Document:

EX-10.5

 Exhibit 10.5 

U.S. $500,000,000 

TERM CREDIT FACILITY 

CANADIAN PACIFIC RAILWAY COMPANY 

as Borrower 
 - and -

 CANADIAN PACIFIC RAILWAY LIMITED 

as Covenantor 
 - and -

 THE FINANCIAL INSTITUTIONS IDENTIFIED 

ON THE SIGNATURE PAGES HERETO 

OR WHICH HEREAFTER BECOME LENDERS 

as Lenders 
 - and -

 BANK OF MONTREAL 

as Administrative Agent 

- with - 
 BMO CAPITAL
MARKETS 
 CANADIAN IMPERIAL BANK OF COMMERCE, 

THE BANK OF NOVA SCOTIA AND 

WELLS FARGO BANK N.A., CANADIAN BRANCH, 

as Co-Lead Arrangers 

- with - 
 BMO CAPITAL
MARKETS 
 as Sole Bookrunner 
  

 
 CREDIT AGREEMENT 

 
  

Dated as of September 15, 2021 

Burnet, Duckworth & Palmer LLP 

Bennett Jones LLP 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 INTERPRETATION
	  			
			
	 1.1
	 	Defined Terms	  	 	1	 
	 1.2
	 	Interpretation not Affected by Headings, etc.	  	 	24	 
	 1.3
	 	Currency	  	 	24	 
	 1.4
	 	Terms Generally	  	 	24	 
	 1.5
	 	GAAP and Changes Thereto	  	 	24	 
	 1.6
	 	Non-Business Days	  	 	26	 
	 1.7
	 	Rateable Portion of Accommodations	  	 	26	 
	 1.8
	 	Incorporation of Schedules	  	 	26	 
		
	 ARTICLE 2 CREDIT FACILITY
	  			
	 2.1
	 	Availability	  	 	26	 
	 2.2
	 	Commitment Limits	  	 	27	 
	 2.3
	 	Use of Proceeds	  	 	27	 
	 2.4
	 	Mandatory Repayments and Reductions of Commitments	  	 	27	 
	 2.5
	 	Adjustment for Currency Fluctuations	  	 	27	 
	 2.6
	 	Optional Prepayments	  	 	28	 
	 2.7
	 	Extension of Facility	  	 	28	 
	 2.8
	 	Payments under this Agreement	  	 	30	 
	 2.9
	 	Application of Repayments and Prepayments	  	 	31	 
	 2.10
	 	Computations of Interest and Fees; Adjustments to Margins	  	 	32	 
	 2.11
	 	Designation and Redesignation of Designated Subsidiaries	  	 	33	 
	 2.12
	 	Guarantee by a Designated Subsidiary	  	 	33	 
	 2.13
	 	Cancellation or Transfer of a Lender’s Commitment	  	 	34	 
		
	 ARTICLE 3 ADVANCES
	  			
	 3.1
	 	The Advances	  	 	35	 
	 3.2
	 	Conversions and Rollovers Regarding Advances	  	 	35	 
	 3.3
	 	Market Disruption Respecting Libor Loans	  	 	36	 
	 3.4
	 	CDOR Rate Discontinuance	  	 	41	 
	 3.5
	 	Interest on Advances	  	 	43	 
		
	 ARTICLE 4 BANKERS’ ACCEPTANCES
	  			
	 4.1
	 	Acceptances and Drafts	  	 	44	 
	 4.2
	 	Form of Drafts	  	 	44	 
	 4.3
	 	Procedure for Drawing	  	 	45	 
	 4.4
	 	Presigned Draft Forms	  	 	45	 
	 4.5
	 	Payment, Conversion or Renewal of BA Instruments	  	 	46	 
	 4.6
	 	Circumstances Making Bankers’ Acceptances Unavailable	  	 	47	 
		
	 ARTICLE 5 CONDITIONS OF LENDING
	  			
	 5.1
	 	Conditions Precedent to Closing	  	 	48	 
	 5.2
	 	Accommodations, Rollovers, Conversions and Renewals	  	 	49	 
	 5.3
	 	No Waiver	  	 	49	 
		
	 ARTICLE 6 REPRESENTATIONS AND WARRANTIES
	  			
	 6.1
	 	Representations and Warranties	  	 	49	 

							
	 6.2
	 	Survival of Representations and Warranties	  	 	52	 
		
	 ARTICLE 7 COVENANTS OF THE COVENANTOR
	  			
	 7.1
	 	Affirmative Covenants	  	 	52	 
	 7.2
	 	Negative Covenants	  	 	55	 
	 7.3
	 	Financial Covenant	  	 	57	 
	 7.4
	 	Most Favored Lender	  	 	57	 
	 7.5
	 	Acquisition Consent	  	 	58	 
		
	 ARTICLE 8 EVENTS OF DEFAULT
	  			
	 8.1
	 	Events of Default	  	 	58	 
	 8.2
	 	Remedies Upon Default	  	 	60	 
		
	 ARTICLE 9 THE ADMINISTRATIVE AGENT AND THE LENDERS
	  			
	 9.1
	 	Appointment and Authority	  	 	61	 
	 9.2
	 	Rights as a Lender	  	 	61	 
	 9.3
	 	Exculpatory Provisions	  	 	61	 
	 9.4
	 	Reliance by Administrative Agent	  	 	62	 
	 9.5
	 	Indemnification of Administrative Agent	  	 	62	 
	 9.6
	 	Delegation of Duties	  	 	63	 
	 9.7
	 	Replacement of Administrative Agent	  	 	63	 
	 9.8
	 	Non-Reliance on Administrative Agent and Other Lenders	  	 	64	 
	 9.9
	 	Collective Action of the Lenders	  	 	64	 
	 9.10
	 	Sharing of Payments by Lenders	  	 	64	 
	 9.11
	 	Reliance Upon Administrative Agent	  	 	65	 
	 9.12
	 	Replacement of BA Reference Lender or Eurodollar Reference Lender	  	 	65	 
	 9.13
	 	Reference Rate Determinations	  	 	66	 
	 9.14
	 	The Administrative Agent and Defaulting Lenders	  	 	66	 
	 9.15
	 	Erroneous Payments	  	 	67	 
		
	 ARTICLE 10 GUARANTEE
	  			
	 10.1
	 	Guarantee	  	 	70	 
	 10.2
	 	Absolute Liability	  	 	70	 
	 10.3
	 	Remedies	  	 	71	 
	 10.4
	 	Amount of Guaranteed Obligations	  	 	71	 
	 10.5
	 	Payment on Demand	  	 	71	 
	 10.6
	 	Postponement	  	 	71	 
	 10.7
	 	Suspension of Covenantor Rights	  	 	72	 
	 10.8
	 	No Prejudice to Lenders or Administrative Agent	  	 	72	 
	 10.9
	 	Rights of Subrogation	  	 	72	 
	 10.10
	 	No Set-off	  	 	73	 
	 10.11
	 	Successors of the Borrower	  	 	73	 
	 10.12
	 	Continuing Guarantee	  	 	73	 
	 10.13
	 	Supplemental Security	  	 	73	 
	 10.14
	 	Right of Set-off	  	 	73	 
	 10.15
	 	Interest Act (Canada)	  	 	74	 
	 10.16
	 	Judgment	  	 	74	 
		
	 ARTICLE 11 MISCELLANEOUS
	  			
	 11.1
	 	Amendment and Waiver	  	 	75	 
	 11.2
	 	Waiver	  	 	76	 

  
 - ii - 

							
	 11.3
	 	Evidence of Debt and Accommodation Notices	  	 	76	 
	 11.4
	 	Notices and Electronic Communications	  	 	76	 
	 11.5
	 	Confidentiality	  	 	78	 
	 11.6
	 	Costs, Expenses and Indemnity	  	 	79	 
	 11.7
	 	Illegality	  	 	81	 
	 11.8
	 	Taxes	  	 	82	 
	 11.9
	 	Defaulting Lender	  	 	82	 
	 11.10
	 	Successors and Assigns	  	 	83	 
	 11.11
	 	Right of Set-off	  	 	85	 
	 11.12
	 	Accommodations by Lenders	  	 	85	 
	 11.13
	 	Judgment Currency	  	 	86	 
	 11.14
	 	Interest on Accounts	  	 	86	 
	 11.15
	 	Governing Law	  	 	86	 
	 11.16
	 	Waiver of Jury Trial	  	 	87	 
	 11.17
	 	Anti-Money Laundering Legislation	  	 	87	 
	 11.18
	 	No Fiduciary	  	 	88	 
	 11.19
	 	Counterparts; Electronic Execution	  	 	88	 
	 11.20
	 	Further Assurances	  	 	89	 
	 11.21
	 	Severability	  	 	89	 
	 11.22
	 	Acknowledgement and Consent to Bail-In of EEA Financial Institutions	  	 	89	 

 Schedules 
  

			
	 Schedule 1
	 	Commitments
	 Schedule 2
	 	Form of Borrowing Notice
	 Schedule 3
	 	Form of Conversion/Continuance Election Notice
	 Schedule 4
	 	Form of Drawing Notice
	 Schedule 5
	 	Notice Periods and Amounts
	 Schedule 6
	 	Applicable Margins
	 Schedule 7
	 	Assignment and Assumption Agreement
	 Schedule 8
	 	Form of Repayment Notice
	 Schedule 9
	 	Form of Request for Extension

  
 - iii - 

 CREDIT AGREEMENT 

Dated as of September 15, 2021 
 BETWEEN:

 CANADIAN PACIFIC RAILWAY COMPANY (“CPRC”), a corporation formed and existing under the laws of Canada, as
Borrower, 
 - and - 

CANADIAN PACIFIC RAILWAY LIMITED (the “Covenantor”), a corporation formed and existing under the laws of Canada, as
Covenantor, 
 - and - 
 THE
FINANCIAL INSTITUTIONS IDENTIFIED AS LENDERS ON THE SIGNATURE PAGES AND THE FINANCIAL INSTITUTIONS WHICH BECOME LENDERS UNDER THIS AGREEMENT, as Lenders, 

- and - 
 BANK OF
MONTREAL, as Administrative Agent. 
 AND WHEREAS CPRC, the Covenantor, the Lenders and the Administrative Agent wish to enter
into this Credit Agreement for the purposes and on the terms and conditions provided for herein; 
 NOW THEREFORE the parties hereto,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, hereby covenant and agree as hereinafter set forth: 

ARTICLE 1 

INTERPRETATION 
  

	1.1	 Defined Terms 

As used in this Agreement, the following terms have the following meanings: 

“Accommodations” means: 
  

	(a)	 an Advance made by a Lender; and 

 

	(b)	 the creation and purchase of Bankers’ Acceptances or the purchase of completed Drafts by a Lender on the
occasion of any Drawing; 

 (each of which is a “Type” of Accommodation). 

 “Accommodation Notice” means a Borrowing Notice, an Interest Rate Election or a Drawing
Notice, as the case may be, under the Credit Facility. 
 “Accommodations Outstanding” means, at any time and in aggregate, but subject as
provided in the next following sentence: 
  

	(a)	 in relation to the Borrower and any Lender, the amount of all Accommodations at such time made by such Lender
to the Borrower; and 

  

	(b)	 in relation to the Borrower and the Lenders collectively, the amount of all Accommodations at such time made by
the Lenders to the Borrower. 

 In determining Accommodations Outstanding, the aggregate amount thereof shall be determined by adding:

  

	 	(i)	 the aggregate principal amount of all outstanding Advances; and 

 

	 	(ii)	 the aggregate Face Amount of all outstanding BA Instruments (and, in respect of each Lender, a rateable part of
such Face Amount). 

 The foregoing amounts shall be expressed, where applicable, in U.S. Dollars and each relevant Canadian Dollar
amount shall be converted (for purposes of such determination only) into its Equivalent U.S. $ Amount. 
 “Acquired Business” means
the Acquired Company together with its subsidiaries. 
 “Acquired Company” means Kansas City Southern, a Delaware corporation. 

“Acquired Company EBITDA” has the meaning specified in the definition of EBITDA. 

“Acquisition” means the direct or indirect acquisition, including pursuant to a Trust Closing, by the Covenantor of all the issued and
outstanding equity interests in the Acquired Company pursuant to and as contemplated by the Acquisition Agreement. 
 “Acquisition
Agreement” means the Agreement and Plan of Merger (together with the exhibits and schedules thereto), expected to be dated on or about September 15, 2021, among the Covenantor, the Acquired Company, Cygnus Merger Sub 1 Corporation and
Cygnus Merger Sub 2 Corporation. 
 “Acquisition Arrangers” means each of Bank of Montreal, on behalf of itself and on behalf of BMO
Capital Markets Corp., and Goldman Sachs Lending Partners LLC. 
 “Acquisition Closing Date” has the meaning specified in Section 7.3.

 “Administrative Agent” means Bank of Montreal as administrative agent for the Lenders under this Agreement, and any successor appointed
pursuant to Section 9.7. 
 “Advances” means advances of funds made by a Lender under Article 3 and “Advance”
means any one of such advances.    Advances may be denominated in Canadian Dollars (a “Canadian Dollar Advance”) or in U.S. Dollars (a “U.S. Dollar Advance”). A Canadian
Dollar Advance may (in accordance with Article 2 and Article 3) be designated as a “Canadian Prime Rate Advance” and a U.S. Dollar Advance may (in accordance with Article 2 and Article 3) be designated as a
“Eurodollar Rate Advance” or a “Base Rate (Canada) Advance”. Canadian Prime Rate Advances and Base Rate (Canada) Advances are sometimes referred to, collectively, as “Floating Rate Advances”.
Eurodollar Rate Advances are sometimes referred to as “Fixed Rate Advances”. Each of a Canadian Prime Rate Advance, a Eurodollar Rate Advance and a Base Rate (Canada) Advance is a “Type” of Advance. 

  
 2 

 “Affected Lender” has the meaning specified in Section 2.13. 

“Affiliate” has the meaning specified in the Canada Business Corporations Act on the Effective Date. 

“Agreement” or “Credit Agreement” means this credit agreement, as the same may be further amended, modified, supplemented or
restated from time to time in accordance with the provisions hereof; and the expressions “Article” and “Section” followed by a number mean and refer to the specified Article or Section of this Agreement.

 “Anti-Corruption Laws” means all laws, rules, and regulations of Sanctions Authorities that apply to the Borrower and their Subsidiaries
from time to time concerning or relating to bribery of government officials or public corruption. 
 “Applicable Margin” means, subject to
the following sentences, the margins in basis points per annum set forth and defined in Schedule 6 with respect to the Credit Facility and corresponding to CPRC’s senior unsecured and unsubordinated Debt for Borrowed Money rating
determined to be applicable in accordance with Schedule 6. In respect of: 
  

	(a)	 Canadian Prime Rate Advances or Base Rate (Canada) Advances, the Applicable Margin shall be the margin referred
to in the column “Canadian Prime Rate Advances/Base Rate (Canada) Advances” in Schedule 6 for the Credit Facility; and 

  

	(b)	 Eurodollar Rate Advances or Drawings, the Applicable Margin shall be the margin referred to in the column
“Eurodollar Rate Advance/BA Instruments “ in Schedule 6 for the Credit Facility; 

 in each case appropriately corresponding to
the applicable senior unsecured and unsubordinated Debt for Borrowed Money rating. Upon the occurrence and during the continuance of an Event of Default, each of the Applicable Margins shall be the highest rate provided for in the applicable column
of Schedule 6. 
 “Approved Fund” means any person (other than a natural person) that is (or will be) engaged in making, purchasing,
holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of business and that is administered or managed by a Lender, an Affiliate of a Lender or a person or an Affiliate of a person that administers
or manages a Lender. 
 “Arm’s Length” has the meaning ascribed thereto in the Income Tax Act (Canada). 

“Assets” means, with respect to any Person, all property, assets and undertaking of such Person of every kind and wheresoever situate,
whether now owned or hereafter acquired. 
 “Assignee” has the meaning specified in Section 11.10(c). 

“BA Equivalent Note” has the meaning specified in Section 4.3(c). 

“BA Instruments” means, collectively, Bankers’ Acceptances, Drafts and BA Equivalent Notes, and, in the singular, any one of them. 

  
 3 

 “BA Reference Lenders” means up to three Lenders under the Credit Facility which are named
on Schedule II or Schedule III to the Bank Act (Canada) as selected by the Administrative Agent from time to time with the consent of the Borrower and the applicable Lender. 

“Bail-In Action” means the exercise of any Write-Down and Conversion Powers by the applicable EEA
Resolution Authority in respect of any liability of an EEA Financial Institution. 
 “Bail-In
Legislation” means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to
time which is described in the EU Bail-In Legislation Schedule. 
 “Bankers’ Acceptance” has
the meaning specified in Section 4.1(a). 
 “Base Rate (Canada)” means, for any day, the rate of interest per annum equal to the
greater of: 
  

	(a)	 the per annum rate of interest which Bank of Montreal quotes or establishes for such day as the reference rate
of interest for loans in U.S. Dollars in Canada to its Canadian borrowers; 

  

	(b)	 the Federal Funds Rate plus 50 basis points per annum, adjusted automatically with each quoted or established
change in such rate, all without the necessity of any notice to either of the Borrower or any other Person; and 

  

	(c)	 the Eurodollar Rate for an Interest Period of 1 month in effect on such day plus 50 basis points.

 “Base Rate (Canada) Advance” has the meaning specified in the definition of “Advance”. 

“basis point” or “bps” means 1/100th of one per cent. 

“Bilateral LC Agreements” means the bilateral letter of credit loan agreements presently in place between CPRC as borrower and the Covenantor
as guarantor with each of Royal Bank of Canada, The Bank of Nova Scotia, Bank of Montreal, Canadian Imperial Bank of Commerce, ATB Financial and Fédération des caisses Desjardins du Québec, together with any other bilateral
letter of credit loan agreements entered into with other financial institutions after the Effective Date, provided that each such agreement is in substantially the same form and the lender under each such agreement is also a Lender, and includes any
amendments, restatements, replacements, or modifications to any of the foregoing. 
 “Borrowed Money” means indebtedness in respect of
moneys borrowed and moneys raised by the issue of notes, bonds, debentures or other evidences of moneys borrowed. 
 “Borrower” means CPRC.

 “Borrower’s Account” means for the Borrower and for the Credit Facility: 

 

	(a)	 in respect of Canadian Dollars, the Borrower’s Canadian Dollar account in respect of the Credit Facility;
and 

  

	(b)	 in respect of U.S. Dollars, the Borrower’s U.S. Dollar account in respect of the Credit Facility;

 in each case maintained by the Administrative Agent at its Calgary main branch, the particulars of which shall have been notified to
the Administrative Agent by the Borrower. 

  
 4 

 “Borrowing” means a borrowing consisting of one or more Advances. 

“Borrowing Notice” has the meaning specified in Section 3.1. 

“Business” means, with respect to the Covenantor, the Borrower and the Designated Subsidiaries, the operation of a railway business and all
related and incidental operations thereof, which may include intermodal and logistics management and associated inter-company financing and real estate operations. 

“Business Day” means any day of the year, other than a Saturday, Sunday or other day on which banks are required or authorized to close in
Toronto, Ontario or Calgary, Alberta and, where used in the context of: 
  

	(a)	 a Base Rate (Canada) Advance, is also a day on which banks are not required or authorized to close in New York,
New York; and 

  

	(b)	 a Eurodollar Rate Advance, is also a London Business Day and a day on which banks are not required or
authorized to close in New York, New York. 

 “Calculation Date” has the meaning specified in the definition of EBITDA.

 “Calculation Period” has the meaning specified in the definition of EBITDA. 

“Canadian Dollar Advance” has the meaning specified in the definition of “Advance”. 

“Canadian Dollars” and “Cdn. $” each means lawful money of Canada. 

“Canadian Prime Rate” means, for any day, the rate of interest per annum equal to the greater of: 

 

	(a)	 the per annum rate of interest quoted or established as the “prime rate” of Bank of Montreal
which it quotes or establishes for such day as the reference rate of interest in order to determine interest rates for commercial loans in Canadian Dollars in Canada to its Canadian borrowers; and 

 

	(b)	 the one-month CDOR Rate on such day plus 75 basis points per annum,
adjusted automatically with each quoted or established change in such rate, all without the necessity of any notice to either of the Borrower. 

“Canadian Prime Rate Advance” has the meaning specified in the definition of “Advance”. 

“Capital Adequacy Guidelines” means the capital adequacy requirements from time to time specified by the Office of the Superintendent of
Financial Institutions and published by it as one or more guidelines for banks. 
 “Capitalized Lease Obligation” of any Person means any
obligation of such Person to pay rent or other amounts under a lease of property, real or personal, moveable or immoveable, that is required to be capitalized for financial reporting purposes in accordance with GAAP, provided that any such leases
which would have been characterized as operating leases in accordance with GAAP as at December 31, 2017 and whether entered into before or after December 31, 2017, will continue to be characterized as operating leases notwithstanding any
changes to GAAP and the obligations thereunder shall not be capitalized for purposes hereof. 

  
 5 

 “Cash Equivalents” means: 

 

	(a)	 bonds or other evidences of indebtedness, the principal and interest of which is payable or fully guaranteed by
the government of Canada or any province or territory thereof, or the United States of America or any state thereof or the District of Columbia, or by any agency or instrumentality of any of the foregoing backed by the full faith and credit of
Canada or any such province or territory or of the United States of America or any such state or the District of Columbia, payable in Canadian Dollars or United States Dollars and rated AAA or AA (or the then equivalent grade) and not rated a lower
grade by DBRS, in the case of bonds or evidences of indebtedness of Canada or any province or territory thereof or agency or institution of Canada or any such province or territory, and S&P, in the case of bonds or evidences of indebtedness of
the United States of America or any state thereof or any agency or instrumentality of the United States of America or any state thereof; 

  

	(b)	 deposits or certificates of deposit issued or guaranteed by a bank, trust company or savings and loan
association organized under the laws of Canada or any province or territory thereof and rated P-1 (or the then equivalent grade) or better by Moody’s or issued or guaranteed by a bank or trust company
organized under the laws of the United States of America or any state thereof or of the District of Columbia, having capital, surplus and undivided profits in excess of U.S. $500,000,000; 

 

	(c)	 commercial paper rated A-1 (or the then equivalent grade) or better by
S&P, P-1 (or the then equivalent grade) or better by Moody’s or rated R-1 low (or the then equivalent grade) or better by DBRS, and not rated a lower grade by
any of such firms, and having a maturity not in excess of one year from the date of acquisition thereof; 

  

	(d)	 repurchase obligations with a term of not more than seven (7) days for underlying securities of the types
described in clause (a) above entered into with any bank, trust company or savings and loan association meeting the qualifications specified in clause (b) above; and 

 

	(e)	 investments in money market funds which invest substantially all their assets in securities of the types
described in any of clauses (a) to (d) above, excluding any securities which a Canadian chartered bank is prohibited from holding as security under the Bank Act (Canada). 

“CDOR Discontinuation Date” has the meaning specified in Section 3.4(a). 

“CDOR Rate” means, on any day, and with respect to any Drawing or Canadian Prime Rate Advance, the per annum rate of interest which is the
rate determined as being the arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) for Canadian
Dollar bankers’ acceptances having an aggregate Face Amount equal to and with a term equal or comparable to such Drawing or Canadian Prime Rate Advance, as applicable, that appears on the page identified as the “CDOR Page” (or
any display substituted therefor) of Reuters Limited (or any successor thereto or Affiliate thereof) (or such other page as is a replacement page for such bankers’ acceptances) at approximately 10:00 a.m. (Toronto time) on such day (as adjusted
by the Administrative Agent in good faith after 10:00 a.m. (Toronto time) to reflect any error in any posted rate or in the posted average annual rate). If the CDOR Rate is not available as at the specified time, then such rate shall mean the
arithmetic average of the discount rates (calculated on an annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by the Administrative Agent and two
(2) other Lenders selected by the Administrative Agent and agreed to by the Borrower (acting reasonably) and each such Lender at approximately 10:00 a.m. (Toronto time) as the discount rate at which each such Lender would purchase, on the
relevant Drawing Date, its own Bankers’ Acceptances or Drafts having an aggregate Face Amount equal to and with a term to maturity equal or comparable to the Drawing or Canadian Prime Rate Advance, as applicable; and if the Administrative Agent
is unable to obtain quotes for the above-mentioned rate from two (2) other Lenders on the days and at the times described above, the rate shall be such other rate or rates as the Administrative Agent and the Borrower may agree upon; provided
that, if the rate determined above shall ever be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

  
 6 

 “Commitment” means U.S. $500,000,000. A “Lender’s Commitment” in
respect of the Credit Facility means, at any time, the relevant amount designated as such and set forth opposite such Lender’s name on Schedule 1 hereto with respect to the Credit Facility (as reduced pursuant to this Agreement). 

“Compliance Certificate” means the certificate referred to in Section 7.1(a)(iii). 

“Consolidated Assets” means, in respect of the Covenantor, the total assets of the Covenantor and its Subsidiaries as shown on the
Covenantor’s consolidated financial statements less all amounts included in total assets which constitute Intangible Assets. 
 “Consolidated
Equity” means, at any time, the sum of, without duplication: 
  

	(a)	 consolidated shareholders’ equity appearing on the consolidated balance sheet of the Covenantor at that
time; 

  

	(b)	 minority shareholders’ interests in subsidiary companies appearing on that consolidated balance sheet; and

  

	(c)	 Convertible Debt; 

all as determined on a consolidated basis in accordance with GAAP. 

“Convertible Debt” means any convertible subordinated debentures or notes issued by the Covenantor or CPRC which have all of the following
characteristics: 
  

	(a)	 an initial final maturity or due date in respect of repayment of principal extending beyond the latest Maturity
Date of any Lender in effect at the time such debentures or notes are created, incurred or assumed; 

  

	(b)	 no scheduled or mandatory payment or repurchase of principal thereunder (other than acceleration following an
event of default in regard thereto or payment which can be satisfied by the delivery of common shares of the Covenantor as contemplated in paragraph (f) of this definition) prior to the latest Maturity Date of any Lender under this Agreement in
effect at the time such debentures or notes are created, incurred or assumed; 

  

	(c)	 upon and during the continuance of a Default, an Event of Default or acceleration of the time for repayment of
any amounts outstanding which has not been rescinded, (i) all amounts payable in respect of principal, premium (if any) or interest under such debentures or notes (including, for certainty, any guarantees provided in respect thereof) are
subordinate and junior in right of payment to all such outstanding amounts and fees, interest and other amounts payable under the Credit Facility and (ii) no enforcement steps or enforcement proceedings may be commenced in respect of such
debentures or notes; 

  
 7 

	(d)	 upon distribution of the assets of the Covenantor, CPRC or any guarantor of the debentures or notes, as
applicable, on any dissolution, winding up, total liquidation or reorganization of the Covenantor, CPRC or any such guarantor, as applicable (whether in bankruptcy, insolvency or receivership proceedings or upon an assignment for the benefit of
creditors or any other marshalling of the assets and liabilities of such person, or otherwise), all outstanding amounts and fees, interest and other amounts payable under the Credit Facility shall first be paid in full, or provisions made for such
payment, before any payment is made on account of principal, premium (if any) or interest payable in regard to such debentures or notes; 

  

	(e)	 the occurrence of a Default or Event of Default hereunder or the acceleration of the time for repayment of any
of the outstanding amounts and fees, interest and other amounts payable under the Credit Facility or enforcement of the rights and remedies of the Administrative Agent and the Lenders under or any of the Credit Documents shall not in and of
themselves: 

  

	 	(i)	 cause a default or event of default (with the passage of time or otherwise) under such debentures or notes or
the indenture governing the same; or 

  

	 	(ii)	 cause or permit the obligations under such debentures or notes to be due and payable prior to the stated
maturity thereof; and 

  

	(f)	 payments of interest or principal due and payable under such debentures or notes can be satisfied, at the
option of the Covenantor or CPRC, as applicable, by delivering common shares of the Covenantor in accordance with the indenture or agreement governing such debentures or notes (whether such common shares are received by the holders of such
debentures or notes as payment or are sold by a trustee or representative under such indenture or agreement to provide cash for payment to holders of such debentures or notes). 

“Covenantor” means Canadian Pacific Railway Limited, and its successors and permitted assigns. 

“CPRC” means Canadian Pacific Railway Company, and its successors and permitted assigns. 

“Credit Documents” means this Agreement, each Designated Subsidiary Guarantee, the BA Instruments and all other documents to be executed and
delivered to the Administrative Agent or the Lenders, or both, by the Borrower, the Covenantor or any Designated Subsidiary in connection with the Credit Facility. 

“Credit Facility” means the credit facility made available hereunder by the Lenders by way of Accommodations and represented by each
Lender’s Commitment. 
 “Current Maturity Date” has the meaning specified in Section 2.7(a). 

“DBRS” means DBRS Morningstar, a division of DBRS Limited, its Affiliates and their respective successors. 

“Debt” of any Person means and includes all items of indebtedness which in accordance with GAAP would be included in determining total
liabilities as shown on the liability side of a balance sheet as at the date on which Debt is to be determined but, in any event, including, without duplication: 
  

	(a)	 obligations secured by any Liens existing on property owned by such Person subject to such Liens whether or not
the obligations secured thereby shall have been assumed; and 

  

	(b)	 the maximum amount outstanding at any time of guarantees and other contingent obligations for the payment of
money of such Person in respect of, or any obligation to purchase or otherwise acquire or service, obligations for the payment of money of any other Person. 

  
 8 

 “Default” means an event which, with the giving of notice or passage of time, or both,
would constitute an Event of Default. 
 “Defaulting Lender” means any Lender: 

 

	(a)	 that has failed to fund any payment or its portion of any Accommodations required to be made by it hereunder
(unless such Lender notifies the Administrative Agent and the Borrower in writing that such failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified and including the
particular failure) has not been satisfied) or to purchase any participation required to be purchased by it hereunder and under the other Credit Documents, in each case within two (2) Business Days after the date that such funding was required
hereunder; 

  

	(b)	 that has notified the Borrower, the Administrative Agent or any Lender (verbally or in writing) that it does
not intend to or is unable to comply with any of its funding obligations under this Agreement (unless such notification relates to such Lender’s obligation to fund an Accommodation hereunder and indicates such position is based on such
Lender’s good faith determination that a condition precedent (specifically identified and including particular defaults (if any) to funding an Accommodation has not been satisfied)) or has made a public statement to that effect or to the effect
that it does not intend to or is unable to fund advances generally under credit arrangements to which it is a party; 

  

	(c)	 that has failed, within three (3) Business Days after written request by the Administrative Agent or the
Borrower, to confirm in writing to the Administrative Agent and the Borrower that it will comply with the terms of this Agreement relating to its obligations to fund prospective Accommodations (for certainty, unless and until such Lender has
provided such written confirmation); 

  

	(d)	 that has otherwise failed to pay over to the Borrower, the Administrative Agent or any other Lender any other
amount required to be paid by it hereunder within three (3) Business Days of the date when due, unless the subject of a good faith dispute; 

  

	(e)	 in respect of which a Lender Insolvency Event or a Lender Distress Event has occurred in respect of such Lender
or its Lender Parent; 

  

	(f)	 that is generally in default of its obligations under other existing credit or loan documentation under which
it has commitments to extend credit; or 

  

	(g)	 that becomes the subject of a Bail-In Action. 

“Designated Subsidiary” means those Subsidiaries of the Covenantor which are from time to time designated as Designated Subsidiaries in
accordance with Section 2.11 unless and until such designation is validly revoked pursuant to Section 2.11 hereof. 
 “Designated
Subsidiary Guarantee” has the meaning specified in Section 2.12. 
 “Designated Subsidiary Guarantor” means any Designated
Subsidiary which has provided a Designated Subsidiary Guarantee. 
 “Dispose” means, with respect to any Asset of any Person, any direct or
indirect sale, lease (where such Person is the lessor of such Asset), assignment, transfer (including transfer of title or possession), exchange, conveyance, release or gift (including, in respect of each of the foregoing, by means of a Sale
Leaseback Transaction); and “Disposition” has a correlative meaning thereto. 

  
 9 

 “Draft” means, at any time: 

 

	(a)	 a bill of exchange, within the meaning of the Bills of Exchange Act (Canada), drawn by the Borrower on a
Lender and bearing such distinguishing letters and numbers as the Lender may determine, but which at such time has not been completed as to the payee by the Lender; or 

 

	(b)	 a depository bill within the meaning of the Depository Bills and Notes Act (Canada).

 “Drawing” means: 
  

	(a)	 the creation and purchase of Bankers’ Acceptances by a Lender pursuant to Article 4; or

  

	(b)	 the purchase of completed Drafts by a Lender pursuant to Article 4. 

“Drawing Date” means any Business Day fixed for a Drawing pursuant to Section 4.3. 

“Drawing Fee” means, with respect to each Bankers’ Acceptance or Draft drawn by the Borrower and purchased by any Lender on any Drawing
Date, an amount equal to the Applicable Margin under the Credit Facility, multiplied by the product of: 
  

	(a)	 a fraction, the numerator of which is the number of days, inclusive of the first day and exclusive of the last
day, in the term to maturity of such Bankers’ Acceptance or Draft, and the denominator of which is 365; and 

  

	(b)	 the aggregate Face Amount of the Bankers’ Acceptance or Draft. 

“Drawing Notice” has the meaning specified in Section 4.3(a). 

“Drawing Price” means, in respect of Bankers’ Acceptances or Drafts to be purchased by one or more Lenders on any Drawing Date, the
difference between: 
  

	(a)	 the result (rounded to the nearest whole cent, with one-half of one
cent being rounded up) obtained by dividing the aggregate Face Amount of the Bankers’ Acceptances or Drafts by the sum of one plus the product of (x) the Reference Discount Rate multiplied by (y) a fraction, the numerator of which is
the number of days, inclusive of the first day and exclusive of the last day, in the term to maturity of the Bankers’ Acceptances or Drafts and the denominator of which is 365; and 

 

	(b)	 the applicable aggregate Drawing Fee. 

“EBITDA” means for any period, on a consolidated basis and without duplication, the sum of the Covenantor’s: 

 

	(a)	 consolidated net income before (to the extent included in determining consolidated net income of the
Covenantor): 

  

	 	(i)	 unrealized gains or losses from financial derivatives, non-cash pension
income or expense, foreign-exchange translation gains or losses on U.S. Dollar denominated debt, and all other non-cash expenses including non-cash compensation
expense, depreciation, amortization and accretion expense; 

  
 10 

	 	(ii)	 extraordinary items and gains or losses from dispositions of assets; 

 

	 	(iii)	 accrued expenses for third-party and environmental liabilities up to the aggregate amount of valid insurance
coverage held by the Covenantor, plus any equity raised by the Covenantor to fund such expenses; and 

  

	 	(iv)	 the amount of any insurance proceeds applied to the expenses listed in (iii) above and recorded as income
in accordance with GAAP, and 

  

	(b)	 to the extent deducted in determining net income of the Covenantor (i) all interest expense (including all
capitalized interest, commissions, discounts and other fees and charges) plus the portion of rent expense of the Covenantor under Capitalized Lease Obligations that is treated as interest in accordance with GAAP, and (ii) the amount of
taxes, based on or measured by income in accordance with GAAP. 

 EBITDA will be adjusted to include or exclude EBITDA, as applicable,
associated with any acquisition or disposition (which increases or decreases EBITDA, as the case may be, by more than Cdn. $50,000,000 or the Equivalent Amount in U.S. Dollars) made within the applicable period, as if that acquisition or disposition
had been made at the beginning of such period (in a manner satisfactory to the Lenders, acting reasonably). 
 Subject to the occurrence of any Excluding
Event, (i) for all periods ending after the Trust Closing and on or prior to the earliest of (A) the date of termination of the Voting Trust and the release of the shares of the Acquired Company from the Voting Trust to the Covenantor or
the Borrower or any of their subsidiaries following receipt of a final order by the STB approving or exempting the control of the Acquired Company by the Covenantor, (B) the date of receipt of a final order by the STB which disallows the
control of the Acquired Company by the Covenantor or (C) September 15, 2024 (such earliest date referred to as the “Calculation Date” and the period between the Trust Closing and the Calculation Date, the “Calculation
Period”), EBITDA for all Financial Quarters included in any period shall be calculated to include the consolidated EBITDA attributable to the Acquired Company and its Subsidiaries (the “Acquired Company EBITDA”) (as if such
shares were acquired at the beginning of the relevant period), notwithstanding that the Acquired Company is not consolidated with the Covenantor under GAAP (assuming for this purpose that references in the definition of EBITDA and the component
definitions thereof to the Covenantor are to the Acquired Company and its Subsidiaries), (ii) for all periods ending prior to the Calculation Date, EBITDA of the Covenantor shall not include consolidated net income received by the Covenantor or any
of its Subsidiaries from the Acquired Company during such period that is accounted for by the equity method of accounting, and (iii) for all periods ending after the Calculation Date, except to the extent the Acquired Company is a Subsidiary of
the Covenantor, EBITDA shall include the Acquired Company EBITDA only to the extent of cash actually received by the Covenantor, the Borrower or any Designated Subsidiary Guarantor during such period. 

“EEA Financial Institution” means (a) any credit institution or investment firm established in any EEA Member Country which is subject
to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a Lender Parent of an institution described in clause (a) of this definition, or (c) any institution established in an EEA
Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its Lender Parent. 

“EEA Member Country” means any of the member states of the European Union, Iceland, Liechtenstein and Norway and following the withdrawal of
the United Kingdom from the European Union, shall be deemed to include the United Kingdom. 

  
 11 

 “EEA Resolution Authority” means any public administrative authority or any Person
entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution. 

“Effective Date” means the date of this Credit Agreement. 

“Environmental Laws” means all applicable laws, rules, regulations, by-laws, orders, judgments,
decisions and awards relating to public health or the protection of the environment. 
 “Equivalent Amount” means, at any relevant time, on
any day and with respect to any amount of any currency other than U.S. Dollars, the amount of U.S. Dollars which would be required to buy such amount of any other currency determined by using the quoted spot rate that the Administrative
Agent (or, if the Administrative Agent does not provide such spot rate quotation, a quoted rate from another financial institution selected by the Administrative Agent) offers to provide U.S. Dollars in exchange for such other currency at such
time. 
 “Equivalent U.S. $ Amount” means, at any relevant time, on any day and with respect to any amount of Canadian
Dollars, the amount of U.S. Dollars which would be required to buy such amount of Canadian Dollars at the rate as quoted by the Bank of Canada at approximately the close of business on the Business Day that such purchase is to be made (or, if such
purchase is to be made before close of business on such Business Day, then at approximately close of business on the immediately preceding Business Day), and, in either case, if no such rate is quoted, the spot rate of exchange quoted for wholesale
transactions by the Administrative Agent on the Business Day such purchase is to be made in accordance with its normal practice. 
 “Erroneous
Payment” has the meaning specified in Section 9.15(a). 
 “Erroneous Payment Deficiency Assignment” has the meaning specified
in Section 9.15(d). 
 “Erroneous Payment Impacted Facilities” has the meaning specified in Section 9.15(d). 

“Erroneous Payment Return Deficiency” has the meaning specified in Section 9.15(d). 

“Erroneous Payment Subrogation Rights” has the meaning specified in Section 9.15(d). 

“EU Bail-In Legislation Schedule” means the EU Bail-In
Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time. 
 “Eurodollar
Rate” means, for each day in an Interest Period, the rate of interest per annum for deposits in U.S. Dollars determined by reference to the rate set by the ICE Benchmark Administration (as set forth by any service selected by the
Administrative Agent that has been nominated by ICE Benchmark Administration as an authorized information vendor for the purpose of displaying such rate which, as of the date hereof, is “LIBO 01 Page” of Reuters Limited) at approximately
11:00 a.m. (London time) two (2) London Business Days before the first day of such Interest Period; or if such rate is not available, then the rate of interest per annum (which may not be less than zero) equal to the average (rounded upward to
the nearest whole multiple of 1/16 of 1% per annum) of the rates per annum which leading banks in the London interbank market quote and offer to each Eurodollar Reference Lender for placing U.S. Dollar deposits with such Eurodollar Reference
Lender, at approximately 11:00 a.m. (London time), two (2) London Business Days before the first day of such Interest Period, for a period comparable to such Interest Period and in an amount approximately equal to the amount of such Advance;
provided that, if the rate determined above shall ever be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

  
 12 

 “Eurodollar Rate Advance” has the meaning specified in the definition of
“Advance”. 
 “Eurodollar Reference Lenders” means up to three Lenders under the Credit Facility as selected by the
Administrative Agent from time to time with the consent of the Borrower and the applicable Lenders. 
 “Event of Default” has the meaning
specified in Section 8.1. 
 “Excess” has the meaning specified in Section 2.5. 

“Exchange Rate Determination Date” means: 
  

	(a)	 if there are any Canadian Prime Rate Advances outstanding, the last Business Day of each calendar month; and

  

	(b)	 if there are any BA Instruments outstanding, the Drawing Date. 

“Excluded Taxes” has the meaning specified in Section 11.8(a). 

“Excluding Event” has the meaning specified in Section 7.3. 

“Extending Lender” has the meaning specified in Section 2.7(b). 

“Extension Date” has the meaning specified in Section 2.7(a). 

“Face Amount” means in respect of a BA Instrument, the amount payable to the holder on its maturity. 

“FATCA” means Sections 1471 through 1474 of the Internal Revenue Code of 1986 (United States) (the “Code”), as of the
date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future registrations or official interpretations thereof, any agreements entered into
pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement entered into in connection with the implementation of the foregoing and any fiscal, regulatory, legislation, rules or practices adopted pursuant to any such
intergovernmental agreement entered into in connection with Sections 1471 through 1474 of the Code. 
 “Federal Funds Rate” means, on
any day, the rate per annum calculated by the Federal Reserve Bank of New York based on such day’s federal funds transactions by depositary institutions, as determined in such manner as the Federal Reserve Bank of New York shall set forth on
its public website from time to time, and published on the next succeeding Business Day by the Federal Reserve Bank of New York as the federal funds effective rate or, if such day is not a Business Day, such rate for the immediately preceding
Business Day for which the same is published or, if such rate is not published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day on such transactions received by
the Administrative Agent from three Federal funds brokers of recognized standing selected by it; provided that, if the rate determined above shall ever be less than zero, such rate shall be deemed to be zero for the purposes of this Agreement. 

“Fees” means the fees payable by the Borrower pursuant to this Agreement. 

“Financial Covenant” means the covenant in Section 7.3. 

“Financial Quarter” means a period of three (3) consecutive months in each Financial Year of the Covenantor ending on March 31,
June 30, September 30, and December 31, as the case may be, of such year. 

  
 13 

 “Financial Year” means in relation to the Covenantor, its financial year commencing on
January 1 of each calendar year and ending on December 31 of the same calendar year. 
 “Fixed Rate Advances” has the meaning
specified in the definition of “Advance”. 
 “Floating Rate Advances” has the meaning specified in the definition of
“Advance”. 
 “Funded Debt” means, at any time, for the Covenantor, determined on a consolidated basis in accordance with GAAP,
and subject to the next following sentence, the sum of, without duplication: 
  

	(a)	 long term Debt for Borrowed Money, including any current portion thereof and consolidated debenture stock;

  

	(b)	 bank Debt for Borrowed Money; 

 

	(c)	 commercial paper for Borrowed Money; 

 

	(d)	 the value of leases which have been, in accordance with GAAP, recorded as Capitalized Lease Obligations; and

  

	(e)	 the maximum amount which may be outstanding at any time of guarantees of Debt of the type referred to in items
(a) to (d) of this definition of Funded Debt of any Person which is not otherwise reflected in the Covenantor’s consolidated accounts. 

There shall be excluded from the calculation of Funded Debt at any relevant time, any amount otherwise included in this definition of Funded Debt that is
(x) an obligation in respect of preferred shares, (y) any obligation where the Covenantor or its applicable Subsidiary has the right, exercisable at its option and subject only to Permitted Conditions, to convert such obligation into
capital stock of or to satisfy any retraction or redemption obligations in respect thereof by the issuance of capital stock of the Covenantor or a Subsidiary thereof and (z) Convertible Debt. 

During the Calculation Period (and subject to the occurrence of any Excluding Event), Funded Debt shall be calculated to include the Funded Debt attributable
to the Acquired Company, notwithstanding that the Acquired Company is not consolidated with the Covenantor under GAAP (assuming for this purpose that references in the definition of Funded Debt and the component definitions thereof to the Covenantor
are to the Acquired Company and its Subsidiaries). For the avoidance of doubt, after the Calculation Period, Funded Debt of the Covenantor shall be calculated to exclude the Funded Debt attributable to the Acquired Company and its Subsidiaries for
so long as the Acquired Company remains in the Voting Trust, unless and until the Acquired Company and its Subsidiaries become Subsidiaries of the Covenantor upon termination of the Voting Trust. 

“Funded Net Debt” means, at any time, the Funded Debt of the Covenantor net of aggregate unrestricted cash and Cash Equivalents of the
Covenantor determined on a consolidated basis in accordance with GAAP, including for all periods ending during the Calculation Period, unrestricted cash and Cash Equivalents attributable to the Acquired Company and its Subsidiaries that are held in
the Voting Trust, notwithstanding that the Acquired Company is not consolidated with the Covenantor under GAAP. 
 “GAAP” means, at any
time, accounting principles generally accepted in the United States at the relevant time applied on a consistent basis (except for changes accepted by the Covenantor’s independent auditors), including, for certainty, IFRS to the extent adopted
in the United States, provided that, if reference to “GAAP” is in respect of any financial statements which are prepared in accordance with generally accepted accounting principles of Canada, “GAAP” shall mean
generally accepted accounting principles in Canada, including, for certainty, IFRS to the extent and in the manner in which the same is adopted in Canada. 

  
 14 

 “Governmental Entity” means: 

 

	(a)	 any multinational, federal, provincial, state, municipal, local or other government, governmental or public
department, central bank, court, commission, board, bureau, agency or instrumentality, domestic or foreign; 

  

	(b)	 any subdivision or authority of any of the foregoing; or 

 

	(c)	 any quasi-governmental or private body exercising any regulatory, expropriation or taxing authority under or
for the account of any of the above. 

 “Guarantee” means the guarantee of the Covenantor contained in Article 10 of
this Agreement. 
 “Guaranteed Obligations” has the meaning specified in Section 10.1. 

“IFRS” means International Financial Reporting Standards including International Accounting Standards and Interpretations together with their
accompanying documents which are set by the International Accounting Standards Board, the independent standard-setting body of the International Accounting Standards Committee Foundation (the “IASC Foundation”), and the
International Financial Reporting Interpretations Committee, the interpretative body of the IASC Foundation, but only to the extent and in the manner in which the same are adopted as GAAP in the United States or Canada, as applicable. 

“Impermissible Qualification” means, relative to the opinion or report of any independent auditors as to any financial statement of any
Person, any qualification or exception to such opinion or report which: 
  

	(a)	 is of a “going concern” or similar nature; 

 

	(b)	 relates to any limited scope of examination of material matters relevant to such financial statement, if such
limitation results from the refusal or failure of the Person to grant access to necessary information therefor; or 

  

	(c)	 relates to the treatment or classification of any item in such financial statement and which, as a condition to
its removal, would require an adjustment to such item the effect of which could reasonably be expected to have a Material Adverse Effect. 

“Indemnified Person” has the meaning specified in Section 11.6(a). 

“Information” has the meaning specified in Section 11.5(b). 

“Intangible Assets” means an amount equal to the aggregate of the following amounts in respect of a Person on a consolidated basis: 

 

	(a)	 the net book amount of all assets which would be treated as intangibles under GAAP; and 

 

	(b)	 prepaid pension costs. 

“Intercorporate Indebtedness” has the meaning specified in Section 10.6. 

  
 15 

 “Interest Period” means, for each Eurodollar Rate Advance, a period commencing: 

 

	(a)	 in the case of the initial Interest Period for such Advance, on the date of such Advance; and

  

	(b)	 in the case of any subsequent Interest Period for such Advance, on the last day of the immediately preceding
Interest Period applicable thereto; 

 and ending, in either case, on the last day of such period as shall be selected by the Borrower
pursuant to the provisions below. 
 Except as provided in the next following sentences, the duration of each such Interest Period shall be 1, 2 or 3 months
as selected by the Borrower pursuant to Section 3.1 (or such shorter or longer period as agreed to by the Borrower and the Lenders, acting reasonably). No Interest Period may be selected which: 

 

	 	(i)	 would, in the reasonable opinion of the Administrative Agent, conflict with the repayment provisions set out in
Article 2; or 

  

	 	(ii)	 would result in there being outstanding Eurodollar Rate Advances having more than five (5) maturity dates
in the same month. 

 Whenever the last day of an 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 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 immediately preceding Business Day. 
 “Interest Rate Election” has the meaning specified in Section 3.2(b).

 “Laws” means, all statutes, codes, ordinances, decrees, rules, regulations, municipal by-laws,
judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, policies, voluntary restraints, guidelines, or any provisions of the foregoing, including general principles of
common and civil law and equity, binding on or affecting the Person referred to in the context in which such word is used; and “Law” means any one of the foregoing. 

“Lender’s Commitment” has the meaning specified in the definition of “Commitment”. 

“Lender BA Suspension Notice” has the meaning specified in Section 4.6(b). 

“Lender Distress Event” means, in respect of a given Lender, such Lender or its Lender Parent: (a) is subject to a liquidation, merger,
sale or other change of control, in each case, forced or supported in whole or in part by guarantees or other support (including the nationalization or assumption of ownership or operating control by the Government of the United States, Canada or
any other governmental authority); or (b) is otherwise adjudicated as, or determined to be, insolvent or bankrupt, in each case, by any governmental authority having regulatory authority over such Lender or Lender Parent or their respective
assets; provided that, for certainty, a Lender Distress Event shall not have occurred solely by virtue of the ownership or acquisition of any equity interest in such Lender or its Lender Parent by any governmental authority or the disposition
thereof. 
 “Lender Eurodollar Suspension Notice” has the meaning specified in Section 3.3(a)(iii). 

“Lender Insolvency Event” means, in respect of a Lender, such Lender or its Lender Parent: 

  
 16 

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

 

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

  

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

  

	(d)    (i)	 institutes, or has instituted against it by a regulator, supervisor or any similar governmental authority with
primary insolvency, rehabilitative or regulatory jurisdiction over it in the jurisdiction of its incorporation or organization or the jurisdiction of its head or home office, (A) a proceeding pursuant to which such governmental authority takes
control of such Lender’s or Lender Parent’s assets, (B) a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy, insolvency or winding-up law or
other similar law affecting creditors’ rights, or (C) a petition is presented for its winding-up or liquidation by it or such regulator, supervisor or similar governmental authority; or

  

	 	(ii)	 has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under
any bankruptcy, insolvency or winding-up law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and
such proceeding or petition is instituted or presented by a person or entity not described in clause (i) above and either 

  

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

  

	 	(B)	 is not dismissed, discharged, stayed or restrained in each case within 15 days of the institution or
presentation thereof; 

  

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

  

	(f)	 seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver,
trustee, custodian or other similar official for it or for all or a substantial portion of all of its assets; 

  

	(g)	 has a secured party take possession of all or a substantial portion of all of its assets or has a distress,
execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed, discharged, stayed or
restrained, in each case, within fifteen (15) days thereafter; 

  

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

  

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

 “Lender Parent” means any Person that directly or indirectly controls a Lender and, for the purposes of
this definition, “control” shall have the same meaning as set forth in the definition of “Affiliate” contained herein. 

  
 17 

 “Lenders” means, collectively, the financial institutions listed on the signature pages
hereof as Lenders, and any Person which may become a Lender pursuant to Section 11.10, and their respective successors and permitted assigns, and, in the singular, any one of them. 

“Lien” means any mortgage, charge, pledge, hypothec, security interest, lien or other encumbrance of any kind but excludes Operating Leases,
any contractual right of set-off created in the ordinary course of business and, subject to Section 8.1(g), any writ of execution, or other similar instrument, arising from a judgment relating to the non-payment of indebtedness. 
 “London Business Day” means a day on which dealings are carried on in the
London interbank market in respect of transactions in U.S. Dollars. 
 “Majority Lenders” means, at any time before the Commitments
have terminated, Lenders whose Lender’s Commitments are at least 50.1% of the aggregate amount of the Lender’s Commitments, in effect at such time or, after the Commitments have terminated, Lenders holding at least 50.1% of the Equivalent
U.S. $ Amount of the aggregate Accommodations Outstanding taken together. 
 “Material Adverse Effect” means a material adverse effect
on the ability of the Borrower, the Covenantor and the Designated Subsidiary Guarantors taken as a whole to perform their payment obligations under any of the Credit Documents to which they are a party. 

“Maturity Date” means March 15, 2022. 

“Moody’s” means Moody’s Investor Service, Inc., and its successors. 

“New Maturity Date” has the meaning specified in Section 2.7(a). 

“Non-Extending Lender” has the meaning specified in Section 2.7(b). 

“Non-Recourse Debt” means, at any particular time and in respect of any Person, Debt incurred by the
Person to finance all or part of the costs of acquisition, development, construction, exploitation, improvement or operation of any property or assets of the Person where at such particular time the recourse of the lender thereof or any agent,
trustee, receiver or other Person acting on behalf of the lender in respect of such Debt or any judgment in respect thereof is limited in all circumstances to: 
  

	(a)	 the property or assets acquired, developed, constructed, exploited, improved or operated and in respect of
which such Debt has been incurred; 

  

	(b)	 any and all facilities relating to such other property or assets and forming an integral and direct part of the
same project, venture or other arrangement of which such property or assets forms an integral and direct part, whether or not such facilities are in whole or in part located (or from time to time located) at or on any such property; and

  

	(c)	 the receivables, inventory, equipment, chattel payables, contracts, intangibles and other assets, rights or
collateral directly connected with such property or assets and the proceeds thereof; 

 other than recourse (which shall be on an
unsecured basis) against the other property or assets of the Person for a breach of representations and warranties or non-financial covenants made by such person in connection with such Debt to the extent such
representations and warranties or non-financial covenants are customarily given in similar type financings. 

  
 18 

 “OFAC” means the Office of Foreign Assets Control of the United States Treasury Department.

 “Operating Leases” means leases for which the obligations thereunder are not classified as Capitalized Lease Obligations under GAAP
(subject to the proviso in the definition of Capitalized Lease Obligations). 
 “Original Currency” has the meaning specified in
Section 10.16(a) and Section 11.13(a), as applicable. 
 “Other Currency” has the meaning specified in Section 10.16(a) and
Section 11.13(a), as applicable. 
 “Participant” has the meaning specified in Section 11.10(c). 

“Payment Recipient” has the meaning specified in Section 9.15(a). 

“Permitted Conditions” means, with respect to any Person’s right to convert any obligations into capital stock or to satisfy any
retraction, repayment, repurchase or redemption obligations in respect thereof by the issuance of capital stock: 
  

	(a)	 any requirement for the expiry of any period of time before the right may be exercised (unless the Person may
be required to repay, convert or satisfy such obligations prior to the expiry of such period of time); and 

  

	(b)	 with respect only to shares of any class which are traded on a recognized stock exchange issuable upon the
exercise of such right, any requirement that such shares be listed, posted and freely tradeable on a recognized stock exchange, provided that (x) at the time such obligations are created or incurred and for such time as they remain outstanding,
all issued and outstanding shares of such class are listed, posted and freely tradeable on a recognized stock exchange, and (y) such additional shares are (or upon issuance could reasonably be expected to be) so listed, posted and freely
tradeable. 

 “Permitted Dispositions” means: 
  

	(a)	 Dispositions of Assets to the Covenantor, the Borrower or any Designated Subsidiary; 

 

	(b)	 Dispositions of Assets which are obsolete, redundant or of no material economic value; 

 

	(c)	 Dispositions of inventory in the ordinary course of business; and 

 

	(d)	 provided no Default or Event of Default has occurred and is continuing, Dispositions of Assets which would not
reasonably be expected to have a Material Adverse Effect. 

 “Permitted Liens” means, in respect of any Person, any one
or more of the following: 
  

	(a)	 any Lien given in the ordinary course of business in respect of Debt which is payable on demand or which
matures by its terms on a date not more than twelve months after the date of the original creation thereof; or 

  

	(b)	 any Lien on any property, real or personal, acquired (including by way of lease), constructed or improved by
the Person to secure the unpaid portion of the purchase price (or the lease payments, as the case may be), of such property or to secure Debt incurred solely for the purpose of financing the acquisition (including by way of lease), construction or
improvement of such property; or 

  
 19 

	(c)	 Liens existing on property, real or personal, acquired by the Person after December 14, 2007, whether or
not assumed by the Person; or 

  

	(d)	 Liens on rolling stock or other railway equipment of the Person given by it relative to or in connection with:

  

	 	(i)	 the issue and sale of certificates, evidences of indebtedness or similar instruments issued by an equipment
trust or similar special purpose vehicle; 

  

	 	(ii)	 Sale Leaseback Transactions; or 

 

	 	(iii)	 other asset-specific financings of such equipment where the principal amount of the financing provided to the
Person does not exceed the fair market value of the equipment being financed at the time of the transaction together with the costs associated with such financing; or 

 

	(e)	 Liens existing on any of the assets or properties of the Person on December 14, 2007, including any of the
outstanding perpetual 4 per cent consolidated debenture stock of CPRC, whether issued, pledged or vested in trust created thereby or outstanding thereon; or 

 

	(f)	 Liens existing on any of the assets or properties of another Person at the time when such Person enters into an
amalgamation, merger, consolidation, arrangement or corporate reorganization with such other Person; or 

  

	(g)	 Liens on cash or marketable securities of the Person granted in favour of any exchange recognized for the
purposes of the Securities Act (Alberta) pursuant to the normal requirements of such exchange; or 

  

	(h)	 Liens on property in favour of any country or any province or any state or any municipality or any utility or
any court, or any department, agency or instrumentality thereof, to secure partial, progress, advance or other payments or the performance of any covenant or obligation to or in favour of such authority by such Person or any subsidiary thereof
pursuant to the provisions of any contract, statute, regulation or order or in connection with surety or appeal bond or costs of litigation; or 

  

	(i)	 easements, rights of way, servitudes, licences or other similar rights in land including rights of way and
servitudes for railways, sewers, drains, pipelines, gas and water mains, electric light, power, telephone, telegraph or cable television conduits, poles, wires and cable, other utilities and other similar purposes or planning, building, zoning, use
and other restrictions; or 

  

	(j)	 reservations, limitations, provisos and conditions, if any, expressed in or affecting any grant of real or
immovable property or any interest therein or the right reserved to or vested in any governmental or other public authority by the terms of any lease, licence, franchise, grant or permit or by any statutory provision to terminate the same or to
require annual or other periodic payments or minimum work expenditures or commitments or minimum production amounts as a condition of the continuance of a lease or similar instrument; or 

 

	(k)	 defects or irregularities of title which are of a minor nature and will not in the aggregate impair in any
material way the value or utility of the property subject thereto; or 

  
 20 

	(l)	 Liens incidental to construction or current operations including Liens created by workers’ compensation,
unemployment insurance and other social security legislation, or any mechanics’, materialmens’, construction, warehousemans’, carriers’, possessory or other similar Liens; or 

 

	(m)	 Liens arising by the terms of any statutory provision to secure the payment of taxes, levies or assessments in
respect of such property; or 

  

	(n)	 Liens of any judgment rendered or claim filed against the owner of any property; or 

 

	(o)	 any Lien given, assumed or arising by operation of law to secure indebtedness incurred by the obligor to pay
the whole or any part of the consideration for the acquisition of property or the improvement thereof where such indebtedness is incurred prior to, or at the time of, or within 360 days after, the acquisition of the property by the obligor, but only
if the principal amount of such Lien: 

  

	 	(i)	 is not in excess of the cost to the obligor of such property; and 

 

	 	(ii)	 is secured only by such property and the proceeds thereof; and any Liens, not related to the borrowing of
money, incurred or arising by operation of law or in the ordinary course of business or incidental to the ownership of property; or 

  

	(p)	 undetermined or inchoate liens, privileges, preferences and charges incidental to current operations which have
not at such time been filed pursuant to law against such Person’s property or assets or which relate to obligations not due or delinquent; or 

  

	(q)	 any Lien or any right of distress reserved in or exercisable under any lease for rent and for compliance with
the terms of such lease; or 

  

	(r)	 any order or direction against or affecting any property made by any government, governmental body or court
under the provisions of any Law; or 

  

	(s)	 Liens in respect of Non-Recourse Debt; or 

 

	(t)	 any Lien with the prior written consent of the Majority Lenders; or 

 

	(u)	 any Lien arising pursuant to or in connection with a Bilateral LC Agreement; or 

 

	(v)	 an extension, renewal or replacement of any Lien permitted under paragraphs (a) to (u) and paragraph
(w) hereof, provided that any such extension, renewal or replacement Lien will not secure repayment of an amount in excess of any principal amount of indebtedness outstanding with respect thereto immediately prior to such extension, renewal or
replacement and that such extension, renewal or replacement is limited to all or a part of the property which was subject to the Lien so extended, renewed or replaced; or 

 

	(w)	 Liens to the extent not already permitted by paragraphs (a) to (v) above, provided that Liens shall not be
permitted under this paragraph (w) if the effect thereof would be to cause the total amount of Debt for Borrowed Money of the Covenantor, the Borrower and the Designated Subsidiaries secured by Liens permitted under this paragraph (w) to
exceed 15% of Consolidated Equity. 

  
 21 

 “Person” means a natural person, partnership, corporation, joint stock company, trust,
unincorporated association, joint venture or other entity or Governmental Entity, and pronouns that have a similarly extended meaning. 
 “Reference
Discount Rate” means, for any Drawing Date, in respect of any Bankers’ Acceptances or Drafts to be purchased pursuant to Article 4 by: 
  

	(a)	 a Lender which is a Bank Act (Canada) Schedule I bank, the applicable CDOR Rate; or

  

	(b)	 by any other Lender, the lesser of (y) the arithmetic average of the discount rates (calculated on an
annual basis and rounded to the nearest one-hundredth of 1%, with five-thousandths of 1% being rounded up) quoted by each BA Reference Lender at approximately 10:00 a.m. (Toronto time) as the discount rate at
which the BA Reference Lender would purchase, on the relevant Drawing Date, its own Bankers’ Acceptances or Drafts having an aggregate Face Amount equal to and with a term to maturity equal or comparable to the Bankers’ Acceptances or
Drafts to be acquired pursuant to item (a), and (z) the sum of (A) the applicable CDOR Rate plus (B) 0.10%. 

 “Related
Parties” means, with respect to any Person, such Person’s Affiliates and the directors, officers, employees, agents and advisors of such Person and of such Person’s Affiliates. 

“Relevant Debt” has the meaning specified in Section 8.1(f). 

“Request for Extension” means a request substantially in the form of Schedule 9 requesting an extension of the Maturity Date pursuant to
Section 2.7. 
 “Requested Lender” has the meaning specified in Section 2.7(a). 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors. 

“Sale Leaseback Transaction” means, with respect to any Person, any direct or indirect arrangement entered into after December 14, 2007
pursuant to which such Person transfers or causes the transfer of any Assets to another Person and leases such Assets back from such Person as a Capitalized Lease Obligation or pursuant to an Operating Lease. 

“Sanctioned Country” means, at any time, a country or territory which is the subject or target of any Sanctions. 

“Sanctioned Person” means, at any time, any Person listed in any Sanctions-specific list of designated Persons maintained by any Sanctions
Authority, in all cases, to the extent not inconsistent with applicable Law in Canada. 
 “Sanctions” means economic or financial sanctions
or trade embargoes imposed, administered or enforced from time to time by a Sanctions Authority that are applicable to the Borrower or their Subsidiaries; provided that, with respect to economic or financial sanctions or trade embargoes imposed,
administered or enforced from time to time by the United Nations Security Council, to the extent such sanctions or trade embargoes are not inconsistent with applicable Law in Canada. 

“Sanctions Authority” means any of: (a) the federal government of Canada; (b) the federal government of the United States of
America; (c) the United Nations Security Council (to the extent not inconsistent with applicable Law in Canada); or (d) the respective governmental institutions, departments and agencies of any of the foregoing, including OFAC and the
United States Department of State; and “Sanctions Authorities” means all of the foregoing Sanctions Authorities, collectively. 

  
 22 

 “STB” means the Surface Transportation Board. 

“Subsidiary” or “subsidiary” has the meaning specified in the Canada Business Corporations Act on the Effective Date.

 “Subsidiary Debt” means any Funded Debt which is owed by a Designated Subsidiary (other than a Designated Subsidiary Guarantor) to any
Person other than the Covenantor, the Borrower or another Designated Subsidiary and other than Funded Debt which is secured by a Permitted Lien. 

“Tax Benefit” has the meaning specified in Section 11.8(b). 

“Taxes” has the meaning specified in Section 11.8(a). 

“Termination Date” means the earlier of the date on which (a) the STB approves the Acquisition, the Voting Trust Agreement is terminated
and the Acquired Company becomes subject to the control of the Covenantor and its Subsidiaries or (b) the Covenantor directly or indirectly disposes of the Acquired Company following receipt of a final order of the STB that disallows the
control of the Acquired Company by the Covenantor. 
 “Trust Closing” means the consummation of the Acquisition by the Voting Trust
pursuant to the Voting Trust Agreement, under which the equity of the Acquired Business is placed into the Voting Trust, pursuant to and as contemplated by the Acquisition Agreement. 

“Type” has the meaning specified in the definitions of “Accommodation” and “Advance” in relation to Accommodations and
Advances, respectively. 
 “U.S. Dollar Advances” has the meaning specified in the definition of “Advance”.

 “U.S. Dollars” and “U.S. $” means lawful money of the United States of America.

 “Voting Trust” means the independent and irrevocable voting trust established pursuant to the Voting Trust Agreement. 

“Voting Trust Agreement” means a voting trust agreement in substantially the form attached as Exhibit A of the Acquisition Agreement, as
amended by such amendments or modifications which are requested by the STB or mandated by applicable law. 
 “Write-Down and Conversion
Powers” means with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA
Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule. 

  
 23 

	1.2	 Interpretation not Affected by Headings, etc. 

The provisions of a Table of Contents, the division of this Agreement into Articles and Sections and the insertion of headings are
for convenience of reference only and shall not affect the interpretation of this Agreement. 
  

	1.3	 Currency 

All references in the Credit Documents to dollars, unless otherwise specifically indicated, are expressed in Canadian Dollars. 

 

	1.4	 Terms Generally 

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require,
any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. In any
Credit Document the phrase “the aggregate of”, “the total of”, “the sum of”, or a phrase of similar meaning means “the aggregate (or total or sum), without duplication, of”. In the computation of periods of
time from a specified date to a later specified date, unless otherwise expressly stated, the word “from” means “from and including” and the words “to” and “until” each mean “to but excluding”. The
word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise: 
  

	(a)	 any definition of or reference to any agreement, instrument or other document herein (including this Agreement)
shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented, restated or otherwise modified (subject to any restrictions on such amendments, supplements, restatements or modifications
set forth herein); 

  

	(b)	 any reference herein to any Person shall be construed to include such Person’s successors and permitted
assigns; 

  

	(c)	 the words “herein”, “hereof” and “hereunder”, and words of similar import, shall
be construed to refer to this Agreement in its entirety and not to any particular provision hereof; 

  

	(d)	 unless otherwise expressly stated, all references to Articles, Sections and Schedules shall be construed to
refer to Articles and Sections of, and Schedules to this Agreement; 

  

	(e)	 any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or
regulation as amended, modified or supplemented from time to time; and 

  

	(f)	 the words “asset” and “property” shall be construed to have the same meaning and effect and
to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

  

	1.5	 GAAP and Changes Thereto 

 

	(a)	 All financial statements required to be furnished by the Covenantor or the Borrower to the Administrative Agent
hereunder shall be prepared in accordance with GAAP. Each accounting term used in this Agreement, unless otherwise defined herein, has the meaning assigned to it under applicable GAAP and, except as otherwise provided herein, reference to any
financial statement item means such item as computed from the applicable financial statement prepared in accordance with applicable GAAP. 

  

	(b)	 If the Covenantor, the Administrative Agent or the Majority Lenders determine at any time that any amount
required to be determined hereunder would be materially different if such amount were determined in accordance with: 

  
 24 

	 	(i)	 GAAP applied by the Covenantor or the Borrower in respect of its financial statements on the date hereof
(“Old GAAP”), rather than 

  

	 	(ii)	 GAAP subsequently in effect in the United States or Canada, as applicable, and applied by the Covenantor or the
Borrower in respect of its financial statements and utilized for purposes of determining such amount, 

 then written
notice of such determination shall be delivered by the Borrower to the Administrative Agent, in the case of a determination by the Covenantor, or by the Administrative Agent to the Borrower, in the case of a determination by the Administrative Agent
or the Majority Lenders. 
  

	(c)	 If the Covenantor or the Borrower adopts a change in an accounting policy in the preparation of its financial
statements in order to conform to accounting recommendations, guidelines, or similar pronouncements, or legislative requirements, and such change would require disclosure thereof under Old GAAP, or could reasonably be expected to adversely affect
(i) the rights of, or the protections afforded to, the Administrative Agent or the Lenders hereunder or (ii) the position of the Covenantor or the Borrower or of the Administrative Agent or the Lenders hereunder, the Borrower shall so
notify the Administrative Agent, describing the nature of the change and its effect on the current and immediately prior year’s financial statements in accordance with Old GAAP and in detail sufficient for the Administrative Agent and the
Lenders to make the determination required of them in the following sentence. If any of the Covenantor, the Administrative Agent or the Majority Lenders determine at any time that such change in accounting policy results in an adverse change either
(A) in the rights of, or protections afforded to, the Administrative Agent or the Lenders intended to be derived, or provided for, hereunder or (B) in the position of the Covenantor or the Borrower or of the Administrative Agent and the
Lenders hereunder, written notice of such determination shall be delivered by the Borrower to the Administrative Agent, in the case of a determination by the Borrower, or by the Administrative Agent to the Borrower, in the case of a determination by
the Administrative Agent or the Majority Lenders. 

  

	(d)	 Upon the delivery of a written notice pursuant to either Section 1.5(b) or 1.5(c), the Covenantor and the
Administrative Agent on behalf of the Lenders shall meet to consider the impact of such change in Old GAAP or such change in accounting policy (in each case, an “Accounting Change”), as the case may be, on the rights of, or
protections afforded to, the Administrative Agent and the Lenders or on the position of the Covenantor or the Borrower or of the Administrative Agent and the Lenders and shall in good faith negotiate to execute and deliver an amendment or amendments
to this Agreement in order to preserve and protect the intended rights of, or protections afforded to, the Administrative Agent and the Lenders on the date hereof or the position of the Covenantor or the Borrower or the Administrative Agent and the
Lenders (as the case may be); provided that, until this Agreement has been amended in accordance with the foregoing, then for all purposes hereof, the Accounting Change shall be disregarded hereunder and any amount required to be determined
hereunder shall, nevertheless, continue to be determined under Old GAAP and the Covenantor or the Borrower’s prior accounting policy, as applicable. For the purposes of this Section 1.5, the Covenantor and the Borrower, the Lenders and the
Administrative Agent acknowledge that the amendment or amendments to this Agreement are to provide substantially the same rights and protection to the Covenantor, the Borrower, the Administrative Agent and the Lenders as is intended by this
Agreement on the date hereof. If the Covenantor and the Administrative Agent on behalf of the Majority Lenders do not mutually agree on such amendment or amendments to this Agreement within sixty (60) days (or such longer period as may be
acceptable to the Administrative Agent, acting reasonably) following the date of delivery of such written notice, the Covenantor or the Borrower shall continue to either provide financial statements in accordance with Old GAAP or such financial
information as the Administrative Agent on behalf of the Majority Lenders may 

  
 25 

	 	
reasonably require in order for any amount required to be determined hereunder to be determined in accordance with Old GAAP and the Covenantor or the Borrower’s prior accounting policy and,
for all purposes hereof, the applicable changes from Old GAAP or in accounting policy (as the case may be) shall be disregarded hereunder and any amount required to be determined hereunder shall, nevertheless, continue to be determined under Old
GAAP and the Covenantor or the Borrower’s prior accounting policy, as applicable. 

  

	(e)	 If a Compliance Certificate is delivered in respect of a Financial Quarter or Financial Year in which an
Accounting Change is implemented without giving effect to any revised method of calculating the Financial Covenant, and subsequently, as provided above, the method of calculating the Financial Covenant is revised in response to such Accounting
Change, or the amounts to be determined pursuant to the Financial Covenant are to be determined without giving effect to such Accounting Change, the Covenantor shall deliver a revised Compliance Certificate. Any Event of Default arising as a result
of the Accounting Change and which is cured by this Section 1.5(e) shall be deemed to be of no effect ab initio. 

  

	1.6	 Non-Business Days 

Subject as otherwise provided in this Agreement, whenever any payment is stated to be due on a day which is not a Business Day, such payment
shall be made on the next succeeding Business Day, and such extension of time shall be included in the computation of interest or fees, as the case may be. 
  

	1.7	 Rateable Portion of Accommodations 

Subject as otherwise provided in this Agreement, references in this Agreement to a Lender’s rateable portion of Advances and Drawings or
rateable share of payments of principal, interest, Fees or any other amount, shall mean and refer to a rateable portion or share as nearly as may be rateable in the circumstances, as determined in good faith by the Administrative Agent based on the
ratio of the applicable Lender’s Commitment under the Credit Facility to the Commitment under the Credit Facility or the ratio of Accommodations Outstanding under the Credit Facility from a Lender to total Accommodations Outstanding under the
Credit Facility, respectively. Each such determination by the Administrative Agent shall be prima facie evidence of such rateable portion or share. 
  

	1.8	 Incorporation of Schedules 

The Schedules attached to this Agreement shall, for all purposes of this Agreement, form an integral part of it. 

ARTICLE 2 
 CREDIT
FACILITY 
  

	2.1	 Availability 

  

	(a)	 Each Lender under the Credit Facility, severally agrees, in accordance with the terms and conditions of this
Agreement, to make available to the Borrower its rateable portion of Accommodations under the Credit Facility up to the amount of its Lender’s Commitment. 

 

	(b)	 Accommodations shall be made available as: 

 

	 	(i)	 Advances pursuant to Article 3 under the Credit Facility; and 

  
 26 

	 	(ii)	 Bankers’ Acceptances or Drafts pursuant to Article 4 under the Credit Facility; 

 

	(c)	 The Administrative Agent shall give each applicable Lender prompt notice of any: 

 

	 	(i)	 Accommodation Notice received from the Borrower and of each applicable Lender’s rateable portion of any
Accommodation; and 

  

	 	(ii)	 other applicable notices received by it from the Borrower or the Covenantor under the Agreement.

  

	2.2	 Commitment Limits 

 

	(a)	 The Accommodations Outstanding: 

 

	 	(i)	 from all Lenders under the Credit Facility shall not at any time exceed the Commitment of the Lenders under the
Credit Facility; and 

  

	 	(ii)	 from each Lender under the Credit Facility shall not at any time exceed such Lender’s Commitment under the
Credit Facility. 

  

	(b)	 The Credit Facility is a non-revolving facility. Any repayment of any
Accommodations shall result in a permanent reduction of the Credit Facility to the extent of such repayment. The Commitment of each Lender shall be reduced pro rata in the same proportion that the amount of the reduction of the Credit Facility bears
to the amount of the Credit Facility in effect immediately prior to such reduction and the Borrower shall not be entitled to request any further Accommodations in respect of and to the extent of any such repayment. 

 

	2.3	 Use of Proceeds 

The Borrower shall use the proceeds of Accommodations for general corporate purposes (including, for certainty, to partially finance the
Acquisition and associated fees, costs and expenses). 
  

	2.4	 Mandatory Repayments and Reductions of Commitments 

The Borrower shall repay (subject as otherwise provided in this Agreement) Accommodations Outstanding to each Lender under the Credit Facility
(and the Lender’s Commitment under the Credit Facility of such Lender shall be permanently cancelled) on the Maturity Date of such Lender, together with all accrued interest and Fees and all other amounts payable to such Lender in connection
with the Credit Facility. 
  

	2.5	 Adjustment for Currency Fluctuations 

 

	(a)	 If the Administrative Agent notifies the Borrower no later than 4:00 p.m. (Toronto time) on the applicable
Exchange Rate Determination Date that solely by reason of fluctuations in currency valuation, the Accommodations Outstanding under the Credit Facility exceed 105% of the Commitment under the Credit Facility on any Exchange Rate Determination Date
(the amount by which such Accommodations Outstanding exceed 100% of the Commitment under the Credit Facility on such date being the “Excess”), the Borrower shall no later than the third Business Day thereafter:

  
 27 

	 	(i)	 make an adjusting payment by repaying Floating Rate Advances outstanding under the Credit Facility in an amount
equal to such Excess; or 

  

	 	(ii)	 if there are no Floating Rate Advances outstanding under the Credit Facility in an amount equal to or greater
than such Excess, make an adjusting payment by either: 

  

	 	(A)	 repaying Fixed Rate Advances and Drawings under the Credit Facility, as determined by the Borrower; or

  

	 	(B)	 providing the Administrative Agent with cash or Cash Equivalents as collateral; 

in either case in an amount equal to the amount by which the Excess exceeds the amount of such Floating Rate Advances. 

 

	(b)	 If, solely due to exchange rate fluctuations, the Accommodations Outstanding under the Credit Facility is, on
the applicable Exchange Rate Determination Date, less than the amount of the Commitments (such difference in amounts being the “Deficiency”), the Borrower may, on the next Business Day, request additional Accommodations in Canadian
Dollars or U.S. Dollars in amounts up to the amount of the Deficiency (but, under no event or circumstance, to exceed the Commitments) on the date and at the time a Borrowing Notice is given in respect thereof, and the minimum amounts and multiples
specified in Schedule 5 shall not apply in respect of such requested Accommodations. 

  

	2.6	 Optional Prepayments 

The Borrower may, subject to the provisions of this Agreement, without penalty, repay Accommodations Outstanding, in whole or in part, upon the
number of Business Days’ notice to the Administrative Agent specified in Schedule 5 by an irrevocable notice to the Administrative Agent stating the proposed date and aggregate principal amount of the repayment. In such case, the Borrower
shall pay to the Lenders in accordance with such notice the amount of such prepayment which prepayment shall be effected, in the case of outstanding BA Instruments, by cash collateralizing them in accordance with the Administrative Agent’s
normal practices in that regard, and, in the case of Eurodollar Rate Advances, such prepayment shall be subject to the indemnity provisions in Section 11.6(c). 
  

	2.7	 Extension of Facility 

 

	(a)	 The Borrower may, from time to time, request an extension from each Lender (including any then Non-Extending Lender) (each, a “Requested Lender”) of the then current Maturity Date of each such Requested Lender (each, a “Current Maturity Date” and the requested Maturity Date
being the “New Maturity Date”) by sending to the Administrative Agent at the Administrative Agent’s Branch of Account a Request for Extension and the Administrative Agent shall forthwith notify the Requested Lenders of such
request. Any such request must provide that the New Maturity Date of all Requested Lenders be the same and that the New Maturity Date not exceed 6 months (or such longer term as may be acceptable to all of the Extending Lenders) from the Extension
Date. Each Requested Lender shall advise the Administrative Agent as to whether it agrees with such request within thirty (30) days of being so notified, provided that, in the event such Requested Lender does not so advise the Administrative
Agent within such thirty (30) day period, such Requested Lender shall be deemed to have advised the Administrative Agent that it does not agree with such request, and the Administrative Agent shall forthwith (and, in any event, within two
(2) Business Days of the Administrative Agent having received from all Requested Lenders their decision or deemed decision with regard to the Request for the Extension) advise the Borrower of the Requested Lenders that have agreed to extend the
Current Maturity Date (such date being the “Extension Date”). 

  
 28 

	(b)	 Subject to Section 2.7(c), if a Requested Lender does not agree to extend the Current Maturity Date
applicable to it (such Lender being a “Non-Extending Lender” and any Requested Lender agreeing to extend the Current Maturity Date applicable to it being an “Extending
Lender”) the Borrower may, but is not obligated, to: 

  

	 	(i)	 so long as there exists no Event of Default and subject to Section 11.6(c), repay all Accommodations
Outstanding and other amounts owing hereunder to any Non-Extending Lender under the Facility at any time prior to the Current Maturity Date of such Non-Extending Lender
and upon such payment any Non-Extending Lender shall cease to be a Lender and its Commitment shall be terminated and the Commitment reduced accordingly; or 

 

	 	(ii)	 arrange for a replacement lender (which may be one of the Lenders) to replace each Non-Extending Lender’s Accommodations Outstanding and its Lender Commitment under the Credit Facility; provided that any such replacement lender shall have been approved by the Administrative Agent (but only if
it is not an existing Lender) (such approval not to be unreasonably withheld or delayed) and shall be novated into the Credit Documents in the place and stead of the Non-Extending Lender by execution of all
necessary documentation at any time prior to the Current Maturity Date of such Non-Extending Lender and in respect of which the Lenders shall do all things and make all such adjustments as are reasonably
necessary to give effect to any such replacement. 

  

	(c)	 The Current Maturity Date shall not be extended in accordance with Section 2.7(a) if Requested Lenders
holding more than fifty percent (50%) of the Commitments of all Requested Lenders do not agree or are deemed not to agree to extend the Current Maturity Date pursuant to any Request for Extension. In any such case, the Current Maturity Date of each
Requested Lender shall not be extended, provided, however, the Borrower shall be entitled to request further extensions of the Maturity Date as provided for in Section 2.7(a), including, for certainty, from Lenders which have previously refused
or were deemed to have refused an extension. 

  

	(d)	 If all Requested Lenders agree to extend the Current Maturity Date pursuant to a Request for Extension, then
the Current Maturity Date shall, effective on the Extension Date, be extended to the New Maturity Date. 

  

	(e)	 If, with respect to any Request for Extension in respect of the Current Maturity Date, the provisions of
Section 2.7(c) or 2.7(d) are not applicable and there are Non-Extending Lenders under Section 2.7(b), then: 

  

	 	(i)	 the Current Maturity Date for the Extending Lenders shall, effective on the Extension Date, be extended as
provided for in the Request for Extension; and 

  

	 	(ii)	 for those Non-Extending Lenders, the Current Maturity Date of all such
Lenders shall not be extended. 

  

	(f)	 The Borrower understands that consideration of any Request for Extension constitutes an independent credit
decision which each Requested Lender retains the absolute and unfettered discretion to make and that no commitment in this regard is hereby given by any Requested Lender. 

  
 29 

	(g)	 The extension of the Current Maturity Date in respect of any Requested Lender is subject to the conditions
precedent that: 

  

	 	(i)	 the representations and warranties contained in Article 6 are true and correct as if they were made on the date
of the request made by the Borrower pursuant to Section 2.7(a), and each extension of the Current Maturity Date shall be deemed to constitute a representation and warranty that on such date such representations and warranties are true and
correct except as the Borrower has previously disclosed to the Requested Lenders in writing; and 

  

	 	(ii)	 no Default or Event of Default has occurred and is continuing. 

 

	2.8	 Payments under this Agreement 

 

	(a)	 Unless otherwise expressly provided in this Agreement, the Borrower shall make any payment required to be made
by it to the Administrative Agent for its own account or for the account of any other Lender by depositing the amount of the payment in the relevant currency to the Borrower’s Account not later than 10:00 a.m. (Calgary time) on the date the
payment is due. The Borrower shall make each such payment: 

  

	 	(i)	 in Canadian Dollars, if the Accommodation was originally made in or has been converted to Canadian Dollars; and

  

	 	(ii)	 in U.S. Dollars, if the Accommodation was originally made in or has been converted to U.S. Dollars.

 The Administrative Agent shall distribute to each Lender under the Credit Facility, promptly on the date of receipt by
the Administrative Agent of any payment, an amount equal to the amount then due to such Lender under the Credit Facility. The Borrower hereby authorizes and directs the Administrative Agent to automatically debit the Borrower’s Account to
effect such distribution. If the distribution is not made on that date, the Administrative Agent shall pay interest to the Lenders entitled to receive such distribution on the amount for each day, from the date the amount is received by the
Administrative Agent until the date of distribution, at the prevailing interbank rate for late payments. Any amount received by the Administrative Agent for the account of the Lenders shall be held in trust for their benefit until distributed. 

 

	(b)	 Unless otherwise expressly provided in this Agreement, the Administrative Agent shall make amounts available
and other payments to the Borrower under the Credit Facility by crediting the Borrower’s Account (or causing the Borrower’s Account to be credited) with the amount of the payment in the relevant currency not later than 11:00 a.m. (Calgary
time) on the date the payment is to be made. 

  

	(c)	 The Borrower hereby authorizes each Lender, if and to the extent payment owed to such Lender by the Borrower is
not made to the Administrative Agent when due, to charge from time to time any amount due against any or all of the Borrower’s Accounts with the Administrative Agent. 

 

	(d)	 If and whenever from time to time the Borrower intends to repay any Floating Rate Advance or any Fixed Rate
Advance or Drawing which would otherwise become a Floating Rate Advance on the date of payment pursuant to Section 3.2(b) or Section 4.5(b), the Borrower shall: 

  
 30 

	 	(i)	 in respect of such repayments where the amount repaid is equal to or less than $25,000,000, give the
Administrative Agent notice of such repayment substantially in the form attached hereto as Schedule 8 on or before 10:00 a.m. (Calgary time) on the date of repayment; and 

 

	 	(ii)	 in respect of such repayment where the amount repaid is in excess of $25,000,000, give the Administrative Agent
one (1) day’s prior written notice of such repayment substantially in the form attached hereto as Schedule 8. 

  

	2.9	 Application of Repayments and Prepayments 

 

	(a)	 Subject as otherwise provided in this Agreement, all repayments or prepayments received by the Administrative
Agent pursuant to this Agreement shall be applied by the Administrative Agent to the Accommodations Outstanding under the Credit Facility to each Lender under the Credit Facility in accordance with such Lender’s rateable share thereof in
accordance with Section 1.7. 

  

	(b)	 Repayments and prepayments applied by the Administrative Agent pursuant to Section 2.9(a) shall:

  

	 	(i)	 be applied to the payment of any Floating Rate Advance (including any Fixed Rate Advance or Drawing which would
otherwise become a Floating Rate Advance on the date of payment pursuant to Section 3.2(b) or Section 4.5(b)); and 

  

	 	(ii)	 the balance, if any, shall be (y) held by the Administrative Agent and applied to the repayment of Fixed
Rate Advances or Drawings on the next maturity date for such Fixed Rate Advances or Drawings, as the case may be, or (z) at the option of the Borrower and, if applicable, upon payment of any amount contemplated by Section 11.6(c), be
applied immediately to the repayment of Fixed Rate Advances or Drawings, as the case may be. 

 Amounts so held by the
Administrative Agent shall be deposited in an interest bearing account and shall bear interest at a rate determined by the Administrative Agent and the Borrower for such deposits, or shall be invested in Cash Equivalents acceptable to the
Administrative Agent and the Borrower, and such interest or the amount earned by any such investment shall be paid to the Borrower on the maturity date for such relevant Fixed Rate Advance or Drawing, as the case may be. 

 

	(c)	 All amounts received by the Administrative Agent from or on behalf of the Borrower under the Credit Facility
and not previously applied pursuant to this Agreement shall be applied by the Administrative Agent as follows: 

  

	 	(i)	 first, in reduction of the Borrower’s obligations to pay any unpaid interest and any Fees which are due
and owing under the Credit Facility; 

  

	 	(ii)	 second, in reduction of the Borrower’s obligations to pay any claims or losses referred to in Sections
11.6 and 11.8 under the Credit Facility; 

  

	 	(iii)	 third, in reduction of the Borrower’s obligations to pay any amounts due and owing on account of any
unpaid principal amount of Advances under the Credit Facility which are due and owing; 

  

	 	(iv)	 fourth, in reduction of the Borrower’s obligations to pay any BA Instruments under the Credit Facility
which are due and owing; 

  
 31 

	 	(v)	 fifth, in reduction of any other obligation of the Borrower under this Agreement and the other Credit
Documents; and 

  

	 	(vi)	 sixth, to the Borrower or such other Persons as may lawfully be entitled to or directed to receive the
remainder. 

  

	2.10	 Computations of Interest and Fees; Adjustments to Margins 

 

	(a)	 All computations of interest shall be made by the Administrative Agent taking into account the actual number of
days occurring in the period for which such interest is payable, and: 

  

	 	(i)	 if based on the Canadian Prime Rate or the Base Rate (Canada) on the basis of a year of 365 or 366 days, as the
case may be; or 

  

	 	(ii)	 if based on the Eurodollar Rate on the basis of a year of 360 days. 

 

	(b)	 All computations of Fees shall be made by the Administrative Agent on the basis of a year of 365 or 366 days,
as the case may be, taking into account the actual number of days occurring in the period for which such fees are payable. 

  

	(c)	 Each Applicable Margin under the Credit Facility shall, if applicable, be adjusted on the date of any change in
the senior unsecured debt ratings assigned by S&P or Moody’s to CPRC’s senior unsecured debt, to equal the rate determined in accordance with Schedule 6 after giving effect to such event, and each such adjustment shall be effective for
purposes of calculating the rate of interest or fees on Advances then outstanding on the date of such event. 

  

	(d)	 If at the time of a change in the Applicable Margin under the Credit Facility applicable to a Drawing under the
Credit Facility there exists any outstanding Drawings under the Credit Facility, then: 

  

	 	(i)	 in the case of an increase in the Applicable Margin, the Borrower shall pay to the Administrative Agent (for
the rateable benefit of the Lenders); or 

  

	 	(ii)	 in the case of a decrease in the Applicable Margin, the Lenders (rateably) shall credit the Borrower,

 in each case, an amount in respect of each such Drawing equal to the product obtained by multiplying: 

 

	 	(A)	 the product obtained by multiplying (w) the difference between the Applicable Margin in effect prior to
such change and the Applicable Margin in effect immediately after such change, by (x) the aggregate face amount of such Drawing by 

  

	 	(B)	 the quotient obtained by dividing (y) the number of days to maturity remaining in respect of such Drawing
by (z) 365 days. 

 Any payment or credit as a result of a change in the Applicable Margin shall be made in respect of
Drawings on the maturity date thereof in accordance with Article 4. 
  

	(e)	 For purposes of the Interest Act (Canada): 

  
 32 

	 	(i)	 whenever any interest or Fee under this Agreement is calculated using a rate based on a number of days less
than a full year, such rate determined pursuant to such calculation, when expressed as an annual rate, is equivalent to (x) the applicable rate, (y) multiplied by the actual number of days in the calendar year in which the period for which
such interest or fee is payable (or compounded) ends, and (z) divided by the number of days based on which such rate is calculated; 

  

	 	(ii)	 the principle of deemed reinvestment of interest does not apply to any interest calculation under this
Agreement; and 

  

	 	(iii)	 the rates of interest stipulated in this Agreement are intended to be nominal rates and not effective rates or
yields. 

  

	2.11	 Designation and Redesignation of Designated Subsidiaries 

The Covenantor may, from time to time, by notice in writing to the Administrative Agent, be entitled to designate that either: 

 

	(a)	 a Subsidiary shall become a Designated Subsidiary (which designation may be retroactive to include the
preceding Financial Quarter); or 

  

	(b)	 a Designated Subsidiary shall cease to be a Designated Subsidiary (which designation may be retroactive to
include the preceding Financial Quarter); 

 provided that, in each case, the Covenantor shall not be entitled to designate that a
Designated Subsidiary shall become or cease to be a Designated Subsidiary if a Default or an Event of Default would result from or exist immediately after such a designation. If a Designated Subsidiary ceases to be a Designated Subsidiary as
permitted by this Section 2.11, the Lenders shall release any Designated Subsidiary Guarantee provided by such Designated Subsidiary if no Default or Event of Default would result therefrom. 

As at the Effective Date, the only Designated Subsidiary is Mount Stephen Properties Inc. 

 

	2.12	 Guarantee by a Designated Subsidiary 

If, as contemplated by the definition of Subsidiary Debt, the Covenantor determines to cause a Designated Subsidiary to provide a guarantee
(each a “Designated Subsidiary Guarantee”) of the present and future obligations of the Borrower hereunder: 
  

	(a)	 the Designated Subsidiary Guarantee shall be substantially in the form of Article 10 hereof, subject to such
changes thereto as are agreed to by the Administrative Agent and the Covenantor, each acting reasonably; 

  

	(b)	 concurrently with the delivery of each such Designated Subsidiary Guarantee: 

 

	 	(i)	 the applicable Designated Subsidiary shall deliver to the Administrative Agent such customary legal opinions
and evidence of corporate existence and due authorization together with such other matters delivered in respect of the Covenantor under Section 5.1 as the Administrative Agent may reasonably require; and 

 

	 	(ii)	 the Covenantor shall deliver to the Administrative Agent a certificate certifying that the representations and
warranties contained in Section 6.1 with respect to such Designated Subsidiary and the Designated Subsidiary Guarantee provided by it are true and correct in all respects. 

  
 33 

 As at the Effective Date, there are no Designated Subsidiary Guarantors. 

 

	2.13	 Cancellation or Transfer of a Lender’s Commitment 

If: 
  

	(a)	 any payment is required to be made by the Borrower to a Lender or Lenders (but not to all of the Lenders)
pursuant to Section 11.8; 

  

	(b)	 any Lender or Lenders give(s) notice to the Borrower that amounts are payable by the Borrower to such Lender or
Lenders (but not to all of the Lenders) pursuant to Section 11.6(b); 

  

	(c)	 a Lender (or Lenders) is (are) affected by the provisions of Section 3.3, 4.6 or 11.7 but not all Lenders
are so affected; 

  

	(d)	 a Lender does not provide its consent or agreement to a request by the Borrower for a waiver or amendment which
requires the consent of the Lenders and as a consequence thereof such waiver or amendment cannot be obtained; 

  

	(e)	 a Lender is a Defaulting Lender; 

(any such Lender being called herein the “Affected Lender”) 

then the Borrower may exercise one or any combination of the following so long as no Default or Event of Default has occurred and is continuing and without
regard to Section 2.6: 
  

	(f)	 upon at least five (5) Business Days prior written notice to the Administrative Agent (other than in the
case of Section 2.13(e) in which case written notice may be effective immediately), irrevocably cancel all but not part of the Affected Lender’s Commitment if on or prior to the last day of such notice period the Borrower has prepaid or
otherwise reduced all Accommodations Outstanding to such Affected Lender, and paid all accrued interest and other charges and fees in respect of such Accommodations Outstanding; or 

 

	(g)	 within sixty (60) days of a Lender becoming an Affected Lender, arrange for a replacement lender or
lenders (provided that such lender or lenders, if not a Lender, shall be approved by the Administrative Agent, such approval not to be unreasonably withheld or delayed) to replace the Affected Lender’s Commitment and any such replacement lender
shall be novated into this Agreement in the place and stead of the Affected Lender upon payment to the Affected Lender of the amounts referred to in Section 2.13(f) hereof; 

provided that, notwithstanding the foregoing, the Borrower may exercise their rights under Section 2.13(f) and 2.13(g) pursuant to Section 2.13(d)
if a Default has occurred and is continuing provided that all Lenders other than the Affected Lender or Affected Lenders have provided the consent or agreement to such waiver or amendment and that by exercising such rights the Default is cured or
waived by all Lenders after giving effect to any such cancellation or replacement, as the case may be. If, in any circumstance referred to in Sections 2.13(a), 2.13(b), 2.13(c) or 2.13(d), there is more than one Affected Lender who have become
such for the same reason and at the same costs or potential cost to the Borrower, the Borrower shall deal with all such Affected Lenders in an equivalent manner. 

  
 34 

 ARTICLE 3 

ADVANCES 
  

	3.1	 The Advances 

On the Effective Date, and subject to satisfaction of the conditions precedent in Section 5.1, each Lender agrees to make a single
Advance up to the amount of its Commitment. Any portion of such Lender’s Commitment not advanced on the Effective Date shall be cancelled. Unless otherwise agreed by the Agent, Borrowings shall be made on the number of days prior notice
specified in Schedule 5, given not later than 9:00 a.m. (Calgary time) by the Borrower to the Administrative Agent.    Each notice of Borrowing (a “Borrowing Notice”) shall be in substantially the form of
Schedule 2, shall be irrevocable and binding on the Borrower and shall specify: 
  

	(a)	 the requested date of the Borrowing; 

 

	(b)	 the Type of Advance requested; 

 

	(c)	 the aggregate amount of the Borrowing; and 

 

	(d)	 in the case of a Fixed Rate Advance, the initial Interest Period. 

Upon receipt by the Administrative Agent of funds from the Lenders and fulfilment of the applicable conditions set forth in Article 5,
the Administrative Agent will make such funds available to the Borrower in accordance with Article 2. 
  

	3.2	 Conversions and Rollovers Regarding Advances 

 

	(a)	 The Borrower may elect to: 

 

	 	(i)	 change any Advance, or portion thereof, in each case, in the minimum aggregate amount and in an integral
multiple of the amount set forth in Schedule 5 to another Type of Advance or convert an Advance to another Type of Accommodation (y) in the case of a Floating Rate Advance, as of any Business Day, and (z) in the case of a Fixed Rate
Advance, as of the last day of the Interest Period applicable to such Fixed Rate Advance, provided that in the case of the change or conversion of a Canadian Dollar Advance to a U.S. Dollar Advance, or a U.S. Dollar Advance to a Canadian
Dollar Advance, the principal amount and interest thereon of such Advance to be changed or converted is paid in full on the date of such change or conversion; or 

 

	 	(ii)	 continue any Fixed Rate Advance for a further Interest Period beginning on the last day of the then current
Interest Period applicable to such Advance. 

  

	(b)	 Each election to change or convert an Advance into another Type of Advance or Type of Accommodation or to
continue a Fixed Rate Advance for a further Interest Period, shall be made on the number of days prior notice specified in Schedule 5 given, in each case, not later than 9:00 a.m. (Calgary time) by the Borrower to the Administrative Agent. Each such
notice (an “Interest Rate Election”) shall be given substantially in the form of Schedule 3 and shall be irrevocable and binding upon the Borrower. If the Borrower fails to deliver an Interest Rate Election to the
Administrative Agent for any Fixed Rate Advance under the Credit Facility as provided in this Section 3.2, such Fixed Rate Advance shall be converted (as of the last day of the applicable Interest Period) to and be outstanding as a Base Rate
(Canada) Advance. The Borrower shall not select an Interest Period which conflicts with the definition of Interest Period in Section 1.1. 

  
 35 

	3.3	 Market Disruption Respecting Libor Loans 

 

	(a)	 If at any time subsequent to the Borrower giving the Borrowing Notice or an Interest Rate Election to the
Administrative Agent with regard to any requested Eurodollar Rate Advance: 

  

	 	(i)	 the Administrative Agent (acting reasonably) determines that by reason of circumstances affecting the London
interbank market, adequate and fair means do not exist for ascertaining the rate of interest with respect to, or deposits are not available in sufficient amounts in the ordinary course of business at the rate determined hereunder to fund, a
requested Eurodollar Rate Advance during the ensuing Interest Period selected; 

  

	 	(ii)	 the Administrative Agent (acting reasonably) determines that the making or continuing of the requested
Eurodollar Rate Advance by the Lenders under the Credit Facility has been made impracticable by the occurrence of an event which materially adversely affects the London interbank market generally; or 

 

	 	(iii)	 the Administrative Agent is advised by Lenders under the Credit Facility holding at least 35% of the
Commitment under the Credit Facility by written notice (each, a “Lender Eurodollar Suspension Notice”), such notice to be received by the Administrative Agent no later than 12:00 noon (Calgary time) on the third Business Day prior
to the date of the requested change or conversion of an Advance, as applicable, that such Lenders have determined (acting reasonably) that the Eurodollar Rate will not or does not adequately reflect the effective cost of funds to such Lenders of
U.S. Dollar deposits in such market for the relevant Interest Period, 

 then the Administrative Agent shall give
notice thereof to the Lenders under the Credit Facility and the Borrower as soon as possible after such determination or receipt of such Lender Eurodollar Suspension Notice, as applicable, and the Borrower shall, within one (1) Business Day
after receipt of such notice and in replacement of the Interest Rate Election previously given by the Borrower, give the Administrative Agent a Interest Rate Election which specifies the conversion of the relevant Eurodollar Rate Advance on the last
day of the applicable Interest Period into any other Accommodation under the Credit Facility which would not be affected by the notice from the Administrative Agent pursuant to this Section 3.3. In the event the Borrower fails to give, if
applicable, a valid replacement Interest Rate Election with respect to the maturing Eurodollar Rate Advances which were the subject of an Interest Rate Election, such maturing Eurodollar Rate Advances shall be converted on the last day of the
applicable Interest Period into a Base Rate (Canada) Advance under the Credit Facility as if a valid replacement Interest Rate Election had been given to the Administrative Agent by the Borrower pursuant to the provisions hereof. 

 

	(b)	 Benchmark Replacement: 

 

	 	(i)	 Eurodollar Rate Replacement: 

 

	 	(A)	 On March 5, 2021 the Financial Conduct Authority (“FCA”), the regulatory supervisor of
Eurodollar Rate’s administrator (“IBA”), announced in a public statement the future cessation or loss of representativeness of overnight, 1-month,
3-month, 6-month and 12-month Eurodollar Rate tenor settings. On the earlier of (I) the date that all Available Tenors of
Eurodollar Rate have either permanently 

  
 36 

 
or indefinitely ceased to be provided by the IBA or have been announced by the FCA pursuant to public statement or publication of information to be no longer representative and (II) the
Early Opt-in Effective Date, if the then-current Benchmark is Eurodollar Rate, the Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Credit Document in respect of any
setting of such Benchmark on such day and all subsequent settings without any amendment to, or further action or consent of any other party to this Agreement or any other Credit Document. If the Benchmark Replacement is Daily Simple SOFR, all
interest payments will be payable on the last day of the Interest Period; 
  

	 	(B)	 Notwithstanding anything to the contrary herein or in any other Credit Document, if a Term SOFR Transition
Event and the Term SOFR Transition Time have occurred prior to any setting of the then-current Benchmark and a subsequent Benchmark Transition Event has not occurred, then the applicable Benchmark Replacement in subparagraph (a) of the
definition thereof will replace the then-current Benchmark for all purposes hereunder or under any other Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of
any other party to, this Agreement or any other Credit Document; 

  

	 	(ii)	 Replacing Future Benchmarks: Subject to Section 3.3(b)(i)(B), upon the occurrence of a Benchmark
Transition Event, the Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder and under any Credit Document in respect of any Benchmark setting at or after 5:00 p.m. (Calgary time) on the fifth Business Day after the
date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Credit Document so long as the Administrative Agent has not received, by
such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Majority Lenders. At any time that the administrator of the then-current Benchmark has permanently or indefinitely ceased to provide such Benchmark or
such Benchmark has been announced by the regulatory supervisor for the administrator of such Benchmark pursuant to public statement or publication of information to be no longer representative of the underlying market and economic reality that such
Benchmark is intended to measure and that representativeness will not be restored, the Borrower may revoke any request for a conversion to or continuation of Accommodations to be made, converted or continued that would bear interest by reference to
such Benchmark until the Borrower’s receipt of notice from the Administrative Agent that a Benchmark Replacement has replaced such Benchmark, and, failing that, the Borrower will be deemed to have converted any such request into a request for a
conversion to Base Rate (Canada) Advance. During the period referenced in the foregoing sentence, the component of Base Rate (Canada) based upon the Benchmark will not be used in any determination of the Base Rate (Canada); 

 

	 	(iii)	 Benchmark Replacement Conforming Changes: In connection with the implementation and administration of a
Benchmark Replacement (including, for the avoidance of doubt, in connection with the occurrence of a Term SOFR Transition Event), the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and,
notwithstanding anything to the contrary herein or in any other Credit Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this
Agreement; 

  
 37 

	 	(iv)	 Notices; Standards for Decisions and Determinations: The Administrative Agent will promptly notify the
Borrower and the Lenders of (A) the implementation of any Benchmark Replacement, (C) the occurrence of a Term SOFR Transition Event and (C) the effectiveness of any Benchmark Replacement Conforming Changes. Any determination, decision
or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 3.3(b) including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 3.3(b); 

  

	 	(iv)	 Unavailability of Tenor of Benchmark: At any time (including in connection with the implementation of a
Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or Eurodollar Rate), then the Administrative Agent may remove any tenor of such Benchmark that is unavailable or
non-representative for Benchmark (including Benchmark Replacement) settings and (ii) the Administrative Agent may reinstate any such previously removed tenor for Benchmark (including Benchmark
Replacement) settings; and 

  

	 	(v)	 No Liability of the Administrative Agent: The Administrative Agent does not warrant or accept
responsibility for, and shall not have any liability with respect to, the administration, submission or any other matter related to the rates in the definition of “Eurodollar Rate” or with respect to any rate that is an alternative or
replacement for or successor to any such rate (including any Benchmark Replacement) or the effect of any of the foregoing or of any Benchmark Replacement Conforming Changes. 

 

	 	(f)	 As used in this Section 3.3(b), the following terms have the following meanings: 

“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable,
(a) if the then-current Benchmark is a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period or (b) otherwise, any payment period for interest calculated with reference to such
Benchmark, as applicable, pursuant to this Agreement as of such date; 
 “Benchmark” means, initially, Eurodollar Rate,
provided that if a replacement of the Benchmark has occurred pursuant to Section 3.3(b), then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate.
Any reference to “Benchmark” shall include, as applicable, the published component used in the calculation thereof; 

“Benchmark Replacement” means, for any Available Tenor: 

 

	 	(a)	 For purposes of Section 3.3(b)(i)(A), the first alternative set forth below that can be determined by the
Administrative Agent: 

  

	 	(i)	 the sum of: (A) Term SOFR and (B) 0.11448% (11.448 basis points) for an Available Tenor of one-month’s duration, 0.26161% (26.161 basis points) for an Available Tenor of three-months’ duration, and 0.42826% (42.826 basis points) for an Available Tenor of
six-months’ duration, or 

  
 38 

	 	(ii)	 the sum of: (A) Daily Simple SOFR and (B) the spread adjustment selected or recommended by the
Relevant Governmental Body for the replacement of the tenor of Eurodollar Rate with a SOFR-based rate having approximately the same length as the interest payment period specified in clause (i) of this Section; and 

 

	 	(b)	 For purposes Section 3.3(b)(ii), the sum of (i) the alternate benchmark rate and (ii) an
adjustment (which may be a positive or negative value or zero), in each case, that has been selected by the Administrative Agent and the Borrower as the replacement for such Available Tenor of such Benchmark giving due consideration to any evolving
or then-prevailing market convention, including any applicable recommendations made by the Relevant Governmental Body, for U.S. dollar-denominated syndicated credit facilities at such time; 

provided that, if the Benchmark Replacement as determined pursuant to clause (a) or (b) above would be less than the Floor, the Benchmark
Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Credit Documents; 
 “Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate (Canada)”, the definition of
“Eurodollar Rate,” the definition of “Interest Period,” the definition of “Business Day,” timing and frequency of determining rates and making payments of interest, timing of prepayment, conversion or continuation
notices, the applicability and length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, acting reasonably, may be appropriate to reflect
the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of
any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the
Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Credit Documents); 

“Benchmark Transition Event” means, with respect to any then-current Benchmark other than Eurodollar Rate, the occurrence of a
public statement or publication of information by or on behalf of the administrator of the then-current Benchmark, the regulatory supervisor for the administrator of such Benchmark, the Board of Governors of the Federal Reserve System, the Federal
Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark, a resolution authority with jurisdiction over the administrator for such Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for such Benchmark, announcing or stating that (a) such administrator has ceased or will cease on a specified date (in which case the “Benchmark Transition Event” will occur on such
specified date) to provide all Available Tenors of such Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of
such Benchmark or (b) all Available Tenors of such Benchmark are or will no longer be representative of the underlying market and economic reality that such Benchmark is intended to measure and that representativeness will not be restored; 

  
 39 

 “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this
rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for syndicated business
loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its discretion, acting reasonably;

 “Early Opt-in Effective Date” means, with respect to any Early Opt-in Election, the sixth Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, so long as the Administrative Agent has not received,
by 3:00 p.m. (Calgary time) on the fifth Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early
Opt-in Election from Lenders comprising the Majority Lenders; 
 “Early Opt-in Election” means the occurrence of: 
  

	 	(a)	 a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to
notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a
term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

 

	 	(b)	 the joint election by the Administrative Agent and the Borrower to trigger a fallback from Eurodollar Rate and
the provision by the Administrative Agent of written notice of such election to the Lenders. 

 “Floor”
means the Benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to Eurodollar Rate, and if for any reason no
such Benchmark rate floor is provided, Floor shall be deemed to be zero; 
 “Relevant Governmental Body” means the Board of
Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Board of Governors of the Federal Reserve System or the Federal Reserve Bank of New York, or any successor
thereto; 
 “SOFR” means a rate per annum equal to the secured overnight financing rate for such Business Day published by
the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate) on the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org (or any successor source for the secured
overnight financing rate identified as such by the administrator of the secured overnight financing rate from time to time); 
 “Term
SOFR” means, for the applicable corresponding tenor, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body; 

  
 40 

 “Term SOFR Notice” means a notification by the Administrative Agent to the
Lenders and the Borrower of the occurrence of a Term SOFR Transition Event; 
 “Term SOFR Transition Event” means the
determination by the Administrative Agent that (i) Term SOFR has been recommended for use by the Relevant Governmental Body, (ii) the administration of Term SOFR is administratively feasible for the Administrative Agent and the Borrower
and (iii) a Benchmark Replacement resulting in Term SOFR replacing any prior Benchmark has not previously occurred; and 
 “Term
SOFR Transition Time” means 3.00 p.m. (Calgary time) on the fifth Business Day after a Term SOFR Notice has been provided to the Lenders and the Borrower pursuant to Section 3.3(b)(i)(B). 

 

	3.4	 CDOR Rate Discontinuance 

 

	(a)	 If at any time the Administrative Agent determines in good faith (which determination shall be conclusive,
absent manifest error) that: 

  

	 	(i)	 an interest rate or discount rate is not ascertainable pursuant to the provisions of the definition of
“CDOR Rate” and the inability to ascertain such rate is unlikely to be temporary; 

  

	 	(ii)	 the regulatory supervisor for the administrator of the CDOR Rate screen rate, the Bank of Canada, an insolvency
official with jurisdiction over the administrator for the CDOR Rate, a resolution authority with jurisdiction over the administrator for the CDOR Rate, or a court or an entity with similar insolvency or resolution authority over the administrator
for the CDOR Rate, has made a public statement, or published information, stating that the administrator of the CDOR Rate, has ceased or will cease to provide the CDOR Rate, permanently or indefinitely on a specific date; provided that, at that
time, there is no successor administrator that will continue to provide the CDOR Rate; 

  

	 	(iii)	 the administrator of the CDOR Rate screen rate or a Governmental Entity having jurisdiction over the
Administrative Agent or the administrator of the CDOR Rate screen rate has made a public statement identifying a specific date after which the CDOR Rate, or the CDOR Rate screen rate shall no longer be made available, or used for determining the
interest rate of loans or the discount rates for bankers’ acceptances; provided that, at that time, there is no successor administrator that will continue to provide the CDOR Rate, 

(the date of determination or such specific date in the foregoing paragraphs (i) through (iii), the “CDOR Discontinuation
Date”), or 
  

	 	(iv)	 syndicated loans currently being executed, or that include language similar to that contained in this
Section 3.4, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace the CDOR Rate, 

then the Administrative Agent and the Borrower shall negotiate in good faith to select a replacement index rate for the CDOR Rate and make such
spread adjustments thereto and other related amendments to this Agreement such that, to the extent practicable, the all-in rate paid by the Borrower under this Agreement based on the replacement index rate
will be substantially equivalent to the CDOR Rate immediately prior to the CDOR Rate’s replacement. 

  
 41 

	(b)	 Upon an agreement being reached between the Administrative Agent and the Borrower pursuant to clause
(a) above, the Administrative Agent and the Borrower shall enter into an amendment to this Agreement that gives effect to the replacement index rate, spread adjustments and such other related amendments as may be appropriate in the discretion
of the Administrative Agent for the implementation and administration of Canadian Dollar loans bearing interest or bankers’ acceptances with discount rates calculated with reference to the replacement index rate. Notwithstanding anything to the
contrary in this Agreement (including Section 11.1) or any other Credit Document, such amendment shall become effective at 5:00 p.m. (Calgary time) on the fifth Business Day after a copy of the amendment is provided to the Lenders and without
any further action or consent of any other party to this Agreement, unless the Administrative Agent receives, on or before such date and time, a written notice from the Majority Lenders stating that such Lenders object to such amendment.

  

	(c)	 Selection of the replacement index rate, spread adjustments, and all other related amendments to this Agreement
contemplated by this Section shall give due consideration to the prevailing market practice for: (i) determining a rate of interest applicable to newly originated Canadian Dollar loans made in Canada at such time and for determining the
discount rate for Canadian Dollar bankers’ acceptances issued and accepted in Canada at such time, and (ii) transitioning existing loans and bankers’ acceptances from CDOR Rate-based rates to loans bearing interest and bankers’
acceptances with discount rates calculated with reference to the new reference index rate. 

  

	(d)	 Until an amendment reflecting the transition to such a new reference index rate becomes effective as
contemplated by this Section, the discount rate applicable to each Advance, conversion or rollover of a Bankers’ Acceptance, Draft or BA Equivalent Note shall continue to be calculated with reference to the CDOR Rate; provided that if the
Administrative Agent determines (which determination shall be conclusive, absent manifest error) that a CDOR Discontinuation Date has occurred, then following the CDOR Discontinuation Date, until such time as an amending agreement adopting such a
new reference index rate becomes effective as contemplated by this Section: 

  

	 	(i)	 any requested Advance by way of, conversion into, or rollover of, a Bankers’ Acceptance, Draft or a BA
Equivalent Note under the Credit Facility shall be deemed to be a request for a Canadian Prime Rate Advance in the same principal amount under the same Credit Facility; and 

 

	 	(ii)	 in respect of a maturing Bankers’ Acceptance, Draft or BA Equivalent Note under the Credit Facility, in
the event the Borrower fails to give, if applicable, an Interest Rate Election with respect thereto specifying the conversion of such Bankers’ Acceptance, Draft or BA Equivalent Note on the maturity date thereof into an Advance other than a
Bankers’ Acceptance, Draft or BA Equivalent Note (and provided a valid notice of repayment pursuant to Section 2.8(d) has not been delivered to the Administrative Agent in respect thereof), such maturing Bankers’ Acceptance, Draft or
BA Equivalent Note shall be converted on the maturity date thereof into a Canadian Prime Rate Advance under the same Credit Facility as if a valid Interest Rate Election had been given to the Administrative Agent by the Borrower pursuant to the
provisions hereof. 

  

	(e)	 Notwithstanding any other provision of the Agreement, if at any time the replacement index rate agreed upon to
replace the CDOR Rate shall be less than zero, it shall be deemed to be zero for the purposes of the Agreement. 

  
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	(f)	 For certainty, upon the occurrence of a CDOR Discontinuation Date, the Canadian Prime Rate shall be determined
without regard to subparagraph (b) of the definition thereof. 

  

	3.5	 Interest on Advances 

The Borrower shall pay interest on the unpaid principal amount of each Advance from the date of such Advance or conversion of another Type of
Advance into such Advance until the date on which the principal amount of the Advance is repaid in full or is converted into another Type of Advance or Type of Accommodation at the following rates per annum: 

 

	(a)	 Base Rate (Canada) Advances. If and so long as such Advance is a Base Rate (Canada) Advance and subject
as provided in the following sentence, at a rate per annum equal at all times to the Base Rate (Canada) in effect from time to time plus the Applicable Margin under the Credit Facility, calculated daily and payable in arrears: 

 

	 	(i)	 on the first day of each month in each year; and 

 

	 	(ii)	 on the day on which such Base Rate (Canada) Advance becomes due and payable in full pursuant to the provisions
hereof. 

 Any amount of principal of, or interest on, any such Base Rate (Canada) Advance which is not paid when due
(whether at stated maturity, by acceleration or otherwise) shall be payable on demand and shall bear interest (both before and after judgment), from the date on which such amount is due until such amount is paid in full, at a rate per annum equal to
the Base Rate (Canada) in effect from time to time plus the Applicable Margin under the Credit Facility plus 1%. 
  

	(b)	 Canadian Prime Rate Advances. If and so long as such Advance is a Canadian Prime Rate Advance and
subject as provided in the following sentence, at a rate per annum equal at all times to the Canadian Prime Rate in effect from time to time plus the Applicable Margin under the Credit Facility, calculated daily and payable in arrears:

  

	 	(i)	 on the first day of each month in each year; and 

 

	 	(ii)	 on the day on which such Canadian Prime Rate Advance becomes due and payable in full pursuant to the provisions
hereof. 

 Any amount of principal of, or interest on, any such Canadian Prime Rate Advance which is not paid when due
(whether at stated maturity, by acceleration or otherwise) shall be payable on demand and shall bear interest (both before and after judgment), from the date on which such amount is due until such amount is paid in full, at a rate per annum equal to
the Canadian Prime Rate in effect from time to time plus the Applicable Margin under the Credit Facility plus 1%. 
  

	(c)	 Eurodollar Rate Advances. If and so long as such Advance is a Eurodollar Rate Advance and subject as
provided in the following sentence, at a rate per annum equal at all times during any Interest Period for such Eurodollar Rate Advance to the Eurodollar Rate for such Interest Period plus the Applicable Margin under the Credit Facility, calculated
daily and payable in arrears: 

  

	 	(i)	 in the case of an Interest Period longer than three (3) months, on the date falling three (3) months
from the beginning of such Interest Period; 

  

	 	(ii)	 on the last day of such Interest Period; and 

  
 43 

	 	(iii)	 on the day on which such Eurodollar Rate Advance becomes due and payable in full pursuant to the provisions
hereof. 

 Any amount of principal or interest on any such Eurodollar Rate Advance which is not paid when due (whether at
stated maturity, by acceleration or otherwise) shall be payable on demand and shall bear interest (both before and after judgment), from the date on which such amount is due until such amount is paid in full, at a rate per annum equal to the Base
Rate (Canada) in effect from time to time plus the Applicable Margin under the Credit Facility plus 1%. 
 ARTICLE 4 

BANKERS’ ACCEPTANCES 
  

	4.1	 Acceptances and Drafts 

 

	(a)	 Each Lender severally agrees, on the terms and conditions of this Agreement, and in accordance with the
applicable Drawing Notice, from time to time on any Business Day prior to the Maturity Date in respect of such Lender: 

  

	 	(i)	 in the case of a Lender which is willing and able to accept Drafts, to create acceptances
(“Bankers’ Acceptances”) by accepting Drafts and to purchase such Bankers’ Acceptances in accordance with Section 4.3(b); and 

  

	 	(ii)	 in the case of a Lender which is unwilling or unable to accept Drafts, to purchase completed Drafts (which have
not and will not be accepted by such Lender or any other Lender) in accordance with Section 4.3(b). 

  

	(b)	 Each requested Drawing shall be in the minimum aggregate Face Amount and in an integral multiple of the amount
set forth in Schedule 5 and shall consist of the creation and purchase of Bankers’ Acceptances or the purchase of Drafts on the same day, in each case for the Drawing Price, by the relevant Lenders in accordance with Section 4.3 and their
respective Lender’s Commitment under the Credit Facility. 

  

	(c)	 The aggregate Face Amount of the Bankers’ Acceptances to be created and purchased by a Lender or Drafts to
be purchased by a Lender on any Drawing Date (upon a conversion or otherwise), shall be determined by the Administrative Agent based upon each Lender’s rateable portion of the Drawing, except that, if the Face Amount of any Bankers’
Acceptance to be created and purchased or Draft to be purchased, determined as aforesaid, would not be in an integral multiple of Cdn. $100,000, the Administrative Agent in its sole discretion may increase such Face Amount to the nearest whole
multiple of Cdn. $100,000 or may reduce such Face Amount to the nearest whole multiple of Cdn. $100,000. 

  

	4.2	 Form of Drafts 

Each Draft presented by the Borrower shall: 
  

	(a)	 be in an integral multiple of Cdn. $100,000; 

 

	(b)	 be dated the date of the Drawing; and 

 

	(c)	 mature and be payable by the Borrower (in common with all other Drafts presented in connection with such
Drawing) on a Business Day which occurs approximately one (1) month, two (2) months or three (3) months, at the election of the Borrower (or at such other time as may be agreed to by the Borrower and the applicable Lenders, acting
reasonably), after the Drawing Date and, subject to Section 1.7, on or prior to the latest Maturity Date. 

  
 44 

	4.3	 Procedure for Drawing 

 

	(a)	 Each Drawing shall be made on notice (a “Drawing Notice”) given by the Borrower to the
Administrative Agent not later than 9:00 a.m. (Calgary time) on the number of days’ notice specified in Schedule 5. Each Drawing Notice shall be in substantially the form of Schedule 4, shall be irrevocable, except as provided in
Section 4.6(a), shall be binding on the Borrower and shall specify: 

  

	 	(i)	 the Credit Facility; 

 

	 	(ii)	 the Drawing Date; 

  

	 	(iii)	 the aggregate Face Amount of Bankers’ Acceptances or Drafts to be accepted, if applicable, and purchased;
and 

  

	 	(iv)	 the tenure thereof. 

  

	(b)	 Not later than noon (Calgary time) on an applicable Drawing Date, each Lender under the Credit Facility shall
complete one or more Drafts under the Credit Facility in accordance with the Drawing Notice and either: 

  

	 	(i)	 accept the Drafts and purchase the Bankers’ Acceptances so created for the Drawing Price; or

  

	 	(ii)	 purchase the Drafts for the Drawing Price. 

In each case, upon receipt by the Administrative Agent of funds from the Lenders under the Credit Facility on account of the Drawing Price and
upon fulfilment of the applicable conditions set forth in Article 5, the Administrative Agent shall make such funds available to the Borrower in accordance with Article 2. 

 

	(c)	 The Borrower shall, at the request of any Lender under the Credit Facility, issue one or more non-interest bearing promissory notes under the Credit Facility (each a “BA Equivalent Note”) payable on the maturity date of any unaccepted Draft referred to above, in such form as any such Lender
may reasonably specify and in a principal amount equal to the Face Amount of, and in exchange for, any unaccepted Draft which any such Lender has purchased in accordance with Section 4.3(b). 

 

	(d)	 Bankers’ Acceptances purchased by a Lender may be held by it for its own account until the maturity date
thereof or sold by it at any time prior to that date in any relevant Canadian market in such Lender’s sole discretion. 

  

	4.4	 Presigned Draft Forms 

 

	(a)	 Subject to paragraph (b) of this Section 4.4, in order to enable the Lenders under the Credit
Facility to create Bankers’ Acceptances or complete Drafts in the manner specified in this Article 4, the Borrower shall supply each Lender under the Credit Facility with such number of Drafts as it may reasonably request, duly signed and
endorsed on behalf of the Borrower. Each Lender under the 

  
 45 

	 	
Credit Facility hereby indemnifies the Borrower against any loss or improper use thereof by such Lender, will exercise such care in the custody and safekeeping of Drafts as it would exercise in
the custody and safekeeping of similar property owned by it and will, upon request by the Borrower, promptly advise the Borrower of the number and designations, if any, of uncompleted Drafts held by it for the Borrower. The signature of any officer
of the Borrower on a Draft may be mechanically reproduced and any BA Instrument bearing a facsimile signature shall be binding upon the Borrower as if it had been manually signed. Even if the individuals whose manual or facsimile signature appears
on any BA Instrument no longer hold office at the date of its acceptance by the Lender or at any time after such date, any BA Instrument so signed shall be valid and binding upon the Borrower. No Lender shall be liable for its failure to accept a
Draft as required hereby if the cause of such failure is, in whole or in part, due to the failure of the Borrower to provide Drafts to such Lender on a timely basis. 

 

	(b)	 The Borrower hereby irrevocably appoints each Lender under the Credit Facility as its attorney to sign and
endorse on its behalf, manually or by facsimile or mechanical signature, any BA Instrument under the Credit Facility necessary to enable each Lender to make Drawings in the manner specified in this Article 4 under the Credit Facility. All
Bankers’ Acceptances signed or endorsed on the Borrower’s behalf by a Lender shall be binding on the Borrower, all as if duly signed or endorsed by the Borrower. Each Lender shall: 

 

	 	(i)	 maintain a record under the Credit Facility with respect to any BA Instrument completed in accordance with this
Section 4.4, voided by it for any reason, accepted and purchased by it hereunder, and cancelled at its respective maturity; and 

  

	 	(ii)	 retain such records in the manner and for the statutory periods provided in the various provincial or federal
statutes and regulations which apply to such Lender and make such records available to the Borrower acting reasonably. 

On request by the Borrower, a Lender shall cancel and return to the possession of the Borrower all BA Instruments under the Credit Facility
which have been pre-signed or pre-endorsed on behalf of the Borrower and which are held by such Lender and are not required to make Drawings in accordance with this
Article 4 under the Credit Facility. 
  

	4.5	 Payment, Conversion or Renewal of BA Instruments 

 

	(a)	 Upon the maturity of a BA Instrument under the Credit Facility, the Borrower may: 

 

	 	(i)	 elect to issue a replacement Bankers’ Acceptance or Draft by giving a Drawing Notice in accordance with
Section 4.3(a) under the Credit Facility; 

  

	 	(ii)	 elect to have all or a portion of the Face Amount of such BA Instrument converted to an Advance (provided that
in the case of a conversion of a portion only of the Face Amount of the BA Instrument, the remaining Face Amount, if any, of such BA Instrument shall not be less than the minimum Face Amount set forth in Schedule 5) by giving a Borrowing Notice in
accordance with Section 3.1; or 

  

	 	(iii)	 pay, on or before 10:00 a.m. (Calgary time) on the maturity date for the BA Instrument, an amount in Canadian
Dollars equal to the Face Amount of the BA Instrument (notwithstanding that a Lender may be the holder of it at maturity). 

  
 46 

 Any such payment shall satisfy the Borrower’s obligations under the BA Instrument to
which it relates and the relevant Lender shall then be solely responsible for the payment of the BA Instrument. 
  

	(b)	 If the Borrower fails to pay any BA Instrument under the Credit Facility when due or to request a replacement
in the Face Amount of such BA Instrument pursuant to Section 4.5(a), the unpaid amount due and payable shall be converted to a Canadian Prime Rate Advance and shall bear interest calculated and payable as provided in Article 3. This conversion
shall occur as of the maturity date of the BA Instrument and without any necessity for the Borrower to give a Borrowing Notice. 

  

	4.6	 Circumstances Making Bankers’ Acceptances Unavailable 

If: 
  

	(a)	 the Administrative Agent, acting reasonably, makes a determination, which determination shall be conclusive and
binding upon the Borrower, and notifies the Borrower, that there no longer exists an active market for Bankers’ Acceptances and Drafts; or 

  

	(b)	 the Administrative Agent is advised by Lenders under the Credit Facility holding at least 35% of the Commitment
under the Credit Facility by written notice (each, a “Lender BA Suspension Notice”) that such Lenders have determined, acting reasonably, that the Reference Discount Rate will not or does not accurately reflect the cost of funds of
such Lenders or the discount rate which would be applicable to a sale of Bankers’ Acceptances or Drafts by such Lenders in the market; 

then: 
  

	(c)	 the right of the Borrower(s) to request Bankers’ Acceptances or Drafts from any Lender under the Credit
Facility shall be suspended until the Administrative Agent determines that the circumstances causing such suspension no longer exist and so notifies the Borrower and the Lenders under the Credit Facility; 

 

	(d)	 any outstanding Drawing Notice requesting a Drawing by way of Bankers’ Acceptances and/or Drafts under the
Credit Facility shall be deemed to be a Borrowing Notice requesting a Canadian Prime Rate Advance in the amount specified in the original Borrowing Notice under the Credit Facility; 

 

	(e)	 any outstanding Interest Rate Election requesting a conversion of a Base Rate (Canada) Advance or a Eurodollar
Rate Advance into a Bankers’ Acceptance and/or Draft shall be deemed to be a notice requesting a conversion of such Base Rate (Canada) Advance or Eurodollar Rate Advance into a Canadian Prime Rate Advance under the Credit Facility; and

  

	(f)	 any outstanding Interest Rate Election requesting a rollover of a Bankers’ Acceptance and/or Draft shall
be deemed to be a notice requesting a conversion of such Bankers’ Acceptances and/or Drafts into a Canadian Prime Rate Advance under the Credit Facility. 

The Administrative Agent shall promptly notify the Borrower and the Lenders under the Credit Facility of any suspension of the Borrower’s
right to request Bankers’ Acceptances and Drafts and of any termination of any such suspension. A Lender BA Suspension Notice shall be effective upon receipt of the same by the Administrative Agent if received prior to 12:00 noon (Calgary time)
on a Business Day and if not, then on the next following Business Day, except in connection with a Drawing Notice or Interest 

  
 47 

 
Rate Election previously received by the Administrative Agent, in which case the Lender BA Suspension Notice shall only be effective with respect to such previously received Drawing Notice or
Interest Rate Election under the Credit Facility if received by the Administrative Agent prior to 12:00 noon (Calgary time) two (2) Business Days prior to the proposed date of the Drawing applicable to such previously received Drawing Notice or
Interest Rate Election, as applicable. 
 ARTICLE 5 

CONDITIONS OF LENDING 
  

	5.1	 Conditions Precedent to Closing 

This Agreement shall be effective upon the fulfilment of the following conditions precedent on the Effective Date: 

 

	(a)	 the Administrative Agent shall have received, in form, substance and dated as of a date satisfactory to the
Administrative Agent and its counsel and in sufficient quantities for each Lender and the Administrative Agent: 

  

	 	(i)	 executed copies of this Agreement and the other Credit Documents required to be executed prior to the initial
Accommodation hereunder; 

  

	 	(ii)	 a certificate of a senior officer of the Covenantor certifying that no Default or Event of Default has occurred
and is continuing and that the representations and warranties in Section 6.1 are true and correct in all material respects; 

  

	 	(iii)	 a certified copy of: 

 

	 	(A)	 the Articles and by-laws of the Covenantor and the Borrower;

  

	 	(B)	 evidence of the corporate authority of the Covenantor and the Borrower with respect to the borrowing and other
matters contemplated by this Agreement and the entering into and completion of all transactions contemplated by the other Credit Documents; and 

  

	 	(C)	 all other instruments evidencing necessary corporate action of the Covenantor and the Borrower with respect to
such matters; 

  

	 	(iv)	 a certificate of an officer of the Covenantor and the Borrower certifying the names and true signatures of its
officers authorized to sign this Agreement and the other Credit Documents; 

  

	 	(v)	 a certificate of status, compliance or like certificate with respect to the Covenantor and the Borrower issued
by the appropriate Governmental Entity of the jurisdiction of its incorporation; 

  

	 	(vi)	 favourable opinions of counsel to the Covenantor and the Borrower as to such matters as the Administrative
Agent may reasonably request; 

  

	 	(vii)	 favourable opinions of counsel to the Lenders as to such matters as the Administrative Agent may reasonably
request; and 

  
 48 

	 	(viii)	 such other documents and instruments as the Administrative Agent may reasonably request; and

  

	(b)	 all fees and other amounts then payable under the Credit Documents shall have been paid in full, including,
without limitation, all upfront fees agreed between CPRC and the Administrative Agent. 

  

	5.2	 Accommodations, Rollovers, Conversions and Renewals 

Except as provided in this Section 5.2, each request after the date hereof by the Borrower for an Accommodation, conversion, rollover,
renewal or replacement of an Accommodation as contemplated by Section 3.1, Section 3.2, Section 4.3 and Section 4.5(a) shall be subject to the condition that at the time of each such request and each such Accommodation,
conversion, rollover, renewal or replacement, no Default or Event of Default shall have occurred and be continuing and each such request and the acceptance of each such Accommodation by the Borrower shall be deemed to constitute a representation and
warranty to that effect. However: 
  

	(a)	 if a Default has occurred and is continuing and the Borrower has disclosed that fact to the Administrative
Agent or the Lenders in writing, the Borrower may request an Accommodation, a rollover, a conversion, a renewal or a replacement (and will not be deemed to have represented that no Default has occurred and is continuing) provided that in such
circumstances the Borrower will not be entitled to request an Accommodation, make an Interest Rate Election (in the case of a Fixed Rate Advance) or request a replacement Bankers’ Acceptance having an Interest Period or term to maturity,
respectively, exceeding thirty (30) days unless the Administrative Agent, in its discretion acting reasonably, consents thereto; and 

  

	(b)	 if an Event of Default has occurred and is continuing, the Borrower may not request an Accommodation, a
rollover, a conversion, a renewal or a replacement without the prior consent of the Majority Lenders and each Fixed Rate Advance outstanding shall be converted to a Base Rate (Canada) Advance on the last day of the Interest Period applicable thereto
and each outstanding Bankers’ Acceptance shall be converted to a Canadian Prime Rate Advance on its maturity, in each case unless the Majority Lenders otherwise agree. 

 

	5.3	 No Waiver 

The making of an Accommodation or otherwise giving effect to any Accommodation Notice, without the fulfilment of one or more conditions set
forth in Sections 5.1 or 5.2, shall not constitute a waiver of any condition and the Administrative Agent and the Lenders reserve the right to require fulfilment of such condition in connection with any subsequent Accommodation Notice or
Accommodation. 
 ARTICLE 6 

REPRESENTATIONS AND WARRANTIES 
  

	6.1	 Representations and Warranties 

The Covenantor represents and warrants to each Lender and the Administrative Agent, acknowledging and confirming that each Lender and the
Administrative Agent is relying on such representations and warranties without independent inquiry in entering into this Agreement and providing the initial Accommodation, that: 

  
 49 

	(a)	 Incorporation and Qualification. The Covenantor, the Borrower and each Designated Subsidiary is a
corporation duly incorporated, continued or amalgamated, as the case may be, and validly existing under the laws of its jurisdiction of incorporation, has the legal right and all necessary corporate power and authority to own its Assets and carry on
its business and is duly qualified, licensed or registered to carry on business under the laws applicable to it in all jurisdictions in which it carries on business the absence of which qualification, licensing or registration would have a Material
Adverse Effect. 

  

	(b)	 Corporate Power. The Covenantor, the Borrower and, if applicable, each Designated Subsidiary has all
requisite corporate power and authority to enter into and perform its obligations under this Agreement and each other Credit Document to which it is a party and do all acts and things and execute and deliver all other documents and instruments as
are required hereunder or thereunder to be done, observed or performed by it in accordance with the terms hereof and thereof. 

  

	(c)	 Conflict with other Instruments. The execution and delivery by the Covenantor, the Borrower and, if
applicable, each Designated Subsidiary and the performance by it of its obligations under, and compliance with the terms, conditions and provisions of, this Agreement and each other Credit Document to which it is a party will not conflict with or
result in a breach of any of the terms, conditions or provisions of: 

  

	 	(i)	 its Articles or by-laws; 

 

	 	(ii)	 any applicable Law; 

  

	 	(iii)	 any material contractual restriction binding on or affecting it or its Assets; or 

 

	 	(iv)	 any material judgment, injunction, determination or award which is binding on it. 

 

	(d)	 Corporate Action, Governmental Approvals, etc. The execution and delivery of each of the Credit
Documents to which any of the Covenantor, the Borrower or, if applicable, any Designated Subsidiary, is a party, and the performance by it of its obligations thereunder have been duly authorized by all necessary corporate action including the
obtaining of all necessary shareholder consents. No authorization, consent, approval, registration, qualification, designation, declaration or filing with any Governmental Entity or other Person, is or was necessary in connection with the execution,
delivery and performance of the Covenantor’s, the Borrower’s and, if applicable, each Designated Subsidiary’s obligations under the Credit Documents to which it is a party, except such as are in full force and effect, unamended, at
the Effective Date. 

  

	(e)	 Execution and Binding Obligation. This Agreement and the other Credit Documents to which any of the
Covenantor, the Borrower or, if applicable, any Designated Subsidiary, is a party have been duly executed and delivered by each of the Covenantor, the Borrower and, if applicable, each such Designated Subsidiary, as the case may be, and constitute
legal, valid and binding obligations of each of the Covenantor, the Borrower and, if applicable, each Designated Subsidiary, as the case may be, enforceable against it in accordance with its respective terms, subject only to any limitation under
applicable laws relating to: 

  

	 	(i)	 bankruptcy, insolvency, reorganization, moratorium or creditors’ rights generally; and

  

	 	(ii)	 the discretion that a court may exercise in the granting of equitable remedies. 

  
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	(f)	 Authorizations, etc. Each of the Covenantor, the Borrower and each Designated Subsidiary possesses all
authorizations, permits, consents, registrations and approvals necessary to properly conduct its business the absence of which would have a Material Adverse Effect. 

 

	(g)	 Ownership of Property. The Assets of the Covenantor, the Borrower and each Designated Subsidiary are
free and clear of any Lien except for Permitted Liens and Liens not prohibited by Section 7.2(a). 

  

	(h)	 No Litigation. To the Covenantor’s knowledge and except as previously disclosed in writing by the
Covenantor to the Administrative Agent, there is not now pending or threatened in writing against it, the Borrower or any Designated Subsidiary, any litigation, action, suit or other proceedings by or before any court, tribunal or other Governmental
Entity in Canada, the United States of America or elsewhere or before any arbitrator, and which, in any such case, would reasonably be expected to have a Material Adverse Effect having regard to, among other things, applicable insurance coverage, or
which purports to affect the legality, validity or enforceability of this Agreement, any other Credit Document or any other instrument contemplated hereby or thereby. 

 

	(i)	 Environmental Matters. None of the Covenantor, the Borrower or the Designated Subsidiaries:

  

	 	(i)	 has failed to comply with any of the requirements of any applicable Environmental Law, the non-compliance with which, alone or in the aggregate, would reasonably be expected to have a Material Adverse Effect; or 

  

	 	(ii)	 is the subject of any pending or, to the knowledge of the Covenantor, threatened in writing, private or
federal, provincial, state or local governmental proceeding or investigation relating to a release of any contaminants into the environment or the workplace, the use, handling, transportation or storage of any contaminants in any of its operations
or any contaminants in any other respect, except proceedings which, in the aggregate, would not reasonably be expected to have a Material Adverse Effect. 

  

	(j)	 Financial Condition. The Covenantor has delivered to the Administrative Agent a true and complete copy
of its audited year-end consolidated financial statements as at December 31, 2020 and its unaudited consolidated financial statements for the Financial Quarter ended June 30, 2021 and such financial
statements present fairly the consolidated financial position of the Covenantor, in accordance with GAAP, as of the date thereof and for the financial periods then ended. All financial statements of the Covenantor or the Borrower, as the case may
be, which have been or will be delivered to the Administrative Agent pursuant to Section 7.1 present fairly, or will present fairly, as the case may be, the consolidated financial position of the Covenantor and its subsidiaries or the Borrower
and their respective subsidiaries, as the case may be, in accordance with GAAP (except, in the case of unaudited financial statements, for exceptions which are customary for purposes of interim financial reporting and normal year end audit
adjustments), as of the dates thereof and for the financial periods then ended. 

  

	(k)	 Changes. Since the later of June 30, 2021 and the date to which and as at which the most recent
financial statements delivered to the Administrative Agent pursuant to this Agreement have been prepared there has occurred no event which has had a Material Adverse Effect or which would reasonably be expected to have a Material Adverse Effect,
except as previously disclosed by the Covenantor to the Administrative Agent in writing. 

  
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	(l)	 Debt. All payment obligations of the Covenantor, the Borrower and any Designated Subsidiary Guarantor
hereunder or under any Designated Subsidiary Guarantee (including of the Covenantor under the Guarantee in Article 10 hereof and of each Designated Subsidiary under its Designated Subsidiary Guarantee), rank at least pari passu in right of
payment with the other unsecured and unsubordinated Debt for Borrowed Money of the Borrower, the Covenantor and any Designated Subsidiary Guarantor, as the case may be, (except for such claims as are preferred by operation of law).

  

	(m)	 Contractual Restrictions. There are no contractual restrictions with any Person at Arm’s Length to
the Covenantor, the Borrower and each Designated Subsidiary on the declaration of dividends or distributions by any Designated Subsidiary which would reasonably be expected to have a Material Adverse Effect. 

 

	(n)	 Anti-Corruption Laws and Sanctions. 

 

	 	(i)	 None of the Borrower or the Designated Subsidiaries is a Sanctioned Person or permanently located, organized or
ordinarily resident in a Sanctioned Country; 

  

	 	(ii)	 No part of the proceeds of an Accommodation will be knowingly (as determined at the date of such Borrowing or
Drawing, as applicable) used (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person known by the Borrower to be in violation of any Anti-Corruption
Laws, except to the extent that any such violation would not have a Material Adverse Effect or adversely affect the Administrative Agent or any Lender in any material respect, (B) for the purpose of funding, financing or facilitating any
activities or, business or transaction of or with any Person known to the Borrower to be a Sanctioned Person, or in any country known to the Borrower to be a Sanctioned Country, or (C) in any manner that would result in the violation of any
Sanctions applicable to the Borrower or the Designated Subsidiaries, except to the extent that any such violation would not have a Material Adverse Effect or adversely affect the Administrative Agent or any Lender in any material respect; and

  

	 	(iii)	 Where used in this Section 6.1(n), references to “knowingly” or “known” means the
actual knowledge of the president, chief executive officer, chief financial officer or treasurer of the Borrower. 

  

	6.2	 Survival of Representations and Warranties 

The representations and warranties in this Agreement and in any certificates or documents delivered to the Administrative Agent hereunder shall
not merge in or be prejudiced by and shall survive any Accommodation and shall continue in full force and effect as of the date made or given so long as any amounts are owing by either of the Borrower to the Lenders under this Agreement. 

ARTICLE 7 

COVENANTS OF THE COVENANTOR 
  

	7.1	 Affirmative Covenants 

So long as any amount owing by the Borrower under this Agreement remains unpaid or any Lender has any obligation under this Agreement, unless
consent is given in accordance with Section 11.1, each of the Covenantor and the Borrower shall: 

  
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	(a)	 Financial Reporting. Deliver to the Administrative Agent with sufficient copies for each of the Lenders
and the Administrative Agent: 

  

	 	(i)	 subject as hereinafter provided, as soon as practicable and in any event within forty-five (45) days after
the end of each Financial Quarter of each Financial Year (except for the last Financial Quarter of each Financial Year), the unaudited interim consolidated financial statements of the Covenantor for such period (and for the year to date) consisting
of at least a balance sheet, and statements of earnings, retained earnings and changes in financial position prepared in accordance with GAAP (except for exceptions which are customary for purposes of interim financial reporting and normal year end
audit adjustments) with comparative figures for the corresponding period in the preceding Financial Year; 

  

	 	(ii)	 subject as hereinafter provided, as soon as practicable and in any event within ninety (90) days after the
end of each Financial Year, the audited annual consolidated financial statements for such Financial Year for the Covenantor consisting of at least a balance sheet and statements of earnings, retained earnings and changes in financial position in
reasonable detail and accompanied by an auditor’s report, which report shall not be subject to an Impermissible Qualification; 

  

	 	(iii)	 as soon as practicable and in any event within forty-five (45) days after the end of each Financial
Quarter of each Financial Year (except for the last Financial Quarter of any Financial Year, in which case within 90 days after the end of such Financial Quarter), a certificate of a senior officer of the Covenantor calculating the Financial
Covenant as at the end of such Financial Quarter or such Financial Year and certifying no Default or Event of Default has occurred and is continuing; 

  

	 	(iv)	 forthwith upon sending of same to the Covenantor’s shareholders, copies of all reports, financial
statements, proxy circulars and other information sent by the Covenantor to such shareholders; and 

  

	 	(v)	 forthwith upon filing of same, copies of all material change reports filed by the Covenantor with securities
regulatory authorities; 

 provided, however, that the consolidated financial statements specified in
Section 7.1(a)(i) and Section 7.1(a)(ii) shall also be provided in respect of CPRC and its Subsidiaries and in respect of each other Borrower that is not a Subsidiary of CPRC at any time that the Covenantor shall carry on any business
other than owning shares of CPRC. The requirement to deliver the foregoing financial statements in Section 7.1(a)(i) and (ii) and the information referred to in Section 7.1(a)(iv) and (v) may be satisfied by the Covenantor and,
if applicable, CPRC and any other Borrower, posting such financial statements or other information on www.SEDAR.com or on the website of the Covenantor or CPRC, as applicable, within the time periods referred to above and forthwith advising the
Administrative Agent that such financial statements and other information have been so posted and the details of any website on which the same have been posted. 
  

	(b)	 Additional Reporting Requirements. Deliver to the Administrative Agent (with sufficient copies for each
of the Lenders and the Administrative Agent): 

  

	 	(i)	 as soon as practicable, and in any event within ten (10) days after a senior officer of the Covenantor or
the Borrower has knowledge of the occurrence of each Default or Event of Default, a statement of the chief financial officer or treasurer of CPRC or any other officer acceptable to the Administrative Agent setting forth the details of the Default or
Event of Default and the action which the Covenantor and the Borrower propose to take or have taken; 

  
 53 

	 	(ii)	 promptly in writing a notice of any previously undisclosed actions, suits, arbitrations or proceedings pending,
taken or threatened before or by any Governmental Entity or other Person against the Covenantor or any of its subsidiaries which if determined adversely to the interests of any of them would have a Material Adverse Effect; and 

 

	 	(iii)	 promptly in writing a notice of any change in the debt rating assigned to CPRC’s senior unsecured and
unsubordinated Debt for Borrowed Money by S&P or Moody’s. 

  

	(c)	 Corporate Existence. Except as otherwise permitted in this Agreement, preserve and maintain, and cause
the Designated Subsidiaries to preserve and maintain, its and their respective corporate existence, in each case where failure to do so would reasonably be expected to have a Material Adverse Effect. 

 

	(d)	 Compliance with Laws, etc. Comply, and cause each Designated Subsidiary to comply, with the requirements
of all applicable Laws, non compliance with which would reasonably be expected to have a Material Adverse Effect. 

  

	(e)	 Maintenance of Properties, etc. Maintain and preserve, and cause the Designated Subsidiaries to maintain
and preserve, all of its and their respective Assets used or useful in its and their respective businesses in good repair, working order and condition (reasonable wear and tear excepted), where failure to maintain or preserve the properties in that
state would reasonably be expected to have a Material Adverse Effect. 

  

	(f)	 Insurance. Insure and keep insured, and cause the Designated Subsidiaries to insure and keep insured,
its and their respective Assets, which are of an insurable nature, against such risks, in such amount and in such manner as is usual in the case of corporations similarly situated and operating generally similar Assets and with such reputable
insurance companies or associations as it may select; provided that the Covenantor, the Borrower and each Designated Subsidiary may from time to time adopt other methods or plans of protection, including self-insurance, against risks in substitution
or partial substitution for the aforesaid insurance. 

  

	(g)	 Access to Information. Subject to the next following sentence, at the request of the Administrative
Agent, provide to the Administrative Agent such information in respect of the Covenantor and its subsidiaries as may be reasonably requested by the Administrative Agent. Neither the Covenantor nor the Borrower shall be required to provide the
Administrative Agent or the Lenders, as the case may be, with information under this Section 7.1(g) which is price or commercially sensitive or which it is prohibited by contract or Law to do so or which would require the Covenantor or any of
its Subsidiaries to make a securities filing or press release in order to comply with securities disclosure rules as a result of such disclosure to the Lenders. 

 

	(h)	 Payment of Taxes. Pay, on or before the date for payment thereof all taxes, assessments and governmental
charges or levies imposed upon the Covenantor, the Borrower or any Designated Subsidiary or upon its or their Assets, in each case, the non-payment of which would have a Material Adverse Effect, except any
such tax, assessment, governmental charge or levy which is being contested in good faith and by proper proceedings and as to which appropriate reserves have been established in accordance with GAAP, or which is a Permitted Lien.

  
 54 

	(i)	 Ownership. Ensure that more than 50% of the economic and voting rights associated with all of the
outstanding capital stock of each of the Designated Subsidiaries are owned and controlled, directly or indirectly, by the Covenantor. 

  

	(j)	 Anti-Corruption Laws and Sanctions. Maintain in effect and enforce procedures to ensure compliance by
the Borrower with its representation and warranty in Section 6.1(n)(ii) in respect of any requested Borrowing or Drawing. 

  

	7.2	 Negative Covenants 

So long as any amount owing by the Borrower under this Agreement remains unpaid or any Lender has any obligation under this Agreement, unless
consent is given in accordance with Section 11.1, neither the Covenantor nor the Borrower shall: 
  

	(a)	 Liens. Create, incur, assume or permit to exist, or permit any Designated Subsidiary to create, incur,
assume or permit to exist, any Lien (other than Permitted Liens) on any of its or their Assets securing Debt for Borrowed Money, unless, at the same time or as soon as reasonably practicable thereafter, it secures or causes to be secured equally and
rateably with such Debt for Borrowed Money any Accommodations Outstanding and interest, if any, thereon. 

  

	(b)	 Mergers, Etc. Enter into or permit any Designated Subsidiary to enter into any merger or consolidation
with any other Person unless: 

  

	 	(i)	 such Person is a wholly-owned Subsidiary of the Covenantor, the Borrower or a Designated Subsidiary, as the
case may be, and, in the case of the Borrower, the surviving Person is not a non-resident of Canada for purposes of the Income Tax Act (Canada); or 

 

	 	(ii)      (A)	 in the case of the Covenantor, the Borrower or a Designated Subsidiary Guarantor: 

 

	 	(I)	 the surviving Person assumes, by operation of law or amendment hereto, all of the obligations of the Covenantor
or the Borrower or the applicable Designated Subsidiary Guarantor, as applicable, under the Credit Documents, including any covenants therein; 

  

	 	(II)	 the surviving Person or the Covenantor or a Designated Subsidiary operates a railway and is organized under the
laws of Canada or any province of Canada; 

  

	 	(III)	 the senior unsecured and unsubordinated Debt for Borrowed Money of CPRC or the surviving Person to CPRC, as the
case may be, shall have an external debt rating of at least the lesser of: 

  

	 	a.	 BBB- by S&P, Baa3 by Moody’s or BBB(low) from DBRS; and

  

	 	b.	 the external senior debt rating assigned to the senior unsecured and unsubordinated Debt for Borrowed Money of
CPRC immediately prior to the announcement of such merger or consolidation; 

  

	 	(IV)	 the Assets of the surviving Person shall not be subject to any Liens other than Permitted Liens and Liens not
prohibited under Section 7.2(a); and 

  
 55 

	 	(V)	 the surviving person, in the case of the Covenantor or the Borrower, is not a
non-resident of Canada for purposes of the Income Tax Act (Canada); 

  

	 	(B)	 in the case of any Designated Subsidiary, other than a Designated Subsidiary Guarantor, after giving effect to
such event, the senior unsecured and unsubordinated Debt for Borrowed Money of CPRC shall have an external debt rating of at least the lesser of: 

  

	 	(I)	 BBB- by S&P, Baa3 by Moody’s or BBB(low) from DBRS; and

  

	 	(II)	 the external debt rating assigned to the senior unsecured and unsubordinated Debt for Borrowed Money of CPRC
immediately prior to the announcement of such merger or consolidation; and 

  

	 	(C)	 in all cases, no Default or Event of Default will remain in effect immediately after such merger or
consolidation. 

  

	(c)	 Disposal of Assets. Dispose of or permit any Designated Subsidiary to Dispose of, any Asset to any
Person, other than Permitted Dispositions. 

  

	(d)	 Change in Business. Make any material change in the nature of the Business, or permit the Borrower or
any Designated Subsidiary to make any material change in the nature of the Business which would result in the principal business of the Covenantor, the Borrower and the Designated Subsidiaries, taken as a whole, not being the operation of one or
more railway companies in Canada within the meaning of the Canadian Transportation Act and one or more railway companies in the United States within the meaning of comparable legislation in the United States. 

 

	(e)	 Receivables Programs. Permit the aggregate of the purchase prices paid to the Covenantor, the Borrower
and the Designated Subsidiaries under the outstanding programs of the Covenantor, the Borrower and the Designated Subsidiaries for the securitization of accounts receivable to exceed, at any time, Cdn. $500,000,000. 

 

	(f)	 Covenantor, the Borrower and Designated Subsidiary Property. Permit, for a period of more than
forty-five (45) days after the last day of the first three (3) Financial Quarters of the Financial Year or for a period of more than ninety (90) days after the last day of the Financial Year, an amount equal to: 

 

	 	(i)	 the aggregate of the total assets of the Covenantor, the Borrower and the Designated Subsidiaries as determined
on an unconsolidated basis as of the last day of such Financial Quarter: 

  

	 	(A)	 after eliminating any investment in Subsidiaries that are not the Borrower or Designated Subsidiaries; and

  

	 	(B)	 by excluding all amounts which, under the definition of Consolidated Assets, are excluded in determining the
Consolidated Assets of the Covenantor reported on a consolidated basis; less 

  
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	 	(ii)	 the aggregate principal amount of Subsidiary Debt and Non-Recourse
Debt; 

 as of the last day of such Financial Quarter to be less than seventy-five percent (75%) of the Consolidated Assets
of the Covenantor, as shown on the most recent consolidated balance sheet delivered to the Administrative Agent pursuant to Section 7.1(a)(i) or 7.1(a)(ii), as applicable, and as determined as of the last day of such Financial Quarter and in
accordance with GAAP to the extent relevant; provided that at all times prior to the Termination Date, the asset value associated with the Acquired Business (and for certainty, the debt of the Acquired Business) shall be disregarded for purposes of
determining compliance with this Section 7.2(f). 
  

	7.3	 Financial Covenant 

So long as any amount owing by the Borrower under this Agreement remains unpaid or any Lender has any obligation under this Agreement, unless
consent is given under Section 11.1, the ratio of Funded Net Debt to EBITDA of the Covenantor shall not exceed 4.00:1.00 on the last day of any period of four consecutive Financial Quarters; provided, however, that on and after the date of
consummation of the Acquisition, including by Trust Closing (the “Acquisition Closing Date”), so long as any amount owing by the Borrower under this Agreement remains unpaid or any Lender has any obligation under this Agreement,
unless consent is given under Section 11.1, the ratio of Funded Net Debt to EBITDA of the Covenantor shall not exceed, on the last day of any period of four consecutive Financial Quarters, for any four consecutive Financial Quarters ending on
or before the date which is 24 months after the Acquisition Closing Date, 4.75:1.00. 
 For purposes of determining compliance with this
Section 7.3 during the Calculation Period, if there has been (i) a material adverse change in the business, financial condition, operations, performance or properties of the Acquired Company and its Subsidiaries, taken as a whole, or
(ii) the occurrence of an insolvency event of the type contemplated by Section 8.1(h) with respect to the Acquired Company (each of (i) or (ii), an “Excluding Event”), then (x) EBITDA shall include the Acquired
Company and its Subsidiaries only to the extent of cash actually received by the Covenantor, the Borrower or any Designated Subsidiary Guarantor and (y) Funded Debt shall be calculated to exclude the Funded Debt attributable to the Acquired
Company and its subsidiaries that is non-recourse to the Covenantor and its Subsidiaries (excluding, for the avoidance of doubt, the Acquired Company and its subsidiaries). 

 

	7.4	 Most Favored Lender 

 

	(a)	 If the amended and restated credit agreement dated September 27, 2019 (as amended from time to time)
between the Borrower, the Covenantor, Royal Bank of Canada, as administrative agent, and certain lenders party thereto from time to time (the “Revolving Credit Agreement”) shall be amended, modified or supplemented after the
Effective Date, whether directly or indirectly (an “Amendment”), and the effect of such Amendment shall be to impose on the Borrower, the Covenantor or any Designated Subsidiary (collectively for this Section 7.4, the
“Borrower Parties”) (i) any one or more covenants similar to, or new covenants generally consistent with, any of the covenants in Article 7 (other than this Section 7.4), (ii) additional events of default different from the
subject matter of any Default or Event of Default contained in Section 8.1, or (iii) changes in the applicable pricing margin, that are, in each case, more favorable to the lenders under the Revolving Credit Agreement than those which
exist in the Revolving Credit Agreements as of the Effective Date (or events of default that are more burdensome on the Borrower Parties than those that exist in the Revolving Credit Agreement as of the Effective Date) (any such covenant, event of
default or change in pricing being referred to herein as, a “More Favorable Provision”), then such More Favorable Provision shall be automatically incorporated in this Agreement as if set forth fully therein, mutatis
mutandis, and shall be effective as of the date such More Favorable Provision becomes effective in the Revolving Credit Agreement (the “Amendment Effective Date”), as the case may be. Thereafter, such More Favorable Provision
may only be amended in accordance with the provisions of this Agreement. The Borrower will provide the Administrative Agent with copies of the Revolving Credit Agreement prior to or forthwith after the effective date thereof and all amendments
thereto prior to or forthwith after the effective date thereof. 

  
 57 

	(b)	 If the Administrative Agent, on behalf of the Majority Lenders, gives written notice to the Borrower within 30
days after receipt of the copies of the Amendment from the Borrower, objecting to the inclusion of such More Favorable Provision in this Agreement, such More Favorable Provision shall not be incorporated in this Agreement, with retroactive effect to
the Amendment Effective Date. 

  

	(c)	 Upon the written request of the Administrative Agent, the Borrower and the Covenantor, and the Administrative
Agent shall enter into an amendment of this Agreement to reflect the inclusion of the More Favorable Provision. 

  

	(d)	 The Borrower and the Covenantor shall cause each Subsidiary that after the Effective Date (i) becomes a
guarantor under the Revolving Credit Agreement and/or (ii) grants in favour of the agent and the lenders under the Revolving Credit Agreement, any Lien to secure its respective obligations, liabilities and indebtedness under the Revolving
Credit Agreement (except a Lien granted in connection with any cash collateralization arrangements effected pursuant to the terms of the Revolving Credit Agreement), to concurrently therewith, enter into and become a party to a Designated Subsidiary
Guarantee (if, for complete certainty, such Subsidiary is a guarantor under the Revolving Credit Agreement) and/or to grant a substantially similar Lien to the Administrative Agent and Lenders hereunder, as applicable, together with customary legal
opinions and evidence of corporate existence and due authorization and other documents required by Section 2.12(b). 

  

	7.5	 Acquisition Consent 

To the extent required, the Agent and the Lenders hereby approve the consummation of the Acquisition and the transactions contemplated thereby,
including the Voting Trust and the financing associated therewith, and, in the event the STB does not approve the Acquisition, the disposal of the Acquired Business on the terms set forth in the Acquisition Agreement and the Voting Trust Agreement,
as each agreement may be amended or modified from time to time. 
 ARTICLE 8 

EVENTS OF DEFAULT 
  

	8.1	 Events of Default 

If any of the following events (each an “Event of Default”) occurs and is continuing: 

 

	(a)	 the Borrower fails to pay any amount of the Accommodations Outstanding when due and payable;

  

	(b)	 the Borrower fails to pay any interest or Fees when due and payable and such failure remains unremedied for a
period of five (5) Business Days following written notice of such failure by the Administrative Agent to the Borrower; 

  

	(c)	 the Covenantor fails to perform, observe or comply with any of the covenants contained in Section 7.3 and
such failure remains unremedied for thirty (30) Business Days following written notice of such failure by the Administrative Agent to the Borrower; 

  
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	(d)	 any representation or warranty hereunder shall prove to have been inaccurate in any material respect when made
or deemed to be made and, if and to the extent such inaccuracy is capable of being remedied, such inaccuracy remains unremedied for thirty (30) days following written notice of such inaccuracy by the Administrative Agent to the Borrower;

  

	(e)	 the Covenantor, the Borrower or a Designated Subsidiary Guarantor fails to perform, observe or comply with any
other term, covenant or agreement contained in any Credit Document to which it is a party and, except in the case of Section 7.2(f) in which case no cure period shall be applicable, such failure remains unremedied for thirty (30) days
following written notice of such failure by the Administrative Agent to the Covenantor, the Borrower and the applicable Designated Subsidiary Guarantor or, if such failure is curable, such longer period not exceeding ninety (90) days as is
reasonably required to remedy such failure; 

  

	(f)     (i)	 the Covenantor, the Borrower or any Designated Subsidiary fails to pay the principal of any of its Debt for
Borrowed Money (excluding Debt under this Agreement and Non-Recourse Debt) which is outstanding in an aggregate principal amount exceeding the greater of Cdn. $150,000,000 and an amount equal to 2% of
Consolidated Equity (or the Equivalent Amount in any other currency) (“Relevant Debt”) when such amount becomes due and payable (whether by scheduled maturity, required prepayment, acceleration, demand or otherwise) and such failure
continues after the applicable grace period, if any, specified in the agreement or instrument relating to such Relevant Debt without waiver of such failure by the holder of such Relevant Debt on or before the expiration of such period; or

  

	 	(ii)	 any other event occurs or condition exists (including a failure to pay the premium or interest on such Relevant
Debt) and continues after the applicable grace period, if any, specified in any agreement or instrument relating to any such Relevant Debt without waiver of such failure by the holder of such Relevant Debt on or before the expiration of such period,
if the effect of such event is to accelerate such Relevant Debt; 

  

	(g)	 any final judgment or order (subject to no further right of appeal) for the payment of money aggregating in
excess of the greater of Cdn. $150,000,000 and an amount equal to 2% of Consolidated Equity (or the Equivalent Amount in any other currency) shall be rendered against the Covenantor, the Borrower or any Designated Subsidiary in respect of which
enforcement proceedings have been commenced and such proceedings have not been effectively stayed and such Person has not paid or settled such judgment or order within thirty (30) days after enforcement proceedings have been commenced (provided
that the foregoing shall not apply to any judgment in respect of Non-Recourse Debt which is enforced solely against the assets securing the same); 

 

	(h)	 the Covenantor, the Borrower or any Designated Subsidiary: 

 

	 	(i)	 becomes insolvent or generally unable to pay its debts as they become due; 

 

	 	(ii)	 admits in writing its inability to pay its debts generally or makes a general assignment for the benefit of
creditors; 

  

	 	(iii)	 institutes or has instituted against it any proceeding involving or affecting its creditors seeking (x) to
adjudicate it a bankrupt or insolvent, (y) liquidation, winding-up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts, in each case, under any law relating to
bankruptcy, insolvency, reorganization or relief of debtors including any plan of compromise or arrangement or other corporate proceeding 

  
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relating thereto, or (z) the entry of an order for relief or the appointment of a receiver, trustee or other similar official for it or for any material portion of its properties and assets,
and in the case of any such proceeding instituted against it (but not instituted by it), either such Person fails to diligently and actively oppose such proceeding, or any of the relief sought in such proceeding (including the entry of an order for
relief against it or the appointment of a receiver, trustee, custodian or other similar official for it or for any substantial part of its properties and assets) is given; or 

 

	 	(iv)	 takes any corporate action to authorize any of the above actions; 

 

	(i)	 the Covenantor (or any Affiliate) shall cease to own, directly or indirectly, 100% of the issued and
outstanding shares of the Borrower (unless as a result of a transaction permitted pursuant to Section 7.2(b)); or 

  

	(j)	 the validity of Article 10 or the applicability thereof to the Accommodations or any other obligations
purported to be guaranteed thereby or any part thereof shall be disaffirmed by the Covenantor; 

 then the obligation of the Lenders to
make further Accommodations shall immediately terminate and the Administrative Agent may, and shall at the request of the Majority Lenders, declare the Accommodations Outstanding, all accrued interest and Fees and all other amounts payable under
this Agreement to be immediately due and payable, without presentment, demand, protest or further notice of any kind, all of which are expressly waived by the Borrower. Any notice to be given under this Section 8.1, if given by facsimile, shall
also be sent by prepaid courier to the recipient thereof, provided that the delivery or non-delivery of such notice by prepaid courier shall not affect the validity of such notification by facsimile. 

 

	8.2	 Remedies Upon Default 

 

	(a)	 Upon a declaration that the Accommodations Outstanding are immediately due and payable pursuant to
Section 8.1, the Administrative Agent shall at the request of, or may with the consent of, the Majority Lenders, commence such legal action or proceedings as the Majority Lenders, in their sole discretion, deem expedient, including, the
commencement of enforcement proceedings under the Credit Documents all without any additional notice, presentation, demand, protest, notice of dishonour, entering into of possession of any property or assets, or any other action or notice, all of
which are expressly waived by the Covenantor and the Borrower. All amounts received by the Administrative Agent following any declaration as provided for in this Section 8.2(a) shall be applied by the Administrative Agent to pay any expenses
incurred by it and then to the Accommodations Outstanding and all other amounts owing to the Lenders under the Credit Facility based on the rateable share of the Accommodations Outstanding to each Lender to the Accommodations Outstanding under the
Credit Facility. 

  

	(b)	 The rights and remedies of the Administrative Agent and the Lenders under the Credit Documents are cumulative
and are in addition to, and not in substitution for, any other rights or remedies. Nothing contained in the Credit Documents with respect to the indebtedness or liability of the Covenantor and the Borrower to the Administrative Agent and the
Lenders, nor any act or omission of the Administrative Agent or the Lenders with respect to the Credit Documents shall in any way prejudice or affect the rights, remedies and powers of the Administrative Agent and the Lenders under the Credit
Documents. 

  
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 ARTICLE 9 

THE ADMINISTRATIVE AGENT AND THE LENDERS 
  

	9.1	 Appointment and Authority 

Each of the Lenders hereby irrevocably appoints the Person identified elsewhere in this Agreement as the Administrative Agent to act on its
behalf as the Administrative Agent hereunder and under the other Credit Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof
or thereof, together with such actions and powers as are reasonably incidental thereto. 
  

	9.2	 Rights as a Lender 

The Person serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender
and may exercise the same as though it were not the Administrative Agent and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the
Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with
the Borrower or the Covenantor or any Affiliate thereof as if such Person were not the Administrative Agent and without any duty to account to the Lenders. 
  

	9.3	 Exculpatory Provisions 

 

	(a)	 The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and
in the other Credit Documents. Without limiting the generality of the foregoing, the Administrative Agent: 

  

	 	(i)	 shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of
Default has occurred and is continuing; 

  

	 	(ii)	 shall not have any duty to take any discretionary action or exercise any discretionary powers, except
discretionary rights and powers expressly contemplated hereby or by the other Credit Documents that the Administrative Agent is required to exercise as directed in writing by the Majority Lenders (or such other number or percentage of the Lenders as
shall be expressly provided for in the Credit Documents), but the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary
to any Credit Document or applicable Law; and 

  

	 	(iii)	 shall not, except as expressly set forth herein and in the other Credit Documents, have any duty to disclose,
and shall not be liable for the failure to disclose, any information relating to the Borrower or the Covenantor or any of their Affiliates that is communicated to or obtained by the person serving as the Administrative Agent or any of its Affiliates
in any capacity. 

  

	(b)	 The Administrative Agent shall not be liable for any action taken or not taken by it: 

 

	 	(i)	 with the consent or at the request of the applicable Majority Lenders (or such other number or percentage of
the Lenders as is necessary, or as the Administrative Agent believes in good faith is necessary, under the provisions of the Credit Documents); or 

  
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	 	(ii)	 in the absence of its own gross negligence or wilful misconduct. 

The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing the
Default or Event of Default is given to the Administrative Agent by the Borrower, the Covenantor or a Lender. 
  

	(c)	 Except as otherwise expressly specified in this Agreement, the Administrative Agent shall not be responsible
for or have any duty to ascertain or inquire into: 

  

	 	(i)	 any statement, warranty or representation made in or in connection with this Agreement or any other Credit
Document; 

  

	 	(ii)	 the contents of any certificate, report or other document delivered hereunder or thereunder or in connection
herewith or therewith; 

  

	 	(iii)	 the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein
or therein or the occurrence of any Default or Event of Default; 

  

	 	(iv)	 the validity, enforceability, effectiveness or genuineness of this Agreement, any other Credit Document or any
other agreement, instrument or document or 

  

	 	(v)	 the satisfaction of any condition specified in this Agreement, other than to confirm receipt of items expressly
required to be delivered to the Administrative Agent. 

  

	9.4	 Reliance by Administrative Agent 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper
Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any
condition hereunder to the making of an Accommodation that by its terms must be fulfilled to the satisfaction of a Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender unless the Administrative Agent shall
have received notice to the contrary from such Lender prior to the making of such Accommodation. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower or the Covenantor), independent accountants and other
experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 
  

	9.5	 Indemnification of Administrative Agent 

Each Lender agrees to indemnify the Administrative Agent and hold it harmless (to the extent not reimbursed by the Covenantor, the Borrower or
any Designated Subsidiary), rateably according to its rateable portion (and not jointly or jointly and severally) from and against any and all losses, claims, damages, liabilities and related expenses, including the fees, charges and disbursements
of any counsel, which may be incurred by or asserted against the Administrative Agent in any way relating to or arising out of the Credit Documents or the transactions therein contemplated, provided, however, no Lender shall be liable for any
portion of such losses, claims, damages, liabilities and related expenses resulting from the Administrative Agent’s gross negligence or wilful misconduct. 

  
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	9.6	 Delegation of Duties 

The Administrative Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Credit Document
by or through any one or more sub-agents appointed by the Administrative Agent from among the Lenders and their respective Affiliates. The Administrative Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The provisions of this Article 9 and other provisions of this Agreement
for the benefit of the Administrative Agent shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall
apply to their respective activities in connection with the syndication of the Credit Facility as well as activities as Administrative Agent. 
  

	9.7	 Replacement of Administrative Agent 

 

	(a)	 The Administrative Agent may at any time give notice of its resignation to the Lenders and the Borrower. Upon
receipt of any such notice of resignation, the Majority Lenders shall have the right to appoint a successor, which shall be a Lender having an office in Toronto, Ontario or Montreal, Quebec, or an Affiliate of any such Lender with an office in
Toronto or Montreal acceptable to the Borrower, acting reasonably. The Administrative Agent may also be removed at any time by the Majority Lenders upon thirty (30) days’ notice to the Administrative Agent and the Borrower as long as the
Majority Lenders, in consultation with the Borrower, appoint and obtain the acceptance of a successor within such thirty (30) days, which shall be a Lender having an office in Toronto or Montreal, or an Affiliate of any such Lender with an
office in Toronto or Montreal acceptable to the Borrower, acting reasonably. 

  

	(b)	 If no such successor shall have been so appointed by the Majority Lenders and shall have accepted such
appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may on behalf of the Lenders, appoint a successor Administrative Agent meeting the
qualifications specified in Section 9.7(a), provided that if the Administrative Agent shall notify the Borrower and the Lenders that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in
accordance with such notice and: 

  

	 	(i)	 the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and under the
other Credit Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of the Lenders under any of the Credit Documents, the retiring Administrative Agent shall continue to hold such collateral security
until such time as a successor Administrative Agent is appointed); and 

  

	 	(ii)	 all payments, communications and determinations provided to be made by, to or through the Administrative Agent
shall instead be made by or to each Lender directly, until such time as the Majority Lenders appoint a successor Administrative Agent as provided for in Section 9.7(a). 

 

	(c)	 Upon a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and
become vested with all of the rights, powers, privileges and duties of the former Administrative Agent, and the former Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Credit Documents (if
not already discharged therefrom as provided in the preceding paragraph). The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and
such successor. After the termination of the service of the former Administrative Agent, the provisions of this Article 9 and of Section 11.6(a) shall continue in effect for the benefit of such former Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the former Administrative Agent was acting as Administrative Agent. 

  
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	9.8	 Non-Reliance on Administrative Agent and Other Lenders

 Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent or any other
Lender or any of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking
action under or based upon this Agreement, any other Credit Document or any related agreement or any document furnished hereunder or thereunder. 
  

	9.9	 Collective Action of the Lenders 

Each of the Lenders hereby acknowledges that to the extent permitted by applicable Law, any remedies provided under the Credit Documents to the
Lenders are for the benefit of the Lenders collectively and acting together and not severally and further acknowledges that its rights hereunder are to be exercised not severally, but by the Administrative Agent upon the decision of the Majority
Lenders (or such other number or percentage of the Lenders as shall be expressly provided for in the Credit Documents). Accordingly, notwithstanding any of the provisions contained herein, each of the Lenders hereby covenants and agrees that it
shall not be entitled to take any action hereunder including any declaration of default hereunder but that any such action shall be taken only by the Administrative Agent with the prior written agreement of the Majority Lenders (or such other number
or percentage of the Lenders as shall be expressly provided for in the Credit Documents). Each of the Lenders hereby further covenants and agrees that upon any such written agreement being given, it shall
co-operate fully with the Administrative Agent to the extent requested by the Administrative Agent. Notwithstanding the foregoing, in the absence of instructions from the Lenders and where in the sole opinion
of the Administrative Agent, acting reasonably and in good faith, the exigencies of the situation warrant such action, the Administrative Agent may without notice to or consent of the Lenders take such action on behalf of the Lenders as it deems
appropriate or desirable in the interest of the Lenders. 
  

	9.10	 Sharing of Payments by Lenders 

If any Lender, by exercising any right of setoff or counterclaim or otherwise, obtains any payment or other reduction that might result in such
Lender receiving payment or other reduction of a proportion of the aggregate amount of its Accommodations Outstanding under the Credit Facility or either of them and accrued interest thereon or other obligations hereunder greater than its rateable
share thereof as provided herein, then the Lender receiving such payment or other reduction shall: 
  

	(a)	 notify the Administrative Agent of such fact; and 

 

	(b)	 purchase (for cash at face value) participations in the Accommodations Outstanding under the Credit Facility
and such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders rateably in accordance with the aggregate amount of principal of and
accrued interest on their respective Accommodations Outstanding under the Credit Facility and other amounts owing them, provided that: 

  
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	 	(i)	 if any such participations are purchased and all or any portion of the payment giving rise thereto is
recovered, such participations shall be rescinded and the purchase price restored to the extent of such recovery, without interest, 

  

	 	(ii)	 the provisions of this Section 9.10 shall not be construed to apply to (x) any payment made by the
Borrower pursuant to and in accordance with the express terms of this Agreement or (y) any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Accommodations Outstanding under the Credit
Facility to any assignee or participant; and 

  

	 	(iii)	 the provisions of this Section 9.10 shall not be construed to apply to (w) any payment made while no
Event of Default has occurred and is continuing in respect of obligations of the Borrower to such Lender that do not arise under or in connection with the Credit Documents, (x) any payment made in respect of an obligation that is secured by a
Permitted Lien or that is otherwise entitled to priority over the Borrower’ obligations under or in connection with the Credit Documents, (y) any reduction arising from an amount owing to the Borrower upon the termination of derivatives
entered into between the Borrower and such Lender, or (z) any payment to which such Lender is entitled as a result of any form of credit protection obtained by such Lender. 

The Borrower consents to the foregoing and agree, to the extent they may effectively do so under applicable Law, that any Lender acquiring a
participation solely pursuant to Section 9.10(b) may exercise against the Borrower rights of setoff and counterclaim and similar rights of Lenders with respect to such participation as fully as if such Lender were a direct creditor of the
Borrower in the amount of such participation. 
  

	9.11	 Reliance Upon Administrative Agent 

The Covenantor and the Borrower shall be entitled to rely upon any certificate, notice or other document or other advice, statement or
instruction provided to it by the Administrative Agent pursuant to this Agreement, and the Covenantor and the Borrower shall generally be entitled to deal with the Administrative Agent with respect to matters under this Agreement which the
Administrative Agent is authorized to deal with without any obligation whatsoever to satisfy itself as to the authority of the Administrative Agent to act on behalf of the Lenders and without any liability whatsoever to the Lenders for relying upon
any certificate, notice or other document or other advice, statement or instruction provided to it by the Administrative Agent, notwithstanding any lack of authority of the Administrative Agent to provide the same. 

 

	9.12	 Replacement of BA Reference Lender or Eurodollar Reference Lender 

If: 
  

	(a)	 a BA Reference Lender or Eurodollar Reference Lender under the Credit Facility, as the case may be, assigns all
of its rights hereunder under the Credit Facility, or otherwise ceases to be a Lender under the Credit Facility or gives notice of its intention to cease being a BA Reference Lender or Eurodollar Reference Lender under the Credit Facility, as the
case may be; or 

  

	(b)	 in the opinion of the Administrative Agent (acting reasonably), a BA Reference Lender or Eurodollar Reference
Lender under the Credit Facility, as the case may be, is no longer capable of exercising its function as a BA Reference Lender or Eurodollar Reference Lender under the Credit Facility, as the case may be; then, in each case, the Administrative Agent
shall, with the prior written consent of the Borrower if prior to an Event of Default, appoint another Lender under the Credit Facility (with the latter’s consent) to act as a BA Reference Lender or Eurodollar Reference Lender, as the case may
be, in replacement thereof. 

  
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	9.13	 Reference Rate Determinations 

Each BA Reference Lender and Eurodollar Reference Lender agrees to provide the Administrative Agent with timely information for purposes of
determining the applicable Reference Discount Rate or Eurodollar Rate, as the case may be. If any one or more of the BA Reference Lenders or Eurodollar Reference Lenders fail to provide the information to the Administrative Agent, the Administrative
Agent shall determine the applicable Reference Discount Rate or Eurodollar Rate, as the case may be, on the basis of timely information provided by the remaining BA Reference Lenders or Eurodollar Reference Lenders under the Credit Facility, as the
case may be. The Administrative Agent shall give prompt notice to the Borrower and the applicable Lenders of the Reference Discount Rate or Eurodollar Rate, as the case may be, determined by the Administrative Agent for an applicable Drawing or
Interest Period, as the case may be, and the applicable Reference Discount Rate furnished by each applicable BA Reference Lender for determining such Reference Discount Rate or, the applicable Eurodollar Rate furnished by each applicable Eurodollar
Reference Lender for determining such Eurodollar Rate, as the case may be. 
  

	9.14	 The Administrative Agent and Defaulting Lenders 

 

	(a)	 Each Defaulting Lender shall be required to provide to the Administrative Agent cash in an amount, as shall be
determined from time to time by the Administrative Agent in its discretion, equal to all obligations of such Defaulting Lender to the Administrative Agent that are owing or may become owing pursuant to this Agreement, including such Defaulting
Lender’s obligation to pay its rateable share of any indemnification, reimbursement or expense reimbursement amounts not paid by the Borrower. Such cash shall be held by the Administrative Agent in one or more cash collateral accounts, which
accounts shall be in the name of the Administrative Agent and shall not be required to be interest bearing. The Administrative Agent shall be entitled to apply the foregoing cash in accordance with Section 9.14 to amounts owing to the
Administrative Agent. 

  

	(b)	 In addition to the indemnity and reimbursement obligations noted in Section 9.5, the Lenders under the
Credit Facility agree to indemnify the Administrative Agent (to the extent not reimbursed by the Borrower and without limiting the obligations of the Borrower hereunder) rateably according to their respective rateable share (and in calculating a
rateable share of a Lender, ignoring the Commitments of Defaulting Lenders under the Credit Facility) for any amount that a Defaulting Lender fails to pay the Administrative Agent under the Credit Facility and which is due and owing to the
Administrative Agent pursuant to Section 9.14. Each Defaulting Lender agrees to indemnify each other Lender for any amounts paid by such Lender and which would otherwise be payable by the Defaulting Lender. 

 

	(c)	 The Administrative Agent shall be entitled to set off any Defaulting Lender’s rateable share of all
payments received from the Borrower against such Defaulting Lender’s obligations to make payments and fund Accommodations required to be made by it under the Credit Facility and to purchase participations required to be purchased by it under
this Agreement and the other Credit Documents. To the extent permitted by Law, the Administrative Agent shall be entitled to withhold and deposit in one or more non-interest bearing cash collateral accounts in
the name of the Administrative Agent all amounts (whether principal, interest, fees or otherwise) received by the Administrative Agent and due to a Defaulting Lender pursuant to this Agreement, for so long as such Lender is a Defaulting Lender,
which amounts shall be used by the Administrative Agent: 

  
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	 	(i)	 first, to reimburse the Administrative Agent for any amounts owing to it, in its capacity as Administrative
Agent, by such Defaulting Lender pursuant to any Credit Document; 

  

	 	(ii)	 second, to reimburse the Lenders for amounts paid to the Administrative Agent pursuant to the Lenders’
indemnity obligations under Section 9.14(b); 

  

	 	(iii)	 third, to repay on a pro rata basis the incremental portion of any Accommodations made by a Lender under the
Credit Facility pursuant to Section 11.9(b) in order to fund a shortfall created by a Defaulting Lender under the Credit Facility and, upon receipt of such repayment, each such Lender shall be deemed to have assigned to the Defaulting Lender
such incremental portion of such Accommodations; 

  

	 	(iv)	 fourth, to cash collateralize all other obligations of such Defaulting Lender to the Administrative Agent owing
pursuant to this Agreement in such amount as shall be determined from time to time by the Administrative Agent in its discretion, including such Defaulting Lender’s obligation to pay its rateable share of any indemnification, reimbursement or
expense reimbursement amounts not paid by the Borrower; and 

  

	 	(v)	 fifth, to fund from time to time the Defaulting Lender’s rateable share of Borrowings under the Credit
Facility. 

 For greater certainty and in addition to the foregoing, neither the Administrative Agent nor any of its
Affiliates nor any of their respective shareholders, officers, directors, employees, agents or representatives shall be liable to any Lender (including a Defaulting Lender) for any action taken or omitted to be taken by it in connection with amounts
payable by the Borrower to a Defaulting Lender and received and deposited by the Administrative Agent in a cash collateral account and applied in accordance with the provisions of this Agreement, save and except for the gross negligence or wilful
misconduct of the Administrative Agent as determined by a final non-appealable judgment of a court of competent jurisdiction. 
  

	9.15	 Erroneous Payments 

 

	(a)	 If the Administrative Agent notifies a Lender, or any Person who has received funds on behalf of a Lender (any
such Lender or other recipient, a “Payment Recipient”) that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under the immediately succeeding clause (b)) that any funds
received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted or paid to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such
Lender or other Payment Recipient on its behalf) (any such funds, whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an “Erroneous Payment”)
and demands the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent and shall be segregated by the Payment Recipient and held in trust for the benefit of
the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter, return to the
Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date
such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in same day funds at the greater of (i) in respect of an Erroneous Payment in U.S. Dollars, the
Federal Funds Rate and, 

  
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in respect of an Erroneous Payment in Canadian Dollars at a fluctuating rate per annum equal to the overnight rate at which Canadian Dollars may be borrowed by the Administrative Agent in the
interbank market in an amount comparable to such Erroneous Payment (as determined by the Administrative Agent) and (ii) a rate determined by the Administrative Agent in accordance with banking industry rules or prevailing market practice for
interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this Section 9.15(a) shall be conclusive, absent manifest error. 

 

	(b)	 Without limiting the immediately preceding Section 9.15(a), each Lender, or any Person who has received
funds on behalf of a Lender, hereby further agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent
(or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such
payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender, or other such recipient,
otherwise becomes aware was transmitted, paid, or received, in error or by mistake (in whole or in part) in each case: 

  

	 	(i)	 (A) in the case of immediately preceding clauses (x) or (y), an error shall be presumed to have been made
(absent express written confirmation from the Administrative Agent to the contrary) or (B) an error has been made (in the case of immediately preceding clause (z)), in each case, with respect to such payment, prepayment or repayment; and

  

	 	(ii)	 such Lender shall (and shall cause any other recipient that receives funds on its respective behalf to)
promptly (and, in all events, within one Business Day of its knowledge of such error) notify the Administrative Agent of its receipt of such payment, prepayment or repayment, the details thereof (in reasonable detail) and that it is so notifying the
Administrative Agent pursuant to this Section 9.15(b). 

  

	(c)	 Each Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any
time owing to such Lender under any Credit Document, or otherwise payable or distributable by the Administrative Agent to such Lender from any source, against any amount due to the Administrative Agent under the immediately preceding
Section 9.15(a) or under the indemnification provisions of this Agreement. 

  

	(d)	 In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for
any reason, after demand therefor by the Administrative Agent in accordance with the immediately preceding Section 9.15(a), from any Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who
received such Erroneous Payment (or portion thereof) on its behalf) (such unrecovered amount, an “Erroneous Payment Return Deficiency”), upon the Administrative Agent’s notice to such Lender at any time, (i) such Lender
shall be deemed to have assigned its Accommodations Outstanding (but not its Commitments) under the Credit Facility with respect to which such Erroneous Payment was made (the “Erroneous Payment Impacted Facilities”) in an amount
equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Accommodations Outstanding (but not Commitments) of the Erroneous Payment Impacted Facilities, the
“Erroneous Payment Deficiency Assignment”) at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance), and is hereby (together with the Borrower) deemed to execute
and deliver an assignment and assumption agreement in the form of Schedule 7 with respect to such Erroneous Payment 

  
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Deficiency Assignment, (ii) the Administrative Agent as the assignee Lender shall be deemed to acquire the Erroneous Payment Deficiency Assignment, (iii) upon such deemed acquisition,
the Administrative Agent as the assignee Lender shall become a Lender hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender hereunder with respect to such Erroneous Payment
Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender and (iv) the Administrative
Agent may reflect in its records its ownership interest in the Accommodations Outstanding subject to the Erroneous Payment Deficiency Assignment. The Administrative Agent may, in its discretion, sell any Accommodations Outstanding acquired pursuant
to an Erroneous Payment Deficiency Assignment and, upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender shall be reduced by the net proceeds of the sale of such Accommodations Outstanding
(or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender (and/or against any recipient that receives funds on its respective behalf). For the avoidance of doubt, no Erroneous Payment
Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement. In addition, each party hereto agrees that, except to the extent that the Administrative
Agent has sold an Accommodations Outstanding (or portion thereof) acquired pursuant to an Erroneous Payment Deficiency Assignment, and irrespective of whether the Administrative Agent may be equitably subrogated, the Administrative Agent shall be
contractually subrogated to all the rights and interests of the applicable Lender under the Credit Documents with respect to each Erroneous Payment Return Deficiency (the “Erroneous Payment Subrogation Rights”). 

 

	(e)	 The parties hereto agree that an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy
any indebtedness and liabilities (whether matured or unmatured) of the Borrower outstanding to the Lenders and owed by the Borrower pursuant to the Credit Documents, except, in each case, to the extent such Erroneous Payment is, and solely with
respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from (i) the Borrower or (ii) the proceeds of realization from the enforcement of one or more of the Credit Documents against
or in respect of one or more of the Borrower, in each case for the purpose of making such Erroneous Payment. 

  

	(f)	 To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous
Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the
return of any Erroneous Payment received, including waiver of any defense based on “discharge for value”, “good consideration” for the Erroneous Payment or change of position by such Payment Recipient, any defense that the intent
of the Administrative Agent was that such Payment Recipient retain the Erroneous Payment in all events, or any doctrine or defense similar to any of the foregoing. 

 

	(g)	 Each party’s obligations, agreements and waivers under this Section 9.15 shall survive the
resignation or replacement of the Administrative Agent, or any assignment or transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all
indebtedness and liabilities (or any portion thereof) of the Borrower outstanding to the Lenders and owed by the Borrower pursuant to the Credit Documents. 

  

	(h)	 For purposes of this Section 9.15, each Lender: 

  
 69 

	 	(i)	 agrees it is executing and delivering this Agreement with respect to this Section 9.15 both on its own
behalf and as agent for and on behalf of any Person receiving funds under the Credit Documents on behalf of such Lender; 

  

	 	(ii)	 represents, warrants, covenants and agrees that any Person receiving funds under the Credit Documents on behalf
of such Lender is bound by the provisions of this Section 9.15; and 

  

	 	(iii)	 agrees that any matter or thing done or omitted to be done by such Lender or any Person receiving funds under
the Credit Documents on behalf of such Lender which are the subject of this Section 9.15 will be binding upon such Lender and each Lender hereby indemnifies and saves the Administrative Agent and its Affiliates harmless from any and all losses,
expenses, claims, demands or other liabilities of the Administrative Agent and its Affiliates resulting from the failure of such Lender or such Persons to comply with their obligations under and in respect of this Section 9.15, in accordance
with and subject to the limitations in this Section 9.15. 

 ARTICLE 10 

GUARANTEE 
  

	10.1	 Guarantee 

  

	(a)	 The Covenantor irrevocably and unconditionally guarantees the due and punctual payment to the Lenders and the
Administrative Agent, whether at stated maturity, by acceleration or otherwise, of all present and future debts, liabilities and obligations, direct or indirect, absolute or contingent, of the Borrower to the Lenders and the Administrative Agent or
any of them arising pursuant to, or in respect of, the Credit Agreement and the other Credit Documents (such obligations collectively being herein called the “Guaranteed Obligations”), and promises to pay, on demand, any and all out-of-pocket expenses (including reasonable counsel fees and disbursements) incurred by or on behalf of the Lenders and the Administrative Agent in enforcing any of their
respective rights under this Guarantee. 

  

	(b)	 The Covenantor hereby irrevocably and unconditionally agrees to indemnify the Administrative Agent and each of
the Lenders from time to time on demand by the Administrative Agent from and against any loss incurred by the Administrative Agent or the Lenders or any of them as a result of any of the obligations of the Borrower under or pursuant to the Credit
Agreement or any other Credit Documents being or becoming void, voidable, unenforceable or ineffective against the Borrower for any reason whatsoever, whether or not known to the Administrative Agent or the Lenders or any of them or any other
Person, the amount of such loss being limited to the amount which the Person or Persons suffering such Loss would otherwise have been entitled to recover from the Borrower. 

 

	10.2	 Absolute Liability 

The Covenantor guarantees that the Guaranteed Obligations will be paid to the Administrative Agent and Lenders in accordance with the terms and
conditions of the Credit Agreement and other Credit Documents, that the Covenantor shall be liable as principal debtor and not solely as surety with respect to the payment of the Guaranteed Obligations and that the liability of the Covenantor under
this Guarantee shall be absolute and unconditional irrespective of: 
  

	(a)	 any lack of validity or enforceability of any terms of any of the Credit Documents; 

  
 70 

	(b)	 any contest by the Borrower or any other Person as to the amount of the Guaranteed Obligations or the validity
or enforceability of any terms of the Credit Documents; 

  

	(c)	 any extension of the time or times for payment of the Guaranteed Obligations the Lenders or the Administrative
Agent may grant to the Borrower or any other Person, or amendment to, restatement of, or alteration of this Guarantee or any of the Credit Documents or the Guaranteed Obligations; 

 

	(d)	 the assignment of all or part of the benefits of this Guarantee; and 

 

	(e)	 to the fullest extent permitted by Law, any other circumstances which might otherwise constitute a defence
available to, or a discharge of, the Covenantor, the Borrower or any other Person in respect of the Guaranteed Obligations or this Guarantee, other than the payment and performance in full of the Guaranteed Obligations. 

 

	10.3	 Remedies 

The Covenantor agrees that the Lenders and the Administrative Agent need not seek or exhaust their recourse against the Borrower or any other
Person before being entitled to payment under this Guarantee. 
  

	10.4	 Amount of Guaranteed Obligations 

Any account settled or stated by or among the Lenders, the Administrative Agent and the Borrower or, if any such account has not been settled
or stated immediately before demand for payment under this Guarantee, any account stated by the Administrative Agent shall, in the absence of manifest error, be accepted by the Covenantor as conclusive evidence of the amount of the Guaranteed
Obligations which is due by the Borrower to the Lenders and the Administrative Agent or remains unpaid by the Borrower to the Lenders and the Administrative Agent. 
  

	10.5	 Payment on Demand 

Upon the occurrence and during the continuance of an Event of Default, the obligation of the Covenantor to pay the amount of the Guaranteed
Obligations and all other amounts payable by it to the Lenders or the Administrative Agent under this Guarantee shall arise, and the Covenantor shall make such payments immediately after demand for same is made in writing to it. The liability of the
Covenantor shall bear interest from the date of such demand at the rate or rates of interest then applicable to the Guaranteed Obligations under and calculated in the manner provided in the Credit Documents, without duplication of interest otherwise
payable by the Borrower in respect of the Guaranteed Obligations. 
  

	10.6	 Postponement 

Upon the occurrence and during the continuance of an Event of Default, the Lenders and the Administrative Agent shall be entitled to receive
payment of the Guaranteed Obligations in full before the Covenantor is entitled to receive any payment on account of any obligations, liabilities and indebtedness of the Borrower to the Covenantor of any nature whatsoever and all security therefor
(the “Intercorporate Indebtedness”). In such case, the Intercorporate Indebtedness shall not be released or withdrawn by the Covenantor unless the Administrative Agent’s written consent to such release or withdrawal is first
obtained. The Covenantor shall not permit the prescription of the Intercorporate Indebtedness by any statute of limitations or ask for or obtain any security or negotiable paper for, or other evidence of, the Intercorporate Indebtedness after the
occurrence and during the continuance of an Event of Default. 

  
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	10.7	 Suspension of Covenantor Rights 

Until all of the Guaranteed Obligations have been irrevocably paid in full the Covenantor shall not exercise any rights which the Covenantor
may at any time have by reason of the performance of any of its obligations under this Guarantee: 
  

	(a)	 to be indemnified by the Borrower; 

 

	(b)	 to claim contribution from any other Covenantor of the debts, liabilities or obligations of the Borrower; or

  

	(c)	 to take the benefit (in whole or in part and whether by way of subrogation or otherwise) of any rights of the
Lenders or the Administrative Agent under any of the Credit Documents. 

  

	10.8	 No Prejudice to Lenders or Administrative Agent 

The Lenders and the Administrative Agent shall not be prejudiced in any way in the right to enforce any provision of this Guarantee by any act
or failure to act on the part of the Borrower, the Lenders or the Administrative Agent. The Administrative Agent and the Lenders may, at any time and from time to time, in such manner as they may determine is expedient, without any consent of, or
notice to, the Covenantor, and without impairing or releasing the obligations of the Covenantor: 
  

	(a)	 change the manner, place or terms of payment or change or extend the time of payment of, or renew or alter, the
Guaranteed Obligations; 

  

	(b)	 renew, determine, vary or increase any credit or credit facilities to, or the terms or conditions in respect of
any transaction with, the Borrower or any other Person; 

  

	(c)	 release, compound or vary the liability of the Borrower or any other Person liable in any manner under or in
respect of the Guaranteed Obligations, and 

  

	(d)	 apply any sums from time to time received to the Guaranteed Obligations. 

In their dealings with the Borrower, the Administrative Agent and the Lenders need not enquire into the authority or power of any Person purporting to act for
or on behalf of the Borrower. 
  

	10.9	 Rights of Subrogation 

 

	(a)	 Until all of the Guaranteed Obligations have been irrevocably paid in full the Covenantor:

  

	 	(i)	 shall have no right of subrogation to the claims of the Administrative Agent or the Lenders in respect of the
Guaranteed Obligations; 

  

	 	(ii)	 waives, to the fullest extent permitted by applicable Law, any right to enforce any remedy which the
Administrative Agent or the Lenders now have or may hereafter have against the Borrower in respect of the Guaranteed Obligations; and 

  

	 	(iii)	 agrees not to file any claim in insolvency, bankruptcy or reorganization proceedings in respect of any such
subrogated claims. 

  
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	(b)	 If: 

  

	 	(i)	 the Covenantor has paid to the Administrative Agent or the Lenders all amounts owing by all of the Borrower
under the Credit Documents; and 

  

	 	(ii)	 the Guaranteed Obligations have been irrevocably paid in full; 

then the Administrative Agent and the Lenders will, at the Covenantor’s request and expense, execute and deliver to the Covenantor
appropriate documents, without recourse and without representation and warranty, necessary to evidence the transfer by subrogation to the Covenantor of the Administrative Agent and the Lenders’ interest in the Guaranteed Obligations resulting
from such payment by the Covenantor. 
  

	10.10	 No Set-off 

To the fullest extent permitted by Law, the Covenantor shall make all payments under this Guarantee without regard to any defence,
counter-claim or right of set-off available to it. 
  

	10.11	 Successors of the Borrower 

Any change or changes in the name of or reorganization (whether by way of reconstruction, consolidation, amalgamation, merger, transfer, sale,
lease or otherwise) of the Borrower or of their respective business shall not affect or in any way limit or lessen the liability of the Covenantor under this Guarantee. 
  

	10.12	 Continuing Guarantee 

The guarantee in this Guarantee is a continuing guarantee. It extends to all present and future Guaranteed Obligations, applies to and secures
the ultimate balance of the Guaranteed Obligations due or remaining due to the Administrative Agent and the Lenders and shall be binding as a continuing obligation of the Covenantor until the Administrative Agent and the Lenders release the
Covenantor, which release shall not be unreasonably withheld or delayed. This Guarantee shall continue to be effective or be reinstated, as the case may be, if at any time any payment of any of the Guaranteed Obligations is rescinded or must
otherwise be returned by the Lenders or the Administrative Agent upon the insolvency, bankruptcy or reorganization of the Borrower or otherwise, all as though such payment had not been made. 

 

	10.13	 Supplemental Security 

This Guarantee is in addition to and without prejudice to and supplemental to all other guarantees held or which may hereafter be held by the
Lenders or the Administrative Agent. 
  

	10.14	 Right of Set-off 

Upon the occurrence and during the continuance of any Event of Default and after a demand having been made to the Covenantor for payment of the
Guaranteed Obligations, the Administrative Agent and each of the Lenders are authorized by the Covenantor at any time thereafter and from time to time, to the fullest extent permitted by Law (including general principles of common law), to set-off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other indebtedness at any time owing by the Administrative Agent or the Lenders to or for the
credit or the account of the Covenantor against any and all of the obligations of the Covenantor to the Administrative Agent and the Lenders hereunder although such obligations may be unmatured or 

  
 73 

 
contingent. Such Lender shall promptly notify the Covenantor and the Administrative Agent after any set-off and application is made by it, provided that
the failure to give notice shall not affect the validity of the set-off and application. The rights of the Administrative Agent and the Lenders under this Section 10.14 are in addition to and without
prejudice to and supplemental to other rights and remedies which the Administrative Agent and the Lenders may have. 
  

	10.15	 Interest Act (Canada) 

The Covenantor hereby acknowledges that certain of the rates of interest applicable to the Guaranteed Obligations may be computed on the basis
of a year of 360 days, 365 days or 366 days, as the case may be. For purposes of the Interest Act (Canada), whenever any interest is calculated using a rate based on a year of 360 days, 365 days or 366 days, as the case may be, such rate
determined pursuant to such calculation, when expressed as an annual rate is equivalent to: 
  

	(a)	 the applicable rate based on a year of 360 days, 365 days or 366 days, as the case may be;

  

	(b)	 multiplied by the actual number of days in the calendar year in which the period for such interest is payable
(or compounded) ends; and 

  

	(c)	 divided by 360, 365 or 366, as the case may be. 

 

	10.16	 Judgment 

  

	(a)	 If for the purposes of obtaining judgment in any court it is necessary to convert all or any part of the
Guaranteed Obligations or any other amount due to a Lender or the Administrative Agent in respect of the Covenantor’s obligations under this Guarantee in any currency (the “Original Currency”) into another currency (the
“Other Currency”), the Covenantor, to the fullest extent that it may effectively do so, agrees that the rate of exchange used shall be that at which, in accordance with normal banking procedures, the Lender or Administrative Agent,
as the case may be, could purchase the Original Currency with the Other Currency on the Business Day preceding that on which final judgment is paid or satisfied. 

 

	(b)	 The obligations of the Covenantor in respect of any sum due in the Original Currency from it to any Lender or
the Administrative Agent shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent of any sum adjudged to be so due in such Other
Currency such Lender or the Administrative Agent may, in accordance with its normal banking procedures, purchase the Original Currency with such Other Currency. If the amount of the Original Currency so purchased is less than the sum originally due
to the Lender or the Administrative Agent in the Original Currency, the Covenantor agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Lender or the Administrative Agent against such loss, and if the amount of
the Original Currency so purchased exceeds the sum originally due to the Lender or the Administrative Agent in the Original Currency, the Lender or the Administrative Agent agrees to remit such excess to the Covenantor. 

  
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 ARTICLE 11 

MISCELLANEOUS 
  

	11.1	 Amendment and Waiver 

 

	(a)	 Subject to subsections (b) and (c), no amendment or waiver of any provision of any of the Credit
Documents, nor consent to any departure by the Covenantor, the Borrower or any other Person from such provisions, is effective unless in writing and approved by the Majority Lenders. Any amendment, waiver or consent is effective only in the specific
instance and for the specific purpose for which it was given. 

  

	(b)	 Except as herein expressly provided, only written amendments, waivers or consents signed by all affected
Lenders shall: 

  

	 	(i)	 increase a Lender’s Commitment or subject any Lender to any additional obligation; 

 

	 	(ii)	 decrease the principal amount of any required payment, the interest rates, the Applicable Margins or the Fees
as specified herein; 

  

	 	(iii)	 postpone any date fixed for any payment of principal of, or interest on, any Accommodation Outstanding or any
fees; 

  

	 	(iv)	 amend Section 2.7 (in a manner which would obligate any Lender to extend the Maturity Date in respect of
such Lender), Section 9.10, Article 10 or Sections 11.10 or 11.13 or release any Designated Subsidiary Guarantee (except to the extent provided for in Section 2.11) or, in any case, consent to any waiver having such effect;

  

	 	(v)	 change the number or percentage of Lenders required for the Lenders, or any of them, or the Administrative
Agent to take any action; 

  

	 	(vi)	 change the definition of Majority Lenders; 

 

	 	(vii)	 change the types of Accommodations available from a Lender; 

 

	 	(viii)	 amend Section 2.9(c); or 

 

	 	(ix)	 amend this Section 11.1(b). 

 

	(c)	 The Borrower and the Administrative Agent, acting together, shall be permitted to waive the minimum amounts
specified in Section 11.10 in respect of the participation or assignment by a Lender of its interest in the Credit Facility. 

  

	(d)	 The Administrative Agent shall be entitled to decide upon routine or administrative matters without the
necessity of Majority Lender approval. 

  

	(e)	 Only written amendments, waivers or consents signed by the Administrative Agent in addition to the Majority
Lenders, shall affect the rights or duties of the Administrative Agent under the Credit Documents. 

  
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	11.2	 Waiver 

  

	(a)	 No failure on the part of any Lender or the Administrative Agent to exercise, and no delay in exercising, any
right under any of the Credit Documents shall operate as a waiver of such right; nor shall any single or partial exercise of any right under any of the Credit Documents preclude any other or further exercise of such right or the exercise of any
other right. 

  

	(b)	 Except as otherwise expressly provided in this Agreement, the covenants, representations and warranties shall
not merge on and shall survive the initial Accommodation and, notwithstanding such initial Accommodation or any investigation made by or on behalf of any party, shall continue in full force and effect. The closing of this transaction shall not
prejudice any right of one party against any other party in respect of anything done or omitted under this Agreement or in respect of any right to damages or other remedies. 

 

	11.3	 Evidence of Debt and Accommodation Notices 

 

	(a)	 The indebtedness of the Borrower resulting from Accommodations under the Credit Facility shall be evidenced by
the records of the Administrative Agent acting on behalf of the Lenders which shall constitute prima facie evidence under the Credit Facility of such indebtedness. 

 

	(b)	 Prior to the receipt of any Accommodation Notice, the Administrative Agent may act upon the basis of a notice
by telephone (containing the same information as required to be contained in the Accommodation Notice) believed by it in good faith to be from an authorized person representing the Borrower. In the event of a conflict between the Administrative
Agent’s record of any Accommodation and the Accommodation Notice, the Administrative Agent’s record shall prevail, absent manifest error. 

  

	11.4	 Notices and Electronic Communications 

 

	(a)	 Subject to the next following sentence, any notice, direction or other communication required or permitted to
be given under this Agreement shall, except as otherwise permitted, be in writing and given by delivering it or sending it by facsimile: 

if to the Covenantor or the Borrower at: 

7550 Ogden Dale Rd. S.E. 

Calgary, Alberta, T2C 4X9 

Attention: Director, Investor Relations & Treasury 

Facsimile: (403) 319-3615 

with a copy to 
 Attention:
Corporate Secretary 
 Facsimile: (403) 319-6770 

  
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 if to the Administrative Agent, to it at: 

BMO Financial Group - Corporate & Commercial Lending Operations (CCLO) 

250 Yonge Street, 11th Floor 

Toronto, Ontario, M5B 2L7 

Attention: Manager, Agency Services 

Email: BMOCCLO.AgencyToronto@bmo.com 

Facsimile: (416) 598-6218 

and, if to the Lenders, at the addresses shown on the signature pages hereto or in any assignment and assumption agreement. 

Any notice of any change in the particulars of any of the Borrower’s Accounts shall be given in accordance with a written protocol to be
agreed upon by the Borrower and the Administrative Agent. Any communication shall be deemed to have been validly and effectively given on the date of such delivery if such date is a Business Day and such delivery was made prior to 4:00 p.m. (Toronto
time) or otherwise on the next Business Day. Any party may change its address for service from time to time by notice given in accordance with the foregoing and any subsequent notice shall be sent to the party at its changed address. 

 

	(b)	 The Administrative Agent shall within five (5) Business Days deliver to each Lender such documents,
papers, materials and other information as are furnished by the Borrower or the Covenantor to the Administrative Agent on behalf of the Lenders pursuant to this Agreement (including notices under Section 6.1(h), 6.1(k), 7.1(a), 7.1(b) and
7.1(g)) and, subject to Section 11.4(c), the Borrower and the Covenantor shall provide the Administrative Agent with sufficient copies of all such information for such purpose. The Administrative Agent shall make requests of the Borrower or the
Covenantor pursuant to Section 7.1(g) from time to time on behalf of a Lender for such information as such Lender may from time to time reasonably request. 

 

	(c)	 Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic
communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not apply to service of process or to notices
to any Lender of Accommodations to be made if such Lender has notified the Administrative Agent that it is incapable of receiving notices by electronic communication. The Administrative Agent or the Borrower may, in their discretion, agree to accept
notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided that approval of such procedures may be limited to particular notices or communications. 

 

	(d)	 Unless the Administrative Agent otherwise prescribes: 

 

	 	(i)	 notices and other communications sent to an e-mail address shall be
deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written
acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have been sent at the opening of business on the next Business Day
for the recipient; and 

  

	 	(ii)	 notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed
receipt by the intended recipient at its e-mail address as described in Section 11.4(d)(i) of notification that such notice or communication is available and identifying the website address therefor.

  
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	11.5	 Confidentiality 

 

	(a)	 Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality of the Information (as
defined below), except that Information may be disclosed: 

  

	 	(i)	 to it, its Affiliates and its and its Affiliates’ respective partners, directors, officers, employees,
agents, advisors and representatives (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential and that it shall be
responsible if any such Person fails to do so); 

  

	 	(ii)	 to the extent requested by any regulatory authority purporting to have jurisdiction over it (including any
self-regulatory authority and bank examiners); 

  

	 	(iii)	 to the extent required by applicable Laws or regulations or by any subpoena or similar legal process;

  

	 	(iv)	 to any other party hereto; 

 

	 	(v)	 in connection with the exercise of any remedies hereunder or under any other Credit Document or any action or
proceeding relating to this Agreement or any other Credit Document or the enforcement of rights hereunder or thereunder; 

  

	 	(vi)	 subject to an agreement containing provisions substantially the same as those of this Section 11.5, to:

  

	 	(A)	 any Assignee of or Participant in, or any prospective Assignee of or Participant in, any of its rights or
obligations under this Agreement; 

  

	 	(B)	 any actual or prospective counterparty (or its advisors) to any swap, derivative, credit-linked note or similar
transaction relating to the Covenantor or the Borrower and its obligations; or 

  

	 	(C)	 any credit rating agency solely in connection with a review, determination or other matter related to the
credit ratings of a Lender and not, for certainty, of the Borrower or the Covenantor; 

  

	 	(vii)	 with the consent of the Borrower; or 

 

	 	(viii)	 to the extent such Information (x) becomes publicly available other than as a result of a breach of this
Section by the disclosing party or (y) becomes available to the Administrative Agent or any Lender on a non-confidential basis from a source other than the Borrower or the Covenantor.

  

	(b)	 For purposes of this Section 11.5, “Information” means all information received in
connection with this Agreement from the Covenantor, the Borrower or any Designated Subsidiary related to it or any of their respective businesses, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to such receipt. Any Person 

  
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required to maintain the confidentiality of Information as provided in this Section 11.5 shall be considered to have complied with its obligation to do so if such Person has exercised the
same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information. In addition, the Administrative Agent may disclose to any agency or organization that assigns standard
identification numbers to loan facilities such basic information describing the facilities provided hereunder as is necessary to assign unique identifiers (and, if requested, supply a copy of this Agreement), it being understood that the Person to
whom such disclosure is made will be informed of the confidential nature of such Information and instructed to make available to the public only such Information as such person normally makes available in the course of its business of assigning
identification numbers. 

  

	11.6	 Costs, Expenses and Indemnity 

 

	(a)	 The Borrower shall, whether or not the transactions contemplated in this Agreement are completed, indemnify and
hold each of the Lenders and the Administrative Agent and their Affiliates and each of their respective officers, directors, employees and agents (each an “Indemnified Person”) harmless from, and shall pay to such Indemnified Person
on demand any amounts required to compensate the Indemnified Person for, any claim, loss, cost or expense (including any reasonable legal cost) suffered by, imposed on, or asserted against, the Indemnified Person as a result of, connected with or
arising out of: 

  

	 	(i)	 the preparation, execution and delivery of, preservation of rights under, enforcement of, or refinancing,
renegotiation or restructuring of, the Credit Documents and any related amendment, waiver or consent; or 

  

	 	(ii)	 a default (whether or not constituting a Default or an Event of Default) by the Borrower, except to the extent
caused by the gross negligence, wilful misconduct or default of the Indemnified Person as finally determined in a non-appealable judgment by a court of competent jurisdiction. 

In case any proceeding shall be instituted involving any Person in respect of which indemnity may be sought pursuant to this
Section 11.6(a), such Indemnified Person shall promptly notify the Borrower in writing (but failure to do so shall not relieve the Borrower from any liability which they may have pursuant to this Section 11.6(a) except to the extent the
Borrower shall be prejudiced from instituting or defending any proceeding relating thereto) and the Borrower, upon request of the Indemnified Person, shall retain counsel satisfactory to the Indemnified Person, acting reasonably, to represent the
Indemnified Person and any others the Borrower may designate in such proceeding and shall pay the fees and disbursements of such counsel related to such proceeding. In any such proceeding, any Indemnified Person shall have the right to retain its
own counsel, but the fees and expenses of such counsel shall be at the expense of such Indemnified Person unless: 
  

	 	(iii)	 the Borrower and the Indemnified Person shall have mutually agreed to the retention of such counsel; or

  

	 	(iv)	 the named parties to any such proceeding include the Borrower and the Indemnified Person and representation of
such parties by the same counsel would be inappropriate due to actual or potential differing interests between them. 

 It
is understood that the Borrower shall not, in connection with any proceeding or related proceedings in the same jurisdiction and other than as provided for in the preceding sentence, be liable for the fees and expenses of more than one separate firm
(in addition to any local counsel) for all such Indemnified Persons, and that all such fees and expenses shall be reimbursed as they are incurred. A certificate as to the amount of any such loss submitted in good faith by a Lender to the Borrower
shall be prima facie evidence of such amount. 

  
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	(b)	 If, with respect to any Lender: 

 

	 	(i)	 any change in Law of general application, or any change in the interpretation or application of any Law,
occurring or becoming effective after the Effective Date and the date that the Lender became a party hereto; or 

  

	 	(ii)	 compliance by the Lender with any direction, request or requirement (whether or not having the force of law) of
any Governmental Entity made or becoming effective after such date; 

 has the effect of causing any loss to the Lender or
reducing the Lender’s rate of return by (w) increasing the cost to the Lender of performing its obligations under this Agreement or in respect of any Accommodations Outstanding (including the costs of maintaining any capital, reserve,
liquidity or special deposit requirements but other than a reduction resulting from a higher rate or from a change in the calculation of income or capital tax relating to the Lender’s income or capital in general), (x) requiring the Lender to
maintain any liquidity or maintain or allocate any capital or additional capital or affecting its allocation of capital in respect of its obligations under this Agreement or in respect of any Accommodations Outstanding, (y) reducing any amount
payable to the Lender under this Agreement or in respect of any Accommodations Outstanding by any material amount, or (z) causing the Lender to make any payment or to forego any return on, or calculated by reference to, any amount received or
receivable by the Lender under this Agreement or in respect of any Accommodations Outstanding, then the Lender may give notice to the Borrower specifying the nature and details of the event giving rise to the loss, together with a certificate of a
duly authorized officer of the Lender setting forth the amount necessary to compensate the Lender for such loss and the basis of calculation thereof and the Borrower: 
  

	 	(A)	 shall, on demand pay such amounts as the Lender specifies as necessary to compensate it for any such loss,
reduction or expense, provided that if the Lender fails to give notice to the Borrower within three (3) months of the date on which the Lender should reasonably be expected to have been able to comply with its obligations to notify the Borrower
as aforesaid, no payment of any compensation for such loss, reduction or expense shall be required to be made by the Borrower in respect of the period before the date the Lender has complied with its obligations as aforesaid except in circumstances
where such loss, reduction or expense is imposed retrospectively; and 

  

	 	(B)	 may, provided no loss has yet been suffered by the Lender or the Borrower has paid the compensating amount to
the Lender, repay the Accommodations Outstanding to such Lender together with interest accrued thereon and unpaid Fees in relation thereto and terminate the Lender’s Commitment by notice to such Lender specifying the date of prepayment and the
Borrower shall make such prepayment in accordance with such notice. 

 A certificate as to the amount of any such loss
submitted in good faith by a Lender to the Borrower shall be prima facie evidence of such amount. Notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (ii) all requests, rules, guidelines or 

  
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directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States, Canadian or other
regulatory authorities, in each case pursuant to Basel III ((i) and (ii) being, the “New Rules”), shall in each case be deemed to be a “change in Law” for the purposes of this Section 11.6(b), regardless
of the date enacted, adopted or issued, in each case (iii) to the extent materially different from that in effect on the date hereof and (iv) to the extent that such New Rules have general application to substantially all of the banks
which are subject to the New Rules in question. 
  

	(c)	 The Borrower shall pay to each Lender on demand any amounts required to compensate the Lender for any loss
suffered or incurred by it as a result of: 

  

	 	(i)	 any payment being made in respect of a BA Instrument, other than on the maturity thereof, or in respect of a
Eurodollar Rate Advance, other than on the last day of the Interest Period thereof; 

  

	 	(ii)	 the failure of the Borrower to give any notice in the manner and at the times required by this Agreement;

  

	 	(iii)	 the failure of the Borrower to effect an Accommodation in the manner and at the time specified in any
Accommodation Notice; or 

  

	 	(iv)	 the failure of the Borrower to make a payment or a mandatory repayment in the manner and at the time specified
in this Agreement. 

 A certificate as the amount of any such loss submitted in good faith by a Lender to the Borrower
shall be prima facie evidence of such amount. 
  

	(d)	 The provisions of this Section 11.6 shall survive the termination of this Agreement and the repayment of
all Accommodations Outstanding. The Borrower acknowledges that neither its obligation to indemnify nor any actual indemnification by it of any Lender, the Administrative Agent or any other Indemnified Person in respect of such Person’s losses
for the legal fees and expenses shall in any way affect the confidentiality or privilege relating to any information communicated by such Person to its counsel. 

 

	11.7	 Illegality 

If any Lender determines that any applicable Law has made it unlawful, or that any Governmental Entity has asserted that it is unlawful, for
any Lender to make or maintain any Accommodation (or to maintain its obligation to make any Accommodation), or to determine or charge interest rates based upon any particular rate, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, any obligation of such Lender with respect to the activity that is unlawful shall be suspended until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no
longer exist. Upon receipt of such notice, the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if conversion would avoid the activity that is unlawful, convert any Accommodations, or take any
necessary steps with respect to any Accommodation in order to avoid the activity that is unlawful. Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. Each Lender agrees to
designate a different office from which it funds its Commitment if such designation will avoid the need for such notice and will not, in the good faith judgment of such Lender, otherwise be materially disadvantageous to such Lender. 

  
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	11.8	 Taxes 

  

	(a)	 Subject to Section 11.10, the Borrower and the Covenantor agrees to immediately pay any present or future
stamp or documentary taxes or any other excise or property taxes, charges, financial institutions duties, debits taxes or similar levies which arise from any payment made by them under any of the Credit Documents or from the execution, delivery or
registration of, or otherwise with respect to, any of the Credit Documents (all such taxes, charges, duties and levies being referred to as “Taxes”) and, for greater certainty, “Taxes” shall not include
(i) federal or provincial income or capital or franchise taxes, any other taxes imposed on the overall revenue, income, net income, capital or equity of a Lender under the laws of any jurisdiction (ii) any withholding, branch or similar
taxes imposed by reason of any Lender being a “non-resident” of Canada and who deals at “non-arms length” with the Borrower (both for purposes of the
Income Tax Act (Canada)) or (iii) U.S. federal withholding taxes imposed under FATCA (collectively “Excluded Taxes”). 

  

	(b)	 Subject to Section 11.10, the Borrower and the Covenantor shall jointly and severally indemnify the
Lenders and the Administrative Agent for the full amount of Taxes paid by the Lenders or the Administrative Agent and any liability (including penalties, interest and expenses) arising from or with respect to such Taxes. Payment under this
indemnification shall be made within thirty (30) days from the date the Administrative Agent or the relevant Lender, as the case may be, makes written demand for it. A certificate as to the amount of such Taxes submitted to the Borrower and the
Covenantor or any of them by the Administrative Agent or the relevant Lender shall be prima facie evidence, absent manifest error, of the amount due from the Borrower or the Covenantor to the Administrative Agent or the Lenders, as the case may be.
If, following payment by or on behalf of the Borrower or the Covenantor of any Taxes, any Lender receives a refund, credit, remission, deduction or similar benefit in respect of any such amount (a “Tax Benefit”), such Lender shall
credit or cause to be credited to the account of the Borrower or the Covenantor, as the case may be, the amount of such Tax Benefit immediately upon the receipt thereof if such Tax Benefit is received by the Lender in the form of a cash payment, or,
if such Tax Benefit is in the form of a credit, remission, deduction or similar non-cash form or amount, upon the date on which the Lender utilizes the benefit thereof. Each Lender shall use its reasonable
commercial efforts to obtain each such Tax Benefit available to it, but shall not be obligated to seek or obtain or utilize any such Tax Benefit if, in the opinion of the Lender, acting reasonably, such action would subject or impose on the Lender
tax or other financial obligations to which it would not have been subject but for the payment by or on behalf of the Borrower or the Covenantor of any Tax and the receipt or utilization of any Tax Benefit in connection with such amount. The
Borrower and the Covenantor shall jointly and severally reimburse the Lenders for all costs and expenses incurred by the Lenders in obtaining any Tax Benefit as provided in this Section 11.8(b). 

 

	(c)	 The provisions of this Section 11.8 shall survive the termination of the Agreement and the repayment of
all Accommodations Outstanding. 

  

	11.9	 Defaulting Lender 

 

	(a)	 Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender,
then the following provisions shall apply for so long as such Lender is a Defaulting Lender: 

  

	 	(i)	 a Defaulting Lender shall not be included in determining whether, and the Commitment and the rateable share of
the Accommodations Outstanding of such Defaulting Lender shall not be included in determining whether, all Lenders or the Majority Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver

  
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pursuant to Section 11.1(b)), provided that any waiver, amendment or modification requiring the consent of all Lenders or each affected Lender that (A) materially and adversely affects
such Defaulting Lender differently than other affected Lenders, (B) increases the Commitment or extends the Maturity Date of such Defaulting Lender, or (C) relates to the matters set forth in Sections 11.1(b)(ii), (iii), (v) (insofar
as it relates to Section 11.1(b)) and (vii), shall require the consent of such Defaulting Lender; and 

  

	 	(ii)	 for the avoidance of doubt, the Borrower shall retain and reserve its other rights and remedies respecting each
Defaulting Lender. 

  

	(b)	 If the Administrative Agent has actual knowledge that a Lender is a Defaulting Lender at the time that the
Administrative Agent receives an Accommodation Notice, then each other Lender under the Credit Facility shall fund its rateable share of such affected Accommodation (and, in calculating such rateable share, the Administrative Agent shall ignore the
Commitments of each such Defaulting Lender under the Credit Facility); provided that, for certainty, no Lender shall be obligated by this Section 11.9(b) to make or provide Accommodations in excess of its Commitment under the Credit Facility.
If the Administrative Agent acquires actual knowledge that a Lender is a Defaulting Lender at any time after the Administrative Agent receives, then the Administrative Agent shall promptly notify the Borrower that such Lender is a Defaulting Lender
(and such Lender shall be deemed to have consented to such disclosure). Each Defaulting Lender agrees to indemnify each other Lender for any amounts paid by such Lender under this Section 11.9(b) and which would otherwise have been paid by the
Defaulting Lender if its Commitment had been included in determining the rateable share of such affected Accommodations. 

  

	(c)	 If any Lender shall cease to be a Defaulting Lender, then, upon becoming aware of the same, the Administrative
Agent shall notify the other Lenders and (in accordance with the written direction of the Administrative Agent) such Lender (which has ceased to be a Defaulting Lender) shall purchase, and the other Lenders shall on a rateable basis sell and assign
to such Lender, portions of the Accommodations Outstanding equal in total to such Lender’s rateable share thereof without regard to Section 11.9(a). 

 

	11.10	 Successors and Assigns 

 

	(a)	 This Agreement shall become effective when executed and delivered by the Borrower, the Covenantor, the
Administrative Agent and each Lender and after such time shall be binding upon and enure to the benefit of the Borrower, the Covenantor, the Lenders, the Administrative Agent and their respective successors and permitted assigns.

  

	(b)	 Except as permitted by Section 7.2(b), neither the Covenantor nor either of the Borrower shall have the
right to assign its rights or obligations under this Agreement or any interest in this Agreement without the prior consent of all the Lenders. 

  

	(c)	 A Lender may: 

  

	 	(i)	 grant participations in all or any part of its interest in either Credit Facility to one or more Persons (each
a “Participant”); or 

  

	 	(ii)	 upon prior written notice to the Administrative Agent and with the prior written consent of the Administrative
Agent and (as long as no Event of Default has occurred and is continuing) the prior written consent of the Borrower, in each case, not to be unreasonably withheld and in the case of the Borrower, to be deemed to have been provided within 10

  
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Business Days if the Borrower has not responded to any request for consent within 10 Business Days of any consent being requested, assign all or any part of its interest in either Credit Facility
to one or more financial institutions, except that upon the occurrence and during the continuance of an Event of Default a Lender may assign all or any part of its interest in either Credit Facility to one or more Persons without the prior written
consent of the Borrower, (each an “Assignee”), provided, in each case, that (w) after giving effect to any partial assignment, no Lender holds an interest less than U.S. $10,000,000 in the Credit Facility, (x) such
interest or part of its interest, as the case may be, is (if less than all of its interest in the Credit Facility) not less than U.S.. $10,000,000 and integral multiples of Cdn. $1,000,000 over and above such amount, (y) such Assignee
becomes a party to this Agreement pursuant to an assignment and assumption agreement substantially in the form of Schedule 7, and (z) such Assignee acknowledges and agrees that payments made to such Assignee pursuant to this Agreement may
be subject to Excluded Taxes but that, in accordance with Section 11.8, the Assignee is not entitled to indemnification under either Section 11.8 or any other provision hereof with respect to any such Excluded Taxes and agrees that it will
not be entitled to indemnification with respect to any such Excluded Taxes. Notwithstanding the foregoing and without the consent of the Borrower or the Administrative Agent but with the payment of the aforementioned U.S. $3,500, a Lender may,
at any time, assign all or any part of its Commitment under either Credit Facility to an Affiliate of the Lender or to an Approved Fund, provided that any such assignment shall be subject to part (z) of the preceding sentence and the Lender
remains responsible for, and is not released from, any and all funding obligations hereunder of such Lender. A Lender granting a participation shall continue to be liable hereunder as a Lender notwithstanding any such participation and shall act on
behalf of all of its Participants in all dealings with the Borrower in respect of the Credit Facility. No Participant shall have any voting or consent rights with respect to any matter requiring the Lenders’ consent and the Borrower shall not
be responsible for any increased costs arising in any way from any participation. In the case of an assignment, the Assignee shall have the same rights and benefits and be subject to the same limitations under the Credit Documents as it would have
if it was a Lender under the Credit Facility, provided that no Assignee shall be entitled to receive any greater payment, on a cumulative basis, pursuant to Sections 11.6 and 11.8 than the Lender which granted the assignment would have been
entitled to receive. 

  

	(d)	 The Covenantor and the Borrower (if other than the Covenantor) shall provide such certificates, acknowledgments
and further assurances in respect of this Agreement and the Credit Facility as such Lender may reasonably require in connection with any assignment pursuant to this Section 11.10. 

 

	(e)	 A Lender may deliver to the Borrower an assignment and assumption agreement substantially in the form of
Schedule 7, by which an Assignee of the Lender assumes the obligations and agrees to be bound by all the terms and conditions of this Agreement under either Credit Facility, all as if the Assignee had been an original party under the Credit
Facility. Upon receipt by the Administrative Agent of a processing fee of U.S. $3,500 payable by the assigning Lender in the case of any assignment by such assigning Lender to a Person who is not an Affiliate of such assigning Lender and, in each
case, the assignment and assumption agreement, the assigning Lender, each of the Covenantor and the Borrower (if other than the Covenantor) shall be released from its respective obligations under this Agreement (to the extent of such assignment and
assumption) and shall have no liability or obligations to each other to such extent, except in respect of matters arising prior to the assignment. 

  
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	(f)	 Notwithstanding the foregoing, a Lender shall be entitled to assign, pledge or grant a security interest in all
or a portion of the Borrowings advanced by it to any Federal Reserve Bank or central bank in Canada or the United States, provided that it shall be a term and condition of any such assignment, pledge or security interest that for any realization
thereon which would result in a person becoming a Lender where the consents in this Section 11.10(f) would otherwise be required, that such Federal Reserve Bank or central bank shall be required (and shall so acknowledge) to obtain all such
consents unless such Federal Reserve Bank or central bank is becoming the Lender. 

  

	11.11	 Right of Set-off 

If an Event of Default has occurred and is continuing, each of the Lenders is hereby authorized at any time and from time to time to set off
and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Lender to or for the credit or the account of the
Covenantor or the Borrower against any and all of the obligations of the Covenantor and the Borrower now or hereafter existing under this Agreement or any other Credit Document to such Lender, irrespective of whether or not such Lender has made any
demand under this Agreement or any other Credit Document and although such obligations of the Covenantor and the Borrower may be contingent or unmatured or are owed to a branch or office of such Lender different from the branch or office holding
such deposit or obligated on such indebtedness. The rights of each the Lenders under this Section 11.11 are in addition to other rights and remedies (including other rights of setoff, consolidation of accounts and bankers’ lien) that the
Lenders may have. Each Lender agrees to promptly notify the Covenantor or the Borrower, as applicable, and the Administrative Agent after any such setoff and application, but the failure to give such notice shall not affect the validity of such
setoff and application. 
  

	11.12	 Accommodations by Lenders 

 

	(a)	 The failure of any Lender to make an Accommodation under the Credit Facility shall not relieve any other Lender
under the Credit Facility of its obligations in connection with such Accommodation, but no Lender is responsible for any other Lender’s failure in respect of an Accommodation. Unless the Administrative Agent shall have received notice from a
Lender prior to the proposed date of any Accommodation that such Lender will not make available to the Administrative Agent such Lender’s share of such Accommodation, the Administrative Agent may assume that such Lender has made such share
available on such date in accordance with the provisions of this Agreement concerning funding by Lenders and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact
made its share of the applicable Accommodation available to the Administrative Agent, then such Lender shall pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the
date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at a rate determined by the Administrative Agent in accordance with prevailing banking industry practice on interbank compensation.
If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Accommodation included in such Accommodation. If the Lender does not do so forthwith, the Borrower shall pay to the Administrative
Agent forthwith on demand such corresponding amount with interest thereon at the interest rate applicable to the Accommodation in question. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have against a Lender
that has failed to make such payment to the Administrative Agent. 

  
 85 

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

  

	11.13	 Judgment Currency 

 

	(a)	 If, for the purposes of obtaining judgment in any court, it is necessary to convert a sum due to a Lender in
any currency (the “Original Currency”) into another currency (the “Other Currency”), the parties agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which,
in accordance with normal banking procedures, such Lender could purchase the Original Currency with the Other Currency on the Business Day preceding the day on which final judgment is given or, if permitted by applicable law, on the day on which the
judgment is paid or satisfied. 

  

	(b)	 The obligations of the Borrower in respect of any sum due in the Original Currency from it to any Lender under
any of the Credit Documents shall, notwithstanding any judgment in any Other Currency, be discharged only to the extent that on the Business Day following receipt by the Lender of any sum adjudged to be so due in the Other Currency, the Lender may,
in accordance with normal banking procedures, purchase the Original Currency with such Other Currency. If the amount of the Original Currency so purchased is less than the sum originally due to the Lender in the Original Currency, the Borrower
agrees, as a separate obligation and notwithstanding the judgment, to indemnify the Lender, against any loss, and, if the amount of the Original Currency so purchased exceeds the sum originally due to the Lender in the Original Currency, the Lender
shall remit such excess to the Borrower. 

  

	11.14	 Interest on Accounts 

Except as may be expressly provided otherwise in this Agreement, all amounts owed by the Borrower to the Administrative Agent and to any of the
Lenders, which are not paid when due (whether at stated maturity, on demand, by acceleration or otherwise) shall bear interest (both before and after default and judgment), from the date on which such amount is due until such amount is paid in full,
payable on demand, at a rate per annum equal at all times to: 
  

	(a)	 the Canadian Prime Rate in effect from time to time plus the Applicable Margin, in respect of amounts payable
in Cdn. $; and 

  

	(b)	 the Base Rate (Canada) in effect from time to time plus the Applicable Margin, in respect of amounts payable in
U.S. $. 

  

	11.15	 Governing Law 

 

	(a)	 This Agreement shall be governed by, and construed in accordance with, the laws of the Province of Alberta and
the laws of Canada applicable therein. 

  
 86 

	(b)	 The Covenantor and the Borrower irrevocably and unconditionally submits, for itself and its property, to the
nonexclusive jurisdiction of the courts of the Province of Alberta, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Credit Document, or for recognition or enforcement of
any judgment, and each of the parties hereto irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such court. Each of the parties hereto agrees that a final judgment in any
such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or in any other Credit Document shall affect any right that the
Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other Credit Document against the Covenantor or the Borrower or its properties in the courts of any jurisdiction.

  

	(c)	 The Covenantor and the Borrower irrevocably and unconditionally waives, to the fullest extent permitted by
applicable Law, any objection that it may now or hereafter have to the laying of venue of any action or proceeding arising out of or relating to this Agreement or any other Credit Document in any court referred to in Section 11.15(a). Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

 

	11.16	 Waiver of Jury Trial 

Each party hereto hereby irrevocably waives, to the fullest extent permitted by applicable Law, any right it may have to a trial by jury in any
legal proceeding directly or indirectly arising out of or relating to this Agreement or any other Credit Document or the transactions contemplated hereby or thereby (whether based on contract, tort or any other theory). Each party hereto: 

 

	(a)	 certifies that no representative, agent or attorney of any other person has represented, expressly or
otherwise, that such other person would not, in the event of litigation, seek to enforce the foregoing waiver; and 

  

	(b)	 acknowledges that it and the other parties hereto have been induced to enter into this Agreement and the other
Credit Documents by, among other things, the mutual waivers and certifications in this Section 11.16. 

  

	11.17	 Anti-Money Laundering Legislation 

 

	(a)	 The Covenantor and the Borrower acknowledges that, pursuant to the Proceeds of Crime (Money Laundering) and
Terrorist Financing Act (Canada) and other applicable anti-money laundering, anti-terrorist financing, government sanction and “know your client” applicable laws, whether within Canada or elsewhere (collectively, including any
guidelines or orders thereunder, “AML Legislation”), the Lenders and the Administrative Agent may be required to obtain, verify and record information regarding the Covenantor, the Borrower and the Designated Subsidiaries and their
directors, authorized signing officers, direct or indirect shareholders or unitholders or other persons in control of the Covenantor, the Borrower and/or any such Designated Subsidiary, and the transactions contemplated hereby. The Covenantor and
the Borrower shall promptly: (i) provide all such information, including supporting documentation and other evidence, as may be reasonably requested by any Lender or the Administrative Agent, or any prospective assignee of a Lender or the
Administrative Agent, in order to comply with any applicable AML Legislation, whether now or hereafter in existence; and (ii) if requested from time to time, notify the recipient of any such information of any changes thereto.

  
 87 

	(b)	 If, upon the written request of any Lender, the Administrative Agent has ascertained the identity of the
Covenantor, the Borrower or any Designated Subsidiary or any authorized signatories of the Covenantor, the Borrower or any Designated Subsidiary for the purposes of applicable AML Legislation on such Lender’s behalf, then the Administrative
Agent; 

  

	 	(i)	 shall be deemed to have done so as an agent for such Lender, and this Agreement shall constitute a
“written agreement” in such regard between such Lender and the Administrative Agent within the meaning of applicable AML Legislation; and 

  

	 	(ii)	 shall provide to such Lender copies of all information obtained in such regard without any representation or
warranty as to its accuracy or completeness. 

 Notwithstanding the foregoing, each of the Lenders agrees that the
Administrative Agent has no obligation to ascertain the identity of the Covenantor, the Borrower or any Designated Subsidiary or any authorized signatories of the Covenantor, the Borrower or any Designated Subsidiary, on behalf of any Lender, or to
confirm the completeness or accuracy of any information it obtains from the Covenantor, the Borrower or any Designated Subsidiary or any such authorized signatory in doing so. 

 

	11.18	 No Fiduciary 

The Administrative Agent, each Lender and their respective Affiliates (collectively, solely for purposes of this Section 11.18, the
“Lenders”), may have economic interests that conflict with those of the Borrower, their respective shareholders and/or their respective Affiliates. The Borrower agrees that nothing in the Credit Documents will be deemed to create an
advisory, fiduciary or agency relationship or fiduciary or other implied duty between any Lender, on the one hand, and the Borrower, its shareholders or its Affiliates, on the other hand. The Borrower acknowledges and agrees that (a) the
transactions contemplated by the Credit Documents (including the exercise of rights and remedies hereunder and thereunder) are arm’s length commercial transactions between the Lenders, on the one hand, and the Borrower, on the other hand, and
(b) in connection therewith and with the process leading thereto, (i) no Lender has assumed an advisory or fiduciary responsibility in favour of the Borrower, its shareholders or its Affiliates with respect to the transactions contemplated
hereby (or the exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective of whether any Lender has advised, is currently advising or will advise the Borrower, its shareholders or its Affiliates on other
matters) or any other obligation to the Borrower except the obligations expressly set forth in the Credit Documents and (ii) each Lender is acting solely as principal and not as the agent or fiduciary of the Borrower, its management,
shareholders, creditors or any other person. The Borrower acknowledges and agrees that the Borrower has consulted its own legal and financial advisors to the extent it deemed appropriate and that it is responsible for making its own independent
judgment with respect to such transactions and the process leading thereto. The Borrower agrees that it will not claim that any Lender has rendered advisory services of any nature or respect, or owes a fiduciary or similar duty to the Borrower, in
connection with such transactions or the process leading thereto. 
  

	11.19	 Counterparts; Electronic Execution 

 

	(a)	 This Agreement may be executed in counterparts (and by different parties hereto in different counterparts),
each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and the other Credit Documents with respect to fees payable to the Administrative Agent constitute the entire
contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of
this Agreement by telecopy or by sending a scanned copy by electronic mail shall be effective as delivery of a manually executed counterpart of this Agreement. 

  
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	(b)	 The words “execution,” “signed,” “signature,” and words of like import in any
assignment and assumption agreement in the form of Schedule 7 shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually
executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable Law, including the Electronic Transactions Act (Alberta), Parts 2 and 3 of the Personal
Information Protection and Electronic Documents Act (Canada), the Electronic Commerce Act, 2000 (Ontario) and other similar federal or provincial laws based on the Uniform Electronic Commerce Act of the Uniform Law Conference of
Canada or its Uniform Electronic Evidence Act, as the case may be. 

  

	11.20	 Further Assurances 

Each of the Covenantor, the Borrower, the Lenders and the Administrative Agent shall promptly cure any default by it in the execution and
delivery of any of the Credit Documents. The Covenantor and the Borrower, at their expense, shall promptly execute and deliver to the Administrative Agent, upon request by the Administrative Agent (acting reasonably), all such other and further
deeds, agreements, opinions, certificates, instruments, affidavits, registration materials and other documents reasonably necessary for the Covenantor’s and the Borrower’ compliance with, or accomplishment of, the covenants and agreements
of the Covenantor and the Borrower hereunder or more fully to state the obligations of the Covenantor and the Borrower as set out herein or to make any registration or recording, file any notice or obtain any consent, all as may be reasonably
necessary or appropriate in connection therewith. 
  

	11.21	 Severability 

If any provision of this Agreement shall be deemed by any court of competent jurisdiction to be invalid or void, the remaining provisions
hereof shall remain in full force and effect. 
  

	11.22	 Acknowledgement and Consent to Bail-In of EEA Financial Institutions

 Notwithstanding anything to the contrary in any Credit Document or in any other agreement, arrangement or
understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any Credit Document, to the extent such liability is unsecured, may be subject to the write-down and conversion
powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 
  

	(a)	 the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto that is an EEA Financial Institution; and 

  

	(b)	 the effects of any Bail-In Action on any such liability, including, if
applicable: 

  

	 	(i)	 a reduction in full or in part or cancellation of any such liability; 

  
 89 

	 	(ii)	 a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such EEA
Financial Institution, its Lender Parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to
any such liability under this Agreement or any other Credit Document; or 

  

	 	(iii)	 the variation of the terms of such liability in connection with the exercise of the Write-down and Conversion
Powers of any EEA Resolution Authority. 

 [The remainder of this page is intentionally left blank.] 

  
 90 

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

			
	CANADIAN PACIFIC RAILWAY COMPANY, as Borrower
		
	Per:	 	 /s/ Nadeem Velani

	Name:	 	Nadeem Velani
	Title:	 	Executive Vice-President and Chief Financial Officer
	
	CANADIAN PACIFIC RAILWAY LIMITED, as Covenantor
		
	Per:	 	 /s/ Nadeem Velani

	Name:	 	Nadeem Velani
	Title:	 	Executive Vice-President and Chief Financial Officer

 Signature Page BMO Term Loan 

  
 SP1 

 
			
	THE ADMINISTRATIVE AGENT
	
	BANK OF MONTREAL
		
	Per:	 	 /s/ Jeff Cowan

		 	Authorized Signing Officer
		 	Jeff Cowan, Director
		
	Per:	 	  

		 	Authorized Signing Officer

 
			
		
	Address:	 	BMO Financial Group - Corporate & Commercial Lending Operations (CCLO)
		 	250 Yonge Street, 11th Floor
		 	Toronto, ON M5B 2L7
		
	Facsimile:	 	(416) 598-6218
	Attention:	 	Manager, Agency Services
	Email:	 	BMOCCLO.AgencyToronto@bmo.com

 Signature Page BMO Term Loan 

  
 SP2 

 
			
	THE LENDERS
	
	BANK OF MONTREAL
		
	Per:	 	 /s/ Jeff Cowan

		 	Authorized Signing Officer
		
	Per:	 	  

		 	Authorized Signing Officer

 
			
		
	Address:	 	100 King St. West, 4th Floor
		 	Toronto, Ontario
		 	M5X 1H3
		
	Attention:	 	Jeffrey Cowan
	Email:	 	Jeffrey.Cowan@bmo.com

 Signature Page BMO Term Loan 

  
 SP3 

 
			
	CANADIAN IMPERIAL BANK OF COMMERCE
		
	Per:	 	 /s/ Stephen Redding

		 	Authorized Signing Officer
		 	Stephen Redding
		 	Managing Director
		
	Per:	 	 /s/ Danielle Bentley

		 	Authorized Signing Officer
		 	Danielle Bentley
		 	Director

 
			
		
	Address:	 	161 Bay Street, 8th Floor
		 	Toronto, Ontario
		 	M5J 2S8
		
	Facsimile:	 	(416) 956-3810
	Attention:	 	

 Signature Page BMO Term Loan 

  
 SP4 

 
			
	WELLS FARGO BANK N.A., CANADIAN BRANCH
		
	Per:	 	 /s/ Marc Piche

		 	Authorized Signing Officer
		
	Per:	 	  

		 	Authorized Signing Officer

 
			
		
	Address:	 	22 Adelaide St W
		 	Suite 2200
		 	Toronto, Ontario
		 	M5H 4E3
		
	Facsimile:	 	416-607-2907
	Attention:	 	Marc Piche, Managing Director

 Signature Page BMO Term Loan 

  
 SP5 

 
			
	THE BANK OF NOVA SCOTIA
		
	Per:	 	 /s/ Michael Linder

		 	Michael Linder, Director
		
	Per:	 	 /s/ Jonathan Leach

		 	Jonathan Leach, Associate Director

 
			
		
	Address:	 	Corporate Banking - Energy
		 	1700, 225 – 6 Avenue SW
		 	Calgary, Alberta
		 	T2P 1N2
		
	Facsimile:	 	(403) 221-6497
	Attention:	 	Director

 Signature Page BMO Term Loan 

  
 SP6 

 SCHEDULE 1 

COMMITMENTS 
 Credit
Facility 
 (all amounts in U.S. $) 

 SCHEDULE 2 

FORM OF BORROWING NOTICE 

 SCHEDULE 3 

FORM OF CONVERSION/CONTINUANCE ELECTION NOTICE 

 SCHEDULE 4 

FORM OF DRAWING NOTICE 

 SCHEDULE 5 

NOTICE PERIODS AND AMOUNTS 

 SCHEDULE 6 

APPLICABLE MARGINS 

 SCHEDULE 7 

ASSIGNMENT AND ASSUMPTION AGREEMENT 

 SCHEDULE “A” 

 SCHEDULE 8 

FORM OF REPAYMENT NOTICE 

 SCHEDULE 9 

FORM OF REQUEST FOR EXTENSIONExhibit 4.1 

 

Execution
Version

 

 

CLEARWAY ENERGY OPERATING LLC

 

and each
of the Guarantors PARTY HERETO

 

3.750% SENIOR NOTES DUE 2032

 

 

 

INDENTURE

 

Dated as of October 1, 2021

 

 

 

 

 

 

Delaware Trust Company

 

Trustee

 

 

 

 

     

     

    

 

	 	 TABLE OF CONTENTS	
	 	 	 
	 	 	 
	 	 	Page
	 	 	 
	 	ARTICLE 1
 DEFINITIONS
AND INCORPORATION  	 
	 	BY REFERENCE	 
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Other Definitions	15
	Section 1.03	Rules of Construction	15
	 	 	 
	 	ARTICLE 2	 
	 	THE ISSUANCE OF NOTES AND ADDITIONAL
SECURITIES	 
	 	 	 
	Section 2.01	Form and Dating of Notes; Creation of Additional Securities	16
	Section 2.02	Execution and Authentication	18
	Section 2.03	Registrar and Paying Agent	19
	Section 2.04	Paying Agent to Hold Money in Trust	19
	Section 2.05	Holder Lists	20
	Section 2.06	Transfer and Exchange	20
	Section 2.07	Issuance of Additional Notes	30
	Section 2.08	Replacement Securities	30
	Section 2.09	Outstanding Securities	30
	Section 2.10	Treasury Securities	31
	Section 2.11	Temporary Securities	31
	Section 2.12	Cancellation	31
	Section 2.13	Defaulted Interest	31
	 	 	 
	 	ARTICLE 3	 
	 	REDEMPTION AND PREPAYMENT	 
	 	 	 
	Section 3.01	Notices to Trustee	32
	Section 3.02	Selection of Notes to Be Redeemed or Purchased	32
	Section 3.03	Notice of Redemption	33
	Section 3.04	Effect of Notice of Redemption	34
	Section 3.05	Deposit of Redemption or Purchase Price	34
	Section 3.06	Notes Redeemed or Purchased in Part	34
	Section 3.07	Optional Redemption	34
	Section 3.08	Mandatory Redemption	35
	 	 	 
	 	ARTICLE 4	 
	 	COVENANTS	 
	 	 	 
	Section 4.01	Payment of Notes	36
	Section 4.02	Maintenance of Office or Agency	36
	Section 4.03	Reports	36
	Section 4.04	Compliance Certificate	37
	Section 4.05	Taxes	37
	Section 4.06	Stay, Extension and Usury Laws	38
	Section 4.07	Liens	38
	Section 4.08	Limited Liability Company Existence	40
	Section 4.09	Offer to Repurchase Upon Change of Control Triggering Event	40
	Section 4.10	Additional Subsidiary Guarantees	42
	Section 4.11	Holding Company Status	42

  

    i 

     

    

 

	 	 	Page
	 	 	 
	 	ARTICLE 5	 
	 	SUCCESSORS	 
	 	 	 
	Section 5.01	Merger, Consolidation or Sale of Assets	43
	Section 5.02	Successor Entity Substituted	44
	 	 	 
	 	ARTICLE 6	 
	 	DEFAULTS AND REMEDIES	 
	 	 	 
	Section 6.01	Events of Default	45
	Section 6.02	Acceleration	46
	Section 6.03	Other Remedies	47
	Section 6.04	Waiver of Past Defaults	47
	Section 6.05	Control by Majority	47
	Section 6.06	Limitation on Suits	47
	Section 6.07	Rights of Holders of Notes to Receive Payment	48
	Section 6.08	Collection Suit by Trustee	48
	Section 6.09	Trustee May File Proofs of Claim	48
	Section 6.10	Priorities	48
	Section 6.11	Undertaking for Costs	49
	 	 	 
	 	ARTICLE 7	 
	 	TRUSTEE	 
	 	 	 
	Section 7.01	Duties of Trustee	49
	Section 7.02	Rights of Trustee	50
	Section 7.03	Individual Rights of Trustee	51
	Section 7.04	Trustee’s Disclaimer	51
	Section 7.05	Notice of Defaults	52
	Section 7.06	[Reserved]	52
	Section 7.07	Compensation and Indemnity	52
	Section 7.08	Replacement of Trustee	53
	Section 7.09	Successor Trustee by Merger, etc.	54
	Section 7.10	Eligibility; Disqualification	54
	 	 	 
	 	ARTICLE 8	 
	 	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	 	 	 
	Section 8.01	Option to Effect Legal Defeasance or Covenant Defeasance	54
	Section 8.02	Legal Defeasance and Discharge	54
	Section 8.03	Covenant Defeasance	55
	Section 8.04	Conditions to Legal or Covenant Defeasance	55
	Section 8.05	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions	56
	Section 8.06	Repayment to Company	57
	Section 8.07	Reinstatement	57
	 	 	 
	 	ARTICLE 9	 
	 	AMENDMENT, SUPPLEMENT AND WAIVER	 
	 	 	 
	Section 9.01	Without Consent of Holders of Notes	57
	Section 9.02	With Consent of Holders of Notes	58
	Section 9.03	[Reserved]	60
	Section 9.04	Revocation and Effect of Consents	60
	Section 9.05	Notation on or Exchange of Securities	60
	Section 9.06	Trustee to Sign Amendments, etc.	60

  

    ii 

     

    

 

	 	 	Page

 

	 	ARTICLE 10	 
	 	GUARANTEES	 
	 	 	 
	Section 10.01	Guarantee	60
	Section 10.02	Limitation on Guarantor Liability	61
	Section 10.03	Execution and Delivery of Guarantee	62
	Section 10.04	Guarantors May Consolidate, etc., on Certain Terms	62
	Section 10.05	Releases	63
	 	 	 
	 	ARTICLE 11	 
	 	satisfaction and discharge	 
	 	 	 
	Section 11.01	Satisfaction and Discharge	64
	Section 11.02	Application of Trust Money	65
	 	 	 
	 	ARTICLE 12	 
	 	MISCELLANEOUS	 
	 	 	 
	Section 12.01	[Reserved]	65
	Section 12.02	Notices	65
	Section 12.03	[Reserved]	66
	Section 12.04	Certificate and Opinion as to Conditions Precedent	66
	Section 12.05	Statements Required in Certificate or Opinion	66
	Section 12.06	Rules by Trustee and Agents	67
	Section 12.07	No Personal Liability of Directors, Officers, Employees and Stockholders	67
	Section 12.08	Governing Law	67
	Section 12.09	No Adverse Interpretation of Other Agreements	67
	Section 12.10	Successors	67
	Section 12.11	Severability	67
	Section 12.12	Counterpart Originals	68
	Section 12.13	Table of Contents, Headings, etc.	68
	Section 12.14	Compliance with Applicable Anti-Terrorism and Anti-Money Laundering Regulations	68
	Section 12.15	Electronic Signatures	68
	 	 	 
	 	EXHIBITS	 

 

	Exhibit A	FORM OF NOTE
	Exhibit B	FORM OF CERTIFICATE OF TRANSFER
	Exhibit C	FORM OF CERTIFICATE OF EXCHANGE
	Exhibit D	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR
	Exhibit E	FORM OF SUPPLEMENTAL INDENTURE

  

    iii 

     

    

  

INDENTURE dated as of October 1, 2021 among
Clearway Energy Operating LLC, a Delaware limited liability company, the Guarantors (as defined herein) and Delaware Trust Company, as
trustee (the “Trustee”).

 

The Company, the Guarantors
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders (as defined herein)
of the 3.750% Senior Notes due 2032 (the “Notes”) and any other Additional Securities issued pursuant to this Indenture
after the date hereof:

 

ARTICLE 1

DEFINITIONS AND INCORPORATION

BY REFERENCE

 

	Section 1.01	Definitions.

 

For purposes of the Notes,
the following terms will have the meanings set forth in this Section 1.01. For purposes of any Additional Securities issued under
this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the defined terms to be used therein,
which may include some, all or none of the terms contained in this Section 1.01.

 

“144A Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Legend and the Private Placement Legend
and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 144A.

 

“144A Global Security”
means a Global Security, in the form specified in the applicable Supplemental Indenture pursuant to which such Series of Securities
is created, bearing the Global Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name
of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Securities sold
in reliance on Rule 144A.

 

“Additional Notes”
means additional Notes (other than the Initial Notes) issued from time to time under this Indenture in accordance with Section 2.02
hereof, as part of the same series as the Initial Notes.

 

“Additional Securities”
means any debentures, notes and other debt instruments of the Company of any Series, other than the Notes, authenticated and delivered
under this Indenture.

 

“Adjusted LTM CAFD”
means, as of any date of determination (for purposes of this definition, the “Calculation Date”), the net income of
the Company and its Subsidiaries during the most recent four-quarter period for which financial statements are publicly available as of
the Calculation Date, calculated on a consolidated basis in accordance with GAAP, adjusted (without duplication) as follows:

 

(1)            plus
interest expense, to the extent deducted in calculating net income during such four-quarter period;

 

(2)            plus
income tax expense, net of income tax benefit, to the extent deducted in calculating net income during such four-quarter period;

 

(3)            plus
depreciation and amortization, to the extent deducted in calculating net income during such four-quarter period;

 

    1 

     

    

 

(4)            minus
equity in earnings of unconsolidated affiliates to the extent included in net income during such four-quarter period;

 

(5)            plus
cash distributions and return of investments from unconsolidated affiliates, to the extent not included in net income during such four-quarter
period;

 

(6)            plus
cash distributions from noncontrolling interests, to the extent not included in net income during such four-quarter period;

 

(7)            minus
cash distributions to noncontrolling interests, to the extent not deducted in calculating net income during such four-quarter period;

 

(8)            minus
cash interest payments made by Subsidiaries of the Company that were added back to net income pursuant to clause (1) above;

 

(9)            minus
cash income tax payments made by the Company and its Subsidiaries that were added back to net income pursuant to clause (2) above;

 

(10)          minus
principal payments and repayments of Indebtedness made by the Company’s Subsidiaries, to the extent not deducted in calculating
net income during such four-quarter period;

 

(11)          plus
any decrease or minus any increase in amounts attributable to contract amortization and any recurring changes in other assets, including
changes in prepaid and accrued capacity payments;

 

(12)          minus
maintenance capital expenditures, to the extent not deducted in calculating net income during such four-quarter period;

 

(13)          plus
any non-cash equity compensation expenses, to the extent deducted in calculating net income during such four-quarter period;

 

(14)          plus
any expenses or charges related to any equity offering, investment, acquisition, disposition, recapitalization or incurrence of Indebtedness
permitted to be incurred by this Indenture including a refinancing thereof (whether or not successful), including such fees, expenses
or charges related to the offering of the Notes and the Credit Agreement, to the extent deducted in calculating net income during such
four-quarter period;

 

(15)          plus
any professional and underwriting fees related to any equity offering, investment, acquisition, recapitalization or Indebtedness permitted
to be incurred under this Indenture, to the extent deducted in calculating net income during such four-quarter period;

 

(16)          plus
non-cash mark-to-market losses on economic hedges, to the extent deducted in calculating net income during such four-quarter period;

 

(17)          minus
non-cash mark-to-market gains on economic hedges, to the extent included in net income during such four-quarter period;

 

(18)          plus
development expenses, to the extent deducted in calculating net income during such four-quarter period; and

 

    2 

     

    

 

 

(19)          plus
adjustments to reflect Adjusted LTM CAFD generated by unconsolidated investments that were unable to distribute project dividends during
such four-quarter period due to the bankruptcy of Pacific Gas and Electric Company.

 

For purposes of making the
computation referred to above:

 

(1)            investments
and acquisitions that have been made by the Company or any of its Subsidiaries, including through mergers or consolidations, or any Person
or any of its Subsidiaries acquired by the Company or any of its Subsidiaries, and including any related financing transactions and including
increases in ownership of Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior
to the Calculation Date will be given pro forma effect (in accordance with Regulation S-X under the Securities Act, but including
all Pro Forma Cost Savings) as if they had occurred on the first day of the four-quarter reference period;

 

(2)            the
Adjusted LTM CAFD attributable to discontinued operations, as determined in accordance with GAAP, and operations or businesses (and ownership
interests therein) disposed of prior to the Calculation Date, will be excluded;

 

(3)            any
Person that is a Subsidiary on the Calculation Date will be deemed to have been a Subsidiary at all times during such four-quarter period;
and

 

(4)            any
Person that is not a Subsidiary on the Calculation Date will be deemed not to have been a Subsidiary at any time during such four-quarter
period.

 

“Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means
the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether
through the ownership of voting securities, by agreement or otherwise; provided that beneficial ownership of 10% or more of the
Voting Stock of a Person will be deemed to be control. For purposes of this definition, the terms “controlling,” “controlled
by” and “under common control with” have correlative meanings.

 

“Agent”
means any Registrar, co-registrar, Paying Agent or additional paying agent.

 

“Applicable Laws”
means, as to any Person, any law, rule, regulation, ordinance or treaty, or any determination, ruling or other directive by or from a
court, arbitrator, governmental authority, independent system operator or any other entity succeeding thereto, in each case applicable
to or binding on such Person or any of its property or assets or to which such Person or any of its property or assets is subject.

 

“Applicable Premium”
means, with respect to any Note on any redemption date, the greater of:

 

(1)           1.0%
of the principal amount of such Note; or

 

(2)            the
excess (if any) of:

 

(a)            the
present value at such redemption date of (i) the redemption price of such Note at January 15, 2027 (such redemption price being
set forth in the table appearing in Section 3.07 hereof) plus (ii) all required interest payments due on the Note through
January 15, 2027 (excluding accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury
Rate as of such redemption date plus 50 basis points; over

 

    3

     

    

 

(b)            the
then outstanding principal amount of the Note.

 

“Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the
Depositary, Euroclear and Clearstream that apply to such transfer or exchange.

 

“Bankruptcy Law”
means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Beneficial Owner”
has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act. The terms “Beneficially Owns”
and “Beneficially Owned” have a corresponding meaning.

 

“Board of Directors”
means:

 

(1)            with
respect to a corporation, the board of directors of the corporation or any committee thereof duly authorized to act on behalf of such
board;

 

(2)            with
respect to a partnership, the Board of Directors of the general partner of the partnership;

 

(3)            with
respect to a limited liability company, the managing member or members or any controlling committee of managing members thereof; and

 

(4)            with
respect to any other Person, the board or committee of such Person serving a similar function.

 

“Board Resolution”
means a copy of a resolution certified by the Secretary or an Assistant Secretary of the Company to have
been adopted by the Board of Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the
date of the certificate and delivered to the Trustee.

 

“Business Day”
means any day other than a Legal Holiday.

 

“Capital Lease Obligation”
means, at the time any determination is to be made, the amount of the liability in respect of a capital lease that would at that time
be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last
payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without
payment of a penalty.

 

“Capital Stock”
means:

 

(1)            in
the case of a corporation, corporate stock;

 

(2)            in
the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated)
of corporate stock;

 

    4

     

    

 

(3)            in
the case of a partnership or limited liability company, partnership interests (whether general or limited) or membership interests; and

 

(4)            any
other interest or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of
assets of, the issuing Person, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or
not such debt securities include any right of participation with Capital Stock.

 

“Change of Control”
means the occurrence of any of the following:

 

(1)            the
direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the properties or assets of the Company and its Subsidiaries taken as a whole
to any “person” (as that term is used in Section 13(d) of the Exchange Act, but excluding any employee benefit plan
of the Company or any of its Subsidiaries, and any person or entity acting in its capacity as trustee, agent or other fiduciary or administrator
of such plan);

 

(2)            the
adoption of a plan relating to the liquidation or dissolution of Clearway Energy, Inc., the Parent Guarantor or the Company;

 

(3)            the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person”
(as defined above), other than (i) the Sponsor or (ii) a corporation owned directly or indirectly by the stockholders of Clearway
Energy, Inc. in substantially the same proportion as their ownership of stock of Clearway Energy, Inc. prior to such transaction,
becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of Clearway Energy, Inc., measured by
voting power rather than number of shares; or

 

(4)            the
first day on which either (i) Clearway Energy, Inc. ceases to be the sole managing member of the Parent Guarantor or (ii) the
Company ceases to be a Wholly Owned Subsidiary of the Parent Guarantor.

 

“Change of Control
Triggering Event” means (1) a Change of Control has occurred and (2) the Notes are downgraded by both S&P and
Moody’s on any date within the 60-day period after the earlier of (a) the occurrence of a Change of Control and (b) public
disclosure by the Company of the occurrence of a Change of Control or the Company’s intention to effect a Change of Control; provided,
however, that a particular reduction in rating will not be deemed to have occurred in respect of a particular Change of Control
(and thus will not constitute a Change of Control Triggering Event) if the rating agencies making the reduction in rating to which this
definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at the Company’s or the Trustee’s
request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of such reduction
in rating); provided further that no Change of Control Triggering Event shall occur if following such downgrade, (x) the Notes
are rated Investment Grade by both S&P and Moody’s or (y) the ratings of the Notes by both S&P and Moody’s are
equal to or better than their respective ratings on the Issue Date.

 

“Clearstream”
means Clearstream Banking, S.A.

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Company”
means Clearway Energy Operating LLC, and any and all successors thereto.

 

    5

     

    

 

“continuing”
means, with respect to any Default or Event of Default, that such Default or Event of Default has not been cured or waived.

 

“Corporate Trust
Office of the Trustee” means the address of the Trustee specified in Section 12.02 hereof or such other address as to which
the Trustee may give notice to the Company.

 

“Credit Agreement”
means the Amended and Restated Credit Agreement, dated April 25, 2014, among the Company, the Parent Guarantor, each other guarantor
from time to time party thereto, each lender from time to time party thereto, JPMorgan Chase Bank, N.A., as the administrative agent,
and JPMorgan Chase Bank, N.A., Royal Bank of Canada, Bank of America, N.A. and Barclays Bank PLC, as letter of credit issuers, as the
same may be amended, restated, modified, renewed, refunded, replaced or refinanced from time to time.

 

“Credit Facilities”
means (i) one or more debt facilities (including, without limitation, the Credit Agreement) or commercial paper facilities, in each
case with banks or other institutional lenders or other counterparties providing for revolving credit loans, term loans, credit-linked
deposits (or similar deposits), receivables financing (including through the sale of receivables to such lenders or to special purpose
entities formed to borrow from such lenders against such receivables) or letters of credit, (ii) debt securities sold to institutional
investors and/or (iii) Hedging Obligations with any counterparties, in each case, as amended, restated, modified, renewed, refunded,
replaced or refinanced (including by means of sales of debt securities to institutional investors) in whole or in part from time to time.

 

“Custodian”
means the Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto.

 

“Default”
means any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default.

 

“Definitive Note”
means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof. Definitive
Notes will be substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Legend and shall
not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto.

 

“Definitive Security”
means a certificated Security registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof. Definitive
Securities with respect to all other Series of Securities will be in the form specified in the Supplemental Indenture pursuant to
which such Series of Securities is created.

 

“Depositary”
means, with respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof
as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such
pursuant to the applicable provision of this Indenture.

 

“Environmental CapEx
Debt” means Indebtedness of the Company or any of its Subsidiaries incurred for the purpose of financing capital expenditures
to the extent deemed reasonably necessary, as determined by the Company or any of its Subsidiaries, as applicable, in good faith and pursuant
to prudent judgment, to comply with applicable Environmental Laws.

 

“Environmental Laws”
means all former, current and future federal, state, local and foreign laws (including common law), treaties, regulations, rules, ordinances
and codes, and legally binding decrees, judgments, directives and orders (including consent orders), in each case, relating to protection
of the environment, natural resources, occupational health and safety or the presence, release of, or exposure to, hazardous materials,
substances or wastes, or the generation, manufacture, processing, distribution, use, treatment, storage, disposal, transport, recycling
or handling of, or the arrangement for such activities with respect to, hazardous materials, substances or wastes.

 

    6

     

    

 

“Equity Interests”
means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible
into, or exchangeable for, Capital Stock).

 

“Equity Offerings”
means any public or private sale after the Issue Date of Capital Stock of the Parent Guarantor or Clearway Energy, Inc., the proceeds
of which have been contributed to the Company as common equity, other than:

 

(1)            public
offerings with respect to Clearway Energy, Inc.’s common stock registered on Form S-4 or Form S-8; and

 

(2)            issuances
to any Subsidiary of Clearway Energy, Inc.

 

“Euroclear”
means Euroclear Bank, S.A./N.V., as operator of the Euroclear system.

 

“Exchange Act”
means the Securities Exchange Act of 1934, as amended.

 

“Exchange Agreement”
means the Amended and Restated Exchange Agreement, dated as of May 14, 2015 by and among NRG Energy, Inc., Clearway Energy, Inc.
and the Parent Guarantor and each of the other parties thereto from time to time, as amended, supplemented or otherwise modified from
time to time, including by that certain Assignment and Assumption Agreement, dated as of August 31, 2018.

 

“Existing Liens”
means Liens on the property or assets of the Company and/or any of its Subsidiaries existing on the date of this Indenture securing Indebtedness
of the Company or any of its Subsidiaries (other than Liens incurred pursuant to clause (1) of Section 4.07 hereof).

 

“GAAP”
means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the
American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect
from time to time; provided that any lease that would not be considered a capital lease pursuant
to GAAP prior to the effectiveness of Accounting Standards Codification 842 (whether or not such lease was in effect on such date) shall
be treated as an operating lease for all purposes under this Indenture and shall not be deemed to constitute a capitalized lease or Indebtedness
hereunder.

 

“Global Legend”
means the legend set forth in Section 2.06(g)(2) hereof, which is required to be placed on all Global Securities issued under
this Indenture.

 

“Global Notes”
means, individually and collectively, each Restricted Global Note and each Unrestricted Global Note deposited with or on behalf of and
registered in the name of the Depositary or its nominee that bears the Global Legend and that has the “Schedule of Exchanges of
Interests in the Global Note” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or
2.06(f) hereof.

 

“Global Securities”
means, individually and collectively, each Restricted Global Security and each Unrestricted Global Security deposited with or on behalf
of and registered in the name of the Depositary or its nominee that bears the Global Legend and that has the “Schedule of Exchanges
of Interests in the Global Securities” attached thereto, issued in accordance with Section 2.01, 2.06(b)(3), 2.06(b)(4), 2.06(d)(2) or
2.06(f) hereof. The Global Security in respect of the Notes will be in the form of Exhibit A hereto.

 

    7

     

    

 

“Government Securities”
means direct obligations of, or obligations guaranteed by, the United States of America (including any agency or instrumentality thereof)
for the payment of which obligations or guarantees the full faith and credit of the United States of America is pledged and which are
not callable or redeemable at the issuer’s option.

 

“Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect,
in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of partnership arrangements, or by agreements to keep-well,
to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise); provided
that standard contractual indemnities which do not relate to Indebtedness shall not be considered a Guarantee.

 

“Guarantors”
means each of:

 

		(1)	the Parent Guarantor; and

 

		(2)	the Subsidiary Guarantors, until such time as they are released pursuant to Section 10.05.

 

“Hedging Obligations”
means, with respect to any specified Person, the obligations of such Person under:

 

(1)            currency
exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange,
interest rate or commodity collar agreements; and

 

(2)            (i) agreements
or arrangements designed to protect such Person against fluctuations in currency exchange, interest rates, commodity prices or commodity
transportation or transmission pricing or availability; (ii) any netting arrangements, power purchase and sale agreements, fuel purchase
and sale agreements, swaps, options and other agreements, in each case, that fluctuate in value with fluctuations in energy, power or
gas prices; and (iii) agreements or arrangements for commercial or trading activities with respect to the purchase, transmission,
distribution, sale, lease or hedge of any energy related commodity or service.

 

“Holder”
means a Person in whose name a Security is registered.

 

“IAI Global Note”
means a Global Note substantially in the form of Exhibit A hereto bearing the Global Legend and the Private Placement
Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination
equal to the outstanding principal amount of the Notes resold to Institutional Accredited Investors.

 

“IAI Global Security”
means a Global Security, in the form specified in the applicable Supplemental Indenture pursuant to which such Series of Securities
is created, bearing the Global Legend and the Private Placement Legend and deposited with or on behalf of, and registered in the name
of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Securities resold
to Institutional Accredited Investors.

 

    8

     

    

 

“Indebtedness”
means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and trade payables, except
as provided in clause (5) below, and surety bonds), whether or not contingent:

 

(1)            in
respect of borrowed money;

 

(2)            evidenced
by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect thereof);

 

(3)            in
respect of banker’s acceptances;

 

(4)            representing
Capital Lease Obligations in respect of sale and leaseback transactions;

 

(5)            representing
the balance of deferred and unpaid purchase price of any property or services with a scheduled due date more than six months after such
property is acquired or such services are completed; or

 

(6)            representing
the net amount owing under any Hedging Obligations, if and to the extent any of the preceding items (other than letters of credit and
Hedging Obligations) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP.

 

In addition, the term “Indebtedness”
includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether or not such Indebtedness is assumed
by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other
Person; provided that the amount of such Indebtedness shall be deemed not to exceed the lesser of the amount secured by such Lien
and the value of the Person’s property securing such Lien.

 

“Indenture”
means this Indenture, as amended or supplemented from time to time.

 

“Indirect Participant”
means a Person who holds a beneficial interest in a Global Security through a Participant.

 

“Initial Notes”
means the first $350,000,000 in aggregate principal amount of Notes issued under this Indenture on the date hereof.

 

“Initial Purchasers”
means J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, KeyBanc Capital Markets Inc., MUFG Securities Americas Inc., Barclays
Capital Inc. and Morgan Stanley & Co. LLC, and shall include any other entity designated as such in any Supplemental Indenture
with respect to any Series of Securities issued after the date of this Indenture.

 

“Institutional Accredited
Investor” means an institution that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or
(7) under the Securities Act, who are not also QIBs.

 

“Investment Grade”
in respect of the Notes means a rating of (i) Baa3 or better by Moody’s, (ii) BBB- or better by S&P, or (iii) the
equivalent of such rating by such organization.

 

“Issue Date”
means October 1, 2021.

 

    9

     

    

 

“Legal Holiday”
means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are authorized by law,
regulation or executive order to remain closed. If a payment date is a Legal Holiday at a place of payment, payment may be made at that
place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period.

 

“Lien”
means, with respect to any asset:

 

(1)            any
mortgage, deed of trust, deed to secure debt, lien (statutory or otherwise), pledge, hypothecation, encumbrance, restriction, collateral
assignment, charge or security interest in, on or of such asset;

 

(2)            the
interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease
having substantially the same economic effect as any of the foregoing) relating to such asset; and

 

(3)            in
the case of Equity Interests or debt securities, any purchase option, call or similar right of a third party with respect to such Equity
Interests or debt securities.

 

“Material Indebtedness”
means, as of any date, any series of Indebtedness with an aggregate principal amount outstanding in excess of the greater of (i) 1.5%
of Total Assets, as of such date, and (ii) $100.0 million.

 

“Moody’s”
means Moody’s Investors Service, Inc. or any successor entity.

 

“Necessary CapEx
Debt” means Indebtedness of the Company or any of its Subsidiaries incurred for the purpose of financing capital expenditures
(other than capital expenditures financed by Environmental CapEx Debt) that are required by Applicable Law or are undertaken for health
and safety reasons. The term “Necessary CapEx Debt” does not include any Indebtedness incurred for the purpose of financing
capital expenditures undertaken primarily to increase the efficiency of, expand or re-power any power generation facility.

 

“Non-U.S. Person”
means a Person who is not a U.S. Person.

 

“Notes”
has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single
class for all purposes under this Indenture, and unless the context otherwise requires, all references to the Notes shall include the
Initial Notes and any Additional Notes.

 

“Obligations”
means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation
governing any Indebtedness.

 

“Offering Memorandum”
means the offering memorandum dated September 24, 2021 in connection with the offering of the Notes by the Company.

 

“Officer”
means, with respect to any Person, the Chairman of the Board of Directors, the Chief Executive Officer, the President, the Chief Operating
Officer, the Chief Financial Officer, the Chief Accounting Officer, the Treasurer, any Assistant Treasurer, the Secretary, the Controller,
Assistant Secretary or any Vice President of such Person.

 

    10

     

    

 

“Officers’
Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the principal
executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements
of Section 12.05 hereof.

 

“Opinion of Counsel”
means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the requirements of Section 12.05 hereof.
The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee.

 

“Original Issue Discount
Legend” means the legend set forth in Section 2.06(g)(3) hereof to be placed on all Securities issued under this Indenture,
if applicable.

 

“Parent Guarantee”
means the Guarantee by the Parent Guarantor of the Company’s obligations under this Indenture and on the Notes, executed pursuant
to the provisions of this Indenture.

 

“Parent Guarantor”
means Clearway Energy LLC and its successors and assigns.

 

“Participant”
means, with respect to the Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream,
respectively (and, with respect to DTC, shall include Euroclear and Clearstream).

 

“Person”
means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited
liability company or government or other entity.

 

“Principal Property”
means any building, structure or other facility, and all related property, plant or equipment or other long-term assets used or useful
in the ownership, development, construction or operation of such building, structure or other facility owned or leased by the Company
or any Guarantor and having a net book value in excess of 2.0% of Total Assets, except any such building, structure or other facility
(or related property, plant or equipment) that in the reasonable opinion of the Company is not of material importance to the business
conducted by the Company and its consolidated Subsidiaries, taken as a whole.

 

“Private Placement
Legend” means the legend set forth in Section 2.06(g)(1) hereof to be placed on all Notes issued under this Indenture
except where otherwise permitted by the provisions of this Indenture.

 

“Pro Forma Cost Savings”
means, without duplication, with respect to any period, reductions in costs and related adjustments that have been actually realized or
are projected by the Company’s Chief Financial Officer in good faith to result from reasonably identifiable and factually supportable
actions or events, but only to the extent such reductions in costs and related adjustments are so projected by the Company to be realized
prior to the end of the consecutive four-quarter period commencing after the transaction giving rise to such calculation.

 

“Project Debt”
means Indebtedness of one or more Project Subsidiaries incurred for the purpose of holding, leasing, developing, constructing or acquiring
energy generating, transmission or distribution assets, or assets related thereto, or any other power or energy facility or any assets
related thereto; provided that the Company is not liable with respect to such Indebtedness except to the extent of a non-recourse
pledge of equity interests in one or more Project Subsidiaries.

 

“Project Subsidiary”
means any Subsidiary of the Company held for the purpose of holding, leasing, developing, constructing or acquiring energy generating,
transmission or distribution assets, or assets related thereto, or any other power or energy facility or any assets related thereto, and
any Subsidiary of the Company whose assets consist primarily of equity interests in one or more other Project Subsidiaries; provided
that a Subsidiary will cease to be a Project Subsidiary if it Guarantees any Indebtedness of the Company other than obligations of the
Company related to Project Debt of one or more Project Subsidiaries.

 

    11

     

    

 

“QIB” means
a “qualified institutional buyer” as defined in Rule 144A.

 

“Refinancing Liens”
means Liens granted in connection with amending, extending, modifying, renewing, replacing, refunding or refinancing in whole or in part
any Indebtedness secured by Liens described in clauses (2) through (13) of Section 4.07 hereof; provided that
Refinancing Liens do not (a) extend to property or assets other than property or assets of the type that were subject to the original
Lien or (b) secure Indebtedness having a principal amount in excess of the amount of Indebtedness being extended, renewed, replaced
or refinanced, plus the amount of any fees and expenses (including premiums) related to any such extension, renewal, replacement or refinancing.

 

“Regulation S”
means Regulation S promulgated under the Securities Act.

 

“Regulation S-K”
means Regulation S-K promulgated under the Securities Act.

 

“Regulation S-X”
means Regulation S-X promulgated under the Securities Act.

 

“Regulation S Global
Note” means a Global Note substantially in the form of Exhibit A hereto bearing the Global Legend and the Private
Placement Legend and deposited with or on behalf of and registered in the name of the Depositary or its nominee, issued in a denomination
equal to the outstanding principal amount of the Notes sold in reliance on Rule 903 of Regulation S.

 

“Regulation S Global
Security” means a Global Security, in the form specified in the applicable Supplemental Indenture pursuant to which such Series of
Securities is created, bearing the Global Legend and the Private Placement Legend and deposited with or on behalf of and registered in
the name of the Depositary or its nominee, issued in a denomination equal to the outstanding principal amount of the Securities sold in
reliance on Rule 903 of Regulation S.

 

“Responsible Officer”
means, when used with respect to the Trustee, any officer within the Corporate Trust Administration of the Trustee (or any successor group
of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated
officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because
of his knowledge of and familiarity with the particular subject.

 

“Restricted Definitive
Note” means a Definitive Note bearing the Private Placement Legend.

 

“Restricted Definitive
Security” means a Definitive Security bearing the Private Placement Legend.

 

“Restricted Global
Note” means a Global Note bearing the Private Placement Legend.

 

“Restricted Global
Security” means a Global Security bearing the Private Placement Legend.

 

“Restricted Period”
means the 40-day distribution compliance period as defined in Regulation S.

 

“Rule 144”
means Rule 144 promulgated under the Securities Act.

 

“Rule 144A”
means Rule 144A promulgated under the Securities Act.

 

    12

     

    

 

“Rule 903”
means Rule 903 promulgated under the Securities Act.

 

“Rule 904”
means Rule 904 promulgated under the Securities Act.

 

“S&P”
means S&P Global Ratings, a division of S&P Global Inc., or any successor entity.

 

“SEC” means
the Securities and Exchange Commission.

 

“Securities”
means all debentures, notes and other debt instruments of the Company of any Series authenticated and delivered under this Indenture,
including all Notes and Additional Securities.

 

“Securities Act”
means the Securities Act of 1933, as amended.

 

“Series”
or “Series of Securities” means each series of Securities created pursuant to Section 2.01 hereof (for the
avoidance of doubt, the Notes constitute a Series of Securities).

 

“Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X,
promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture.

 

“Sponsor” means
any of (i) Global Infrastructure Management, LLC, (ii) one or more Sponsor Affiliates and (iii) any funds or partnerships
or co-investment vehicles managed or advised or controlled by any of the foregoing.

 

“Sponsor Affiliate”
means any Affiliate of the Sponsor that is not a portfolio company.

 

“Stated Maturity”
means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the payment of interest
or principal was scheduled to be paid in the documentation governing such Indebtedness as of the first date it was incurred in compliance
with the terms of this Indenture, and will not include any contingent obligations to repay, redeem or repurchase any such interest or
principal prior to the date originally scheduled for the payment thereof.

 

    13

     

    

 

“Subsidiary”
means, with respect to any specified Person:

 

(1)            any
corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled
(without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement
that effectively transfers voting power) to vote in the election of directors, managers or trustees of the corporation, association or
other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries
of that Person (or a combination thereof); and

 

(2)            any
partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or
(b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof).

 

“Subsidiary Guarantee”
means the Guarantee by each Subsidiary Guarantor of the Company’s obligations under this Indenture and the Notes, executed pursuant
to the provisions of this Indenture.

 

“Subsidiary Guarantors”
means:

 

(1)            each
of the Company’s Wholly Owned Subsidiaries that Guarantee the Notes on the date of this Indenture, until such time as they are released
pursuant to Section 10.05 of this Indenture; and

 

(2)            any
other Subsidiary that executes a Subsidiary Guarantee in accordance with the provisions of this Indenture, and their respective successors
and assigns.

 

“Supplemental Indenture”
means any supplemental indenture entered into pursuant to Section 2.01 hereof to evidence the issuance of any Additional Securities
after the date of this Indenture.

 

“Tax Equity Financing”
means a tax equity financing entered into solely in connection with the acquisition, expansion, upgrade or refurbishment (or refinancing
of any of the foregoing or of any Indebtedness incurred in connection therewith) of or by a Project Subsidiary (and/or another Subsidiary
that is a direct or indirect parent company of such Project Subsidiary) of energy generating, transmission or distribution assets, or
of any other energy or power facility or any assets related to any of the foregoing that are eligible for green energy tax credits available
under the Code, on an arm’s length basis.

 

“Total Assets”
means, as of any date of determination, the total consolidated assets of the Company and its Subsidiaries, determined on a consolidated
basis in accordance with GAAP, as shown on the most recent publicly available balance sheet of the Company as of such date.

 

“Treasury Rate”
means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available
at least two business days prior to the redemption date (or, if such Statistical Release is no longer published, any publicly available
source of similar market data)) most nearly equal to the period from the redemption date to January 15, 2027; provided, however,
that if the period from the redemption date to January 15, 2027 is less than one year, the weekly average yield on actually traded
United States Treasury securities adjusted to a constant maturity of one year will be used.

 

“Unrestricted Definitive
Note” means a Definitive Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Definitive
Security” means a Definitive Security that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Global
Note” means a Global Note that does not bear and is not required to bear the Private Placement Legend.

 

“Unrestricted Global
Security” means a Global Security that does not bear and is not required to bear the Private Placement Legend.

 

“U.S. Person”
means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act.

 

“Voting Stock”
of any specified Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of
the Board of Directors of such Person.

 

“Wholly Owned Subsidiary”
means, with respect to any specified Person, a direct or indirect Subsidiary of such Person, 100% of the outstanding Capital Stock or
other ownership interests of which is at the time owned by such Person or by one or more Wholly Owned Subsidiaries of such Person.

 

    14

     

    

 

Section 1.02     Other
Definitions.

 

For
purposes of the Notes, the following terms will have the meanings set forth in this Section 1.02. For purposes of any Additional
Securities issued under this Indenture, the Supplemental Indenture in respect of such Additional
Securities will specify the defined terms to be used therein, which may include some, all or none of the terms contained in this Section 1.02.

 

	 	Defined in 
	Term	Section
	“Authentication Order”	2.02
	“Change of Control Offer”	4.09
	“Change of Control Payment”	4.09
	“Change of Control Payment Date”	4.09
	“Covenant Defeasance”	8.03
	“DTC”	2.03
	“Event of Default”	6.01
	“Legal Defeasance”	8.02
	“Paying Agent”	2.03
	“Payment Default”	6.01
	“Registrar”	2.03

 

Section 1.03     Rules of
Construction.

 

Unless the context otherwise
requires:

 

(1)            a
term has the meaning assigned to it;

 

(2)            an
accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 

(3)            “or”
is not exclusive;

 

(4)            “including”
is not limiting;

 

(5)            words
in the singular include the plural, and in the plural include the singular;

 

(6)            “will”
shall be interpreted to express a command;

 

(7)            provisions
apply to successive events and transactions; and

 

(8)            references
to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor sections or rules adopted
by the SEC from time to time.

 

The terms and provisions contained
in this Indenture will apply to any Additional Securities issued from time to time pursuant to this Indenture, except as may be otherwise
provided in the Supplemental Indenture with respect to such Additional Securities.

 

    15

     

    

 

ARTICLE 2

THE ISSUANCE OF NOTES AND ADDITIONAL SECURITIES

 

Section 2.01     Form and
Dating of Notes; Creation of Additional Securities.

 

(a)            Securities
to be Issued in Series. The aggregate amount of Securities that may be authenticated and delivered under this Indenture is unlimited.
The Securities may be issued in one or more Series. All Additional Securities will have the terms set forth in the Supplemental Indenture
pursuant to which such Series of Additional Securities is created, which Supplemental Indenture will detail the adoption of the terms
of such Series of Additional Securities pursuant to the authority granted under a Board Resolution. In the case of Securities of
a Series to be issued from time to time, the Supplemental Indenture creating such Series will detail the adoption of the terms
thereof pursuant to the authority granted under a Board Resolution and will provide for the method by which specified terms (such as interest
rate, maturity date, record date or date from which interest shall accrue) are to be determined. Securities may differ between Series in
respect of any matters; provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture.

 

At or prior to the issuance
of any Series of Additional Securities, the following terms shall be established in the Supplemental Indenture in respect of such
Series created pursuant to authority granted under a Board Resolution and executed and delivered by the Company and the Trustee (and,
if applicable, any guarantors of such Additional Securities):

 

(1)            the
title of the Series (which shall distinguish the Securities of that particular Series from the Securities of any other Series);

 

(2)            the
price or prices (expressed as a percentage of the principal amount thereof) at which the Securities of the Series will be issued;

 

(3)            any
limit upon the aggregate principal amount of the Securities of the Series which may be authenticated and delivered under this Indenture
(except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the Series pursuant to this Article 2);

 

(4)            the
date or dates on which the principal of the Securities of the Series is payable;

 

(5)            the
rate or rates (which may be fixed or variable) per annum or, if applicable, the method used to determine such rate or rates (including,
but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall
bear interest, if any, the date or dates from which such interest, if any, shall accrue, the date or dates on which such interest, if
any, shall commence and be payable and any regular record date for the interest payable on any interest payment date;

 

(6)            the
place or places where the principal of and interest, if any, on the Securities of the Series shall be payable, where the Securities
of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in
respect of the Securities of such Series and this Indenture may be served, and the method of such payment, if by wire transfer, mail
or other means;

 

(7)            if
applicable, the period or periods within which the price or prices at which and the terms and conditions upon which the Securities of
the Series may be redeemed, in whole or in part, at the option of the Company;

 

    16

     

    

 

(8)            the
obligation, if any, of the Company to redeem or purchase the Securities of the Series pursuant to any sinking fund or analogous provisions
or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions
upon which Securities of the Series shall be redeemed or purchased, in whole or in part, pursuant to such obligation;

 

(9)            the
dates, if any, on which and the price or prices at which the Securities of the Series will be repurchased by the Company at the option
of the Holders thereof and other detailed terms and provisions of such repurchase obligations;

 

(10)          if
other than denominations of $2,000 and any integral multiples of $1,000 in excess thereof, the denominations in which the Securities of
the Series shall be issuable;

 

(11)          the
forms of the Securities of the Series in bearer or fully registered form (and, if in fully registered form, whether the Securities
will be issuable as Global Securities);

 

(12)          if
other than the principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable
upon declaration of acceleration of the maturity thereof pursuant to Section 6.02;

 

(13)          the
currency of denomination of the Securities of the Series, which may be U.S. dollars or any other currency, and if such currency of denomination
is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency;

 

(14)          the
designation of the currency, currencies or currency units in which payment of the principal of and interest, if any, on the Securities
of the Series will be made;

 

(15)          if
payments of principal of or interest, if any, on the Securities of the Series are to be made in one or more currencies or currency
units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments
will be determined;

 

(16)          the
manner in which the amounts of payment of principal of or interest, if any, on the Securities of the Series will be determined, if
such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index,
stock exchange index or financial index;

 

(17)          the
provisions, if any, relating to any security or guarantee provided for the Securities of the Series, and any subordination in right of
payment, if any, of the Securities of the Series;

 

(18)          any
addition to or change in or deletion of any of the covenants set forth in Articles 4 or 5 which applies to Securities of the Series;

 

(19)          any
addition to or change in the Events of Default which applies to any Securities of the Series and any change in the right of the Trustee
or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.02;

 

(20)          any
addition to or change in or deletion of any of the provisions and terms set forth in Articles 7 and 9 which applies to Securities of the
Series;

 

    17

     

    

 

 

(21)          any
other terms of the Securities of the Series (which may modify or delete any provision of this Indenture insofar as it applies to
such Series and/or add additional provisions); and

 

(22)          any
depositories, interest rate calculation agents, exchange rate calculation agents or other agents with respect to Securities of such Series if
other than those appointed herein.

 

All Securities of any one
Series need not be issued at the same time and may be issued from time to time, consistent with the terms of this Indenture, if so
provided by or pursuant to the Supplemental Indenture pursuant to which such Series is created, and the authorized principal amount
of any Series may be increased to provide for issuances of additional Securities of such Series, unless otherwise provided in such
Supplemental Indenture.

 

(b)            The
Notes. The Notes shall be issued in registered global form without interest coupons. The Notes and the Trustee’s certificate
of authentication shall be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements
required by law, stock exchange rule or usage. The Company shall furnish any such notations, legends or endorsements to the Trustee
in writing. Each Note shall be dated the date of its authentication. The Notes shall be in minimum denominations of $2,000 and integral
multiples of $1,000.

 

The terms and provisions contained
in the Notes shall constitute, and are hereby expressly made, a part of the Indenture and the Company, the Guarantors and the Trustee,
by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the
extent any provision of the Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern
and be controlling.

 

(c)           Global
Securities. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto (including the
Global Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive
form shall be substantially in the form of Exhibit A attached hereto (but without the Global Legend thereon and without the
 “Schedule of Exchanges of Interests in the Global Note” attached thereto). All other Global Securities will be in the form
specified in the Supplemental Indenture pursuant to which such Series of Securities is created. Each Global Security shall represent
such of the outstanding Securities as will be specified therein and each shall provide that it represents the aggregate principal amount
of outstanding Securities from time to time as reflected in the records of the Trustee and that the aggregate principal amount of outstanding
Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. The
Trustee’s records shall be noted to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding
Securities represented thereby, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

 

(d)            Euroclear
and Clearstream Procedures Applicable. The provisions of the “Operating Procedures of the Euroclear System” and “Terms
and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer
Handbook” of Clearstream will be applicable to transfers of beneficial interests in the Regulation S Global Security that are held
by Participants through Euroclear or Clearstream.

 

Section 2.02            Execution
and Authentication.

 

One Officer must sign the
Securities for the Company by manual or facsimile signature.

 

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If an Officer whose signature
is on a Security no longer holds that office at the time a Security is authenticated, the Security will nevertheless be valid.

 

A Security will not be valid
until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Security has been authenticated
under this Indenture.

 

The Trustee shall, upon receipt
of a written order of the Company signed by at least one Officer (an “Authentication Order”), authenticate Securities
for original issue under this Indenture. The aggregate principal amount of Securities outstanding at any time may not exceed the aggregate
principal amount of Securities authorized for issuance by the Company pursuant to one or more Authentication Orders, except as provided
in Section 2.08 hereof.

 

The Trustee may appoint an
authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating
agent has the same rights as an Agent to deal with Holders, the Company or an Affiliate of the Company.

 

Section 2.03           Registrar
and Paying Agent.

 

The Company will maintain
an office or agency with respect to each Series of Securities issued pursuant to this Indenture, where such securities may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where such Securities may be presented
for payment (“Paying Agent”). The Registrar will keep a register of all such Securities and of their transfer and exchange.
The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes
any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company may change any Paying Agent
or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party
to this Indenture. If the Company fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such.
The Company or any of its Subsidiaries or parent entities may act as Paying Agent or Registrar.

 

The Company initially appoints
The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes.

 

The Company initially appoints
the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 

Section 2.04           Paying
Agent to Hold Money in Trust.

 

The Company will require each
Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders of the Securities
for which it is acting as Paying Agent or the Trustee all money held by the Paying Agent for the payment of principal of, premium, if
any, and interest on, the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such
default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require
a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company
or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary acts as Paying Agent, it will segregate
and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent.

 

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Section 2.05           Holder
Lists.

 

The Trustee shall preserve
in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders. If the
Trustee is not the Registrar, the Company shall furnish to the Trustee at least seven Business Days before each interest payment date
and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require
of the names and addresses of the Holders.

 

Section 2.06           Transfer
and Exchange.

 

(a)            Transfer
and Exchange of Global Securities. A Global Security may not be transferred except as a whole by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such
nominee to a successor Depositary or a nominee of such successor Depositary. All Global Securities shall be exchanged by the Company for
Definitive Securities if:

 

(1)            the
Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it
is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company
within 120 days after the date of such notice from the Depositary;

 

(2)            the
Company in its sole discretion determines that the Global Securities (in whole but not in part) should be exchanged for Definitive Securities
and delivers a written notice to such effect to the Trustee; or

 

(3)            there
has occurred and is continuing a Default or Event of Default with respect to the Notes.

 

Upon the occurrence of any
of the preceding events in (1), (2) or (3) above, Definitive Securities shall be issued in such names and in any approved denominations
as the Depositary shall instruct the Trustee. Global Securities also may be exchanged or replaced, in whole or in part, as provided in
Sections 2.08 and 2.11 hereof. Every Security authenticated and delivered in exchange for, or in lieu of, a Global Security or any portion
thereof, pursuant to this Section 2.06 or Section 2.08 or 2.11 hereof, shall be authenticated and delivered in the form of,
and shall be, a Global Security. A Global Security may not be exchanged for another Security other than as provided in this Section 2.06(a);
however, beneficial interests in a Global Security may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

 

(b)            Transfer
and Exchange of Beneficial Interests in the Global Securities. The transfer and exchange of beneficial interests in the Global Securities
shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers
of beneficial interests in the Global Securities also will require compliance with either subparagraph (1) or (2) below, as
applicable, as well as one or more of the other following subparagraphs, as applicable:

 

(1)            Transfer
of Beneficial Interests in the Same Global Security. Beneficial interests in any Restricted Global Security may be transferred to
Persons who take delivery thereof in the form of a beneficial interest in the same Restricted Global Security in accordance with the transfer
restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period,
transfers of beneficial interests in the applicable Regulation S Global Security may not be made to a U.S. Person or for the account or
benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Security may be transferred
to Persons who take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security. Any person who transfers
a beneficial interest in the Regulation S Global Security prior to the expiration of the applicable Restricted Period with respect to
any Series of Additional Securities shall be deemed to have certified that such transfer was not made to a U.S. Person or for the
account or benefit of a U.S. Person (other than an Initial Purchaser). No written orders or instructions shall be required to be delivered
to the Registrar to effect the transfers described in this Section 2.06(b)(1).

 

    20

     

    

 

(2)           All
Other Transfers and Exchanges of Beneficial Interests in Global Securities. In connection with all transfers and exchanges of beneficial
interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar
either:

 

(A)          both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to credit or cause to be credited a beneficial interest in another Global Security in an amount equal to the beneficial
interest to be transferred or exchanged; and

 

(ii)           instructions
given in accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase;
or

 

(B)           both:

 

(i)            a
written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures directing
the Depositary to cause to be issued a Definitive Security in an amount equal to the beneficial interest to be transferred or exchanged;
and

 

(ii)           instructions
given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Security shall be registered
to effect the transfer or exchange referred to in (1) above.

 

(3)           Transfer
of Beneficial Interests to Another Restricted Global Security. A beneficial interest in any Restricted Global Security may be transferred
to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Security if the transfer complies
with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            if
the transferee will take delivery in the form of a beneficial interest in the 144A Global Security, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof;

 

(B)             if
the transferee will take delivery in the form of a beneficial interest in the Regulation S Global Security, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and

 

(C)             if
the transferee will take delivery in the form of a beneficial interest in the IAI Global Security, then the transferor must deliver a
certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable.

 

    21

     

    

 

(4)           Transfer
and Exchange of Beneficial Interests in a Restricted Global Security for Beneficial Interests in an Unrestricted Global Security.
A beneficial interest in any Restricted Global Security may be exchanged by any holder thereof for a beneficial interest in an Unrestricted
Global Security or transferred to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security
if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and the Registrar receives the following:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial interest
in an Unrestricted Global Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications
in item (1)(a) thereof; or

 

(B)            if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Security, a certificate from such holder
in the form of Exhibit B hereto, including the certifications in item (4) thereof;

 

and, in each such case of this
Section 2.06(b)(4), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form
reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain
compliance with the Securities Act.

 

If any such transfer
is effected pursuant to this Section 2.06(b)(4) at a time when an Unrestricted Global Security has not yet been issued, the
Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate
one or more Unrestricted Global Securities in an aggregate principal amount equal to the aggregate principal amount of beneficial interests
transferred pursuant to this Section 2.06(b)(4).

 

Beneficial interests in an
Unrestricted Global Security cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a beneficial
interest in a Restricted Global Security.

 

(c)            Transfer
or Exchange of Beneficial Interests in Global Securities for Definitive Securities. Transfers or exchanges of beneficial interests
in Global Securities for Definitive Securities shall in each case be subject to the satisfaction of any applicable conditions set forth
in Section 2.06(b)(2) hereof, and to the requirements set forth below in this Section 2.06(c).

 

(1)           Beneficial
Interests in Restricted Global Securities to Restricted Definitive Securities. If any holder of a beneficial interest in a Restricted
Global Security proposes to exchange such beneficial interest for a Restricted Definitive Security or to transfer such beneficial interest
to a Person who takes delivery thereof in the form of a Restricted Definitive Security, then, upon receipt by the Registrar of the following
documentation:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for a Restricted
Definitive Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(2)(a) thereof;

 

    22

     

    

 

(B)            if
such beneficial interest is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (1) thereof;

 

(C)            if
such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule 904,
a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)            if
such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in accordance
with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof;

 

(E)             if
such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the registration
requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect
set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof,
if applicable;

 

(F)             if
such beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B
hereto, including the certifications in item (3)(b) thereof; or

 

(G)             if
such beneficial interest is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the
Trustee shall cause the aggregate principal amount of the applicable Global Security to be reduced accordingly pursuant to
Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person
designated in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued in exchange
for a beneficial interest in a Restricted Global Security pursuant to this Section 2.06(c) shall be registered in such
name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the
Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall deliver such
Definitive Securities to the Persons in whose names such Securities are so registered. Any Definitive Security issued in exchange
for a beneficial interest in a Restricted Global Security pursuant to this Section 2.06(c)(1) shall bear the Private
Placement Legend and shall be subject to all restrictions on transfer contained therein.

 

(2)           Beneficial
Interests in Restricted Global Securities to Unrestricted Definitive Securities. A holder of a beneficial interest in a Restricted
Global Security may exchange such beneficial interest for an Unrestricted Definitive Security or may transfer such beneficial interest
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security only if the Registrar receives the following:

 

(A)            if
the holder of such beneficial interest in a Restricted Global Security proposes to exchange such beneficial interest for an Unrestricted
Definitive Security, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item
(1)(b) thereof; or

 

    23

     

    

 

(B)            if
the holder of such beneficial interest in a Restricted Global Security proposes to transfer such beneficial interest to a Person who
shall take delivery thereof in the form of an Unrestricted Definitive Security, a certificate from such holder in the form of Exhibit B hereto,
including the certifications in item (4) thereof;

 

and, in each such case of this Section 2.06(c)(2), if the Registrar so
requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the
effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained
herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)            Beneficial
Interests in Unrestricted Global Securities to Unrestricted Definitive Securities. If any holder of a beneficial interest in an Unrestricted
Global Security proposes to exchange such beneficial interest for a Definitive Security or to transfer such beneficial interest to a Person
who takes delivery thereof in the form of a Definitive Security, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof,
the Trustee shall cause the aggregate principal amount of the applicable Unrestricted Global Security to be reduced accordingly pursuant
to Section 2.06(h) hereof, and the Company shall execute and the Trustee shall authenticate and deliver to the Person designated
in the instructions a Definitive Security in the appropriate principal amount. Any Definitive Security issued in exchange for a beneficial
interest pursuant to this Section 2.06(c)(3) shall be registered in such name or names and in such authorized denomination or
denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary
and the Participant or Indirect Participant. The Trustee shall deliver such Definitive Securities to the Persons in whose names such Securities
are so registered. Any Definitive Security issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will
not bear the Private Placement Legend.

 

(d)            Transfer
and Exchange of Definitive Securities for Beneficial Interests.

 

(1)            Restricted
Definitive Securities to Beneficial Interests in Restricted Global Securities. If any Holder of a Restricted Definitive Security proposes
to exchange such Security for a beneficial interest in a Restricted Global Security or to transfer such Restricted Definitive Securities
to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Security, then, upon receipt by the
Registrar of the following documentation:

 

(A)           if
the Holder of such Restricted Definitive Security proposes to exchange such Security for a beneficial interest in a Restricted Global
Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof;

 

(B)            if
such Restricted Definitive Security is being transferred to a QIB in accordance with Rule 144A, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (1) thereof;

 

(C)            if
such Restricted Definitive Security is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903
or Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof;

 

(D)           if
such Restricted Definitive Security is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications
in item (3)(a) thereof;

 

    24

     

    

 

(E)            if
such Restricted Definitive Security is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate
to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable;

 

(F)            if
such Restricted Definitive Security is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth
in Exhibit B hereto, including the certifications in item (3)(b) thereof; or

 

(G)           if
such Restricted Definitive Security is being transferred pursuant to an effective registration statement under the Securities Act, a certificate
to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof,

 

the Trustee will cancel the Restricted
Definitive Security, increase or cause to be increased the aggregate principal amount of, in the case of clause (A) above, the appropriate
Restricted Global Security, in the case of clause (B) above, the 144A Global Security, in the case of clause (C) above, the
Regulation S Global Security, and in all other cases, the IAI Global Security.

 

(2)           Restricted
Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of a Restricted Definitive Security may
exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Restricted Definitive Security to
a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security only if the Registrar receives
the following:

 

(A)          if
the Holder of such Restricted Definitive Securities proposes to exchange such Notes for a beneficial interest in the Unrestricted Global
Security, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof;
or

 

(B)           if
the Holder of such Restricted Definitive Securities proposes to transfer such Securities to a Person who shall take delivery thereof in
the form of a beneficial interest in the Unrestricted Global Security, a certificate from such Holder in the form of Exhibit B
hereto, including the certifications in item (4) thereof;

 

and, in each such case set forth in this
Section 2.06(d)(2), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably
acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities
Act.

 

Upon satisfaction
of the conditions of this Section 2.06(d)(2), the Trustee will cancel the Restricted Definitive Securities and increase or cause
to be increased the aggregate principal amount of the Unrestricted Global Security.

 

    25

     

    

 

(3)           Unrestricted
Definitive Securities to Beneficial Interests in Unrestricted Global Securities. A Holder of an Unrestricted Definitive Security may
exchange such Security for a beneficial interest in an Unrestricted Global Security or transfer such Definitive Securities to a Person
who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Security at any time. Upon receipt of a request
for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Security and increase or cause to be
increased the aggregate principal amount of one of the Unrestricted Global Securities.

 

If any such exchange or transfer
from a Definitive Security to a beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time
when an Unrestricted Global Security has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance
with Section 2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Securities in an aggregate principal amount
equal to the principal amount of Definitive Securities so transferred.

 

(e)            Transfer
and Exchange of Definitive Securities for Definitive Securities. Upon request by a Holder of Definitive Securities and such Holder’s
compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Securities.
Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Securities
duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or
by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents
and information, as applicable, required pursuant to the following provisions of this Section 2.06(e).

 

(1)           Restricted
Definitive Securities to Restricted Definitive Securities. Any Restricted Definitive Security may be transferred to and registered
in the name of Persons who take delivery thereof in the form of a Restricted Definitive Security if the Registrar receives the following:

 

(A)           if
the transfer will be made pursuant to Rule 144A, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (1) thereof;

 

(B)           if
the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; and

 

(C)           if
the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor
must deliver a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel
required by item (3) thereof, if applicable.

 

(2)           Restricted
Definitive Securities to Unrestricted Definitive Securities. Any Restricted Definitive Security may be exchanged by the Holder thereof
for an Unrestricted Definitive Security or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted
Definitive Security if the Registrar receives the following:

 

(A)           if
the Holder of such Restricted Definitive Securities proposes to exchange such Securities for an Unrestricted Definitive Security, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or

 

(B)           if
the Holder of such Restricted Definitive Securities proposes to transfer such Securities to a Person who shall take delivery thereof in
the form of an Unrestricted Definitive Security, a certificate from such Holder in the form of Exhibit B hereto, including
the certifications in item (4) thereof;

 

    26

     

    

 

and, in each such case set forth in this
Section 2.06(e)(2), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect
that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in
the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act.

 

(3)           Unrestricted
Definitive Securities to Unrestricted Definitive Securities. A Holder of Unrestricted Definitive Securities may transfer such Securities
to a Person who takes delivery thereof in the form of an Unrestricted Definitive Security. Upon receipt of a request to register such
a transfer, the Registrar shall register the Unrestricted Definitive Securities pursuant to the instructions from the Holder thereof.

 

(f)            [Reserved]

 

(g)          Legends.
The following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically
stated otherwise in the applicable provisions of this Indenture. Additional Securities will bear the legends, if any, provided for in
the Supplemental Indenture pursuant to which such Series of Additional Securities is created.

 

(1)           Private
Placement Legend.

 

(A)           Except
as permitted by subparagraph (B) below, each Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution
thereof) shall bear the legend in substantially the following form:

 

“THIS NOTE HAS NOT BEEN REGISTERED UNDER
THE U.S. SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS EXCEPT
AS SET FORTH BELOW. BY ITS ACQUISITION HEREOF, THE HOLDER (1) REPRESENTS THAT (A) IT IS A “QUALIFIED INSTITUTIONAL BUYER”
(AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) OR (B) IT IS NOT A U.S. PERSON AND IS ACQUIRING THIS NOTE IN AN OFFSHORE TRANSACTION
IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT, (2) AGREES THAT IT WILL NOT WITHIN [IN THE CASE OF RULE 144A NOTES: ONE
YEAR OR SUCH SHORTER PERIOD UNDER APPLICABLE LAW] [IN THE CASE OF REGULATION S NOTES: 40 DAYS] AFTER THE LATER OF THE ORIGINAL ISSUE DATE
HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS NOTE (OR ANY PREDECESSOR OF SUCH NOTE)
RESELL OR OTHERWISE TRANSFER THIS NOTE EXCEPT (A) TO THE ISSUER OR ANY SUBSIDIARY THEREOF, (B) INSIDE THE UNITED STATES TO A
QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, (C) OUTSIDE THE UNITED STATES IN AN OFFSHORE
TRANSACTION IN COMPLIANCE WITH RULE 903 OR RULE 904 UNDER THE SECURITIES ACT, (D) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED
BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE), (E) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM THE REGISTRATION REQUIREMENTS
OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL IF THE ISSUER SO REQUESTS), OR (F) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT AND (3) AGREES THAT IT WILL GIVE TO EACH PERSON TO WHOM THIS NOTE IS TRANSFERRED A NOTICE SUBSTANTIALLY
TO THE EFFECT OF THIS LEGEND. AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION,” “UNITED STATES” AND “U.S.
PERSON” HAVE THE MEANING GIVEN TO THEM BY REGULATION S UNDER THE SECURITIES ACT.”

 

(B)           Notwithstanding
the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or
(f) of this Section 2.06 (and all Notes issued in exchange therefor or substitution thereof) will not bear the Private Placement
Legend.

 

    27

     

    

 

(2)           Global
Legend. Each Global Security will bear a legend in substantially the following form:

 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY
(AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT
TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT
TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.12 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN
CONSENT OF CLEARWAY ENERGY OPERATING LLC.

 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE
TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE
OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED
BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.”

 

(3)           Original
Issue Discount Legend. Each Note issued with original issue discount, if any, will bear a legend in substantially the following form:

 

“FOR THE PURPOSES OF SECTIONS 1272, 1273
AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS SECURITY IS BEING ISSUED WITH ORIGINAL ISSUE DISCOUNT; FOR EACH $1,000
IN AGGREGATE PRINCIPAL AMOUNT OF THIS SECURITY, THE ISSUE PRICE IS $[ ], THE AMOUNT OF ORIGINAL ISSUE DISCOUNT IS $[ ], THE ISSUE DATE
IS [ ], 201[ ] AND THE YIELD TO MATURITY IS [ ]% PER ANNUM.”

 

(h)            Cancellation
and/or Adjustment of Global Securities. At such time as all beneficial interests in a particular Global Security have been exchanged
for Definitive Securities or a particular Global Security has been redeemed, repurchased or canceled in whole and not in part, each such
Global Security shall be returned to or retained and canceled by the Trustee in accordance with Section 2.12 hereof. At any time
prior to such cancellation, if any beneficial interest in a Global Security is exchanged for or transferred to a Person who will take
delivery thereof in the form of a beneficial interest in another Global Security or for Definitive Securities, the principal amount of
Securities represented by such Global Security will be reduced accordingly and a notation will be made on the records maintained by the
Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged
for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Security, such other
Global Security will be increased accordingly and a notation will be made on the records maintained by the Trustee or by the Depositary
at the direction of the Trustee to reflect such increase.

 

    28

     

    

 

(i)             General
Provisions Relating to Transfers and Exchanges.

 

(1)            To
permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate Global Securities and Definitive
Securities upon receipt of an Authentication Order in accordance with Section 2.02 hereof or at the Registrar’s request.

 

(2)            No
service charge shall be made to a holder of a beneficial interest in a Global Security or to a Holder of a Definitive Security for any
registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental
charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon exchange or transfer
pursuant to Sections 2.11, 3.06, 4.09 and 9.05 hereof).

 

(3)            The
Registrar shall not be required to register the transfer of or exchange of any Security selected for redemption in whole or in part, except
the unredeemed portion of any Note being redeemed in part.

 

(4)            All
Global Securities and Definitive Securities issued upon any registration of transfer or exchange of Global Securities or Definitive Securities
shall be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the
Global Securities or Definitive Securities surrendered upon such registration of transfer or exchange.

 

(5)            The
Company shall not be required:

 

(A)          to
issue, to register the transfer of or to exchange any Securities during a period beginning at the opening of business 10 days before the
day of any selection of Securities for redemption and ending at the close of business on the day of selection;

 

(B)           to
register the transfer of or to exchange any Security selected for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part; or

 

(C)           to
register the transfer of or to exchange a Security between a record date and the next succeeding interest payment date.

 

(6)            Prior
to due presentment for the registration of a transfer of any Security, the Trustee, any Agent and the Company may deem and treat the Person
in whose name any Security is registered as the absolute owner of such Security for the purpose of receiving payment of principal of and
interest on such Securities and for all other purposes, and none of the Trustee, any Agent or the Company shall be affected by notice
to the contrary.

 

(7)           The
Trustee shall authenticate Global Securities and Definitive Securities in accordance with the provisions of Section 2.02 hereof.

 

(8)           All
orders, certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06
to effect a registration of transfer or exchange may be submitted by facsimile or electronic format (e.g. “pdf” or “tif”).

 

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Section 2.07           Issuance
of Additional Notes.

 

The Company shall be entitled,
upon delivery to the Trustee of an Officers’ Certificate, Opinion of Counsel and Authentication Order, to issue Additional Notes
under this Indenture which shall have identical terms as the Initial Notes issued on the Issue Date, other than with respect to the date
of issuance and issue price. The Initial Notes issued on the Issue Date and any Additional Notes issued shall be treated as a single class
for all purposes under this Indenture; provided that any such Additional Notes that are not fungible with the Initial Notes for
United States federal income tax purposes will be issued with a different CUSIP number than the CUSIP number issued with respect to the
Initial Notes.

 

With respect to any Additional
Notes, the Company shall set forth in a Board Resolution and an Officers’ Certificate, a copy of each which shall be delivered to
the Trustee, the following information:

 

(a)            the
aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and

 

(b)            the
issue price, the issue date and the CUSIP number of such Additional Notes.

 

Section 2.08           Replacement
Securities.

 

If any mutilated Security
is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of
any Security, the Company will issue and the Trustee, upon receipt of an Authentication Order, will authenticate a replacement Security
if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder
that is sufficient in the judgment of the Trustee and the Company to protect the Company, the Trustee, any Agent and any authenticating
agent from any loss that any of them may suffer if a Security is replaced. The Company may charge for its expenses in replacing a Security.

 

Every replacement Security
is an additional obligation of the Company and will be entitled to all of the benefits of this Indenture equally and proportionately with
all other Securities duly issued hereunder.

 

Section 2.09           Outstanding
Securities.

 

The Securities outstanding
at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those
reductions in the interest in a Global Security effected by the Trustee in accordance with the provisions hereof, and those described
in this Section 2.09 as not outstanding. Except as set forth in Section 2.10 hereof, a Security does not cease to be outstanding
because the Company or an Affiliate of the Company holds the Security; however, Securities held by the Company or a Subsidiary of the
Company shall not be deemed to be outstanding for purposes of Section 3.07(a) hereof.

 

If a Security is replaced
pursuant to Section 2.08 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced
Security is held by a protected purchaser.

 

If the principal amount of
any Security is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

 

    30

     

    

 

If the Paying Agent (other
than the Company, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Securities
payable on that date, then on and after that date such Securities will be deemed to be no longer outstanding and will cease to accrue
interest.

 

Section 2.10           Treasury
Securities.

 

In determining whether the
Holders of the required principal amount of Notes have concurred in any direction, waiver or consent, Securities owned by the Company
or any Guarantor, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with
the Company or any Guarantor, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee
will be protected in relying on any such direction, waiver or consent, only such Notes that the Trustee has received written notice from
the Company or any Guarantor, as applicable, certifying that the relevant Notes are owned by either the Company or any Guarantor, as applicable,
will be so disregarded.

 

Section 2.11           Temporary
Securities.

 

Until certificates representing
Securities are ready for delivery, the Company may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate
temporary Securities. Temporary Securities will be substantially in the form of certificated Securities but may have variations that the
Company considers appropriate for temporary Securities and as may be reasonably acceptable to the Trustee. Without unreasonable delay,
the Company will prepare and the Trustee will authenticate definitive Securities in exchange for temporary Securities.

 

Holders of temporary Notes
will be entitled to all of the benefits of this Indenture.

 

Section 2.12           Cancellation.

 

The Company at any time may
deliver Securities to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Securities surrendered
to them for registration of transfer, exchange or payment. Upon receipt of written direction from the Company, the Trustee and no one
else will cancel all Securities surrendered for registration of transfer, exchange, payment, replacement or cancellation and will destroy
canceled Securities (subject to the record retention requirements of the Exchange Act). Certification of the destruction of all canceled
Securities will be delivered to the Company. The Company may not issue new Securities to replace Securities that it has paid or that have
been delivered to the Trustee for cancellation.

 

Section 2.13           Defaulted
Interest.

 

If the Company defaults in
a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable
on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the
Notes and in Section 4.01 hereof. The Company will notify the Trustee in writing of the amount of defaulted interest proposed to
be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and
payment date. At least 10 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in
the name and at the expense of the Company) will mail or cause to be mailed or delivered electronically to Holders a notice that states
the special record date, the related payment date and the amount of such interest to be paid.

 

Default interest will be payable
with respect to Additional Securities on the terms provided in the Supplemental Indenture pursuant to which such Series of Additional
Securities is created.

 

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ARTICLE 3

REDEMPTION AND PREPAYMENT

 

For purposes of the Notes,
Article 3 hereof provides the terms upon which redemption and prepayment may occur. For purposes of any Additional Securities issued
under this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the terms upon which redemption
and prepayment may occur, which may include some, all or none of the terms contained in this Article 3 hereof.

 

Section 3.01           Notices
to Trustee.

 

If the Company elects to redeem
Notes pursuant to the optional redemption provisions of Section 3.07 hereof, it must furnish to the Trustee, at least 10 days but
not more than 60 days before a redemption date, an Officers’ Certificate setting forth:

 

(1)            the
clause of this Indenture pursuant to which the redemption shall occur;

 

(2)            the
redemption date;

 

(3)            the
principal amount of Notes to be redeemed; and

 

(4)            the
redemption price or, where the redemption price cannot be calculated at the time of such notice, the method of calculation thereof.

 

Section 3.02            Selection
of Notes to Be Redeemed or Purchased.

 

If less than all of the Notes
are to be redeemed at any time, the Trustee shall select Notes for redemption on a pro rata basis among all outstanding Notes or,
if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities
exchange on which the Notes are listed, in either case, unless otherwise required by law or depositary requirements.

 

In the event of partial redemption
by lot, the particular Notes to be redeemed or purchased shall be selected, unless otherwise provided herein, not less than 10 nor more
than 60 days prior to the redemption by the Trustee from the outstanding Notes not previously called for redemption.

 

The Trustee shall promptly
notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal
amount thereof to be redeemed. Notes and portions of Notes selected shall be in amounts of $2,000 or whole multiples of $1,000 in excess
of $2,000; except that if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by
such Holder, even if not a multiple of $1,000 shall be redeemed or purchased. Except as provided in the preceding sentence, provisions
of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.

 

No Notes of $2,000 or less
shall be redeemed in part. Notices of redemption shall be mailed by first class mail or delivered electronically at least 10 but not more
than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address, except that redemption notices
may be mailed or delivered electronically more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance
of the Notes or a satisfaction and discharge of this Indenture.

 

    32

     

    

 

 

If any Note is to be redeemed
in part only, the notice of redemption that relates to that Note shall state the portion of the principal amount of that Note that is
to be redeemed. A new Note in principal amount equal to the unredeemed portion of the original Note shall be issued in the name of the
Holder of Notes upon cancellation of the original Note. Notes called for redemption become due on the date fixed for redemption. On and
after the redemption date, interest ceases to accrue on Notes or portions of them called for redemption, so long as the Company has deposited
with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest and premium, if any, on, the Notes to
be redeemed.

 

Section 3.03           Notice
of Redemption.

 

At least 10 days but not more
than 60 days before a redemption date, the Company shall mail or cause to be mailed, by first class mail or delivered electronically,
a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be
mailed or delivered more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes
or a satisfaction and discharge of this Indenture pursuant to Articles 8 or 11 hereof.

 

The notice will identify the
Notes to be redeemed and will state:

 

(1)            the
redemption date;

 

(2)            the
redemption price or, where the redemption price cannot be calculated at the time of such notice, the method of calculation thereof;

 

(3)            if
any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the redemption date
upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation
of the original Note;

 

(4)            the
name and address of the Paying Agent;

 

(5)            that
Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price;

 

(6)            that,
unless the Company defaults in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the
redemption date;

 

(7)            the
paragraph of the Notes and/or Section of this Indenture pursuant to which the Notes called for redemption are being redeemed; and

 

(8)            that
no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes.

 

At the Company’s request,
the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company
has delivered to the Trustee, at least four (4) Business Days prior to the date such notice of redemption is to be distributed to
the Holders (or such shorter period as the Trustee in its sole discretion may allow), an Officers’ Certificate requesting that the
Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph.

 

Any redemption and notice
thereof may, in the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. If a redemption notice
is subject to satisfaction of one or more conditions precedent, such notice will state that, at the Company’s discretion, the redemption
date may be delayed until such time as any or all such conditions are satisfied, or such redemption may not occur and such notice may
be rescinded in the event that any or all such conditions have not been satisfied by the redemption date, or by the redemption date so
delayed.

 

    33

     

    

 

Section 3.04           Effect
of Notice of Redemption.

 

Once notice of redemption
is mailed or delivered in accordance with Section 3.03 hereof, Notes called for redemption become, subject to any conditions precedent
set forth in the notice of redemption, irrevocably due and payable on the redemption date at the redemption price.

 

Section 3.05           Deposit
of Redemption or Purchase Price.

 

No later than 10:00 a.m. Eastern
time on the redemption or purchase date, the Company shall deposit with the Trustee or with the Paying Agent money sufficient to pay the
redemption or purchase price of, accrued interest and premium, if any, on all Notes to be redeemed or purchased on that date. Promptly
after the Company’s written request, the Trustee or the Paying Agent shall promptly return to the Company any money deposited with
the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption or purchase price of accrued interest
and premium, if any, on, all Notes to be redeemed or purchased.

 

If the Company complies with
the provisions of the preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or
the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on
or prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note
was registered at the close of business on such record date. If any Note called for redemption or purchase is not so paid upon surrender
for redemption or purchase because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the
unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid
on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof.

 

Section 3.06           Notes
Redeemed or Purchased in Part.

 

Upon surrender of a Note that
is redeemed or purchased in part, the Company shall issue and, upon receipt of an Authentication Order, the Trustee shall authenticate
for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed or unpurchased portion of the Note
surrendered.

 

Section 3.07           Optional
Redemption.

 

(a)            At
any time prior to October 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount
of the Notes, upon not less than 10 nor more than 60 days’ prior notice, at a redemption price equal to 103.750% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with an amount equal to the net cash proceeds
of one or more Equity Offerings, subject to the rights of Holders of the Notes on the relevant record date to receive interest due on
the relevant interest payment date; provided that:

 

(1)           at
least 50% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Company, its
Subsidiaries and parent entities) remains outstanding immediately after the occurrence of such redemption; and

 

(2)            the
redemption occurs within 180 days of the date of the closing of such equity offering.

 

    34

     

    

 

(b)           At
any time prior to January 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less
than 10 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the applicable redemption date, subject to the rights of
Holders on the relevant record date to receive interest due on the relevant interest payment date.

 

(c)            Except
pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to January 15, 2027.

 

(d)           On
or after January 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10
nor more than 60 days’ prior notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the 12-month period
beginning on January 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive interest
on the relevant interest payment date:

 

	Year	 	Percentage	 
	2027	 	 	101.875	%
	2028	 	 	101.250	%
	2029	 	 	100.625	%
	2030 and thereafter	 	 	100.000	%

 

(e)            Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof.

 

(f)            The
provisions of this Article 3 do not prohibit the Company or its affiliates from acquiring the Notes in market transactions by means
other than a redemption, whether pursuant to a tender offer or otherwise.

 

(g)            Notwithstanding
anything to the contrary in this Article 3, in connection with any tender offer for, or other offer to purchase, the Notes, if Holders
of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in such tender
offer (or other offer to purchase) and the Company, or any third party making such a tender offer (or other offer to purchase) in lieu
of the Company, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company will have the right, upon not
less than 10 nor more than 60 days’ prior notice, given not more than 30 days following such tender offer expiration date (or purchase
date pursuant to such other offer), to redeem all Notes that remain outstanding following such purchase at a redemption price in cash
equal to the price paid to each other Holder (excluding any early tender, incentive or similar fee) in such tender offer (or other offer
to purchase), plus, to the extent not included in the tender offer payment (or payment pursuant to another offer to purchase), accrued
and unpaid interest, if any, to the date of redemption. In determining whether the Holders of at least 90.0% of the aggregate principal
of the then outstanding Notes have validly tendered and not withdrawn such Notes in a tender offer or other offer to purchase, such calculation
shall include all Notes owned by an Affiliate of the Company (notwithstanding any provision of this Indenture to the contrary).

 

Section 3.08           Mandatory
Redemption.

 

The Company is not required
to make mandatory redemption or sinking fund payments with respect to the Notes.

 

    35

     

    

 

ARTICLE 4

COVENANTS

 

For purposes of the Notes,
Article 4 hereof provides the terms of the various covenants to which the Notes are subject. For purposes of any Additional Securities
issued under this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the terms of the covenants
to which such Additional Securities are subject, which may include some, all or none of the covenants contained in this Article 4
hereof.

 

Section 4.01           Payment
of Notes.

 

The Company shall pay or cause
to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in the Notes. Principal,
premium, if any, and interest will be considered paid on the date due if the Paying Agent, if other than the Company or a Subsidiary thereof,
holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due.

 

Section 4.02          Maintenance
of Office or Agency.

 

The Company will maintain
an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may
be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes
and this Indenture may be served. The Company will give prompt written notice to the Trustee of the location, and any change in the location,
of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee
with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the
Trustee.

 

The Company may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes
and may from time to time rescind such designations. The Company will give prompt written notice to the Trustee of any such designation
or rescission and of any change in the location of any such other office or agency.

 

The Company hereby designates
the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03 hereof.

 

Section 4.03           Reports.

 

(a)            Whether
or not required by the SEC’s rules and regulations, so long as any Notes are outstanding, the Company shall furnish or cause
to be furnished to Holders, within the time periods (including any extensions thereof) specified in the SEC’s rules and regulations:

 

(1)            all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file
such reports; and

 

(2)            all
current reports that would be required to be filed with the SEC on Form 8-K if the Company were required to file such reports.

 

All such reports shall be
prepared in all material respects in accordance with all of the rules and regulations applicable to such reports. Each annual report
on Form 10-K will include a report on the Company’s consolidated financial statements by the Company’s independent registered
public accounting firm. To the extent the reports referred to in clauses (1) and (2) above are filed with the SEC for public
availability, the reports will be deemed to be furnished to the Trustee and Holders of Notes.

 

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If the Company is no longer
subject to the periodic reporting requirements of the Exchange Act for any reason, the Company shall nevertheless continue filing the
reports specified in this Section 4.03(a) with the SEC within the time periods specified above unless the SEC will not accept
such a filing. The Company agrees that it shall not take any action for the purpose of causing the SEC not to accept any such filings.
If, notwithstanding the foregoing, the SEC will not accept the Company’s filings for any reason, the Company shall post the reports
referred to in this Section 4.03(a) on the website of Clearway Energy, Inc. within the time periods that would apply if
the Company were required to file those reports with the SEC.

 

(b)           So
long as the Parent Guarantor continues to own, directly or indirectly, all of the Equity Interests of the Company, the Parent Guarantor
may elect to prepare and file and furnish the quarterly, annual and current reports and consolidated financial statements referred to
above in respect of the Parent Guarantor and such reports and consolidated financial statements will be deemed to satisfy the obligations
of the Company under this Section 4.03.

 

(c)            In
addition, the Company and the Guarantors agree that, for so long as any Notes remain outstanding, at any time they are not required to
file the reports required by the preceding paragraphs with the Commission, they shall furnish to the Holders and to securities analysts
and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the
Securities Act.

 

Section 4.04           Compliance
Certificate.

 

(a)           The
Company shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officers’ Certificate stating that a
review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the
signing Officers with a view to determining whether the Company has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company
has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance
or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing
all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take
with respect thereto) and that to the best of his or her knowledge no event has occurred and remains in existence by reason of which payments
on account of the principal of, premium, if any, and interest, if any, on the Notes is prohibited or if such event has occurred, a description
of the event and what action the Company is taking or proposes to take with respect thereto.

 

(b)           So
long as any of the Notes are outstanding, the Company shall deliver to the Trustee, promptly after any Officer becoming aware of any Default
or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking
or proposes to take with respect thereto.

 

Section 4.05           Taxes.

 

The Company shall pay, and
shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such
as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is not adverse in any material
respect to the Holders.

 

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Section 4.06           Stay,
Extension and Usury Laws.

 

The Company and each of the
Guarantors covenants (to the extent that it may lawfully do so) that they shall not at any time insist upon, plead, or in any manner whatsoever
claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that
may affect the covenants or the performance of the Indenture; and the Company and each of the Guarantors (to the extent that they may
lawfully do so) hereby expressly waive all benefit or advantage of any such law, and covenant that they shall not, by resort to any such
law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every
such power as though no such law has been enacted.

 

Section 4.07           Liens.

 

The Company will not, and
will not permit any Subsidiary Guarantor, to create or permit to exist any Lien upon any Principal Property owned by the Company or any
Subsidiary Guarantor or upon any Equity Interests issued by, or Indebtedness of, any direct or indirect Subsidiary of the Company that
directly or indirectly owns Principal Property to secure any Indebtedness of the Company or any Subsidiary Guarantor without providing
for the Notes to be equally and ratably secured with (or prior to) any and all such Indebtedness and any other Indebtedness similarly
entitled to be equally and ratably secured for so long as such Indebtedness is so secured; provided, however, that this restriction
will not apply to, or prevent the creation or existence of:

 

(1)            Liens
securing Indebtedness of the Company or any Subsidiary Guarantor under one or more Credit Facilities in an aggregate principal amount
pursuant to this clause (1), measured as of the date of creation of any such Lien and the date of incurrence of any such Indebtedness,
not exceeding the greatest of (a) 20% of Total Assets, (b) $1.0 billion and (c) 2.5 times Adjusted LTM CAFD;

 

(2)            Existing
Liens;

 

(3)            Liens
securing Indebtedness of any Person that (a) is acquired by the Company or any of its Subsidiaries after the date hereof, (b) is
merged or amalgamated with or into the Company or any of its Subsidiaries after the date hereof or (c) becomes consolidated in the
financial statements of the Company or any of its Subsidiaries after the date hereof in accordance with GAAP; provided, however,
that in each case contemplated by this clause (3), such Indebtedness was not incurred in contemplation of such acquisition, merger,
amalgamation or consolidation and is only secured by Liens on the Equity Interests and assets of, the Person (and Subsidiaries of the
Person) acquired by, or merged or amalgamated with or into, or consolidated in the financial statements of, the Company or any of its
Subsidiaries;

 

(4)            Liens
securing Indebtedness of the Company or any Subsidiary Guarantor incurred to finance (whether prior to or within 365 days after)
the acquisition, construction or improvement of assets (whether through the direct purchase of assets or through the purchase of the Equity
Interests of any Person owning such assets or through an acquisition of any such Person by merger); provided, however, that such
Indebtedness is only secured by Liens on the Equity Interests and assets acquired, constructed or improved in such financing (and related
contracts, intangibles, and other assets that are incidental thereto or arise therefrom (including accessions thereto and replacements
or proceeds thereof));

 

(5)            Liens
in favor of the Company or any of its Subsidiaries;

 

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(6)            Liens
securing Hedging Obligations; provided that such agreements were not entered into for speculative purposes (as determined by the
Company in its reasonable discretion acting in good faith);

 

(7)            Liens
relating to current or future escrow arrangements securing Indebtedness of the Company or any Guarantor;

 

(8)            Liens
to secure Environmental CapEx Debt or Necessary CapEx Debt that encumber only the assets purchased, installed or otherwise acquired with
the proceeds of such Environmental CapEx Debt or Necessary CapEx Debt;

 

(9)            Liens
encumbering deposits made to secure obligations arising from statutory, regulatory, contractual or warranty requirements of the Company
or any Guarantor, including rights of offset and set-off;

 

(10)          Refinancing
Liens;

 

(11)          Liens
on the stock or assets of Project Subsidiaries securing Project Debt or Tax Equity Financing of one or more Project Subsidiaries;

 

(12)          Liens
on cash and cash equivalents securing Indebtedness incurred to finance an acquisition of assets or a business or multiple businesses;
provided, that within 180 days from the date the related Indebtedness was Incurred, such cash or cash equivalents are used
to (a) fund the acquisition (or a similar transaction), including any related fees and expenses, and the related Indebtedness is
(1) secured by Liens otherwise permitted under this Section 4.07 or (2) unsecured; or (b) retire or repay the Indebtedness
that it secures and to pay any related fees and expenses; and

 

(13)          other
Liens, in addition to those permitted in clauses (1) through (12) above, securing Indebtedness of the Company or any Subsidiary
Guarantor having an aggregate principal amount, measured as of the date of creation of any such Lien and the date of incurrence of any
such Indebtedness, not to exceed the greater of (i) 2.0% of Total Assets and (ii) $100.0 million.

 

Liens securing Indebtedness
under the Credit Agreement existing on the date of this Indenture will be deemed to have been incurred on such date in reliance on the
exception provided by clause (1) above. For purposes of determining compliance with this Section 4.07, in the event that
a proposed Lien meets the criteria of more than one of the categories of Liens described in clauses (1) through (13) above,
the Company (a) will be permitted (i) to classify such Lien on the date of its incurrence, or later reclassify all or a portion
of such Lien, in any manner that complies with this Section 4.07 and (ii) divide and redivide the amount of such Lien arising
among more than one of such clauses and (b) will only be required to include such Lien in one of any such clauses.

 

If the Company or any Subsidiary
Guarantor proposes to create or permit to exist any Lien upon any Principal Property owned by the Company or any Subsidiary Guarantor
or upon any Equity Interests or Indebtedness of any direct or indirect Subsidiary of the Company that directly or indirectly owns Principal
Property to secure any Indebtedness, other than as permitted by clauses (1) through (13) of the previous paragraph, the
Company will give prior written notice thereof to the Trustee, who will give notice to the Holders of the Notes, and the Company will
further agree, prior to or simultaneously with the creation of such Lien, effectively to secure all the Notes equally and ratably with
(or prior to) such other Indebtedness, for so long as such other Indebtedness is so secured.

 

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Section 4.08           Limited
Liability Company Existence.

 

Subject to Article 5
hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect:

 

(1)            its
limited liability company existence, and the corporate, partnership or other existence, as applicable, of the Parent Guarantor and each
of its Subsidiaries, in accordance with the respective organizational documents (as the same may be amended from time to time) of the
Company, the Parent Guarantor or any such Subsidiary; and

 

(2)            the
rights (charter and statutory), licenses and franchises of the Company, the Parent Guarantor and its Subsidiaries; provided, however,
that the Company shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence
of the Parent Guarantor or any of its Subsidiaries, if (a) the Company shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company, the Parent Guarantor and its Subsidiaries, taken as a whole, and that the loss
thereof is not adverse in any material respect to the Holders of the Notes or (b) if a Subsidiary is to be dissolved, such Subsidiary
has no assets.

 

Section 4.09           Offer
to Repurchase Upon Change of Control Triggering Event.

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, the Company will make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest,
if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any
Change of Control Triggering Event, the Company will mail (or deliver electronically) a notice to each Holder describing the transaction
or transactions that constitute the Change of Control and stating:

 

(1)            that
the Change of Control Offer is being made pursuant to this Section 4.09 and that all Notes tendered will be accepted for payment;

 

(2)            the
purchase price and the purchase date, which shall be no earlier than 10 days (or such longer period required by applicable securities
laws and regulations) and no later than 60 days from the date such notice is mailed or delivered (the “Change of Control Payment
Date”);

 

(3)            that
any Note not tendered will continue to accrue interest;

 

(4)            that,
unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of
Control Offer will cease to accrue interest after the Change of Control Payment Date;

 

(5)            that
Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes, with the
form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address
specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date;

 

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(6)            that
Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business
Day preceding the Change of Control Payment Date, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and

 

(7)            that
Holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to the unpurchased portion of
the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess
of $2,000.

 

The Company shall comply with
the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent those
laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event.
To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.09, the Company
shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.09
by virtue of such compliance.

 

(b)            On
the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(1)            accept
for payment all Notes or portions of Notes properly tendered pursuant to the Change of Control Offer;

 

(2)            deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered;
and

 

(3)            deliver
or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the aggregate
principal amount of Notes or portions of Notes being purchased by the Company.

 

The Paying Agent shall promptly
distribute to each Holder of Notes properly tendered the Change of Control Payment for the Notes, and the Trustee shall promptly authenticate
and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion
of the Notes surrendered, if any; provided that each new Note shall be in a principal amount of $2,000 or an integral multiple
of $1,000 in excess thereof. The Company shall publicly announce the results of the Change of Control Offer on or as soon as practicable
after the Change of Control Payment Date.

 

(c)            The
provisions described in Sections 4.09(a) and (b) shall apply whether or not any other provisions of this Indenture are applicable.
Except as described in Sections 4.09(a) and (b) hereof, Holders of Notes shall not be permitted to require that the Company
repurchase or redeem the Notes in the event of a takeover, recapitalization or similar transaction.

 

(d)            Notwithstanding
anything to the contrary in this Section 4.09, the Company shall not be required to make a Change of Control Offer upon a Change
of Control Triggering Event if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance
with the requirements set forth in this Section 4.09 and purchases all Notes properly tendered and not withdrawn under the Change
of Control Offer, or (2) notice of redemption has been given pursuant to Section 3.07 hereof, unless and until there is a default
in payment of the applicable redemption price. A Change of Control Offer may be made in advance of a Change of Control Triggering Event,
with the obligation to pay and the timing of payment conditioned upon the occurrence of a Change of Control Triggering Event, if a definitive
agreement to effect a Change of Control is in place at the time the Change of Control Offer is made.

 

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(e)            If
Holders of not less than 90.0% in aggregate principal amount of the outstanding Notes validly tender and not withdraw such Notes in a
Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as described above,
purchases all of the Notes validly tendered and not withdrawn by such Holders, all of the Holders of the Notes will be deemed to have
validly tendered their notes and not withdrawn and, accordingly, the Company will have the right, upon not less than 10 nor more than
60 days’ prior notice, given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all
Notes that remain outstanding following such purchase at a redemption price in cash equal to the applicable Change of Control Payment,
plus, to the extent not included in the Change of Control Payment, accrued and unpaid interest, if any, to the date of redemption. In
determining whether the Holders of at least 90.0% of the aggregate principal of the then outstanding Notes have validly tendered and not
withdrawn such Notes in a tender offer or other offer to purchase, such calculation shall include all Notes owned by an Affiliate of the
Company (notwithstanding any provision of this Indenture to the contrary).

 

Section 4.10           Additional
Subsidiary Guarantees.

 

If,

 

(1)            the
Company or any of its Subsidiaries acquires or creates another Wholly Owned Subsidiary after the Issue Date and such Wholly Owned Subsidiary
Guarantees any Obligations of the Company under the Credit Agreement, or

 

(2)            any
Wholly Owned Subsidiary that does not Guarantee any Obligations of the Company under the Credit Agreement as of the date of the Indenture
subsequently Guarantees any Obligations of the Company under the Credit Agreement, or

 

(3)            if
there is no Indebtedness of the Company outstanding under the Credit Agreement at that time, any Wholly Owned Subsidiary of the Company
(including any newly acquired or created Wholly Owned Subsidiary) Guarantees any Obligations with respect to any other Material Indebtedness
of the Company,

 

then such newly acquired or created Wholly Owned
Subsidiary or Wholly Owned Subsidiary that subsequently fully and unconditionally Guarantees Obligations under the Credit Agreement or
other Material Indebtedness of the Company, as the case may be, will become a Guarantor of the Notes and execute a supplemental indenture
in the form attached hereto as Exhibit E and deliver an Opinion of Counsel satisfactory to the trustee within 60 business
days of the date on which it was acquired or created or guaranteed other Material Indebtedness of the Company, as the case may be.

 

Section 4.11           Holding
Company Status

 

The Parent Guarantor will
not engage in any business, activity or transaction or own any interest (fee, leasehold or otherwise) in any real property, or incur,
assume, or suffer to exist any Indebtedness other than:

 

(1)            the
ownership of debt or Equity Interests in the Company;

 

(2)            maintaining
its corporate existence;

 

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(3)            participating
in tax, accounting and other administrative activities as the parent of a consolidated group of companies, including the Company;

 

(4)            making
distributions to holders of its debt or Equity Interests or contributions to the Company or any Subsidiary of the Company;

 

(5)            the
performance of its obligations under the Exchange Agreement and similar agreements;

 

(6)            issuing
a Guarantee in respect of, or otherwise becoming liable with respect to, Indebtedness incurred by Clearway Energy, Inc., the
Company or any Subsidiary of the Company and the execution and delivery of any agreements related to the foregoing, including credit agreements,
indentures, security agreements, and notes;

 

(7)            issuing
equity securities and/or issuing or incurring Indebtedness, including to finance acquisitions; and

 

(8)            activities
incidental to the businesses or activities described in clauses (1) through (7) above.

 

ARTICLE 5

SUCCESSORS

 

For purposes of the Notes,
Article 5 hereof provides the terms upon which a Person can succeed the Obligations of the Company or the Guarantors. For purposes
of any Additional Securities issued under this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify
the terms upon which a Person can succeed the obligations of the Company or the Guarantors, if any, to such Additional Securities, which
may include some, all or none of the terms contained in this Article 5 hereof.

 

Section 5.01           Merger,
Consolidation or Sale of Assets.

 

Neither the Parent Guarantor
nor the Company shall, directly or indirectly: (1) consolidate or merge with or into another Person (whether or not the Parent Guarantor
or the Company is the surviving Person); or (2) sell, assign, transfer, convey or otherwise dispose of all or substantially all of
the properties or assets of the Parent Guarantor or the Parent Guarantor and its Subsidiaries taken as a whole or the Company or the Company
and its Subsidiaries taken as a whole, in one or more related transactions, to another Person, unless:

 

(1)            either:

 

(A)           the
Parent Guarantor or the Company, as the case may be, is the surviving Person; or

 

(B)            the
Person formed by or surviving any such consolidation or merger (if other than the Parent Guarantor or the Company, as the case may be)
or to which such sale, assignment, transfer, conveyance or other disposition has been made is a corporation, partnership or limited liability
company organized or existing under the laws of the United States, any state of the United States or the District of Columbia; provided
that if the Person is a partnership or limited liability company, then a corporation wholly owned by such Person organized or existing
under the laws of the United States, any state of the United States or the District of Columbia that does not and will not have any material
assets or operations shall become a co-issuer of the Notes pursuant to a supplemental indenture duly executed by the Trustee;

 

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(2)            the
Person formed by or surviving any such consolidation or merger (if other than the Parent Guarantor or the Company, as the case may be)
or the Person to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the
Parent Guarantor or the Company, as the case may be, under the Notes and this Indenture pursuant to a supplemental indenture or other
documents and agreements reasonably satisfactory to the Trustee; and

 

(3)            immediately
after such transaction, no Default or Event of Default exists.

 

In addition, neither the Parent
Guarantor nor the Company will, directly or indirectly, lease all or substantially all of its and its respective Subsidiaries’ properties
or assets taken as a whole, in one or more related transactions, to any other Person.

 

This Section 5.01 shall
not apply to:

 

(1)            a
merger of the Parent Guarantor or the Company, as the case may be, with an Affiliate solely for the purpose of reforming the Parent Guarantor
or the Company, as the case may be, in another jurisdiction or forming a direct or indirect holding company of the Company that is a Wholly
Owned Subsidiary of the Parent Guarantor; and

 

(2)            any
sale, transfer, assignment, conveyance, lease or other disposition of assets between or among the Parent Guarantor, the Company and their
respective Subsidiaries, including by way of merger or consolidation.

 

Section 5.02           Successor
Entity Substituted.

 

Upon any consolidation or
merger, or any sale, assignment, transfer, lease, conveyance or other disposition of all or substantially all of the properties or assets
of the Parent Guarantor, the Company and their respective Subsidiaries taken as a whole in a transaction that is subject to, and that
complies with the provisions of, Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the
Parent Guarantor or the Company, as the case may be, is merged or to which such sale, assignment, transfer, conveyance or other disposition
is made shall succeed to, and be substituted for (so that from and after the date of such consolidation, merger, sale, assignment, transfer,
conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor
Person and not to the Company or, as the case may be, the provisions of this Indenture referring to the “Parent Guarantor”
shall refer instead to the successor Person and not to the Parent Guarantor), and may exercise every right and power of the Parent Guarantor
or the Company, as the case may be, under this Indenture with the same effect as if such successor Person had been named as the Parent
Guarantor or the Company, as the case may be, herein; provided, however, that the predecessor Company shall not be relieved from
the obligation to pay the principal of, premium, if any, and interest on, the Notes and that the predecessor Parent Guarantor shall not
be relieved from its obligations under its Guarantee except in the case of a sale of all of the Company’s or the Parent Guarantors
assets, as the case may be, in a transaction that is subject to, and that complies with the provisions of, Section 5.01 hereof.

 

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ARTICLE 6

DEFAULTS AND REMEDIES

 

For purposes of the Notes,
Article 6 hereof provides the terms of defaults and remedies. For purposes of any Additional Securities issued under this Indenture,
the Supplement Indenture in respect of such Additional Securities will specify the terms of defaults and remedies for such Additional
Securities, which may include some, all or none of the terms contained in this Article 6 hereof.

 

Section 6.01           Events
of Default.

 

Each of the following is an
“Event of Default”:

 

(1)            default
for 30 days in the payment when due of interest on the Notes;

 

(2)            default
in the payment when due of the principal of, or premium, if any, on the Notes;

 

(3)            failure
by the Company or any Guarantor for 60 days (or, in the case of any failure to comply with Section 4.03 of this Indenture, 120 days)
after written notice to the Company given by the Trustee or the Holders of at least 30% in aggregate principal amount of the Notes that
are then outstanding, to comply with any of the agreements in this Indenture (other than a default referred to in clause (1) or (2) of
this Section 6.01);

 

(4)            default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any Guarantor (or the payment of which is Guaranteed by the Company or any Guarantor), whether such
Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default:

 

(A)           is
caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period
provided in such Indebtedness on the date of such default (a “Payment Default”); or

 

(B)           results
in the acceleration of such Indebtedness prior to its express maturity,

 

and, in each case, the principal amount
of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, exceeds the greater of (i) 1.5% of Total Assets and (ii) $100.0 million;
provided that this clause (4) shall not apply (i) to secured Indebtedness that becomes due as a result of the
voluntary sale or transfer of the property or assets securing such Indebtedness to a Person that is not an Affiliate of the Company and
(ii) to the extent constituting Indebtedness, any indemnification, guarantee or other credit support obligations of the Company or
any of the Guarantors in connection with any Tax Equity Financing entered into by a non-Subsidiary Guarantor;

 

(5)            except
as permitted by this Indenture, any Guarantee by any Guarantor (or any group of Guarantors) that, if Subsidiaries of the Company, would
constitute a Significant Subsidiary shall be held in any final and non-appealable judicial proceeding to be unenforceable or invalid or
shall cease for any reason to be in full force and effect or any Guarantor (or any group of Guarantors) that, if a Subsidiary of the Company,
would constitute a Significant Subsidiary, or any Person acting on behalf of any Guarantor (or any group of Guarantors) that, if a Subsidiary
of the Company, would constitute a Significant Subsidiary, shall deny or disaffirm its or their obligations under its or their Guarantee(s);

 

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(6)            the
Company or any of the Guarantors that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any group of Guarantors
that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary:

 

(A)            commences
a voluntary case,

 

(B)            consents
to the entry of an order for relief against it in an involuntary case,

 

(C)            consents
to the appointment of a custodian of it or for all or substantially all of its property,

 

(D)            makes
a general assignment for the benefit of its creditors, or

 

(E)            generally
is not paying its debts as they become due; or

 

(7)            a
court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(A)            is
for relief against the Company or any Guarantor that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any
group of Guarantors that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary;

 

(B)            appoints
a custodian of the Company or any Guarantor that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any group
of Guarantors that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary for all or substantially
all of the property of the Company or any such Guarantor; or

 

(C)            orders
the liquidation of the Company or any Guarantor that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any
group of Guarantors that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary;

 

and the order or decree remains unstayed
and in effect for 60 consecutive days.

 

Section 6.02           Acceleration.

 

In the case of an Event of
Default specified in clause (6) or (7) of Section 6.01 hereof, with respect to the Company, or any Guarantor of the Company
that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any group of Guarantors of the Company that, if Subsidiaries
of the Company, taken together, would constitute a Significant Subsidiary, all outstanding Notes will become due and payable immediately
without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 30% in
aggregate principal amount of the then outstanding Notes may declare all the Notes to be due and payable immediately. Upon any such declaration,
the Notes shall become due and payable immediately.

 

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Section 6.03           Other
Remedies.

 

If an Event of Default occurs
and is continuing, the Trustee may pursue any available remedy to collect the payment of principal of, premium, if any, or interest on,
the Notes or to enforce the performance of any provision of the Notes or this Indenture.

 

The Trustee may maintain a
proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission by the
Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy
or constitute a waiver of or acquiescence in the Event of Default. All remedies are cumulative to the extent permitted by law.

 

Section 6.04           Waiver
of Past Defaults.

 

The Holders of a majority
in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the
Notes waive any existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in
the payment of the principal of, premium, if any, or interest on, the Notes (including in connection with an offer to purchase); provided,
however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may, by written notice to the
Trustee, rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration. Upon
any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for
every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon.

 

Section 6.05           Control
by Majority.

 

Subject to certain limitations,
Holders of a majority in principal amount of the Notes that are then outstanding may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee in its exercise of any trust or power. However, the Trustee may refuse to
follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial to the rights of
other Holders of Securities or that may involve the Trustee in personal liability.

 

Section 6.06           Limitation
on Suits.

 

No Holder of a Note may pursue
any remedy with respect to this Indenture or the Notes unless:

 

(1)            such
Holder has previously given the Trustee written notice that an Event of Default is continuing;

 

(2)            Holders
of at least 30% in aggregate principal amount of the outstanding Notes make a written request to the Trustee to pursue the remedy;

 

(3)            such
Holders have offered the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense;

 

(4)            the
Trustee has not complied with such request within 60 days after receipt of the request and the offer of security or indemnity; and

 

(5)            Holders
of a majority in aggregate principal amount of the outstanding Notes have not given the Trustee a direction inconsistent with such request
within such 60-day period.

 

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A Holder of a Note may not
use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a
Note.

  

Section 6.07           Rights
of Holders of Notes to Receive Payment.

 

Notwithstanding any other
provision of this Indenture, the right of any Holder of a Note to receive payment of principal of, premium, if any, or interest on, the
Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring suit
for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such
Holder.

 

Section 6.08           Collection
Suit by Trustee.

 

If an Event of Default specified
in Section 6.01(1) or (2) hereof occurs and is continuing, the Trustee is authorized to recover judgment in its own name
and as trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest on, remaining
unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient
to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee,
its agents and counsel.

 

Section 6.09           Trustee
May File Proofs of Claim.

 

The Trustee is authorized
to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and
the Holders of the Notes allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors
or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable
on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee
any amount due to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and
any other amounts due to the Trustee under this Indenture, including without limitation, under Section 7.07 hereof. To the extent
that the payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other
amounts due to the Trustee under this Indenture, including without limitation, under Section 7.07 hereof out of the estate in any
such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and
all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether
in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize
the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment
or composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder
in any such proceeding.

 

Section 6.10           Priorities.

 

If the Trustee collects any
money pursuant to this Article 6, it shall pay out the money in the following order:

 

First:     to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expenses
and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection;

 

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Second:     to
Holders of Notes for amounts due and unpaid on the Notes for principal, premium, if any, and interest, ratably, without preference or
priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively;
and

 

 

Third:     to
the Company or to such party as a court of competent jurisdiction shall direct.

 

The Trustee may fix a record
date and payment date for any payment to Holders of Notes pursuant to this Section 6.10.

 

Section 6.11     Undertaking
for Costs.

 

In any suit for the enforcement
of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a Trustee, a court
in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court
in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having
due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to
a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in aggregate
principal amount of the then outstanding Notes.

 

ARTICLE 7

TRUSTEE

 

Section 7.01           Duties
of Trustee.

 

(a)            If
an Event of Default with respect to any Series of Securities has occurred and is continuing, the Trustee will exercise such of the
rights and powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would
exercise or use under the circumstances in the conduct of such person’s own affairs.

 

(b)            Except
during the continuance of an Event of Default:

 

(1)            the
duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need perform only those duties
that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture
against the Trustee; and

 

(2)            in
the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture.
However, the Trustee will examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture.

 

(c)            The
Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct,
except that:

 

(1)            this
paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 

(2)            the
Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee
was negligent in ascertaining the pertinent facts; and

 

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(3)            the
Trustee will not be liable with respect to any action taken, suffered or omitted to be taken in respect of the Notes in accordance with
a direction received by it pursuant to Section 6.05 hereof.

  

(d)           Whether
or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs
(a), (b), and (c) of this Section 7.01.

 

(e)            No
provision of this Indenture will require the Trustee to expend or risk its own funds or incur any liability. The Trustee will be under
no obligation to exercise any of its rights or powers under this Indenture at the request of any Holders, unless such Holder has offered
to the Trustee security and indemnity satisfactory to it against any loss, liability or expense.

 

(f)            The
Trustee will not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money
held in trust by the Trustee need not be segregated from other funds except to the extent required by law.

 

(g)           The
Paying Agent and the Registrar shall be entitled to the same protections, immunities and standard of care as are set forth in paragraphs
(a), (b) and (c) of this section with respect to the Trustee.

 

Section 7.02           Rights
of Trustee.

 

(a)            The
Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person.
The Trustee need not investigate any fact or matter stated in the document.

 

(b)           Before
the Trustee acts or refrains from acting, it may require an Officers’ Certificate. The Trustee will not be liable for any action
it takes or omits to take in good faith in reliance on such Officers’ Certificate. The Trustee may consult with counsel and the
written advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

 

(c)            The
Trustee may act through its attorneys and agents and will not be responsible for the misconduct or negligence of any agent appointed with
due care. No Depositary shall be deemed to be an attorney or agent of the Trustee and the Trustee shall not be responsible for any action
or omission by any Depositary.

 

(d)            The
Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights
or powers conferred upon it by this Indenture.

 

(e)            Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company will be sufficient if signed
by an Officer of the Company.

 

(f)            The
Trustee will be under no obligation to exercise any of the rights or powers under this Indenture at the request or direction of any of
the Holders unless such Holders have offered to the Trustee reasonable indemnity or security satisfactory to the Trustee against any loss,
liability or expense.

 

(g)           The
Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument,
opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document.

 

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(h)           The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has received
written notice thereof at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture.

  

(i)            In
no event shall the Trustee be liable for the selection of investments or for investment losses incurred thereon. The Trustee shall have
no liability in respect of losses incurred as a result of the liquidation of any investment prior to its stated maturity or failure to
provide timely written direction.

 

(j)            In
no event shall the Trustee be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including,
but not limited to, loss of profit), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action.

 

(k)           In
no event shall the Trustee be liable for any failure or delay in the performance of its obligations under this Indenture or any related
documents because of circumstances beyond the Trustee’s control, including, but not limited to, a failure, termination, or suspension
of a clearing house, securities depositary, settlement system or central payment system in any applicable part of the world or acts of
God, flood, war (whether declared or undeclared), civil or military disturbances or hostilities, nuclear or natural catastrophes, political
unrest, explosion, severe weather or accident, earthquake, terrorism, fire, riot, labor disturbances, strikes or work stoppages for
any reason, embargo, government action, including any laws, ordinances, regulations or the like (whether domestic, federal, state, county
or municipal or foreign) which delay, restrict or prohibit the providing of the services contemplated by this Indenture or any related
documents, or the unavailability of communications or computer facilities, the failure of equipment or interruption of communications
or computer facilities, or the unavailability of the Federal Reserve Bank wire or telex or other wire or communication facility, or any
other causes beyond the Trustee’s control whether or not of the same class or kind as specified above.

 

(l)            The
right of the Trustee to perform any discretionary act enumerated in this Indenture or any related document shall not be construed as a
duty.

 

(m)          The
Trustee may earn compensation in the form of short-term interest on items like uncashed distribution checks (from the date issued until
the date cashed), funds that the Trustee is directed not to invest, deposits awaiting investment direction or received too late to be
invested overnight in previously directed investments.

 

(n)           The
rights, privileges, protections, immunities and benefits given to the Trustee hereunder, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder.

 

Section 7.03           Individual
Rights of Trustee.

 

The Trustee in its individual
or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company
with the same rights it would have if it were not the Trustee. However, in the event that the Trustee acquires any conflicting interest
it must eliminate such conflict within 90 days or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject
to Sections 7.10 and 7.11 hereof.

 

Section 7.04           Trustee’s
Disclaimer.

 

The Trustee will not be responsible
for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be accountable for the Company’s
use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this
Indenture, it will not be responsible for the use or application of any money received by any Paying Agent other than the Trustee, and
it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with
the sale of the Notes or pursuant to this Indenture other than its certificate of authentication.

 

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Section 7.05           Notice
of Defaults.

 

If a Default or Event of Default
with respect to any Series of Securities occurs and is continuing and if it is known to a Responsible Officer of the Trustee, the
Trustee will mail to Holders of such Securities a notice of the Default or Event of Default within 90 days after it occurs or, if later,
after a Responsible Officer has knowledge of any Default or Event of Default. Except in the case of a Default or Event of Default in payment
of principal of, premium, if any, or interest on, any Security, the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders of the Securities.

 

Section 7.06           [Reserved]

 

Section 7.07           Compensation
and Indemnity.

 

(a)            The
Company will pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder.
The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Company will reimburse
the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by it in addition to the compensation
for its services. Such expenses will include the reasonable compensation, disbursements and expenses of the Trustee’s agents and
counsel.

 

(b)            The
Company and the Guarantors will indemnify the Trustee against any and all losses, liabilities or expenses incurred by it arising out of
or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing
this Indenture against the Company and the Guarantors (including this Section 7.07) and defending itself against any claim (whether
asserted by the Company, the Guarantors, any Holder or any other Person) or liability in connection with the exercise or performance of
any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its gross negligence,
bad faith or willful misconduct. The Trustee will notify the Company promptly of any claim for which it may seek indemnity. Failure by
the Trustee to so notify the Company will not relieve the Company or any of the Guarantors of their obligations hereunder. The Company
or such Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Company
will pay the reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without
its consent, which consent will not be unreasonably withheld.

 

(c)            The
obligations of the Company and the Guarantors under this Section 7.07 will survive the satisfaction and discharge of this Indenture.

 

(d)            To
secure the Company’s and the Guarantors’ payment obligations in this Section 7.07, the Trustee will have a Lien prior
to the Securities on all money or property held or collected by the Trustee, except that held in trust to pay principal of, premium, if
any, or interest on, particular Securities. Such Lien will survive the satisfaction and discharge of this Indenture.

 

(e)            When
the Trustee incurs expenses or renders services after an Event of Default specified in clause (6) or (7) of Section 6.01
hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended
to constitute expenses of administration under any Bankruptcy Law.

 

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(f)            [Reserved]

 

(g)           The
Company’s and Guarantors’ obligations under this Section 7.07 shall survive the resignation or removal of the Trustee,
any termination of this Indenture, including any termination or rejection of this Indenture in any insolvency or similar proceeding and
the repayment of all the Securities.

 

Section 7.08     Replacement
of Trustee.

 

(a)            A
resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s
acceptance of appointment as provided in this Section 7.08.

 

(b)            The
Trustee may resign in writing at any time and be discharged from the trust hereby created by so notifying the Company. The Holders of
a majority in aggregate principal amount of the then outstanding Securities may remove the Trustee by so notifying the Trustee and the
Company in writing at least 30 days prior to the effectiveness of such removal. The Company may remove the Trustee if:

 

(1)            the
Trustee fails to comply with Section 7.10 hereof;

 

(2)            the
Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law;

 

(3)            a
custodian or public officer takes charge of the Trustee or its property; or

 

(4)            the
Trustee becomes incapable of acting.

 

(c)            If
the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a
successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of
the then outstanding Securities may appoint a successor Trustee to replace the successor Trustee appointed by the Company.

 

(d)            If
a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company,
or the Holders of at least 10% in aggregate principal amount of the then outstanding Securities may petition any court of competent jurisdiction
for the appointment of a successor Trustee.

 

(e)            A
successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Thereupon, the resignation
or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the
Trustee under this Indenture. The successor Trustee will mail a notice of its succession to Holders. The retiring Trustee will promptly
transfer all property held by it as Trustee to the successor Trustee; provided all sums owing to the Trustee hereunder have been
paid and subject to the Lien provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08,
the Company’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee.

 

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Section 7.09           Successor
Trustee by Merger, etc.

 

If the Trustee consolidates, merges or converts into, or transfers
all or substantially all of its corporate trust business to, another corporation, the successor corporation without any further act will
be the successor Trustee.

 

Section 7.10           Eligibility;
Disqualification.

 

There will at all times be
a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of any state
thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal
or state authorities and that has a combined capital and surplus of at least $50.0 million as set forth in its most recent published annual
report of condition.

 

ARTICLE 8

LEGAL DEFEASANCE AND COVENANT DEFEASANCE

 

For purposes of the Notes,
Article 8 hereof provides the terms upon which legal defeasance and covenant defeasance can occur. For purposes of any Additional
Securities issued under this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the terms upon
which legal defeasance and covenant defeasance can occur for such Additional Securities, which may include some, all or none of the terms
contained in this Article 8 hereof.

 

Section 8.01           Option
to Effect Legal Defeasance or Covenant Defeasance.

 

The Company may at any time,
at the option of its Board of Directors evidenced by a resolution set forth in an Officers’ Certificate, elect to have either Section 8.02
or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8.

 

Section 8.02           Legal
Defeasance and Discharge.

 

Upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.02, the Company and each of the Guarantors shall, subject
to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations
with respect to all outstanding Notes (including the Guarantees) on the date the conditions set forth in Section 8.04 hereof are
satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company and the Guarantors
shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which
will thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 hereof and the other Sections of
this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes,
the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder:

 

(1)            the
rights of Holders of outstanding Notes to receive payments in respect of the principal of, premium, if any, or interest on such Notes
when such payments are due from the trust referred to in Section 8.04 hereof;

 

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(2)            the
Company’s obligations with respect to such Notes under Article 2 and Section 4.02 hereof;

 

(3)            the
rights, powers, trusts, duties, indemnities and immunities of the Trustee hereunder and the Company’s and the Guarantors’
obligations in connection therewith; and

 

(4)            this
Article 8.

 

Subject to compliance with
this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof.

 

Section 8.03           Covenant
Defeasance.

 

Upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Guarantors shall, subject to the
satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under Sections 4.07,
4.09 and 4.10 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof
are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed not “outstanding”
for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection
with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood that
such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to
the outstanding Notes and Guarantees, the Company and the Guarantors may omit to comply with and shall have no liability in respect of
any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document
and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof, but, except as specified
above, the remainder of this Indenture and such Notes and Guarantees shall be unaffected thereby. In addition, upon the Company’s
exercise under Section 8.01 hereof of the option applicable to this Section 8.03, subject to the satisfaction of the conditions
set forth in Section 8.04 hereof, Sections 6.01(3) and (4) hereof shall not constitute Events of Default.

 

Section 8.04          Conditions
to Legal or Covenant Defeasance.

 

In order to exercise either
Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof:

 

(1)            the
Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government
Securities, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized investment bank,
appraisal firm, or firm of independent public accountants, to pay the principal of, premium, if any, and interest on, the outstanding
Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether
the Notes are being defeased to such stated date for payment or to a particular redemption date;

 

(2)            in
the case of an election under Section 8.02 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that:

 

(A)           the
Company has received from, or there has been published by, the Internal Revenue Service a ruling; or

 

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(B)            since
the date of this Indenture, there has been a change in the applicable federal income tax law,

  

in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;

 

(3)            in
the case of an election under Section 8.03 hereof, the Company must deliver to the Trustee an Opinion of Counsel reasonably acceptable
to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes
as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same
times as would have been the case if such Covenant Defeasance had not occurred;

 

(4)            no
Default or Event of Default shall have occurred and is continuing on the date of such deposit (other than a Default or Event of Default
resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other Indebtedness),
and the granting of Liens to secure such borrowings);

 

(5)            such
Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement
or instrument (other than this Indenture and the agreements governing any other Indebtedness being defeased, discharged or replaced) to
which the Company or any of its Subsidiaries or the Parent Guarantor is a party or by which the Company or any of its Subsidiaries or
the Parent Guarantor is bound;

 

(6)            the
Company must deliver to the Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent
of preferring the Holders of Notes over the other creditors of the Company with the intent of defeating, hindering, delaying or defrauding
any creditors of the Company or others; and

 

(7)            the
Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with.

 

Section 8.05           Deposited
Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.

 

Subject to Section 8.06
hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying
trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 hereof in
respect of the outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and
this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee
may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest,
but such money need not be segregated from other funds except to the extent required by law.

 

The Company shall pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities
deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee
or other charge which by law is for the account of the Holders of the outstanding Notes.

 

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Notwithstanding anything in
this Article 8 to the contrary, the Trustee shall deliver or pay to the Company from time to time upon the request of the Company
any money or non-callable Government Securities held by it as provided in Section 8.04 hereof which, in the opinion of a nationally
recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be
the opinion delivered under Section 8.04(1) hereof), are in excess of the amount thereof that would then be required to be deposited
to effect an equivalent Legal Defeasance or Covenant Defeasance.

 

Section 8.06           Repayment
to Company.

 

Any money deposited with the
Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium, if any, or interest on,
any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be
paid to the Company on its written request or (if then held by the Company) will be discharged from such trust; and the Holder of such
Note will thereafter be permitted to look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent
with respect to such trust money, and all liability of the Company as trustee thereof, will thereupon cease; provided, however,
that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Company cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that,
after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance
of such money then remaining shall be repaid to the Company.

 

Section 8.07           Reinstatement.

 

If the Trustee or Paying Agent
is unable to apply any U.S. dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 hereof, as the
case may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting
such application, then the Company’s and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees
will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee
or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that, if the Company makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement
of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money
held by the Trustee or Paying Agent.

 

ARTICLE 9

AMENDMENT, SUPPLEMENT AND WAIVER

 

Section 9.01           Without
Consent of Holders of Notes.

 

Notwithstanding Section 9.02
of this Indenture, without the consent of any Holder of Securities, the Company, the Guarantors and the Trustee may amend or supplement
this Indenture, the Securities or the Subsidiary Guarantees:

 

(1)            to
cure any ambiguity, mistake, defect or inconsistency;

 

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(2)            to
provide for uncertificated Securities in addition to or in place of certificated Securities (provided, that the uncertificated
Securities are issued in registered form for purposes of Section 163(f) of the Code);

 

(3)            to
provide for the assumption of the Parent Guarantor’s or the Company’s Obligations to Holders of Securities in the case of
a merger or consolidation or sale of all or substantially all of the Parent Guarantor’s or the Company’s assets, as the case
may be;

 

(4)            to
make any change that would provide any additional rights or benefits to the Holders of the Securities or that does not adversely affect
the legal rights under this Indenture of any such Holder;

 

(5)            to
conform the text of this Indenture or the Notes to any provision of the “Description of the Notes” section of the Offering
Memorandum, relating to the initial offering of the Notes;

 

(6)            to
evidence and provide for the acceptance and appointment under this Indenture of a successor trustee pursuant to the requirements hereof;

 

(7)            to
provide for the issuance of Additional Notes and Additional Securities in accordance with the limitations set forth in this Indenture
as of the date hereof; or

 

(8)            to
allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with respect to the Securities.

 

Upon the request of the Company
accompanied by a Board Resolution authorizing the execution of any such amended or supplemental indenture, and upon receipt by the Trustee
of the documents described in Section 7.02 hereof, the Trustee shall join with the Company and the Guarantors in the execution of
any amended or supplemental indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements
and stipulations that may be therein contained, but the Trustee shall not be obligated to enter into such amended or supplemental indenture
that affects its own rights, duties or immunities under this Indenture or otherwise.

 

Section 9.02           With
Consent of Holders of Notes.

 

Except as provided below in
this Section 9.02, the Company and the Trustee may amend or supplement this Indenture (including, without limitation, Section 4.09
hereof), the Notes and the Guarantees with the consent of the Holders of at least a majority in aggregate principal amount of the then
outstanding Securities of each Series of Securities affected thereby (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for, or purchase of, any Series of Securities), and, subject to Sections 6.04 and 6.07 hereof,
any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any,
or interest on, any Securities, except a payment default resulting from an acceleration that has been rescinded) or compliance with any
provision of this Indenture, the Notes or the Guarantees may be waived with the consent of the Holders of a majority in aggregate principal
amount of the then outstanding Securities of each Series of Securities affected thereby (including, without limitation, consents
obtained in connection with a tender offer or exchange offer for, or purchase of, any Series of Securities). Section 2.09 hereof
shall determine which Securities are considered to be “outstanding” for purposes of this Section 9.02.

 

Upon the request of the Company
accompanied by a Board Resolution and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders
of Securities as aforesaid, and upon receipt by the Trustee of an Officers’ Certificate and Opinion of Counsel, the Trustee shall
join with the Company and the Guarantors in the execution of such amended or supplemental indenture unless such amended or supplemental
indenture directly affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee
may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture.

 

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It is not necessary for the
consent of the Holders of Securities under this Section 9.02 to approve the particular form of any proposed amendment, supplement
or waiver, but it is sufficient if such consent approves the substance thereof.

 

After an amendment, supplement
or waiver under this Section 9.02 becomes effective, the Company shall mail or deliver electronically to the Holders of Securities
affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail or deliver such notice,
or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental indenture or waiver.
Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate principal amount of the Securities of any particular
Series then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision
of this Indenture, the Securities or the Guarantees. However, without the consent of each Holder of any Security affected, an amendment,
supplement or waiver under this Section 9.02 may not (with respect to any Security held by a non-consenting Holder):

 

(1)            reduce
the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver;

 

(2)            reduce
the principal of or change the fixed maturity of any Security or alter the provisions with respect to the redemption of the Securities
(other than provisions relating to the covenants described in Section 4.09 hereof and provisions relating to the number of days’
notice to be given in case of redemption);

 

(3)            reduce
the rate of or change the time for payment of interest on any Security;

 

(4)            waive
a Default or Event of Default in the payment of principal of, premium, if any, or interest on, any Security (except a rescission of acceleration
of any Series of Securities by the Holders of at least a majority in aggregate principal amount of the then outstanding Securities
of such Series and a waiver of the payment default that resulted from such acceleration);

 

(5)            make
any Security payable in currency other than that stated in the Securities;

 

(6)            make
any change in the provisions of this Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive
payments of principal of, premium, if any, or, interest on, the Securities;

 

(7)            waive
a redemption payment with respect to any Security (other than a payment required by Sections 4.09 hereof); or

 

(8)            make
any change in the preceding amendment and waiver provisions.

 

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Section 9.03           [Reserved]

 

Section 9.04           Revocation
and Effect of Consents.

 

Until an amendment, supplement
or waiver becomes effective, a consent to it by a Holder of a Security is a continuing consent by the Holder of a Security and every subsequent
Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation
of the consent is not made on any Security. However, any such Holder of a Security or subsequent Holder of a Security may revoke the consent
as to its Security if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective.
An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder.

 

Section 9.05           Notation
on or Exchange of Securities.

 

The Trustee may place an appropriate
notation about an amendment, supplement or waiver on any Security thereafter authenticated. The Company in exchange for all Securities
may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Securities that reflect the amendment, supplement
or waiver.

 

Failure to make the appropriate
notation or issue a new Security will not affect the validity and effect of such amendment, supplement or waiver.

 

Section 9.06           Trustee
to Sign Amendments, etc.

 

The Trustee shall sign any
amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect
the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amended or supplemental indenture until the
Board of Directors of the Company approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive
and (subject to Section 7.01 hereof) will be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel
stating that the execution of such amended or supplemental indenture is authorized or permitted by this Indenture.

 

ARTICLE 10

GUARANTEES

 

For purposes of the Notes,
Article 10 hereof provides the terms of the Guarantees of the Notes. For purposes of any Additional Securities issued under this
Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the terms of guarantees for such Additional
Securities, which may include some, all or none of the terms contained in this Article 10 hereof.

 

Section 10.01         Guarantee.

 

(a)            Subject
to this Article 10, each of the Guarantors hereby, jointly and severally, fully and unconditionally guarantees to each Holder of
a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and
enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that:

 

(1)            the
principal of, premium, if any, and interest on, the Notes shall be promptly paid in full when due, whether at maturity, by acceleration,
redemption or otherwise, and interest on the overdue principal of, premium, if any, and interest on, the Notes, if lawful, and all other
obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full or performed, all in accordance
with the terms hereof and thereof; and

 

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(2)            in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in
full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise.

 

Failing payment when due of
any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally obligated
to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection.

 

(b)            The
Guarantors hereby agree that their obligations hereunder are full and unconditional, irrespective of the validity, regularity or enforceability
of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect
to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance
which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding
first against the Company, protest, notice and all demands whatsoever and covenant that this Guarantee will not be discharged except by
complete performance of the obligations contained in the Notes and this Indenture.

 

(c)            If
any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator
or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such
Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect.

 

(d)            Each
Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed
hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the
one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated
as provided in Article 6 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing
such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such
obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable
by the Guarantors for the purpose of this Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor
so long as the exercise of such right does not impair the rights of the Holders under the Guarantee.

 

Section 10.02         Limitation
on Guarantor Liability.

 

Each Guarantor, and by its
acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not
constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the
Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum
amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are
relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or
on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations
of such Guarantor under its Guarantee not constituting a fraudulent transfer or conveyance.

 

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Section 10.03         Execution
and Delivery of Guarantee.

 

Each Guarantor hereby agrees
that its Guarantee set forth in Section 10.01 hereof will remain in full force and effect notwithstanding any failure to endorse
on each Note a notation of such Guarantee.

 

If an Officer whose signature
is on this Indenture or on the Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Guarantee
is endorsed, the Guarantee will be valid nevertheless.

 

The delivery of any Note by
the Trustee, after the authentication thereof hereunder, will constitute due delivery of the Guarantee set forth in this Indenture on
behalf of the Guarantors.

 

Section 10.04         Guarantors
May Consolidate, etc., on Certain Terms.

 

Except as otherwise provided
in Section 10.05 hereof, no Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate
with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the Company or another Guarantor,
unless:

 

(1)            immediately
after giving effect to such transaction, no Default or Event of Default exists; and

 

(2)            subject
to Section 10.05 hereof, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any
such consolidation or merger fully and unconditionally assumes all the obligations of that Guarantor under its Guarantee, this Indenture
on the terms set forth herein, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee;

 

In case of any such consolidation,
merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee
and satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants
and conditions of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor
with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all
of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Company
and delivered to the Trustee. All the Guarantees so issued will in all respects have the same legal rank and benefit under this Indenture
as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had
been issued at the date of the execution hereof.

 

Except as set forth in Articles
4 and 5 hereof, and notwithstanding clause (2) above, nothing contained in this Indenture or in any of the Notes will prevent any
consolidation or merger of a Guarantor with or into the Company or another Guarantor, or will prevent any sale or conveyance of the property
of a Guarantor as an entirety or substantially as an entirety to the Company or another Guarantor.

 

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Section 10.05         Releases.

 

(a)            [RESERVED]

 

(b)            The
Subsidiary Guarantee of a Subsidiary Guarantor shall be released automatically:

 

(1)            in
connection with any sale or other disposition of all or substantially all of the assets of that Subsidiary Guarantor (including by way
of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Subsidiary
of the Company;

 

(2)            in
connection with any sale or other disposition of Capital Stock of that Subsidiary Guarantor to a Person that is not (either before or
after giving effect to such transaction) the Company or a Subsidiary of the Company, if following such sale or other disposition, that
Subsidiary Guarantor is no longer a direct or indirect Subsidiary of the Company;

 

(3)            upon
repayment in full of the Notes;

 

(4)            upon
defeasance or satisfaction and discharge of the Notes as provided in Sections 8.01, 8.02, 8.03, 8.04 and 11.01 hereof;

 

(5)            upon
a dissolution of a Subsidiary Guarantor that is permitted under this Indenture; or

 

(6)            otherwise
with respect to the Guarantee of any Subsidiary Guarantor:

 

(A)           upon
the prior consent of Holders of at least a majority in aggregate principal amount of the Notes then outstanding;

 

(B)            if
the Company has Indebtedness outstanding under the Credit Agreement at that time, upon the consent of the requisite lenders under the
Credit Agreement to the release of such Subsidiary Guarantor’s Guarantee of all Obligations under the Credit Agreement, or, if there
is no Indebtedness of the Company outstanding under the Credit Agreement at that time, upon the requisite consent of the Holders of all
other Material Indebtedness of the Company that is guaranteed by such Subsidiary Guarantor at that time outstanding to the release of
such Subsidiary Guarantor’s Guarantee of all Obligations with respect to all such other Material Indebtedness that is guaranteed
by such Subsidiary Guarantor at that time outstanding; or

 

(C)            if
the Company has Indebtedness outstanding under the Credit Agreement at that time, upon the release of such Subsidiary Guarantor’s
Guarantee of all Obligations of the Company under the Credit Agreement, or, if there is no Indebtedness of the Company outstanding under
the Credit Agreement at that time, upon the release of such Subsidiary Guarantor’s Guarantee of all Obligations with respect to
all other Material Indebtedness of the Company at that time outstanding.

 

(c)            The
Guarantee of a Guarantor shall be released with respect to the Notes automatically upon Legal Defeasance, Covenant Defeasance or satisfaction
and discharge of this Indenture pursuant to Articles 8 and 11 hereof.

 

(d)            Upon
delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that the action or event
giving rise to the applicable release has occurred or was made by the Company in accordance with the provisions of this Indenture the
Trustee shall execute any documents reasonably required in order to evidence the release of any Guarantor from its obligations under its
Guarantee.

 

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(e)           Any
Guarantor not released from its obligations under its Guarantee as provided in this Section 10.05 will remain liable for the full
amount of principal of, premium, if any, and interest on, the Notes and for the other obligations of any Guarantor under this Indenture
as provided in this Article 10.

 

ARTICLE 11

satisfaction and discharge

 

For purposes of the Notes,
Article 11 hereof provides the terms upon which satisfaction and discharge can occur. For purposes of any Additional Securities issued
under this Indenture, the Supplemental Indenture in respect of such Additional Securities will specify the terms upon which satisfaction
and discharge can occur for such Additional Securities, which may include some, all or none of the terms contained in this Article 11
hereof.

 

Section 11.01         Satisfaction
and Discharge.

 

This Indenture will be discharged
and will cease to be of further effect as to all Notes issued hereunder, when:

 

(1)            either:

 

(a)            all
Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment
money has been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for such Notes for cancellation;
or

 

(b)            all
Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the distribution of a notice
of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has irrevocably deposited or
caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable
Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the
Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption;

 

(2)            in
respect of subclause (b) of clause (1) of this Section 11.01, no Default or Event of Default has occurred and is continuing
on the date of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit)
and the deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company
or any Guarantor is a party or by which the Company or any Guarantor is bound;

 

(3)            the
Company or any Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and

 

(4)            the
Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment of
the Notes at maturity or on the redemption date, as the case may be.

 

In addition, the Company must deliver an Officers’
Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied.

 

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Notwithstanding the satisfaction
and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause (b) of clause (1) of this
Section 11.01, the provisions of Sections 11.02 and 8.06 hereof will survive. In addition, nothing in this Section 11.01 will
be deemed to discharge those provisions of Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this
Indenture.

  

Section 11.02         Application
of Trust Money.

 

Subject to the provisions
of Section 8.06 hereof, all money deposited with the Trustee pursuant to Section 11.01 hereof shall be held in trust and applied
by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal,
premium, if any, and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated
from other funds except to the extent required by law.

 

If the Trustee or Paying Agent
is unable to apply any money or Government Securities in accordance with Section 11.01 hereof by reason of any legal proceeding or
by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Company’s and any Guarantor’s obligations under this Indenture and the Securities shall be revived and reinstated as though
no deposit had occurred pursuant to Section 11.01 hereof; provided that if the Company has made any payment of principal of,
premium, if any, or interest on, any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the
rights of the Holders of such Securities to receive such payment from the money or Government Securities held by the Trustee or Paying
Agent.

 

ARTICLE 12

MISCELLANEOUS

 

Section 12.01         [Reserved]

 

Section 12.02         Notices.

 

Any notice or communication
by the Company, any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class
mail (registered or certified, return receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’
address:

 

If to the Company and/or any Guarantor:

 

Clearway Energy Operating LLC 

c/o Clearway Energy, Inc. 

300 Carnegie Center Drive, Suite 300 

Princeton, New Jersey 08540 

Email: ogc@clearwayenergy.com

 

With a copy to: 

Baker Botts L.L.P. 

2001 Ross Ave., Suite 900 

Dallas, Texas 75201 

Fascimile: (214) 661-4783 

Attention: Preston Bernhisel

 

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If to the Trustee: 

Delaware Trust Company 

251 Little Falls Drive 

Wilmington, Delaware 19808 

Telecopier No.: (302) 636-8666 

Attention: Corporate Trust Department

 

The Company, any Guarantor
or the Trustee, by notice to the others, may designate additional or different addresses for subsequent notices or communications.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally delivered; five
Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business
Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

Any notice or communication
to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing
next day delivery to its address shown on the register kept by the Registrar. Failure to mail a notice or communication to a Holder or
any defect in it will not affect its sufficiency with respect to other Holders.

 

If a notice or communication
is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives it.

 

If the Company mails (or deliver
electronically) a notice or communication to Holders, it will mail (or deliver electronically) a copy to the Trustee and each Agent at
the same time.

 

Section 12.03         [Reserved]

 

Section 12.04         Certificate
and Opinion as to Conditions Precedent.

 

Upon any request or application
by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee:

 

(1)            an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth
in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for
in this Indenture relating to the proposed action have been satisfied; and

 

(2)            an
Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05
hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied.

 

Section 12.05         Statements
Required in Certificate or Opinion.

 

Each certificate or opinion
with respect to compliance with a condition or covenant provided for in this Indenture must include:

 

(1)            a
statement that the Person making such certificate or opinion has read such covenant or condition;

 

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(2)            a
brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such
certificate or opinion are based;

 

(3)            a
statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or her
to express an informed opinion as to whether or not such covenant or condition has been satisfied; and

 

(4)            a
statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied.

 

Section 12.06         Rules by
Trustee and Agents.

 

The Trustee may make reasonable
rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements
for its functions.

 

Section 12.07         No
Personal Liability of Directors, Officers, Employees and Stockholders.

 

No director, officer, employee,
incorporator, stockholder, member or unitholder of the Company or any Guarantor, as such, will have any liability for any obligations
of the Company or the Guarantors under any Securities, this Indenture, the Guarantees, or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Securities by accepting any Security waives and releases all such liability.
The waiver and release are part of the consideration for issuance of any Securities. The waiver may not be effective to waive liabilities
under the federal securities laws.

 

Section 12.08         Governing
Law.

 

THE INTERNAL LAW OF THE STATE
OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES
OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

Section 12.09         No
Adverse Interpretation of Other Agreements.

 

This Indenture may not be
used to interpret any other indenture, loan or debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture,
loan or debt agreement may not be used to interpret this Indenture.

 

Section 12.10        Successors.

 

All agreements of the Company
in this Indenture and any Securities will bind its successors. All agreements of the Trustee in this Indenture will bind its successors.
All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Section 10.05 hereof.

 

Section 12.11         Severability.

 

In case any provision in this
Indenture or in any Securities is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions
will not in any way be affected or impaired thereby.

 

    67 

     

    

 

Section 12.12        Counterpart
Originals.

 

The parties may sign any number
of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement.

 

Section 12.13        Table
of Contents, Headings, etc.

 

The Table of Contents, Cross-Reference
Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be
considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof.

 

Section 12.14        Compliance
with Applicable Anti-Terrorism and Anti-Money Laundering Regulations.

 

In order to comply with laws,
rules, regulations and executive orders in effect from time to time applicable to banking institutions, including those relating to the
funding of terrorist activities and money laundering (“Relevant Law”), the Trustee is required to obtain, verify and
record certain information relating to individuals and entities which maintain a business relationship with the Trustee. Accordingly,
each of the parties agrees to provide to the Trustee upon its request from time to time such identifying information and documentation
as may be available for such party in order to enable the Trustee to comply with Relevant Law.

 

Section 12.15        Electronic
Signatures.

 

Each of the parties agrees
on behalf of itself, and any Person acting or claiming by, under or through such party, that any written instrument delivered in connection
with this Indenture or any related document, including without limitation any amendments or supplements to such documents, may be executed
by electronic methods (whether by .pdf scan or utilization of an electronic signature platform or application). Any electronic signature
document delivered via email from an Officer of the Company or any Guarantor to the Trustee shall be considered signed or executed by
such person on behalf of the Company or such Guarantor, as applicable. Each of the Company and the Guarantors agrees to assume all risks
arising out of the use of electronic methods for all purposes including the authorization, execution, delivery, or submission of documents,
instruments, notices, directions, instructions, reports, opinions and certificates to the Trustee, including without limitation the risk
of the Trustee acting on unauthorized instructions, and the risk of interception and misuse by third parties. Any electronic signature
shall have the same legal validity and enforceability as a manually executed signature to the fullest extent permitted by applicable law,
including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any similar federal or state law, rule or regulation, as the same may be in effect from time to time, and the parties hereby
waive any objection to the contrary. Any document accepted, executed or agreed to in conformity with such laws will be binding on all
parties hereto to the same extent as if it were physically executed and each party hereby consents to the use of any third party electronic
signature capture service providers as may be reasonably chosen by a signatory hereto.

 

[Signatures on following page]

 

    68 

     

    

 

SIGNATURES

 

Dated as of October 1, 2021

 

	 	CLEARWAY ENERGY OPERATING LLC
 By Clearway Energy LLC, as managing member
	 	 
	 	By:	/s/ Chad Plotkin
	 	 	Name:    Chad Plotkin
	 	 	Title:      Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	CLEARWAY ENERGY LLC
 By Clearway Energy, Inc., as managing member
	 	 
	 	By:	/s/ Chad Plotkin
	 	 	Name:   Chad Plotkin
	 	 	Title:     Senior Vice President and Chief Financial Officer
	 	 
	 	ALTA WIND 1-5 HOLDING COMPANY, LLC, as Guarantor
	 	By Alta Wind Company, LLC, as managing member
	 	 
	 	By:	/s/ Chad Plotkin
	 	 	Name:   Chad Plotkin
	 	 	Title:     Vice President and Treasurer
	 	 
	 	CENTRAL CA FUEL CELL 1, LLC, as Guarantors
 By Fuel Cell Holdings LLC, as managing member
	 	 
	 	By:	 /s/ Chad Plotkin
	 	Name: Chad Plotkin
	 	Title: Vice President and Treasurer

 

	 	ALTA WIND COMPANY, LLC 
	 	CBAD HOLDINGS II, LLC 
	 	CLEARWAY SOLAR STAR LLC 
	 	CWEN PINNACLE REPOWERING HOLDINGS LLC 
	 	CWSP RATTLESNAKE HOLDING LLC 
	 	DAGGETT SOLAR HOLDCO LLC 
	 	DGPV HOLDING LLC 
	 	DG SREC HOLDCO LLC 
	 	ECP UPTOWN CAMPUS HOLDINGS LLC

 

     

     

    

 

	 	ENERGY CENTER CAGUAS HOLDINGS LLC
	 	ENERGY CENTER FAJARDO HOLDINGS LLC 
	 	ENERGY CENTER HONOLULU HOLDINGS LLC 
	 	FUEL CELL HOLDINGS LLC 
	 	LANGFORD HOLDING LLC 
	 	LIGHTHOUSE RENEWABLE HOLDINGS LLC 
	 	NIMH SOLAR HOLDINGS LLC 
	 	OCOTILLO WINDPOWER HOLDINGS LLC 
	 	PORTFOLIO SOLAR I, LLC 
	 	ROSAMOND SOLAR HOLDCO LLC
	 	RPV HOLDING LLC 
	 	SOLAR FLAGSTAFF ONE LLC
	 	SOLAR IGUANA LLC
	 	SOLAR LAS VEGAS MB 1 LLC
	 	SOLAR TABERNACLE LLC 
	 	SOUTH TRENT HOLDINGS LLC 
	 	SPP ASSET HOLDINGS, LLC 
	 	SPP FUND II HOLDINGS, LLC
	 	SPP FUND III, LLC 
	 	THERMAL CANADA INFRASTRUCTURE HOLDINGS LLC 
	 	Thermal Hawaii Development Holdings LLC 
	 	THERMAL INFRASTRUCTURE DEVELOPMENT HOLDINGS LLC 
	 	UTAH SOLAR MASTER HOLDCO LLC,  
	 	WV WIND HOLDINGS LLC, as Guarantors,
	 	By Clearway Energy Operating LLC, as managing member

 

	 	By:	/s/ Chad Plotkin
	 	 	Name:   Chad Plotkin
	 	 	Title:     Senior Vice President, Chief Financial Officer and Treasurer
	 	 
	 	DG-CS HOLDINGS LLC, as Guarantor
 By DGPV Holding LLC, as managing member
	 	 
	 	By:	 /s/ Chad Plotkin
	 	Name:   Chad Plotkin
	 	Title:     Senior Vice President and Treasurer

 

     

     

    

 

	 	SPP FUND II, LLC
	 	SPP FUND II-B, LLC, as Guarantors
	 	By SPP Fund II Holdings, LLC, as managing member
	 	 
	 	By:	/s/ Chad Plotkin
	 	Name:   Chad Plotkin
	 	Title:     Senior Vice President and Treasurer
	 	 
	 	UB FUEL CELL, LLC, as Guarantor
 By Fuel Cell Holdings LLC, as sole member
	 	 
	 	By:	/s/ Chad Plotkin
	 	Name:   Chad Plotkin
	 	Title:     Vice President and Treasurer

 

 

     

     

    

 

	 	DELAWARE TRUST COMPANY, as Trustee
	 	 
	 	By:	/s/ Benjamin Hancock
	 	Name:   Benjamin Hancock
	 	Title:    Assistant Vice President

 

     

     

    

 

 

EXHIBIT A

 

[Face of Note]

 

CUSIP/CINS ____________

 

3.750% Senior Notes due 2032

 

	No.___________	 	$ __________

 

CLEARWAY ENERGY OPERATING LLC

 

promises to pay to               
or registered assigns,

 

the principal sum of __________________________________________________________
DOLLARS on January 15, 2032.

 

Interest Payment Dates: January 15 and July 15

 

Record Dates: January 1 and July 1

 

Dated: _______________

 

This is one of the Notes referred to

in the within-mentioned Indenture.

 

    A-1 

     

    

 

IN WITNESS WHEREOF, the Issuer has caused this instrument to
be duly executed.

 

		CLEARWAY ENERGY OPERATING LLC
	 	 	 	 
	 	By:	 
	 	 	Name:	Chad
Plotkin
	 	 	Title:	Senior
Vice President and Chief
	 	 	 	Financial Officer

 

    A-2 

     

    

 

	DELAWARE TRUST COMPANY,	 
	as Trustee	 
	 	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    A-3 

     

    

 

[Back of Note]

 

3.750% Senior Notes due 2032

 

[Insert the Global Legend, if applicable pursuant
to the provisions of the Indenture]

 

[Insert the Private Placement Legend, if applicable
pursuant to the provisions of the Indenture]

 

[Insert the Original Issue Discount Legend,
if applicable pursuant to the provisions of the Indenture]

 

Capitalized terms used herein
have the meanings assigned to them in the Indenture referred to below unless otherwise indicated.

 

(1)            Interest.
Clearway Energy Operating LLC, a Delaware limited liability company (the “Company”), promises to pay interest on the
principal amount of this Note at 3.750% per annum from ________________, ___ until maturity. The Company shall pay interest semi-annually
in arrears on January 15 and July 15 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest
has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the
payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest
Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided further, that the first Interest
Payment Date shall be _________. Interest will be computed on the basis of a 360-day year of twelve 30-day months.

 

(2)            Method
of Payment. The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on the January 1 and July 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture
with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, interest at the office or agency of the
Paying Agent and Registrar within the City and State of New York, or, at the option of the Company, payment of interest may be made by
check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of
immediately available funds will be required with respect to principal of, premium, if any, and interest on, all Global Notes and all
other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall
be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private
debts.

 

(3)            Paying
Agent and Registrar. Initially, Delaware Trust Company, the Trustee under the Indenture, will act as Paying Agent and Registrar.
The Company may change the Paying Agent or Registrar without prior notice to the Holders of the Notes. The Company or any of its Subsidiaries
or parent entities may act as Paying Agent or Registrar.

 

(4)            Indenture.
The Company issued the Notes under an Indenture dated as of October 1, 2021 (the “Indenture”) among the Company,
the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture. The Notes are subject to all such terms,
and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express
provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the
Company. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder.

 

    A-4 

     

    

 

(5)            Optional
Redemption.

 

(a)          At
any time prior to October 15, 2024, the Company may on any one or more occasions redeem up to 40% of the aggregate principal amount
of the Notes, upon not less than 10 nor more than 60 days’ notice, at a redemption price equal to 103.750% of the principal
amount of the Notes redeemed, plus accrued and unpaid interest, if any, to the redemption date, with an amount equal to the net cash
proceeds of one or more Equity Offerings, subject to the rights of Holders of the Notes on the relevant record date to receive interest
due on the relevant interest payment date; provided that:

 

(i)            at
least 50% of the aggregate principal amount of Notes originally issued under this Indenture (excluding Notes held by the Company, its
Subsidiaries and parent entities) remains outstanding immediately after the occurrence of such redemption; and

 

(ii)           the
redemption occurs within 180 days of the date of the closing of such equity offering.

 

(b)          At
any time prior to January 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less
than 10 nor more than 60 days’ prior notice, at a redemption price equal to 100% of the principal amount of the Notes redeemed,
plus the Applicable Premium as of, and accrued and unpaid interest, if any, to the applicable date of redemption, subject to the rights
of Holders on the relevant record date to receive interest due on the relevant interest payment date.

 

(c)          Except
pursuant to the preceding paragraphs, the Notes will not be redeemable at the Company’s option prior to January 15, 2027.

 

(d)          On
or after January 15, 2027, the Company may on any one or more occasions redeem all or a part of the Notes, upon not less than 10
nor more than 60 days’ prior notice, at the redemption prices (expressed as percentages of principal amount) set forth below, plus
accrued and unpaid interest, if any, on the Notes redeemed, to the applicable date of redemption, if redeemed during the twelve-month
period beginning on January 15 of the years indicated below, subject to the rights of Holders on the relevant record date to receive
interest on the relevant interest payment date:

 

	Year	 	Percentage	 
	2027	 	 	101.875	%
	2028	 	 	101.250	%
	2029	 	 	100.625	%
	2030 and thereafter	 	 	100.000	%

 

(e)            Any
redemption pursuant to this Section 5 shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture.

 

(f)            The
provisions of Article 3 of the Indenture do not prohibit the Company or its affiliates from acquiring the Notes in market transactions
by means other than a redemption, whether pursuant to a tender offer or otherwise.

 

(6)            Mandatory
Redemption. The Company is not required to make mandatory redemption or sinking fund payments with respect to the Notes.

 

    A-5 

     

    

 

(7)            Repurchase
at the Option of Holder.

 

(a)            Upon
the occurrence of a Change of Control Triggering Event, the Company will make an offer (a “Change of Control Offer”)
to each Holder to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess of $2,000) of that Holder’s
Notes at a purchase price in cash equal to 101% of the aggregate principal amount of Notes repurchased, plus accrued and unpaid interest,
if any, on the Notes repurchased to the date of purchase, subject to the rights of Holders of Notes on the relevant record date to receive
interest due on the relevant interest payment date (the “Change of Control Payment”). Within 30 days following any
Change of Control, the Company will mail (or deliver electronically) a notice to each Holder setting forth the procedures governing the
Change of Control Offer as required by the Indenture.

 

(8)            Notice
of Redemption. At least 10 days but not more than 60 days before a redemption date, the Company shall mail or cause to be mailed,
by first class mail, or deliver electronically, a notice of redemption to each Holder whose Notes are to be redeemed at its registered
address, except that redemption notices may be mailed or delivered more than 60 days prior to a redemption date if the notice is issued
in connection with a defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Articles 8 or 11 thereof. Notes
and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000 in excess thereof; except that if all of the
Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder shall be redeemed or purchased.

 

(9)            Denominations,
Transfer, Exchange. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000
in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and
the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require
a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer
of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also,
the Company need not exchange or register the transfer of any Notes for a period of 10 days before a selection of Notes to be redeemed
or during the period between a record date and the next succeeding Interest Payment Date.

 

(10)          Persons
Deemed Owners. The registered Holder of a Note may be treated as the owner of it for all purposes. Only registered Holders
have rights under the Indenture.

 

(11)          Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes or the Guarantees may be amended or supplemented
with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes including Additional
Notes, if any, voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture
or the Notes or the Subsidiary Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of
the then outstanding Notes including Additional Notes, if any, voting as a single class. Without the consent of any Holder of Notes, the
Indenture or the Notes may be amended or supplemented (i) to cure any ambiguity, mistake, defect or inconsistency, (ii) to provide
for uncertificated Notes in addition to or in place of certificated Notes, (iii) to provide for the assumption of the Company’s
Obligations to Holders of the Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s
assets pursuant to Article 5 of the Indenture, (iv) to make any change that would provide any additional rights or benefits
to the Holders of the Notes or that does not adversely affect the legal rights under the Indenture of any such Holder, (v) [Reserved],
(vi) to conform the text of the Indenture or the Notes to any provision of the “Description of the Notes” section of
the Offering Memorandum, relating to the initial offering of the Notes, (vii) to evidence and provide for the acceptance and appointment
under the Indenture of a successor trustee pursuant to the requirements thereof, (viii) to provide for the issuance of Additional
Notes in accordance with the limitations set forth in the Indenture, or (ix) to allow any Guarantor to execute a supplemental indenture
and/or a Guarantee with respect to the Notes.

 

    A-6 

     

    

 

(12)          Defaults
and Remedies. Events of Default include: (i) default for 30 days in the payment when due of interest on, the Notes; (ii) default
in the payment when due of the principal of, or premium on, if any, the Notes, (iii) failure by the Company or any Guarantor for
60 days (or, in the case of any failure to comply with Section 4.03 of the Indenture, 120 days) after written notice to the Company
by the Trustee or the Holders of at least 30% in aggregate principal amount of the Notes then outstanding to comply with any of the agreements
in the Indenture (other than a default referred to in clause (1) or (2) of Section 6.01 of the Indenture); (iv) default
under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any Indebtedness
for money borrowed by the Company or any Guarantor (or the payment of which is Guaranteed by the Company or any Guarantor), whether such
Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: (A) is caused by a failure
to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such
Indebtedness on the date of such default (a “Payment Default”); or (B) results in the acceleration of such Indebtedness
prior to its express maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of
any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, exceeds the
greater of (1) 1.5% of Total Assets and (2) $100.0 million; provided that this clause (iv) shall not
apply (x) to secured Indebtedness that becomes due as a result of the voluntary sale or transfer of the property or assets
securing such Indebtedness to a Person that is not an Affiliate of the Company and (y) to the extent constituting Indebtedness,
any indemnification, guarantee or other credit support obligations of the Company or any of the Guarantors in connection with any Tax
Equity Financing entered into by a non-Subsidiary Guarantor; (v) except as permitted by the Indenture, any Guarantee by any Guarantor
(or any group of Guarantors) that, if Subsidiaries of the Company, would constitute a Significant Subsidiary shall be held in any final
and non-appealable judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or
any Guarantor (or any group of Guarantors) that, if a Subsidiary of the Company, would constitute a Significant Subsidiary, or any Person
acting on behalf of any Guarantor (or any group of Guarantors) that, if a Subsidiary of the Company, would constitute a Significant Subsidiary,
shall deny or disaffirm its or their obligations under its or their Subsidiary Guarantee(s); (vi) the Company or any Guarantor of
the Company that, if a Subsidiary of the Company, would constitute a Significant Subsidiary or any group of Guarantors of the Company
that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary: (A) commences a voluntary case,
(B) consents to the entry of an order for relief against it in an involuntary case, (C) consents to the appointment of a custodian
of it or for all or substantially all of its property, (D) makes a general assignment for the benefit of its creditors, or (E) generally
is not paying its debts as they become due; or (vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy
Law that: (A) is for relief against the Company or any Guarantor of the Company that, if a Subsidiary of the Company, would constitute
a Significant Subsidiary or any group of Guarantors of the Company that, if Subsidiaries of the Company, taken together, would constitute
a Significant Subsidiary; (B) appoints a custodian of the Company or any Guarantor of the Company that, if a Subsidiary of the Company,
would constitute a Significant Subsidiary or any group of Guarantors of the Company that, if Subsidiaries of the Company, taken together,
would constitute a Significant Subsidiary, for all or substantially all of the property of the Company or any such Guarantor; or (C) orders
the liquidation of the Company or any Guarantor of the Company that, if a Subsidiary of the Company, would constitute a Significant Subsidiary
or any group of Guarantors of the Company that, if Subsidiaries of the Company, taken together, would constitute a Significant Subsidiary;
and the order or decree remains unstayed and in effect for 60 consecutive days.

 

    A-7 

     

    

 

(13)          Trustee
Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company or its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the
Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply
to the SEC for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also
subject to and entitled to the benefits of Article 7 of the Indenture.

 

(14)          No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such,
will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Guarantees or for any
claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and
releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective
to waive liabilities under the federal securities laws.

 

(15)          Authentication.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 

(16)          Abbreviations.
Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants
by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A
(= Uniform Gifts to Minors Act).

 

(17)         CUSIP
Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company
has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices of redemption as a convenience to
Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of
redemption, and reliance may be placed only on the other identification numbers placed thereon.

 

(18)         GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE GUARANTEES
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION
WOULD BE REQUIRED THEREBY.

 

The Company shall furnish
to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to:

 

Clearway Energy Operating LLC

c/o Clearway Energy, Inc.

300 Carnegie Center, Suite 300

Princeton, NJ 08540

Attention: Investor Relations

 

    A-8 

     

    

 

Assignment
Form

 

To assign this Note, fill in the form below:

 

	(I) or (we) assign and transfer this Note to:	 
	 	(Insert assignee’s legal name)

 

 

(Insert assignee’s
soc. sec. or tax I.D. no.)

 

	 
	 
	 
	 
	 
	 
	 

(Print or type assignee’s name, address and
zip code)

 

and irrevocably appoint                                                                                                                                                               to
transfer this Note on the books of the Company. The agent may substitute another to act for him.

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears
    on the face of this Note)

 

Signature Guarantee*: _________________________

 

*            Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-9 

     

    

 

Option of Holder to Elect Purchase

 

If you want to elect to have this Note purchased by the Company
pursuant to Section 4.09 of the Indenture, check here:  ̈

 

If you want to elect to have
only part of the Note purchased by the Company pursuant to Section 4.09 of the Indenture, state the amount you elect to have purchased:

 

$_______________

 

Date: _______________

 

	 	Your Signature:	 
	 	(Sign exactly as your name appears
    on the face of this Note)
	 	 
	 	Tax Identification No.:	 

 

Signature Guarantee*: _________________________

 

*            Participant
in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee).

 

    A-10 

     

    

 

Schedule
of Exchanges of Interests in the Global Note *

 

The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest
in this Global Note, have been made:

 

	Date of Exchange	Amount of 

decrease in 

Principal Amount 

of 

this Global Note	Amount of

 increase in 

Principal Amount 

of 

this Global Note	Principal Amount 

of this Global Note 

following such 

decrease 

(or increase)	Signature of 

authorized officer 

of Trustee or 

Custodian
	 	 	 	 	 

 

		*	This schedule should be included only if the Note is issued in global form.

 

    A-11 

     

    

 

 

EXHIBIT B

 

FORM OF CERTIFICATE OF TRANSFER

 

Clearway Energy Operating LLC 

c/o Clearway Energy, Inc.

300 Carnegie Center, Suite 300

Princeton, New Jersey 08540

Attention: General Counsel

 

Delaware Trust Company

251 Little Falls Drive

Wilmington, Delaware 19808

Attention: Corporate Trust Department

 

Re: 3.750% Senior
Notes due 2032

 

Reference is hereby made to
the Indenture, dated as of October 1, 2021 (the “Indenture”), among Clearway Energy Operating LLC, as issuer (the
 “Company”), the Guarantors party thereto and Delaware Trust Company, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

___________________, (the
 “Transferor”) owns and proposes to transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in
the principal amount of $___________ in such Note[s] or interests (the “Transfer”), to ___________________________
(the “Transferee”), as further specified in Annex A hereto. In connection with the Transfer, the Transferor hereby
certifies that:

 

[CHECK ALL THAT APPLY]

 

1.  ̈ Check
if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Restricted Definitive Note pursuant to
Rule 144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of
1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believes is purchasing the
beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to which such Person exercises
sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the
meaning of Rule 144A in a transaction meeting the requirements of Rule 144A, and such Transfer is in compliance with any
applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Restricted Definitive Note and in the
Indenture and the Securities Act.

 

2.  ̈ Check
if Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Restricted Definitive Note pursuant
to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the
Securities Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in
the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such
Transferor and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or
(y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States,
(ii) no directed selling efforts have been made in contravention of the requirements of Rule 903(b) or
Rule 904(b) of Regulation S under the Securities Act, (iii) the transaction is not part of a plan or scheme to evade
the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of
the Restricted Period, the transfer is not being made to a U.S. Person or for the account or benefit of a U.S. Person (other than an
Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will be subject to the restrictions on Transfer enumerated in the Private Placement Legend
printed on the Regulation S Global Note and/or the Restricted Definitive Note and in the Indenture and the Securities Act.

 

    B-1 

     

    

 

3.  ̈ Check
and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Restricted Definitive Note pursuant
to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in compliance
with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant
to and in accordance with the Securities Act and any applicable blue sky securities laws of any state of the United States, and accordingly
the Transferor hereby further certifies that (check one):

 

(a)             ̈
such Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act;

 

or

 

(b)             ̈
such Transfer is being effected to the Company or a subsidiary thereof;

 

or

 

(c)             ̈
such Transfer is being effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus
delivery requirements of the Securities Act;

 

or

 

(d)            ̈
such Transfer is being effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements
of the Securities Act other than Rule 144A, Rule 144, Rule 903 or Rule 904, and the Transferor hereby further certifies
that it has not engaged in any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies
with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the requirements
of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D
to the Indenture and (2) if such Transfer is in respect of a principal amount of Notes at the time of transfer of less than $250,000,
an Opinion of Counsel provided by the Transferor or the Transferee (a copy of which the Transferor has attached to this certification),
to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with
the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject to the restrictions on transfer enumerated
in the Private Placement Legend printed on the IAI Global Note and/or the Restricted Definitive Notes and in the Indenture and the Securities
Act.

 

4.  ̈  Check
if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive
Note.

 

(a)   ̈
Check if Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144
under the Securities Act and in compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities
laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement
Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance
with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions
on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture.

 

    B-2 

     

    

 

(b)  ̈ Check
if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with
Rule 903 or Rule 904 under the Securities Act and in compliance with the transfer restrictions contained in the
Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer
contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities
Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest
or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on
the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture.

 

(c)  ̈
Check if Transfer is Pursuant to Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an
exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance
with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States
and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred
beneficial interest or Definitive Note will not be subject to the restrictions on transfer enumerated in the Private Placement Legend
printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture.

 

This certificate and the statements
contained herein are made for your benefit and the benefit of the Company.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	

 

    B-3 

     

    

 

ANNEX A TO CERTIFICATE OF TRANSFER

 

1.            The
Transferor owns and proposes to transfer the following:

 

[CHECK ONE OF (a) OR (b)]

 

(a)    ̈ a beneficial interest in the:

 

(i)             ̈
144A Global Note (CUSIP _________), or

 

(ii)            ̈
Regulation S Global Note (CUSIP _________), or

 

(iii)           ̈ IAI Global Note (CUSIP _________); or

 

(b)   ̈
a Restricted Definitive Note.

 

2.            After
the Transfer the Transferee will hold:

 

[CHECK ONE]

 

(a)   ̈
a beneficial interest in the:

 

(i)             ̈
144A Global Note (CUSIP _________), or

 

(ii)            ̈
Regulation S Global Note (CUSIP _________), or

 

(iii)           ̈
IAI Global Note (CUSIP _________); or

 

(iv)           ̈
Unrestricted Global Note (CUSIP _________); or

 

(b)   ̈
a Restricted Definitive Note; or

 

(c)   ̈
an Unrestricted Definitive Note,

 

in accordance with the terms
of the Indenture.

 

    B-4 

     

    

 

EXHIBIT C

 

FORM OF CERTIFICATE OF EXCHANGE

  

Clearway Energy Operating LLC 

c/o Clearway Energy, Inc.

300 Carnegie Center, Suite 300

Princeton, New Jersey 08540

Attention: General Counsel

 

Delaware Trust Company

251 Little Falls Drive

Wilmington, Delaware 19808

Attention: Corporate Trust Department

 

Re: 3.750% Senior
Notes due 2032

 

(CUSIP [            ])

 

Reference is hereby made to
the Indenture, dated as of October 1, 2021 (the “Indenture”), among Clearway Energy Operating LLC, as issuer (the
 “Company”), the Guarantors party thereto and Delaware Trust Company, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

__________________________,
(the “Owner”) owns and proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal
amount of $____________ in such Note[s] or interests (the “Exchange”). In connection with the Exchange, the Owner hereby
certifies that:

 

1.         Exchange
of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial Interests
in an Unrestricted Global Note

 

(a)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note.
In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted
Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s
own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the
Global Notes and pursuant to and in accordance with the Securities Act of 1933, as amended (the “Securities Act”),
(iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain
compliance with the Securities Act and (iv) the beneficial interest in an Unrestricted Global Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States.

 

(b)   ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies
(i) the Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected
in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities
Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance with any applicable blue
sky securities laws of any state of the United States.

 

(c)   ̈
Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global Note. In connection with
the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby
certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer, (ii) such Exchange
has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance
with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required
in order to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any
applicable blue sky securities laws of any state of the United States.

 

    C-1 

     

    

 

(d)  ̈
Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s
Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the Unrestricted Definitive
Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the
restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance
with the Securities Act and (iv) the Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities
laws of any state of the United States.

 

2.         Exchange
of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial Interests
in Restricted Global Notes

 

(a)  ̈
Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the
Exchange of the Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal
amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without transfer.
Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue
to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Definitive Note and
in the Indenture and the Securities Act.

 

(b)  ̈ Check
if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global Note. In connection with the
Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A
Global Note,  ̈ Regulation S Global Note,  ̈ IAI
Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the
Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the transfer
restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance
with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Exchange in
accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the Indenture and the Securities
Act.

 

This certificate and the statements
contained herein are made for your benefit and the benefit of the Company.

 

	 	[Insert Name of Transferor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

    C-2 

     

    

 

EXHIBIT D

 

FORM OF CERTIFICATE
FROM

ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR

 

Clearway Energy Operating LLC 

c/o Clearway Energy, Inc.

300 Carnegie Center, Suite 300

Princeton, New Jersey 08540

Attention: General Counsel

 

Delaware Trust Company

251 Little Falls Drive

Wilmington, Delaware 19808

Attention: Corporate Trust Department

 

Re: 3.750% Senior
Notes due 2032

 

Reference is hereby made to
the Indenture, dated as of October 1, 2021 (the “Indenture”), among Clearway Energy Operating LLC, as issuer (the
 “Company”), the Guarantors party thereto and Delaware Trust Company, as trustee. Capitalized terms used but not defined
herein shall have the meanings given to them in the Indenture.

 

In connection with our proposed
purchase of $____________ aggregate principal amount of:

 

(a)   ̈
a beneficial interest in a Global Note, or

 

(b)   ̈
a Definitive Note,

 

we confirm that:

 

1.            We
understand that any subsequent transfer of the Notes or any interest therein is subject to certain restrictions and conditions set forth
in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest
therein except in compliance with, such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities
Act”).

 

2.            We
understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest
therein may not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts
for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so only (A) to
the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional
buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined below) that, prior to such
transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in
the form of this letter and, if such transfer is in respect of a principal amount of Notes, at the time of transfer of less than $250,000,
an Opinion of Counsel in form reasonably acceptable to the Company to the effect that such transfer is in compliance with the Securities
Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to
the provisions of Rule 144 under the Securities Act or (F) pursuant to an effective registration statement under the Securities
Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a
transaction meeting the requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales
thereof are restricted as stated herein.

 

    D-1 

     

    

 

3.            We
understand that, on any proposed resale of the Notes or beneficial interest therein, we will be required to furnish to you and the Company
such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale
complies with the foregoing restrictions. We further understand that the Notes purchased by us will bear a legend to the foregoing effect.

 

4.            We
are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D
under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of evaluating the
merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk
of our or its investment.

 

5.            We
are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts (each of which
is an institutional “accredited investor”) as to each of which we exercise sole investment discretion.

 

You and the Company are entitled
to rely upon this letter and are irrevocably authorized to produce this letter or a copy hereof to any interested party in any administrative
or legal proceedings or official inquiry with respect to the matters covered hereby.

 

	 	[Insert Name of Accredited Investor]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Dated:	 	 

 

    D-2 

     

    

 

EXHIBIT E

 

FORM OF SUPPLEMENTAL INDENTURE

TO BE DELIVERED BY SUBSEQUENT GUARANTORS

 

Supplemental
Indenture (this “Supplemental Indenture”), dated as of ________________, among __________________ (the “Guaranteeing
Subsidiary”), a subsidiary of Clearway Energy Operating LLC (or its permitted successor), a Delaware limited liability company
(the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and Delaware Trust
Company, as trustee under the Indenture referred to below (the “Trustee”).

 

W I T N E S S E T H

 

WHEREAS, the Company has heretofore
executed and delivered to the Trustee an indenture (the “Indenture”), dated as of October 1, 2021 providing for
the issuance of 3.750% Senior Notes due 2032 (the “Notes”);

 

WHEREAS, the Indenture provides
that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant
to which the Guaranteeing Subsidiary shall fully and unconditionally guarantee all of the Company’s Obligations under the Notes
and the Indenture on the terms and conditions set forth herein (the “Subsidiary Guarantee”); and

 

WHEREAS, pursuant to Sections
4.10 and 9.01 of the Indenture, the Trustee, the Company and the other Guarantors are authorized to execute and deliver this Supplemental
Indenture.

 

NOW, THEREFORE, in consideration
of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary
and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows:

 

1.             Capitalized
Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture.

 

2.             Agreement
to Guarantee. The Guaranteeing Subsidiary hereby becomes a party to the Indenture as a Guarantor and as such will have all the
rights and be subject to all the Obligations and agreements of a Guarantor under the Indenture. The Guaranteeing Subsidiary hereby agrees
to provide a full and unconditional Guarantee on the terms and subject to the conditions set forth in the Subsidiary Guarantee and in
the Indenture including but not limited to Article 10 thereof.

 

4.             No
Recourse Against Others. No director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as such,
will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees
or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note
waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may
not be effective to waive liabilities under the federal securities laws.

 

5.            NEW
YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY.

 

6.             Counterparts.
The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together
represent the same agreement.

 

    E-1 

     

    

 

7.             Effect
of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof.

 

8.             The
Trustee. The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this
Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing
Subsidiary and the Company.

 

9.             RATIFICATION
OF INDENTURE; SUPPLEMENTAL INDENTURE FOR ADDITIONAL GUARANTEES PART OF INDENTURE. Except as expressly amended hereby, the
Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and
effect. This Supplemental Indenture for Additional Guarantees shall form a part of the Indenture for all purposes, and every Holder of
Notes heretofore or hereafter authenticated and delivered shall by bound hereby.

 

    E-2 

     

    

 

IN WITNESS WHEREOF, the parties
hereto have caused this Supplemental Indenture to be duly executed and attested, all as of the date first above written.

 

	Dated:		,

 

	 	[Guaranteeing Subsidiary]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	CLEARWAY ENERGY Operating LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[Existing Guarantors]
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	 	[Trustee],
	 	as Trustee
	 	 
	 	By:	
	 	 	  Authorized Signatory

  

    E-3

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