Document:

Note Purchase Agreement, as amended, dated as of March 29, 2007

 Exhibit 4.3 
 SEE SECTION 20 REGARDING NOTICE TO COMPANY 
 OF DISCLOSURE OF CONFIDENTIAL INFORMATION

 REQUIRED IN CONNECTION WITH LITIGATION 
  

 EXECUTION VERSION 
 AMERICAN WATER CAPITAL CORP. 
 $100,000,000 5.62%
Series E Senior Notes due March 29, 2019 
 $100,000,000 5.77% Series F Senior Notes due March 29, 2022 
 Support Agreement from 
 AMERICAN WATER WORKS COMPANY, INC. 
  

NOTE PURCHASE AGREEMENT 
  

 Dated March 29, 2007 
  

 TABLE OF CONTENTS 
  

							
	 	  	 	  	 	  	Page
	I.	  	Authorization of Notes; Support Agreement	  	1
				
		  	1.1.	  	The Notes	  	1
		  	1.2.	  	The Support Agreement	  	1
			
	2.	  	Sale and Purchase of Notes	  	2
			
	3.	  	Closing	  	2
				
		  	3.1.	  	Closing	  	2
		  	3.2.	  	Failure of the Company to Deliver	  	2
			
	4.	  	Conditions to Closing	  	3
				
		  	4.1.	  	Representations and Warranties	  	3
		  	4.2.	  	Performance; No Default	  	3
		  	4.3.	  	Compliance Certificates	  	3
		  	4.4.	  	Opinions of Counsel	  	3
		  	4.5.	  	Purchase Permitted By Applicable Law, Etc	  	4
		  	4.6.	  	Sale of Other Notes	  	4
		  	4.7.	  	Payment of Special Counsel Fees	  	4
		  	4.8.	  	Private Placement Number	  	4
		  	4.9.	  	Changes in Corporate Structure	  	4
		  	4.10.	  	Funding Instructions	  	4
		  	4.11.	  	Proceedings and Documents	  	5
			
	5.	  	Representations and Warranties of the Company	  	5
				
		  	5.1.	  	Organization; Power and Authority	  	5
		  	5.2.	  	Authorization, Etc	  	5
		  	5.3.	  	Disclosure	  	5
		  	5.4.	  	Organization and Ownership of Shares of Subsidiaries	  	6
		  	5.5.	  	Financial Statements; Material Liabilities	  	7
		  	5.6.	  	Compliance with Laws, Other Instruments, Etc	  	7
		  	5.7.	  	Governmental Authorizations, Etc	  	7
		  	5.8.	  	Litigation; Observance of Agreements, Statutes and Orders	  	8
		  	5.9.	  	Taxes	  	8
		  	5.10.	  	Title to Property; Leases	  	8
		  	5.11.	  	Licenses, Permits, Etc	  	8
		  	5.12.	  	Compliance with ERISA	  	9
		  	5.13.	  	Private Offering by the Company	  	9
		  	5.14.	  	Use of Proceeds; Margin Regulations	  	10
		  	5.15.	  	Existing Debt; Future Liens	  	10
		  	5.16.	  	Foreign Assets Control Regulations, Etc	  	11
		  	5.17.	  	Status under Certain Statutes	  	11
		  	5.18.	  	Environmental Matters	  	11
		  	5.19.	  	TWAUSHI and AW Finance	  	12
			
	6.	  	Representations of the Purchasers	  	12
				
		  	6.1.	  	Purchase for Investment	  	12

  

 i 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	6.2.	  	Source of Funds	  	13
			
	7.	  	Information as to Company	  	15
				
		  	7.1.	  	Financial and Business Information	  	15
		  	7.2.	  	Officer’s Certificate	  	19
		  	7.3.	  	Visitation	  	19
			
	8.	  	Payment and Prepayment of the Notes	  	20
				
		  	8.1.	  	Interest; Maturity	  	20
		  	8.2.	  	Optional Prepayments with Make-Whole Amount	  	20
		  	8.3.	  	Prepayment of Notes Upon Change in Control	  	21
		  	8.4.	  	Offer to Prepay Upon Disposition of Certain Assets	  	22
		  	8.5.	  	Allocation of Partial Prepayments	  	23
		  	8.6.	  	Maturity; Surrender, Etc	  	23
		  	8.7.	  	Purchase of Notes	  	23
		  	8.8.	  	Make-Whole Amount	  	24
			
	9.	  	Affirmative Covenants	  	25
				
		  	9.1.	  	Compliance with Law	  	25
		  	9.2.	  	Insurance	  	25
		  	9.3.	  	Maintenance of Properties	  	26
		  	9.4.	  	Payment of Taxes and Claims	  	26
		  	9.5.	  	Corporate Existence, Etc	  	26
		  	9.6.	  	Books and Records	  	26
			
	10.	  	Negative Covenants	  	27
				
		  	10.1.	  	Transactions with Affiliates	  	27
		  	10.2.	  	Merger, Consolidation, Etc	  	27
		  	10.3.	  	Line of Business	  	28
		  	10.4.	  	Terrorism Sanctions Regulations	  	28
		  	10.5.	  	Debt Capitalization Ratio	  	28
		  	10.6.	  	Liens	  	28
		  	10.7.	  	Dividends and Distributions	  	31
		  	10.8.	  	Use of Proceeds	  	31
		  	10.9.	  	Support Agreement	  	31
		  	10.10.	  	Sale of Assets	  	32
		  	10.11.	  	Priority Debt	  	32
		  	10.12.	  	Limitations on TWAUSHI and Certain of its Subsidiaries	  	32
			
	11.	  	Events of Default	  	33
			
	12.	  	Remedies on Default, Etc	  	35
				
		  	12.1.	  	Acceleration	  	35
		  	12.2.	  	Other Remedies	  	36
		  	12.3.	  	Rescission	  	36

  

 ii 

 TABLE OF CONTENTS 
 (continued) 
  

							
	 	  	 	  	 	  	Page
		  	12.4.	  	No Waivers or Election of Remedies, Expenses, Etc	  	36
			
	13.	  	Registration; Exchange; Substitution of Notes	  	37
				
		  	13.1.	  	Registration of Notes	  	37
		  	13.2.	  	Transfer and Exchange of Notes	  	37
		  	13.3.	  	Replacement of Notes	  	38
			
	14.	  	Payments on Notes	  	38
				
		  	14.1.	  	Place of Payment	  	38
		  	14.2.	  	Home Office Payment	  	38
			
	15.	  	Expenses, Etc	  	39
				
		  	15.1.	  	Transaction Expenses	  	39
		  	15.2.	  	Survival	  	39
			
	16.	  	Survival of Representations and Warranties; Entire Agreement	  	39
			
	17.	  	Amendment and Waiver	  	40
				
		  	17.1.	  	Requirements	  	40
		  	17.2.	  	Solicitation of Holders of Notes	  	40
		  	17.3.	  	Binding Effect, etc	  	41
		  	17.4.	  	Notes Held by Company, etc	  	41
			
	18.	  	Notices	  	41
			
	19.	  	Reproduction of Documents	  	42
			
	20.	  	Confidential Information	  	42
			
	21.	  	Substitution of Purchaser	  	43
			
	22.	  	Miscellaneous	  	44
				
		  	22.1.	  	Assumption by the Parent or a Domestic Subsidiary	  	44
		  	22.2.	  	Interest Rate Limitation	  	44
		  	22.3.	  	Successors and Assigns	  	44
		  	22.4.	  	Payments Due on Non-Business Days	  	45
		  	22.5.	  	Accounting Terms	  	45
		  	22.6.	  	Severability	  	45
		  	22.7.	  	Construction, etc	  	45
		  	22.8.	  	Counterparts	  	45
		  	22.9.	  	Governing Law	  	46
		  	22.10.	  	Jurisdiction and Process; Waiver of Jury Trial	  	46

  

 iii 

 Schedules and Exhibits 
  

					
			
	Schedule A	  	—  	    	Information Relating to Purchasers
			
	Schedule B	  	—  	    	Defined Terms
			
	Schedule 5.3	  	—  	    	Disclosure Materials
			
	Schedule 5.4	  	—  	    	Subsidiaries of the Parent; Significant Subsidiaries of the Parent and Ownership of Subsidiary Stock
			
	Schedule 5.5	  	—  	    	Financial Statements
			
	Schedule 5.15	  	—  	    	Existing Debt
			
	Schedule 10.10	  	—  	    	Certain Transfers
			
	Exhibit 1.1(a)	  	—  	    	Form of 5.62% Series E Senior Note due March 29, 2019
			
	Exhibit 1.1(b)	  	—  	    	Form of 5.77% Series F Senior Note due March 29, 2022
			
	Exhibit 1.2	  	—  	    	Support Agreement
			
	Exhibit 4.4(a)	  	—  	    	Form of Opinion of George Patrick, General Counsel to the Company and the Parent
			
	Exhibit 4.4(b)	  	—  	    	Form of Opinion of Cravath, Swaine & Moore LLP, Special New York Counsel for the Company and the Parent
			
	Exhibit 4.4(c)	  	—  	    	Form of Opinion of Bingham McCutchen LLP, Special Counsel for the Purchasers

  

 iv 

 AMERICAN WATER CAPITAL CORP. 
 1025 Laurel Oak Road 
 Voorhees, New Jersey 08043 
 5.62% Series E Senior Notes due March 29, 2019 
 5.77% Series F Senior Notes due March 29, 2022 
 March 29, 2007 
 To Each of the Purchasers Listed in 
 Schedule A Hereto: 
 Ladies and Gentlemen: 
 American Water Capital Corp., a
Delaware corporation (the “Company”) hereby agrees with each of the purchasers whose names appear at the end hereof (each, a “Purchaser” and, collectively, the
“Purchasers”) as follows: 
  

	1.	AUTHORIZATION OF NOTES; SUPPORT AGREEMENT. 

 1.1.
The Notes. 
 The Company will authorize the issue and sale of: 
 (a) $100,000,000 aggregate principal amount of its 5.62% Series E Senior Notes, due March 29, 2019 (including any amendments,
restatements or modifications from time to time thereto, the “Series E Notes”, such term to include any such notes issued in substitution or exchange therefor pursuant to Section 13); and 
 (b) $100,000,000 aggregate principal amount of its 5.77% Series F Senior Notes, due March 29, 2022 (including any amendments,
restatements or modifications from time to time thereto, the “Series F Notes”, such term to include any such notes issued in substitution or exchange therefor pursuant to Section 13). 
 The Series E Notes and the Series F Notes are sometimes referred to herein collectively as the “Notes,” and each of the
Notes is sometimes referred to herein individually as a “Note.” The Series E Notes and the Series F Notes shall be substantially in the respective forms set out in Exhibits 1.1(a) and 1.1(b). Certain capitalized and
other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 
 1.2. The Support Agreement. 
 The
Parent previously entered into a Support Agreement, dated June 22, 2000 and amended as of July 26, 2000 (as such agreement may be hereafter amended, modified or 

 
supplemented from time to time in accordance with its terms and the provisions of this Agreement, the “Support Agreement”),
with the Company, a copy of which (as in effect on the date of this Agreement) is attached hereto as Exhibit 1.2, pursuant to which the Parent has agreed, among other things, to provide funds to the Company if it is unable to make timely payment
of principal of and premium, if any, and interest on Debt (as defined in the Support Agreement) issued by the Company. 
  

	2.	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 in the principal amounts and in the Series specified opposite
such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the
performance or non-performance of any obligation by any other Purchaser hereunder. 
  

	3.	CLOSING. 

 3.1. Closing. 
 The closing of the sale and purchase of $100,000,000 in aggregate principal amount of the Series E Notes and $100,000,000 in aggregate principal amount of
the Series F Notes, in each case to be purchased by the Purchasers, shall occur at the offices of Bingham McCutchen LLP, 399 Park Avenue, New York, New York at 10:00 a.m., local time, at a closing (the
“Closing”) on March 29, 2007 (the “Closing Date”) or on such later Business Day as may be agreed upon by the Company and the relevant Purchasers. 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 for each Series of Notes to be purchased by such Purchaser (or such greater number of Notes of each Series in denominations of at
least $100,000 as such Purchaser may request), dated the Closing Date 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 for the account of the Company to account number 8013583379 at PNC Bank, National Association, 1600 Market Street, Philadelphia, PA 19103, ABA# 031207607. 
 3.2. Failure of the Company to Deliver. 
 If on the Closing Date the Company fails to tender to any Purchaser the Notes to be acquired by such Purchaser as provided above in this Section 3, or if the conditions specified in Section 4 have not been fulfilled on the Closing
Date to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement with respect to the Notes to be acquired by such Purchaser, without thereby waiving any rights such
Purchaser may have by reason of such failure or such nonfulfillment. 
  

 -2- 

	4.	CONDITIONS TO CLOSING. 

 The obligation of the
Company to deliver the Notes to each relevant Purchaser on the Closing Date is subject to the Company receiving the purchase price therefor. Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser on the
Closing Date is subject to the fulfillment to such Purchaser’s satisfaction, on or prior to the Closing Date, of the following conditions: 
 4.1. Representations and Warranties. 
 The representations and warranties of the Company in this Agreement shall be correct
when made as of the Closing Date. 
 4.2. Performance; No Default. 
 The Company shall have performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by
it on or prior to the Closing Date and, after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated by Section 5.14) on the Closing Date, no Default or Event of Default shall have occurred
and be continuing. Neither the Company, the Parent nor any Subsidiary shall have entered into any transaction since the date of the Memorandum that would have been prohibited by Sections 10.1 or 10.10 had such Sections applied since such date.

 4.3. Compliance Certificates. 
 (a) Officer’s Certificate. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the Closing Date, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9
have been fulfilled. 
 (b) Secretary’s Certificates. The Company shall have delivered to such Purchaser a
certificate of its Secretary or Assistant Secretary, dated the Closing Date, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement and
as to an attached copy of the Support Agreement. 
 4.4. Opinions of Counsel. 
 Such Purchaser shall have received opinions (a) from George Patrick, General Counsel to the Company and the Parent, dated the Closing Date,
substantially in the form of Exhibit 4.4(a), (b) from Cravath, Swaine & Moore LLP, special New York counsel for the Company and the Parent, dated the Closing Date, substantially in the form of Exhibit 4.4(b) (and the Company hereby
instructs its counsel to deliver such opinion to the Purchasers) and (c) from Bingham McCutchen LLP, the Purchasers’ special counsel in connection with such transactions, dated the Closing Date, substantially in the form of Exhibit 4.4(c).

  

 -3- 

 4.5. Purchase Permitted By Applicable Law, Etc. 
 On the Closing Date, 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, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate of the Company certifying as to such matters of fact as such
Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 4.6. Sale of Other Notes.

 Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to
be purchased by it at the Closing as specified in Schedule A. 
 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 Date the reasonable fees, charges and
disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one (1) Business Day prior to the Closing. 
 4.8. Private Placement Number. 
 A
Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each Series of Notes. 
 4.9. Changes in Corporate Structure. 
 Neither the Company nor the Parent shall have changed its
jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or 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. 
 4.10. Funding Instructions. 
 At least three (3) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible
Officer on letterhead of the Company confirming the information specified in Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the account name and number
into which the purchase price for the Notes is to be deposited. 
  

 -4- 

 4.11. 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 its special counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such documents as such Purchaser or such
special counsel may reasonably request. 
  

	5.	REPRESENTATIONS AND WARRANTIES OF THE COMPANY. 

 The
Company represents and warrants to each Purchaser that: 
 5.1. Organization; Power and Authority. 
 Each of the Company and the Parent 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
is not, individually or in the aggregate, likely to have a Material Adverse Effect. Each of the Company and the Parent 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, and, in the case of the Company, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 
 5.2. Authorization, Etc. 
 This
Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation
of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting
the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether considered in a proceeding in equity or at law). The Support Agreement has been duly authorized by all necessary corporate action
on the part of the Parent and constitutes a legal, valid and binding obligation of the Parent enforceable against the Parent in accordance with its terms, except as such enforceability may be limited by (i) applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent transfer or other similar laws affecting the enforcement of creditors’ rights generally and (ii) general principles of equity (regardless of whether considered in a proceeding in equity or at law).

 5.3. Disclosure. 
 The
Private Placement Memorandum, relating to the issuance by the Company of its (i) $101,000,000 5.39% Series A Senior Notes due December 21, 2013, (ii) $37,500,000 5.52% Series B Senior Notes due December 21, 2016,
(iii) $329,500,000 5,62% Series C Senior Notes due December 21, 2018 and (iv) $432,000,000 5.77% Series D Senior Notes due December 21, 2021, dated November 2006 (the “Memorandum”),
fairly describes, in all material respects, the general nature of the business and the types of properties of the Parent, the Company and the 

  

 -5- 

 
other Subsidiaries. This Agreement, the Memorandum and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the
Company and the Parent in connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5, in each case excluding projections (this Agreement, the Memorandum and such
documents, certificates or other writings and such financial statements delivered to each Purchaser prior to March 8, 2007, in each case excluding projections, being referred to, collectively, as 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. The projections set forth in the Disclosure Documents were prepared in good faith based upon estimates and assumptions believed by the Parent and the Company to be reasonable on the date such Disclosure Documents were delivered to the
Purchasers and on the date hereof. Except as disclosed in the Disclosure Documents, since December 31, 2005, there has been no change in the financial condition, operations, business or properties of the Parent, or the Company or any other
Subsidiary, except changes that individually or in the aggregate are not likely to have a Material Adverse Effect. There is no fact known to the Company that is likely to have a Material Adverse Effect that has not been set forth in the Disclosure
Documents. 
 5.4. Organization and Ownership of Shares of Subsidiaries. 
 (a) Schedule 5.4 contains (except as noted therein) a complete and correct list (i) of the Parent’s Subsidiaries, showing, as to
each Subsidiary, whether it is a Significant Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests outstanding owned by the Parent and
each other Subsidiary and (ii) of the Company’s and the Parent’s directors and senior officers. 
 (b) All of
the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Parent and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company,
the Parent or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4). 
 (c) Each
Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal
entity 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 is not, individually or in the aggregate, likely to
have a Material Adverse Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

 (d) No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other
than this Agreement, the agreements listed on Schedule 5.4, regulatory requirements imposing a minimum required level of net worth and customary limitations imposed by corporate law or similar statutes) restricting the 

  

 -6- 

 
ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Parent, or the Company or any of the
other Subsidiaries, that owns outstanding shares of capital stock or similar equity interests of such Subsidiary, except for any such restrictions that are not likely to have a material adverse effect on the ability of the Company to perform its
obligations under this Agreement and the Notes or the ability of the Parent to perform its obligations under the Support Agreement. 
 5.5. Financial Statements; Material Liabilities. 
 The Company has delivered to each Purchaser copies of the consolidated
financial statements of the Parent and its Subsidiaries 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 in accordance with GAAP the
consolidated financial position of the Parent and its Subsidiaries as of the respective dates specified in such Schedule and the consolidated results of their 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 and the absence of footnotes). To the
knowledge of the Parent and the Company, the Parent and its Subsidiaries do not have any liabilities that are not disclosed on, or in the notes to, such financial statements or otherwise disclosed in the Disclosure Documents, except for any such
liabilities as are not likely to have a Material Adverse Effect. 
 5.6. Compliance with Laws, Other Instruments, Etc. 
 The execution, delivery and performance by the Company of this Agreement and the Notes and the performance by the Parent of the Support Agreement will not
(i) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the Parent, the Company or any other Subsidiary under, any Material indenture, mortgage, deed of trust,
loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other agreement or instrument to which the Parent, or the Company or any other Subsidiary, is bound or by which the Parent, the Company or any other Subsidiary or any of
their respective properties may be bound or affected, (ii) 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 Parent,
the Company or any other Subsidiary, or (iii) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Parent, or the Company or any other Subsidiary. 
 5.7. Governmental Authorizations, Etc. 
 No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required to be obtained or made by the Company or the Parent in connection with the execution, delivery or performance by
the Company of this Agreement or the Notes or in connection with the performance by the Parent of the Support Agreement in connection with the issuance and sale of the Notes. 
  

 -7- 

 5.8. Litigation; Observance of Agreements, Statutes and Orders, 
 (a) There are no actions, suits, investigations or proceedings pending or, to the knowledge of the Company, threatened against the Parent,
the Company or any other Subsidiary, or any property of any of them in any court or before any arbitrator of any kind or before or by any Governmental Authority that, individually or in the aggregate, is likely to have a Material Adverse Effect.

 (b) Neither the Parent nor the Company or any other Subsidiary is in default under any term of any agreement or instrument
to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority applicable to it or is in violation of any applicable law, ordinance, rule or regulation (including without
limitation the USA Patriot Act) of any Governmental Authority applicable to it, which default or violation, individually or in the aggregate, is likely to have a Material Adverse Effect. 
 5.9. Taxes. 
 The Parent, and the
Company and the other Subsidiaries, have filed all Material 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 levied upon
them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which is not
individually or in the aggregate Material or (ii) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Parent, or the Company or another Subsidiary,
as the case may be, has established reserves to the extent required by GAAP. The Company does not know of any basis for any other tax or assessment that is likely to have a Material Adverse Effect. The charges, accruals and reserves on the books of
the Parent, and the Company and the other Subsidiaries, in respect of Material Federal, state or other taxes for all fiscal periods are, in all material respects, in accordance with GAAP. The Federal income tax liabilities of the Parent and the
Company and the other Subsidiaries, have been finally determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2002. 
 5.10. Title to Property; Leases. 
 Except as disclosed in the Disclosure Documents, the Parent, and the Company and each other Subsidiary have good title (and title sufficient to the conduct of each of their respective businesses) to their respective properties that
individually or in the aggregate are Material, in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all respects
material to the use made or to be made of the property subject thereto. 
 5.11. Licenses, Permits, Etc. 
 (a) The Parent, and the Company and the other Subsidiaries, own or possess all licenses, permits, franchises, authorizations, patents,
copyrights, proprietary software, 

  

 -8- 

 
service marks, trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, and have not received any notice of
infringement of or conflict with asserted rights of others with respect thereto, or any notice of proceedings or other action relating to the revocation or modification of any thereof other than infringements, conflicts, revocations or modifications
that are not, individually or in the aggregate, likely to have a Material Adverse Effect. 
 (b) To the best knowledge of the
Company, there is no Material violation by any Person of any right of the Parent, the Company or any other Subsidiary with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by
the Parent, the Company or any other Subsidiary other than such violations that are not, individually or in the aggregate, likely to result in a Material Adverse Effect. 
 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 are not likely to result in a Material Adverse Effect. Other than benefit obligations to employees and retirees
under defined benefit plans, if any, 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), and no event, transaction or condition has occurred or exists that is likely to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights,
properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or to section 401(a)(29) or 412 of the Code or section 4068 of ERISA, other than such
liabilities or Liens as would not be individually or in the aggregate Material. 
 (b) The Company and its ERISA Affiliates
have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities) under section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 
 (c) 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 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(l)(A)-(D) of the Code. The representation by the Company to each Purchaser in the first sentence of this
Section 5.12(c) 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.

 5.13. Private Offering by the Company. 
 Neither the Company nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached 

  

 -9- 

 
or negotiated in respect thereof with, any Person other than the Purchasers and not more than 11 other “accredited investors” as defined in Rule
501(a)(l), (2), (3) or (7) of Regulation D under the Securities Act, each of which has been offered the Notes at a private sale for investment. The Company has not taken, and will not take, any action that would subject the issuance or
sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 
 5.14. Use of Proceeds; Margin Regulations. 
 The Company will apply the proceeds of the sale of the Notes as set forth in section 3 of the Memorandum and for general corporate purposes of the Parent and its Subsidiaries. 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 5% of the value of the consolidated assets of the Company and its Subsidiaries. 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. 
 5.15. Existing Debt; Future Liens. 
 (a) Schedule 5.15 sets forth a complete and correct list of all outstanding Debt of the Parent, and the Company and the other
Subsidiaries, as of the Closing Date, having an outstanding principal amount in excess of $10,000,000. Neither the Parent, nor the Company or any other Subsidiary, is in default and no waiver of default is currently in effect, in the payment of any
principal of or interest on any such Debt. No event or condition exists with respect to any such Debt 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, which in any such case, whether individually or in the aggregate for all such Debt, is likely to have a Material Adverse Effect. 
 (b) Except as disclosed in Schedule 5.15, neither the Parent, nor the Company or any other Subsidiary has agreed or consented to cause or
permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.6. 
 (c) Neither the Parent nor the Company is a party to, or otherwise subject to any provision contained in, any instrument evidencing Debt,
any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which prohibits the issuance or sale of the Notes or restricts the Parent from performing its obligations under the
Support Agreement, except as specifically indicated in Schedule 5.15. 
  

 -10- 

 5.16. Foreign Assets Control Regulations, Etc. 
 (a) Neither the sale of the Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the Enemy
Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 
 (b) Neither the Parent nor the Company or any other Subsidiary (i) is a Person described or designated in the Specially Designated
Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) knowingly engages in any dealings or transactions with any Person known to it to be such a Person. The Parent,
the Company and the other Subsidiaries are each in compliance, in all material respects, with the USA Patriot Act. 
 (c) No
part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone else
acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as amended. 
 5.17. Status under Certain Statutes. 
 Each of the Parent and the Company is either not an “investment company” under the Investment Company Act of 1940, as amended, (the “Act”) or exempt from all provisions of the Act. 
 5.18. Environmental Matters. 
 (a) Neither the Parent, nor the Company or any other Subsidiary has knowledge of any claim or has received any written notice of any claim, and no proceeding has been instituted raising any claim against the Parent, the Company or any other
Subsidiary, relating to any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, and alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such
as is not likely to result in a Material Adverse Effect. 
 (b) No Hazardous Materials have been or are being used, produced,
manufactured, processed, generated, stored, disposed of, managed or treated at, or shipped or transported to or from, the properties owned, leased or operated by the Parent, the Company or any other Subsidiary or are otherwise present at, on, in or
under such properties except for Hazardous Materials used, produced, manufactured, processed, generated, stored, disposed of and managed in the ordinary course of business in material compliance with all applicable Environmental Laws and except as,
individually or in the aggregate, are not likely to result in a Material Adverse Effect. 
  

 -11- 

 5.19. TWAUSHI and AW Finance. 
 (a) TWAUSHI (i) does not have any Subsidiaries other than the Parent, the Parent’s Subsidiaries and AW Finance, (ii) did
not own assets (excluding capital stock of the Parent, the Parent’s Subsidiaries and AW Finance, and Parent Contributions) constituting more than 5% of Consolidated Total TWAUSHI Assets as at December 31, 2006 and (iii) does not
conduct any business other than holding the capital stock of, and managing, its Subsidiaries and activities reasonably related thereto. 
 (b) AW Finance (i) did not own assets constituting more than 1% of Consolidated Total TWAUSHI Assets as at December 31, 2006 and (ii) conducts no business. 
  

	6.	REPRESENTATIONS OF THE PURCHASERS. 

 6.1.
Purchase for Investment. 
 (a) Each Purchaser severally represents that it is purchasing the Notes (i) for its own
account or (ii) for one or more separate accounts owned by such Purchaser or for the account of one or more pension or trust funds that are “accredited investors” (as defined in Rule 501(a)(l), (2), (3) or (7) of Regulation
D under the Securities Act), in each case for which it is exercising investment discretion in managing investments of such pension or trust funds, in the case of each of clauses (i) and (ii), for investment and not with a view to the
distribution thereof, provided that the disposition of such Purchaser’s property shall at all times be within such Purchaser’s control. Such Purchaser is a Qualified Institutional Buyer. Each Purchaser (and each such pension, trust fund or
other Person) 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 further represents that it (and each such pension, trust fund or other Person) has had
the opportunity to ask questions of the Company and received answers concerning the terms and conditions of the sale of the Notes. Each Purchaser’s (and each such pension’s, trust fund’s or other Person’s) financial position is
such that it can afford to bear the economic risk of holding the Notes. Each Purchaser (and each such pension, trust fund or other Person) can afford to suffer the complete loss of its investment in the Notes. Each Purchaser’s (and each such
other Person’s) knowledge and experience in financial and business matters (or the knowledge and experience of such Purchaser’s or such other Person’s investment advisor) is such that it (or such investment advisor) is capable of
evaluating the risks of the investment in the Notes. Each Purchaser acknowledges that no representations, express or implied, have been or are being made with respect to Parent, the Company or the Subsidiaries, the Notes or otherwise, other than
those expressly set forth herein or contemplated hereby. 
  

 -12- 

 (b) Each Purchaser agrees to the imprinting of a legend on the Notes to the following
effect: 
 “THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 OR UNDER THE SECURITIES LAWS OF ANY STATE. NO TRANSFER,
SALE OR OTHER DISPOSITION OF THIS NOTE MAY BE MADE UNLESS A REGISTRATION STATEMENT WITH RESPECT TO THIS NOTE HAS BECOME EFFECTIVE UNDER SUCH ACT, AND SUCH REGISTRATION OR QUALIFICATION AS MAY BE NECESSARY UNDER THE SECURITIES LAWS OF ANY STATE HAS
BECOME EFFECTIVE, OR AN EXEMPTION FROM SUCH REGISTRATIONS AND/OR QUALIFICATIONS IS AVAILABLE UNDER SUCH ACT AND SUCH LAWS. EACH TRANSFEREE OF THIS NOTE, BY ACCEPTANCE OF THIS NOTE REGISTERED IN ITS NAME (OR THE NAME OF ITS NOMINEE), WILL BE DEEMED
TO HAVE MADE CERTAIN REPRESENTATIONS SET FORTH IN THE AGREEMENT PURSUANT TO WHICH THIS NOTE WAS ISSUED.” 
 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: 
 (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 National Association of Insurance Commissioners (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 
  

 -13- 

 (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 the 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 V of PTE 84-14 (the “QPAM
Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part V of the QPAM Exemption), no employee benefit plan’s assets that are included 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 Section V(c)(l) of the QPAM Exemption) of such employer or by the same employee organization
and managed by such QPAM, exceed 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 (applying the
definition of “control” in Section V(e) of the QPAM Exemption) owns a 5% or more interest in the Company and (i) the identity of such QPAM and (ii) the names of all employee benefit plans whose assets are included in such
investment fund have been disclosed to the Company in writing pursuant to this clause (d); or 
 (e) the Source constitutes
assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV 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 Section IV(d) of the INHAM
Exemption) owns a 5% 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 any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 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. 
  

 -14- 

	7.	INFORMATION AS TO COMPANY.’ 

 7.1. Financial and Business Information. 
 The Company shall deliver, or shall cause the Parent or TWAUSHI to deliver (as the
case may be), to each holder of Notes that is an Institutional Investor: 
 (a) Parent (or TWAUSHI) Quarterly
Statements — within sixty (60) days (or, if earlier, within fifteen (15) days after its filing of the Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC if the Parent is subject to the
filing requirements thereof) after the end of each quarterly fiscal period in each fiscal year of the Parent (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of, 
 (i) a consolidated balance sheet of the Parent and its Subsidiaries as at the end of such quarter, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent and its Subsidiaries, 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 prepared in accordance with GAAP applicable to quarterly financial statements generally (including being subject to normal year-end adjustments and
the absence of footnotes), and certified by a Senior Financial Officer as fairly presenting, in all material respects, in accordance with GAAP the financial position of the Parent and its consolidated Subsidiaries and their results of operations and
cash flows, subject to changes resulting from year-end adjustments, provided that delivery within the time period specified above of copies of the Parent’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC
shall be deemed to satisfy the requirements of this Section 7.1 (a), provided, further, that the Company shall be deemed to have made such delivery of such Form 10-Q if (x) the Parent shall have made such Form 10-Q available on the
SEC’s website at www.sec.gov or any replacement website (and sent a notification of such availability via e-mail to each holder of Notes that is an Institutional Investor) or (y) the Parent or the Company shall have posted such
financial statements through an Electronic Distribution Service (and sent a notification of such posting via e-mail to each holder of Notes that is an Institutional Investor) (such availability or posting and the giving of such notice thereof being
referred to as “Electronic Delivery”); provided, however, that solely with respect to the first three quarterly fiscal periods of TWAUSHI in fiscal year 2007 (unless TWAUSHI shall have merged with
and into the Parent prior to the end of any such quarterly fiscal period, in which event this proviso shall not apply in respect of the quarterly fiscal period in which such merger occurs or thereafter), (A) the quarterly financial statements
required to be delivered (or caused to be delivered) by the Company under this Section 7.1 (a) shall be those of TWAUSHI and its Subsidiaries (and the accompanying certification of a Senior Financial Officer shall be with respect to such
financial statements) as if each reference to the Parent in this Section 7.1 (a) were a reference to TWAUSHI, and (B) the Company 

  

 -15- 

 
shall also deliver, or cause TWAUSHI to deliver, to each holder of Notes that is an Institutional Investor, together with the financial statements being
delivered under Section 7.1(a)(i) and (ii) above, duplicate copies of: 
 (1) consolidating balance sheets of
TWAUSHI and its Subsidiaries as at the end of such quarter, and 
 (2) consolidating statements of income and cash flows of
TWAUSHI and its Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter; 
 certified as to fairness of presentation in accordance with GAAP (subject to normal year-end adjustments and the absence of footnotes) and as to consistency by a Senior Financial Officer; 
 (b) Parent (or TWAUSHI) Annual Statements — within 105 days (or, if earlier, within fifteen (15) days after its filing of the
Parent’s Annual Report on Form 10-K (the “Form 10-K”) with the SEC if the Parent is subject to the filing requirements thereof) after the end of each fiscal year of the Parent, duplicate copies of 
 (i) a consolidated balance sheet of the Parent and its Subsidiaries as at the end of such year, and 
 (ii) consolidated statements of income, changes in shareholders’ equity and cash flows of the Parent and its Subsidiaries for such
year, 
 setting forth in each case in comparative form the figures for the previous fiscal year prepared in accordance with GAAP, and accompanied by an
opinion thereon of independent public accountants of recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, in accordance with GAAP the financial position of Parent and its
consolidated Subsidiaries 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; provided that the delivery within the time period specified above of the Parent’s Form 10-K for such fiscal
year prepared in accordance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(b), provided, further, that the Company shall be deemed to have made such delivery of such Form
10-K or financial statements if it shall have made Electronic Delivery thereof; provided further, however, that solely with respect to fiscal years 2006 and 2007 of TWAUSHI (unless TWAUSHI shall have merged with and into the Parent prior to
the end of such fiscal year, in which event this proviso shall not be effective), (A) the annual financial statements required to be delivered (or caused to be delivered) by the Company under this Section 7.1(b) shall be those of TWAUSHI
and its Subsidiaries (and the accompanying opinion of independent accountants shall be with respect to such financial statements) as if each reference to the Parent in this Section 7.1(b) were a reference to TWAUSHI and (B) the 

  

 -16- 

 
Company shall also deliver, or cause TWAUSHI to deliver, to each holder of Notes that is an Institutional Investor, together with the financial statements
being delivered under Section 7.1(b)(i) and (ii) above, duplicate copies of: 
 (1) consolidating balance sheets of
TWAUSHI and its Subsidiaries as at the end of such year, and 
 (2) consolidating statements of income and cash flows of
TWAUSHI and its Subsidiaries for such year; 
 certified as to fairness of presentation in accordance with GAAP and as to consistency by a Senior Financial
Officer; 
 (c) Company Quarterly Statements — within sixty (60) days after the end of each fiscal quarter of the Company, a
consolidated balance sheet of the Company as at the end of such fiscal quarter and the related consolidated statements of income and cash flows for such fiscal quarter and for the portion of the fiscal year of the Company ended at the end of such
fiscal quarter, setting forth in each case in comparative form the figures for the corresponding periods of the previous fiscal year prepared in accordance with GAAP applicable to quarterly financial statements generally (including being subject to
normal year-end adjustments and the absence of footnotes), and certified by a Senior Financial Officer as fairly presenting, in all material respects, in accordance with GAAP the financial position of the Company and its consolidated Subsidiaries
and their results of operations and cash flows, subject to changes resulting from year end adjustments; provided, that the Company shall be deemed to have made such delivery of such financial statements and certificate if it shall have made
Electronic Delivery thereof; 
 (d) Company Annual Statements — within 105 days after the end of each fiscal year of the Company,
a consolidated balance sheet of the Company as at the end of such fiscal year and the related consolidated statements of income and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal
year prepared in accordance with GAAP, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the Company and its consolidated Subsidiaries and their results of operations and cash
flows; provided, that the Company shall be deemed to have made such delivery of such financial statements and certificate if it shall have made Electronic Delivery thereof; 
 (e) SEC Reports — within five (5) Business Days after the filing thereof, each regular or periodic report (other than reports referred
to in Sections 7.1 (a) and (b) above) filed by the Parent or the Company with the SEC; provided, that the Parent or the Company shall be deemed to have made such delivery of such report if it shall have made Electronic Delivery
thereof; 
 (f) Notice of Default or Event of Default — promptly, and in any event within five (5) Business 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;

  

 -17- 

 (g) ERISA Matters — promptly, and in any event within five (5) Business Days after a
Responsible Officer becoming aware of any of the following, a written notice of: 
 (i) with respect to any Plan, 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 
 (ii) 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 Multi-employer Plan that such action has been taken by the PBGC with
respect to such Multi-employer Plan; or 
 (iii) any event, transaction or condition that could result in (A) the
incurrence of any liability by the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or pursuant to the penalty or excise tax provisions of the Code relating to employee benefit plans, or (B) the imposition of any Lien on any of
the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or pursuant to such penalty or excise tax provisions, in each case if such liability or Lien, taken together with any other such liabilities or
Liens then existing, is likely to have a Material Adverse Effect; 
 (h) Notices from Governmental Authority — promptly, and in
any event within thirty (30) days of receipt thereof, copies of any written notice to the Parent, the Company or any other Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or
regulation that is likely to have a Material Adverse Effect; 
 (i) Change in Significant Subsidiaries — simultaneously with the
delivery of the certificate referred to in Section 7.2(a), if any Subsidiary has become or ceased to be a Significant Subsidiary, a revised Schedule 5.4 disclosing the Significant Subsidiaries as of the date of such certificate; 
 (j) Acquisition or Disposition of Significant Subsidiaries—prompt notice of any change in Significant Subsidiaries as a result of any
acquisition or disposition; 
 (k) Support Agreement — prompt notice of any proposed waiver, amendment, supplement or other
modification of any term or condition of the Support Agreement; and 
 (1) Requested Information — with reasonable promptness,
such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Parent, the Company or any other Subsidiary or relating to the ability of 

  

 -18- 

 
the Company to perform its obligations hereunder and under the Notes or the ability of the Parent to perform its obligations under the Support Agreement, as
from time to time may be reasonably requested by any such holder of Notes; provided that nothing in this Section 7.1(1) shall obligate the Parent, the Company or any other Subsidiary to disclose to any such holder of Notes information
the disclosure of which would (i) be a violation of any applicable law, statute or regulation of any Governmental Authority applicable to the Parent, the Company or any other Subsidiary disclosing such information or (ii) be a breach of
any contractual agreement (other than any such agreement entered into in contemplation of this clause (ii) or any request for information under Section 7.1(1)) regarding confidentiality of information to which the Parent, the Company or
any other Subsidiary disclosing such information is a party; provided, further that the Company agrees to work with each such holder of Notes and any prospective transferee of its Notes with respect to any request for information under this
Section 7.1(1), in good faith, to attempt to resolve any impediment to such disclosure raised by clause (i) or (ii) hereof; provided further, however, that until the earlier to occur of (x) a merger of TWAUSHI with and
into the Parent and (y) March 31, 2008, the Company shall provide to each holder of Notes that is an Institutional Investor all such data and information with respect to TWAUSHI and its Subsidiaries of the type described in this
Section 7.1(1) on the same terms and conditions set forth in this Section 7.1(1) with respect to the data and information of the Parent and its Subsidiaries. 
 7.2. Officer’s Certificate. 
 Each set of financial statements delivered to a holder of Notes
pursuant to Section 7.1(c) or Section 7.1(d), shall be accompanied by a certificate signed on behalf of the Company by a Senior Financial Officer setting forth: 
 (a) Covenant Compliance — a reasonably detailed calculation showing whether the Company was in compliance with the
requirements of Section 10.5, Section 10.10, Section 10.11, Section 10.12(a)(i) and Section 10.12(b)(i) (in the case of the covenants contained in Section 10.12, for so long as such covenants are in effect), as of the
end of the fiscal period covered by the statements then being furnished (including the calculation of the maximum ratio or percentage permissible under the terms of such Section, and the calculation of the ratio or percentage then in existence); and

 (b) Event of Default — a statement as to whether or not to the knowledge of such Senior Financial Officer any
Default or Event of Default exists on the date of such certificate and, if any Default or Event of Default then exists, specifying the details thereof and what action the Company shall have taken or proposes to take with respect thereto. 

7.3. Visitation. 
 The Company
will, and will cause TWAUSHI and the Parent to, permit any original Purchaser and any holder of 10% or more of principal amount of the outstanding Notes, and any properly qualified agents or representatives of such holder designated by such holder,
at all reasonable intervals and places and upon reasonable prior written notice, to (a) examine the 

  

 -19- 

 
books of account, records, reports and other papers of TWAUSHI, the Parent and their Subsidiaries and to make copies and extracts therefrom for the purpose
of determining whether the Company is complying with the terms and provisions of this Agreement, (b) visit and inspect, under the guidance of the Parent, the properties of TWAUSHI, the Parent or of any of their Subsidiaries and (c) discuss
its or their affairs, finances and accounts with, and be advised as to the same by, its or their officers and (provided no Event of Default exists, with the consent of the Company, such consent not to be unreasonably withheld) TWAUSHI’s and the
Parent’s independent public accountants; provided that unless an Event of Default has occurred and is continuing no such visit to, inspection of or discussions with officers of, any Subsidiary of TWAUSHI or the Parent other than the Company
shall be permitted if the book value of TWAUSHI’s or the Parent’s (as the case may be) investment therein (as determined in accordance with GAAP) is less than 2% of all of TWAUSHI’s or the Parent’s (as the case may be)
investments in its respective Subsidiaries; provided, further, that nothing in this Section 7.3 shall obligate TWAUSHI, the Parent, the Company or any other Subsidiary of TWAUSHI to disclose to any such holder of Notes information the
disclosure of which would (i) be a violation of any applicable law, statute or regulation of any Governmental Authority applicable to TWAUSHI, the Parent, the Company or any other Subsidiary of TWAUSHI disclosing such information or
(ii) be a breach of any contractual agreement (other than any such agreement entered into in contemplation of this clause (ii) or any request for information under this Section 7.3) regarding confidentiality of information to which
TWAUSHI, the Parent, the Company or any other Subsidiary of TWAUSHI disclosing such information is a party; provided, further that the Company agrees to work with each such holder of Notes and any prospective transferee of its Notes with respect to
any request for information under this Section 7.3, in good faith, to attempt to resolve any impediment to such disclosure raised by clause (i) or (ii) hereof. So long as any Default or Event of Default shall have occurred and shall
be continuing, all expenses incurred by a Purchaser in the exercise of any rights under this Section 7.3 shall be borne by the Company. Notwithstanding anything herein to the contrary, the rights granted pursuant to this Section 7.3 to the
original Purchasers and holders of 10% or more of the outstanding Notes (and their qualified agents or representatives) with respect to TWAUSHI shall cease to be effective upon the earlier to occur of (x) a merger of TWAUSHI with and into the
Parent and (y) March 31, 2008. 
  

	8.	PAYMENT AND PREPAYMENT OF THE NOTES. 

 8.1.
Interest; Maturity. 
 (a) Interest on the Notes shall be payable at the rates and at the times set forth in the Notes. 
 (b) As provided therein, the entire unpaid principal balance of the Notes shall be due and payable on the stated maturity date thereof. 
 8.2. Optional Prepayments with 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, in an amount not less than 5% of the aggregate principal amount of the Notes then
outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount determined for the prepayment 

  

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date with respect to such principal amount. The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2
not less than thirty (30) days and not more than sixty (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 8.5), the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and any
conditions to such payment and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole Amount 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 a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole
Amount as of the specified prepayment date. 
 8.3. Prepayment of Notes Upon Change in Control. 
 (a) Notice of Change in Control or Control Event. The Company will, within ten (10) Business Days after any Responsible
Officer has knowledge of the occurrence of any Change in Control or Control Event, give written notice of such Change in Control or Control Event to each holder of Notes unless notice in respect of such Change in Control (or the Change in Control
contemplated by such Control Event) shall have been given pursuant to subparagraph (b) of this Section 8.3. If a Change in Control has occurred, such notice shall contain and constitute an offer to prepay all of the Notes outstanding at
such time, as described in subparagraph (c) of this Section 8.3 and shall include the information described in subparagraph (g) of this Section 8.3. 
 (b) Condition to Action. The Company will not permit the Parent to take any action that consummates or finalizes a Change in
Control unless the Company shall have given to each holder of Notes written notice containing and constituting an offer to prepay all of the Notes outstanding at such time, as described in subparagraph (c) of this Section 8.3, which offer
shall include the information described in subparagraph (g) of this Section 8.3. 
 (c) Offer to Prepay Notes. The offer to prepay Notes contemplated by subparagraphs (a) and (b) of this Section 8.3 shall be an offer to prepay, in accordance with and subject to this
Section 8.3, 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) on a
date specified in such offer (the “Proposed Prepayment Date”). If such Proposed Prepayment Date is in connection with an offer contemplated by subparagraph (a) of this Section 8.3, such date shall be not less
than thirty (30) days and not more than 120 days after the date of such offer. If the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the first Business Day after the 45th day after the date of such offer. 
 (d) Acceptance. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.3 by causing a notice of such acceptance to be delivered to the 

  

 -21- 

 
Company not later than fifteen (15) days after receipt by such holder of the most recent offer of prepayment. A failure by a holder of Notes to respond
to an offer to prepay made pursuant to this Section shall be deemed to constitute a rejection of such offer by such holder. 
 (e) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.3 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment. The prepayment
shall be made on the Proposed Prepayment Date except as provided in subparagraph (f) of this Section 8.3. 
 (f)
Deferral Pending Change in Control. The obligation of the Company to prepay Notes pursuant to the offers required by subparagraph (c) and accepted in accordance with subparagraph (d) of this Section 8.3 is subject to the
occurrence of the Change in Control in respect of which such offers and acceptances shall have been made. In the event that such Change in Control has not occurred on the Proposed Prepayment Date in respect thereof, the prepayment shall be deferred
until, and shall be made on, the date on which such Change in Control occurs. The Company shall keep each holder of Notes reasonably and timely informed of (i) any such deferral of the date of prepayment, (ii) the date on which such Change
in Control and the prepayment are expected to occur, and (iii) any determination by the Company that efforts to effect such Change in Control have ceased or been abandoned (in which case the offers and acceptances made pursuant to this
Section 8.3 in respect of such Change in Control shall be deemed rescinded). 
 (g) Other Terms. Each offer to
prepay the Notes pursuant to this Section 8.3 shall specify: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.3; (iii) the principal amount and Series of each Note offered to be
prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.3 have been fulfilled; and (vi) in reasonable detail, the nature
and date or proposed date of the Change in Control. 
 8.4. Offer to Prepay Upon Disposition of Certain Assets. 
 (a) Notice and Offer. In the event Net Proceeds of an Asset Disposition are to be used to make an offer (a “Transfer
Prepayment Offer”) to prepay Notes pursuant to a Debt Prepayment Application under Section 10.10 of this Agreement (a “Debt Prepayment Transfer”), the Company will give written notice of such Debt
Prepayment Transfer to each holder of Notes. Such written notice shall contain, and such written notice shall constitute, an irrevocable offer to prepay, at the election of each holder, a portion of the Notes held by such holder equal to such
holder’s Ratable Portion of the Net Proceeds in respect of such Debt Prepayment Transfer on a date specified in such notice (the “Transfer Prepayment Date”) that is not less than thirty (30) days and not more
than sixty (60) days after the date of such notice, together with interest on the amount to be so prepaid accrued to the Transfer Prepayment Date. If the Transfer Prepayment Date shall not be specified in such notice, the Transfer Prepayment
Date shall be the thirtieth (30th) day after the date of such notice. 
  

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 (b) Acceptance and Payment. To accept such Transfer Prepayment Offer, a holder of
Notes shall cause a notice of such acceptance to be delivered to the Company not later than twenty (20) days after the date of such written notice from the Company, provided, that failure to accept such offer in writing within twenty
(20) days after the date of such written notice shall be deemed to constitute a rejection of the Prepayment Offer. If so accepted by any holder of a Note, such offered prepayment (equal to not less than such holder’s Ratable Portion of the
Net Proceeds in respect of such Debt Prepayment Transfer) shall be due and payable on the Transfer Prepayment Date. Such offered prepayment shall be made at one hundred percent (100%) of the principal amount of such Notes being so prepaid,
together with interest on such principal amount then being prepaid accrued to the Transfer Prepayment Date determined as of the date of such prepayment. 
 (c) Other Terms. Each offer to prepay the Notes pursuant to this Section 8.4 shall specify (i) the Transfer Prepayment Date, (ii) the Net Proceeds in respect of the applicable Debt Prepayment
Transfer, (iii) that such offer is being made pursuant to Section 8.4 and Section 10.10 of this Agreement, (iv) the principal amount of each Note offered to be prepaid, (v) the interest that would be due on each Note offered
to be prepaid, accrued to the Transfer Prepayment Date and (vi) in reasonable detail, the nature of the Asset Disposition giving rise to such Debt Prepayment Transfer and certifying that no Event of Default exists or would exist after giving
effect to the prepayment contemplated by such offer. 
 8.5. Allocation of Partial Prepayments. 
 Except as otherwise provided for in Section 8.3 and Section 8.4, in the case of each partial prepayment of the Notes, the principal amount of
the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding (without regard to Series) in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

 8.6. 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, subject to any conditions to such prepayment, 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 promptly 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. 
 8.7. Purchase of Notes. 

 The Company will not and will not permit any of its controlled Affiliates or the Parent to purchase, redeem, prepay or otherwise acquire,
directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes in accordance with the terms of 

  

 -23- 

 
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 at the
time outstanding upon the same terms and conditions. The Company will promptly cancel all Notes acquired by it, any of its controlled Affiliates or the Parent 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. 
 8.8. Make-Whole Amount. 
 “Make-Whole Amount” means, with respect to any Note, 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” means, with respect to any
Note, the principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 
 “Discounted Value” means, 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 such Note is payable) equal to the Reinvestment Yield with respect to such Called Principal. 
 “Reinvestment Yield” means, with respect to the Called Principal of any Note of either Series, .50% over the yield to maturity implied by (i) the yields reported as of 10:00 a.m.
(New York City 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 having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or
the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury Constant Maturity Series 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.I5 (or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of
such Called Principal as of such Settlement Date. 
 In the case of each determination under clause (i) or clause (ii), as the case may
be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly
between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity 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. 
  

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 “Remaining Average Life” means, with respect to any Called Principal of
any Note, the number of years (calculated to the nearest one-twelfth year) 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 (calculated to the nearest one-twelfth year) 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” means, 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 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 such Note, 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 8.2 or Section 12.1. 
 “Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately
due and payable pursuant to Section 12.1, as the context requires. 
  

	9.	AFFIRMATIVE COVENANTS. 

 The Company covenants that
so long as any of the Notes are outstanding: 
 9.1. Compliance with Law. 
 Without limiting Section 10.4, the Company will, and will cause the Parent and each of the other Subsidiaries to, comply with all laws, ordinances or
governmental rules or regulations to which each of them is subject, including, without limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other
governmental authorizations necessary to the ownership of their respective properties or to the conduct of their respective businesses, except for any 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 that is not, individually or in the aggregate, likely to have a Material Adverse Effect. 
 9.2. Insurance. 
 The Company will,
and will cause the Parent and each of the other Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties and businesses against such casualties and contingencies, of such types
and in such amounts (including deductibles, co-insurance and self-insurance, if reserves are maintained with respect thereto to the extent required by GAAP) as are customary in the case of entities of established reputations engaged in the same or a
similar business and similarly situated, except for any failure to maintain such insurance that is not likely to have a Material Adverse Effect. 
  

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 9.3. Maintenance of Properties. 
 The Company will, and will cause the Parent and each other Subsidiary to, maintain and keep, or cause to be maintained and kept, their respective Material
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 shall not prevent the Company, the
Parent or any other Subsidiary from discontinuing the operation or the maintenance of any of its properties or disposing of them if such discontinuance or disposal is not likely to have a Material Adverse Effect. 
 9.4. Payment of Taxes and Claims. 
 The Company will, and will cause the Parent and each other Subsidiary to, pay and discharge all taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the
same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Parent, or the Company or any other Subsidiary,
provided that neither the Parent, nor the Company or any other Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof is contested by the Parent, the Company or such other
Subsidiary in good faith and in appropriate proceedings, and the Parent, the Company or such other Subsidiary has established reserves therefor to the extent required by GAAP on the books of the Parent, the Company or such other Subsidiary or
(ii) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate is not likely to have a Material Adverse Effect. 
 9.5. Corporate Existence, Etc. 
 Subject to Section 10.2, the Company will at all times preserve
and keep in full force and effect its corporate existence. Subject to Sections 10.2 and 10.10, the Company will, and will cause the Parent to, at all times preserve and keep in full force and effect the corporate existence of the Parent and each
other Subsidiary (unless merged into the Company, the Parent or a Subsidiary) and all rights and franchises of the Company, the Parent and its other Subsidiaries unless, in the good faith judgment of the Company or the Parent, the termination of or
failure to preserve and keep in full force and effect such corporate existence, right or franchise is not, individually or in the aggregate, likely to have a Material Adverse Effect. 
 9.6. Books and Records. 
 The Company
will, and will cause TWAUSHI, the Parent and their Subsidiaries to, maintain books of record and account in which entries shall be made of all Material dealings and transactions in relation to their respective businesses and activities, in each case
in conformity in all material respects with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company, TWAUSHI, the Parent or any such Subsidiary, as the case may be; provided,
that the Company’s obligations with respect to TWAUSHI pursuant to this Section 9.6 shall cease to be effective upon the earlier to occur of (x) a merger of TWAUSHI with and into the Parent and (y) March 31, 2008.

  

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	10.	NEGATIVE COVENANTS. 

 The Company covenants that so
long as any of the Notes are outstanding: 
 10.1. Transactions with Affiliates. 
 The Company shall not, and shall not permit the Parent or any other Subsidiary to, enter into any transaction with any of its Affiliates (other than the
Parent, the Company or any other Subsidiary), unless such transaction is on terms not materially less favorable to the Parent, or the Company or any other Subsidiary, than if the transaction had been negotiated in good faith on an arm’s-length
basis with a non-Affiliate, provided that the foregoing shall not restrict (a) director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans) and
indemnification arrangements entered into in the ordinary course of business, (b) transactions pursuant to the $550 million revolving credit facility between RWE AG, a German corporation (“RWE”), and the Company,
(c) transactions pursuant to the Support Agreement and (d) transactions and arrangements in connection with any Initial Public Offering or subsequent disposition by RWE or any of its Affiliates of Common Stock of Parent or of any Person
that owns 100% of the Common Stock of Parent (including with respect to allocations of assets and liabilities, transition services and other separation matters, indemnification, registration rights and expense reimbursement) that are approved by the
board of directors of Parent. 
 10.2. Merger, Consolidation, Etc. 
 (a) The Company shall not, and shall not permit the Parent to, consolidate with or merge into any other Person or convey, transfer or
lease its properties and assets substantially as an entirety to any Person, unless: 
 (i) 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 or the Parent as an entirety, as the case may be, shall be a Person organized and
existing under the laws of the United States or any State thereof (including the District of Columbia), and shall expressly assume, in the case of the Company, the due and punctual performance and observance of each covenant, condition and
obligation under this Agreement and the Notes and, in the case of the Parent, all the obligations under the Support Agreement to be performed or observed, and such Person shall have caused to be delivered to each holder of any Notes an opinion of
counsel to the effect that such consolidation, merger, conveyance, transfer or lease complies in all material respects with this Section 10.2; and 
 (ii) immediately before and immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing. 
  

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 (b) Upon any consolidation by the Company or the Parent with or merger by the Company or
the Parent into any other Person or any conveyance, transfer or lease of either the Company’s or the Parent’s properties and assets substantially as an entirety in accordance with this Section 10.2, the successor Person formed by such
consolidation or into which it is merged or to which such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company or the Parent, as applicable, under this Agreement or
the Support Agreement with the same effect as if such successor Person had been named as the Company or the Parent, as applicable, herein or therein, and thereafter, except in the case of a lease, the predecessor Person shall be relieved of all
obligations and covenants, in the case of the Company, under this Agreement and the Notes and, in the case of the Parent, under the Support Agreement. 
 10.3. Line of Business. 
 The Company shall not engage in any business, operations or activities
(whether directly, through a joint venture, in connection with a permitted acquisition or otherwise) other than financing activities for and on behalf of the Parent and the other Subsidiaries of the Parent. 
 10.4. Terrorism Sanctions Regulations. 
 The Company shall not, and shall not permit the Parent or any other Subsidiary to, (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in
Section 1 of the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions with any Person known to it to be such a Person. 
 10.5. Debt Capitalization Ratio. 
 The Company shall not permit, and shall cause the Parent not to
permit, the ratio of Consolidated Total Debt to Consolidated Total Capitalization as of the last day of any fiscal quarter of the Parent to exceed 0.70 to 1.00; provided, that for the purposes of the calculation of this ratio, any non-cash
effects reflected in the financial statements of the Parent resulting from SFAS 158 shall be excluded. Notwithstanding the foregoing, with respect to any fiscal quarter for which the financial statements delivered pursuant to Section 7.1 are
financial statements of TWAUSHI, references to “the Parent” in this Section and in the definitions of “Consolidated Total Debt” and “Consolidated Total Capitalization” shall be deemed references to “TWAUSHI”.

 10.6. Liens. 
 The
Company will not, and will not cause or permit the Parent or any other Subsidiary to, incur any Debt secured by any Lien, or suffer to exist any Lien securing Debt, upon or with respect to their respective properties (including, without limitation,
their capital stock), except: 
 (a) Liens existing, or created pursuant to the terms of agreements existing, on the date
hereof; 
  

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 (b) Liens consisting of (i) pledges or deposits in the ordinary course of business
to secure obligations under workmen’s compensation laws or similar legislation, (ii) deposits in the ordinary course of business to secure or in lieu of surety, appeal or customs bonds to which the Company, the Parent or any other
Subsidiary is a party, (iii) Liens created by or resulting from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings diligently conducted, (iv) pledges or deposits in the ordinary
course of business to secure performance in connection with bids, tenders or contracts (other than contracts for the payment of money) or (v) materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s or other like
Liens incurred in the ordinary course of business for sums not yet due or currently being contested in good faith by appropriate proceedings diligently conducted; 
 (c) Liens created to secure tax-exempt Debt in connection with the financing or refinancing of the purchase, lease or construction of
properties; 
 (d) any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or
into, or such asset is acquired by, the Company, the Parent or any other Subsidiary and not created in contemplation of such event; 
 (e) Liens created to secure sales of accounts receivable and other receivables; 
 (f) licenses of intellectual
property granted by the Company, the Parent or any other Subsidiary in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business; 
 (g) Liens of landlords arising under real property leases to the extent such Liens arise in the ordinary course of business and do not
secure any past due obligation for the payment of money; 
 (h) any interest or title of a lessor or sublessor under any lease
permitted by this Agreement; 
 (i) Liens securing Debt which has neither been assumed by the Company, the Parent or any other
Subsidiary nor upon which it customarily pays interest charges, existing upon real property, or rights in or relating thereto, which real property or rights were acquired for right-of-way purposes; 
 (j) zoning laws and ordinances; 
 (k) Capital Leases; 
 (l) easements, rights-of-way, restrictions, conditions and other
similar encumbrances, minor defects or irregularities of title, and alleys, streets and highways, which in the aggregate do not materially impair the usefulness of the mortgaged property in the present business of the Company, the Parent or any
other Subsidiary; 
 (m) leases of the properties of the Company, the Parent or any other Subsidiary, in each case entered
into in the ordinary course of business and that do not, individually or in the aggregate, (i) interfere in any material respect with the ordinary course of business or (ii) materially impair the value of the property subject thereto;

  

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 (n) Liens arising out of conditional sale, title retention, consignment or similar
arrangements for the sale of goods entered into by the Company, the Parent or any other Subsidiary in the ordinary course of business in accordance with the past practices of the Company, the Parent or such other Subsidiary; 
 (o) bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in
one or more accounts maintained by the Company, the Parent or any other Subsidiary, in each case granted in the ordinary course of business in favor of the financial institutions with which such accounts are maintained, securing amounts owing to
such financial institutions with respect to cash management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided that, unless such Liens are non-consensual and arise by operation of law, in
no case shall any such Liens secure (either directly or indirectly) the repayment of any Debt; 
 (p) Liens for taxes,
assessments or governmental charges or levies not yet delinquent and which may subsequently be paid without interest or penalties and Liens for taxes, assessments or governmental charges or levies which are being contested in good faith by
appropriate proceedings for which reserves have been established to the extent required by GAAP; 
 (q) any Lien on any
property of the Company, the Parent or any other Subsidiary securing obligations not exceeding in the aggregate $20,000,000 outstanding at any time; 
 (r) Liens securing Debt of the Company, the Parent or any other Subsidiary; provided that, after giving effect to the incurrence of such Debt, the aggregate outstanding principal amount of Priority Debt would not
exceed 15% of Consolidated Tangible Total Assets; 
 (s) Liens on any property, acquired, constructed or improved by the
Company, the Parent or any other Subsidiary after the date of this Agreement, and any improvements thereon, accessions thereto or other property acquired or constructed for use in connection therewith or related thereto, which are created or assumed
prior to or contemporaneously with, or within 180 days after, such acquisition or completion of such construction or improvement, or within one year thereafter pursuant to a firm commitment for financing arranged with a lender or investor within
such 180-day period, to secure or provide for the payment of all or any part of the purchase price of such property or the cost of such construction or improvement incurred after the date of this Agreement or Liens on any property existing at the
time of acquisition thereof; provided, that the Liens shall not extend to any property theretofore owned by the Company, the Parent or any other Subsidiary other than, in the case of any such construction or improvement, (i) unimproved real
property on which the property so constructed or the improvement is located, (ii) other property (or improvement thereon) which is an 

  

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improvement to or is acquired or constructed for use in connection therewith or related thereto, (iii) any right and interest under any agreement or
other documents relating to the property being so constructed or improved or such other property and (iv) the stock of any Subsidiary created or maintained for the primary purpose of owning the property so constructed or improved; 

(t) Liens on property securing Debt if, prior to or concurrently with the issuance, assumption or guarantee of such Debt, the Notes
(together with, if the Company shall so determine, (i) any other Debt of or guaranteed by the Company ranking equally with the Notes or (ii) any Debt of the Parent or any other Subsidiary then existing or thereafter created) are secured by
such property equally and ratably with (or prior to) such Debt; 
 (u) Liens securing the Notes; and 
 (v) Liens created for the sole purpose of refinancing, extending, renewing or replacing in whole or in part Debt or other obligations
secured by any Lien referred to in the foregoing subsections (a) through (u); provided, however, that the principal amount of Debt or obligations secured thereby shall not exceed the principal amount of Debt or obligations so secured at the
time of such refinancing, extension, renewal or replacement plus the amount of any premiums required to be paid thereon and reasonable fees and expenses associated therewith and that such refinancing, extension, renewal or replacement, as the case
may be, shall be limited to all or a part of the property that secured the Lien or mortgage so refinanced, extended, renewed or replaced (and any improvements on such property). 
 10.7. Dividends and Distributions. 
 The Company shall not declare or pay any dividends upon any of its Common Stock, or purchase, redeem, retire or otherwise acquire, directly or indirectly, any shares of its Common Stock, or make any distribution of cash, property or assets
among the holders of shares of its Common Stock, or make any change in its capital structure, if an Event of Default has occurred and is continuing, or would occur, either immediately before or immediately after giving effect to any of the
foregoing. 
 10.8. Use of Proceeds. 
 The Company shall not use any portion of the proceeds of the Notes (a) directly or indirectly, for any purpose that entails a violation of the regulations of the Board, including the Margin Regulations, or
(b) for any purpose in violation of any other applicable law, rule or regulation. 
 10.9. Support Agreement. 
 The Company shall not permit the Parent to (a) cancel or terminate the Support Agreement or (b) amend or otherwise modify the terms of the
Support Agreement, except for amendments and modifications that do not adversely affect the rights of the holders of Notes hereunder, in each case, without the prior written consent of all holders of Notes. 
  

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 10.10. Sale of Assets. 
 The Company will not, and will not permit the Parent or any Significant Subsidiary to, make an Asset Disposition (other than an Asset Disposition subject
to Section 10.2 and satisfying the requirements thereof) if immediately after giving effect to such Asset Disposition, (i) any Event of Default shall have occurred and be continuing, or (ii) the amount equal to (A) the aggregate
Disposition Value of all property of the Parent, the Company and any Significant Subsidiary disposed of pursuant to Asset Dispositions in accordance with this Section 10.10 during the then current fiscal year of the Parent minus (B) the
aggregate amount in respect of Asset Dispositions consummated during such fiscal year that has been applied to either or both of a Debt Prepayment Application or a Property Reinvestment Application, would exceed 10% of Consolidated Total Assets,
determined as at the end of the then most recently ended fiscal quarter of the Parent (any such excess being referred to as the “Excess Asset Sale Amount” of such Asset Disposition), unless, solely with respect to the circumstances
described in clause (ii) of this Section 10.10, an amount equal to the lesser of the Excess Asset Sale Amount and the Net Proceeds arising from such Asset Disposition is applied to either or both of a Debt Prepayment Application or a
Property Reinvestment Application within 365 days of the date of such disposition pursuant to this Section 10.10. For the purpose of determining compliance with this Section 10.10, the Company shall have the right to designate the Asset
Dispositions to which any Debt Prepayment Application or Property Reinvestment Application relates. 
 10.11. Priority Debt.

 The Company will not, and will not permit the Parent or any other Subsidiary to, incur Priority Debt if, after giving effect to such
incurrence, the aggregate outstanding principal amount of Priority Debt (without duplication) would exceed 15% of Consolidated Tangible Total Assets. 
 10.12. Limitations on TWAUSHI and Certain of its Subsidiaries. 
 The Company will not at any time
during the 2007 fiscal year of TWAUSHI (but only prior to any merger of TWAUSHI with and into the Parent, at which time this Section 10.12 shall be of no further force or effect) permit: 
 (a) TWAUSHI to (i) own assets (excluding capital stock of the Parent, the Parent’s Subsidiaries and AW Finance, and
contributions made to the Parent or any of the Parent’s Subsidiaries by RWE or any of its Subsidiaries to the extent they are made indirectly through TWAUSHI (“Parent Contributions”))
constituting more than 5% of Consolidated Total TWAUSHI Assets on the last day of any fiscal quarter of TWAUSHI, (ii) conduct any business other than holding the capital stock of, and managing, its Subsidiaries and activities reasonably
related thereto or (iii) form any new direct Subsidiary; and 
 (b) AW Finance to (i) own assets constituting more
than 1% of Consolidated Total TWAUSHI Assets on the last day of any fiscal quarter of TWAUSHI or (ii) conduct any business. 
  

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	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, if any, 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 (5) Business Days after the same becomes due
and payable; or 
 (c) the Company (or the Parent or its Subsidiaries, as applicable) defaults in the performance of or
compliance with any term contained in Section 7.1(f) or Sections 10.2, 10.5, 10.11, 10.12(a)(i) or 10.12(b)(i); or 
 (d)
the Company (or the Parent or its Subsidiaries, as applicable) defaults in the performance of or compliance with any term contained herein (other than those referred to in Sections 11 (a), (b) and (c)) and such default is not remedied within
thirty (30) days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note specifying such default or breach and
requiring it to be remedied (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); provided, however, that except with respect to defaults under or breaches of the
covenants contained in Section 9.4 or 10.6, the holders of Notes shall be deemed to have agreed to an extension of such 30-day period to 90 days so long as corrective action is initiated by the Company or the Parent within such 30-day period
unless such corrective action is no longer being diligently pursued; 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 any writing furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the date as of
which made; or 
 (f) (i) the Company, the Parent or any Significant Subsidiary 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 (A) $10,000,000 in the case of the Company; (B) $25,000,000 in the
case of the Parent or (C) $50,000,000 in the aggregate, in the case of all Significant Subsidiaries, beyond any period of grace provided with respect thereto, (ii) the Company, the Parent or any Significant Subsidiary 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 (A) $10,000,000 in the case of the Company; (B) $25,000,000 in the case of the Parent or (C) $50,000,000
in the aggregate, in the case of all Significant Subsidiaries 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 

  

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declare such Debt to be), due and payable before its stated maturity or before its regularly scheduled dates of payment, or (iii) 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), (x) the Company, the Parent or any Significant Subsidiary 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 (A) $10,000,000 in the case of the Company; (B) $25,000,000 in the
case of the Parent or (C) $50,000.000 in the aggregate, in the case of all Significant Subsidiaries, or (y) one or more Persons have the right to require the Company, the Parent or any Significant Subsidiary to purchase or repay such Debt;
or 
 (g) the Parent, or the Company or any other Significant Subsidiary (i) is generally not paying, or admits in
writing its inability to pay, its debts as they become due, (ii) 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, (iii) makes an assignment for the benefit of its creditors, (iv) 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, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the
foregoing; or 
 (h) a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent
by the Parent, or the Company or any of the other Significant Subsidiaries, 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 Parent, or the Company or any of the other Significant Subsidiaries, or any such petition shall be filed against the Parent, or the Company or any of the other Significant Subsidiaries, and such petition shall not be dismissed within sixty
(60) days; or 
 (i) a final judgment or judgments for the payment of money in an aggregate amount (to the extent not
paid or insured) in excess of (A) $10,000,000 in the case of the Company; (B) $25,000,000 in the case of the Parent or (C) $50,000,000 in the aggregate, in the case of all Significant Subsidiaries of the Parent are rendered against
one or more of the Company, the Parent and its Significant Subsidiaries and which judgments are not, within sixty (60) days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within sixty (60) days
after the expiration of such stay; or 
 (j) the Parent shall default in the performance or observance of any obligation or
condition under Section 3 of the Support Agreement as of the last day of any fiscal year or fiscal quarter of the Company; provided, however, that the Company’s failure to have a positive tangible net worth (total assets less
liabilities less intangible assets as of such last day), as determined for purposes of the Support Agreement and after giving effect to period-end adjustments in accordance with GAAP, shall not be an Event of Default unless the Company has a
tangible net worth of less than negative $10,000; or 
  

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 (k) any material provision of the Support Agreement shall become unenforceable, or any
court or governmental or regulatory body having jurisdiction over the Parent shall assert the unenforceability of any such provision in writing, or the Parent contests in any manner the validity or enforceability of any such provision; or

 (1) unless the Parent shall have assumed the obligation in the Notes pursuant to Section 22.1, the Parent shall cease
to own, directly or indirectly, 100% of the Common Stock of the Company; or 
 (m) if (i) any Plan shall fail to satisfy
the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice of intent to terminate
any Plan shall have been filed with the PBGC or the PBGC shall have instituted proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a
Plan may become a subject of any such proceedings, (iii) 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, (iv) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (v) the Company 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 thereunder; and any such event or events described in clauses (i) through (v) above, either individually or together with any other such event or events, is likely to have a Material Adverse Effect. 

As used in Section 11 (m), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective meanings assigned
to such terms in section 3 of ERISA. 
  

	12.	REMEDIES ON DEFAULT, ETC. 

 12.1. Acceleration.

 (a) If an Event of Default with respect to the Parent, the Company or any Significant Subsidiary described in Section
ll(g) or (h) (other than an Event of Default described in clause (i) of Section ll(g) or described in clause (vi) of Section ll(g) by virtue of the fact that such clause encompasses clause (i) of Section 1 l(g)) 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 Section 11 (a) or (b) 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. 
  

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 Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by
declaration, such Notes will forthwith mature and the entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the
Make-Whole Amount 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 a 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. 
 12.2. Other Remedies. 
 If any 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. 
 12.3. Rescission. 
 At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c),
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. 
 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 

  

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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 reasonable out-of-pocket 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. 
  

	13.	REGISTRATION; EXCHANGE; SUBSTITUTION OF NOTES. 

 13.1. Registration of Notes. 
 The Company shall keep at its principal executive office 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. Prior to due presentment for
registration of transfer, the Person in whose name any Note 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. 
 13.2. Transfer and Exchange of Notes. 
 Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18), for registration of transfer or exchange (and in the case of a surrender for registration of
transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of
each transferee of such Note or part thereof), within ten (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 in the form of Note for such
Series set forth in Exhibit 1.1 (a) or Exhibit 1.1 (b), as the case may be. 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 representations set forth in Section 6. 
 The Notes have not been registered under the Securities Act or under the securities laws of any state and may not be transferred or resold unless registered under the Securities Act and all applicable state securities laws or unless an
exemption from the requirement for such registration is available. 
  

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 13.3. Replacement of Notes. 
 Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18) of evidence reasonably
satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (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, (i) an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or (ii) a Qualified Institutional Buyer, such Person’s own
unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and
cancellation thereof, 
 the Company at its own expense shall execute and deliver not more than thirty (30) days following satisfaction of such
conditions, 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. 
  

	14.	PAYMENTS ON NOTES. 

 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 JPMorgan Chase Bank, N.A. 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 the United States or the principal office of a bank or trust company in the United States. 
 14.2. Home Office Payment. 
 So long as any Purchaser or its nominee shall be the holder of any Note, 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, and interest 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 

  

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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 a
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 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 a Purchaser under this Agreement and that has made
the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 
  

	15.	EXPENSES, ETC. 

 15.1. Transaction Expenses. 

 Whether or not the transactions contemplated hereby are consummated, the Company will pay all reasonable out-of-pocket costs and expenses
(including reasonable attorneys’ fees of Bingham McCutchen LLP, special counsel to the Purchasers, and excluding, with respect to clause (a) below, the fees and expenses of any other counsel to the Purchasers, and, with respect to clause
(b) below, the fees and expenses of more than one counsel to the Purchasers other than any local counsel in each relevant jurisdiction if reasonably required by the Required Holders) incurred by each Purchaser or holder of a Note in connection
with (a) the negotiation, preparation, execution, and delivery of this Agreement and the Notes, (b) any amendments, waivers or consents under or in respect of this Agreement, the Support Agreement or the Notes (whether or not such
amendment, waiver or consent becomes effective), (c) enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Support Agreement or the Notes or in responding to any subpoena or other legal
process or informal investigative demand issued in connection with this Agreement, the Support Agreement or the Notes, or by reason of being a holder of any Note, (d) the insolvency or bankruptcy of the Parent, the Company or any other
Subsidiary or in connection with any workout or restructuring of the transactions contemplated hereby, by the Support Agreement and by the Notes, including, without limitation, financial advisors’ fees and (e) the initial filing of this
Agreement and all related documents and financial information with the SVO. The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or expenses, if any, of brokers
and finders (other than those, if any, retained by a Purchaser or other holder). 
 15.2. 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. 
  

	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 
  

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any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such 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 each Purchaser and the Company and supersede all prior agreements and understandings relating to the subject matter hereof. 
  

	17.	AMENDMENT AND WAIVER. 

 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 unless consented to by such Purchaser in writing, and (b) no such amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby,
(i) 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 (if such change in the method of computation of interest results in a decrease in the interest rate) or of the Make-Whole Amount on any of the Notes, (ii) 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 (iii) amend any of Sections 8, 11(a), 1 l(b), 12, 17 or 20. 
 17.2.
Solicitation of 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 notice of 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. 
 (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 other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes 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. 
  

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 17.3. Binding Effect, etc. 
 Any amendment or waiver consented to as provided in this Section 17 applies equally to all 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 the 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 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. 
 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 Parent, the Company or any of their controlled Affiliates shall be deemed not to be outstanding. 
  

	18.	NOTICES. 

 All notices and communications provided
for hereunder shall be in writing and sent (a) by telecopy 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), (c) by a recognized overnight delivery service (with charges prepaid) or (d) by posting through an Electronic Distribution Service, if the sender on the same day sends or causes to be sent notice to the
recipient of the posting by electronic mail. Any such notice must be sent: 
 (i) if to any Purchaser or its nominee, to such
Purchaser or nominee at the fax number or address or. in the case of clause (d) above, the e-mail address specified for such communications in Schedule A, or at such other fax number, address or e-mail address as such Purchaser or nominee shall
have specified to the Company in writing, 
 (ii) if to any other holder of any Note, to such holder at such fax number or
address or, in the case of clause (d) above, such e-mail address as such other holder shall have specified to the Company in writing, or 
 (iii) if to the Company, to the Company at its address set forth at the beginning hereof to the attention of Treasurer, 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. 
  

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	19.	REPRODUCTION OF DOCUMENTS. 

 This Agreement and all
documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial
statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser 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 such Purchaser 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 holder of Notes 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. 
  

	20.	CONFIDENTIAL INFORMATION. 

 For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Parent, the Company or any other Subsidiary in connection with the transactions contemplated by or
otherwise pursuant to this Agreement and, in the case of information delivered to any Purchaser after the Closing, that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential
information of the Parent, the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known (other than through the wrongful disclosure by any Purchaser or any person acting on any
Purchaser’s behalf) or otherwise actually known to such Purchaser prior to the time of such disclosure from a source other than the Parent, the Company or any other Subsidiary, or any Affiliate or agent of the Parent, the Company or any
Subsidiary actually known by such Purchaser to be an Affiliate or agent thereof and so long as the source of such information is not known to such Purchaser to be bound by a confidentiality agreement with or other contractual, legal or fiduciary
obligation of confidentiality to the Company or any other party with respect 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 actually known to such Purchaser other than through disclosure by the Parent, the Company or any other Subsidiary, or any Affiliate or agent of the Parent, the Company or any other Subsidiary actually known by such
Purchaser to be an Affiliate or agent thereof and so long as the source of such information is not known to such Purchaser to be bound by a confidentiality agreement with or other contractual, legal or fiduciary obligation of confidentiality to the
Company or any other party with respect 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 (i) on a confidential basis, its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the investment 

  

 -42- 

 
represented by its Notes), (ii) 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, (iii) any other holder of any Note, (iv) any Institutional Investor to which it 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), (v) any Person from which it 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), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) 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 (viii) any other Person to which such delivery or disclosure may be
necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such
Purchaser is a party or (z) 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 that such Purchaser shall, unless prohibited by law, notify the Company of any disclosure required pursuant to clause (w), (x) or (y) above as far in
advance as reasonably practicable to enable the Company to seek a protective order or other appropriate relief. 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. Each Purchaser recognizes its responsibility for
compliance with applicable securities laws and regulations in connection with its use of non-public information regarding the Parent and its Subsidiaries. 
  

	21.	SUBSTITUTION OF PURCHASER. 

 Each Purchaser shall
have the right to substitute any one of its Affiliates as the purchaser of the Notes that it 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, any reference to
such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder and such Affiliate
thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement (other than in this
Section 21), shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement. Any such
assignment to an Affiliate shall not relieve any Purchaser of its obligation hereunder to purchase the Notes subject to the terms and conditions herein set forth. 
  

 -43- 

	22.	MISCELLANEOUS. 

 22.1. Assumption by the Parent
or a Domestic Subsidiary. 
 The Parent or any Domestic Subsidiary of the Parent may directly assume, by a written instrument, executed
and delivered to the holders of the Notes, in form satisfactory to the Required Holders, the performance of each covenant (including, without limitation, the delivery of financial statements of the substitute issuer pursuant to Section 7.1
hereof), condition and obligation of the Company under this Agreement and the Notes, including, without limitation, the due and punctual payment of the principal of (together with any Make-Whole Amount) and interest on all the Notes; provided
that (a) immediately before and immediately after giving effect to such assumption, no Default or Event of Default shall have occurred and be continuing, (b) in the case of such assumption by a Domestic Subsidiary, (i) the Support
Agreement shall be modified to substitute such Domestic Subsidiary for the Company thereunder, or to include such Domestic Subsidiary, and (ii) the Parent’s obligations under the Support Agreement, as so modified, shall remain in full
force and effect, and (c) each holder of any Notes shall have received an opinion of counsel to the effect that (subject to customary limitations) such assumption is effective to make all obligations of the Company hereunder binding and
enforceable obligations of the substitute issuer and, in the case of an assumption by a Domestic Subsidiary, the Support Agreement, as so modified to substitute or include such Domestic Subsidiary, is a binding and enforceable obligation of the
Parent. Upon any such assumption made in compliance with this Section 22.1, the Parent or such Domestic Subsidiary shall succeed to and be substituted for and may exercise every right and power of the Company under this Agreement with the same
effect as if the Parent or such Domestic Subsidiary had been named as the Company herein and the Company shall be released from its liability as obligor on the Notes and from its obligations hereunder. 
 22.2. Interest Rate Limitation. 
 Notwithstanding anything herein to the contrary, if at any time the interest rate applicable to any Note, together with all fees, charges and other amounts which are treated as interest on such Note under applicable law (collectively the
“Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the holder of such Note in accordance with
applicable law, the rate of interest payable in respect of such Note hereunder, together with all Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been
payable in respect of such Note but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable to the holder of such Note in respect of other periods shall be increased (but not above the
Maximum Rate therefor) until such cumulated amount shall have been received in respect of such Note. 
 22.3. 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. 
  

 -44- 

 22.4. Payments Due on Non-Business Days. 
 Anything in this Agreement or the Notes to the contrary notwithstanding (but without limiting the requirements in Section 8.2 and Section 8.6
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 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. 
 22.5. 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. 
 22.6. 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. 
 22.7. Construction, etc. 
 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. 
 22.8. Counterparts. 

 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. Delivery of a facsimile or electronic transmission of an executed counterpart of a signature
page to this Agreement shall be effective as delivery of a manually executed counterpart to this Agreement. 
  

 -45- 

 22.9. 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 permit the application of the laws of a jurisdiction other than such State. 
 22.10. Jurisdiction and Process; Waiver of Jury
Trial. 
 (a) The Company irrevocably submits to the non-exclusive jurisdiction of any New York State or federal court
sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, the Company irrevocably waives and agrees
not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (b) The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred to in Section 22.10(a) by mailing a copy thereof by registered or
certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other address of which such holder shall then have been notified pursuant to said
Section. The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and (ii) shall, to the fullest extent permitted by applicable law,
be taken and held to be valid personal service upon and personal delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial
delivery service. 
 (c) Nothing in this Section 22.10 shall affect the right of any holder of a Note to serve process in
any manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction. 
 (d) 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. 
 [Remainder of page left
intentionally blank. Next page is signature page.] 
  

 -46- 

 If you are in agreement with the foregoing, please sign the form of agreement on a counterpart of this
Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement among you and the Company. 
  

			
	Very truly yours,
	
	AMERICAN WATER CAPITAL CORP.
		
	By:	 	 /s/ James M. Kalinovich

	Name:	 	James M. Kalinovich
	Title:	 	Treasurer

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

 The foregoing is hereby agreed 
 to as of the date thereof. 
  

			
	 METROPOLITAN LIFE INSURANCE COMPANY

	
	 METLIFE LIFE AND ANNUITY COMPANY OF CONNECTICUT
 by Metropolitan Life Insurance Company, its Investment Manager

	
	 METLIFE INVESTORS USA INSURANCE COMPANY
 by Metropolitan Life Insurance Company, its Investment Manager

		
	 By:
	 	 /s/ Erik V. Savi

	 Name:
	 	Erik V. Savi
	 Title:
	 	Director
	(executed by Metropolitan Life Insurance Company (i) as to itself as a Purchaser and (ii) as investment manager to MetLife Life and Annuity Company of Connecticut as a
Purchaser and MetLife Investors USA Insurance Company as a Purchaser)

 [Signature Page to American Water Capital Corp. Note Purchase Agreement] 

			
	CoBANK, ACB
		
	By:	 	 /s/ Steven D. Gustafson

	Name:	 	Steven D. Gustafson
	Title:	 	Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, a Wisconsin corporation
		
	 By:
	 	 /s/ Howard Stern

	 Name:
	 	Howard Stern
	 Its:
	 	Authorized Representative
	
	THE NORTHWESTERN MUTUAL LIFE INSURANCE COMPANY, for its Group Annuity Separate Account
		
	 By:
	 	 /s/ Howard Stern

	 Name:
	 	Howard Stern
	 Title:
	 	its Authorized Representative

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

					
	 HARTFORD FIRE INSURANCE COMPANY
 HARTFORD LIFE AND ANNUITY INSURANCE COMPANY

		
	By:	 	Hartford Investment Management Company Their Agent and Attorney-in-Fact
			
		 	By:	 	 /s/ Eva Konopka

		 	Name:	 	Eva Konopka
		 	Title:	 	Senior Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	TEACHERS INSURANCE AND ANNUITY ASSOCIATION OF AMERICA
		
	 By:
	 	 /s/ Lisa M. Ferraro

	 Name:
	 	Lisa M. Ferraro
	 Title:
	 	Director

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	LIFE INVESTORS INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Frederick B. Howard

	Name:	 	Frederick B. Howard
	Title:	 	Vice President
	
	TRANSAMERICA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Frederick B. Howard

	Name:	 	Frederick B. Howard
	Title:	 	Vice President
	
	MONUMENTAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Frederick B. Howard

	Name:	 	Frederick B. Howard
	Title:	 	Vice President
	
	TRANSAMERICA FINANCIAL LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Frederick B. Howard

	Name:	 	Frederick B. Howard
	Title:	 	Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

					
	BANKERS LIFE AND CASUALTY COMPANY CONSECO SENIOR HEALTH INSURANCE COMPANY CONSECO HEALTH INSURANCE COMPANY
		
	By:	 	40186 Advisors, Inc. acting as Investment Advisor
			
		 	By:	 	 /s/ Edwin Ferrell

		 	Name:	 	Edwin Ferrell
		 	Title:	 	Senior Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

					
	SONS OF NORWAY
		
	By:	 	Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact
			
		 	By:	 	 /s/ Nicole Tullo

		 	Name:	 	Nicole Tullo
		 	Title:	 	Vice President
	
	THE LINCOLN NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact
			
		 	By:	 	 /s/ Nicole Tullo

		 	Name:	 	Nicole Tullo
		 	Title:	 	Vice President
	
	LINCOLN LIFE & ANNUITY COMPANY OF NEW YORK
		
	By:	 	Delaware Investment Advisers, a series of Delaware Management Business Trust, Attorney in Fact
			
		 	By:	 	 /s/ Nicole Tullo

		 	Name:	 	Nicole Tullo
		 	Title:	 	Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	JOHN HANCOCK LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Gerald C. Hanrahan

	Name:	 	Gerald C. Hanrahan
	Title:	 	Managing Director
	
	JOHN HANCOCK LIFE INSURANCE COMPANY (U.S.A.)
		
	By:	 	 /s/ Gerald C. Hanrahan

	Name:	 	Gerald C. Hanrahan
	Title:	 	Authorized Signatory

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	THRIVENT FINANCIAL FOR LUTHERANS
		
	By:	 	 /s/ Timothy P. Wegener

	Name:	 	Timothy P. Wegener
	Title:	 	Managing Director

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	MONY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Amy Judd

	Name:	 	Amy Judd
	Title:	 	Investment Officer

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	 PACIFIC LIFE INSURANCE COMPANY
 (Nominee: Mac & Co.)

		
	By:	 	 /s/ Diane W. Dales

	Name:	 	Diane W. Dales
	Title:	 	Assistant Vice President
		
	By:	 	 /s/ Cathy L. Schwartz

	Name:	 	Cathy L. Schwartz
	Title:	 	Assistant Secretary

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	MODERN WOODMEN OF AMERICA
		
	By:	 	 /s/ W. Kenny Massey

	Name:	 	W. Kenny Massey
	Title:	 	President & CEO
	
	MODERN WOODMEN OF AMERICA EMPLOYEES’ RETIREMENT PLAN
		
	By:	 	 /s/ W. Kenny Massey

	Name:	 	W. Kenny Massey
	Title:	 	President & CEO

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	SOUTHERN FARM BUREAU LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Carol Robertson

	Name:	 	Carol Robertson, CFA
	Title:	 	Senior Portfolio Manager

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	PHOENIX LIFE INSURANCE COMPANY
		
	By:	 	 /s/ John H. Beers

	Name:	 	JOHN H. BEERS
	Title:	 	VICE PRESIDENT

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

					
	CUNA MUTUAL LIFE INSURANCE COMPANY
		
	By:	 	 MEMBERS Capital Advisors, Inc.,
 Acting as
Investment Advisor

			
		 	By:	 	 /s/ John W. Petchler

		 	Name:	 	John W. Petchler
		 	Title:	 	Managing Director - Investments

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

					
	BLUE CROSS AND BLUE SHIELD OF FLORIDA, INC.
		
	 By:
	 	Advantus Capital Management Inc.
			
		 	By:	 	 /s/ Kathleen H. Parker

		 	Name:	 	Kathleen H. Parker
		 	Title:	 	Vice President

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	COUNTRY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Bruce Finks

	Name:	 	Bruce Finks
	Title:	 	Vice President - Investments

 [Signature page to American Water Capital Corp. Note Purchase Agreement] 

			
	ASSURITY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Victor Weber

	Name:	 	Victor Weber
	Title:	 	Senior Director - Investments

 [Signature page to American Water Capital Corp. Note Purchase Agreement]Credit Agreement, dated as of September 15, 2006

 Exhibit 10.1 
  

 CREDIT AGREEMENT 
 Dated as of September 15, 2006 
 among 
 AMERICAN WATER CAPITAL CORP., 
 as
Borrower, 
 THE LENDERS IDENTIFIED THEREIN, 
 as Lenders 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent and LC Issuing Bank 
  

 AMERICAN WATER CAPITAL CORP. 
 CLOSING INDEX 
 All documents are dated as of September 15, 2006,
unless otherwise indicated. 
  

							
	 Document
	  	Tab No.
	 Credit Agreement
	  	1.
				
	 •     Schedule I
	 	 Lenders and Commitments
	  		  	
	 •     Schedule II
	 	 Significant Subsidiaries
	  		  	
	 •     Schedule 2.04(j)
	 	 Letters of Credit
	  		  	
	 •     Schedule 5.02(h)
	 	 Existing Debt
	  		  	
	 •     Schedule 5.02(j)
	 	 Permitted Dispositions
	  		  	
	 •     Schedule 6.01 (e)
	 	 Specified Default Agreements
	  		  	
				
	 •     Exhibit A
	 	 Form of Notice of Borrowing
	  		  	
	 •     Exhibit B
	 	 Form of Request for Issuance
	  		  	
	 •     Exhibit C
	 	 Form of Assignment and Acceptance
	  	
	 •     Exhibit D
	 	 Form of Note
	  	
	 •     Exhibit E
	 	 Form of Financial Services Agreement
	  	
	 •     Exhibit F
	 	 Form of Opinion of General Counsel to Borrower and Parent
	  	
	 •     Exhibit G
	 	 Form of Opinion of Counsel to Administrative Agent
	  	
		
	 Officer’s Certificate of Borrower certifying representations and warranties
	  	2.
		
	 Officer’s Certificate of Borrower certifying the following:
	  	3.
	 •     Certificate of Incorporation
	  	
	 •     Bylaws
	  	
	 •     Authorizing Resolutions
	  	
	 •     Certificate of Incumbency
	  	
	 •     Support Agreement, dated June 22, 2000 (as amended), between American Water Works
Company, Inc. (“Parent”) and Borrower
	  	
	 •     Financial Service Agreement, dated as of June 15, 2000, between Parent and
Borrower
	  	

  

 1 

							
	 Officer’s Certificate of Parent certifying the following:
	  	4
	 •     Certificate of Incorporation
	  		  		  	
	 •     Bylaws
	  		  		  	
	 •     Authorizing Resolutions
	  		  		  	
	 •     Certificate of Incumbency
	  		  		  	
		
	 Legal Opinion of King & Spalding LLP, counsel to the Administrative Agent and LC Issuing Banks
	  	5
		
	 Legal Opinion of George W. Patrick, counsel to Borrower and Parent
	  	6

  

 2 

 EXECUTION COPY 
  

 U.S. $800,000,000 
 CREDIT AGREEMENT 
 dated as of September 15, 2006 
 among 
 AMERICAN WATER CAPITAL CORP., 

 as Borrower 
 THE LENDERS
IDENTIFIED HEREIN, 
 as Lenders 
 and 
 JPMORGAN CHASE BANK, N.A., 
 as Administrative Agent and LC Issuing Bank 
  

 J.P. MORGAN SECURITIES INC., 
 Co-Lead
Arranger 
 CITIGROUP GLOBAL MARKETS INC., 
 Co-Lead Arranger 
 CITIBANK, N.A., 
 Syndication Agent 

 TABLE OF CONTENTS 
  

					
	 	  	Page
	
	ARTICLE I
	DEFINITIONS
		
	 Section 1.01 Certain Defined Terms
	  	1
		
	 Section 1.02 Accounting Terms and Determinations
	  	16
		
	 Section 1.03 Use of Defined Terms
	  	16
		
	 Section 1.04 Terminology
	  	16
		
	 Section 1.05 References
	  	16
	
	ARTICLE II
	THE EXTENSIONS OF CREDIT
		
	 Section 2.01 Commitment to Extend Credit
	  	16
		
	 Section 2.02 Method of Borrowing
	  	17
		
	 Section 2.03 Method of Swing Line Borrowing
	  	18
		
	 Section 2.04 Letters of Credit
	  	19
		
	 Section 2.05 Increase of the Commitments
	  	23
		
	 Section 2.06 Maturity of Advances; Extension and Termination of Commitment
	  	24
		
	 Section 2.07 Evidence of Advances
	  	25
		
	 Section 2.08 Interest Rates
	  	26
		
	 Section 2.09 Fees
	  	26
		
	 Section 2.10 Termination or Reduction of Commitment
	  	27
		
	 Section 2.11 Mandatory Prepayments
	  	27
		
	 Section 2.12 Optional Prepayments
	  	28
		
	 Section 2.13 Compensation after Prepayment or Conversion
	  	28
		
	 Section 2.14 General Provisions as to Payments
	  	28
		
	 Section 2.15 Computation of Interest and Fees
	  	29
		
	 Section 2.16 Compensation, Additional Interest
	  	29
		
	 Section 2.17 Taxes
	  	30
		
	 Section 2.18 Interest Rate Determination
	  	32
		
	 Section 2.19 Conversion of Advances
	  	32

					
	 Section 2.20 Set off
	  	33
		
	 Section 2.21 Pro Rata Treatment
	  	33
		
	 Section 2.22 Sharing of Payments
	  	34
		
	 Section 2.23 Substitution of Lenders
	  	35
	
	ARTICLE III
	CONDITIONS TO EXTENSIONS OF CREDIT
		
	 Section 3.01 Conditions Precedent to Initial Extension of Credit
	  	35
		
	 Section 3.02 Conditions to All Extensions of Credit
	  	36
	
	ARTICLE IV
	REPRESENTATIONS AND WARRANTIES
		
	 Section 4.01 Corporate Existence and Status
	  	37
		
	 Section 4.02 Corporate Power and Authority; Enforceability
	  	37
		
	 Section 4.03 Non-Contravention
	  	37
		
	 Section 4.04 Litigation
	  	37
		
	 Section 4.05 Financial Information
	  	38
		
	 Section 4.06 Approvals
	  	38
		
	 Section 4.07 Use of Proceeds
	  	38
		
	 Section 4.08 Investment Company Act; Margin Stock
	  	38
		
	 Section 4.09 Compliance with Laws
	  	38
		
	 Section 4.10 Compliance with ERISA
	  	38
		
	 Section 4.11 Environmental Matters
	  	39
		
	 Section 4.12 Taxes
	  	40
		
	 Section 4.13 No Defaults
	  	40
		
	 Section 4.14 Ownership of Borrower and Operating Utilities
	  	40
		
	 Section 4.15 Ownership of Properties and Assets
	  	40
		
	 Section 4.16 Full Disclosure
	  	40
	
	ARTICLE V
	COVENANTS
		
	 Section 5.01 Affirmative Covenants
	  	41
		
	 Section 5.02 Negative Covenants
	  	45

  

 ii 

					
	ARTICLE VI
	DEFAULTS
		
	 Section 6.01 Events of Default
	  	49
		
	 Section 6.02 Cash Collateral Account
	  	52
	
	ARTICLE VII
	MISCELLANEOUS
		
	 Section 7.01 Notices
	  	53
		
	 Section 7.02 No Waivers
	  	53
		
	 Section 7.03 Expenses: Documentary Taxes; Indemnification
	  	53
		
	 Section 7.04 Amendments, Waivers and Consents
	  	54
		
	 Section 7.05 Benefit of Agreement
	  	55
		
	 Section 7.06 Confidentiality
	  	57
		
	 Section 7.07 Representation by Lender
	  	58
		
	 Section 7.08 Governing Law
	  	58
		
	 Section 7.09 Consent to Jurisdiction; Waiver of Jury Trial
	  	58
		
	 Section 7.10 Interpretation
	  	58
		
	 Section 7.11 Counterparts
	  	58
		
	 Section 7.12 Entire Agreement
	  	58
		
	 Section 7.13 USA PATRIOT Act
	  	59
	
	ARTICLE VIII
	AGENCY PROVISIONS
		
	 Section 8.01 Appointment
	  	59
		
	 Section 8.02 Delegation of Duties
	  	59
		
	 Section 8.03 Exculpatory Provisions
	  	59
		
	 Section 8.04 Reliance on Communications
	  	60
		
	 Section 8.05 Notice of Default
	  	60
		
	 Section 8.06 Non-Reliance on Administrative Agent and Other Lenders
	  	61
		
	 Section 8.07 Indemnification
	  	61
		
	 Section 8.08 Administrative Agent in its Individual Capacity
	  	62
		
	 Section 8.09 Successor Agent
	  	62
		
	 Section 8.10 Other Agents
	  	62

  

 iii 

					
	ARTICLE IX
	ACKNOWLEDGEMENT
		
	 Section 9.01 Parent
	  	63

  

 iv 

			
	SCHEDULES
		
	Schedule I	  	Lenders and Commitments
	Schedule II	  	Significant Subsidiaries
	Schedule 2.04(j)	  	Letters of Credit
	Schedule 5.02(h)	  	Existing Debt
	Schedule 5.02(j)	  	Permitted Dispositions
	Schedule 6.0l(e)	  	Specified Default Agreements
	
	EXHIBITS
		
	Exhibit A	  	Form of Notice of Borrowing
	Exhibit B	  	Form of Request for Issuance
	Exhibit C	  	Form of Assignment and Acceptance
	Exhibit D	  	Form of Note
	Exhibit E	  	Form of Financial Services Agreement
	Exhibit F	  	Form of Opinion of General Counsel to Borrower and Parent
	Exhibit G	  	Form of Opinion of Counsel to Administrative Agent

  

 v 

 CREDIT AGREEMENT 
 THIS CREDIT AGREEMENT, dated as of September 15, 2006 (this “Agreement”), among AMERICAN WATER CAPITAL CORP., a Delaware corporation (the
“Borrower”); the Lenders identified herein and such other Lenders that may hereafter become a party (collectively, the “Lenders”); and JPMORGAN CHASE BANK, N.A., as Administrative Agent
(in such capacity and its successors and assigns, the “Administrative Agent”). 
 The parties hereto agree as
follows: 
 ARTICLE I 
 DEFINITIONS 
 Section 1.01 Certain Defined Terms. The terms defined in this Section 1.01 shall, for
all purposes of this Agreement, have the meanings set forth herein: 
 “Advance” means a Base Rate Advance, a
Eurodollar Rate Advance or a Swing Line Advance, and “Advances” means Base Rate Advances, Eurodollar Rate Advances or Swing Line Advances, or any or all of them, as the context shall require. 
 “Affected Lender” has the meaning set forth in Section 2.23. 
 “Affiliate” means, with respect to any Person, any other Person directly or indirectly controlling (including but not limited to
all directors and officers of such Person), controlled by, or under direct or indirect common control with such Person. A Person shall be deemed to control another entity if such Person possesses, directly or indirectly, the power to direct or cause
the direction of the management and policies of such entity, whether through the ownership of voting securities, by contract, or otherwise. 
 “Agreement” has the meaning set forth in the preamble.  
 “Administrative
Agent” has the meaning set forth in the preamble. 
 “Applicable Percentage” shall mean, with respect to
the Facility Fee or any Eurodollar Rate Advance, Base Rate Advance or Swing Line Advance, at all times during which any Applicable Rating Level set forth below is in effect, the rate per annum (except as provided below) for the Facility Fee or such
Advance set forth below next to such Applicable Rating Level: 
  

							
	 Applicable
 Rating Level
	 	 Applicable
 Percentage
 for Facility
Fee
	 	 Applicable
 Percentage for
 Eurodollar Rate

 Advances
	 	 Applicable
 Percentage
 for Base
Rate
 Advances

	 1
	 	0.045%	 	0.105%	 	0.000%
	 2
	 	0.050%	 	0.150%	 	0.000%

							
	 3
	 	0.055%	 	0.195%	 	0.000%
	 4
	 	0.075%	 	0.225%	 	0.000%
	 5
	 	0.090%	 	0.360%	 	0.000%
	 6
	 	0.125%	 	0.425%	 	0.000%
	 7
	 	0.150%	 	0.550%	 	0.000%

 provided, that the Applicable Percentages set forth above for Eurodollar Rate Advances and
Base Rate Advances shall be increased, for each Applicable Rating Level, by 0.050% per annum if and for so long as the Outstanding Credits exceed 50% of the aggregate Commitments. 
 Any change in the Applicable Percentages resulting from a change in the Applicable Rating Level shall become effective upon the date of announcement of any change in the Moody’s Rating or the S&P Rating that
results in such change in the Applicable Rating Level. 
 “Applicable Rating Level” at any time shall
be determined in accordance with the then-applicable S&P Rating and the then-applicable Moody’s Rating as follows: 
  

			
	 S&P Rating/Moody’s Rating
	  	Applicable
Rating Level
	 S&P Rating A+ or higher or Moody’s Rating Al or higher
	  	1
	 S&P Rating A or Moody ‘s Rating A2
	  	2
	 S&P Rating A- or Moody’s Rating A3
	  	3
	 S&P Rating BBB+ or Moody’s Rating Baal
	  	4
	 S&P Rating BBB or Moody’s Rating Baa2
	  	5
	 S&P Rating BBB- or Moody’s Rating Baa3
	  	6
	 S&P Rating BB+ or below or Moody’s Rating Bal or below, or no S&P Rating or Moody’s Rating
	  	7

 The Applicable Rating Level for any day shall be determined based upon the higher of the S&P
Rating and the Moody’s Rating in effect on such day. If the S&P Rating and the Moody’s Rating are not the same (i.e., a “split rating”), the higher of such ratings shall control, unless the ratings differ by more than
one level, in which case the rating one level below the higher of the two ratings shall control. 
  

 2 

 “Assignee” means the assignee of all or a portion of a Lender’s rights and
obligations under this Agreement pursuant to the terms of Section 7.05(b). 
 “Assignment and Acceptance” means
an Assignment and Acceptance executed in accordance with Section 7.05(b) in the form attached hereto as Exhibit C. 
 “Authority” means any nation or government, any state or other political subdivision thereof and any entity exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to
government. 
 “Base Rate” means, for any period, a
fluctuating interest rate per annum as shall be in effect from time to time, which rate per annum shall at all times be equal to the higher of (i) the rate of interest announced publicly by the Administrative Agent, from time to time, as the
Administrative Agent’s Prime Rate; and (ii)  1/2 of one percent per annum above the Federal Funds Rate
in effect from time to time. 
 “Base Rate Advance” means a loan that bears interest as provided in
Section 2.08(a)(i). 
 “Board” shall mean the Board of Governors of the Federal Reserve System of the United
States. 
 “Borrower” has the meaning set forth in the preamble. 
 “Borrowing” means a borrowing hereunder consisting of Base Rate Advances or Eurodollar Rate Advances made to the Borrower.

 “Business Day” means a day of the year on which (i) banks are not required or authorized to close in New York
City, and (ii) with respect to any borrowing, payment or rate selection of Eurodollar Rate Advances, a day on which banks are not required or authorized to close in New York City, and on which dealings in Dollar deposits are carried on in the
London interbank market and on which commercial banks are open for domestic and international business (including dealings in Dollar deposits) in London, England. 
 “Capitalized Lease” means any lease that is required to be capitalized on a balance sheet of the lessee in accordance with GAAP, consistently applied. 
 “Cash Collateral Account” has the meaning set forth in Section 6.02. 
 “CERCLA” means the Comprehensive Environmental Response Compensation and Liability Act, 42 U.S.C., § 9601, et seq.,
as amended from time to time, and any regulations promulgated thereunder. 
 “CERCLIS” means the Comprehensive
Environmental Response Compensation and Liability Inventory System established pursuant to CERCLA. 
  

 3 

 “Change of Control” means the occurrence of any of the following: (i) at any
time prior to an Initial Public Offering, RWE shall cease to have direct or indirect beneficial ownership of 100% of the outstanding Common Stock of the Parent, (ii) at any time when RWE does not beneficially own, directly or indirectly, more
than 50% of the Parent’s then outstanding Common Stock, a Parent Change of Control or (iii) an RWE Change of Control. 
 “Co-Lead Arrangers” means Citigroup Global Markets Inc. and J.P. Morgan Securities, Inc. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, or any successor federal tax code. Any reference to any provision of the Code shall also be deemed to be a reference to any
successor provision or provisions thereof. 
 “Commitment” means (i) with respect to each Lender, the commitment
of such Lender to make its Pro Rata Percentage of Advances in an aggregate amount up to the amount set forth opposite the name of each Lender on Schedule I hereto, subject to adjustment on account of assignment pursuant to Section 7.05(b) or
reduction in the aggregate Commitment pursuant to Section 2.10, and (ii) with respect to the Lenders collectively, the aggregate amount of all such Commitments. 
 “Commitment Letter” means, that Commitment Letter, dated as of June 15, 2006 among the Borrower, the Administrative Agent and the Co-Lead Arrangers, as amended, modified or supplemented
from time to time. 
 “Common Stock” means with respect to any Person, the voting securities or equivalent equity
interests of such Person having general voting rights, including, without limitation, the right to vote in the election of members of the board of directors (or persons performing similar functions) of such Person. 
 “Controlled Group” means, with respect to any Person, all trades or businesses (whether or not incorporated) that, together with
such Person, are treated as a single employer under Section 414 of the Code. 
 “Consolidated Total Capitalization”
means at any date of determination with respect to the Parent and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, the sum of (without duplication) (i) Consolidated Total Debt of the Parent and its
Subsidiaries, plus (ii) the sum of the capital stock (excluding treasury stock and capital stock subscribed for and unissued) and surplus (including earning surplus, capital surplus, translation adjustment, the balance of the current profit and
loss account not transferred to surplus and accumulated other comprehensive income) accounts of the Parent and its Subsidiaries, in each case as shown on the most recent consolidated balance sheet of the Parent and its Subsidiaries delivered
pursuant to Section 5.01 (a). 
 “Consolidated Total Debt” means at any date of determination with respect to
the Parent and its Subsidiaries, determined on a consolidated basis in accordance with GAAP, the sum of (without duplication) all then outstanding Debt of the Parent and its Subsidiaries as shown on the most recent consolidated balance sheet of the
Parent delivered pursuant to Section 5.01(a). 
  

 4 

 “Convert”, “Conversion” and “Converted”
each refers to a conversion of Advances of one Type into Advances of another Type or the selection of a new, or the renewal of the same, Interest Period for Eurodollar Rate Advances, as the case may be, pursuant to Section 2.19.

 “Current Termination Date” has the meaning set forth in Section 2.06(b). 
 “Debt” means, for any Person, (without duplication), all (i) indebtedness for borrowed money, (ii) obligations
evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations to pay the deferred purchase price of property or service (other than trade payables not overdue by more than 90 days incurred in the ordinary course of
business), (iv) obligations under Capitalized Leases, (v) reimbursement obligations (contingent or otherwise) in respect of outstanding letters of credit, (vi) indebtedness of the type referred to in clauses (i) through
(v) above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by), any Lien or encumbrance on, or security interest in, property (including, without limitation, accounts and
contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness, and (vii) all obligations of such Person for indebtedness or obligations of others of the kinds referred to in
clauses (i) through (v) above under direct or indirect Guarantees, excluding, in all cases, advances for construction as set forth on the consolidated balance sheet of the Parent and its Subsidiaries. 
 “Default” means any condition or event that constitutes an Event of Default or that with the giving of notice or lapse of time or
both would, unless cured or waived in writing, become an Event of Default. 
 “Designated Lender” has the meaning set
forth in Section 2.05(a). 
 “Defaulting Lender” has the meaning set forth in Section 2.23. 
 “Dollars” or “$” means dollars in lawful currency of the United States of America.

 “Domestic Lending Office” means, as to each Lender, the office of such Lender designated as its “Domestic
Lending Office” opposite its name on Schedule I, or such other office as such Lender may from time to time specify to the Borrower as its Domestic Lending Office, and as to any Assignee, the office of such Assignee designated as such in its
Assignment and Acceptance or such other office as such Assignee may designate as its Domestic Lending Office. 
 “Eligible
Assignee” means (i) a Lender; (ii) an Affiliate of a Lender; and (iii) any bank or financial institution approved by the Administrative Agent, each LC Issuing Bank and the Swing Line Bank and, unless an Event of Default
described in Section 6.01 (a), (g) or (h) has occurred and is continuing at the time any assignment is effected in accordance with Section 7.05, the Borrower (each such approval not to be unreasonably withheld or delayed and such
approval to be deemed given by the Borrower if no objection is received by the assigning Lender and the Administrative Agent from the Borrower within ten Business Days after notice of such proposed assignment has been provided by the assigning
Lender to the Borrower); provided, however, that neither the Borrower nor an Affiliate of the Borrower shall qualify as an Eligible Assignee. 
  

 5 

 “Environmental Authority” means any foreign, federal, state, local or regional
government that exercises any form of jurisdiction or authority under any Environmental Requirement. 
 “Environmental
Liabilities” means any liabilities, whether accrued, contingent or otherwise, arising from and in any way associated with the compliance or non-compliance with any Environmental Requirements. 
 “Environmental Notices” means written notice from any Environmental Authority or by any other person or entity alleging
noncompliance with or liability under any Environmental Requirement, including without limitation any complaints, citations, demands or requests from any Environmental Authority or from any other person or entity for correction of any violation of
any Environmental Requirement or any investigations concerning any violation of any Environmental Requirement. 
 “Environmental
Proceedings” means any judicial or administrative proceedings arising from or in any way associated with any Environmental Requirement. 
 “Environmental Requirement” means, with respect to any Person, any legal requirement relating to health, safety or the environment and applicable to such Person, or the Properties of such
Person, including but not limited to any such requirement under CERCLA or similar state legislation and all federal, state and local laws, ordinances, regulations, orders, writs, decrees and common law. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time, or any successor law. Any
reference to any provision of ERISA shall also be deemed to be a reference to any successor provision or provisions thereof. 
 “Eurocurrency Liabilities” has the meaning assigned to that term in Regulation D of the Board, as in effect from time to time. 
 “Eurodollar Lending Office” means, as to each Lender, the office of such Lender designated as its “Eurodollar Lending Office” opposite its name on Schedule I, or such other office as
such Lender may from time to time specify to the Borrower as its Eurodollar Lending Office, and as to any Assignee, the office of such Assignee designated as such in its Assignment and Acceptance or such other office as such Assignee may designate
as its Eurodollar Lending Office. 
 “Eurodollar Rate” means, with respect to each day during each Interest Period
pertaining to a Eurodollar Rate Advance, the rate appearing on Page 3750 of the Dow Jones Markets Service (or on any successor or substitute page of such Service, or any successor to or substitute for such Service, providing rate quotations
comparable to those currently provided on such page of such Service as determined by the Administrative Agent from time to time for purposes of providing quotations of interest rates applicable to Dollar deposits in the London interbank market) at
approximately 11:00 A.M. (London time), two Business Days prior to the commencement of such Interest Period, as the rate for Dollar deposits with a maturity comparable to such Interest Period. In the event that such rate is not available at such
time for any reason, then the “Eurodollar Rate” with respect to such Eurodollar Rate Advance for such 

  

 6 

 
Interest Period shall be the rate per annum equal to the rate at which the principal London office of the Administrative Agent offers to place Dollar
deposits at or about 11 :00 A.M. (London time), two Business Days prior to the beginning of such Interest Period with first-class banks in the London interbank market for delivery on the first day of such Interest Period for the number of days
comprised therein and in an amount comparable to the amount of its Eurodollar Rate Advance to be outstanding during such Interest Period. 
 “Eurodollar Rate Advance” means a loan that bears interest as provided in Section 2.08(a)(ii) 
 “Eurodollar Rate Reserve Percentage” for the Interest Period of any Eurodollar Rate Advance means the reserve percentage applicable during such Interest Period (or if more than one such percentage shall be so
applicable, the daily average of such percentages for those days in such Interest Period during which any such percentage shall be so applicable) under regulations issued from time to time by the Board (or any successor) for determining the maximum
reserve requirement (including, without limitation, any emergency, supplemental or other marginal reserve requirement) for a member bank of the Federal Reserve System with respect to liabilities or assets consisting of or including Eurocurrency
Liabilities. 
 “Event of Default” has the meaning set. forth in Section 6.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time. 

“Extension of Credit” means (i) the making of an Advance or (ii) the issuance of a Letter of Credit or the amendment
of any Letter of Credit having the effect of extending the stated termination date thereof or increasing the maximum amount to be drawn thereunder. 
 “Extension Request” has the meaning specified in Section 2.06(b).  
 “Facility Fee” has the meaning set forth in Section 2.09(a). 
 “Federal Funds Rate” means for any day, the rate per annum (rounded upward, if necessary, to the next higher 1/100th of 1%) equal to the weighted average of the rates on overnight federal funds transactions with
members of the Federal Reserve System arranged by federal funds brokers on such day, as published by the Federal Reserve Bank of New York on the Business Day next succeeding such day; provided that (i) if the day for which such rate is to be
determined is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day as so published on the next succeeding Business Day and (ii) if such rate is not so published for
any day, the Federal Funds Rate for such day shall be the average of quotations for such day on such transactions received by the Administrative Agent from three federal funds brokers of recognized standing selected by the Administrative Agent.

 “Fee Letter” means that certain fee letter, dated as of June 15, 2006, among the Borrower, JPMorgan Chase
Bank, N.A., J.P. Morgan Securities Inc. and Citigroup Global Markets Inc., as amended, modified or supplemented from time to time. 
  

 7 

 “Financial Officer” of any Person means the chief financial officer, principal
accounting officer, treasurer or controller of such Person. 
 “Financial Services Agreement” means any Financial
Services Agreement between the Borrower and one or more of the Parent and the Operating Utilities, each in substantially the form of Exhibit E attached hereto (as amended, modified or supplemented from time to time in accordance with its terms);
provided that for purposes of Section 3.01(c)(i), the term “Financial Services Agreement” shall mean the Financial Services Agreement dated as of June 15, 2000, between the Borrower and the Parent. 
 “Fiscal Quarter” means any fiscal quarter of the Borrower or the Parent, as applicable.  
 “Fiscal Year” means any fiscal year of the Borrower or the Parent, as applicable.  
 “Foreign Lender” has the meaning set forth in Section 2.17(d). 
 “Funded Debt” means, for any Person, (without duplication), all (i) indebtedness for borrowed money, (ii) obligations
evidenced by bonds, debentures, notes or other similar instruments, (iii) obligations to pay the deferred purchase price of property or service (other than trade payables not overdue by more than 90 days incurred in the ordinary course of
business and long-term water purchase contracts), (iv) obligations under Capitalized Leases, and (v) all obligations of such Person for indebtedness or obligations of others of the kinds referred to in clauses (i) through
(iv) above under direct or indirect Guarantees, excluding, in all cases, advances for construction as set forth on the consolidated balance sheet of the Parent and its Subsidiaries. 
 “GAAP” means generally accepted accounting principles in the United States of America in effect from time to time. 
 “Guarantee” means, with respect to any Person, any obligation, contingent or otherwise, of such Person directly or indirectly
guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (i) to secure, purchase or pay (or advance or
supply funds) for the purchase or payment of such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to keep well, to purchase assets, goods, securities or services, to provide collateral security or to
maintain financial statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of this payment thereof or to protect such obligee against loss in respect
thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business. The amount of any Guarantee shall be deemed to be the lower of
(x) an amount equal to the stated or determinable amount of the obligation in respect of which such Guarantee is made and (y) the maximum amount for which such Person may be liable pursuant to the terms of the instrument embodying such
Guarantee, unless such obligation and the maximum amount for which such Person may be liable are not stated or determinable, in which case the amount of such Guarantee shall be such Person’s maximum reasonably anticipated liability in respect
thereof as determined by the Borrower in good faith. The term “Guarantee” used as a verb has a corresponding meaning. 
  

 8 

 “Hazardous Materials” means (i) solid or hazardous waste, as defined in the
Resource Conservation and Recovery Act of 1980, 42 U.S.C. §6901, et seq. and its implementing regulations and amendments, or in any applicable state or local law or regulation, (ii) “hazardous substance”,
“pollutant” or “contaminant” as defined in CERCLA, or in any applicable state or local law or regulation, (iii) gasoline, or any other petroleum product or by-product, including crude oil or any fraction thereof
(iv) “toxic substances”, as defined in the Toxic Substances Control Act of 1976, or in any applicable state or local law or regulation and (v) “insecticides”, “fungicides” or “rodenticides,” as
defined in the Federal Insecticide, Fungicide, and Rodenticide Act of 1975 or in any applicable state or local law or regulation, as each such Act, statute or regulation maybe amended from time to time. 
 “Initial Public Offering” means an offering of Common Stock of the Parent or of any Person that owns, directly or indirectly,
100% of the Common Stock of the Parent as of the date of the consummation of such offering, which offering is registered pursuant to an effective registration statement filed by the Parent or such Person under the Securities Act of 1933, as amended,
and as a direct result of which at least 10% of the Common Stock of the Parent or such Person (calculated on a fully diluted basis taking into account all options and other rights to acquire Common Stock of the Parent or such Person then
outstanding, regardless of whether such options or other rights are then exercisable) will be beneficially owned by Persons other than RWE, the Parent and Affiliates of the Parent (including all directors, officers and employees of RWE, the Parent
and any such Affiliate). 
 “Interest Period” means, for each Eurodollar Rate Advance, the period commencing on the
date of such Advance or the date of the Conversion of any Advance into such an Advance and ending on the last day of the period selected by the Borrower pursuant to the provisions below and, thereafter, each subsequent period commencing on the last
day of the immediately preceding Interest Period and ending on the last day of the period selected by the Borrower pursuant to the provisions below. In the case of a Eurodollar Rate Advance, the duration of each such Interest Period shall be one,
two, three or six months, or nine or twelve months if available to all Lenders, in each case as the Borrower may select by notice to the Administrative Agent pursuant to Section 2.02(a) or Section 2.19; provided, however, that:

 (1) the Borrower may not select any Interest Period that ends after the Termination Date; 
 (2) whenever the last day of any Interest Period would otherwise occur on a day other than a Business Day, the last day of such Interest
Period shall be extended to occur on the next succeeding Business Day; provided, in the case of any Interest Period for a Eurodollar Rate Advance, that if such extension would cause the last day of such Interest Period to occur in the next
following calendar month, the last day of such Interest Period shall occur on the next preceding Business Day; and 
 (3) any
Interest Period for a Eurodollar Rate Advance that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the appropriate subsequent calendar month) shall end on the last Business Day
of the appropriate subsequent calendar month. 
  

 9 

 “Investment” means any investment in any Person, whether by means of purchase or
acquisition of obligations or securities of such Person, capital contribution to such Person, loan or advance to such Person, making of a time deposit with such Person, Guarantee or assumption of any obligation of such Person or otherwise.

 “IPO Company” means any Person the Common Stock of which is the subject of an offering described in the definition
of “Initial Public Offering”. 
 “LC Fee” has the meaning set forth in Section 2.09(b). 
 “LC Issuing Bank” means, as to any Letter of Credit, JPMorgan Chase Bank, N.A., each Lender listed on Schedule 2.04(j) hereof and
any other Lender or Affiliate of a Lender appointed by the Borrower that agrees pursuant to Section 2.04 to act as an LC Issuing Bank hereunder. 
 “LC Outstandings” means, on any date of determination, (i) the undrawn stated amounts of all Letters of Credit that are outstanding on such date, plus (ii) the aggregate principal
amount of all unpaid reimbursement obligations of the Borrower on such date with respect to payments made by any LC Issuing Bank under any Letter of Credit, minus (iii) the amount of cash held in the Cash Collateral Account. 
 “Lenders” means each of the Lenders identified on the signature pages hereto, and their successors and permitted assigns.

 “Lending Office” means, as to each Lender, such Lender’s Domestic Lending Office in the case of Base Rate
Advances and Swing Line Advances and such Lender’s Eurodollar Lending Office in the case of Eurodollar Rate Advances. 
 “Lending Party” has the meaning set forth in Section 7.06. 
 “Letter of Credit”
means any letter of credit issued by an LC Issuing Bank pursuant to Section 2.04. 
 “Lien” means, with
respect to any asset, any mortgage, deed to secure debt, deed of trust, lien, pledge, charge, security interest, security title, preferential arrangement which has the practical effect of constituting a security interest, servitude or encumbrance of
any kind in respect of such asset. For the purpose of this Agreement, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement,
Capitalized Lease or other title retention agreement relating to such asset. 
 “Loan Documents” means this
Agreement, the Support Agreement, the Notes and any other document evidencing, relating to or securing the Advances, and any other document or instrument delivered from time to time in connection with this Agreement, the Notes or the Advances, as
such documents and instruments may be amended or supplemented from time to time. 
 “Mandatory Commitment Reduction Amount”
has the meaning set forth in Section 5.02(j). 
  

 10 

 “Mandatory Commitment Reduction Date” has the meaning set forth in
Section 5.02(j). 
 “Material Adverse Change” means (i) any material adverse change in the business,
condition (financial or otherwise) or operations of the Borrower or of the Parent and its Subsidiaries, taken as a whole, or (ii) the occurrence of any event or condition that has a material adverse effect on the legality, validity or
enforceability of the Loan Documents or the ability of the Borrower or the Parent to perform its obligations thereunder. 
 “Margin Regulations” means Regulations T, U and X of the Board, as in effect from time to time, together with all official rulings and interpretations issued thereunder. 
 “Margin Stock” has the meaning assigned to that term in the Margin Regulations.  
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Moody’s Rating” means, on any date of determination, the debt rating most recently announced by Moody’s with respect
to the senior unsecured, non-credit enhanced debt issued by the Borrower. 
 “Multi-employer Plan” has the meaning
set forth in Section 4001 (a)(3) of ERISA. 
 “Net Cash Proceeds” means, with respect to any sale, the cash
proceeds received in respect of such sale net of expenses of such sale, including, without limitations, reasonable and documented attorneys’, accountants’, and other advisors’ fees, and banking and investment banking fees,
environmental, regulatory and solvency related fees, all legal, regulatory, title and recording tax expenses, commissions and other fees and expenses incurred, and all Federal, state, provincial, foreign, local or other taxes paid or reasonably
estimated to be payable, as a consequence of such sale, and the amount of any reserves established to fund contingent liabilities reasonably estimated to be payable that are directly attributable to such sale, and all amounts used to repay, redeem
or repurchase Debt secured by a Lien on any asset disposed of, sold, leased, conveyed or otherwise transferred in such sale or which is or may be required (by the express terms of the instrument governing such Debt) to be repaid, redeemed or
repurchased in connection with such sale (including payments made to obtain or avoid the need for the consent of any holder of such Debt), and incremental income taxes or other taxes paid or payable as a result therefrom (after taking into account
any available tax credits or deductions and any tax sharing arrangements). 
 “Non-Consenting Lender” has the meaning
set forth in Section 7.04(b).  
 “Non-Extending Lender” has the meaning set forth in
Section 2.06(b). 
 “Note” or “Notes” means each of the promissory notes of the
Borrower, evidencing the obligation of the Borrower to repay the Advances to the Lenders substantially in the form of Exhibit D hereto. 
 “Notice of Borrowing” has the meaning set forth in Section 2.02(a). 
 “Notice of Swing Line
Borrowing” has the meaning set forth in Section 2.03(a). 
  

 11 

 “OECD Country” means any member country of the Organization of Economic
Cooperation and Development. 
 “Operating Utilities” means those Subsidiaries of the Parent that are operating water
utilities and have entered into a Financial Services Agreement with the Borrower and the Parent. 
 “Other Taxes” has
the meaning set forth in Section 2.17(b). 
 “Outstanding Credits” means, on any date of determination, an
amount equal to the sum of (i) the aggregate principal amount of all Advances outstanding on such date plus (ii) the LC Outstandings on such date. The “Outstanding Credits” of any Lender means, on any date of
determination, an amount equal to such Lender’s Pro Rata Share of the aggregate Outstanding Credits on such date. 
 “Parent” means American Water Works Company, Inc., a Delaware corporation. 
 “Parent Change of
Control” means the occurrence of either of the following after an Initial Public Offering: (i) any entity, person (within the meaning of Section 14(d) of the Exchange Act) or group (within the meaning of Section 13(d)(3)
or 14(d)(2) of the Exchange Act) that theretofore was beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of less than 25% of the Parent’s then outstanding Common Stock (other than RWE or any of its Affiliates) acquires direct or
indirect beneficial ownership of shares of Common Stock of the Parent, in a transaction or series of transactions, that results in such entity, person or group directly or indirectly owning beneficially 25% or more of the Parent’s then
outstanding Common Stock; or (ii) during any period of two consecutive years commencing after consummation of an Initial Public Offering, individuals who at the beginning of such period constituted the board of directors of the IPO Company
(together with any new directors whose election to such board of directors or whose nomination for election was approved by a vote of a majority of the members of the board of directors of the IPO Company, which members comprising such majority were
either directors at the beginning of such period or whose election or nomination for election was previously so approved) cease for any reason to constitute a majority of the board of directors of the IPO Company. 
 “Participant” has the meaning set forth in Section 7.05(e). 
 “Participation Interest” means a purchase by a Lender of a participation in Advances as provided in Section 2.22.

 “Payment Date” means each March 31, June 30, September 30 and December 31.

 “PBGC’ means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions
under ERISA. 
 “Permitted Investments” means: 
 (i) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United States of
America, any State thereof or any political subdivision of any such State or any OECD Country (or by any agency of the 

  

 12 

 
United States of America or any OECD Country to the extent such obligations are backed by the full faith and credit of the United States of America or such
OECD Country, as the case may be), in each case maturing within one year from the date of acquisition thereof; 
 (ii)
investments in commercial paper maturing within one year from the date of acquisition thereof and having, at such date of acquisition, one of the two highest credit ratings obtainable from S&P or from Moody’s; 
 (iii) investments in certificates of deposit, banker’s acceptances and time or demand deposits maturing within one year from the date
of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any office of any commercial bank organized under the laws of the United States of America or any State thereof or any OECD
Country that has a combined capital and surplus and undivided profits of not less than $500,000,000; 
 (iv) fully
collateralized repurchase agreements with a term of not more than 30 days for securities described in clause (i) above and entered into with a financial institution satisfying the criteria described in clause (iii) above; 
 (v) investments in “money market funds” within the meaning of Rule 2a-7 of the Investment Company Act of 1940, as amended,
substantially all of whose assets are invested in investments of the type described in clauses (i) through (iv) above; and 
 (vi) foreign investments substantially comparable to any of the foregoing in connection with managing cash of any Subsidiary having operations in a foreign country. 
 “Permitted Swap Agreement” means any Swap Agreement entered into in order to effectively cap, collar or exchange interest or
foreign exchange rates with respect to any liability or investment of the Parent, the Borrower or any of the Operating Utilities. 
 “Person” means an individual, a corporation, a partnership (including, without limitation, a joint venture), an unincorporated association, a limited liability company, a trust or any other entity or organization,
including, but not limited to, a government or political subdivision or an agency or instrumentality thereof. 
 “Plan”
means at any time an employee pension benefit plan (other than a Multi-employer Plan) that is subject to the provisions of Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Code and is maintained by
a member of the Controlled Group for employees of a member of the Controlled Group. 
 “Prime Rate” means a rate per
annum equal to the Administrative Agent’s index or base rate of interest announced from time to time by the Administrative Agent (which is not necessarily the lowest rate charged to any customer), changing when and as such base rate changes.

 “Pro Rata Percentage” or “Pro Rata Share” means for each Lender, a fraction
(expressed as a decimal) the numerator of which is the Commitment of such Lender at such time and the denominator of which is the aggregate Commitment of the Lenders at such time. The initial Pro Rata Percentages are set out on Schedule I hereto.

  

 13 

 “Properties” means, with respect to, any Person, all real property owned, leased
or otherwise used or occupied by such Person wherever located. 
 “Proposed Change” has the meaning set forth in
Section 7.04(b). 
 “Request for Issuance” means a request made pursuant to Section 2.04 in the form of
Exhibit B hereto. 
 “Register” has the meaning set forth in Section 7.05(c). 
 “Required Lenders” means, at any time, Lenders holding in the aggregate more than 50% of the aggregate principal amount of the
Advances (exclusive of Swing Line Advances) outstanding, or, if no Advances are outstanding, more than 50% of the aggregate principal amount of all Commitments (exclusive of the Swing Line Commitment). 
 “Responsible Officer” means the chief executive officer, chief operating officer, general counsel or any Financial Officer of the
Parent or the Borrower, and any other officer of the Borrower with responsibility for the administration of the obligations of the Borrower under this Agreement. 
 “RWE” means RWE AG, a German corporation. 
 “RWE Change of Control”
means, at any time that RWE has direct or indirect beneficial ownership of more than 50% of the Parent’s then outstanding Common Stock, any entity, person (within the meaning of Section 14(d) of the Exchange Act) or group (within
the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) that theretofore was beneficial owner (as defined in Rule 13d-3 under the Exchange Act) of 50% or less of RWE’s then outstanding Common Stock acquires direct or indirect
beneficial ownership of shares of Common Stock of RWE, in a transaction or series of transactions, that results in such entity, person or group directly or indirectly owning beneficially more than 50% of RWE’s then outstanding Common Stock.

 “S&P” means Standard & Poor’s Ratings Services, a division of The
McGraw-Hill Companies, Inc., and its successors. 
 “S&P Rating” shall mean, on any date of determination, the
rating most recently announced by S&P with respect to the senior unsecured, non-credit enhanced debt issued by the Borrower. 
 “SEC” means the Securities and Exchange Commission. 
 “Significant Subsidiary”
means the Borrower and with respect to any other Person, a Subsidiary of such Person that is a “significant subsidiary” (within the meaning of Regulation S-X of the SEC). 
  

 14 

 “Specified Default” means any default under any agreement listed in Schedule
6.01(e) arising out of any default in the performance of any obligation under any such agreement to deliver financial statements of the Parent, the Borrower or any Subsidiary of the Parent or to give notice of any such default. 
 “Subsidiary” means, with respect to any Person, any corporation or unincorporated entity of which more than 50% of the
outstanding capital stock (or comparable interest) having ordinary voting power (irrespective of whether at the time capital stock (or comparable interest) of any other class or classes of such corporation or entity shall or might have voting power
upon the occurrence of any contingency) is at any time directly or indirectly owned by said Person (whether directly or through one or more of the other Subsidiaries). In the case of an unincorporated entity, a Person shall be deemed to have more
than 50% of interests having ordinary voting power only if such Person’s vote in respect of such interests comprises more than 50% of the total voting power of all such interests in the unincorporated entity. 
 “Support Agreement” means that certain Support Agreement, dated June 22, 2000, between the Parent and the Borrower as
amended, modified or supplemented from time to time in accordance with its terms and this Agreement. 
 “Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more interest rates or currencies. 
 “Swing Line Advance” means a loan that bears interest as provided in Section 2.08(a)(iii). 
 “Swing Line Bank” means the Administrative Agent, in its capacity as Swing Line Bank hereunder, or any successor thereto as
provided in Section 2.03(e). 
 “Swing Line Borrowing” means a borrowing hereunder consisting of Swing Line
Advances made to the Borrower. 
 “Swing Line Commitment” means the Commitment of the Swing Line Bank to make Swing
Line Advances in an aggregate amount up to $25,000,000, subject to adjustment on account of a reduction in the Swing Line Commitment pursuant to Section 2.10. 
 “Taxes” has the meaning set forth in Section 2.17. 
 “Termination
Date” means, for any Lender, September 15, 2011, unless, with respect to such Lender, such date is otherwise extended pursuant to Section 2.06. 
 “Type” with respect to an Advance (other than a Swing Line Advance), means any of the following, each of which shall be deemed to be a different “Type” of Advance: a
Base Rate Advance, a Eurodollar Rate Advance having a one-month Interest Period, a Eurodollar Rate Advance having a two-month Interest Period, a Eurodollar Rate Advance having a three-month Interest Period, a Eurodollar Rate Advance having a
six-month Interest Period, a Eurodollar Rate Advance having a nine-month Interest Period and a Eurodollar Rate Advance having a twelve-month Interest Period. 
  

 15 

 “Withdrawal Liability” means a liability to a Multi-employer Plan as a result of
a complete or partial withdrawal from such Multi-employer Plan, as described in Part I of Subtitle E of Title IV of ERISA. 
 Section 1.02 Accounting Terms and Determinations. Unless otherwise specified herein, all terms of an accounting character used herein shall be interpreted, all accounting determinations hereunder shall be made, and all
financial statements required to be delivered hereunder shall be prepared in accordance with GAAP, provided that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision (including any
definition) hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request
an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and
applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. 
 Section 1.03 Use of Defined Terms. All terms defined in this Agreement shall have the same meanings when used in any of the other Loan Documents (other than the Support Agreement), unless otherwise
defined therein or unless the context shall otherwise require. 
 Section 1.04 Terminology. All personal pronouns used in
this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders; the singular shall include the plural and the plural shall include the singular. Titles of Articles and Sections in this Agreement are for
convenience only, and neither limit nor amplify the provisions of this Agreement. 
 Section 1.05 References. Unless
otherwise indicated, references in this Agreement to “Articles”, “Exhibits”, “Schedules” and “Sections” are references to articles, exhibits, schedules and sections hereof. 
 ARTICLE II 
 THE EXTENSIONS OF CREDIT

 Section 2.01 Commitment to Extend Credit. 
 (a) Each Lender severally agrees, on the terms and conditions set forth herein, to make its Pro Rata Share of Advances (other than Swing Line Advances) to
the Borrower from time to time before the Termination Date; provided that, immediately after each such Advance is made, (i) with respect to each Lender individually, the Outstanding Credits of such Lender shall not exceed such
Lender’s Commitment, and (ii) with respect to the Lenders collectively, the aggregate Outstanding Credits shall not exceed the Lenders’ aggregate Commitment. 
 (b) The Swing Line Bank agrees, on the terms and conditions set forth herein, to make Swing Line Advances to the Borrower from time to time before the
Termination Date; provided that, immediately after each such Swing Line Advance is made: (i) the outstanding 

  

 16 

 
aggregate principal amount of the Swing Line Advances shall not exceed the Swing Line Commitment, (ii) with respect to each Lender individually, the
Outstanding Credits of such Lender shall not exceed such Lender’s Commitment, and (iii) with respect to the Lenders collectively, the aggregate Outstanding Credits shall not exceed the Lenders’ aggregate Commitment. 
 (c) Within the foregoing limits, the Borrower may borrow under this Section, repay or, to the extent permitted by Section 2.12, prepay Advances and
reborrow under this Section at any time before the Termination Date. 
 Section 2.02 Method of Borrowing. 
 (a) Each Borrowing shall be made on a Business Day, upon notice from the Borrower to the Administrative Agent, given (i) in the case of a Borrowing
that is a Base Rate Advance, not later than 10:00 A.M. (New York City time) on the date of the proposed Borrowing and (ii) in the case of a Borrowing that is a Eurodollar Rate Advance, not later than 11:00 A.M. (New York City time) on the third
Business Day prior to the date of the proposed Borrowing. Each such notice of a Borrowing (a “Notice of Borrowing”) by the Borrower shall be in substantially the form of Exhibit A hereto, specifying therein the requested
(A) date of such Borrowing, (B) Type of Advance to be made in connection with such Borrowing, (C) aggregate amount of such Borrowing and (D) in the case of a Borrowing comprising Eurodollar Rate Advances, initial Interest Period
for each such Advance. The Administrative Agent shall give notice to each Lender promptly upon receipt of each Notice of Borrowing pursuant to this Section 2.02(a), the contents thereof and each such Lender’s Pro Rata Share of any
Borrowing to be made pursuant thereto. Each Lender shall, before 1:00 P.M. (New York City time) on the date of such Borrowing in the case of Eurodollar Rate Advances, and 3:00 P.M. (New York City time) on the date of such Borrowing in the case of
Base Rate Advances, make available to the Administrative Agent for the account of the Borrower in same day funds, the proceeds of such Borrowing. Such Borrowing will then be made available to the Borrower by the Administrative Agent by crediting the
account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Lenders and in like funds as received by the Administrative Agent (or at such other location as may be agreed by
the Borrower and the Administrative Agent). 
 (b) Each Notice of Borrowing shall be irrevocable and binding on the Borrower. In the case of
any Borrowing that the related Notice of Borrowing specifies is to comprise Eurodollar Rate Advances, the Borrower shall indemnify the applicable Lender against any loss, cost or expense incurred by such Leader as a result of any failure of the
Borrower to fulfill on or before the date specified in such Notice of Borrowing for such Advances, the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense
incurred by reason of the liquidation or redeployment of deposits or other funds acquired by such Lender as part of such Borrowing when such Advance is not made on such date. 
 (c) Each Borrowing (whether for a Base Rate Advance or a Eurodollar Rate Advance) shall be in an aggregate principal amount of $5,000,000 or any multiple
of $1,000,000 in excess thereof (except that any such Borrowing may be in the aggregate amount of the unutilized Commitment on such date). 
  

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 Section 2.03 Method of Swing Line Borrowing. 
 (a) Each Swing Line Borrowing shall be made on a Business Day, upon notice from the Borrower to the Swing Line Bank, given not later than 12:00 noon (New
York City time) on the date of the proposed Swing Line Borrowing. Each such notice of a Swing Line Borrowing (a “Notice of Swing Line Borrowing”) by the Borrower shall be in substantially the form of Exhibit A hereto,
specifying therein the requested (i) date of such Swing Line Borrowing and (ii) aggregate amount of such Swing Line Borrowing. The Swing Line Bank shall, before 4:00 P.M. (New York City time) on the date of such Swing Line Borrowing, make
available to the Administrative Agent for the account of the Borrower in same day funds, the proceeds of such Swing Line Borrowing. Such Swing Line Borrowing will then be made available to the Borrower by the Administrative Agent by crediting the
account of the Borrower on the books of such office with the aggregate of the amounts made available to the Administrative Agent by the Swing Line Bank and in like funds as received by the Administrative Agent. For purposes of determining the amount
of Outstanding Credits of any Lender and the amount of unutilized Commitments, each Swing Line Borrowing made by the Swing Line Bank will be deemed to comprise outstanding Advances of the Lenders made in accordance with their Pro Rata Percentages.

 (b) Each Swing Line Borrowing shall be in the aggregate principal amount of $1,000,000 or any multiple of $500,000 in excess thereof, or
such lesser amount as shall be equal to the aggregate amount of the unutilized Commitment on such date. 
 (c) Notwithstanding anything in
this Section 2.03 above to the contrary: 
  

	 	(i)	the aggregate amount of the Swing Line Advances outstanding at any time shall not exceed the Swing Line Commitment; and 

  

	 	(ii)	no more than one Swing Line Advance may be made on the same Business Day. 

 (d) Upon request by the Swing Line Bank with an outstanding Swing Line Advance, and notwithstanding whether a Default or Event of Default shall have occurred and be continuing, each other Lender shall purchase from
the Swing Line Bank, and the Swing Line Bank shall sell and assign to each such other Lender, such other Lender’s Pro Rata Share of such outstanding Swing Line Advance as of the date of such demand, by making available to the Administrative
Agent for the account of the Swing Line Bank, by deposit to the Administrative Agent’s account, in same day funds, an amount equal to the sum of (i) the portion of the outstanding principal amount of such Swing Line Advance to be purchased
by such Lender, plus (ii) interest accrued and unpaid to and as of such date on such portion of the outstanding principal amount of such Swing Line Advance. Each Lender agrees to purchase its Pro Rata Share of an outstanding Swing Line
Advance upon notice given not later than one Business Day prior to the Business Day of proposed purchase. Upon any such assignment by the Swing Line Bank to any other Lender of a portion of a Swing Line Advance, the Swing Line Bank represents

  

 18 

 
and warrants to such other Lender that the Swing Line Bank is the legal and beneficial owner of such interest being assigned by it, but makes no other
representation or warranty and assumes no responsibility with respect to such Swing Line Advance or the applicable Loan Documents. If and to the extent that any Lender shall not have so made the amount of such Swing Line Advance available to the
Administrative Agent, such Lender agrees to pay to the Administrative Agent forthwith on demand such amount together with interest thereon, for each day from the date of demand by the Swing Line Bank until the date such amount is paid to the
Administrative Agent, at the Federal Funds Rate; provided, that if payment is not made within three Business Days of demand, interest thereon shall accrue at the Base Rate plus the Applicable Percentage for Swing Line Advances for each day
thereafter. If such Lender shall pay to the Administrative Agent such amount for the account of the Swing Line Bank, such amount so paid in respect of principal shall constitute a Swing Line Advance by such Lender for purposes of this Agreement, and
the outstanding principal amount of the Swing Line Advance made by the Swing Line Bank shall be reduced by such amount. 
 (e) The Swing Line
Bank may resign at any time by giving written notice thereof to the Lenders and the Borrower, with any such resignation to become effective only upon the appointment of a successor Swing Line Bank pursuant to this Section 2.03(e). Upon any such
resignation, the Required Lenders shall have the right to appoint a successor Swing Line Bank, which shall be a Lender or an Eligible Assignee acceptable to the Borrower. If no successor Swing Line Bank shall have been so appointed by the Required
Lenders, and shall have accepted such appointment, within 30 days after the retiring Swing Line Bank’s giving of notice of resignation, then the retiring Swing Line Bank may, on behalf of the Lenders, appoint a successor Swing Line Bank, which
shall be a Lender or an Eligible Assignee acceptable to the Borrower. Upon the acceptance of any appointment as Swing Line Bank hereunder by a successor Swing Line Bank, such successor Swing Line Bank shall thereupon succeed to and become vested
with all the rights, powers, privileges and duties of the retiring Swing Line Bank. 
 Section 2.04 Letters of Credit. 

 (a) In addition to the LC Issuing Banks named herein, the Borrower may from time to time appoint one or more other Lenders (with the
consent of any such Lender, which consent may be withheld in the sole discretion of each Lender) to act, either directly or through an Affiliate of such Lender, as an LC Issuing Bank hereunder. Any such appointment and the terms thereof shall be
evidenced in a separate written agreement executed by the Borrower and the relevant LC Issuing Bank, a copy of which agreement shall be delivered by the Borrower to the Administrative Agent. The Administrative Agent shall give prompt notice of any
such appointment to the other Lenders. Upon such appointment, if and for so long as such Lender shall have any obligation to issue any Letters of Credit hereunder or any Letter of Credit issued by such Lender shall remain outstanding, such Lender
shall be deemed to be, and shall have all the rights and obligations of, an “LC Issuing Bank” under this Agreement. 
 (b) Subject
to the terms and conditions hereof, each Letter of Credit shall be issued (or the stated maturity thereof extended or terms thereof modified or amended) on not less than one Business Day’s prior notice thereof by delivery of (x) a Request
for Issuance to the Administrative Agent (which shall promptly distribute copies thereof to the Lenders) and the relevant LC Issuing Bank, and (y) if requested by such LC Issuing Bank, a letter of credit 

  

 19 

 
application or other standard form required by the relevant Issuing Bank to such Issuing Bank. Each Letter of Credit shall be issued in a form acceptable to
the relevant LC Issuing Bank. Each Request for Issuance shall specify (i) the identity of the relevant LC Issuing Bank, (ii) the date (which shall be a Business Day) of issuance of such Letter of Credit (or the date of effectiveness of
such extension, modification or amendment) and the stated expiry date thereof (which shall not be later than the earlier of (A) one year after the date of issuance of such Letter of Credit and (B) unless cash collateralized prior to five
Business Days prior to the Termination Date, the fifth Business Day preceding the Termination Date); provided, however, that a Letter of Credit may, upon the request of the Borrower, include a provision whereby such Letter of Credit shall be
renewed automatically for additional consecutive periods of one year or less (but not beyond the date specified in clause (B) above) unless the relevant LC Issuing Bank notifies the beneficiary thereof at least 30 days prior to the
then-applicable expiration date that such Letter of Credit will not be renewed), (iii) the proposed stated amount of such Letter of Credit (which amount shall not be subject to any automatic increase provisions), (iv) the name and address
of the beneficiary of such Letter of Credit and (v) a statement of drawing conditions applicable to such Letter of Credit, and if such Request for Issuance relates to an amendment or modification of a Letter of Credit, it shall be accompanied
by the consent of the beneficiary of the Letter of Credit thereto. Each Request for Issuance shall be delivered by the Borrower no later than 11:00 AM on the Business day immediately prior to the proposed date of issuance (or effectiveness)
specified therein. Not later than 12:00 noon on the proposed date of issuance (or effectiveness) specified in such Request for Issuance, and upon fulfillment of the applicable conditions precedent and the other requirements set forth herein, the
relevant LC Issuing Bank shall issue (or extend, amend or modify) such Letter of Credit and provide notice and a copy thereof to the Administrative Agent, which shall promptly furnish copies thereof to the Lenders; provided that the relevant
LC Issuing Bank shall not issue or amend any Letter of Credit if such LC Issuing Bank has received notice from the Administrative Agent that the applicable conditions precedent have not been satisfied. 
 (c) No Letter of Credit shall be requested or issued hereunder if, after the issuance thereof, (i) the Outstanding Credits would exceed the
aggregate Commitments or (ii) the LC Outstandings would exceed $150,000,000. 
 (d) The Borrower hereby agrees to pay (through the
proceeds of a Borrowing or otherwise) to the Administrative Agent for the account of each LC Issuing Bank and, if any Lender shall have purchased a participation in the reimbursement obligations of the Borrower pursuant to subsection (e) below,
such participating Lender, no later than one Business Day following receipt of notice by such LC Issuing Bank to the Borrower, on and after each date on which such LC Issuing Bank shall pay any amount under any Letter of Credit issued by such LC
Issuing Bank, a sum equal to the amount so paid plus interest on such amount from the date so paid by such LC Issuing Bank until repayment to such LC Issuing Bank in full at a fluctuating interest rate per annum equal to the interest rate applicable
to Base Rate Advances plus, if any amount paid by such LC Issuing Bank under a Letter of Credit is not reimbursed by the Borrower within three Business Days, 2%, unless refinanced with an Advance. 
 (e) If any LC Issuing Bank shall not have been reimbursed in full for any payment made by such LC Issuing Bank under a Letter of Credit issued by such LC
Issuing Bank on the date payment is due from the Borrower pursuant to Section 2.04, such LC Issuing Bank shall 

  

 20 

 
give the Administrative Agent and each Lender prompt notice thereof (an “LC Payment Notice”) no later than 12:00 noon on the Business
Day immediately succeeding such payment date. Each Lender severally agrees to purchase a participation in the reimbursement obligation of the Borrower to such LC Issuing Bank by paying to the Administrative Agent for the account of such LC Issuing
Bank an amount equal to such Lender’s Pro Rata Percentage of such unreimbursed amount paid by such LC Issuing Bank, plus interest on such amount at a rate per annum equal to the Federal Funds Rate from the date of the payment by such LC Issuing
Bank to the date of payment to such LC Issuing Bank by such Lender. Each such payment by a Lender shall be made not later than 3:00 P.M. on the Business Day on which such Lender shall have received an LC Payment Notice from such LC Issuing Bank.
Each Lender’s obligation to make each such payment to the Administrative Agent for the account of such LC Issuing Bank shall be several and shall not be affected by the occurrence or continuance of a Default or the failure of any other Lender
to make any payment under this Section 2.04(e). Each Lender further agrees that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. 
 (f) The failure of any Lender to make any payment to the Administrative Agent for the account of any LC Issuing Bank in accordance with subsection
(e) above shall not relieve any other Lender of its obligation to make payment, but no Lender shall be responsible for the failure of any other Lender. If any Lender (a “non-performing Lender”) shall fail to make any
payment to the Administrative Agent for the account of any LC Issuing Bank in accordance with subsection (e) above within five Business Days after the LC Payment Notice relating thereto, then, for so long as such failure shall continue, such LC
Issuing Bank shall be deemed, for purposes of Sections 6.01 and 7.04 hereof, to be a Lender owed a Borrowing in an amount equal to the outstanding principal amount due and payable by such non-performing Lender to the Administrative Agent for the
account of such LC Issuing Bank pursuant to subsection (e) above. Any non-performing Lender and the Borrower (without waiving any claim against such Lender for such Lender’s failure to purchase a participation in the reimbursement
obligations of the Borrower under subsection (e) above) severally agree to pay to the Administrative Agent for the account of such LC Issuing Bank forthwith on demand such amount, together with interest thereon for each day from the date such
Lender would have purchased its participation had it complied with the requirements of subsection (e) above until the date such amount is paid to the Administrative Agent at (i) in the case of the Borrower, the interest rate applicable at
the time to Base Rate Advances plus, if any amount paid by such LC Issuing Bank under a Letter of Credit is not reimbursed by the Borrower within three Business Days, 2%, in accordance with Section 2.04(d), and (ii) in the case of such
Lender, the Federal Funds Rate. 
 (g) The payment obligations of each Lender under Section 2.04(e) and of the Borrower under this
Agreement in respect of any payment under any Letter of Credit shall be unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including, without limitation, the following
circumstances: 
 (i) any lack of validity or enforceability of this Agreement or any other agreement or instrument relating
thereto or to such Letter of Credit; 
 (ii) any amendment or waiver of, or any consent to departure from, the terms of this
Agreement or such Letter of Credit; 
  

 21 

 (iii) the existence of any claim, set-off, defense or other right that the Borrower may
have at any time against any beneficiary, or any transferee, of such Letter of Credit (or any Persons for whom any such beneficiary or any such transferee may be acting), any LC Issuing Bank, or any other Person, whether in connection with this
Agreement, the transactions contemplated hereby, thereby or by such Letter of Credit, or any unrelated transaction; 
 (iv)
any statement or any other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; 
 (v) payment in good faith by any LC Issuing Bank under the Letter of Credit issued by such LC Issuing Bank against presentation of a draft
or certificate that does not comply with the terms of such Letter of Credit; 
 (vi) the use that may be made of any Letter of
Credit by, or any act or omission of, the beneficiary of any Letter of Credit (or any Person for which the beneficiary may be acting); or 
 (vii) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing. 
 (h)
Without limiting any other provision of this Section 2.04, for purposes of this Section 2.04, any LC Issuing Bank may rely upon any oral, telephonic, telegraphic, facsimile, electronic, written or other communication believed in good faith
to have been authorized by the Borrower, whether or not given or signed by an authorized Person of the Borrower. 
 (i) The Borrower assumes
all risks of the acts and omissions of any beneficiary or transferee of any Letter of Credit. Neither any LC Issuing Bank, the Lenders nor any of their respective officers, directors, employees, agents or Affiliates shall be liable or responsible
for (i) the use that may be made of such Letter of Credit or any acts or omissions of any beneficiary or transferee thereof in connection therewith; (ii) the validity, sufficiency or genuineness of documents, or of any endorsement thereon,
even if such documents should prove to be in any or all respects invalid, insufficient, fraudulent or forged; (iii) payment by any LC Issuing Bank against presentation of documents that do not comply with the terms of such Letter of Credit,
including failure of any documents to bear any reference or adequate reference to such Letter of Credit; or (iv) any other circumstances whatsoever in making or failing to make payment under such Letter of Credit, except that the Borrower and
each Lender shall have the right to bring suit against each LC Issuing Bank, and each LC Issuing Bank shall be liable to the Borrower and any Lender, to the extent of any direct, as opposed to consequential, damages suffered by the Borrower or such
Lender that the Borrower or such Lender proves were caused by such LC Issuing Bank’s willful misconduct or gross negligence, including, in the case of the Borrower, such LC Issuing Bank’s (x) failure to exercise care when determining
whether drafts and other documents presented under a Letter of Credit comply with the terms thereof or (y) failure to make timely payment under such Letter of Credit following the presentation to it by the beneficiary thereof of a draft and
accompanying certificate(s) that strictly comply with the terms and conditions of such Letter of Credit. In furtherance and not in limitation of the foregoing, 

  

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each LC Issuing Bank may accept sight drafts and accompanying certificates presented under the Letter of Credit issued by such LC Issuing Bank that appear on
their face to be in order, without responsibility for further investigation, regardless of any notice or information to the contrary, and payment against such documents shall not constitute willful misconduct or gross negligence by such LC Issuing
Bank. Notwithstanding the foregoing, no Lender (in its capacity as a Lender) shall be obligated to indemnify the Borrower for damages caused by any LC Issuing Bank’s willful misconduct or gross negligence. 
 (j) Notwithstanding anything to the contrary set forth herein, on the first date on which the conditions precedent listed in Sections 3.01 and 3.02(b),
(c) and (d) shall be satisfied, the letters of credit described in Schedule 2.04(j) shall be deemed to be “Letters of Credit” issued hereunder, resulting in Extensions of Credit on such date hereunder; and on such date the
Administrative Agent shall confirm in writing to the Borrower and the relevant LC Issuing Banks the occurrence of such Extensions of Credit. 
 Section 2.05 Increase of the Commitments. 
 (a) The Borrower may on one or more occasions, by written notice to
the Administrative Agent and executed by the Borrower and one or more financial institutions (any such financial institution referred to in this paragraph (a) being called a “Designated Lender”), which may include any
Lender, cause new Commitments to be extended by the Designated Lenders (or cause the Commitments of the Designated Lenders to be increased, as the case may be); provided that (i) at no time shall the aggregate amount of all extensions of
new Commitments and increases in existing Commitments effected pursuant to this paragraph (a) exceed $200,000,000 and (ii) each Designated Lender, if not already a Lender hereunder, shall (A) be subject to the approval of the
Administrative Agent (which approval shall not be unreasonably withheld) and (B) execute all such documentation as the Administrative Agent shall reasonably specify to evidence the Commitment or Commitments of such Designated Lender and/or its
status as a Lender hereunder. Extensions of new Commitments and increases in existing Commitments pursuant to this paragraph (a) shall become effective on the date specified in the applicable notice delivered by the Borrower. The Borrower shall
deliver a certificate signed by a duly authorized officer of the Borrower to the Administrative Agent, dated as of the effective date of such additional Commitments, stating that all representations and warranties of the Borrower set forth in
Article IV of this Agreement (with all references in such Article to a Borrowing or Swing Line Borrowing being deemed to be references to the increase of the Commitments) are true in all material respects as if made on and as of such effective date.

 (b) Promptly following the effective date of any Commitment increase pursuant to this Section 2.05, (i) the Administrative Agent
shall distribute an amended Schedule I to this Agreement (which shall thereafter be incorporated into this Agreement) to reflect any changes in Lenders, the Commitments and each Lender’s Pro Rata Percentage as of such effective date,
(ii) the Borrower shall prepay to certain Lenders such amount of any Advances as may be then outstanding (without regard to minimum prepayment amounts pursuant to Section 2.12, but including any additional amounts required pursuant to
Section 2.13) as are necessary so that, after giving effect to such prepayments and any borrowings on such date of all or any portion of such Commitment increase, the principal balance of all outstanding Advances owing to each Lender is
equivalent to each such Lender’s Pro Rata Percentage (after giving effect to any 

  

 23 

 
nonratable Commitment increase in the Commitment resulting from a Commitment increase pursuant to this Section 2.05) of all then outstanding Advances.
Prepayments made under this clause (b)(ii) shall not be subject to the notice requirements of Section 2.12. 
 (c) Notwithstanding any
provision contained herein to the contrary, from and after the date of any Commitment increase and the making of any Advances on such date pursuant to clause (b)(ii) above, all calculations and payments of fees and of interest on the Advances shall
take into account the actual Commitment of each Lender and the principal amount outstanding of each Advance made by such Lender during the relevant period of time. 
 Section 2.06 Maturity of Advances; Extension and Termination of Commitment. 
 (a) Each
Advance shall mature, and the principal amount thereof shall be due and payable in full, and the Commitments and the Swing Line Commitment shall terminate, on the Termination Date. 
 (b) The Borrower may request up to two one-year extensions of the Termination Date in effect on the date of any such request (the “Current
Termination Date”) (notice of the exercise of which shall be given by the Borrower in writing (i) in the case of the first extension (until the sixth anniversary of the date hereof), at least 30 days prior to the first anniversary
of the date hereof and (ii) in the case of the second extension (until the seventh anniversary of the date hereof, if the first extension was exercised, or the sixth anniversary of the date hereof if the first extension was not exercised) at
least 30 days prior to the second anniversary of the date hereof) of the Commitments. Upon the delivery of such a written request by an authorized officer of the Borrower (an “Extension Request”), the Administrative Agent
promptly shall deliver a copy of such Extension Request to each of the Lenders. Each Lender, acting in its sole discretion, shall by notice made in writing and delivered to the Administrative Agent on a Business Day not more than 30 days following
the date of such Extension Request, advise the Administrative Agent whether such Lender agrees to such extension (each Lender agreeing to an Extension Request within such timeframe being referred to herein as an “Extending Lender”,
and each Lender declining to agree to an Extension Request within such timeframe being referred to herein as a “Non-Extending Lender”). The election of any Lender to agree to such extension shall not obligate any
other Lender to agree. 
 (c) If Lenders constituting the Required Lenders shall not have agreed to the Extension Request on the 30th day
following the date of such Extension Request, then the Current Termination Date shall not be so extended, the principal amount of all Advances and all other amounts payable under this Agreement shall be payable in full and the Commitment shall
terminate on the Current Termination Date. 
 (d) If Lenders constituting the Required Lenders shall have agreed to the Extension Request on
or prior to the 30th day following the date of such Extension Request, then the Termination Date applicable to Extending Lenders shall be extended to be the day that is one year after the Current Termination Date. In the event of such extension, the
Commitments of each Non-Extending Lender shall terminate on the Current Termination Date, the principal amount of all Advances and other amounts payable to each Non-Extending Lender under this Agreement shall be payable in full on the Current
Termination Date, and the Lenders’ aggregate Commitment shall be reduced by the amount of the Commitment of each Non-Extending Lender unless such Non-Extending Lender is replaced pursuant to subsection (e) below. 
  

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 (e) In the event that the Termination Date is extended under subsection (d) above, the Borrower
shall have the right, on or before the Current Termination Date, at the Borrower’s sole expense and effort, to require any Non-Extending Lender to assign to one or more Eligible Assignees all of its rights and obligations under this Agreement;
provided, that such assignment shall be in accordance with, and subject to the requirements and restrictions contained in Section 7.05. 
 (f) Notwithstanding any of the foregoing provisions of this Section 2.06, no extension of the Termination Date shall become effective unless, on the Current Termination Date, (i) the conditions set forth in subsections
(b) and (c) of Section 3.02 (with all references in such subsections to a Borrowing or Swing Line Borrowing being deemed to be references to the extension of the Termination Date) shall be satisfied, and the Administrative Agent shall
have received a certificate to that effect, dated the Current Termination Date and executed on behalf of the Borrower by an authorized officer of the Borrower, (ii) if requested by the Administrative Agent, the Administrative Agent shall have
received an opinion of counsel for the Borrower, as to such matters as the Administrative Agent may reasonably request, and (iii) the Administrative Agent shall have received certified copies of all governmental approvals (if any) required for
each of the Borrower and the Parent in connection with such extension. 
 Section 2.07 Evidence of Advances. 

(a) Each Lender shall maintain an account or accounts evidencing each Advance made by such Lender to the Borrower from time to time, including the
amounts of principal and interest payable and paid to such Lender from time to time under this Agreement. Each Lender will make reasonable efforts to maintain the accuracy of its account or accounts, and to update promptly its account or accounts
from time to time, as necessary. 
 (b) The Administrative Agent shall maintain the Register pursuant to Section 7.05(c) and a
subaccount for each Lender, in which Register and subaccounts (taken together) shall be recorded (i) the date, amount and Period, if applicable, of each Advance, and whether such Advance is a Base Rate Advance, a Eurodollar Rate Advance or a
Swing Line loan, (ii) the amount of any principal or interest due and payable or to become due and payable to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder from or for the account of
the Borrower and each Lender’s percentage share thereof. The Administrative Agent will make reasonable efforts to maintain the accuracy of the subaccounts referred to in the preceding sentence and to update promptly such subaccounts from time
to time, as necessary. 
 (c) The entries made in the Register and subaccounts maintained pursuant to subsection (b) of this
Section 2.07, to the extent permitted by applicable law, shall be prima facie evidence of the existence and amounts of such obligations of the Borrower therein recorded; provided, however, that the failure of the Administrative Agent or
any Lender to maintain any such Register, subaccount or account, as applicable, or any error therein, shall not in any manner affect the obligations of the Borrower to repay the Advances in accordance with the terms thereof. 
  

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 (d) Upon the request of any Lender, which request shall be made through the Administrative Agent to the
Borrower, the Borrower shall deliver to such Lender a duly executed Note in the form of Exhibit D with appropriate insertions as to dates and principal amounts. 
 Section 2.08 Interest Rates. 
 (a) The Borrower shall pay interest on the unpaid principal
amount of each Advance from and including the date of such Advance to but excluding the date such Advance shall be paid in full (provided, however, that if the principal amount of any Advance is borrowed and repaid on the same day, the
Borrower shall pay interest on such principal amount at the applicable interest rate for such day), at the following rates per annum: 
  

	 	(i)	if such Advance is a Base Rate Advance, a variable rate per annum equal at all times to the Base Rate in effect from time to time plus the Applicable Percentage, payable quarterly
in arrears on each Payment Date while such Base Rate Advance is outstanding and on the date such Base Rate Advance shall be Converted or paid in full; 

  

	 	(ii)	if such Advance is a Eurodollar Rate Advance, a fixed rate per annum during each Interest Period for such Eurodollar Rate Advance equal to the Eurodollar Rate for such Interest
Period plus the Applicable Percentage, payable on the last day of the Interest Period (and, in the case of any Interest Period of more than three months’ duration, on each day that occurs during such Interest Period every three months after the
first day of such Interest Period) and on the date such Eurodollar Rate Advance shall be Converted or paid in full; and 

  

	 	(iii)	if such Advance is a Swing Line Advance, a variable rate per annum equal to the Base Rate plus the Applicable Percentage for Base Rate Advances, payable quarterly in arrears on each
Payment Date while such Swing Line Advance is outstanding and on the date such Swing Line Advance shall be paid in full. 

 (b)
Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear
interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Advance as provided in the subsection (a) above or (ii) in the
case of any other amount, 2% plus the rate applicable to Base Rate Advances as provided in subsection (a) above. 
 Section 2.09 Fees 
 (a) The Borrower shall pay the Administrative Agent, for the ratable benefit of the Lenders,
a facility fee (the “Facility Fee”) equal to the product of (i) the average daily amount of 

  

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the Commitments (regardless of usage), times (ii) a per annum percentage equal to the Applicable Percentage in effect from time to time. The
Facility Fee shall accrue from and including the date hereof to but excluding the Termination Date and shall be payable in arrears on each Payment Date and on the Termination Date; provided that if the Commitments are terminated at any time
prior to the Termination Date for any reason, the entire accrued and unpaid Facility Fee shall be paid on the date of such termination. 
 (b) The Borrower shall pay to the Administrative Agent for the account of each Lender a fee (the “LC Fee”) on the average daily amount of such Lender’s Pro Rata Share of the LC Outstandings from the date hereof
until the later to occur of the Termination Date and the date on which no Letters of Credit are outstanding, payable in arrears on each Payment Date and on such later date, at a rate equal at all times to the Applicable Percentage in effect from
time to time for Eurodollar Rate Advances. 
 (c) The Borrower shall pay to each LC Issuing Bank such fees for the issuance and maintenance
of Letters of Credit issued by such LC Issuing Bank and for drawings thereunder as may be separately agreed between the Borrower and such LC Issuing Bank. 
 (d) In addition to the fees provided for in subsections (a) through (c) above, the Borrower shall pay to the Administrative Agent, for the account of the Administrative Agent and the Co-Lead Arrangers, such
other fees as are provided for in the Fee Letter. 
 Section 2.10 Termination or Reduction of Commitment 
 (a) The Borrower may, upon at least three Business Days’ notice to the Lender, terminate at any time, or reduce from time to time by an aggregate
amount of at least $5,000,000 (and integrals of $1,000,000 in excess thereof), the Commitment or the Swing Line Commitment. 
 (b) On each
Mandatory Commitment Reduction Date, the Commitments of the Lenders shall reduce automatically by an amount equal to the Mandatory Commitment Reduction Amount in respect thereof. Promptly following any Mandatory Commitment Reduction Date, the
Borrower shall deliver to the Administrative Agent notice of any reduction in the Commitments on such date pursuant to this subsection (b). 
 (c) All accrued Facility Fees (as provided under Section 2.09) on the Commitment (in the case of a termination of the Commitment) or on the portion of the Commitment being reduced (in the case of a reduction of the Commitment) under
this Section 2.10 shall be payable on the effective date of such reduction or termination. In the event the Commitment of the Swing Line Bank, in its capacity as a Lender, is reduced at any time below the Swing Line Commitment as a result of a
reduction of the Commitment by the Borrower under this Section 2.10, the Swing Line Commitment automatically shall be reduced to equal the Commitment of the Lender that is the Swing Line Bank. 
 Section 2.11 Mandatory Prepayments 
 (a) On each date on which the Commitment is reduced pursuant to Section 2.10, the Borrower shall repay or prepay such principal amount of the outstanding Advances, if any 

  

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(together with accrued interest thereon to the date of prepayment and any compensation payable pursuant to Section 2.13), and/or deposit funds in the
Cash Collateral Account in respect of undrawn Letters of Credit outstanding on such date, as may be necessary so that after such payment and/or deposit, the Outstanding Credits do not exceed the amount of the Commitment as then reduced. 

(b) On each date on which the Swing Line Commitment is reduced pursuant to Section 2.10, the Borrower shall repay or prepay such principal amount
outstanding of Swing Line Advances, if any (together with accrued interest thereon to the date of prepayment), as may be necessary so that after such payment the aggregate unpaid principal amount of Swing Line Advances does not exceed the amount of
the Swing Line Commitment as then reduced. 
 Section 2.12 Optional Prepayments. The Borrower may, (a) upon
(i) at least one Business Day’s notice to the Lender in the case of any Base Rate Advance or (ii) notice delivered not later than 11:00 A.M. New York City time on the date of prepayment in the case of any Swing Line Advance, and
(b) upon at least two Business Days notice in the case of any Eurodollar Rate Advance, prepay any such Advance in whole at any time, or from time to time in part in amounts aggregating at least $5,000,000 (and integrals of $1,000,000 in excess
thereof) by paying the principal amount to be prepaid together with accrued interest thereon to the date of prepayment and any compensation payable pursuant to Section 2.13. 
 Section 2.13 Compensation after Prepayment or Conversion. The Borrower shall, upon the demand of any Lender, pay to such Lender any
amounts which are required to compensate such Lender for any losses, costs or expenses which it may reasonably incur as a result of the optional or mandatory prepayment or Conversion of any Eurodollar Rate Advance, on any date other than the last
day of the applicable Interest Period, or the failure to prepay any Advance on the date of prepayment specified in any notice of prepayment, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by
reason of the liquidation or reemployment of deposits or other funds acquired by such Lender to fund or maintain such Advance. 
 Section 2.14 General Provisions as to Payments. 
 (a) The Borrower shall make each payment of principal of, and
interest on, the Advances, the LC Fee and the Facility Fees hereunder not later than 1:00 P.M. (New York City time) on the date when due in federal or other funds immediately available without setoff or counterclaim to the Administrative Agent for
the account of each Lender at its Lending Office. Upon receipt by the Administrative Agent of each such payment, the Administrative Agent shall distribute to each Lender, at its Domestic Lending Office, its Pro Rata Share of such payment, including,
without limitation, each Lender’s Pro Rata Share of Swing Line Advances purchased by such Lender in accordance with Section 2.03(d). If and to the extent that the Administrative Agent shall not have so distributed to any Lender, at its
Domestic Lending Office, its Pro Rata Share of such payment, the Administrative Agent agrees to pay to such Lender forthwith on demand such amount together with interest thereon, for each day from the date of demand by such Lender until the date
such amount is paid to such Lender, at the Federal Funds Rate. 
  

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 (b) Subject to the qualifications set forth in the definition of “Interest Period,” whenever
any payment of principal of, or interest on, the Advances or of Facility Fees or the LC Fee payable hereunder shall be due on a day that is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day. If
the date for any payment of principal is extended by operation of law or otherwise, interest thereon shall be payable for such extended time. 
 Section 2.15 Computation of Interest and Fees. 
 (a) The Facility Fees and the LC Fee payable hereunder and
interest on Eurodollar Rate Advances shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed. 
 (b) Interest on Base Rate Advances and Swing Line Advances shall be computed on the basis of a 365-or 366-day year and paid for the actual number of days elapsed for so long as the Base Rate is based on the Prime Rate and on the basis of a
360-day year and paid for the actual number of days elapsed so long as the Base Rate is based on the Federal Funds Rate. 
 Section 2.16 Compensation, Additional Interest. 
 (a) If any Lender shall have determined that after the date
hereof the adoption of any applicable law, rule or regulation regarding capital adequacy, or any change in any existing or future law, rule or regulation, or any change in the interpretation or administration thereof, or compliance by such Lender
(or its Lending Office) with any request or directive regarding capital adequacy (whether or not having the force of law) of any Authority, other than as described in subsection (b) of this Section 2.16, has or would have the effect of
reducing the rate of return on such Lender’s capital as a consequence of its obligations hereunder to a level below that which such Lender could have achieved but for such adoption, change or compliance (taking into consideration such
Lender’s policies with respect to capital adequacy) by an amount deemed by such Lender to be material, then such Lender shall promptly notify the Borrower and from time to time, within 15 days after demand by such Lender, the Borrower shall pay
to such Lender such additional amount or amounts as will compensate such Lender for such reduction; provided the Borrower shall have no liability hereunder for any amount allocable to a period earlier than 180 days before the date of such demand. If
the Borrower is required to pay additional amounts to or for the account of the Lender pursuant to this Section 2.16, then such Lender will agree to use reasonable efforts (consistent with its internal policy and legal and regulatory
restrictions) to change the jurisdiction of its applicable Lending Office so as to eliminate or reduce such additional payment amount which it may thereafter accrue, if such change, in the judgment of such Lender, is not otherwise disadvantageous to
such Lender. 
 (b) The Borrower shall pay to each Lender within 15 days after demand by such Lender, so long as such Lender shall be
required under regulations of the Board to maintain reserves with respect to liabilities or assets consisting of or including Eurocurrency Liabilities, additional interest on the unpaid principal amount of each Eurodollar Rate Advance for the
Interest Period of such Advance, at an interest rate per annum equal at all times to the remainder obtained by subtracting (i) the Eurodollar Rate for the Interest Period for such Advance from (ii) the rate obtained by dividing such
Eurodollar Rate by a percentage equal to 100% minus the 

  

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Eurodollar Rate Reserve Percentage for such Interest Period, payable on each date on which interest is payable on such Eurodollar Rate Advance; provided that
Borrower shall have no liability hereunder for any amount allocable to an Interest Period ending earlier than 180 days before the date of the demand. 
 (c) Subject to Section 7.05(e), the provisions of this Section 2.16 shall be applicable with respect to any Participant or Assignee, and any calculations required by such provisions shall be based upon the
circumstances of such Participant or Assignee. 
 Section 2.17 Taxes 
 (a) Any and all payments by the Borrower to or for the account of any Lender or the Administrative Agent hereunder or under any other Loan Document shall
be made free and clear of and without deduction for any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings, and all liabilities with respect thereto, excluding, in the case of each Lender and the
Administrative Agent, (i) taxes imposed on its income and franchise taxes imposed on it, by the jurisdiction under the laws of which such Lender (or its applicable Lending Office) or the Administrative Agent (as the case may be) is organized or
any political division thereof, (ii) any branch profits taxes imposed by the United States of America or any similar tax imposed by any other jurisdiction described in clause (i) above and (iii) in the case of a Foreign Lender, any
withholding tax that is in effect and would apply to amounts payable to such Foreign Lender (other than an Assignee pursuant to a request by the Borrower under Section 2.23) at the time such Foreign Lender becomes a party to this Agreement (or
designates a new lending office), except to the extent of any additional amounts to which such Foreign Lender (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive from the Borrower
with respect to any withholding tax pursuant to this Section 2.17(a) (all such non-excluded taxes, duties, levies, imposts, deductions, charges, withholdings, and liabilities being hereinafter referred to as “Taxes”). If
the Borrower shall be required by law to deduct any Taxes from or in respect of any sum payable under this Agreement or any other Loan Document to any Lender or the Administrative Agent, (i) the sum payable shall be increased as necessary so
that after making all required deductions (including deductions applicable to additional sums payable under this Section 2.17) such Lender or the Administrative Agent receives an amount equal to the sum it would have received had no such
deductions been made, (ii) the Borrower shall make such deductions, (iii) the Borrower shall pay the full amount deducted to the relevant taxation authority or other authority in accordance with applicable law, and (iv) the Borrower
shall furnish to the Administrative Agent, at its address referred to in Section 7.01, the original or a certified copy of a receipt evidencing payment thereof. 
 (b) In addition, the Borrower agrees to pay any and all present or future stamp or documentary taxes and any other excise or property taxes or charges or similar levies which arise from any payment made under this
Agreement or any other Loan Document or from the execution or delivery of, or otherwise with respect to, this Agreement or any other Loan Document (hereinafter referred to as “Other Taxes”). 
 (c) The Borrower agrees to indemnify each Lender and the Administrative Agent for the full amount of Taxes and Other Taxes (including, without
limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 2.17) paid by such Lender or the Administrative Agent (as the case may be) and any liability (including penalties, interest, and
expenses) arising therefrom or with respect thereto. 
  

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 (d) Each Lender that is not a United States person under Section 7701(a)(30) of the Code (each, a
“Foreign Lender”), on or prior to the date of its execution and delivery of this Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which it becomes a Lender the case of
each other Lender, and from time to time thereafter if requested in writing by the Borrower or the Administrative Agent (but only so long as such Lender remains lawfully able to do so), shall provide the Borrower and the Administrative Agent with
(i) Internal Revenue Service Form W-8 BEN or W-8 ECI, as appropriate, or any successor form prescribed by the Internal Revenue Service, certifying that such Lender is entitled to benefits under an income tax treaty to which the United States is
a party which reduces to zero the rate of withholding tax on payments of interest or certifying that the income receivable pursuant to this Agreement is effectively connected with the conduct of a trade or business in the United States,
(ii) Internal Revenue Service Form W-8 or W-9, as appropriate, or any successor form prescribed by the Internal Revenue Service, and/or (iii) any other form or certificate required by any taxing authority (including any certificate
required by Sections 871(h) and 881(c) of the Internal Revenue Code), certifying that such Lender is entitled to an exemption from tax on payments pursuant to this Agreement or any of the other Loan Documents. 
 (e) For any period with respect to which a Lender has failed to provide the Borrower and the Administrative Agent with the appropriate form pursuant to
Section 2.17(d) (unless such failure is due to a change in treaty, law, or regulation occurring subsequent to the date on which a form originally was required to be provided), such Lender shall not be entitled to indemnification under
Section 2.17(a) or 2.17(c) with respect to Taxes imposed by the United States; provided, however, that should a Lender, which is otherwise exempt from withholding tax, become subject to Taxes because of its failure to deliver a form
required hereunder, the Borrower shall take such steps as such Lender shall reasonably request to assist such Lender to recover such Taxes. 
 (f) If the Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this Section 2.17, then such Lender will agree to use reasonable efforts (consistent with its internal policy and legal and
regulatory restrictions) to change the jurisdiction of its applicable Lending Office so as to eliminate or reduce any such additional payment which may thereafter accrue if such change, in the judgment of such Lender, is not otherwise
disadvantageous to such Lender. 
 (g) Without prejudice to the survival of any other agreement of the Borrower hereunder, the agreements and
obligations of the Borrower contained in this Section 2.17 shall survive the repayment of the Advances and other obligations under the Loan Documents and the termination of the Commitment hereunder. 
 (h) If the Administrative Agent or any Lender receives a refund in respect of Taxes or Other Taxes paid by the Borrower, which in the good faith judgment
of the Administrative Agent or such Lender is allocable to such payment, it shall promptly pay such refund (together with any amounts received solely attributable to such refund) to the Borrower, net of all out-of-pocket expenses (including any
taxes to which such Lender has become subject as a result of its receipt 

  

 31 

 
of such refund) of the Administrative Agent or such Lender incurred in obtaining such refund and without interest (other than any interest paid by the
relevant governmental authority with respect to such refund); provided, however, that the Borrower agrees to promptly return such refund (plus all out-of-pocket expenses including any penalties, interest or other charges imposed by the relevant
governmental authority) to the Administrative Agent or the applicable Lender, as the case may be, if it receives notice from the Administrative Agent or the applicable Lender that the Administrative Agent or such Lender is required to repay such
refund to such governmental authority. Nothing contained in this Section 2.17(h) shall require the Administrative Agent or any Lender to make available its tax returns (or any other information relating to its taxes which it deems to be
confidential) to the Borrower or any other person. 
 (i) Notwithstanding anything to the contrary in this Section, if the Internal Revenue
Service determines that a Lender is participating in a conduit financing arrangement as defined in Section 7701(1) of the Code and the regulations thereunder (a “Conduit Financing Arrangement”), any taxes that the
Borrower is required to withhold from payments to such Lender in excess of the amount of taxes the Borrower would otherwise be required to withhold if such Lender were not participating in a Conduit Financing Arrangement shall be excluded from the
definition of “Taxes”. Each Lender represents that it is not participating in a Conduit Financing Arrangement with respect to the Advances as of the date hereof. 
 Section 2.18 Interest Rate Determination. 
 Notwithstanding any other provision of this Agreement, if any Lender shall notify the Borrower that the adoption of or any change in the interpretation or administration of any law or regulation makes it unlawful, or
any central bank or other governmental authority asserts that it is unlawful, for such Lender or its Lending Office to perform its obligations hereunder to make Eurodollar Rate Advances, or to fund or maintain Eurodollar Rate Advances hereunder,
(i) the obligation of such Lender to make or to Convert Advances into Eurodollar Rate Advances shall be suspended until such Lender shall notify the Borrower that the circumstances causing such suspension no longer exist and (ii) the
Borrower shall forthwith prepay in full all Eurodollar Rate Advances, together with interest thereon, unless (A) the Borrower, within five Business Days of notice from such Lender, converts all such Eurodollar Rate Advances then outstanding
into Base Rate Advances in accordance with Section 2,19, or (B) the applicable Lender notifies the Borrower that the circumstances causing such prepayment no longer exist. Each Lender shall use its reasonable efforts (consistent with its
internal policy and legal and regulatory restrictions) to change the jurisdiction of its Lending Office if the making of such change would avoid or eliminate such illegality and would not, in the judgment of such Lender, be otherwise disadvantageous
to such Lender. 
 Section 2.19 Conversion of Advances. 
 (a) The Borrower may on any Business Day, upon notice given to the Administrative Agent not later than 11:00 A.M. (New York City time) on the third
Business Day prior to the date of any proposed Conversion into Eurodollar Rate Advances and on the Business Day of any proposed Conversion into Base Rate Advances subject to the provisions of Section 2.18, Convert all Advances of one Type into
Advances of another Type or Types or Advances of the same Type having the same or a new Interest Period; provided that no Advance shall be converted to a 

  

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Eurodollar Rate Advance if any Event of Default shall have occurred and be continuing. Each such notice of a Conversion shall, within the restrictions
specified above, specify (i) the date of such Conversion, (ii) the Advances to be Converted and (iii) if such Conversion is into, or with respect to Eurodollar Rate Advances, the duration of the Interest Period for each such Advance.

 (b) If the Borrower shall fail to select the Type of any Advance or the duration of any Interest Period for any Eurodollar Rate Advance in
accordance with the provisions contained in the definition of “Interest Period” and subsection (a) of this Section 2.19 or if any proposed Conversion of an Advance to a Eurodollar Rate Advance upon Conversion shall not occur as a
result of the circumstances described in Section 2.18 or subsection (c) of this Section 2.19, such Advance will automatically, on the last day of the then-existing Interest Period therefor, Convert into a Base Rate Advance.

 (c) Each notice of Conversion given pursuant to subsection (a) of this Section 2.19 shall be irrevocable and binding on the
Borrower. In the case of any Advance that is to be converted to a Eurodollar Rate Advance, the Borrower shall indemnify the Lenders against any loss, cost or expense incurred by the Lenders as a result of any failure to fulfill on the date specified
for such Conversion the applicable conditions set forth in Article III, including, without limitation, any loss (excluding loss of anticipated profits), cost or expense incurred by reason of the liquidation or reemployment of deposits or other funds
acquired by such Lender to fund such Eurodollar Rate Advance, upon such Conversion, when such Conversion, as a result of such failure, does not occur. The Borrower’s obligations under this subsection (c) shall survive the repayment of all
other amounts owing to the Lenders under this Agreement and the other Loan Documents and the termination of the Commitment. 
 (d) No more
than 12 Types of Eurodollar Rate Advances may be outstanding at any time. 
 (e) References in this Section 2.19 to “Advances”
and “Types of Advances” shall not include the Swing Line Advances. 
 Section 2.20 Set off. Each Lender may at
any time upon or after the occurrence and during the continuance of an Event of Default, and without notice to the Borrower, set-off against the obligations of the Borrower under this Agreement the whole or any portion or portions of any or all
deposits and other sums credited by or due from such Lender to the Borrower or subject to withdrawal by the Borrower, whether or not any other Person or Persons could also withdraw money therefrom. 
 Section 2.21 Pro Rata Treatment. Except to the extent otherwise provided herein: 
 (a) Advances. Each payment or prepayment of principal of any Advance, and each payment of interest on the Advances, shall be allocated first to the
payment or prepayment of principal of, or interest on, the Swing Lines Advances; and second, pro rata among the Lenders in accordance with the respective principal amounts of their outstanding Advances. Each payment of the Facility Fee and the LC
Fee, each reduction of the Commitments and each conversion or extension of any Advance shall be allocated pro rata among the Lenders in accordance with their Pro Rata Percentages. 
  

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 (b) Advances. Unless the Administrative Agent shall have been notified in writing by any Lender
prior to a Borrowing that such Lender will not make the amount that would constitute its Pro Rata Share of such Borrowing available to the Administrative Agent, the Administrative Agent may assume that such Lender is making such amount available to
the Administrative Agent, and the Administrative Agent may, in reliance upon such assumption, make available to the Borrower a corresponding amount. If such amount is not made available to the Administrative Agent by such Lender within the time
period specified therefor hereunder, such Lender shall pay to the Administrative Agent, on demand, such amount with interest thereon, for the period until such Lender makes such amount immediately available to the Administrative Agent, at a rate
equal to the Federal Funds Rate; provided, however, that if payment is not made within three Business Days of demand, interest shall accrue at the rate applicable at that time to the Advances made in connection with such Borrowing. If such
Lender’s Pro Rata Share of such Borrowing is not made available to the Administrative Agent by such Lender within three Business Days of the date of such Borrowing, the Administrative Agent also shall be entitled to recover, on demand, such
amount with interest thereon, for the period until the Borrower makes such repayment amount immediately available to the Administrative Agent, at the rate applicable at that time to the Advances made in connection with such Borrowing. A certificate
of the Administrative Agent submitted to any Lender or the Borrower with respect to any amounts owing under this subsection shall be conclusive in the absence of manifest error. 
 Section 2.22 Sharing of Payments. The Lenders agree among themselves that, in the event that any Lender shall obtain payment in
respect of any Advance or any other obligation owing to such Lender under this Agreement through the exercise of a right of set-off, banker’s lien or counterclaim, or pursuant to a secured claim under Section 506 of Title 11 of the United
States Code or other security or interest arising from, or in lieu of, such secured claim, received by such Lender under any applicable bankruptcy, insolvency or other similar law or otherwise, or by any other means, in excess of its Pro Rata Share
of such payment as provided for in this Agreement, such Lender shall promptly purchase from the other Lenders a Participation Interest in such Advances and other obligations in such amounts, and make such other adjustments from time to time, as
shall be equitable to the end that all Lenders share such payment in accordance with their respective ratable shares as provided for in this Agreement. The Lenders further agree among themselves that if payment to a Lender obtained by such Lender
through the exercise of a right of set-off, banker’s lien, counterclaim or other event as aforesaid shall be rescinded or must otherwise be restored, each Lender which shall have shared the benefit of such payment shall, by repurchase of a
Participation Interest theretofore sold, return its share of that benefit (together with its share of any accrued interest payable with respect thereto) to each Lender whose payment shall have been rescinded or otherwise restored. The Borrower
agrees that any Lender so purchasing such a Participation Interest may, to the fullest extent permitted by law, exercise all rights of payment, including set-off, banker’s lien or counterclaim, with respect to such Participation Interest as
fully as if such Lender were a holder of such Advance or other obligation in the amount of such Participation Interest. Except as otherwise expressly provided in this Agreement, if any Lender or the Administrative Agent shall fail to remit to the
Administrative Agent or any other Lender an amount payable by such Lender or the Administrative Agent to the Administrative Agent or such other Lender pursuant to this Agreement on the date when such amount is due, such payments shall be made
together with interest thereon for each date from the date such amount is due until the date such amount is paid 

  

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to the Administrative Agent or such other Lender at a rate per annum equal to the Federal Funds Rate. If under any applicable bankruptcy, insolvency or other
similar law, any Lender receives a secured claim in lieu of a set-off to which this Section 2.22 applies, such Lender shall, to the extent practicable, exercise its rights in respect of such secured claim in a manner consistent with the rights
of the Lenders under this Section 2.22 to share in the benefits of any recovery on such secured claim. 
 Section 2.23
Substitution of Lenders. Upon the receipt by the Borrower from any Lender (an “Affected Lender”) of a claim under Sections 2.16, 2.17 or notice of illegality under Section 2.18 or if any Lender (a
“Defaulting Lender”) defaults in its obligation to fund Advances hereunder, the Borrower may: (a) request one or more of the other Lenders to acquire and assume all or part of the Advances and Commitment of such Affected
Lender or Defaulting Lender, as applicable; or (b) replace such Affected Lender or Defaulting Lender, as applicable, by designating an Eligible Assignee that is willing to acquire such Advances and assume such Commitment; provided that
(i) such replacement does not conflict with any requirement of law, (ii) no Event of Default shall have occurred and be continuing at the time of such replacement, (iii) the Borrower shall repay (or the replacement Lender shall
purchase, at par) all Advances, accrued interest, fees and other amounts owing to such replaced Lender prior to the date of replacement, (iv) the Borrower shall be liable to such replaced Lender under Section 2.13 if any Eurodollar Rate
Advance owing to such replaced Lender shall be prepaid (or purchased) other than on the last day of the Interest Period relating thereto, (v) the replaced Lender shall be obligated to make such replacement in accordance with the provisions of
Section 7.05 (provided that the Borrower or replacement Lender shall be obligated to pay the registration and processing fee) and (vi) the Borrower shall pay all additional amounts (if any) required pursuant to Sections 2.16 or
2.17, as the case may be, to the extent such additional amounts were incurred on or prior to the consummation of such replacement. 
 ARTICLE III 
 CONDITIONS TO EXTENSIONS OF CREDIT 
 Section 3.01 Conditions Precedent to Initial Extension of Credit. The obligation of the Lenders to make Advances on the occasion of
the initial Borrowing, of the Swing Line Bank to make the initial Swing Line Advance and of any LC issuing Bank to issue the first Letter of Credit is subject to the condition that, on or prior to the date of such first Extension of Credit, the
Administrative Agent shall have received the following, each dated as of the same date (unless otherwise indicated), and each in form and substance reasonably satisfactory to the Administrative Agent: 
 (a) this Agreement, duly executed by the Borrower, each of the Lenders and the Administrative Agent and acknowledged by the Parent; 
 (b) if requested by any Lender, a Note, payable to such Lender, duly completed and executed by the Borrower; 
 (c) all documents that the Administrative Agent and the Lenders may reasonably request relating to the existence of the Borrower and the Parent, the
corporate authority for and 

  

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the validity of this Agreement and the other Loan Documents and any other matters relevant hereto, all in form and substance reasonably satisfactory to the
Administrative Agent and the Lenders, including without limitation a certificate of incumbency of each of the Borrower and the Parent, signed by the Secretary or an Assistant Secretary of the Borrower and the Parent, certifying as to the names, true
signatures and incumbency of the officer or officers authorized to execute and deliver the Loan Documents to which each is a party and certified copies of the following items: (i) the Support Agreement, the Financial Services Agreement and all
notes and other instruments evidencing indebtedness under the Financial Services Agreement, (ii) the Borrower’s and the Parent’s Articles of Incorporation, (iii) the Borrower’s and the Parent’s Bylaws,
(iv) certificates of the Secretary of State of Delaware as to the existence of the Borrower and the Parent as Delaware corporations, (v) the actions taken by the board of directors of the Borrower and the Parent authorizing the
Borrower’s and the Parent’s execution, delivery and performance of this Agreement and the other Loan Documents to which each is a party, and (vi) all governmental approvals (if any) required in connection with the execution, delivery
and performance of the Loan Documents by the Borrower and the Parent; 
 (d) an opinion of George Patrick, General Counsel to the Borrower
and the Parent, substantially in the form of Exhibit F hereto; 
 (e) an opinion of King & Spalding LLP, counsel for the
Administrative Agent, in the form of Exhibit G hereto; 
 (f) payment of all fees required to be received in connection with this Agreement
on or prior to the date of such first Extension of Credit; and 
 (g) such other documents, approvals, and opinions as may be mutually agreed
by the Borrower and the Administrative Agent. 
 Section 3.02 Conditions to All Extensions of Credit. The obligation of
the Lenders to make Advances on the occasion of each Borrowing, of the Swing Line Bank to make each Swing Line Advance and of each LC Issuing Bank to issue, extend or increase the stated amount of Letters of Credit, including the first Extension of
Credit, is subject to the satisfaction of the following conditions (provided that a Conversion shall not constitute a “Borrowing” or “Extension of Credit” for the purposes of this Section): 
 (a) the Administrative Agent shall have received a Notice of Borrowing, Notice of Swing Line Borrowing or Request for Issuance, as applicable; 

(b) all representations and warranties of the Borrower contained in Article IV of this Agreement (other than the representations and warranties set
forth in Sections 4.04 and Section 4.05(b)) shall be true in all material respects as if made on and as of the date of such Extension of Credit (other than with respect to any representation and warranty that expressly relates to an earlier
date, in which case such representation and warranty shall be true and correct in all material respects as of such earlier date); 
 (c)
immediately prior to and immediately after such Extension of Credit, no Default or Event of Default under this Agreement shall have occurred and be continuing; and 
  

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 (d) immediately after such Extension of Credit, the Outstanding Credits will not exceed the aggregate
Commitment. 
 The making of each Extension of Credit shall be deemed to be a representation and warranty by the Borrower on the date of such Extension of
Credit that the conditions specified in subsections (b), (c) and (d) above have been satisfied. 
 ARTICLE IV 
 REPRESENTATIONS AND WARRANTIES 
 The
Borrower represents and warrants that: 
 Section 4.01 Corporate Existence and Status. Each of the Borrower, the Parent and
each Subsidiary of the Parent has been duly organized, is validly existing and in good standing under the laws of the jurisdiction of its incorporation or formation, as the case may be, and is duly qualified to transact business in every
jurisdiction where, by the nature of its business, such qualification is necessary, except where the failure to be so qualified is not likely to result in a Material Adverse Change. Each of the Borrower, the Parent and each Subsidiary of the Parent
has all corporate power and authority to own or lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted. 
 Section 4.02 Corporate Power and Authority; Enforceability. The execution, delivery and performance by the Borrower and the Parent of this Agreement and the other Loan Documents to which the
Borrower or the Parent is a party (i) are within the Borrower’s and the Parent’s respective corporate powers and (ii) have been duly authorized by all necessary corporate action. This Agreement and the other Loan Documents to
which the Borrower or the Parent is a party constitute valid and binding agreements of the Borrower and the Parent, as the case may be, enforceable in accordance with their respective terms, and the Notes, if and when executed and delivered in
accordance with this Agreement, will constitute valid and binding obligations of the Borrower, enforceable in accordance with their respective terms, except, in each case, as the enforceability hereof and thereof may be affected by bankruptcy,
insolvency, reorganization, moratorium or similar laws applicable to creditors’ rights or the collection of debtors’ obligations generally and equitable principles of general applicability. 
 Section 4.03 Non-Contravention. The execution, delivery and performance by the Borrower and the Parent of this Agreement and the other
Loan Documents to which the Borrower or the Parent is a party (i) do not contravene or constitute a default under any provision of the articles of incorporation or by-laws (or other analogous formation documents) of the Borrower or the Parent,
or of any material contract, agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or the Parent, (ii) do not contravene or violate any law, rule or regulation applicable to the Borrower or the Parent, and
(iii) do not result in the creation or imposition of any Lien on any asset of the Borrower, the Parent or any Subsidiary of the Parent (other than Liens, if any, created under the Loan Documents). 
 Section 4.04 Litigation. There are no pending or, to the knowledge of the Borrower, threatened actions or proceedings (including,
without limitation, any Environmental Proceedings) affecting the Borrower, the Parent or any Subsidiary of the Parent before any court, governmental agency or arbitrator, that, individually or in the aggregate, are likely to result in a Material
Adverse Change. 
  

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 Section 4.05 Financial Information. 
 (a) The consolidated balance sheet of the Parent and its Subsidiaries, as of December 31, 2005, and the related statements of income and cash flows
for the Fiscal Year then ended, reported on by independent public accountants of nationally recognized standing (copies of which have been delivered to the Lenders), fairly present, in conformity with GAAP, the consolidated financial position of the
Parent and its Subsidiaries, as of such date, and of their results of operations and cash flows for such period stated. 
 (b) Since
December 31, 2005, there has been no Material Adverse Change. 
 Section 4.06 Approvals. Each of the Borrower, the
Parent and each Subsidiary of the Parent has all governmental licenses, authorizations, consents and approvals required to carry on its business as now conducted, except where such failure to have such licenses, authorizations, consents or approvals
is not likely to result in a Material Adverse Change. The execution, delivery and performance by the Borrower and the Parent of this Agreement and the other Loan Documents to which the Borrower or the Parent is a party require no action by or in
respect of, or filing with, any governmental body, agency or official or any other Person. 
 Section 4.07 Use of
Proceeds. The proceeds of the Advances and the Letters of Credit will be used by the Borrower for working capital and other general corporate purposes of the Parent and its subsidiaries, including the Operating Utilities, including, without
limitation, backstopping commercial paper and financing acquisitions (but not an acquisition of a Person that has not been approved by the board of directors (or comparable governing body) of the Person to be acquired). 
 Section 4.08 Investment Company Act; Margin Regulations. Each of Parent and the Borrower is either not an “investment
company” under the Investment Company Act of 1940 (the “Act”) or exempt from all provisions of the Act. Neither the Borrower, the Parent nor any Subsidiary of the Parent will apply the proceeds of any of the Advances,
directly or indirectly, for the purpose, either immediate, incidental or ultimate, of purchasing or carrying any Margin Stock, except in compliance with Section 5.02(f). 
 Section 4.09 Compliance with Laws. Each of the Borrower, the Parent and each Subsidiary of the Parent is in compliance with all
applicable laws, regulations and similar requirements of governmental authorities (including, without limitation, all Environmental Requirements), except where the failure to be in compliance is not likely to result in a Material Adverse Change.

 Section 4.10 Compliance with ERISA. 
 (a) Except as is not likely to result in a Material Adverse Change, the Borrower, the Parent, each Significant Subsidiary of the Parent and each member of the Controlled Group of the foregoing have fulfilled their
obligations under the minimum funding standards of ERISA and the Code with respect to each Plan and are in compliance in all material respects with the 

  

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presently applicable provisions of ERISA and the Code and have not incurred any liability to the PBGC (other than for current premiums, which have been paid
when due) or a Plan under Title IV of ERISA (other than liabilities for benefits and administration and operational expenses incurred in the ordinary course of Plan operations). No Plan and, to the best of Borrower’s knowledge, no
Multi-employer Plan, to which the Borrower, the Parent, any Significant Subsidiary of the Parent and/or each member of the Controlled Group of the foregoing contributes or has contributed, has an “accumulated funding deficiency” as defined
in ERISA Section 302, using interest rates and other actuarial assumptions that would be applied should the Plan or such Multi-employer Plan, as applicable, terminate, the total of which accumulated funding deficiency for all such Plans and
Multi-employer Plans is in the aggregate more than $15,000,000. 
 (b) All contributions (if any) that the Borrower, the Parent, any
Significant Subsidiary of the Parent or any member of the Controlled Group of the foregoing have been required to make to a Multi-employer Plan have been duly and timely made and neither Borrower, Parent, or any Significant Subsidiary of the Parent
or any member of the Controlled Group of the foregoing has incurred any material liability with respect to any Multi-employer Plan other than to make contributions as and when due. Neither the Borrower, the Parent, any Significant Subsidiary of the
Parent nor any member of the Controlled Group of the foregoing has incurred any Withdrawal Liability that has not been fully paid. 
 Section 4.11 Environmental Matters. 
 (a) Neither the Borrower, the Parent nor any Subsidiary of the Parent is
subject to any Environmental Liability that, individually or in the aggregate, is likely to result in a Material Adverse Change, and neither the Borrower, the Parent nor any Subsidiary of the Parent has been designated as a potentially responsible
party under CERCLA or under any state statute similar to CERCLA with respect to any matter or matters which, individually or in the aggregate, are likely to result in a Material Adverse Change. None of the Properties of the Borrower, the Parent or
any Subsidiary of the Parent has been identified on any former, current or proposed (i) National Priorities List under 40 C.F.R. §300, (ii) CERCLIS list or (iii) any list arising from a state statute similar to CERCLA relating to
any matter or matters which, individually or in the aggregate, is likely to result in a Material Adverse Change. 
 (b) No Hazardous
Materials have been or are being used, produced, manufactured, processed, generated, stored, disposed of, managed or treated at, or shipped or transported to or from the Properties of the Borrower, the Parent or any Subsidiary of the Parent or are
otherwise present at, on, in or under such Properties except for Hazardous Materials used, produced, manufactured, processed, generated, stored, disposed of and managed in the ordinary course of business in material compliance with all applicable
Environmental Requirements and except as, individually or in the aggregate, is not likely to result in a Material Adverse Change. 
 (c)
Neither the Borrower, the Parent nor any Subsidiary of the Parent has received any Environmental Notice regarding any of its respective Properties which is likely to result in a Material Adverse Change. 
  

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 Section 4.12 Taxes. There have been filed on behalf of the Borrower, the Parent and
each Subsidiary of the Parent all United States and Canadian federal, state, provincial and local income, excise, property and other material tax returns that are required to be filed by the Borrower, the Parent and such Subsidiary of the Parent,
and all taxes shown to be due pursuant to such returns or pursuant to any assessment received by or on behalf of the Borrower, the Parent and such Subsidiary of the Parent have been, or within the times required by law will be, paid except
(i) where the amount or validity thereof currently is being contested in good faith by appropriate proceedings and reserves in conformity with GAAP with respect thereto have been provided on the books of the Borrower, the Parent or such
Subsidiary of the Parent, as the case may be, or (ii) where failure to file or nonpayment is not likely to result in a Material Adverse Change. 
 Section 4.13 No Defaults. Neither the Borrower, the Parent nor any Subsidiary of the Parent is in default under or with respect to any material agreement, instrument or undertaking (other than in
respect of Debt) to which it is a party, or by which it or any of its properties is bound which is likely to result in a Material Adverse Change. No Default or Event of Default has occurred and is continuing. 
 Section 4.14 Ownership of Borrower and Operating Utilities. All of the outstanding shares of Common Stock of the Borrower, the Parent
and the Subsidiaries of the Parent have been duly authorized and validly issued, are fully paid and non-assessable. The Parent owns directly or indirectly (i) 100% of the Common Stock of the Borrower and (ii) at least 95% of the Common
Stock of each Operating Utility, minus any such Common Stock disposed of in a transaction permitted under Section 5.02(j), in each case, free and clear of any Lien other than Liens permitted by Section 5.02(a). 
 Section 4.15 Ownership of Properties and Assets. Each of the Borrower, the Parent and each Significant Subsidiary of the Parent has
title to its properties and assets sufficient for the conduct of its respective business, and none of such properties or assets is subject to any Lien except as permitted in Section 5.02(a) or as created by this Agreement. 
 Section 4.16 Full Disclosure. All written information (other than projections) heretofore furnished by the Borrower and the Parent to
the Administrative Agent and the Lenders for purposes of or in connection with this Agreement and the Loan Documents or any transaction contemplated hereby or thereby is, and all such information hereafter furnished by the Borrower and the Parent to
the Administrative Agent, and the Lenders will be, as of the date furnished, for the purposes for which such information is given and read together with all other previously provided information, does not or will not contain any untrue statement of
a material fact or omit to state a material fact necessary in order to make the statements contained therein not materially misleading in light of the circumstances under which such statements are made and, in the case of projections, have been or
will be based on estimates and assumptions believed by the Borrower and the Parent to be reasonable on the date as of which such information is stated or certified. 
  

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 ARTICLE V 
 COVENANTS 
 Section 5.01 Affirmative Covenants. So long as any
Advance shall remain unpaid, any Letter of Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower agrees as follows: 
 (a) Parent Financial Reporting. The Borrower will cause the Parent to deliver to the Administrative Agent and the Lenders: 
  

	 	(i)	as soon as available and in any event within 90 days after the end of each Fiscal Year, a consolidated balance sheet of the Parent and its Subsidiaries as of the end of such Fiscal
Year and the related consolidated statements of income and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year (for purposes hereof, delivery of the Parent’s appropriately
completed Annual Report on Form 10-K (which shall be deemed to be delivered when posted on the SEC’s website at www.sec.gov or any replacement website if the Administrative Agent shall have received notice thereof no later than five Business
Days following such posting) will be sufficient in lieu of delivery of such consolidated financial statements), all reported on by independent public accountants of nationally recognized standing, with such report to be free of “going
concern” or similar exceptions and qualifications and free of any exception or qualification as to the scope of the audit; 

  

	 	(ii)	as soon as available and in any event within 60 days after the end of each Fiscal Quarter, a consolidated balance sheet of the Parent and its Subsidiaries as of the end of such
Fiscal Quarter and the related consolidated statement of income and cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ended at the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the
corresponding Fiscal Quarter and the corresponding portion of the previous Fiscal Year (for purposes hereof, delivery of the Parent’s appropriately completed Quarterly Report on Form 10-Q (which shall be deemed to be delivered when posted on
the SEC’s website at www.sec.gov or any replacement website if the Administrative Agent shall have received notice thereof no later than five Business Days following such posting) will be sufficient in lieu of delivery of such consolidated
financial statements), all certified (subject to normal year-end adjustments and the absence of footnotes) as to fairness of presentation in accordance with GAAP and consistency by a Financial Officer of the Parent; and 

  

	 	(iii)	no later than five Business Days following the delivery of each set of financial statements referred to in subsections (a)(i) and (a)(ii) of this Section 5.01, a certificate of
a Financial Officer of the Parent demonstrating and certifying compliance with the financial covenant set forth in Section 5.01 (i). 

  

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 (b) Borrower Financial Reporting. The Borrower will deliver to the Administrative Agent and the
Lenders: 
  

	 	(i)	as soon as available and in any event within 90 days after the end of each Fiscal Year, a consolidated balance sheet of the Borrower as of the end of such Fiscal Year and the
related consolidated statements of income and cash flows for such Fiscal Year, setting forth in each case in comparative form the figures for the previous Fiscal Year, all certified as to fairness of presentation in accordance with GAAP and
consistency by a Financial Officer of the Borrower; 

  

	 	(ii)	as soon as available and in any event within 60 days after the end of each Fiscal Quarter, a consolidated balance sheet of the Borrower as of the end of such Fiscal Quarter and the
related consolidated statement of income and cash flows for such Fiscal Quarter and for the portion of the Fiscal Year ended at the end of such Fiscal Quarter, setting forth in each case in comparative form the figures for the corresponding Fiscal
Quarter and the corresponding portion of the previous Fiscal Year, all certified (subject to normal year-end adjustments and the absence of footnotes) as to fairness of presentation in accordance with GAAP and consistency by a Financial Officer of
the Borrower; and 

  

	 	(iii)	simultaneously with the delivery of each set of financial statements referred to in subsections (b)(i) and (b)(ii) of this Section 5.01, a certificate of a Financial Officer of
the Borrower stating whether, to the knowledge of such Financial Officer, any Default or Event of Default exists on the date of such certificate and, if any Default or Event of Default then exists, setting forth the details thereof and the action
which the Borrower or the Parent, as applicable, is taking or proposes to take with respect thereto. 

 (c) Other Reporting
Requirements. The Borrower will, and will cause the Parent to, deliver to the Administrative Agent and the Lenders: 
  

	 	(i)	within five Business Days after a Responsible Officer of the Borrower or the Parent becomes aware of the occurrence of any Default or Event of Default, a certificate of a Financial
Officer of the Borrower or the Parent, as applicable, setting forth the details thereof and the action which the Borrower or the Parent, as applicable, is taking or proposes to take with respect thereto; 

  

	 	(ii)	 as soon as possible, and in any event within 30 days after, (i) the Borrower, the Parent or any Subsidiary of the Parent has been served with legal process in
litigation of such a nature that is likely to result in a Material Adverse Change, or (ii) the Borrower, the Parent or any 

  

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Subsidiary of the Parent becomes aware of any pending, threatened or anticipated proceeding by or before any federal, state or local governmental
instrumentality, body or agency that the Borrower has determined is likely to result in a Material Adverse Change, notice of such litigation or proceeding, describing the factual basis alleged to underlie such litigation or proceeding and a brief
statement of the proposed actions of the Borrower or the Parent, as applicable, in connection therewith; 

  

	 	(iii)	at any time after an Initial Public Offering, within five Business Days after the filing thereof, copies of all material reports (other than reports referred to in
Section 5.01(a)(i) and (ii)) which the Borrower, the Parent or any Subsidiary of the Parent files with the SEC or any national securities exchange; 

  

	 	(iv)	if and when the Borrower, the Parent or any Significant Subsidiary of the Parent or any member of a Controlled Group of the foregoing (i) gives or is required to give notice to
the PBGC of any “reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan
has given or is required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC, (ii) receives notice of Withdrawal Liability under Title IV of ERISA, a copy of such
notice or (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate or appoint a trustee to administer any Plan, a copy of such notice; 

  

	 	(v)	simultaneously with the delivery of the certificate referred to in Section 5.01(a)(iii), if any Subsidiary has become or ceased to be a Significant Subsidiary, a revised
Schedule II disclosing the Significant Subsidiaries as of the date of such certificate; 

  

	 	(vi)	prompt notice of any change in Significant Subsidiaries as a result of any acquisition or disposition; 

  

	 	(vii)	prompt notice of any proposed waiver, amendment, supplement or other modification of any term or condition of the Support Agreement; and 

  

	 	(viii)	from time to time such additional information regarding the business, condition (financial or otherwise), results of operations or prospects of the Borrower, the Parent or the
Subsidiaries of the Parent as the Administrative Agent and the Lenders may reasonably request. 

 (d) Compliance with Laws
and Contractual Obligations. 
  

	 	(i)	The Borrower will, and will cause the Parent and the Subsidiaries of the Parent to, comply with the requirements of all applicable laws (including, without limitation, ERISA and
Environmental Requirements), rules, regulations and orders, the failure to comply with which is likely to result in a Material Adverse Change. 

  

 43 

	 	(ii)	The Borrower will, and will cause the Parent and the Subsidiaries of the Parent to, will comply with the requirements of all material contractual obligations (other than Debt),
except (A) where the necessity of such compliance currently is being contested in good faith by appropriate proceedings and reserves in conformity with, and to the extent required by, GAAP with respect thereto have been provided on the books of
the Borrower, the Parent or any Subsidiary of the Parent, as the case may be, or (B) where the failure to so comply is likely to result in a Material Adverse Change. 

 (e) Payment of Taxes. The Borrower will, and will cause the Parent and each Significant Subsidiary of the Parent to, pay promptly when due all
taxes, assessments, governmental charges, claims for labor, supplies, rent and other obligations (other than Debt) which, if unpaid, might become a Lien against the Properties of the Borrower, the Parent or such Significant Subsidiary, except
(i) liabilities that are currently being contested in good faith by appropriate proceedings and reserves in conformity with, and to the extent required by, GAAP with respect thereto have been provided on the books of the Borrower, the Parent or
such Significant Subsidiary, as the case may be, or (ii) where nonpayment is not likely to result in a Material Adverse Change. 
 (f)
Maintenance of Insurance. The Borrower will, and will cause the Parent and each Significant Subsidiary of the Parent to, maintain with financially sound and reputable insurance companies, insurance on its Properties in at least such amounts
and against at least such risks as are usually insured against in the same general area by companies of established repute engaged in the same or similar business as the Borrower, the Parent or such Significant Subsidiary of the Parent, as the case
may be. 
 (g) Maintenance of Properties; Inspection of Property, Books and Records. 
  

	 	(i)	The Borrower will, and will cause the Parent and the Subsidiaries of the Parent to, maintain all of its Properties and assets in good condition, repair and working order, ordinary
wear and tear excepted, in accordance with standards observed by companies of established repute engaged in the same or similar business and similarly situated as the Borrower, the Parent or such Subsidiaries of the Parent, as the case may be,
except where the failure to so maintain its respective Properties and assets could not reasonably be expected to result in a Material Adverse Change. 

  

	 	(ii)	 The Borrower will, and will cause the Parent and each Significant Subsidiary of the Parent to, (A) keep proper books of record and account in which full, true
and correct entries in conformity with GAAP shall be made of all dealings and transactions in relation to its respective business and activities and (B) permit representatives of the Administrative Agent or any Lender through the Administrative
Agent to visit and inspect any of 

  

 44 

	 	 
its Properties at reasonable business hours upon reasonable notice, to examine and make abstracts from any of its books and records and to discuss its
affairs, finances and accounts with its respective officers, employees and independent public accountants. 

 (h)
Maintenance of Existence. The Borrower will, and will cause the Parent and each Significant Subsidiary of the Parent to, maintain its corporate existence and carry on its business in substantially the same manner and in substantially the same
fields as such business is now carried on and maintained, except (i) if permitted under Section 5.02(b) below or (ii) where the failure to so maintain its existence or carry on its business is not likely to result in a Material
Adverse Change. 
 (i) Debt Capitalization. The Borrower will cause the Parent to maintain at the end of each Fiscal Quarter a ratio
of Consolidated Total Debt to Consolidated Total Capitalization of not more than 0.70 to 1.0; provided that for the purposes of the calculation of this ratio, any non-cash effects reflected in the financial statements of the Parent resulting
from the proposed Statement of Financial Accounting Standards dated March 31, 2006, Employers’ Accounting for Defined Benefit Pension and Other Post Retirement Plans — an amendment of FASB Statements No. 87, 88, 106 and 132(r)
(as the same maybe amended or modified) will be excluded. 
 (j) RWE Obligations. The Borrower will terminate and repay all
obligations owed pursuant to the $550 million revolving credit facility between RWE and the Borrower on or prior to the earlier to occur of (i) 30 days following the issuance of any commercial paper by the Parent or any of its Subsidiaries and
(ii) June 30,2007. 
 Section 5.02 Negative Covenants. So long as any Advance shall remain unpaid, any Letter of
Credit shall remain outstanding or any Lender shall have any Commitment hereunder, the Borrower agrees as follows: 
 (a) Restrictions on
Liens. The Borrower shall not, and shall not cause or permit the Parent or any Significant Subsidiary of the Parent to, incur any Debt secured by any Lien, or suffer to exist any Lien, upon or with respect to their respective Properties or
assets (including, without limitation, their capital stock), except: 
  

	 	(i)	Liens existing, or created pursuant to the terms of agreements existing, on the date hereof; 

  

	 	(ii)	 Liens consisting of (A) pledges or deposits in the ordinary course of business to secure obligations under workmen’s compensation laws or similar
legislation, (B) deposits in the ordinary course of business to secure or in lieu of surety, appeal or customs bonds to which the Borrower, the Parent or a Significant Subsidiary of the Parent is a party, (C) Liens created by or resulting
from any litigation or legal proceeding which is currently being contested in good faith by appropriate proceedings diligently conducted, (D) pledges or deposits in the ordinary course of business to secure performance in connection with bids,
tenders or contracts (other than contracts for the payment of money) or (E) 

  

 45 

	 	 
materialmen’s, mechanics’, carriers’, workmen’s, repairmen’s or other like Liens incurred in the ordinary course of business for
sums not yet due or currently being contested in good faith by appropriate proceedings diligently conducted; 

  

	 	(iii)	Liens created to secure tax-exempt Debt, in connection with the financing or refinancing of the purchase, lease or construction of Properties or other assets;

  

	 	(iv)	Any Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into, or such asset is acquired by, the Borrower, the Parent or a Significant
Subsidiary of the Parent and not created in contemplation of such event; 

  

	 	(v)	Liens created to secure sales of accounts receivable and other receivables; 

  

	 	(vi)	Licenses of intellectual property granted by the Borrower, the Parent or a Significant Subsidiary of the Parent in the ordinary course of business and not interfering in any
material respect with the ordinary conduct of business; 

  

	 	(vii)	Liens of landlords arising under real property leases to the extent such Liens arise in the ordinary course of business and do not secure any past due obligation for the payment of
money; 

  

	 	(viii)	Any interest or title of a lessor or sublessor under any lease permitted by this Agreement; 

  

	 	(ix)	Liens, securing indebtedness which has neither been assumed by the Borrower, the Parent or a Significant Subsidiary nor upon which it customarily pays interest charges, existing
upon real property, or rights in or relating thereto, which real property or rights were acquired for right-of-way purposes; 

  

	 	(x)	Zoning laws and ordinances; 

  

	 	(xi)	Capitalized Leases; 

  

	 	(xii)	Easements, rights-of-way, restrictions, conditions and other similar encumbrances, minor defects or irregularities of title, and alleys, streets and highways, which in the aggregate
do not materially impair the usefulness of the mortgaged property in the present business of the Borrower, the Parent or Significant Subsidiary; 

  

	 	(xiii)	Leases of the Properties of the Borrower, Parent or a Significant Subsidiary of the Parent, in each case entered into in the ordinary course of business and that do not,
individually or in the aggregate, (A) interfere in any material respect with the ordinary course of business or (B) materially impair the value of the property subject thereto; 

  

 46 

	 	(xiv)	Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Borrower, Parent or a Significant Subsidiary of
the Parent in the ordinary course of business in accordance with the past practices of the Borrower, Parent or such Significant Subsidiary of the Parent; 

  

	 	(xv)	Bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and cash equivalents on deposit in one or more accounts maintained by the
Borrower, Parent or any Significant Subsidiary of the Parent, in each case granted in the ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash
management and operating account arrangements, including those involving pooled accounts and netting arrangements; provided that, unless such Liens are non-consensual and arise by operation of law, in no case shall any such Liens secure
(either directly or indirectly) the repayment of any Debt; 

  

	 	(xvi)	Liens for taxes, assessments or governmental charges or levies not yet delinquent and which may subsequently be paid without interest or penalties and Liens for taxes, assessments
or governmental charges or levies which are being contested in good faith by appropriate proceedings for which reserves have been established to the extent required by GAAP; 

  

	 	(xvii)	Any Lien (not otherwise permitted hereunder) on any asset of the Borrower or Parent securing Debt not exceeding in the aggregate $10,000,000 outstanding at any time;

  

	 	(xviii)	Any Lien (not otherwise permitted hereunder) on any asset of any Significant Subsidiary securing Debt not exceeding in the aggregate $100,000,000 outstanding at any time;

  

	 	(xix)	Liens created for the sole purpose of refinancing, extending, renewing or replacing in whole or in part Debt or other obligations secured by any Lien, mortgage or security interest
referred to in the foregoing subsections (i) through (x); provided, however, that the principal amount of Debt or obligations secured thereby shall not exceed the principal amount of Debt or obligations so secured at the time of such
extension, renewal or replacement and that such extension, renewal or replacement, as the case may be, shall be limited to all or a part of the Property or assets that secured the Lien or mortgage so extended, renewed or replaced (and any
improvements on such Property or assets); and 

  

	 	(xx)	Liens created under this Agreement. 

  

 47 

 (b) Consolidations; Mergers; Etc. The Borrower, the Parent and the Significant Subsidiaries of the
Parent shall not consolidate or merge with or into, or sell, lease or otherwise transfer all or substantially all of the assets of Parent and its Subsidiaries, taken as a whole, to any other Person, provided that (i) the Parent may merge
with another Person if (A) the Parent is the Person surviving such merger and (B) immediately after giving effect to such merger, no Default or Event of Default shall have occurred and be continuing and (ii) any Subsidiary may merge
with, or sell or otherwise transfer all or a significant portion of its assets to, the Parent or any other Subsidiary of the Parent, if immediately after giving effect to such merger, sale or transfer, no Default or Event of Default shall have
occurred and be continuing. 
 (c) Dividends and Distributions. The Borrower shall not declare or pay any dividends upon any of its
Common Stock, or purchase, redeem, retire or otherwise acquire, directly or indirectly, any shares of its Common Stock, or make any distribution of cash, property or assets among the holder of shares of its Common Stock, or make any change in its
capital structure, if an Event of Default has occurred and is continuing, or would occur, either before or after giving effect to any of the foregoing. 
 (d) Loans or Advances; Investments. The Borrower shall not make loans or advances to, or Investments in, any Person, except for (i) Permitted Investments and (ii) Investments in the form of Permitted
Swap Agreements and (iii) so long as no Event of Default has occurred and is continuing, loans or advances to, or Investments in, Parent and its subsidiaries, including the Operating Utilities pursuant to the terms of a Financial Services
Agreement. 
 (e) Transactions with Affiliates. Neither the Borrower, the Parent nor any Subsidiary of the Parent shall enter into any
transaction with any of its Affiliates (other than Parent or Subsidiaries of the Parent provided that the Parent owns directly or indirectly at least 95% of the Common Stock of such Subsidiary), unless such transaction is on terms not
materially less favorable to the Borrower, the Parent or any such Subsidiary than if the transaction had been negotiated in good faith on an arm’s length basis with a non-Affiliate, provided that the foregoing shall not restrict
(i) director, officer and employee compensation (including bonuses) and other benefits (including retirement, health, stock option and other benefit plans) and indemnification arrangements entered into in the ordinary course of business,
(ii) transactions pursuant to the $550 million revolving credit facility between RWE and the Borrower, (iii) transactions pursuant to the Support Agreement and (iv) transactions and arrangements in connection with any Initial Public
Offering or subsequent disposition by RWE or any of its Affiliates of Common Stock of Parent or of any Person that owns 100% of the Common Stock of Parent (including with respect to allocations of assets and liabilities, transition services and
other separation matters, indemnification, registration rights and expense reimbursement) that are (A) customary in similar transactions and approved by the board of directors of Parent or (B) reasonably acceptable to the Administrative
Agent. 
 (f) Use of Proceeds. The Borrower shall not use any portion of the proceeds of any Advance (i) directly or indirectly,
for any purpose that entails a violation of the Regulations of the Board, including the Margin Regulations, or (ii) for any purpose in violation of any other applicable law, rule or regulation. The proceeds of the Advances will be used solely
for the purposes specified in Section 4.07. 
  

 48 

 (g) Support Agreement. Subject to Section 7.04(viii), the Borrower shall not, and shall not
cause or permit the Parent to: (i) cancel or terminate the Support Agreement or (ii) amend or otherwise modify the terms of the Support Agreement, except for amendments and modifications that do not adversely affect the rights of the
Lenders hereunder, in each case, without the prior written consent of the Lenders. 
 (h) Debt. The Borrower shall not cause or permit
the Parent to incur Funded Debt in excess of $150,000,000 at any one time outstanding, other than (i) Debt owed to the Borrower or any other Subsidiary of the Parent, (ii) Debt under this Agreement and (iii) Debt outstanding on the
date hereof and listed on Schedule 5.02(h), and refinancings, extensions, renewals or replacements thereof. 
 (i) Change in Nature of
Business. The Borrower shall not engage in any business, operations or activities (whether directly, through a joint venture, in connection with a permitted acquisition or otherwise) other than financing activities for and on behalf of the
Parent and the other Subsidiaries of the Parent. 
 (j) Asset Sales. The Borrower shall not, and shall not cause or permit the Parent
or any Subsidiary of the Parent to, sell, lease, transfer or otherwise dispose of any assets, or grant any option or other right to purchase, lease or otherwise acquire any assets to any Person that is not a Subsidiary of the Parent that is at least
95%-owned by the Parent, except (i) sales in the ordinary course of its business, (ii) sales, leases, transfers or dispositions of assets that in the aggregate (from the date hereof to and including the Termination Date) do not exceed
$1,000,000,000, (iii) sales, leases, transfers or dispositions of assets described in Schedule 5.02(j) and (iv) other sales, leases, transfers or dispositions of assets in exchange for cash in an amount at least equal to the fair market
value of such asset; provided that, in the case of this clause (iv) only, to the extent an amount equal to the Net Cash Proceeds thereof is not used within 365 days after receipt of such Net Cash Proceeds to acquire (or make capital
expenditures to finance the acquisition, repair, improvement or construction of), to the extent otherwise permitted hereunder, assets useful in the business of the Parent or any of its Subsidiaries, the amount not so used during such period shall
(x) to the extent the exception in clause (ii) above is available, be deemed to utilize such exception as of the last day of such 365-day period (such day being, with respect to such asset disposition, the “Mandatory Commitment
Reduction Date”) and (y) otherwise, be deemed to be the “Mandatory Commitment Reduction Amount” as of such Mandatory Commitment Reduction Date for purposes of Section 2.10(b). 
 ARTICLE VI 
 DEFAULTS 

Section 6.01 Events of Default. If one or more of the following events (“Events of Default”) shall have
occurred and be continuing: 
 (a) the Borrower shall fail to pay (i) any principal of any Advance on the date such payment is due, or
(ii) interest on any Advance or any fee or other amount payable hereunder, within three Business Days of the date such payment is due; or 
  

 49 

 (b) the Borrower shall fail to observe or perform (or shall fail to cause the Parent and its
Subsidiaries, as applicable, to observe or perform) any covenant or agreement contained in Section 5.01(c)(i), 5.0l(h), 5.01(i), 5.01(j) or 5.02; or 
 (c) the Borrower shall fail to observe or perform (or shall fail to cause the Parent and its Subsidiaries, as applicable to observe or perform) any covenant or agreement contained in this Agreement (other than those
covered by subsection (a) or (b) of this Section 6.01) for 30 days after written notice thereof has been given to the Borrower by the Administrative Agent or any Lender; or 
 (d) any representation, warranty, certification or statement made or deemed made by the Borrower in Article IV of this Agreement or by the Borrower or
the Parent under any other Loan Document or in any certificate, financial statement or other document delivered pursuant to this Agreement or any other Loan Document shall prove to have been incorrect in any material respect when made (or deemed
made); or 
 (e) the Borrower, the Parent or any Significant Subsidiary of the Parent shall fail to pay any principal of or premium or
interest on any Debt (excluding Debt evidenced by this Agreement but including, for purposes of this provision, obligations of the Parent under Section 4 of the Support Agreement) thereof in the aggregate in excess of (i) $10,000,000, in
the case of the Borrower, (ii) $25,000,000, in the case of the Parent or any Significant Subsidiary other than the Borrower or (iii) $50,000,000, in the aggregate, in the case of all of the Significant Subsidiaries of the Parent, when the
same becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise), and such failure shall continue after the applicable grace period, if any, specified in the agreement or instrument relating to
such Debt; or any other event shall occur or condition shall exist (other than, until no later than October 31, 2006, any Specified Default) under any agreement or instrument relating to any such Debt and shall continue after the applicable
grace period, if any, specified in such agreement or instrument, if the effect of such event or condition is to accelerate, or to permit the acceleration of, the maturity of such Debt; or any such Debt shall be declared to be due and payable, or
required to be prepaid (other than by a regularly scheduled required prepayment), prior to the stated maturity thereof; or 
 (f) the Parent
shall default in the performance or observance of any obligation or condition under Section 3 of the Support Agreement as of the last day of any Fiscal Year or Fiscal Quarter of the Borrower; provided, however, that any such default
shall not be an Event of Default unless the Borrower has tangible net worth (total assets less liabilities less intangible assets as of such last day), as determined for purposes of the Support Agreement and after giving effect to period-end
adjustments in accordance with GAAP, of less than negative $10,000; or 
 (g) the Borrower, the Parent or any Significant Subsidiary of the
Parent shall commence a voluntary case or other proceeding seeking liquidation, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the
appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to the appointment of or taking possession by any such official in an
involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of 
 creditors, or shall fail generally, or
shall admit in writing its inability, to pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing; or 
  

 50 

 (h) an involuntary case or other proceeding shall be commenced against the Borrower, the Parent or any
Significant Subsidiary of the Parent seeking liquidation, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any substantial part of its property and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 60 days; or an order for relief shall be
entered against the Borrower, the Parent or any such Significant Subsidiary under the federal bankruptcy laws as now or hereafter in effect; or 
 (i) one or more judgments or orders for the payment of money in an aggregate amount (to the extent not paid or insured) in excess of (i) $10,000,000, in the case of the Borrower, (ii) $25,000,000, in the case of the Parent or any
Significant Subsidiary other than the Borrower or (iii) $50,000,000, in the aggregate, in the case of all of the Significant Subsidiaries of the Parent, shall be rendered against the Borrower, the Parent or any such Significant Subsidiary, and
such judgments or orders shall continue unsatisfied and unstayed for a period of 30 days; or 
 (j) the Borrower, the Parent or any
Significant Subsidiary of the Parent, or any member of the Controlled Group of the foregoing shall fail to pay when due any amount, in excess of $15,000,000, which it shall have become liable to pay to the PBGC or to a Plan or Multi-employer Plan
under Title IV of ERISA; or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any such Plan or Multi-employer Plan or a proceeding shall be instituted by a fiduciary of any
such Plan or Multi-employer Plan to enforce Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within 30 days thereafter; or a condition shall exist by reason of which the PBGC would be entitled to obtain a
decree adjudicating that any such Plan or Multi-employer Plan must be terminated; or the Borrower, the Parent or any such Significant Subsidiary, or any member of the Controlled Group of the foregoing shall incur any Withdrawal Liability in the
aggregate in excess of $15,000,000, with respect to one or more Multi-employer Plans; or 
 (k) any material provision of the Support
Agreement shall become unenforceable, or any court or governmental or regulatory body having jurisdiction over the Parent, shall assert the unenforceability of any such provision in writing, or the Parent contests in any manner the validity or
enforceability of any such provision; or 
 (1) a Change of Control shall occur; or 
 (m) the Parent shall cease to own, directly or indirectly, 100% of the Common Stock of the Borrower; 
 then, and in every such event, the Administrative Agent, on behalf of the Lenders, may (or shall at the request of the Required Lenders) (i) by notice to the
Borrower terminate the Commitment and it shall thereupon terminate, and (ii) by notice to the Borrower declare the Advances 

  

 51 

 
(together with accrued interest thereon) and all other amounts payable hereunder and under the other Loan Documents to be, and the Advances (together with
all accrued interest thereon) and all other amounts payable hereunder and under the other Loan Documents shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby
waived by the Borrower; provided that if any Event of Default specified in subsection (g) or (h) of this Section 6.01 occurs with respect to the Borrower or the Parent, without any notice to the Borrower or any other act by the
Administrative Agent or any Lender, the Commitment shall thereupon automatically terminate and the Advances (together with accrued interest thereon) and all other amounts payable hereunder and under the other Loan Documents shall automatically
become immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby waived by the Borrower. 
 Section 6.02 Cash Collateral Account. Notwithstanding anything to the contrary contained herein, no notice given or declaration made by the Administrative Agent pursuant to Section 6.01 shall
affect the obligation of any LC Issuing Bank to make any payment under any Letter of Credit in accordance with the terms of such Letter of Credit; provided, however, that upon the occurrence and during the continuance of any Event of Default,
the Administrative Agent shall at the request, or may with the consent, of the Required Lenders, upon notice to the Borrower, require the Borrower to deposit with the Administrative Agent an amount in the cash collateral account (the
“Cash Collateral Account”) described below equal to the aggregate maximum amount available to be drawn under all Letters of Credit outstanding at such time. Such Cash Collateral Account shall at all times be free and clear of
all rights or claims of third parties. The Cash Collateral Account shall be maintained with the Administrative Agent in the name of, and under the sole dominion and control of, the Administrative Agent, and amounts deposited in the Cash Collateral
Account shall bear interest at a rate equal to the rate generally offered by the Administrative Agent for deposits equal to the amount deposited by the Borrower in the Cash Collateral Account, for a term to be determined by the Administrative Agent
in its sole discretion. The Borrower hereby grants to the Administrative Agent for the benefit of the Lenders and the LC Issuing Banks a Lien on, and hereby assigns to the Administrative Agent for the benefit of the Lenders and the LC Issuing Banks
all of its right, title and interest in, the Cash Collateral Account and all funds from time to time on deposit therein to secure its reimbursement obligations in respect of Letters of Credit. If any drawings then outstanding or thereafter made are
not reimbursed in full immediately upon demand or, in the case of subsequent drawings, upon being made, then, in any such event, the Administrative Agent may, and, upon the Borrower’s request, shall, apply the amounts then on deposit in the
Cash Collateral Account, in such priority as the Administrative Agent shall elect, toward the payment in full of any or all of the Borrower’s obligations hereunder as and when such obligations shall become due and payable. Upon the earlier to
occur of (a) payment in full, after the termination of the Letters of Credit, of all such obligations and (b) the date on which all Events of Default shall have been cured or waived, the Administrative Agent will repay and reassign to the
Borrower any cash then on deposit in the Cash Collateral Account, and the Lien of the Administrative Agent on the Cash Collateral Account and the funds therein shall automatically terminate. 
  

 52 

 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Notices. All notices, requests and other
communications to any party hereunder shall be in writing (including electronic transmission or similar writing) and shall be given to such party at its address, or telecopy number or other electronic transmission set forth, in the case of the
Borrower and the Parent, on the signature pages hereto, and, in the case of any other party, on Schedule I, or such other address or telecopy number as such party may hereafter specify for the purpose by notice to each other party. Each such notice,
request or other communication shall be effective (i) if given by telecopier, when such telecopy is transmitted to the telecopy number specified as provided in this Section and the appropriate confirmation is received, (ii) if given by
e-mail, when transmitted to the email address specified in this Section and a written confirmation of such communication is given by some other method specified in this Section is also given, (iii) if given by mail, 72 hours after such
communication is deposited in the mails with first class postage prepaid, addressed as aforesaid, or (iv) if given by any other means, when delivered at the address specified as provided in this Section; provided that Notices of
Borrowings to the Administrative Agent and Notices of Swing Line Borrowings to the Swing Line Bank under Article II shall not be effective until received. 
 Section 7.02 No Waivers. No failure or delay by the Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under any of the other Loan Documents shall operate as
a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of
any rights or remedies provided by law. 
 Section 7.03 Expenses: Documentary Taxes; Indemnification. 
 (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses of the Administrative Agent (including reasonable fees and disbursements of
counsel for the Administrative Agent) in connection with the preparation of this Agreement and the other Loan Documents, any waiver or consent hereunder or thereunder or any amendment hereof or thereof or any Default hereunder or thereunder, and
(ii) all reasonable out-of-pocket expenses incurred by the Administrative Agent and each of the Lenders, including fees and disbursements of counsel of the Administrative Agent and each Lender, in connection with collection and other
enforcement proceedings resulting from any Event of Default, including reasonable out-of-pocket expenses incurred in enforcing this Agreement and the other Loan Documents. 
 (b) The Borrower shall indemnify the Lenders against any transfer taxes, documentary taxes, assessments or charges made by any Authority by reason of the
execution and delivery of this Agreement or the other Loan Documents; provided that no Assignee shall be entitled to receive any greater payment under this subsection (b) than the related transferor Lender would have been entitled to receive.

 (c) Borrower shall indemnify the Administrative Agent, each Lender and each Affiliate thereof and their respective directors, officers,
employees and, agents from, and hold each of them harmless against, any and all losses, liabilities, claims or damages to which any of 

  

 53 

 
them may become subject, insofar as such losses, liabilities, claims or damages arise out of or result from or relate in any way to this Agreement or the
other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby (including, without limitation, from any use by the Borrower of the proceeds of any extension of credit by any
Lender hereunder or breach by the Borrower of this Agreement or any other Loan Document), and the Borrower shall reimburse the Administrative Agent, each Lender and each Affiliate thereof and their respective directors, officers, employees and
agents, upon demand for any reasonable out-of-pocket expenses (including, without limitation, legal fees and expenses) incurred in connection with any of the foregoing but excluding any such losses, liabilities, claims, damages or expenses incurred
by reason of the gross negligence or willful misconduct of the Person to be indemnified. Solely with respect to the Lenders, the indemnity provisions of this subsection (c) shall supersede and replace the indemnities provided to the Lenders by
the Borrower in the Commitment Letter. 
 Section 7.04 Amendments, Waivers and Consents. (a) Neither this Agreement
nor any other Loan Document nor any of the terms hereof or thereof may be amended, changed, waived, discharged or terminated unless such amendment, change, waiver, discharge or termination is in writing and signed by the Required Lenders, the
Borrower and the Parent; provided that no such amendment, change, waiver, discharge or termination shall without the consent of each Lender affected thereby: 
  

	 	(i)	extend the final maturity of any Advance, or any portion thereof, 

  

	 	(ii)	reduce the rate or extend the time of payment of interest (other than as a result of waiving the applicability of any post-default increase in interest rates) or fees hereunder;

  

	 	(iii)	reduce or waive repayment of the principal amount of any Advance, 

  

	 	(iv)	extend the Commitment of a Lender or increase the Commitment of a Lender over the amount thereof in effect (it being understood and agreed that a waiver of any Default or Event of
Default or a mandatory reduction in the Commitments shall not constitute a change in the terms of any Commitment of any Lender), 

  

	 	(v)	release the Borrower from all its obligations under the Loan Documents, 

  

	 	(vi)	reduce any percentage specified in, or otherwise modify, the definition of “Required Lenders”, 

  

	 	(vii)	consent to the assignment or transfer by the Borrower of any of its respective rights and obligations under (or in respect of) the Loan Documents except as permitted thereby,

  

	 	(viii)	terminate or otherwise cancel the Support Agreement, or 

  

	 	(ix)	amend or otherwise modify this Section 7.04. 

  

 54 

 (b) In connection with any proposed amendment, change or waiver (a “Proposed
Change”) requiring the consent of all Lenders or all affected Lenders, if the consent of the Required Lenders to such Proposed Change is obtained, but the consent to such Proposed Change of other Lenders whose consent is required is not
obtained (any such Lender whose consent is not obtained as described in paragraph (a) of this Section being referred to as a “Non-Consenting Lender”), then, so long as the Lender that is acting as Administrative Agent is
not a Non-Consenting Lender, the Borrower may, at its sole expense and effort, upon notice to such Non-Consenting Lender and the Administrative Agent, require such Non-Consenting Lender to assign and delegate (or to execute a Power of Attorney to
the Administrative Agent for the Administrative Agent to assign and delegate on such Non-Consenting Lender’s behalf) without recourse (in accordance with and subject to the restrictions contained in Section 7.05), all its interests, rights
and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); provided that (i) the Borrower shall have received the prior written
consent of the Administrative Agent (and any relevant Issuing Bank), which consent shall not unreasonably be withheld, (ii) such Non-Consenting Lender shall have received payment of an amount equal to the outstanding principal of its Advances
and participations in Letter of Credit payments that have not been reimbursed, accrued interest thereon, accrued fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest
and fees) or the Borrower (in the case of all other amounts) and (iii) the Borrower or such assignee shall have paid to the Administrative Agent the processing and recordation fee specified in Section 7.05(b)(iv). Notwithstanding anything
to the contrary in this Agreement, the return of the Note held by any such Non-Consenting Lender is not a condition to the effectiveness of any assignment pursuant to this Section 7.04(b). 
 Section 7.05 Benefit of Agreement. 
 (a) This Agreement shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto; provided that the Borrower may not assign or transfer any
of its interests and obligations without prior written consent of each of the Lenders; provided further that the rights of each Lender to transfer, assign or grant participations in its rights and/or obligations hereunder shall be limited as
set forth in this Section 7.05. 
 (b) Each Lender may assign to one or more Eligible Assignees all or a portion of its rights and
obligations under this Agreement (including, without limitation, all or a portion of its Advances, its Notes, and its Commitment); provided, however, that: 
  

	 	(i)	each such assignment shall be to an Eligible Assignee; 

  

	 	(ii)	except in the case of an assignment to another Lender, an Affiliate of an existing Lender or any fund that invests in bank loans and is advised or managed by an investment advisor
to an existing Lender or an assignment of all of a Lender’s rights and obligations under this Agreement, any such partial assignment shall be in an amount at least equal to $10,000,000 (or, if less, the remaining amount of the Commitment being
assigned by such Lender) or an integral multiple of $1,000,000 in excess thereof; 

  

 55 

	 	(iii)	each such assignment by a Lender of any portion of its Advances shall be accompanied by an assignment of a constant, and not varying, percentage of all of such Advances, and each
such assignment by a Lender of any portion of its Advances shall be accompanied by an assignment of a constant, and not varying, percentage of all of such Lender’s Advances; and 

  

	 	(iv)	the parties to such assignment shall execute and deliver to the Administrative Agent for its acceptance an Assignment and Acceptance, together with any Note subject to such
assignment and a processing fee of $3,500. 

 Upon execution, delivery, and acceptance of such Assignment and Acceptance, the assignee
thereunder shall be a party hereto and, to the extent of such assignment, have the obligations, rights, and benefits of a Lender hereunder and the assigning Lender shall, to the extent of such assignment, relinquish its rights and be released from
its obligations under this Agreement. Upon the consummation of any assignment pursuant to this Section 7.05, the assignor, the Administrative Agent and the Borrower shall make appropriate arrangements so that, if required, new Notes are issued
to the assignor and the assignee. If the assignee is not a United States person under Section 7701 (a)(30) of the Code, it shall deliver to the Borrower and the Administrative Agent certification as to exemption from deduction or withholding of
Taxes in accordance with Section 2.17. To the extent that an assignment of all or any portion of a Lender’s Commitment pursuant to this Section 7.05 would, at the time of such assignment, result in increased costs under
Section 2.16 or Section 2.17 from those being charged by the respective assigning Lender prior to such assignment, then the Borrower shall not be obligated to pay such increased costs (although the Borrower shall be obligated to pay any
other increased costs of the type described above resulting from changes after the date of the respective assignment). 
 (c) The
Administrative Agent shall maintain at its address referred to in Section 7.01 a copy of each Assignment and Acceptance delivered to and accepted by it and a register for the recordation of the names and addresses of the Lenders and the
Commitment of, and principal amount of the Advances owing to, each Lender from time to time (the “Register”). The entries in the Register shall be conclusive and binding for all purposes,
absent manifest error, and the Borrower, the Administrative Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection
by the Borrower or any Lender at any reasonable time and from time to time upon reasonable prior notice. Any assignment of any Advance or other obligations shall be effective only upon an entry with respect thereto being made in the Register.

 (d) Upon its receipt of an Assignment and Acceptance executed by the parties thereto, together with any Note subject to such assignment
and payment of the processing fee, the Administrative Agent shall, if such Assignment and Acceptance has been completed and is in substantially the form of Exhibit C hereto, (i) accept such Assignment and Acceptance, (ii) record the
information contained therein in the Register and (iii) give prompt notice thereof to the parties thereto. 
  

 56 

 (e) Each Lender may sell participations to one or more Persons (each a
“Participant”) in all or a portion of its rights, obligations or rights and obligations under this Agreement (including all or a portion of its Commitment or its Advances); provided, however, that (i) such
Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, (iii) the participant shall be entitled to the
benefit of Sections 2.16 and 2.17 and the right of set-off contained in Section 2.20, and (iv) the Borrower shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this
Agreement, and such Lender shall retain the sole right to enforce the obligations of the Borrower hereunder owing to such Lender and to approve any amendment, modification, or waiver of any provision of this Agreement (other than amendments,
modifications, or waivers decreasing the amount of principal of or the rate at which interest is payable on such Advances or Notes, extending any scheduled principal payment date or date fixed for the payment of interest on such Advances or Notes,
or extending its Commitment). 
 (f) A Participant shall not be entitled to receive any greater payment under Section 2.16 or 2.17 than
the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrower’s prior written consent. 
 (g) Notwithstanding any other provision set forth in this Agreement, any Lender may at any time assign and pledge all or any portion of its Advances and
its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank. No such assignment shall release the assigning Lender from its obligations hereunder. 

(h) Any Lender may furnish any information concerning the Borrower in the possession of such Lender from time to time to assignees and participants
(including prospective assignees and Participants), subject, however, to the provisions of Section 7.06 hereof. 
 Section 7.06 Confidentiality. The Administrative Agent and each Lender (each, a “Lending Party”) agrees to keep confidential any information furnished or made available to it by or on
behalf of the Borrower and the Parent pursuant to this Agreement; provided that nothing herein shall prevent any Lending Party from disclosing such information (a) on a confidential basis to any other Lending Party or any Affiliate of
any Lending Party, or any officer, director, employee, agent, or advisor of any Lending Party or Affiliate of any Lending Party, (b) on a confidential basis to any other Person if reasonably incidental to the administration of this Agreement or
the other Loan Documents, (c) as required by any law, rule, or regulation, (d) upon the order of any court or administrative agency, (e) upon the request or demand of any regulatory agency or authority, (f) that is or becomes
available to the public or that is or becomes available to any Lending Party other than as a result of a disclosure by any Lending Party prohibited by this Agreement, (g) in connection with any litigation to which such Lending Party or any of
its Affiliates may be a party, (h) to the extent necessary in connection with the exercise of any remedy under this Agreement or any other Loan Document, (i) to the National Association of Insurance Commissioners or any similar
organization or any nationally recognized rating agency that requires access to information about a Lender’s investment portfolio in connection with ratings issued with respect to such Lender, (j) to any direct or indirect contractual
counterparty in 

  

 57 

 
Swap Agreements or such contractual counterparty’s professional advisor (so long as such contractual counterparty or professional advisor to such
contractual counterparty (i) has been approved in writing by the Borrower or the Parent, as applicable, and (ii) agrees in a writing enforceable by the Borrower or the Parent, as applicable, to be bound by the provisions of this
Section 7.06), and (k) subject to provisions substantially similar to those contained in this Section 7.06, to any actual or proposed Participant or assignee. 
 Section 7.07 Representation by Lender. Each Lender hereby represents that it
is a commercial lender or financial institution which makes loans in the ordinary course of its business and that it will make its Advances hereunder for its own account in the ordinary course of such business; provided that, subject to
Section 7.05 of this Agreement, the disposition of the Advances and the Notes held by such Lender shall at all times be within its exclusive control. 
 Section 7.08 Governing Law. This Agreement and the Notes shall be construed in accordance with and governed by the law of the State of New York. 
 Section 7.09 Consent to Jurisdiction; Waiver of Jury Trial. 
 (a) The Borrower (i) submits to personal jurisdiction in the State of New York, the courts thereof and the United States District Courts sitting in
the City of New York, for the enforcement of this Agreement and the other Loan Documents and (ii) waives any and all personal rights under the law of any jurisdiction to object on any basis (including, without limitation, inconvenience of
forum) to jurisdiction or venue within New York City and the State of New York for the purpose of litigation to enforce this Agreement and the other Loan Documents. Nothing herein contained, however, shall prevent the Borrower or any Lender from
bringing any action or exercising any rights within any other state or jurisdiction. 
 (b) THE ADMINISTRATIVE AGENT, THE LENDERS AND THE
BORROWER HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHTS THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED HEREON, OR ARISING OUT OF, UNDER, OR IN CONNECTION WITH, THIS AGREEMENT AND ANY OTHER LOAN DOCUMENT, OR ANY
COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER ORAL OR WRITTEN), OR ACTIONS OF THE ADMINISTRATIVE AGENT, THE LENDERS, THE BORROWER OR THE PARENT. THIS PROVISION IS A MATERIAL INDUCEMENT FOR THE ADMINISTRATIVE AGENT AND THE LENDERS
ENTERING INTO THIS AGREEMENT. 
 Section 7.10 Interpretation. No provision of this Agreement or any other Loan Document
shall be construed against or interpreted to the disadvantage of any party hereto by any court or other governmental or judicial authority by reason of such party having or being deemed to have structured or dictated such provision. 
 Section 7.11 Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the
same effect as if the signatures thereto and hereto were upon the same instrument. 
 Section 7.12
Entire Agreement. This Agreement and the other Loan Documents embody the entire agreement and understanding between the parties hereto and thereto in respect 

  

 58 

 
of the transactions contemplated hereby and thereby and supersede all prior negotiations, understandings and agreements between such parties or any of them
in respect of such transactions. 
 Section 7.13 USA PATRIOT Act. Each Lender that is subject to the requirements of the
USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “Act”) hereby notifies the Borrower that pursuant to the requirements of the Act, it is required to obtain, verify and record
information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Act. 
 ARTICLE VIII 
 AGENCY PROVISIONS 

 Section 8.01 Appointment. Each Lender hereby designates and appoints JPMorgan Chase Bank, N.A., as Administrative Agent
of such Lender to act as specified herein and the other Loan Documents, and each such Lender hereby authorizes the Administrative Agent to take such action on its behalf under the provisions of this Agreement and the other Loan Documents and to
exercise such powers and perform such duties as are expressly delegated by the terms hereof and of the other Loan Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary
elsewhere herein and in the other Loan Documents, the Administrative Agent shall not have any duties or responsibilities, except those expressly set forth herein and therein, or any fiduciary relationship with any Lender, and no implied covenants,
functions, responsibilities, duties, obligations or liabilities shall be read into this Agreement or any of the other Loan Documents, or shall otherwise exist against the Administrative Agent. The provisions of this Section are solely for the
benefit of the Administrative Agent and the Lenders, and neither the Borrower nor the Parent shall have any rights as a third party beneficiary of the provisions hereof. In performing its functions and duties under this Agreement and the other Loan
Documents, the Administrative Agent shall act solely as Administrative Agent of the Lenders and, does not assume and shall not be deemed to have assumed any obligation or relationship of agency or trust with or for the Borrower, the Parent or any of
their respective Affiliates. 
 Section 8.02 Delegation of Duties. The Administrative Agent may execute any of its duties
hereunder or under the other Loan Documents by or through agents or attorneys-in-fact and shall be entitled to advice of counsel concerning all matters pertaining to such duties. The Administrative Agent shall not be responsible for the negligence
or misconduct of any agents or attorneys-in-fact selected by it with reasonable care. 
 Section 8.03 Exculpatory Provisions.
The Administrative Agent and its officers, directors, employees, agents, attorneys-in-fact or affiliates shall not be (i) liable for any action lawfully taken or omitted to be taken by it or such Person under or in connection herewith
or in connection with any of the other Loan Documents (except for its or such Person’s own gross negligence or willful misconduct), or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or
warranties made by the Borrower or the Parent contained herein or in any of the other Loan Documents or in any certificate, report, document, financial 
  

 59 

 
statement or other written or oral statement referred to or provided for in, or received by the Administrative Agent under or in connection herewith or in
connection with the other Loan Documents, or enforceability or sufficiency therefor of any of the other Loan Documents, or for any failure of the Borrower or the Parent to perform its obligations hereunder or thereunder. The Administrative Agent
shall not be responsible to any Lender for the effectiveness, genuineness, validity, enforceability, collectibility or sufficiency of this Agreement, or any of the other Loan Documents or for any representations, warranties, recitals or statements
made herein or therein or made by the Borrower or the Parent in any written or oral statement or in any financial or other statements, instruments, reports, certificates or any other documents in connection herewith or therewith furnished or made by
the Administrative Agent to the Lenders or by or on behalf of the Borrower or the Parent to the Administrative Agent or any Lender or be required to ascertain or inquire as to the performance or observance of any of the terms, conditions,
provisions, covenants or agreements contained herein or therein or as to the use of the proceeds of the Advances or of the existence or possible existence of any Default or Event of Default or to inspect the properties, books or records of the
Borrower, the Parent or any of their respective Affiliates. 
 Section 8.04 Reliance on Communications. The Administrative
Agent shall be entitled to rely, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, statement, order or other document or conversation believed by it in good faith
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 Borrower, independent accountants and other experts
selected by the Administrative Agent with reasonable care). The Administrative Agent may deem and treat the Lenders as the owner of their respective interests hereunder for all purposes unless a written notice of assignment, negotiation or transfer
thereof shall have been filed with the Administrative Agent in accordance with Section 7.05 hereof. The Administrative Agent shall be fully justified in failing or refusing to take any action under this Agreement or under any of the other Loan
Documents unless it shall first receive such advice or concurrence of the Required Lenders as it deems appropriate or it shall first be indemnified to its satisfaction by the Lenders against any and all liability and expense which may be incurred by
it by reason of taking or continuing to take any such action. The Administrative Agent shall in all cases be fully protected in acting, or in refraining from acting, hereunder or under any of the other Loan Documents in accordance with a request of
the Required Lenders (or to the extent specifically provided in Section 7.04, all the Lenders) and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Lenders (including their successors and
assigns). 
 Section 8.05 Notice of Default. The Administrative Agent shall not be deemed to have knowledge or notice of
the occurrence of any Default or Event of Default hereunder unless the Administrative Agent has received notice from a Lender, the Borrower or the Parent referring to the Loan Document, describing such Default or Event of Default and stating that
such notice is a “notice of default.” In the event that the Administrative Agent receives such a notice, the Administrative Agent shall give prompt notice thereof to the Lenders. The Administrative Agent shall take such action with respect
to such Default or Event of Default as shall be reasonably directed by the Required Lenders. 
  

 60 

 Section 8.06 Non-Reliance on Administrative Agent and Other Lenders. Each Lender
expressly acknowledges that each of the Administrative Agent and its officers, directors, employees, agents, attorneys-in-fact or affiliates has not made any representations or warranties to it and that no act by the Administrative Agent or any
affiliate thereof hereinafter taken, including any review of the affairs of the Borrower, the Parent or any of their respective Affiliates, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each
Lender represents to the Administrative Agent that it has, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it has deemed appropriate, made its own appraisal of and
investigation into the business, assets, operations, property, financial and other conditions, prospects and creditworthiness of the Borrower, the Parent or their respective Affiliates and made its own decision to make its Advances hereunder and
enter into this Agreement. Each Lender also represents that it will, independently and without reliance upon the Administrative Agent or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue
to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement, and to make such investigation as it deems necessary to inform itself as to the business, assets, operations, property, financial and
other conditions, prospects and creditworthiness of the Borrower, the Parent and their respective Affiliates. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the Administrative Agent hereunder,
the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, assets, property, financial or other conditions, prospects or creditworthiness of the
Borrower, the Parent or their respective Affiliates which may come into the possession of the Administrative Agent or any of its officers, directors, employees, agents, attorneys-in-fact or affiliates. 
 Section 8.07 Indemnification. The Lenders agree to indemnify the Administrative Agent in its capacity as such and each of its
directors, officers, employees and agents (to the extent not reimbursed by the Borrower and without limiting the obligation of the Borrower to do so), ratably according to their respective Commitments (or if the Commitments have expired or been
terminated, in accordance with the respective principal amounts of outstanding Advances of the Lenders), 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 final payment of all of the obligations of the Borrower hereunder and under the other Loan Documents) be imposed on, incurred by or asserted against
the Administrative Agent in its capacity as such in any way relating to or arising out of this Agreement or the other Loan Documents or any documents contemplated by or referred to herein or therein or the transactions contemplated hereby or thereby
or any action taken or omitted by the Administrative Agent in its capacity as such under or in connection with any of the foregoing; provided that no Lender shall be liable for the payment of any portion of such liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, costs, expenses or disbursements resulting from the gross negligence or willful misconduct of the Administrative Agent in its capacity as such. If any indemnity furnished to the Administrative
Agent for any purpose shall, in the opinion of the Administrative Agent, be insufficient or become impaired, the Administrative Agent may call for additional indemnity and cease, or not commence, to do the acts indemnified against until such
additional indemnity is furnished (which additional indemnity shall be furnished in accordance with the terms of this 

  

 61 

 
Section 8.07). The agreements in this Section shall survive the repayment of the Advances, the expiry of all Letters of Credit, the repayment of all
other obligations under the Loan Documents and the termination of the Commitments hereunder. 
 Section 8.08 Administrative Agent
in its Individual Capacity. The Administrative Agent and its Affiliates may make loans to, accept deposits from and generally engage in any kind of business with the Borrower, the Parent, their respective Subsidiaries or their respective
Affiliates as though the Administrative Agent were not the Administrative Agent hereunder. With respect to the Advances and all obligations of the Borrower and the Parent hereunder and under the other Loan Documents, the Administrative Agent shall
have the same rights and powers under this Advance Agreement as any Lender and may exercise the same as though it were not the Administrative Agent, and the terms “Lender” and “Lenders” shall include the Administrative Agent in
its individual capacity. 
 Section 8.09 Successor Agent. The Administrative Agent may resign at any time by giving
written notice thereof to the Lenders and the Borrower and may be removed at any time with or without cause by the Required Lenders, with any such resignation or removal to become effective only upon the appointment of a successor Administrative
Agent pursuant to this Section 8.09. Upon any such resignation or removal, the Required Lenders shall have the right to appoint a successor Administrative Agent. Such successor shall be subject to the approval of the Borrower, such approval not
to be unreasonably withheld or delayed; provided that such approval shall not be necessary if at the time such successor is appointed there shall have occurred and be continuing an Event of Default described in Section 6.01 (a),
(g) or (h). If no successor Administrative Agent shall have been so appointed by the Required Lenders, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent’s giving of notice of resignation or
the Required Lenders’ removal of the retiring Administrative Agent, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent, which shall be a Lender or shall be another commercial bank or
trust company organized under the laws of the United States of America or of any State thereof and having a combined capital and surplus of at least $400,000,000. Such successor shall be subject to the approval of the Borrower, such approval not to
be unreasonably withheld or delayed; provided that such approval shall not be necessary if at the time such successor is appointed there shall have occurred and be continuing an Event of Default described in Section 6.01(a), (g) or
(h). Upon the acceptance of any appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of
the retiring Administrative Agent, and the retiring Administrative Agent, shall be discharged from its duties and obligations under this Agreement. After any retiring Administrative Agent’s resignation or removal hereunder as Administrative
Agent, the provisions of this Article VIII shall inure to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent under this Agreement. 
 Section 8.10 Other Agents. Neither Co-Lead Arranger nor any Lender identified as an “Agent” (other than the Administrative
Agent) shall have any right, power, obligation, liability, responsibility or duty under this Agreement other than those applicable to all Lenders as such. Without limiting the foregoing, none of the Lenders so identified shall have or be deemed to
have any fiduciary relationship with any other Lender. Each Lender acknowledges that it has not relied, and will not rely, on any of the Lenders so identified in deciding to enter into this Agreement or in taking or not taking action hereunder.

  

 62 

 ARTICLE IX 
 ACKNOWLEDGEMENT 
 Section 9.01 Parent. The Parent hereby acknowledges that
(a) amounts owing by the Borrower under this Agreement will constitute “Debt” under the Support Agreement and (b) this Agreement contains representations and warranties and covenants that relate to the Parent and that a breach of
any of those representations or warranties, or a failure by the Borrower to comply with such covenants, could result in an Event of Default under this Agreement. Notwithstanding the acknowledgement contained in this Section 9.01, each of the
Administrative Agent, each LC Issuing Bank, the Swing Line Bank and each Lender acknowledges and agrees that it will have no recourse against the Parent under this Agreement, and the rights and remedies of the Administrative Agent, each LC Issuing
Bank, the Swing Line Bank and each Lender against Parent shall be solely pursuant to and in accordance with the Support Agreement. 
 [Remainder of Page Intentionally Left Blank] 
  

 63 

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

			
	 BORROWER:

	
	 AMERICAN WATER CAPITAL CORP.

		
	 By:
	 	 /s/ James M. Kalinovich

	 Name:
	 	James M. Kalinovich
	 Title:
	 	Treasurer
	
	 Address for Notices:

	 1025 Laurel Oak Road

	 Voorhees, NJ 08043

	 Attention: Treasurer

	 Telecopy number: 856.566.4004

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	PARENT:
	
	Acknowledged and agreed solely as to Section 9.01 of the Credit Agreement.
	
	AMERICAN WATER WORKS COMPANY, INC.
		
	 By
	 	 /s/ James M. Kalinovich

	 Name:
	 	James M. Kalinovich
	 Title:
	 	Treasurer
	
	 Address for Notices:

	 1025 Laurel Oak Road

	 Voorhees, NJ 08043

	 Attention: Treasurer

	 Telecopy number: 856.566.4004

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	 JPMORGAN CHASE BANK, N.A.
 as Administrative Agent, as an LC Issuing Bank, and as a Lender

		
	 By
	 	 /s/ Peter M. Hayes

	 Name:
	 	Peter M. Hayes
	 Title:
	 	Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	 CITIBANK, N.A.
 as Syndication Agent and
as a Lender

		
	By	 	 /s/ Amit Vasani

	Name:	 	Amit Vasani
	Title:	 	Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	CITIZENS BANK OF PENNSYLVANIA
		
	By	 	 /s/ Stephen E. Stambaugh

	Name:	 	Stephen E. Stambaugh
	Title:	 	Senior Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	CREDIT SUISSE, Cayman Islands Branch
		
	By	 	 /s/ Sarah Wu

	Name:	 	Sarah Wu
	Title:	 	Director
		
	By	 	 /s/ Nupur Kumar

	Name:	 	Nupur Kumar
	Title:	 	Associate

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	WILLIAM STREET COMMITMENT CORPORATION (Recourse only to assets of William Street Commitment Corporation)
		
	By	 	 /s/ Mark Walton

	Name:	 	Mark Walton
	Title:	 	Assistant Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	MERRILL LYNCH BANK USA
		
	By	 	 /s/ David Millett

	Name:	 	David Millett
	Title:	 	Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	MORGAN STANLEY BANK
		
	By	 	 /s/ Daniel Twenge

	Name:	 	Daniel Twenge
	Title:	 	 Authorized Signatory
 Morgan Stanley
Bank

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	UBS LOAN FINANCE LLC
		
	By	 	 /s/ Richard L. Tavrow

	Name:	 	Richard L. Tavrow
	Title:	 	 Director
 Banking Products Services,
US

		
	By	 	 /s/ Irja R. Otsa

	Name:	 	Irja R. Otsa
	Title:	 	 Associate Director
 Banking Products Services,
US

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	CoBank, ACB
		
	By	 	 /s/ David Dornbirer

	Name:	 	David Dornbirer
	Title:	 	Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT 

			
	PNC BANK, NATIONAL ASSOCIATION
		
	By	 	 /s/ Meredith Jermann

	Name:	 	Meredith Jermann
	Title:	 	Vice President

 AMERICAN WATER CAPITAL CORP. CREDIT AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00130-of-00352.parquet"}]]