Document:

Exhibit 10.1

 

 

☐
New Hire x☐ Change
☐ Separation EFFECTIVE DATE 3/21/2022 LAST NAME FIRST MIDDLE Gage
Matthew SOCIAL SECURITY NUMBER DEPARTMENT  Finance SHIFT CLOCK/PAYROLL NO. COMPLETE THIS SECTION FOR NEW HIRES ONLY ☐
Rehire ☐ Addition to Staff ☐
Replacement For ADDRESS CITY STATE ZIP PHONE NO. BIRTH DATE SEX ☐
M ☐ F MARITAL STATUS ☐
S ☐ M ☐
W ☐ D NUMBER OF DEPENDENTS CLASSIFICATION ☐
Non-Exempt ☐ Exempt STARTING RATE ☐
Hourly $ ☐ Semi Monthly $ ☐
Annually $ W-4 COMPLETED? ☐ YES ☐
NO EMPLOYMENT STATUS ☐ Full-Time Regular ☐
Part-Time Regular ☐ Full-Time Temporary ☐
Part-Time Temporary JOB TITLE COMPLETE THIS SECTION FOR CHANGES ONLY – EXPLAIN IN REMARKS, IF NECESSARY CHECK ALL APPLICABLE
BOXES FROM TO CHECK ALL APPLICABLE BOXES FROM TO ☐ Position   Dir
SEC Reporting & FP&A     Interim CFO ☐
Marital Status ☐ Job Classification ☐
Dependents ☐ Pay   $150,000   
  See Below ☐ Payroll Deductions ☐
Department ☐ Employment Status ☐
Shift ☐ Other: Correction ☐
Leave of Absence Reason: Date of Return Name, Address, Phone ☐
(Use remarks Section) REMARKS: As Interim CFO - bonus of $10,000 per quarter COMPLETE THIS SECTION FOR SEPARATIONS ONLY HIRE DATE
SEPARATION DATE LAST DAY WORKED ☐ Resignation ☐
Discharge ☐ Temporary Layoff ☐
Permanent Layoff ☐ Retirement Remarks: RECOMMENDED - Manager
DATE 3/21/2022 s/ Ilan Danieli APPROVED - COO I DATE Authorized - CFO s/ Carl Iberger DATE 3/21/2022 /Exhibit 10.1

 

Published CUSIP Number: 26439BAN1

Revolving
Facility CUSIP Number: 26439BAP6

 

$9,000,000,000

 

AMENDED AND RESTATED CREDIT AGREEMENT

 

dated as of March 18, 2022

 

among

 

Duke Energy Corporation

Duke Energy Carolinas, LLC

Duke Energy Ohio, Inc.

Duke Energy Indiana, LLC

Duke Energy Kentucky, Inc.

Duke Energy Progress, LLC

Duke Energy Florida, LLC and

Piedmont Natural Gas Company, Inc.,

as Borrowers,

 

The Lenders Listed Herein,

 

Wells Fargo Bank, National Association,

as Administrative Agent and Swingline Lender ,

 

Wells Fargo Securities, LLC,

as Joint Lead Arranger, Joint Bookrunner and Sustainability
Structuring Agent,

 

and

 

Bank of America, N.A.

JPMorgan Chase Bank, N.A. and

Mizuho Bank, Ltd.,

as Co-Syndication Agents

 

and

 

Bank of China, New York Branch,

Barclays Bank PLC,

Citibank, N.A.,

Credit Suisse AG, New York Branch,

MUFG Bank, Ltd.,

PNC Bank, National Association,

Royal Bank of Canada, and

Truist Bank, N.A.

as Co-Documentation Agents

 

BofA Securities, Inc.,

JPMorgan Chase Bank, N.A.,

Mizuho Bank, Ltd.,

Bank of China, New York Branch,

Barclays Bank PLC,

Citigroup Global Markets, Inc.,

Credit Suisse Securities (USA) LLC,

MUFG Bank, Ltd.,

PNC Capital Markets LLC,

RBC Capital Markets, and

Truist Securities, Inc.

as Joint Lead Arrangers and Joint Bookrunners

 

     

     

    

  

Table
of Contents

 

Page

 

	 	Article 1	
	 	 	 
	 	Definitions	 
	 	 	 
	Section 1.01	Definitions	1
	Section 1.02	Accounting
    Terms and Determinations	23
	Section 1.03	Types
    of Borrowings	23
	Section 1.04	Divisions	23
	Section 1.05	Rates	24
	 	 	 
	 	Article 2	
	 	 	 
	The
    Credits
	 	 	 
	Section 2.01	Commitments
    to Lend	24
	Section 2.02	Notice
    of Borrowings	25
	Section 2.03	Notice
    to Lenders; Funding of Loans	26
	Section 2.04	Registry;
    Notes	27
	Section 2.05	Maturity
    of Loans	27
	Section 2.06	Interest
    Rates	27
	Section 2.07	Fees	28
	Section 2.08	Optional
    Termination or Reduction of Sublimits; Changes to Sublimits	29
	Section 2.09	Method
    of Electing Interest Rates	29
	Section 2.10	Mandatory
    Termination of Commitments	30
	Section 2.11	Optional
    Prepayments	31
	Section 2.12	General
    Provisions as to Payments	31
	Section 2.13	Funding
    Losses	31
	Section 2.14	Computation
    of Interest and Fees	32
	Section 2.15	Letters
    of Credit	32
	Section 2.16	[Reserved]	36
	Section 2.17	Increase
    in Commitments; Additional Lenders	36
	Section 2.18	Swingline
    Loans	37
	Section 2.19	Defaulting
    Lenders	39
	 	 	 
	 	Article 3	
	 	 	 
	 	Conditions	 
	 	 	 
	Section 3.01	Effective
    Date	43
	Section 3.02	Borrowings
    and Issuance of Letters of Credit	44

 

    -i- 

     

    

 

Table
of Contents

(continued)

Page

 

Article 4

 

	Representations
    and Warranties
	 	 	 
	Section 4.01	Organization and Power	45
	Section 4.02	Corporate and Governmental
    Authorization; No Contravention	45
	Section 4.03	Binding Effect	45
	Section 4.04	Financial Information	45
	Section 4.05	Regulation U	46
	Section 4.06	Litigation	46
	Section 4.07	Compliance with Laws	46
	Section 4.08	Taxes	46
	Section 4.09	Anti-corruption Law and
    Sanctions	46
	 	 	 
	 	Article 5	
	 	 	 
	 	Covenants	 
	 	 	 
	Section 5.01	Information	47
	Section 5.02	Payment of Taxes	47
	Section 5.03	Maintenance of Property;
    Insurance	49
	Section 5.04	Maintenance of Existence	49
	Section 5.05	Compliance with Laws	49
	Section 5.06	Books and Records	50
	Section 5.07	Negative Pledge	50
	Section 5.08	Consolidations, Mergers
    and Sales of Assets	52
	Section 5.09	Use of Proceeds	52
	Section 5.10	Indebtedness/Capitalization
    Ratio	52
	 	 	 
	 	Article 6	 
	 	 	 
	 	Defaults	 
	 	 	 
	Section 6.01	Events of Default	52
	Section 6.02	Notice of Default	54
	Section 6.03	Cash Collateral	54

 

    -ii- 

     

    

 

Table
of Contents

(continued)

Page

 

	Article 7
	 	 	 
	The
    Administrative Agent
	 	 	 
	Section 7.01	Appointment and Authorization	55
	Section 7.02	Administrative Agent and
    Affiliates	55
	Section 7.03	Action by Administrative
    Agent	55
	Section 7.04	Consultation with Experts	55
	Section 7.05	Liability of Administrative
    Agent	55
	Section 7.06	Indemnification	56
	Section 7.07	Credit Decision	56
	Section 7.08	Successor Administrative
    Agent	56
	Section 7.09	Administrative Agent’s
    Fee	57
	Section 7.10	Certain ERISA Matters	57
	Section 7.11	Other Agents	58
	Section 7.12	Erroneous Payments	58
	 	 	 
	Article 8
	 	 	 
	Change
    in Circumstances
	 	 	 
	Section 8.01	Changed Circumstances	60
	Section 8.02	Indemnity	63
	Section 8.03	Increased Cost and Reduced
    Return	64
	Section 8.04	Taxes	67
	Section 8.05	Base Rate Loans Substituted
    for Affected SOFR Loans	67
	Section 8.06	Substitution of Lender;
    Termination Option	67
	 	 	 
	Article 9
	 	 	 
	Miscellaneous
	 	 	 
	Section 9.01	Notices	68
	Section 9.02	No Waivers	68
	Section 9.03	Expenses; Indemnification	69
	Section 9.04	Sharing of Set-offs	69
	Section 9.05	Amendments and Waivers	70
	Section 9.06	Successors and Assigns	70
	Section 9.07	Collateral	72
	Section 9.08	Confidentiality	72
	Section 9.09	Governing Law; Submission
    to Jurisdiction	72
	Section 9.10	Counterparts; Integration;
    Effectiveness; Electronic Execution	73
	Section 9.11	WAIVER OF JURY TRIAL	74
	Section 9.12	USA Patriot Act	74
	Section 9.13	Termination of Commitments
    Under Existing Credit Agreements	74
	Section 9.14	No Fiduciary Duty	74
	Section 9.15	Survival	75
	Section 9.16	Acknowledgement and Consent
    to Bail-in of Affected Financial Institutions	75
	Section 9.17	Acknowledgement Regarding
    Any Supported QFCs	75

 

    -iii- 

     

    

 

Table
of Contents

(continued)

Page

 

	SCHEDULES	 
	 	 
	Schedule 1.01(a)  -	COMMITMENT SCHEDULE
	Schedule 1.01(b) 
    -	PRICING SCHEDULE
	Schedule 1.01(c) 
    -	EXISTING LETTERS OF CREDIT

 

	EXHIBITS	 	 
	 	 	 
	EXHIBIT A	-	Note
	EXHIBIT B	-	Opinion of Internal Counsel of the Borrower
	EXHIBIT C	-	Opinion of Special Counsel for the Borrower
	EXHIBIT D	-	Assignment and Assumption Agreement
	EXHIBIT E	-	Extension Agreement
	EXHIBIT F	-	Notice of Issuance
	EXHIBIT G	-	Approved Form of Letter of Credit

 

    -iv- 

     

    

 

  

AMENDED AND RESTATED CREDIT AGREEMENT

 

AMENDED AND RESTATED
CREDIT AGREEMENT dated as of March 18, 2022 among DUKE ENERGY CORPORATION, DUKE ENERGY CAROLINAS, LLC, DUKE ENERGY
OHIO, INC., DUKE ENERGY INDIANA, LLC, DUKE ENERGY KENTUCKY, INC., DUKE ENERGY PROGRESS, LLC (f/k/a PROGRESS ENERGY
CAROLINAS, INC.), DUKE ENERGY FLORIDA, LLC (f/k/a PROGRESS ENERGY FLORIDA, INC.) and PIEDMONT NATURAL GAS
COMPANY, INC., as Borrowers, the Lenders from time to time party hereto, WELLS FARGO BANK, NATIONAL ASSOCIATION, as
Administrative Agent, BANK OF AMERICA, N.A., JPMORGAN CHASE BANK, N.A. and MIZUHO BANK, LTD., as Co-Syndication Agents, and
BANK OF CHINA, NEW YORK BRANCH, BARCLAYS BANK PLC, CITIBANK, N.A., CREDIT SUISSE AG, NEW YORK BRANCH, MUFG BANK, LTD., PNC
BANK, NATIONAL ASSOCIATION, ROYAL BANK OF CANADA, and TRUIST BANK, N.A. as Co-Documentation Agents.

 

STATEMENT OF PURPOSE

 

The
Borrowers, the lenders party thereto and the Administrative Agent entered into that certain Credit Agreement dated as of November 18,
2011 (as amended, amended and restated, supplemented or otherwise modified prior to the Effective Date) (the “Existing Credit
Agreement”). The Borrowers, the Lenders and the Administrative Agent wish to amend and restate the Existing Credit Agreement
on the terms and conditions set forth herein.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto,
such parties hereby agree that the Existing Credit Agreement is hereby amended and restated as follows:

 

Article 1

Definitions

 

Section 1.01     Definitions.
The following terms, as used herein, have the following meanings:

 

“Additional Lender”
means any financial institution that becomes a Lender for purposes hereof pursuant to Section 2.17 or Section 8.05.

 

“Adjusted Term SOFR”
means, for purposes of any calculation, the rate per annum equal to the sum of (a) Term SOFR for such calculation plus (b) the
SOFR Adjustment; provided that if Adjusted Term SOFR as so determined shall ever be less than the Floor, then Adjusted Term SOFR
shall be deemed to be the Floor.

 

“Administrative Agent”
means Wells Fargo in its capacity as administrative agent for the Lenders hereunder, and its successors in such capacity.

 

“Administrative
Questionnaire” means, with respect to each Lender, the administrative questionnaire in the form submitted to such Lender
by the Administrative Agent and submitted to the Administrative Agent (with a copy to each Borrower) duly completed by such Lender.

 

     

     

    

 

 

“Affected Financial
Institution” means (a) any EEA Financial Institution or (b) any UK Financial Institution.

 

“Affiliate”
means, as to any Person (the “specified Person”) (i) any Person that directly, or indirectly through one or more
intermediaries, controls the specified Person (a “Controlling Person”) or (ii) any Person (other than the specified
Person or a Subsidiary of the specified Person) which is controlled by or is under common control with a Controlling Person. As used herein,
the term “control” means possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

 

“Agent”
means any of the Administrative Agent, the Co-Syndication Agents or the Co-Documentation Agents.

 

“Agent Parties”
has the meaning set forth in Section 9.01(c).

 

“Aggregate Exposure”
means, with respect to any Lender at any time, the aggregate amount of its Borrower Exposures to all Borrowers at such time.

 

“Agreement”
means this Agreement as the same may be amended from time to time.

 

“Anti-Corruption
Laws” means the United States Foreign Corrupt Practices Act of 1977 and all other laws, rules, and regulations of any jurisdiction
concerning or relating to bribery, corruption or money laundering.

 

“Applicable Law”
means all applicable provisions of constitutions, laws, statutes, ordinances, rules, treaties, regulations, permits, licenses, approvals,
interpretations and orders of Governmental Authorities and all orders and decrees of all courts and arbitrators.

 

“Applicable Margin”
means, with respect to SOFR Loans, Swingline Loans or Base Rate Loans to any Borrower, the applicable rate per annum for such Borrower
determined in accordance with the Pricing Schedule.

 

“Appropriate
Share” means, with respect to any Borrower, the sum of (i) to the extent such amount is properly allocable to Loans
and Letters of Credit outstanding hereunder, the portion of such amount properly allocable to the Loans and Letter of Credit outstanding
to or for the account of such Borrower, and (ii) to the extent such amount is not properly allocable to Loans and Letters of Credit
outstanding hereunder, the Appropriate Share shall be the product of the Availability Percentage of such Borrower and such amount.

 

“Approved Fund”
means any Fund that is administered or managed by (i) a Lender, (ii) an Affiliate of a Lender or (iii) an entity or an
Affiliate of an entity that administers or manages a Lender.

 

“Approved Officer”
means the president, the chief financial officer, a vice president, the treasurer, an assistant treasurer or the controller of the Borrower
or such other representative of the Borrower as may be designated by any one of the foregoing with the consent of the Administrative Agent.

 

“Assignee”
has the meaning set forth in Section 9.06(c).

 

    2 

     

    

  

“Availability Percentage”
means, with respect to each Borrower at any time, the percentage which such Borrower’s Sublimit bears to the aggregate amount of
the Commitments, all determined as of such time.

 

“Available Tenor”
means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (a) if such Benchmark is a
term rate, any tenor for such Benchmark (or component thereof) that is or may be used for determining the length of an Interest Period
pursuant to this Agreement or (b) otherwise, any payment period for interest calculated with reference to such Benchmark (or component
thereof) that is or may be used for determining any frequency of making payments of interest calculated with reference to such Benchmark,
in each case, as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the
definition of “Interest Period” pursuant to Section 8.01(c)(iv).

 

“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected
Financial Institution.

 

“Bail-In Legislation”
means (a) 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, regulation rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the
United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than
through liquidation, administration or other insolvency proceedings).

 

“Bankruptcy Event”
means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding (or any similar proceeding),
or generally fails to pay its debts as such debts become due, or admits in writing its inability to pay its debts generally, or has had
a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization
or liquidation of its business or assets appointed for it, or, in the good faith determination of the Administrative Agent (or, if the
Administrative Agent is the subject of the Bankruptcy Event, the Required Lenders), has taken any action in furtherance of, or indicating
its consent to, approval of, or acquiescence in, any such proceeding or appointment, provided that (except with respect to a Lender that
is subject to a Bail-In Action) a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of
any ownership interest, in such Person by a Governmental Authority or instrumentality thereof so long as such ownership interest does
not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of
judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Person.

 

“Base Rate”
means, at any time, the highest of (a) the Prime Rate; (b) the Federal Funds Rate plus 0.50%; and (c) Adjusted Term
SOFR for a one-month tenor in effect on such day plus 1%; each change in the Base Rate shall take effect simultaneously with the
corresponding change or changes in the Prime Rate, the Federal Funds Rate or Adjusted Term SOFR, as applicable (provided that clause
(c) shall not be applicable during any period in which Adjusted Term SOFR is unavailable or unascertainable). Notwithstanding
the foregoing, in no event shall the Base Rate be less than 0%.

 

    3 

     

    

  

“Base Rate Loan”
means (i) a Loan which bears interest at the Base Rate pursuant to the applicable Notice of Borrowing or Notice of Interest Rate
Election or the provisions of Article 8 or (ii) an overdue amount which was a Base Rate Loan immediately before it became
overdue.

 

“Base Rate Term SOFR
Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

“Benchmark”
means, initially, the Term SOFR Reference Rate; provided that if a Benchmark Transition Event has occurred with respect to the Term SOFR
Reference Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that
such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 8.01(c)(i).

 

“Benchmark Replacement”
means, with respect to any Benchmark Transition Event, the sum of: (a) the alternate benchmark rate that has been selected by the
Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement benchmark
rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market
convention for determining a benchmark rate as a replacement to the then-current Benchmark for Dollar-denominated syndicated credit facilities
and (b) the related Benchmark Replacement Adjustment; provided that, if such Benchmark Replacement as so determined would
be less than the Floor, such Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan
Documents.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for
any applicable Available Tenor, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be
a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to
(a) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for
the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (b) any
evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated
credit facilities.

 

“Benchmark Replacement
Date” means the earlier to occur of the following events with respect to the then-current Benchmark:

 

(a)            in
the case of clause (a) or (b) of the definition of “Benchmark Transition Event,” the later of (i) the date
of the public statement or publication of information referenced therein and (ii) the date on which the administrator of such Benchmark
(or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such
Benchmark (or such component thereof); or

 

    4 

     

    

  

(b)            in
the case of clause (c) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or
the published component used in the calculation thereof) has been determined and announced by or on behalf of the administrator of such
Benchmark (or such component thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof)
to be non-representative or non-compliant with or non-aligned with the International Organization of Securities Commissions (IOSCO) Principles
for Financial Benchmarks; provided that such non-representativeness, non-compliance or non-alignment will be determined by reference
to the most recent statement or publication referenced in such clause (c) and even if any Available Tenor of such Benchmark (or such
component thereof) continues to be provided on such date.

 

For the avoidance of doubt,
the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (a) or (b) with respect to
any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors
of such Benchmark (or the published component used in the calculation thereof).

 

“Benchmark Transition Event”
means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 

(a)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark
(or such component thereof), 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 such component thereof);

 

(b)            a
public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the
published component used in the calculation thereof), the FRB, the Federal Reserve Bank of New York, an insolvency official
with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over
the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component)
has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) 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 such component thereof); or

 

    5 

     

    

 

(c)            a
public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used
in the calculation thereof) or the regulatory supervisor for the administrator of such Benchmark (or such component thereof) announcing
that all Available Tenors of such Benchmark (or such component thereof) are not, or as of a specified future date will not be, representative
or in compliance with or aligned with the International Organization of Securities Commissions (IOSCO) Principles for Financial Benchmarks.

 

For the avoidance of doubt,
a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication
of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component
used in the calculation thereof).

  

“Benchmark Transition
Start Date” means, in the case of a Benchmark Transition Event, the earlier of (a) the applicable Benchmark Replacement
Date and (b) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th
day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such
prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication).

 

“Benchmark
Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date has
occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Loan
Document in accordance with Section 8.01(c)(i) and (y) ending at the time that a Benchmark Replacement has replaced
the then-current Benchmark for all purposes hereunder and under any Loan Document in accordance with Section 8.01(c)(i).

 

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

 

“Beneficial Ownership
Regulation” means 31 CFR § 1010.230.

 

“Benefit Plan”
means any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of ERISA, (b) a “plan”
as defined in and subject to Section 4975 of the Internal Revenue Code or (c) any Person whose assets include (for purposes
of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such “employee
benefit plan” or “plan”.

 

“Borrower”
means each of the Company, Duke Energy Carolinas, Duke Energy Ohio, Duke Energy Indiana, Duke Energy Kentucky, Duke Energy Florida, Duke
Energy Progress and Piedmont. References herein to “the Borrower” in connection with any Loan or Group of Loans or any Letter
of Credit hereunder are to the particular Borrower to which such Loan or Loans are made or proposed to be made or at whose request and
for whose account such Letter of Credit is issued or proposed to be issued.

 

“Borrower Exposure”
means, with respect to any Lender and any Borrower at any time, (i) an amount equal to the product of such Lender’s Percentage
and such Borrower’s Sublimit (whether used or unused) at such time or (ii) if such Lender’s Commitment shall have terminated,
either generally or with respect to such Borrower, or if such Borrower’s Sublimit shall have been reduced to zero, the sum of the
aggregate outstanding principal amount of its Loans (other than Swingline Loans) to such Borrower, the aggregate amount of its Letter
of Credit Liabilities in respect of such Borrower and the amount of its Swingline Exposure in respect of such Borrower at such time.

 

“Borrower Maturity
Date” means, with respect to any Revolving Credit Loan to any Borrower other than the Company, the first anniversary of the
date of the Borrowing of such Revolving Credit Loan; provided that if the Borrower designates such Borrowing as long-term in its
Notice of Borrowing, then the Borrower Maturity Date shall not be applicable thereto.

 

    6 

     

    

  

“Borrowing”
has the meaning set forth in Section 1.03.

 

“Cash Collateralize”
means to pledge and deposit with or deliver to the Administrative Agent, for the benefit of each Issuing Lender and each Lender, as collateral
for the Letter of Credit Liabilities, cash or deposit account balances, and “Cash Collateral” shall refer to such cash
or deposit account balances.

 

“Change in Law”
means the occurrence of any of the following after the date of this Agreement: (a) the adoption or taking effect of any law, rule,
regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation or application
thereof by any Governmental Authority, or (c) the making or issuance of any request, rules, guideline, requirement or directive (whether
or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to the contrary,
(i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives
thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines, requirements and
directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar
authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to
be a “Change in Law” after the date hereof regardless of the date enacted, adopted, issued or implemented.

 

“Co-Documentation
Agents” means each of Bank of China, New York Branch, Barclays Bank PLC, Citibank, N.A., Credit Suisse AG, New York
Branch, MUFG Bank, Ltd., PNC Bank, National Association, Royal Bank of Canada, and Truist Bank, N.A. in its capacity as
documentation agent in respect of this Agreement.

 

“Commitment”
means (i) with respect to any Lender listed on the signature pages hereof, the amount set forth opposite its name on the Commitment
Schedule, and (ii) with respect to each Additional Lender or Assignee which becomes a Lender pursuant to Sections 2.17, 8.05
and 9.06(c), the amount of the Commitment thereby assumed by it, in each case as such amount may from time to time be reduced pursuant
to Sections 2.08, 2.10, 8.05 and 9.06(c) or increased pursuant to Sections 2.17, 8.05 and
9.06(c).

 

“Commitment Schedule”
means the Commitment Schedule attached hereto as Schedule 1.01(a).

 

“Commitment Termination
Date” means, for each Lender, March 18, 2027, as such date may be extended from time to time with respect to such Lender
pursuant to Section 2.01(b) or, if such day is not a Domestic Business Day, the next preceding Domestic Business Day.

 

“Communications”
has the meaning set forth in Section 9.01(c).

 

“Company”
means Duke Energy Corporation, a Delaware corporation.

 

“Conforming
Changes” means, with respect to the use or administration of Term SOFR or the use, administration, adoption or implementation
of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base
Rate,” the definition of “Domestic Business Day,” the definition of “U.S. Government Securities Business Day,”
the definition of “Interest Period” or any similar or analogous definition (or the addition of a concept of “interest
period”), timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment,
conversion or continuation notices, the applicability and length of lookback periods, the applicability of Section 2.13 and
other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption
and implementation of any such rate or to permit the use and 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 any such rate 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 Loan Documents).

 

    7 

     

    

  

“Connection Income
Taxes” means, with respect to any Lender or Agent, taxes that are imposed on or measured by net income (however denominated),
franchise taxes or branch profits taxes, in each case, imposed as a result of a connection (including any former connection) between such
Lender or Agent and the jurisdiction imposing such tax (other than connections arising from such Lender or Agent having executed, delivered,
become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged
in any other transaction pursuant to or enforced this Agreement or any Note, or sold or assigned an interest in any Loan, this Agreement
or any Note).

 

“Consolidated
Capitalization” means, with respect to any Borrower, the sum, without duplication, of (i) Consolidated Indebtedness
of such Borrower, (ii) consolidated common equityholders’ equity as would appear on a consolidated balance sheet of such
Borrower and its Consolidated Subsidiaries prepared in accordance with generally accepted accounting principles, (iii) the
aggregate liquidation preference of preferred or priority equity interests (other than preferred or priority equity interests
subject to mandatory redemption or repurchase) of such Borrower and its Consolidated Subsidiaries upon involuntary liquidation,
(iv) the aggregate outstanding amount of all Equity Preferred Securities of such Borrower and (v) minority interests as
would appear on a consolidated balance sheet of such Borrower and its Consolidated Subsidiaries prepared in accordance with
generally accepted accounting principles.

 

“Consolidated Indebtedness”
means, at any date, with respect to any Borrower, all Indebtedness of such Borrower and its Consolidated Subsidiaries determined on a
consolidated basis in accordance with generally accepted accounting principles; provided that Consolidated Indebtedness shall exclude,
to the extent otherwise reflected therein, Equity Preferred Securities of such Borrower and its Consolidated Subsidiaries up to a maximum
excluded amount equal to 15% of Consolidated Capitalization of such Borrower.

 

“Consolidated Net
Assets” means, at any date with respect to any Borrower, (a) total assets of such Borrower and its Subsidiaries (minus
applicable reserves) determined on a consolidated basis in accordance with generally accepted accounting principles minus (b) total
liabilities of such Borrower and its Subsidiaries, in each case determined on a consolidated basis in accordance with generally accepted
accounting principles, all as reflected in the consolidated financial statements of such Borrower most recently delivered to the Administrative
Agent and the Lenders pursuant to Section 5.01(a) or 5.01(b).

 

    8 

     

    

  

“Consolidated Subsidiary”
means, for any Person, at any date any Subsidiary or other entity the accounts of which would be consolidated with those of such Person
in its consolidated financial statements if such statements were prepared as of such date.

 

“Co-Syndication Agents”
means each of Bank of America, N.A., JPMorgan Chase Bank, N.A. and Mizuho Bank, Ltd., in its capacity as a co-syndication agent in
respect of this Agreement.

 

“Default”
means any condition or event which constitutes an Event of Default or which with the giving of notice or lapse of time or both would,
unless cured or waived, become an Event of Default.

 

“Defaulting Lender”
means any Lender that (a) has failed to (i) fund any portion of its Loans within two Domestic Business Days of the date required
to be funded, (ii) fund any portion of its participations in Letters of Credit required to be funded by it hereunder within two Domestic
Business Days of the date required to be funded or (iii) pay over to any Lender Party any other amount required to be paid by it
hereunder within two Domestic Business Days of the date required to be paid, unless, in the case of clause (i) or (iii) above,
such Lender notifies the Administrative Agent (or, if the Administrative Agent is the Defaulting Lender, the Required Lenders) 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 default, if any) has not been satisfied, (b) has notified the Company or the Administrative Agent in
writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith
determination that a condition precedent (specifically identified and including the particular default, if any) to funding under this
Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three
Domestic Business Days after written request by the Administrative Agent (or, if the Administrative Agent is the Defaulting Lender, the
Required Lenders) or the Company, acting in good faith, to provide a certification in writing from an authorized officer of such Lender
that it will comply with its obligations to fund prospective Loans and participations in then outstanding Letters of Credit under this
Agreement unless such Lender notifies the Administrative Agent (or, if the Administrative Agent is the Defaulting Lender, the Required
Lenders) in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent
to funding (specifically identified and including the particular default, if any) has not been satisfied, provided that such Lender shall
cease to be a Defaulting Lender pursuant to this clause (c) upon receipt by the Administrative Agent (or, if the Administrative Agent
is the Defaulting Lender, the Required Lenders) and the Company of such certification in form and substance satisfactory to the Administrative
Agent (or, if the Administrative Agent is the Defaulting Lender, the Required Lenders) and the Company, or (d) has become (or has
a direct or indirect Parent that has become) the subject of a Bankruptcy Event or a Bail-In Action. Any determination by the Administrative
Agent (or, if the Administrative Agent is the Defaulting Lender, the Required Lenders) that a Lender is a Defaulting Lender shall be conclusive
and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender upon delivery of written notice of such determination
to the Company and each Lender.

 

    9 

     

    

 

“Dollars”
or “$” means, unless otherwise qualified, dollars in lawful currency of the United States.

  

“Domestic Business
Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the State of North
Carolina are authorized by law to close.

 

“Duke
Energy Carolinas” means Duke Energy Carolinas, LLC, a North Carolina limited liability company.

 

“Duke Energy Carolinas
Mortgage” means the First and Refunding Mortgage between Duke Energy Carolinas and JPMorgan Chase Bank, N.A., as successor trustee,
dated as of December 1, 1927 as amended or supplemented from time to time.

 

“Duke Energy Florida”
means Duke Energy Florida, LLC (f/k/a Progress Energy Florida, Inc.), a Florida limited liability company.

 

“Duke Energy Florida
Indenture” means the Indenture dated as of January 1, 1944, between Duke Energy Florida and The Bank of New York Mellon,
as successor trustee, as amended, modified or supplemented from time to time, and any successor or replacement mortgage trust indenture.

 

“Duke Energy Indiana”
means Duke Energy Indiana, LLC, an Indiana limited liability company.

 

“Duke Energy Indiana
First Mortgage Trust Indenture” means the first mortgage trust indenture, dated as of September 1, 1939, between Duke Energy
Indiana and Deutsche Bank National Trust Company, as successor trustee, as amended, modified or supplemented from time to time, and any
successor or replacement mortgage trust indenture.

 

“Duke Energy Kentucky”
means Duke Energy Kentucky, Inc., a Kentucky corporation.

 

“Duke Energy Kentucky
First Mortgage Trust Indenture” means the first mortgage trust indenture, dated as of February 1, 1949, between Duke Energy
Kentucky and The Bank of New York (successor to Irving Trust Company), as trustee, as amended, modified or supplemented from time to time,
and any successor or replacement mortgage trust indenture.

 

“Duke Energy Ohio”
means Duke Energy Ohio, Inc., an Ohio corporation.

 

“Duke Energy Ohio
First Mortgage Trust Indenture” means the first mortgage trust indenture, dated as of August 1, 1936, between Duke Energy
Ohio and The Bank of New York (successor to Irving Trust Company), as trustee, as amended, modified or supplemented from time to time,
and any successor or replacement mortgage trust indenture.

 

“Duke Energy Progress”
means Duke Energy Progress, LLC (f/k/a Progress Energy Carolinas, Inc.), a North Carolina limited liability company.

 

    10 

     

    

 

“Duke Energy Progress
Mortgage and Deed of Trust” means the Mortgage and Deed of Trust, dated as of May 1, 1940, from Duke Energy Progress to
the Bank of New York Mellon and Ming Ryan (successor to Frederick G. Herbst), as successor trustees, as amended, modified or supplemented
from time to time, and any successor or replacement mortgage trust indenture.

  

“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 parent of an institution described in
clause (a) of this definition, or (c) any financial 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 parent.

 

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

 

“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 on which this Agreement becomes effective pursuant to Section 3.01.

 

“Electronic Record”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Electronic Signature”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 15 U.S.C. 7006.

 

“Environmental
Laws” means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments,
orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating to the
environment or to emissions, discharges, releases of pollutants, contaminants, chemicals, or industrial, toxic or hazardous
substances or wastes into the environment including, without limitation, ambient air, surface water, ground water, or land, or
otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling of
pollutants, contaminants, chemicals, or industrial, toxic or hazardous substances or wastes.

 

“Equity Preferred
Securities” means, with respect to any Borrower, any trust preferred securities or deferrable interest subordinated debt securities
issued by such Borrower or any Subsidiary or other financing vehicle of such Borrower that (i) have an original maturity of at least
twenty years and (ii) require no repayments or prepayments and no mandatory redemptions or repurchases, in each case, prior to the
first anniversary of the latest Commitment Termination Date.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974, as amended.

 

“ERISA Group”
means, with respect to any Borrower, such Borrower and all other members of a controlled group of corporations and all trades or businesses
(whether or not incorporated) under common control which, together with such Borrower, are treated as a single employer under Section 414
of the Internal Revenue Code.

 

    11 

     

    

  

“Erroneous Payment” has the
meaning assigned thereto in Section 7.12(a).

 

“Erroneous Payment Deficiency Assignment”
has the meaning assigned thereto in Section 7.12(d).

 

“Erroneous Payment Return Deficiency”
has the meaning assigned thereto in Section 7.12(d).

 

“ESG” has
the meaning set forth in Section 2.20.

 

“ESG Amendment”
has the meaning set forth in Section 2.20.

 

“ESG Pricing Provisions”
has the meaning set forth in Section 2.20.

 

“ESG Ratings”
has the meaning set forth in Section 2.20.

 

“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.

 

“Event of Default”
has the meaning set forth in Section 6.01.

 

“Existing Commitment
Termination Date” has the meaning set forth in Section 2.01(b).

 

“Existing Credit
Agreement” has the meaning set forth in the Statement of Purpose.

 

“Existing Letter
of Credit” means each letter of credit outstanding under the Existing Credit Agreement on the Effective Date and identified
on Schedule 1.01(c).

 

“Facility Fee Rate”
means, with respect to any Borrower, the applicable rate per annum for such Borrower determined in accordance with the Pricing Schedule.

 

“FATCA”
has the meaning set forth in Section 8.03(a).

 

“FDIC”
means the Federal Deposit Insurance Corporation.

 

“Federal
Funds Rate” means, for any day, the rate per annum (rounded upwards, if necessary, to the nearest 1/100th of 1%) equal
to the weighted average of the rates on overnight federal funds transactions with members of the Federal Reserve System, as published
by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day; provided that (i) if such day
is not a Domestic Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Domestic
Business Day as so published on the next succeeding Domestic Business Day and (ii) if no such rate is so published on such next succeeding
Domestic Business Day, the Federal Funds Rate for such day shall be the average rate quoted to Wells Fargo on such day on such transactions
as determined by the Administrative Agent; provided further, that, if the Federal Funds Rate shall be less than zero, such rate
shall be deemed to be zero for purposes of this Agreement.

 

“Federal
Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.

 

    12 

     

    

 

“Fee Letters”
means (a) the separate fee letter agreement dated February 23, 2022 among the Borrowers, Wells Fargo and Wells Fargo Securities,
LLC, (b) the separate fee letter agreement dated February 23, 2022 among the Borrowers and the Joint Lead Arrangers (other than
Wells Fargo Securities, LLC) and (c) any letter between the Borrower and any Issuing Lender (other than Wells Fargo) relating to
certain fees payable to such Issuing Lender in its capacity as such.

 

“Floor”
means a rate of interest equal to 0%.

 

“FRB” means
the Board of Governors of the Federal Reserve System of the United States.

 

“Fund”
means any Person (other than a natural Person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial
loans and similar extensions of credit in the ordinary course of its business.

 

“Governmental Authority”
means any international, foreign, federal, state, regional, county, local or other governmental or quasi-governmental authority.

 

“Group of Loans”
means at any time a group of Loans consisting of (i) all Loans to the same Borrower which are Base Rate Loans at such time or (ii) all
SOFR Loans to the same Borrower having the same Interest Period at such time; provided that, if a Loan of any particular Lender
is converted to or made as a Base Rate Loan pursuant to Article 8, such Loan shall be included in the same Group or Groups
of Loans from time to time as it would have been if it had not been so converted or made.

 

“Hedging Agreement”
means for any Person, any and all agreements, devices or arrangements designed to protect such Person or any of its Subsidiaries from
the fluctuations of interest rates, exchange rates applicable to such party’s assets, liabilities or exchange transactions, including,
but not limited to, dollar-denominated or cross-currency interest rate exchange agreements, forward currency exchange agreements, interest
rate cap or collar protection agreements, commodity swap agreements, forward rate currency or interest rate options, puts and warrants.
Notwithstanding anything herein to the contrary, “Hedging Agreements” shall also include fixed-for-floating interest rate
swap agreements and similar instruments.

 

“Increased
Commitments” has the meaning set forth in Section 2.17.

 

“Indebtedness”
of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money, (ii) all indebtedness
of such Person for the deferred purchase price of property or services purchased (excluding current accounts payable incurred in the ordinary
course of business), (iii) all indebtedness created or arising under any conditional sale or other title retention agreement with
respect to property acquired, (iv) all indebtedness under leases which shall have been or should be, in accordance with generally
accepted accounting principles, recorded as capital leases in respect of which such Person is liable as lessee, (v) the face amount
of all outstanding letters of credit issued for the account of such Person (other than letters of credit relating to indebtedness included
in Indebtedness of such Person pursuant to another clause of this definition) and, without duplication, the unreimbursed amount of all
drafts drawn thereunder, (vi) indebtedness secured by any Lien on property or assets of such Person, whether or not assumed (but
in any event not exceeding the fair market value of the property or asset), (vii) all direct guarantees of Indebtedness referred
to above of another Person, (viii) all amounts payable in connection with mandatory redemptions or repurchases of preferred stock
or member interests or other preferred or priority equity interests and (ix) any obligations of such Person (in the nature of principal
or interest) in respect of acceptances or similar obligations issued or created for the account of such Person.

 

    13 

     

    

 

“Indemnitee”
has the meaning set forth in Section 9.03.

 

“Initial Sublimit”
means, with respect to each Borrower, the amount set forth opposite its name in the table below:

 

	Borrower	 	Initial
    Sublimit	 
	Company	 	$	3,300,000,000	 
	Duke Energy Carolinas	 	$	1,225,000,000	 
	Duke Energy Progress	 	$	1,400,000,000	 
	Duke Energy Florida	 	$	900,000,000	 
	Duke Energy Indiana	 	$	600,000,000	 
	Piedmont	 	$	800,000,000	 
	Duke Energy Ohio	 	$	600,000,000	 
	Duke Energy Kentucky	 	$	175,000,000	 

 

“Interest Period”
means, as to any SOFR Loan, the period commencing on the date such SOFR Loan is disbursed or converted to or continued as a SOFR Loan
and ending on the date one, three or six months thereafter, in each case as selected by the Borrower in its Notice of Borrowing or Notice
of Conversion/Continuation and subject to availability; provided that:

 

(a)            the
Interest Period shall commence on the date of advance of or conversion to any SOFR Loan and, in the case of immediately successive Interest
Periods, each successive Interest Period shall commence on the date on which the immediately preceding Interest Period expires;

 

(b)            if
any Interest Period would otherwise expire on a day that is not a Domestic Business Day, such Interest Period shall expire on the next
succeeding Domestic Business Day; provided that if any Interest Period would otherwise expire on a day that is not a Business Day
but is a day of the month after which no further Domestic Business Day occurs in such month, such Interest Period shall expire on the
immediately preceding Business Day;

 

(c)            any
Interest Period that begins on the last Domestic Business Day of a calendar month (or on a day for which there is no numerically corresponding
day in the calendar month at the end of such Interest Period) shall end on the last Domestic Business Day of the relevant calendar month
at the end of such Interest Period;

 

(d)            no
Interest Period shall extend beyond the Commitment Termination Date; and

  

(e)            no
tenor that has been removed from this definition pursuant to Section 8.01(c)(iv) shall be available for specification
in any Notice of Borrowing or Notice of Conversion/Continuation.

 

    14 

     

    

 

“Internal Revenue
Code” means the Internal Revenue Code of 1986, as amended, or any successor statute.

 

“Investment Grade
Status” exists as to any Person at any date if all senior long-term unsecured debt securities of such Person outstanding at
such date which has been rated by S&P or Moody’s are rated BBB- or higher by S&P or Baa3 or higher by Moody’s,
as the case may be, or if such Person does not have a rating of its long-term unsecured debt securities, then if the corporate credit
rating of such Person, if any exists, from S&P is BBB- or higher or the issuer rating of such Person, if any exists, from Moody’s
is Baa3 or higher.

 

“Issuing Lender”
means (i) each of Wells Fargo, Bank of America, N.A., JPMorgan Chase Bank, N.A., Mizuho Bank, Ltd., Bank of China, New York
Branch, Barclays Bank PLC, Citibank, N.A., Credit Suisse AG, New York Branch, MUFG Bank, Ltd., PNC Bank, National Association and
Royal Bank of Canada and, and (ii) any other Lender that may agree to issue letters of credit hereunder, in each case as issuer of
a Letter of Credit hereunder. No Issuing Lender shall be obligated to issue any Letter of Credit hereunder if, after giving effect thereto,
the aggregate Letter of Credit Liabilities in respect of all Letters of Credit issued by such Issuing Lender hereunder would exceed (i) in
the case of each Issuing Lender named in clause (i) above, $40,000,000 (as such amount may be modified from time to time by agreement
between the Company and such Issuing Lender) or (ii) with respect to any other Issuing Lender, such amount (if any) as may be agreed
for this purpose from time to time by such Issuing Lender and the Company. For avoidance of doubt, the limitations in the preceding sentence
are for the exclusive benefit of the respective Issuing Lenders, are incremental to the other limitations specified herein on the availability
of Letters of Credit and do not affect such other limitations.

 

“KPIs”
has the meaning set forth in Section 2.20.

 

“Lender”
means each bank or other financial institution listed on the signature pages hereof, each Additional Lender, each Assignee which
becomes a Lender pursuant to Section 9.06(c), and their respective successors. Each reference herein to a “Lender”
shall, unless the context otherwise requires, include the Swingline Lender and each Issuing Lender in such capacity.

 

“Lender Party”
means any of the Lenders, the Issuing Lenders and the Agents.

 

“Lending
Office” means, as to each Lender, its office located at its address set forth in its Administrative Questionnaire (or identified
in its Administrative Questionnaire as its Lending Office) or such other office as such Lender may hereafter designate as its Lending
Office by notice to the Borrowers and the Administrative Agent, and which may include an office of any Affiliate of such Lender
or any domestic or foreign branch of such Lender or Affiliate.

 

“Lender-Related Party”
has the meaning set forth in Section 9.03(c).

 

    15 

     

    

 

 

“Letter of Credit”
means a stand-by letter of credit issued or to be issued hereunder by an Issuing Lender in accordance with Section 2.15, including
the Existing Letters of Credit.

 

“Letter of Credit
Documents” means with respect to any Letter of Credit, such Letter of Credit, the Letter of Credit application, a letter of
credit agreement or reimbursement agreement and any other document, agreement and instrument required by the applicable Issuing Lender
and relating to such Letter of Credit, in each case in the form specified by the applicable Issuing Lender from time to time.

 

“Letter of Credit
Liabilities” means, for any Lender and at any time, such Lender’s ratable participation in the sum of (x) the amounts
then owing by all Borrowers in respect of amounts drawn under Letters of Credit and (y) the aggregate amount then available for drawing
under all Letters of Credit.

 

“Lien”
means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in respect of such
asset. For the purposes of this Agreement, any Borrower or any of its Subsidiaries shall be deemed to own subject to a Lien any asset
which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease or other
title retention agreement relating to such asset.

 

“Loan”
means a Revolving Credit Loan or a Swingline Loan; provided that Swingline Loans shall be subject to only those provisions of Article 2
which are specifically made applicable to Swingline Loans.

 

“Loan Documents”
means, collectively, this Agreement, each Note, the Letter of Credit Documents, the Fee Letters and each other document, instrument, certificate
and agreement executed and delivered by the Borrowers or any of their respective subsidiaries in favor of or provided to the Administrative
Agent in connection with this Agreement or otherwise referred to herein or contemplated hereby.

 

“Long-Dated Letter
of Credit” means a Letter of Credit having an expiry date later than the fifth Domestic Business Day prior to the Commitment
Termination Date of the Issuing Lender.

 

“Material Debt”
means, with respect to any Borrower, Indebtedness of such Borrower or any of its Material Subsidiaries (other than any Non-Recourse
Indebtedness) in an aggregate principal amount exceeding $150,000,000.

 

“Material Plan”
has the meaning set forth in Section 6.01(i).

 

“Material Subsidiary”
means at any time, with respect to any Borrower, any Subsidiary of such Borrower whose total assets exceeds 15% of the total assets (after
intercompany eliminations) of such Borrower and its Subsidiaries, determined on a consolidated basis in accordance with generally accepted
accounting principles, all as reflected in the consolidated financial statements of such Borrower most recently delivered to the Administrative
Agent and the Lenders pursuant to Section 5.01(a) or 5.01(b).

 

    16 

     

    

 

“Maximum Sublimit”
means, with respect to each Borrower, the amount set forth opposite its name in the table below, as such amount may be increased from
time to time pursuant to Section 2.17:

 

	Borrower	 	Maximum
    Sublimit	 
	Company	 	$	5,425,000,000	 
	Duke Energy Carolinas	 	$	2,025,000,000	 
	Duke Energy Progress	 	$	1,575,000,000	 
	Duke Energy Florida	 	$	1,350,000,000	 
	Duke Energy Indiana	 	$	1,125,000,000	 
	Piedmont	 	$	950,000,000	 
	Duke Energy Ohio	 	$	825,000,000	 
	Duke Energy Kentucky	 	$	225,000,000	 

 

“Moody’s”
means Moody’s Investors Service, Inc. (or any successor thereto).

 

“Mortgage
Indenture” means in the case of each of Duke Energy Carolinas, Duke Energy Ohio, Duke Energy Indiana, Duke Energy
Kentucky, Duke Energy Progress and Duke Energy Florida, the Duke Energy Carolinas Mortgage, the Duke Energy Ohio First Mortgage
Trust Indenture, the Duke Energy Indiana First Mortgage Trust Indenture, the Duke Energy Kentucky First Mortgage Trust Indenture,
the Duke Energy Progress Mortgage and Deed of Trust or the Duke Energy Florida Indenture, respectively.

 

“Non-Consenting Lender”
means any Lender that does not approve any consent, waiver or amendment that (i) requires the approval of all affected Lenders in
accordance with the terms of Section 9.05(a) and (ii) has been approved by the Required Lenders.

 

“Non-Recourse Indebtedness”
means any Indebtedness incurred by a Subsidiary of the Company to develop, construct, own, improve or operate a defined facility or project 
(a) as to which no Borrower (i) provides credit support of any kind (including any undertaking, agreement or instrument that
would constitute Indebtedness but excluding tax sharing arrangements and similar arrangements to make contributions to such Subsidiary
to account for tax benefits generated by such Subsidiary), (ii) is directly or indirectly liable as a guarantor or otherwise, or
(iii) constitutes the lender; (b) no default with respect to which would permit upon notice, lapse of time or both any holder
of any other Indebtedness (other than the Loans or the Notes) of any Borrower to declare a default on such other Indebtedness or cause
the payment thereof to be accelerated or payable prior to its stated maturity; and (c) as to which the lenders will not have any
recourse to the stock or assets of any Borrower or other Subsidiary (other than the stock of or intercompany loans to such Subsidiary);
provided that in each case in clauses (a) and (c) above, a Borrower or other Subsidiary may provide credit support and recourse
in an amount not exceeding 15% in the aggregate of any such Indebtedness.

 

    17 

     

    

 

“Notes”
means promissory notes of a Borrower, in the form required by Section 2.04, evidencing the obligation of such Borrower to
repay the Loans made to it, and “Note” means any one of such promissory notes issued hereunder.

 

“Notice of Borrowing”
has the meaning set forth in Section 2.02.

 

“Notice of Interest
Rate Election” has the meaning set forth in Section 2.09(a).

 

“Notice of Issuance”
has the meaning set forth in Section 2.15(b).

 

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

 

“Other Taxes”
has the meaning set forth in Section 8.03(a).

 

“Parent”
means, with respect to any Lender, any Person controlling such Lender.

 

“Participant”
has the meaning set forth in Section 9.06(b).

 

“Participant Register”
has the meaning set forth in Section 9.06(b).

 

“Payment Date”
has the meaning set forth in Section 2.15(d).

 

“PBGC”
means the Pension Benefit Guaranty Corporation or any entity succeeding to any or all of its functions under ERISA.

 

“Percentage”
means, with respect to any Lender at any time, the percentage which the amount of its Commitment at such time represents of the aggregate
amount of all the Commitments at such time; provided that in the case of Section 2.19 when a Defaulting Lender shall
exist, “Percentage” shall mean the percentage of the total Commitments (disregarding any Defaulting Lender’s Commitment)
represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Percentages shall be determined based
upon the Commitments most recently in effect, giving effect to any assignments.

 

“Periodic Term SOFR
Determination Day” has the meaning assigned thereto in the definition of “Term SOFR”.

 

“Person”
means an individual, a corporation, a partnership, an association, a trust or any other entity or organization, including a government
or political subdivision or an agency or instrumentality thereof.

 

“Piedmont”
means Piedmont Natural Gas Company, Inc., a North Carolina corporation.

 

“Plan”
means at any time an employee pension benefit plan which is covered by Title IV of ERISA or Sections 412 or 430 of the Internal
Revenue Code or Sections 302 and 303 of ERISA and is either (i) maintained by a member of the ERISA Group for employees of a
member of the ERISA Group or (ii) maintained pursuant to a collective bargaining agreement or any other arrangement under which
more than one employer makes contributions and to which a member of the ERISA Group is then making or accruing an obligation to make
contributions or has within the preceding five plan years made contributions.

 

    18 

     

    

 

“Platform”
means Syndtrak or a substantially similar electronic transmission system.

 

“Pricing Schedule”
means the Pricing Schedule attached hereto as Schedule 1.01(b).

 

“Prime Rate”
means the per annum rate of interest established from time to time by the Administrative Agent at its principal office in Charlotte, North
Carolina as its Prime Rate. Any change in the interest rate resulting from a change in the Prime Rate shall become effective as of 12:01
a.m. of the Domestic Business Day on which each change in the Prime Rate is announced by the Administrative Agent. The Prime Rate
is a reference rate used by the Administrative Agent in determining interest rates on certain loans and is not intended to be the lowest
rate of interest charged on any extension of credit to any debtor.

 

“Progress Borrowers”
means Duke Energy Florida and Duke Energy Progress.

 

“PTE” means
a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

 

“Quarterly Payment
Date” means the 15th Domestic Business Day of each January, April, July and October.

 

“Regulation U”
means Regulation U of the FRB, as in effect from time to time.

 

“Reimbursement Obligation”
means, at any time, the obligation of the Borrower then outstanding under Section 2.15 to reimburse the Issuing Lender for
amounts paid by the Issuing Lender in respect of any one or more drawings under a Letter of Credit.

 

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

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Removed Borrower”
has the meaning set forth in Section 9.05(b).

 

“Required Lenders”
means, at any time, Lenders having at least 51% in aggregate amount of the Aggregate Exposures at such time (exclusive in each case of
the Aggregate Exposure(s) of any Defaulting Lender(s)).

 

“Resolution Authority”
means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

 

“Revolving Credit
Loan” means a loan made or to be made by a Lender pursuant to Section 2.01(a); provided that, if any such
loan or loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Rate Election, the term “Revolving
Credit Loan” shall refer to the combined principal amount resulting from such combination or to each of the separate principal amounts
resulting from such subdivision, as the case may be.

 

    19 

     

    

 

“Revolving Credit
Period” means, with respect to any Lender, the period from and including the Effective Date to but not including its Commitment
Termination Date.

 

“Sanctioned Person”
means, at any time (a) any Person listed in any Sanctions-related list of specially designated Persons maintained by OFAC, the U.S.
Department of State, United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom, (b) any
Person that has a place of business, or is organized or resident, in a jurisdiction that is the subject of any comprehensive territorial
Sanctions or (c) any Person owned or controlled by any such Person.

 

“Sanctions”
means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by (a) OFAC or the U.S.
Department of State, or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United
Kingdom.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

 

“SOFR Adjustment”
means a percentage equal to 0.10% per annum.

 

“SOFR Administrator”
means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).

 

“SOFR Loan”
means any Loan bearing interest at a rate based on Adjusted Term SOFR as provided in Section 2.06.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc. (or any successor thereto).

 

“Sublimit”
means, with respect to each Borrower, its Initial Sublimit, as the same may be modified from time to time pursuant to Sections 2.08
and 2.17; provided that a Borrower’s Sublimit shall at no time exceed such Borrower’s Maximum Sublimit.

 

“Subsidiary”
means, as to any Person, any corporation or other entity of which securities or other ownership interests having ordinary voting power
to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned
by such Person; unless otherwise specified, “Subsidiary” means a Subsidiary of a Borrower.

 

“Substantial Assets”
means, with respect to any Borrower, assets sold or otherwise disposed of in a single transaction or a series of related transactions
representing 25% or more of the consolidated assets of such Borrower and its Consolidated Subsidiaries, taken as a whole.

 

“Sustainability
Structuring Agent” means Wells Fargo Securities, LLC.

 

    20 

     

    

 

“Swingline Exposure”
means, with respect to any Lender, an amount equal to such Lender’s Percentage of the aggregate outstanding principal amount of
Swingline Loans.

 

“Swingline Lender”
means Wells Fargo, in its capacity as the Swingline Lender under the swing loan facility described in Section 2.18.

 

“Swingline Loan”
means a loan made or to be made by the Swingline Lender pursuant to Section 2.18.

 

“Swingline Termination
Date” means the tenth Domestic Business Day prior to Wells Fargo’s Commitment Termination Date.

 

“Taxes”
has the meaning set forth in Section 8.03(a).

 

“Term
SOFR” means,

 

(a)            for
any calculation with respect to a SOFR Loan, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on
the day (such day, the “Periodic Term SOFR Determination Day”) that is two U.S. Government Securities Business Days
prior to the first day of such Interest Period, as such rate is published by the Term SOFR Administrator; provided, however, that
if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable
tenor has not been published by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate
has not occurred, then Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the
first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term
SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government Securities
Business Days prior to such Periodic Term SOFR Determination Day, and

 

(b)            for
any calculation with respect to a Base Rate Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such
day, the “Base Rate Term SOFR Determination Day”) that is two U.S. Government Securities Business Days prior to
such day, as such rate is published by the Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York
City time) on any Base Rate Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published
by the Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then
Term SOFR will be the Term SOFR Reference Rate for such tenor as published by the Term SOFR Administrator on the first preceding
U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the Term SOFR
Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three U.S. Government
Securities Business Days prior to such Base Rate SOFR Determination Day.

 

“Term
SOFR Administrator” means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term
SOFR Reference Rate selected by the Administrative Agent in its reasonable discretion).

 

“Term SOFR Reference
Rate” means the forward-looking term rate based on SOFR.

 

“UK Financial Institution”
means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time) promulgated by the United Kingdom
Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated
by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates
of such credit institutions or investment firms.

 

“UK Resolution Authority” means
the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

 

    21

     

    

 

“Unadjusted Benchmark
Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

 

“Unfunded Vested
Liabilities” means, with respect to any Plan at any time, the amount (if any) by which (i) the present value of all benefits
under such Plan, determined on a plan termination basis using the assumptions under 4001(a)(18) of ERISA, exceeds (ii) the fair market
value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, but only
to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or the Plan under Title IV
of ERISA.

 

“United States”
means the United States of America, including the States and the District of Columbia, but excluding its territories and possessions.

 

“U.S. Government
Securities Business Day” means any day except for (a) a Saturday, (b) a Sunday or (c) a day on which the Securities
Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for
purposes of trading in United States government securities; provided, that for purposes of notice requirements in Sections 2.02,
2.11, and 2.12, in each case, such day is also a Domestic Business Day.

 

“U.S. Tax Compliance
Certificate” has the meaning set forth in Section 8.03(a).

 

“U.S. Tax Law Change”
has the meaning set forth in Section 8.03(a).

 

“Utilization Limits”
means the requirements that (i) for any Lender, the aggregate outstanding principal amount of its Loans (other than Swingline Loans)
to all Borrowers hereunder plus the aggregate amount of its Letter of Credit Liabilities plus its Swingline Exposure shall at no time
exceed the amount of its Commitment and (ii) for any Borrower, the aggregate outstanding principal amount of Loans to such Borrower
plus the aggregate amount of Letter of Credit Liabilities in respect of Letters of Credit issued for its account shall at no time exceed
its Sublimit.

 

“Wells Fargo”
means Wells Fargo Bank, National Association.

 

    22 

     

    

 

“Write-Down and Conversion
Powers” means, (a) 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, and (b) with respect to the United Kingdom, any powers of the applicable Resolution
Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or
any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations
of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised
under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related
to or ancillary to any of those powers.

 

Section 1.02     Accounting
Terms and Determinations. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all
accounting determinations hereunder shall be made, and all financial statements required to be delivered hereunder shall be prepared
in accordance with generally accepted accounting principles as in effect from time to time, applied on a basis consistent
(except for changes concurred in by the relevant Borrower’s independent public accountants) with the most recent audited
consolidated financial statements of such Borrower and its Consolidated Subsidiaries delivered to the Lenders; provided, that if the
Company notifies the Administrative Agent that it wishes to amend the financial covenant in Section 5.10 to eliminate
the effect of any change in generally accepted accounting principles on the operation of such covenant (or if the Administrative
Agent notifies the Company that the Required Lenders wish to amend Section 5.10 for such purpose), then each
Borrower’s compliance with such covenant shall be determined on the basis of generally accepted accounting principles as in
effect immediately before the relevant change in generally accepted accounting principles became effective, until either such notice
is withdrawn or such covenant is amended in a manner satisfactory to the Company and the Required Lenders.

 

Section 1.03     Types
of Borrowings. The term “Borrowing” denotes the aggregation of Loans of one or more Lenders to be made to a single
Borrower pursuant to Article 2 on a single date and for a single Interest Period. Borrowings are classified for purposes of
this Agreement by reference to the pricing of Loans comprising such Borrowing (e.g., a “SOFR Borrowing” is a
Borrowing comprised of SOFR Loans).

 

Section 1.04     Divisions.
For all purposes under this Agreement, in connection with any division or plan of division of a Borrower under Delaware law (or any comparable
event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes the asset,
right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the
subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized on the
first date of its existence by the holders of its equity interests at such time.

 

    23 

     

    

 

Section 1.05     Rates.
The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, (a) the
continuation of, administration of, submission of, calculation of or any other matter related to the Term SOFR Reference Rate, Adjusted
Term SOFR or Term SOFR, or any component definition thereof or rates referred to in the definition thereof, or with respect to any alternative,
successor or replacement rate thereto (including any Benchmark Replacement), including whether the composition or characteristics of any
such alternative, successor or replacement rate (including any Benchmark Replacement), as it may or may not be adjusted pursuant to Section 8.01(c),
will be similar to, or produce the same value or economic equivalence of, or have the same volume or liquidity as, the Term SOFR Reference
Rate, Adjusted Term SOFR, Term SOFR or any other Benchmark prior to its discontinuance or unavailability, or (b) the effect, implementation
or composition of any Conforming Changes. The Administrative Agent and its Affiliates or other related entities may engage in transactions
that affect the calculation of the Term SOFR Reference Rate, Adjusted Term SOFR, Term SOFR, any alternative, successor or replacement
rate (including any Benchmark Replacement) or any relevant adjustments thereto and such transactions may be adverse to the Borrower. The
Administrative Agent may select information sources or services in its reasonable discretion to ascertain the Term SOFR Reference Rate,
Adjusted Term SOFR or Term SOFR, or any other Benchmark, any component definition thereof or rates referred to in the definition thereof,
in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity
for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses
(whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component
thereof) provided by any such information source or service.

 

Article 2

The Credits

 

Section 2.01     Commitments
to Lend.

 

(a)            Revolving
Credit Loans. During its Revolving Credit Period, each Lender severally agrees, on the terms and conditions set forth in this Agreement,
to make Revolving Credit Loans in Dollars to each Borrower pursuant to this subsection from time to time; provided that, immediately
after each such Revolving Credit Loan is made, the Utilization Limits are not exceeded. Each Borrowing under this subsection shall be
in an aggregate principal amount of $10,000,000 or any larger multiple of $1,000,000 (except that any such Borrowing may be in the aggregate
amount available in accordance with Section 3.02(b)) and shall be made from the several Lenders ratably in proportion to their
respective Commitments in effect on the date of Borrowing; provided that, if the Interest Period selected by the Borrower for a
Borrowing would otherwise end after the Commitment Termination Dates of some but not all Lenders, the Borrower may in its Notice of Borrowing
elect not to borrow from those Lenders whose Commitment Termination Dates fall prior to the end of such Interest Period. Within the foregoing
limits, the Borrowers may borrow under this subsection (a), or to the extent permitted by Section 2.11, prepay Loans and reborrow
at any time during the Revolving Credit Periods under this subsection (a).

 

(b)           Extension
of Commitments. (i) The Company may, so long as no Default then exists and the representations and warranties of the Borrowers
contained herein are true and correct at the time of notice, at any time after the Effective Date but prior to the then existing Commitment
Termination Date (the “Existing Commitment Termination Date”), propose to extend the Existing Commitment Termination
Date for an additional one year period measured from the Existing Commitment Termination Date; provided that in no event may the
Company request more than two extensions of the Commitment Termination Date pursuant to this Section 2.01(b)(i); and provided
further that the Commitment Termination Date, after giving effect to any such extension, shall not be later than five years after
the effective date of such extension. The Administrative Agent shall promptly notify the Lenders of receipt of such request. Each Lender
shall endeavor to respond to such request, whether affirmatively or negatively (such determination in the sole discretion of such Lender),
by notice to the Company and the Administrative Agent within 30 days. Subject to the execution by the Borrowers, the Administrative Agent
and such Lenders of a duly completed Extension Agreement in substantially the form of Exhibit E, the Commitment Termination Date
applicable to the Commitment of each Lender so affirmatively notifying the Company and the Administrative Agent shall be extended for
the period specified above; provided that no Commitment Termination Date of any Lender shall be extended unless Lenders having
Commitments in an aggregate amount equal to at least 51% of the Commitments in effect at the time any such extension is requested shall
have elected so to extend their Commitments.

 

    24 

     

    

 

(ii)          Any
Lender which does not give such notice to the Company and the Administrative Agent shall be deemed to have elected not to extend as requested,
and the Commitment of each non-extending Lender shall terminate on its Commitment Termination Date determined without giving effect to
such requested extension. The Company may, in accordance with Section 8.05, designate another bank or other financial institution
(which may be, but need not be, an extending Lender) to replace a non-extending Lender. On the date of termination of any Lender’s
Commitment as contemplated by this paragraph, the respective participations of the other Lenders in all outstanding Letters of Credit
and Swingline Loans shall be redetermined on the basis of their respective Commitments after giving effect to such termination, and the
participation therein of the Lender whose Commitment is terminated shall terminate; provided that the Borrowers shall, if and to
the extent necessary to permit such redetermination of participations in Letters of Credit and Swingline Loans within the limits of the
Commitments which are not terminated, prepay on such date all or a portion of the outstanding Loans or, to the extent that such redetermination
cannot be effected within the limits of the Commitments even after all outstanding Loans have been prepaid, then the Borrowers shall Cash
Collateralize the Letters of Credit to the extent of the excess, and such redetermination and termination of participations in outstanding
Letters of Credit and Swingline Loans shall be conditioned upon their having done so.

 

Section 2.02     Notice
of Borrowings. The Borrower shall give the Administrative Agent notice (a “Notice of Borrowing”) not later than
11:00 A.M. (Eastern time) on (x) the date of each Base Rate Borrowing and (y) at least three U.S. Government Securities
Business Days before each SOFR Borrowing, specifying:

 

(a)            the
date of such Borrowing, which shall be a Domestic Business Day in the case of a Base Rate Borrowing or a U.S. Government Securities Business
Day in the case of a SOFR Borrowing;

 

(b)           the
aggregate amount of such Borrowing;

 

(c)           whether
the Loans comprising such Borrowing are to bear interest initially at the Base Rate or Adjusted Term SOFR;

 

(d)           in
the case of a SOFR Borrowing, the duration of the initial Interest Period applicable thereto, subject to the provisions of the definition
of Interest Period; and

 

(e)            if
applicable, the designation contemplated by the definition of Borrower Maturity Date.

 

    25 

     

    

 

Unless the Borrower shall have given notice to
Administrative Agent not later than 11:00 A.M. (Eastern time) on the date on which any payment of a Reimbursement Obligation is due
to an Issuing Lender or on the scheduled date of maturity of a Swingline Loan to the effect that the Borrower will make such payment with
funds from another source, the Borrower shall be deemed to have given a Notice of Borrowing for a Base Rate Borrowing on such date in
the minimum amount permitted by Section 2.01 that equals or exceeds the amount of such Reimbursement Obligation or Swingline
Loan.

 

Section 2.03     Notice
to Lenders; Funding of Loans.

 

(a)            Upon
receipt (or deemed receipt) of a Notice of Borrowing, the Administrative Agent shall promptly notify each Lender of the contents thereof
and of such Lender’s share (if any) of such Borrowing and such Notice of Borrowing shall not thereafter be revocable by the Borrower.

 

(b)            Not
later than 1:00 P.M. (Eastern time) on the date of each Borrowing, each Lender participating therein shall (except as provided in
subsection (c) of this Section) make available its share of such Borrowing, in immediately available funds, to the Administrative
Agent at its address specified in or pursuant to Section 9.01. Unless the Administrative Agent determines that any applicable
condition specified in Article 3 has not been satisfied, the Administrative Agent will disburse the funds so received from
the Lenders to an account designated by an Approved Officer of the Borrower; provided that to the extent that all or a portion
of such Borrowing is to be applied to a Reimbursement Obligation or a Swingline Loan of the Borrower as contemplated by Sections 2.02
and 2.18(h), the Administrative Agent shall distribute to the applicable Issuing Lender or the Swingline Lender, as the case may
be, the appropriate portion of such funds.

 

(c)            Unless
the Administrative Agent shall have received notice from a Lender prior to 1:00 P.M. (Eastern time) on the date of any Borrowing
that such Lender will not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent
may assume that such Lender has made such share available to the Administrative Agent on the date of such Borrowing in accordance with
subsection (b) of this Section 2.03 and the Administrative Agent may, in reliance upon such assumption, make available
to the Borrower on such date a corresponding amount. If and to the extent that such Lender shall not have so made such share available
to the Administrative Agent, such Lender and, if such Lender shall not have made such payment within two Domestic Business Days of demand
therefor, the Borrower agrees to repay to the Administrative Agent forthwith on demand such corresponding amount together with interest
thereon, for each day from the date such amount is made available to the Borrower until the date such amount is repaid to the Administrative
Agent, at (i) in the case of the Borrower, a rate per annum equal to the higher of the Federal Funds Rate and the interest rate applicable
thereto pursuant to Section 2.06 and (ii) in the case of such Lender, the Federal Funds Rate. If such Lender shall repay
to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Lender’s Loan included in such
Borrowing for purposes of this Agreement.

 

(d)           The
failure of any Lender to make the Loan to be made by it as part of any Borrowing shall not relieve any other Lender of its obligation,
if any, hereunder to make a Loan on the date of such Borrowing, but no Lender shall be responsible for the failure of any other Lender
to make a Loan to be made by such other Lender.

 

    26 

     

    

 

Section 2.04     Registry;
Notes.

 

(a)           The
Administrative Agent shall maintain a register (the “Register”) on which it will record the Commitment of each Lender,
each Loan made by such Lender and each repayment of any Loan made by such Lender. Any such recordation by the Administrative Agent on
the Register shall be conclusive, absent manifest error. Failure to make any such recordation, or any error in such recordation, shall
not affect the Borrowers’ obligations hereunder.

 

(b)           Each
Borrower hereby agrees that, promptly upon the request of any Lender at any time, such Borrower shall deliver to such Lender a duly executed
Note, in substantially the form of Exhibit A hereto, payable to such Lender or its registered assigns as permitted pursuant to Section 9.06
and representing the obligation of such Borrower to pay the unpaid principal amount of the Loans made to such Borrower by such Lender,
with interest as provided herein on the unpaid principal amount from time to time outstanding.

 

(c)           Each
Lender shall record the date, amount and maturity of each Loan (including Swingline Loans) made by it and the date and amount of each
payment of principal made by the Borrower with respect thereto, and each Lender receiving a Note pursuant to this Section, if such Lender
so elects in connection with any transfer or enforcement of its Note, may endorse on the schedule forming a part thereof appropriate notations
to evidence the foregoing information with respect to each such Loan then outstanding; provided that the failure of such Lender
to make any such recordation or endorsement shall not affect the obligations of any Borrower hereunder or under the Notes. Such Lender
is hereby irrevocably authorized by each Borrower so to endorse its Note and to attach to and make a part of its Note a continuation of
any such schedule as and when required.

 

Section 2.05     Maturity
of Loans. Each Revolving Credit Loan made by any Lender shall mature, and the principal amount thereof shall be due and payable together
with accrued interest thereon, on the earlier of the Commitment Termination Date of such Lender and the applicable Borrower Maturity Date
(if any).

 

Section 2.06     Interest
Rates.

 

(a)            Each
Base Rate Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan is made until
it becomes due, at a rate per annum equal to the sum of the Applicable Margin for such day plus the Base Rate for such day. Such
interest shall be payable quarterly in arrears on each Quarterly Payment Date, at maturity and on the date of termination of
the Commitments in their entirety. Any overdue principal of, or overdue interest on, any Base Rate Loan shall bear interest, payable
on demand, for each day until paid at a rate per annum equal to the sum of 1% plus the Applicable Margin for such day plus the Base
Rate for such day.

 

    27 

     

    

 

(b)            Each
SOFR Loan shall bear interest on the outstanding principal amount thereof, for each day during each Interest Period applicable thereto,
at a rate per annum equal to the sum of the Applicable Margin for such day plus the Adjusted Term SOFR for such day (provided that Adjusted
Term SOFR shall not be available until three U.S. Government Securities Business Days after the Effective Date unless the applicable Borrower
has delivered to the Administrative Agent a letter in form and substance reasonably satisfactory to the Administrative Agent indemnifying
the Lenders in the manner set forth in Section 2.13). Such interest shall be payable for each Interest Period on the last
day thereof and, if such Interest Period is longer than three months, at intervals of three months after the first day thereof.

 

(c)            Any
overdue principal of or overdue interest on any SOFR Loan shall bear interest, payable on demand, for each day from and including the
date payment thereof was due to but excluding the date of actual payment, at a rate per annum equal to the sum of 1% plus the higher of
(i) the sum of the Applicable Margin for such day plus the Adjusted Term SOFR applicable to such Loan at the date such payment was
due and (ii) the rate applicable to Base Rate Loans for such day.

 

(d)            The
Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The Administrative Agent shall give prompt
notice to the Borrower and the participating Lenders by facsimile of each rate of interest so determined, and its determination thereof
shall be conclusive in the absence of manifest error unless the Borrower raises an objection thereto within five Domestic Business Days
after receipt of such notice.

 

(e)            In
connection with the use or administration of Term SOFR, the Administrative Agent will have the right to make Conforming Changes from time
to time and, notwithstanding anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming
Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. The
Administrative Agent will promptly notify the Borrowers and the Lenders of the effectiveness of any Conforming Changes in connection with
the use or administration of Term SOFR.

 

Section 2.07     Fees.

 

(a)            Facility
Fees. Each Borrower shall pay to the Administrative Agent, for the account of the Lenders ratably in proportion to their related Borrower
Exposures, a facility fee calculated for each day at the Facility Fee Rate for such day (determined in accordance with the Pricing Schedule)
on the aggregate amount of such Borrower’s Borrower Exposures on such day. Such facility fee shall accrue for each day from and
including the Effective Date but excluding the day on which the related Borrower Exposures are reduced to zero.

 

(b)           Letter
of Credit Fees. Each Borrower shall pay to the Administrative Agent (i) for the account of the Lenders ratably a letter of credit
fee accruing daily on the aggregate amount then available for drawing under all outstanding Letters of Credit issued for such Borrower’s
account at a rate per annum equal to the then Applicable Margin for SOFR Loans and (ii) for the account of each Issuing Lender a
letter of credit fronting fee accruing daily on the aggregate amount then available for drawing under all Letters of Credit issued by
such Issuing Lender for its account at a rate per annum of 0.20% (or such other rate as may be mutually agreed from time to time by the
applicable Borrower and such Issuing Lender). In addition, you agree to pay to each Issuing Lender its customary documentation fees, including,
without limitation, in respect of any amendments, modifications, extensions, renewals and draws, as applicable, of or on the Letters of
Credit issued by such Issuing Lender under the facility.

 

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(c)           [Reserved].

 

(d)           Payments.
Accrued fees under this Section for the account of any Lender shall be payable quarterly in arrears on each Quarterly Payment Date
and upon such Lender’s Commitment Termination Date (and, if later, the date the Borrower Exposure of such Lender in respect of any
Borrower is reduced to zero).

 

Section 2.08     Optional
Termination or Reduction of Sublimits; Changes to Sublimits.

 

(a)           The
Company may, upon not less than three Domestic Business Days’ notice to the Administrative Agent, reallocate amounts of the
Commitments among the respective Sublimits of the Borrowers (i.e., reduce the Sublimits of one or more Borrowers and increase
the Sublimits of one or more other Borrowers by the same aggregate amount); provided (i) each Sublimit shall be a
multiple of $5,000,000 at all times, (ii) a Borrower’s Sublimit may not be reduced to an amount less than the sum of the
aggregate outstanding principal amount of Loans to such Borrower plus the aggregate amount of Letter of Credit Liabilities in
respect of Letters of Credit issued for its account, (iii) a Borrower’s Sublimit may not be increased to an amount
greater than its Maximum Sublimit, (iv) the sum of the Sublimits of the respective Borrowers shall at all times equal the
aggregate amount of the Commitments and (v) any such increase in a Borrower’s Sublimit shall be accompanied or preceded
by evidence reasonably satisfactory to the Administrative Agent as to appropriate corporate and regulatory authorization
therefor.

 

(b)           Each
Borrower other than the Company may, upon at least three Domestic Business Days’ notice to the Administrative Agent, reduce its
Sublimit (i) to zero, if no Loans to it or Letter of Credit Liabilities for its account are outstanding or (ii) by an amount
of $10,000,000 or any larger multiple of $5,000,000 so long as, after giving effect to such reduction, its Sublimit is not less than the
sum of the aggregate principal amount of Loans outstanding to it and the aggregate Letter of Credit Liabilities outstanding for its account.
Upon any reduction in the Sublimit of a Borrower to zero pursuant to this Section 2.08(b), such Borrower shall cease to be
a Borrower hereunder. The aggregate amount of the Commitments will be automatically and simultaneously reduced by the amount of each reduction
in any Sublimit pursuant to this Section 2.08(b) or pursuant to Section 6.01.

 

Section 2.09     Method
of Electing Interest Rates.

 

(a)           The
Loans included in each Borrowing shall bear interest initially at the type of rate specified by the Borrower in the applicable Notice
of Borrowing. Thereafter, the Borrower may from time to time elect to change or continue the type of interest rate borne by each Group
of Loans (subject in each case to the provisions of Article 8 and the last sentence of this subsection (a)), as follows:

 

(i)           if
such Loans are Base Rate Loans, the Borrower may elect to convert such Loans to SOFR Loans as of any U.S. Government Securities Business
Day; and

 

(ii)          if
such Loans are SOFR Loans, the Borrower may elect to convert such Loans to Base Rate Loans or elect to continue such Loans as SOFR Loans
for an additional Interest Period, subject to Section 2.13 in the case of any such conversion or continuation effective on
any day other than the last day of the then current Interest Period applicable to such Loans.

 

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Each such election shall be made by delivering
a notice (a “Notice of Interest Rate Election”) to the Administrative Agent not later than 11:00 A.M. (Eastern
time) on the third U.S. Government Securities Business Day before the conversion or continuation selected in such notice is to be effective
(or one Domestic Business Day if the conversion is from a SOFR Loan to a Base Rate Loan). A Notice of Interest Rate Election may, if it
so specifies, apply to only a portion of the aggregate principal amount of the relevant Group of Loans; provided that (i) such
portion is allocated ratably among the Loans comprising such Group and (ii) the portion to which such notice applies, and the remaining
portion to which it does not apply, are each $10,000,000 or any larger multiple of $1,000,000.

 

(b)           Each
Notice of Interest Rate Election shall specify:

 

(i)          the
Group of Loans (or portion thereof) to which such notice applies;

 

(ii)         the
date on which the conversion or continuation selected in such notice is to be effective, which shall comply with the applicable clause
of subsection 2.09(a) above;

 

(iii)        if
the Loans comprising such Group are to be converted, the new type of Loans and, if the Loans being converted are to be SOFR Loans, the
duration of the next succeeding Interest Period applicable thereto; and

 

(iv)        if
such Loans are to be continued as SOFR Loans for an additional Interest Period, the duration of such additional Interest Period.

 

Each Interest Period specified in a Notice of
Interest Rate Election shall comply with the provisions of the definition of the term “Interest Period”.

 

(c)            Promptly
after receiving a Notice of Interest Rate Election from the Borrower pursuant to subsection 2.09(a) above, the Administrative Agent
shall notify each Lender of the contents thereof and such notice shall not thereafter be revocable by the Borrower. If no Notice of Interest
Rate Election is timely received prior to the end of an Interest Period for any Group of Loans, the Borrower shall be deemed to have elected
that such Group of Loans be converted to Base Rate Loans as of the last day of such Interest Period.

 

(d)            An
election by the Borrower to change or continue the rate of interest applicable to any Group of Loans pursuant to this Section shall
not constitute a “Borrowing” subject to the provisions of Section 3.02.

 

Section 2.10     Mandatory
Termination of Commitments. The Commitment of each Lender shall terminate on such Lender’s Commitment Termination Date.

 

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Section 2.11     Optional
Prepayments.

 

(a)            The
Borrower may (i) upon notice to the Administrative Agent not later than 11:00 A.M. (Eastern time) on any Domestic Business Day
prepay on such Domestic Business Day any Group of Base Rate Loans and (ii) upon at least three U.S. Government Securities Business
Days’ notice to the Administrative Agent not later than 11:00 A.M. (Eastern time) prepay any Group of SOFR Loans, in each case
in whole at any time, or from time to time in part in amounts aggregating $5,000,000 or any larger multiple of $1,000,000, by paying the
principal amount to be prepaid together with accrued interest thereon to the date of prepayment and together with any additional amounts
payable pursuant to Section 2.13. Each such optional prepayment shall be applied to prepay ratably the Loans of the several
Lenders included in such Group or Borrowing.

 

(b)            Upon
receipt of a notice of prepayment pursuant to this Section, the Administrative Agent shall promptly notify each Lender of the contents
thereof and of such Lender’s share (if any) of such prepayment and such notice shall not thereafter be revocable by the Borrower.

 

Section 2.12     General
Provisions as to Payments.

 

(a)            The
Borrower shall make each payment of principal of, and interest on, the Loans and of fees hereunder, not later than 1:00 P.M. (Eastern
time) on the date when due, in immediately available funds, to the Administrative Agent at its address referred to in Section 9.01
and without reduction by reason of any set-off, counterclaim or deduction of any kind. The Administrative Agent will promptly distribute
to each Lender in like funds its ratable share of each such payment received by the Administrative Agent for the account of the Lenders.
Whenever any payment of principal of, or interest on, the Base Rate Loans, Swingline Loans or Letter of Credit Liabilities or of fees
shall be due on a day which is not a Domestic Business Day, the date for payment thereof shall be extended to the next succeeding Domestic
Business Day. Whenever any payment of principal of, or interest on, the SOFR Loans shall be due on a day which is not a U.S. Government
Securities Business Day, the date for payment thereof shall be extended to the next succeeding U.S. Government Securities Business Day
unless such U.S. Government Securities Business Day falls in another calendar month, in which case the date for payment thereof shall
be the next preceding U.S. Government Securities Business Day. If the date for any payment of principal is extended by operation of law
or otherwise, interest thereon shall be payable for such extended time.

 

(b)            Unless
the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Lenders hereunder
that the Borrower will not make such payment in full, the Administrative Agent may assume that the Borrower has made such payment in full
to the Administrative Agent on such date and the Administrative Agent may, in reliance upon such assumption, cause to be distributed to
each Lender on such due date an amount equal to the amount then due such Lender. If and to the extent that the Borrower shall not have
so made such payment, each Lender shall repay to the Administrative Agent forthwith on demand such amount distributed to such Lender together
with interest thereon, for each day from the date such amount is distributed to such Lender until the date such Lender repays such amount
to the Administrative Agent, at the Federal Funds Rate.

 

Section 2.13     Funding
Losses. If the Borrower makes any payment of principal with respect to any SOFR Loan (other than payments made by an Assignee
pursuant to Section 8.05(a) or by the Borrower pursuant to Section 8.05(b) in respect of a
Defaulting Lender’s SOFR Loans) (whether voluntary, mandatory, automatic, by reason of acceleration, or otherwise) or any SOFR
Loan is converted to a Base Rate Loan or continued as a SOFR Loan for a new Interest Period (pursuant to Article 2, 6
or 8, or otherwise) on any day other than the last day of an Interest Period applicable thereto, or if the Borrower fails to
borrow, prepay, convert or continue any SOFR Loans after notice has been given to any Lender in accordance with Section 2.03(a), 2.09(c) or 2.11(b),
the Borrower shall reimburse each Lender within 15 days after demand for any resulting loss or expense incurred by it (or by an
existing or prospective Participant in the related Loan), including (without limitation) any loss incurred in obtaining, liquidating
or employing deposits from third parties, but excluding loss of margin for the period after any such payment or conversion or
failure to borrow, prepay, convert or continue; provided that such Lender shall have delivered to the Borrower a certificate
setting forth in reasonable detail the calculation of the amount of such loss or expense, which certificate shall be conclusive in
the absence of manifest error. All of the obligations of the Borrowers under this Section 2.13 shall survive the
resignation or replacement of the Administrative Agent or any assignment of rights by, or the replacement of, a Lender, the
termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document.

 

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Section 2.14     Computation
of Interest and Fees. Interest based on clause (a) of the definition of Base Rate shall be computed on the basis of a year of
365 days (or 366 days in a leap year) and paid for the actual number of days elapsed (including the first day but excluding the last day).
All other interest and all fees shall be computed on the basis of a year of 360 days and paid for the actual number of days elapsed (including
the first day but excluding the last day).

 

Section 2.15     Letters
of Credit.

 

(a)            Subject
to the terms and conditions hereof, each Issuing Lender agrees to issue Letters of Credit hereunder, in form and substance reasonably
satisfactory to such Issuing Lender and the Administrative Agent, from time to time until the fifth Domestic Business Day prior to its
Commitment Termination Date upon the request and for the account of any Borrower; provided that, immediately after each Letter
of Credit is issued, (i) the Utilization Limits shall not be exceeded and (ii) the aggregate amount of the Letter of Credit
Liabilities shall not exceed $800,000,000. Upon the date of issuance by the Issuing Lender of a Letter of Credit, the Issuing Lender shall
be deemed, without further action by any party hereto, to have sold to each Lender, and each Lender shall be deemed, without further action
by any party hereto, to have purchased from the Issuing Lender, a participation to the extent of its Percentage in such Letter of Credit
and the related Letter of Credit Liabilities.

 

(b)            The
Borrower shall give the Issuing Lender notice, in form and substance reasonably satisfactory to the Issuing Lender and the Administrative
Agent, at least three Domestic Business Days prior to the requested issuance of a Letter of Credit, or in the case of a Letter of Credit
substantially in the form of Exhibit G, at least one Domestic Business Day prior to the requested issuance of such Letter of Credit,
specifying the date such Letter of Credit is to be issued and describing the terms of such Letter of Credit (such notice, including any
such notice given in connection with the extension of a Letter of Credit, a “Notice of Issuance”), substantially in
the form of Exhibit F, appropriately completed. Upon receipt of a Notice of Issuance, the Issuing Lender shall promptly notify the
Administrative Agent, and the Administrative Agent shall promptly notify each Lender of the contents thereof and of the amount of such
Lender’s participation in such Letter of Credit. The issuance by the Issuing Lender of each Letter of Credit shall, in addition
to the conditions precedent set forth in Article 3, be subject to the conditions precedent that such Letter of Credit shall
be denominated in Dollars and shall be in such form and contain such terms as shall be reasonably satisfactory to the Issuing Lender.
Unless otherwise notified by the Administrative Agent, the Issuing Lender may, but shall not be required to, conclusively presume that
all conditions precedent set forth in Article 3 have been satisfied. The Borrower shall also pay to each Issuing Lender for
its own account issuance, drawing, amendment and extension charges in the amounts and at the times as agreed between the Borrower and
such Issuing Lender. Except for non-substantive amendments to any Letter of Credit for the purpose of correcting errors or ambiguities
or to allow for administrative convenience (which amendments each Issuing Lender may make in its discretion with the consent of the Borrower),
the amendment, extension or renewal of any Letter of Credit shall be deemed to be an issuance of such Letter of Credit. If any Letter
of Credit contains a provision pursuant to which it is deemed to be automatically renewed unless notice of termination is given by the
Issuing Lender of such Letter of Credit, the Issuing Lender shall timely give notice of termination if (i) as of close of business
on the seventeenth day prior to the last day upon which the Issuing Lender’s notice of termination may be given to the beneficiaries
of such Letter of Credit, the Issuing Lender has received a notice of termination from the Borrower or a notice from the Administrative
Agent that the conditions to issuance of such Letter of Credit have not been satisfied or (ii) the renewed Letter of Credit would
have a term not permitted by subsection (c) below.

 

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(c)            No
Letter of Credit shall have a term extending beyond the first anniversary of the Commitment Termination Date of the applicable Issuing
Lender.

 

(d)            Upon
receipt from the beneficiary of any applicable Letter of Credit of any notice of a drawing under such Letter of Credit, the Issuing
Lender shall examine such drawing document(s) within the period stipulated by the terms and conditions of Letter of Credit.
After such examination, Issuing Lender shall notify the Administrative Agent and the Administrative Agent shall promptly notify
the Borrower and each other Lender as to the amount to be paid as a result of such demand or drawing and the date such payment is to
be made by the Issuing Lender (the “Payment Date”). The Borrower shall be irrevocably and unconditionally
obligated forthwith to reimburse the Issuing Lender for any amounts paid by the Issuing Lender upon any drawing under any Letter of
Credit without presentment, demand, protest or other formalities of any kind. Such reimbursement shall be due on the Payment Date; provided
that no such payment shall be due from the Borrower any earlier than the date of receipt by it of notice of its obligation to make
such payment (or, if such notice is received by the Borrower after 12:00 Noon (Eastern time) on any date, on the next succeeding
Domestic Business Day). All such amounts paid by the Issuing Lender and remaining unpaid by the Borrower shall bear interest,
payable on demand, for each day until paid at a rate per annum equal to the Base Rate for such day plus, if such amount remains
unpaid for more than two Domestic Business Days, 1%. In addition, each Lender will pay to the Administrative Agent, for the account
of the applicable Issuing Lender, immediately upon such Issuing Lender’s demand at any time during the period commencing after
such drawing until reimbursement therefor in full by the Borrower, an amount equal to such Lender’s ratable share of such
drawing (in proportion to its participation therein), together with interest on such amount for each day from the date of the
Issuing Lender’s demand for such payment (or, if such demand is made after 12:00 Noon (Eastern time) on such date, from the
next succeeding Domestic Business Day) to the date of payment by such Lender of such amount at a rate of interest per annum equal to
the Federal Funds Rate and, if such amount remains unpaid for more than five Domestic Business Days after the Issuing Lender’s
demand for such payment, at a rate of interest per annum equal to the Base Rate plus 1%. The Issuing Lender will pay to each Lender
ratably all amounts received from the Borrower for application in payment of its reimbursement obligations in respect of any Letter
of Credit, but only to the extent such Lender has made payment to the Issuing Lender in respect of such Letter of Credit pursuant
hereto.

 

    33 

     

    

 

(e)           The
obligations of the Borrower and each Lender under subsection (d) above shall be absolute, unconditional and irrevocable, and shall
be performed strictly in accordance with the terms of this Agreement, under all circumstances whatsoever, including without limitation
the following circumstances:

 

(i)            the
use which may be made of the Letter of Credit by, or any acts or omission of, a beneficiary of a Letter of Credit (or any Person for whom
the beneficiary may be acting);

 

(ii)            the
existence of any claim, set-off, defense or other rights that the Borrower may have at any time against a beneficiary of a Letter of Credit
(or any Person for whom the beneficiary may be acting), the Lenders (including the Issuing Lender) or any other Person, whether in connection
with this Agreement or the Letter of Credit or any document related hereto or thereto or any unrelated transaction;

 

(iii)            any
statement or any other document presented under a Letter of Credit proving to be forged, fraudulent or invalid in any respect or any statement
therein being untrue or inaccurate in any respect whatsoever;

 

(iv)            payment
under a Letter of Credit to the beneficiary of such Letter of Credit against presentation to the Issuing Lender of a draft or certificate
that does not comply with the terms of the Letter of Credit; provided that the determination by the Issuing Lender to make such
payment shall not have been the result of its willful misconduct or gross negligence as determined by a court of competent jurisdiction;

 

(v)            any
other act or omission to act or delay of any kind by any Lender (including the Issuing Lender), the Administrative Agent or any other
Person or any other event or circumstance whatsoever that might, but for the provisions of this subsection (v), constitute a legal or
equitable discharge of the Borrower’s or the Lender’s obligations hereunder; or

 

(vi)            any
lack of validity or enforceability of any Letter of Credit or this Agreement, or any term or provision therein or herein.

 

(f)            The
Borrower hereby indemnifies and holds harmless each Lender (including the Issuing Lender) and the Administrative Agent from and
against any and all claims, damages, losses, liabilities, costs or expenses which such Lender or the Administrative Agent may incur
(including, without limitation, any claims, damages, losses, liabilities, costs or expenses which the Issuing Lender may incur by
reason of or in connection with (i) the failure of any other Lender to fulfill or comply with its obligations to such Issuing
Lender hereunder (but nothing herein contained shall affect any rights the Borrower may have against any Defaulting Lender) or
(ii) any litigation arising with respect to any Letter of Credit issued under this Agreement (whether or not the Issuing Lender
shall prevail in such litigation)), and none of the Lenders (including the Issuing Lender) nor the Administrative Agent nor any of
their officers or directors or employees or agents shall be liable or responsible, by reason of or in connection with the execution
and delivery or transfer of or payment or failure to pay under any Letter of Credit, including without limitation any of the
circumstances enumerated in subsection 2.15(e) above, as well as (i) any error, omission, interruption or delay in
transmission or delivery of any messages, by mail, facsimile or otherwise, (ii) any loss or delay in the transmission of any
document required in order to make a drawing under a Letter of Credit and (iii) any consequences arising from causes beyond the
control of the Issuing Lender, including, without limitation, any government acts or any other circumstances whatsoever, in making
or failing to make payment under such Letter of Credit; provided that the Borrower shall not be required to indemnify the
Issuing Lender for any claims, damages, losses, liabilities, costs or expenses, and the Borrower shall have a claim for direct (but
not consequential) damage suffered by it, to the extent found by a court of competent jurisdiction to have been caused by
(x) the willful misconduct or gross negligence of the Issuing Lender in determining whether a request presented under
any Letter of Credit complied with the terms of such Letter of Credit or (y) the Issuing Lender’s failure to pay under
any Letter of Credit after the presentation to it of a request strictly complying with the terms and conditions of the Letter of
Credit. Nothing in this subsection 2.15(f) is intended to limit the obligations of the Borrower under any other provision of
this Agreement. To the extent the Borrower does not indemnify the Issuing Lender as required by this subsection, the Lenders agree
to do so ratably in accordance with their Commitments.

 

    34 

     

    

 

(g)            The
Issuing Lender shall act on behalf of the Lenders with respect to any Letters of Credit issued by it and the documents associated therewith,
and the Issuing Lender shall have all of the benefits and immunities (i) provided to the Administrative Agent in Article 7
(other than Sections 7.08 and 7.09) with respect to any acts taken or omissions suffered by the Issuing Lender in connection
with Letters of Credit issued by it or proposed to be issued by it and the applications and agreements for letters of credit pertaining
to such Letters of Credit as fully as if the term “Administrative Agent” as used in Article 7 included the Issuing
Lender with respect to such acts or omissions and (ii) as additionally provided herein with respect to the Issuing Lender.

 

(h)            On
the Effective Date each Issuing Lender that has issued an Existing Letter of Credit shall be deemed, without further action by any party
hereto, to have granted to each Lender, and each Lender shall be deemed, without further action by any party hereto, to have acquired
from the Issuing Lender, a participation in such Existing Letter of Credit and the related Letter of Credit Liabilities in the proportion
its respective Commitment bears to the aggregate Commitments. On and after the Effective Date, each Existing Letter of Credit shall constitute
a Letter of Credit for all purposes hereof.

 

(i)            By
the 90th day preceding the Commitment Termination Date of the Issuing Lender (or if such 90th day is not a Domestic Business Day, then
on the next preceding Domestic Business Day) (and on any subsequent date of issuance of a Long-Dated Letter of Credit), the Borrower shall
Cash Collateralize all outstanding Long-Dated Letters of Credit (in an amount equal to 101% of the maximum face amount of each such Long-Dated
Letter of Credit).

 

(j)            Any
increase in the Commitments pursuant to Section 2.17 shall be subject to the condition that each Issuing Lender that at the
time has an outstanding Letter of Credit shall have given its written consent to each Additional Lender and each increase in the Commitment
of an existing Lender (such consent not to be unreasonably withheld or delayed). The Company shall request a similar consent from any
other Issuing Lender (not to be unreasonably withheld or delayed) prior to requesting a Letter of Credit to be issued by such Issuing
Lender. Any such other Issuing Lender that refuses to so consent shall thereupon cease to be an Issuing Lender hereunder, although the
provisions of this Agreement applicable to Issuing Lenders shall continue to apply to it with respect to the period during which such
Lender was an Issuing Lender. Any such Issuing Lender’s refusal to consent shall have no impact on any increases in the Commitments
previously made.

 

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(k)            The
participation of each Lender in any outstanding Letter of Credit, and its obligations under this Section 2.15 with respect
thereto, shall terminate on its Commitment Termination Date, provided that if and to the extent required hereunder, the Borrower
shall have timely Cash Collateralized each such Letter of Credit (in an amount equal to 101% of the maximum face amount of each such Letter
of Credit).

 

(l)            In
the event of any inconsistency between the terms and conditions of this Agreement and the terms and conditions of any form of letter of
credit application or other agreement submitted by the Borrower to, or entered into by the Borrower with, the Issuing Lender relating
to any Letter of Credit, the terms and conditions of this Agreement shall control.

 

(m)            Existing
Letters of Credit. The Borrowers, the Administrative Agent and the Lenders (including the Issuing Lenders) agree that, as of the Effective
Date, each Existing Letter of Credit shall constitute, for all purposes of this Agreement and the other Loan Documents, a Letter of Credit
issued and outstanding hereunder, provided that the Letter of Credit Liabilities in respect of any Letters of Credit shall be automatically
reallocated among the Lenders as of the Effective Date based on their Percentage after giving effect to the Effective Date.

 

Section 2.16     [Reserved].

 

Section 2.17     Increase
in Commitments; Additional Lenders.

 

(a)            Subsequent
to the Effective Date, and so long as no Default then exists or would result therefrom and the representations and warranties of the
Borrowers contained herein are true and correct at such time, the Company may, upon at least 30 days’ notice to the
Administrative Agent (which shall promptly provide a copy of such notice to the Lenders), propose to increase the aggregate amount
of the Commitments in an aggregate amount of up to $2,000,000,000 (the amount of any such increase, the “Increased
Commitments”). Each Lender party to this Agreement at such time shall have the right (but no obligation), for a
period of 15 days following receipt of such notice, to elect by notice to the Company and the Administrative Agent to increase its
Commitment hereunder.

 

(b)            If
any Lender party to this Agreement shall not elect to increase its Commitment pursuant to subsection (a) of this Section, the Company
may designate another bank or other lenders (which may be, but need not be, one or more of the existing Lenders) which at the time agree
to (i) in the case of any such lender that is an existing Lender, increase its Commitment and (ii) in the case of any other
such lender (an “Additional Lender”), become a party to this Agreement. The sum of the increases in the Commitments
of the existing Lenders pursuant to this subsection (b) plus the Commitments of the Additional Lenders shall not in the aggregate
exceed the unsubscribed amount of the Increased Commitments.

 

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(c)            An
increase in the aggregate amount of the Commitments pursuant to this Section 2.17 shall become effective upon the receipt
by the Administrative Agent of (i) an agreement in form and substance satisfactory to the Administrative Agent signed by the Borrowers,
by each Additional Lender, by each other Lender whose Commitment is to be increased and by each Issuing Lender whose consent is required
pursuant to Section 2.15(j), setting forth the new Commitments of such Lenders and setting forth the agreement of each Additional
Lender to become a party to this Agreement and to be bound by all the terms and provisions hereof, (ii) evidence of appropriate corporate
and regulatory authorization on the part of the Borrowers with respect to the Increased Commitments, and (iii) such opinions of counsel
for the Borrowers with respect to the Increased Commitments as the Administrative Agent may reasonably request.

 

Upon any increase in the aggregate amount of the
Commitments pursuant to this Section 2.17, (i) the respective Letter of Credit Liabilities and Swingline Exposures of
the Lenders shall be redetermined as of the effective date of such increase and (ii) within five Domestic Business Days, in the case
of any Group of Base Rate Loans then outstanding, and at the end of the then current Interest Period with respect thereto, in the case
of any Group of SOFR Loans then outstanding, the Borrower shall prepay such Group of Loans in its entirety and, to the extent the Borrower
elects to do so and subject to the conditions specified in Article 3, the Borrower shall reborrow Revolving Credit Loans from
the Lenders in proportion to their respective Commitments after giving effect to such increase, until such time as all outstanding Revolving
Credit Loans are held by the Lenders in such proportion. In connection with any increase in the aggregate amount of the Commitments pursuant
to this Section, (i) the respective Sublimits of the Borrowers shall be increased by an equal aggregate amount as the Company may
direct by notice to the Administrative Agent, subject to the limitations set forth in Section 2.08(a), and (ii) the amount
of the Maximum Sublimit of each Borrower shall increase ratably on a percentage basis by the same percentage as the Commitments are increased.

 

Section 2.18     Swingline
Loans.

 

(a)            Agreement
to Lend. From time to time prior to the Swingline Termination Date, subject to the terms and conditions hereof, the Swingline Lender
agrees to make Swingline Loans in Dollars to each Borrower pursuant to this subsection; provided that, immediately after each Swingline
Loan is made (i) the Utilization Limits are not exceeded and (ii) the aggregate outstanding principal amount of all Swingline
Loans does not exceed $350,000,000. Each Swingline Loan shall be in a principal amount of $1,000,000 or any larger multiple thereof. No
Swingline Loan may be used to refinance an outstanding Swingline Loan. Within the foregoing limits, the Borrower may borrow under this
Section 2.18, prepay Swingline Loans and reborrow at any time prior to the Swingline Termination Date under this Section 2.18.

 

(b)            Swingline
Borrowing Procedure. The Borrower shall give the Swingline Lender notice not later than 2:00 P.M. (Eastern time) on the date
of each Swingline Loan, specifying the amount of such Loan and the date of such borrowing, which shall be a Domestic Business Day. Not
later than 3:00 P.M. (Eastern time) on the date of each Swingline Loan, the Swingline Lender shall, unless it determines that any
applicable condition specified in Article 3 has not been satisfied, make available the amount of such Swingline Loan, in immediately
available funds, to the Borrower at the Swingline Lender’s address specified in or pursuant to Section 9.01.

 

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(c)            Interest.
Each Swingline Loan shall bear interest on the outstanding principal amount thereof, payable at maturity, at a rate per annum equal to
the sum of Adjusted Term SOFR for an Interest Period of one-month plus the Applicable Margin for SOFR Loans (or such other rate per annum
as the Swingline Lender and the Borrower may mutually agree). Such interest shall be payable at the maturity of such Swingline Loan and,
with respect to the principal amount of any Swingline Loan prepaid pursuant to subsection (d) or (e) below, upon the date of
such prepayment. Any overdue principal of or interest on any Swingline Loan shall bear interest, payable on demand, for each day until
paid at a rate per annum equal to the sum of the Base Rate for such day plus 1%.

 

(d)            Maturity;
Mandatory Prepayment. Each Swingline Loan shall mature, and the principal amount thereof shall be due and payable, on the earlier
of the date falling ten Domestic Business Days after such Loan is made and the Swingline Termination Date. In addition, on the date of
each Borrowing of Revolving Credit Loans pursuant to Section 2.01, the Administrative Agent shall apply the proceeds thereof
to prepay all Swingline Loans then outstanding.

 

(e)            Optional
Prepayment. The Borrower may prepay any Swingline Loan in whole at any time, or from time to time in part in a principal amount of
$1,000,000 or any larger multiple thereof, by giving notice of such prepayment to the Swingline Lender not later than 2:00 P.M. (Eastern
time) on the date of prepayment.

 

(f)            SOFR
Protections. The Swingline Lender shall be entitled to the benefits of Section 2.13, 8.02 and 8.03 with respect to the
Swingline Loans, and solely for this purpose such Swingline Loan shall be deemed to be a SOFR Loan having an Interest Period from and
including the date such Swingline Loan was made to but not including its maturity date.

 

(g)            Payments.
All payments to any Swingline Lender under this Section 2.18 shall be made to it at its address specified in or pursuant to
Section 9.01 in immediately available funds, not later than 3:00 P.M. (Eastern time) on the date of payment.

 

(h)            Refunding
Unpaid Swingline Loans. If (w) any Swingline Loan is not paid in full on its maturity date and the Swingline Lender so requests,
(x) the Swingline Loans become immediately due and payable pursuant to Article 6, (y) the Commitments terminate
at a time any Swingline Loans are outstanding, or (z) requested by the Swingline Lender by written notice given to the Administrative
Agent not later than 10:00 A.M. (Eastern time) on any Business Day, the Administrative Agent shall, by notice to the Lenders (including
the Swingline Lender, in its capacity as a Lender), require each Lender to pay to the Administrative Agent for the account of the Swingline
Lender an amount equal to such Lender’s Percentage of the aggregate unpaid principal amount of the Swingline Loans described in
clause (w), (x), (y) or (z) above, as the case may be. Such notice shall specify the date on which such payments are to be made,
which shall be the first Domestic Business Day after such notice is given. Not later than 3:00 P.M. (Eastern time) on the date so
specified, each Lender shall pay the amount so notified to it to the Administrative Agent at its address specified in or pursuant to Section 9.01,
in Federal or other funds immediately available in New York City. Promptly upon receipt thereof, the Administrative Agent shall remit
such amounts to the Swingline Lender. The amount so paid by each Lender shall constitute a Base Rate Loan to the Borrower and shall be
applied by the Swingline Lender to repay the outstanding Swingline Loans.

 

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(i)            Purchase
of Participations in Swingline Loans. If at the time Loans would have otherwise been made pursuant to Section 2.18(h),
one of the events described in Section 6.01(g) or Section 6.01(h) with respect to the Borrower shall
have occurred and be continuing or the Commitments shall have terminated, each Lender shall, on the date such Loans would have been made
pursuant to the notice from the Administrative Agent to the Lenders referred to in Section 2.18(h) (the “Refunding
Date”), purchase an undivided participating interest in the relevant Swingline Loans in an amount equal to such Lender’s
Percentage of the principal amount of each such Swingline Loan. On the Refunding Date, each Lender shall transfer to the Administrative
Agent, for the account of the Swingline Lender, in immediately available funds, such amount.

 

(j)            Payments
on Participated Swingline Loans. Whenever, at any time after the Swingline Lender has received from any Lender such Lender’s
payment pursuant to Section 2.18(i), the Swingline Lender receives any payment on account of the Swingline Loans in which
the Lenders have purchased participations pursuant to Section 2.18(i), its receipt of such payment will be as agent for and
for the account of each such Lender and the Swingline Lender will promptly distribute to each such Lender its ratable share of such payment
(appropriately adjusted, in the case of interest payments, to reflect the period of time during which such Lender’s participating
interest was outstanding and funded); provided that in the event that such payment received by the Swingline Lender is required
to be returned, each such Lender will return to the Swingline Lender any portion thereof previously distributed to it by the Swingline
Lender.

 

(k)            Obligations
to Refund or Purchase Participations in Swingline Loans Absolute. Each Lender’s obligation to fund a Loan as provided in Section 2.18(h) or
to purchase a participating interest pursuant to Section 2.18(i) shall be absolute and unconditional and shall not be
affected by any circumstance, including, without limitation, (i) any set-off, counterclaim, recoupment, defense or other right
which such Lender, any Borrower or any other Person may have against the Swingline Lender or any other Person, (ii) the occurrence
or continuance of a Default or the termination or reduction of any Commitments, any adverse change in the condition (financial or otherwise)
of any Borrower or any other Person, any breach of this Agreement by any Borrower, any other Lender or any other Person or any other circumstance,
happening or event whatsoever, whether or not similar to any of the foregoing.

 

Section 2.19     Defaulting
Lenders. If any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting
Lender, to the extent permitted by Applicable Law:

 

(a)            facility
fees shall cease to accrue on the unused portion of the Commitment of such Defaulting Lender pursuant to Section 2.07(a) and
the Aggregate Exposure of such Defaulting Lender shall not be included in determining whether the Required Lenders have taken or may take
any action hereunder;

 

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(b)            if
any Letter of Credit Liabilities or Swingline Loans exist at the time such Lender becomes a Defaulting Lender then:

  

(i)            so
long as no Default shall exist with respect to the Borrower, all or any part of the Letter of Credit Liabilities and Swingline Exposure
of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Percentages but only
to the extent the Utilization Limits after giving effect to such reallocation are not exceeded;

 

(ii)            if
the reallocation described in clause (i) above cannot, or can only partially, be effected, the Borrower shall within two Domestic
Business Days following notice by the Administrative Agent Cash Collateralize (or in the case of Swingline Exposure, prepay) for the benefit
of the Issuing Lender or Swingline Lender, as applicable, only the Borrower’s obligations corresponding to such Defaulting Lender’s
Letter of Credit Liabilities and Swingline Exposure, as applicable, (after giving effect to any partial reallocation pursuant to clause
(i) above) for so long as such Letter of Credit Liabilities and Swingline Exposure remain outstanding;

 

(iii)            to
the extent that the Borrower Cash Collateralizes any portion of such Defaulting Lender’s Letter of Credit Liabilities pursuant to
clause (ii) above, the Borrower shall not be required to pay any fees pursuant to Section 2.07(a) or pursuant to
Section 2.07(b) for the account of such Defaulting Lender during the period such Defaulting Lender’s Letter of
Credit Liabilities are so Cash Collateralized;

 

(iv)            to
the extent that the Letter of Credit Liabilities of the non-Defaulting Lenders are reallocated pursuant to clause (i) above, then
the letter of credit fees payable to the Lenders pursuant to Section 2.07(b) shall be adjusted in accordance with such
non-Defaulting Lenders’ Percentages;

 

(v)            to
the extent that all or any portion of such Defaulting Lender’s Letter of Credit Liabilities is neither reallocated nor Cash Collateralized
pursuant to clause (i) or (ii) above, then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender
hereunder, all letter of credit fees payable under Section 2.07(b) with respect to such Defaulting Lender’s Letter
of Credit Liabilities shall be payable to the Issuing Lender until all such Letter of Credit Liabilities are reallocated and/or Cash Collateralized;

 

(vi)            so
long as such Lender is a Defaulting Lender, no Issuing Lender shall be required to issue, amend or increase any Letter of Credit, unless
it is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Liabilities will be 100%
covered by the Commitments of the non-Defaulting Lenders and/or Cash Collateral will be provided by the Borrower in accordance with Section 2.19(b)(ii),
and participating interests in any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner
consistent with Section 2.19(b)(i) (and such Defaulting Lender shall not participate therein); and

 

(vii)            so
long as such Lender is a Defaulting Lender, no Swingline Lender shall be required to make any Swingline Loan, unless it is satisfied that
the related exposure and the Defaulting Lender’s then outstanding Swingline Exposure will be 100% covered by the Commitments of
the non-Defaulting Lenders and/or Cash Collateral will be provided by the Borrower in accordance with Section 2.19(b)(ii),
and participating interests in any new Swingline Loan shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.19(b)(i) (and
such Defaulting Lender shall not participate therein);

 

    40 

     

    

 

(c)            any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of a Defaulting Lender (whether
voluntary or mandatory, at maturity, pursuant to Article 6 or otherwise) shall be applied at such time or times as may be
determined by the Administrative Agent as follows:

 

(i)            first,
to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder;

 

(ii)            second,
to the payment on a pro rata basis of any amounts owing by such Defaulting Lender to any Issuing Lender or Swingline Lender hereunder;

 

(iii)            third,
to Cash Collateralize the Letter of Credit Liabilities and Swingline Exposure of such Defaulting Lender in accordance with Section 2.19(b) (including
to replace any Cash Collateral previously provided by the Borrower);

 

(iv)            fourth,
as the Borrower may request (so long as no Default exists), to the funding of any Loan in respect of which such Defaulting Lender has
failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent;

 

(v)            fifth,
if so determined by the Administrative Agent and the Company, to be held in a deposit account and released pro rata in order to (x) satisfy
such Defaulting Lender’s potential future funding obligations with respect to Loans under this Agreement and (y) Cash Collateralize
the future Letter of Credit Liabilities and Swingline Exposure of such Defaulting Lender with respect to future Letters of Credit issued
under this Agreement, in accordance with Section 2.19(b);

 

(vi)            sixth,
to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lender as a result of any judgment of a court of
competent jurisdiction obtained by any Lender, any Issuing Lender or the Swingline Lender against such Defaulting Lender as a result of
such Defaulting Lender’s breach of its obligations under this Agreement;

 

(vii)            seventh,
so long as no Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent
jurisdiction obtained by any Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations
under this Agreement; and

 

(viii)            eighth,
to such Defaulting Lender or as otherwise directed by a court of competent jurisdiction; provided that if (x) such payment is a payment
of the principal amount of any Loans in respect of which such Defaulting Lender has not fully funded its appropriate share, and (y) such
Loans were made at a time when the conditions set forth in Section 3.02 were satisfied or waived, such payment shall be applied
solely to pay the Loans of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting
Lender until such time as all Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.19(b).

 

    41 

     

    

 

Any payments, prepayments or other amounts paid
or payable to a Defaulting Lender that are applied (or held) to pay amounts owed by a Defaulting Lender or to post Cash Collateral pursuant
to this Section 2.19(c) shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably
consents hereto; and

 

(d)            in
the event that the Administrative Agent, the Company and the Issuing Lenders agree that a Defaulting Lender has adequately remedied all
matters that caused such Lender to be a Defaulting Lender, then the Letter of Credit Liabilities of the Lenders shall be readjusted to
reflect the inclusion of such Lender’s Commitment and on such date such Lender shall purchase at par such of the Loans of the other
Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its
Percentage; provided, that no adjustments will be made retroactively with respect to fees accrued or payments made by or on behalf
of the Borrower while such Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly
agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim
of any party hereunder arising from that Lender’s having been a Defaulting Lender.

 

Section 2.20     ESG
Amendment. After the Effective Date, the Company, in consultation with the Sustainability Structuring Agent, shall be entitled
to either (a) establish specified Key Performance Indicators (“KPIs”) with respect to certain Environmental,
Social and Governance (“ESG”) targets of the Borrowers and their respective Subsidiaries or (b) establish
external ESG ratings (“ESG Ratings”) targets to be mutually agreed between the Company and the Sustainability
Structuring Agent. The Sustainability Structuring Agent, the Borrower and the Required Lenders may amend this Agreement (such
amendment, the “ESG Amendment”) solely for the purpose of incorporating either the KPIs or ESG Ratings and other
related provisions (the “ESG Pricing Provisions”) into this Agreement. Upon effectiveness of any such ESG
Amendment, based on either the Borrowers’ performance against the KPIs or its obtainment of the target ESG Ratings, certain
adjustments to the Facility Fee and Applicable Margin (including any resulting letter of credit fee) may be made; provided
that the amount of any such adjustments made pursuant to an ESG Amendment shall not result in an increase or decrease of more than
(a) 1.00 basis point in the Facility Fee and/or (b) 4.00 basis points in the Applicable Margin (including any resulting
letter of credit fee) and such adjustments shall not be cumulative year-over-year. If KPIs are utilized, the pricing adjustments
will require, among other things, reporting and validation of the measurement of the KPIs in a manner that is aligned with
the Sustainability Linked Loan Principles (as published from time to time by the Loan Market
Association, Asia Pacific Loan Market Association and Loan Syndications & Trading Association) or with precedent
Sustainability Linked Loans in the utility syndicated loan market at the time of the ESG Amendment and is to be agreed between the
Borrower and the Sustainability Structuring Agent (each acting reasonably). Following the effectiveness of the ESG Amendment, any
modification to the ESG Pricing Provisions which does not have the effect of reducing the Facility Fee or Applicable Margin
(including any resulting letter of credit fee) to a level not otherwise permitted by this paragraph shall be subject only to the
consent of the Required Lenders.

 

Section 2.21     Sustainability
Structuring Agent. The Sustainability Structuring Agent will (i) assist the Company in determining the ESG Pricing Provisions
in connection with the ESG Amendment and (ii) assist the Company in preparing informational materials focused on ESG targets to be
used in connection with the ESG Amendment, in each case, based upon the information provided by the Company with respect to the applicable
KPIs or ESG Ratings targets selected in accordance with Section 2.20. Each party hereto agrees that neither the Administrative
Agent nor the Sustainability Structuring Agent (x) makes any assurances with regard to environmental or social impact and sustainability
performance or that the characteristics of the relevant KPI metrics (including any environmental, social and sustainability criteria or
any computation methodology) meet any industry standards for sustainability-linked credit facilities, (y) shall have any duty (or
liability in respect of) to ascertain, inquire into or otherwise independently verify any such information, and (z) shall have any
responsibility for (or be liable for) the completeness or accuracy of any such information.

 

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Article 3 

Conditions

 

Section 3.01     Effective
Date. This Agreement shall become effective on the date that each of the following conditions shall have been satisfied (or waived
in accordance with Section 9.05(a)):

 

(a)            receipt
by the Administrative Agent of counterparts hereof signed by each of the parties hereto (or, in the case of any party as to which an executed
counterpart shall not have been received, receipt by the Administrative Agent in form satisfactory to it of facsimile or other written
confirmation from such party of execution of a counterpart hereof by such party);

 

(b)            receipt
by the Administrative Agent of (i) an opinion of internal counsel of each Borrower, substantially in the form of Exhibit B hereto
and (ii) an opinion of Parker Poe Adams & Bernstein LLP, special counsel for the Borrowers, substantially in the form of
Exhibit C hereto, and, in each case, covering such additional matters relating to the transactions contemplated hereby as the Required
Lenders may reasonably request;

 

(c)            receipt
by the Administrative Agent of a certificate signed by a Vice President, the Treasurer, an Assistant Treasurer or the Controller of the
Company, dated the Effective Date, to the effect set forth in clauses (c) and (d) of Section 3.02 (without giving
effect to the parenthetical in such clause (d));

 

(d)            receipt
by the Administrative Agent of all documents it may have reasonably requested prior to the date hereof relating to the existence of the
Borrowers, the corporate authority for and the validity of this Agreement and the Notes, and any other matters relevant hereto, all in
form and substance satisfactory to the Administrative Agent;

 

(e)            receipt
by the Administrative Agent of evidence satisfactory to it that the upfront fees, arrangement fees, administrative agency fees and expenses
(including, without limitation, reasonable and documented out-of-pocket legal fees and expenses) payable by the Company and the Borrowers
on the Effective Date have been paid;

 

(f)            receipt
by the Administrative Agent that all accrued and unpaid interest and fees outstanding under the Existing Credit Agreement shall have been
paid in full;

 

    43 

     

    

 

(g)            [reserved];

 

(h)            receipt
by the Administrative Agent and the Lenders from each Borrower, at least five Domestic Business Days prior to the Effective Date, the
documentation and other information requested by the Administrative Agent and the Lenders in writing at least ten Domestic Business Days
prior to the Effective Date in order to comply with requirements of any anti-money laundering laws, including, without limitation, the
PATRIOT Act and any applicable “know your customer” rules and regulations; and

 

(i)            for
each Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, receipt by the Administrative
Agent, and any Lender requesting the same, a Beneficial Ownership Certification in relation to such Borrower, in each case at least five
Domestic Business Days prior to the Effective Date.

 

The Administrative Agent shall promptly notify
the Company and the Lenders of the Effective Date, and such notice shall be conclusive and binding on all parties hereto.

 

Section 3.02     Borrowings
and Issuance of Letters of Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing by any Borrower and
the obligation of any Issuing Lender to issue (or renew or extend the term of) any Letter of Credit at the request of any Borrower is
subject to the satisfaction of the following conditions:

 

(a)            receipt
by the Administrative Agent of a Notice of Borrowing as required by Section 2.02, receipt by the Issuing Lender of a Notice
of Issuance as required by Section 2.15(b), or receipt by the Swingline Lender of notice as required by Section 2.18(b),
as the case may be;

 

(b)            the
fact that, immediately after such Borrowing or issuance of such Letter of Credit, (i) the Utilization Limits shall not be exceeded,
(ii) in the case of an issuance of a Letter of Credit the aggregate amount of the Letter of Credit Liabilities shall not exceed $800,000,000
and (iii) in the case of a Borrowing of a Swingline Loan, the aggregate outstanding principal amount of all Swingline Loans shall
not exceed $350,000,000;

 

(c)            the
fact that, immediately after such Borrowing or issuance of such Letter of Credit, no Default with respect to the Borrower shall have occurred
and be continuing; and

 

(d)            the
fact that the representations and warranties of the Borrower contained in this Agreement (except the representations and warranties set
forth in Sections 4.04(c) and 4.06) shall be true on and as of the date of such Borrowing or issuance of such Letter
of Credit.

 

Each Borrowing and issuance of a Letter of Credit
hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing or issuance as to the facts
specified in clauses (b), (c) and (d) of this Section.

 

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Article 4 

Representations
and Warranties

 

Each Borrower, severally but
not jointly, represents and warrants that:

 

Section 4.01     Organization
and Power. Such Borrower is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization
and has all requisite powers and all material governmental licenses, authorizations, consents and approvals required to carry on its business
as now conducted and is duly qualified to do business in each jurisdiction where such qualification is required, except where the failure
so to qualify would not have a material adverse effect on the business, financial position or results of operations of such Borrower and
its Consolidated Subsidiaries, considered as a whole.

 

Section 4.02     Corporate
and Governmental Authorization; No Contravention. The execution, delivery and performance by such Borrower of this Agreement and the
Notes are within such Borrower’s powers, have been duly authorized by all necessary company action, require no action by or in respect
of, or filing with, any Governmental Authority (except for consents, authorizations or filings which have been obtained or made, as the
case may be, and are in full force and effect) and do not contravene, or constitute a default under, any provision of Applicable Law or
of the articles of incorporation, by-laws, certificate of formation or the limited liability company agreement of such Borrower or
of any material agreement, judgment, injunction, order, decree or other instrument binding upon such Borrower or result in the creation
or imposition of any Lien on any asset of such Borrower or any of its Material Subsidiaries.

 

Section 4.03     Binding
Effect. This Agreement constitutes a valid and binding agreement of such Borrower and each Note, if and when executed and delivered
by it in accordance with this Agreement, will constitute a valid and binding obligation of such Borrower, in each case enforceable in
accordance with its terms, except as the same may be limited by bankruptcy, insolvency or similar laws affecting creditors’ rights
generally and by general principles of equity.

 

Section 4.04     Financial
Information.

 

(a)            The
consolidated balance sheet of such Borrower and its Consolidated Subsidiaries as of December 31, 2021 and the related consolidated
statements of income, cash flows, capitalization and retained earnings for the fiscal year then ended, reported on by Deloitte &
Touche, copies of which have been delivered to each of the Lenders by using the Platform or otherwise made available, fairly present in
all material respects, in conformity with generally accepted accounting principles, the consolidated financial position of such Borrower
and its Consolidated Subsidiaries as of such date and their consolidated results of operations and cash flows for such fiscal year.

 

(b)            [Reserved].

 

(c)            Since
December 31, 2021, there has been no material adverse change in the business, financial position or results of operations of such
Borrower and its Consolidated Subsidiaries, considered as a whole, except as publicly disclosed prior to the Effective Date.

 

    45 

     

    

 

 

Section 4.05     Regulation
U. Such Borrower and its Material Subsidiaries are not engaged in the business of extending credit for the purpose of purchasing or
carrying margin stock (within the meaning of Regulation U) and no proceeds of any Borrowing by and no issuance of Letters of Credit for
the account of such Borrower will be used to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing
or carrying any margin stock. Not more than 25% of the value of the assets of such Borrower and its Material Subsidiaries is represented
by margin stock.

 

Section 4.06     Litigation.
Except as publicly disclosed prior to the Effective Date, there is no action, suit or proceeding pending against, or to the knowledge
of such Borrower threatened against or affecting, such Borrower or any of its Subsidiaries before any court or arbitrator or any Governmental
Authority which would be likely to be decided adversely to such Borrower or such Subsidiary and, as a result, have a material adverse
effect upon the business, consolidated financial position or results of operations of such Borrower and its Consolidated Subsidiaries,
considered as a whole, or which in any manner draws into question the validity of this Agreement or any Note.

 

Section 4.07     Compliance
with Laws.

 

(a)           Such
Borrower and each of its Material Subsidiaries is in compliance in all material respects with all Applicable Laws (including, without
limitation, ERISA and Environmental Laws) except where (i) non-compliance would not have a material adverse effect on the business,
financial position or results of operations of such Borrower and its Consolidated Subsidiaries, considered as a whole, or (ii) the
necessity of compliance therewith is contested in good faith by appropriate proceedings.

 

(b)          Such
Borrower shall not use any of the “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42)
of ERISA or otherwise) of one or more of its Benefit Plans to make any payments with respect to the Loans or the Commitments.

 

Section 4.08     Taxes.
Such Borrower and its Material Subsidiaries have filed all United States Federal income tax returns and all other material tax returns
which are required to be filed by them and have paid all taxes due pursuant to such returns or pursuant to any assessment received by
such Borrower or any such Material Subsidiary except (i) where nonpayment would not have a material adverse effect on the business,
financial position or results of operations of such Borrower and its Consolidated Subsidiaries, considered as a whole, or (ii) where
the same are contested in good faith by appropriate proceedings. The charges, accruals and reserves on the books of such Borrower and
its Material Subsidiaries in respect of taxes or other governmental charges are, in the opinion of such Borrower, adequate.

 

Section 4.09     Anti-corruption
Law and Sanctions. Such Borrower and its Material Subsidiaries have implemented and maintain in effect policies and procedures designed
to prevent violations by the Company, its Subsidiaries and their respective directors, officers, employees and agents (acting in their
capacity as such) of the applicable Anti-Corruption Laws and Sanctions, and such Borrower and its Material Subsidiaries are in compliance
in all material respects with all applicable Anti-Corruption Laws and Sanctions, except where (i) noncompliance would not have a
material adverse effect on the business, financial position or results of operations of such Borrower and its Consolidated Subsidiaries,
considered as a whole, or (ii) the necessity of compliance therewith is contested in good faith by appropriate proceedings. None
of (i) such Borrower or any Material Subsidiary or, (ii) to the knowledge of such Borrower, any director, officer or employee
of such Borrower or any Material Subsidiary or (iii) to the knowledge of such Borrower, any agent of such Borrower or any Material
Subsidiary acting in any capacity in connection with or benefitting from the credit facility established hereby, is a Sanctioned Person.
As of the Effective Date, all of the information included in the Beneficial Ownership Certification is true and correct.

 

    46

     

    

 

Article 5 

Covenants

 

Each Borrower, severally but
not jointly, agrees that, so long as any Lender has any Commitment hereunder with respect to such Borrower or any amount payable hereunder
remains unpaid by such Borrower or any Letter of Credit Liabilities remain outstanding (unless such Letter of Credit Liabilities have
been Cash Collateralized in accordance with Section 2.15(i)):

 

Section 5.01     Information.
Such Borrower will deliver to each of the Lenders:

 

(a)           as
soon as available and in any event within 120 days after the end of each fiscal year of such Borrower, a consolidated balance sheet of
such Borrower and its Consolidated Subsidiaries as of the end of such fiscal year and the related consolidated statements of income,
cash flows, capitalization and retained earnings for such fiscal year, setting forth in each case in comparative form the figures for
the previous fiscal year, all reported on in a manner consistent with past practice and with applicable requirements of the Securities
and Exchange Commission by Deloitte & Touche or other independent public accountants of nationally recognized standing;

 

(b)           as
soon as available and in any event within 60 days (75 days in the case of Duke Energy Kentucky) after the end of each of the first three
quarters of each fiscal year of such Borrower, a consolidated balance sheet of such Borrower and its Consolidated Subsidiaries as of
the end of such quarter and the related consolidated statements of income and cash flows for such quarter and for the portion of such
Borrower’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding
quarter and the corresponding portion of such Borrower’s previous fiscal year, all certified (subject to normal year-end adjustments)
as to fairness of presentation in all material respects, generally accepted accounting principles and consistency (except as provided
by Section 1.02) by an Approved Officer of such Borrower;

 

(c)           within
the maximum time period specified for the delivery of each set of financial statements referred to in clauses (a) and (b) above,
a certificate of an Approved Officer of such Borrower (i) setting forth in reasonable detail the calculations required to establish
whether such Borrower was in compliance with the requirements of Section 5.10 on the date of such financial statements and
(ii) stating whether any Default exists on the date of such certificate and, if any Default then exists, setting forth the details
thereof and the action which such Borrower is taking or proposes to take with respect thereto;

 

(d)           within
five days after any officer of such Borrower with responsibility relating thereto obtains knowledge of any Default, if such Default is
then continuing, a certificate of an Approved Officer of such Borrower setting forth the details thereof and the action which such Borrower
is taking or proposes to take with respect thereto;

 

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(e)           promptly
upon the filing thereof, copies of all registration statements (other than the exhibits thereto and any registration statements on Form S-8
or its equivalent) and reports on Forms 10-K, 10-Q and 8-K (or their equivalents) which such Borrower shall have filed with the Securities
and Exchange Commission;

 

(f)            if
and when any member of such Borrower’s ERISA Group (i) gives or is reasonably expected to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Material Plan which might constitute grounds for a termination
of such Plan under Title IV of ERISA, or knows that the plan administrator of any Material Plan has given or is required to give notice
of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives
notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any Material Plan is in reorganization, is insolvent
or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate,
impose material liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer
any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal
Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Material Plan under Section 4041(c) of
ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Material Plan pursuant
to Section 4063 of ERISA, a copy of such notice; (vii) receives notice of the cessation of operations at a facility of any member
of the ERISA Group in the circumstances described in Section 4062(e) of ERISA; or (viii) fails to make any payment or contribution
to any Material Plan or makes any amendment to any Material Plan which has resulted or could result in the imposition of a Lien or the
posting of a bond or other security, a certificate of the chief financial officer or the chief accounting officer of such Borrower setting
forth details as to such occurrence and action, if any, which such Borrower or applicable member of the ERISA Group is required or proposes
to take;

 

(g)           promptly,
notice of any change in the ratings of such Borrower referred to in the Pricing Schedule; and

 

(h)           promptly
following any request therefor, information and documentation reasonably requested by the Administrative Agent or any Lender for purposes
of compliance with applicable “know your customer” requirements under the PATRIOT Act, the Beneficial Ownership Regulation
or other applicable anti-money laundering laws.

 

(i)            from
time to time such additional information regarding the financial position or business of such Borrower and its Subsidiaries as the Administrative
Agent, at the request of any Lender, may reasonably request.

 

Information required to be delivered pursuant
to these Sections 5.01(a), 5.01(b) and 5.01(e) shall be deemed to have been delivered on the date on which
such information has been posted on the Securities and Exchange Commission website on the Internet at sec.gov/search/search.htm, on the
Platform or at another website identified in a notice from such Borrower to the Lenders and accessible by the Lenders without charge;
provided that (i) a certificate delivered pursuant to Section 5.01(c) shall also be deemed to have been delivered
upon being posted to the Platform and (ii) such Borrower shall deliver paper copies of the information referred to in Sections
5.01(a), 5.01(b) and 5.01(e) to any Lender which requests such delivery.

 

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Section 5.02     Payment
of Taxes. Such Borrower will pay and discharge, and will cause each of its Material Subsidiaries to pay and discharge, at or before
maturity, all their tax liabilities, except where (i) nonpayment would not have a material adverse effect on the business, financial
position or results of operations of such Borrower and its Consolidated Subsidiaries, considered as a whole, or (ii) the same may
be contested in good faith by appropriate proceedings, and will maintain, and will cause each of its Material Subsidiaries to maintain,
in accordance with generally accepted accounting principles, appropriate reserves for the accrual of any of the same.

 

Section 5.03     Maintenance
of Property; Insurance.

 

(a)           Such
Borrower will keep, and will cause each of its Material Subsidiaries to keep, all property necessary in its business in good working order
and condition, ordinary wear and tear excepted, except where the failure to do so would not have a material adverse effect on the business,
financial position or results of operations of such Borrower and its Consolidated Subsidiaries, considered as a whole.

 

(b)           Such
Borrower will, and will cause each of its Material Subsidiaries to, maintain (either in the name of such Borrower or in such Subsidiary’s
own name) with financially sound and responsible insurance companies, insurance on all their respective properties in at least such amounts
and against at least such risks (and with such risk retention) as are usually insured against by companies of established repute engaged
in the same or a similar business; provided that self-insurance by such Borrower or any such Material Subsidiary, shall not
be deemed a violation of this covenant to the extent that companies engaged in similar businesses and owning similar properties self-insure;
and will furnish to the Lenders, upon request from the Administrative Agent, information presented in reasonable detail as to the insurance
so carried.

 

Section 5.04     Maintenance
of Existence. Such Borrower will preserve, renew and keep in full force and effect, and will cause each of its Material Subsidiaries
to preserve, renew and keep in full force and effect their respective corporate or other legal existence and their respective rights,
privileges and franchises material to the normal conduct of their respective businesses; provided that nothing in this Section 5.04
shall prohibit the termination of any right, privilege or franchise of such Borrower or any such Material Subsidiary or of the corporate
or other legal existence of any such Material Subsidiary, or the change in form of organization of such Borrower or any such Material
Subsidiary, if such Borrower in good faith determines that such termination or change is in the best interest of such Borrower, is not
materially disadvantageous to the Lenders and, (i) in the case of a change in the form of organization of such Borrower, the Administrative
Agent has consented thereto and (ii) in the case of a change in the jurisdiction of such Borrower to a jurisdiction outside of the
United States, the Lenders have consented thereto.

 

Section 5.05     Compliance
with Laws. Such Borrower will comply, and cause each of its Material Subsidiaries to comply, in all material respects with all Applicable
Laws (including, without limitation, ERISA, applicable Sanctions and Anti-Corruption Laws and Environmental Laws) except where (i) noncompliance
would not have a material adverse effect on the business, financial position or results of operations of such Borrower and its Consolidated
Subsidiaries, considered as a whole, or (ii) the necessity of compliance therewith is contested in good faith by appropriate proceedings.

 

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Section 5.06     Books
and Records. Such Borrower will keep, and will cause each of its Material Subsidiaries to keep, proper books of record and account
in which full, true and correct entries shall be made of all financial transactions in relation to its business and activities in accordance
with its customary practices; and will permit, and will cause each such Material Subsidiary to permit, representatives of any Lender at
such Lender’s expense (accompanied by a representative of such Borrower, if such Borrower so desires) to visit any of their respective
properties, to examine any of their respective books and records and to discuss their respective affairs, finances and accounts with their
respective officers, employees and independent public accountants, all upon such reasonable notice, at such reasonable times and as often
as may reasonably be desired.

 

Section 5.07     Negative
Pledge. Such Borrower will not create, assume or suffer to exist any Lien on any asset now owned or hereafter acquired by it, except:

 

(a)           Liens
granted by such Borrower existing as of the Effective Date, securing Indebtedness outstanding on the date of this Agreement in an aggregate
principal amount not exceeding $100,000,000;

 

(b)           the
Lien of such Borrower’s Mortgage Indenture (if any) securing Indebtedness outstanding on the Effective Date or issued thereafter;

 

(c)           any
Lien on any asset of any Person existing at the time such Person is merged or consolidated with or into such Borrower and not created
in contemplation of such event;

 

(d)           any
Lien existing on any asset prior to the acquisition thereof by such Borrower and not created in contemplation of such acquisition;

 

(e)           any
Lien on any asset securing Indebtedness incurred or assumed for the purpose of financing all or any part of the cost of acquiring such
asset; provided that such Lien attaches to such asset concurrently with or within 180 days after the acquisition thereof;

 

(f)            any
Lien arising out of the refinancing, extension, renewal or refunding of any Indebtedness secured by any Lien permitted by any of the
foregoing clauses of this Section; provided that such Indebtedness is not increased (except by accrued interest, prepayment premiums
and fees and expenses incurred in connection with such refinancing, extension, renewal or refunding) and is not secured by any additional
assets;

 

(g)           Liens
for taxes, assessments or other governmental charges or levies not yet due or which are being contested in good faith by appropriate proceedings
and with respect to which adequate reserves or other appropriate provisions are being maintained in accordance with generally accepted
accounting principles;

 

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(h)           statutory
Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law, created in the ordinary
course of business and for amounts not past due for more than 60 days or which are being contested in good faith by appropriate proceedings
which are sufficient to prevent imminent foreclosure of such Liens, are promptly instituted and diligently conducted and with respect
to which adequate reserves or other appropriate provisions are being maintained in accordance with generally accepted accounting principles;

 

(i)            Liens
incurred or deposits made in the ordinary course of business (including, without limitation, surety bonds and appeal bonds) in connection
with workers’ compensation, unemployment insurance and other types of social security benefits or to secure the performance of tenders,
bids, leases, contracts (other than for the repayment of Indebtedness), statutory obligations and other similar obligations or arising
as a result of progress payments under government contracts;

 

(j)            easements
(including, without limitation, reciprocal easement agreements and utility agreements), rights-of-way, covenants, consents, reservations,
encroachments, variations and other restrictions, charges or encumbrances (whether or not recorded) affecting the use of real property;

 

(k)           Liens
with respect to judgments and attachments which do not result in an Event of Default;

 

(l)            Liens,
deposits or pledges to secure the performance of bids, tenders, contracts (other than contracts for the payment of money), leases (permitted
under the terms of this Agreement), public or statutory obligations, surety, stay, appeal, indemnity, performance or other obligations
arising in the ordinary course of business;

 

(m)          other
Liens including Liens imposed by Environmental Laws arising in the ordinary course of its business which (i) do not secure Indebtedness,
(ii) do not secure any obligation in an amount exceeding $100,000,000 at any time at which Investment Grade Status does not exist
as to such Borrower and (iii) do not in the aggregate materially detract from the value of its assets or materially impair
the use thereof in the operation of its business;

 

(n)           Liens
securing obligations under Hedging Agreements entered into to protect against fluctuations in interest rates or exchange rates or commodity
prices and not for speculative purposes, provided that such Liens run in favor of a Lender hereunder or a Person who was, at the time
of issuance, a Lender;

 

(o)           Liens
not otherwise permitted by the foregoing clauses of this Section on assets of such Borrower securing obligations in an aggregate
principal or face amount at any date not to exceed 15% of the Consolidated Net Assets of such Borrower;

 

(p)           Liens
on the fuel used by the Progress Borrowers in their power generating businesses; and

 

(q)           Liens
on regulatory assets up to the amount approved by state legislatures and/or regulatory orders.

 

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Section 5.08     Consolidations,
Mergers and Sales of Assets. Such Borrower will not (i) consolidate or merge with or into any other Person or (ii) sell,
lease or otherwise transfer, directly or indirectly, Substantial Assets to any Person (other than a Subsidiary of such Borrower); provided
that such Borrower may merge with another Person if such Borrower is the Person surviving such merger and, after giving effect thereto,
no Default shall have occurred and be continuing.

 

Section 5.09     Use
of Proceeds. The proceeds of the Loans and Letters of Credit made under this Agreement will be used by such Borrower for its general
corporate purposes, including liquidity support for commercial paper and acquisitions. None of such proceeds will be used, directly or
indirectly, for the purpose, whether immediate, incidental or ultimate, of buying or carrying any “margin stock” within
the meaning of Regulation U. None of such proceeds will be used (i) for the purpose of knowingly financing the activities of or any
transactions with any Sanctioned Person or in any country, region or territory that is the subject of Sanctions applicable to the Company
and its Subsidiaries and where the financed activity would be prohibited by such applicable Sanctions, at the time of such financing or
(ii) 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 in violation of any Anti-Corruption Laws.

 

Section 5.10     Indebtedness/Capitalization
Ratio. The ratio of Consolidated Indebtedness of such Borrower to Consolidated Capitalization of such Borrower as at the end of any
fiscal quarter of such Borrower will not exceed 65%; provided that the ratio of Consolidated Indebtedness of Piedmont to Consolidated
Capitalization of Piedmont as at the end of any fiscal quarter of Piedmont will not exceed 70%.

 

Article 6 

Defaults

 

Section 6.01     Events
of Default. If one or more of the following events (“Events of Default”) with respect to a particular Borrower
shall have occurred and be continuing:

 

(a)           such
Borrower shall fail to pay when due any principal of any Loan to it or any Reimbursement Obligation owed by it or shall fail to pay, within
five days of the due date thereof, any interest, fees or any other amount payable by it hereunder;

 

(b)           such
Borrower shall fail to observe or perform any covenant contained in Sections 5.01(d), 5.04, 5.07, 5.08, 5.10
or the second or third sentence of 5.09, inclusive;

 

(c)           such
Borrower shall fail to observe or perform any covenant or agreement contained in this Agreement (other than those covered by clause (a) or
(b) above) for 30 days after notice thereof has been given to such Borrower by the Administrative Agent at the request of any Lender;

 

(d)           any
representation, warranty, certification or statement made by such Borrower in this Agreement or in any certificate, financial statement
or other document delivered pursuant to this Agreement shall prove to have been incorrect in any material respect when made (or deemed
made);

 

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(e)           such
Borrower or any of its Material Subsidiaries shall fail to make any payment in respect of Material Debt (other than Loans to and Reimbursement
Obligations of such Borrower hereunder) when due or within any applicable grace period;

 

(f)            any
event or condition shall occur and shall continue beyond the applicable grace or cure period, if any, provided with respect thereto so
as to result in the acceleration of the maturity of Material Debt;

 

(g)           such
Borrower or any of its Material Subsidiaries shall commence a voluntary case or other proceeding seeking liquidation, reorganization or
other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial part of its property,
or shall consent to any such relief or to the appointment of or taking possession by any such official in an involuntary case or other
proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall admit in writing its inability
to, or shall fail generally to, pay its debts as they become due, or shall take any corporate action to authorize any of the foregoing;

 

(h)           an
involuntary case or other proceeding shall be commenced against such Borrower or any of its Material Subsidiaries seeking liquidation,
reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or hereafter
in effect or seeking the appointment of a trustee, receiver, liquidator, custodian or other similar official of it or any substantial
part of its property, and such involuntary case or other proceeding shall remain undismissed and unstayed for a period of 90 days; or
an order for relief shall be entered against such Borrower or any of its Material Subsidiaries under the federal bankruptcy laws as now
or hereafter in effect;

 

(i)            any
member of such Borrower’s ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $150,000,000 which
it shall have become liable to pay to the PBGC or to a Plan under Title IV of ERISA; or notice of intent to terminate a Plan or Plans
of such ERISA Group having aggregate Unfunded Vested Liabilities in excess of $150,000,000 (collectively, a “Material Plan”)
shall be filed under Title IV of ERISA by any member of such ERISA Group, any plan administrator or any combination of the foregoing;
or the PBGC shall institute proceedings under Title IV of ERISA to terminate or to cause a trustee to be appointed to administer any such
Material Plan or a proceeding shall be instituted by a fiduciary of any such Material Plan against any member of such ERISA Group to enforce
Section 515 or 4219(c)(5) of ERISA and such proceeding shall not have been dismissed within 90 days thereafter; or a condition
shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any such Material Plan must be terminated;

 

(j)            a
judgment or other court order for the payment of money in excess of $150,000,000 shall be rendered against such Borrower or any of its
Material Subsidiaries and such judgment or order shall continue without being vacated, discharged, satisfied or stayed or bonded pending
appeal for a period of 45 days; or

 

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(k)           any
person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) other than trustees and participants in employee benefit plans of the Company and its Subsidiaries, shall have acquired
beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under the Exchange Act)
of 50% or more of the outstanding shares of common stock of the Company; during any period of twelve consecutive calendar months, individuals
(i) who were members of the board of directors of the Company or equivalent governing body on the first day of such period, (ii) whose
election or nomination to that board or equivalent governing body was approved by individuals referred to in clause (i) above
constituting at the time of such election or nomination at least a majority of that board or equivalent governing body or (iii) whose
election or nomination to that board or other equivalent governing body was approved by individuals referred to in clauses (i) and
(ii) above constituting at the time of such election or nomination at least a majority of that board or equivalent governing
body shall cease to constitute a majority of the board of directors of the Company; or in the case of any Borrower other than the Company,
such Borrower shall cease to be a Subsidiary of the Company;

 

then, and in every such event, the Administrative
Agent shall (i) if requested by Lenders having more than 66-2/3% in aggregate amount of the Commitments, by notice to such Borrower
terminate the Commitments as to such Borrower and they shall thereupon terminate, and such Borrower shall no longer be entitled to borrow
hereunder, and the Sublimit of such Borrower shall be reduced to zero, and (ii) if requested by Lenders holding more than 66-2/3%
in aggregate principal amount of the Loans and Reimbursement Obligations of such Borrower, by notice to such Borrower declare such Loans
and Reimbursement Obligations (together with accrued interest thereon) to be, and such Loans and Reimbursement Obligations (together with
accrued interest thereon) shall thereupon become, immediately due and payable without presentment, demand, protest or other notice of
any kind, all of which are hereby waived by each Borrower; provided that in the case of any of the Events of Default specified
in clause (g) or (h) above with respect to such Borrower, without any notice to such Borrower or any other act by the Administrative
Agent or the Lenders, the Commitments shall thereupon terminate with respect to such Borrower and the Loans and Reimbursement Obligations
of such Borrower (together with accrued interest thereon) shall become immediately due and payable without presentment, demand, protest
or other notice of any kind, all of which are hereby waived by each Borrower.

 

Section 6.02     Notice
of Default. The Administrative Agent shall give notice to a Borrower under Section 6.01(c) promptly upon being requested
to do so by any Lender and shall thereupon notify all the Lenders and the Issuing Lenders thereof.

 

Section 6.03     Cash
Collateral. Each Borrower agrees, in addition to the provisions of Section 6.01 hereof, that upon the occurrence and during
the continuance of any Event of Default with respect to such Borrower, it shall, if requested by the Administrative Agent upon the instruction
of the Lenders having at least 66-2/3% in the aggregate amount of the Commitments (or, if the Commitments shall have been terminated,
holding at least 66-2/3% of the Letter of Credit Liabilities for the account of such Borrower), Cash Collateralize all Letters of Credit
for the account of such Borrower then outstanding at such time in an amount equal to 101% of the maximum face amount of each such Letter
of Credit; provided that upon the occurrence of any Event of Default specified in Section 6.01(g) or 6.01(h) with
respect to such Borrower, such Borrower shall do so forthwith without any notice or demand or any other act by the Administrative Agent
or the Lenders.

 

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Article 7 

The Administrative
Agent

 

Section 7.01     Appointment
and Authorization. Each Lender irrevocably appoints and authorizes the Administrative Agent to take such action as agent on its behalf
and to exercise such powers under this Agreement and the Notes as are delegated to the Administrative Agent by the terms hereof or thereof,
together with all such powers as are reasonably incidental thereto.

 

Section 7.02     Administrative
Agent and Affiliates. Wells Fargo shall have the same rights and powers under this Agreement as any other Lender and may exercise
or refrain from exercising the same as though it were not the Administrative Agent, and Wells Fargo and its affiliates may accept deposits
from, lend money to, and generally engage in any kind of business with any Borrower or any Subsidiary or affiliate of any Borrower as
if it were not the Administrative Agent hereunder.

 

Section 7.03     Action
by Administrative Agent. The obligations of the Administrative Agent hereunder are only those expressly set forth herein. Without
limiting the generality of the foregoing, the Administrative Agent shall not be required to take any action with respect to any Default,
except as expressly provided in Article 6.

 

Section 7.04     Consultation
with Experts. The Administrative Agent may consult with legal counsel (who may be counsel for a Borrower), independent public accountants
and other experts selected by it and shall not be liable for any action taken or omitted to be taken by it in good faith in accordance
with the advice of such counsel, accountants or experts.

 

Section 7.05     Liability
of Administrative Agent.  None of the Administrative Agent, any Sustainability Structuring Agent nor any of their respective
officers, directors, employees, agents, attorneys in fact or affiliates shall have any duties or obligations except those expressly
set forth herein, and its duties hereunder shall be administrative in nature. None of the Administrative Agent, any Sustainability
Structuring Agent, nor any of their respective affiliates, directors, officers, agents or employees shall be liable to any Lender
for any action taken or not taken by it in connection herewith (i) with the consent or at the request of the Required Lenders
or (ii) in the absence of its own gross negligence or willful misconduct. None of the Administrative Agent, any Sustainability
Structuring Agent, nor any of their respective affiliates, directors, officers, agents or employees shall be responsible for or have
any duty to ascertain, inquire into or verify (i) any statement, warranty or representation made in connection with this
Agreement or any borrowing hereunder; (ii) the performance or observance of any of the covenants or agreements of any Borrower;
(iii) the satisfaction of any condition specified in Article 3, except receipt of items required to be delivered to
the Administrative Agent or the Sustainability Structuring Agent; or (iv) the validity, effectiveness or genuineness of this
Agreement, the Notes or any other instrument or writing furnished in connection herewith. The Administrative Agent and the
Sustainability Structuring Agent shall not (A) be subject to any fiduciary or other implied duties, regardless of whether a
Default has occurred and is continuing; (B) have any duty to take any discretionary action or exercise any discretionary
powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise
as directed in writing by such number or percentage of the Lenders as shall be expressly provided for herein or as expressly set
forth in Section 8.01; provided that the Administrative Agent and the Sustainability Structuring Agent shall not
be required to take any action that, in its good faith opinion or the opinion of its counsel, is contrary to this Agreement or
Applicable Law; and (C) except as expressly set forth herein, have any duty to disclose, and shall not be liable for the
failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the
Person serving as the Administrative Agent, the Sustainability Structuring Agent or any of their respective Affiliates in any
capacity. The Administrative Agent and the Sustainability Structuring Agent shall not incur any liability by acting in reliance upon
any notice, consent, certificate, statement, or other writing (which may be a bank wire, facsimile or similar writing)
believed by it in good faith to be genuine or to be signed by the proper party or parties. Without limiting the generality of the
foregoing, the use of the term “agent” in this Agreement with reference to the Administrative Agent or the
Sustainability Structuring Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under
agency doctrine of any Applicable Law. Instead, such term is used merely as a matter of market custom and is intended to create or
reflect only an administrative relationship between independent contracting parties.

 

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Section 7.06     Indemnification.
Each Lender shall, ratably in accordance with its Commitment Percentage, indemnify the Administrative Agent, the Sustainability Structuring
Agent and each of their Related Parties (to the extent not reimbursed or indemnified by the Borrowers) against any cost, expense (including
counsel fees and disbursements), claim, demand, action, loss, penalties or liability (except such as result from such indemnitees’
gross negligence or willful misconduct) that such indemnitees may suffer or incur in connection with this Agreement or any action taken
or omitted by the Administrative Agent or the Sustainability Structuring Agent in its capacity as such, or by any Related Party acting
for the Administrative Agent or Sustainability Structuring Agent in connection with such capacity.

 

Section 7.07     Credit
Decision. Each Lender acknowledges that it has, independently and without reliance upon any Agent or any other Lender, and based on
such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each
Lender also acknowledges that it will, independently and without reliance upon any Agent or any other Lender, and based on such documents
and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking any action
under this Agreement.

 

Section 7.08     Successor
Administrative Agent.

 

(a)           The
Administrative Agent may resign at any time by giving notice thereof to the Lenders and the Borrowers. Upon any such resignation, (i) the
Company, with the consent of the Required Lenders (such consent not to be unreasonably withheld or delayed), or (ii) if an Event
of Default has occurred and is continuing, then the Required Lenders, shall have the right to appoint a successor Administrative Agent.
If no successor Administrative Agent shall have been so appointed, and shall have accepted such appointment, within 30 days after the
retiring Administrative Agent gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint
a successor Administrative Agent, which shall be a commercial bank organized or licensed under the laws of the United States or of any
State thereof and having a combined capital and surplus of at least $250,000,000.

 

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(b)           If
the Person serving as Administrative Agent is a Defaulting Lender, (i) the Company, with the consent of the Required Lenders (such
consent not to be unreasonably withheld or delayed), or (ii) if an Event of Default has occurred and is continuing, then the Required
Lenders, shall have the right to appoint a successor Administrative Agent.

 

(c)           Upon
the acceptance of its appointment as Administrative Agent hereunder by a successor Administrative Agent, such successor Administrative
Agent shall thereupon succeed to and become vested with all the rights, duties and obligations of the retiring Administrative Agent, and
the retiring Administrative Agent shall be discharged from its duties and obligations hereunder; provided that if such successor
Administrative Agent is appointed without the consent of the Company, such successor Administrative Agent may be replaced by the Company
with the consent of the Required Lenders so long as no Event of Default has occurred and is continuing at the time. After any retiring
Administrative Agent’s resignation or removal hereunder as Administrative Agent, the provisions of this Article shall inure
to its benefit as to any actions taken or omitted to be taken by it while it was Administrative Agent.

 

(d)           The
fees payable by the Company to any successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Company and such successor.

 

Section 7.09     Administrative
Agent’s Fee. The Company shall pay to the Administrative Agent for its own account fees in the amounts and at the times previously
agreed upon between the Company and the Administrative Agent.

 

Section 7.10     Certain
ERISA Matters.

 

(a)           Each
Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the
date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative
Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

 

(i)            such
Lender is not using “plan assets” (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit
Plans with respect to such Lender’s entrance into, participation in, administration of and performance of the Loans, the Commitments
or this Agreement;

 

(ii)            the
transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent
qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts),
PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption
for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined
by in-house asset managers), is applicable with respect to such Lender’s entrance into, participation in, administration of and
performance of the Loans, the Commitments and this Agreement;

 

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(iii)            (A) such
Lender is an investment fund managed by a “Qualified Professional Asset Manager” (within the meaning of Part VI of PTE
84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate
in, administer and perform the Loans, the Commitments and this Agreement, (C) the entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of
Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of
PTE 84-14 are satisfied with respect to such Lender’s entrance into, participation in, administration of and performance of the
Loans, the Commitments and this Agreement, or

 

(iv)            such
other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and
such Lender.

 

(b)           In
addition, unless either (1) sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or
(2) a Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately
preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to,
and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto,
for the benefit of, the Administrative Agent and not, for the avoidance of doubt, to or for the benefit of the Borrower, that the Administrative
Agent is not a fiduciary with respect to the assets of such Lender involved in such Lender’s entrance into, participation in, administration
of and performance of the Loans, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights
by the Administrative Agent under this Agreement or any documents related hereto).

 

Section 7.11     Other
Agents. None of the Co-Syndication Agents or the Co-Documentation Agents, in their respective capacities as such, shall have any duties
or obligations of any kind under this Agreement. Each Lender hereby acknowledges that neither the documentation agent nor any other Lender
(or its affiliate) designated as any “Agent” or “Arranger” on the cover page hereof (other than the Administrative
Agent) has any liability hereunder other than in its capacity as a Lender.

 

Section 7.12     Erroneous
Payments.

 

(a)           Each
Lender, each Issuing Lender and any other party hereto hereby severally agrees that if (i) the Administrative Agent
notifies (which such notice shall be conclusive absent manifest error) such Lender or Issuing Lender or any other Person that
has received funds from the Administrative Agent or any of its Affiliates, either for its own account or on behalf of a Lender or
Issuing Lender (each such recipient, a “Payment Recipient”) that the Administrative Agent has determined in its
sole discretion that any funds received by such Payment Recipient were erroneously transmitted to, or otherwise erroneously or
mistakenly received by, such Payment Recipient (whether or not known to such Payment Recipient) or (ii) any Payment
Recipient receives any payment 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, as applicable, (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) with respect
to such payment, prepayment or repayment, as applicable, or (z) that such Payment Recipient otherwise becomes aware was
transmitted or received in error or by mistake (in whole or in part) then, in each case, an error in payment shall be presumed to
have been made (any such amounts specified in clauses (i) or (ii) of this Section 7.12(a), whether received as
a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise; individually and collectively, an
 “Erroneous Payment”), then, in each case, such Payment Recipient is deemed to have knowledge of such error at the
time of its receipt of such Erroneous Payment; provided that nothing in this Section shall require the Administrative
Agent to provide any of the notices specified in clauses (i) or (ii) above. Each Payment Recipient agrees that it
shall not assert any right or claim to any Erroneous Payment, and hereby waives 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
Payments, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.

 

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(b)           Without
limiting the immediately preceding clause (a), each Payment Recipient agrees that, in the case of clause 7.12(a)(ii) above, it shall
promptly notify the Administrative Agent in writing of such occurrence.

 

(c)           In
the case of either clause (a)(i) or (a)(ii) above, 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 upon demand
from the Administrative Agent such Payment Recipient shall (or, shall cause any Person who received any portion of an Erroneous Payment
on its behalf to), promptly, but in all events no later than two Domestic Business Day 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 and 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 at the greater of the Federal Funds
Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time
to time in effect.

 

(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 immediately preceding clause (c), from any Lender that is a Payment Recipient or an Affiliate
of a Payment Recipient (such unrecovered amount as to such Lender, an “Erroneous Payment Return Deficiency”), then
at the sole discretion of the Administrative Agent and upon the Administrative Agent’s written notice to such Lender (i) such
Lender shall be deemed to have made a cashless assignment of the full face amount of the portion of its Loans (but not its Commitments)
to the Administrative Agent or, at the option of the Administrative Agent, the Administrative Agent’s applicable lending affiliate
in an amount that is equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify)
(such assignment of the Loans (but not Commitments), the “Erroneous Payment Deficiency Assignment”) plus any accrued
and unpaid interest on such assigned amount, without further consent or approval of any party hereto and without any payment by the Administrative
Agent or its applicable lending affiliate as the assignee of such Erroneous Payment Deficiency Assignment. The parties hereto acknowledge
and agree that (1) any assignment contemplated in this clause (d) shall be made without any requirement for any payment or other
consideration paid by the applicable assignee or received by the assignor, (2) the provisions of this clause (d) shall govern
in the event of any conflict with the terms and conditions of Section 9.06 and (3) the Administrative Agent may reflect
such assignments in the Register without further consent or action by any other Person.

 

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(e)           Each
party hereto hereby agrees that (x) in the event an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient
that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent (1) shall be subrogated to
all the rights of such Payment Recipient with respect to such amount and (2) is authorized to set off, net and apply any and all
amounts at any time owing to such Payment Recipient under any Loan Document, or otherwise payable or distributable by the Administrative
Agent to such Payment Recipient from any source, against any amount due to the Administrative Agent under this Section 7.12
or under the indemnification provisions of this Agreement, (y) the receipt of an Erroneous Payment by a Payment Recipient shall not
for the purpose of this Agreement be treated as a payment, prepayment, repayment, discharge or other satisfaction of any Obligations owed
by the Borrower, 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 the Borrower for the purpose of making a payment on the
Obligations and (z) to the extent that an Erroneous Payment was in any way or at any time credited as payment or satisfaction of
any of the Obligations, the Obligations or any part thereof that were so credited, and all rights of the Payment Recipient, as the case
may be, shall be reinstated and continue in full force and effect as if such payment or satisfaction had never been received.

 

(f)            Each
party’s obligations under this Section 7.12 shall survive the resignation or replacement of the Administrative Agent
or any transfer of right or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction
or discharge of all Obligations (or any portion thereof) under any Loan Document.

 

(g)           Nothing
in this Section 7.12 will constitute a waiver or release of any claim of the Administrative Agent hereunder arising from any
Payment Recipient’s receipt of an Erroneous Payment.

 

Article 8 

Change
in Circumstances

 

Section 8.01     Changed
Circumstances.

 

(a)           Circumstances
Affecting Benchmark Availability. Subject to clause (c) below, in connection with any request for a SOFR Loan or a conversion
to or continuation thereof or otherwise, if for any reason (i) the Administrative Agent shall determine (which determination shall
be conclusive and binding absent manifest error) that reasonable and adequate means do not exist for ascertaining Adjusted Term SOFR for
the applicable Interest Period with respect to a proposed SOFR Loan on or prior to the first day of such Interest Period or (ii) the
Required Lenders shall determine (which determination shall be conclusive and binding absent manifest error) that Adjusted Term SOFR does
not adequately and fairly reflect the cost to such Lenders of making or maintaining such Loans during such Interest Period, then in each
case, the Administrative Agent shall promptly give notice thereof to the Borrower. Upon notice thereof by the Administrative Agent to
the Borrower, any obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to or continue any Loan
as a SOFR Loan, shall be suspended (to the extent of the affected SOFR Loans or the affected Interest Periods) until the Administrative
Agent (with respect to clause (ii), at the instruction of the Required Lenders) revokes such notice. Upon receipt of such notice, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans (to the extent of the affected
SOFR Loans or the affected Interest Periods) or, failing that, the Borrower will be deemed to have converted any such request into a request
for a borrowing of or conversion to Base Rate Loans in the amount specified therein and (B) any outstanding affected SOFR Loans will
be deemed to have been converted into Base Rate Loans at the end of the applicable Interest Period. Upon any such prepayment or conversion,
the Borrower shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant
to Section 2.13.

 

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(b)            Laws
Affecting SOFR Availability. If, after the date hereof, the introduction of, or any change in, any Applicable Law or any change in
the interpretation or administration thereof by any Governmental Authority, central bank or comparable agency charged with the interpretation
or administration thereof, or compliance by any of the Lenders (or any of their respective Lending Offices) with any request or directive
(whether or not having the force of law) of any such Governmental Authority, central bank or comparable agency, shall make it unlawful
or impossible for any of the Lenders (or any of their respective Lending Offices) to honor its obligations hereunder to make or maintain
any SOFR Loan, or to determine or charge interest based upon SOFR, the Term SOFR Reference Rate, Adjusted Term SOFR, or Term SOFR, such
Lender shall promptly give notice thereof to the Administrative Agent and the Administrative Agent shall promptly give notice to the Borrower
and the other Lenders. Thereafter, until the Administrative Agent notifies the Borrower that such circumstances no longer exist, (i) any
obligation of the Lenders to make SOFR Loans, and any right of the Borrower to convert any Loan to a SOFR Loan or continue any Loan as
a SOFR Loan, shall be suspended and (ii) if necessary to avoid such illegality, the Administrative Agent shall compute the Base Rate
without reference to clause (c) of the definition of “Base Rate”, in each case until each such affected 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, if necessary to avoid such illegality, upon demand from any Lender (with a copy to the Administrative Agent),
prepay or, if applicable, convert all SOFR Loans to Base Rate Loans (in each case, if necessary to avoid such illegality, the Administrative
Agent shall compute the Base Rate without reference to clause (c) of the definition of “Base Rate”), on the last day
of the Interest Period therefor, if all affected Lenders may lawfully continue to maintain such SOFR Loans, to such day, or immediately,
if any Lender may not lawfully continue to maintain such SOFR Loans to such day. Upon any such prepayment or conversion, the Borrower
shall also pay accrued interest on the amount so prepaid or converted, together with any additional amounts required pursuant to Section 2.13.

 

(c)            Benchmark
Replacement Setting.

 

(i)            Benchmark
Replacement. Notwithstanding anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition
Event, the Administrative Agent and the Borrower may amend this Agreement to replace the then-current Benchmark with a Benchmark Replacement.
Any such amendment with respect to a Benchmark Transition Event will become effective at 5:00 p.m. on the fifth (5th)
Domestic Business Day after the Administrative Agent has posted such proposed amendment to all affected Lenders and the Borrower so long
as the Administrative Agent has not received, by such time, written notice of objection to such amendment from Lenders comprising the
Required Lenders. No replacement of a Benchmark with a Benchmark Replacement pursuant to this Section 8.01(c)(i) will
occur prior to the applicable Benchmark Transition Start Date.

 

(ii)            Benchmark
Replacement Conforming Changes. In connection with the use, administration, adoption or implementation of a Benchmark Replacement,
the Administrative Agent, in consultation with the Borrower, will have the right to make Conforming Changes from time to time and, notwithstanding
anything to the contrary herein or in any other Loan Document, any amendments implementing such Conforming Changes will become effective
without any further action or consent of any other party to this Agreement or any other Loan Document.

 

(iii)            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 and (B) the effectiveness of any Conforming Changes in connection with the use, administration,
adoption or implementation of a Benchmark Replacement. The Administrative Agent will promptly notify the Borrower of the removal or reinstatement
of any tenor of a Benchmark pursuant to Section 8.01(c)(iv). 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 8.01(c), 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 or any selection, 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 to this Agreement or any other Loan Document, except, in each case,
as expressly required pursuant to this Section 8.01(c).

 

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(iv)            Unavailability
of Tenor of Benchmark. Notwithstanding anything to the contrary herein or in any other Loan Document, at any time (including in connection
with the implementation of a Benchmark Replacement), (A) if the then-current Benchmark is a term rate (including the Term SOFR Reference
Rate) and either (1) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate
from time to time as selected by the Administrative Agent in its reasonable discretion or (2) the administrator of such Benchmark
or the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing
that any tenor for such Benchmark is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks, then the Administrative Agent may modify the definition of “Interest
Period” (or any similar or analogous definition) for any Benchmark settings at or after such time to remove such unavailable, non-representative,
non-compliant or non-aligned tenor and (B) if a tenor that was removed pursuant to clause (A) above either (1) is subsequently
displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (2) is not, or is no longer,
subject to an announcement that it is not or will not be representative or in compliance with or aligned with the International Organization
of Securities Commissions (IOSCO) Principles for Financial Benchmarks for a Benchmark (including a Benchmark Replacement), then the Administrative
Agent may modify the definition of “Interest Period” (or any similar or analogous definition) for all Benchmark settings at
or after such time to reinstate such previously removed tenor.

 

(v)            Benchmark
Unavailability Period. Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, (A) the
Borrower may revoke any pending request for a borrowing of, conversion to or continuation of SOFR Loans to be made, converted or continued
during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request
for a borrowing of or conversion to Base Rate Loans and (B) any outstanding affected SOFR Loans will be deemed to have been converted
to Base Rate Loans at the end of the applicable Interest Period. During any Benchmark Unavailability Period or at any time that a tenor
for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such
tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate.

 

(d)            Illegality. If
any Change In Law shall make it unlawful or impossible for any Lender (or its Lending Office) to make, maintain or fund any of its
SOFR Loans and such Lender shall so notify the Administrative Agent, the Administrative Agent shall forthwith give notice thereof to
the other Lenders and the Borrowers, whereupon until such Lender notifies the Borrowers and the Administrative Agent that the
circumstances giving rise to such suspension no longer exist, the obligation of such Lender to make SOFR Loans, or to continue or
convert outstanding Loans as or into SOFR Loans, shall be suspended. Before giving any notice to the Administrative Agent pursuant
to this Section, such Lender shall designate a different Lending Office if such designation will avoid the need for giving such
notice and will not be otherwise disadvantageous to such Lender in the good faith exercise of its discretion. If such notice is
given, each SOFR Loan of such Lender then outstanding shall be converted to a Base Rate Loan either (i) on the last day of the
then current Interest Period applicable to such SOFR Loan if such Lender may lawfully continue to maintain and fund such Loan
to such day or (ii) immediately if such Lender shall determine that it may not lawfully continue to maintain and fund such Loan
to such day.

 

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Section 8.02     Increased
Cost and Reduced Return.

 

(a)            If
any Change In Law (i) shall impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or
similar requirement (including, without limitation, any such regulations issued from time to time by the FRB for determining the maximum
reserve requirement (including any emergency, special, supplemental or other marginal reserve requirement) with respect to eurocurrency
funding (currently referred to as “Eurocurrency liabilities” in Regulation D of the FRB, as amended and in effect from time
to time)) against assets of, deposits with or for the account of, or credit extended by, any Lender (or its Lending Office); (ii) shall
subject any Lender or Agent to any taxes (other than (A) Taxes, (B) taxes described in clauses (ii), (iii) or (iv) of
the exclusions from the definition of Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; or (iii) shall impose on any
Lender (or its Lending Office) any other condition, cost or expense affecting its SOFR Loans, its Note or its obligation to make SOFR
Loans or its obligations hereunder in respect of Letters of Credit and the result of any of the foregoing is to increase the cost to such
Lender (or its Lending Office) of making or maintaining any SOFR Loan (or, in the case of an adoption or change with respect to taxes,
any Loan) or of issuing or participating in any Letter of Credit, or to reduce the amount of any sum received or receivable by such Lender
(or its Lending Office) under this Agreement or under its Note with respect thereto, by an amount deemed by such Lender to be material,
then, within 15 days after demand by such Lender (with a copy to the Administrative Agent), each Borrower shall pay to such Lender its
Appropriate Share of such additional amount or amounts as will compensate such Lender for such increased cost or reduction; provided
that no such amount shall be payable with respect to any period commencing more than 90 days prior to the date such Lender first notifies
the Borrowers of its intention to demand compensation therefor under this Section 8.02(a).

 

(b)            If
any Lender shall have determined that any Change In Law has or would have the effect of reducing the rate of return on capital or liquidity
of such Lender (or its Parent) as a consequence of such Lender’s obligations hereunder to a level below that which such Lender (or
its Parent) could have achieved but for such Change In Law (taking into consideration its policies with respect to capital adequacy and
liquidity) by an amount deemed by such Lender to be material, then from time to time, within 15 days after demand by such Lender (with
a copy to the Administrative Agent), each Borrower shall pay to such Lender its Appropriate Share of such additional amount or amounts
as will compensate such Lender (or its Parent) for such reduction; provided that no such amount shall be payable with respect to
any period commencing less than 30 days after the date such Lender first notifies the Borrowers of its intention to demand compensation
under this Section 8.02(b).

 

(c)            Each
Lender will promptly notify the Borrowers and the Administrative Agent of any event of which it has knowledge, occurring after the date
hereof, which will entitle such Lender to compensation pursuant to this Section and will designate a different Lending Office if
such designation will avoid the need for, or reduce the amount of, such compensation and will not, in the judgment of such Lender, be
otherwise disadvantageous to such Lender. A certificate of any Lender claiming compensation under this Section and setting forth
the additional amount or amounts to be paid to it hereunder shall be conclusive in the absence of manifest error. In determining such
amount, such Lender may use any reasonable averaging and attribution methods.

 

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Section 8.03     Taxes.

 

(a)            For
purposes of this Section 8.03 the following terms have the following meanings:

 

“FATCA”
means Sections 1471 through 1474 of the Internal Revenue 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) and any current or future regulations or official interpretations
thereof and any agreement entered into pursuant to Section 1471(b)(1) of the Internal Revenue Code. For purposes of this Section 8.03,
 “applicable law” includes FATCA.

 

“Taxes”
means any and all present or future taxes, duties, levies, imposts, deductions, charges or withholdings including any interest,
additions to tax or penalties applicable thereto with respect to any payment by or on account of any obligation of a Borrower
pursuant to this Agreement or any Note, excluding (i) in the case of each Lender and the Administrative Agent, taxes
imposed on its income, net worth or gross receipts and franchise or similar taxes imposed on it by a jurisdiction under the laws of
which such Lender or the Administrative Agent (as the case may be) is organized or in which its principal executive office is
located or, in the case of each Lender, in which its Lending Office is located, (ii) in the case of each Lender, any United
States withholding tax imposed on such payments except to the extent that (A) such Lender is subject to United States
withholding tax by reason of a U.S. Tax Law Change or (B) in the case of a Lender not listed on the signature pages hereof
or a Participant, amounts with respect to such Taxes were payable pursuant to Section 8.03 to such Lender’s
assignor or to such Participant’s participating Lender immediately before such Lender or Participant acquired the applicable
interest in a Loan or Commitment; (iii) Taxes attributable to such Lender’s or Administrative Agent’s failure to
comply with Section 8.03(d) or (e) and (iv) any U.S. federal withholding Taxes imposed under
FATCA.

 

“Other Taxes”
means any present or future stamp or documentary taxes and any other excise or property taxes, or similar charges or levies, which arise
from any payment made pursuant to this Agreement or under any Note or from the execution or delivery of, or otherwise with respect to,
this Agreement or any Note.

 

“U.S. Tax Law Change”
means with respect to any Lender or Participant the occurrence (x) in the case of each Lender listed on the signature pages hereof,
after the date of its execution and delivery of this Agreement and (y) in the case of any other Lender, after the date such Lender
shall have become a Lender hereunder, and (z) in the case of each Participant, after the date such Participant became a Participant
hereunder, of the adoption of any applicable U.S. federal law, U.S. federal rule or U.S. federal regulation relating to taxation,
or any change therein, or the entry into force, modification or revocation of any income tax convention or treaty to which the United
States is a party.

 

(b)            Any
and all payments by or any account of any Borrower to or for the account of any Lender or the Administrative Agent hereunder or under
any Note shall be made without deduction for any Taxes or Other Taxes, except as required by Applicable Law; provided that if any Borrower
or the Administrative Agent shall be required by law to deduct any Taxes or Other Taxes from any such payments, (i) the sum payable
by such Borrower shall be increased as necessary so that after all required deductions are made (including deductions applicable to additional
sums payable under this Section 8.03) such Lender or the Administrative Agent (as the case may be) receives an amount equal
to the sum it would have received had no such deductions been made, (ii) such Borrower or the Administrative Agent shall make such
deductions, (iii) such Borrower or the Administrative Agent shall pay the full amount deducted to the relevant taxation authority
or other authority in accordance with Applicable Law and (iv) if the withholding agent is the Borrower, such Borrower shall furnish
to the Administrative Agent, at its address referred to in Section 9.01, the original or a certified copy of a receipt evidencing
payment thereof.

 

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(c)            Each
Borrower agrees to indemnify each Lender and the Administrative Agent for its Appropriate Share of the full amount of Taxes or Other Taxes
(including, without limitation, any Taxes or Other Taxes imposed or asserted by any jurisdiction on amounts payable under this Section 8.03)
paid by such Lender or the Administrative Agent (as the case may be) and any liability (including penalties, interest and expenses) arising
therefrom or with respect thereto. This indemnification shall be paid within 15 days after such Lender or the Administrative Agent (as
the case may be) makes demand therefor.

 

(d)            Each
Lender organized under the laws of a jurisdiction outside the United States, on or prior to the date of its execution and delivery of
this Agreement in the case of each Lender listed on the signature pages hereof and on or prior to the date on which it becomes a
Lender in the case of each other Lender, and from time to time thereafter as required by law or requested by any Borrower or the Administrative
Agent (but only so long as such Lender remains lawfully able to do so), shall provide the Borrowers and the Administrative Agent (in such
number of copies as shall be requested by the recipient) with whichever of the following is applicable (including any successor forms
prescribed by the Internal Revenue Service):

 

(i)            in
the case of a Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments
of interest hereunder or under any Note, executed copies of IRS Form W-8BEN establishing an exemption from, or reduction of, U.S.
federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other applicable
payments hereunder or under any Note, IRS Form W-8BEN establishing an exemption from, or reduction of, U.S. federal withholding
Tax pursuant to the “business profits” or “other income” article of such tax treaty;

 

(ii)            executed
copies of IRS Form W-8ECI;

 

(iii)            in
the case of a Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Internal Revenue
Code, (x) a certificate reasonably acceptable to the Administrative Agent to the effect that such Lender is not a “bank”
within the meaning of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of any Borrower
within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation” described
in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed
copies of IRS Form W-8BEN; or

 

(iv)            to
the extent a Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS
Form W-8BEN, a U.S. Tax Compliance Certificate, IRS Form W-9, and/or other certification documents from each beneficial
owner, as applicable; provided that if the Lender is a partnership and one or more direct or indirect partners of such Lender are claiming
the portfolio interest exemption, such Lender may provide a U.S. Tax Compliance Certificate on behalf of each such direct and indirect
partner.

 

(e)            Any
Lender that is organized under the laws of a jurisdiction within the United States shall deliver to the Borrower and the Administrative
Agent on or prior to the date on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable
request of the Borrower or the Administrative Agent), executed copies of IRS Form W-9 certifying that such Lender is exempt from
U.S. federal backup withholding tax.

 

(f)            If
a payment made to a Lender hereunder or under any Note would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender
were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or
1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the
time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by Applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code) and such additional
documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative
Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (f), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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(g)            Each
Lender agrees that if any form or certification it previously delivered expires or becomes obsolete or inaccurate in any respect, it shall
update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do
so.

 

(h)            If
a Lender, which is otherwise exempt from or subject to a reduced rate of withholding tax, becomes subject to Taxes because of its failure
to deliver a form required hereunder, the Borrowers shall take such steps as such Lender shall reasonably request to assist such Lender
to recover such Taxes.

 

(i)            If
any Borrower is required to pay additional amounts to or for the account of any Lender pursuant to this Section 8.03, then
such Lender will take such action (including changing the jurisdiction of its Lending Office) as in the good faith judgment of such Lender
(i) will eliminate or reduce any such additional payment which may thereafter accrue and (ii) is not otherwise disadvantageous
to such Lender.

 

(j)            If
any Lender or the Administrative Agent receives a refund of any Taxes or Other Taxes for which any Borrower has made a payment under Section 8.03(b) or
(c) and such refund was received from the taxing authority which originally imposed such Taxes or Other Taxes, such Lender
or the Administrative Agent agrees to reimburse such Borrower to the extent of such refund; provided that nothing contained in
this paragraph (j) shall require any Lender or the Administrative Agent to seek any such refund or make available its tax returns
(or any other information relating to its taxes which it deems to be confidential).

 

(k)            Each
Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Taxes attributable to
such Lender (but only to the extent that a Borrower has not already indemnified the Administrative Agent for such Taxes and without limiting
the obligation of the Borrowers to do so), (ii) any taxes attributable to such Lender’s failure to comply with the provisions
of Section 9.06(b) relating to the maintenance of a Participant Register and (iii) any taxes excluded from the definition
of Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with this Agreement
or any Note, and any reasonable expenses arising therefrom or with respect thereto. A certificate as to the amount of such payment or
liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes
the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender hereunder or under any Note or otherwise
payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this
paragraph (k).

 

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Section 8.04     Base
Rate Loans Substituted for Affected SOFR Loans. If (i) the obligation of any Lender to make or to continue or convert
outstanding Loans as or into SOFR Loans has been suspended pursuant to Section 8.02 or (ii) any Lender has demanded
compensation under Section 8.02(a) with respect to its SOFR Loans and the Borrower shall, by at least five U.S.
Government Securities Business Days’ prior notice to such Lender through the Administrative Agent, have elected that
the provisions of this Section shall apply to such Lender, then, unless and until such Lender notifies the Borrowers that the
circumstances giving rise to such suspension or demand for compensation no longer apply:

 

(a)            all
Loans which would otherwise be made by such Lender as (or continued as or converted to) SOFR Loans, as the case may be, shall instead
be Base Rate Loans (on which interest and principal shall be payable contemporaneously with the related SOFR Loans of the other Lenders),
and

 

(b)            after
each of its SOFR Loans has been repaid, all payments of principal which would otherwise be applied to repay such Loans shall be applied
to repay its Base Rate Loans instead.

 

If such Lender notifies the Borrowers that the
circumstances giving rise to such suspension or demand for compensation no longer exist, the principal amount of each such Base Rate Loan
shall be converted into a SOFR Loan on the first day of the next succeeding Interest Period applicable to the related SOFR Loans of the
other Lenders.

 

Section 8.05     Substitution
of Lender; Termination Option. If (i) the obligation of any Lender to make or to convert or continue outstanding Loans as or
into SOFR Loans has been suspended pursuant to Section 8.02, (ii) any Lender has demanded compensation under Section 8.02
or 8.03 (including any demand made by a Lender on behalf of a Participant), (iii) any Lender exercises its right not to extend
its Commitment Termination Date pursuant to Section 2.01(b), (iv) any Lender becomes a Defaulting Lender, (v) Investment
Grade Status ceases to exist as to any Lender or, (vi) for purposes of (a) below only, any Lender becomes a Non-Consenting Lender,
then:

 

(a)            the
Company shall have the right, with the assistance of the Administrative Agent (or, if the Administrative Agent is a Defaulting Lender,
the Required Lenders), to designate an Assignee (which may be one or more of the Lenders) mutually satisfactory to the Company and, so
long as any such Persons are not Defaulting Lenders, the Administrative Agent, the Swingline Lender and the Issuing Lenders (whose consent
shall not be unreasonably withheld or delayed) to purchase for cash, pursuant to an Assignment and Assumption Agreement in substantially
the form of Exhibit D hereto, the outstanding Loans of such Lender and assume the Commitment and Letter of Credit Liabilities of
such Lender (including any Commitments, Loans and Letter of Credit Liabilities that have been participated), without recourse to or warranty
by, or expense to, such Lender, for a purchase price equal to the principal amount of all of such Lender’s outstanding Loans and
funded Letter of Credit Liabilities plus any accrued but unpaid interest thereon and the accrued but unpaid fees in respect of such Lender’s
Commitment hereunder and all other amounts payable by the Borrowers to such Lender hereunder plus such amount, if any, as would be payable
pursuant to Section 2.13 if the outstanding Loans of such Lender were prepaid in their entirety on the date of consummation
of such assignment; and

 

(b)            if
at the time Investment Grade Status exists as to the Borrowers, the Company may elect to terminate this Agreement as to such Lender (including
any Commitments, Loans and Letter of Credit Liabilities that have been participated); provided that (i) the Company notifies
such Lender through the Administrative Agent (or, if the Administrative Agent is a Defaulting Lender, the Required Lenders) of such election
at least three U.S. Government Securities Business Days before the effective date of such termination, (ii) the Borrowers repay or
prepay the principal amount of all outstanding Loans made by such Lender plus any accrued but unpaid interest thereon and the accrued
but unpaid fees in respect of such Lender’s Commitment hereunder plus all other amounts payable by the Borrowers to such Lender
hereunder, not later than the effective date of such termination and (iii) if at the effective date of such termination, any Letter
of Credit Liabilities or Swingline Loans are outstanding, the conditions specified in Section 3.02 would be satisfied (after
giving effect to such termination) were the related Letters of Credit issued or the related Swingline Loans made on such date. Upon satisfaction
of the foregoing conditions, the Commitment of such Lender shall terminate on the effective date specified in such notice, its participation
in any outstanding Letters of Credit or Swingline Loans shall terminate on such effective date and the participations of the other Lenders
therein shall be redetermined as of such date as if such Letters of Credit had been issued or such Swingline Loans had been made on such
date.

 

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Article 9

Miscellaneous

 

Section 9.01     Notices.

 

(a)            All
notices, requests and other communications to any party hereunder shall be in writing (including electronic transmission, bank wire,
facsimile transmission or similar writing) and shall be given to such party: (x) in the case of any Borrower or the
Administrative Agent, at its address or facsimile number set forth on the signature pages hereof, (y) in the case of any
Lender, at its address or facsimile number set forth in its Administrative Questionnaire or (z) in the case of any party, such
other address or facsimile number as such party may hereafter specify for the purpose by notice to the Administrative Agent
and the Borrowers. Each such notice, request or other communication shall be effective (i) if given by facsimile, when such
facsimile is transmitted to the facsimile number specified in this Section and the appropriate answerback or confirmation slip,
as the case may be, is received or (ii) if given by any other means, when delivered at the address specified in this Section; provided
that notices to the Administrative Agent, the Swingline Lender or any Issuing Lender under Article 2 or Article 8
shall not be effective until delivered. Notices delivered through electronic communications shall be effective as and to the extent
provided in subsection (b) below.

 

(b)            Notices
and other communications to the Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and internet
or intranet websites) pursuant to procedures approved by the Administrative Agent or as otherwise determined by the Administrative Agent,
provided that the foregoing shall not apply to notices to any Lender pursuant to Article 2 if such Lender has notified the
Administrative Agent that it is incapable of receiving notices under such Section by electronic communication. The Administrative
Agent or any Borrower may, in its respective discretion, agree to accept notices and other communications to it hereunder by electronic
communications pursuant to procedures approved by it or as it otherwise determines, provided that such determination or approval may be
limited to particular notices or communications. Unless the Administrative Agent otherwise prescribes, (i) notices and other communications
sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such
as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that
if such notice or other communication is not given during the normal business hours of the recipient, such notice or communication shall
be deemed to have been given at the opening of business on the next Domestic Business Day or U.S. Government Securities Business Day,
as applicable, for the recipient, and (ii) notices or communications posted to an internet or intranet website shall be deemed received
upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of notification
that such notice or communication is available and identifying the website address therefor.

 

(c)            The
Borrower agrees that the Administrative Agent may, but shall not be obligated to, make the Communications (as defined below) available
to the Lenders by posting the Communications on the Platform. The Platform is provided “as is” and “as available.”
The Agent Parties (as defined below) do not warrant the adequacy of the Platform and expressly disclaim liability for errors or omissions
in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of merchantability, fitness for
a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party
in connection with the Communications or the Platform. In no event shall the Administrative Agent or any of its Related Parties (collectively,
the “Agent Parties”) have any liability to the Borrowers, any Lender or any other Person or entity for damages of any
kind, including direct or indirect, special, incidental or consequential damages, losses or expenses (whether in tort, contract or otherwise)
arising out of any Borrower’s or the Administrative Agent’s transmission of communications through the Platform. “Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of any Borrower
pursuant to this Agreement or the transactions contemplated herein that is distributed to the Administrative Agent or any Lender by means
of electronic communications pursuant to this Section, including through the Platform.

 

Section 9.02     No
Waivers. No failure or delay by the Administrative Agent or any Lender in exercising any right, power or privilege hereunder or under
any Note shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof
or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive
of any rights or remedies provided by law.

 

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Section 9.03     Expenses;
Indemnification.

 

(a)            Each
Borrower shall pay (i) its Appropriate Share of all reasonable out-of-pocket expenses of the Administrative Agent and the
Sustainability Structuring Agent, including reasonable fees and disbursements of one special counsel for the Administrative Agent and
the Sustainability Structuring Agent, in connection with the preparation of this Agreement, any waiver or consent hereunder or any amendment
hereof or any Default or alleged Default with respect to such Borrower hereunder and (ii) if an Event of Default with respect to
such Borrower occurs, all reasonable out-of-pocket expenses incurred by the Administrative Agent, the Sustainability Structuring
Agent or any Lender, including reasonable fees and disbursements of counsel, in connection with such Event of Default and collection and
other enforcement proceedings resulting therefrom.

 

(b)            Each
Borrower agrees to indemnify each Agent, the Sustainability Structuring Agent, each Lender (including each Issuing Lender), and the
respective Related Parties of the foregoing (each an “Indemnitee”) and hold each Indemnitee harmless from and
against any and all liabilities, losses, penalties, damages, costs and expenses of any kind, including, without limitation,
the reasonable fees and disbursements of one counsel for all Indemnitees taken as a whole and, in the case of any actual or
potential conflict of interest, one additional counsel to each group of affected Indemnitees similarly situated taken as a whole,
which may be incurred by such Indemnitee arising out of or in connection with any claim, litigation, investigation or proceeding
(whether or not such Indemnitee shall be designated a party thereto) relating to or arising out of this Agreement, or any actual or
proposed use of proceeds of Loans or Letters of Credit hereunder (including any refusal by an Issuing Lender to honor a demand for
payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of
such Letter of Credit), in each case to the extent of such Borrower’s Appropriate Share; provided that no Indemnitee
shall have the right to be indemnified hereunder for such Indemnitee’s own gross negligence or willful misconduct as
determined by a court of competent jurisdiction. This Section shall not apply to Taxes other than any Taxes that represent
losses, claims, damages, etc. arising from any non-Tax claim.

 

(c)            To
the fullest extent permitted by Applicable Law, each Borrower shall not assert, and hereby waives, any claim against each Agent, the Sustainability
Structuring Agent, each Lender (including any Issuing Lender), and the respective Related Parties of the foregoing (each a “Lender-Related
Party”), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual
damages) arising out of, in connection with, or as a result of, this Agreement, or any agreement or instrument contemplated hereby, the
transactions contemplated hereby or thereby, any Loan or Letter of Credit, or the use of the proceeds thereof. No Lender-Related Party
shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it
through telecommunications, electronic or other information transmission systems in connection with this Agreement or the transactions
contemplated hereby or thereby.

 

Section 9.04     Sharing
of Set-offs. Each Lender agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment
of a proportion of the aggregate amount then due with respect to the Loans and Letter of Credit Liabilities held by it which is greater
than the proportion received by any other Lender in respect of the aggregate amount then due with respect to the Loans and Letter of Credit
Liabilities held by such other Lender, the Lender receiving such proportionately greater payment shall purchase such participations in
the Loans and Letter of Credit Liabilities held by the other Lenders, and such other adjustments shall be made, as may be required so
that all such payments with respect to the Loans and Letter of Credit Liabilities held by the Lenders shall be shared by the Lenders pro
rata; provided that (i) nothing in this Section shall impair the right of any Lender to exercise any right of set-off
or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of a Borrower other than its
indebtedness under this Agreement and (ii) this Section is not applicable to Swingline Loans.

 

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Section 9.05     Amendments
and Waivers.

 

(a)            Any
provision of this Agreement or the Notes may be amended or waived if, but only if, such amendment or waiver is in writing and is signed
by each Borrower and the Required Lenders (and, if the rights or duties of any Agent, the Sustainability Structuring Agent, the Swingline
Lender or any Issuing Lender are affected thereby, by such Person); provided that no such amendment or waiver shall (x) unless
signed by each adversely affected Lender, (i) increase the Commitment of any Lender or the Maximum Sublimit of any Borrower or subject
any Lender to any additional obligation, (ii) reduce the principal of or rate of interest on any Loan or the amount to be reimbursed
in respect of any Letter of Credit or any interest thereon or any fees hereunder, or (iii) postpone the date fixed for any payment
of principal of or interest on any Loan or for reimbursement in respect of any Letter of Credit or interest thereon or any fees hereunder
or for termination of any Commitment or (y) unless signed by all Lenders, (i) change the definition of Required Lenders or the
provisions of this Section 9.05 or (ii) change the provisions of Section 9.04 or of any other provision of
this Agreement providing for the ratable application of payments in respect of the Loans and Letter of Credit Liabilities; provided
further, that the Administrative Agent and the Borrowers may, without the consent of any Lender, but subject to the provisions of
Section 8.01(c), enter into amendments or modifications to this Agreement as the Administrative Agent reasonably deems appropriate
in order to implement any Benchmark Replacement or otherwise effectuate the terms of Section 8.01(c) in accordance with
the terms of Section 8.01(c).

 

(b)            This
Agreement may be amended by the Company to remove any other Borrower as a Borrower (a “Removed Borrower”) hereunder
subject to: (i) the receipt by the Administrative Agent of prior notice from the Company of such amendment, (ii) repayment in
full of all Loans made to such Borrower, (iii) Cash Collateralization of all amounts available for drawing under Letters of Credit
issued for the account of such Borrower (or the amendment of such Letter of Credit to provide for the Company as the account party) and
(iv) repayment in full of all other amounts owing by such Borrower under this Agreement (it being agreed that any such repayment
shall be in accordance with the other terms of this Agreement). Upon the satisfaction of the foregoing conditions the rights and obligations
of such Removed Borrower hereunder shall terminate; provided, however, that the obligations of such Removed Borrower under Section 9.03
shall survive such amendment.

 

Section 9.06     Successors
and Assigns.

 

(a)            The
provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns and each Indemnitee, except that no Borrower may assign or otherwise transfer any of its rights under this Agreement without the
prior written consent of all Lenders.

 

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(b)            Any
Lender may, with the consent (unless an Event of Default then exists) of the Company (such consent not to be unreasonably withheld or
delayed), at any time grant to one or more banks or other institutions (each a “Participant”) participating interests
in its Commitment or any or all of its Loans and Letter of Credit Liabilities; provided that any Lender may, without the consent
of any Borrower, at any time grant participating interests in its Commitment or any or all of its Loans and Letter of Credit Liabilities
to another Lender, an Approved Fund or an Affiliate of such transferor Lender. In the event of any such grant by a Lender of a participating
interest to a Participant, whether or not upon notice to the Administrative Agent, such Lender shall remain responsible for the performance
of its obligations hereunder, and the Borrowers, the Issuing Lenders, the Swingline Lender and the Administrative Agent shall continue
to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement
pursuant to which any Lender may grant such a participating interest shall provide that (A) such Participant agrees to be subject
to Section 8.05 as if it were an Assignee under paragraph (c) of this Section 9.06 or as if it were the Lender
granting such participation and (B) such Lender shall retain the sole right and responsibility to enforce the obligations of the
Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision of this
Agreement; provided that such participation agreement may provide that such Lender will not agree to any modification, amendment
or waiver of this Agreement described in clause (x)(i), (ii) or (iii) of Section 9.05(a) without the
consent of the Participant. Each Borrower agrees that each Participant shall, to the extent provided in its participation agreement, be
entitled to the benefits of Article 8 with respect to its participating interest, subject to the performance by such Participant
of the obligations of a Lender thereunder (it being understood that the documentation required under Section 8.03 shall be
delivered by the Participant to the participating Lender and the Participant agrees to be subject to the provisions of Sections 8.03(i),
8.03(j) and 8.05 as if it were an Assignee). In addition, each Lender that sells a participation agrees, at the Borrower’s
request, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 8.05 with respect
to any Participant. An assignment or other transfer which is not permitted by subsection (c) or (d) below shall be given effect
for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (b). Each Lender
that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which
it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest
in the Loans or other obligations hereunder or under any Note (the “Participant Register”); provided that no Lender
shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant (other
than for the consent requirements set forth in the first sentence of this Section 9.06(b)) or any information relating to
a Participant’s interest in any Commitments, Loans, Letters of Credit or its other obligations hereunder or under any Note) to any
Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation
is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register
shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register
as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of
doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register.

 

(c)            Any
Lender may at any time assign to one or more banks or other financial institutions (each an “Assignee”) other
than (w) a Borrower (x) a Subsidiary or Affiliate of a Borrower, (y) a Defaulting Lender or any Person who, upon
becoming a Lender hereunder, would constitute a Defaulting Lender, or (z) a natural person (or a holding company, investment
vehicle or trust for, or owned and operated for the primary benefit of, a natural person), all, or a proportionate part (equivalent
to an initial Commitment of not less than $10,000,000 (unless the Company and the Administrative Agent shall otherwise agree)) of
all, of its rights and obligations under this Agreement and its Note (if any), and such Assignee shall assume such rights and
obligations, pursuant to an Assignment and Assumption Agreement in substantially the form of Exhibit D hereto executed by such
Assignee and such transferor Lender, with (and only with and subject to) the prior written consent of the Swingline Lender, the
Issuing Lenders, the Administrative Agent (which shall not be unreasonably withheld or delayed) and, so long as no Event of Default
has occurred and is continuing, the Company (which shall not be unreasonably withheld or delayed); provided that unless such
assignment is of the entire right, title and interest of the transferor Lender hereunder, after making any such assignment such
transferor Lender shall have a Commitment of at least $10,000,000 (unless the Company and the Administrative Agent shall otherwise
agree). Upon execution and delivery of such instrument of assumption and payment by such Assignee to such transferor Lender of an
amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to
this Agreement and shall have all the rights and obligations of a Lender with a Commitment as set forth in such instrument of
assumption, and the transferor Lender shall be released from its obligations hereunder to a corresponding extent, and no further
consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection (c), the
transferor Lender, the Administrative Agent and the Borrowers shall make appropriate arrangements so that, if required by the
Assignee, a Note(s) is issued to the Assignee. The Assignee shall, prior to the first date on which interest or fees are
payable hereunder for its account, deliver to the Borrowers and the Administrative Agent any certifications, forms or other
documentation in accordance with Section 8.03. All assignments (other than assignments to Affiliates) shall be subject
to a transaction fee established by, and payable by the transferor Lender to, the Administrative Agent for its own account (which
shall not exceed $3,500).

 

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(d)            Any
Lender may at any time assign all or any portion of its rights under this Agreement and its Note (if any) to a Federal Reserve Bank. No
such assignment shall release the transferor Lender from its obligations hereunder or modify any such obligations.

 

(e)            No
Assignee, Participant or other transferee of any Lender’s rights (including any Lending Office other than such Lender’s initial
Lending Office) shall be entitled to receive any greater payment under Section 8.02 or 8.03 than such Lender would
have been entitled to receive with respect to the rights transferred, unless such transfer is made by reason of the provisions of Section 8.02
or 8.03 requiring such Lender to designate a different Lending Office under certain circumstances or at a time when the circumstances
giving rise to such greater payment did not exist.

 

Section 9.07     Collateral.
Each of the Lenders represents to the Administrative Agent and each of the other Lenders that it in good faith is not relying upon
any “margin stock” (as defined in Regulation U) as collateral in the extension or maintenance of the credit provided
for in this Agreement.

 

Section 9.08     Confidentiality.
Each Lender Party (i) agrees to keep any information delivered or made available by any Borrower pursuant to this Agreement confidential
from anyone other than persons employed or retained by such Lender Party and its Affiliates who are engaged in evaluating, approving,
structuring or administering the credit facility contemplated hereby and (ii) further agrees on behalf of itself and, to the extent
it has the power to do so, its Affiliates and agents, to keep all other information delivered or made available to it by any Borrower
or Affiliate of any Borrower for other purposes which, (x) is marked confidential and is expressly made available subject to the
terms of this section, and (y) is not otherwise subject to a confidentiality agreement, confidential from anyone other than persons
employed or retained by such Lender Party and its Affiliates and agents who need to receive such information in furtherance of the engagement
or matter pursuant to which the information is provided; provided that nothing herein shall prevent any Lender Party or, solely
with respect to information disclosed in a manner set forth in clauses (b) through (g) and (k) in this Section 9.08,
any Affiliate of such Lender from disclosing such information, to the extent necessary under the circumstances under which such disclosure
is required, (a) to any other Lender or any Agent, (b) upon the order of any court or administrative agency, (c) upon the
request or demand of any regulatory agency or authority or self-regulatory body, (d) which had been publicly disclosed other than
as a result of a disclosure by any Lender Party prohibited by this Agreement or which had already been in the possession of a Lender Party
or not acquired from any Borrower or persons known by Lender Parties to be in breach of an obligation of confidentiality to any Borrower,
(e) in connection with any litigation to which any Lender Party or any Affiliate or their respective subsidiaries or Parent may be
a party, (f) to the extent necessary in connection with the exercise of any remedy hereunder or other engagement or matter, (g) to
such Lender Party’s or Affiliate’s legal counsel and independent auditors, (h) subject to provisions substantially similar
to those contained in this Section 9.08, to any actual or proposed Participant or Assignee, (i) to any direct, indirect,
actual or prospective counterparty (and its advisor) to any swap, derivative or securitization transaction related to the obligations
under this Agreement, (j) on a confidential basis to the CUSIP Service Bureau or any similar agency in connection with the issuance
and monitoring of CUSIP numbers with respect to the loans, (k) on a confidential basis to rating agencies in consultation and coordination
with the Company, (l) for purposes of establishing a “due diligence” defense, (m) with the consent of the Company
and (n) on a confidential basis to any credit insurance provider requiring access to such information in connection with credit insurance
for the benefit of the disclosing Lender Party.

 

Section 9.09     Governing
Law; Submission to Jurisdiction.  This Agreement and each Note (if any) shall be construed in accordance with and governed by
the law of the State of New York (without regard to principles of conflict of laws other than Sections 5-1401 and 5-1402 of The New
York General Obligations Law). Each Borrower and each Lender Party hereby submits to the exclusive jurisdiction of the United States
District Court for the Southern District of New York and of any New York State court sitting in New York County for purposes of all
legal proceedings arising out of or relating to this Agreement or the transactions contemplated hereby. Each Borrower and each
Lender Party irrevocably waives, to the fullest extent permitted by law, any objection which it may now or hereafter have to the
laying of the venue of any such proceeding brought in such a court and any claim that any such proceeding brought in such a
court has been brought in an inconvenient forum. Each party hereto irrevocably consents to service of process in the manner provided
for notices in Section 9.01. Nothing in this Agreement will affect the right of any party hereto to serve process in any
other manner permitted by Applicable Law.

 

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Section 9.10     Counterparts;
Integration; Effectiveness; 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 Loan Documents, and
any separate letter agreements with respect to fees payable to the Administrative Agent, any Issuing Lender, the Swingline Lender and/or
the Arranger, 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. Except as provided in Section 6.01,
this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall
have received counterparts hereof that, when taken together, bear the signatures of each of the other parties hereto. Delivery of an executed
counterpart of a signature page of this Agreement by facsimile or in electronic (i.e., “pdf” or “tif”) format
shall be effective as delivery of a manually executed counterpart of this Agreement.

 

(b)            The
words “execute,” “execution,” “signed,” “signature,” “delivery” and words
of like import in or related to this Agreement, any other Loan Document or any document, amendment, approval, consent, waiver, modification,
information, notice, certificate, report, statement, disclosure, or authorization to be signed or delivered in connection with this Agreement
or any other Loan Document or the transactions contemplated hereby shall be deemed to include Electronic Signatures or execution in the
form of an Electronic Record, and contract formations on electronic platforms approved by the Administrative Agent, deliveries 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 Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records
Act, or any other similar state laws based on the Uniform Electronic Transactions Act. Each party hereto agrees that any Electronic Signature
or execution in the form of an Electronic Record shall be valid and binding on itself and each of the other parties hereto to the same
extent as a manual, original signature. For the avoidance of doubt, the authorization under this paragraph may include, without limitation,
use or acceptance by the parties of a manually signed paper which has been converted into electronic form (such as scanned into PDF format),
or an electronically signed paper converted into another format, for transmission, delivery and/or retention. Notwithstanding anything
contained herein to the contrary, the Administrative Agent is under no obligation to accept an Electronic Signature in any form or in
any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it; provided that  without
limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept such Electronic Signature from any party
hereto, the Administrative Agent and the other parties hereto shall be entitled to rely on any such Electronic Signature purportedly given
by or on behalf of the executing party without further verification and (ii) upon the request of the Administrative Agent or any
Lender, any Electronic Signature shall be promptly followed by an original manually executed counterpart thereof. Without limiting the
generality of the foregoing, each party hereto hereby (A) agrees that, for all purposes, including without limitation, in connection
with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders
and any of the Borrowers, electronic images of this Agreement or any other Loan Document (in each case, including with respect to any
signature pages thereto)  shall have the same legal effect, validity and enforceability as any paper original, and (B) waives
any argument, defense or right to contest the validity or enforceability of the Loan Documents based solely on the lack of paper original
copies of any Loan Documents, including with respect to any signature pages thereto.

 

    73

     

    

 

Section 9.11     WAIVER
OF JURY TRIAL. EACH OF THE BORROWERS, THE AGENTS, THE ISSUING LENDERS AND THE LENDERS, TO THE FULLEST EXTENT IT MAY EFFECTIVELY
DO SO UNDER APPLICABLE LAW, HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING
TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

Section 9.12     USA
Patriot Act. Each Lender hereby notifies each Borrower that pursuant to the requirements of the USA Patriot Act, Title III of Pub.
L. 107-56 (signed into law October 26, 2001) (the “Act”), it is required to obtain, verify and record information
that identifies such Borrower, which information includes the name and address of such Borrower and other information that will allow
such Lender to identify such Borrower in accordance with the Act.

 

Section 9.13     Termination
of Commitments Under Existing Credit Agreements.

 

(a)            Amendment
and Restatement; No Novation. This Agreement constitutes an amendment and restatement of the Existing Credit Agreement, effective
from and after the Effective Date. The execution and delivery of this Agreement shall not constitute a novation of any indebtedness or
other obligations owing to the Lenders or the Administrative Agent under the Existing Credit Agreement based on facts or events occurring
or existing prior to the execution and delivery of this Agreement. On the Effective Date, the credit facilities described in the Existing
Credit Agreement, shall be amended, supplemented, modified and restated in their entirety by the facilities described herein, and all
loans and other obligations of the Borrower outstanding as of such date under the Existing Credit Agreement, shall be deemed to be loans
and obligations outstanding under the corresponding facilities described herein, without any further action by any Person, except that
the Administrative Agent shall make such transfers of funds as are necessary in order that the outstanding balance of such Loans, together
with any Loans funded on the Effective Date, reflect the respective Revolving Credit Commitment of the Lenders hereunder.

 

Section 9.14     No
Fiduciary Duty. Each Borrower agrees that in connection with all aspects of the Loans and Letters of Credit contemplated by this Agreement
and any communications in connection therewith, (i) such Borrower and its Subsidiaries, on the one hand, and the Agents, the Lenders
and their respective affiliates, on the other hand, will have a business relationship that does not create, by implication or otherwise,
any fiduciary duty on the part of the Agents, the Lenders or their respective affiliates, and no such duty will be deemed to have arisen
in connection with any such transactions or communications and (ii) the Administrative Agent, the Lenders and their respective Affiliates
may be engaged in a broad range of transactions that involve interests that differ from those of such Borrower and its Affiliates, and
neither the Administrative Agent nor any Lender has any obligation to disclose any of such interests to such Borrower or any of its Affiliates.

 

    74

     

    

 

Section 9.15     Survival.
Each party’s rights and obligations under Articles 7, 8, and 9 shall survive the resignation or replacement of the Administrative
Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction
or discharge of all obligations hereunder or under any Note and the termination of this Agreement.

 

Section 9.16     Acknowledgement
and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in this Agreement, any Note or
in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any
Affected Financial Institution arising under this Agreement or any Note, to the extent such liability is unsecured, may be subject to
the write-down and conversion powers of the applicable 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 the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected 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;

 

(ii)            a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its 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 Note; or

 

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

 

Section 9.17     Acknowledgement
Regarding Any Supported QFCs. To the extent this Agreement provides support, through a guarantee or otherwise, for Hedging Agreements
or any other agreement or instrument that is a QFC (such support, “QFC Credit Support” and, each such QFC, a “Supported
QFC”), the parties acknowledge and agree as follows with respect to the resolution power of the FDIC under the Federal Deposit
Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated
thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the
provisions below applicable notwithstanding that the Loan Documents and any Supported QFC may in fact be stated to be governed by the
laws of the State of New York and/or of the United States or any other state of the United States):

 

(a)            In
the event a Covered Entity that is party to a Supported QFC (each, a “Covered Party”) becomes subject to a
proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support
(and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing
such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be
effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest,
obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a
Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime,
Default Rights under the Loan Documents that might otherwise apply to such Supported QFC or any QFC Credit Support that may be
exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised
under the U.S. Special Resolution Regime if the Supported QFC and the Loan Documents were governed by the laws of the United States
or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the
parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC
or any QFC Credit Support.

 

    75

     

    

 

(b)            As
used in this Section 9.17, the following terms have the following meanings:

 

“BHC Act Affiliate”
of a party means an “affiliate” (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of
such party.

 

“Covered Entity”
means any of the following:

 

(i)            a
 “covered entity” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

 

(ii)            a
 “covered bank” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); or

 

(iii)            a
 “covered FSI” as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

 

“Default Right”
has the meaning assigned to that term in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as
applicable.

 

“QFC”
has the meaning assigned to the term “qualified financial contract” in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).

 

    76

     

    

   

 

	 	DUKE ENERGY CORPORATION, as a Borrower
	 	 
	 	By:	/s/ Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer

 

		DUKE
         ENERGY CAROLINAS, LLC,
         as a Borrower
	 	 	 
	 	By:	/s/
                                            Michael Hendershott
	 	Name:	Michael
                                            Hendershott
	 	Title:	Assistant
                                            Treasurer

 

	 	DUKE
ENERGY OHIO, INC., as a Borrower
	 	 
	 	By:	/s/ Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer

 

	 	DUKE
ENERGY INDIANA, LLC, as a Borrower
	 	 
	 	By:	/s/ Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

 

	 	DUKE ENERGY KENTUCKY, INC., as a Borrower
	 	 
	 	By:	/s/
    Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer

 

	 	Duke Energy Progress, LLC, as a Borrower
	 	 
	 	By:	/s/ Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer
	 	Duke
Energy Florida, LLC, as a Borrower
	 	 
	 	By:	/s/ Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer
	 	 PIEDMONT NATURAL GAS COMPANY, INC., as a Borrower
	 	 
	 	By:	/s /Michael Hendershott
	 	 	Name:	Michael Hendershott
	 	 	Title:	Assistant Treasurer

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

 

	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as Administrative Agent, Issuing Lender, Swingline Lender and Lender
	 	 
	 	By	/s/
    Patrick Engel
	 	 	Name:	Patrick Engel
	 	 	Title:	Managing Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Bank of America, N.A., as Lender and
Issuing Lender

 

	 	By	/s/
    Ravi Patel
	 	 	Name:	Ravi Patel
	 	 	Title:	Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	JPMorgan Chase Bank, N.A., as Lender
and Issuing Lender:

 

	 	By	/s/
    Nancy R. Barwig
	 	 	Name:	Nancy R. Barwig
	 	 	Title:	Executive Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Mizuho Bank, Ltd., as Lender and
Issuing Lender:

 

	 	By	/s/
    Donna DeMagistris
	 	 	Name:	Donna DeMagistris
	 	 	Title:	Executive Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Bank of China, New York Branch, as
Lender and Issuing Lender:

 

	 	By	/s/
    Raymond Qiao
	 	 	Name:	Raymond Qiao
	 	 	Title:	Executive Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

 

	 	Barclays Bank, PLC, as Lender and Issuing
Lender:

 

	 	By	/s/
    Sydney G. Dennis
	 	 	Name:	Sydney G. Dennis
	 	 	Title:	 Director

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Citibank, N.A., as Lender and Issuing
Lender:

 

	 	By	/s/
    Richard Rivera
	 	 	Name:	Richard Rivera
	 	 	Title:	Vice President

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Credit Suisse AG, New York Branch,
as Lender and Issuing Lender:

 

	 	By	/s/
    Doreen Barr
	 	 	Name:	Doreen Barr
	 	 	Title:	Authorized
    Signatory
	 	 	 	 
	 	By	/s/
    Michael Dieffenbacher
	 	 	Name:	Michael Dieffenbacher
	 	 	Title:	Authorized
    Signatory

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Royal Bank of Canada, as Lender and
Issuing Lender:

 

	 	By	/s/
    Martina Wellik
	 	 	Name:	Martina Wellik
	 	 	Title:	Authorized Signatory

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	MUFG Bank, Ltd.,
  as Lender and Issuing Lender:

 

	 	By	/s/
    Nietzsche Rodricks
	 	 	Name:	Nietzsche Rodricks
	 	 	Title:	Managing Director

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Truist Bank, as Lender:

 

	 	By	/s/
    Andrew Johnson
	 	 	Name:	Andrew Johnson
	 	 	Title:	Managing Director

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	PNC Bank, National Association, as
Lender:

 

	 	By	/s/
    Alex Rolfe
	 	 	Name:	Alex Rolfe
	 	 	Title:	Vice President

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Sumitomo
Mitsui Banking Corporation, as Lender:

 

	 	By	/s/
    Alkesh Nanavaty
	 	 	Name:	Alkesh Nanavaty
	 	 	Title:	Executive Director

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	BNP Paribas, as Lender:

 

	 	By	/s/
    Denis O’Meara
	 	 	Name:	Denis O’Meara
	 	 	Title:	Managing Director
	 	 	 	 
	 	By	/s/
    Victor Padilla
	 	 	Name:	Victor Padilla
	 	 	Title:	Vice President

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

	 	Goldman Sachs Bank USA, as Lender:

 

	 	By	/s/
    Andrew B. Vernon
	 	 	Name:	Andrew Vernon
	 	 	Title:	Authorized
    Signatory

 

[Signature Page to Amended and Restated
Credit Agreement]

 

     

     

    

 

 

	 	Morgan Stanley Bank, N.A.,
    as Lender:
	 	 
	 	By	/s/
    Michael King
	 	 	Name:	Michael King
	 	 	Title:	Authorized Signatory

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	TD Bank, N.A.,
    as Lender:
	 	 
	 	By	/s/
    Bernadette Collins
	 	 	Name:	Bernadette Collins
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	The Bank of Nova Scotia,
    as Lender:
	 	 
	 	By	/s/
    David Dewar
	 	 	Name:	David Dewar
	 	 	Title:	Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	U.S. Bank National Association,
    as Lender:
	 	 
	 	By	/s/
    James O’Shaughnessy
	 	 	Name:	James O’Shaughnessy
	 	 	Title:	Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Banco Santander, S.A., New
    York Branch, as Lender:
	 	 
	 	By	/s/
    Andres Barbosa
	 	 	Name:	Andres Barbosa
	 	 	Title:	Managing Director

 

		By	/s/ Rita
    Walz-Cuccioli
	 	 	Name:	Rita Walz-Cuccioli
	 	 	Title:	Executive Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Bank of Montreal, Chicago
    Branch, as Lender:
	 	 
	 	By	/s/
    Darren Thomas
	 	 	Name:	Darren Thomas
	 	 	Title:	Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	The Bank of New York Mellon,
    as Lender:
	 	 
	 	By	/s/
    Molly H. Ross
	 	 	Name:	Molly H. Ross
	 	 	Title:	Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	KeyBank National Association,
    as Lender:
	 	 
	 	By	/s/
    Richard G. Tutich
	 	 	Name:	Richard G. Tutich
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	THE NORTHERN TRUST COMPANY, as
    Lender:
	 	 
	 	By	/s/
    Peter J. Hallan
	 	 	Name:	Peter J. Hallan
	 	 	Title:	Senior Vice President

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

	 	Regions Bank,
    as Lender:
	 	 
	 	By	/s/
    Tedrick Tarver
	 	 	Name:	Tedrick Tarver
	 	 	Title:	Director

 

[Signature
Page to Amended and Restated Credit Agreement]

 

     

     

    

 

 

Schedule 1.01(a)

 

COMMITMENT SCHEDULE

 
	Lender	 	Total Commitments	 
	Wells Fargo Bank, National Association	 	$	427,000,000	 
	Bank of America, N.A.	 	$	427,000,000	 
	JPMorgan Chase Bank, N.A.	 	$	427,000,000	 
	Mizuho Bank, Ltd.	 	$	427,000,000	 
	Bank of China, New York Branch	 	$	427,000,000	 
	Barclays Bank PLC	 	$	427,000,000	 
	Citibank, N.A.	 	$	427,000,000	 
	Credit Suisse AG, New York Branch	 	$	427,000,000	 
	Royal Bank of Canada	 	$	427,000,000	 
	MUFG Bank, Ltd.	 	$	427,000,000	 
	Truist Bank, N.A.	 	$	427,000,000	 
	PNC Bank, National Association	 	$	427,000,000	 
	Sumitomo Mitsui Banking Corporation	 	$	348,000,000	 
	BNP Paribas	 	$	348,000,000	 
	Goldman Sachs Bank USA	 	$	348,000,000	 
	Morgan Stanley Bank, N.A.	 	$	348,000,000	 
	TD Bank, N.A.	 	$	348,000,000	 
	The Bank of Nova Scotia	 	$	348,000,000	 
	U.S. Bank National Association	 	$	348,000,000	 
	Banco Santander, S.A., New York Branch	 	$	348,000,000	 
	Bank of Montreal, Chicago Branch	 	$	348,000,000	 
	The Bank of New York Mellon	 	$	186,000,000	 
	KeyBank National Association	 	$	186,000,000	 
	The Northern Trust Company	 	$	186,000,000	 
	Regions Bank	 	$	186,000,000	 
	TOTAL	 	$	9,000,000,000	 

 

     

     

    

 

Schedule 1.01(b)

 

PRICING SCHEDULE

 

Each of “Applicable Margin”
and “Facility Fee Rate” means, for any date, the rate set forth below in the applicable row and column corresponding
to the credit rating of the applicable Borrower that exists on such date:

 

(basis points per annum)

 

	Borrower’s

Credit 

Rating	at least AA

 by S&P or 

Fitch or 

Aa2 by

 Moody’s	at least

 AA-by 

S&P or 

Fitch or 

Aa3 by

 Moody’s	at least A+ 

by S&P or

 Fitch or 

A1 by

 Moody’s	at least A

 by S&P or 

Fitch or 

A2 by

 Moody’s	at least A-

 by S&P or 

Fitch or 

A3 by

 Moody’s	at least 

BBB+ by 

S&P or 

Fitch or 

Baa1 by

 Moody’s	at least 

BBB by 

S&P or 

Fitch or 

Baa2 by

 Moody’s	less than 

BBB by 

S&P or 

Fitch and 

less than 

Baa2 by

 Moody’s
	Facility
Fee Rate	4.0	6.0	7.5	10.0	12.5	17.5	22.5	27.5
	Applicable
Margin	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	SOFR Loans
and Swingline Loans	58.5	 69.0	  80.0	90.0	100.0 	107.5	 127.5	147.5
	 	 	 	 	 	 	 	 	 
	Base Rate
Loans	0.0	0.0	0.0	0.0	0.0	7.5	27.5	47.5

 

For purposes of the above
Pricing Schedule a “Borrower Credit Rating” means, as of any date of determination with respect to any Borrower, the rating
as determined by Standard & Poor’s Financial Services LLC, a subsidiary of S&P Global Inc., together with its successors
(“S&P”), or Moody’s Investors Service, Inc., together with its successors (“Moody’s”),
or Fitch Ratings Inc., together with its successors (“Fitch”), of such Borrower’s non-credit-enhanced, senior
unsecured long-term debt, regardless of whether any such debt is outstanding; provided that (a) if ratings exist by all three
rating agencies and the respective ratings issued by two of the rating agencies are the same and one differs, the pricing level shall
be determined based on the two ratings that are the same, (b) if ratings exist by all three rating agencies and none of the respective
ratings are the same, the pricing level shall be determined based on the middle rating, (c) if only two ratings exist and they differ
by one level, then the pricing level for the higher of such ratings shall apply; (d) if only two ratings exist and they differ by
more than one level, then the pricing level that is one level lower than the pricing level of the higher rating shall apply; (e) if
only one rating exists, the pricing level shall be determined based on that rating; (f) if no such rating exists for such Borrower,
then a corporate credit rating from S&P and the issuer ratings from Moody’s and Fitch should be used and differences between
those ratings and resolving non-existent ratings from any of those rating agencies shall be determined in the same manner as set forth
in clauses (a) through (e) of this proviso; and (g) if no such rating in clause (f) exists for such Borrower, the
highest pricing level (less than “BBB” pricing level) shall apply. A change in rating will result in an immediate change in
the applicable pricing.

 

    2

     

    

 

Schedule 1.01(c)

 

EXISTING LETTERS OF CREDIT

 
	Issue Date/Letter of Credit

Number	 	Borrower  	 	Current Amount  	 
	SM207518  	 	DUKE ENERGY CORPORATION  	 	$	29,208.00 	 
	LC968-129556  	 	DUKE ENERGY CORPORATION  	 	$	3,600,000.00 	 
	IS000245462U  	 	DUKE ENERGY FLORIDA LLC  	 	$	3,322,569.38 	 
	IS000245553U  	 	DUKE ENERGY FLORIDA LLC  	 	$	3,348,843.75 	 
	IS0009345  	 	DUKE ENERGY CORPORATION  	 	$	5,000,000.00 	 
	SM235292  	 	DUKE ENERGY CORPORATION  	 	$	148,665.00 	 
	SM235395  	 	DUKE ENERGY CORPORATION  	 	$	17,500.00 	 
	SM204493  	 	DUKE ENERGY CORPORATION  	 	$	100,000.00 	 
	SM235289  	 	DUKE ENERGY CORPORATION  	 	$	20,000.00 	 
	SM235288  	 	DUKE ENERGY CORPORATION  	 	$	396,440.00 	 
	SM235294  	 	DUKE ENERGY CORPORATION  	 	$	12,500.00 	 
	SM235295  	 	DUKE ENERGY CORPORATION  	 	$	5,500.00 	 
	SM235300  	 	DUKE ENERGY CORPORATION  	 	$	222,997.50 	 
	SM235301  	 	DUKE ENERGY CORPORATION  	 	$	99,110.00 	 
	IS0265025U  	 	DUKE ENERGY CORPORATION  	 	$	5,462,000.00 	 
	IS0265026U  	 	DUKE ENERGY CORPORATION  	 	$	5,549,000.00 	 
	IS0029066U  	 	DUKE ENERGY CORPORATION  	 	$	3,700,000.00 	 
	IS0029069U  	 	DUKE ENERGY CORPORATION  	 	$	700,000.00 	 
	IS0003480  	 	DUKE ENERGY CORPORATION  	 	$	1,344,277.00 	 
	IS000175973U  	 	DUKE ENERGY FLORIDA LLC  	 	$	50,000.00 	 
	IS0004079  	 	DUKE ENERGY FLORIDA LLC  	 	$	100,000.00 	 
	IS0009024	 	PROGRESS ENERGY, INC.	 	$	2,154,267.00	 

 

     

     

    

 

EXHIBIT A

 

NOTE

 

New York, New York

 

______ __, 20__

 

For
value received, each of Duke Energy Corporation, a Delaware corporation, Duke Energy Carolinas, LLC, a North Carolina limited liability
company, Duke Energy Ohio, Inc., a Ohio corporation, Duke Energy Indiana, LLC, an Indiana limited liability company, Duke Energy
Kentucky, Inc., a Kentucky corporation, Duke Energy Progress, LLC, a North Carolina limited liability company, Duke Energy Florida,
LLC, a Florida limited liability company, and Piedmont Natural Gas Company, Inc., a North Carolina corporation (collectively, the
 “Borrowers”), severally and not jointly, promises to pay to [                                       ] (the “Lender”) or its registered
assigns, for the account of its Lending Office, its Appropriate Share of the of the principal sum of [                                       ] DOLLARS ($[                         ]), or, if less,
the unpaid principal amount of each Loan made by the Lender to such Borrower pursuant to the Credit Agreement referred to below on the
date specified in the Credit Agreement. Each Borrower promises to pay interest on the unpaid principal amount of each such Loan on the
dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in lawful
money of the United States in Federal or other immediately available funds at the office of Wells Fargo Bank, National Association.

 

All Loans made by the Lender,
the respective types and maturities thereof and all repayments of the principal thereof shall be recorded by the Lender, and the Lender,
if the Lender so elects in connection with any transfer or enforcement of its Note, may endorse on the schedule attached hereto appropriate
notations to evidence the foregoing information with respect to the Loans then outstanding; provided that the failure of the Lender
to make any such recordation or endorsement shall not affect the obligations of the Borrowers hereunder or under the Credit Agreement.

 

This note is one of the Notes
referred to in the Amended and Restated Credit Agreement dated as of March [ ], 2022 among the Borrowers, the Lenders party thereto,
Wells Fargo Bank, National Association, as Administrative Agent, and the other Agents party thereto (as the same may be amended from time
to time, the “Credit Agreement”). Terms defined in the Credit Agreement are used herein with the same meanings. Reference
is made to the Credit Agreement for provisions for the prepayment hereof and the acceleration of the maturity hereof.

 

    A-1

     

    

 

 

	 	 DUKE ENERGY CORPORATION
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  
	 	 
	 	DUKE ENERGY CAROLINAS, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  
	 	 
	 	DUKE ENERGY OHIO, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  
	 	 
	 	DUKE ENERGY INDIANA, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	DUKE ENERGY KENTUCKY, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

    A-2

     

    

 

	 	Duke Energy Progress, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	Duke Energy Florida, LLC
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	PIEDMONT NATURAL GAS COMPANY, INC.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:  

 

    A-3

     

    

 

Note (cont’d)

 

LOANS AND PAYMENTS OF PRINCIPAL

 

	Date	Amount of

                                                                                Loan
	Type of

                                                                                Loan
	Amount of

                                                                                Principal

                                                                                Repaid
	Maturity

                                                                                Date
	Notation

                                                                                Made By

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

	
     

     
	
     

     
	
     

     
	
     

     
	
     

     
	
     

     

 

    A-4

     

    

 

EXHIBIT B

 

OPINION OF INTERNAL COUNSEL OF THE BORROWER

 

[Effective Date]

 

To the Lenders and the Administrative
Agent

Referred to Below

 

c/o Wells Fargo Bank, National Association

as Administrative Agent

[ ]

[ ]

[ ]

[ ]

Attn:    [ ]

 

Ladies and Gentlemen:

 

I am [title of internal counsel]
of [Duke Energy Corporation] [Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana, Inc.] [Duke Energy
Kentucky, Inc.] [Piedmont Natural Gas Company, Inc.] (the “Borrower”) and have acted as its counsel in connection
with the Amended and Restated Credit Agreement (as amended, the “Credit Agreement”), dated as of March [ ], 2022,
among the Borrower, the other Borrowers party thereto, the Lenders party thereto, Wells Fargo Bank, National Association, as Administrative
Agent, and the other Agents party thereto. Capitalized terms defined in the Credit Agreement are used herein as therein defined. This
opinion letter is being delivered pursuant to Section 3.01(b) of the Credit Agreement.

 

In such capacity, I or
attorneys under my direct supervision have examined originals or copies, certified or otherwise identified to my satisfaction, of such
documents, corporate records, certificates of public officials and other instruments and have conducted such other investigations of fact
and law as I have deemed necessary or advisable for purposes of this opinion.

 

Upon the basis of the foregoing, I
am of the opinion that:

 

1.      The
Borrower is [a Delaware corporation] [a North Carolina limited liability company] [an Ohio corporation] [an Indiana corporation] [a Kentucky
corporation] [a North Carolina corporation], validly existing and in good standing under the laws of [Delaware] [North Carolina] [Ohio]
[Indiana] [Kentucky].

 

2.      The
execution, delivery and performance by the Borrower of the Credit Agreement and any Notes are within the Borrower’s corporate powers,
have been duly authorized by all necessary corporate action, require no action by or in respect of, or filing with, any governmental
body, agency or official (except for [list exceptions], which have been obtained or made, as the case may be, and are in full force and
effect) and do not contravene, or constitute a default under, any Applicable Law or of the articles of incorporation or by-laws of the
Borrower or, to my knowledge, of any material agreement, judgment, injunction, order, decree or other instrument binding upon
the Borrower or, to my knowledge, result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material
Subsidiaries.

 

    B-1

     

    

 

  

3.            The
Credit Agreement and any Notes executed and delivered as of the date hereof have been duly executed and delivered by the Borrower.

 

4.            Except
as publicly disclosed prior to the Effective Date, to my knowledge (but without independent investigation), there is no action, suit or
proceeding pending or threatened against or affecting, the Borrower or any of its Subsidiaries before any court or arbitrator or any governmental
body, agency or official, which would be likely to be decided adversely to the Borrower or such Subsidiary and, as a result, to have a
material adverse effect upon the business, consolidated financial position or consolidated results of operations of the Borrower and its
Consolidated Subsidiaries, considered as a whole, or which in any manner draws into question the validity of the Credit Agreement or any
Notes.

 

The phrase “to my knowledge”,
as used in the foregoing opinion, refers to my actual knowledge without any independent investigation as to any such matters.

 

I am a member of the Bar of
the State of [Delaware] [North Carolina] [Ohio] [Indiana] [Kentucky] and do not express any opinion herein concerning any law other than
the law of the State of [Delaware] [North Carolina] [Ohio] [Indiana] [Kentucky] and the federal law of the United States of America.

 

The opinions expressed herein
are limited to the matters expressly stated herein, and no opinion is to be inferred or may be implied beyond the matters expressly so
stated. This opinion is rendered to you in connection with the above-referenced matter and may not be relied upon by you for any other
purpose, or relied upon by, or furnished to, any other Person, firm or corporation without my prior written consent, except for Additional
Lenders and Assignees. My opinions expressed herein are as of the date hereof, and I undertake no obligation to advise you of any changes
of applicable law or any other matters that may come to my attention after the date hereof that may affect my opinions expressed herein.

 

Very truly yours,

 

    B-2 

     

    

 

EXHIBIT C

 

OPINION OF

PARKER POE ADAMS & BERNSTEIN LLP,

SPECIAL COUNSEL FOR THE BORROWER

 

[Effective Date]

 

To the Lenders and the Administrative
Agent Referred to Below

 

c/o Wells Fargo Bank, National
Association as Administrative Agent

 

[ ] 

[ ] 

[ ] 

[ ] 

Attn:     [ ]

 

Ladies and Gentlemen:

 

We have acted as counsel
to [Duke Energy Corporation, a Delaware corporation] [Duke Energy Carolinas, LLC, a North Carolina limited liability company] [Duke
Energy Ohio, Inc., a Ohio corporation] [Duke Energy Indiana, Inc., an Indiana corporation] [Duke Energy
Kentucky, Inc., a Kentucky corporation] [Piedmont Natural Gas Company, Inc., a North Carolina corporation] (the
 “Borrower”), in connection with the Amended and Restated Credit Agreement (as amended, the “Credit
Agreement”), dated as of March [ ], 2022, among the Borrower, the other Borrowers party thereto, the Lenders party
thereto, Wells Fargo Bank, National Association, as Administrative Agent, and the other Agents party thereto. Capitalized terms used
herein and not defined shall have the meanings given to them in the Credit Agreement. This opinion letter is being delivered
pursuant to Section 3.01(b) of the Credit Agreement.

 

In connection with this opinion,
we also examined originals, or copies identified to our satisfaction, of such other documents and considered such matters of law and fact
as we, in our professional judgment, have deemed appropriate to render the opinions contained herein. Where we have considered it appropriate,
as to certain facts we have relied, without investigation or analysis of any underlying data contained therein, upon certificates or other
comparable documents of public officials and officers or other appropriate representatives of the Borrower.

 

In rendering the opinions
contained herein, we have assumed, among other things, that the Credit Agreement and any Notes to be executed (i) are within the
Borrower’s corporate powers, (ii) have been duly authorized by all necessary corporate action, (iii) have been duly executed
and delivered, (iv) require no action by or in respect of, or filing with, any governmental body, agency of official and (v) do
not contravene, or constitute a default under, any provision of applicable law or regulation or of the Borrower’s certificate of
incorporation or by-laws or any agreement, judgment, injunction, order, decree or other instrument binding upon the Borrower or result
in the creation or imposition of any Lien on any asset of the Borrower. In addition, we have assumed that the Credit Agreement fully states
the agreement between the Borrower and the Lenders with respect to the matters addressed therein, and that the Credit Agreement constitutes
a legal, valid and binding obligation of each Lender, enforceable in accordance with its respective terms.

 

    C-1 

     

    

 

The opinions set forth herein
are limited to matters governed by the laws of the State of North Carolina and the federal laws of the United States, and no opinion is
expressed herein as to the laws of any other jurisdiction. For purposes of our opinions, we have disregarded the choice of law provisions
in the Credit Agreement and, instead, have assumed with your permission that the Credit Agreement and the Notes are governed exclusively
by the internal, substantive laws and judicial interpretations of the State of North Carolina. We express no opinion concerning any matter
respecting or affected by any laws other than laws that a lawyer in North Carolina exercising customary professional diligence would reasonably
recognize as being directly applicable to the Borrower, the Loans, or any of them.

 

Based upon and subject to
the foregoing and the further limitations and qualifications hereinafter expressed, it is our opinion that the Credit Agreement constitutes
the legal, valid and binding obligation of the Borrower and the Notes, if and when issued, will constitute legal, valid and binding obligations
of the Borrower, in each case, enforceable against the Borrower in accordance with its terms.

 

The opinions expressed above
are subject to the following qualifications and limitations:

 

1.            Enforcement
of the Credit Agreement and the Notes is subject to the effect of applicable bankruptcy, insolvency, reorganization, fraudulent conveyance,
moratorium and similar laws affecting the enforcement of creditors’ rights generally.

 

2.            Enforcement
of the Credit Agreement and the Notes is subject to the effect of general principles of equity (regardless of whether considered in a
proceeding in equity or at law) by which a court with proper jurisdiction may deny rights of specific performance, injunction, self-help,
possessory remedies or other remedies.

 

3.            We
do not express any opinion as to the enforceability of any provisions contained in the Credit Agreement or any Note that (i) purport
to excuse a party for liability for its own acts, (ii) purport to make void any act done in contravention thereof, (iii) purport
to authorize a party to act in its sole discretion, (iv) require waivers or amendments to be made only in writing, (v) purport
to effect waivers of constitutional, statutory or equitable rights or the effect of applicable laws, (vi) impose liquidated damages,
penalties or forfeiture, or (vii) purport to indemnify a party for its own negligence or willful misconduct. Indemnification provisions
in the Credit Agreement are subject to and may be rendered unenforceable by applicable law or public policy, including applicable securities
law.

 

4.            We
do not express any opinion as to the enforceability of any provisions contained in the Credit Agreement or the Notes purporting to require
a party thereto to pay or reimburse attorneys’ fees incurred by another party, or to indemnify another party therefor, which may
be limited by applicable statutes and decisions relating to the collection and award of attorneys’ fees, including but not limited
to North Carolina General Statutes § 6-21.2.

 

    C-2 

     

    

 

5.            We
do not express any opinion as to the enforceability of any provisions contained in the Credit Agreement purporting to waive the right
of jury trial. Under North Carolina General Statutes § 22B-10, a provision for the waiver of the right to a jury trial is unconscionable
and unenforceable.

 

6.            We
do not express any opinion as to the enforceability of any provisions contained in the Credit Agreement concerning choice of forum or
consent to the jurisdiction of courts, venue of actions or means of service of process.

 

7.            It
is likely that North Carolina courts will enforce the provisions of the Credit Agreement providing for interest at a higher rate resulting
from a Default or Event of Default (a “Default Rate”) which rate is higher than the rate otherwise stipulated
in the Credit Agreement. The law, however, disfavors penalties, and it is possible that interest at the Default Rate may be held to be
an unenforceable penalty, to the extent such rate exceeds the rate applicable prior to a default under the Credit Agreement. Also, since
North Carolina General Statutes § 24-10.1 expressly provides for late charges, it is possible that North Carolina courts, when
faced specifically with the issue, might rule that this statutory late charge preempts any other charge (such as default interest)
by a bank for delinquent payments. The only North Carolina case which we have found that addresses this issue is a 1978 Court of Appeals
decision, which in our opinion is of limited precedential value, North Carolina National Bank v. Burnette, 38 N.C. App. 120, 247
S.E.2d 648 (1978), rev’d on other grounds, 297 N.C. 524, 256 S.E.2d 388 (1979). While the court in that case did allow interest
after default (commencing with the date requested in the complaint) at a rate six percent in excess of pre-default interest, we are unable
to determine from the opinion that any question was raised as to this being penal in nature, nor does the court address the possible question
of the statutory late charge preempting a default interest surcharge. Therefore, since the North Carolina Supreme Court has not ruled
in a properly presented case raising issues of its possible penal nature and those of North Carolina General Statutes § 24-10.1,
we are unwilling to express an unqualified opinion that the Default Rate of interest prescribed in the Credit Agreement is enforceable.

 

8.            We
do not express any opinion as to the enforceability of any provisions contained in the Credit Agreement relating to evidentiary standards
or other standards by which the Credit Agreement are to be construed.

 

This opinion letter is delivered
solely for your benefit in connection with the Credit Agreement and, except for any Additional Lender or any Assignee which becomes a
Lender pursuant to Section 2.17(b) or Section 9.06(c) of the Credit Agreement, may not be used or relied upon by any
other Person or for any other purpose without our prior written consent in each instance. Our opinions expressed herein are as of the
date hereof, and we undertake no obligation to advise you of any changes of applicable law or any other matters that may come to our attention
after the date hereof that may affect our opinions expressed herein.

 

Very truly yours,

 

    C-3 

     

    

 

EXHIBIT D

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

AGREEMENT dated as of _________,
20__ among [ASSIGNOR] (the “Assignor”), [ASSIGNEE] (the “Assignee”), [DUKE
ENERGY CORPORATION] and WELLS FARGO BANK, NATIONAL ASSOCIATION, as Administrative Agent (the “Administrative Agent”).

 

W I T N E S E T H

 

WHEREAS, this Assignment and
Assumption Agreement (the “Agreement”) relates to the Amended and Restated Credit Agreement dated as of March [
], 2022 among Duke Energy Corporation and the other Borrowers party thereto, the Assignor and the other Lenders party thereto, as Lenders,
the Administrative Agent and the other Agents party thereto (as the same may be amended, modified, extended or restated from time to time,
the “Credit Agreement”);

 

WHEREAS, as provided under
the Credit Agreement, the Assignor has a Commitment to make Loans to the Borrowers and participate in Letters of Credit in an aggregate
principal amount at any time outstanding not to exceed $__________;1

 

WHEREAS, Loans made to the
Borrowers by the Assignor under the Credit Agreement in the aggregate principal amount of $__________ are outstanding at the date hereof;

 

WHEREAS, Letters of Credit
with a total amount available for drawing thereunder of $__________ are outstanding at the date hereof; and

 

WHEREAS, the Assignor proposes
to assign to the Assignee all of the rights of the Assignor under the Credit Agreement in respect of a portion of its Commitment thereunder
in an amount equal to $__________ (the “Assigned Amount”), together with a corresponding portion of its outstanding
Loans and Letter of Credit Liabilities, and the Assignee proposes to accept assignment of such rights and assume the corresponding obligations
from the Assignor on such terms;*

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual agreements contained herein, the parties hereto agree as follows:

 

Section 1.     Definitions.
All capitalized terms not otherwise defined herein shall have the respective meanings set forth in the Credit Agreement.

 

Section 2.     Assignment.
The Assignor hereby assigns and sells to the Assignee all of the rights of the Assignor under the Credit Agreement to the extent of the
Assigned Amount, and the Assignee hereby accepts such assignment from the Assignor and assumes all of the obligations of the Assignor
under the Credit Agreement to the extent of the Assigned Amount, including the purchase from the Assignor of the corresponding portion
of the principal amount of the Loans made by, and Letter of Credit Liabilities of, the Assignor outstanding at the date hereof. Upon the
execution and delivery hereof by the Assignor, the Assignee [, Duke Energy Corporation] [, the Issuing Lenders] and the Administrative
Agent, and the payment of the amounts specified in Section 3 required to be paid on the date hereof (i) the Assignee shall,
as of the date hereof, succeed to the rights and be obligated to perform the obligations of a Lender under the Credit Agreement with a
Commitment in an amount equal to the Assigned Amount, and (ii) the Commitment of the Assignor shall, as of the date hereof, be reduced
by a like amount and the Assignor released from its obligations under the Credit Agreement to the extent such obligations have been assumed
by the Assignee. The assignment provided for herein shall be without recourse to the Assignor.

 

 

1      The asterisked provisions shall be appropriately revised
in the event of an assignment after the Commitment Termination Date.

 

    D-1 

     

    

 

Section 3.     Payments.
As consideration for the assignment and sale contemplated in Section 2 hereof, the Assignee shall pay to the Assignor on the date
hereof in Federal funds the amount heretofore agreed between them.2
It is understood that facility [and Letter of Credit] fees accrued to the date hereof in respect of the Assigned Amount are for the account
of the Assignor and such fees accruing from and including the date hereof are for the account of the Assignee. Each of the Assignor and
the Assignee hereby agrees that if it receives any amount under the Credit Agreement which is for the account of the other party hereto,
it shall receive the same for the account of such other party to the extent of such other party’s interest therein and shall promptly
pay the same to such other party.

 

Section 4.     Consent
to Assignment. This Agreement is conditioned upon the consent of [Duke Energy Corporation,] [the
Swingline Lender,] [the Issuing Lenders] and the Administrative Agent pursuant to Section 9.06(c) of the Credit Agreement. The
execution of this Agreement by [Duke Energy Corporation,] [the Issuing Lenders] and the Administrative Agent is evidence of this consent.
Pursuant to Section 9.06(c) each Borrower agrees to execute and deliver a Note, if required by the Assignee, payable to the
order of the Assignee to evidence the assignment and assumption provided for herein.

 

Section 5.     Non-reliance
on Assignor. The Assignor makes no representation or warranty in connection with, and shall have
no responsibility with respect to, the solvency, financial condition, or statements of any Borrower, or the validity and enforceability
of the obligations of any Borrower in respect of the Credit Agreement or any Note. The Assignee acknowledges that it has, independently
and without reliance on the Assignor, and based on such documents and information as it has deemed appropriate, made its own credit analysis
and decision to enter into this Agreement and will continue to be responsible for making its own independent appraisal of the business,
affairs and financial condition of each Borrower.

 

Section 6.     Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York.

 

Section 7.     Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be an original,
with the same effect as if the signatures thereto and hereto were upon the same instrument.

  

Section 8.     Administrative
Questionnaire. Attached is an Administrative Questionnaire duly completed by the Assignee.

 

 

2      Amount should combine principal together with accrued
interest and breakage compensation, if any, to be paid by the Assignee. It may be preferable in an appropriate case to specify these
amounts generically or by formula rather than as a fixed sum.

 

    D-2 

     

    

 

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

 

	 	[ASSIGNOR]
	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	[ASSIGNEE]
	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	[DUKE ENERGY CORPORATION]
	 	 
	 	By:	 
	 	 	Title:	 
	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION as Administrative Agent
	 	 
	 	By:	 
	 	 	Title:	 

 

    D-3 

     

    

 

EXHIBIT E

 

EXTENSION AGREEMENT

 

Wells Fargo Bank, National Association,
as Administrative Agent under the Credit Agreement referred to below

[ ] 

[ ] 

[ ] 

[ ] 

Attn:     [   ]

 

Ladies and Gentlemen:

 

Effective as of [date], the
undersigned hereby agrees to extend its Commitment and Commitment Termination Date under the Amended and Restated Credit Agreement dated
as of March [ ], 2022, among Duke Energy Corporation and the other Borrowers party thereto, the Lenders party thereto, Wells Fargo
Bank, National Association, as Administrative Agent, and the other Agents party thereto (as amended, the “Credit Agreement”)
for one year to [date to which its Commitment Termination Date is to be extended] pursuant to Section 2.01(b) of the Credit
Agreement. Terms defined in the Credit Agreement are used herein as therein defined.

 

This Extension Agreement shall
be construed in accordance with and governed by the law of the State of New York. This Extension Agreement may be signed in any number
of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

 

	 	[NAME OF BANK]
	 	 
	 	By:	 
	 	 	Title:	 

 

    E-1 

     

    

 

Agreed and Accepted:

  

	DUKE ENERGY CORPORATION.

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 
	 	 	 	 
	DUKE ENERGY CAROLINAS, LLC,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 
	 	 	 	 
	DUKE ENERGY OHIO, INC.,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 
	 	 	 	 
	DUKE ENERGY INDIANA, LLC,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 
	 	 	 	 
	DUKE ENERGY KENTUCKY, INC.,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 

 

    E-2 

     

    

 

 

	Duke Energy Progress, LLC,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 

  

	Duke Energy Florida, LLC,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 

 

	PIEDMONT NATURAL GAS COMPANY, INC.,

as Borrower	 
	 	 
	By:	 	 
	 	Title:	 	 

 

    E-3 

     

    

 

	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Administrative Agent	 
	 	 
	By:	 	 
	 	Title:	 	 

 

    E-4 

     

    

 

EXHIBIT F

 

NOTICE OF ISSUANCE

 

Date:

 

		To:	Wells Fargo Bank, National Association, as Administrative Agent ______________, as Issuing Lender

 

		From:	[Duke Energy Corporation] [Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana,
LLC] [Duke Energy Kentucky, LLC] [Duke Energy Progress, LLC] [Duke Energy Florida, Inc.]
[Piedmont Natural Gas Company, Inc.]

 

		Re:	Amended and Restated Credit Agreement dated as of March [ ], 2022 (as amended from time to time,
the “Credit Agreement”) among Duke Energy Corporation and the other Borrowers party thereto, the Lenders party thereto,
Wells Fargo Bank, National Association, as Administrative Agent and the other Agents party thereto

 

[Duke Energy Corporation]
[Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana, LLC] [Duke Energy Kentucky, Inc.] [Duke Energy Progress,
LLC] [Duke Energy Florida, LLC][Piedmont Natural Gas Company, Inc.] hereby gives notice
pursuant to Section 2.15(b) of the Credit Agreement that it requests the above-named Issuing Lender to issue on or before ________________
a Letter of Credit containing the terms attached hereto as Schedule I (the “Requested Letter of Credit”).

 

The Requested Letter of Credit
will be subject to [UCP 600] [ISP98].

 

[Duke Energy Corporation]
[Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana, LLC] [Duke Energy Kentucky, Inc.] [Duke Energy Progress,
LLC] [Duke Energy Florida, LLC][Piedmont Natural Gas Company, Inc.] hereby represents
and warrants to the Issuing Lender, the Administrative Agent and the Lenders that:

 

		(a)	immediately after the issuance of the Requested Letter of Credit, (i) the Utilization Limits are
not exceeded and (ii) the aggregate amount of the Letter of Credit Liabilities shall not exceed $800,000,000;

 

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

 

		(c)	the representations and warranties contained in the Credit Agreement (except the representations and warranties
set forth in Section 4.04(c) and Section 4.06 of the Credit Agreement) shall be true on and as of the date of issuance
of the Requested Letter of Credit.

 

    F-1 

     

    

 

[Duke Energy Corporation]
[Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana, LLC] [Duke Energy Kentucky, Inc.] [Duke Energy Progress,
LLC] [Duke Energy Florida, LLC][Piedmont Natural Gas Company, Inc.] hereby authorizes
the Issuing Lender to issue the Requested Letter of Credit with such variations from the above terms as the Issuing Lender may, in its
discretion, determine are necessary and are not materially inconsistent with this Notice of Issuance. The opening of the Requested Letter
of Credit and [Duke Energy Corporation] [Duke Energy Carolinas, LLC] [Duke Energy Ohio, Inc.] [Duke Energy Indiana, LLC] [Duke Energy
Kentucky, Inc.] [Duke Energy Progress, LLC] [Duke Energy Florida, LLC][Piedmont Natural
Gas Company, Inc.]’s responsibilities with respect thereto are subject to [UCP 600] [ISP98] as indicated above and the terms
and conditions set forth in the Credit Agreement.

  

Terms used herein and not
otherwise defined herein have the meanings assigned to them in the Credit Agreement.

 

	 	[DUKE
    ENERGY CORPORATION]
	 	 
	 	[DUKE
    ENERGY CAROLINAS, LLC]
	 	 
	 	[DUKE
    ENERGY OHIO, INC.]
	 	 
	 	[dUKE
    ENERGY INDIANA, LLC]
	 	 
	 	[DUKE
    ENERGY KENTUCKY, INC.]
	 	 
	 	[Duke
    ENERGY ProgresS, LLC]
	 	 
	 	[Duke
    ENERGY FLORIDA, LLC]
	 	 
	 	[PIEDMONT
    NATURAL GAS COMPANY, INC.]

 

		By:	

 

		Title:	

 

    F-2 

     

    

 

SCHEDULE I

  

Application and Agreement for

Irrevocable Standby Letter of Credit

To: ____________________ (“Lender”)

 

Please TYPE information in the fields below. We
reserve the right to return illegible applications for clarification.

 

	
     

    Date:

    
	 	
    The undersigned Applicant hereby requests Lender to issue and transmit
    by:

    ❑ Overnight Carrier ❑ Teletransmission ❑ Mail
    ❑ Other:

	
     

    L/C No.
	
     

     

    (Lender Use Only)
	
    Explain:

     

    an Irrevocable Standby Letter of Credit (the “Credit”)
    substantially as set forth below. In issuing the Credit, Lender is expressly authorized to make such changes from the terms herein below
    set forth as it, in its sole discretion, may deem advisable.

 

	Applicant (Full name & address)	Advising Lender (Designate name &

address only, if desired)	 
	 	 	 
	 
	 
	Beneficiary (Full name & address)	Currency and amount in figures:	 
	 
	Currency and amount in words:	 
	 
	Expiration Date:	 
	 
	Charges:  the Lender’s charges are for our account; all other banking charges are to be paid by beneficiary.	 

 

	Credit
    to be available for payment against Beneficiary’s draft(s) at sight drawn on Lender or its correspondent at Lender’s
    option accompanied by the following documents:
	 ̈ Statement,
    purportedly signed by the Beneficiary, reading as follows (please state below exact wording to appear on the statement):
	 ̈ Other
    Documents

 

    F-3 

     

    

 

 

	 ̈ Special Conditions (including, if Applicant has a preference, selection of UCP as herein defined or ISP98 as herein defined).
	 ̈ Issue substantially in form of attached specimen.  (Specimen must also be signed by applicant.)

 

	
    Complete only when the Beneficiary (Foreign Lender, or other Financial
    Institution) is to issue its undertaking based on this Credit.

     

     ̈  ̈ Request
    Beneficiary to issue and deliver their (specify type of undertaking)in favor of
                      for an amount not exceeding
    the amount specified above, effective immediately relative to (specify contract number or other pertinent reference)to expire on
                       . (This date must
    be at least 15 days prior to expiry date indicated above.) It is understood that if the Credit is issued in favor of any bank or
    other financial or commercial entity which has issued or is to issue an undertaking on behalf of the Applicant of the Credit in
    connection with the Credit, the Applicant hereby agrees to remain liable under this Application and Agreement in respect of the
    Credit (even after its stated expiry date) until Lender is released by such bank or entity.

 

Each Applicant signing below affirms that it has
fully read and agrees to this Application. (Note: If a bank, trust company, or other financial institution signs as Applicant or joint
and several co-Applicant for its customer, or if two Applicants jointly and severally apply, both parties sign below.) Documents may be
forwarded to the Lender by the beneficiary, or the negotiating bank, in one mail. Lender may forward documents to Applicant’s customhouse
broker, or Applicant if specified above, in one mail. Applicant understands and agrees that this Credit will be subject to the Uniform
Customs and Practice for Documentary Credits of the International Chamber of Commerce currently in effect, and in use by Lender (“UCP”)
or to the International Standby Practices of the International Chamber of Commerce, Publication 590 or any subsequent version currently
in effect and in use by Lender (“ISP98”).

 

	 	 	 
	(Print or type name of Applicant)    	 	(Print or type name of Applicant)    
	 	 	 
	 	 	 
	(Address)    	 	(Address)    
	 	 	 
	 	 	 
	Authorized Signature (Title)    	 	Authorized Signature (Title)    
	 	 	 
	 	 	 
	Authorized Signature (Title)   	 	Authorized Signature (Title)  
	 	 	 
	Customer Contact:	 	 Phone:

 

    F-4

     

    

 

	
    BANK USE ONLY

    NOTE:
    Application will NOT be processed if this section is not complete.

	
    Approved (Authorized Signature)

     
	
    Date:

     

	
    Approved (Print name and title)

     
	
    City:

     

	
    Customer SIC Code:

     
	
    Borrower Default Grade:

     
	
    Telephone:

     

	
    Charge DDA#:

     
	
    Fee:

     
	
    RC #:

     
	
    CLAS Bank #:

     
	
    CLAS Obligor #:

     

	
    Other (please explain):

     

	 	 	 	 	 

 

    F-5

     

    

 

EXHIBIT G

 

APPROVED FORM OF LETTER OF CREDIT

 

IRREVOCABLE STANDBY LETTER OF CREDIT NO.

 

BENEFICIARY:

 

LADIES AND GENTLEMEN:

 

WE HEREBY ISSUE OUR IRREVOCABLE
STANDBY LETTER OF CREDIT NUMBER _____________, IN FAVOR OF [INSERT BENEFICIARY NAME], BY ORDER AND FOR THE ACCOUNT OF [DUKE
ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.]
DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.], [ON BEHALF OF [INSERT NAME OF
[DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE ENERGY
INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.]’S
AFFILIATE OR SUBSIDIARY],] AT SIGHT FOR UP TO _______________ U.S. DOLLARS (______________ UNITED STATES DOLLARS) AGAINST THE FOLLOWING
DOCUMENTS:

 

1)            a
beneficiary’s signed certificate stating “[[DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.]
[DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL
GAS COMPANY, INC.]]/[insert name of [DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE ENERGY
INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.]’S
affiliate or subsidiary]] is in default under one or more agreements between [[DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC]
[DUKE ENERGY OHIO, INC.] [DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA,
LLC] [PIEDMONT NATURAL GAS COMPANY, INC.]/[insert name of [DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.]
[DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL
GAS COMPANY, INC.]’S affiliate or subsidiary]] and [insert beneficiary’s name].”

 

OR

 

2)            A
BENEFICIARY’S SIGNED CERTIFICATE STATING “[INSERT BENEFICIARY’S NAME] HAS REQUESTED ALTERNATE SECURITY FROM [[DUKE
ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.]
DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.] /[INSERT NAME OF [DUKE
ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.]
DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.]’S AFFILIATE OR SUBSIDIARY]]
AND [DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.] [DUKE
ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS COMPANY, INC.]
/[INSERT NAME OF [DUKE ENERGY CORPORATION] [DUKE ENERGY CAROLINAS, LLC] [DUKE ENERGY OHIO, INC.]
[DUKE ENERGY INDIANA, LLC] [DUKE ENERGY KENTUCKY, INC.] DUke ENERGY ProgresS, LLC] [duke ENERGY FLORIDA, LLC] [PIEDMONT NATURAL GAS
COMPANY, INC.]’S AFFILIATE OR SUBSIDIARY]] HAS NOT PROVIDED ALTERNATE SECURITY ACCEPTABLE TO [INSERT BENEFICIARY’S
NAME] AND THIS LETTER OF CREDIT HAS LESS THAN TWENTY DAYS UNTIL EXPIRY.”

 

    G-1

     

    

 

AND

 

3)            A
DRAFT STATING THE AMOUNT TO BE DRAWN.

 

SPECIAL CONDITIONS:

 

1.            PARTIAL
DRAWINGS ARE PERMITTED.

 

2.           DOCUMENTS
MUST BE PRESENTED AT OUR COUNTER NO LATER THAN _________, WHICH IS THE EXPIRY DATE OF THIS STANDBY LETTER OF CREDIT.

 

WE HEREBY ENGAGE WITH YOU THAT ALL DRAFTS DRAWN
UNDER AND IN COMPLIANCE WITH THE TERMS OF THIS CREDIT WILL BE DULY HONORED IF DRAWN AND PRESENTED FOR PAYMENT AT OUR OFFICE LOCATED AT
________________________ ON OR BEFORE THE EXPIRY DATE OF THIS CREDIT.

 

EXCEPT AS OTHERWISE EXPRESSLY STATED HEREIN, THIS
CREDIT IS SUBJECT TO THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, 1993 REVISION, INTERNATIONAL CHAMBER OF COMMERCE
PUBLICATION NO. 500.

 

COMMUNICATIONS WITH RESPECT TO THIS STANDBY LETTER
OF CREDIT SHALL BE IN WRITING AND SHALL BE ADDRESSED TO US AT ___________________, SPECIFICALLY REFERRING TO THE NUMBER OF THIS STANDBY
LETTER OF CREDIT.

 

VERY TRULY YOURS

 

[ISSUING LENDER]]

 

    G-2

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