	 	 	 	 	 	 	
          1,092,845,000

        	 
	
          Capital Lease Obligation - Meters

        	 	 

        	 	 	 	 	
          Var. Dates

        	 	 	
          21,385,000

        	 
	
          Commercial Paper (Unsecured)

        	 	 	 	 	 	 	 	 	 	
          51,500,000

        	 
	
          Less: Debt Issuance Costs

        	 	 	 	 	 	 	 	 	 	
          (9,235,000

        	
          )

        
	
          Total

        	 	 	 	 	 	 	 	 	 	
          1,156,495,000

        	 

  

  

  
    Schedule 5.15

    (to Note Purchase Agreement)

        

      

  

  
    
      

  

  Subsequent Event

   

  

  On September 2, 2021, New Jersey Natural Gas Company (“NJNG”), as borrower, entered into a $250,000,000, Second Amended and Restated Credit Agreement, dated as of September 2, 2021 (the “NJNG Second
    A&R Credit Agreement”), with the several lenders parties thereto, and PNC Bank, National Association, as Administrative Agent, JPMorgan Chase Bank, N.A., Wells Fargo Bank, National Association and Mizuho Bank, Ltd., as Syndication Agents, and U.S.
    Bank National Association, Bank of America, N.A., TD Bank, N.A., and The Bank of Nova Scotia, as Documentation Agents. PNC Capital Markets LLC, JPMorgan Chase Bank, N.A., Wells Fargo Securities, LLC and Mizuho Bank, Ltd., were the Joint Lead Arrangers
    of the NJNG Second A&R Credit Facility. The NJNG Second A&R Credit Agreement refinances a $250,000,000 revolving credit facility that was scheduled to expire on December 5, 2023, but has now been terminated. The NJNG Second A&R Credit
    Agreement is scheduled to terminate on September 2, 2026, subject to two mutual options for a one-year extension beyond that date.

   

  

  Borrowings under the NJNG Second A&R Credit Agreement bear interest, at NJNG’s option at (i) a rate per annum equal to the LIBOR Rate plus an applicable margin ranging between 0.75% and 1.50%, or
    (ii) a rate per annum equal to the base rate plus plus an applicable margin ranging between 0.00% and 0.50%. In each case the applicable margin is determined based on the NJNG Credit Rating. The Commitment Fee Rate for the NJNG Second A&R Credit
    Agreement may range from 0.06% to 0.20%, depending upon the NJNG Credit Rating. As of the closing of the NJNG Second A&R Credit Agreement, the Commitment Fee Rate was 0.075%, the applicable margin for loans described in (i) above was 0.875% and the
    applicable margin for loans described in (ii) above was 0.00%. The NJNG Second A&R Credit Agreement permits the borrowing of revolving loans and swingline loans, and includes a $30,000,000 sublimit for the issuance of letters of credit. The NJNG
    Second A&R Credit Agreement also includes an accordion feature, which would allow NJNG, in the absence of a default or event of default, to request an increase from time to time, from the existing or new lenders, of the revolving credit commitments
    under the NJNG Second A&R Credit Agreement of a minimum of $50,000,000 up to a maximum of $100,000,000.

   

  
    S-5.15 - 2

    
      

  

  Form of Series A Note

    

  

  New Jersey Natural Gas Company

   

  

  2.97% Senior Note, Series 2021A, due October 30, 2051

   

  

  	
          No. 2021AR-[_______]

        	
           [_________ __, 20__]

        
	
          $[____________]

        	
                PPN: 645869 H#8

        

   

    

  For value received, the undersigned, New Jersey Natural Gas Company (herein called the “Company”), a corporation
      organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ Dollars on October 30, 2051
      (the “Maturity Date”), with interest (computed on the basis of a 360‐day year of twelve 30‐day months) (a) on the unpaid balance thereof at the rate of 2.97% per annum from the date hereof, payable
      semiannually, on the twenty-eighth day of April and October in each year, commencing with the April 28th or October 28th next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b)
      to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below),
      payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the Default Rate (as defined in the Note Purchase Agreement referred to below).

   

  

  Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the office of U.S. Bank
    National Association designated pursuant to the Note Purchase Agreement or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

    

  

  This Note is one of a series of 2.97% Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement dated as of
    October 28, 2021 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note
    will be deemed, by its acceptance hereof, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 of the Note Purchase Agreement. 
    Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

   

  

  This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written
    instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due
    presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to
    the contrary.

   

  

  
    Exhibit 1(a)

    (to Note Purchase Agreement)

     

      

  

  
    
      

  

  This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

   

  

  If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable
    Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

   

  

  This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the laws of the State of New York
    excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

   

  

  	 	
          New Jersey Natural Gas Company

        
	 	 	

        
	 	
          By:

        	

        	

        
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  
    E-1(a)-2

    
      

  

  Form of Series B Note

    

  

  New Jersey Natural Gas Company

   

  

  3.07% Senior Note, Series 2021B, due October 28, 2061

   

  

  	
          No. 2021BR-[_______]

        	
                     [_________ __, 20__]

        
	
          $[____________]

        	
          PPN: 645869 J*0

        

   

    

  For value received, the undersigned, New Jersey Natural Gas Company (herein called the “Company”), a corporation
      organized and existing under the laws of the State of New Jersey, hereby promises to pay to ________________, or registered assigns, the principal sum of ________________ Dollars on October 28, 2061
      (the “Maturity Date”), with interest (computed on the basis of a 360‐day year of twelve 30‐day months) (a) on the unpaid balance thereof at the rate of 3.07% per annum from the date hereof, payable
      semiannually, on the twenty-eighth day of April and October in each year, commencing with the April 28th or October 28th next succeeding the date hereof, until the principal hereof, and on the Maturity Date, shall have become due and payable, and (b)
      to the extent permitted by law on any overdue payment (including any overdue prepayment) of principal, any overdue payment of interest and any overdue payment of any Make-Whole Amount (as defined in the Note Purchase Agreement referred to below),
      payable semiannually as aforesaid (or, at the option of the registered holder hereof, on demand), at a rate per annum from time to time equal to the Default Rate (as defined in the Note Purchase Agreement referred to below).

   

  

  Payments of principal of, interest on and any Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at the office of U.S. Bank
    National Association designated pursuant to the Note Purchase Agreement or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to below.

    

  

  This Note is one of a series of 3.07% Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement dated as of
    October 28, 2021 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note
    will be deemed, by its acceptance hereof, (1) to have agreed to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (2) to have made the representation set forth in Section 6.2 of the Note Purchase Agreement. 
    Unless otherwise indicated, capitalized terms used in this Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement.

   

  

  This Note is a registered Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written
    instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due
    presentment for registration of transfer, the Company may treat the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Company will not be affected by any notice to
    the contrary.

   

  

  Exhibit 1(b)

  (to Note Purchase Agreement)

   

    

  
    
      

  

  This Note is subject to prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

   

  

  If an Event of Default occurs and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including any applicable
    Make-Whole Amount) and with the effect provided in the Note Purchase Agreement.

   

  

  This Note shall be construed and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the laws of the State of New York
    excluding the choice of law principles of the law of such State that would require the application of the laws of a jurisdiction other than such State.

  

  

  	 	
          New Jersey Natural Gas Company

        
	 	 	 
	 	
          By:

        	 	 
	 	 	
          Name:

        
	 	 	
          Title:

        

  

  

  
    E-1(b)-2

    
      

  

  Form of Supplemental Indenture

   

  

  
    
 

  

  

  MORTGAGE

  

  

  NEW JERSEY NATURAL GAS COMPANY

  

  

  To

  

  

  U.S. BANK NATIONAL ASSOCIATION,

  As Trustee

   

  

  
    

  

  

  TENTH SUPPLEMENTAL INDENTURE

  

  

  Dated as of October 1, 2021

   

  

  
    

  

  

  Supplemental to Amended and Restated Indenture of Mortgage,

  Deed of Trust and Security Agreement Dated as of September 1, 2014, 

  As Supplemented and Amended

  
    	

          

    

    

    
      	Prepared by:  	Eric A. Koontz	 Record and Return to: 

            	 	Richard Reich, Esq.
	 	
              Troutman Pepper Hamilton Sanders LLP 

            	 	
              NJR Service Corporation

            
	 	
              600 Peachtree Street, NE, Suite 3000

            	 	
              1415 Wyckoff Road

            
	 	
              Atlanta, GA 30308

            	 	
              Wall, New Jersey 07719

            

    

    

    

  

      
  
    E-2-1

    
      

  

  MORTGAGE

   

  

  TENTH SUPPLEMENTAL INDENTURE, dated as of October 1, 2021, between NEW JERSEY NATURAL GAS COMPANY, a corporation organized and existing under the laws of the State of New Jersey
    (hereinafter called the “Company”), having its principal office at 1415 Wyckoff Road, Wall, New Jersey, and U.S. BANK NATIONAL ASSOCIATION, a national banking association (hereinafter called the “Trustee”), having a principal office at 333 Thornall Street, 4th Floor, Edison, New Jersey 08837, as Trustee under the Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement hereinafter
    mentioned.

    

  

  WHEREAS, the Company has heretofore executed and delivered to the Trustee its Amended and Restated Indenture of Mortgage, Deed of Trust and Security Agreement, dated as of September 1,
    2014 (the “Amended and Restated Indenture” and, as originally executed or as the same may from time to time be supplemented, modified or amended by any supplemental indenture entered into pursuant to the
    provisions thereof, the “Indenture”), to secure the payment of the principal of and the interest and premium (if any) on all Bonds at any time issued and outstanding thereunder, and to declare the terms and
    conditions upon which Bonds are to be issued thereunder; and

   

  

  WHEREAS, the Amended and Restated Indenture completely restated and amended the Indenture of Mortgage and Deed of Trust, dated April 1, 1952, as heretofore supplemented and amended
    (the “Original Indenture”) without any interruption of the Lien of the Original Indenture; and

    

  

  WHEREAS, Bonds in the aggregate principal amount of $10,300,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series II due 2023,” herein sometimes called “2023 Series II Bonds,” were designated as Existing Bonds in Section 3.01 of the Indenture, provided that such 2023 Series II
    Bonds have since been retired by the Company and replaced with the 2042 Series WW Bonds (as hereinafter defined); and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $10,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series JJ due 2024,” herein sometimes called “2024 Series JJ Bonds,” were designated as Existing Bonds in Section 3.02 of the Indenture, provided that such 2024 Series JJ
    Bonds have since been retired by the Company and replaced with the 2038 Series XX Bonds (as hereinafter defined); and

    

  

  WHEREAS, Bonds in the aggregate principal amount of $15,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series KK due 2040,” herein sometimes called “2040 Series KK Bonds,” were designated as Existing Bonds in Section 3.03 of the Indenture, provided that such 2040 Series KK
    Bonds have since been retired by the Company and replaced with the 2059 Series YY Bonds (as hereinafter defined); and

  

  

  
    E-2-2

    
      

  

  WHEREAS, Bonds in the aggregate principal amount of $125,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series LL due 2018,” herein sometimes called “2018 Series LL Bonds,” were designated as Existing Bonds in Section 3.04 of the Indenture, which 2018 Series LL Bonds have
    since been paid at maturity by the Company; and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $9,545,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series MM due 2027,” herein sometimes called “2027 Series MM Bonds,” were designated as Existing Bonds in Section 3.05 of the Indenture, provided that such 2027 Series MM
    Bonds have since been retired by the Company and replaced with the 2039 Series BBB Bonds (as hereinafter defined); and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $41,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series NN due 2035,” herein sometimes called “2035 Series NN Bonds,” were designated as Existing Bonds in Section 3.06 of the Indenture, provided that such 2035 Series NN
    Bonds have since been retired by the Company and replaced with the 2043 Series CCC Bonds (as hereinafter defined); and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $46,500,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series OO due 2041,” herein sometimes called “2041 Series OO Bonds,” have been designated as Existing Bonds in Section 3.07 of the Indenture and are outstanding at the
    date hereof and secured by the Indenture; and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $50,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series PP due 2028,” herein sometimes called “2028 Series PP Bonds,” have been designated as Existing Bonds in Section 3.08 of the Indenture and are outstanding at the
    date hereof and secured by the Indenture; and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $70,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series QQ due 2024,” herein sometimes called “2024 Series QQ Bonds,” have been designated as Existing Bonds in Section 3.09 of the Indenture and are outstanding at the
    date hereof and secured by the Indenture; and

   

  

  WHEREAS, Bonds in the aggregate principal amount of $55,000,000, originally issued under and in accordance with the terms of the Original Indenture, as supplemented and amended, as a
    series designated “First Mortgage Bonds, Series RR due 2044,” herein sometimes called “2044 Series RR Bonds,” have been designated as Existing Bonds in Section 3.10 of the Indenture and are outstanding at the
    date hereof and secured by the Indenture; and

  

  

  
    E-2-3

    
      

  

  WHEREAS, the Amended and Restated Indenture provides that, subject to certain exceptions not presently relevant, such changes in or additions to the provisions of the Indenture (terms
    used herein having the meanings assigned thereto in the Amended and Restated Indenture except as herein expressly modified) may be made to add to the covenants and agreements of the Company in the Indenture contained other covenants and agreements
    thereafter to be observed by the Company; and to provide for the creation of any series of Bonds, designating the series to be created and specifying the form and provisions of the Bonds of such series as in the Indenture provided or permitted; and

   

  

  WHEREAS, the Indenture further provides that the Company and the Trustee may enter into indentures supplemental to the Indenture to assign, convey, mortgage, pledge, transfer and set
    over unto the Trustee and to subject to the lien of the Indenture additional property of the Company; and

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the First Supplemental Indenture, dated as of April 1, 2015, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create an eleventh and a twelfth series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series SS due 2025,” herein sometimes called “2025 Series SS Bonds,” and (ii) “First Mortgage Bonds, Series TT due 2045,” herein sometimes called “2045 Series TT Bonds,” respectively; and

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Second Supplemental Indenture, dated as of June 21, 2016, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a thirteenth series of Bonds under the Indenture, known as “First Mortgage Bonds, Series UU due 2046,” herein sometimes called “2046

      Series UU Bonds”; and

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Third Supplemental Indenture, dated as of May 1, 2018, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a fourteenth series of Bonds under the Indenture, known as “First Mortgage Bonds, Series VV due 2048,” herein sometimes called “2048

      Series VV Bonds”; and 

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fourth Supplemental Indenture, dated as of April 1, 2019, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a fifteenth, a sixteenth and a seventeenth series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series WW due 2042,” herein sometimes called
    “2042 Series WW Bonds,” (ii) “First Mortgage Bonds, Series XX due 2038,” herein sometimes called “2038 Series XX Bonds,” and (iii) (ii) “First Mortgage Bonds, Series YY
    due 2059,” herein sometimes called “2059 Series YY Bonds,” respectively; and

  
    

    

    WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Fifth Supplemental Indenture, dated as of July 1, 2019, between the Company
      and the Trustee, the Company determined to amend certain provisions of the Amended and Restated Indenture and to create an eighteenth and nineteenth series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series ZZ due 2049,” herein
      sometimes called “2049 Series ZZ Bonds,” and (ii) “First Mortgage Bonds, Series AAA due 2059,” herein sometimes called “2059 Series AAA Bonds,” respectively; and 

    

  

  
    E-2-4

    
      

  

  
    WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Sixth Supplemental Indenture, dated as of August 1, 2019, between the Company and the Trustee, the Company determined to amend certain provisions
      of the Amended and Restated Indenture and to create a twentieth and twenty-first series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series BBB due 2039,” herein sometimes called “2039 Series BBB
        Bonds” (to replace the 2027 Series MM Bonds) and (ii) “First Mortgage Bonds, Series CCC due 2043,” herein sometimes called “2043 Series CCC Bonds” (to replace the 2035 Series NN Bonds), respectively;
      and 

  

  

  
  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Seventh Supplemental Indenture, dated as of June 1, 2020, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-second series of Bonds under the Indenture, known as “First Mortgage Bonds, Series DDD due 2050,” herein sometimes called “2050 Series DDD Bonds”; and

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Eighth Supplemental Indenture, dated as of July 1, 2020, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-third and twenty-fourth series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series EEE due 2050,” herein sometimes called “2050 Series EEE Bonds” and (ii) “First Mortgage Bonds, Series FFF due 2060,” herein sometimes called “2060 Series FFF Bonds,” respectively; and 

   

  

  WHEREAS, pursuant to the Amended and Restated Indenture as amended by the Ninth Supplemental Indenture, dated as of September 1, 2020, between the Company and the Trustee, the Company
    determined to amend certain provisions of the Amended and Restated Indenture and to create a twenty-fifth and twenty-sixth series of Bonds under the Indenture, known as (i) “First Mortgage Bonds, Series GGG due 2050,” herein sometimes called “2050 Series GGG Bonds” and (ii) “First Mortgage Bonds, Series HHH due 2060,” herein sometimes called “2060 Series HHH Bonds,” respectively; and 

   

  

  WHEREAS, (i) the 2025 Series SS Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (ii) the 2045 Series TT Bonds
    were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (iii) the 2046 Series UU Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of
    $125,000,000, (iv) the 2048 Series VV Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $125,000,000, (v) the 2042 Series WW Bonds were issued in and are currently outstanding under the
    Indenture in the aggregate principal amount of $10,300,000, (vi) the 2038 Series XX Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $10,500,000, (vii) the 2059 Series YY Bonds were issued in
    and are currently outstanding under the Indenture in the aggregate principal amount of $15,000,000, (viii) the 2049 Series ZZ Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $100,000,000, (ix)
    the 2059 Series AAA Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $85,000,000, (x) the 2039 Series BBB Bonds were issued in and are currently outstanding under the Indenture in the aggregate
    principal amount of $9,545,000, (xi) the 2043 Series CCC Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $41,000,000, (xii) the 2050 Series DDD Bonds were issued in and are currently
    outstanding under the Indenture in the aggregate principal amount of $50,000,000, (xiii) the 2050 Series EEE Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000, (xiv) the 2060 Series
    FFF Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $25,000,000, (xv) the 2050 Series GGG Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal
    amount of $25,000,000, and (xvi) the 2060 Series HHH Bonds were issued in and are currently outstanding under the Indenture in the aggregate principal amount of $50,000,000; and

  

  

  
    E-2-5

    
      

  

  WHEREAS, the Company will enter into a Note Purchase Agreement dated as of October 28, 2021 (the “Note Purchase Agreement”) with the Purchasers
    identified in Schedule A attached thereto, pursuant to which the Company will issue its senior notes designated (i) “2.97% Senior Notes, Series 2021A, due 2051” in the aggregate principal amount of $50,000,000 (the “Series

      2021A Senior Notes due 2051”) and (ii) 3.07% Senior Notes, Series 2021B, due 2061” in the aggregate principal amount of $50,000,000 (the “Series 2021B Senior Notes due 2061”); and

   

  

  WHEREAS, the Company has duly determined to create a twenty-seventh and twenty-eighth series of Bonds under the Indenture, to be known as (i) “First Mortgage Bonds, Series III due
    2051” herein sometimes called “2051 Series III Bonds” and (ii) “First Mortgage Bonds, Series JJJ due 2061,” herein sometimes called the “2061 Series JJJ Bonds,” to be
    delivered and pledged to U.S. Bank National Association, as collateral agent (the “Collateral Agent”) pursuant to the Note Purchase Agreement for the benefit and security of the holders of the Series 2021A
    Senior Notes due 2051 and the Series 2021B Senior Notes due 2061, respectively, all as herein provided and as provided in the Note Purchase Agreement, and to add to the covenants and agreements contained in the Indenture, the covenants and agreements
    hereinafter set forth; and

   

  

  WHEREAS, the Company, in the exercise of the powers and authority conferred upon and reserved to it under the provisions of the Indenture and pursuant to appropriate resolutions of its
    Board of Directors, has duly resolved and determined to make, execute and deliver to the Trustee a Tenth Supplemental Indenture in the form hereof for the purposes herein provided; and

   

  

  WHEREAS, all conditions and requirements necessary to make this Tenth Supplemental Indenture a valid, binding and legal instrument have been done, performed and fulfilled and the
    execution and delivery hereof have been in all respects duly authorized.

    

  

  NOW, THEREFORE, THIS INDENTURE WITNESSETH:

  

  

  
    E-2-6

    
      

  

  That NEW JERSEY NATURAL GAS COMPANY, by way of further assurance and in consideration of the premises and of the acceptance by the Trustee of the trusts hereby created and of One
    Dollar to it duly paid by the Trustee at or before the ensealing and delivery of these presents, the receipt whereof is hereby acknowledged, and in order to secure the payment of principal of and any premium which may be due and payable on and the
    interest on all Bonds at any time issued and outstanding under the Indenture according to their tenor and effect, and the performance and observance by the Company of all the covenants and conditions herein and therein contained, has granted,
    bargained, sold, warranted, aliened, remised, released, conveyed, assigned, transferred, mortgaged, pledged, set over and confirmed, and by these presents does grant, bargain, sell, warrant, alien, remise, release, convey, assign, transfer, mortgage,
    pledge, set over and confirm, unto the Trustee, and to its successors in the trust, and to it and its assigns forever, and has granted and does hereby grant thereunto a security interest in, all of the property, real, personal and mixed, now owned by
    the Company and situated in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, or wherever situate (except Excepted Property and property released from the lien of the Indenture by
    the terms of the Indenture) and also all of the property, real, personal and mixed, hereafter acquired by the Company wherever situate (except Excepted Property and property released from the lien of the Indenture by the terms of the Indenture),
    including both as to property now owned and property hereafter acquired, without in any way limiting or impairing the enumeration of the same, the scope and intent of the foregoing or of any general or specific description contained in the Indenture,
    the following:

   

  

  
    	
            I.

          	
            FRANCHISES

          

  

   

  

  All and singular, the franchises, grants, permits, immunities, privileges and rights of the Company owned and held by it at the date of the execution hereof or hereafter acquired for
    the construction, maintenance, and operation of the gas plants and systems now or hereafter subject to the lien hereof, as well as all certificates, franchises, grants, permits, immunities, privileges, and rights of the Company used or useful in the
    operation of the property now or hereafter mortgaged hereunder, including all and singular the franchises, grants, permits, immunities, privileges, and rights of the Company granted by the governing authorities of any municipalities or other political
    subdivisions and all renewals, extensions and modifications of said certificates, franchises, grants, permits, privileges, arid rights or any of them.

    

  

  
    	
            II.

          	
            GAS DISTRIBUTION SYSTEMS AND RELATED PROPERTY

          

  

   

  

  All gas generating plants, gas storage plants and gas manufacturing plants of the Company, all the buildings, erections, structures, generating and purifying apparatus, holders,
    engines, boilers, benches, retorts, tanks, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the generation, manufacturing and purifying of gas, together with the land on which the
    same are situated, and all other lands and easements, rights-of-way, permits, privileges, and sites forming a part of such plants or any of them or occupied, enjoyed or used in connection therewith.

  

  

  
    E-2-7

    
      

  

  All gas distribution or gas transmission systems of the Company, all buildings, erections, structures, generating and purifying apparatus, holders, engines, boilers, benches, retorts,
    tanks, pipe lines, connections, service pipes, meters, conduits, tools, instruments, appliances, apparatus, facilities, machinery, fixtures, and all other property used or provided for use in the construction, maintenance, repair or operations of such
    distribution or transmission systems, together with all the certificates, rights, privileges, rights-of-way, franchises, licenses, easements, grants, liberties, immunities, permits of the Company, howsoever conferred or acquired, under, over, or upon
    any private property or any public streets or highways within as well as without the corporate limits of any municipal corporation.  Without limiting the generality of the foregoing, there are expressly included the gas distribution or gas transmission
    systems located in the Counties of Burlington, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset and Sussex in the State of New Jersey, and in the following municipalities in said State and Counties: Aberdeen Township (formerly Matawan Township),
    Allenhurst Borough, City of Asbury Park, Atlantic Highlands Borough, Avon By the Sea Borough, Barnegat Light Borough, Barnegat Township (formerly named Union Township), Bay Head Borough, Beach Haven Borough, Beachwood Borough, Belmar Borough, Berkeley
    Township, Boonton Town, Boonton Township, Bradley Beach Borough, Brick Township, Brielle Borough, Colts Neck Township, Deal Borough, Denville Township, Dover Town, Dover Township, Eagleswood Township, East Brunswick Township, Eatontown Borough,
    Englishtown Borough, Fair Haven Borough, Farmingdale Borough, Franklin Township in Somerset County, Freehold Borough, Freehold Township, Hanover Township, Harvey Cedars Borough, Hazlet Township, Highlands Borough, Holmdel Township, Hopatcong Borough,
    Howell Township, Interlaken Borough, Island Heights Borough, Jackson Township, Jefferson Township, Keansburg Borough, Keyport Borough, Lacey Township, Lakehurst Borough, Lakewood Township, Lavallette Borough, Lincoln Park Borough, Little Egg Harbor
    Township, Little Silver Borough, Loch Arbour Village, Long Beach Township, Long Branch City, Manalapan Township, Manasquan Borough, Manchester Township, Mantoloking Borough, Marlboro Township, Matawan Borough, Middletown Township, Milltown Borough,
    Mine Hill Township, Monmouth Beach Borough, Monroe Township, Montville Township, Morris Plains Borough, Mount Arlington Borough, Mount Olive Township, Mountain Lakes Borough, Neptune City Borough, Neptune Township, Netcong Borough, New Brunswick City,
    North Brunswick Township, Ocean Township in Monmouth County, Ocean Township in Ocean County, Ocean Gate Borough, Oceanport Borough, Old Bridge Township (formerly named Madison Township), Parsippany-Troy Hills Township, Pine Beach Borough, Point
    Pleasant Borough, Point Pleasant Beach Borough, Randolph Township, Red Bank Borough, Rockaway Borough, Rockaway Township, Roxbury Township, Rumson Borough, Sayreville Borough, Sea Bright Borough, Sea Girt Borough, Seaside Heights Borough, Seaside Park
    Borough, Ship Bottom Borough, Shrewsbury Borough, Shrewsbury Township, South Belmar Borough, South Brunswick Township, South River Borough, South Toms River Borough, Spring Lake Borough, Spring Lake Heights Borough, Stafford Township, Surf City
    Borough, Tinton Falls Borough (formerly named New Shrewsbury Borough), Tuckerton Borough, Union Beach Borough, Union Township, Victory Gardens Borough, Wall Township, Washington Township in Burlington County, Washington Township in Morris County, West
    Long Branch Borough, West Milford Township and Wharton Borough.

   

  

  
    	
            III.

          	
            CONTRACTS

          

  

   

  

  All of the Company’s right, title and interest in and under all contracts, licenses or leases for the purchase of gas, either in effect at the date of execution hereof or hereafter
    made and any extension or renewal thereof.

   

  

  TOGETHER WITH ALL AND SINGULAR the tenements, hereditaments and appurtenances belonging or in anywise appertaining to the Trust Estate, or any part thereof, with the reversion or
    reversions, remainder and remainders, rents, issues, income and profits thereof, and all the right, title, interest and claim whatsoever, at law or in equity, which the Company now has or which it may hereafter acquire in and to the Trust Estate and
    every part and parcel thereof,

  

  

  
    E-2-8

    
      

  

  TO HAVE AND TO HOLD the Trust Estate and all and singular the lands, properties, estates, rights, franchises, privileges and appurtenances hereby mortgaged, conveyed, pledged or
    assigned, or intended so to be, together with all the appurtenances thereto appertaining, unto the Trustee and its successors and assigns forever;

   

  

  SUBJECT, HOWEVER, as to property hereby conveyed, to Permitted Encumbrances;

   

  

  BUT IN TRUST, NEVERTHELESS, under and subject to the terms and conditions hereafter set forth, for the equal and proportionate use, benefit, security and protection of each and every
    person who may be or become the holders of the Bonds hereby secured without preference, priority or distinction as to the lien or otherwise of one Bond over or from the others by reason of priority in the issue or negotiation thereof, or by reason of
    the date of maturity thereof, or otherwise (except as any sinking, amortization, improvement, renewal or other analogous fund, established in accordance with the provisions of the Indenture, may afford additional security for the Bonds of any
    particular series), and for securing the observance and performance of all the terms, provisions and conditions of the Indenture.

   

  

  THIS INDENTURE FURTHER WITNESSETH, that the Company has agreed and covenanted, and hereby does agree and covenant, with the Trustee and its successors and assigns and with the
    respective holders from time to time of the Bonds, or any thereof, as follows:

   

  

  ARTICLE I

  

  

  CERTAIN AMENDMENTS OF INDENTURE

    

  

  § 1.1.     The
      Indenture be and it hereby is amended in the following respects, the section numbers specified below being the sections of the Indenture in which such amendments occur:

   

  

  § 1.01.         The

      following definitions be and they hereby are added at the end of § 1.02:

      

    

  “(lllll) “Tenth Supplemental Indenture” shall mean the Tenth Supplemental Indenture, dated as of October 1, 2021, supplemental to the Indenture.”

   

  

  “(mmmmm)      “2051 Series III Bond” shall mean one of the First Mortgage Bonds, Series III due 2051, issued hereunder.”

   

  

  “(nnnnn)  “Series 2061 Series JJJ Bond” shall mean one of the First Mortgage Bonds, Series JJJ due 2061, issued hereunder.”

   

  

  § 2.11.         The following be and it hereby is added at the end of § 2.11:

  

  

  
    E-2-9

    
      

  

  “No charge except for taxes or governmental charges shall be made against any holder of any 2051 Series III Bond or 2061 Series JJJ Bond for the exchange, transfer or registration of
    transfer thereof.”

   

  

  § 8.08.         The period at the end of the first paragraph of § 8.08 be and it hereby is deleted and the following words and figures be and they hereby are added thereto:

   

  

  “, and the 2051 Series III Bonds and the 2061 Series JJJ Bonds shall be redeemed at the redemption price specified in § 10.58 and § 10.60, respectively.”

    

  

  ARTICLE II

  

  

  2051 SERIES III BONDS

   

  

  § 2.1.     There
      shall be a twenty-seventh series of Bonds under the Indenture, known as and entitled “First Mortgage Bonds, Series III due 2051” or “First Mortgage Bonds, Series III” (herein and in the Indenture referred to as the “2051

        Series III Bonds”), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.

   

  

  The aggregate principal amount of 2051 Series III Bonds which may be authenticated and delivered and outstanding under the Indenture is $50,000,000.

   

  

  The 2051 Series III Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase
    Agreement.

   

  

  The 2051 Series III Bonds shall bear interest at the rate of 2.97% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or
    made available for payment, and shall mature on October 30, 2051, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is
    overdue shall bear interest at a rate of interest that is the greater of (i) 4.97% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its “base” or “prime” rate (to the extent that
    payment of such interest is enforceable under applicable law).

   

  

  
    E-2-10

    
      

  

  The 2051 Series III Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company,
    the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization.  Any 2051 Series III Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of
    the 2051 Series III Bonds) next preceding the date on which such 2051 Series III Bonds shall be authenticated, unless such 2051 Series III Bonds are authenticated before April 28, 2022, in which case such 2051 Series III Bonds shall be dated October
    28, 2021 or, (ii) if such date of authentication shall be an interest payment date, such 2051 Series III Bonds shall be dated such interest payment date; provided, however, that, if at the time of
    authentication of any 2051 Series III Bonds interest is in default on the 2051 Series III Bonds, such 2051 Series III Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the
    2051 Series III Bonds.  All 2051 Series III Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2051 Series III Bonds, on each date on which interest shall from time
    to time be payable on the Series 2021A Senior Notes due October 30, 2051; provided, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest
    on the 2051 Series III Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series
    2021A Senior Notes due October 30, 2051 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement.  The principal of, Make-Whole Amount, if any, and interest on the 2051 Series III Bonds shall be
    payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the “principal office” (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United
    States of America which at the time of payment shall be legal tender for the payment of public and private debts.

   

  

  Notwithstanding any other provision of the Indenture or of the 2051 Series III Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2051 Series III Bond
    may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or
    the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2051 Series III
    Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the
    principal office of the Trustee for the purpose of making such endorsement thereon.

   

  

  The 2051 Series III Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the
    applicable provisions of Article Ten of the Indenture, as amended by Article III of this Tenth Supplemental Indenture.

   

  

  The 2051 Series III Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to § 11.02 of the
    Indenture.

    

  

  Notwithstanding the provisions of § 10.02 or any other provision of the Indenture, the selection of 2051 Series III Bonds to be redeemed shall, in case fewer than all of the
    outstanding 2051 Series III Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2051 Series III Bonds in proportion, as nearly as practicable, to the
    respective unpaid principal amounts of 2051 Series III Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be
    specified by a written order signed by the registered holders of all outstanding 2051 Series III Bonds).

  

  

  
    E-2-11

    
      

  

  The definitive 2051 Series III Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond
    paper.  Subject to the foregoing provisions of this Section and the provisions of § 2.11 of the Indenture, all definitive 2051 Series III Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and,
    upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same.  The Company will execute, and
    the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.

   

  

  § 2.2.  2051
      Series III Bonds in the aggregate principal amount of $50,000,000 may forthwith upon the execution and delivery of this Tenth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall
      thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Tenth Supplemental Indenture.  No additional
      2051 Series III Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2051 Series III Bonds.

   

  

  ARTICLE III

  

  

  REDEMPTION OF THE 2051 SERIES III BONDS

   

  

  § 3.1.     The
      following § 10.57 and § 10.58 be and they hereby are added to Article Ten of the Indenture:

   

  

  “§ 10.57.         The 2051 Series III Bonds shall be subject to redemption as follows:
    payments of principal of, Make-Whole Amount, if any, and interest on the 2051 Series III Bonds shall be made to the Collateral Agent to redeem 2051 Series III Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note
    Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2021A Senior Notes due October 30, 2051) and (b) make, when due,
    any prepayment required or permitted by the Series 2021A Senior Notes due October 30, 2051 in connection with any prepayment of the Series 2021A Senior Notes due October 30, 2051; provided, however, that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment
    shall be due, the then due payment at maturity or redemption payment on any of the Series 2021A Senior Notes due October 30, 2051 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement;
    provided, further, however, that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 2.97% per annum or (ii) 2.00% per annum
    over the rate of interest publicly announced by PNC Bank, National Association as its “base” or “prime” rate (to the extent that payment of such interest is enforceable under applicable law).  Terms used and not defined in this Section and in Section
    10.58 shall have the respective meanings given to them in the Tenth Supplemental Indenture.”

  

  

  
    E-2-12

    
      

  

  “§ 10.58.        In the case of the redemption of 2051 Series III Bonds out of moneys
    deposited with the Trustee pursuant to § 8.08, such 2051 Series III Bonds shall, upon compliance with provisions of § 10.02, and subject to the provisions of § 2.1 of the Tenth Supplemental Indenture, be redeemable at the principal amounts thereof,
    together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.”

   

  

  ARTICLE IV

  

  

  2061 SERIES JJJ BONDS

   

  

  § 4.1.    There
      shall be a twenty-eighth series of Bonds under the Indenture, known as and entitled “First Mortgage Bonds, Series JJJ due 2061” or “First Mortgage Bonds, Series JJJ” (herein and in the Indenture referred to as the “2061

        Series JJJ Bonds”), and the form thereof shall contain suitable provisions with respect to the matters hereinafter in this Section specified and shall in other respects be substantially as set forth in Exhibit A to the Indenture.

   

  

  The aggregate principal amount of 2061 Series JJJ Bonds which may be authenticated and delivered and outstanding under the Indenture is $50,000,000.

   

  

  The 2061 Series JJJ Bonds shall be payable to the Collateral Agent, and shall be nontransferable except to a successor of the Collateral Agent, in accordance with the Note Purchase
    Agreement.

   

  

  The 2061 Series JJJ Bonds shall bear interest at the rate of 3.07% per annum, computed on the basis of a 360-day year of twelve 30-day months, until the principal thereof is paid or
    made available for payment, and shall mature on October 28, 2061, subject to prior redemption as described herein; provided that any principal, Make-Whole Amount (as defined in the Note Purchase Agreement), and any such installment of interest which is
    overdue shall bear interest at a rate of interest that is the greater of (i) 5.07% per annum or (ii) 2.00% per annum over the rate of interest publicly announced by PNC Bank, National Association as its “base” or “prime” rate (to the extent that
    payment of such interest is enforceable under applicable law).

  

  

  
    E-2-13

    
      

  

  The 2061 Series JJJ Bonds shall be in the form of registered Bonds without coupons of denominations of $1,000 and any integral multiple thereof which may be authorized by the Company,
    the issue of a registered Bond without coupons in any such denomination to be conclusive evidence of such authorization.  Any 2061 Series JJJ Bonds shall be dated (i) as of the semi-annual interest payment date (as specified in the first paragraph of
    the 2061 Series JJJ Bonds) next preceding the date on which such 2061 Series JJJ Bonds shall be authenticated, unless such 2061 Series JJJ Bonds are authenticated before April 28, 2022, in which case such 2061 Series JJJ Bonds shall be dated October
    28, 2021 or, (ii) if such date of authentication shall be an interest payment date, such 2061 Series JJJ Bonds shall be dated such interest payment date; provided, however, that, if at the time of
    authentication of any 2061 Series JJJ Bonds interest is in default on the 2061 Series JJJ Bonds, such 2061 Series JJJ Bonds shall be dated as of the interest payment date to which interest has previously been paid or made available for payment on the
    2061 Series JJJ Bonds.  All 2061 Series JJJ Bonds shall bear interest from their respective dates, such interest to be payable, upon the terms of and otherwise in accordance with the 2061 Series JJJ Bonds, on each date on which interest shall from time
    to time be payable on the Series 2021B Senior Notes due October 28, 2061; provided, that the obligation of the Company to make payments with respect to the principal of, Make-Whole Amount, if any, and interest
    on the 2061 Series JJJ Bonds shall be fully or partially, as the case may be, satisfied and discharged to the extent that at the time any such payment shall be due, the then due principal of, Make-Whole Amount, if any, and interest on any of the Series
    2021B Senior Notes due October 28, 2061 shall have been fully or partially paid from payments made by the Company under the Note Purchase Agreement.  The principal of, Make-Whole Amount, if any, and interest on the 2061 Series JJJ Bonds shall be
    payable at the principal office of the Trustee, in Edison, New Jersey, or, at the option of the Company, at the “principal office” (as indicated pursuant to the Note Purchase Agreement) of the Collateral Agent, in any coin or currency of the United
    States of America which at the time of payment shall be legal tender for the payment of public and private debts.

   

  

  Notwithstanding any other provision of the Indenture or of the 2061 Series JJJ Bonds, payments of the principal of, Make-Whole Amount, if any, and interest on any 2061 Series JJJ Bond
    may be made directly to the registered holder thereof without presentation or surrender thereof or the making of any notation thereon if there shall be filed with the Trustee a Certificate of the Company to the effect that such registered holder (or
    the person for whom such registered holder is a nominee) and the Company have entered into a written agreement that payment shall be so made; provided, however, that before such registered holder transfers or otherwise disposes of any 2061 Series JJJ
    Bond, such registered holder will, at its election, either endorse thereon (or on a paper annexed thereto) the principal amount thereof redeemed and the last date to which interest has been paid thereon or make such Bond available to the Company at the
    principal office of the Trustee for the purpose of making such endorsement thereon.

   

  

  The 2061 Series JJJ Bonds shall be subject to redemption at the option of the Company or otherwise, and shall be subject to mandatory redemption, in the manner provided in the
    applicable provisions of Article Ten of the Indenture, as amended by Article V of this Tenth Supplemental Indenture.

   

  

  The 2061 Series JJJ Bonds shall be excluded from the benefits of, and shall not be subject to redemption through the operation of, a Mandatory Sinking Fund pursuant to § 11.02 of the
    Indenture.

   

  

  Notwithstanding the provisions of § 10.02 or any other provision of the Indenture, the selection of 2061 Series JJJ Bonds to be redeemed shall, in case fewer than all of the
    outstanding 2061 Series JJJ Bonds are to be redeemed, be made by the Trustee pro rata (to the nearest multiple of One Thousand Dollars ($1,000)) among the registered holders of the 2061 Series JJJ Bonds in proportion, as nearly as practicable, to the
    respective unpaid principal amounts of 2061 Series JJJ Bonds registered in the names of such holders, with adjustments, to the extent practicable, to compensate for any prior redemption not made exactly in such proportion (or otherwise as may be
    specified by a written order signed by the registered holders of all outstanding 2061 Series JJJ Bonds).

  

  

  
    E-2-14

    
      

  

  The definitive 2061 Series JJJ Bonds may be issued in the form of engraved Bonds or Bonds printed or lithographed on steel engraved borders or Bonds in typed form on normal bond
    paper.  Subject to the foregoing provisions of this Section and the provisions of § 2.11 of the Indenture, all definitive 2061 Series JJJ Bonds shall be fully exchangeable for other Bonds of the same series, of like aggregate principal amounts, and,
    upon surrender to the Trustee at its principal office, shall be exchangeable for other Bonds of the same series of a different authorized denomination or denominations, as requested by the holder surrendering the same.  The Company will execute, and
    the Trustee shall authenticate and deliver, registered Bonds without coupons, whenever the same shall be required for any such exchange.

   

  

  § 4.2.  2061
      Series JJJ Bonds in the aggregate principal amount of $50,000,000 may forthwith upon the execution and delivery of this Tenth Supplemental Indenture, or from time to time thereafter, be executed by the Company and delivered to the Trustee, and shall
      thereupon be authenticated and delivered by the Trustee upon compliance by the Company with the provisions of Articles Four, Five or Six of the Indenture, without awaiting the filing or recording of this Tenth Supplemental Indenture.  No additional
      2061 Series JJJ Bonds shall be issued under Article Four, Five or Six of the Indenture without the consent in writing of the holders of all the outstanding 2061 Series JJJ Bonds.

   

  

  ARTICLE V

  

  

  REDEMPTION OF THE 2061 SERIES JJJ BONDS

   

  

  § 5.1.     The
      following § 10.59 and § 10.60 be and they hereby are added to Article Ten of the Indenture:

   

  

  “§ 10.59.          The 2061 Series JJJ Bonds shall be subject to redemption as follows:
    payments of principal of, Make-Whole Amount, if any, and interest on the 2061 Series JJJ Bonds shall be made to the Collateral Agent to redeem 2061 Series JJJ Bonds in such amounts as shall be necessary, in accordance with the provisions of the Note
    Purchase Agreement, to provide funds under the Note Purchase Agreement to (a) make, when due, payment at maturity (including, without limitation, maturity upon acceleration of the Series 2021B Senior Notes due October 28, 2061) and (b) make, when due,
    any prepayment required or permitted by the Series 2021B Senior Notes due October 28, 2061 in connection with any prepayment of the Series 2021B Senior Notes due October 28, 2061; provided, however, that the obligation of the Company to make any redemption payments under this Section shall be fully or partially, as the case may be, satisfied and discharged to the extent that at any time such payment
    shall be due, the then due payment at maturity or redemption payment on any of the Series 2021B Senior Notes due October 28, 2061 shall have been fully or partially made from payments made by the Company on the Notes under the Note Purchase Agreement;
    provided, further, however, that any principal, Make-Whole Amount, and any interest which is overdue shall bear interest at a rate of interest that is the greater of (i) 3.07% per annum or (ii) 2.00% per annum
    over the rate of interest publicly announced by PNC Bank, National Association as its “base” or “prime” rate (to the extent that payment of such interest is enforceable under applicable law).  Terms used and not defined in this Section and in Section
    10.60 shall have the respective meanings given to them in the Tenth Supplemental Indenture.”

  

  

  
    E-2-15

    
      

  

  “§ 10.60.        In the case of the redemption of 2061 Series JJJ Bonds out of moneys
    deposited with the Trustee pursuant to § 8.08, such 2061 Series JJJ Bonds shall, upon compliance with provisions of § 10.02, and subject to the provisions of § 2.1 of the Tenth Supplemental Indenture, be redeemable at the principal amounts thereof,
    together with interest accrued thereon to the date fixed for redemption, without premium or Make-Whole Amount.”

    

  

  ARTICLE VI

  

  

  MISCELLANEOUS

   

  

  § 6.1.    The
      Company is lawfully seized and possessed of all the real estate, franchises and other property described or referred to in the Indenture (except properties released from the lien of the Indenture pursuant to the provisions thereof) as presently
      mortgaged, subject to the exceptions stated therein, such real estate, franchises and other property are free and clear of any lien prior to the lien of the Indenture except as set forth in the Granting Clauses of the Indenture and the Company has
      good right and lawful authority to mortgage the same as provided in and by the Indenture.

   

  

  § 6.2.     The
      Trustee assumes no duties, responsibilities or liabilities by reason of this Tenth Supplemental Indenture other than as set forth in the Indenture, and this Tenth Supplemental Indenture is executed and accepted by the Trustee subject to all the terms
      and conditions of its acceptance of the trust under the Indenture, as fully as if said terms and conditions were herein set forth at length.

   

  

  § 6.3.     The
      terms used in this Tenth Supplemental Indenture shall have the meanings assigned thereto in the Indenture.  Reference by number in this Tenth Supplemental Indenture to Articles or Sections shall be construed as referring to Articles or Sections
      contained in the Indenture, unless otherwise stated.

      

    

  § 6.4.     As
      amended and modified by this Tenth Supplemental Indenture, the Indenture is in all respects ratified and confirmed and the Indenture and this Tenth Supplemental Indenture shall be read, taken and construed as one and the same instrument.

   

  

  § 6.5.    Neither

      the approval by the Board of Public Utilities of the State of New Jersey of the execution and delivery of this Tenth Supplemental Indenture nor the approval by said Board of the issue of any Bonds under the Indenture shall in any way be construed as
      the approval by said Board of any other act, matter or thing which requires approval of said Board under the laws of the State of New Jersey; nor shall approval by said Board of the issue of any Bonds under the Indenture bind said Board or any other
      public body or authority of the State of New Jersey having jurisdiction in the premises in any future application for the issue of Bonds under the Indenture or otherwise.

      

    

  § 6.6.     This
      Tenth Supplemental Indenture may be executed in any number of counterparts and all said counterparts executed and delivered each as an original shall constitute but one and the same instrument.

  

  

  
    E-2-16

    
      

  

  NEW JERSEY NATURAL GAS COMPANY HEREBY DECLARES THAT IT HAS READ THIS TENTH SUPPLEMENTAL INDENTURE, HAS RECEIVED A COMPLETELY FILLED-IN TRUE COPY OF IT WITHOUT CHARGE AND HAS SIGNED
    THIS TENTH SUPPLEMENTAL INDENTURE ON THE DATE CONTAINED IN ITS ACKNOWLEDGEMENT HEREOF.

   

  

  IN WITNESS WHEREOF, NEW JERSEY NATURAL GAS COMPANY has caused these presents to be signed in its corporate name by its President, a Vice President or its Treasurer and its corporate
    seal to be hereunto affixed and attested by its Secretary or an Assistant Secretary, and U.S. BANK NATIONAL ASSOCIATION, in evidence of its acceptance of the trust hereby created, has caused these presents to be signed in its corporate name by one of
    its Vice Presidents.

   

  

  	 	
          NEW JERSEY NATURAL GAS COMPANY

        
	 	 	 
	 	
          By:

        	

        
	 	 	
          Name:  Roberto F. Bel

        
	 	 	
          Title:   Vice President, Treasurer

        

  

  

  	
          [Corporate Seal]

        	 
	 	 
	
          ATTEST:

        	 
	

        	

        	 
	
          Name:  Richard Reich

        	 
	
          Title:   Corporate Secretary

        	 

  

  

  
    E-2-17

    
      

  

  	 	
          U.S. BANK NATIONAL ASSOCIATION, as Trustee

        
	 	 	 
	

        	
          By:

        	

        
	 	 	
          Name: Mark DiGiacomo

        
	 	 	
          Title:  Vice President

        

  

  

  	
          ATTEST:

        	 
	 	 	 
	
          Name:  Paul O’Brien

        	 
	
          Title:  Vice President

        	 

  

  

  
    E-2-18

    
      

  

  
    	STATE OF NEW JERSEY	)
	
             

          	) SS:
	COUNTY OF MONMOUTH       

            	)

  

   

  

  BE IT REMEMBERED that on this ___ day of [_________], 2021, before me, the subscriber, an Attorney-at-Law of the State of New Jersey, and I hereby certify that I am such an
    Attorney-at-Law as witness my hand, personally appeared Richard Reich to me known who, being by me duly sworn according to law, on his oath, does depose and make proof to my satisfaction that he is the Corporate Secretary of NEW JERSEY NATURAL GAS
    COMPANY, the grantor or mortgagor in the foregoing Supplemental Indenture named; that he well knows the seal of said corporation; that the seal affixed to said Supplemental Indenture is the corporate seal of said corporation, and that it was so affixed
    in pursuance of resolutions of the Board of Directors of said corporation; that Roberto Bel is Vice President, Treasurer of said corporation; that he saw said Roberto Bel, as such Vice President, Treasurer, affix said seal thereto, sign and deliver
    said Supplemental Indenture, and heard her declare that she signed, sealed and delivered the same as the voluntary act and deed of said corporation, in pursuance of said resolutions, and that this deponent signed his name thereto, at the same time, as
    attesting witness.

  

  

  	 	 
	 	
          Name:  Richard Reich

        
	 	
          Title:    Corporate Secretary

        

  

  

  Subscribed and sworn to before me, 

  an Attorney-at-Law of the State of 

  New Jersey, at Wall, New Jersey, 

  the day and year aforesaid.

  

  

  	 	 
	
          Name:  Eileen Quinn

        	 

  

  

  	 	
          Attorney-at-Law of the 

        
	 	
          State of New Jersey

        

  

  

  
    E-2-19

    
      

  

  ACKNOWLEDGEMENT

  
    
      	STATE OF NEW JERSEY	)
	
               

            	) ss:
	COUNTY OF MIDDLESEX

              	)

    

  

   

  

  I HEREBY CERTIFY that on this ___ of [_________], 2021, before me, a Notary Public for the state aforesaid, personally appeared Mark DiGiacomo, known to me or satisfactorily proven to
    be the Person whose name is subscribed to the Tenth Supplemental Indenture dated as of October 1, 2021, who acknowledged that he is an authorized signatory for U.S. Bank National Association, a national banking association, as Trustee; that he has been
    duly authorized to execute, and has executed, such instrument on its behalf for the purposes therein set forth; and that the same is its act and deed.  

   

  

  IN WITNESS WHEREOF, I have set my hand and Notarial Seal, the day and year first above written.

  	 	

        
	 	
          Paul O’Brien

        
	 	
          Notary Public

        
	 	
          My commission expires on 

        	

        

  

  

  
    E-2-20

    
      

  

  Form of Opinion of Special Counsel

  to the Company

    

  

  The closing opinions of Richard Reich, Esq. and Troutman Pepper Hamilton Sanders LLP, special counsel for the Company, which are called for by Section 4.4(a) of the Agreement, shall be
    dated the date of the Closing and addressed to each Purchaser, shall be satisfactory in scope and form to each Purchaser, and shall be accompanied by a letter of special counsel authorizing the Collateral Agent to rely on the opinion as if it were
    addressed to the Collateral Agent.  The opinion shall be to the effect that:

   

  

  1. The Company is a corporation incorporated, validly existing and in good standing under the laws of the State of New Jersey, has the corporate power and the corporate authority to
    (a) execute the Note Purchase Agreement, the Notes, the Supplemental Indenture and the First Mortgage Bond Documents, (b) issue the Notes and the First Mortgage Bonds and (c) perform its respective obligations under the Note Purchase Agreement, the
    Supplemental Indenture, the Notes, the First Mortgage Bonds, the Mortgage Indenture and the First Mortgage Bond Documents and has the full corporate power and the corporate authority to conduct the activities in which, to our knowledge, it is now
    engaged.  Based solely on the Officer’s Certificate, the Company is licensed or qualified as a foreign corporation in each jurisdiction in which the character of the properties owned or leased by it or the nature of the business transacted by it makes
    such licensing or qualification necessary, other than those jurisdictions as to which the failure to be so licensed, qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

   

  

  2. The Note Purchase Agreement has been duly authorized by all necessary corporate action on the part of the Company, has been duly executed and delivered by the Company and
    constitutes the legal, valid and binding contract of the Company enforceable against it in accordance with its terms.

   

  

  3. The Notes have been duly authorized by all necessary corporate action on the part of the Company, have been duly executed and delivered by the Company and constitute the legal,
    valid and binding obligations of the Company enforceable against it in accordance with their terms.

   

  

  4. The Mortgage Indenture constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.

   

  

  5. The Supplemental Indenture has been duly authorized by all necessary corporate action on the part of the Company, has been duly executed and delivered by the Company, and
    constitutes the legal, valid and binding obligation of the Company, enforceable against it in accordance with its terms.

   

  

  6. The First Mortgage Bonds delivered on the date hereof (a) have been authorized by all necessary corporate action on the part of the Company, (b) have been duly executed by the
    Company, and (c) assuming the due authentication thereof by the Mortgage Trustee under the Mortgage Indenture, (i) have been duly issued, (ii) constitute the legal, valid and binding obligations of the Company enforceable against it in accordance with
    their terms and (iii) are entitled to the benefits and security of the Mortgage Indenture, in accordance with their terms.

  

  

  
    Exhibit 4.4(a)

    (to Note Purchase Agreement)

        

      

  

  
    
      

  

  7. The First Mortgage Bond Documents have been duly authorized by all necessary corporate action on the part of the Company, have been duly executed and delivered by the Company, and
    constitute the legal, valid and binding obligations of the Company enforceable against it in accordance with their terms.

   

  

  8. The offer, issuance and sale of the Notes and the issuance of the First Mortgage Bonds have been duly authorized and approved by the New Jersey Board of Public Utilities (the “Board”) and, to our knowledge, such authorization and approval is still in full force and effect. No other approval, consent or withholding of objection on the part of, or filing, registration or qualification
    with, any New York, New Jersey or Federal Governmental Authority is necessary in connection with (a) the execution or delivery by the Company of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds or the First
    Mortgage Bond Documents or (b) the performance by the Company of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds, the First Mortgage Bond Documents or the Mortgage Indenture or such filings as may be
    necessary to perfect or maintain the perfection of the Lien created by the Mortgage Indenture, including the Supplemental Indenture.

   

  

  9. The execution and delivery of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds and the First Mortgage Bond Documents, by the Company do
    not, and the performance of the Note Purchase Agreement, the Supplemental Indenture, the Notes, the First Mortgage Bonds, the First Mortgage Bond Documents and the Mortgage Indenture as therein contemplated will not (a) contravene any applicable New
    York, New Jersey or United States statute, rule or regulation that we have, in the exercise of customary professional diligence, recognized as applicable to the Company in connection with the execution and delivery by the Company of the Transaction
    Documents or the issuance and sale of the Notes, or any Order, (b) violate any provision of the Organizational Documents, (c) result in a breach of, or constitute a default under any Specified Agreement, (d) result in the creation or imposition of any
    Lien on, or security interest in, any assets of the Company under any Specified Agreement or under any such applicable New York, New Jersey or United States statute, rule or regulation (other than the Lien of the Mortgage Indenture).

    

  

  10. To our knowledge, (a) the Company is not an “investment company,” or a company “controlled” by an “investment company,” within the meaning of the Investment Company Act of 1940, as
    amended, and (b) the issuance of the Notes and the First Mortgage Bonds by the Company is not subject to regulation under the Public Utility Holding Company Act of 2005.

    

  

  11. The use of the proceeds of the sale of the Notes in accordance with the provisions of the Note Purchase Agreement do not violate Regulation T, U or X of the Board of Governors of
    the Federal Reserve System.

    

  

  12. The issuance, sale and delivery of the Notes and the issuance of the First Mortgage Bonds under the circumstances contemplated by the Note Purchase Agreement do not require the
    registration of the Notes or the First Mortgage Bonds under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended, it being understood that no opinion is expressed as to any subsequent resale of any
    Note or the First Mortgage Bonds issued on the date hereof.

  

  

  
    E-4.4(a)-2

    
      

  

  13. The provisions of the Supplemental Indenture and the Mortgage Indenture are effective to create, in favor of the Mortgage Trustee, for the benefit of the holders of the First
    Mortgage Bonds, a legal, valid, and enforceable lien and security interest in all right, title, and interest of the Company in the Trust Estate, entitling such holders to an equal and ratable share of such Trust Estate with the other holders of bonds
    under the Mortgage Indenture (except as otherwise provided in the Mortgage Indenture).

   

  

  14. The Mortgage Indenture and any necessary related financing statements have been duly filed and recorded in all jurisdictions in which it is necessary for such instruments to be
    filed and recorded in order to constitute a lien of record on the property subject thereto. No other filing or recordation is presently necessary in order to perfect the lien of the Mortgage Indenture on such properties.  To the best of our knowledge,
    all fees or taxes in connection with the filing and recording of the Mortgage Indenture have been paid.

   

  

  With respect to matters of fact on which such opinions are based, such counsel shall be entitled to rely on appropriate certificates of public officials, Mizuho Securities USA LLC and
    Scotia Capital (USA) Inc., and officers of the Company and upon representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.

   

  

  The term “Organizational Documents,” as used in paragraph number 9 above, means (a) the certificate of incorporation of the Company furnished to us by the Company; (b) the by-laws of
    the Company furnished to us by the Company; and (c) resolutions adopted by the board of directors of the Company, relating to the offering of the Notes and the execution and delivery of the Note Purchase Agreement, the Notes, the Supplemental
    Indenture, the First Mortgage Bond Documents, the First Mortgage Bonds and other matters, furnished to us by the Company.

   

  

  The term “Specified Agreements,” as used in paragraph number 9 above, means each of the instruments and agreements identified on an exhibit to be attached to the opinion letter.

   

  

  The term “Order,” as used in paragraph number 9 above, means any written court or administrative order, writ, judgment or decree to which the Company is subject and which is identified
    in the Officer’s Certificate as currently being in effect.

  

  

  
    E-4.4(a)-3

    
      

  

  Form of Opinion of Special Counsel

  to the Purchasers

   

  

  The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(b) of the Agreement, shall be dated the date of the Closing and addressed to the
    Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that:

  1. The Company is a corporation validly existing and in good standing under the laws of the State of New Jersey.

   

  

  2. The Agreement and the Notes being delivered on the date hereof constitute the legal, valid and binding contracts of the Company, enforceable against the Company in accordance with
    their respective terms.

   

  

  3. The issuance, sale and delivery of the Notes being delivered on the date hereof under the circumstances contemplated by this Agreement do not, under existing law, require the
    registration of such Notes under the Securities Act or the qualification of an indenture under the Trust Indenture Act of 1939, as amended.

   

  

  The opinion of Schiff Hardin LLP shall also state that the opinion of Troutman Pepper Hamilton Sanders LLP is satisfactory in scope and form to Schiff Hardin LLP and that, in their
    opinion, the Purchasers are justified in relying thereon.

   

  

  In rendering the opinion set forth in paragraph 1 above, Schiff Hardin LLP may rely, as to matters referred to in paragraph 1, solely upon an examination of the Certificate of
    Incorporation certified by, and a certificate of good standing of the Company from, the Secretary of State of the State of New Jersey. The opinion of Schiff Hardin LLP is limited to the laws of the State of New York and the Federal laws of the United
    States.

   

  

  With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely on appropriate certificates of public officials and officers of the Company and upon
    representations of the Company and the Purchasers delivered in connection with the issuance and sale of the Notes.

   

  

  
    Exhibit 4.4(b)

    (to Note Purchase Agreement)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00335-of-00352.parquet"}]]