Document:

Employment Agreement with Donna Meserve

 Exhibit 10.49 
 EMPLOYMENT AGREEMENT 
 [as amended on March 14, 2011] 

AGREEMENT (this “Agreement”) made and entered into by and between Xerium Technologies, Inc., a Delaware corporation (the
“Company”), and Donna M. Meserve (the “Executive”), effective as of the 14th day of Apr il, 2009 (the “Effective Date”). 
 WHEREAS, the Executive has been employed by the Company; and 
 WHEREAS, subject to
the terms and conditions hereinafter set forth, the Company wishes to continue to employ the Executive, in the position of Vice President Human Resources, and the Executive wishes to accept such continued employment; 

NOW, THEREFORE, in consideration of the foregoing premises and the mutual promises, terms, provisions and conditions set forth in this
Agreement, the parties hereby agree as follows: 
 1. Emp lo ym ent. Subject to the terms and conditions set forth in
this Agreement, the Company hereby offers and the Executive hereby accepts continuation of employment. 
 2. Term. The
employment of the Executive by the Company hereunder shall be for the period commencing on the Effective Date and expiring on the date of the termination of such employment in accordance with Section 5 hereof. For all purposes of this
Agreement, references to (a) the “Termination Date” shall mean the date the Executive’s employment hereunder shall terminate pursuant to said Section 5, and (b) the “term” of the Executive’s employment
hereunder shall mean the period commencing on the Effective Date and ending on the Termination Date. Following the Termination Date, unless specifically otherwise agreed between the Executive and any applicable party, the Executive shall cease to
hold any position (whether as an officer, director, manager, employee, trustee, fiduciary or otherwise) with the Company or any of its Subsidiaries or Affiliates. 
 3. Capacity and Performance. 
 (a) During the term of the
Executive’s employment hereunder, the Executive shall serve the Company as its Vice President Human Resources. 
 (b) During the term of the Executive’s employment hereunder, the Executive shall be employed by the Company on a full-time basis and shall perform such duties and responsibilities on behalf of the
Company and its Subsidiaries as may be designated from time to time by the Chief Executive Officer. 
 (c) During
the term of the Executive’s employment hereunder, the Executive shall devote her full business time to the advancement of the business 

 
and interests of the Company and its Subsidiaries and to the discharge of her duties and responsibilities hereunder. The Executive shall not engage in any other business activity or serve in any
industry, trade, professional, governmental or academic position during the term of this Agreement, except as may be expressly approved in advance by the Chief Executive Officer in writing. 

4. Compensation and Benefits. During the term of the Executive’s employment hereunder as compensation for all services
performed by the Executive: 
 (a) Base Salary. The Company shall pay the Executive a base salary at the
rate of One Hundred Eighty Thousand Dollars ($180,000) per year effective as of August 8, 2008, payable in accordance with the payroll practices of the Company for its executives and subject to increase from time to time by the Board, in its
sole discretion. Such base salary, as from time to time increased, is hereafter referred to as the “Base Salary.” 
 (b) Annua l Cash Bonus Plan. The Executive shall be entitled to participate in any and all annual cash bonus plans (the “Annual Bonus Plans”) from time to time in effect for senior
executives of the Company generally. The terms of each Annual Bonus Plan and the Executive’s participation therein shall be determined by the compensation committee of the Board of Directors of the Company (the “Board”) (or, if there
is no such committee, by the Board); provided, however, that the Executive shall be entitled to participate in such plans at a minimum participation rate of fifty percent (50%) of her Base Salary paid for the applicable year, with
any awards thereunder payable only to the extent earned pursuant to the terms of the applicable Annual Bonus Plan and subject to adjustment in accordance with the terms of the applicable Annual Bonus Plan. Notwithstanding the foregoing, no award
under the Annual Bonus Plans may be granted if the compensation committee determines that, in order for such award to qualify as performance-based for purposes of Section 162(m) of the Internal Revenue Code of 1986, as amended (the
“Code”), the Plan must be submitted to and approved, or resubmitted to and approved, by the stockholders of the Company in accordance with the requirements of Section 162(m) of the Code, unless such grant is made contingent upon such
approval. The compensation committee of the Board (or, if there is no such committee, the Board) may alter, modify, add to or delete any Annual Bonus Plan at any time as it, in its sole judgment, determines to be appropriate. 

(c) Other Incentive Plans. The Executive shall be entitled to participate in any and all cash, equity, bonus and
other incentive plans which are not Annual Bonus Plans (the “Long Term Plans”) from time to time in effect for senior executives of the Company generally. The terms of each Long Term Plan and the Executive’s participation therein
shall be determined by the compensation committee of the Board (or, if there is no such committee, by the Board). The compensation committee of the Board (or, if there is no such committee, the Board) may alter, modify, add to or delete any Long
Term Plan at any time as it, in its sole judgment, determines to be appropriate. 

  
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 (d) Vacations. The Executive shall be entitled to an annual vacation
of four (4) weeks, with reasonable notice to the Chief Executive Officer and subject to the reasonable business needs of the Company. Vacation shall otherwise be governed by the policies of the Company, as in effect from time to time.

 (e) Other Benefits. Subject to any contribution therefor generally required of executives of the
Company, the Executive shall be entitled to participate in any and all employee benefit plans from time to time in effect for executives of the Company generally, except to the extent such plans are in a category of benefit specifically otherwise
provided to the Executive under this Agreement (e.g., severance pay). Such participation shall be subject to the terms of the applicable plan documents and generally applicable Company policies. The Board may alter, modify, add to or delete
employee benefit plans at any time as it, in its sole judgment, determines to be appropriate. 
 (f) Business
Expenses. The Company shall pay or reimburse the Executive for all reasonable and necessary business expenses incurred or paid by the Executive in the performance of her duties and responsibilities hereunder, subject to any maximum annual limit
or other restrictions on such expenses set by the Board and to such reasonable substantiation and documentation as may be specified by the Company from time to time. In the case of any reimbursement to which the Executive is entitled pursuant to
this Section 4(f) that would constitute deferred compensation subject to Section 409A of the Code, the following additional rules shall apply: (i) the reimbursable expense must have been incurred, except as otherwise expressly
provided in this Agreement, during the term of this Agreement; (ii) the amount of expenses eligible for reimbursement during any calendar year will not affect the amount of expenses eligible for reimbursement in any other calendar year;
(iii) the reimbursement shall be made not later than December 31 of the calendar year following the calendar year in which the expense was incurred; and (iv) the Executive’s entitlement to reimbursement shall not be subject to
liquidation or exchange for another benefit. 
 (g) Payments/Actions by Company. Wherever it is provided
in this Agreement that payment of any form of compensation or any other action shall be made by the Company, such payment or action may be made by any Subsidiary or Affiliate of the Company. 

5. Termination of Employment. The Executive’s employment hereunder shall terminate under the following circumstances:

 (a) Death. In the event of the Executive’s death during the term of the Executive’s
employment hereunder, the Executive’s employment shall immediately and automatically terminate. 

  
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 (b) Disability. The Company may terminate the Executive’s
employment hereunder, upon notice to the Executive, in the event that the Executive becomes disabled during her employment hereunder. For this purpose, disability means that the Executive (i) is unable to engage in any substantial gainful
activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (ii) is, by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less
than three (3) months under an accident and health plan covering employees of the Company. If any questions shall arise as to whether, during any period, the Executive is disabled within the meaning of this Section 5(b), the Executive, at
the request of the Company, shall submit to a medical examination by a physician selected by the Company to determine whether the Executive is so disabled and such determination shall, for the purposes of this Agreement, be conclusive of the issue.
If such question shall arise and the Executive shall fail to submit to such medical examination, the Company’s determination of the issue shall be binding on the Executive. 

(c) By the Company for Cause. The Company may terminate the Executive’s employment hereunder for Cause at any
time upon notice to the Executive setting forth the nature of such Cause. The following shall constitute Cause for termination: (i) the Executive’s conviction of or plea of nolo contendere to a felony or other crime involving moral
turpitude; (ii) the Executive’s fraud, theft or embezzlement committed with respect to the Company or its Subsidiaries; (iii) material breach by the Executive of any of the provisions of Sections 8, 9 or 10 hereof that causes
demonstrable harm to the Company or any of its Subsidiaries; or (iv) the Executive’s willful and continued failure to perform her material dut ies to the Company and its Subsidiaries; provided, however, that the Company may
terminate the Executive’s employment hereunder for “Cause” within the meaning of this clause (iv) only after the Company has provided written notice to the Executive of the failure, and the Executive shall not have remedied such
failure within ten (10) business days following the effectiveness of such notice. 
 (d) By the Company
Other than for Cause. The Company may terminate the Executive’s employment hereunder other than for Cause at any time upon notice to the Executive. 
 (e) By the Executive Other than for Good Reason. The Executive may terminate her employment hereunder other than for Good Reason (as defined in Section 5(f) below) at any time upon the
provision of sixty (60) days’ written notice to the Company. In the event of termination of the Executive pursuant to this Section 5(e), the Board may elect to waive the period of notice or any portion thereof. 

  
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 (f) By the Executive for Good Reason. The Executive may terminate her
employment hereunder for Good Reason upon written notice to the Company setting forth in reasonable detail the nature of such Good Reason; provided, that such written notice must be delivered to the Company within ninety (90) days of the
initial existence of the condition or circumstance constituting or giving rise to the purported Good Reason. A termination by the Executive hereunder shall not be treated as a termination for Good Reason if the Company remedies the condition or
circumstance constituting or giving rise to the purported Good Reason within thirty (30) days of the receipt of the Executive’s notice, or if actual termination occurs more than two (2) years following the initial existence of such
condition or circumstance. The following shall constitute Good Reason for purposes of this subsection (f): a requirement that the Executive relocate more than fifty (50) miles from her then-current principal residence, it being understood that
the Executive may be required to travel frequently and that prolonged periods spent away from the Executive’s principal residence shall not constitute Good Reason. 
 6. Compensation upon Termination. 
 (a) Death. In the
event of a termination of the Executive’s employment hereunder by reason of death as contemplated by Section 5(a), the Company shall pay in a lump sum within thirty (30) days of such termination to the Executive’s designated
beneficiary or, if no beneficiary has been designated by the Executive, to her estate, the Base Salary earned but not paid through the Termination Date. 
 (b) Disability. In the event of any termination of the Executive’s employment hereunder by reason of disability as contemplated by Section 5(b), the Company shall pay to her the Base
Salary earned but not paid through the date of the notice required by Section 5(b) and, in addition, shall, subject to any employee contribution applicable to the Executive on the Termination Date, continue to contribute to the premium cost of
the Executive’s participation in the Company’s group medical and dental plans for eighteen (18) months (or such longer period as may be provided under the employee benefit plans of the Company), but only if the Executive does not have
access at a reasonable cost to substantially equivalent benefits through another employer, and provided that the Executive is entitled to continue such participation under applicable law and plan terms. For the purpose of insuring that the Executive
receives the full benefit of the Company’s short-term disability insurance plan, the Termination Date under Section 5(b) (Termination for Disability) shall be that date that corresponds with the date the Executive exhausts his eligibility
for short-term disability insurance benefits under the Company’s then-existing short-term disability insurance plan. In the event that there is any limitation on the Company’s ability to provide, or any disqualification of the
Executive’s 

  
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eligibility to receive (other than a disqualification under this Agreement resulting from the Executive’s access at a reasonable cost to substantially equivalent benefits through another
employer) such group medical and/or dental plan benefits on a tax-favorable basis, the Company shall provide equivalent coverage through the purchase of insurance. For the avoidance of doubt, nothing in this Agreement is intended to affect any
rights Executive may have under any long-term disability plan the Company may have and in which Executive is entitled to participate. 
 (c) By the Company for Cause. In the event of any termination of the Executive’s employment hereunder by the Company for Cause as contemplated by Section 5(c), the Company shall have no
further obligations to the Executive under this Agreement other than payment of Base Salary through the Termination Date and except as specifically provided in Section 6(g). 

(d) By the Company Other than for Cause or by the Executive for Good Reason. 

(i) Not Close in Time to a Change of Control. In the event of any termination of the Executive’s employment
hereunder by the Company pursuant to Section 5(d) or by the Executive pursuant to Section 5(f), which termination does not occur within three (3) months prior to or within two (2) years following a Change of Control, the Company
(A) shall continue to pay the Executive the Base Salary at the rate in effect on the Termination Date for one (1) year, and (B) subject to any employee contribution applicable to the Executive on the Termination Date, shall continue
to contribute to the premium cost of the Executive’s participation in the Company’s group medical and dental plans for one (1) year (or such longer period as may be provided under the employee benefit plans of the Company), but only
if the Executive does not have access at reasonable cost to substantially equivalent benefits through another employer, and provided that the Executive is entitled to continue such participation under applicable law and plan terms. In the event that
there is any limitation on the Company’s ability to provide, or any disqualification of the Executive’s eligibility to receive (other than a disqualification under this Agreement resulting from the Executive’s access at a reasonable
cost to substantially equivalent benefits through another employer) such group medical and/or dental plan benefits on a tax-favorable basis, the Company shall provide equivalent coverage through the purchase of insurance. 

(ii) Close in Time to a Change of Control. In the event of any termination of the Executive’s employment
hereunder by the Company pursuant to Section 5(d) or by the Executive pursuant to Section 5(f), which termination occurs within three (3) months prior to or within two (2) years following a Change of Control, the Company
(A) shall continue to pay the Executive the Base Salary at the rate in effect on the Termination Date for eighteen (18) months, and (B) subject to any 

  
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employee contribution applicable to the Executive on the Termination Date, shall continue to contribute to the premium cost of the Executive’s participation in the Company’s group
medical and dental plans for eighteen (18) months (or such longer period as may be provided under the employee benefit plans of the Company), but only if the Executive does not have access at reasonable cost to substantially equivalent benefits
through another employer, and provided that the Executive is entitled to continue such participation under applicable law and plan terms. In the event that there is any limitation on the Company’s ability to provide, or any disqualification of
the Executive’s eligibility to receive (other than a disqualification under this Agreement resulting from the Executive’s access at a reasonable cost to substantially equivalent benefits through another employer), such group medical and/or
dental plan benefits on a tax-favorable basis, the Company shall provide equivalent coverage through the purchase of insurance. 
 (iii) Conditions. Any obligation of the Company to the Executive under Sections 6(b) and 6(d) hereof is conditioned upon (A) the Executive signing a release of claims in the form appended
hereto as Attachment A or such other form as the Company may require (the “Employee Release”) within twenty-one (21) days (or such greater period as the Company may specify) following the date notice of termination of
employment is given hereunder and upon the Executive’s not revoking the Employee Release in a timely manner thereafter, and (B) the Executive’s continued full performance of her continuing obligations hereunder, including those under
Sections 8, 9 and 10. Base Salary to which the Executive is entitled under Sections 6(b) and 6(d) hereof shall be payable in accordance with the normal payroll practices of the Company in effect on the Termination Date and will begin at the
Company’s next regular payroll period which is at least five (5) business days following the effective date of the Employee Release, but shall be retroactive to next business day following the Termination Date. 

(iv) No reduction. The continued payments/contributions by the Company that are described in Sections 6(d)(i) and
6(d)(ii) hereof shall not be reduced by any income or other compensation received by the Executive subsequent to the termination of her employment. 
 (e) By the Executive Other than for Good Reason. If the Executive shall terminate her employment pursuant to Section 5(e), the Company shall continue to pay the Executive her Base Salary
through the Termination Date (it being understood that if, in accordance with Section 5(e), the Board elects to waive the period of notice, or any portion thereof, the payment of Base Salary under this Section 6(e) shall continue through
the notice period or any portion thereof so waived). 
 (f) Delay in Payment Commencement on Account of
Internal 

  
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Revenue Code Section 409A. If the Executive is, at the time of separation from service, a “specified employee” (as hereinafter defined), any and all amounts payable
in connection with such separation from service that constitute deferred compensation subject to Section 409A of the Code, as determined by the Company in its sole discretion, and that would (but for this sentence) be payable within six
(6) months following such separation from service, shall not be paid until the date which is six (6) months and one (1) day after the date of such separation from service or, if earlier, the Executive’s date of death. In this
regard, any payments that otherwise would have been made during such six (6) month period shall be paid to the Executive in a lump sum on the first date on which they may be paid, together with interest credited at the short-term applicable
federal rate, compounded daily. For purposes of this subsection (f), “specified employee” means an individual determined by the Company to be a specified employee as defined in subsection (a)(2)(B)(i) of Section 409A of the Code. The
Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A of the Code, any of the special elective rules prescribed in Section 1.409A-1(i) of the Treasury Regulations for purposes of determining
“specified employee” status. Any such written election shall be deemed part of this Agreement. 

 (g) Post -Termination Obligations Generally. Except for (i) any right expressly set forth in this Section 6, (ii) any vested benefits under any employee benefit plan referred to in
Section 4(e) which specifically is designed to provide benefits following termination of employment (such as any such plan providing benefits upon disability or retirement) (but subject to all of the terms, if any, of each such other benefit
plan as to how such vested benefits will be treated following termination of employment) and (iii) any rights expressly set forth in any other written agreement to which the Executive and any of the Company or any of its Subsidiaries or
Affiliates shall become parties from time to time after the date hereof, none of the Company or any of its Subsidiaries or Affiliates shall have any further obligations to the Executive, in connection with her employment or the termination thereof,
following expiration of the term of the Executive’s employment hereunder. Satisfaction by the Company and other applicable Persons of such rights and benefits shall constitute full settlement of any claim that the Executive may have on account
of any termination of employment hereunder against the Company, any of its Subsidiaries or Affiliates and all of their respective past and present officers, directors, stockholders, members, managers, partners, controlling Persons, employees,
agents, representatives, successors and assigns and all others connected with any of them, both individually and in their official capacities. 
 7. Limitation. 
 (a) In the event that it is determined that
any payment or benefit provided by the Company or any of its Subsidiaries to or for the benefit of the Executive, either under this Agreement or otherwise, and regardless of under what plan or arrangement it was made, would, absent the application
of this Section 7, 

  
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be subject to excise tax (the “Excise Tax”) imposed by Section 4999 of the Code, or any successor provision (“Section 4999”), the Company will reduce such payments and/or
benefits to the extent, but only to the extent, necessary so that no portion of the remaining payments and/or benefits will be subject to the Excise Tax. The Company shall have discretion in determining which, if any, of several payments and/or
benefits (if more than one) are to be reduced. 
 (b) Determinations as to the amount of any cutback required
under this Section 7 will be made by the Company’s tax accountant unless the Executive has reasonable objections to the use of that firm, in which case the determinations will be made by a comparable firm chosen jointly by the Company and
the Executive (the firm making the determinations to be referred to as the “Firm”). The determinations of the Firm will be binding upon the Company and the Executive except as the determinations are established in resolution (including by
settlement) of a controversy with the Internal Revenue Service to have been incorrect. All fees and expenses of the Firm will be paid by the Company. 
 8. Restricted Activities. The Executive agrees that some restrictions on her activities during and after her employment are necessary to protect the goodwill, Confidential Information and other
legitimate interests of the Company and its Subsidiaries: 
 (a) While the Executive is employed by the Company
and for one (1) year after her employment terminates (in the aggregate, the “Non-Competition Period”), the Executive shall not, whether as owner, partner, investor, consultant, agent, employee, co-venturer or otherwise, compete with
the Company: (i) anywhere throughout the world; (ii) in North America; (iii) in South America; (iv) in Europe; (v) in Asia; or (vi) in Australia. Specifically, but without limiting the foregoing, the Executive agrees
not to: (A) undertake any planning for any business competitive with the Company or any of its Subsidiaries; or (B) engage in any manner in any activity that is competitive with the business of the Company or any of its Subsidiaries. For
the purposes of this Section 8, the Executive’s undertaking shall encompass all items, products and services that may be used in substitution for Products. 

(b) The Executive agrees that, during her employment with the Company, she will not undertake any outside activity,
whether or not competitive with the business of the Company or its Subsidiaries, that could reasonably give rise to a conflict of interest or otherwise interfere with her duties and obligations to the Company or any of its Subsidiaries. 

(c) The Executive further agrees that while she is employed by the Company and during the Non-Competition Period, the
Executive will not, directly or indirectly, (i) hire or attempt to hire any employee of the Company or any of its Subsidiaries, (ii) hire or attempt to hire any independent contractor providing services to the Company or any of its
Subsidiaries, (iii) assist in hiring or any attempt to hire anyone identified in clauses (i) or (ii) of this sentence by any other 

  
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Person, (iv) encourage any employee or independent contractor of the Company or any of its Subsidiaries to terminate his or her relationship with the Company or any of its Subsidiaries, or
(v) solicit or encourage any customer or vendor of the Company or any of its Subsidiaries to terminate or diminish its relationship with any of them, or, in the case of a customer, to conduct with any Person any competing business or activity.

 (d) In the event that the one (1) year post-termination period stated above is held unenforceable by a
court of competent jurisdiction due to its length, then the period shall be six (6) months. 
 9. Confidentia l
Informatio n. 
 (a) The Executive acknowledges that the Company and its Subsidiaries continually develop
Confidential Information, that the Executive has in the past and may in the future develop Confidential Information for the Company or its Subsidiaries and that the Executive has in the past and may in the future learn of Confidential Information
during the course of employment. The Executive will comply with the policies and procedures of the Company and its Subsidiaries for protecting Confidential Information and shall never use or disclose to any Person (except as required by applicable
law or for the proper performance of her duties and responsibilities to the Company and its Subsidiaries), any Confidential Information obtained by the Executive incident to her employment or other association with the Company or any of its
Subsidiaries. The Executive understands that this restriction shall continue to apply after her employment terminates, regardless of the reason for such termination. 

(b) All documents, records, tapes and other media of every kind and description relating to the business, present or
otherwise, of the Company or its Subsidiaries and any copies, in whole or in part, thereof (the “Documents”), whether or not prepared by the Executive, shall be the sole and exclusive property of the Company and its Subsidiaries. The
Executive shall safeguard all Documents and shall surrender to the Company at the time her employment terminates, or at such earlier time or times as the Board or its designee may specify, all Documents then in the Executive’s possession or
control. 
 10. Assignment of Rights to Intellectual Property. The Executive shall promptly and fully disclose all
Intellectual Property to the Company. The Executive hereby assigns and agrees to assign to the Company (or as otherwise directed by the Company) the Executive’s full right, title and interest in and to all Intellectual Property. The Executive
agrees to execute any and all applications for domestic and foreign patents, copyrights or other proprietary rights and to do such other acts (including without limitation the execution and delivery of instruments of further assurance or
confirmation) requested by the Company to assign the Intellectual Property to the Company and to permit the Company to enforce any patents, copyrights or other proprietary rights to the Intellectual Property. The Executive will not charge the
Company for time spent in complying with these obligations. All copyrightable works that the Executive creates shall be considered “work made for hire.” 

  
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 11. Notification Requirement. Until the conclusion of the Non-Competition Period, the
Executive shall give notice to the Company of each new business activity that she plans to undertake at least thirty (30) days prior to beginning any such activity. Such notice shall state the name and address of the Person for whom such
activity is undertaken and the nature of the Executive’s business relationship(s) and position(s) with such Person. The Executive shall provide the Company with such other pertinent information concerning such business activity as the Company
may reasonably request in order to determine the Executive’s continued compliance with her obligations under Sections 8, 9 and 10 hereof. 
 12. Enforcement of Covenants. The Executive acknowledges that she has carefully read and considered all the terms and conditions of this Agreement, including the restraints imposed upon her
pursuant to Sections 8, 9 and 10 hereof. The Executive agrees that said restraints are necessary for the reasonable and proper protection of the Company and its Subsidiaries and that each and every one of the restraints is reasonable in respect to
subject matter, length of time and geographic area. The Executive further acknowledges that, were she to breach any of the covenants contained in Sections 8, 9 and 10 hereof, the damage to the Company would be irreparable. The Executive therefore
agrees that the Company, in addition to any other remedies available to it, shall be entitled to preliminary and permanent injunctive relief against any breach or threatened breach by the Executive of any of said covenants, without having to post
bond. The parties further agree that, in the event that any provision of Sections 8, 9 and 10 hereof shall be determined by any court of competent jurisdiction to be unenforceable by reason of its being extended over too great a time, too large a
geographic area or too great a range of activities, such provision shall be deemed to be modified to permit its enforcement to the maximum extent permitted by law. 
 13. Conflicting Agreements. The Executive hereby represents and warrants that the execution of this Agreement and the performance of her obligations hereunder will not breach or be in conflict with
any other agreement to which the Executive is a party or is bound and that the Executive is not now subject to any covenants against competition or similar covenants or any court order or other legal obligation that would affect the performance of
her obligations hereunder. The Executive will not disclose to or use on behalf of the Company any proprietary information of a third party without such party’s consent. 
 14. Definitions. Words or phrases which are initially capitalized or are within quotation marks shall have the meanings provided in this Section 14 and as provided elsewhere herein. For
purposes of this Agreement, the following definitions apply: 
 (a) “Affiliate” means, with respect to
the Company or any other specified Person, any other Person directly or indirectly controlling, controlled by or under common control with the Company or such other specified Person, where control may be by management authority, equity interest or
other means. 

  
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 (b) “Change of Control” shall mean any of the following which
takes place after the consummation of the initial public offering of common stock of the Company (including as part of an income deposit security or other investment unit) registered under the Securities Act of 1933, as amended: (i) any Person
or “group,” within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934 (the “Act”), other than the Company or any of its Subsidiaries or any trustee or other fiduciary holding securities under
an employee benefit plan of the Company or one of its Subsidiaries, becomes a beneficial owner, directly or indirectly, in one or a series of transactions, of securities representing fifty percent (50%) or more of the total number of votes that
may be cast for the election of directors of the Company; (ii) any merger or consolidation involving the Company or any sale or other disposition of all or substantially all of the assets of the Company, or any combination of the foregoing,
occurs and the beneficial owners of the Company’s voting securities outstanding immediately prior to such consolidation, merger, sale or other disposition do not, immediately following the consummation of such consolidation, merger, sale or
other disposition, hold beneficial ownership, directly or indirectly, of securities representing fifty percent (50%) or more of the total number of votes that may be cast for election of directors of the surviving or resulting corporation in
the case of any merger or consolidation or of the acquiring Person or Persons in the case of any sale or other disposition; or (iii) within twelve (12) months after a tender offer or exchange offer for voting secur ities of the Company
(other than by the Company or any of its Subsidiaries), individuals who are Continuing Directors shall cease to constitute a majority of the Board. For the purpose of this definition, the term “beneficial owner” (and correlative terms,
including “beneficial ownership”) shall have the meaning set forth in Rule 13d-3 under the Act. 
 (c)
“Confidential Information” means any and all information of the Company and its Subsidiaries that is not generally known by others with whom they compete or do business, or with whom they plan to compete or do business and any and all
information which, if disclosed by the Company or its Subsidiaries, would assist in competition against them. Confidential Information includes without limitation such information relating to (i) the development, research, testing,
manufacturing, marketing and financial activities of the Company and its Subsidiaries, (ii) the Products, (iii) the costs, sources of supply, financial performance and strategic plans of the Company and its Subsidiaries, (iv) the
identity and special needs of the customers of the Company and its Subsidiaries and (v) the people and organizations with whom the Company and its Subsidiaries have business relationships and those relationships. Confidential Information also
includes any information that the Company or any of its Subsidiaries have received, or may receive hereafter, from others which was received by the Company or any of its Subsidiaries with any understanding, express or implied, that the information
would not be disclosed. 
 (d) “Continuing Director” means, with respect to any event referred to in
the definition of “Change of Control,” each individual who was a director of 

  
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the Company immediately prior to the event in question and each individua l whose election as a director by the Board or whose nomination for election by the stockholders of the Company was
approved by a vote of two-thirds of the directors then still in office who were directors immediately prior to such event or whose election or nomination was previously so approved. 

(e) “Intellectual Property” means inventions, discoveries, developments, methods, processes, compositions,
works, concepts and ideas (whether or not patentable or copyrightable or constituting trade secrets) conceived, made, created, developed or reduced to practice by the Executive (whether alone or with others and whether or not dur ing normal business
hours or on or off the premises of the Company or any of its Subsidiaries) during the Executive’s employment with the Company or any of its Subsidiaries (including prior to the Effective Date if applicable) that relate to either the Products or
any prospective activity of the Company or any of its Subsidiaries or that make use of Confidential Information or any of the equipment or facilities of the Company or any of its Subsidiaries. 

(f) “Person” means an individual, a corporation, a limited liability company, an association, a partnership, an
estate, a trust and any other entity or organization. 
 (g) “Products” mean all products planned,
researched, developed, tested, manufactured, sold, licensed, leased or otherwise distributed or put into use by the Company or any of its Subsidiaries, together with all services provided or planned by the Company or any of its Subsidiaries, during
the Executive’s employment with the Company or any of its Subsidiaries (including prior to the Effective Date if applicable). 
 (h) “Subsidiary” shall mean any Person of which the Company (or other specified Person) shall, directly or indirectly, own beneficially or control the voting of at least a majority of the
outstanding capital stock (or other shares of beneficial interest) entitled to vote generally or at least a majority of the partnership, membership, joint venture or similar interests, or in which the Company (or other specified Person) or a
Subsidiary thereof shall be a general partner or joint venturer without limited liability. 
 (i) All references
in this Agreement to termination of employment, separation from service, retirement and similar or correlative terms, when used in a context that bears upon the vesting, payment or timing of payment of any amounts or benefits that constitute or
could constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code, shall be construed to require a “separation from service” (as that term is defined in Section 1.409A-1(h) of the Treasury
Regulations) from the Company and from all other 

  
 13 

 
corporations and trades or businesses, if any, that would be treated as a single “service recipient” with the Company under Section 1.409A-1(h)(3) of the Treasury Regulations. The
Company may, but need not, elect in writing, subject to the applicable limitations under Section 409A of the Code, any of the special elective rules prescribed in Section 1.409A-1(h) of the Treasury Regulations for purposes of determining
whether a “separation from service” has occurred. Any such written election shall be deemed part of this Agreement. 

15. Survival. The provisions of this Agreement shall survive following the Termination Date if so provided herein or desirable to
accomplish the purposes of other surviving provisions, including without limitation the provisions of Sections 6, 7, 8, 9, 10 and 11. 
 16. Withhold ing. All payments made by the Company under this Agreement shall be reduced by any tax or other amounts required to be withheld by the Company under applicable law. 

17. Assignment. Neither the Company nor the Executive may make any assignment of this Agreement or any interest herein, by
operation of law or otherwise, without the prior written consent of the other; provided, however, that the Company may assign its rights and obligations under this Agreement without the consent of the Executive in the event that the
Company shall hereafter effect a reorganization, consolidation or merger or to whom the Company transfers all or substantially all of its properties or assets. This Agreement shall inure to the benefit of and be binding upon the Company and the
Executive, their respective successors, executors, administrators, heirs and permitted assigns. 
 18. Severability. If
any portion or provision of this Agreement shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other
than those as to which it is so declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 

19. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The
failure of either party to require the performance of any term or obligation of this Agreement, or the waiver by either party of any breach of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a
waiver of any subsequent breach. 
 20. Notices. Any and all notices, requests, demands and other communications provided
for by this Agreement shall be in writing and shall be effective when delivered in person, when delivered by courier at the Executive’s last known address on the books of the Company, or five (5) business days following deposit in the
United States mail, postage prepaid, registered or certified, and addressed to the Executive at her last known address on the books of the Company or, in the case of the Company, at its principal place of business, attention of the Chairman of the
Board or to such other address as either party may specify by notice to the other actually received. 

  
 14 

 21. Entire Agreement. This Agreement and the other plans and documents specifically
referred to herein constitute the entire agreement between the parties regarding the subject matter of this Agreement and such other plans and documents and supersede all prior communications, agreements and understandings, written or oral, with
respect to such subject matter. 
 22. Amendment. This Agreement may be amended or modified only by a written instrument
signed by the Executive and by an expressly authorized representative of the Company. 
 23. Headings. The headings and
captions in this Agreement are for convenience only and in no way define or describe the scope or content of any provision of this Agreement. 
 24. Counterparts. This Agreement may be executed in two (2) or more counterparts, each of which shall be an original and all of which together shall constitute one (1) and the same
instrument. 
 25. Governing Law. This is a North Carolina contract and shall be construed and enforced under and be
governed in all respects by the laws of the State of North Carolina, without regard to the conflict of laws principles thereof. 

26. Seal. The Executive warrants and represents that she hereby adopts the word/symbol (SEAL) as her seal with the intent that
this Agreement be signed by the Executive under seal and treated as a sealed instrument. 
 27. Consideration. The
parties expressly waive any defense either may now or hereafter have as to the lack of inadequacy of consideration for this Agreement. 
 THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK 

  
 15 

 IN WITNESS WHEREOF, this Agreement has been executed as a sealed instrument
by the Executive and by the Company through its duly authorized representative, as of the date first above written. 
  

							
	THE EXECUTIVE:	 		 	XERIUM TECHNOLOGIES, INC.
				
	 /s/ Donna M.
Meserve                                        
(SEAL)
	 		 	By:	 	 /s/ Stephen R. Light

	Donna M. Meserve	 		 	Name:	 	Stephen R. Ligh
		 		 	Title:	 	President, Chief Executive Officer and Chairman

  

	
	16Exhibit 10.39

 Exhibit 10.39 
 EXECUTION VERSION 
  

 
 $500,000,000 

CREDIT AGREEMENT 

dated as of November 21, 2011 
 among 
 OLD DOMINION ELECTRIC COOPERATIVE 

as Borrower 
 THE
LENDERS NAMED HEREIN, 
 as Lenders 
 The ISSUING LENDERS Party Hereto, 
 WELLS FARGO BANK, NATIONAL ASSOCIATION

 as Administrative Agent and Swingline Lender 
 COBANK, ACB, 
 as Syndication Agent 

and 
 BANK OF
AMERICA, N.A. 
 as Documentation Agent 
 COBANK, ACB, WELLS FARGO SECURITIES, LLC, and MERRILL LYNCH, PIERCE, 

FENNER & SMITH INCORPORATED 
 as Joint Lead Arrangers and Joint Lead Bookrunners 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
	
	 ARTICLE I

 
 DEFINITIONS

 
	 
	 Section 1.01
	  	 Defined Terms
	  	 	1	  
	 Section 1.02
	  	 Terms Generally
	  	 	19	  
	 Section 1.03
	  	 Accounting Terms; GAAP
	  	 	20	  
	 Section 1.04
	  	 Classification of Loans and Borrowings
	  	 	20	  
	 Section 1.05
	  	 Times of Day
	  	 	20	  
	
	 ARTICLE II

 
 THE CREDITS

 
	   
 

  
 

	 Section 2.01
	  	 The Commitments
	  	 	20	  
	 Section 2.02
	  	 Loans and Borrowings
	  	 	21	  
	 Section 2.03
	  	 Requests for Syndicated Borrowings
	  	 	21	  
	 Section 2.04
	  	 Letters of Credit
	  	 	22	  
	 Section 2.05
	  	 Funding of Borrowings
	  	 	27	  
	 Section 2.06
	  	 Interest Elections
	  	 	28	  
	 Section 2.07
	  	 Termination and Reduction of the Commitments
	  	 	29	  
	 Section 2.08
	  	 Repayment of Loans: Evidence of Debt
	  	 	30	  
	 Section 2.09
	  	 Prepayment of Loans
	  	 	31	  
	 Section 2.10
	  	 Fees
	  	 	33	  
	 Section 2.11
	  	 Interest
	  	 	34	  
	 Section 2.12
	  	 Alternate Rate of Interest
	  	 	35	  
	 Section 2.13
	  	 Increased Costs
	  	 	36	  
	 Section 2.14
	  	 Break Funding Payments
	  	 	37	  
	 Section 2.15
	  	 Taxes
	  	 	38	  
	 Section 2.16
	  	 Payments Generally: Pro Rata Treatment: Sharing of Set-Offs
	  	 	42	  
	 Section 2.17
	  	 Mitigation Obligations; Replacement of Lenders
	  	 	44	  
	 Section 2.18
	  	 Defaulting Lenders
	  	 	45	  
	 Section 2.19
	  	 Swingline Loans
	  	 	48	  
	 Section 2.20
	  	 Competitive Loans
	  	 	50	  
	 Section 2.21
	  	 Increase of Commitments; Additional Lenders
	  	 	53	  
	 Section 2.22
	  	 Termination of Commitments
	  	 	54	  
	 Section 2.23
	  	 Extension of Maturity Date
	  	 	56	  
	  
 ARTICLE III

 
 REPRESENTATIONS AND WARRANTIES

 
	 
   

   
 

	 Section 3.01
	  	 Organization; Powers
	  	 	57	  
	 Section 3.02
	  	 Authorization; Enforceability
	  	 	57	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 3.03
	  	 Governmental Approvals; No Conflicts
	  	 	57	  
	 Section 3.04
	  	 Financial Condition: No Material Adverse Change
	  	 	58	  
	 Section 3.05
	  	 Properties
	  	 	58	  
	 Section 3.06
	  	 Litigation
	  	 	58	  
	 Section 3.07
	  	 Environmental Matters
	  	 	59	  
	 Section 3.08
	  	 Compliance with Laws and Agreements
	  	 	59	  
	 Section 3.09
	  	 Investment Status
	  	 	59	  
	 Section 3.10
	  	 Taxes
	  	 	59	  
	 Section 3.11
	  	 ERISA
	  	 	59	  
	 Section 3.12
	  	 Disclosure
	  	 	59	  
	 Section 3.13
	  	 Margin Stock
	  	 	60	  
	 Section 3.14
	  	 Wholesale Power Contracts
	  	 	60	  
	  
 ARTICLE IV

 
 CONDITIONS

 
	 
   

   
 

	 Section 4.01
	  	 Effective Date
	  	 	60	  
	 Section 4.02
	  	 Each Credit Event
	  	 	62	  
	  
 ARTICLE V

 
 AFFIRMATIVE COVENANTS

 
	 
   

   
 

	 Section 5.01
	  	 Financial Statements and Other Information
	  	 	63	  
	 Section 5.02
	  	 Notices of Material Events
	  	 	64	  
	 Section 5.03
	  	 Existence; Conduct of Business
	  	 	65	  
	 Section 5.04
	  	 Payment of Obligations; Taxes
	  	 	65	  
	 Section 5.05
	  	 Books and Records; Inspection Rights
	  	 	65	  
	 Section 5.06
	  	 Compliance with Laws and Agreements
	  	 	65	  
	 Section 5.07
	  	 Use of Proceeds and Letters of Credit
	  	 	65	  
	 Section 5.08
	  	 Further Assurances
	  	 	66	  
	 Section 5.09
	  	 Identification of Parties
	  	 	66	  
	 Section 5.10
	  	 Certain Equity and Security
	  	 	66	  
	  
 ARTICLE VI

 
 NEGATIVE COVENANTS

 
	 
   

   
 

	 Section 6.01
	  	 Liens
	  	 	67	  
	 Section 6.02
	  	 Fundamental Changes
	  	 	68	  
	 Section 6.03
	  	 Lines of Business
	  	 	68	  
	 Section 6.04
	  	 Transactions with Affiliates
	  	 	68	  
	 Section 6.05
	  	 Certain Financial Covenants
	  	 	68	  

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 6.06
	  	 Hedging Agreements
	  	 	68	  
	 Section 6.07
	  	 Wholesale Power Contracts
	  	 	68	  
	 Section 6.08
	  	 Corporate Documents; Fiscal Year
	  	 	68	  
	  
 ARTICLE VII

 
 EVENTS OF DEFAULT

 
 ARTICLE VIII

 
 AGENCY

 
	 
   

   

   

   

	 Section 8.01
	  	 Appointment and Authority
	  	 	71	  
	 Section 8.02
	  	 Rights as a Lender
	  	 	71	  
	 Section 8.03
	  	 Exculpatory Provisions
	  	 	72	  
	 Section 8.04
	  	 Reliance by Administrative Agent
	  	 	73	  
	 Section 8.05
	  	 Delegation of Duties
	  	 	73	  
	 Section 8.06
	  	 Resignation of Administrative Agent
	  	 	73	  
	 Section 8.07
	  	 Non-Reliance on Administrative Agent and Other Lenders
	  	 	75	  
	 Section 8.08
	  	 No Other Duties, etc
	  	 	75	  
	 Section 8.09
	  	 Administrative Agent May File Proofs of Claim
	  	 	75	  
	  
 ARTICLE IX

 
 MISCELLANEOUS

 
	 
   

   

	 Section 9.01
	  	 Notices
	  	 	76	  
	 Section 9.02
	  	 Waivers; Amendments
	  	 	78	  
	 Section 9.03
	  	 Expenses; Indemnity; Damage Waiver
	  	 	79	  
	 Section 9.04
	  	 Successors and Assigns
	  	 	81	  
	 Section 9.05
	  	 Survival
	  	 	85	  
	 Section 9.06
	  	 Counterparts; Integration; Effectiveness
	  	 	86	  
	 Section 9.07
	  	 Severability
	  	 	86	  
	 Section 9.08
	  	 Right of Setoff
	  	 	86	  
	 Section 9.09
	  	 Governing Law; Jurisdiction; Etc
	  	 	87	  
	 Section 9.10
	  	 WAIVER OF JURY TRIAL
	  	 	88	  
	 Section 9.11
	  	 Headings
	  	 	88	  
	 Section 9.12
	  	 Treatment of Certain Information; Confidentiality
	  	 	88	  
	 Section 9.13
	  	 USA PATRIOT Act
	  	 	89	  
	 Section 9.14
	  	 No Advisory or Fiduciary Responsibility
	  	 	89	  

 SCHEDULES 
  

			
	Schedule I	  	Lenders’ Commitments
	Schedule 3.03	  	Governmental Approvals
	Schedule 3.06	  	Disclosed Matters
	Schedule 3.14	  	Wholesale Power Contracts and Member Transmission Contracts
	Schedule 4.01(d)(i)	  	Indebtedness
	Schedule 4.01(d)(ii)	  	Subsidiaries
	Schedule 4.01(f)	  	Terminated Facilities

 EXHIBITS 
  

			
	Exhibit A	  	Form of Assignment and Assumption
	Exhibit B	  	Form of Borrowing Request
	Exhibit C	  	Form of Interest Election Request
	Exhibit D	  	Form of Issuance Notice
	Exhibit E	  	Form of Note
	Exhibit F	  	Form of Compliance Certificate
	Exhibit G	  	Form of Competitive Loan Quote
	Exhibit H	  	Form of Competitive Loan Quote Request
	Exhibit I	  	Form of Competitive Loan Note
	Exhibit J	  	Form of Notice of Requested Commitment Increase
	Exhibit K	  	Notice of Commitment Termination
	Exhibit L – 1	  	Form of U. S. Tax Compliance Certificate (For Foreign Lenders That Are Not Partnerships for U. S. Federal Income Tax Purposes)
	Exhibit L – 2	  	Form of U. S. Tax Compliance Certificate (For Foreign Participants That Are Not Partnerships for U. S. Federal Income Tax Purposes)
	Exhibit L – 3	  	Form of U. S. Tax Compliance Certificate (For Foreign Participants That Are Partnerships For U. S. Federal Income Tax Purposes)
	Exhibit L – 4	  	Form of U. S. Tax Compliance Certificate (For Foreign Lenders That Are Partnerships For U. S. Federal Income Tax Purposes)

 THIS CREDIT AGREEMENT (this “Agreement”) dated as of
November 21, 2011 among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party hereto (as hereinafter defined), the ISSUING LENDERS party hereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. 

ODEC has requested that the Lenders, the Swingline Lender and the Issuing Lenders (all as hereinafter defined) extend credit to it in an
aggregate principal or face amount not exceeding $500,000,000 at any one time outstanding, which can be increased hereunder to an aggregate principal or face amount not exceeding $650,000,000 at any one time outstanding subject to the terms and
conditions set forth herein. The Lenders, the Swingline Lenders and the Issuing Lenders are prepared to extend such credit upon the terms and conditions hereof, and, accordingly, the parties hereto agree as follows: 

ARTICLE I 

DEFINITIONS 
 Section 1.01 Defined Terms. As used in this Agreement, the following terms have the meanings specified below: 
 “Additional Commitment Lender” has its meaning set forth in Section 2.23(d). 
 “Additional Lender” has its meaning set forth in Section 2.21(b). 
 “Administrative Agent” means Wells Fargo Bank, National Association, in its capacity as administrative agent for the Lenders hereunder. 

“Administrative Questionnaire” means an Administrative Questionnaire in a form supplied by the Administrative Agent.

 “Affiliate” means, with respect to a specified Person (including ODEC), another Person that directly, or
indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified. For the avoidance of doubt, TEC Trading, Inc. shall not be an Affiliate of ODEC for purposes herein. 

“Applicable Margin” means, for any day, the rate per annum set forth below opposite the applicable Debt Rating (as
defined below) of ODEC then in effect, it being understood that the Applicable Margin for (a) Syndicated Loans that are LIBOR Rate Loans shall be the percentage set forth under the column “LIBOR Margin,” (b) the Commitment Fee
shall be the percentage set forth under the column “Commitment Fee” and (c) Letter of Credit participation fees shall be the percentage set forth under the column “LIBOR Margin”: 

 

																			
	 Level
	  	Moody’s
Debt
Rating	  	S&P
Debt
Rating	  	Fitch
Debt
Rating	  	Commitment
Fee	 	 	LIBOR
Margin	 	 	Base
Rate
Margin	 
	I	  	3 Aa3	  	3 AA-	  	3 AA-	  	 	0.075	% 	 	 	0.85	% 	 	 	0.00	% 
	II	  	A1	  	A+	  	A+	  	 	0.075	% 	 	 	0.90	% 	 	 	0.00	% 
	III	  	A2	  	A	  	A	  	 	0.100	% 	 	 	0.95	% 	 	 	0.00	% 
	IV	  	A3	  	A-	  	A-	  	 	0.125	% 	 	 	1.00	% 	 	 	0.00	% 
	V	  	Baal	  	BBB+	  	BBB+	  	 	0.200	% 	 	 	1.10	% 	 	 	0.10	% 
	VI	  	Baa2	  	BBB	  	BBB	  	 	0.300	% 	 	 	1.25	% 	 	 	0.25	% 
	VII	  	£ Baa3	  	£ BBB-	  	£ BBB-	  	 	0.400	% 	 	 	1.50	% 	 	 	0.50	% 

 The credit ratings referred to above (the “Debt Ratings”) are the
long-term, senior, unsecured, non-credit enhanced debt ratings or issuer credit rating assigned to ODEC by Moody’s, S&P and Fitch, respectively. If ODEC does not have a Debt Rating from any such rating agency, for purposes of determining
the Commitment Fee and the applicable interest margin, the Debt Rating of ODEC from such rating agency shall be deemed to be one pricing level (each a “Pricing Level”) lower than the Pricing Level corresponding to the applicable
long-term, senior, secured, non-credit enhanced debt ratings assigned to ODEC from such rating agency, if any. The Applicable Margin as of the Closing Date (based on current ratings) shall be Pricing Level IV. 

If at any time there is a split among Debt Ratings by Moody’s, S&P and Fitch such that all three Debt Ratings fall in different
Pricing Levels, the applicable Pricing Level shall be determined by the Debt Rating that is neither the highest nor the lowest of the three Debt Ratings, and if at any time there is a split among Debt Ratings by Moody’s, S&P, and Fitch such
that two of such Debt Ratings are in one Pricing Level (the “Majority Status”) and the third rating is in a different Pricing Level, the applicable Pricing Level shall be at the Majority Status. In the event that ODEC shall maintain Debt
Ratings from only two of Moody’s, S&P and Fitch and ODEC is split-rated and the Debt Ratings differential is one level, the Pricing Level corresponding to the higher Debt Rating will apply and if the ratings differential is two levels or
more, the Pricing Level corresponding to one level lower than the higher Debt Rating will apply. If at any time ODEC does not have a Debt Rating from at least one of Moody’s, S&P and Fitch, the applicable Pricing Level shall be set at Level
VII. 
 The Applicable Margin shall, in each case, be determined and adjusted on the date of any credit rating agency report
setting forth a new credit rating for ODEC (each, an “Interest Determination Date”). Such Applicable Margin shall be effective from such Interest Determination Date until the next such Interest Determination Date. 

References to ratings in the table above are references to rating categories as determined by the rating agencies as of the Effective
Date and in the event of adoption of any new or changed rating system by any such rating agency, each of the ratings from the rating agency in question referred to above shall be deemed to refer to the rating category under the new rating system
which most closely approximates the applicable rating category as in effect on the Effective Date. 
 “Applicable
Percentage” means with respect to any Lender, the percentage of the total Commitments represented by such Lender’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based
upon the Commitments most recently in effect, giving effect to any assignments pursuant to Section 9.04. 

  
 2 

 “Approved Fund” means any Fund that is administered or managed by
(a) a Lender, (b) an Affiliate of a Lender or (c) an entity or an Affiliate of an entity that administers or manages a Lender. 
 “ASC 810” means the Financial Accounting Standards Board Accounting Standards Codification No. 810, Consolidation, as amended, supplemented or modified from time to time and any
successor or replacement codification or interpretation. 
 “Assignment and Assumption” means an assignment and
assumption entered into by a Lender and an Eligible Assignee (with the consent of any party whose consent is required by Section 9.04, and accepted by the Administrative Agent, in the form of Exhibit A or any other form approved by the
Administrative Agent. 
 “Availability Period” means the period from and including the Effective Date to but
excluding the earlier of the Maturity Date and the date of termination of the Commitments prior to the Maturity Date pursuant to Section 2.07 or 2.09(b), Article VII or otherwise. 

“Bankruptcy Code” means the Bankruptcy Code in Title 11 of the United States Code, as amended, modified, succeeded or
replaced from time to time. 
 “Base Rate” means the highest of (a) the Federal Funds Effective Rate, as
published by the Federal Reserve Bank of New York, plus 1/2 of 1%, (b) the prime commercial lending rate of the Administrative Agent, as established from time to time at its principal U.S. office (which such rate is an index or base rate and
will not necessarily be its lowest or best rate charged to its customers or other banks) and (c) the daily LIBOR (as defined below) for a one month Interest Period (as defined below) plus 1.0%. Interest shall be payable quarterly in arrears on
the last day of each calendar quarter and (i) with respect to Base Rate Loans based on the Federal Funds Effective Rate and LIBOR, shall be calculated on the basis of the actual number of days elapsed in a year of 360 days and (ii) with
respect to Base Rate Loans based on the prime commercial lending rate of the Administrative Agent, shall be calculated on the basis of the actual number of days elapsed in a year of 365/366 days. 

“Base Rate Loan” means Loans that bear interest at an interest rate based on the Base Rate. 

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

“Borrowing” means (a) all Syndicated Base Rate Loans made, converted or continued on the same date, (b) all
LIBOR Rate Loans that have the same Interest Period, (c) a Swingline Loan or (d) a Competitive Loan. 

“Borrowing Request” means a request by ODEC for a Syndicated Borrowing in accordance with Section 2.03 or
for a Swingline Borrowing in accordance with Section 2.19, substantially in the form of Exhibit B. 

“Business Day” means any day (a) that is not a Saturday, Sunday or other day on which commercial banks in New York
City, Richmond, Virginia or Denver, Colorado are 

  
 3 

 
authorized or required by law to remain closed and (b) if such day relates to a borrowing of, a payment or prepayment of principal of or interest on, a continuation or conversion of or into,
or the Interest Period for, a LIBOR Rate Borrowing, or to a notice by ODEC with respect to any such borrowing, payment, prepayment, continuation, conversion, or Interest Period, that is also a day on which dealings in Dollar deposits are carried out
in the London interbank market. 
 “Capital Lease Obligations” of any Person means the obligations of such
Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use) real or personal property (other than (i) equipment used for office; or computer needs, (ii) equipment used for transportation needs,
or (iii) leases of other items having a net book value of less than $1,000,000), or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the
amount of such obligations shall be the capitalized amount thereof determined in accordance with GAAP provided, however, that “Capital Lease Obligations” shall not include (a) obligations included on such Person’s
consolidated financial statements because of (i) consolidation of another Person, including a Subsidiary, which such Person pursuant to GAAP and for which such Person is not legally obligated or (ii) solely because of ASC 810, or
(b) the Clover Lease Obligations. 
 “Capitalization” shall mean Indebtedness plus patronage capital.

 “Cash Collateralize” means, to pledge and deposit with (in a collateral account established and maintained
on the books of the Administrative Agent, which account may be a “securities account” (as defined in Section 8-501 of the Uniform Commercial Code as in effect from time to time in the State of New York)) the Administrative Agent, for
the benefit of one or more of the Issuing Lenders or Lenders, as collateral for LC Exposure or obligations of Lenders to fund participations in respect of LC Exposure, cash or deposit account balances or, if the Administrative Agent and each
applicable Issuing Lender shall agree in their sole discretion, other credit support, in each case pursuant to documentation in form and substance satisfactory to the Administrative Agent and each applicable Issuing Lender. “Cash
Collateral” shall have a meaning correlative to the foregoing and shall include the proceeds of such cash collateral and other credit support. 
 “Change in Control” means the failure of ODEC to be a cooperative corporation Controlled by the Members, at least a majority of which are electric distribution cooperatives. 

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

  
 4 

 “Class,” when used in reference to any Loan or Borrowing, refers to
whether such Loan, or the Loans constituting such Borrowing, are Syndicated Loans, Swingline Loans or Competitive Loans. 

“Clover Lease Obligations” means any obligations of ODEC relating to the transactions with respect to the lease of
Clover Power Station Unit 1 entered into as of February 29, 1996. 
 “CoBank” means CoBank, ACB.

 “CoBank Equities” has the meaning set forth in Section 5.10. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Commitment” means, with respect to each Lender, the commitment of such Lender to make Syndicated Loans and to acquire
participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to
time pursuant to Section 2.07 or 2.09(b), (b) increased pursuant to Section 2.21 and (c) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04. The initial amount of each Lender’s Commitment is set forth on Schedule I, or in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment, as applicable. The initial
aggregate amount of the Lenders’ Commitments is $500,000,000. 
 “Commitment Increase” has its meaning set
forth in Section 2.21(a). 
 “Commitment Increase Cap” has its meaning set forth in
Section 2.21(a). 
 “Commitment Fee” means the commitment fee determined in accordance with
Section 2.10(a). 
 “Commitment Termination” has its meaning set forth in Section 2.22.

 “Competitive Fixed Rate Loan” means a Competitive Loan bearing interest at a Fixed Rate. 

“Competitive LIBOR Rate Loan” means a Competitive Loan bearing interest calculated by reference to the LIBOR Rate.

 “Competitive LIBOR Margin” means, with respect to any Competitive LIBOR Rate Loan, the marginal rate of
interest, if any, to be added to or subtracted from the applicable LIBOR Rate to determine the rate of interest applicable to such Loan, as specified by the Lender making such Loan in its related Competitive Loan Quote. 

  
 5 

 “Competitive Loan” means a Loan made pursuant to Section 2.20.

 “Competitive Loan Quote” means an offer by a Lender to make a Competitive Loan in accordance with
Section 2.20 substantially in the form of Exhibit G. 
 “Competitive Loan Quote Request”
means a request by ODEC for a Competitive Loan Quote in accordance with Section 2.20, substantially in the form of Exhibit H; provided, that a request for both a Competitive LIBOR Margin and a Fixed Rate in a Competitive
Loan Quote on the same date shall constitute a single Competitive Loan Quote Request. 
 “Competitive Loan
Rate” means, with respect to any Competitive Loan Quote, the Competitive LIBOR Margin or the Fixed Rate, as applicable, offered by the Lender making such Competitive Loan Quote. 

“Compliant Contract” means a Wholesale Power Contract that (i) obligates the Member to pay ODEC rates and charges
for services furnished thereunder pursuant to a formula intended to meet all costs and expenses paid or incurred or to be paid or incurred by ODEC resulting from the ownership, lease, operation, maintenance, termination, retirement from service and
decommissioning of, and repairs, renewals, replacements, additions, improvements, betterments and modifications to, the generating plants, transmission system and related facilities of ODEC or otherwise relating to the acquisition and sale of power
and energy, transmission, load management, conservation or related services, including all components of service thereunder and performance by ODEC of its obligations under the other Wholesale Power Contracts with the Members, and (ii) provides
that, if at any time during a calendar year it becomes apparent that ODEC’s current budget no longer accurately reflects ODEC’s costs and expenses or sales of power and energy, permits ODEC’s board of directors to review the budget
for such year and, if necessary, revise such budget which such revision will result in new rates and charges by operation of ODEC’s rate formula therein. 
 “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise
voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 
 “Credit Extension” has the meaning set forth in Section 4.02. 
 “Debt-to-Capitalization Ratio” shall mean the ratio of Indebtedness to Capitalization calculated on a consolidated basis for ODEC and its Significant Subsidiaries. 

“Debtor Relief Laws” means the Bankruptcy Code and all other liquidation, conservatorship, bankruptcy, assignment for
the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect. 

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

  
 6 

 “Defaulting Lender” means, subject to Sections 2.17 and
2.18, any Lender that (a) has failed to (i) fund all or any portion of its Loans within two Business Days of the date such Loans were required to be funded hereunder unless such Lender notifies the Administrative Agent and ODEC in
writing that such failure is the result of such Lender’s determination that one or more conditions precedent to funding (each of which conditions precedent, together with any applicable default, shall be specifically identified in such writing)
has not been satisfied, or (ii) pay to the Administrative Agent, any Issuing Lender, any Swingline Lender or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in Letters of Credit
or Swingline Loans) within two (2) Business Days of the date when due, (b) has notified ODEC, the Administrative Agent or any Issuing Lender or Swingline Lender in writing that it does not intend to comply with its funding obligations
hereunder, or has made a public statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s determination that a
condition precedent to funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three Business Days after
written request by the Administrative Agent or ODEC, to confirm in writing to the Administrative Agent and ODEC that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender
pursuant to this clause (c) upon receipt of such written confirmation by the Administrative Agent and ODEC), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor
Relief Law, or (ii) had appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the
Federal Deposit Insurance Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in
that Lender or any direct or indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States or from the
enforcement of judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the
Administrative Agent that a Lender is a Defaulting Lender under clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Sections 2.17
and 2.18) upon delivery of written notice of such determination to ODEC, each Issuing Lender, each Swingline Lender and each Lender. 
 “Disclosed Matters” has the meaning set forth in Section 3.06. 
 “Dollars” or “$” refers to lawful money of the United States of America. 
 “Effective Date” means the date on which the conditions specified in Section 4.01 are first satisfied (or waived in accordance with Section 9.02). 

“Eligible Assignee” means any Person that meets the requirements to be an assignee under
Section 9.04(b)(iii), (v) and (vi) (subject to such consents, if any, as may be required under Section 9.04(b)(iii). 

  
 7 

 “Environmental Claim” means any written notice, claim, demand, actions or
causes of action, assessments, complaints, directives, citations, information requests issued by a Government Authority, legal proceedings, orders, notices of potential responsibility, in each case asserting losses, damages (including diminution in
value), liabilities, sanctions, costs and expenses (including interest, penalties and attorneys’ and experts’ fees and disbursements) (collectively, a “Claim”) pursuant to Environmental Laws, including but not limited to,
Claims based on, arising out of or otherwise relating to: (i) the remediation, presence or Release of, or exposure to, Hazardous Materials or other environmental conditions at, on, under, above, from, or about any Real Property or any real
properties formerly owned, leased or operated by ODEC or any of its predecessors or Affiliates; (ii) the off-site Release, treatment, transportation, storage or disposal of Hazardous Materials originating from ODEC’s assets, properties or
business; and (iii) any violations of Environmental Laws by ODEC prior to the Effective Date, including reasonable expenditures necessary to cause ODEC to be in compliance with or resolve violations of Environmental Laws. 

“Environmental Laws” means all applicable laws, rules, regulations, codes, ordinances, orders, decrees, judgments,
injunctions, judicial rulings, notices or binding agreements issued, promulgated or entered into by any Governmental Authority, now or hereafter in effect, relating in any way to the environment, preservation or reclamation of natural resources, the
management, or Release of any Hazardous Material or noise control, or the protection of human health, safety, natural resources, or the environment, including but not limited to, the Comprehensive Environmental Response, Compensation and Liability
Act, 42 U.S.C. §§ 9601 et seq. (“CERCLA”). 
 “Environmental Liability” means any
liability, contingent or otherwise (including any liability for damages, costs of environmental remediation, fines, penalties or indemnities), of ODEC directly or indirectly resulting from or based upon (a) violation of any Environmental Law,
(b) the generation, use, handling, transportation, storage, treatment or disposal of any Hazardous Materials, (c) exposure to any Hazardous Materials, (d) the release or threatened release of any Hazardous Materials into the
environment or (e) any contract, agreement or other consensual arrangement pursuant to which liability is assumed or imposed with respect to any of the foregoing. 
 “Environmental Permit” has the meaning set forth in Section 3.07(a). 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that, together with ODEC, is treated as a single employer under Section 414(b) or (c) of the Code,
or, solely for purposes of Section 302 of ERISA and Section 412 of the Code, is treated as a single employer under Section 414 of the Code. 
 “ERISA Event” means (a) the occurrence of any “reportable event”, as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan
(other than an event for which the 30-day notice period is waived); (b) any failure to satisfy the minimum funding standards under Section 412(a)(2) of the Code or Section 302(a)(2) of ERISA, whether

  
 8 

 
or not waived; (c) the filing pursuant to Section 412(c) of the Code or Section 303(c) of ERISA of an application for a waiver of the minimum funding standard with respect to any
Plan; (d) the incurrence by ODEC or any of its ERISA Affiliates of any liability under Title IV of ERISA with respect to the termination of any Plan; (e) the receipt by ODEC or any ERISA Affiliate from the PBGC or a plan administrator of
any notice relating to an intention to terminate any Plan or Plans or to appoint a trustee to administer any Plan; (f) the incurrence by ODEC or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal
from any Plan or Multiemployer Plan; or (g) the receipt by ODEC or any ERISA Affiliate of any notice, or the receipt by any Multiemployer Plan from ODEC or any ERISA Affiliate of any notice, concerning the imposition of Withdrawal Liability or
a determination that a Multiemployer Plan is, or is expected to be, insolvent or in reorganization, within the meaning of Title IV of ERISA. 
 “Event of Default” has the meaning assigned to such term in Article VII. 
 “Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or deducted from a payment to a Recipient, (a) Taxes imposed on
or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, imposed as a result of such Recipient being organized under the laws of, or having its principal office or, in the case of any Lender, its
applicable lending office located in, the jurisdiction imposing such Tax (or any political subdivision thereof), (b) that are Other Connection Taxes, (c) in the case of a Foreign Lender, U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such Foreign Lender with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Foreign Lender acquires such interest in the Loan or Commitment (other
than pursuant to an assignment request by ODEC under Section 2.17(b)) or (ii) such Foreign Lender changes its lending office, except in each case to the extent that, pursuant to Section 2.15, amounts with respect to such
Taxes were payable either to such Foreign Lender’s assignor immediately before such Foreign Lender became a party hereto or to such Foreign Lender immediately before it changed its lending office, (d) Taxes attributable to such
Recipient’s failure to comply with Section 2.15(g) and (e) any U.S. federal withholding Taxes imposed under FATCA. 
 “Existing Maturity Date” has its meaning set forth in Section 2.23(a). 
 “FATCA” means Sections 1471 though 1474 of the Code, as in effect on the date hereof (and any successor or comparable provision that is not materially more onerous) and any present or
future Treasury Regulations issued thereunder or interpretations thereof. 
 “Federal Funds Effective Rate”
means, for any day, the weighted average (rounded upwards, if necessary, to the next 1/100 of 1%) of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers, as published on the
next succeeding Business Day by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average (rounded upwards, if necessary, to the next 1/100 of 1%) of the quotations for such day for
such transactions received by the Administrative Agent from three (3) Federal funds brokers of recognized standing selected by it. 

  
 9 

 “Fitch” means Fitch, Inc., Fitch Ratings Ltd. or, in each case, any
successor or assignee of the business of such company in the business of rating securities. 
 “Fixed Rate”
means, with respect to any Competitive Loan (other than a Competitive LIBOR Rate Loan), the fixed rate of interest per annum specified by the Lender making such Competitive Loan in its related Competitive Loan Rate Quote. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than that in which ODEC is
resident for tax purposes (including such a Lender when acting in the capacity of the Issuing Lender). For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to constitute a single
jurisdiction. 
 “Fronting Exposure” means, at any time there is a Defaulting Lender, (a) with respect to
any Issuing Lender, such Defaulting Lender’s Applicable Percentage of the outstanding LC Exposure with respect to Letters of Credit issued by such Issuing Lender other than LC Exposure as to which such Defaulting Lender’s participation
obligation has been reallocated to other Lenders or Cash Collateralized in accordance with the terms hereof, and (b) with respect to any Swingline Lender, such Defaulting Lender’s Applicable Percentage of outstanding Swingline Loans made
by such Swingline Lender other than Swingline Loans as to which such Defaulting Lender’s participation obligation has been reallocated to other Lenders. 
 “Fund” means any Person (other than a natural Person) that is engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the
ordinary course of its activities. 
 “GAAP” means generally accepted accounting principles in the United
States of America. 
 “Governmental Authority” means the government of the United States of America or any
foreign nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or
administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank) with jurisdiction over the Person or matter involved and any group or body charged with
setting financial accounting or regulatory capital rules or standards (including, without limitation, the Financial Accounting Standards Board, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or
similar authority to any of the foregoing). 
 “Guarantee” of or by any Person (the
“guarantor”) means any obligation, contingent or otherwise, of the guarantor guaranteeing or having the economic effect of guaranteeing any Indebtedness of any other Person (the “primary obligor”) in any manner,
whether directly or indirectly, and including any obligation of the guarantor, direct or indirect, (a) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or to purchase (or to advance or supply
funds for the purchase of) any security for the payment thereof, (b) to purchase or lease property, securities or services for the purpose of 

  
 10 

 
assuring the owner of such Indebtedness of the payment thereof, (c) to maintain working capital, equity capital or any other financial statement condition or liquidity of the primary obligor
so as to enable the primary obligor to pay such Indebtedness or (d) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness; provided, that the term Guarantee shall not include
endorsements for collection or deposit in the ordinary course of business. 
 “Hazardous Materials” means all
explosive or radioactive substances or wastes; all hazardous or toxic substances, wastes or other pollutants; petroleum or petroleum distillates; asbestos or asbestos containing materials; polychlorinated biphenyls; radon gas; infectious or medical
wastes; any mold or fungus defined by Environmental Law to be of a type reasonably expected to pose an unacceptable risk to human health; and all other substances, materials or wastes of any nature that are listed, pursuant to or subject to
regulation under any Environmental Law. 
 “Hedging Agreement” means any interest rate protection agreement,
foreign currency exchange agreement, commodity price protection agreement or other interest or currency exchange rate or commodity price hedging arrangement. 
 “Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money or with respect to deposits or advances of any kind, (b) all
obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all obligations of such Person upon which interest charges are customarily paid, (d) all obligations of such Person under conditional sale or
other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or services (excluding current accounts payable incurred in the ordinary
course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person, (i) all obligations, contingent or otherwise, of such Person as an
account party in respect of letters of credit and letters of guaranty, and (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances. The Indebtedness of any Person shall include the Indebtedness of
any other entity (including any partnership in which such Person is a general partner) to the extent such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent
the terms of such Indebtedness provide that such Person is not liable therefor. The Indebtedness of ODEC shall not include obligations under (i) Hedging Agreements, (ii) leases (other than Capital Lease Obligations), (iii) power,
energy, transmission or fuel purchase agreements, (iv) obligations imposed by a Governmental Authority (other than RUS or CoBank), (v) commodities trading or purchase arrangements, (vi) surety, indemnity, performance, release and
appeal bonds and Guarantees thereof incurred in the ordinary course of ODEC’s business, including Guarantees or other obligations of ODEC related to TEC Trading, Inc., (vii) reclamation or decommissioning obligations (and Guarantees
thereof), (viii) obligations which have been legally or economically defeased, or (ix) the Clover Lease Obligations. 

“Indemnified Costs” has the meaning set forth in Article VIII. 

  
 11 

 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes,
imposed on or with respect to any payment made by or on account of any obligation of ODEC under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. 

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

“Indenture” means that certain Second Amended and Restated Indenture of Mortgage and Deed of Trust entered into between
ODEC and the Indenture Trustee, dated as of January 1, 2011, as supplemented and amended and in effect from time to time. 

“Indenture Trustee” means Branch Banking and Trust Company, as Trustee under the Indenture, and its successor in such
capacity. 
 “Information” has the meaning set forth in Section 9.12. 

“Information Memorandum” means the Confidential Information Memorandum, dated as of November 2011, with respect to ODEC
and this credit facility. 
 “Interest Election Request” means a request by ODEC to convert or continue a
Syndicated Borrowing in accordance with Section 2.06, substantially in the form of Exhibit C. 

“Interest Payment Date” means (a) with respect to any Syndicated Base Rate Loan, each Quarterly Date, (b) with
respect to any LIBOR Rate Loan and any Competitive Loan, the last day of each Interest Period therefor and, in the case of any Interest Period of more than three months’ duration, each day prior to the last day of such Interest Period that
occurs at three-month intervals after the first day of such Interest Period and (c) with respect to any Swingline Loan, the day that such Loan is required to be repaid. 
 “Interest Period” means (a) for any LIBOR Rate Loan (other than a LIBOR Rate Competitive Loan) or Borrowing (other than a Competitive Loan), the period commencing on the date of such
Loan or Borrowing and ending on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as specified in the applicable Borrowing Request or Interest Election Request; provided, that
(i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case
such Interest Period shall end on the next preceding Business Day, and (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar
month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, and (b) for any Competitive Loan, the period commencing on the funding date of such Loan and ending on the last day of one of
the following periods, as selected by ODEC in an accepted Competitive Loan Quote or as otherwise required by the terms of this Agreement: one, two, three or six months. For purposes hereof, the date of a Loan initially shall be the date on which
such Loan is made and thereafter shall be the effective date of the most recent conversion or continuation of such Loan, and the date of a Syndicated Borrowing comprising Loans that have been converted or continued shall be the effective date of the
most recent conversion or continuation of such Loans. 

  
 12 

 “Issuance Notice” means a notice by ODEC for the issuance of a Letter of
Credit, or identifying the Letter of Credit to be amended, renewed or extended in accordance with Section 2.04(b), substantially in the form of Exhibit D. 
 “Issuing Lenders” means Wells Fargo Bank, National Association, CoBank, ACB, Bank of America, N.A. and any other Lender chosen by ODEC and that agrees to act as an Issuing Lender
hereunder generally or with respect to a specific Letter of Credit, in their capacity as issuers of one or more Letters of Credit hereunder, and their respective successors in such capacities as provided in Section 2.04(j). 

“LC Disbursement” means a payment made by any Issuing Lender pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit
at such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of ODEC at such time. The LC Exposure of any Lender at any time shall be its Applicable Percentage of the total LC Exposure at
such time as adjusted pursuant to Section 2.18(a)(iv). 
 “Lead Arrangers” means CoBank, ACB, Wells
Fargo Securities, LLC, and Merrill Lynch, Pierce, Fenner & Smith Incorporated, in their capacities as joint lead arrangers hereunder. 
 “Lenders” means the Persons listed on Schedule I and any other Person that shall have become a party hereto pursuant to an Assignment and Assumption, other than any such Person
that ceases to be a party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Lenders” includes the Swingline Lender. 
 “Letter of Credit” means any letter of credit issued pursuant to this Agreement. 
 “Letter of Credit Documents” means, with respect to any Letter of Credit, collectively, any application therefor and any other agreements, instruments, guarantees or other documents
(whether general in application or applicable only to such Letter of Credit) governing or providing for (a) the rights and obligations of the parties concerned or at risk with respect to such Letter of Credit or (b) any collateral security
for any of such obligations, each as the same may be modified and supplemented and in effect from time to time. 

“LIBOR” means, 
 (a) for any interest rate calculation with respect to a LIBOR Rate Loan, the rate of interest per annum determined on the basis of the rate for deposits in Dollars for a period equal to the applicable
Interest Period which appears on Reuters Screen LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period (rounded upward, if
necessary, to the nearest 1/100th of 1%). If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page), then “LIBOR” shall be determined by the Administrative Agent to be the arithmetic
average of the rate per annum at which deposits in Dollars in minimum amounts of at least $5,000,000 would be offered by first class banks in the 

  
 13 

 
London interbank market to the Administrative Agent at approximately 11:00 a.m. (London time) two (2) Business Days prior to the first day of the applicable Interest Period for a period
equal to such Interest Period. 
 (b) for any interest rate calculation with respect to a Base Rate Loan, the rate of interest
per annum determined on the basis of the rate for deposits in Dollars in minimum amounts of at least $5,000,000 for a period equal to one month (commencing on the date of determination of such interest rate) which appears on the Reuters Screen
LIBOR01 Page (or any applicable successor page) at approximately 11:00 a.m. (London time) on such date of determination, or, if such date is not a Business Day, then the immediately preceding Business Day (rounded upward, if necessary, to the
nearest 1/100th of 1%). If, for any reason, such rate does not appear on Reuters Screen LIBOR01 Page (or any applicable successor page) then “LIBOR” for such Base Rate Loan shall be determined by the Administrative Agent to be the
arithmetic average of the rate per annum at which deposits in Dollars in minimum amounts of at least $5,000,000 would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m. (London
time) on such date of determination for a period equal to one month commencing on such date of determination. 
 Each
calculation by the Administrative Agent of LIBOR shall be conclusive and binding for all purposes, absent manifest error. 

“LIBOR Market Index Rate” means, for any day, (a) the rate per annum appearing on Reuters Screen LIBOR 01 Page (or
any successor page) at approximately 11:00 a.m., London time for such day, provided, if such day is not a Business Day, the immediately preceding Business Day, as the rate for dollar deposits with a one-month maturity; or (b) if for any
reason the rate specified in clause (a) of this definition does not so appear on Reuters Screen LIBOR 01 Page (or any successor page), the arithmetic average of the rate per annum at which deposits in Dollars in minimum amounts of at least
$5,000,000 would be offered by first class banks in the London interbank market to the Administrative Agent at approximately 11:00 a.m., London time, for such day. 
 “LIBOR Rate” means a rate per annum (rounded upwards, if necessary, to the next higher 1/100th of 1%) determined by the Administrative Agent pursuant to the following formula: 

 

					
	LIBOR Rate =	  	 LIBOR
	  	
		  	1.00-Statutory Reserve Rate	  	

 “LIBOR Rate Loan” means Loans the rate of interest applicable to which is based on the
LIBOR Rate. 
 “Lien” means, with respect to any asset, (a) any mortgage, deed of trust, lien, pledge,
hypothecation, encumbrance, charge or security interest in, on or of such asset, (b) the interest of a vendor or a lessor under any conditional sale agreement, capital lease or title retention agreement (or any financing lease having
substantially the same economic effect as any of the foregoing) relating to such asset and (c) in the case of securities, any purchase option, call or similar right of a third party with respect to such securities. 

  
 14 

 “Loan Documents” means, collectively, this Agreement, the Letter of Credit
Documents, each fee letter executed in connection with Sections 2.10(c) and (d) hereof and all other agreements, notices, certificates and other instruments referred to herein or in the Letter of Credit Documents or executed or
delivered in connection herewith or therewith. 
 “Loans” means the loans (including Competitive Loans) made by
the Lenders to ODEC pursuant to this Agreement. 
 “Margin Stock” means “margin stock” within the
meaning of Regulations T, U and X of the Board. 
 “Material Adverse Effect” means a material adverse change
in, or a material adverse effect upon, (a) the business, assets, liabilities (actual or contingent), operations, or condition (financial or otherwise) of ODEC, (b) the ability of ODEC to perform any of its obligations under this Agreement
or any of the other Loan Documents or (c) the rights of or benefits available to any Lender, any Issuing Lender or the Administrative Agent under this Agreement or any of the other Loan Documents. 

“Material Contracts” means the Indenture and each Wholesale Power Contract. 

“Maturity Date” means the later of (i) the fifth anniversary of the Effective Date and (ii) if maturity is
extended pursuant to Section 2.23, such extended maturity date as determined pursuant to such Section; provided, however, that, in each case, if such date is not a Business Day, the Maturity Date shall be the next preceding
Business Day. 
 “Member” means each holder of a membership interest in ODEC. 

“Minimum Collateral Amount” means, at any time with respect to Cash Collateral consisting of cash or deposit account
balances, an amount equal to the Fronting Exposure of all Issuing Lenders with respect to Letters of Credit issued and outstanding at such time. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor or assignee of the business of such company in the business of rating securities. 

“Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of ERISA. 

“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 9.02 and (ii) has been approved by the Required Lenders. 
 “Non-Extending Lender” has its meaning set forth in Section 2.23(b). 
 “Non-Defaulting Lender” means, at any time, each Lender that is not a Defaulting Lender at such time. 
 “Notice Date” has its meaning set forth in Section 2.23(b). 

  
 15 

 “Note” means a promissory note of ODEC payable to the order of any Lender,
substantially in the form of Exhibit E. 
 “Notice of Commitment Termination” has its meaning set forth
in Section 2.22. 
 “Notice of Commitment Increase” has its meaning set forth in
Section 2.21(a)(i). 
 “Noticed Lender” has its meaning set forth in Section 2.22.

 “Obligations” means all Loans, LC Disbursements, advances, debts or liabilities owing by ODEC to the
Administrative Agent, the Lead Arrangers, any Lender, any Issuing Lender, any Affiliate of the Administrative Agent, the Lead Arrangers or any Lender, or any Indemnitee, of any kind or nature, whether direct or indirect (including those acquired by
assumption), absolute or contingent, present or future, in each case arising under this Agreement, the Notes or any other Loan Document, whether or not evidenced by any note, guaranty or other instrument, whether or not for the payment of money,
whether arising by reason of an extension of credit, loan, guaranty, indemnification, or in any other manner, and including interest and fees that accrue after the commencement by or against ODEC of any proceeding related to this Agreement or any
other Loan Document under any Debtor Relief Laws naming ODEC as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding. The term includes all interest, charges, expenses, fees,
attorneys’ fees and disbursements, paralegals’ fees (in each case whether or not allowed), and any other sum chargeable to ODEC under this Agreement or any other Loan Document. 

“ODEC” has the meaning set forth in the introductory paragraph hereto. 

“Other Applicable U.S. Tax Law” means all regulations and other guidance issued by the U.S. Department of the Treasury
and/or the Internal Revenue Service and any decisions of any federal court including the Tax Court, the Court of Federal Claims, the federal District Courts, the federal Circuit Courts and the Supreme Court. 

“Other Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former
connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising solely from such Recipient 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 any Loan Document, or sold or assigned an interest in any Loan or Loan Document). 
 “Other Taxes” means all present or future stamp, court, documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,
performance enforcement, or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes. 

“Participant” has the meaning assigned to such term in clause (d) of Section 9.04. 

“Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 signed into law October 26, 2001). 

  
 16 

 “PBGC” means the Pension Benefit Guaranty Corporation referred to and
defined in ERISA and any successor entity performing similar functions. 
 “Person” means any natural person,
corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity. 
 “Plan” means any employee pension benefit plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of
ERISA, and in respect of which ODEC or any ERISA Affiliate is (or, if such plan were terminated, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA. 

“Prudent Utility Practice” means any of the practices, methods, and acts engaged in or approved by a significant portion
of the electric utility industry during the relevant time period; or any of the practices, methods, and acts which, in the exercise of reasonable judgment in light of the facts known at the time a decision was made, could have been expected to
accomplish the desired result consistent with good business practices. Prudent Utility Practice (i) is not intended to be limited to the optimum practice, method, or act to the exclusion of all others, but rather to be any and all acceptable
practices, methods, or acts generally accepted, and (ii) is intended, with respect to any particular practice, method or act, to relate to similar practices, methods or acts. 

“Quarterly Dates” means the last Business Day of each March, June, September and December in each year, the first of
which shall be the first such day after the date hereof. 
 “Real Property” has the meaning set forth in
Section 3.07(b). 
 “Recipient” means (a) the Administrative Agent, (b) any Lender and
(c) any Issuing Lender, as applicable. 
 “Register” has the meaning set forth in
Section 9.04. 
 “Related Parties” means, with respect to any Person, such Person’s Affiliates
and the partners, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 
 “Release” means any presence, release, threatened release, spill, seepage, escape, emission, leaking, pumping, pouring, emptying, injection, deposit, disposal, discharge, dispersal,
leaching or migration into the indoor or outdoor environment. 
 “Remediation” means any investigation,
clean-up, removal action, remedial action, restoration, repair, response action, corrective action, reclamation, closure, or post-closure in connection with the suspected, threatened or actual Release of Hazardous Materials or any monitoring, study
or investigation performed in connection with any of the foregoing. 
 “Required Lenders” means, at any time,
Lenders having Revolving Credit Exposures and unused Commitments representing 66 2/3% or more of the sum of the total Revolving Credit Exposures and unused Commitments at such time and, so long as there are

  
 17 

 
fewer than eight (8) Lenders, such Lenders constitute a majority of all Lenders at such time; provided that, for purposes of declaring the Loans to be due and payable pursuant to
Article VII, and for all purposes after the Loans become due and payable pursuant to Article VII or the Commitments expire or terminate, the outstanding Competitive Loans of the Lenders shall be included in their respective Revolving Credit
Exposures in determining the Required Lenders. The Revolving Credit Exposure of any Defaulting Lender shall be disregarded in determining Required Lenders at any time. 
 “Responsible Officer” means the Chief Executive Officer, Chairman, Vice Chairman, Chief Financial Officer, Vice President, or Secretary/Treasurer of ODEC. 

“Revolving Credit Exposure” means, with respect to any Lender at any time, the sum of the outstanding principal amount
of such Lender’s Syndicated Loans and its LC Exposure and Swingline Exposure at such time. 
 “RUS” means
Rural Utilities Service, an agency of the United States Department of Agriculture, or any other agency or governmental body succeeding to the functions thereof. 
 “S&P” means Standard & Poor’s Ratings Services, a division of McGraw Hill, Inc., or any successor or assignee of the business of such division in the business of rating
securities. 
 “Significant Subsidiary” means any subsidiary which is a “significant subsidiary”
under Regulation S–X promulgated under the Securities Exchange Act of 1934, as amended. 
 “Statutory Reserve
Rate” means, for any day, the percentage (expressed as a decimal and rounded upwards, if necessary, to the next higher 1/100th of 1%) which is in effect for such day as prescribed by the Board of Governors of the Federal Reserve System (or
any successor) for determining the maximum reserve requirement (including any basic, supplemental or emergency reserves) in respect of eurocurrency liabilities or any similar category of liabilities for a member bank of the Federal Reserve System in
New York City. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any date,
any corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of
a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent
and one or more subsidiaries of the parent. Unless otherwise specified, “Subsidiary” means a Subsidiary of ODEC. 

“Substantially All” means, in reference to ODEC’s assets, 75% or more of ODEC’s assets, on a book value basis.

 “Swingline Exposure” means, at any time, the aggregate principal amount of all Swingline Loans outstanding
at such time. The Swingline Exposure of any Lender at any time shall be its Applicable Percentage of the total Swingline Exposure at such time. 

  
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 “Swingline Lender” means Wells Fargo Bank, National Association, in its
capacity as the lender of Swingline Loans hereunder. 
 “Swingline Loan” means a Loan made pursuant to
Section 2.19. 
 “Syndicated,” when used in reference to any Loan or Borrowing, refers to whether
such Loan, or the Loans constituting such Borrowing, is made pursuant to Section 2.01. 
 “Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, and fees or other charges in the nature of taxes imposed by any Governmental Authority, including any interest,
additions to tax or penalties applicable thereto. 
 “Transactions” means the execution, delivery and
performance by ODEC of this Agreement and the other Loan Documents, the borrowing and repayment of Loans, the use of the proceeds thereof and the issuance of Letters of Credit hereunder. 

“Type,” when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the
Loans constituting such Borrowing, is determined by reference to the LIBOR Rate, the Alternate Base Rate or the Fixed Rate. 

“U.S. Borrower” means any borrower that is a U.S. Person. 

“U.S. Person” means any Person that is a “United States Person” as defined in Section 7701(a)(30) of the
Code or Other Applicable U.S. Tax Law. 
 “Withholding Agent” means ODEC and the Administrative Agent.

 “Wholesale Power Contracts” means, collectively, (a) each Second Amended and Restated Wholesale Power
Contract, effective as of January 1, 2009, between ODEC and a Member, and (b) each other contract and agreement of substantially similar terms and conditions from time to time entered into between ODEC and a Member providing for the sale
by ODEC to such Member of electric power and energy on a requirements basis. 
 “Withdrawal Liability” means
liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA. 

Section 1.02 Terms Generally. The definitions of terms herein shall apply equally to the singular and plural forms of the
terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes” and “including” shall be deemed to be followed by the
phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word “shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement,
instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or
modifications set forth herein), (b) any reference herein to any Person shall be construed to 

  
 19 

 
include such Person’s successors and assigns, (c) the words “herein”, “hereof and “hereunder”, and words of similar import, shall be construed to refer to this
Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this
Agreement, (e) any reference to any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented from time to time, and (f) the words “asset” and
“property” shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights. 

Section 1.03 Accounting Terms; GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial
nature shall be construed in accordance with GAAP, as in effect from time to time; provided that, if ODEC notifies the Administrative Agent that ODEC requests an amendment to any provision hereof to eliminate the effect of any change
occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies ODEC that the Required Lenders request an amendment to any provision hereof for such purpose),
regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance herewith. For purposes of calculating the covenants set forth in Section 6.05, the profits or losses of any Person shall be excluded if the
accounts of such Person would be consolidated with those of ODEC in ODEC’s consolidated financial statements, if such financial statements were prepared in accordance with GAAP, solely because of ASC 810. 

Section 1.04 Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred to
by Class (e.g., a “Syndicated Loan”), by Type (e.g., a “Base Rate Loan”) or by Class and Type (e.g., a “Syndicated Base Rate Loan”). Borrowings also may be classified and referred to by Class (e.g., a “Syndicated
Borrowing”), by Type (e.g., a “Base Rate Borrowing”) or by Class and Type (e.g., a “Syndicated Base Rate Borrowing”). 
 Section 1.05 Times of Day. Unless otherwise specified, all references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 

ARTICLE II 

THE CREDITS 
 Section 2.01 The Commitments. Subject to the terms and conditions set forth herein, each Lender agrees to make Syndicated Loans to ODEC from time to time during the Availability Period in an
aggregate principal amount that will not result in (a) such Lender’s Revolving Credit Exposure exceeding such Lender’s Commitment or (b) the aggregate Revolving Credit Exposures plus the aggregate outstanding principal amount of
all Competitive Loans exceeding the total Commitments. Within the foregoing limits and subject to the terms and conditions set forth herein, ODEC may borrow, repay and reborrow Syndicated Loans. 

  
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 Section 2.02 Loans and Borrowings. 

(a) Obligations of Lenders. Each Syndicated Loan shall be made as part of a Borrowing consisting of Loans of the same Type made by
the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; provided that the Commitments of the
Lenders are several and no Lender shall be responsible for any other Lender’s failure to make Syndicated Loans as required. 
 (b) Type of Loans. Subject to Section 2.12, each Syndicated Borrowing shall be constituted entirely of Base Rate Loans or of LIBOR Rate Loans as ODEC may request in accordance herewith.
At ODEC’s option, Swingline Loans may accrue at the Base Rate or LIBOR Market Index Rate. Each Lender at its option may make any LIBOR Rate Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; provided
that any exercise of such option shall not affect the obligation of ODEC to repay such Loan in accordance with the terms of this Agreement. 
 (c) Minimum Amounts; Limitation on Number of Borrowings. Each Syndicated Borrowing shall be in an aggregate amount of $1,000,000 or a larger multiple of $500,000; provided that a Syndicated Base
Rate Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments or that is required to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(f). Syndicated
Borrowings of more than one Class and Type may be outstanding at the same time; provided that there shall not at any time be more than a total of twenty (20) LIBOR Rate Borrowings outstanding (excluding Competitive LIBOR Rate Loans).

 (d) Limitations on Interest Periods. Notwithstanding any other provision of this Agreement, ODEC shall not be entitled
to request (or to elect to convert to or continue as a LIBOR Rate Borrowing) any Borrowing if the Interest Period requested therefor would end after the Maturity Date. 
 Section 2.03 Requests for Syndicated Borrowings. 
 (a) Notice by
ODEC. To request a Syndicated Borrowing, ODEC shall notify the Administrative Agent of such request in writing by hand delivery, by telecopy or by telephone of a Borrowing Request (i) in the case of a LIBOR Rate Borrowing, not later than
11:00 a.m. three (3) Business Days before the date of the proposed Borrowing or (ii) in the case of a Syndicated Base Rate Borrowing, not later than 11:00 a.m. one (l) Business Day before the date of the proposed Borrowing; provided
that any such Borrowing Request of a Syndicated Base Rate Borrowing to finance the reimbursement of an LC Disbursement as contemplated by Section 2.04(f) may be given not later than 10:00 a.m. on the date of the proposed Borrowing. Each
telephonic Borrowing Request shall be irrevocable and shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a written Borrowing Request signed by ODEC. 

(b) Content of Borrowing Requests. Each telephonic and written Borrowing Request shall specify the following information in
compliance with Section 2.02: 
 (i) the aggregate amount of the requested Borrowing; 

  
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 (ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be a Base Rate Borrowing or a LIBOR Rate Borrowing; 

(iv) in the case of a LIBOR Rate Borrowing, the Interest Period therefor, which shall be a period contemplated by the
definition of the term “Interest Period” and permitted under Section 2.02(d); and 
 (v)
the location and number of ODEC’s account to which funds are to be disbursed, which shall comply with the requirements of Section 2.05. 
 (c) Notice by the Administrative Agent to the Lenders. Promptly following receipt of a Borrowing Request in accordance with this Section 2.03, the Administrative Agent shall advise each
Lender of the details thereof and of the amount of such Lender’s Loan to be made as part of the requested Borrowing. 
 (d)
Failure to Elect. If no election as to the Type of a Syndicated Borrowing is specified, then the requested Borrowing shall be a Base Rate Borrowing. If no Interest Period is specified with respect to any requested LIBOR Rate Borrowing, then
the requested Borrowing shall be made instead as a Syndicated Base Rate Borrowing. 
 Section 2.04 Letters of
Credit. 
 (a) General. Subject to the terms and conditions set forth herein, in addition to the Loans provided for
in Section 2.01, ODEC may request an Issuing Lender to, and each Issuing Lender shall, issue, at any time and from time to time during the period from the Effective Date to the date that is thirty (30) days prior to the Maturity
Date, Letters of Credit for its own account in such form as is acceptable to such Issuing Lender in its reasonable determination. Each Letter of Credit issued hereunder shall constitute utilization of the Commitments in an amount equal to the LC
Exposure relating to such Letter of Credit. 
 (b) Notice of Issuance, Amendment, Renewal or Extension. To request the
issuance of a Letter of Credit (or the amendment, renewal or extension of an outstanding Letter of Credit), ODEC shall hand deliver or telecopy (or transmit by electronic communication, if arrangements for doing so have been approved by such Issuing
Lender) to such Issuing Lender and the Administrative Agent (no less than three (3) Business Days in advance of the requested date of issuance, amendment, renewal or extension) an Issuance Notice signed by ODEC. If requested by such Issuing
Lender, ODEC also shall submit a letter of credit application on such Issuing Lender’s standard form in connection with any request for a Letter of Credit. In the event of any inconsistency between the terms and conditions of this Agreement and
the terms and conditions of any such letter of credit application or other agreement submitted by ODEC to, or entered into by ODEC with, such Issuing Lender relating to any Letter of Credit, the terms and conditions of this Agreement shall control.

  
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 (c) Limitations on Amounts. A Letter of Credit shall be issued, amended, renewed or
extended only if (and upon issuance, amendment, renewal or extension of each Letter of Credit ODEC shall be deemed to represent and warrant that), after giving effect to such issuance, amendment, renewal or extension (i) the aggregate LC
Exposure of the Issuing Lenders (determined for these purposes without giving effect to the participations therein of the Lenders pursuant to Section 2.04(e)) shall not exceed $150,000,000 and (ii) the aggregate Revolving Credit
Exposures plus the aggregate outstanding principal amount of all Competitive Loans shall not exceed the total Commitments. 

(d) Expiration Date. Each Letter of Credit shall expire at or prior to the close of business on the earlier of (i) the date
thirty-six months after the date of the issuance of such Letter of Credit (or, in the case of any renewal or extension thereof, twelve months after the then-current expiration date of such Letter of Credit, so long as such renewal or extension
occurs during the three months before such then-current expiration date) and (ii) the date that is thirty (30) days prior to the Maturity Date. 
 (e) Participations. By the issuance of a Letter of Credit (or any amendment, renewal or extension of a Letter of Credit) by an Issuing Lender, and without any further action on the part of such
Issuing Lender or the Lenders, such Issuing Lender hereby grants to each Lender, and each Lender hereby acquires from such Issuing Lender, a participation in such Letter of Credit equal to such Lender’s Applicable Percentage of the aggregate
amount available to be drawn under such Letter of Credit. Each Lender acknowledges and agrees that its obligation to acquire participations pursuant to this paragraph in respect of Letters of Credit is absolute and unconditional and shall not be
affected by any circumstance whatsoever, including any amendment, renewal or extension of any Letter of Credit or the occurrence and continuance of any Default or Event of Default or reduction or termination of the Commitments. 

In consideration and in furtherance of the foregoing, each Lender hereby absolutely and unconditionally agrees to pay to the
Administrative Agent, for account of such Issuing Lender, such Lender’s Applicable Percentage of each LC Disbursement made by such Issuing Lender promptly upon the request of such Issuing Lender at any time, plus interest thereon from
the date of such request to the date such amount is funded by such Lender, at a rate per annum equal to the greater of the Federal Funds Effective Rate and a rate determined by such Issuing Lender in accordance with banking industry rules on
interbank compensation, plus any administrative, processing or similar fees customarily charged by such Issuing Lender in connection with the foregoing. Such payment shall be made without any offset, abatement, withholding or reduction
whatsoever. Each such payment shall be made in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of
the Lenders), and the Administrative Agent shall promptly pay to such Issuing Lender the amounts so received by it from the Lenders. Promptly following receipt by the Administrative Agent of any payment from ODEC pursuant to the next following
paragraph, the Administrative Agent shall distribute such payment to such Issuing Lender or, to the extent that the Lenders have made payments pursuant to this paragraph to reimburse such Issuing Lender, then to such Lenders and such Issuing Lender
as their interests may appear. Any payment made by a Lender pursuant to this paragraph to reimburse such Issuing Lender for any LC Disbursement shall not constitute a Loan and shall not relieve ODEC of its obligation to reimburse such LC
Disbursement. 

  
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 (f) Reimbursement. If an Issuing Lender shall make any LC Disbursement in respect of
a Letter of Credit, ODEC shall reimburse such Issuing Lender in respect of such LC Disbursement by paying to the Administrative Agent an amount equal to such LC Disbursement not later than 12:00 noon on (i) the Business Day that ODEC receives
notice of such LC Disbursement, if such notice is received prior to 10:00 a.m. or (ii) the Business Day immediately following the day that ODEC receives such notice, if such notice is not received prior to such time, provided that ODEC
may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.03 or, if a Swingline Loan in the amount of such LC Disbursement will not cause the aggregate amount of outstanding Swingline Loans to
exceed the amount that may be outstanding at any one time pursuant to Section 2.19(a), Section 2.19, that such payment shall be financed with a Syndicated Base Rate Borrowing or a Swingline Loan in an equivalent amount and,
to the extent so financed, ODEC’s obligation to make such payment in reimbursement of the LC Disbursement shall be discharged and replaced by the resulting Syndicated Base Rate Borrowing or Swingline Loan Borrowing. 

If ODEC fails to make such payment when due, the Administrative Agent shall notify each Lender of the applicable LC Disbursement, the
payment then due from ODEC in respect thereof and such Lender’s Applicable Percentage thereof. 
 (g) Obligations
Absolute. ODEC’s obligation to reimburse LC Disbursements as provided in Section 2.04(f) shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under any and
all circumstances whatsoever and irrespective of (i) any lack of validity or enforceability of any Letter of Credit, or any term or provision therein, this Agreement or any other Loan Document, (ii) any draft or 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, (iii) payment by such Issuing Lender under a Letter of Credit against presentation of a
draft or other document that does not comply strictly with the terms of such Letter of Credit, and (iv) any other event or circumstance whatsoever, whether or not similar to any of the foregoing, that might, but for the provisions of this
Section, constitute a legal or equitable discharge of ODEC’s obligations hereunder. 
 Neither the Administrative Agent,
the Lenders nor any Issuing Lender, nor any of their Related Parties, shall have any liability or responsibility by reason of or in connection with the issuance or transfer of any Letter of Credit by such Issuing Lender or any payment or failure to
make any payment thereunder (irrespective of any of the circumstances referred to in the preceding sentence), or any error, omission, interruption, loss or delay in transmission or delivery of any draft, notice or other communication under or
relating to any Letter of Credit (including any document required to make a drawing thereunder), any error in interpretation of technical terms or any consequence arising from causes beyond the control of such Issuing Lender; provided that
the foregoing shall not be construed to excuse such Issuing Lender from liability to ODEC to the extent of any direct damages (as opposed to consequential or exemplary damages, claims in respect of which are hereby waived by ODEC to the extent
permitted by applicable law) suffered by ODEC that are caused by such Issuing Lender’s gross negligence or willful misconduct when determining whether drafts and other documents presented under a Letter of Credit comply with the terms thereof.
The parties hereto expressly agree that: 
 (i) such Issuing Lender may accept documents that appear on their
face to be in substantial compliance with the terms of a Letter of Credit without responsibility for further investigation, regardless of any notice or information to the contrary, and may make payment upon presentation of documents that appear on
their face to be in substantial compliance with the terms of such Letter of Credit; 

  
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 (ii) such Issuing Lender shall have the right, in its sole discretion, to
decline to accept such documents and to make such payment if such documents are not in strict compliance with the terms of such Letter of Credit; and 
 (iii) this Section 2.04(g) shall establish the standard of care to be exercised by the Issuing Lenders when determining whether drafts and other documents presented under a Letter of Credit
comply with the terms thereof (and the parties hereto hereby waive, to the extent permitted by applicable law, any standard of care inconsistent with the foregoing). 
 (h) Disbursement Procedures. The Issuing Lender shall promptly following its receipt thereof, examine all documents purporting to represent a demand for payment under a Letter of Credit. The
Issuing Lender shall promptly after such examination notify the Administrative Agent and ODEC by telephone (confirmed by telecopy) of such demand for payment and whether the Issuing Lender has made or will make an LC Disbursement thereunder;
provided that any failure to give or delay in giving such notice shall not relieve ODEC of its obligation to reimburse the Issuing Lender and the Lenders with respect to any such LC Disbursement. 

(i) Interim Interest. If the Issuing Lender shall make any LC Disbursement, then, unless ODEC shall reimburse such LC Disbursement
in full on the date such LC Disbursement is made, the unpaid amount thereof shall bear interest, for each day from and including the date such LC Disbursement is made to but excluding the date that ODEC reimburses such LC Disbursement, at the rate
per annum then applicable to Syndicated Base Rate Loans; provided that, if ODEC fails to reimburse such LC Disbursement when due pursuant to Section 2.04(f), then Section 2.11(d) shall apply. Interest accrued pursuant
to this paragraph shall be for account of the Issuing Lender, except that interest accrued on and after the date of payment by any Lender pursuant to Section 2.04(f) to reimburse the Issuing Lender shall be for account of such Lender to
the extent of such payment. 
 (j) Replacement of an Issuing Lender. An Issuing Lender may be replaced at any time by
written agreement between ODEC and the successor Issuing Lender and following notice to the Administrative Agent. The Administrative Agent shall notify the Lenders of any such replacement of such Issuing Lender. At the time any such replacement
shall become effective, ODEC shall pay all unpaid fees and expenses accrued for account of the replaced Issuing Lender pursuant to Section 2.10(b). From and after the effective date of any such replacement, (i) the successor Issuing
Lender shall have all the rights and obligations of the replaced Issuing Lender under this Agreement with respect to Letters of Credit to be issued thereafter and (ii) references herein to the term “Issuing Lender” shall be deemed to
refer to such successor or to any previous Issuing Lender, or to such successor and all previous Issuing 

  
 25 

 
Lenders, as the context shall require. After the replacement of an Issuing Lender hereunder, the replaced Issuing Lender shall remain a party hereto and shall continue to have all the rights and
obligations of an Issuing Lender under this Agreement with respect to Letters of Credit issued by it prior to such replacement, but shall not be required to issue additional Letters of Credit. 

(k) Cash Collateralization. If any of (i) an Event of Default shall occur and be continuing and ODEC receives notice from the
Administrative Agent or the Required Lenders (or, if the maturity of the Loans has been accelerated, Lenders with LC Exposure representing more than 50% of the total LC Exposure) demanding the deposit of Cash Collateral pursuant to this paragraph
(provided that no notice or demand shall be required upon the occurrence of any Event of Default with respect to ODEC described in clauses (h) and (i) of Article VII), (ii) any LC Exposure for any reason remains outstanding as of the
Maturity Date or any earlier date of termination of all of the Commitments hereunder, (iii) ODEC shall be required to provide cover for the LC Exposure pursuant to Section 2.09(b), or (iv) at any time there shall exist a
Defaulting Lender, then (A) in the case of clauses (i), (ii) and (iii) above, ODEC shall immediately Cash Collateralize in an amount equal to, in the case of clause (i) above, the LC Exposure as of such date plus any accrued and
unpaid interest thereon and, in the case of clause (iii) above, the amount required under Section 2.09(b), and (B) in the case of clause (iv) above, within one Business Day following the written request of the
Administrative Agent or any Issuing Lender (with a copy to the Administrative Agent) ODEC shall Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Sections
2.17 and 2.18 and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount. 
 (i) Grant of Security Interest. ODEC, and to the extent provided by any Defaulting Lender, such Defaulting Lender, hereby grants to the Administrative Agent, for the benefit of the Issuing Lenders
and the Lenders, and agrees to maintain, a first priority security interest in all such Cash Collateral (including any associated deposit or security account and any financial assets (as defined in the Uniform Commercial Code as in effect from time
to time in the State of New York) or other property held therein) as security for the LC Exposure under this Agreement or the Defaulting Lenders’ obligation to fund participations in respect of Fronting Exposure, to be applied pursuant to
clause (ii) below. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent and the Issuing Lenders as herein provided, or that the total amount
of such Cash Collateral is less than the amount required by this Section 2.04(k), ODEC will, promptly upon demand by the Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient
to eliminate such deficiency (after giving effect to any Cash Collateral provided by the Defaulting Lender). 

(ii) Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under this Section 2.04(k) or Section 2.18 in respect of Letters of Credit shall be applied to the satisfaction of the LC Exposure or the Defaulting Lender’s obligation to fund participations in respect of Fronting
Exposure (including, as to Cash Collateral provided by a Defaulting 

  
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Lender, any interest accrued on such obligation) for which the Cash Collateral was so provided, prior to any other application of such property as may otherwise be provided for herein.

 (iii) Termination of Requirement. Cash Collateral provided upon an Event of Default or pursuant to
Section 2.09(b) shall no longer be required to be held as Cash Collateral pursuant to this Section 2.04(k) following the earlier of the satisfaction, waiver or cure of all Events of Default or the termination of all
outstanding Letters of Credit, as applicable. Cash Collateral (or the appropriate portion thereof) provided to reduce any Issuing Lender’s Fronting Exposure shall no longer be required to be held as Cash Collateral pursuant to this
Section 2.04(k) following (i) the elimination of the applicable Fronting Exposure (including by the termination of Defaulting Lender status of the applicable Lender), or (ii) the determination by the Administrative Agent and
each Issuing Lender that there exists excess Cash Collateral; provided that, subject to Section 2.18 the Person providing Cash Collateral and each Issuing Lender may agree that Cash Collateral shall be held to support future
anticipated Fronting Exposure or other obligations. 
 The Administrative Agent shall invest the Cash Collateral from time to
time held by it in such overnight U.S. treasury or similar short-term instruments as are selected by ODEC and approved by the Administrative Agent, and shall maintain records adequate to determine the interest from time to time earned thereon. The
Administrative Agent shall have no responsibility for any loss on any investments made by it with respect to the Cash Collateral. Interest and profits on investments will be credited to and, except as otherwise provided in this
Section 2.04, retained as Cash Collateral. 
 Section 2.05 Funding of Borrowings.

 (a) Funding by Lenders. Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by
wire transfer of immediately available funds by 12:00 noon to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; provided that Swingline Loans shall be made as provided in
Section 2.19. The Administrative Agent will make such Loans available to ODEC by promptly crediting the amounts so received, in like funds, to an account of ODEC designated by ODEC in the applicable Borrowing Request or, in the case of
Competitive Loans, designated in the applicable Competitive Loan Quote Request pursuant to Section 2.20(c); provided that Syndicated Base Rate Borrowings made to finance the reimbursement of an LC Disbursement as provided in
Section 2.04(f) shall be remitted by the Administrative Agent to the applicable Issuing Lender. 
 (b)
Presumption by the Administrative Agent. Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (other than a Competitive Loan) 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 on such date in accordance with paragraph (a) of this Section and may, in reliance upon such
assumption, make available to ODEC a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing 

  
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available to the Administrative Agent, then the applicable Lender and ODEC severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon,
for each day from and including the date such amount is made available to ODEC to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the Federal Funds Effective Rate or (ii) in the case of
ODEC, the interest rate applicable to Base Rate Loans. If each of ODEC and such Lender shall pay such interest to the Administrative Agent for the same or an overlapping period, the Administrative Agent shall promptly remit to ODEC the amount of
such interest paid by ODEC for such period. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in such Borrowing. Notwithstanding the foregoing, the Administrative Agent
has no obligation to make any Loan funds available to ODEC unless the Administrative Agent has received such funds from the Lenders in accordance with the terms hereof. Any payment by ODEC shall be without prejudice to any claim ODEC may have
against a Lender that shall have failed to make such payment to the Administrative Agent. 
 (c) Payments by ODEC;
Presumptions by Administrative Agent. Unless the Administrative Agent shall have received notice from ODEC prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders or the Issuing Lenders hereunder
that ODEC will not make such payment, the Administrative Agent may assume that ODEC has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders or the Issuing Lenders, as the case
may be, the amount due. In such event, if ODEC has not in fact made such payment, then each of the Lenders or the Issuing Lenders, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so
distributed to such Lender or Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate.

 Section 2.06 Interest Elections. 
 (a) Elections by ODEC for Syndicated Borrowings. The Loans constituting each Syndicated Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a
LIBOR Rate Borrowing, shall have the Interest Period specified in such Borrowing Request. Thereafter, ODEC may elect to convert such Borrowing to a Borrowing of a different Type or to continue such Borrowing as a Borrowing of the same Type and, in
the case of a LIBOR Rate Borrowing, may elect the Interest Period therefor, all as provided in this Section 2.06. ODEC may elect different options with respect to different portions of the affected Borrowing, in which case each such
portion shall be allocated ratably among the Lenders holding the Loans constituting such Borrowing, and the Loans constituting each such portion shall be considered a separate Borrowing. This Section 2.06 shall not apply to Swingline
Borrowings or Competitive Loans, which may not be converted or continued. 
 (b) Notice of Elections. To make an election
pursuant to this Section 2.06, ODEC shall notify the Administrative Agent of such election in writing by hand delivery, by telecopy or by telephone by the time that a Borrowing Request would be required under Section 2.03 if
ODEC were requesting a Syndicated Borrowing of the Type resulting from such election to be made on the effective date of such election. Each telephonic Interest Election Request shall be irrevocable and shall be confirmed promptly by hand delivery
or telecopy to the Administrative Agent of a written Interest Election Request signed by ODEC. 

  
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 (c) Content of Interest Election Requests. Each telephonic and written Interest
Election Request shall specify the following information in compliance with Section 2.02: 
 (i) the
Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be
specified pursuant to clauses (iii) and (iv) of this paragraph shall be specified for each resulting Borrowing); 
 (ii) the effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day; 

(iii) whether the resulting Borrowing is to be a Base Rate Borrowing or a LIBOR Rate Borrowing; and 

(iv) if the resulting Borrowing is a LIBOR Rate Borrowing, the Interest Period therefor after giving effect to such
election, which shall be a period contemplated by the definition of the term “Interest Period” and permitted under Section 2.02(d). 
 (d) Notice by the Administrative Agent to the Lenders. Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of
such Lender’s portion of each resulting Borrowing. 
 (e) Failure to Elect: Events of Default. If ODEC fails to
deliver a timely and complete Interest Election Request with respect to a LIBOR Rate Borrowing prior to the end of the Interest Period therefor, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such
Borrowing shall be converted to a Syndicated Base Rate Borrowing. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies
ODEC, then, so long as an Event of Default is continuing (i) no outstanding Syndicated Borrowing may be converted to or continued as a LIBOR Rate Borrowing and (ii) unless repaid, each LIBOR Rate Borrowing shall be converted to a
Syndicated Base Rate Borrowing at the end of the Interest Period therefor. 
 Section 2.07 Termination and Reduction of
the Commitments. 
 (a) Scheduled Termination. Unless previously terminated, the Commitments shall terminate on the
Maturity Date. 
 (b) Voluntary Termination or Reduction. ODEC may at any time terminate, or from time to time reduce,
the Commitments; provided that (i) each reduction of the Commitments pursuant to this Section 2.07 shall be in an amount that is $25,000,000 or a larger multiple of $5,000,000 and (ii) ODEC shall not terminate or reduce
the Commitments if, after 

  
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giving effect to any concurrent prepayment of the Syndicated Loans and Swingline Loans in accordance with Section 2.09, the sum of the aggregate Revolving Credit Exposures and the
aggregate outstanding principal amount of all Competitive Loans would exceed the total Commitments. 
 (c) Notice of
Voluntary Termination or Reduction. ODEC shall notify the Administrative Agent of any election to terminate or reduce the Commitments under Section 2.07(b) at least ten (10) Business Days prior to the effective date of such
termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any such notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by ODEC pursuant to
this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by ODEC may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be
revoked by ODEC (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 
 (d) Mandatory Reduction. The Commitments shall be automatically and permanently reduced in the manner, and under the circumstances contemplated by, Section 2.09(b). 

(e) Effect of Termination or Reduction. Any termination or reduction of the Commitments shall be permanent. Each reduction of the
Commitments shall be made ratably among the Lenders in accordance with their respective Applicable Percentages. 

Section 2.08 Repayment of Loans: Evidence of Debt. 
 (a) Repayment. ODEC hereby unconditionally promises to pay the Loans as follows: 
 (i) to the Administrative Agent (x) for account of the Lenders, the outstanding principal amount of the Syndicated Loans on the Maturity Date and (y) for the account of the applicable Lender,
the outstanding principal amount of each Competitive Loan made by such Lender on the maturity date of such Competitive Loan, and 
 (ii) to the Swingline Lender, the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the date that is the tenth Business Day after the date such Swingline Loan is
made. 
 Unless otherwise specified herein or in any other Loan Document, all Obligations shall be due and payable on the Maturity Date.

 (b) Manner of Payment. Prior to any repayment or prepayment of any Borrowings hereunder, ODEC shall select the
Borrowing or Borrowings to be paid and shall notify the Administrative Agent in writing (i) not later than 11:00 a.m. at least one (1) Business Day before the scheduled date of the prepayment of any Base Rate Borrowing or repayment of any
Borrowing, or (ii) not later than 11:00 a.m. at least three (3) Business Days’ before the scheduled date of the prepayment of any LIBOR Rate Borrowing. If ODEC fails to make a

  
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timely selection of the Borrowing or Borrowings to be repaid or prepaid, such payment shall be applied, first, to pay any outstanding Base Rate Borrowings, second, to the LIBOR Rate Borrowings
(other than Competitive Loan Borrowings) in the order of the remaining duration of their respective Interest Periods (the LIBOR Rate Borrowing with the shortest remaining Interest Period to be repaid first), and third, to Competitive Loan Borrowings
in the order of the remaining duration of their respective Interest Periods (the Competitive Loan Borrowing with the shortest remaining Interest Period to be repaid first). Each payment of a Syndicated Borrowing shall be applied ratably to the
Loans included in such Borrowing. 
 (c) Maintenance of Records by Lenders. Each Lender shall maintain in accordance with
its usual practice records evidencing the indebtedness of ODEC to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder. 

(d) Maintenance of Records by the Administrative Agent. The Administrative Agent shall maintain records in which it shall record
(i) the amount of each Loan made hereunder, the Class and Type thereof and each Interest Period therefor, (ii) the amount of any principal or interest due and payable or to become due and payable from ODEC to each Lender hereunder,
(iii) the amount of any sum received by the Administrative Agent hereunder for account of the Lenders and each Lender’s share thereof, and (iv) the Competitive Loan Rate for each Competitive Loan, if applicable. 

(e) Effect of Entries. The entries made in the records maintained pursuant to Section 2.08(c) or 2.08(d) shall
be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Lender or the Administrative Agent to maintain such records or any error therein shall not in any manner affect
the obligation of ODEC to repay the Loans in accordance with the terms of this Agreement. 
 (f) Promissory Notes. Any
Lender may request that Syndicated Loans made by it be evidenced by a Note. In such event, ODEC shall prepare, execute and deliver to such Lender a Note payable to such Lender (or, if requested by such Lender, to such Lender and its registered
assigns). Thereafter, the Syndicated Loans evidenced by such Note and interest thereon shall at all times (including after assignment pursuant to Section 9.04) be represented by one or more Notes in such form payable to the payee named
therein (or, if such Note is a registered note, to such payee and its registered assigns). The Swingline Lender may similarly request that Swingline Loans made by it be evidenced by a Note, but conformed to evidence Swingline Loans rather than
Syndicated Loans, in which case the preceding sentence shall, mutatis mutandis, be applicable to Swingline Loans. The Lender of a Competitive Loan may request that the Competitive Loan made by it be evidenced by a promissory note that
shall be in the form of Exhibit I. 
 Section 2.09 Prepayment of Loans. 

(a) Optional Prepayments. ODEC may, upon notice to the Administrative Agent, at any time or from time to time voluntarily prepay
Syndicated Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the Administrative Agent not later than 11:00 a.m. (A) three Business Days prior to any date of prepayment of

  
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Syndicated LIBOR Rate Loans and (B) on the date of prepayment of Base Rate Loans; (ii) any prepayment of Syndicated Loans shall be in a principal amount of $1,000,000 or a whole
multiple of $500,000 in excess thereof or, in each case, if less, the entire principal amount thereof then outstanding. Each such notice shall specify the date and amount of such prepayment and the Type(s) of Syndicated Loans to be prepaid and, if
Syndicated LIBOR Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent will promptly notify each Lender of its receipt of each such notice, and of the amount of such Lender’s Applicable Percentage of such
prepayment. If such notice is given by ODEC, ODEC shall make such prepayment and the payment amount specified in such notice shall be due and payable on the date specified therein. Any prepayment of a Syndicated LIBOR Rate Loan shall be accompanied
by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to Section 2.14. Each such prepayment shall be applied to the Syndicated Loans of the Lenders in accordance with their respective
Applicable Percentages. 
 (b) Mandatory Prepayments. ODEC shall prepay the Loans (and, in the case of clause
(i) below, the Commitments shall be subject to automatic termination) as follows: 
 (i) Upon the occurrence
of a Change in Control of ODEC, unless the Required Lenders shall (through the Administrative Agent) elect otherwise, ODEC shall prepay the entire principal of and interest on the Loans (and procure the termination of any outstanding Letters of
Credit and, pending such termination, provide cover for the entire amount of LC Exposure as specified in Section 2.04(k)), and the entire amount of the Commitments shall be automatically terminated. 

(ii) If the sum of the total Revolving Credit Exposures and the total outstanding Competitive Loans exceed the total
Commitments, ODEC shall prepay the Loans in an amount sufficient to result in the sum of the total Revolving Credit Exposures and the total outstanding Competitive Loans being equal to the total Commitments. 

(c) Notices, Etc. ODEC shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline
Lender) by telephone (confirmed by telecopy) of any prepayment hereunder (i) in the case of prepayment of a LIBOR Rate Borrowing, not later than 11:00 a.m. three (3) Business Days before the date of prepayment, (ii) in the case of
prepayment of a Syndicated Base Rate Borrowing, not later than 11:00 a.m. one (1) Business Day before the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon on the date of such prepayment.
Each such notice shall be irrevocable and shall specify the prepayment date, the principal amount of each Borrowing or portion thereof to be prepaid and, in the case of a mandatory prepayment, a reasonably detailed calculation of the amount of such
prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.07, then such notice of prepayment may be revoked if such notice
of termination is revoked in accordance with Section 2.07. Promptly following receipt of any such notice relating to a Syndicated Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial
prepayment of any Borrowing shall be in an amount that would be permitted in the case of a Syndicated Borrowing of the same Type as provided in Section 2.02, 

  
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except as necessary to apply fully the required amount of a mandatory prepayment. Each prepayment of a Syndicated Borrowing shall be applied ratably to the Loans included in the prepaid
Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.11 and shall be made in the manner specified in Section 2.08(b). 

Section 2.10 Fees. 
 (a) Commitment Fee. Except as otherwise provided herein, ODEC agrees to pay to the Administrative Agent for the ratable account of each Lender, based upon their respective Commitments, a Commitment
Fee, which shall accrue at a rate per annum equal to the Applicable Margin on the average daily amount of the unused Commitment of such Lender during the period from and including the date hereof to but excluding the earlier of the date such
Commitment terminates and the Maturity Date. Swingline Loans and Competitive Loans (other than with respect to the Lender making the Competitive Loan) shall not be deemed to be used for purposes of calculating the Commitment Fee. Accrued Commitment
Fees shall be payable on each Quarterly Date and on the earlier of the date the Commitments terminate and the Maturity Date, commencing on the first such date to occur after the date hereof. All Commitment Fees shall be computed on the basis of a
year of 360 days, and shall be payable for the actual number of days elapsed (including the first day but excluding the last day). 
 (b) Letter of Credit Fees. ODEC agrees to pay (i) to the Administrative Agent for account of each Lender a participation fee (such fee, the “LC Fee”) with respect to its
participations in Letters of Credit, which shall accrue at a rate per annum equal to the Applicable Margin on LIBOR Rate Loans on the average daily amount of all outstanding Letter of Credit (excluding any portion thereof attributable to
unreimbursed LC Disbursements) during the period from and including the Effective Date to but excluding the later of the date on which such Lender’s Commitment terminates and the date on which such Lender ceases to have any LC Exposure,
provided, however, any LC Fees otherwise payable for the account of a Defaulting Lender with respect to any Letter of Credit as to which such Defaulting Lender has not provided Cash Collateral satisfactory to the Issuing Lender
pursuant to Section 2.18 shall be payable, to the maximum extent permitted by applicable law, to the other Lenders in accordance with the upward adjustments in their respective Applicable Percentages allocable to such Letter of Credit
pursuant to Section 2.18, with the balance of such fee, if any, payable to the applicable Issuing Lender for its own account, and (ii) to each Issuing Lender a fronting fee, which shall accrue at the rate per annum separately agreed
to between such Issuing Lender and ODEC on the average daily amount of the LC Exposure attributable to the Letters of Credit issued by such Issuing Lender (excluding any portion thereof attributable to unreimbursed LC Disbursements) during the
period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any LC Exposure, as well as each such Issuing Lenders’ standard fees with respect to
the issuance, amendment, renewal or extension of any Letter of Credit or processing of drawings thereunder. Participation fees and fronting fees accrued through and including each Quarterly Date shall be payable on such Quarterly Date, commencing on
the first such Quarterly Date to occur after the Effective Date, with exclusions for Defaulting Lenders; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees accruing after the date on
which the Commitments terminate shall be payable on demand. Any other fees payable to the Issuing Lenders pursuant to this paragraph shall be payable within ten (10) days after demand. All

  
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participation fees and fronting fees shall be computed on the basis of a year of 360 days, and shall be payable for the actual number of days elapsed (including the first day but excluding the
last day). 
 (c) Administrative Agent Fees. ODEC agrees to pay to the Administrative Agent, for its own account, fees
payable in the amounts and at the times separately agreed upon between ODEC and the Administrative Agent. 
 (d) Lead
Arranger Fees. ODEC agrees to pay to each Lead Arranger, for its own account, fees payable in the amounts and at the times separately agreed upon between ODEC and such Lead Arranger. 

(e) Payment of Fees. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent (or to the Issuing Lenders, in the case of fees payable to them) for distribution, in the case of Commitment Fees and participation fees, to the Lenders entitled thereto. Fees paid shall not be refundable under any
circumstances. 
 Section 2.11 Interest. 
 (a) Base Rate Loans. The Loans constituting each Base Rate Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the Base Rate plus the Applicable Margin.

 (b) LIBOR Rate Loans. The Loans constituting each LIBOR Rate Borrowing shall bear interest at a rate per annum equal
to the LIBOR Rate for the Interest Period for such Borrowing plus the Applicable Margin. 
 (c) Competitive Loans.
Each Competitive Loan shall bear interest at a rate per annum equal to either (i) in the case of a Competitive Fixed Rate Loan, the Fixed Rate specified in the applicable Competitive Loan Quote, or (ii) in the case of a Competitive LIBOR
Rate Loan, the sum of the Competitive LIBOR Margin specified in the applicable Competitive Loan Quote, plus the applicable LIBOR Rate determined for the applicable Interest Period. 

(d) Default Interest. Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount
payable by ODEC hereunder is not paid when due, whether at stated maturity, upon acceleration, by mandatory prepayment or otherwise, the principal of and, to the extent permitted by law, due and unpaid interest on the Loans and any other amounts
outstanding hereunder and under any other Loan Document shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such
Loan as provided above or (ii) in the case of any other amount, 2% plus the rate applicable to Base Rate Loans as provided in Section 2.11(a). 
 (e) Payment of Interest. ODEC hereby unconditionally promises to pay accrued interest on each Loan in arrears on each Interest Payment Date for such Loan and, in the case of Syndicated Loans, upon
termination of the Commitments; provided that (i) interest accrued pursuant to Section 2.11(d) shall be payable on demand, (ii) in the event of any 

  
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repayment or prepayment of any Loan (other than a prepayment of a Syndicated Base Rate Loan prior to the Maturity Date), accrued interest on the principal amount repaid or prepaid shall be
payable on the date of such repayment or prepayment and (iii) in the event of any conversion of any LIBOR Rate Borrowing prior to the end of the Interest Period therefor, accrued interest on such Borrowing shall be payable on the effective date
of such conversion. 
 (f) Computation. All interest hereunder shall be computed on the basis of a year of 360 days,
except that interest computed by reference to the Base Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year), and in each case shall be payable for the actual number of days elapsed (including the first day but
excluding the last day). The applicable Base Rate or LIBOR Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error. The applicable Competitive Loan Rate shall be as specified in the
applicable Competitive Loan Quote. 
 (g) Notwithstanding anything to the contrary contained in any Loan Document, the interest
paid or agreed to be paid under the Loan Documents shall not exceed the maximum rate of non-usurious interest permitted by applicable law (the “Maximum Rate”). If the Administrative Agent or any Lender shall receive interest in an
amount that exceeds the Maximum Rate, the excess interest shall be applied to the principal of the Loans or, if it exceeds such unpaid principal, refunded to ODEC. In determining whether the interest contracted for, charged, or received by the
Administrative Agent or a Lender exceeds the Maximum Rate, such Person may, to the extent permitted by applicable law, (i) characterize any payment that is not principal as an expense, fee, or premium rather than interest, (ii) exclude
voluntary prepayments and the effects thereof, and (iii) amortize, prorate, allocate, and spread in equal or unequal parts the total amount of interest throughout the contemplated term of the Obligations hereunder. 

Section 2.12 Alternate Rate of Interest. If prior to the commencement of the Interest Period for any LIBOR Rate Borrowing:

 (a) the Administrative Agent determines (which determination shall be conclusive absent manifest error) that adequate and
reasonable means do not exist for ascertaining the LIBOR Rate for such Interest Period; or 
 (b) the Administrative Agent is
advised by the Required Lenders that the LIBOR Rate for such Interest Period will not adequately and fairly reflect the cost to such Lenders of making or maintaining their respective Loans included in such Borrowing for such Interest Period;

 then the Administrative Agent shall give notice thereof to ODEC and the Lenders by telephone or telecopy as promptly as practicable
thereafter and, until the Administrative Agent notifies ODEC and the Lenders that the circumstances giving rise to such notice no longer exist, (i) any Interest Election Request that requests the conversion of any Syndicated Borrowing to, or
the continuation of any Syndicated Borrowing as, a LIBOR Rate Borrowing shall be ineffective and such Syndicated Borrowing (unless prepaid) shall be continued as, or converted to, a Syndicated Base Rate Borrowing and (ii) if any Borrowing
Request requests a LIBOR Rate Borrowing, such Borrowing shall be made as a Syndicated Base Rate Borrowing. 

  
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 Section 2.13 Increased Costs. 

(a) Increased Costs Generally. If any Change in Law shall: 

(i) impose, modify or deem applicable any reserve, special deposit, compulsory loan, insurance charge or similar
requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or any Issuing Lender; or 

(ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes or Excluded 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) impose on any Lender or any Issuing Lender or the London interbank market any other condition, cost or expense affecting this Agreement or LIBOR Rate Loans or Competitive Loans made by such Lender
or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such
other Recipient of making, converting to, continuing or maintaining any LIBOR Rate Loan or Competitive Loan (or of maintaining its obligation to make any such LIBOR Rate Loan or Competitive Loan), or to increase the cost to such Lender, such Issuing
Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of Credit), or to reduce the amount of any sum received or receivable by such
Lender, Issuing Lender or other recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, Issuing Lender or such other Recipient, ODEC will pay to such Lender or Issuing Lender, as the case may be,
such additional amount or amounts as will compensate such Lender or Issuing Lender, as the case may be, for such additional costs incurred or reduction suffered. 
 (b) Capital Requirements. If any Lender or Issuing Lender determines that any Change in Law affecting such Lender or Issuing Lender or any lending office of such Lender or such Lender’s or
Issuing Lender’s holding company, if any, regarding capital requirements, has or would have the effect of reducing the rate of return on such Lender’s or Issuing Lender’s capital or on the capital of such Lender’s or Issuing
Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swingline Loans held by, such Lender, or the Letters of Credit issued by any
Issuing Lender, to a level below that which such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or Issuing
Lender’s policies and the policies of such Lender’s or Issuing Lender’s holding company with respect to capital adequacy), then from time to time ODEC will pay to such Lender or Issuing Lender, as the case may be, such additional
amount or amounts as will compensate such Lender or Issuing Lender or such Lender’s or Issuing Lender’s holding company for any such reduction suffered. 

  
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 (c) Certificates for Reimbursement. A certificate of a Lender or Issuing Lender
setting forth the amount or amounts necessary to compensate such Lender or Issuing Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section and delivered to ODEC, shall be conclusive absent
manifest error. ODEC shall pay such Lender or Issuing Lender, as the case may be, the amount shown as due on any such certificate within ten (10) days after receipt thereof. Notwithstanding anything to the contrary in this
Section 2.13, a Lender shall not be entitled to compensation pursuant to this Section 2.13 if the Change in Law that would otherwise entitle it to such compensation shall have been publicly announced prior to submission of
the Competitive Loan Quote pursuant to which the applicable Competitive Loan was made. 
 (d) Delay in Requests. Failure
or delay on the part of any Lender or Issuing Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender’s or Issuing Lender’s right to demand such compensation; provided that ODEC shall not
be required to compensate a Lender or Issuing Lender pursuant to this Section for any increased costs incurred or reductions suffered more than six (6) months prior to the date that such Lender or Issuing Lender, as the case may be, notifies
ODEC of the Change in Law giving rise to such increased costs or reductions, and of such Lender’s or Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or
reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect thereof). 
 Section 2.14 Break Funding Payments. In the event of (a) the payment of any principal of any LIBOR Rate Loan or Competitive Loan other than on the last day of an Interest Period therefor
(including as a result of an Event of Default), (b) the conversion of any LIBOR Rate Loan other than on the last day of an Interest Period therefor, (c) the failure to borrow, convert, continue or prepay any LIBOR Rate Loan on the date
specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.09(c) and is revoked in accordance herewith) or the failure to borrow or repay any Competitive Loan on the
applicable date, or (d) the assignment as a result of a request by ODEC pursuant to Section 2.17(b) of any LIBOR Rate Loan other than on the last day of an Interest Period therefor, then, in any such event, ODEC shall compensate
each applicable Lender for the loss, cost and expense attributable to such event. 
 In the case of a LIBOR Rate Loan or
Competitive LIBOR Rate Loan, the loss to any Lender attributable to any such event shall be deemed to include an amount determined by such Lender to be equal to the excess, if any, of (i) the amount of interest that such Lender would pay for a
deposit equal to the principal amount of such Loan for the period from the date of such payment, conversion, failure or assignment to the last day of the then current Interest Period for such Loan (or, in the case of a failure to borrow, convert or
continue, the duration of the Interest Period that would have resulted from such borrowing, conversion or continuation) if the interest rate payable on such deposit were equal to the LIBOR Rate for such Interest Period, over (ii) the amount of
interest that such Lender would earn on such principal amount for such period if such Lender were to invest such principal amount for such period at the interest rate that would be received by such Lender (or an affiliate of such Lender) for Dollar
deposits from other banks in the eurodollar market at the commencement of such period. 

  
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 A certificate of any Lender setting forth any amount or amounts that such Lender is
entitled to receive pursuant to this Section 2.14 shall be delivered to ODEC and shall be conclusive absent manifest error. ODEC shall pay such Lender the amount shown as due on any such certificate within ten (10) days after
receipt thereof. 
 Section 2.15 Taxes. 
 (a) For purposes of this Section 2.15, the term “Lender” includes any Issuing Lender. 
 (b) Payments Free of Taxes. Any and all payments by or on account of any obligation of ODEC under any Loan Document shall be made without deduction or withholding for any Taxes, except as required
by applicable law. If any applicable law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding
Agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum
payable by ODEC shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an
amount equal to the sum it would have received had no such deduction or withholding been made. 
 (c) Payment of Other Taxes
by ODEC. Without limiting the provisions of paragraph (a) above, ODEC shall timely pay to the relevant Governmental Authority in accordance with applicable law or at the option of the Administrative Agent or the applicable Lender timely
reimburse it for the payment of, any Other Taxes. 
 (d) Indemnification by ODEC. ODEC shall indemnify each Recipient,
within ten (10) days after demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) payable or paid by
such Recipient or required to be withheld or deducted from a payment to such Recipient, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnified Taxes or Other Taxes were
correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to ODEC by a Lender (with a copy to the Administrative Agent), or by the Administrative Agent on
its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 
 (e) Indemnification by the
Lenders. Each Lender shall severally indemnify the Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that ODEC has not already indemnified the
Administrative Agent for such Indemnified Taxes and without limiting the obligation of ODEC to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(d) relating to the
maintenance of a Participant Register and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising
therefrom or 

  
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with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability
delivered to 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 under any Loan Document
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 (e). 
 (f) Evidence of Payments. As soon as practicable after any payment of Taxes by ODEC to a Governmental Authority pursuant to this Section 2.15, ODEC shall deliver to the Administrative
Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent. As
soon as practicable after any payment of Taxes by a Lender for which such Lender has been indemnified in full by ODEC prior to making payment thereof pursuant to Section 2.15(d), such Lender shall deliver to ODEC the original or a
certified copy of a receipt issued by the applicable Governmental Authority evidencing such payment. 
 (g) Status of
Lenders. 
 (i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect
to payments made under any Loan Document shall deliver to ODEC and the Administrative Agent, at the time or times prescribed by law or reasonably requested by ODEC or the Administrative Agent, such properly completed and executed documentation
prescribed by law or reasonably requested by ODEC or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by ODEC or the
Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by ODEC or the Administrative Agent as will enable ODEC or the Administrative Agent to determine whether or not such Lender is subject
to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two sentences, the completion, execution and submission of such documentation (other than such documentation set forth in
Section 2.15(g)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in the Lender’s reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or
expense or would materially prejudice the legal or commercial position of such Lender. 
 (ii) Without limiting
the generality of the foregoing, in the event that the borrower is a U.S. Borrower, 
 (A) any Lender that is a
U.S. Person shall deliver to ODEC 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 ODEC or the Administrative Agent),
executed originals of IRS Form W-9 (or successor form) certifying that such Lender is exempt from U.S. federal backup withholding Tax; 

  
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 (B) any Foreign Lender shall, to the extent that it is legally entitled to
do so, deliver to ODEC and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon
the reasonable request of ODEC or the Administrative Agent), whichever of the following is applicable: 
 (i) in
the case of a Foreign Lender claiming the benefits of an income tax treaty to which the United States is a party (x) with respect to payments of interest under any Loan Document, executed originals of IRS Form W-8BEN (or successor form)
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 under any Loan Document, IRS Form W-8BEN (or
successor form) establishing an exemption, or reduction of, from U.S. federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

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

(iii) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under
Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit L-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section 881(c)(3)(A) of the Code or Other Applicable U.S.
Tax Law, a “10 percent shareholder” of ODEC within the meaning of Section 881(c)(3)(B) of the Code or Other Applicable U.S. Tax Law, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code or
Other Applicable U.S. Tax Law (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 
 (iv) to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN (or, in each case, applicable successor forms), a
U.S. Tax Compliance Certificate substantially in the form of Exhibit L-2 or Exhibit L-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable, in each case, evidencing an exemption from or reduction of, U.S.
federal withholding Tax; provided that if the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance
Certificate substantially in the form of Exhibit L-4 together with executed original copies of the forms referenced therein, on behalf of each such direct and indirect partner; 

  
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 (C) any Foreign Lender shall, to the extent it is legally entitled to do so,
deliver to ODEC and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time thereafter upon the
reasonable request of ODEC or the Administrative Agent), executed originals of any other form prescribed by applicable law as a basis for claiming an exemption from or a reduction in U.S. federal withholding Tax, duly completed, together with such
supplementary documentation as may be prescribed by applicable law to permit ODEC or the Administrative Agent to determine the withholding or deduction required to be made; and 

(D) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by
FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to ODEC and the Administrative Agent
at the time or times prescribed by law and at such time or times reasonably requested by ODEC or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code or Other
Applicable U.S. Tax Law) and such additional documentation reasonably requested by ODEC or the Administrative Agent as may be necessary for ODEC 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 (D), “FATCA” shall include any amendments made to FATCA after the
date of this Agreement. 
 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 ODEC and the Administrative Agent in writing of its legal inability to do so 

(h) Treatment of Certain Refunds. If any party determines, in its sole discretion exercised in good faith, that it has received a
refund, of any Taxes as to which it has been indemnified pursuant to Section 2.13 or this Section 2.15 (including by the payment of additional amounts pursuant to Section 2.21(b)), it shall pay to the indemnifying
party an amount equal to such refund (but only to the extent of indemnity payments made under Section 2.13 or this Section 2.15 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses
(including Taxes) of such indemnified party and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to
such indemnified party the amount paid over pursuant to this paragraph (h) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund
to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (h), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (h) the payment of which
would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to 

  
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such refund had never been paid. This paragraph (h) shall not be construed to require any indemnified party to make available its Tax returns (or any other information relating to its Taxes
that it deems confidential) to the indemnifying party or any other Person. 
 (i) Survival. Each party’s obligations
under this Section 2.15 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. 
 Section 2.16 Payments Generally: Pro Rata Treatment: Sharing of
Set-Offs. 
 (a) Payments by ODEC. ODEC shall make each payment required to be made by it hereunder (whether of
principal, interest, fees or reimbursement of LC Disbursements, or under Section 2.13, 2.14 or 2.15, or otherwise) or under any other Loan Document (except to the extent otherwise provided therein) prior to 12:00 noon on
the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business
Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent in such manner and place as shall from time to time be specified by the Administrative Agent, except as otherwise expressly provided in the
relevant Loan Document and except payments to be made directly to an Issuing Lender or the Swingline Lender as expressly provided herein and payments pursuant to Sections 2.13, 2.14, 2.15 and 9.03, which shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be
due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments
hereunder or under any other Loan Document (except to the extent otherwise provided therein) shall be made in Dollars. 
 (b)
Application of Insufficient Payments. If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, unreimbursed LC Disbursements, interest and fees then due hereunder, such
funds shall be applied (i) first, to pay all fees, expense reimbursements, indemnities and all other sums due and payable to the Administrative Agent in its capacity as Administrative Agent and not as a Lender hereunder, (ii) second, to
pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (iii) third, to pay principal and unreimbursed LC Disbursements then due
hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal and unreimbursed LC Disbursements then due to such parties. 
 (c) Pro Rata Treatment of Syndicated Borrowings; Treatment of Competitive Loans. Except to the extent otherwise provided herein: (i) each Syndicated Borrowing shall be made from the Lenders,
each payment of Commitment Fees under Section 2.10 shall be made for account of the Lenders, and each termination or reduction of the amount of the Commitments under Section 2.07 shall be applied to the respective Commitments
of the Lenders, pro rata 

  
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according to the amounts of their respective Commitments; (ii) each Syndicated Borrowing shall be allocated pro rata among the Lenders according to the amounts of their respective
Commitments (in the case of the making of Syndicated Loans) or their respective Loans that are to be included in such Borrowing (in the case of conversions and continuations of Loans); (iii) each payment or prepayment of principal of Syndicated
Loans by ODEC shall be made for account of the Lenders pro rata in accordance with the respective unpaid principal amounts of the Syndicated Loans held by them; and (iv) each payment of interest on Syndicated Loans by ODEC shall be made for
account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders. Each payment or prepayment of principal and interest of each Competitive Loan shall be made for the account of
the applicable Lender. 
 (d) Sharing of Payments by Lenders. Except as provided in Section 5.10 with respect
to CoBank Equities, if any Lender shall, by exercising any right of set-off or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of its Syndicated Loans, participations in LC Disbursements, Swingline Loans
or Competitive Loans or in respect of any Commitment Fee or Letter of Credit participation fee (as contemplated by Section 2.10(b)(i) (collectively, the “Fees”) resulting in such Lender receiving payment of a greater
proportion of the aggregate amount of its Syndicated Loans, participations in LC Disbursements, Swingline Loans, Competitive Loans and accrued interest thereon or Fees then due than the proportion received by any other Lender, then the Lender
receiving such greater proportion shall (i) notify the Administrative Agent of such fact and (ii) purchase (for cash at face value) participations in the Syndicated Loans, participations in LC Disbursements, Swingline Loans and Competitive
Loans or Fees of other Lenders to the extent necessary so that the benefit of all such payments shall be shared by the Lenders ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Syndicated Loans,
participations in LC Disbursements, Swingline Loans and Competitive Loans or Fees; provided that (i) if any such participations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations
shall be rescinded and the purchase price restored to the extent of such recovery, without interest, and (ii) the provisions of this paragraph shall not be construed to apply to any payment made by ODEC pursuant to and in accordance with the
express terms of this Agreement or any payment obtained by a Lender as consideration for the assignment of or sale of a participation in any of its Loans or participations in LC Disbursements to any assignee or participant, other than to ODEC or any
Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). ODEC consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring a participation pursuant to
the foregoing arrangements may exercise against ODEC rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor of ODEC in the amount of such participation. 

(e) Presumptions of Payment. Unless the Administrative Agent shall have received notice from ODEC prior to the date on which any
payment is due to the Administrative Agent for account of the Lenders or the Issuing Lenders hereunder that ODEC will not make such payment, the Administrative Agent may assume that ODEC has made such payment on such date in accordance herewith and
may (but shall have no obligation to), in reliance upon such assumption, distribute to the Lenders or the Issuing Lenders, as the case may be, the amount due. In such event, if ODEC has not in fact made such payment, then each of the Lenders or the

  
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Issuing Lenders, as the case may be, severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender or such Issuing Lender with interest
thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the Federal Funds Effective Rate. 

(f) Certain Deductions by the Administrative Agent. If any Lender shall fail to make any payment required to be made by it
pursuant to Section 2.04(e), 2.05 or 2.16(e), then the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), apply any amounts thereafter received by the Administrative Agent for
account of such Lender to satisfy such Lender’s obligations under such Sections until all such unsatisfied obligations are fully paid. 
 Section 2.17 Mitigation Obligations; Replacement of Lenders. 
 (a)
Designation of a Different Lending Office. If any Lender requests compensation under Section 2.13, or requires ODEC to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to
Section 2.15, then such Lender shall (at the request of ODEC) use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its
offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.13 or 2.15, as the case may be, in the future, and
(ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Lender. ODEC hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such
designation or assignment. 
 (b) Replacement of Lenders. If any Lender requests compensation under
Section 2.13, or if ODEC is required to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15 and, in each case, such Lender has declined or is unable to
designate a different lending office in accordance with Section 2.17(a) so as to eliminate the amounts payable pursuant to Section 2.13 or 2.15, or if any Lender is a Defaulting Lender or a Non-Consenting Lender,
then ODEC may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents
required by, Section 9.04), all of its interests, rights and obligations under this Agreement and the related Loan Documents to an Eligible Assignee that shall assume such obligations (which assignee may be another Lender, if a Lender
accepts such assignment); provided that: 
 (i) ODEC shall have paid to the Administrative Agent the
assignment fee (if any) specified in Section 9.04; 
 (ii) such Lender shall have received payment of
an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under
Section 2.14 except in the case of a Defaulting Lender) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or ODEC (in the case of all other amounts); 

  
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 (iii) in the case of any such assignment resulting from a claim for
compensation under Section 2.13 or payments required to be made pursuant to Section 2.15, such assignment will result in a reduction in such compensation or payments thereafter; 

(iv) such assignment does not conflict with applicable law; and 

(v) in the case of any assignment resulting from a Lender becoming a Non-Consenting Lender, the applicable assignee shall
have consented to the applicable amendment, waiver or consent. 
 (c) A Lender shall not be required to make any such assignment
or delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling ODEC to require such assignment and delegation cease to apply. 

Section 2.18 Defaulting Lenders. 
 (a) Defaulting Lender Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then, until such time as such Lender is no longer
a Defaulting Lender, to the extent permitted by applicable law: 
 (i) Waivers and Amendments. Such
Defaulting Lender’s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted as set forth in the definition of Required Lenders. 

(ii) Defaulting Lender Waterfall. Any payment of principal, interest, fees or other amounts received by the
Administrative Agent for the account of such Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article VII or otherwise) or received by the Administrative Agent from a Defaulting Lender pursuant to Section 9.08
shall be applied at such time or times as may be determined by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder; 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; third, to Cash Collateralize the Issuing Lenders’ Fronting Exposure with respect to such Defaulting Lender in accordance
with Section 2.04; fourth, as ODEC may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this
Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and ODEC, 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 Issuing Lenders’ future Fronting Exposure with respect to such Defaulting Lender with respect to future Letters of Credit issued under
this Agreement, in accordance with Section 2.04; 

  
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sixth, to the payment of any amounts owing to the Lenders, the Issuing Lenders or Swingline Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender,
the Issuing Lenders or Swingline Lenders against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of
any amounts owing to ODEC as a result of any judgment of a court of competent jurisdiction obtained by ODEC against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this Agreement; and
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 or LC Disbursements in respect of which such
Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at a time when the conditions set forth in Section 4.02 were satisfied or waived, such payment
shall be applied solely to pay the Loans of, and LC Disbursements owed to, all Non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of, or LC Disbursements owed to, such Defaulting Lender until such time as
all Loans and funded and unfunded participations in LC Exposure and Swingline Loans are held by the Lenders pro rata in accordance with the Commitments without giving effect to Section 2.18(a)(iv). 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 2.18(a)(ii) shall be deemed paid to and redirected by such
Defaulting Lender, and each Lender irrevocably consents hereto. 
 (iii) Certain Fees. 

(A) No Defaulting Lender shall be entitled to receive any Commitment Fee for any period during which that Lender is a
Defaulting Lender (and ODEC shall not be required to pay any such fee that otherwise would have been required to have been paid to that Defaulting Lender). 
 (B) Each Defaulting Lender shall be entitled to receive LC Fees for any period during which that Lender is a Defaulting Lender only to the extent allocable to its Applicable Percentage of the stated
amount of Letters of Credit for which it has provided Cash Collateral pursuant to Section 2.04. 

(C) With respect to any Commitment Fee or LC Fee not required to be paid to any Defaulting Lender pursuant to clause
(A) or (B) above, ODEC shall (x) pay to each Non-Defaulting Lender that portion of any such fee otherwise payable to such Defaulting Lender with respect to such Defaulting Lender’s participation in Fronting Exposure that has been
reallocated to such Non-Defaulting Lender pursuant to clause (iv) below, (y) pay to each Issuing Lender and Swingline Lender, as applicable, the amount of any such fee otherwise payable to such Defaulting Lender to the extent allocable to
such Issuing Lender’s or Swingline Lender’s Fronting Exposure to such Defaulting Lender, and (z) not be required to pay the remaining amount of any such fee. 

  
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 (iv) Reallocation of Participations to Reduce Fronting Exposure. All
or any part of such Defaulting Lender’s participation in LC Exposure and Swingline Loans shall be reallocated among the Non-Defaulting Lenders in accordance with their respective Applicable Percentages (calculated without regard to such
Defaulting Lender’s Commitment) but only to the extent that (x) no Default or Event of Default shall have occurred and be continuing at the time of such reallocation (and, unless ODEC shall have otherwise notified the Administrative Agent
at such time, ODEC shall be deemed to have represented and warranted that such condition is satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any Non-Defaulting Lender to exceed such
Non-Defaulting Lender’s Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Lender arising from that Lender having become a Defaulting Lender, including any claim
of a Non-Defaulting Lender as a result of such Non-Defaulting Lender’s increased exposure following such reallocation. 
 (v) Cash Collateral, Repayment of Swingline Loans. If the reallocation described in clause (iv) above cannot, or can only partially, be effected, ODEC shall, without prejudice to any right or
remedy available to it hereunder or under law, (x) first, prepay Swingline Loans in an amount equal to the Swingline Lender’s Fronting Exposure and (y) second, Cash Collateralize the Issuing Lender’s Fronting Exposure in
accordance with the procedures set forth in Section 2.04. 
 (b) Defaulting Lender Cure. If ODEC, the
Administrative Agent and each Swingline Lender and Issuing Lender agree in writing that a Lender is no longer a Defaulting Lender, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such
notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Lender will, to the extent applicable, purchase at par that portion of outstanding Loans of the other Lenders or take
such other actions as the Administrative Agent may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and Swingline Loans to be held pro rata by the Lenders in accordance with the Commitments
under the applicable Facility (without giving effect to Section 2.18(a)(iv), whereupon such Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or
payments made by or on behalf of ODEC while that Lender was a Defaulting Lender; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender
will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. 
 (c) New Swingline Loans/Letters of Credit. So long as any Lender is a Defaulting Lender, (i) the Swingline Lender shall not be required to fund any Swingline Loans unless it is satisfied that
it will have no Fronting Exposure after giving effect to such Swingline Loan and (ii) no Issuing Lender shall be required to issue, extend, renew or increase any Letter of Credit unless it is satisfied that it will have no Fronting Exposure
after giving effect thereto. 

  
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 Section 2.19 Swingline Loans. 

(a) Agreement to Make Swingline Loans. Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make
Swingline Loans to ODEC from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding 10% of the
total Commitments or (ii) the aggregate Revolving Credit Exposures plus the aggregate outstanding principal amount of all Competitive Loans exceeding the total Commitments; provided that the Swingline Lender shall not be required to make
a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, ODEC may borrow, prepay and reborrow Swingline Loans. 

(b) Notice of Swingline Loans by ODEC. To request a Swingline Loan (other than borrowings pursuant to a Wells Fargo financial
management account or similar cash management product offered by Wells Fargo, which shall be effected as provided thereunder), ODEC shall notify the Administrative Agent of such request by hand delivery, by telecopy or by telephone (confirmed by
telecopy) of a Borrowing Request, not later than 11:00 a.m. on the day of a proposed Swingline Loan. Each such Borrowing Request shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested
Swingline Loan. The Swingline Lender shall make each Swingline Loan available to ODEC by means of a credit to the account of ODEC specified by ODEC to the Swingline Lender (or, in the case of a Swingline Loan made to finance the reimbursement of an
LC Disbursement as provided in Section 2.04(f), by remittance to the Issuing Lender having made such LC Disbursement) by 3:00 p.m. on the requested date of such Swingline Loan. 

(c) Refinancing of Swingline Loans. 
 (i) The Swingline Lender at any time in its sole discretion may request, on behalf of ODEC (which hereby irrevocably authorizes the Swingline Lender to so request on its behalf), that each Lender make a
Syndicated Base Rate Loan in an amount equal to such Lender’s Applicable Percentage of the amount of Swingline Loans then outstanding. Such request shall be made in writing (which written request shall be deemed to be a Borrowing Request for
purposes hereof) and in accordance with the requirements of Section 2.03, without regard to the minimum and multiples specified therein for the principal amount of Base Rate Loans, but subject to the unutilized portion of the aggregate
Commitments and the conditions set forth in Section 4.02. The Swingline Lender shall furnish ODEC with a copy of the applicable Borrowing Request promptly after delivering such notice to the Administrative Agent. Each Lender shall make an
amount equal to its Applicable Percentage of the amount specified in such Borrowing Request available to the Administrative Agent in immediately available funds (and the Administrative Agent may apply Cash Collateral available with respect to the
applicable Swingline Loan) for the account of the Swingline Lender at the 

  
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Administrative Agent’s payment office not later than 1:00 p.m. on the day specified in such Borrowing Request, whereupon, subject to Section 2.19(c)(ii), each Lender that so
makes funds available shall be deemed to have made a Syndicated Base Rate Loan to ODEC in such amount. The Administrative Agent shall remit the funds so received to the Swingline Lender. 

(ii) If for any reason any Swingline Loan cannot be refinanced by such a Syndicated Borrowing in accordance with
Section 2.19(c)(i), the request for Base Rate Loans submitted by the Swingline Lender as set forth herein shall be deemed to be a request by the Swingline Lender that each of the Lenders fund its risk participation in the relevant
Swingline Loan and each Lender’s payment to the Administrative Agent for the account of the Swingline Lender pursuant to Section 2.19(c)(i) shall be deemed payment in respect of such participation. 

(iii) If any Lender fails to make available to the Administrative Agent for the account of the Swingline Lender any amount
required to be paid by such Lender pursuant to the foregoing provisions of this Section 2.19(c) by the time specified in Section 2.19(c)(i), the Swingline Lender shall be entitled to recover from such Lender (acting through
the Administrative Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Swingline Lender at a rate per annum equal to the greater
of the Federal Funds Effective Rate and a rate determined by the Swingline Lender in accordance with banking industry rules on interbank compensation, plus any administrative, processing or similar fees customarily charged by the Swingline Lender in
connection with the foregoing. If such Lender pays such amount (with interest and fees as aforesaid), the amount so paid shall constitute such Lender’s Syndicated Base Rate Loan included in the relevant Borrowing Request or funded participation
in the relevant Swingline Loan, as the case may be. A certificate of the Swingline Lender submitted to any Lender (through the Administrative Agent) with respect to any amounts owing under this clause (iii) shall be conclusive absent manifest
error. 
 (iv) Each Lender’s obligation to make Syndicated Base Rate Loans or to purchase and fund risk
participations in Swingline Loans pursuant to this Section 2.19(c) shall be absolute and unconditional and shall not be affected by any circumstance, including (A) any setoff, counterclaim, recoupment, defense or other right which
such Lender may have against the Swingline Lender, ODEC or any other Person for any reason whatsoever, (B) the occurrence or continuance of a Default or Event of Default, or (C) any other occurrence, event or condition, whether or not
similar to any of the foregoing; provided, however, that each Lender’s obligation to make Syndicated Base Rate Loans pursuant to this Section 2.19(c) is subject to the conditions set forth in Section 4.02.
No such funding of risk participations shall relieve or otherwise impair the obligation of ODEC to repay Swingline Loans, together with interest as provided herein. 

  
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 (d) Repayment of Participations. 

(i) At any time after any Lender has purchased and funded a risk participation in a Swingline Loan, if the Swingline
Lender receives any payment on account of such Swingline Loan, the Swingline Lender will distribute to such Lender its Applicable Percentage thereof in the same funds as those received by the Swingline Lender. 

(ii) If any payment received by the Swingline Lender in respect of principal or interest on any Swingline Loan is required
to be returned by the Swingline Lender for any reason, each Lender shall pay to the Swingline Lender its Applicable Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount
is returned, at a rate per annum equal to the Federal Funds Effective Rate. The Administrative Agent will make such demand upon the request of the Swingline Lender. The obligations of the Lenders under this clause shall survive the payment in full
of the Obligations and the termination of this Agreement. 
 (e) Interest for Account of Swingline Lender. The Swingline
Lender shall be responsible for invoicing ODEC for interest on the Swingline Loans. Until each Lender funds its Syndicated Base Rate Loan or risk participation pursuant to this Section 2.19 to refinance such Lender’s Applicable
Percentage of any Swingline Loan, interest in respect of such Applicable Percentage shall be solely for the account of the Swingline Lender. 
 (f) Payments Directly to Swingline Lender. ODEC shall make all payments of principal and interest in respect of the Swingline Loans directly to the Swingline Lender. 

Section 2.20 Competitive Loans. 
 (a) Competitive Loans. Subject to the terms and conditions set forth herein, from time to time ODEC may request Competitive Loan Quotes and may (but shall not have any obligation to) accept
Competitive Loan Quotes and borrow Competitive Loans; provided, that the aggregate principal amount of any requested Competitive Loan shall not exceed the total Commitments minus the sum of the aggregate Revolving Credit Exposures and the
aggregate outstanding principal amount of all other Competitive Loans. 
 (b) Minimum Amounts. Each Competitive Loan
Request shall be in an aggregate amount of $5,000,000 or a larger multiple of $1,000,000. 
 (c) Competitive Loans
Request. To request Competitive Loan Quotes, ODEC shall notify the Administrative Agent of such request in writing by hand delivery, by telecopy or by telephone (i) in the case of a LIBOR Competitive Loan, not later than 11:00 a.m. four
(4) Business Days before the date of the proposed Borrowing and (ii) in the case of a Fixed Rate Competitive Loan, not later than 10:00 a.m. one (1) Business Day before the date of the proposed Borrowing; provided that ODEC may submit
up to (but not more than) four (4) Competitive Loan Quote Requests in any thirty (30) day period. Each telephonic Competitive Loan Quote Request shall be confirmed promptly by hand delivery or telecopy to the Administrative Agent of a
written Competitive Loan Quote Request in the form of Exhibit H and signed by ODEC. Each such telephonic and written Competitive Loan Quote Request shall specify the following information: 

(i) the aggregate amount of the requested Borrowing; 

  
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 (ii) the date of such Borrowing, which shall be a Business Day; 

(iii) whether such Borrowing is to be for a LIBOR Competitive Loan or a Fixed Rate Competitive Loan; 

(iv) the Interest Period to be applicable to such Borrowing, which shall be a period contemplated by the definition of the
term “Interest Period”; and 
 (v) the location and number of ODEC’s account to which funds are to
be disbursed. 
 Promptly following receipt of a Competitive Loan Quote Request in accordance with this
Section 2.20, the Administrative Agent shall notify the Lenders of the details thereof by telecopy, inviting the Lenders to submit Competitive Loan Quotes. 
 (d) Competitive Loan Quotes. Each Lender may (but shall not have any obligation to) make one or more Competitive Loan Quotes to ODEC in response to a Competitive Loan Quote Request. Each
Competitive Loan Quote by a Lender must be substantially in the form of Exhibit G and must be received by the Administrative Agent by telecopy, (i) in the case of a LIBOR Competitive Loan, not later than 9:30 a.m. three (3) Business
Days before the proposed date of such Competitive Loan Borrowing and (ii) in the case of a Fixed Rate Competitive Loan, not later than 9:30 a.m. on the proposed date of such Competitive Loan Borrowing. Competitive Loan Quotes that do not
conform substantially to Exhibit G may be rejected by the Administrative Agent. Each Competitive Loan Quote shall specify (1) the principal amount (which shall be a minimum of $5,000,000 and in integral multiples of $1,000,000 and which
may equal the entire principal amount of the Competitive Loan Borrowing requested by ODEC) of the Competitive Loan or Loans that the Lender is willing to make, (2) the Competitive Loan Rate or Rates at which the Lender is prepared to make such
Loan or Loans (expressed as a percentage rate per annum, in the case of Fixed Rate Competitive Loans or as a margin above the LIBOR Rate, in the case of a LIBOR Rate Competitive Loan, in each case, in the form of a decimal to no more than four
decimal places) and (3) the Interest Period applicable to each such Loan and the last day thereof. 
 (e) Transmission
of Quotes to Borrower. The Administrative Agent shall by 9:45 a.m. on the date of any deadline for the receipt of Competitive Loan Quotes in respect of any Competitive Loan Quote Request, notify ODEC by telecopy of the Competitive Loan Quotes
and the principal amount specified in each Competitive Loan Quote and the identity of the Lender that shall have made such Competitive Loan Quote. 
 (f) Borrower Acceptance. Subject only to the provisions of this paragraph, ODEC may accept or reject any Competitive Loan Quote. ODEC shall notify the Administrative Agent by telephone, confirmed
by telecopy in a form approved by the Administrative Agent, whether and to what extent it has decided to accept or reject each Competitive Loan Quote (i) in 

  
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the case of a LIBOR Rate Competitive Loan, not later than 10:30 a.m. three (3) Business Days before the date of the proposed Competitive Loan Borrowing and (ii) in the case of a Fixed
Rate Competitive Loan, not later than 10:30 a.m. on the proposed date of the Competitive Loan Borrowing; provided, that (A) the failure of ODEC to give such notice shall be deemed to be a rejection of each Competitive Loan Quote,
(B) ODEC shall not accept a Competitive Loan Quote made at a particular Competitive Loan Rate for a particular Interest Period if ODEC rejects a Competitive Loan Quote made at a lower Competitive Loan Rate for the applicable Interest Period,
(C) the aggregate amount of the Competitive Loan Quotes accepted by ODEC shall not exceed the aggregate amount of the Competitive Loan Borrowing specified in the related Competitive Loan Quote Request, (D) to the extent necessary to comply
with clause (C) above, ODEC may accept Competitive Loan Quotes at the same Competitive Loan Rate in part, which acceptance, in the case of multiple Competitive Loan Quotes at such Competitive Loan Rate, shall be made pro rata in accordance with
the amount of each such Competitive Loan Quote, rounded to the nearest $1,000,000 increment, and (E) except pursuant to clauses (C) and (D) above, no Competitive Loan Quote shall be accepted for a Competitive Loan unless such
Competitive Loan is in a minimum principal amount of $5,000,000 and an integral multiple of $1,000,000; provided further that if a Competitive Loan must be in an amount less than $5,000,000 because of the provisions of clauses (C) and
(D) above, such Competitive Loan may be for a minimum amount of $1,000,000 or any integral multiple thereof, and in calculating the pro rata allocation of acceptances of portions of multiple Competitive Loan Quotes at a particular Competitive
Loan Rate pursuant to clause (D), the amounts shall be rounded to integral multiples of $1,000,000. A notice given by ODEC pursuant to this paragraph shall be irrevocable. 
 (g) Notice of Borrower Acceptance. The Administrative Agent shall promptly notify each quoting Lender by telecopy whether or not one or more of its Competitive Loan Quotes has been accepted (and,
if so, the amount and Competitive Loan so accepted), and each successful bidder will thereupon become bound, subject to the terms and conditions hereof, to make the Competitive Loan offered in the accepted Competitive Loan Quote. 

(h) Quotes by the Administrative Agent. If the Administrative Agent shall elect to submit a Competitive Loan Quote in its capacity
as a Lender, it shall submit such Competitive Loan Quote directly to ODEC at least one quarter of an hour earlier than the time by which the other Lenders are required to submit their Competitive Loan Quotes to the Administrative Agent pursuant to
Section 2.20(d). 
 (i) Repayment of Competitive Loans. Competitive Loans may not be continued and shall be
repaid in full on the last day of the Interest Period applicable thereto, including from the proceeds of new Competitive Loans made in accordance with this Section 2.20, or with proceeds of ratable Borrowings in accordance with
Section 2.01. 
 (j) Other Terms. Any Competitive Loan shall not reduce the Revolving Credit Commitment of
the Lender making such Competitive Loan, and each such Lender shall continue to be obligated to fund its pro rata share of all ratable Borrowings under this Agreement. 

  
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 Section 2.21 Increase of Commitments; Additional Lenders. 

(a) Increase of the Commitment. 
 (i) So long as no Default or Event of Default has occurred and is continuing, ODEC may request the right to increase the Commitment (any such increase, a “Commitment Increase”), in an
aggregate amount of up to $150,000,000 for all such Commitment Increases (the “Commitment Increase Cap”), during the term of this Agreement by delivering a Notice of Requested Commitment Increase to the Administrative Agent
substantially in the form of Exhibit J (a “Notice of Requested Commitment Increase”). Each Notice of Requested Commitment Increase shall specify: (1) the amount of the proposed Commitment Increase and (2) the
requested date of the proposed Commitment Increase (which shall be at least thirty (30) days from the date of delivery of the Notice of Requested Commitment Increase). Each Notice of Requested Commitment Increase shall be binding on ODEC. If
the Administrative Agent approves a proposed Commitment Increase, the Administrative Agent shall deliver a copy of the Notice of Requested Commitment Increase relating thereto to each Lender. Each Lender shall have the right for a period of fifteen
(15) days following receipt of such Notice of Requested Commitment Increase, to elect by written notice to ODEC and the Administrative Agent to increase its Commitment by a principal amount equal to its Applicable Percentage of the amount of
the Commitment Increase. Any Lender not responding within such time period shall be deemed to have declined to increase its Commitment. No Lender (or any successor thereto) shall have any obligation to increase its Commitment or its other
obligations under this Agreement and the other Loan Documents, and any decision by a Lender to increase its Commitment may be made in its sole discretion independently from any other Lender. 

(ii) If any Lender shall not elect to increase its Commitment pursuant to clause (i) above, ODEC may designate
another bank or other financial institution (which may be, but need not be, one or more of the existing Lenders) which at the time agrees to, in the case of any such Person that is an existing Lender, increase its Commitment and in the case of any
other such Person (an “Additional Lender”), become a party to this Agreement; provided, however, that any new bank or financial institution must be acceptable to the Administrative Agent, which acceptance will not be
unreasonably withheld or delayed. The sum of the increases in the Commitment of the existing Lenders plus the Commitment of the Additional Lenders shall not in the aggregate exceed the unsubscribed amount of the Commitment Increase. 

(iii) Notwithstanding the foregoing, (A) each Commitment Increase shall be in minimum increments of $25,000,000;
(B) the proposed Commitment Increase shall have been consented to in writing by the Administrative Agent, each Lender (if any) who is increasing its Commitment and each Additional Lender; (C) the pricing and other terms applicable to the
Commitment Increase shall be the same as those applicable to the existing Commitments; and (D) the proposed Commitment Increase, together with any prior Commitment Increase, shall not exceed the Commitment Increase Cap. Upon the effective date
of any 

  
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Commitment Increase, ODEC shall deliver to the Administrative Agent a certificate of the chief financial officer of ODEC certifying that (i) no Default or Event of Default then exists or
would be caused thereby; (ii) at the time of and after giving effect to any such Commitment Increase, all of the representations and warranties set forth in Article III are true and correct in all material respects (except to the extent
that such representation or warranty is qualified by materiality); and (iii) that the conditions set forth in clause (C) and (D) are satisfied. No Commitment Increase shall be effective until the Administrative Agent shall have
received amendments to this Agreement and the other Loan Documents, commitments of Lenders or Additional Lenders in an aggregate amount equal to such Commitment Increase, agreements for each Lender or Additional Lender committing to such Commitment
Increase (each a “Lender Agreement”), any upfront fees to be paid to the Lenders committing to such Commitment Increase, and such opinion letters, Notes and such other agreements, documents and instruments requested by and
reasonably satisfactory to the Administrative Agent in its reasonable discretion evidencing and setting forth the conditions of such Commitment Increase. 
 (b) Notwithstanding anything to the contrary contained herein, each Commitment Increase meeting the conditions set forth in Section 2.21(a) shall not require the consent of any Lender other
than those Lenders, if any, which have agreed to increase their Commitment in connection with such Commitment Increase, shall not constitute an amendment, modification or waiver that is subject to Section 9.02 and shall be effective as
of the later of (i) the date specified in the applicable Notice of Requested Commitment Increase and (ii) the date upon which the foregoing conditions shall have been satisfied. 

(c) After giving effect to any Commitment Increase, the outstanding Loans may not be held pro rata in accordance with the Commitment. In
order to remedy the foregoing, on the effective date of each Commitment Increase, ODEC shall prepay and the Lenders (including any Additional Lenders) shall make Loans to the extent necessary so that, after giving effect thereto, the Loans will be
held by the Lenders (including any Additional Lenders) on a pro rata basis in accordance with their respective Applicable Percentages (after giving effect to such Commitment Increase). The LC Exposure and Swingline Exposure of each Lender shall
automatically be revised to reflect the revised Applicable Percentages giving each to such Commitment Increase. Each Lender agrees to wire immediately available funds to the Administrative Agent in accordance with this Agreement as may be required
by the Administrative Agent in connection with the foregoing, and to execute any documents reasonably requested by the Administrative Agent to effectuate such changes. Notwithstanding the provisions of Sections 9.04(a) and (b), the
reallocations so made by each Lender whose Applicable Percentage has increased shall be deemed to be a purchase of a corresponding amount of the Revolving Loans of the Lender or Lenders whose Applicable Percentage have decreased and shall not be
considered an assignment for purposes of Sections 9.04(a) and (b). 
 Section 2.22 Termination of
Commitments. 
 (a) Termination of Commitment. In addition to the rights of ODEC under Section 2.17(b),
if any Lender requests compensation under Section 2.13 or if ODEC is required 

  
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to pay additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.15 (and, in each case, such Lender has declined or is unable
to designate a different lending office in accordance with Section 2.17(a) so as to eliminate the amounts payable pursuant to Section 2.13 or 2.15), or if any Lender is a Defaulting Lender, then ODEC may, at its
sole expense, terminate in whole the Commitment (any such termination, a “Commitment Termination”) of such Lender (a “Noticed Lender”) by delivering a Notice of Commitment Termination to the Administrative Agent
substantially in the form of Exhibit K (a “Notice of Commitment Termination”) but only to the extent, if a reallocation of the Loans and Fronting Exposure is required under Section 2.22(c), that (x) the
conditions set forth in Section 4.02 are satisfied at the time of such termination (and, unless ODEC shall have otherwise notified the Administrative Agent at such time, ODEC shall be deemed to have represented and warranted that such
conditions are satisfied at such time), and (y) such reallocation does not cause the aggregate Revolving Credit Exposure of any other Lender to exceed such other Lender’s Commitment. Each Notice of Commitment Termination shall specify:
(1) the Noticed Lender and the amount of the proposed Commitment Termination (which shall be the entire Commitment of such Noticed Lender), and (2) the requested date of the proposed Commitment Termination (which shall be at least ten
(10) days from the date of delivery of the Notice of Commitment Termination). Each Notice of Commitment Termination shall be irrevocable and binding on ODEC. No Commitment Termination shall be effective until the Administrative Agent shall have
received any opinion letters, and other agreements, documents and instruments requested by and reasonably satisfactory to the Administrative Agent in its reasonable discretion evidencing and setting forth the conditions of such Commitment
Termination. 
 (b) Notwithstanding anything to the contrary contained herein, each Commitment Termination meeting the
conditions set forth in Section 2.22(a) shall not require the consent of any Lender, shall not constitute an amendment, modification or waiver that is subject to Section 9.02 and shall be effective as of the later of
(i) the date specified in the applicable Notice of Commitment Termination and (ii) the date upon which the foregoing conditions shall have been satisfied. 
 (c) After giving effect to any Commitment Termination, the outstanding Loans may not be held pro rata in accordance with the Commitment. In order to remedy the foregoing, on the effective date of each
Commitment Termination, ODEC shall prepay and the Lenders (including any Additional Lenders) shall make Loans to the extent necessary so that, after giving effect thereto, the Loans will be held by the Lenders on a pro rata basis in accordance with
their respective Applicable Percentages (after giving effect to such Commitment Termination). The LC Exposure and Swingline Exposure of each Lender shall automatically be revised to reflect the revised Applicable Percentages giving each to such
Commitment Increase. Each Lender agrees to wire immediately available funds to the Administrative Agent in accordance with this Agreement as may be required by the Administrative Agent in connection with the foregoing (such that the Noticed Lender
shall have received payment of an amount equal to the outstanding principal of its Loans and participations in LC Disbursements, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents
(including any amounts under Section 2.14 except in the case of a Defaulting Lender) from the other Lenders (to the extent of such outstanding principal and accrued interest and fees) or ODEC (in the case of all other amounts)), and to
execute any documents reasonably requested by the Administrative Agent to effectuate such changes. Notwithstanding the 

  
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provisions of Sections 9.04(a) and (b), the reallocations so made by each Lender whose Applicable Percentage has increased or decreased shall not be considered an assignment for
purposes of Sections 9.04(a) and (b). The termination of a Defaulting Lender’s Commitment shall not relieve such Defaulting Lender of any liability to ODEC for any default hereunder. 

Section 2.23 Extension of Maturity Date. 
 (a) Requests for Extension. ODEC may, by notice to the Administrative Agent (who shall promptly notify the Lenders) not earlier than 45 days and not later than 35 days prior to the Maturity Date
then in effect hereunder (the “Existing Maturity Date”), request that each Lender extend such Lender’s Maturity Date for an additional 364 days from the Existing Maturity Date. 

(b) Lender Elections to Extend. Each Lender, acting in its sole and individual discretion, shall, by notice to the Administrative
Agent given not earlier than 30 days prior to the Existing Maturity Date and not later than the date (the “Notice Date”) that is 20 days prior to the Existing Maturity Date, advise the Administrative Agent whether or not such Lender
agrees to such extension (and each Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative Agent of such fact promptly after such determination (but in any event no later
than the Notice Date) and any Lender that does not so advise the Administrative Agent on or before the Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other
Lender to so agree. 
 (c) Notification by Administrative Agent. The Administrative Agent shall notify ODEC of each
Lender’s determination under this Section no later than the date 15 days prior to the Existing Maturity Date (or, if such date is not a Business Day, on the next preceding Business Day). 

(d) Additional Commitment Lenders. ODEC shall have the right on or before the Existing Maturity Date to replace each Non-Extending
Lender with, and add as “Lenders” under this Agreement in place thereof, one or more banks or other financial institutions (each, an “Additional Commitment Lender”) with the approval of the Administrative Agent and the
Issuing Lenders (which approvals shall not be unreasonably withheld), each of which Additional Commitment Lenders shall have entered into an agreement in form and substance satisfactory to ODEC and the Administrative Agent pursuant to which such
Additional Commitment Lender shall, effective as of the Existing Maturity Date, undertake a Commitment (and, if any such Additional Commitment Lender is already a Lender, its Commitment shall be in addition to such Lender’s Commitment hereunder
on such date). 
 (e) Minimum Extension Requirement. If (and only if) the total of the Commitments of the Lenders that
have agreed so to extend their Maturity Date and the additional Commitments of the Additional Commitment Lenders shall be more than 50% of the aggregate amount of the Commitments in effect immediately prior to the Existing Maturity Date, then,
effective as of the Existing Maturity Date, the Maturity Date of each Extending Lender and of each Additional Commitment Lender shall be extended to the date falling 364 days after the Existing Maturity Date (except that, if such date is not a
Business Day, such Commitment Date as so extended shall be the next preceding Business Day) and each Additional Commitment Lender shall thereupon become a “Lender” for all purposes of this Agreement. 

  
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 (f) Conditions to Effectiveness of Extensions. Notwithstanding the foregoing, the
extension of the Maturity Date pursuant to this Section shall not be effective with respect to any Lender unless: 
 (i) no Default or Event of Default shall have occurred and be continuing on the date of such extension and after giving effect thereto; 

(ii) the representations and warranties contained in this Agreement are true and correct on and as of the date of such
extension and after giving effect thereto, as though made on and as of such date (or, if any such representation or warranty is expressly stated to have been made as of a specific date, as of such specific date); and 

(iii) on or before the Maturity Date of each Non-Extending Lender, (1) ODEC shall have paid in full the principal of
and interest on all of the Loans made by such Non-Extending Lender hereunder and (2) ODEC shall have paid in full all other amounts owing to such Lender hereunder. 
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 

ODEC represents and warrants to the Lenders that: 
 Section 3.01 Organization; Powers. ODEC is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization, has all requisite power and authority
to carry on its business as now conducted and, except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect, is qualified to do business in, and is in good standing in,
every jurisdiction where such qualification is required. 
 Section 3.02 Authorization; Enforceability. The
Transactions are within the corporate power of ODEC and have been duly authorized by all necessary action and, if required, by all necessary Member action. This Agreement has been duly executed and delivered by ODEC and constitutes, and each of the
other Loan Documents when executed and delivered will constitute, a legal, valid and binding obligation of ODEC, enforceable in accordance with its terms, except as such enforceability may be limited by (a) bankruptcy, insolvency,
reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (b) the application of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
 Section 3.03 Governmental Approvals; No Conflicts. Except as set forth on
Schedule 3.03, the Transactions (a) do not require any consent or approval of, registration or filing with, or any other action by, any Governmental Authority or third-party, including any consent or approval of, registration or filing
with, or any other action by, the Federal Energy 

  
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Regulatory Commission (or is successor in such function), except such as have been obtained or made and are in full force and effect or except as would not be material to the business of ODEC or
to the validity or enforceability of any Loan Document or any Obligation, (b) will not violate any material law, rule, regulation (including Regulation T, U or X of the Board), writ, judgment, injunction, decree or award, or the charter, bylaws
or other organizational documents of ODEC or any material order of any Governmental Authority, (c) will not violate or result in a default under any material indenture, contract, lease, loan agreement, deed of trust, agreement or other
instrument binding upon ODEC or assets necessary to the business of ODEC, or give rise to a right thereunder to require any payment to be made by ODEC, and (d) will not result in the creation or imposition of any material Lien on any material
asset of ODEC. 
 Section 3.04 Financial Condition: No Material Adverse Change. 

(a) Financial Condition. ODEC has heretofore furnished to the Lenders its consolidated balance sheet and statements of revenue,
expenses and patronage capital, comprehensive income and cash flows (i) as of and for the fiscal year ended December 31, 2010, contained in an audited report of independent public accountants of nationally recognized standing, and
(ii) as of and for the nine months ended September 30, 2011. Such financial statements present fairly, in all material respects, the financial position and results of operations and cash flows of ODEC and its Subsidiaries as of such dates
and for such periods in accordance with GAAP, subject to year-end audit adjustments and the absence of footnotes in the case of the statements referred to in clause (ii) of the first sentence of this paragraph. 

(b) No Material Adverse Change. Since December 31, 2010, there has been no event or circumstance, either individually or in
the aggregate, that has had or could reasonably be expected to have a Material Adverse Effect, except as disclosed in ODEC’s annual report on Form 10-K for the year ended December 31, 2010, and ODEC’s quarterly report on Form 10-Q for
the nine months ended September 30, 2011 copies of which have been provided to the Lenders ((but excluding any risk factors or forward–looking disclosures set forth under the heading “Risk Factors” or under the heading
“Special Note Regarding Forward–looking Statements,” and any other disclosures that are cautionary, predictive or forward–looking in nature, in any such report). 

Section 3.05 Properties. ODEC has good title to, or valid leasehold interests in, all its material real and personal
property, including all rights, licenses, permits, privileges and franchises, free and clear of Liens prohibited by this Agreement and any material defects in title that could not reasonably be cured by a condemnation proceeding with respect to the
property affected by such defect. “Material” for purposes of this section means material in relation to the business, operations, affairs, financial condition, assets or properties of ODEC, taken as a whole. 

Section 3.06 Litigation. Except as disclosed on Schedule 3.06 (the “Disclosed Matters”), there are no
actions, suits or proceedings by or before any arbitrator or Governmental Authority now pending against or, to the knowledge of ODEC, threatened against ODEC that has had or could reasonably be expected, individually or in the aggregate, to result
in a Material Adverse Effect. No Disclosed Matter (i) if adversely determined, could reasonably be expected, individually or in the aggregate with all other Disclosed Matters, to result in a Material Adverse Effect, or (ii) involves any of
the Loan Documents or the Transactions. 

  
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 Section 3.07 Environmental Matters. 

(a) ODEC has obtained and maintains all environmental, health and safety permits, licenses, consents, approvals and other authorizations
required under all Environmental Laws (“Environmental Permits”) necessary to carry on its business as now being or as proposed to be conducted, and ODEC has complied and is in compliance with the terms and conditions thereof and
with all Environmental Laws, except in each case where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 (b) Except, in each case, as could not reasonably be expected to result in a Material Adverse Effect, (i) the real property owned, operated or leased by ODEC (“Real Property”) is in
compliance with all applicable Environmental Laws, and (ii) there are no pending or, to the knowledge of ODEC, threatened Environmental Claims against ODEC. 
 Section 3.08 Compliance with Laws and Agreements. ODEC is in compliance with all laws, rules, regulations, writs, judgments, decrees, awards and orders of any Governmental Authority applicable
to it or its property, in each case except where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. ODEC is in material compliance with each of the Material Contracts.

 Section 3.09 Investment Status. ODEC is not an “investment company” as defined in, or subject to
regulation under, the Investment Company Act of 1940, as amended. 
 Section 3.10 Taxes. ODEC has timely filed or
caused to be filed all material Tax returns and reports required to have been filed, and each of such Tax returns and reports was at the time filed accurate and complete in all material respects. ODEC has timely paid or caused to be paid all Taxes
(including any interest penalties or other additions to such Taxes) required to have been paid by it, except (a) Taxes that are being contested in good faith by appropriate proceedings and for which ODEC has set aside on its books adequate
reserves in accordance with GAAP or (b) to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect. 
 Section 3.11 ERISA. No ERISA Event has occurred or is reasonably expected to occur. The present value of all accumulated benefit obligations of all underfunded Plans (based on the assumptions
used for purposes of Financial Accounting Standards Board Accounting Standards Codification No. 715 – Accounting for Compensation – Retirement Benefits) could not reasonably be expected to result in a Material Adverse Effect as of
September 30, 2011. 
 Section 3.12 Disclosure. None of the reports, financial statements, certificates or
other information furnished by or on behalf of ODEC to the Lenders in connection with the negotiation of this Agreement and the other Loan Documents or delivered hereunder or thereunder (as modified or supplemented by other information so furnished)
as of the date of delivery thereof, taken as a whole, and in the light of the circumstances under which they were made, contained any material misstatement of fact or omitted to state any material fact

  
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necessary to make the statements therein not misleading; provided that, with respect to projected financial information, ODEC represents only that such information was prepared in good
faith based upon assumptions believed to be reasonable at the time; provided, further, that no representation or warranty is made with respect to any information provided or supplied by the Administrative Agent or any Lender in the
Information Memorandum. 
 Section 3.13 Margin Stock. ODEC is not engaged, directly or indirectly, in the business
of extending credit to others or arranging for the extension or maintenance by others of credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying Margin Stock, and no part of the proceeds of any extension of credit
hereunder will be used to purchase or carry any Margin Stock. After application of the proceeds of each Loan or Letter of Credit, not more than 25% of the value (as determined by any reasonable method) of the assets of ODEC subject to any provision
of this Agreement under which the sale, pledge or disposition of assets is restricted (within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, as in effect from time to time) will consist of Margin Stock.

 Section 3.14 Wholesale Power Contracts. Attached hereto as Schedule 3.14 is a complete and correct list of
all the Wholesale Power Contracts in existence on the date hereof. Each of the Wholesale Power Contracts is in full force and effect. 
 ARTICLE IV 
 CONDITIONS 

Section 4.01 Effective Date. The obligations of the Lenders to make Loans and of the Issuing Lenders to issue Letters of
Credit hereunder shall not become effective until the first date on which the following conditions precedent have been satisfied (or such conditions shall have been waived in accordance with Section 9.02): 

(a) The Administrative Agent shall have received on or before the Effective Date the following, each dated such day (unless otherwise
specified), in form and substance satisfactory to the Administrative Agent (unless otherwise specified) and (except for the Notes) in sufficient copies for each Lender: 

(i) From each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or
(B) written evidence satisfactory to the Administrative Agent (which may include telecopy transmission of a signed signature page to this Agreement) that such party has signed a counterpart of this Agreement. 

(ii) The requested Notes payable to the order of the Lenders. 

(iii) Certified copies of the resolutions of the Board of Directors of ODEC approving the Transactions and entry into the
Loan Documents, and of all documents evidencing other necessary corporate action and governmental and other material third party approvals and consents, if any, with respect to the Transactions and each Loan Document. 

  
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 (iv) A certificate from the Virginia State Corporation Commission, dated as
of a date reasonably satisfactory to the Administrative Agent, certifying (A) as to a true and correct copy of the articles of incorporation of ODEC and each amendment thereto on file in such office and (B) that ODEC is duly organized and
in good standing under the laws of the Commonwealth of Virginia. 
 (v) A certificate of ODEC signed by one of
its Responsible Officers certifying as to (A) the absence of any amendments to the articles of incorporation of ODEC since the date of the certificate referred to in Section 4.01(a)(iv), (B) a true and correct copy of the
bylaws (or corresponding documents) of ODEC as in effect on the date on which the resolutions referred to in Section 4.01(a)(iii) were adopted and on the date of the initial Borrowing hereunder and (C) the conditions specified in
Section 4.02(a) and (b) have been satisfied. 
 (vi) A certificate of ODEC’s
Secretary or an Assistant Secretary certifying the names and true signatures of the officers of ODEC authorized to sign each Loan Document and the other documents to be delivered hereunder and thereunder. 

(vii) A copy of ODEC’s most recent financial forecast and such financial information regarding ODEC as the
Administrative Agent shall have reasonably requested, including information as to possible contingent liabilities, obligations under Plans and Multiemployer Plans. 

(viii) Copies of the financial statements referred to in Section 3.04(a). 

(ix) If applicable, a Borrowing Request and/or one or more Issuance Notices with respect to Letters of Credit relating to
the initial Borrowing. 
 (x) Favorable written opinions (addressed to the Administrative Agent and the Lenders
and dated the Effective Date) of LeClairRyan, general counsel to ODEC, and Orrick, Herrington & Sutcliffe LLP, special counsel to ODEC, covering such matters relating to ODEC, the Loan Documents or the Transactions as the Administrative
Agent shall reasonably request. 
 (xi) Each other Loan Document not mentioned above in this
Section 4.01(a) and any other documents, in each case as reasonably requested by the Administrative Agent or any Lender. 
 (b) The Administrative Agent and the Lenders shall have received copies of the following schedules: (i) a schedule of Indebtedness of ODEC and its Subsidiaries in excess of $1,000,000 together with
the amount of such Indebtedness, the creditor, the maturity date, availability, whether such Indebtedness is secured or unsecured and if secured, a general description of the collateral, and (ii) a schedule of ODEC’s Subsidiaries together
with, for each such Subsidiary, (A) the jurisdiction of organization of such Subsidiary, (B) each Person holding ownership interests in such Subsidiary and (C) the nature of the ownership interests held by each such Person and the
percentage of ownership of such Subsidiary represented by such ownership interests. 

  
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 (c) At least five (5) days prior to the Effective Date, the Administrative Agent and
the Lenders shall have received such documentation and information as the Administrative Agent and each Lender shall reasonably request at least ten (10) days prior to the Effective Date in order to comply with all applicable “know your
customer” and anti-money laundering laws. 
 (d) The Administrative Agent and the Lenders shall have received certified
copies of the investment policy of ODEC as adopted by its board of directors. 
 (e) Such evidence as the Administrative Agent
shall require that all principal, interest and fees due and payable pursuant to the credit agreements set forth on Schedule 4.01(f) have been paid in full and that the facilities thereunder have been terminated or will be paid in full and
terminated in connection with the Effective Date. 
 The obligation of each Lender to make its initial extension of credit
hereunder is also subject to the payment by ODEC of such fees and reimbursement of such expenses as ODEC shall have agreed to pay to any Lender or the Administrative Agent in connection with the negotiation, preparation, execution and delivery of
this Agreement and the other Loan Documents and the extensions of credit hereunder. 
 The Administrative Agent shall,
immediately after all of the conditions under this Section have been met, notify ODEC and the Lenders of the Effective Date, and such notice shall be conclusive and binding. Without limiting the generality of the provisions of
Section 8.03(c), for purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this agreement shall be deemed to have consented to, approved or accepted or to be
satisfied with, each document or other matter required thereunder to be consented to or approved by or acceptable or satisfactory to a Lender. 
 Section 4.02 Each Credit Event. The obligation of each Lender to make any Loan, of the Swingline Lender to make Swingline Loans and of the Issuing Lenders to issue, amend, renew or extend any
Letter of Credit (each of the foregoing, a “Credit Extension”), is additionally subject to the satisfaction of the following conditions: 
 (a) the representations and warranties of ODEC set forth in this Agreement and in the other Loan Documents shall be true and correct in all respects (or, in case of any representation or warranty that is
not qualified by a Material Adverse Effect qualifier, in all material respects), on and as of the date of the applicable Credit Extension, except (A) other than on the Effective Date, the representations and warranties set forth in
Section 3.04(b), 3.06, 3.07 and 3.12, or (B) any such representations or warranties that, by their terms, refer to a specific date (including by reference to “as of the date hereof) other than the date of
such Credit Extension, in which case such representation and warranty shall be made as of such specific date; 
 (b) no Default
or Event of Default has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom; and each Credit Extension shall be deemed to constitute a representation and warranty by ODEC on the
date thereof as to the matters specified in this clause (b); and 
 (c) the Administrative Agent shall have received, as
applicable, a Borrowing Request relating to the requested Borrowing in accordance with Section 2.03(b) or, one or more Issuance Notices with respect to any requested Letter of Credit in accordance with Section 2.04(b).

  
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 ARTICLE V 
 AFFIRMATIVE COVENANTS 
 Until the Commitments have expired or been
terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full and all Letters of Credit shall have expired or terminated and all LC Disbursements shall have been reimbursed, ODEC covenants and
agrees with the Lenders that: 
 Section 5.01 Financial Statements and Other Information. ODEC will furnish to the
Administrative Agent (who will furnish a copy thereof to each Lender): 
 (a) as soon as available and in any event within 135
days after the end of each fiscal year of ODEC a copy of the Form 10-K filed by ODEC with the Securities and Exchange Commission or, if not so filed, a consolidated balance sheet of ODEC and the Subsidiaries as of the end of such fiscal year and the
related consolidated statements of revenue, expenses and patronage capital and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, duly certified and dated by the chief financial
officer of ODEC and all prepared in accordance with generally accepted accounting principles applied on a consistent basis and audited by independent public accountants of nationally recognized standing whose opinion shall be furnished to the
Administrative Agent, shall be to the effect that such financial statements have been prepared in accordance with GAAP (except for changes with which such accountants concur) and shall not be limited as to the scope of the audit or qualified in any
respect, provided, that the delivery within the time period specified above of the Form 10-K for such fiscal year prepared in accordance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this
Section 5.01(a) with respect to the certification by the chief financial officer of ODEC; 
 (b) as soon as
available and in any event within 90 days after the end of each of the first three quarters of each fiscal year of ODEC a copy of the Form 10-Q filed by ODEC with the Securities and Exchange Commission or, if not so filed, a consolidated balance
sheet of ODEC and the Subsidiaries as of the end of such quarter and the related consolidated statements of revenue, expenses and patronage capital and cash flows for such quarter and for the portion of ODEC’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 ODEC’s previous fiscal year, all in reasonable detail, duly certified and dated (subject to normal year-end
adjustments) by the chief financial officer of ODEC and all prepared in accordance with GAAP applied on a consistent basis; provided, that the delivery within the time period specified above of the Form 10-Q for such quarter prepared in
accordance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 5.01(b); 
 (c) concurrently with any delivery of financial statements under Section 5.01(a) or 5.01(b), a certificate of a Responsible Officer of ODEC, substantially in the form of Exhibit
F, (i) certifying as to whether a Default or Event of Default has occurred and, if a Default 

  
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or Event of Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations
demonstrating compliance, in the case of each annual certificate, with Section 6.05, and (iii) certifying that the consolidating balance sheet and related consolidated statements of revenue, expenses and patronage capital for ODEC
and its Subsidiaries present fairly in all material respects the financial condition and results of operations of ODEC and its Subsidiaries on a consolidating basis in accordance with GAAP consistently applied, subject to the normal year-end audit
adjustments and the absence of footnotes; 
 (d) within a reasonable period of time following execution and delivery or
adoption, as the case may be, any Wholesale Power Contracts not previously delivered to the Administrative Agent and the Lenders and any changes in ODEC’s investment policy adopted by its board of directors; and 

(e) promptly following any request therefor, such other information regarding the operations, business affairs and financial condition of
ODEC, or compliance with the terms of this Agreement and the other Loan Documents, as the Administrative Agent or any Lender may reasonably request. 
 Section 5.02 Notices of Material Events. ODEC will furnish to the Administrative Agent prompt written notice of the following: 

(a) the occurrence of any Default or Event of Default; provided, that the time by which ODEC shall provide such written notice
thereof to the Administrative Agent shall be the date ODEC provides notice of such event to any of its creditors, but in any event no later than fifteen (15) days after actual knowledge thereof by a Responsible Officer of ODEC; 

(b) the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority against or
affecting ODEC that, if adversely determined, could reasonably be expected to result in a Material Adverse Effect; 
 (c) any
modification or supplement to (i) one or more Wholesale Power Contracts that individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect or (ii) the requirements set forth in Section 4 or
Exhibit D (or applicable successor provisions) of one or more of the Wholesale Power Contracts; 
 (d) any notice of a reduction
by a rating agency of any credit rating of ODEC or any of its indebtedness; 
 (e) the occurrence of an “Event of
Default” as defined in the Indenture; 
 (f) any other development, including an ERISA Event or an Environmental Claim,
that results in, or could reasonably be expected to result in, a Material Adverse Effect; and 
 (g) the initial capitalization
or acquisition of a Subsidiary with $1,000,000 or more of assets; provided, that the date by which ODEC shall provide written notice thereof to the Administrative Agent shall be no later than thirty (30) days after such formation or
acquisition of such Subsidiary. 

  
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 Each notice delivered under this Section 5.02 shall be accompanied by a statement of a
Responsible Officer of ODEC setting forth the details of the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. 
 Section 5.03 Existence; Conduct of Business. ODEC will do or cause to be done all things necessary to preserve, renew and keep in full force and effect its legal existence and the rights,
licenses, permits, privileges and franchises necessary to the conduct of its business; provided, that the foregoing shall not prohibit any merger, consolidation, liquidation or dissolution permitted under Section 6.02 or prohibit
the issuance by ODEC of equity-like interests in ODEC so long as no such issuance could result in a Change of Control. 

Section 5.04 Payment of Obligations; Taxes. 
 ODEC will pay its Indebtedness and other obligations, including Tax liabilities, that, if not paid, could reasonably be expected to result in a Material Adverse Effect before the same shall become
delinquent or in default, except where (a) the validity or amount thereof is being contested in good faith by appropriate proceedings, (b) ODEC has set aside on its books adequate reserves with respect thereto in accordance with GAAP,
(c) such contest effectively suspends collection of the contested obligation and the enforcement of any Lien securing such obligation, and (d) the failure to make payment pending such contest could not reasonably be expected to result in a
Material Adverse Effect. 
 Section 5.05 Books and Records; Inspection Rights. ODEC will keep proper books of record
and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. ODEC will permit any representatives designated by the Administrative Agent or any Lender, upon reasonable
prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent accountants, all at such reasonable times and as often
as reasonably requested. 
 Section 5.06 Compliance with Laws and Agreements. ODEC will comply with all laws, rules,
regulations and orders of any Governmental Authority applicable to it or its property (including all Environmental Laws and the provisions of ERISA), including the payment of any fees required by any Governmental Authority and all reporting
requirements, except in each case where the failure to do so, individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. ODEC will comply in all material respects with each Material Contract.

 Section 5.07 Use of Proceeds and Letters of Credit. Extensions of credit hereunder (whether Loans or Letters of
Credit) will be used only for general corporate purposes not in contravention of any applicable law or of any Loan Document; provided, that neither the Administrative Agent nor any Lender shall have any responsibility as to the use of any
such proceeds. No part of the proceeds of any Loan or Letter of Credit will be used by ODEC, whether directly or indirectly, for the purpose of purchasing or carrying any Margin Stock. 

  
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 Section 5.08 Further Assurances. ODEC will execute any and all further
documents, agreements and instruments, and take all such further actions which may be required under any applicable law, or which the Administrative Agent or the Required Lenders may reasonably request, to effectuate the Transactions, all at the
expense of ODEC. 
 Section 5.09 Identification of Parties. ODEC will comply with all requests by or on behalf of
the Lenders, or any one of them, for information concerning the identification of ODEC, including its corporate organization, place or places of business, operations and registration or qualification to do business in any place, senior management,
and principal ownership, for purposes of complying with the Bank Secrecy Act, P.L. 97-258 (September 13, 1982), as amended, and all regulations adopted thereunder, and the Patriot Act, and for information concerning the use or destination of the
proceeds of the Loans or the Letters of Credit, for purposes of complying with the Trading With the Enemy Act of 1917, ch. 106, 40 Stat. 411 (October 6, 1917), as amended, and all regulations adopted and executive orders issued thereunder.

 Section 5.10 Certain Equity and Security. 

(a) So long as CoBank is a Lender hereunder, ODEC will acquire equity in CoBank in such amounts and at such times as CoBank may require
in accordance with CoBank’s Bylaws and Capital Plan (as each may be amended from time to time), except that the maximum amount of equity that ODEC may be required to purchase in CoBank in connection with the Loans made by CoBank may not exceed
the maximum amount permitted by the Bylaws and the Capital Plan at the time this Agreement is entered into. ODEC acknowledges receipt of a copy of (i) CoBank’s most recent annual report, and if more recent, CoBank’s latest quarterly
report, (ii) CoBank’s Notice to Prospective Stockholders and (iii) CoBank’s Bylaws and Capital Plan, which describe the nature of all of ODEC’s stock and other equities in CoBank acquired in connection with its patronage
loan from CoBank (the “CoBank Equities”) as well as capitalization requirements, and agrees to be bound by the terms thereof. 
 (b) Each party hereto acknowledges that CoBank’s Bylaws and Capital Plan (as each may be amended from time to time) shall govern (i) the rights and obligations of the parties with respect to the
CoBank Equities and any patronage refunds or other distributions made on account thereof or on account of ODEC’s patronage with CoBank, (ii) ODEC’s eligibility for patronage distributions from CoBank (in the form of CoBank Equities
and cash) and (iii) patronage distributions, if any, in the event of a sale of a participation interest. CoBank reserves the right to assign or sell participations in all or any part of its Commitments or outstanding Loans hereunder on a
non-patronage basis. 
 (c) Each party hereto acknowledges that CoBank has a statutory first lien pursuant to the Farm Credit
Act of 1971 (as amended from time to time) on all CoBank Equities that ODEC may now own or hereafter acquire, which statutory lien shall be for CoBank’s sole and exclusive benefit. Notwithstanding anything to the contrary set forth in
Section 2.16(d), the CoBank Equities shall not constitute security for the Obligations due to any other Lender. To the extent that any of the Loan Documents create a Lien on the CoBank Equities or on patronage accrued by CoBank for the
account of ODEC (including, in each case, proceeds thereof), such Lien shall be for CoBank’s sole and exclusive benefit and shall not be subject to pro rata sharing 

  
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hereunder notwithstanding anything to the contrary set forth in Section 2.16(d). Neither the CoBank Equities nor any accrued patronage shall be offset against the Obligations except
that, in the event of an Event of Default, CoBank may elect, solely at its discretion and notwithstanding anything to the contrary set forth in Section 2.16(d), to apply the cash portion of any patronage distribution or retirement of
equity to amounts due to CoBank under this Agreement. ODEC acknowledges that any corresponding tax liability associated with such application is the sole responsibility of ODEC. CoBank shall have no obligation to retire the CoBank Equities upon any
Event of Default, Default or any other default by ODEC, or at any other time, either for application to the Obligations or otherwise. 
 ARTICLE VI 
 NEGATIVE COVENANTS 

Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been
paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, ODEC covenants and agrees with the Lenders that: 
 Section 6.01 Liens. ODEC will not create, incur, assume or permit to exist any Lien on any property or asset now owned or hereafter acquired by it, or assign or sell any income or revenues
(including accounts receivable) or rights in respect of any thereof, except: 
 (a) Any Lien created by or under the Indenture;

 (b) Permitted Encumbrances (as defined in the Indenture as of the Effective Date); 

(c) Liens on fixed or capital assets acquired, constructed or improved by ODEC; provided that (i) except in the case of
Capital Lease Obligations, such Liens and the Indebtedness secured thereby are incurred prior to or within forty-five (45) days after such acquisition or the completion of such construction or improvement, (ii) the Indebtedness secured
thereby does not exceed the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such Liens shall not apply to any other property or assets of ODEC; 

(d) Liens not securing Indebtedness; 
 (e) Liens on bank, commodity, securities, investment or similar accounts securing obligations to the financial institution maintaining such accounts, clearinghouses or any of their Affiliates with respect
to obligations of ODEC to any such financial institutions, clearinghouse or Affiliates pursuant to an account or similar agreement with such financial institution; 
 (f) Liens created hereunder or pursuant hereto; or 
 (g) CoBank’s statutory
Lien in the CoBank Equities. 

  
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 Section 6.02 Fundamental Changes. ODEC will not enter into any transaction of
merger or consolidation or amalgamation, or liquidate, wind up or dissolve itself (or suffer any liquidation or dissolution) or dispose of all or Substantially All of its assets; provided that, so long as no Default or Event of Default shall
exist or be caused thereby, a Person, the consolidated assets of which do not exceed 50% of the consolidated assets of ODEC, may be merged or consolidated into ODEC so long as ODEC shall be the continuing or surviving entity. ODEC shall not dispose
of any asset necessary for the conduct of its business if such disposition would conflict with Prudent Utility Practice. 

Section 6.03 Lines of Business. ODEC will not engage to any material extent in any business other than the business of being
an electric generation and transmission cooperative and associated activities. 
 Section 6.04 Transactions with
Affiliates. ODEC will not sell, lease or otherwise transfer any property or assets to, or purchase, lease or otherwise acquire any property or assets from, or otherwise engage in any other transactions with, any of its Affiliates, except
transactions at prices and on terms and conditions that are not less favorable to ODEC than could reasonably be obtained on an arm’s-length basis from unrelated third parties. 

Section 6.05 Certain Financial Covenants. 
 (a) Margins for Interest Ratio. ODEC will not permit its Margins for Interest (as defined in the Indenture as in effect on the Effective Date) for any fiscal year to be less than 1.10 times
Interest Charges (as defined in the Indenture as in effect on the Effective Date) for such period. 
 (b)
Debt-to-Capitalization Ratio. ODEC will maintain at all times a Debt-to-Capitalization Ratio of no more than 0.85:1.00. 

Section 6.06 Hedging Agreements. ODEC will not enter into, or guarantee the obligations of any other Person under, any
Hedging Agreement entered into for speculative purposes. 
 Section 6.07 Wholesale Power Contracts. ODEC will not
amend, or waive any provision under, any Wholesale Power Contract if, following such amendment or waiver, ODEC does not have Compliant Contracts with Members that, as of the year ended December 31, 2010, accounted for at least 75% of
ODEC’s revenue under all Wholesale Power Contracts. 
 Section 6.08 Corporate Documents; Fiscal Year. ODEC will
not make or permit any modification, supplement or waiver of any of the provisions of its charter, by-laws or any other organizational document that would reasonably be expected to have a Material Adverse Effect. ODEC will not modify its fiscal
year. 

  
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 ARTICLE VII 
 EVENTS OF DEFAULT 
 If any of the following events (“Events of
Default”) shall occur: 
 (a) ODEC shall fail to pay any principal of any Loan or any reimbursement obligation in
respect of any LC Disbursement, when and as the same shall become due and payable, whether at the due date thereof or at a date fixed for prepayment thereof or otherwise; 
 (b) ODEC shall fail to pay any interest on any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or under any other
Loan Document, when and as the same shall become due and payable, and such failure shall continue unremedied for a period of five (5) or more Business Days; 
 (c) any representation or warranty made or deemed made by or on behalf of ODEC in or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, or in
any report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Loan Document or any amendment or modification hereof or thereof, shall prove to have been incorrect in any
material respect when made or deemed made; 
 (d) ODEC shall fail to observe or perform any covenant, condition or agreement
contained in Sections 5.01(a), 5.01(b), 5.01(c), Section 5.02(a), 5.03 (with respect to ODEC’s existence) or 5.07 or in Article VI; 
 (e) ODEC shall fail to observe or perform any covenant, condition or agreement contained in this Agreement (other than those specified in clause (a), (b) or (d), of this Article) or any other Loan
Document and such failure shall continue unremedied for a period of thirty (30) or more Business Days after notice thereof from the Administrative Agent (given at the request of any Lender) to ODEC or, if remedial action has been taken and ODEC
is diligently pursuing a cure, such remedial action has not succeeded within an additional period of ninety (90) days after such notice; 
 (f) ODEC shall fail to make any payment (whether of principal or interest and regardless of amount) in respect of any Indebtedness having an outstanding principal amount in excess of $35,000,000, when and
as the same shall become due and payable beyond any applicable grace period; 
 (g) any event of default that results in any
Indebtedness having an outstanding principal amount in excess of $25,000,000 becoming due prior to its scheduled maturity or any early termination of any Hedging Agreement with a termination amount greater than $35,000,000 unless such termination
amount is paid in full within the time permitted including any grace period; 
 (h) an involuntary proceeding shall be commenced
or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of ODEC or its debts, or of a substantial part of its assets, under any Debtor Relief Law now or hereafter in effect or (ii) the
appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for ODEC or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of sixty
(60) or more days or an order or decree approving or ordering any of the foregoing shall be entered; 

  
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 (i) ODEC shall (i) voluntarily commence any proceeding or file any petition seeking
liquidation, reorganization or other relief under any Debtor Relief Law now or hereafter in effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause
(h) of this Article, (iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for ODEC or for a substantial part of its assets, (iv) file an answer admitting the
material allegations of a petition filed against it in any such proceeding, (v) make a general assignment for the benefit of creditors or (vi) take any action for the purpose of effecting any of the foregoing; 

(j) ODEC shall become unable, admit in writing its inability or fail generally to pay its debts as they become due; 

(k) one or more judgments for the payment of money in an aggregate amount in excess of $25,000,000 shall be rendered against ODEC and the
same shall remain undischarged for a period of thirty (30) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of ODEC to enforce
any such judgment; 
 (l) an ERISA Event shall have occurred that, when taken together with all other ERISA Events that have
occurred, could reasonably be expected to result in liability of ODEC in an aggregate amount exceeding $35,000,000; 
 (m) any
Loan Document shall at any time for any reason cease to be valid and binding or in full force and effect (other than upon expiration in accordance with the terms thereof), or performance of any material obligation thereunder shall become unlawful,
or ODEC shall so assert in writing or contest the validity or enforceability thereof; 
 (n) any one or more Members of ODEC
shall default in the performance of any payment obligations under its or their Wholesale Power Contracts where the aggregate amount of such default or defaults exceeds $35,000,000 and such default or defaults have continued for thirty-five
(35) days beyond the applicable cure period with respect thereto, if any; provided, however, that no such Member payment default shall constitute an Event of Default hereunder if ODEC has taken prompt action to increase its rates
to the extent necessary to recover the aggregate amount of such default or defaults; or 
 (o) Wholesale Power Contracts
representing 25% or more of ODEC’s member revenue base (determined based upon ODEC’s revenues for the prior fiscal year) shall be terminated, released or shall no longer be enforceable (whether by voluntary act of ODEC or any Member, or if
a court or regulatory agency of competent jurisdiction shall issue a final non-appealable order or judgment declaring the same to be invalid or unenforceable, or otherwise); provided, however, that no such termination, release or
determination shall constitute an Event of Default hereunder if ODEC has taken prompt action to increase its rates to the extent necessary to recover the aggregate amount of its costs not otherwise recovered as a result of such termination, release
or determination; 
 then, and in every such Event of Default (other than an Event of Default described in clause (h) or (i) of this
Article), and at any time thereafter during the continuance of such event, the 

  
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Administrative Agent may, and at the request of the Required Lenders shall, by notice to ODEC, take any one or more of the following actions, at the same or different times: (i) terminate
the Commitments, and thereupon the Commitments shall terminate immediately; (ii) declare the Loans then outstanding to be due and payable in whole (or in part, in which case any principal not so declared to be due and payable may thereafter be
declared to be due and payable), and thereupon the principal of the Loans so declared to be due and payable, together with accrued interest thereon and all fees and other obligations of ODEC accrued hereunder, shall become due and payable
immediately, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by ODEC; (iii) exercise the rights and remedies contemplated by Section 2.04(k); and (iv) exercise the rights and
remedies contemplated by any one or more of the Loan Documents or by applicable law or equity; and in case of any event with respect to ODEC described in clause (h) or (i) of this Article, the Commitments shall automatically terminate and
the principal of the Loans then outstanding, together with accrued interest thereon and all fees and other obligations of ODEC accrued hereunder, shall automatically become due and payable, without presentment, demand, protest or other notice of any
kind, all of which are hereby waived by ODEC. 
 ARTICLE VIII 

AGENCY 

Section 8.01 Appointment and Authority. Each of the Lenders and the Issuing Lenders hereby irrevocably appoints Wells Fargo
Bank, National Association to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers and perform such duties
as are delegated to the Administrative Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent, the
Lenders and the Issuing Lenders, and ODEC shall not have rights as a third-party beneficiary of any of such provisions (provided that ODEC may rely on actions taken by the Administrative Agent pursuant to the terms this Article as being actions
taken by an agent of the Lenders and the Issuing Lenders and retains its rights under clause Section 8.06 of this Article VIII). It is understood and agreed that the use of the term “agent” herein or in any other Loan Documents (or
any other similar term) with reference to the Administrative 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 as a matter of
market custom, and is intended to create or reflect only an administrative relationship between contracting parties. 

Section 8.02 Rights as a Lender. The Person serving as the Administrative Agent hereunder shall have the same rights and
powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated or unless the context
otherwise requires, include the Person serving as the Administrative Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, own securities of, act as the financial advisor or in any other
advisory capacity for, and generally engage in any kind of business with, ODEC or any Affiliate thereof as if such Person were not the Administrative Agent hereunder and without any duty to account therefor to the Lenders. 

  
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 Section 8.03 Exculpatory Provisions. 

(a) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein and in the other Loan
Documents, and its duties hereunder shall be administrative in nature. Without limiting the generality of the foregoing, the Administrative Agent: 
 (i) shall not be subject to any fiduciary or other implied duties, regardless of whether a Default or Event of Default has occurred and is continuing; 

(ii) shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary
rights and powers expressly contemplated hereby or by the other Loan Documents that the Administrative Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of the Lenders as shall be
expressly provided for herein or in the other Loan Documents); provided that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to
liability or that is contrary to any Loan Document or applicable law, including for the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or
termination of property of a Defaulting Lender in violation of any Debtor Relief Law; and 
 (iii) shall not,
except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to ODEC or any of its Affiliates that is communicated to or obtained by
the Person serving as the Administrative Agent or any of its Affiliates in any capacity. 
 (b) The Administrative Agent shall
not be liable for any action taken or not taken by it (i) with the consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Administrative Agent shall believe in good
faith shall be necessary, under the circumstances as provided in Section 9.02 and Article VII, or (ii) in the absence of its own gross negligence or willful misconduct as determined by a court of competent jurisdiction by
final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default or Event of Default unless and until notice describing such Default or Event of Default is given to the Administrative Agent in writing
by ODEC, a Lender or an Issuing Lender. 
 (c) The Administrative Agent shall not be responsible for or have any duty to
ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection herewith or therewith, (iii)

  
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the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity,
enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any other agreement, instrument or document, or (v) the satisfaction of any condition set forth in Article IV or elsewhere herein, other than to
confirm receipt of items expressly required to be delivered to the Administrative Agent. 
 Section 8.04 Reliance by
Administrative Agent. The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any
electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. The Administrative Agent also may rely upon any statement
made to it orally or by telephone and believed by it to have been made by the proper Person, and shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, or the issuance,
extension, renewal or increase of a Letter of Credit, that by its terms must be fulfilled to the satisfaction of a Lender or an Issuing Lender, the Administrative Agent may presume that such condition is satisfactory to such Lender or Issuing Lender
unless the Administrative Agent shall have received notice to the contrary from such Lender or Issuing Lender prior to the making of such Loan or the issuance of such Letter of Credit. The Administrative Agent may consult with legal counsel (who may
be counsel for ODEC), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts. 

Section 8.05 Delegation of Duties. The Administrative Agent may perform any and all of its duties and exercise its rights and
powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all of its duties and exercise its rights and
powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective
activities in connection with the syndication of the Facilities as well as activities as Administrative Agent. The Administrative Agent shall not be responsible for the negligence or misconduct of any subagents except to the extent that a court of
competent jurisdiction determines in a final and nonappealable judgment that the Administrative Agent acted with gross negligence or willful misconduct in the selection of such sub-agents. 

Section 8.06 Resignation of Administrative Agent. 
 (a) The Administrative Agent may resign as Administrative Agent at any time upon written notice to the Lenders, the Issuing Lenders and ODEC. Upon any such resignation, the Required Lenders shall have the
right, with the approval of ODEC, to appoint a successor; provided, that ODEC shall have no such right of approval if an Event of Default has occurred and is continuing. If no successor shall have been so appointed by the Required Lenders and
shall have accepted such appointment within thirty (30) days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent’s resignation shall

  
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nonetheless become effective and (1) the retiring Administrative Agent shall be discharged from its duties and obligations hereunder and (2) the Required Lenders shall perform the
duties of the Administrative Agent (and all payments and communications provided to be made by, to or through the Administrative Agent shall instead be made by, to or through each Lender directly) until such time as the Required Lenders appoint a
successor agent as provided for above in this paragraph. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of
the retiring (or retired) Administrative Agent and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder (if not already discharged therefrom as provided above in this paragraph). The fees payable by ODEC to
a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between ODEC and such successor. After the Administrative Agent’s resignation hereunder, the provisions of this Article and
Section 9.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent. 
 (b) If the Person serving as Administrative Agent is a Defaulting Lender pursuant to clause (d) of the definition thereof, the Required Lenders may, to the extent permitted by applicable law, by
notice in writing to ODEC and such Person remove such Person as Administrative Agent and, in consultation with ODEC, appoint a successor. If no such successor shall have been so appointed by the Required Lenders and shall have accepted such
appointment within thirty (30) days (or such earlier day as shall be agreed by the Required Lenders) (the “Removal Effective Date”), then such removal shall nonetheless become effective in accordance with such notice on the
Removal Effective Date. 
 (c) With effect from the Resignation Effective Date or the Removal Effective Date (as applicable)
(1) the retiring or removed Administrative Agent shall be discharged from its duties and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Administrative Agent on behalf of
the Issuing Lenders under any of the Loan Documents, the retiring or removed Administrative Agent shall continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (2) except for any indemnity
payments owed to the retiring or removed Administrative Agent, all payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Lender and Issuing Lender directly,
until such time, if any, as the Required Lenders appoint a successor Administrative Agent as provided for above. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring or removed Administrative Agent (other than any rights to indemnity payments owed to the retiring or removed Administrative Agent), and the retiring or removed
Administrative Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents. The fees payable by ODEC to a successor Administrative Agent shall be the same as those payable to its predecessor unless
otherwise agreed between ODEC and such successor. After the retiring or removed Administrative Agent’s resignation or removal hereunder and under the other Loan Documents, the provisions of this Article and Section 9.03 shall
continue in effect for the benefit of such retiring or removed Administrative Agent, its sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring or removed
Administrative Agent was acting as Administrative Agent. 

  
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 Section 8.07 Non-Reliance on Administrative Agent and Other Lenders. Each Lender
and Issuing Lender expressly acknowledges that (a) it has, independently and without reliance upon the Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it has deemed
appropriate, made its own credit analysis and decision to enter into this Agreement, and (b) the Administrative Agent has not made any representation or warranty to it and that no act by the Administrative Agent hereinafter taken, including any
review of the affairs of ODEC, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender and Issuing Lender also acknowledges that it will, independently and without reliance upon the
Administrative Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own credit analysis and decisions in taking or not taking
action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. Except for notices, reports and other documents expressly required to be furnished to the Lenders by the
Administrative Agent hereunder, the Administrative Agent shall not have any duty or responsibility to provide any Lender with any credit or other information concerning the business, operations, property, condition (financial or otherwise),
prospects or creditworthiness of ODEC which may come into the possession of the Administrative Agent. 
 Section 8.08 No
Other Duties, etc. Anything herein to the contrary notwithstanding, none of the Lead Arrangers, Syndication Agent or Documentation Agent listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or
any of the other Loan Documents, except in its capacity, as applicable, as the Administrative Agent, a Lender or an Issuing Lender hereunder. 
 Section 8.09 Administrative Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law or any other judicial proceeding relative to ODEC, the
Administrative Agent (irrespective of whether the principal of any Loan or LC Exposure shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand
on ODEC) shall be entitled and empowered (but not obligated) by intervention in such proceeding or otherwise: 

(i) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect of the Loans,
LC Exposure and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders, the Issuing Lenders and the Administrative Agent (including any claim for
the reasonable compensation, expenses, disbursements and advances of the Lenders, the Issuing Lenders and the Administrative Agent and their respective agents and counsel and all other amounts due the Lenders, the Issuing Lenders and the
Administrative Agent under Sections 2.10 and 9.03) allowed in such judicial proceeding; and 

  
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 (ii) to collect and receive any monies or other property payable or
deliverable on any such claims and to distribute the same; 
 (iii) and any custodian, receiver, assignee,
trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Lender and Issuing Lender to make such payments to the Administrative Agent and, in the event that the Administrative Agent
shall consent to the making of such payments directly to the Lenders and the Issuing Lenders, to pay to the Administrative Agent any amount due for the reasonable compensation, expenses, disbursements and advances of the Administrative Agent and its
agents and counsel, and any other amounts due the Administrative Agent under Sections 2.10 and 9.03. 
 ARTICLE
IX 
 MISCELLANEOUS 
 Section 9.01 Notices. 
 (a) Except in the case of notices and other
communications expressly permitted to be given by telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier
service, mailed by certified or registered mail or sent by telecopy, as follows: 
 (i) if to ODEC, to Old
Dominion Electric Cooperative, 4201 Dominion Boulevard, Glen Allen, VA 23060, Attention: Chief Financial Officer, Telephone: (804) 968-4034, Telecopy: (804) 968-4022, E-mail: bkees@odec.com 

(ii) if to the Wells Fargo Bank, acting as Administrative Agent, Issuing Lender or Swingline Lender,
Wells Fargo Bank, National Association, 1525 West W.T. Harris Blvd. Mail Code: D1109-019, Charlotte, North Carolina 28262 Attention: Syndication Agency Services Telephone: (704) 590 2706 Facsimile: (704) 590 2790 E-mail:
agencyservices.requests@wellsfargo.com, with a copy to Wells Fargo Bank, N.A., Commercial Banking, 1021 East Cary Street (MAC R3529-073), Two James Center, 7th Floor, Richmond, Virginia 23219, Attention: Frank O. Meade, Jr., Telephone: (804) 697-7316, Telecopy:
(804) 697-6869, E-mail: frank.meade@wellsfargo.com: 
 (iii) if to a Lender, to it at its address (or
telecopy number) set forth in its Administrative Questionnaire. 
 Notices sent by hand or overnight courier service, or mailed by certified or
registered mail, shall be deemed to have been given when received; notices sent by telecopier shall be deemed to have been given when received (except that, if not given during normal business hours for the recipient, shall be deemed to have been
given at the opening of business on the next business day for the recipient). Notices delivered through electronic communications to the extent provided in Section 9.01(b) shall be effective as provided in Section 9.01(b).

  
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 (b) Electronic Communications. Notices and other communications to the Lenders and
the Issuing Lenders hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Administrative Agent, provided that the foregoing shall not
apply to notices to any Lender or any Issuing Lender pursuant to Article II if such Lender or such Issuing Lender, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such Article by electronic
communication. The Administrative Agent or ODEC may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it, provided, that approval of such
procedures may be limited to particular notices or communications. 
 Unless the Administrative Agent otherwise prescribes,
(i) notices and other communications sent to an e-mail address as permitted hereby shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested”
function, as available, return e-mail or other written acknowledgement), provided, that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to have
been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website as permitted hereby 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) Changes to Notice Information. Any party hereto may change its address or telecopy number for notices and other communications
hereunder by notice to the other parties hereto (or, in the case of any such change by a Lender, by notice to ODEC and the Administrative Agent). 
 (d) Platform. 
 (i) ODEC agrees that the Administrative
Agent may, but shall not be obligated to, make the Communications (as defined below) available to the Issuing Lenders and the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, DebtX or a substantially similar
electronic transmission system (the “Platform”). 
 (ii) The Platform is provided “as
is” and “as available.” The Agent Parties (as defined below) do not warrant the adequacy of the Platform. 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 ODEC, 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 ODEC’s or the Administrative Agent’s transmission of 

  
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communications through the Platform, except to the extent that such losses, damages, liabilities or related expenses result from the gross negligence, bad faith or willful misconduct of the Agent
Parties. “Communications” means, collectively, any notice, demand, communication, information, document or other material that ODEC provides to the Administrative Agent pursuant to any Loan Document or the transactions contemplated
therein which is distributed to the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through the Platform. 

Section 9.02 Waivers; Amendments. 
 (a) No Deemed Waivers; Remedies Cumulative. No failure or delay by the Administrative Agent, any Issuing Lender or any Lender in exercising any right or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power.
The rights and remedies of the Administrative Agent, the Issuing Lenders and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent
to any departure by ODEC therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for
which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default or Event of Default, regardless of whether the Administrative Agent, any Lender
or any Issuing Lender may have had notice or knowledge of such Default at the time. 
 (b) Amendments. No provision of
this Agreement or any other Loan Document may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by ODEC and the Required Lenders or by ODEC and the Administrative Agent with the consent of the
Required Lenders; provided that no such agreement shall 
 (i) increase the Commitment of any Lender
without the written consent of such Lender, 
 (ii) reduce the principal amount of any Loan or reimbursement
obligation relating to any LC Disbursement or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender adversely affected thereby, 

(iii) postpone the scheduled date of payment of the principal amount of any Loan or reimbursement obligation relating to
an LC Disbursement, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender
adversely affected thereby, 

  
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 (iv) change Section 2.16(d) or any other provision of this
Agreement in any manner that would alter the pro rata sharing of payments or the pro rata reduction of Commitments without the consent of each Lender affected thereby, or 

(v) change any of the provisions of this Section or the percentage in the definition of the term “Required
Lenders” or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender;
and 
 provided, further, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative
Agent, the Issuing Lenders or the Swingline Lender hereunder without the prior written consent of the Administrative Agent, the Issuing Lenders or the Swingline Lender, as the case may be. 

For purposes of this Section, the “scheduled date of payment” of any amount shall refer to the date of payment of such
amount specified in this Agreement, and shall not refer to a date or other event specified for the mandatory or optional prepayment of such amount. In addition, whenever a waiver, amendment or modification requires the consent of a Lender
“adversely affected” thereby, such waiver, amendment or modification shall, upon consent of such Lender, become effective as to such Lender whether or not it becomes effective as to any other Lender, so long as the Required Lenders consent
to such waiver, amendment or modification as provided above. 
 If the Required Lenders shall have approved any amendment which
requires the consent of all of the Lenders or all of the Lenders adversely affected, ODEC shall be permitted to replace any Non-Consenting Lender with a replacement financial institution, provided that, (i) the replacement financial
institution shall purchase at par, all Loans and other amounts owing to such replaced Lender on or prior to the date of replacement, (ii) ODEC shall be liable to such replaced Lender under Section 2.14 if any LIBOR Rate Loan owing
to such replaced Lender shall be purchased other than on the last day of the Interest Period relating thereto (as if such purchase constituted a prepayment of such Loans), (iii) such replacement institution, if not already a Lender, shall be
reasonably satisfactory to the Administrative Agent and, with respect to any replacement financial institution that is not an Eligible Assignee, each Issuing Lender, (iv) the replaced Lender shall be obligated to make such replacement in
accordance with the provisions of Section 9.04 (provided that, ODEC shall be obligated to pay the registration and processing fee referred to therein) and (v) any such replacement shall not be deemed to be a waiver of any
rights ODEC, the Administrative Agent or any other Lender shall have against the replaced Lender. 
 Section 9.03
Expenses; Indemnity; Damage Waiver. 
 (a) Costs and Expenses. ODEC shall pay (i) all reasonable
out-of-pocket expenses incurred by the Administrative Agent and the Lead Arrangers and their respective Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative Agent, in connection with the syndication
of the credit facilities provided for 

  
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herein, the preparation, negotiation, execution, delivery and administration of this Agreement and the other Loan Documents or any amendment, modifications or waiver of the provisions hereof or
thereof (whether or not the transactions contemplated hereby or thereby shall be consummated), (ii) all out-of-pocket expenses incurred by any Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of
Credit or any demand for payment thereunder and (iii) all out-of-pocket expenses incurred by the Administrative Agent, any Issuing Lender or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent,
any Issuing Lender or any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and the other Loan Documents, including its rights under this Section, or in connection with the Loans made or Letters
of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect thereof. 
 (b)
Indemnification by ODEC. ODEC shall indemnify the Administrative Agent, each Issuing Lender and each of the Lenders, and each Related Party of any of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities, costs and related expenses, including the reasonable fees, disbursements, settlement costs and other charges of any counsel for such Indemnitee,
incurred by or asserted against such Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, the performance by the parties hereto of
their respective obligations hereunder or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or the use of the proceeds therefrom (including any refusal by the 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), (iii) any actual presence or release of Hazardous Materials on or
from any property owned or operated by ODEC or any of its Subsidiaries, or any Environmental Claims related in any way to ODEC or any of its Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating
to any of the foregoing (whether brought by any third party or by ODEC or any of its Subsidiaries), whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; provided, that such indemnity
shall not, as to any Indemnitee, be available to the extent that such losses, claims, damages, liabilities or related expenses are determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted from
(x) such Indemnitee’s own gross negligence or willful misconduct or (y) a claim brought by ODEC against such Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if ODEC
has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent jurisdiction. This indemnification shall survive and continue for the benefit of all such persons or entities. This
Section 9.03(b) shall not apply with respect to Taxes other than any Taxes that represent losses, claims, damages, etc. arising from any non-Tax claim. 
 (c) Reimbursement by Lenders. To the extent that ODEC fails to pay any amount required to be paid by it to the Administrative Agent, any Issuing Lender or the Swingline Lender under
Section 9.03(a) or 9.03(b), each Lender severally agrees to pay to the Administrative Agent, such Issuing Lender or the Swingline Lender, as the case may be, such Lender’s Applicable Percentage (determined as of the time that
the applicable unreimbursed 

  
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expense or indemnity payment is sought) of such unpaid amount; (including any such unpaid amount in respect of a claim asserted by such Lender); provided, that with respect to such unpaid
amounts owed to any Issuing Lender or Swingline Lender solely in its capacity as such, only the Lenders shall be required to pay such unpaid amounts, such payment to be made severally among them based on such Lenders’ Applicable Percentage
(determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) provided, that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by
or asserted against the Administrative Agent, the Issuing Lender or the Swingline Lender in its capacity as such. The obligations of the Lenders under this paragraph (c) are subject to the provisions of Section 2.02(a). 

(d) Waiver of Consequential Damages, Etc. To the extent permitted by applicable law, no party hereto shall assert, and hereby
waives, any claim against any other party hereto, 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, any Loan or Letter of Credit or the use of the proceeds thereof. No Indemnitee referred to in paragraph (b) above 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 other Loan Documents or the transactions
contemplated hereby or thereby. 
 (e) Payments. All amounts due under this Section 9.03 shall be payable
promptly after written demand therefor, accompanied by copies of the applicable invoices. 
 Section 9.04 Successors and
Assigns. 
 (a) Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that ODEC may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of the Administrative
Agent and each Lender, and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions of paragraph (b) of this Section, (ii) by way of
participation in accordance with the provisions of paragraph (d) of this Section, or (iii) by way of pledge or assignment of a security interest subject to the restrictions of paragraph (f) of this Section (and any other attempted
assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted
hereby, Participants to the extent provided in paragraph (d) of this Section and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or
claim under or by reason of this Agreement. 
 (b) Assignments by Lenders. Any Lender may at any time assign to one or
more assignees all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans and LC Exposure at the time owing to it); 

  
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 provided, that (in each case with respect to any Facility) any such assignment shall be subject to
the following conditions: 
 (i) Minimum Amounts. 

(A) in the case of an assignment of the entire remaining amount of the assigning Lender’s Commitment and/or the Loans
at the time owing to it (in each case with respect to any Facility) or contemporaneous assignments to related Approved Funds that equal at least the amount specified in paragraph (b)(i)(B) of this Section in the aggregate or in the case of an
assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and 

(B) in any case not described in paragraph (b)(i)(A) of this Section, the aggregate amount of the Commitment (which for
this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such assignment (determined as of the date the
Assignment and Assumption with respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date) shall not be less than $10,000,000, unless
each of the Administrative Agent and, so long as no Event of Default has occurred and is continuing, ODEC otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(ii) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all
the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 
 (iii) Required Consents. No consent shall be required for any assignment except to the extent required by paragraph (b)(i)(B) of this Section and, in addition: 

(A) the consent of ODEC (such consent not to be unreasonably withheld or delayed) shall be required unless (x) an
Event of Default has occurred and is continuing at the time of such assignment, or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided, that (x)ODEC shall be deemed to have consented to any such
assignment unless it shall object thereto by written notice to the Administrative Agent within five (5) Business Days after having received notice thereof and provided, further, that ODEC’s consent shall not be required
during the primary syndication of this credit facility; 
 (B) the consent of the Administrative Agent (such
consent not to be unreasonably withheld or delayed) shall be required for assignments in respect of this credit facility if such assignment is to a Person that is not a Lender with a Commitment in respect of such Facility, an Affiliate of such
Lender or an Approved Fund with respect to such Lender; and 

  
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 (C) the consent of each Issuing Lender and Swingline Lender (such consents
not to be unreasonably withheld or delayed) shall be required for any assignment in respect of this credit facility. 
 (iv) Assignment and Assumption. The parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of
$3,500; provided, that the Administrative Agent may, in its sole discretion, elect to waive such processing and recordation fee in the case of any assignment. The assignee, if it is not a Lender, shall deliver to the Administrative
Agent an Administrative Questionnaire. 
 (v) No Assignment to Certain Persons. No such assignment shall
be made to (A) ODEC or any of ODEC’s Affiliates or Subsidiaries or (B) to any Defaulting Lender or any of its Subsidiaries, or any Person who, upon becoming a Lender hereunder, would constitute any of the foregoing Persons described
in this clause (B). 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a
natural Person. 
 (vii) Certain Additional Payments. In connection with any assignment of rights and
obligations of any Defaulting Lender hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the
Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with
the consent of ODEC and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Lender, to each of which the applicable assignee and assignor hereby irrevocably consent), to (x) pay
and satisfy in full all payment liabilities then owed by such Defaulting Lender to the Administrative Agent, each Issuing Lender, each Swingline Lender and each other Lender hereunder (and interest accrued thereon), and (y) acquire (and fund as
appropriate) its full pro rata share of all Loans and participations in Letters of Credit and Swingline Loans in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of
any Defaulting Lender hereunder shall become effective under applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Lender for all purposes of this Agreement
until such compliance occurs. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (c) of this
Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and
obligations of a 

  
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Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this
Agreement (and, in the case of an Assignment and Assumption covering all of the assigning Lender’s rights and obligations under this Agreement, such Lender shall cease to be a party hereto) but shall continue to be entitled to the benefits of
Sections 2.13, 2.14, 2.15 and 9.03 with respect to facts and circumstances occurring prior to the effective date of such assignment; provided, that except to the extent otherwise expressly agreed by the
affected parties, no assignment by a Defaulting Lender will constitute a waiver or release of any claim of any party hereunder arising from that Lender’s having been a Defaulting Lender. Any assignment or transfer by a Lender of rights or
obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (d) of this
Section. 
 (c) Register. The Administrative Agent, acting solely for this purpose as an agent of ODEC, shall maintain at
its offices a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal amounts of the Loans and LC Disbursements owing to, each Lender
pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest error, and ODEC, the Administrative Agent, the Issuing Lenders and the Lenders shall treat each Person
whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement. The Register shall be available for inspection by ODEC, any Issuing Lender and any Lender, at any reasonable time and from
time to time upon reasonable prior notice. 
 (d) Participations. Any Lender may at any time, without the consent of, or
notice to, ODEC or the Administrative Agent, sell participations to any Person (other than a natural Person or ODEC or any of ODEC’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s
rights and/or obligations under this Agreement and the other Loan Documents (including all or a portion of its Commitment and/or the Loans and LC Disbursements owing to it); provided, that (i) such Lender’s obligations under this
Agreement and the other Loan Documents shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations, and (iii) ODEC, the Administrative Agent, the Issuing
Lenders and Lenders shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement and the other Loan Documents. For the avoidance of doubt, each Lender shall be
responsible for the indemnity of the Administrative Agent under Section 9.03(c) with respect to any payments made by such Lender to its Participant(s). 
 Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment,
modification or waiver of any provision of this Agreement; provided, that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in
the first proviso to Section 9.02(b) that affects such Participant. ODEC agrees that each Participant shall be entitled to the benefits of Sections 2.13, 2.14 and 2.15 (subject to the requirements and limitations
therein, including the requirements under Section 2.15(g) (Status of Lenders) (it being understood that the documentation required under Section 2.15(g) shall be delivered to the

  
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participating Lender))) to the same extent as if it were a Lender and had acquired its interest by assignment pursuant to paragraph (b) of this Section; provided, that such
Participant agrees to be subject to the provisions of Sections 2.17 and 2.18 as if it were an assignee under paragraph (b) of this Section. To the extent permitted by law, each Participant also shall be entitled to the benefits of
Section 9.08 as though it were a Lender; provided, that such Participant (A) agrees to be subject to Section 2.16(d) as though it were a Lender hereunder, and (B) shall not be entitled to receive any greater
payment under Sections 2.13 or 2.15, with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in
Law that occurs after the Participant acquired the applicable participation. Each Lender that sells a participation shall, acting solely for this purpose as an agent of ODEC, 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 under the Loan Documents (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 or any information relating to a Participant’s interest in any commitments, loans, letters of credit or its other obligations under any Loan
Document) 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. 
 (e) Limitations upon Participant Rights. A Participant shall not
be entitled to receive any greater payment under Sections 2.13 or 2.15 than the applicable Lender would have been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation
to such Participant is made with ODEC’s prior written consent. A Participant that would be a Foreign Lender if it were a Lender shall not be entitled to the benefits of Section 2.15 unless ODEC is notified of the participation sold
to such Participant and such Participant agrees, for the benefit of ODEC, to comply with Section 2.15(f) as though it were a Lender and in the case of a Participant claiming exemption for portfolio interest under Section 871(h) or
881(c) of the Code, the applicable Lender shall provide ODEC with satisfactory evidence that the participation is in registered form and shall permit ODEC to review such register as reasonably needed for ODEC to comply with its obligations under
applicable laws and regulations. 
 (f) Certain Pledges. Any Lender may at any time pledge or assign a security
interest in all or any portion of its rights under this Agreement to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall
release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 
 Section 9.05 Survival. All covenants, agreements, representations and warranties made by ODEC herein and in the certificates or other instruments delivered in connection with or pursuant to
this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans and issuance of any Letters of Credit, regardless of any investigation

  
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made by any such other party or on its behalf, and notwithstanding that the Administrative Agent, any Issuing Lender or any Lender may have had notice or knowledge of any Default or Event of
Default or any incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable
under this Agreement is outstanding and unpaid or any Letter of Credit is outstanding and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13, 2.14, 2.15 and 9.03 and Article VIII
shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of
this Agreement or any provision hereof. 
 Section 9.06 Counterparts; Integration; Effectiveness. This Agreement may
be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement, the other Loan Documents
and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract between and 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 4.01, 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 which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors
and assigns. Delivery of an executed counterpart of a signature page to this Agreement by telecopy or in electronic format shall be effective as delivery of a manually executed counterpart of this Agreement. The words “execution,”
“signed,” “signature,” and words of like import in any Assignment and Assumption shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall be of the same legal effect,
validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the 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. 
 Section 9.07 Severability. Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such
invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision
in any other jurisdiction. 
 Section 9.08 Right of Setoff. If an Event of Default shall have occurred and be
continuing, each Lender, each Issuing Lender, and each of their respective Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by applicable law, to set off and apply any and all deposits (general or
special, time or demand, provisional or final, in whatever currency) at any time held, and other obligations (in whatever currency) at any time owing, by such Lender, such Issuing Lender or any such Affiliate, to or for the credit or the account of
ODEC against any and all of the obligations of ODEC now or hereafter 

  
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existing under this Agreement or any other Loan Document to such Lender or such Issuing Lender or their respective Affiliates, irrespective of whether or not such Lender, Issuing Lender or
Affiliate shall have made any demand under this Agreement or any other Loan Document and although such obligations of ODEC may be contingent or unmatured or are owed to a branch, office or Affiliate of such Lender or such Issuing Lender different
from the branch, office or Affiliate holding such deposit or obligated on such indebtedness; provided, that in the event that any Defaulting Lender shall exercise any such right of setoff, (x) all amounts so set off shall be paid over
immediately to the Administrative Agent for further application in accordance with the provisions of Sections 2.17 and 2.18 and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held
in trust for the benefit of the Administrative Agent, the Issuing Lenders, and the Lenders, and (y) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the Obligations owing to
such Defaulting Lender as to which it exercised such right of setoff. The rights of each Lender, each Issuing Lender and their respective Affiliates under this Section are in addition to other rights and remedies (including other rights of setoff)
that such Lender, such Issuing Lender or their respective Affiliates may have. Each Lender and Issuing Lender agrees to notify ODEC and the Administrative Agent promptly after any such setoff and application; provided, that the failure to
give such notice shall not affect the validity of such setoff and application. 
 Section 9.09 Governing Law;
Jurisdiction; Etc. 
 (a) Governing Law. This Agreement shall be construed in accordance with and governed by the law
of the State of New York. 
 (b) Submission to Jurisdiction. ODEC hereby irrevocably and unconditionally submits, for
itself and its property, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in New York County and of the United States District Court of the Southern District of New York, and any appellate court from any thereof,
in any action or proceeding arising out of or relating to this Agreement, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action
or proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement shall affect any right that the Administrative Agent, any Issuing Lender or any Lender may otherwise have to bring any action
or proceeding relating to this Agreement against ODEC or its properties in the courts of any jurisdiction. 
 (c) Waiver of
Venue. ODEC hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or
relating to this Agreement in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such
action or proceeding in any such court. 

  
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 (d) Service of Process. Each party to this Agreement 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 to this Agreement to serve process in any other manner permitted by law. 

Section 9.10 WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY
RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO
(A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT
IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 Section 9.11 Headings. Article and Section headings and the Table of Contents used herein are for convenience of reference only, are not part of this Agreement and shall not affect the
construction of, or be taken into consideration in interpreting, this Agreement. 
 Section 9.12 Treatment of Certain
Information; Confidentiality. 
 (a) Treatment of Certain Information. ODEC acknowledges that from time to time
financial advisory, investment banking and other services may be offered or provided to ODEC or one or more of its Subsidiaries (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such
Lender and ODEC hereby authorizes each Lender to share any information delivered to such Lender by ODEC and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such
Subsidiary or Affiliate, it being understood that any such Subsidiary or Affiliate receiving such information shall be bound by the provisions of paragraph (b) of this Section as if it were a Lender hereunder. Such authorization shall survive
the repayment of the Loans, the expiration or termination of the Letters of Credit and the Commitments or the termination of this Agreement or any provision hereof. 
 (b) Confidentiality. Each of the Administrative Agent, the Lenders and the Issuing Lenders agrees to maintain the confidentiality of the Information (as defined below), except that Information may
be disclosed (a) to its Affiliates and to its and its Affiliates’ respective partners, directors, officers, employees, agents, advisors and other representatives (it being understood that the Persons to whom such disclosure is made will be
informed of the confidential nature of such Information and instructed to keep such Information confidential), (b) to the extent requested by any regulatory authority purporting to have jurisdiction over it or its Affiliates (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party hereto, (e) in
connection with the exercise of any 

  
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remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights hereunder or thereunder,
(f) subject to an agreement containing provisions substantially the same as those of this paragraph, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to ODEC and its obligations, (g) with the consent of ODEC or (h) to the extent such Information (x) becomes
publicly available other than as a result of a breach of this paragraph or (y) becomes available to the Administrative Agent, any Lender, any Issuing Lender or any of their respective Affiliates on a nonconfidential basis from a source other
than ODEC; provided, that, in the case of clause (b), (c) or (e), the Administrative Agent, the applicable Lender or the applicable Issuing Lender, as applicable, shall endeavor to give ODEC advance, if possible, or contemporaneous, if
not, notice of such disclosure, provided that the Administrative Agent, such Lender or such Issuing Lender, as applicable, shall not be liable for its failure to do so. 
 For purposes of this paragraph, “Information” means all information received from ODEC or any of its Subsidiaries relating to ODEC or any of its Subsidiaries or any of their respective
businesses, other than any such information that is available to the Administrative Agent, any Lender or any Issuing Lender on a nonconfidential basis prior to disclosure by ODEC or any of its Subsidiaries, provided, that in the case of
information received from ODEC or any of its Subsidiaries after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this
Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential information.

 Section 9.13 USA PATRIOT Act. Each Lender subject to the Patriot Act hereby notifies ODEC that pursuant to the
requirements of the Patriot Act, it is required to obtain, verify and record information that identifies ODEC, which information includes the name and address of ODEC and other information that will allow such Lender to identify ODEC in accordance
with the Patriot Act. 
 Section 9.14 No Advisory or Fiduciary Responsibility. In connection with all aspects of
each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), ODEC acknowledges and agrees that: (a) (i) the arranging and other services regarding
this Agreement provided by the Administrative Agent, the other Agents, the Lead Arrangers, the Lenders and the Issuing Lenders are arm’s-length commercial transactions between ODEC and its Affiliates, on the one hand, and the Administrative
Agent, the other Agents, the Lead Arrangers, the Lenders and the Issuing Lenders, on the other hand, (ii) ODEC has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate and (iii) ODEC is
capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the other Loan Documents; (b) (i) each of the Administrative Agent, the other Agents, the Lead Arrangers,
the Lenders and the Issuing Lenders is and has been acting solely as a principal and has not been, is not, and will not be acting as an advisor, agent or fiduciary for ODEC or any of its Affiliates, or any other person, and (ii) none of the
Administrative Agent, the other Agents, the Lead Arrangers, the Lenders or the Issuing Lenders 

  
 89 

 
has any obligation to ODEC or any of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly set forth herein and in the other Loan Documents; and
(c) the Administrative Agent, the other Agents, the Lead Arrangers, the Lenders, the Issuing Lenders and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of ODEC and its
Affiliates and none of the Administrative Agent, the other Agents, the Lead Arrangers, the Lenders or the Issuing Lenders has any obligation to disclose any of such interests to ODEC or any of its Affiliates. To the fullest extent permitted by law,
ODEC hereby waives and releases any claims that it may have against the Administrative Agent, the other Agents, the Lead Arrangers, the Lenders and the Issuing Lenders with respect to any breach or alleged breach of agency or fiduciary duty in
connection with any aspect of any transactions contemplated hereby. 
 [Signature Pages to Follow on Next Page] 

  
 90 

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

					
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	 /s/ Jackson E. Reasor

		 	Name:	 	Jackson E. Reasor
		 	Title:	 	President and Chief Executive Officer

 
					
	LENDERS:
	
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually, as a Lender, as Issuing Lender, as Swingline Lender and as Administrative Agent
		
	By:	 	 /s/ Frank O. Meade, Jr.

		 	Name:	 	Frank O. Meade, Jr.
		 	Title:	 	Senior Vice President

 
					
	COBANK, ACB, as Syndication Agent and a Lender
		
	By:	 	 /s/ Jeffrey E. Childs

		 	Name:	 	Jeffrey E. Childs
		 	Title:	 	Assistant Vice President

 
					
	BANK OF AMERICA, N.A., as Documentation Agent, as Issuing Lender and a Lender
		
	By:	 	 /s/ Stephanie R. Pendleton

		 	Name:	 	Stephanie R. Pendleton
		 	Title:	 	Senior Vice President

 
					
	JPMORGAN CHASE BANK, N.A., as a Lender
		
	By:	 	 /s/ Heather Talbott

		 	Name:	 	Heather Talbott
		 	Title:	 	Executive Director

 
					
	PNC BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ John Berry

		 	Name:	 	John Berry
		 	Title:	 	Vice President

 Schedule I 
 To Credit Agreement 
  

					
	 Lender
	  	Commitment	 
	 CoBank, ACB
	  	$	225,000,000	  
	 Wells Fargo Bank, National Association
	  	$	125,000,000	  
	 Bank of America, N.A.
	  	$	100,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	25,000,000	  
	 PNC Bank, National Association
	  	$	25,000,000	  
		  	  
	  
	 
	 Total
	  	$	500,000,000.00	  
		  	  
	  
	 

 Schedule 3.03 
 Governmental Approvals 
 Attached hereto is the Federal Energy Regulatory Commission
Approval, 37 FERC ¶ 62,153, dated as of November 16, 2011. 
 No other Governmental Approvals are required in connection with this
Transaction. 

 Schedule 3.06 
 Disclosed Matters 
 None. 

 Schedule 3.14 
 Wholesale Power Contracts 
  

	1.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Rappahannock Electric Cooperative.

  

	2.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Shenandoah Valley Electric Cooperative.

  

	3.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Delaware Electric Cooperative, Inc.

  

	4.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Choptank Electric Cooperative, Inc.

  

	5.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Southside Electric Cooperative.

  

	6.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and A&N Electric Cooperative. 

 

	7.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Mecklenburg Electric Cooperative.

  

	8.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Prince George Electric Cooperative.

  

	9.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Northern Neck Electric Cooperative.

  

	10.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and Community Electric Cooperative.

  

	11.	Second Amended and Restated Wholesale Power Contract, dated as of January 1, 2009, by and between ODEC and BARC Electric Cooperative. 

 Schedule 4.01(d)(i) 

Indebtedness 
 Long-Term Secured Indebtedness 
  

					
	 	  	 Outstanding
Amount

(in thousands)
 September 30,
2011
	 
	 $90,000,000 principal amount of 2011 Series A Bonds due 2040 at an interest rate of 4.83%
	  	$	90,000	  
	 $165,000,000 principal amount of 2011 Series B Bonds due 2040 at an interest rate of 5.54%
	  	$	165,000	  
	 $95,000,000 principal amount of 2011 Series C Bonds due 2050 at an interest rate of 5.54%
	  	$	95,000	  
	 $250,000,000 principal amount of 2003 Series A Bonds due 2028 at an interest rate of 5.676%
	  	$	187,498	  
	 $27,755,000 principal amount of 2002 Series A Bonds due 2028 at an interest rate of 5.00%
	  	$	27,755	  
	 $32,455,000 principal amount of 2002 Series A Bonds due 2028 at an interest rate of 5.625%
	  	$	32,455	  
	 $300,000,000 principal amount of 2002 Series B Bonds due 2028 at an interest rate of 6.21%
	  	$	225,000	  

 The collateral for the Long Term Secured Indebtedness is the Indenture. 

Short-Term Unsecured Indebtedness 
 ODEC has no short-term unsecured Indebtedness outstanding. 

 Schedule 4.01(d)(ii) 

Subsidiaries 
 None.

 Schedule 4.01(f) 

Terminated Facilities 

ODEC’s credit facilities with the following parties have been paid in full and such facilities have been terminated or will be terminated in
connection with the Effective Date: 
  

	 	a.	JPMorgan Chase Bank, N.A. 

  

	 	b.	Wells Fargo Bank, National Association 

  

	 	c.	PNC Bank, National Association 

  

	 	d.	CoBank, ACB 

  

	 	e.	Bank of America, N.A. 

 EXHIBIT A 
 [Form of Assignment and Assumption] 
 ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date
set forth below and is entered into by and between [the] [each]1 [Insert name of Assignor identified in item 1 below] ([the] [each, an] “Assignor”) and [the] [each]2 [Insert name of Assignee identified in item 2 below] ([the] [each, an] “Assignee”). [It is understood and agreed that
the rights and obligations of [the Assignors][the Assignees]3 hereunder are several and not joint.]4 Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified
below (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by [the] [each] Assignee. The Standard Terms and Conditions set forth in
Annex 1 attached hereto are hereby agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an agreed consideration, [the][each] Assignor hereby irrevocably sells and assigns to [the Assignee][the respective Assignees], and the Assignee hereby irrevocably purchases and assumes from [the
Assignor][the respective Assignors], subject to and in accordance with the Standard Terms and Conditions and the Credit Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the
Assignor’s][the respective Assignors’] rights and obligations in [its capacity as a Lender][their respective capacities as Lenders] under the Credit Agreement and any other documents or instruments delivered pursuant thereto to the extent
related to the amount and percentage interest identified below of all of such outstanding rights and obligations of [the Assignor] [the respective Assignors] under the respective facilities identified below (including any Letters of Credit and
Swingline Loans included in such facilities) and (ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of [the Assignor (in its capacity as a Lender)] [the respective Assignors
(in their respective capacities as Lenders)] against any Person, whether known or unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the Transactions governed thereby
or in any way based on or related to any of the foregoing, including, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and
assigned pursuant to clause (i) above (the rights and obligations sold and assigned by [the] [any] Assignor 
  

	1 	For bracketed language here and elsewhere in this form relating to the Assignor(s), if the assignment is from a single Assignor, choose the first bracketed language. If
the assignment is from multiple Assignors, choose the second bracketed language. 

	2 	For bracketed language here and elsewhere in this form relating to the Assignee(s), if the assignment is to a single Assignee, choose the first bracketed language. If
the assignment is to multiple Assignees, choose the second bracketed language. 

	3 	Select as appropriate. 

	4 	Include bracketed language if there are either multiple Assignors or multiple Assignees. 

 
to [the] [any] Assignee pursuant to clauses (i) and (ii) above being referred to herein collectively as the [the][an] “Assigned Interest”). Each such sale and
assignment is without recourse to [the][any] Assignor and, except as expressly provided in this Assignment and Assumption, without representation or warranty by [the] [any] Assignor. 

 

					
	Assignor:	  		  	  

 [Assignor [is] [is not] a Defaulting Lender] 

 

					
	Assignee:	  		  	  

 [for each Assignee, indicate Affiliate] [Approved Fund] of [identify Lender] 

[and is an Affiliate/Approved fund of [identify Lender]] 

 

					
	Borrower:	  		  	Old Dominion Electric Cooperative (“ODEC”)
			
	Administrative Agent:	  		  	 Wells Fargo Bank, National Association, as the Administrative Agent under the Credit Agreement

			
	Credit Agreement:	  		  	 Credit Agreement dated as of November 21, 2011 among ODEC, as Borrower, the Lenders party thereto, the Issuing Lenders party thereto, and Wells
Fargo Bank, National Association, as Administrative Agent and Swingline Lender

 Assigned Interest[s]: 
  

															
	 Assignor[s]5
	 	Assignee[s]6	 	Aggregate
Amount of
Commitment/
Loans for all
Lenders7	 	 	Amount of
Commitment/
Loans
Assigned8	 	 	Percentage
Assigned of
Commitment/
Loans8	 
		 		 	$	            	  	 	$	            	  	 	 	    	% 
		 		 	$	 	  	 	$	 	  	 	 	    	% 
		 		 	$	 	  	 	$	 	  	 	 	    	% 
		 		 	$	 	  	 	$	 	  	 	 	    	% 
		 		 	$	 	  	 	$	 	  	 	 	    	% 

  

							
	Trade Date:	  		  	  
	 	9

  
  

	5 	 List each Assignor, as appropriate. 

	6	 List each
Assignee, as appropriate. 

	7 	 Amount to be adjusted by the counterparties to take into account any payments or prepayments made between the Trade Date and the Effective Date.

	8 	 Set forth, to at least 9 decimals, as a percentage of the Commitment/Loans of all Lenders thereunder. 

	9 	 To be completed if the Assignor(s) and the Assignee(s) intend that the minimum assignment amount is to be determined as of the Trade Date.

 [Remainder of page left blank intentionally] 

 Effective Date:
                         , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE
DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 
 The terms set forth in this Assignment and Assumption are hereby
agreed to: 
  

			
	ASSIGNOR[S]10

	
	[NAME OF ASSIGNOR]
		
	By:	 	  

		 	Name:
		 	Title
	
	ASSIGNEE[S]11
	
	[NAME OF ASSIGNEE]
		
	By:	 	  

		 	Name:
		 	Title

  

	10	 Add additional
signature blocks as needed. 

	11 	 Add additional signature blocks as needed. 

 Consented to and Accepted: 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent, an Issuing Lender and

 Swingline Lender 
  

			
	By:	 	  

		 	Name:
		 	Title

 Consented to: 
 [                            ], as an Issuing Lender12 
  

			
	By:	 	  

		 	Name:
		 	Title

 Consented to: 
  

			
	OLD DOMINION ELECTRIC
COOPERATIVE13
		
	By:	 	  

		 	Name:
		 	Title

  

	12	 Add additional
signature blocks as needed for Issuing Lenders. 

	13 	 To be added only if the consent of ODEC is required by the terms of the Credit Agreement. 

 EXHIBIT A 
 ANNEX 1 
 Credit Agreement dated as of November 21, 2011 

among Old Dominion Electric Cooperative (“ODEC”), as Borrower, the Lenders party thereto, the Issuing Lenders party
thereto, and Wells Fargo Bank, National Association, as Administrative Agent and Swingline Lender 
 STANDARD TERMS AND
CONDITIONS 
 FOR ASSIGNMENT AND ASSUMPTION 
 Representations and Warranties. 
 Assignor. [The] [Each] Assignor
(a) represents and warrants that (i) it is the legal and beneficial owner of [the] [the relevant] Assigned Interest, (ii) [the] such] Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and
(iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it [is] [is not] a Defaulting Lender; and
(b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the financial condition of ODEC, any of its Affiliates or any other Person obligated in respect of any Loan Document or (iv) the performance or
observance by ODEC, any of its Affiliates or any other Person of any of their respective obligations under any Loan Document. 

Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and has taken all action
necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Lender under the Credit Agreement, (ii) it satisfies the requirements, if any, specified in the Credit
Agreement that are required to be satisfied by it in order to acquire the Assigned Interest and become a Lender, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit Agreement as a Lender thereunder and, to
the extent of [the] [the relevant] Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or the
Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, and has received or has been accorded the opportunity to
receive copies of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents and information as it deems appropriate to make its own credit analysis and decision to enter into this
Assignment and Assumption and to purchase the [the][such] Assigned Interest, and (vi) independently and without reliance upon the Administrative Agent or any other Lender and based on such documents and information as it has deemed appropriate,
made its own credit analysis and decision to enter into this Assignment and Assumption and to purchase [the][such] Assigned Interest, and (vii) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required
to be delivered by it pursuant to the terms of the Credit 

 
Agreement, duly completed and executed by [the] [such] Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, [the][any] Assignor or
any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance
with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 Payments. From and after the Effective Date, the Administrative Agent shall make all payments in respect of [the] [each] Assigned Interest (including payments of principal, interest, fees and other
amounts) to [the] [the relevant] Assignor for amounts which have accrued to but excluding the Effective Date and to [the][the relevant] Assignee for amounts which have accrued from and after the Effective Date. Notwithstanding the foregoing, the
Administrative Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to [the][the relevant] Assignee. 
 General Provisions. This Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption
may be executed in any number of counterparts, which together shall constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually
executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be construed in accordance with and governed by the law of the State of New York. 

 EXHIBIT B 
 [Form of Borrowing Request] 
 BORROWING REQUEST 

Borrower Name:            Old Dominion Electric Cooperative (“ODEC”)

 Facility Number:
                                         
                                         
         
 Type of Borrowing: 

 

			
	  ̈  Syndicated Loan
	 	 ̈  Swingline Loan

  

					
	Effective Date of Borrowing:	  	  
	  	

					
			
	The Borrowing Amount:	  	  
	  	

 Interest Rate Elected: 
  

			
	  ̈  LIBOR Rate Borrowing
	 	 ̈  Base Rate Borrowing

 Interest Rate Elections Period if LIBOR Rate Borrowing is chosen: 

 

			
	  ̈  1-month LIBOR
	 	 ̈  2-month LIBOR
		
	  ̈  3-month LIBOR
	 	 ̈  6-month LIBOR

 Wiring Instructions: 

					
	Bank Name	  	  
	  	
	City, State	  	  
	  	
	ABA No	  	  
	  	
	Account No	  	  
	  	
	Credit Account Name	  	  
	  	
	Additional Instructions	  	  
	  	

 Certification 
 Acting on behalf of ODEC, I hereby certify that as of the date below: (1) I am duly authorized to make this certification and to request funds on the terms specified herein; and (2) the
conditions contained in Section 4.02 of the Credit Agreement will be satisfied on the effective date of this Borrowing. I hereby authorize the Administrative Agent, for and on behalf of ODEC, to process this borrowing request and hereby
acknowledge and agree that such terms shall be binding upon ODEC under the provisions of the Credit Agreement governing this advance. 

 Certified By: 
  

									
	  
	 		 	Date:	  	  

	Name:	  		 		 		  	
	Title:	  		 		 		  	
					
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

 EXHIBIT C 
 [Form of Interest Election Request] 
 INTEREST ELECTION 

REQUEST 

This form should only be used to continue or convert a rate on an existing Borrowing 

Borrower Name:        Old Dominion Electric Cooperative (“ODEC”) 

Loan Number:
                                         
                                         
     
 Original Effective Date of Borrowing:
                                         
        
 Effective Date of Interest Election:
                                         
              
 The Amount of Borrowing*:
                                         
                        
  

	*	If different options are being elected with respect to different portions of the original Borrowing, indicate also the portion of the original Borrowing to be allocated
to this Interest Election Request. 

 Interest Rate Elected: 
  ̈  LIBOR Rate
Borrowing                             ̈  Base
Rate Borrowing 
 Interest Rate Elections Period if LIBOR Rate Borrowing is chosen: 

 ̈  1-month
LIBOR                             ̈  2-month
LIBOR 
  ̈  3-month
LIBOR                             ̈  6-month
LIBOR 
 Certification 
 Acting on behalf of ODEC, I hereby certify that as of the date below I am duly authorized to make this certification and to make the Interest Election Request specified herein. I agree, for and on behalf
of ODEC, that the terms hereof shall be binding upon ODEC under the provisions of the Credit Agreement. 
 Certified By: 

 

									
	  
	 		 	Date:	  	  

	Name:	  		 		 		  	
	Title:	  		 		 		  	
					
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

 EXHIBIT D 
 [Form of Issuance Notice] 
 LETTER OF CREDIT ISSUANCE NOTICE 

Reference is made to the Credit Agreement, dated as of November 21, 2011 (as amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (the “ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Credit Agreement. 

Pursuant to Section 2.04 of the Credit Agreement, ODEC desires a Letter of Credit to be issued in accordance with the terms and
conditions of the Credit Agreement on [            ] (the “Credit Date”) in an aggregate face amount of
$            . 
 Attached hereto for such Letter of Credit is
either (i) the verbatim text of such proposed Letter of Credit, or (ii) a description of the proposed terms and conditions of such Letter of Credit, including a precise description of any documents to be presented by the beneficiary that,
if presented by the beneficiary prior to the expiration date of such Letter of Credit, would require the Issuing Lender to make payment under such Letter of Credit, including, in each case, the amount, the proposed date of such Letter of Credit,
name and address of the beneficiary and the expiration date, of such Letter of Credit. 
 Acting on behalf of ODEC, I hereby
certify that as of the date below: (1) I am duly authorized to make this certification and to request a Letter of Credit on the terms specified herein; and (2) the conditions contained in Section 4.02 of the Credit Agreement will be
satisfied on the effective date of such Letter of Credit. I hereby authorize the Administrative Agent, for and on behalf of ODEC, to make this request for the Letter of Credit and hereby acknowledge and agree that such terms shall be binding upon
ODEC under the provisions of the Credit Agreement governing this advance. 
  

									
	Date:	 	  
	 		 	OLD DOMINION ELECTRIC COOPERATIVE
					
		 		 		 	By:	 	  

		 		 		 	  Name:
		 		 		 	  Title:

 EXHIBIT E 
 [Form of Note] 
 ODEC’s Taxpayer Identification No.
             
  

			
		  	

 PROMISSORY 
 NOTE 
  

			
	$[            ]	  	                    , 20    

 FOR VALUE RECEIVED, OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation
cooperative (“ODEC”), hereby promises to pay to [NAME OF LENDER] (the “Lender”), at the offices of Wells Fargo Bank, National Association (the “Administrative Agent”) located at One Wells
Fargo Center, 301 South College Street, Charlotte, North Carolina (or at such other place or places as the Administrative Agent may designate), the principal sum of [DOLLAR AMOUNT] Dollars (or such lesser amount as shall equal the aggregate
unpaid principal amount of the [Syndicated]
[Swingline]14 Loans made by the Lender to ODEC under the Credit Agreement, as
defined below), in lawful money of the United States of America and in immediately available funds, on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount of each such
[Syndicated] [Swingline] Loan, at such office, in like money and funds, for the period commencing on the date of such [Syndicated] [Swingline] Loan until such [Syndicated] [Swingline] Loan shall be paid in full, at the rates per annum and on the
dates provided in the Credit Agreement. 
 The date, amount, Type, interest rate and duration of Interest Period (if applicable)
of each [Syndicated] [Swingline] Loan made by the Lender to ODEC, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Promissory Note, endorsed by the Lender on
the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of ODEC to make a payment when due of any amount owing under the
Credit Agreement or hereunder in respect of the [Syndicated] [Swingline] Loans made by the Lender. 
 This Promissory Note
evidences [Syndicated] [Swingline] Loans made by the Lender under the Credit Agreement dated as of November 21, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) among
ODEC, the Lenders party thereto (including the Lender), the Issuing Lenders party thereto, and Wells Fargo Bank, National Association, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not
otherwise defined in this Promissory Note have the meanings ascribed to them in the Credit Agreement. 
 The Credit Agreement
provides for the acceleration of the maturity of this Promissory Note upon the occurrence of certain events and for prepayments of Loans upon the terms and conditions specified therein. 

 

	1 
	 Such Swingline Loans only applicable to the Swingline Lender as defined in the Credit Agreement. 

 Except as permitted by Section 9.04 of the Credit Agreement, this Promissory Note may
not be assigned by the Lender to any other Person. 
 This Promissory Note shall be governed by, and construed in accordance
with, the law of the State of New York. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By:	 	  

	Name:
	Title:

 SCHEDULE OF [SYNDICATED] [SWINGLINE] LOANS 

This Promissory Note evidences [Syndicated] [Swingline] Loans made, continued or converted under the Credit Agreement to ODEC, on the
dates, in the principal amounts, of the Types, bearing interest at the rates and having Interest Periods (if applicable) of the durations set forth below, subject to the continuations, conversions and payments and prepayments of principal set forth
below: 
  

													
	 Date
	 	Principal
Amount
of Loan	 	Type
of
Loan	 	Interest
Rate	 	Duration
of
Interest
Period
(if any)	 	Amount
Paid,
Prepaid,
Continued
or
Converted	 	Notation
Made
by
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 EXHIBIT F 
 [Form of Compliance Certificate] 
 COMPLIANCE CERTIFICATE 

I,
                            ,
the                     of Old Dominion Electric Cooperative, a Virginia utility aggregation cooperative (“ODEC”), and, as such, a
Responsible Officer of ODEC, DO HEREBY CERTIFY that: 
 (a) I have conducted a review of the Credit Agreement dated as of
November 21, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) among ODEC, the Lenders party thereto, the Issuing Lenders party thereto, and Wells Fargo Bank, National
Association, a national banking association, as Administrative Agent and Swingline Lender, the financial statements of ODEC and such other documents as I have deemed necessary for this certification. Capitalized terms used but not otherwise defined
herein have the meanings ascribed to them in the Credit Agreement. This Compliance Certificate is being delivered pursuant to Section 5.01(c) of the Credit Agreement. 
 (b) [No Default or Event of Default has occurred during the period beginning on                     ,
20[    ] and ending on the date hereof.] [Attached hereto as Annex 1 is a detailed description of each Default or Event of Default that has occurred during the period beginning on
                    , 20[    ] and ending on the date hereof, together with a description of any action taken or proposed to be
taken with respect thereto.] 
 (c) [Attached hereto as Schedule 1 are detailed calculations
demonstrating compliance with the covenants set forth in Section 6.05 of the Credit Agreement as of the date
hereof.]15 

(d) The consolidating balance sheet and consolidated statements of revenue, expenses and patronage capital for ODEC and its Subsidiaries
present fairly in all material respects the financial condition and results of operations of ODEC and its Subsidiaries on a consolidating basis in accordance with GAAP consistently applied, subject to the normal year-end audit adjustments and the
absence of footnotes. 
 WITNESS my hand this day of , 20    . 

 

	
	  

	Name:
	Title:

  

	1 
	 Section 6.05 calculations only to be provided with each annual certificate. 

 EXHIBIT G 
 [Form of Competitive Loan Quote] 
 COMPETITIVE LOAN QUOTE 

Reference is made to the Credit Agreement, dated as of November 21, 2011 (as amended, supplemented, restated or otherwise modified
from time to time, the “Credit Agreement”), by and among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Credit Agreement. 

The lender designated herein (the “Lender”) hereby makes a Competitive Loan Quote pursuant to Section 2.20 of the
Credit Agreement and, in connection therewith, sets forth below the information relating to such Borrowing (the “Proposed Borrowing”) as required pursuant to the terms of the Credit Agreement: 

(i) The name of the Lender is
                            . The contact information for the Lender is as follows: 

[Name] 

[Address] 

[Telephone] 

[Telecopy] 
 (ii) The principal amount of the Proposed Borrowing is $            .16 
 (iii) The Competitive Loan Rate or Rates at which the Lender is prepared to make such Loan or Loans is/are as follows: 
  

									
	 Loan
Amount
	 	Rate	 	Interest
Period
Beginning	 	Interest
Period
Ending	 	Duration
		 		 		 		 	
		 		 		 		 	

 The Lender [does/does not] request a promissory note to evidence the Competitive Loan. 

 

	1 
	 The principal amount shall be a minimum of $5,000,000 and in integral multiples of $1,000,000 and may equal the entire principal amount of the
Competitive Loan Borrowing by ODEC. 

 The Lender hereby acknowledges and agrees that should all or any portion of this Competitive Loan Quote be
accepted by ODEC, the Lender shall be the sole lender of such Competitive Loan made by it and shall bear all financial risk and obligations relating thereto. 
  

									
	Date:	 	  
	 		  	[NAME OF LENDER]
					
		 		 		  	By:	 	  

		 		 		  	Name:

  

									
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

 EXHIBIT H 
 [Form of Competitive Loan Quote Request] 
 COMPETITIVE LOAN QUOTE REQUEST

 Reference is made to the Credit Agreement, dated as of November 21, 2011 (as amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”), by and among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS
party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Credit
Agreement. 
 ODEC hereby requests Competitive Loan Quotes under the Credit Agreement pursuant to Section 2.20 thereof and,
in connection therewith, sets forth below the information relating to such proposed Borrowing (the “Proposed Borrowing”) as required pursuant to the terms of the Credit Agreement: 

(i) The funding date of the Proposed Borrowing is             . 

(ii) The aggregate amount of the Proposed Borrowing is             .

 (iii) The Proposed Borrowing will be a [LIBOR Competitive Loan] [Base Rate Competitive Loan]. 

(iv) The requested Interest Period for the Proposed Borrowing is as follows:17 
 Start of Interest Period            End Date of Interest
Period            Duration in months 
  

	1 
	 Such interest period shall be 1, 2, 3 or 6 months 

 Upon any acceptance of a Competitive Loan Quote by ODEC, the Administrative Agent is hereby
directed to disburse the proceeds of the Competitive Loan comprising the Proposed Borrowing on the funding date therefor as set forth below, whereupon the proceeds of such Competitive Loan shall be deemed received by or for the benefit of ODEC.

 Wiring Instructions: 
  

					
	Bank Name	  	  
	 	
	City, State	  	  
	 	
	ABA No	  	  
	 	
	Account No	  	  
	 	
	Credit Account Name	  	  
	 	
	Additional Instructions	  	  
	 	

 Certification 
 Acting on behalf of ODEC, I hereby certify that as of the date below: (1) I am duly authorized to make this certification and to request funds on the terms specified herein; and (2) the
conditions contained in Section 4.02 of the Credit Agreement will be satisfied on the effective date of the Proposed Borrowing. I hereby authorize the Administrative Agent, for and on behalf of ODEC, to make this Competitive Loan Quote Request.

 Certified By: 
  

									
	  
	 		 	Date:	  	  

	Name:	  		 		 		  	
	Title:	  		 		 		  	
					
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

 EXHIBIT I 
 [Form of Competitive Loan Note] 
 ODEC’s Taxpayer Identification No.
             
 COMPETITIVE LOAN NOTE 

 

			
	$            	  	                    , 20    

 FOR VALUE RECEIVED, OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative
(“ODEC”), hereby promises to pay to [NAME OF LENDER] (the “Lender”), at the offices of Wells Fargo Bank, National Association (the “Administrative Agent”) located at One Wells Fargo Center,
301 South College Street, Charlotte, North Carolina (or at such other place or places as the Administrative Agent may designate), the principal sum of [DOLLAR AMOUNT] Dollars, in lawful money of the United States of America and in immediately
available funds, on the date provided in the Credit Agreement, and to pay interest on such principal sum, at such office, in like money and funds, for the period commencing on the date hereof until such principal sum shall be paid in full, at the
rate per annum and on the dates provided in the Credit Agreement. 
 The date, amount, interest rate and maturity date of the
Competitive Loan made by the Lender to ODEC and evidenced by this Promissory Note, and each payment made on account of the principal thereof, shall be recorded by the Lender on its books and, prior to any transfer of this Promissory Note, endorsed
by the Lender on the schedule attached hereto or any continuation thereof, provided that the failure of the Lender to make any such recordation or endorsement shall not affect the obligations of ODEC to make a payment when due of any amount
owing under the Credit Agreement or hereunder in respect of such Competitive Loan. 
 This Promissory Note evidences a
Competitive Loan made by the Lender under the Credit Agreement dated as of November 21, 2011 (as amended, supplemented, restated or otherwise modified from time to time, the “Credit Agreement”) among ODEC, the Lenders party
thereto (including the Lender), the Issuing Lenders party thereto, and Wells Fargo Bank, National Association, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined in this
Promissory Note have the meanings ascribed to them in the Credit Agreement. 
 The Credit Agreement provides for the
acceleration of the maturity of this Promissory Note upon the occurrence of certain events and for prepayment of this Promissory Note upon the terms and conditions specified therein. 

Except as permitted by Section 9.04 of the Credit Agreement, this Promissory Note may not be assigned by the Lender to any other
Person. 

 This Promissory Note shall be governed by, and construed in accordance with, the law of the
State of New York. 
  

			
	OLD DOMINION ELECTRIC COOPERATIVE
		
	By	 	  

	Name
	Title:

 COMPETITIVE LOAN 

 

													
	 Date
	 	Amount of
Competitive
Loan	 	Type of
Competitive
Loan	 	Interest
Rate	 	Amount
of
Principal
Repaid	 	Maturity
Date	 	Notation
Made
By
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	
		 		 		 		 		 		 	

 EXHIBIT J 
 [Form of Notice of Requested Commitment Increase] 
 NOTICE OF REQUESTED COMMITMENT
INCREASE 
 Reference is made to the Credit Agreement, dated as of November 21, 2011 (as amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”), by and among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS
party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Credit
Agreement. 
 ODEC hereby requests a Commitment Increase under the Credit Agreement pursuant to Section 2.21(a) thereof
and, in connection therewith, sets forth below the information relating to such requested Commitment Increase (the “Requested Commitment Increase”) as required pursuant to the terms of the Credit Agreement: 

(i) The requested date of the Requested Commitment Increase is             .

 (ii) The aggregate amount of the Requested Commitment Increase is
            .18 
 Certification 

Acting on behalf of ODEC, I hereby certify that as of the date below no Default or Event of Default has occurred and is continuing.

 Certified By: 
  

									
	  
	 		 	Date:	  	  

	Name:	  		 		 		  	
	Title:	  		 		 		  	
					
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

  

	1 
	 Such amount shall not exceed $150,000,000 in the aggregate with other previous Notices of Requested Commitment Increase, and shall be in minimum
increments of $25,000,000. 

 EXHIBIT K 
 [Form of Notice of Commitment Termination] 
 NOTICE OF COMMITMENT TERMINATION

 Reference is made to the Credit Agreement, dated as of November 21, 2011 (as amended, supplemented, restated or
otherwise modified from time to time, the “Credit Agreement”), by and among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS
party thereto, and WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. Capitalized terms used but not otherwise defined herein have the meanings ascribed to them in the Credit
Agreement. 
 ODEC hereby gives notice of a Commitment Termination under the Credit Agreement pursuant to Section 2.22)
thereof and, in connection therewith, sets forth below the information relating to such Commitment Termination (the “Commitment Termination”) as required pursuant to the terms of the Credit Agreement: 

(i) The Noticed Lender is
                                        .

 [Choose all that apply][Such Lender has requested compensation under Section 2.13.][ODEC has been required to make
payments on account of such Lender under Section 2.15.][Such Lender is a Defaulting Lender.] 
 (ii) The
requested date of the Commitment Termination is
            .19 

(iii) The amount of the Commitment Termination is             . 

(iv) The amount of the Commitment Termination which ODEC requests be reallocated to the Commitments of other Lenders is:
            . 
 (v) The amount of Loans of the Noticed Lender which
ODEC requests be allocated to other Lenders is:             . 
 (vi)
The amount of Fronting Exposure of the Noticed Lender which ODEC requests be allocated to other Lenders is:             . 

Certification 
 Acting on
behalf of ODEC, I hereby certify that as of the date below, I am duly authorized to make this certification and to give notice of a Commitment Termination on the terms specified herein. I hereby authorize the Administrative Agent, for and on behalf
of ODEC, to make this Commitment Termination. 
  

	1 
	 Such date shall be at least 10 days from the date of delivery of this Notice of Commitment Termination. 

 [Add if a reallocation of Loans or Fronting Exposure is requested:] [Acting on behalf of ODEC, I hereby
certify that as of the date below, (1) the conditions contained in Section 4.02 of the Credit Agreement are satisfied and (2) the reallocation described in clause (iv) above will not cause the aggregate Revolving Credit Exposure
of any other Lender to exceed such Lender’s Commitment.] 
 Certified By: 

									
	  
	 		 	Date:	  	  

	Name:	  		 		 		  	
	Title:	  		 		 		  	
					
	PLEASE FAX TO	  	 704-590-2790
	 		 	ATTN:	  	 Syndication Agency Services

 EXHIBIT L-1 
 [FORM OF U.S. TAX COMPLIANCE CERTIFICATE] 
 U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of November 21, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it
is not a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Company with a certificate of its non-U.S. Person status on
IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company and the Administrative Agent, and (2) the
undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of
the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and
used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF LENDER] 

 

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Date:
                         , 2011 

 EXHIBIT L-2 
 [FORM OF U.S. TAX COMPLIANCE CERTIFICATE] 
 U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of November 21, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the
Company within the meaning of Section 871(h)(3)(B) of the Code, and (iv) it is not a controlled foreign corporation related to the Company as described in Section881(c)(3)(C) of the Code. 

The undersigned has furnished its participating Lender with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing
this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform such Lender in writing, and (2) the undersigned shall have at all times furnished such
Lender with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either of the two calendar years preceding such payments. 

Unless otherwise defined herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the
Credit Agreement. 
 [NAME OF PARTICIPANT] 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Date:
                         , 2011 

 EXHIBIT L-3 
 [FORM OF U.S. TAX COMPLIANCE CERTIFICATE] 
 U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of November 21, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the
undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code,
(iv) none of its direct or indirect partners/members is a ten percent shareholder of the Company within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign
corporation related to the Company as described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its
participating Lender with IRS Form W-8IMY accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an
IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform such Lender and (2) the undersigned shall have at all times furnished such Lender with a properly completed and currently effective certificate in either the calendar year in which each payment
is to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF
PARTICIPANT] 
  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Date:
                         , 2011 

 EXHIBIT L-4 
 [FORM OF U.S. TAX COMPLIANCE CERTIFICATE] 
 U.S. TAX COMPLIANCE CERTIFICATE

 (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Credit Agreement dated as of November 21, 2011 (as amended, supplemented or otherwise modified from
time to time, the “Credit Agreement”), among OLD DOMINION ELECTRIC COOPERATIVE, a Virginia utility aggregation cooperative (“ODEC”), the LENDERS party thereto, the ISSUING LENDERS party thereto, and
WELLS FARGO BANK, NATIONAL ASSOCIATION, a national banking association, as Administrative Agent and Swingline Lender. 

Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole
record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any
Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit
pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the
Company within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Company as described in Section 881(c)(3)(C) of the Code.

 The undersigned has furnished the Administrative Agent and the Company with IRS Form W-8IMY accompanied by one of the
following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s
beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Company
and the Administrative Agent, and (2) the undersigned shall have at all times furnished the Company and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is
to be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined
herein, terms defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
 [NAME OF LENDER]

  

			
	By:	 	  

	Name:	 	  

	Title:	 	  

 Date:
                         , 2011

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