Document:

Exhibit 10.3

 

EXECUTION VERSION 

 

 

CREDIT AGREEMENT

 

dated as of
 
 May 25, 2020
 
 among
 
 REGENERON PHARMACEUTICALS, INC.

 

The Lenders Party Hereto

 GOLDMAN SACHS BANK USA

 

as Administrative Agent
 

 

 

GOLDMAN SACHS BANK
USA
 as Sole Bookrunner and Sole Lead Arranger 

 

 

     

     

    

 

Table Of Contents

 

	 	Page
	ARTICLE I Definitions	1
	Section 1.01.	Defined Terms	1
	Section 1.02.	Classification of Loans and Borrowings	30
	Section 1.03.	Terms Generally	31
	Section 1.04.	Accounting Terms; GAAP; Pro Forma Calculations	31
	Section 1.05.	Interest Rates; LIBOR Notification	32
	Section 1.06.	Divisions	32
	ARTICLE II The Credits	33
	Section 2.01.	Commitments	33
	Section 2.02.	Loans and Borrowings	33
	Section 2.03.	Requests for Borrowings	33
	Section 2.04.	[Reserved]	34
	Section 2.05.	[Reserved]	34
	Section 2.06.	[Reserved]	34
	Section 2.07.	Funding of Borrowings	34
	Section 2.08.	Interest Elections	34
	Section 2.09.	Termination and Reduction of Commitments	36
	Section 2.10.	Repayment of Loans; Evidence of Indebtedness	36
	Section 2.11.	Prepayment of Loans	37
	Section 2.12.	Fees	37
	Section 2.13.	Interest	38
	Section 2.14.	Alternate Rate of Interest	39
	Section 2.15.	Increased Costs	40
	Section 2.16.	Break Funding Payments	41
	Section 2.17.	Taxes	42
	Section 2.18.	Payments Generally; Pro Rata Treatment; Sharing of Set-offs	45
	Section 2.19.	Mitigation Obligations; Replacement of Lenders	46
	Section 2.20.	Expansion Option	47
	Section 2.21.	[Reserved]	48
	Section 2.22.	Judgment Currency	48
	Section 2.23.	[Reserved]	49
	Section 2.24.	Defaulting Lenders	49
	ARTICLE III Representations and Warranties	50
	Section 3.01.	Organization; Powers; Subsidiaries	50
	Section 3.02.	Authorization; Enforceability	50
	Section 3.03.	Governmental Approvals; No Conflicts	50
	Section 3.04.	Financial Condition; No Material Adverse Change	51
	Section 3.05.	Properties	51
	Section 3.06.	Litigation and Environmental Matters	51
	Section 3.07.	Compliance with Laws	51
	Section 3.08.	Investment Company Status	52
	Section 3.09.	Taxes	52
	Section 3.10.	ERISA	52
	Section 3.11.	Disclosure	52

 

     

     

    

 

	Section 3.12.	Federal Reserve Regulations	52
	Section 3.13.	No Default	52
	Section 3.14.	Anti-Corruption Laws and Sanctions	52
	Section 3.15.	Affected Financial Institution.	53
	ARTICLE IV Conditions	53
	Section 4.01.	Effective Date	53
	Section 4.02.	Closing Date	54
	ARTICLE V	55
	Affirmative Covenants	55
	Section 5.01.	Financial Statements and Other Information	55
	Section 5.02.	Notices of Material Events	56
	Section 5.03.	Existence; Conduct of Business	57
	Section 5.04.	Payment of Taxes	57
	Section 5.05.	Maintenance of Properties; Insurance	57
	Section 5.06.	Books and Records; Inspection Rights	57
	Section 5.07.	Compliance with Laws	58
	Section 5.08.	Use of Proceeds	58
	Section 5.09.	Subsidiary Guaranty	58
	ARTICLE VI Negative Covenants	59
	Section 6.01.	Subsidiary Indebtedness	59
	Section 6.02.	Liens	61
	Section 6.03.	Fundamental Changes and Asset Sales	64
	Section 6.04.	Swap Agreements	65
	Section 6.05.	Transactions with Affiliates	65
	Section 6.06.	Restricted Payments	66
	Section 6.07.	Financial Covenants	67
	ARTICLE VII Events of Default	67
	ARTICLE VIII The Administrative Agent	70
	Section 8.01.	General	70
	Section 8.02.	Posting of Communications	73
	Section 8.03.	Certain ERISA Matters	74
	ARTICLE IX Miscellaneous	75
	Section 9.01.	Notices	75
	Section 9.02.	Waivers; Amendments	77
	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; Electronic Execution	85

 

     ii

     

    

 

	Section 9.07.	Severability	85
	Section 9.08.	Right of Setoff	86
	Section 9.09.	Governing Law; Jurisdiction; Consent to Service of Process	86
	Section 9.10.	WAIVER OF JURY TRIAL	87
	Section 9.11.	Headings	87
	Section 9.12.	Confidentiality	87
	Section 9.13.	USA PATRIOT Act	88
	Section 9.14.	Releases of Subsidiary Guarantors	88
	Section 9.15.	Interest Rate Limitation	89
	Section 9.16.	No Advisory or Fiduciary Responsibility	89
	Section 9.17.	Swap Obligations and Banking Services Obligations	90
	Section 9.18.	Acknowledgement and Consent to Bail-In of Affected Financial Institutions	90

 

     iii

     

    

 

	SCHEDULES:	 
	 	 
	Schedule 2.01	– Commitments
	Schedule 3.01	– Subsidiaries
	Schedule 6.01	– Existing Indebtedness
	Schedule 6.02	– Existing Liens
	Schedule 10	– Share Repurchase
	 	 
	EXHIBITS:	 
	 	 
	Exhibit A	– Form of Assignment and Assumption
	Exhibit B	– Form of Increasing Lender Supplement
	Exhibit C	– Form of Augmenting Lender Supplement
	Exhibit D	– List of Closing Documents
	Exhibit E	– Form of Solvency Certificate
	Exhibit F	– Form of Subsidiary Guaranty
	Exhibit G-1	– Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	Exhibit G-2	– Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	Exhibit G-3	– Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	Exhibit G-4	– Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	Exhibit H-1	– Form of Borrowing Request
	Exhibit H-2	– Form of Interest Election Request
	Exhibit I	– Form of Note
	 	 

     iv

     

    

 

 

CREDIT AGREEMENT

 

CREDIT AGREEMENT (this
 “Agreement”) dated as of May 25, 2020 among REGENERON PHARMACEUTICALS, INC., a New York corporation, the LENDERS
from time to time party hereto and GOLDMAN SACHS BANK USA, as Administrative Agent.

 

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:

 

“ABR”,
when used in reference to any Loan or Borrowing, refers to such Loan, or the Loans comprising such Borrowing, bearing interest
at a rate determined by reference to the Alternate Base Rate.

 

“Acquisition”
means (i) any acquisition (whether by purchase, merger, consolidation or otherwise) or series of related acquisitions by the Borrower
or any Subsidiary of (a) all or substantially all the assets of (or all or substantially all the assets constituting a business
unit, division, product line (including rights in respect of any drug or other pharmaceutical product) or line of business of)
any Person, or (b) all or substantially all the Equity Interests in a Person or division or line of business of a Person, (ii)
a Drug Acquisition or (iii) an Exclusive License to develop and commercialize a drug or other product line of any Person.

 

“Adjusted LIBO
Rate” means, with respect to any Eurocurrency Borrowing for any Interest Period, an interest rate per annum (rounded
upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the
Statutory Reserve Rate.

 

“Administrative
Agent” means Goldman Sachs Bank USA (including its branches and affiliates), in its capacity as administrative agent
for the Lenders hereunder.

 

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

 

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

 

“Affiliate”
means, with respect to a specified Person, 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.

 

“Alternate
Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the NYFRB Rate in effect on such day plus 1⁄2 of 1% and (c) the Adjusted LIBO Rate for a one month
Interest Period in Dollars on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus
1%; provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBOR
Screen Rate (or if the LIBOR Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at
approximately 11:00 a.m. London time on such day, subject to the interest rate floors set forth therein. Any change in the
Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate, as the case may be, shall be
effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Adjusted LIBO Rate,
respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 2.14 hereof, then
the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause
(c) above. For the avoidance of doubt, if the Alternate Base Rate shall be less than 1.75%, such rate shall be deemed to be
1.75% for purposes of this Agreement.

 

     

     

    

 

“Alternative
Rate” has the meaning assigned to such term in Section 2.14(a).

 

“Anti-Corruption
Laws” means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or its Subsidiaries from
time to time concerning or relating to bribery or corruption.

 

“Applicable
Parties” has the meaning assigned to it in Section 8.02(c).

 

“Applicable
Percentage” means, with respect to any Lender, the percentage of the total Loans or Commitments of all the Lenders represented
by such Lender’s Loans or Commitment, as applicable; provided that, in the case of Section 2.24 when a Defaulting
Lender shall exist, “Applicable Percentage” shall mean the percentage of the total Loans or Commitment, as applicable
(disregarding any Defaulting Lender’s Loans or Commitment), of all Lenders represented by such Lender’s Loans or Commitment,
as applicable.

 

“Applicable
Rate” means, for any day, with respect to any Eurocurrency Loan or any ABR Loan, as the case may be, the applicable rate
per annum set forth below under the caption “Eurocurrency Spread” or “ABR Spread”, as the case may be,
based upon the Pricing Level applicable on such date:

 

	Pricing Level:	Eurocurrency Spread	
        ABR

Spread 

	
        Level I 
	1.875%

                                                                                 
	0.875%
	
        Level II 
	2.00%

                                                                                 
	1.00%
	
        Level III 
	2.125%

                                                                                 
	1.125%
	
        Level IV 
	2.25 %

                                                                                 
	1.25%

 

 

; provided that the Applicable
Rate for Eurocurrency Loans and ABR Loans at each Pricing Level shall be increased by (a) 0.25% on September 18, 2020, (b) an additional
0.25% per annum on the date that is 180 days after the Closing Date and (c) an additional 0.25% per annum on the date that is 270
days after the Closing Date.

 

For purposes hereof: (i)
Pricing Level I and Ratings Level A are equivalent and correspond to each other, and they are the highest levels for purposes
of this definition, (ii) Pricing Level II, Leverage Level 2 and Ratings Level B are equivalent and correspond to each other,
and they are the second highest levels for purposes of this definition, (iii) Pricing Level III, Leverage Level 3 and Ratings
Level C are equivalent and correspond to each other, and they are the third highest levels for purposes of this definition
and (iv) Pricing Level IV, Leverage Level 4 and Ratings Level D are equivalent and correspond to each other, and they are the
lowest levels for purposes of this definition

 

    2

     

    

 

At any time of determination,
the Pricing Level shall be determined by reference to the higher of the Leverage Level and the Ratings Level then in effect (or
if Ratings Level A is then in effect, solely by reference to Ratings Level A).

 

Leverage Level Determination

 

	Leverage Level

                                                                                 
	Total Leverage Ratio
	
        Level 2 

         
	≤ 1.00 to 1.00
	Level 3

                                                                                 

                                                                                 
	> 1.00 to 1.00 but 

 < 2.00 to 1.00
	
        Level 4 

         
	
        ≥ 2.00 to 1.00 

  

Unless Ratings Level A is then
in effect, if at any time the Borrower fails to deliver the Financials on or before the date such Financials are due pursuant to
Section 5.01, Leverage Level 4 shall be deemed applicable for the period commencing three (3) Business Days after such required
date of delivery and ending on the date which is three (3) Business Days after such Financials are actually delivered, after which
the Leverage Level shall be determined in accordance with this definition, as applicable.

 

Except as otherwise provided
in the paragraph below or in the immediately preceding paragraph, adjustments, if any, to the Leverage Level then in effect shall
be effective three (3) Business Days after the Administrative Agent has received the applicable Financials (it being understood
and agreed that each change in Leverage Level shall apply during the period commencing on the effective date of such change and
ending on the date immediately preceding the effective date of the next such change).

 

Notwithstanding anything to the
contrary set forth in this definition, Pricing Level II shall be deemed to be applicable until the Administrative Agent’s
receipt of the applicable financial statements for the Borrower’s first full fiscal quarter ending after the Effective Date
and adjustments to the Leverage Level then in effect shall thereafter be effected in accordance with the terms of this definition.

 

Ratings Level Determination

 

	Ratings Level	
        Index Debt Ratings

        (S&P/Moody’s)

        

        

	Level A	
        BBB+/Baa1 or higher

         

	
        Level B

         
	BBB/Baa2
	
        Level C

         
	BBB-/Baa3
	
        Level D

         
	BB+/Ba1 or lower

  

    3

     

    

 

For purposes
of the foregoing, (i) if neither Moody’s nor S&P shall have in effect a rating for the Index Debt (other than by reason
of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established
a Ratings Level in Level D; (ii) if the ratings established or deemed to have been established by Moody’s and S&P for
the Index Debt shall fall within different Ratings Levels, the Ratings Level shall be based on the higher of the two ratings unless
one of the two ratings is two or more Ratings Levels lower than the other, in which case the Ratings Level shall be determined
by reference to the Ratings Level next below that of the higher of the two ratings; (iii) if only one of S&P and Moody’s
shall have in effect a rating for the Index Debt, the Ratings Level shall be determined by reference to the available rating; and
(iv) if the ratings established or deemed to have been established by Moody’s and S&P for the Index Debt shall be changed
(other than as a result of a change in the rating system of Moody’s or S&P), such change shall be effective as of the
date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been
furnished by the Borrower to the Administrative Agent and the Lenders pursuant to Section 5.01 or otherwise. Each change in the
Ratings Level shall apply during the period commencing on the effective date of such change and ending on the date immediately
preceding the effective date of the next such change. If the rating system of Moody’s or S&P shall change, or if either
such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate
in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such rating
agency and, pending the effectiveness of any such amendment, the Ratings Level shall be determined by reference to the rating most
recently in effect prior to such change or cessation.

 

“Approved Electronic
Platform” has the meaning assigned to such term in Section 8.02(a).

 

“Approved Fund”
has the meaning assigned to such term in Section 9.04(b).

 

“Asset Sale”
means any sale, transfer, lease or other disposition or Casualty Event with respect to any assets of the Borrower or any of its
Subsidiaries, except any Excluded Asset Sale.

 

“Assignment
and Assumption” means an assignment and assumption agreement entered into by a Lender and an 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 (including electronic records generated by use of an electronic platform) approved by the Administrative Agent.

 

“Augmenting
Lender” has the meaning assigned to such term in Section 2.20.

 

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

 

“Bail-In Legislation”
means, (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and
of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time
to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United
Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom
relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other
than through liquidation, administration or other insolvency proceedings).

 

    4

     

    

 

“Banking Services”
means each and any of the following bank services provided to the Borrower or any Subsidiary by any Lender or any of its Affiliates:
(a) credit cards for commercial customers (including, without limitation, commercial credit cards and purchasing cards), (b) stored
value cards, (c) merchant processing services and (d) treasury management services (including, without limitation, controlled
disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement, overdrafts and interstate
depository network services).

 

“Banking Services
Agreement” means any agreement entered into by the Borrower or any Subsidiary in connection with Banking Services.

 

“Banking Services
Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and howsoever
and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications thereof and substitutions
therefor) in connection with Banking Services.

 

“Bankruptcy
Event” means, with respect to any Person, such Person becomes the subject of a voluntary or involuntary bankruptcy or
insolvency proceeding, or has had a receiver, conservator, trustee, administrator, examiner, custodian, assignee for the benefit
of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good
faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval
of, or acquiescence in, any such proceeding or appointment or has had any order for relief in such proceeding entered in respect
thereof; provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any
ownership interest, in such Person by a Governmental Authority or instrumentality thereof, unless such ownership interest results
in or provides such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate,
disavow or disaffirm any contracts or agreements made by such Person.

 

“Benchmark Replacement”
means the sum of: (a) the alternate benchmark rate (which may include Term SOFR) that has been selected by the Administrative Agent
and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining
such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate
of interest as a replacement to LIBO for U.S. dollar-denominated syndicated credit facilities and (b) the Benchmark Replacement
Adjustment; provided that, if the Benchmark Replacement as so determined would be less than 0.75%, the Benchmark Replacement
will be deemed to be 0.75% for the purposes of this Agreement.

 

“Benchmark Replacement
Adjustment” means, with respect to any replacement of LIBO with an Unadjusted Benchmark Replacement for each applicable
Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive
or negative value or zero) that has been selected by the Administrative Agent and the Borrower giving due consideration to (i)
any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of LIBO with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body or (ii) any evolving
or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread
adjustment, for the replacement of LIBO with the applicable Unadjusted Benchmark Replacement for U.S. dollar- denominated syndicated
credit facilities at such time.

 

    5

     

    

 

“Benchmark
Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or
operational changes (including changes to the definition of “Alternative Base Rate,” the definition of
 “Interest Period,” timing and frequency of determining rates and making payments of interest and other
administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation
of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially
consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice
is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of
the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably
necessary in connection with the administration of this Agreement).

 

“Benchmark
Replacement Date” means the earlier to occur of the following events with respect to the LIBO Rate:

 

		(1)	in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of
the public statement or publication of information referenced therein and (b) the date on which the administrator of the LIBO Rate
permanently or indefinitely ceases to provide the LIBO Rate; or
	 	 	 
		(2)	in the case of clause (3) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein.

 

“Benchmark
Transition Event” means the occurrence of one or more of the following events with respect to the LIBO Rate:

 

		(1)	a public statement or publication of information by or on behalf of the administrator
of the LIBO Rate announcing that such administrator has ceased or will cease to provide the LIBO Rate, permanently or indefinitely,
provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide
the LIBO Rate;
	 	 	 
		(2)	a public statement or publication of information by the regulatory supervisor
for the administrator of the LIBO Rate, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator
for the LIBO Rate, a resolution authority with jurisdiction over the administrator for the LIBO Rate or a court or an entity with
similar insolvency or resolution authority over the administrator for the LIBO Rate, which states that the administrator of the
LIBO Rate has ceased or will cease to provide the LIBO Rate permanently or indefinitely, provided that, at the time of such
statement or publication, there is no successor administrator that will continue to provide the LIBO Rate; or
	 	 	 
		(3)	a public statement or publication of information by the regulatory supervisor
for the administrator of the LIBO Rate announcing that the LIBO Rate is no longer representative.

 

“Benchmark
Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark
Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective
event, the 90th day prior to the expected date of such event as of such public statement or publication of information
(or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such
statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent or the
Required Lenders, as applicable, by notice to the Borrower, the Administrative Agent (in the case of such notice by the Required
Lenders) and the Lenders.

 

“Benchmark
Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have
occurred with respect to the LIBO Rate and solely to the extent that the LIBO Rate has not been replaced with a Benchmark
Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no
Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder in accordance with the Section 2.14 and (y)
ending at the time that a Benchmark Replacement has replaced the LIBO Rate for all purposes hereunder pursuant to Section
2.14.

 

    6

     

    

 

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

 

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

 

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

 

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

 

“Bookrunner”
means Goldman Sachs Bank USA, in its capacity as sole bookrunner and sole lead arranger for the credit facility evidenced by this
Agreement.

 

“Borrower”
means Regeneron Pharmaceuticals, Inc., a New York corporation.

 

“Borrowing”
means a borrowing consisting of Loans of the same Type and, in the case of Eurocurrency Loans, having the same Interest Period.

 

“Borrowing Request”
means a request by the Borrower for a Borrowing in accordance with Section 2.03, substantially in the form attached hereto
as Exhibit H-1 or any other form approved by the Administrative Agent.

 

“Business Day”
means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City are authorized or required
by law to remain closed; provided that, when used in connection with a Eurocurrency Loan, the term “Business Day”
shall also exclude any day on which banks are not open for dealings in Dollars in the London interbank market.

 

“Cancellation
Date” means the date of cancellation of any Equity Interests purchased pursuant to the Share Repurchase.

 

“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, or a combination thereof, which obligations are required to
be classified and accounted for as capital lease obligations 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. The foregoing is subject to Section 1.04(a).

 

“Cash Equivalents”
means:

 

(a)       Dollars,
and, with respect to any Foreign Subsidiaries, other currencies held by such Foreign Subsidiary, in each case in the ordinary course
of business;

 

(b)       any
investment in marketable debt obligations issued or guaranteed by the government of the United States of America which has a
credit rating of A- or higher by S&P or A3 or higher by Moody’s or by an instrumentality or agency of any of them
having an equivalent credit rating, maturing within one (1) year after the relevant date of calculation and not convertible
or exchangeable to any other security;

 

    7

     

    

 

(c)       securities
issued by any state, commonwealth or territory of the United States of America or any political subdivision or taxing authority
of any such state, commonwealth or territory or any public instrumentality thereof or any political subdivision or taxing authority
of any such state, commonwealth or territory or any public instrumentality thereof having maturities of not more than one (1) year
from the date of acquisition thereof and, at the time of acquisition, having an investment grade rating generally obtainable from
S&P or Moody’s;

 

(d)       commercial
paper not convertible or exchangeable to any other security (i) for which a recognized trading market exists, (ii) issued by an
issuer incorporated in the United States of America, (iii) which matures within one (1) year after the relevant date of calculation,
and (iv) which has a credit rating of A-1 or higher by S&P or P-1 or higher by Moody’s, or, if no rating is available
in respect of the commercial paper, the issuer of which has, in respect of its long term unsecured and non-credit enhanced debt
obligations, an equivalent rating;

 

(e)       certificates
of deposit maturing within one (1) year after the relevant date of calculation and issued by a bank or financial institution which
has a rating for its long-term unsecured and non credit enhancing debt obligations of BBB+ or higher by S&P or Baa1 or higher
by Moody’s;

 

(f)       repurchase
agreements with a term of not more than 30 days for underlying securities of the type described in clauses (b), (c)
and (g) of this definition entered into with any bank or financial institution which has a rating for its long-term unsecured
and non credit enhancing debt obligations of BBB+ or higher by S&P or Baa1 or higher by Moody’s or securities dealers
of recognized national standing;

 

(g)       any
investment in money market funds which (i) have assets with a credit rating of A-1 or higher by S&P or P-1 or higher by Moody’s,
(ii) which invest substantially all their assets in securities of the types described in clauses (b), (d) and (e) above and (iii)
can be turned into cash on not more than thirty (30) calendar days’ notice; or

 

(h)       any
loan made to an entity which has a credit rating of A+ or higher by S&P or A1 or higher by Moody’s;

 

in each case under clauses (b) through (i), denominated in Dollars
or in any other currency which is freely convertible into Dollars and to which the Borrower or any of its Subsidiaries is alone
(or together with Borrower or any other Subsidiary) beneficially entitled at that time and which is not issued or guaranteed by
Borrower or any of its Subsidiaries or subject to any security (other than the normal security arising in favor of a clearing system
due to the relevant investment being held in such clearing system).

 

“Casualty Event”
means any loss, damage, destruction or condemnation of any asset of the Borrower or any of its Subsidiaries.

 

“CFC”
means a Person that is a “controlled foreign corporation” within the meaning of section 957 of the Code.

 

“CFC Debt”
means, with respect to any Person, any Indebtedness or accounts receivable that is owed, or treated as owed for United States federal
income tax purposes, by any CFC to such Person.

 

    8

     

    

 

“Change in
Control” means (a) the acquisition of ownership, directly or indirectly, beneficially or of record, by any
Person or “group” (within the meaning of the Securities Exchange Act of 1934 and the rules of the SEC thereunder,
each as in effect on the Effective Date) of Equity Interests representing more than 50% of the aggregate ordinary voting
power represented by the issued and outstanding Equity Interests of the Borrower or (b) within any period of 24 consecutive
months, occupation of a majority of the seats (other than vacant seats) on the board of directors of the Borrower other than
by individuals who were (i) directors at the beginning of such period, (ii) nominated or approved by the board of
directors of the Borrower or (iii) appointed (or, in the case of a vacancy, elected) by directors so nominated, approved
or appointed, in each case which nomination, approval or appointment (or, in the case of a vacancy, election) to such board
of directors was made by individuals referred to in the foregoing clauses (i), (ii) or (iii) constituting at the time of such
nomination, approval or appointment (or, in the case of a vacancy, election) at least a majority of such board.

 

“Change in Law”
means the occurrence, after the date of this Agreement (or with respect to any Lender, if later, the date on which such Lender
becomes a Lender), 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, rules, guideline, requirement or directive (whether
or not having the force of law) by any Governmental Authority; provided however, that notwithstanding anything herein to
the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements
and directives thereunder, issued in connection therewith or in implementation thereof, and (ii) all requests, rules, guidelines,
requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or
any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III,
shall in each case be deemed to be a “Change in Law” regardless of the date enacted, adopted, issued or implemented.

 

“Charges”
has the meaning assigned to such term in Section 9.15.

 

“Closing Date”
means the date on which all conditions precedent in Section 4.02 are satisfied or waived in accordance with Section 9.02 and the
Loans are funded under this Agreement.

 

“Code”
means the United States Internal Revenue Code of 1986.

 

“Collaboration
Arrangement” means any license, sublicense, lease, sublease, collaboration agreement or other profit-loss sharing arrangement
relating to the discovery, research, development, manufacture or commercialization of any drug, product line or service.

 

“Commitment”
means, with respect to each Lender, the commitment of such Lender to make a Loan to the Borrower on the Closing Date, as such commitment
may be reduced, terminated or increased from time to time in accordance with the terms of this Agreement. The initial amount of
each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption or record (as such
term is defined in Section 9-102(a)(70) of the New York Uniform Commercial Code) as provided in Section 9.04(b)(ii)(C) or other
documentation contemplated hereby pursuant to which such Lender shall have assumed its Commitment, as applicable. As of the Effective
Date, the aggregate principal amount of the Commitments of all Lenders is $1,500,000,000.

 

“Commitment
Termination Time” means 11:59 p.m. (New York City time) on June 1, 2020.

 

“Commodity Exchange
Act” means the Commodity Exchange Act (7 U.S.C. § 1 et seq.), as amended from time to time, and any successor statute.

 

    9

     

    

 

“Communications”
means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of
any Loan Party pursuant to any Loan Document or the transactions contemplated therein which is distributed by the
Administrative Agent or any Lender by means of electronic communications pursuant to Section 8.02(c), including through an
Approved Electronic Platform.

 

“Connection
Income Taxes” means Other Connection Taxes that are imposed on or measured by net income (however denominated) or that
are franchise Taxes or branch profits Taxes.

 

“Consolidated
EBITDA” means, with reference to any period and without duplication, an amount equal to (a) Consolidated Net
Income, plus (b) to the extent deducted in determining Consolidated Net Income, (i) Consolidated Interest
Expense, (ii) income tax expenses, (iii) depreciation, (iv) amortization, (v) non-cash charges, expenses
or losses (including any non-cash charges attributable to impairment of goodwill or other intangible assets or impairment of
long-lived assets and non-cash expenses related to equity-based compensation, benefits or incentives),
(vi) extraordinary, non-recurring or unusual charges, expenses or losses (including, without limitation, with respect to
restructuring activities, consolidations, integration, headcount reductions or other similar actions, including severance
charges in respect of employee terminations) and in an aggregate amount not in excess of $75,000,000 during any such period,
(vii) losses due to fluctuations in currency exchange rates, (viii) unrealized losses under Swap Agreements, (ix) net
after-tax losses (including all fees and expenses or charges relating thereto) on any sale or disposition of any asset of the
Borrower or any of its Subsidiaries outside of the ordinary course of business and net after-tax losses from discontinued
operations, (x) net after-tax losses (including all fees and expenses or charges relating thereto) on the retirement or
extinguishment of debt, (xi) write-off of non-cash deferred revenue in connection with purchase accounting adjustments
applied in respect of any Acquisition (it being understood that such non-cash deferred revenue shall be recognized in such
period(s) as it would have been recognized but for such Acquisition), (xii) out-of-pocket fees, expenses and other
transaction costs paid to unaffiliated third parties in connection with any actual or proposed Acquisitions, mergers, joint
ventures, Collaboration Arrangements, other investments, sales or dispositions of assets, incurrence of indebtedness and
issuance of Equity Interests or other securities by the Borrower or any of its Subsidiaries, in each case, to the extent
incurred within twelve (12) months of the completion or abandonment (as applicable) of such transactions and so long as such
transactions are not prohibited under the Loan Documents and whether or not consummated, (xiii) charges or losses that are,
or could reasonably be expected to be, reimbursed or covered by insurance policies or contractual indemnities and not
disputed by the insurer or contractual indemnitor thereunder, in each case so long as such amounts are actually reimbursed to
the Borrower or applicable Subsidiary in cash within two (2) fiscal quarters after the related amount is first added to
Consolidated EBITDA pursuant to this clause (xiii) (and if not so reimbursed within two (2) fiscal quarters, such amount
shall be deducted from Consolidated EBITDA during the next applicable period), (xiv) acquired in-process research and
development expenditures, (xv) unrealized non-cash losses arising from the revaluation of equity securities, and (xvi)
Milestone Payments and one-time Upfront Payments, minus (c) to the extent included in Consolidated Net Income,
(1) interest income, (2) income tax credits and refunds (to the extent not netted from income tax expense),
(3) any cash payments made during such period in respect of items described in clauses (v) or (xi) above
subsequent to the fiscal quarter in which the relevant non-cash expenses or losses were incurred, (4) non-cash or
extraordinary, unusual or non-recurring income or gains, (5) gains due to fluctuations in currency exchange rates, (6)
unrealized gains under Swap Agreements, (7) net after-tax gains (less all fees and expenses or charges relating thereto) on
any sale or disposition of any asset of the Borrower or any of its Subsidiaries outside of the ordinary course of business
and net after-tax gains from discontinued operations (without reduction on account of any amounts added back in clause
(b)(ii) of this definition), (8) any net after-tax gains (less and fees and expenses or charges related thereto) on the
retirement or extinguishment of debt and (9) unrealized non-cash gains arising from the revaluation of equity securities, all
calculated for the Borrower and its Subsidiaries in accordance with GAAP on a consolidated basis. For the purposes of
calculating Consolidated EBITDA for any period of four consecutive fiscal quarters (each such period, a “Reference
Period”), (i) if at any time during such Reference Period the Borrower or any Subsidiary shall have made any
Material Disposition, the Consolidated EBITDA for such Reference Period shall be reduced by an amount equal to the
Consolidated EBITDA (if positive) attributable to the property that is the subject of such Material Disposition for such
Reference Period or increased by an amount equal to the Consolidated EBITDA (if negative) attributable thereto for such
Reference Period, and (ii) if during such Reference Period the Borrower or any Subsidiary shall have made a Material
Acquisition and the Consolidated EBITDA attributable to the property that is the subject of such Material Acquisition is
positive for such Reference Period, Consolidated EBITDA for such Reference Period shall be calculated after giving pro forma
effect thereto as if such Material Acquisition occurred on the first day of such Reference Period. As used in this
definition, “Material Acquisition” means any acquisition of property or series of related acquisitions of
property by the Borrower or any Subsidiary that (a) constitutes (i) assets comprising all or substantially all or
any significant portion of a business or operating unit of a business, or (ii) all or substantially all of the common
stock or other Equity Interests of a Person, and (b) involves the payment of consideration by the Borrower and its
Subsidiaries in excess of $25,000,000 (calculated to include the aggregate amount of Indebtedness assumed in connection with
such acquisition); and “Material Disposition” means any sale, transfer or disposition of property of the
Borrower or any Subsidiary or series of related sales, transfers, or dispositions of property of the Borrower or such
Subsidiary (other than any Exclusive License or transactions between or among any of the Loan Parties or any of their
Subsidiaries (or any combination thereof)) that yields gross cash proceeds to the Borrower or any of its Subsidiaries in
excess of $25,000,000 in the aggregate on or prior to the consummation thereof (and which, for the avoidance of doubt, shall
not include any royalty, earnout, contingent payment or any other deferred payment that may be payable thereafter).

 

    10

     

    

 

“Consolidated
Interest Expense” means, with reference to any period, the excess of (a) the interest expense (including without limitation
interest expense under Capital Lease Obligations that is treated as interest in accordance with GAAP) of the Borrower and its Subsidiaries
calculated on a consolidated basis for such period with respect to all outstanding Indebtedness of the Borrower and its Subsidiaries
allocable to such period in accordance with GAAP (including, without limitation, all commissions, discounts and other fees and
charges owed with respect to letters of credit and bankers acceptance financing and net costs under interest rate Swap Agreements
to the extent such net costs are allocable to such period in accordance with GAAP) minus (b) to the extent included in clause (a)
above, (i) non-cash amounts attributable to amortization of financing costs paid in a previous period, (ii) non-cash amounts attributable
to amortization of debt discounts or accrued interest payable in kind for such period, (iii) any break funding payment made pursuant
to Section 2.16, and (iv) any interest expense in respect of any Operating Lease, including any interest, yield, rent or break
funding payment (or similar obligations) paid or payable pursuant to any Corporate Campus Facility Financing Documents. In the
event that the Borrower or any Subsidiary shall have completed a Material Acquisition or a Material Disposition since the beginning
of the relevant period, Consolidated Interest Expense shall be determined for such period on a pro forma basis as if such acquisition
or disposition, and any related incurrence or repayment of Indebtedness, had occurred at the beginning of such period.

 

“Consolidated
Net Income” means, with reference to any period, the net income (or loss) of the Borrower and its Subsidiaries calculated
in accordance with GAAP on a consolidated basis (without duplication) for such period; provided that there shall be excluded
any income (or loss) of any Person other than the Borrower or a Subsidiary, but any such income so excluded may be included in
such period or any later period to the extent of any dividends, distributions or other payments actually paid in cash (or to the
extent converted into cash) in the relevant period to the Borrower or any wholly-owned Subsidiary of the Borrower.

 

“Consolidated
Net Worth” means, as of the date of any determination thereof, the consolidated stockholders’ equity of the Borrower
and its Subsidiaries calculated on a consolidated basis in accordance with GAAP.

 

    11

     

    

 

“Consolidated
Total Indebtedness” means at any date the sum, without duplication, of (a) the aggregate Indebtedness of the Borrower
and its Subsidiaries (other than intercompany Indebtedness among the Borrower and its Subsidiaries) that is of a type that would
be reflected on a consolidated balance sheet of the Borrower prepared as of such date in accordance with GAAP, (b) the aggregate
amount of Indebtedness of the Borrower and its Subsidiaries constituting drawn and unreimbursed amounts under all letters of credit,
bankers acceptances, bank guarantees and letters of guaranty issued by banks or other financial institutions for the account of
the Borrower or any Subsidiary and (c) Indebtedness of the type referred to in clauses (a) or (b) hereof of another
Person (other than the Borrower or any Subsidiary) guaranteed by the Borrower or any of its Subsidiaries; provided that Consolidated
Total Indebtedness (i) shall not include obligations in respect of letters of credit, bankers acceptances, bank guarantees, letters
of guaranty issued by banks or other financial institutions and similar obligations except to the extent of amounts actually drawn
thereunder and not yet cash collateralized or reimbursed by the Borrower or any Subsidiary and (ii) shall be subject, in all respects,
to the limitations and exclusions set forth in the definition of Indebtedness, including as to the calculation of the amount of
any limited recourse guarantee under clause (c) above.

 

“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. The terms “Controlling” and
 “Controlled” have meanings correlative thereto.

 

“Controlled
Related Party” has the meaning specified in Section 9.03(b).

 

“Corporate Campus
Facility” means the Borrower’s corporate headquarters and other rentable area consisting of approximately 150 acres
of predominately office buildings and laboratory space located in the towns of Mount Pleasant and Greenburgh, New York, acquired
by the Borrower pursuant to the Corporate Campus Facility Purchase Agreement, together with assets related thereto, improvements
thereon, replacements and products thereof, additions and accessions thereto or proceeds from the disposition of such property
or assets and customary security deposits.

 

“Corporate Campus
Facility Financing Documents” means the definitive documentation to which the Borrower and/or any Subsidiary is a party
governing or otherwise evidencing the Corporate Campus Facility Lease Financing (including, if applicable, any participation agreement,
lease agreement, other finance documents, related security documents and similar or related agreements or documents), in each case,
as amended, restated, supplemented, modified, extended, refinanced, renewed or replaced from time to time.

 

“Corporate Campus
Facility Financing Obligations” means all obligations (monetary or otherwise) of the Borrower and any of its Subsidiaries
arising under or in connection with any of the Corporate Campus Facility Financing Documents.

 

“Corporate Campus
Facility Lease Financing” means the financing of the Borrower’s acquisition of the Corporate Campus Facility pursuant
to the Corporate Campus Facility Financing Documents, as such financing may be amended, restated, supplemented, modified, extended,
refinanced, renewed or replaced from time to time.

 

“Corporate Campus
Facility Purchase Agreement” means that certain Purchase Agreement, dated as of December 30, 2016, among BMR-Landmark
at Eastview LLC and BMR-Landmark at Eastview IV LLC, as the sellers, and the Borrower, as the buyer, as amended, restated, supplemented
or otherwise modified from time to time.

 

“Credit Party”
means the Administrative Agent or any other Lender.

 

    12

     

    

 

“Debt Issuance”
means the borrowing, issuance or other incurrence of Indebtedness for borrowed money (including hybrid securities and debt securities
convertible into equity), in each case, by the Borrower or its Subsidiaries, except Excluded Debt.

 

“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.

 

“Defaulting
Lender” means any Lender that (a) has failed, within two (2) Business Days of the date required to be funded
or paid, to (i) fund any portion of its Loans or (ii) pay over to any Credit Party any other amount required to be paid
by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such
failure is the result of such Lender’s good faith determination that a condition precedent to funding (specifically identified
and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in
writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations
under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good
faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding
a Loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit; (c)
has failed, within three (3) Business Days after request by a Credit Party, acting in good faith, to provide a certification in
writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such
obligations) to fund prospective Loans under this Agreement; provided that such Lender shall cease to be a Defaulting Lender pursuant
to this clause (c) upon such Credit Party’s receipt of such certification in form and substance satisfactory to it and the
Administrative Agent or (d) (i) has become the subject of a Bankruptcy Event or (ii) has become subject to a Bail-In Action
or has a parent company that has become subject to a Bail-In Action.

 

“Disclosed Matters”
means any event, circumstance, condition or other matter disclosed in the reports and other documents furnished to or filed with
the SEC by the Borrower or posted by the Borrower on http://www.regeneron.com or https://investor.regeneron.com, in any such case,
that are publicly available on or prior to the Effective Date.

 

“Disinterested
Director” means, with respect to any Person and transaction, a member of the board of directors (or similar governing
body) of such Person who does not have any material direct or indirect financial interest in or with respect to such transaction.
It is understood and agreed that no such Person shall be deemed to have a material indirect financial interest if such Person would
not be deemed to have an “indirect material interest” within the meaning of Item 404(a) of Regulation S-K.

 

“Disregarded
Entity” means any entity treated as disregarded as an entity separate from its owner under Treasury Regulations Section
301.7701-3.

 

“Dollars”
or “$” refers to lawful money of the United States of America.

 

“Domestic Foreign
Holdco Subsidiary” means a Domestic Subsidiary (a) substantially all of the assets of which consist of the Equity Interests
of one or more CFCs and, if any, CFC Debt or (b) that is a Disregarded Entity that holds no material assets other than Equity Interests
of one or more CFCs and, if any, CFC Debt, in the case of clause (a) above, so long as such Domestic Subsidiary (i) does not conduct
any substantial business or activities other than the ownership of such Equity Interests and, if any, CFC Debt (except for immaterial
assets and activities reasonably related or ancillary thereto) and (ii) does not incur, and is not otherwise liable for, any material
Indebtedness or other material liabilities (other than intercompany indebtedness permitted pursuant to Section 6.01(c) and, if
such Domestic Subsidiary is a Borrower hereunder, Indebtedness permitted pursuant to Section 6.01(a)).

 

    13

     

    

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of a jurisdiction located in the United States of America.

 

“Drug Acquisition”
means any acquisition (including any license or any acquisition of any license) solely or primarily of all or any portion of the
rights in respect of one or more drugs or pharmaceutical products, whether in development or on the market (including related intellectual
property), but not of Equity Interests in any Person or any operating business unit.

 

“Early Opt-In Election”
means the occurrence of:

 

		(1)	(i) a determination by the Administrative Agent or (ii) a notification by
the Required Lenders to the Administrative Agent (with a copy to the Borrower) that the Required Lenders have determined that U.S.
dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained
in this Section titled “Effect of Benchmark Transition Event,” are being executed or amended, as applicable, to incorporate
or adopt a new benchmark interest rate to replace the LIBO Rate, and
	 	 	 
		(2)	(i) the election by the Administrative Agent or (ii) the election by the
Required Lenders to declare that an Early Opt-in Election has occurred and the provision, as applicable, by the Administrative
Agent of written notice of such election to the Borrower and the Lenders or by the Required Lenders of written notice of such election
to the Administrative Agent.

 

“ECP”
means an “eligible contract participant” as defined in Section 1(a)(18) of the Commodity Exchange Act or any regulations
promulgated thereunder and the applicable rules issued by the Commodity Futures Trading Commission and/or the SEC.

 

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

 

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

 

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

 

“Effective Date”
means the date on which the conditions specified in Section 4.01 are satisfied (or waived in accordance with Section 9.02).

 

“Electronic
Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other record
and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

 

“Environmental
Laws” means all laws, rules, regulations, codes, ordinances, or binding orders, decrees, judgments, injunctions,
written notices or agreements issued, promulgated or entered into by any Governmental Authority, relating to pollution or
protection of the environment, preservation or reclamation of natural resources, the management, release or threatened
release of any Hazardous Material, or to the protection of human health and safety in respect of Hazardous Materials.

 

    14

     

    

 

“Environmental
Liability” means any liability (including any liability for damages, costs of environmental remediation, fines, penalties
or indemnities), of the Borrower or any Subsidiary 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.

 

“Equity Interests”
means shares of capital stock, partnership interests, membership interests in a limited liability company, beneficial interests
in a trust or other equity ownership interests in a Person, and any warrants, options or other similar rights entitling the holder
thereof to purchase or acquire any of the foregoing. Notwithstanding the foregoing, (a) Permitted Convertible Notes, (b) Permitted
Call Spread Swap Agreements and (c) any Indebtedness that is convertible into Equity Interests and/or cash by reference to the
value (howsoever defined or determined) of Equity Interests shall not constitute Equity Interests.

 

“Equity Issuance”
means the issuance of any Equity Interest (including equity-linked securities) of the Borrower or any of its Subsidiaries to any
Person, except any Excluded Equity Issuance.

 

“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 the Borrower, 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) 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) the existence with respect to any
Plan of an “accumulated funding deficiency” (as defined in Section 412 of the Code or Section 302 of ERISA),
whether or not waived; (c) the filing pursuant to Section 412(d) of the Code or Section 303(d) of ERISA of an application
for a waiver of the minimum funding standard with respect to any Plan; (d) the incurrence by the Borrower 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 the Borrower or any ERISA
Affiliate from the PBGC or a plan administrator of any written notice relating to an intention to terminate any Plan or Plans or
to appoint a trustee to administer any Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability
with respect to the withdrawal or partial withdrawal of the Borrower or any of its ERISA Affiliates from any Plan or Multiemployer
Plan; or (g) the receipt by the Borrower or any ERISA Affiliate of any written notice, or the receipt by any Multiemployer Plan
from the Borrower or any ERISA Affiliate of any written notice, concerning the imposition upon the Borrower or any of its ERISA
Affiliates of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent within the
meaning of Title IV of ERISA, or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305
of ERISA).

 

“EU Bail-In
Legislation Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor
Person), as in effect from time to time.

 

    15

     

    

 

“Eurocurrency”,
when used in reference to any Loan or Borrowing, means that such Loan, bears interest at a rate determined by reference to the
Adjusted LIBO Rate.

 

“Event of Default”
has the meaning assigned to such term in Article VII.

 

“Excluded Asset
Sale” means (a) sales, transfers, leases or other dispositions in the ordinary course of business, (b) sales, transfers,
leases or other dispositions among the Borrower and/or its Subsidiaries, (c) any Collaboration Arrangement, (d) sales of Margin
Stock pursuant to Section 6.03(a)(x) and (e) other Asset Sales the Net Cash Proceeds of which do not exceed $100,000,000 in the
aggregate.

 

“Excluded Debt”
means (a) Indebtedness between or among the Borrower and/or any of its Subsidiaries, (b) Indebtedness under the Existing Credit
Agreement, including any amendment, restatement, amendment and restatement, extension or replacement thereof, in an aggregate principal
amount not to exceed $750,000,000, (c) Indebtedness incurred in the ordinary course of business in respect of each of the following:
trade or customer related financing, deferred purchase price programs, purchase money and equipment financings, capital leases,
and Banking Services Obligations, (d) bilateral credit lines of Subsidiaries organized under the laws of a jurisdiction outside
of the United States, (e) letters of credit, bank guarantees, letters of guaranty, similar instruments and facilities for the foregoing,
and (f) other Indebtedness (except other Indebtedness incurred to finance the Transactions) in an aggregate principal amount not
to exceed $100,000,000.

 

“Excluded Equity
Issuance” means Equity Issuances (a) pursuant to any employee equity compensation plan or agreement or other employee
equity compensation arrangement, any employee benefit plan or agreement or other employee benefit arrangement or any non-employee
director equity compensation plan or agreement or other non-employee director equity compensation arrangement or pursuant to the
exercise or vesting of any employee or director stock options, restricted stock units, warrants or other equity awards, (b) securities
or interests issued or transferred directly (and not constituting cash proceeds of any issuance of such securities or interests)
as consideration in connection with any acquisition, divestiture or joint venture arrangement, (c) to or by any Subsidiary of the
Borrower to the Borrower or any other Subsidiary of the Borrower, (d) of directors’ qualifying shares and shares issued to
foreign nationals to the extent required by applicable law, (e) shares held by a Person on trust for, or otherwise where the beneficial
interest is held by, the Borrower (directly or indirectly) and (f) direct stock purchase and dividend reinvestment plans.

 

“Excluded Subsidiary”
means (a) any Domestic Foreign Holdco Subsidiary, (b) any Domestic Subsidiary whose Equity Interests are owned directly or indirectly
by a CFC, (c) any Subsidiary that is prohibited by applicable law or contractual obligations (other than any contractual obligation
in favor of the Borrower or any of its Subsidiaries) existing on the Effective Date (or, in the case of any newly acquired Subsidiary,
in existence at the time of acquisition but not entered into in contemplation thereof) from guaranteeing the Obligations or if
guaranteeing the Obligations would require governmental (including regulatory) consent, approval, license or authorization (unless
such consent, approval, license or authorization has been obtained) and (d) any captive insurance company.

 

“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, (i) 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) or (ii) that are Other Connection Taxes, (b) in the case of a Lender
(including a Participant treated as a Lender pursuant to Section 9.04(c)), U.S. federal withholding Taxes imposed on amounts
payable to or for the account of such 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 Lender acquires such interest in the Loan or Commitment (other than pursuant to an
assignment request by the Borrower under Section 2.19(b)) or (ii) such Lender changes its lending office, except in each case
to the extent that, pursuant to Section 2.17, amounts with respect to such Taxes were payable either to such Lender’s
assignor immediately before such Lender acquired the applicable interest in a Loan or Commitment or to such Lender
immediately before it changed its lending office, (c) Taxes attributable to such Recipient’s failure to comply with
Section 2.17(f) and (d) any withholding Taxes imposed under FATCA.

  

    16

     

    

 

“Exclusive License”
means any license to develop and commercialize a drug or other product line of any Person with a term greater than five (5) years
and made on an exclusive basis.

 

“Existing Credit
Agreement” means the Credit Agreement dated as of December 14, 2018, among the Borrower, as borrower, the subsidiary
borrowers (as defined therein) party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative
agent, as amended, restated, supplemented or otherwise modified prior to the Effective Date.

 

“FATCA”
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is
substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations
thereof, any agreement entered into pursuant to Section 1471(b)(1) of the Code and any fiscal or regulatory legislation, rules
or practices adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing
such Sections of the Code.

 

“Federal Funds
Effective Rate” means, for any day, the rate calculated by the NYFRB based on such day’s federal funds transactions
by depositary institutions (as determined in such manner as the NYFRB shall set forth on its public website from time to time)
and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; provided that if the
Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for the purposes of
this Agreement.

 

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

 

“Financial Officer”
means the chief financial officer, principal accounting officer, treasurer, assistant treasurer, senior vice president-finance
or controller of the Borrower.

 

“Financials”
means the annual or quarterly financial statements of the Borrower and its consolidated Subsidiaries required to be delivered pursuant
to Section 5.01(a) or 5.01(b) and accompanying certificates required to be delivered pursuant to Section 5.01(c).

 

“Foreign Lender”
means a Lender that is not a U.S. Person.

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“GAAP”
means generally accepted accounting principles in the United States of America.

 

“Governmental
Authority” means the government of the United States of America, any other nation or 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.

 

    17 

     

    

 

“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 or other obligation 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 other obligation 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 assuring the owner of such Indebtedness or other obligation 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 other obligation or (d) as an account party in respect of any letter of credit
or letter of guaranty issued by a bank or other financial institution to support such Indebtedness or obligation; provided,
that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business.
The amount of any Guarantee shall be deemed to be an amount equal to the lesser of (a) the stated or determinable amount of
the primary payment obligation in respect of which such Guarantee is made and (b) the maximum amount for which the guaranteeing
Person may be liable pursuant to the terms of the instrument embodying such Guarantee, unless such primary payment obligation and
the maximum amount for which such guaranteeing Person may be liable are not stated or determinable, in which case the amount of
the Guarantee shall be such guaranteeing Person’s maximum reasonably possible liability in respect thereof as reasonably
determined by the Borrower in good faith.

 

“Hazardous Materials”
means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including
petroleum or petroleum distillates, asbestos or asbestos containing materials, polychlorinated biphenyls, radon gas, infectious
or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law.

 

“IBA”
has the meaning assigned to such term in Section 1.05.

 

“IFRS”
means International Financial Reporting Standards and applicable accounting requirements (as issued by the International Accounting
Standards Board and the International Financial Reporting Standards Interpretations Committee and/or adopted by the European Union)
or other generally accepted accounting principles applicable to a Person in a particular country.

 

“Impacted Interest
Period” has the meaning assigned to such term in the definition of “LIBO Rate”.

 

“Increasing
Lender” has the meaning assigned to such term in Section 2.20.

 

    18 

     

    

 

“Indebtedness”
of any Person means, without duplication, (a) all obligations of such Person for borrowed money, (b) the principal
amount of all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, (c) all
obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such
Person (excluding trade accounts payable incurred in the ordinary course of business), (d) 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), (e) all Indebtedness of others secured by (or for which the holder of such Indebtedness
has an existing unconditional right to be secured by) any Lien on property owned or acquired by such Person, whether or not
the Indebtedness secured thereby has been assumed; provided that, if such Person has not assumed or otherwise become
liable in respect of such Indebtedness, such obligations shall be deemed to be in an amount equal to the lesser of (i) the
amount of such Indebtedness and (ii) fair market value of such property at the time of determination (in the Borrower’s
good faith estimate), (f) all Guarantees by such Person of Indebtedness of others, (g) all Capital Lease
Obligations of such Person, (h) all obligations, contingent or otherwise, of such Person as an account party in respect
of letters of credit and letters of guaranty issued by banks or other financial institutions, (i) all obligations,
contingent or otherwise, of such Person in respect of bankers’ acceptances and (j) all obligations of such Person
under Sale and Leaseback Transactions. 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 by
operation of law as a result of such Person’s ownership interest in such entity, except to the extent the terms of such
Indebtedness provide that such Person is not liable therefor. The amount of Indebtedness (including any Guarantees
constituting Indebtedness) for which recourse is limited either to a specified amount or to an identified asset of such
Person shall be deemed to be equal to the lesser of (x) such specified amount and (y) the fair market value of such
identified asset as determined by such Person in good faith. Notwithstanding anything to the contrary in this definition, the
term “Indebtedness” shall not include (i) deferred or prepaid revenue, (ii) purchase price holdbacks to satisfy
warranty or other unperformed obligations of a seller, (iii) obligations arising under any Swap Agreement, (iv) contingent or
deferred payment obligations (including, without limitation, any purchase price adjustments, indemnification obligations,
reimbursement obligations, funding or investment commitments, or earn-out, non-compete, consulting, royalty, milestone,
option, development or other incentive payment obligations) with respect to (A) any Collaboration Arrangement or (B) any
Acquisition, disposition, other acquisition of assets or other business combination, (v) obligations arising under any
Permitted Call Spread Swap Agreement, (vi) all obligations of such Person arising under any Tax Abatement Transaction, (vii)
the Corporate Campus Facility Financing Obligations and (viii) all obligations of such Person under or relating to any
Operating Lease.

 

“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 any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a) hereof,
Other Taxes.

 

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

 

“Index Debt”
means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other person or
entity or subject to any other credit enhancement.

 

“Ineligible
Institution” has the meaning assigned to such term in Section 9.04(b).

 

“Information”
has the meaning assigned to such term in Section 9.12.

 

“Interest Election
Request” means a request by the Borrower to convert or continue a Borrowing in accordance with Section 2.08, which
shall be substantially in the form attached hereto as Exhibit H-2 or any other form approved by the Administrative Agent.

 

“Interest Payment
Date” means (a) with respect to any ABR Loan, the last day of each March, June, September and December and the Maturity
Date and (b) with respect to any Eurocurrency Loan, the last day of the Interest Period applicable to the Loan and, in the
case of a Eurocurrency Loan with an Interest Period of more than three months’ duration, each day prior to the last day of
such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the
Maturity Date.

 

    19 

     

    

 

“Interest
Period” means, with respect to any Eurocurrency Borrowing, the period commencing on the date of such Borrowing and
ending on the numerically corresponding day in the calendar month that is one, two, three or six months (or, if reasonably
satisfactory to the Administrative Agent and each of the Lenders, such other period) thereafter, as the Borrower may elect; 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. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and
thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

 

“Interpolated
Rate” means, at any time, for any Interest Period, the rate per annum determined by the Administrative Agent (which determination
shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis
between: (a) the LIBOR Screen Rate for the longest period that is shorter than the Impacted Interest Period and (b) the LIBOR Screen
Rate for the shortest period that exceeds the Impacted Interest Period, in each case, at such time; provided that if any
Interpolated Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

“IRS”
means the United States Internal Revenue Service.

 

“Lender Parent”
means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a subsidiary.

 

“Lenders”
means the Persons listed on Schedule 2.01 and any other Person that shall have become a Lender hereunder pursuant to
Section 2.19 or 2.20 or pursuant to an Assignment and Assumption or other documentation contemplated hereby, other than any such
Person that ceases to be a party hereto pursuant to an Assignment and Assumption or other documentation contemplated hereby.

 

“LIBO Rate”
means, for any date and time, with respect to any Eurocurrency Borrowing for any applicable Interest Period, the London interbank
offered rate as administered by ICE Benchmark Administration (or any other Person that takes over the administration of such rate)
for Dollars for a period equal in length to such Interest Period as displayed on such day and time on pages LIBOR01 or LIBOR02
of the Reuters screen that displays such rate, or, in the event such rate does not appear on a Reuters page or screen, on any successor
or substitute page on such screen that displays such rate, or on the appropriate page of such other information service that publishes
such rate as shall be selected by the Administrative Agent from time to time in its reasonable discretion (in each case the “LIBOR
Screen Rate”) at approximately 11:00 a.m., London time, on the date two Business Days prior to the first day of such
Interest Period; provided that, if the LIBOR Screen Rate as so determined would be less than 0.75%, such rate shall be deemed
to be 0.75% for the purposes of this Agreement; provided, further, that if a LIBOR Screen Rate shall not be available
at such time for such Interest Period (the “Impacted Interest Period”), then the LIBO Rate for such Interest
Period shall be the Interpolated Rate; provided, that, if any Interpolated Rate shall be less than 0.75%, such rate shall
be deemed to be 0.75% for the purposes of this Agreement. It is understood and agreed that all of the terms and conditions of this
definition of “LIBO Rate” shall be subject to Section 2.14.

 

“LIBOR Screen
Rate” has the meaning assigned to such term in the definition of “LIBO 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 and (b) the interest of a vendor or a lessor under any conditional sale agreement, capital
lease, ground lease, master lease or title retention agreement (or any financing lease having substantially the same economic effect
as any of the foregoing) relating to such asset.

 

    20 

     

    

 

“Loan Documents”
means this Agreement, the Subsidiary Guaranty and any promissory notes issued pursuant to Section 2.10(e) of this Agreement.
Any reference in this Agreement or any other Loan Document to a Loan Document shall include all appendices, exhibits or schedules
thereto, and all amendments, restatements, supplements or other modifications thereto, and shall refer to this Agreement or such
Loan Document as the same may be in effect at any and all times such reference becomes operative.

 

“Loan Parties”
means, collectively, the Borrower and the Subsidiary Guarantors.

 

“Loans”
means the loans made by the Lenders to the Borrower pursuant to this Agreement.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, results of operations or financial condition of the
Borrower and the Subsidiaries taken as a whole, (b) the ability of (i) the Borrower to perform its payment obligations under
this Agreement or (ii) the Loan Parties (taken as a whole) to perform their payment obligations under the Loan Documents (taken
as a whole) or (c) the material rights or remedies of the Administrative Agent and the Lenders under the Loan Documents (taken
as a whole).

 

“Material Indebtedness”
means Indebtedness (other than the Loans and other than any intercompany indebtedness), or obligations in respect of one or more
Swap Agreements, of any one or more of the Borrower or any Material Subsidiary in an aggregate principal amount exceeding $100,000,000.
For purposes of determining Material Indebtedness, the “principal amount” of the obligations of the Borrower or any
Material Subsidiary in respect of any Swap Agreement at any time shall be the maximum aggregate amount (giving effect to any netting
agreements) that the Borrower or such Material Subsidiary would be required to pay if such Swap Agreement were terminated at such
time.

 

“Material Domestic
Subsidiary” means each Material Subsidiary that is a Domestic Subsidiary and not an Excluded Subsidiary.

 

“Material Subsidiary”
means, at any time of determination, each wholly-owned Subsidiary which, as of the most recent fiscal year of the Borrower, for
the period of four consecutive fiscal quarters then ended, for which financial statements have been delivered pursuant to Section
5.01(a) (or, prior to the delivery of any such financial statements, the last fiscal year of the Borrower included in the financial
statements referred to in Section 3.04(a)), contributed greater than ten percent (10%) of Consolidated EBITDA for such period;
provided that, other than for purposes of Section 5.09(a), each “Subsidiary Borrower” under the Existing Credit
Agreement shall be deemed a “Material Subsidiary” hereunder for so long as such Subsidiary remains a “Subsidiary
Borrower” thereunder.

 

“Maturity Date”
means the date that is 364 days after the Closing Date.

 

“Maximum Rate”
has the meaning assigned to such term in Section 9.15.

 

“Milestone Payments”
means payments based on the achievement of specified revenue, profit or other performance targets (financial or otherwise), in
any such case, that are made pursuant to contractual arrangements during the period of twelve months ending on the Effective Date
or arising thereafter in connection with any drug or pharmaceutical product research and development or Collaboration Arrangements
or any Drug Acquisition and that are recognized as expense in the period in which they are incurred.

 

“Moody’s”
means Moody’s Investors Service, Inc.

 

    21 

     

    

 

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

 

“Net Cash Proceeds”
means:

 

(a)            
with respect to any Asset Sale, the aggregate amount of all cash (which term, for the purpose of this definition, shall
include Cash Equivalents) proceeds (including any cash or proceeds of Cash Equivalents received by way of deferred payment of principal
pursuant to a note or installment receivable or purchase price adjustment or otherwise, but only as and when received) actually
received in respect of such Asset Sale, including property insurance or condemnation proceeds paid on account of any Casualty Event,
net of (i) all reasonable attorneys’ fees, accountants’ fees, brokerage, consultant and other customary fees and commissions,
title and recording tax expenses and other reasonable fees and expenses incurred in connection therewith, (ii) all Taxes paid or
reasonably estimated to be payable as a result thereof (including taxes resulting from the repatriation of such cash proceeds from
a Subsidiary organized outside of the United States), (iii) all payments required to be made, with respect to any obligation that
is secured by any assets subject to such Asset Sale in accordance with the terms of any Lien upon such assets, (iv) all distributions
and other payments required to be made to minority interest holders in Subsidiaries or joint ventures as a result of such Asset
Sale, or to any other Person (other than the Borrower or any of its Subsidiaries) owning a beneficial interest in the assets disposed
of in such Asset Sale, (v) the amount of any reserves established by the Borrower or any of its Subsidiaries in accordance with
generally accepted accounting principles to fund purchase price or similar adjustments, indemnities or liabilities, contingent
or otherwise, reasonably estimated to be payable in connection with such Asset Sale (provided, that to the extent and at the time
any such amounts are released from such reserve, such amounts shall constitute Net Cash Proceeds), (vi) any funded escrow established
pursuant to the documents evidencing any such Asset Sale to secure any indemnification obligations or adjustments to the purchase
price associated with any such Asset Sale (provided, that to the extent that any amounts are released from such escrow to the Borrower
or a Subsidiary, such amounts net of any related expenses shall constitute Net Cash Proceeds) and (vii) any cash proceeds arising
from an Asset Sale by a Subsidiary organized outside of the United States to the extent that (x) the repatriation thereof would
be unlawful, as reasonably determined by the Borrower or (y) material adverse tax consequences would result from the repatriation
thereof; and

 

(b)         
with respect to any Equity Issuance or Debt Issuance, the aggregate amount of all cash proceeds actually received in respect
of such Equity Issuance or Debt Issuance, net of reasonable fees, expenses, costs, underwriting discounts and commissions incurred
in connection therewith and net of taxes paid or reasonably estimated to be payable as a result thereof.

 

“Non-Consenting
Lender” has the meaning assigned to such term in Section 9.02(d).

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“NYFRB Rate”
means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding
Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); provided
that if none of such rates are published for any day that is a Business Day, the term “NYFRB Rate” means the rate for
a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal
funds broker of recognized standing selected by it; provided, further, that if any of the aforesaid rates as so determined
would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

 

    22 

     

    

 

“Obligations”
means all unpaid principal of and accrued and unpaid interest on the Loans, all accrued and unpaid fees and all expenses,
reimbursements, indemnities and other obligations and indebtedness (including interest and fees accruing during the pendency
of any bankruptcy, insolvency, examinership, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), obligations and liabilities of any of the Borrower and its Subsidiaries to any of the Lenders,
the Administrative Agent or any indemnified party, individually or collectively, existing on the Effective Date or arising
thereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated,
secured or unsecured, arising by contract, operation of law or otherwise, arising or incurred under this Agreement or any of
the other Loan Documents or in respect of any of the Loans made or reimbursement or other obligations incurred or other
instruments at any time evidencing any thereof.

 

“OFAC”
means the Office of Foreign Assets Control of the U.S. Department of the Treasury.

 

“Operating Lease”
means any Specified Lease Arrangement or other arrangement that is accounted for as an operating lease for purposes of the Loan
Documents pursuant to Section 1.04.

 

“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 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 or 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 imposed
with respect to an assignment (other than an assignment made pursuant to Section 2.19).

 

“Overnight Bank
Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar borrowings
by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth
on its public website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding
rate.

 

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

 

“Participant
Register” has the meaning assigned to such term in Section 9.04(c).

 

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

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA and any successor entity performing similar functions.

 

    23 

     

    

 

“Permitted
Call Spread Swap Agreement” means (a) any Swap Agreement (including, but not limited to, any bond hedge transaction
or capped call transaction) pursuant to which the Borrower acquires an option requiring the counterparty thereto to deliver
to the Borrower shares of common stock of the Borrower, the cash value of such shares or a combination thereof from time to
time upon exercise of such option and (b) any Swap Agreement pursuant to which the Borrower issues to the counterparty
thereto warrants to acquire common stock of the Borrower (whether such warrant is settled in shares, cash or a combination
thereof), in each case entered into by the Borrower in connection with the issuance of Permitted Convertible Notes; provided
that the terms, conditions and covenants of each such Swap Agreement shall be such as are customary for Swap Agreements of
such type (as determined by the Board of Directors of the Borrower in good faith). For the avoidance of doubt,
 “Permitted Call Spread Swap Agreement” includes any convertible note hedge and warrant transaction similar to any
such transaction that was previously entered into by the Borrower in connection with the Borrower’s 1.875% convertible
senior notes due October 1, 2016.

 

“Permitted Convertible
Notes” means any unsecured notes issued by the Borrower that are convertible into common stock of the Borrower, cash
or any combination thereof. For the avoidance of doubt, “Permitted Convertible Notes” includes any such notes similar
to the Borrower’s 1.875% convertible senior notes due October 1, 2016.

 

“Permitted Encumbrances”
means:

 

(a) Liens imposed by
law for Taxes that have not yet been paid (to the extent such non-payment does not violate Section 5.04) or are being contested
in compliance with Section 5.04, and Liens for unpaid utility charges;

 

(b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s, supplier’s and other like Liens imposed by
law, arising in the ordinary course of business and securing obligations that are not overdue by more than sixty (60) days
(or if more than 60 days overdue, are unfiled and no other action has been taken to enforce such Liens) or are being contested
in compliance with Section 5.04;

 

(c)       pledges
and deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and
other social security or retirement benefits laws or regulations or employment laws, to secure liability to insurance carriers
under insurance or self-insurance arrangements or to secure other public, statutory or regulatory obligations;

 

(d)       pledges
and deposits to secure the performance of bids, trade contracts, government contracts, leases, statutory obligations, customer
deposits and advances, surety, customs and appeal bonds, performance and completion bonds and other obligations of a like nature,
in each case in the ordinary course of business, and Liens to secure letters of credit or bank guarantees supporting any of the
foregoing;

 

(e)       any
Lien granted or arising in connection with any legal proceeding (including judgment Liens) to the extent such proceeding has not
resulted in an Event of Default under clause (k) of Article VII or Liens securing appeal or surety bonds related to such legal
proceedings or judgments;

 

(f)       easements,
zoning restrictions, rights-of-way and similar charges or encumbrances on real property imposed by law or arising in the ordinary
course of business that do not secure any monetary obligations and do not materially detract from the value of the affected property
or materially interfere with the ordinary conduct of business of the Borrower and its Subsidiaries, taken as a whole;

 

(g)       any
interest or title of, and other statutory and common law liens of, a landlord, lessor or sublessor under any lease or sublease
or any Lien affecting solely the interest of the landlord, lessor or sublessor;

 

(h)       leases,
licenses, subleases or sublicenses (i) that are granted to others and do not adversely interfere in any material respect with
the business of the Borrower and its Subsidiaries as conducted at the time granted, taken as a whole, (ii) between or among
any of the Loan Parties or any of their Subsidiaries (or any combination thereof) or (iii) granted to other Persons and not
prohibited under Section 6.03;

 

    24 

     

    

 

(i)       purported
Liens evidenced by the filing of precautionary UCC financing statements or similar filings relating to operating leases of personal
property entered into by the Borrower or any of its Subsidiaries in the ordinary course of business;

 

(j)       any
interest or title of a licensor under any license or sublicense entered into by the Borrower or any Subsidiary as a licensee or
sublicensee (i) existing on the Effective Date, (ii) in the ordinary course of its business or (iii) not otherwise prohibited by
this Agreement;

 

(k)       with
respect to any real property, immaterial title defects or irregularities that do not materially impair the use of such real property;

 

(l)         Liens
on real property, fixtures, equipment, other fixed or capital assets or other related assets in connection with a Tax Abatement
Transaction in favor of the Related Municipal Party.

 

“Permitted Restructurings”
means a transaction or series of transactions pursuant to which direct and indirect Subsidiaries of the Borrower are converted,
restructured or reorganized for tax planning or due to changes or potential changes in any relevant legal or regulatory framework,
whether by (i) transfer, (ii) acquisition, (iii) contribution, (iv) merger, (v) consolidation, (vi) voluntary dissolution, (vii)
liquidation, (viii) recapitalization, (ix) change in identity, form, place of organization, incorporation, domicile or, to the
extent relevant and subject to Section 5.03(b), centre of main interests (as that term is used in Article 3(1) of the Regulation),
or (x) otherwise, in each case the result of which may cause a direct or indirect sale, assignment or transfer of Equity Interests
and/or other assets between and among the Borrower and/or various Subsidiaries of the Borrower, and in each case to the extent
the Administrative Agent (acting in its reasonable credit judgment) approves such Permitted Restructuring.

 

“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 the Borrower 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.

 

“Plan Asset
Regulations” means 29 CFR § 2510.3-101 et seq., as modified by Section 3(42) of ERISA, as amended from time
to time.

 

“Prime Rate”
means the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the U.S. or, if The Wall Street
Journal ceases to quote such rate, the highest per annum interest rate published by the Board in Federal Reserve Statistical Release
H.15 (519) (Selected Interest Rates) as the “bank prime loan” rate or, if such rate is no longer quoted therein, any
similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Board (as determined by the
Administrative Agent). Each change in the Prime Rate shall be effective from and including the date such change is publicly announced
or quoted as being effective.

 

“Prior Corporate
Campus Facility Leases” means the leases dated as of December 21, 2006 and April 3, 2013, respectively, by and between
BMR-Landmark at Eastview LLC, as landlord, and the Borrower, as tenant, each as amended and in effect immediately prior to the
date of the Corporate Campus Facility Purchase Agreement.

 

    25 

     

    

 

“Priority Indebtedness”
means (a) Indebtedness of the Borrower or any Subsidiary secured by any Lien on any asset(s) of the Borrower or any Subsidiary
and (b) unsecured Indebtedness of any Subsidiary that is not a Borrower or a Subsidiary Guarantor, in each case owing to a Person
other than the Borrower or any Subsidiary.

 

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

 

“Recipient”
means (a) the Administrative Agent and (b) any Lender, as applicable.

 

“Register”
has the meaning assigned to such term in Section 9.04(b).

 

“Regulation”
means the regulation (EU) 2015/848 of the European Parliament and of the Council of 20 May 2015 on insolvency proceedings (recast).

 

“Related Municipal
Party” means the industrial development agency or other Governmental Authority party to a Tax Abatement Transaction and,
if applicable, any trustee or agent with respect to such Tax Abatement Transaction.

 

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

 

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

 

“Required Lenders”
means, subject to Section 2.24, at any time, Lenders having Commitments or Loans representing more than 50% of the sum of
the total Commitments or the total outstanding Loans (as applicable) of all Lenders at such time.

 

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

 

“Responsible
Officer” means the chief executive officer, president, a Financial Officer or chief legal officer of the Borrower or
any other Person designated by any such Person in writing to the Administrative Agent and reasonably acceptable to the Administrative
Agent.

 

“Restricted
Payment” means (a) any dividend or other distribution (whether in cash, securities or other property) with respect to
any Equity Interests in the Borrower or any Subsidiary, and (b) any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination
of any Equity Interests in the Borrower or any option, warrant or other similar right to acquire any such Equity Interests in the
Borrower. Notwithstanding the foregoing, and for the avoidance of doubt, any of the foregoing directly on account of any Permitted
Convertible Notes or any Permitted Call Spread Swap Agreement, including (i) any issuance of, conversion of (including any cash
payment upon conversion), or payment of any principal or premium on, or payment of any interest with respect to, or any other exercise
of rights or performance of obligations under any Permitted Convertible Notes and (ii) any entry into, payment with respect to,
or early unwind or settlement of, or any other exercise of rights or performance of obligations under any Permitted Call Spread
Swap Agreement, in any such case, shall not constitute a Restricted Payment.

 

    26 

     

    

 

 

 

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

 

“Sale and Leaseback
Transaction” means any sale or other transfer of any property or asset by any Person with the intent to lease such property
or asset as lessee.

 

“Sanctioned
Country” means, at any time, a country, region or territory which is itself the subject or target of any comprehensive
Sanctions (which for purposes of illustration and clarification includes, at the time of this Agreement, Crimea, Cuba, Iran, North
Korea and Syria).

 

“Sanctioned
Person” means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by OFAC,
the U.S. Department of State, the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United
Kingdom, (b) any Person located, organized or resident in a Sanctioned Country, or (c) any Person owned 50% or more or controlled
by any such Person or Persons described in the foregoing clauses (a) or (b).

 

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

 

“SEC”
means the United States Securities and Exchange Commission or any Governmental Authority succeeding to any of its principal functions.

 

“Securities
Act” means the United States Securities Act of 1933.

 

“Share Repurchase”
the repurchase or redemption by the Borrower of certain Equity Interests of the Borrower as described on Schedule 10 hereto.

 

“SOFR”
with respect to any day means the secured overnight financing rate published for such day by the Federal Reserve Bank of New York,
as the administrator of the benchmark, (or a successor administrator) on the Federal Reserve Bank of New York’s Website.

 

“Specified Ancillary
Obligations” means all obligations and liabilities (including interest and fees accruing during the pendency of any bankruptcy,
insolvency, examinership, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding)
of any of the Subsidiaries, existing on the Effective Date or arising thereafter, direct or indirect, joint or several, absolute
or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or
otherwise, to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement.

 

“Specified Lease
Arrangements” means to the extent any of the following constitute Capital Lease Obligations (but for the provisions set
forth in Section 1.04) or other obligations reflected as a liability on the consolidated balance sheet of the Borrower, (a) any
obligations of the Borrower and its Subsidiaries owed to any Affiliates of the Borrower related to leases of assets (whether pursuant
to a Sale and Leaseback Transaction or otherwise), (b) any arrangement similar to either of the Prior Corporate Campus Facility
Leases, (c) any of the Corporate Campus Facility Financing Obligations and (d) any lease or other obligation that was or would
have been categorized as “facility lease obligations” or “facility financing obligations” on the Borrower’s
consolidated balance sheet as of the Effective Date.

 

    27

     

    

 

“Specified Representations”
means each of the representations set out in the first sentence of Section 3.01, Section 3.02, Section 3.03, Section 3.08, Section
3.12, and Section 3.14 in so far as they relate to the Borrower.

 

“Specified Swap
Obligation” means, with respect to any Loan Party, any obligation to pay or perform under any agreement, contract or
transaction that constitutes a “swap” within the meaning of Section 1a(47) of the Commodity Exchange Act or any rules
or regulations promulgated thereunder.

 

“Statutory Reserve
Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which
is the number one minus the aggregate of the maximum reserve, liquid asset, fees or similar requirements (including any marginal,
special, emergency or supplemental reserves or other requirements) established by any central bank, monetary authority, the Board,
expressed in the case of each such requirement as a decimal. Such reserve, liquid asset, fees or similar requirements shall include
those imposed pursuant to Regulation D of the Board. Eurocurrency Loans shall be deemed to be subject to such reserve, liquid
asset, fee or similar requirements without benefit of or credit for proration, exemptions or offsets that may be available from
time to time to any Lender under any applicable law, rule or regulation, including Regulation D of the Board. The Statutory
Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve, liquid asset or similar
requirement.

 

“subsidiary”
means, with respect to any Person (the “parent”) at any date, any corporation, limited liability company, partnership,
association or other entity the accounts of which would be consolidated with those of the parent in the parent’s consolidated
financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation,
limited liability company, partnership, association or other entity 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.

 

“Subsidiary”
means any subsidiary of the Borrower.

 

“Subsidiary
Guarantor” means each Material Domestic Subsidiary that is a party to the Subsidiary Guaranty. The Subsidiary Guarantors
on the Effective Date (if any) are identified as such in Schedule 3.01 hereto.

 

“Subsidiary
Guaranty” means that certain Guaranty in the form of Exhibit F (including any and all supplements thereto)
and executed by each Subsidiary Guarantor party thereto, as amended, restated, supplemented or otherwise modified from time to
time.

 

“Swap Agreement”
means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving,
or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic,
financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination
of these transactions; provided that no phantom stock or similar plan providing for payments only on account of services
provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap
Agreement.

 

“Swap
Obligations” means any and all obligations of the Borrower or any Subsidiary, whether absolute or contingent and
howsoever and whensoever created, arising, evidenced or acquired (including all renewals, extensions and modifications
thereof and substitutions therefor), under (a) any and all Swap Agreements not prohibited hereunder with a Lender or an
Affiliate of a Lender, and (b) any and all cancellations, buy backs, reversals, terminations or assignments of any such
Swap Agreement transaction.

 

    28

     

    

 

“Tax Abatement
Transactions” means a transaction between the Borrower or any of its Subsidiaries, on the one hand, and a Related Municipal
Party, on the other hand (and, if applicable, other Person(s)), entered into for the purposes of reducing certain of the Borrower’s
or any Subsidiary’s Tax liabilities through (a) the sale, other transfer, lease or license to such Related Municipal Party
of title to or an interest in real property, fixtures, equipment, other fixed or capital assets or other related assets of the
Borrower or such Subsidiary, (b) the granting to such Related Municipal Party of Liens on real property, fixtures, equipment, other
fixed or capital assets or other related assets of the Borrower or such Subsidiary, (c) a Sale and Leaseback Transaction or other
transfer and licensing arrangement between the Borrower or such Subsidiary and such Related Municipal Party (and, if applicable,
such other Person(s)) with respect to real property, fixtures, equipment, other fixed or capital assets or other related assets
of the Borrower or such Subsidiary, (d) PILOT agreements or (e) any combination of the foregoing or through arrangements similar
thereto.

 

“Taxes”
means all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments,
fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

 

“Term SOFR”
means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.

 

“Total Leverage
Ratio” has the meaning assigned to such term in Section 6.07(a).

 

“Transactions”
means the execution, delivery and performance by the Loan Parties of this Agreement and the other Loan Documents, the borrowing
of Loans and other credit extensions, and the use of the proceeds thereof.

 

“Treasury Capital
Stock” shall mean Equity Interests of the Borrower that are purchased, redeemed, repurchased, defeased or otherwise acquired
or retired, in each case by the Borrower and thereafter held by the Borrower.

 

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

 

“U.S. Person”
means a “United States person” within the meaning of Section 7701(a)(30) of the Code.

 

“U.S. Tax
Compliance Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(B)(3).

 

“UCC”
means the Uniform Commercial Code as in effect from time to time in any applicable jurisdiction or any other laws of any jurisdiction
which are required to be applied in connection with the issue of creation, perfection or priority of security interests.

 

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

 

    29

     

    

 

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

 

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

 

“Upfront Payments”
means any upfront or similar payments made during the period of twelve months ending on the Effective Date or arising thereafter
in connection with any drug or pharmaceutical product research and development or Collaboration Arrangements or the closing of
any Drug Acquisition and that are recognized as expense in the period in which they are incurred.

 

“wholly-owned
Subsidiary” means a Subsidiary with respect to which 100% of the issued and outstanding Equity Interests are owned directly
or indirectly by the Borrower (other than (x) directors’ qualifying shares; (y) shares issued to foreign nationals to the
extent required by applicable law; and (z) shares held by a Person on trust for, or otherwise where the beneficial interest is
held by, the Borrower (directly or indirectly)).

 

“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.

 

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

 

Section
1.02. Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be classified and referred
to by Type (e.g., a “Eurocurrency Loan”).

 

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Section
1.03. 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”. The word “law” shall be construed as referring to all
statutes, rules, regulations, codes and other laws (including official rulings and interpretations thereunder having the
force of law or with which affected Persons customarily comply), and all judgments, orders and decrees, of all Governmental
Authorities. 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, restated, supplemented or otherwise modified (subject to any restrictions on such amendments, restatements,
supplements or modifications set forth herein), (b) any definition of or reference to any statute, rule or regulation
shall be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by
succession of comparable successor laws), (c) any reference herein to any Person shall be construed to include such
Person’s successors and assigns (subject to any restrictions on assignment set forth herein) and, in the case of any
Governmental Authority, any other Governmental Authority that shall have succeeded to any or all functions thereof,
(d) 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, (e) 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, (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 and (g) any reference herein to a merger, transfer, consolidation, amalgamation,
consolidation, assignment, sale, disposition or transfer, or similar term, shall be deemed to apply to a division of or by a
limited liability company, or an allocation of assets to a series of a limited liability company (or the unwinding of such a
division or allocation), as if it were a merger, transfer, consolidation, amalgamation, consolidation, assignment, sale or
transfer, or similar term, as applicable, to, of or with a separate Person, and any division of a limited liability company
shall constitute a separate Person hereunder (and each division of any limited liability company that is a Subsidiary, joint
venture or any other like term shall also constitute such a Person or entity).

 

Section
1.04. Accounting Terms; GAAP; Pro Forma Calculations. (a) 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 the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate
the effect of any change occurring after the Effective Date in GAAP or in the application thereof on the operation of such provision
(or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for
such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof,
then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have
become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding
any other provision contained herein, (i) all terms of an accounting or financial nature used herein shall be construed, and all
computations of amounts and ratios referred to herein shall be made (a) without giving effect to any election under Accounting
Standards Codification 825-10-25 (or any other Accounting Standards Codification or Financial Accounting Standard having a similar
result or effect) to value any Indebtedness or other liabilities of the Borrower or any Subsidiary at “fair value”,
as defined therein, and (b) without giving effect to any treatment of Indebtedness in respect of convertible debt instruments
under Accounting Standards Codification 470-20 (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect) to value any such Indebtedness in a reduced or bifurcated manner as described therein, and such
Indebtedness shall at all times be valued at the full stated principal amount thereof and (ii) notwithstanding any modification
or interpretative change to GAAP after the Effective Date (including any such modification or change as a result of any treatment
of leases under Accounting Standards Codification 842 (or any other Accounting Standards Codification or Financial Accounting Standard
having a similar result or effect)), any obligations relating to any of the following shall be deemed to be obligations relating
to an operating lease and shall not constitute Capital Lease Obligations under the Loan Documents: (x) a lease that was or would
have been accounted for by such Person as an operating lease as of the Effective Date, (y) any Specified Lease Arrangements of
such Person or (z) any lease or arrangement similar to any of the foregoing entered into after the Effective Date by such Person
or an Affiliate thereof. For the avoidance of doubt, it is understood and agreed that a lease or other arrangement that would be
accounted for by such Person as an operating lease under Accounting Standards Codification 842 (or any other Accounting Standards
Codification or Financial Accounting Standard having a similar result or effect) shall also be treated as an operating lease.

 

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(b) All pro forma computations
required to be made hereunder giving effect to any Acquisition or disposition, or issuance,
incurrence or assumption of Indebtedness, or other transaction shall in each case be calculated after giving pro forma effect thereto
(and, in the case of any pro forma computation made hereunder, to determine whether such Acquisition, disposition or issuance,
incurrence or assumption of Indebtedness or other transaction is not prohibited to be consummated hereunder) immediately after
giving effect to such Acquisition, disposition or issuance, incurrence or assumption of Indebtedness (and to any other such transaction
consummated since the first day of the period for which such pro forma computation is being made and on or prior to the date of
such computation) as if such transaction had occurred on the first day of the period of four consecutive fiscal quarters ending
with the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or
5.01(b) (or, prior to the delivery of any such financial statements, ending with the fiscal quarter ended March 31, 2020), and,
to the extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of, any related
incurrence or reduction of Indebtedness and any related cost savings, operating expense reductions and synergies, all in accordance
with (and, in the case of cost savings, operating expense reductions and synergies, to the extent permitted by) Article 11
of Regulation S-X under the Securities Act; provided that no pro forma computation required to be made hereunder shall
make or result in any pro forma adjustment to Consolidated EBITDA for any Drug Acquisition or Exclusive License. If any Indebtedness
bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as
if the rate in effect on the date of determination had been the applicable rate for the entire period (taking into account any
Swap Agreement applicable to such Indebtedness).

 

Section
1.05.            
Interest Rates; LIBOR Notification. The interest
rate on Eurocurrency Loans is determined by reference to the LIBO Rate, which is derived from the London interbank offered rate.
The London interbank offered rate is intended to represent the rate at which contributing banks may obtain short-term borrowings
from each other in the London interbank market. In July 2017, the U.K. Financial Conduct Authority announced that, after the end
of 2021, it would no longer persuade or compel contributing banks to make rate submissions to the ICE Benchmark Administration
(together with any successor to the ICE Benchmark Administration, the “IBA”) for purposes of the IBA setting
the London interbank offered rate. As a result, it is possible that commencing in 2022, the London interbank offered rate may no
longer be available or may no longer be deemed an appropriate reference rate upon which to determine the interest rate on Eurocurrency
Loans. In light of this eventuality, public and private sector industry initiatives are currently underway to identify new or alternative
reference rates to be used in place of the London interbank offered rate. In the event that the London interbank offered rate is
no longer available or in certain other circumstances as set forth in Section 2.14 of this Agreement, such Section 2.14 provides
a mechanism for determining an alternative rate of interest. The Administrative Agent will notify the Borrower, pursuant to Section
2.14, in advance of any change to the reference rate upon which the interest rate on Eurocurrency Loans is based. However, the
Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration,
submission or any other matter related to the London interbank offered rate or other rates in the definition of “LIBO Rate”
or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether
the composition or characteristics of any such alternative, successor or replacement reference rate, as it may or may not be adjusted
pursuant to Section 2.14, will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same
volume or liquidity as did the London interbank offered rate prior to its discontinuance or unavailability.

 

Section
1.06. Divisions. For all purposes under the Loan Documents, in connection with any division or plan of division
under Delaware Law (or any comparable event under a different jurisdictions’ laws): (a) if any asset, right, obligation
or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed
to have been transformed from the original Person to the subsequent Person, and (b) if any new Person comes into existence,
such new Person shall be deemed to have been organized on the first date of its existence by the holders of its Equity
Interests at such time.

 

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ARTICLE
II

 

The Credits

 

Section
2.01. Commitments. Subject to the terms and conditions set forth herein, each Lender (severally and not jointly)
agrees to make a single Loan to the Borrower on the Closing Date in Dollars in an aggregate principal amount not to exceed such
Lender’s Commitment. Amounts repaid or prepaid in respect of Loans may not be reborrowed.

 

Section
2.02. Loans and Borrowings. (a) The Loans shall be made as part of a single Borrowing on the Closing Date 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 Loans as required.

 

(b)               
Subject to Section 2.14, each Borrowing shall be comprised of ABR Loans or Eurocurrency Loans as the Borrower
may request in accordance herewith. Each Lender at its option may make any Loan by causing any domestic or foreign branch or Affiliate
of such Lender to make such Loan (and in the case of an Affiliate, the provisions of Sections 2.14, 2.15, 2.16 and 2.17 shall
apply to such Affiliate to the same extent as to such Lender); provided that any exercise of such option shall not affect
the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement.

 

(c)               
At the commencement of each Interest Period for any Eurocurrency Borrowing, such Borrowing shall be in an aggregate
amount that is an integral multiple of $1,000,000 and not less than $10,000,000. At the time that any ABR Borrowing is made, such
Borrowing shall be in an aggregate amount that is an integral multiple of $1,000,000 and not less than $10,000,000.

 

(d)               
Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to elect to convert or
continue any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

 

Section
2.03. Requests for Borrowings. To request a Borrowing, the Borrower shall notify the Administrative Agent of such
request (a) by irrevocable written notice (via a written Borrowing Request signed by the Borrower, promptly followed by telephonic
confirmation of such request) in the case of a Eurocurrency Loan, not later than 12:00 noon, New York City time, one (1) Business
Day prior to the proposed Borrowing or (b) by telephone in the case of an ABR Loan, not later than 11:00 a.m., New York
City time, on the date of the proposed Borrowing. Such 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 the Borrower. Each such
telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02:

 

(i)                
the aggregate principal amount of the requested Borrowing;

 

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

 

(iii)            
whether such Borrowing is to be an ABR Borrowing or a Eurocurrency Borrowing;

 

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(iv)             
in the case of a Eurocurrency Borrowing, the initial Interest Period to be applicable thereto, which shall be a period
contemplated by the definition of the term “Interest Period”; and

 

(v)               
the location and number of the Borrower’s account to which funds are to be disbursed, which shall comply with
the requirements of Section 2.07.

 

If no election as to the Type of Borrowing
is specified, then the requested Borrowing shall be an ABR Borrowing. If no Interest Period is specified with respect to any requested
Eurocurrency Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month’s duration. Promptly
following receipt of a Borrowing Request in accordance with this Section, 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.

 

Section
2.04. [Reserved].

 

Section
2.05. [Reserved].

 

Section
2.06. [Reserved].

 

Section
2.07. Funding of Borrowings. (a) Each Lender shall make each Loan to be made by it hereunder on the Closing Date
solely by wire transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative
Agent designated by it for such purpose by notice to the Lenders. The Administrative Agent will make such Loans available to the
Borrower by promptly crediting the funds so received in the aforesaid account of the Administrative Agent to an account designated
by the Borrower in the Borrowing Request.

 

(b)               
Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of the Borrowing
(or in the case of an ABR Borrowing, prior to 12:00 noon, New York City time on the date of such Borrowing) that such Lender will
not make available to the Administrative Agent such Lender’s share of such Borrowing, the Administrative Agent may assume
that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance
upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its
share of the Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower 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 the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in
the case of such Lender, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans. If
such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender’s Loan included in
such Borrowing.

 

Section
2.08. Interest Elections. (a) The Borrowing initially shall be of the Type specified in the Borrowing Request
and, in the case of a Eurocurrency Borrowing, shall have an initial Interest Period as specified in such Borrowing Request.
Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the
case of a Eurocurrency Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower 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 comprising such Borrowing, and the Loans comprising each such
portion shall be considered a separate Borrowing.

 

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(b)               
To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election
(by telephone or irrevocable written notice from Borrower by the time that a Borrowing Request would be required under Section 2.03
if Borrower were requesting a Borrowing of the Type resulting from such election to be made on the effective date of such election.
Each such 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 the Borrower. Notwithstanding any contrary provision
herein, this Section shall not be construed to permit Borrower to (i)  elect an Interest Period for Eurocurrency Loans that
does not comply with Section 2.02(d) or (ii) convert any Borrowing to a Borrowing of a Type not available under such
Borrowing.

 

(c)               
Each telephonic and written Interest Election Request shall specify the following information in compliance with
Section 2.02:

 

(i)                
the name of the Borrower and 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) below 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 an ABR Borrowing or a Eurocurrency Borrowing; and

 

(iv)             
if the resulting Borrowing is a Eurocurrency Borrowing, the Interest Period to be applicable thereto after giving
effect to such election, which Interest Period shall be a period contemplated by the definition of the term “Interest Period”.

 

If any such Interest Election Request requests
a Eurocurrency Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest
Period of one month’s duration.

 

(d)               
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)               
If the Borrower fails to deliver a timely Interest Election Request with respect to a Eurocurrency Borrowing prior
to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such
Interest Period, such Borrowing shall be converted to an ABR 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 the
Borrower, then, so long as an Event of Default is continuing (i) no outstanding Borrowing may be converted to or continued
as a Eurocurrency Borrowing and (ii) unless repaid, each Eurocurrency Borrowing shall be converted to an ABR Borrowing at
the end of the Interest Period applicable thereto, but without duplication for interest payments made by the Borrower on such amount.

 

    35

     

    

 

Section
2.09. Termination and Reduction of Commitments. (a) The Commitment of each Lender shall automatically terminate
on the earlier of (x) the Closing Date (after giving effect to the Borrowing on such date) and (y) the Commitment Termination
Time.

 

(b)               
Mandatory. The Commitments shall automatically and immediately be reduced by 100% of the Net Cash Proceeds
received by the Borrower or any Subsidiary from any Debt Issuance, Equity Issuance or Asset Sale on or after the Effective Date
but prior to the Closing Date. The Borrower shall give prompt written notice to the Administrative Agent upon the receipt by the
Borrower or any Subsidiary of such Net Cash Proceeds.

 

(c)               
Voluntary. The Borrower may at any time terminate, or from time to time reduce, the Commitments; provided
that each reduction of the Commitments shall be in an amount that is an integral multiple of $1,000,000 and not less than
$10,000,000.

 

(d)               
The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (c)
of this Section at least three (3) 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 notice, the Administrative Agent shall advise the
Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; provided
that a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness
of other credit facilities or one or more other events specified therein, in which case such notice may be revoked by the Borrower
(by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. 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 Commitments.

 

Section
2.10. Repayment of Loans; Evidence of Indebtedness. (a) Borrower hereby unconditionally promises to pay to the Administrative
Agent for the account of each Lender the then unpaid principal amount of each Loan made on the Maturity Date.

 

(b)               
Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness
of the Borrower 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.

 

(c)               
The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder,
the Type thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable
or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative
Agent hereunder for the account of the Lenders and each Lender’s share thereof.

 

(d)               
The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section 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 accounts or any error therein shall not in any manner affect the Obligations.

 

(e)                Any
Lender may request that Loans made by it to Borrower be evidenced by a promissory note. In such event, the Borrower shall
prepare, execute and deliver to such Lender a promissory note payable to such Lender and its registered assigns and in the
form attached hereto as Exhibit I. Thereafter, the Loans evidenced by such promissory note and interest thereon shall
at all times (including after assignment pursuant to Section 9.04) be represented by one or more promissory notes in
such form payable to the payee named therein and its registered assigns.

 

    36

     

    

 

 

Section
2.11. Prepayment of Loans.

 

		(a)	Mandatory.

 

		i.	In the event that the Borrower or any of its Subsidiaries receives any Net Cash Proceeds arising
from any Debt Issuance, Equity Issuance or Asset Sale consummated on or after the Closing Date, then the Borrower shall prepay
the outstanding Loans in an amount equal to 100% of such Net Cash Proceeds not later than two Business Days following the receipt
by the Borrower or such Subsidiary of such Net Cash Proceeds. The Borrower shall promptly (and in any event within one (1) Business
Day of receipt) notify the Administrative Agent of the receipt by the Borrower or such Subsidiary of any such Net Cash Proceeds
and the Administrative Agent will promptly notify each Lender of its receipt of each such notice.

 

		ii.	In the event that the Share Repurchase shall not have been consummated by 11:59 p.m. (New York
City time) on the third (3) Business Day following the Closing Date, then the Borrower shall immediately prepay 100% of the aggregate
principal amount of Loans outstanding on such date.

 

(b)   Voluntary.
Borrower shall have the right at any time and from time to time to prepay the Loans in whole or in part, without premium or penalty
(but subject to break funding payments required by Section 2.16) subject to prior notice in accordance with the provisions of
this Section 2.11(b). The Borrower shall notify the Administrative Agent of any prepayment hereunder (i) in the case
of prepayment of a Eurocurrency Borrowing, by telephonic notice (promptly followed by written confirmation from the Borrower of
such request) not later than 11:00 a.m., New York City time, three (3) Business Days before the date of prepayment or
(ii) in the case of prepayment of an ABR Borrowing, by telephonic notice (promptly followed by written confirmation from
the Borrower of such request) not later than 11:00 a.m., New York City time, on the date of prepayment. Each such notice
from Borrower shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion
thereof to be prepaid by Borrower; provided that any such notice of prepayment delivered by Borrower may state that such
notice is conditioned upon the effectiveness of other credit facilities or one or more other events specified therein, in which
case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective
date) if such condition is not satisfied. Promptly following receipt of any such notice relating to the Loans, the Administrative
Agent shall advise the Lenders of the contents thereof. Each prepayment of a Borrowing shall be applied ratably to the Loans included
in the prepaid Borrowing. Prepayments shall be accompanied by (i) accrued interest to the extent required by Section 2.13
and (ii) break funding payments to the extent required by Section 2.16.

 

Section
2.12. Fees.

 

		(a)	If the Loans have not been repaid in full in cash on
or prior to:

 

(i)               September
18, 2020, the Borrower shall pay on such date to the Administrative Agent for the account of each Lender in accordance with
its Applicable Percentage of Loans a fully earned and non-refundable duration fee in an amount equal to 0.50% of the
aggregate principal amount of Loans outstanding;

 

    37

     

    

 

(ii)             
the 180th day after the Closing Date, the Borrower shall pay on such date to the Administrative Agent
for the account of each Lender in accordance with its Applicable Percentage of Loans a fully earned and non-refundable duration
fee in an amount equal to 0.75% of the aggregate principal amount of Loans outstanding; and

 

(iii)            
the 270th day after the Closing Date, the Borrower shall pay on such date to the Administrative Agent
for the account of each Lender in accordance with its Applicable Percentage of Loans a fully earned and non-refundable duration
fee in an amount equal to 1.00% of the aggregate principal amount of Loans outstanding.

 

(b)           The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the
times separately agreed upon between the Borrower and the Administrative Agent from time to time.

 

(c)           All fees payable hereunder shall be paid on the dates due, in Dollars and immediately available funds, to the Administrative
Agent for distribution, in the case of duration fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

 

Section
2.13. Interest. (a) The Loans comprising each ABR Borrowing shall bear interest at the Alternate Base Rate plus the
Applicable Rate.

 

(b)           A Eurocurrency Loan shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect plus the Applicable
Rate.

 

(c)           Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall
bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any
Loan, 2% plus the rate otherwise applicable to such Loan as provided in the preceding paragraphs of this Section or (ii) in
the case of any other amount, 2% plus the rate applicable to ABR Loans as provided in paragraph (a) of this Section.

 

(d)           Accrued
interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and upon termination of the
Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable
by the Borrower on demand, (ii) in the event of any repayment or prepayment of any Loan, 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 a Eurocurrency Loan prior to the end of the current Interest Period therefor, accrued interest on such
Loan shall be payable on the effective date of such conversion.

 

(e)           All interest hereunder shall be computed on the basis of a year of 360 days, except that interest computed by
reference to the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the
basis of a year of 365 days (or 366 days in a leap year). The applicable Alternate Base Rate, Adjusted LIBO Rate or LIBO
Rate shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

 

    38

     

    

 

Section
2.14. Alternate Rate of Interest.

 

(a)           If at the time that the Administrative Agent shall seek to determine the LIBOR Screen Rate for any Interest Period
for a Eurocurrency Borrowing the LIBOR Screen Rate shall not be available for such Interest Period for any reason, and the Administrative
Agent shall reasonably determine that it is not possible to determine the Interpolated Rate (which conclusion shall be conclusive
and binding absent manifest error), then the Reference Bank Rate shall be the LIBO Rate for such Interest Period for such Eurocurrency
Borrowing; provided that if the Reference Bank Rate shall be less than zero, such rate shall be deemed to be zero for purposes
of this Agreement; provided, further, however, that if less than two Reference Banks shall supply a rate to the Administrative
Agent for purposes of determining the LIBO Rate for such Eurocurrency Borrowing, such Borrowing shall be made as an ABR Borrowing
at the Alternate Base Rate. It is hereby understood and agreed that, notwithstanding anything to the foregoing set forth in this
Section 2.14(a), if at any time the conditions set forth in Section 2.14(c)(i) or (ii) are in effect, the provisions of this Section
2.14(a) shall no longer be applicable for any purpose of determining any alternative rate of interest under this Agreement and
Section 2.14(c) shall instead be applicable for all purposes of determining any alternative rate of interest under this Agreement.

 

(b)           If prior to the commencement of any Interest Period for a Eurocurrency Borrowing:

 

(i)               the Administrative Agent determines (which determination shall be conclusive and binding absent manifest error) that
adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because
the LIBOR Screen Rate is not available or published on a current basis), for a Loan in the applicable currency or for the applicable
Interest Period; or

 

(ii)              the Administrative Agent is advised by the Required Lenders that the Adjusted LIBO Rate or the LIBO Rate, as applicable,
for a Loan in the applicable currency or for the applicable Interest Period will not adequately and fairly reflect the cost to
such Lenders of making or maintaining their Loans included in such Borrowing for such Interest Period;

 

then the Administrative Agent shall give
notice thereof to the Borrower and the Lenders by telephone or telecopy as promptly as practicable thereafter and, until the Administrative
Agent notifies the Borrower 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 Borrowing to, or continuation of any Borrowing as, a Eurocurrency Borrowing
for the applicable Interest Period, as the case may be, shall be ineffective, (ii) if any Borrowing Request requests a Eurocurrency
Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that if the circumstances giving rise to such notice
affect only one Type of Borrowings, then the other Type of Borrowings shall be permitted.

 

(c)           Notwithstanding
anything to the contrary herein or in any other Loan Document, upon the occurrence of a Benchmark Transition Event or an
Early Opt-in Election, as applicable, the Administrative Agent and the Borrower may amend this Agreement to replace the LIBO
Rate with a Benchmark Replacement. Any such amendment with respect to a Benchmark Transition Event will become effective at
5:00 p.m. on the fifth (5th) Business Day after the Administrative Agent has posted such proposed amendment to all Lenders
and the Borrower so long as the Administrative Agent has not received, by such time, written notice of objection to such
amendment from Lenders comprising the Required Lenders. Any such amendment with respect to an Early Opt-in Election will
become effective on the date that Lenders comprising the Required Lenders have delivered to the Administrative Agent written
notice that such Required Lenders accept such amendment. No replacement of the LIBO Rate with a Benchmark Replacement
pursuant to this Section 2.14 will occur prior to the applicable Benchmark Transition Start Date.

 

    39

     

    

 

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

 

(e)           The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition
Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date,
(ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and
(iv) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be
made by the Administrative Agent or Lenders pursuant to this Section 2.14, including any determination with respect to a tenor,
rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and
without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 2.14.

 

(f)            Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower
may revoke any request for a Eurocurrency Borrowing of, conversion to or continuation of Eurocurrency Loans to be made, converted
or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such
request into a request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period, the component
of Alternate Base Rate based upon the LIBO Rate will not be used in any determination of Alternate Base Rate.

 

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

 

(i)               impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement (including any compulsory
loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended
by, any Lender (except any such reserve requirement reflected in the Adjusted LIBO Rate);

 

(ii)             
impose on any Lender or the London interbank market any other condition, cost or expense (other than Taxes) affecting
this Agreement or Loans made by such Lender; or

 

(iii)            
subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through
(d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments,
or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto;

 

and the result of any of the
foregoing shall be to increase the cost to such Lender or such other Recipient of making, continuing, converting into or
maintaining any Loan or of maintaining its obligation to make any such Loan or to increase the cost to such Lender or such
other Recipient or to reduce the amount of any sum received or receivable by such Lender, whether of principal, interest or
otherwise, then the Borrower will pay to such Lender or such other Recipient, as the case may be, such additional amount or
amounts as will compensate such Lender or such other Recipient, as the case may be, for such additional costs incurred or
reduction suffered as reasonably determined by the Administrative Agent or such Lender (which determination shall be made in
good faith (and not on an arbitrary or capricious basis) and generally consistent with similarly situated customers of the
Administrative Agent or such Lender under agreements having provisions similar to this Section 2.15, after consideration of
such factors as the Administrative Agent or such Lender then reasonably determines to be relevant).

 

    40

     

    

 

(b)           If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the
effect of reducing the rate of return on such Lender’s capital or on the capital of such Lender’s holding company,
if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by such Lender, to a level below that
which such Lender or such Lender’s holding company could have achieved but for such Change in Law (taking into consideration
such Lender’s policies and the policies of such Lender’s holding company with respect to capital adequacy and liquidity),
then from time to time the Borrower will pay to such Lender, as the case may be, such additional amount or amounts as will compensate
such Lender or such Lender’s holding company for any such reduction suffered as reasonably determined by the Administrative
Agent or such Lender (which determination shall be made in good faith (and not on an arbitrary or capricious basis) and generally
consistent with similarly situated customers of the Administrative Agent or such Lender, as applicable, under agreements having
provisions similar to this Section 2.15, after consideration of such factors as the Administrative Agent or such Lender, as applicable,
then reasonably determines to be relevant).

 

(c)           A certificate of a Lender setting forth, in reasonable detail, the basis and calculation of the amount or amounts
necessary to compensate such Lender or its respective holding company, as the case may be, as specified in paragraph (a) or
(b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay
such Lender the amount shown as due on any such certificate within thirty (30) days after receipt thereof.

 

(d)           Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s right to demand such compensation; provided that the Borrower shall not be required to compensate
a Lender pursuant to this Section for any increased costs or reductions incurred more than 120 days prior to the date that
such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender’s
intention to claim compensation therefor; provided further that, if the Change in Law giving rise to such increased costs
or reductions is retroactive, then the 120-day period referred to above shall be extended to include the period of retroactive
effect thereof.

 

Section
2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurocurrency Loan
other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or as a
result of any prepayment pursuant to Section 2.11), (b) the conversion of any Eurocurrency Loan other than on the
last day of the Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any
Eurocurrency Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice may be
revoked under Section 2.11 and is revoked in accordance therewith) or (d) the assignment of any Eurocurrency Loan
other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to
Section 2.19 or 9.02(d), then, in any such event, the Borrower shall compensate each Lender for the loss, cost and
expense attributable to such event (other than loss of anticipated profits). Such loss, cost or expense to any Lender shall
be deemed to include an amount determined by such Lender to be the excess, if any, of (i) the amount of interest which
would have accrued on the principal amount of such Loan had such event not occurred, at the Adjusted LIBO Rate that would
have been applicable to such Loan (but not the Applicable Rate applicable thereto), for the period from the date of such
event to the last day of the then current Interest Period therefor (or, in the case of a failure to borrow, convert or
continue, for the period that would have been the Interest Period for such Loan), over (ii) the amount of interest which
would accrue on such principal amount for such period at the interest rate which such Lender would bid were it to bid, at the
commencement of such period, for deposits of a comparable amount and period from other banks in the eurocurrency market. A
certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this
Section, and setting forth in reasonable detail the calculations used by such Lender to determine such amount or amounts,
shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the
amount shown as due on any such certificate within thirty (30) days after receipt thereof; provided
that Borrower shall not be required to compensate a Lender pursuant to this Section for any amounts under this
Section 2.16 incurred more than 120 days prior to the date that such Lender notifies Borrower of such amount and of such
Lender’s intention to claim compensation therefor.

 

    41

     

    

 

Section
2.17. Taxes. (a) Payments Free of Taxes. Any and all payments by or on account of any obligation 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 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 2.17(a)) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction
or withholding been made.

 

(b)           Payment of Other Taxes by the Borrower. The Borrower shall timely pay to the relevant Governmental Authority
in accordance with applicable law, or at the option of the Administrative Agent timely reimburse it for the payment of, any Other
Taxes.

 

(c)            Evidence of Payments. As soon as practicable after any payment of Taxes by any Loan Party or by the Administrative
Agent to a Governmental Authority pursuant to this Section 2.17, such Loan Party shall deliver to the Administrative Agent or the
Administrative Agent shall deliver to the Borrower, as the case may be, 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 or the applicable Loan Party, as the case may be.

 

(d)           Indemnification by the Loan Parties. The Loan Parties shall indemnify each Recipient, within 10 days after
demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable
to amounts payable under this Section 2.17) payable or paid by such Recipient or required to be withheld or deducted from a payment
to such Recipient and any reasonable and documented out-of-pocket expenses arising therefrom or with respect thereto, whether or
not such Indemnified Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate
setting forth in reasonable detail the basis and calculation of the amount of such payment or liability delivered to the Borrower
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 any Loan Party has not already indemnified
the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Loan Parties to do so), (ii)
any Taxes attributable to such Lender’s failure to comply with the provisions of Section 9.04(c) 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 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).

 

    42

     

    

 

(f)                
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 the Borrower and the Administrative Agent, at the time or times
reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation reasonably
requested by the Borrower 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 the Borrower or the Administrative Agent, shall deliver
such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will
enable the Borrower 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 2.17(f)(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 (it being understood that the Borrower shall be given a reasonable opportunity
to reimburse such Lender with respect to such cost or expense) or would materially prejudice the legal or commercial position of
such Lender.

 

(ii)             
Without limiting the generality of the foregoing:

 

(A)            
any Lender that is a U.S. Person shall deliver to the Borrower and the Administrative Agent on or prior to the date
on which such Lender becomes a Lender under this Agreement (and from time to time thereafter upon the reasonable request of the
Borrower or the Administrative Agent), duly executed copies of IRS Form W-9 certifying that such Lender is exempt from U.S. federal
backup withholding tax;

 

(B)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower 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 the Borrower or the Administrative
Agent), whichever of the following is applicable:

 

(1) 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, duly executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E 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 IRS Form W-8BEN-E
establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the “business profits”
or “other income” article of such tax treaty;

 

    43

     

    

 

(2) in the case of a Foreign
Lender claiming that its extension of credit will generate U.S. effectively connected income, duly executed copies of IRS Form
W-8ECI;

 

(3) 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 G-1 to the effect that such Foreign Lender is not a “bank” within the meaning of Section
881(c)(3)(A) of the Code, a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of
the Code, or a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code (a “U.S. Tax
Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E; or

 

(4) to the
extent a Foreign Lender is not the beneficial owner, executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form
W-8BEN or IRS Form W-8BEN-E, a U.S. Tax Compliance Certificate substantially in the form of Exhibit G-2 or Exhibit G-3,
IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; 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 G-4 on
behalf of each such direct and indirect partner;

 

(C)             
any Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower 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 the Borrower or the Administrative
Agent), executed copies of any other form prescribed by applicable law as a basis for claiming 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 the Borrower 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 the Borrower and the Administrative Agent at the time
or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation
prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation
reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent
to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender’s obligations
under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (D), “FATCA”
shall include any amendments made to FATCA after the date of this Agreement.

 

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

 

(g)           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 this Section 2.17 (including by the payment
of additional amounts pursuant to this Section 2.17), it shall pay to the indemnifying party an amount equal to such refund (but
only to the extent of indemnity payments made under this Section 2.17 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 (g) (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 (g), in no event will the
indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) 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 Tax
subject to indemnification and giving rise to such refund had not been deducted, withheld or otherwise imposed and the indemnification
payments or additional amounts with respect to such Tax had never been paid. This paragraph 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.

 

(h)           Survival. Each party’s obligations under this Section 2.17 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
2.18. Payments Generally; Pro Rata Treatment; Sharing of Set-offs.

 

(a)           The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest or fees,
or of amounts payable under Section 2.15, 2.16 or 2.17, or otherwise) prior to 2:00 p.m., New York City time on the date when
due, in immediately available funds, without set-off, recoupment 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 at its offices at 2001 Ross Avenue,
29th Floor, Dallas, Texas 75201 except that payments pursuant to Sections 2.15, 2.16, 2.17 and 9.03 shall be made
directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the 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.

 

(b)           If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts
of principal, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of 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 (ii) second, towards payment of principal then due hereunder, ratably among the parties entitled thereto in accordance
with the amounts of principal a then due to such parties.

 

    45

     

    

 

(c)           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 Loans resulting in such Lender receiving payment of a greater proportion of the aggregate
amount of its Loans and accrued interest thereon than the proportion received by any other Lender, then the Lender receiving such
greater proportion shall purchase (for cash at face value) participations in the Loans 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 Loans; 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 the Borrower 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 to any assignee or participant,
other than to the Borrower or any Subsidiary or Affiliate thereof (as to which the provisions of this paragraph shall apply). The
Borrower consents to the foregoing and agrees, to the extent it may effectively do so under applicable law, that any Lender acquiring
a participation relating to any Obligations owed by the Borrower pursuant to the foregoing arrangements may exercise against the
Borrower rights of set-off and counterclaim with respect to such participation as fully as if such Lender were a direct creditor
of the Borrower in the amount of such participation.

 

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

 

(e)           If any Lender shall fail to make any payment required to be made by it pursuant to Section 2.18(d) or 9.03(c), then
the Administrative Agent may, in its discretion (notwithstanding any contrary provision hereof), (i) apply any amounts thereafter
received by the Administrative Agent for the account of such Lender and for the benefit of the Administrative Agent to satisfy
such Lender’s obligations to it under such Section until all such unsatisfied obligations are fully paid and/or (ii) hold
any such amounts in a segregated account over which the Administrative Agent shall have exclusive control as cash collateral for,
and application to, any future funding obligations of such Lender under any such Section; in the case of each of clauses (i) and
(ii) above, in any order as determined by the Administrative Agent in its discretion.

 

Section
2.19. Mitigation Obligations; Replacement of Lenders. (a) If any Lender requests compensation under
Section 2.15, or if the Borrower is required to pay any Indemnified Taxes or additional amounts to any Lender or any
Governmental Authority for the account of any Lender pursuant to Section 2.17, then such Lender shall 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 good faith judgment of such Lender, such
designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.15 or 2.17, 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. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by
any Lender in connection with any such designation or assignment.

 

    46

     

    

 

 

(b)               
If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any
Indemnified Taxes or additional amounts to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17
or (iii) any Lender becomes a Defaulting Lender, then the Borrower 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 Section 9.04), all its interests, rights (other than its existing rights to payments pursuant
to Sections 2.15 or 2.17) and obligations under the Loan Documents to an assignee that shall assume such obligations (which assignee
may be another Lender, if a Lender accepts such assignment); provided that (i) to the extent such consent would be required
pursuant to Section 9.04(b), the Borrower shall have received the prior written consent of the Administrative Agent, which
consent shall not unreasonably be withheld, delayed or conditioned, (ii) such Lender shall have received payment of an amount
equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder
(including amounts payable pursuant to Section 2.16), from the assignee (to the extent of such outstanding principal and accrued
interest and fees) or the Borrower (in the case of all other amounts) and (iii) in the case of any such assignment resulting
from a claim for compensation under Section 2.15 or payments required to be made pursuant to Section 2.17, such assignment
will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation
if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such
assignment and delegation cease to apply. Each party hereto agrees that an assignment required pursuant to this paragraph may be
effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the assignee (or, to the
extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic Platform
as to which the Administrative Agent and such parties are participants), and the Lender required to make such assignment need not
be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms
thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to
execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Lender, provided
that any such documents shall be without recourse to or warranty by the parties thereto

 

    47 

     

    

 

Section
2.20. Expansion Option. The Borrower may from time to time on or prior to the Closing Date elect to increase the
Commitments so long as, after giving effect thereto, the aggregate amount of such increases does not exceed $500,000,000. The
Borrower may arrange for any such increase to be provided by one or more Lenders (each Lender so agreeing to an increase in its
Commitment, an “Increasing Lender”), or by one or more new banks, financial institutions or other entities
(each such new bank, financial institution or other entity, an “Augmenting Lender”; provided that no Ineligible
Institution may be an Augmenting Lender), which agree to increase their existing Commitments, or provide new Commitments, as the
case may be; provided that (i) each Augmenting Lender, shall be subject to the approval of the Borrower and the Administrative
Agent (such approvals not to be unreasonably withheld, delayed or conditioned) and (ii) (x) in the case of an Increasing
Lender, the Borrower and such Increasing Lender execute an agreement substantially in the form of Exhibit B hereto,
and (y) in the case of an Augmenting Lender, the Borrower and such Augmenting Lender execute an agreement substantially in
the form of Exhibit C hereto. No consent of any Lender (other than the Lenders participating in the increase) shall
be required for any increase in Commitments pursuant to this Section 2.20. Increases and new Commitments created pursuant
to this Section 2.20 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant
Increasing Lenders or Augmenting Lenders (as the case may be), and the Administrative Agent shall notify each Lender thereof.
Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) shall become effective under
this paragraph unless, on the proposed date of the effectiveness of such increase, the following conditions shall be satisfied
or waived by the Required Lenders and the Administrative Agent:

 

(i)                
the representations and warranties referred to in the definition of “Specified Representations” in so
far as they relate to the Borrower at the time of such increase shall be true and correct in all material respects (or, in the
case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of such
date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material
Adverse Effect, in all respects) as of such earlier date;

 

(ii)              
at the time of and immediately after giving effect to such increase, no Event of Default under clause (a), (b), (h),
(i) or (j) of Article VII shall have occurred and be continuing;

 

(iii)            
the Borrower shall be in compliance (on a pro forma basis) with the covenants contained in Section 6.07;

 

(iv)       the
Administrative Agent shall have received a certificate, dated as of the date of effectiveness of such increase and signed by a
Responsible Officer of the Borrower, certifying on behalf of the Borrower that the conditions set forth in clauses (i), (ii) and
(iii) above have been satisfied on and as of such date; and

 

(v)       to
the extent reasonably requested by the Administrative Agent, the Administrative Agent shall have received documents of the same
type as those delivered on the Effective Date as to the organizational power and authority of the Borrower to borrow hereunder
after giving effect to such increase (or, to the extent the resolutions delivered on the Effective Date approve such matters, a
certification from the Borrower that the resolutions delivered on the Effective Date remain in full force and effect and have not
been amended or otherwise modified since the adoption thereof.

 

Nothing contained in
this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase
its Commitment hereunder at any time.

 

Section
2.21. [Reserved].

 

Section
2.22. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum
due from the Borrower hereunder in the currency expressed to be payable herein (the “specified currency”) into
another currency, the parties hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used
shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase the specified currency
with such other currency at the Administrative Agent’s main New York City office on the Business Day preceding that on which
final, non-appealable judgment is given. The obligations of the Borrower in respect of any sum due to any Lender or the Administrative
Agent by the Borrower hereunder shall, notwithstanding any judgment in a currency other than the specified currency, be discharged
only to the extent that on the Business Day following receipt by such Lender or the Administrative Agent (as the case may be)
of any sum adjudged to be so due in such other currency such Lender or the Administrative Agent (as the case may be) may in accordance
with normal, reasonable banking procedures purchase the specified currency with such other currency. If the amount of the specified
currency so purchased is less than the sum originally due to such Lender or the Administrative Agent, as the case may be, in the
specified currency, the Borrower agrees, to the fullest extent that it may effectively do so, as a separate obligation and notwithstanding
any such judgment, to indemnify such Lender or the Administrative Agent, as the case may be, against such loss, and if the amount
of the specified currency so purchased exceeds (a) the sum originally due to any Lender or the Administrative Agent by the
Borrower, as the case may be, in the specified currency and (b) any amounts shared with other Lenders relating to amounts
owed by the Borrower as a result of allocations of such excess as a disproportionate payment to such Lender under Section 2.18,
such Lender or the Administrative Agent, as the case may be, agrees to remit such excess to the Borrower.[Reserved].

 

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

 

(a)               
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 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, as the Borrower 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; third, if so determined by the Administrative Agent and the Borrower, to be held in a deposit account and released
pro rata in order to satisfy such Defaulting Lender’s potential future funding obligations with respect to Loans under
this Agreement; fourth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent
jurisdiction obtained by any Lender against such Defaulting Lender as a result of such Defaulting Lender’s breach of its
obligations under this Agreement or under any other Loan Document; fifth, so long as no Default or Event of Default exists,
to the payment of any amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by
the Borrower against such Defaulting Lender as a result of such Defaulting Lender’s breach of its obligations under this
Agreement or under any other Loan Document; and sixth, to such Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans in respect
of which such Defaulting Lender has not fully funded its appropriate share, and (y) such Loans were made at a time when the
conditions set forth in Section 4.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of all
non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such
time as all Loans are held by the Lenders pro rata in accordance with the Commitments. 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 pursuant to this Section
shall be deemed paid to and redirected by such Defaulting Lender, and each Lender irrevocably consents hereto;

 

(b)               
the Commitment and Loans of such Defaulting Lender shall not be included in determining whether the Required Lenders
have taken or may take any action hereunder (including any consent to any amendment, waiver or other modification pursuant to Section 9.02);
provided, that any amendment, waiver or other modification requiring the consent of all Lenders or all Lenders directly
affected thereby shall not, except as otherwise provided in Section 9.02, require the consent of such Defaulting Lender in accordance
with the terms hereof;

 

    49 

     

    

 

ARTICLE
III

 

Representations and Warranties

 

The Borrower, on behalf
of itself and its Subsidiaries, solely with respect to itself, severally represent and warrant to the Lenders that:

 

Section
3.01. Organization; Powers; Subsidiaries. Each of the Loan Parties and the Material Subsidiaries (a) is duly organized
or incorporated, as the case may be, validly existing and in good standing (to the extent the concept is applicable in such jurisdiction)
under the laws of the jurisdiction of its organization or incorporation (as applicable), (b) has all requisite organizational power
and authority to carry on its business as now conducted and (c) is qualified to do business in, and (to the extent the concept
is applicable in such jurisdiction) is in good standing in, every jurisdiction where its ownership, lease or operation of properties
or the conduct of its business requires such qualification, in any such case of clauses (a) (solely with respect to the good standing
status of any such Subsidiary that is not a Loan Party), (b) (solely with respect to the power and authority of any such Subsidiary
that is not a Loan Party) and (c), except where the failure to do so could not reasonably be expected to result in a Material Adverse
Effect. Schedule 3.01 hereto identifies each Subsidiary as of the Effective Date, noting whether such Subsidiary is
a Material Domestic Subsidiary and/or a Material Subsidiary as of the Effective Date, the jurisdiction of its incorporation or
organization, as the case may be, the percentage of issued and outstanding shares of each class of its capital stock or other equity
interests owned by the Borrower and the other Subsidiaries and, if such percentage is not 100% (excluding (i) directors’
qualifying shares and (ii) shares issued to foreign nationals to the extent required by applicable law), a description of each
class issued and outstanding. All of the outstanding shares of capital stock and other equity interests of each Material Subsidiary
are validly issued and outstanding and fully paid and nonassessable and all such shares and other equity interests indicated on
Schedule 3.01 as owned by the Borrower or another Subsidiary are owned, beneficially and of record, by the Borrower
or any Subsidiary as of the Effective Date free and clear of all Liens, other than Liens permitted pursuant to Section 6.02.

 

Section
3.02. Authorization; Enforceability. The Transactions are within each Loan Party’s organizational powers and
have been duly authorized by all necessary organizational actions and, if required, actions by equity holders of such Loan Party.
The Loan Documents to which each Loan Party is a party have been duly executed and delivered by such Loan Party and constitute
a legal, valid and binding obligation of such Loan Party, enforceable against such Loan Party in accordance with its terms, subject
to (i) applicable bankruptcy, insolvency, examinership, reorganization, moratorium or other laws affecting creditors’ rights
generally, (ii) general principles of equity, regardless of whether considered in a proceeding in equity or at law and (iii) requirements
of reasonableness, good faith and fair dealing.

 

Section
3.03. Governmental Approvals; No Conflicts. The Transactions (a) do not require any consent or approval
of, registration or filing with, or any other action by, any Governmental Authority, except such as are not material or have
been, or will be by the time required, obtained or made and are, or will be by the time required, in full force and effect,
(b) will not violate in any material respect any applicable material law or regulation or the charter, by-laws,
constitution or other organizational documents of any Loan Party or any Material Subsidiary or any material order of any
Governmental Authority binding upon any Loan Party or any of the Material Subsidiaries or its assets, (c) will not
violate in any material respect or result in a default under any indenture, material agreement or other material instrument
binding upon the Borrower or any of its Material Subsidiaries or its assets, or give rise to a right thereunder to require
any payment to be made by the Borrower or any of its Material Subsidiaries, except, in the case of this clause (c), for any
such violations, defaults or rights that could not reasonably be expected to result in a Material Adverse Effect, (d) will
not violate or result in a default under the Existing Credit Agreement or any Corporate Campus Facility Financing Document,
or give rise to a right thereunder to require any payment to be made by the Borrower or any of its Material Subsidiaries and
(e) will not result in the creation or imposition of any Lien on any asset of the Borrower or any of its Material
Subsidiaries, other than Liens (if any) permitted by Section 6.02(a).

 

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Section
3.04. Financial Condition; No Material Adverse Change. (a) The Borrower has heretofore furnished to the Lenders its
consolidated balance sheet and statements of operations, stockholders equity and cash flows as of and for the fiscal year ended
December 31, 2019 reported on by PricewaterhouseCoopers LLP, independent public accountants. Such financial statements present
fairly, in all material respects, the financial position of the Borrower and its consolidated Subsidiaries as of the end of such
fiscal year and their results of operations for such fiscal year on a consolidated basis in accordance with GAAP.

 

(b)               
As of the Effective Date and excluding any Disclosed Matters, since December 31, 2019, there has been no material
adverse change in the business, results of operations or financial condition of the Borrower and its Subsidiaries, taken as a whole.

 

Section
3.05. Properties.

 

(a)               
Except for Liens permitted pursuant to Section 6.02, each of the Borrower and its Subsidiaries has good title to,
or (to the knowledge of the Borrower) valid leasehold interests in, all its real and personal property (other than intellectual
property, which is subject to Section 3.05(b)) material to its business, except as could not reasonably be expected to result in
a Material Adverse Effect.

 

(b)               
Except for Disclosed Matters or as could not reasonably be expected to result in a Material Adverse Effect, (i) each
of the Borrower and its Subsidiaries owns or is licensed to use (subject to the knowledge-qualified infringement representation
in this Section 3.05(b)) all trademarks, trade names, copyrights, patents and other intellectual property material to its business,
and (ii) the use thereof by the Borrower and its Subsidiaries, to the Borrower’s knowledge, does not infringe upon the rights
of any other Person.

 

Section
3.06. Litigation and Environmental Matters. (a) As of the Effective Date and except for Disclosed Matters, there
are no actions, suits, proceedings or investigations by or before any arbitrator or Governmental Authority pending against or,
to the knowledge of the Borrower, threatened in writing against or affecting the Borrower or any of its Subsidiaries (i) that
could reasonably be expected to result in a Material Adverse Effect or (ii) that involve this Agreement or the Transactions.

 

(b)               
Except with respect to (x) Disclosed Matters and (y) other matters that could not reasonably be expected to result
in a Material Adverse Effect, the Borrower and its Subsidiaries (i) are in compliance with all applicable Environmental Laws
(which compliance includes possession of and compliance with all permits, licenses or other approvals required under applicable
Environmental Laws), (ii) are not subject to any Environmental Liability or (iii) have not received written notice of
any claim with respect to any Environmental Liability.

 

Section
3.07. Compliance with Laws. Each of the Borrower and its Subsidiaries is in compliance with all laws, regulations
and orders of any Governmental Authority applicable to it or its property, except (i) for Disclosed Matters or (ii) where the failure
to do so could not reasonably be expected to result in a Material Adverse Effect.

 

    51 

     

    

 

Section
3.08. Investment Company Status. Neither the Borrower nor any of its Subsidiaries is required to be registered
as an “investment company” as defined in the Investment Company Act of 1940 or subject to regulation as an
 “investment company” thereunder.

 

Section
3.09. Taxes. Each of the Borrower and its Subsidiaries has timely filed or caused to be filed all federal income
Tax returns and all other material Tax returns and reports required to have been filed by it and has paid, caused to be paid or
made a provision for the payment of, all federal income Taxes and all other material Taxes required to have been paid by it, except
(a) Taxes that are being contested in good faith by appropriate proceedings and for which the Borrower or such Subsidiary,
as applicable, 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
3.10. ERISA. No ERISA Event has occurred or is reasonably expected to occur that, when taken together with all other
such ERISA Events for which liability is reasonably expected to occur, could reasonably be expected to result in a Material Adverse
Effect.

 

Section
3.11. Disclosure. All written information and all information that is formally presented at a general meeting (which
may be a telephonic meeting) of the Lenders (in any such case, other than any projections, estimates, forecasts and other forward-looking
information and information of a general economic or industry-specific nature) furnished by or on behalf of the Borrower or any
Subsidiary to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or
any other Loan Document, when taken as a whole and after giving effect to all supplements and updates thereto, does not (when furnished)
contain any untrue statement of material fact or omit to state a material fact necessary in order to make the statements contained
therein not materially misleading (when taken as a whole) in light of the circumstances under which such statements are made; provided
that, with respect to forecasts or projections of financial information with respect to the Borrower or any Subsidiary so furnished
to the Administrative Agent or any Lender pursuant to or in connection with this Agreement or
any other Loan Document, the Borrower represents only that such information was prepared in good faith based upon assumptions believed
by the Borrower to be reasonable at the time prepared (it being understood by the Administrative Agent and the Lenders that any
such projections are not to be viewed as facts and are subject to significant uncertainties and contingencies, many of which are
beyond the control of the Borrower or its Subsidiaries, that no assurances can be given that such projections will be realized
and that actual results may differ materially from such projections).

 

Section
3.12. Federal Reserve Regulations. No part of the proceeds of any Loan have been used or will be used, whether directly
or indirectly, for any purpose that entails a violation of any of the Regulations of the Board, including Regulations T, U and
X. Following the application of the proceeds to the Borrowing, no more than 25% of the value of the assets of the Borrower and
its subsidiaries, on a consolidated basis, shall be margin stock (as defined in Regulation U of the Board).

 

Section
3.13. No Default. No Default has occurred and is continuing.

 

Section
3.14. Anti-Corruption Laws and Sanctions. The Borrower has implemented and maintains
in effect policies and is implementing procedures reasonably designed to achieve material compliance by the Borrower, its
Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable
Sanctions, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers,
employees and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None
of (a) the Borrower, any Subsidiary or to the knowledge of the Borrower or such Subsidiary any of their respective directors,
officers or employees, or (b) to the knowledge of the Borrower, any agent of the Borrower or any Subsidiary that will act in
any capacity in connection with or benefit from the credit facility established hereby, is a Sanctioned Person. The
Borrowing, the use of proceeds thereof or the other Transactions will not violate any Anti-Corruption
Law or applicable Sanctions.

 

Section
3.15. Affected Financial Institution. The Borrower is not an Affected Financial Institution.

 

    52 

     

    

 

ARTICLE
IV

 

Conditions

 

Section
4.01. Effective Date. The occurrence of the Effective Date is subject to the satisfaction (or waiver in accordance
with Section 9.02) of the following conditions precedent:

 

(a)               
The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart
of this Agreement signed on behalf of such party or (B) written evidence reasonably satisfactory to the Administrative Agent
(which may include telecopy or electronic transmission of a signed signature page to this Agreement) that such party has signed
a counterpart of this Agreement and (ii) duly executed copies of the Loan Documents and such other certificates, documents,
instruments and agreements, in each case, to the extent described in the list of documents attached as Exhibit D.

 

(b)               
The Administrative Agent shall have received such documents and certificates relating to the organization or incorporation,
existence and good standing of the initial Loan Parties in their respective jurisdictions of organization or incorporation (as
applicable), the authorization of the Transactions and any other legal matters relating to such Loan Parties, the Loan Documents
or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent and its counsel and as further
described in the list of documents identified in Section B of Exhibit D.

 

(c)               
The Administrative Agent shall have received a certificate, dated the Effective Date and signed by a Responsible
Officer of the Borrower, certifying on behalf of the Borrower (i) that the representations and warranties contained in Article III
are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material
Adverse Effect, in all respects) as of such date except to the extent that such representations and warranties specifically refer
to an earlier date, in which case they are true and correct in all material respects (or, in the case of any representation or
warranty qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date and (ii) that no Default
or Event of Default has occurred and is continuing as of such date.

 

(d)                (i)
The Administrative Agent shall have received, at least three (3) days prior to the Effective Date, all documentation and
other information regarding the Borrower requested in connection with applicable “know your customer” and
anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at
least ten (10) days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a “legal entity
customer” under the Beneficial Ownership Regulation, at least three (3) days prior to the Effective Date, any Lender
that has requested, in a written notice to the Borrower at least ten (10) days prior to the Effective Date, a Beneficial
Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided
that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this
clause (d) shall be deemed to be satisfied). The Administrative Agent shall notify the Borrower and the Lenders of the
Effective Date, and such notice shall be conclusive and binding.

 

    53 

     

    

 

Section
4.02. Closing Date. The obligation of each Lender to make a Loan on the Closing Date is subject to the satisfaction
(or waiver in accordance with Section 9.02) of the following conditions:

 

(a)               
The representations and warranties referred to in the definition of “Specified Representations” in so
far as they relate to the Borrower at the time of such Borrowing shall be true and correct in all material respects (or, in the
case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects) on and as of such
date, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall
be true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material
Adverse Effect, in all respects) as of such earlier date.

 

(b)               
At the time of and immediately after giving effect to such Borrowing, no Event of Default under clause (a), (b),
(h), (i) or (j) of Article VII shall have occurred and be continuing.

 

(c)               
The Administrative Agent shall have received:

 

(i)                
 a Borrowing Request in accordance with the requirements hereof requesting the Borrowing on the Closing Date;

 

(ii)              
a certificate, substantially in the form of Exhibit E, certifying to the solvency of the Borrower and its
Subsidiaries (on a consolidated basis) as of the Closing Date, immediately after giving effect to the consummation of the Transactions
occurring on the Closing Date and the making of the Loans on the Closing Date and the use of the proceeds thereof;

 

(iii)            
documents of the same type delivered on the Effective Date that are described in the list of documents identified
in Section B of Exhibit D; and

 

(iv)             
a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Closing Date) of
Skadden, Arps, Slate, Meagher & Flom LLP, special New York counsel for the Borrower, in form and substance reasonably satisfactory
to the Administrative Agent and covering such customary matters relating to the Borrower, the Loan Documents or the Transactions
as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.

 

(d)               
The Effective Date shall have occurred.

 

(e)               
The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Closing
Date, including, to the extent invoiced at least two (2) Business Days prior to the Closing Date, reimbursement or payment of all
reasonable and documented out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

 

(f)                
The Closing Date shall occur prior to the Commitment Termination Time.

 

The Borrowing Request submitted by the
Borrower shall be deemed to be a representation and warranty that the conditions specified in Sections 4.02(a) and (b) have been
satisfied on and as of the date of the Borrowing.

 

    54 

     

    

 

ARTICLE
V

  

Affirmative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on the Loan and all fees due and payable hereunder shall have
been paid in full (other than Obligations expressly stated to survive such payment and termination), the Borrower covenants and
agrees with the Lenders that:

 

Section
5.01. Financial Statements and Other Information. The Borrower will furnish to the Administrative Agent for distribution
to each Lender:

 

(a)               
within ninety (90) days after the end of each fiscal year of the Borrower, its audited consolidated balance
sheet and related statements of operations, stockholders’ equity and cash flows as of the end of and for such year, setting
forth in each case in comparative form the figures for the previous fiscal year, prepared in accordance with GAAP consistently
applied throughout the period covered thereby (except as otherwise expressly noted therein), with such audited balance sheet and
related consolidated financial statements reported on by PricewaterhouseCoopers LLP or other independent public accountants of
recognized national standing (without a “going concern” or like qualification or exception and without any qualification
or exception as to the scope of such audit) to the effect that such consolidated financial statements present fairly in all material
respects the financial position of the Borrower and its consolidated Subsidiaries as of the end of such fiscal year and their results
of operations for such fiscal year on a consolidated basis in accordance with GAAP;

 

(b)               
within forty-five (45) days after the end of each of the first three fiscal quarters of each fiscal year of
the Borrower, its consolidated balance sheet and related statements of operations and cash flows as of the end of and for such
fiscal quarter and the period commencing at the beginning of such fiscal year and ending with such fiscal quarter, setting forth
in each case in comparative form the figures for the corresponding period or periods of (or, in the case of the balance sheet,
as of the end of) the previous fiscal year, all certified on behalf of the Borrower by a Financial Officer of the Borrower as presenting
fairly in all material respects the financial position of the Borrower and its consolidated Subsidiaries as of the end of such
fiscal quarter and their results of operations for the fiscal period covered thereby on a consolidated basis in accordance with
GAAP consistently applied throughout the period covered thereby (except as otherwise expressly noted therein), subject to normal
year-end audit adjustments and the absence of footnotes;

 

(c)               
concurrently with any delivery of financial statements under clause (a) or (b) above, a certificate of
a Financial Officer of the Borrower, delivered on behalf of the Borrower, (i) certifying as to whether, to the knowledge of
such Financial Officer, a Default has occurred and is continuing and, if a Default has occurred that is continuing, specifying
the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed
calculations demonstrating compliance with Section 6.07 and (iii) to the extent that any change in GAAP or application
thereof has a material impact on the financial statements accompanying such certificate and such change and impact has not been
noted in such financial statements, stating whether any such change in GAAP or in the application thereof has occurred since the
date of the audited financial statements referred to in Section 3.04 and, if any such change has occurred, specifying the
effect of such change on such financial statements accompanying such certificate;

 

(d)                promptly
after the same become publicly available, copies of all annual, regular, periodic and special reports, proxy statements and
registration statements (i) filed by the Borrower with the SEC (or any Governmental Authority succeeding to any or all of the
functions of the SEC) or with any national securities exchange, or (ii) distributed by the Borrower to its shareholders
generally, as the case may be;

 

    55 

     

    

 

(e)               
promptly after Moody’s or S&P shall have announced a change in the rating established or deemed to have
been established for the Index Debt, written notice of such rating change; and

 

(f)                
promptly following any request therefor, (i) such other information regarding the operations, business affairs and
financial condition of the Borrower or any Subsidiary, or compliance with the terms of this Agreement, as the Administrative Agent
or any Lender (acting through the Administrative Agent) may reasonably request and (ii) information and documentation reasonably
requested by the Administrative Agent or any Lender for purposes of compliance with applicable “know your customer”
and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

 

Documents required to be delivered pursuant
to clauses (a), (b) and (d) of this Section 5.01 (A) may be delivered electronically and (B) shall be deemed to
have been delivered on the date on which such documents are (i) filed for public availability on the SEC’s Electronic Data
Gathering and Retrieval System, (ii) posted or the Borrower provides a link thereto on http://www.regeneron.com or https://investor.regeneron.com
or at another website identified in a notice from the Borrower and accessible by the Lenders without charge; or (iii) delivered
to the Administrative Agent for posting on, or otherwise posted on the Borrower’s behalf on, an Internet or intranet website,
if any, to which the Administrative Agent has access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent).

 

Section
5.02. Notices of Material Events. The Borrower will furnish to the Administrative Agent (for distribution to each
Lender) written notice of the following, promptly after a Responsible Officer of the Borrower having actual knowledge thereof:

 

(a)               
the occurrence of any Default;

 

(b)               
the filing or commencement of any action, suit or proceeding by or before any arbitrator or Governmental Authority
against or affecting the Borrower or any Subsidiary thereof that could reasonably be expected to result in a Material Adverse Effect;

 

(c)               
the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, could reasonably
be expected to result in a Material Adverse Effect; and

 

(d)               
any other development that results in, or could reasonably be expected to result in, a Material Adverse Effect.

 

Each notice delivered under this
Section shall be accompanied by a statement of a Responsible Officer of the Borrower setting forth in reasonable detail
the event or development requiring such notice and any action taken or proposed to be taken with respect thereto. Information
required to be delivered pursuant to clause (b), (c) and (d) of this Section shall be deemed to have been delivered if
such information, or one or more annual, quarterly, current or other reports containing such information, is (i) filed for
public availability on the SEC’s Electronic Data Gathering and Retrieval System, (ii) posted or the Borrower provides a
link thereto on http://www.regeneron.com or https://investor.regeneron.com or at another website identified in a notice from
the Borrower and accessible by the Lenders without charge; or (iii) delivered to the Administrative Agent for posting on, or
otherwise posted on the Borrower’s behalf on, an Internet or intranet website, if any, to which the Administrative
Agent and the Lenders have access (whether a commercial, third-party website or whether sponsored by the Administrative
Agent). Information required to be delivered pursuant to this Section may also be delivered by electronic communications
pursuant to procedures approved by the Administrative Agent.

 

    56 

     

    

 

  

Section
5.03. Existence; Conduct of Business.The Borrower will, and will cause each of the Material Subsidiaries to, do or
cause to be done (i) all things necessary to preserve, renew and keep in full force and effect its legal existence and (ii) take,
or cause to be taken, all reasonable actions to maintain the rights, qualifications, licenses, permits, privileges, franchises,
governmental authorizations and intellectual property rights material to the conduct of the business of the Borrower and its Subsidiaries
taken as a whole, except, in the case of this clause (ii), to the extent failure to do so could not reasonably be expected to result
in a Material Adverse Effect; provided that this Section 5.03 shall not prohibit any Permitted Restructurings, merger, consolidation,
disposition, liquidation, dissolution or other transaction permitted under Section 6.03.

 

Section
5.04. Payment of Taxes. The Borrower will, and will cause each other Loan Party and each of its Subsidiaries to,
pay its 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 Taxes that are being contested in good faith by appropriate proceedings and
for which the Borrower or such Subsidiary, as applicable, has set aside on its books adequate reserves in accordance with GAAP.

 

Section
5.05. Maintenance of Properties; Insurance. The Borrower will, and will cause each of its Subsidiaries to, (a) keep
and maintain all tangible property material to the conduct of its business in good working order and condition, ordinary wear and
tear and casualty excepted and except (i) pursuant to transactions permitted by Section 6.03 or (ii) where the failure to do so
could not reasonably be expected to result in a Material Adverse Effect, and (b) maintain, in all material respects, with carriers
reasonably believed by the Borrower to be financially sound and reputable or through reasonable and adequate self-insurance insurance
in such amounts and against such risks and such other hazards, as is customarily maintained by companies engaged in the same or
similar businesses under similar circumstances.

 

Section
5.06. Books and Records; Inspection Rights. The Borrower will, and will cause each of its Material Subsidiaries
to, keep proper books of record and account in which full, true and correct entries in conformity in all material respects
with applicable law are made of all material financial dealings and transactions in relation to its business and activities
and, subject to Section 5.01(b), in form permitting financial statements conforming with GAAP or IFRS (as applicable) to be
derived therefrom. The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by
the Administrative Agent 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 Financial Officers and, provided that the Borrower or such Subsidiary is
afforded the opportunity to participate in such discussion, its independent accountants, in any such case, at reasonable
times during normal business hours and as often as reasonably requested upon reasonable prior written notice to the Borrower,
and subject to reasonable requirements of confidentiality, including requirements imposed by law or by contract; provided
that so long as no Event of Default has occurred and is continuing, the Borrower shall not be required to reimburse the
Administrative Agent or any of its representatives for fees, costs and expenses in connection with the Administrative
Agent’s exercise of such rights set forth in this sentence more than one time in any calendar year. The Borrower
acknowledges that, subject to Section 9.12, the Administrative Agent, after exercising its rights of inspection, may prepare
and distribute to the Lenders certain reports pertaining to the Borrower and its Subsidiaries’ assets for internal use
by the Administrative Agent and the Lenders in connection with the transactions contemplated hereby. Notwithstanding anything
to the contrary in this Section 5.06 or any other provision of any Loan Document, neither the Borrower nor any of its
Subsidiaries will be required to disclose, permit the inspection, examination or making of extracts, or discussion of, any
documents, information or other matter that (i) constitutes non-financial trade secrets or non-financial proprietary
information, (ii) in respect of which disclosure to the Administrative Agent or any Lender (or any designated representative)
is then prohibited by law, rule or regulation or any agreement binding on the Borrower or any of its Subsidiaries or (iii) is
subject to attorney-client or similar privilege or constitutes attorney work-product.

  

    57

     

    

 

Section
5.07. Compliance with Laws. The Borrower will, and will cause each of its Subsidiaries to, comply with all laws,
rules, regulations and orders of any Governmental Authority applicable to it or its property, except (i) for Disclosed Matters
or (ii) where the failure to do so could not reasonably be expected to result in a Material Adverse Effect. The
Borrower will maintain in effect and enforce policies and is implementing and will maintain procedures reasonably designed to achieve
material compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption
Laws and applicable Sanctions.

 

Section
5.08. Use of Proceeds. The proceeds of the Loans will be used only to finance the Share Repurchase and to pay fees
and expenses related thereto. No part of the proceeds of the Loan will be used, whether directly or indirectly, for any purpose
that entails a violation of any of the Regulations of the Board, including Regulations T, U and X. The Borrower shall not use,
and the Borrower shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall
not use, the proceeds of the Borrowing (i) for payments to any Person in violation of any Anti-Corruption
Laws, (ii) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any
Sanctioned Person, or in any Sanctioned Country, in each case, except to the extent permissible for a Person required to comply
with Sanctions, or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

 

Section
5.09. Subsidiary Guaranty.

 

(a)               
Within forty-five (45) days (or such later date as may be agreed upon by the Administrative Agent) after which
financial statements have been delivered pursuant to Section 5.01(a) and any Person qualifies as a Material Domestic Subsidiary
pursuant to the definition of “Material Subsidiary” in accordance with the calculations in such financial statements,
the Borrower shall provide the Administrative Agent with written notice thereof and shall cause each such Subsidiary to execute
and deliver to the Administrative Agent the Subsidiary Guaranty (or a joinder thereto in the form contemplated thereby) pursuant
to which such Subsidiary agrees to be bound by the terms and provisions thereof, such Subsidiary Guaranty (or joinder thereto)
to be accompanied by requisite organizational resolutions, other organizational or constitutional documentation and legal opinions
as may be reasonably requested by the Administrative Agent (with any such opinion so requested to be in form and substance reasonably
satisfactory to the Administrative Agent but, in any case, limited to the types of matters covered in the legal opinions delivered
pursuant to Section 4.02).

 

(b)               
Notwithstanding the foregoing:

 

(i)                
no Excluded Subsidiary shall be required to become a Subsidiary Guarantor; and

 

(ii)              
with respect to any Domestic Subsidiary that is a “Subsidiary Borrower” under the Existing Credit Agreement,
such Domestic Subsidiary shall have satisfied the requirements set forth in Section 5.09(a) and become a Guarantor under
the Loan Documents prior to such Domestic Subsidiary borrowing any loans under the Existing Credit Agreement as a “Subsidiary
Borrower” thereunder.

 

    58

     

    

 

ARTICLE
VI

 

Negative Covenants

 

Until the Commitments
have expired or been terminated and the principal of and interest on each Loan and all fees due and payable hereunder have been
paid in full (other than Obligations expressly stated to survive such payment and termination), the Borrower covenants and agrees
with the Lenders that:

 

Section
6.01. Subsidiary Indebtedness. The Borrower will not permit any Subsidiary to create, incur, assume or permit to
exist any Indebtedness, except:

 

(a)               
the Obligations and any Specified Ancillary Obligations;

 

(b)               
Indebtedness existing on the Effective Date and set forth in Schedule 6.01 and amendments, modifications,
extensions, refinancings, renewals and replacements of any such Indebtedness that does not increase the outstanding principal amount
thereof (other than with respect to unpaid accrued interest and premium thereon, any committed or undrawn amounts and underwriting
discounts, fees, commissions, premiums and expenses associated with such Indebtedness);

 

(c)               
Indebtedness of any Subsidiary to the Borrower or any other Subsidiary;

 

(d)               
Guarantees by any Subsidiary of Indebtedness or other obligations of the Borrower or any other Subsidiary;

 

(e)               
Indebtedness of any Subsidiary incurred to finance the acquisition, construction, repair, replacement, lease or improvement
of any fixed or capital assets, including Capital Lease Obligations and any Indebtedness assumed in connection with the acquisition
of any such assets or secured by a Lien on any such assets prior to the acquisition thereof, and amendments, modifications, extensions,
refinancings, renewals and replacements of any such Indebtedness; provided that (i) such Indebtedness is initially
incurred prior to or within 180 days after such acquisition or the completion of such construction, repair, replacement, lease
or improvement and (ii) the aggregate outstanding principal amount of Indebtedness permitted by this clause (e) shall not exceed
$75,000,000 at any time outstanding;

 

(f)                
Indebtedness of any Subsidiary as an account party in respect of letters of credit, bank guarantees, letters of guaranty
or similar instruments;

 

(g)               
unfunded pension fund and other employee benefit plan obligations and liabilities to the extent they are permitted
to remain unfunded under applicable law;

 

(h)               
Indebtedness representing deferred compensation to employees incurred in the ordinary course of business;

 

(i)                
Guarantees, surety bonds or performance bonds securing the performance of any Subsidiary, in each case incurred or
assumed in connection with an Acquisition or disposition or other acquisition of assets not prohibited hereunder;

 

(j)                 Indebtedness
of any Subsidiary in respect of performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations, in each
case provided in the ordinary course of business, including guarantees or obligations with respect to letters of credit
supporting such performance bonds, bid bonds, appeal bonds, surety bonds and similar obligations;

 

    59

     

    

 

(k)               
Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business or otherwise in respect of any netting services, overdrafts
and related liabilities arising from treasury, depository and cash management services or in connection with any automated clearing-house
transfers of funds;

 

(l)                
Indebtedness in respect to judgments or awards under circumstances not giving rise to an Event of Default;

 

(m)             
Indebtedness in respect of obligations that are being contested in accordance with Section 5.04;

 

(n)               
Indebtedness consisting of (i) deferred payments or financing of insurance premiums incurred in the ordinary course
of business of any Subsidiary and (ii) take or pay obligations contained in any supply agreement entered into in the ordinary course
of business;

 

(o)               
Indebtedness representing deferred compensation, severance, pension, and health and welfare retirement benefits or
the equivalent to current and former employees of the Borrower or any Subsidiary incurred in the ordinary course of business or
existing on the Effective Date;

 

(p)               
customer advances or deposits or other endorsements for collection, deposit or negotiation and warranties of products
or services, in each case received or incurred in the ordinary course of business;

 

(q)               
Priority Indebtedness of any Subsidiary; provided that immediately after giving effect to the incurrence of any such
Priority Indebtedness in reliance on this clause (q), the sum of (without duplication) (i) the aggregate principal amount of all
such Priority Indebtedness outstanding in reliance on this clause (q), plus (ii) the aggregate principal amount of Indebtedness
and other obligations of the Borrower and its Subsidiaries secured by Liens in reliance on Section 6.02(s)(ii) or 6.02(s)(iii)
shall not exceed fifteen percent (15%) of the Borrower’s Consolidated Net Worth (determined as of the last day of the most
recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a) or Section 5.01(b) (or,
prior to the delivery of any such financial statements, ending with the fiscal quarter ended March 31, 2020);

 

(r)                
unsecured Indebtedness of any Subsidiary so long as at the time of and immediately after giving effect on a pro forma
basis to the incurrence of such Indebtedness (i) no Event of Default shall have occurred and be continuing and (ii) the Borrower
shall be in compliance with the financial covenants set forth in Section 6.07;

 

(s)                
other Indebtedness in an aggregate outstanding principal amount not to exceed $75,000,000;

 

(t)                
Indebtedness assumed by any Subsidiary in connection with any Acquisition or other acquisition of any property or
assets or Indebtedness of any Person that becomes a Subsidiary after the Effective Date in a transaction not prohibited hereby,
and amendments, modifications, extensions, refinancings, renewals and replacements of any such Indebtedness; provided that (i)
such Indebtedness is not incurred in contemplation of such acquisition and (ii) the aggregate outstanding principal amount of such
Indebtedness does not exceed $200,000,000; and

 

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(u)               
Indebtedness under the Existing Credit Agreement in an aggregate principal amount not to exceed $750,000,000 and
any amendments, modifications, extensions, refinancings, renewals and replacements of such Indebtedness that does not increase
the outstanding principal amount thereof (other than with respect to unpaid accrued interest and premium thereon, any committed
or undrawn amounts and underwriting discounts, fees, commissions, premiums and expenses associated with such Indebtedness).

 

Section
6.02. Liens. The Borrower will not, and will not permit any Subsidiary to, create, incur, assume or permit to exist
any Lien on any property or asset now owned or hereafter acquired by it except:

 

(a)               
Liens (if any) created pursuant to any Loan Document including with respect to any obligation to provide cash collateral;

 

(b)               
Permitted Encumbrances;

 

(c)               
any Lien on any property or asset of the Borrower or any Subsidiary existing on the Effective Date and set forth
in Schedule 6.02 and any amendments, modifications, extensions, renewals, refinancings and replacements thereof; provided
that (i) such Lien shall not apply to any other property or asset of the Borrower or any Subsidiary other than improvements
thereon, replacements and products thereof, additions and accessions thereto or proceeds thereof and other than after-acquired
property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and
other obligations are not prohibited hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property
and (ii) the amount secured or benefited thereby is not increased (other than as not otherwise prohibited by this Agreement) and
amendments, modifications, extensions, refinancings, renewals and replacements thereof that do not increase the outstanding principal
amount thereof (other than as not otherwise prohibited by this Agreement);

 

(d)               
any Lien existing on any property or asset prior to the acquisition thereof by the Borrower or any Subsidiary or
existing on any property or asset of any Person that becomes a Subsidiary after the Effective Date prior to the time such Person
becomes a Subsidiary or existing on any asset of any Person existing at the time such Person is merged into or consolidated with
the Borrower or a Subsidiary and any amendments, modifications, extensions, renewals and replacements thereof; provided
that (i) such Lien is not created in contemplation of or in connection with such acquisition or such Person becoming a Subsidiary,
as the case may be, (ii) such Lien shall not apply to any other property or assets of the Borrower or any Subsidiary (other than
improvements thereon, replacements and products thereof, additions and accessions thereto or proceeds thereof and other than after-acquired
property subjected to a Lien securing Indebtedness and other obligations incurred prior to such time and which Indebtedness and
other obligations are not prohibited hereunder that require, pursuant to their terms at such time, a pledge of after-acquired property)
and (iii) such Lien shall secure only those obligations which it secures on the date of such acquisition or the date such Person
becomes a Subsidiary or the date of such merger or consolidation, as the case may be, and amendments, modifications, extensions,
refinancings, renewals and replacements thereof that do not increase the outstanding principal amount thereof (other than as not
prohibited by this Agreement);

 

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(e)                Liens
on assets (including capital leases) acquired (including as a replacement), constructed, repaired, leased or improved by the
Borrower or any Subsidiary; provided that (i) such Liens secure Indebtedness or Capital Lease Obligations of the
Borrower or any Subsidiary permitted by clause (e) of Section 6.01 (or, in the case of the Borrower, that would have
been permitted by clause (e) of Section 6.01 had such Indebtedness or Capital Lease Obligations instead been incurred by
a Subsidiary) , (ii) such Liens and the Indebtedness secured thereby are initially incurred prior to or within 180 days after
such acquisition or lease or the completion of such construction, replacement, repair or improvement and (iii) such Liens
shall not apply to any other property or assets of the Borrower or any Subsidiary other than improvements thereon,
replacements and products thereof, additions and accessions thereto or proceeds thereof and customary security deposits;
provided that individual financings of equipment provided by one lender (or a syndicate of lenders) may be
cross-collateralized to other financings of equipment provided by such lender (or syndicate);

 

(f)                
Liens granted by (i) a Subsidiary that is not a Loan Party in favor of the Borrower or another Subsidiary in respect
of Indebtedness or other obligations owed by such Subsidiary to the Borrower or such other Subsidiary and (ii) a Loan Party in
favor of another Loan Party in respect of Indebtedness or other obligations owed by such Loan Party to such other Loan Party;

 

(g)               
Liens arising out of any conditional sale, title retention, consignment or other similar arrangements for the sale
of goods entered into by the Borrower or any of its Subsidiaries the ordinary course of business;

 

(h)               
Liens securing the financing of insurance premiums solely to the extent of such premiums;

 

(i)                
statutory and common law rights of setoff and other Liens, similar rights and remedies arising as a matter of law
encumbering deposits of cash, securities, commodities and other funds in favor of banks, financial institutions, other depository
institutions, securities or commodities intermediaries or brokerage, and Liens of a collecting bank arising under Section 4-208
or 4-210 of the UCC in effect in the relevant jurisdiction or any similar law of any foreign jurisdiction on items in the course
of collection;

 

(j)                
Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties
in connection with the importation of goods in the ordinary course of business;

 

(k)               
Liens on any cash earnest money deposits made by the Borrower or any of its Subsidiaries in connection with an Acquisition
or other investment not prohibited hereunder, including, without limitation, in connection with any letter of intent or purchase
agreement relating thereto;

 

(l)                
Liens in connection with the sale or transfer of any assets in a transaction permitted under Section 6.03, customary
rights and restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

 

(m)             
Liens in the nature of the right of setoff in favor of counterparties to contractual agreements with the Borrower
or any Subsidiary (i) in the ordinary course of business or (ii) not otherwise prohibited hereunder other than in connection with
Indebtedness;

 

(n)               
dispositions and other sales of assets permitted under Section 6.03;

 

(o)               
to the extent constituting a Lien, Liens with respect to repurchase obligations in the ordinary course of business
in connection with the cash management activities of the Borrower or any Subsidiary;

 

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(p)               
Liens that are contractual rights of set-off (i) relating to the establishment of depositary relations with banks
or other financial institutions not given in connection with the issuance of Indebtedness, or (ii) relating to pooled deposit or
sweep accounts of any Loan Party or any Subsidiary to permit satisfaction of overdraft or similar obligations incurred in the ordinary
course of business of the any such Loan Party or Subsidiary;

 

(q)               
any Lien (and rights of set-off) arising under Section 24 or 25 of the general terms and conditions (algemene
bankvoorwaarden) of any member of the Dutch Bankers’ Association (nederlandse vereniging van Banken);

 

(r)                
Liens of sellers of goods to any Loan Party and any of their respective Subsidiaries arising under Article 2 of the
UCC or similar provisions of applicable law in the ordinary course of business, covering only the goods sold and securing only
the unpaid purchase price for such goods and related expenses;

 

(s)                
Liens securing (i) Indebtedness of any Subsidiary described in clause (a) of the definition of Priority Indebtedness
outstanding in reliance on Section 6.01(q), (ii) Priority Indebtedness of the Borrower and (iii) other obligations (excluding Indebtedness)
of the Borrower or any Subsidiary; provided that immediately after giving effect to the incurrence of any Indebtedness or obligations
secured by Liens in reliance on this clause (s), the sum of (without duplication) (x) the aggregate principal amount of all Priority
Indebtedness of any Subsidiary outstanding in reliance on Section 6.01(q), plus (y) the aggregate outstanding principal
amount of all Indebtedness and other obligations of the Borrower and its Subsidiaries secured by Liens in reliance on subclause
(ii) or (iii) above shall not exceed fifteen percent (15%) of the Borrower’s Consolidated Net Worth (determined as of the
last day of the most recent fiscal quarter for which financial statements shall have been delivered pursuant to Section 5.01(a)
or Section 5.01(b) (or, prior to the delivery of any such financial statements, ending with the fiscal quarter ended March 31,
2020);

 

(t)                
Liens in favor of a credit card or debit card processor arising in the ordinary course of business under any processor
agreement and relating solely to the amounts paid or payable thereunder, or customary deposits on reserve held by such credit card
or debit card processor;

 

(u)               
pledges or deposits to secure Indebtedness of the Borrower or any Subsidiary as an account party in respect of letters
of credit, bank guarantees, letters of guaranty or similar instruments so long as the aggregate principal amount of such Indebtedness
so secured does not exceed $50,000,000;

 

(v)               
pledges or transfers of collateral to support bilateral mark-to-market security arrangements in respect of uncleared
swap or derivative transactions;

 

(w)             
Liens on assets of the Borrower and its Subsidiaries not otherwise permitted under this Section 6.02 so long as the
aggregate principal amount of the Indebtedness and other obligations subject to such Liens does not at any time exceed $75,000,000;

 

(x)               
Liens on any rights, title or interest of the Borrower and its Subsidiaries in the Corporate Campus Facility and
any related property described as “Collateral” or “Leased Property” (or a similar defined term) in the
Corporate Campus Facility Financing Documents (i) to secure any Corporate Campus Facility Financing Obligations or (ii) that are
otherwise permitted by the Corporate Campus Facility Financing Documents

 

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(y)               
in the case of any joint venture, any put and call arrangements related to its Equity Interests set forth in its
organizational documents or any related joint venture or similar agreement; and

 

(z)               
prior to the Cancellation Date, any Lien on Margin Stock, if and to the extent the value of all Margin Stock of the
Borrower and its Subsidiaries exceeds 25% of the value of the total assets subject to this Section 6.02.

 

Section
6.03. Fundamental Changes and Asset Sales. (a) The Borrower will not, and will not permit any Subsidiary to, merge
into or consolidate with any other Person, or permit any other Person to merge into or consolidate with it, or sell, transfer,
lease or otherwise dispose of (in one transaction or in a series of transactions, including pursuant to a Sale and Leaseback Transaction)
all or substantially all of the assets of the Borrower and its Subsidiaries (taken as a whole) (whether now owned or hereafter
acquired), or liquidate or dissolve, except that:

 

(i)                
any Person (other than the Borrower or any of its Subsidiaries) may merge or consolidate with the Borrower or any
of its Subsidiaries; provided that any such merger or consolidation involving (A) subject to the following clause (B), the Borrower
must result in the Borrower as the surviving entity and (B) a Subsidiary Guarantor must result in such Subsidiary Guarantor (or
an entity that becomes a Subsidiary Guarantor) as the surviving entity;

 

(ii)              
any Subsidiary may merge into or consolidate with the Borrower in a transaction in which the surviving entity is
the Borrower (provided that any such merger involving (A) the Borrower must result in the Borrower as the surviving entity;

 

(iii)            
any Subsidiary that is not a Loan Party may merge into or consolidate with, or sell, transfer, lease or otherwise
dispose of any or all of its assets to, another Subsidiary that is not a Loan Party (in connection with a liquidation, winding
up or dissolution or otherwise);

 

(iv)             
any Subsidiary may sell, transfer, lease or otherwise dispose of any or all of its assets to a Loan Party (in connection
with a liquidation, winding up or dissolution or otherwise);

 

(v)               
any Subsidiary that is not a Loan Party may liquidate, wind up or dissolve (A) if the Borrower determines in good
faith that such liquidation, winding up or dissolution is in the best interests of the Borrower and is not materially disadvantageous
to the Lenders or (B) to the extent undertaken in good faith for the purpose of improving the overall tax efficiency of the Borrower
and its Subsidiaries;

 

(vi)             
the Borrower and its Subsidiaries may consummate Permitted Restructurings;

 

(vii)           
the Borrower and its Subsidiaries may enter into, terminate or modify leases, subleases, licenses and sublicenses
of technology and other property (A) in the ordinary course of business or (B) between or among any Loan Parties and any of their
Subsidiaries (or any combination thereof);

 

(viii)         
the Borrower and its Subsidiaries may incur Liens permitted under Section 6.02;

 

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(ix)             
with respect to any rights, title or interest of the Borrower and its Subsidiaries in the Corporate Campus Facility
and the Corporate Campus Facility Purchase Agreement, leases, subleases, assignments and other transfers pursuant to or permitted
by the Corporate Campus Facility Financing Documents, including (A) the assignment by the Borrower of some or all of its rights
under the Corporate Campus Facility Purchase Agreement (including the right to take title to the Corporate Campus Facility) to
one or more participants party to the Corporate Campus Facility Financing Documents and (B) the assignment or other transfer by
the Borrower to a directly or indirectly wholly-owned subsidiary as an affiliate transferee pursuant to the Corporate Campus Facility
Financing Documents; and

 

(x)               
prior to the Cancellation Date, the Borrower may consummate sales of Margin Stock for fair value as determined in
good faith by the board of directors of the Borrower;

 

(b)               
The Borrower will not, and will not permit any of its Subsidiaries to, engage to any material extent in any business
substantially different from businesses of the type conducted by the Borrower and its Subsidiaries (taken as a whole) on the Effective
Date and businesses reasonably related, ancillary, similar, complementary or synergistic thereto or reasonable extensions, development
or expansion thereof.

 

Section
6.04. Swap Agreements. The Borrower will not, and will not permit any of its Subsidiaries to, enter into any Swap
Agreement, except (a) Swap Agreements entered into in the ordinary course of business or to hedge or mitigate risks to which
the Borrower or any Subsidiary has actual exposure (other than those in respect of Equity Interests of the Borrower or any of its
Subsidiaries), (b) Swap Agreements entered into in order to effectively cap, collar or exchange interest rates (from fixed
to floating rates, from one floating rate to another floating rate or otherwise) with respect to any interest-bearing liability
or investment of the Borrower or any Subsidiary and (c) Permitted Call Spread Swap Agreements.

 

Section
6.05. Transactions with Affiliates. The Borrower will not, and will not permit any of its Subsidiaries to,
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 (a) transactions on terms and
conditions not materially less favorable to the Borrower or such Subsidiary than could be obtained on an arm’s-length
basis from a Person that is not an Affiliate for a comparable transaction (considering such transactions and all other
related transactions as a whole), (b) transactions between or among the Borrower and its Subsidiaries (or an entity that
becomes a Subsidiary of the Borrower as a result of such transaction) (or any combination thereof), (c) the payment of
customary fees to directors of the Borrower or any of its Subsidiaries, and customary compensation, reasonable out-of-pocket
expense reimbursement and indemnification (including the provision of directors and officers insurance) of, and other
employment or consulting agreements and arrangements, employee benefit plans and stock incentive plans paid to, future,
present or past directors, officers, managers and employees of the Borrower or any of its Subsidiaries, (d) transactions
undertaken in good faith for the purpose of improving the overall tax efficiency of the Borrower and its Subsidiaries, (e)
loans, advances and other transactions to the extent not prohibited by the terms of this Agreement, including without
limitation any Restricted Payment permitted by Section 6.06 and transactions permitted by Section 6.03, (f) issuances of
Equity Interests to Affiliates and the registration rights and other customary rights associated therewith, (g) any
Collaboration Arrangement or any other license, sublicense, lease or sublease (i) in existence on the Effective Date
(together with any amendments, restatements, extensions, replacements or other modifications thereto that are not materially
adverse to the interests of the Lenders in their capacities as such), (ii) in the ordinary course of business or (iii)
substantially consistent with past practices, (h) transactions with Affiliates that are Disclosed Matters, (i) transactions
pursuant to agreements in effect on the Effective Date (together with any amendments, restatements, extensions, replacements
or other modifications thereto that are not materially adverse to the interests of the Lenders in their capacities as such),
(j) transactions with joint ventures for the purchase or sale of property or other assets and services entered into in the
ordinary course of business and investments in joint ventures, (k) transactions approved by (i) a majority of Disinterested
Directors of the Borrower or of the applicable Subsidiary in good faith or (ii) a committee of the board of directors (or
other governing body) of such Person that is comprised of Disinterested Directors (or such committee otherwise approves such
transactions by action of Disinterested Directors), (l) any transaction or series of related transactions with respect to
which the aggregate consideration paid, or fair market value of property Disposed of, by the Borrower and its Subsidiaries is
less than $2,000,000 for any such individual transaction or series of related transactions, (m) with respect to the Corporate
Campus Facility, subleases and assignments permitted by the Corporate Campus Facility Financing Documents, (n) any
transaction in respect of which the Borrower delivers to the Administrative Agent (for delivery to the Lenders) a letter
addressed to the Board of Directors of the Borrower (or the board of directors or other relevant governing body of the
relevant Subsidiary) from an accounting, appraisal or investment banking firm that is in the good faith determination of the
Borrower qualified to render such letter, which letter states that such transaction is on terms that are no less favorable to
the Borrower or the relevant Subsidiary, as applicable, than would be obtained on an arm’s-length basis from a Person
that is not an Affiliate for a comparable transaction, and (o) any transaction with an Affiliate where the only consideration
paid consists of Equity Interests of the Borrower.

 

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Section
6.06. Restricted Payments. The Borrower will not, and will not permit any of its Subsidiaries to, make,
directly or indirectly, any Restricted Payment, except (a) the Borrower may pay dividends or make other Restricted
Payments with respect to its Equity Interests payable solely in additional Equity Interests, (b) the Borrower may purchase,
redeem or otherwise acquire Equity Interests upon the exercise of stock options or warrants if such Equity Interests
represent a portion of the exercise price of such options or warrants or with the proceeds received from the substantially
concurrent issue of new Equity Interests, (c) the Borrower may make cash payments (i) on securities convertible into or
exchangeable for Equity Interests in the Borrower in accordance with their terms or (ii) in lieu of the issuance of
fractional Equity Interests in connection with any dividend, split or combination thereof or the exercise of warrants,
options or other securities convertible into or exchangeable for Equity Interests in the Borrower, (d) Subsidiaries may
(i) make dividends or other distributions to their respective equityholders with respect to their Equity Interests (which
distributions shall be (x) made on at least a ratable basis to any such equityholders that are Loan Parties and (y) in the
case of a Subsidiary that is not a wholly-owned Subsidiary, made on at least a ratable basis to any such equityholders that
are the Borrower or a Subsidiary), (ii) make other Restricted Payments to any Loan Party (either directly or indirectly
through one or more Subsidiaries that are not Loan Parties) and (iii) make any Restricted Payments that the Borrower would
have otherwise been permitted to make pursuant to this Section 6.06, (e) the Borrower may make Restricted Payments (i)
for the repurchase, retirement or other acquisition or retirement for value of Equity Interests of the Borrower from any
future, present or former employee, officer, director, manager or consultant of the Borrower or any Subsidiary upon the
death, disability, retirement or termination of employment of any such Person or (ii) pursuant to and in accordance with any
agreement (including any employment agreement), stock option or stock ownership plans, incentive plans or other benefit
plans, in each case for future, present or former directors, officers, managers, employees or consultants of the Borrower and
its Subsidiaries (including, without limitation, in respect of tax withholding or other similar tax obligation related to the
foregoing), (f) the Borrower and its Subsidiaries may make any other Restricted Payment so long as no Event of Default has
occurred and is continuing at the time such Restricted Payment is made or would arise immediately after giving effect (on a
pro forma basis) thereto and the aggregate amount of all such Restricted Payments pursuant to this clause (f) during any
fiscal year of the Borrower does not exceed $100,000,000; provided that such Dollar limitation shall not be
applicable, and such Restricted Payment shall not count against such Dollar limitation, if at the time of the making of such
Restricted Payment and immediately after giving effect (on a pro forma basis) thereto, the Total Leverage Ratio is equal to
or less than 3.00 to 1.00, and (g) the Borrower may pay any dividend or distribution or make any irrevocable Restricted
Payment within 60 days after the date of declaration of such dividend or distribution or giving irrevocable notice with
respect to such Restricted Payment, as the case may be, if at the date of declaration or notice such Restricted Payment would
have complied with the provisions of this Agreement (including the other provisions of this Section 6.06).

  

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Section
6.07. Financial Covenants.

 

(a)           Maximum Total Leverage Ratio. The Borrower will not permit the ratio (the “Total Leverage Ratio”),
determined as of the end of each of its fiscal quarters ending on and after June 30, 2020, of (i) Consolidated Total Indebtedness
to (ii) Consolidated EBITDA for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal
quarter, all calculated for the Borrower and its Subsidiaries on a consolidated basis, to be greater than 3.50 to 1.00. Notwithstanding
the foregoing, the Borrower shall be permitted (such permission, the “Acquisition Holiday”) on no more than
two (2) occasions during the term of this Agreement to allow the maximum Total Leverage Ratio under this Section 6.07(a) to be
increased to 4.00 to 1.00 for a period of four consecutive fiscal quarters in connection with an Acquisition occurring during the
first of such four fiscal quarters if the aggregate consideration paid or to be paid in respect of such Acquisition exceeds $500,000,000,
so long as the Borrower is in compliance on a pro forma basis with the maximum Total Leverage Ratio of 4.00 to 1.00 on the closing
date of such Acquisition immediately after giving effect to such Acquisition; provided that (x) the Borrower shall provide
notice in writing to the Administrative Agent of such increase and a transaction description of such Acquisition (regarding the
name of the person or summary description of the assets being acquired and the approximate purchase price), (y) the Borrower may
not elect a new Acquisition Holiday for at least two (2) fiscal quarters following the end of an Acquisition Holiday and (z) at
the end of such period of four consecutive fiscal quarters, the maximum Total Leverage Ratio permitted under this Section 6.07(a)
shall revert to 3.50 to 1.00.

 

(b)           Minimum Interest Coverage Ratio. The Borrower will not permit the ratio, determined as of the end of each
of its fiscal quarters ending on and after June 30, 2020, of (i) Consolidated EBITDA to (ii) Consolidated Interest Expense,
in each case for the period of four (4) consecutive fiscal quarters ending with the end of such fiscal quarter, all calculated
for the Borrower and its Subsidiaries on a consolidated basis, to be less than 2.50 to 1.00.

 

ARTICLE
VII

 

Events of Default

 

If any of the following
events (“Events of Default”) shall occur and be continuing:

 

(a)           the Borrower shall fail to pay any principal of the Loan 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)           the Borrower shall fail to pay any interest on the Loan or any fee or any other amount (other than an amount referred
to in clause (a) of this Article) payable by the Borrower under this Agreement or 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) Business Days;

 

(c)           any
representation or warranty made or deemed made by or on behalf of the Borrower or any other Loan Party in or in connection
with any Loan Document or in any report, certificate, financial statement or other document furnished pursuant to or in
connection with this Agreement or any other Loan Document (including any amendment or modification thereof or waiver
thereunder) shall prove to have been incorrect in any material respect when made or deemed made;

 

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(d)           the Borrower shall fail to observe or perform any covenant, condition or agreement applicable to it (or its Subsidiaries,
to the extent applicable) contained in Section 5.02(a), 5.03 (solely with respect to the Borrower’s existence), 5.08
or 5.09 or in Article VI;

 

(e)           the Borrower or any Subsidiary Guarantor, as applicable, shall fail to observe or perform any covenant, condition
or agreement applicable to it 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) days after notice
thereof from the Administrative Agent or the Required Lenders to the Borrower;

 

(f)            the Borrower or any Material Subsidiary shall fail to make any payment (whether of principal or interest and regardless
of amount) in respect of any Material Indebtedness of the Borrower or such Material Subsidiary, as applicable, when and as the
same shall become due and payable, which is not cured within any applicable grace period therefor;

 

(g)           any event or condition occurs that results in any Material Indebtedness becoming due prior to its scheduled maturity
or that enables or permits, after the expiration of any applicable grace period, and delivery of any applicable required notice,
provided in the applicable agreement or instrument under which such Indebtedness was created, the holder or holders of such Material
Indebtedness or any trustee or agent on its or their behalf to cause such Material Indebtedness to become due, or to require the
prepayment, repurchase, redemption or defeasance thereof, prior to its scheduled maturity; provided that this clause (g)
shall not apply to (i) secured Material Indebtedness that becomes due as a result of the sale, transfer or other disposition (including
as a result of a casualty or condemnation event) of the property or assets securing such Indebtedness (to the extent such sale,
transfer or other disposition is not prohibited under this Agreement), (ii) any Material Indebtedness that becomes due as a result
of a refinancing or replacement thereof not otherwise prohibited by this Agreement, (iii) any reimbursement obligation in respect
of a letter of credit, bankers acceptance or similar obligation as a result of a drawing thereunder by a beneficiary thereunder
in accordance with its terms, (iv) any such Material Indebtedness that is mandatorily prepayable prior to the scheduled maturity
thereof with the proceeds of the issuance of capital stock, the incurrence of other Indebtedness or the sale or other disposition
of any assets, so long as such Material Indebtedness that has become due is so prepaid in full with such net proceeds required
to be used to prepay such Material Indebtedness when due (or within any applicable grace period) and such event shall not have
otherwise resulted in an event of default with respect to such Material Indebtedness, (v) any redemption, repurchase, conversion
or settlement with respect to any Permitted Convertible Notes pursuant to their terms unless such redemption, repurchase, conversion
or settlement results from a default thereunder or an event of the type that constitutes an Event of Default and (vi) any early
payment requirement or unwinding or termination with respect to any Permitted Call Spread Swap Agreement;

 

(h)           an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation,
examinership, reorganization or other relief in respect of any Loan Party or any Material Subsidiary or its debts, or of a
substantial part of its assets, under any federal, state or foreign bankruptcy, insolvency, examinership, receivership or
similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, examiner,
sequestrator, conservator or similar official for any Loan Party or any Material Subsidiary or for a substantial part of its
assets, and, in any such case, such proceeding or petition shall continue undismissed, undischarged or unstayed for sixty
(60) days or an order or decree approving or ordering any of the foregoing shall be entered;

 

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(i)            any Loan Party or any Material Subsidiary shall (i) voluntarily commence any proceeding or file any petition
seeking liquidation, reorganization or other relief under any federal, state or foreign bankruptcy, insolvency, examinership, receivership
or similar 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, examiner, sequestrator, conservator or similar official for any Loan Party or any Material Subsidiary
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)            any Loan Party or any Material Subsidiary 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 $100,000,000 (to the extent not
paid, fully bonded or covered by an unaffiliated insurer that has not denied coverage) shall be rendered against any Loan Party,
any Material Subsidiary or any combination thereof and the same shall remain unpaid, undischarged, unvacated or undismissed for
a period of sixty (60) consecutive days during which execution shall not be effectively stayed (by reason of pending appeal
or otherwise), or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of any Loan Party
or any Material Subsidiary to enforce any such judgment and such action shall not have been effectively stayed;

 

(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 a Material Adverse Effect;

 

(m)          a Change in Control shall occur; or

 

(n)           any Loan Document, after execution thereof and for any reason other than as expressly permitted hereunder or thereunder
or in satisfaction in full of the Obligations, ceases to be valid, binding and enforceable against the Borrower or any other Loan
Party thereto in accordance with its terms in all material respects (or any Loan Party shall challenge the enforceability of any
Loan Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any material provision
of any of the Loan Documents has ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms in
any material respect, other than as expressly permitted hereunder or thereunder or in satisfaction in full in cash of the Obligations
then due and payable);

 

then, and in every such event (other
than an event with respect to the Borrower described in clause (h) or (i) of this Article), and at any time
thereafter during the continuance of such event, the Administrative Agent may with the consent of the Required Lenders, and
shall at the request of the Required Lenders, by notice to the Borrower, take either or both of the following actions, at the
same or different times: (i) terminate the Commitments, and thereupon the Commitments shall terminate immediately and
(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 the Borrower
accrued hereunder and under the other Loan Documents, shall become due and payable immediately, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower; and in case of any event with respect to
the Borrower 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 accrued
hereunder and under the other Loan Documents, shall automatically become due and payable, without presentment, demand,
protest or other notice of any kind, all of which are hereby waived by the Borrower. Upon the occurrence and during the
continuance of an Event of Default, the Administrative Agent may, and at the request of the Required Lenders shall, exercise
any rights and remedies provided to the Administrative Agent under the Loan Documents or at law or equity.

 

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ARTICLE
VIII

 

The
Administrative Agent

 

Section
8.01. General.

 

(a)           Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative
Agent to take such actions on its behalf, including execution of the other Loan Documents, and to exercise such powers as are delegated
to the Administrative Agent by the terms of the Loan Documents, together with such actions and powers as are reasonably incidental
thereto.

 

(b)           The bank 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 such bank and its Affiliates
may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other
Affiliate thereof as if it were not the Administrative Agent hereunder.

 

(c)           The Administrative Agent shall not have any duties or obligations except those expressly set forth in the Loan Documents.
Without limiting the generality of the foregoing, the Administrative Agent shall not be subject to any fiduciary or other implied
duties, regardless of whether a Default has occurred and is continuing. The Administrative Agent shall be deemed not to have knowledge
of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and 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 any Loan Document, (ii) the contents of any certificate, report or other document
delivered hereunder or in connection with any Loan Document, (iii) the performance or observance of any of the covenants,
agreements or other terms or conditions set forth in any Loan Document, (iv) the validity, enforceability, effectiveness or
genuineness of any Loan Document or any other agreement, instrument or document or (v) the satisfaction of any condition set
forth in Article IV or elsewhere in any Loan Document, other than to confirm receipt of items expressly required to
be delivered to the Administrative Agent.

 

(d)           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 believed by it to be genuine and to have been signed
or sent 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 be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative
Agent may consult with legal counsel (who may be counsel for any Loan Party), 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.

 

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(e)           The Administrative Agent may perform any and all its duties and exercise its rights and powers 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 its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of the preceding
paragraphs shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and
shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well
as activities as Administrative Agent.

 

(f)            The Administrative Agent may at any time give its notice of resignation to the Lenders and the Borrower. Upon delivery
of any such notice of resignation, the Required Lenders shall have the right (with the consent of the Borrower (such consent not
to be unreasonably withheld or delayed); provided that no consent of the Borrower shall be required if an Event of Default
has occurred and is continuing); to appoint a successor. 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
(the “Resignation Effective Date”), then the retiring Administrative Agent may (but shall not be obligated to),
on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York,
or an Affiliate of any such bank. Whether or not such successor has been appointed, such resignation shall become effective in
accordance with such notice on the Resignation Effective Date. 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
Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The
fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise
agreed between the Borrower and such successor. After the Administrative Agent’s resignation hereunder, the provisions of
this Article and Section 9.03 shall continue in effect for the benefit of such retiring 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 it was acting
as Administrative Agent.

 

(g)           Each Lender acknowledges and agrees that the extensions of credit made hereunder are commercial loans and letters
of credit and not investments in a business enterprise or securities. Each Lender further confirms that it is engaged in making,
acquiring or holding commercial loans in the ordinary course of its business and has, independently and without reliance upon the
Administrative Agent, any arranger of the credit facilities evidenced by this Agreement or any other Lender and their respective
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 as a Lender, and to make, acquire or hold Loans hereunder. Each Lender shall, independently and without
reliance upon the Administrative Agent, any arranger of the credit facilities evidenced by this Agreement or any amendment thereof
or any other Lender and their respective Related Parties and based on such documents and information (which may contain material,
non-public information within the meaning of the United States securities laws concerning the Borrower, the other Loan Parties
and their respective Related Parties and their respective securities) as it shall from time to time deem appropriate, continue
to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document
furnished hereunder or thereunder and in deciding whether or to the extent to which it will continue as a Lender or assign or otherwise
transfer its rights, interests and obligations hereunder.

 

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(h)           None of the Lenders or their Affiliates, if any, identified in this Agreement as a Bookrunner shall have any right,
power, obligation, liability, responsibility or duty under this Agreement other than, in the case of Lenders, those applicable
to all Lenders as such (or applicable to Lenders of the same Class of Loans). Without limiting the foregoing, neither the Bookrunner
nor such Lenders shall have or be deemed to have a fiduciary relationship with any Lender. Each Lender hereby makes the same acknowledgments
with respect to the relevant Lenders and their Affiliates in their respective capacities as a Bookrunner, as applicable, as it
makes with respect to the Administrative Agent in the preceding paragraph.

 

(i)            The Lenders are not partners or co-venturers, and no Lender shall be liable for the acts or omissions of, or (except
as otherwise set forth herein in case of the Administrative Agent) authorized to act for, any other Lender. The Administrative
Agent shall have the exclusive right on behalf of the Lenders to enforce the payment of the principal of and interest on any Loan
after the date such principal or interest has become due and payable pursuant to the terms of this Agreement.

 

(j)            As to any matters not expressly provided for herein and in the other Loan Documents (including enforcement or collection),
the Administrative Agent shall not be required to exercise any discretion or take any action, but shall be required to act or to
refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the written instructions of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary, pursuant to the terms in the Loan Documents),
and, unless and until revoked in writing, such instructions shall be binding upon each Lender; provided, however, that the
Administrative Agent shall not be required to take any action that (i) the Administrative Agent in good faith believes exposes
it to liability unless the Administrative Agent receives an indemnification and is exculpated in a manner satisfactory to it from
the Lenders with respect to such action or (ii) is contrary to this Agreement or any other Loan Document or applicable law, including
any action that may be in violation of the automatic stay under any requirement of law relating to bankruptcy, insolvency or reorganization
or relief of debtors or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation
of any requirement of law relating to bankruptcy, insolvency or reorganization or relief of debtors; provided, further,
that the Administrative Agent may seek clarification or direction from the Required Lenders prior to the exercise of any such instructed
action and may refrain from acting until such clarification or direction has been provided. Except as expressly set forth in the
Loan Documents (including Section 9.12), the Administrative Agent shall not have any duty to disclose, and shall not be liable
for the failure to disclose, any information relating to the Borrower, any Subsidiary or any Affiliate of any of the foregoing
that is communicated to or obtained by the Person serving as Administrative Agent or any of its Affiliates in any capacity. Nothing
in this Agreement shall require the Administrative Agent to expend or risk its own funds or otherwise incur any financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers if it shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured
to it.

 

(k)           Neither
the Administrative Agent nor any of its Related Parties shall be (i) liable for any action taken or omitted to be taken by
such party, the Administrative Agent or any of its Related Parties under or in connection with this Agreement or the other
Loan Documents (x) with the consent of 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 to be necessary, under the
circumstances as provided in the Loan Documents) or (y) in the absence of its own gross negligence or willful misconduct
(such absence to be presumed unless otherwise determined by a court of competent jurisdiction by a final and nonappealable
judgment) or (ii) responsible in any manner to any of the Lenders for any recitals, statements, representations or warranties
made by the Borrower or any officer thereof contained in this Agreement or any other Loan Document or in any certificate,
report, statement or other document referred to or provided for in, or received by the Administrative Agent under or in
connection with, this Agreement or any other Loan Document or for the value, validity, effectiveness, genuineness,
enforceability or sufficiency of this Agreement or any other Loan Document or for any failure of the Borrower to perform its
obligations hereunder or thereunder.

 

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Section
8.02. Posting of Communications.

 

(a)           The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available
to the Lenders by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform
chosen by the Administrative Agent to be its electronic transmission system in connection with the transactions contemplated hereby
(the “Approved Electronic Platform”).

 

(b)          Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security
procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date,
a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method
whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders and the Borrower
acknowledge and agree that the distribution of material through an electronic medium is not necessarily secure, that the Administrative
Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved
Electronic Platform, and that there are confidentiality and other risks associated with such distribution. Each of the Lenders
and the Borrower hereby approve distribution of the Communications through the Approved Electronic Platform and understands and
assumes the risks of such distribution.

 

(c)           THE
APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS IS” AND “AS AVAILABLE”. THE
APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF
THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM
AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY,
FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS
MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL
THE ADMINISTRATIVE AGENT, THE BOOKRUNNER OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, “APPLICABLE
PARTIES”) HAVE ANY LIABILITY TO THE BORROWER, 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 THE BORROWER’S OR THE ADMINISTRATIVE AGENT’S TRANSMISSION OF COMMUNICATIONS THROUGH THE
INTERNET OR THE APPROVED ELECTRONIC PLATFORM except with respect to actual or direct
damages to the extent determined by a court of competent jurisdiction by final and nonappealable judgment to have resulted
from the willful misconduct or gross negligence of any Applicable Party; provided that any Communication OR ANY OTHER
dissemination or disclosure of any Information (AS DEFINED IN SECTION 9.12) to any Lenders, prospective Lenders, Participants
or prospective Participants or, to the extent such disclosure is otherwise permitted BY SECTION 9.12, to any other Person
through the Approved Electronic Platform shall be made subject to the acknowledgement and acceptance by such Person that such
Communication is being disseminated or disclosed on a confidential basis (on terms substantially the same as set forth in
Section 9.12 or otherwise reasonably acceptable to the Administrative Agent and the BORROWER), which shall in any event
require “click through” or other affirmative actions on the part of the recipient to access such
Communication.

 

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(d)           Each Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been
posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes
of the Loan Documents. Each Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic
communication) from time to time of such Lender’s email address to which the foregoing notice may be sent by electronic transmission
and (ii) that the foregoing notice may be sent to such email address.

 

(e)           Each of the Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by
applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the
Administrative Agent’s generally applicable document retention procedures and policies.

 

(f)            Nothing herein shall prejudice the right of the Administrative Agent, any Lender to give any notice or other communication
pursuant to any Loan Document in any other manner specified in such Loan Document.

 

Section
8.03. Certain ERISA Matters.

 

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

 

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

 

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

 

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

 

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

 

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

 

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 subject to 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 or e-mail, as follows:

 

(i)       if
to any Loan Party, to it:

 

c/o Regeneron Pharmaceuticals,
Inc.

777 Old Saw Mill River Road

Tarrytown, New York 10591

Attention: Leonard Brooks, Vice
President, Treasurer

Telecopy No. (914) 847-1555

Telephone No. (914) 847-7320

E-mail: leonard.brooks@regeneron.com

 

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with a copy (in the case of a notice
of an actual or potential Default, Event of Default, non-compliance with this Agreement or any other similar matter) to:

 

c/o Regeneron Pharmaceuticals,
Inc.

777 Old Saw Mill River Road

Tarrytown, New York 10591

Attention: Joseph J. LaRosa, Executive
Vice President, General Counsel and Secretary

Telecopy No. (914) 789-5061

Telephone No. (914) 847-7498

E-mail: joseph.larosa@regeneron.com

 

and

 

Skadden, Arps, Slate, Meagher &
Flom LLP

One Manhattan West

New York, New York 10001

Attention: Sarah M. Ward

Telecopy No. (917) 777-2126

Telephone No. (212) 735-2126

E-mail: sarah.ward@skadden.com

 

(ii)           if
to the Administrative Agent, to:

 

Goldman Sachs Bank USA

2001 Ross Ave, 29th
Floor

Dallas, Texas 75201

Attention: SBD Operations

Telephone No. (972) 368-2323

E-mail: gs-dallas-adminagency@ny.email.gs.com
and gs-sbdagency-borrowernotices@ny.email.gs.com

and

 

(iii)          if
to any other 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 facsimile
shall be deemed to have been given when sent (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 Approved
Electronic Platforms, to the extent provided in paragraph (b) below, shall be effective as provided in said paragraph (b).

 

(b)           Notices
and other communications to the Lenders hereunder may be delivered or furnished by using Approved Electronic Platforms
pursuant to procedures approved by the Administrative Agent; provided that the foregoing shall not apply to notices
pursuant to Article II unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative
Agent or the Borrower 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.

 

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(c)               
Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail
address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by
the “return receipt requested” function, as available, return e-mail or other written acknowledgement), and (ii) notices
or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient,
at its e-mail address as described in the foregoing clause (i), of notification that such notice or communication is available
and identifying the website address therefor; provided that, for both clauses (i) and (ii) above, if such notice, email
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.

 

(d)               
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 a Lender, by notice to the Borrower and the Administrative Agent).

 

(e)       Each
Lender agrees that notice to it (as provided in the next sentence) (a “Notice”) specifying that any Communications
have been posted to the Approved Electronic Platform shall constitute effective delivery of such information, documents or other
materials to such Lender for purposes of this Agreement. Each Lender agrees (i) to notify the Administrative Agent in writing of
such Lender’s e-mail address to which a Notice may be sent by electronic transmission (including by electronic communication)
on or before the date such Lender becomes a party to this Agreement (and from time to time thereafter to ensure that the Administrative
Agent has on record an effective e-mail address for such Lender) and (ii) that any Notice may be sent to such e-mail address.

 

Section
9.02. Waivers; Amendments. (a) No failure or delay by the Administrative Agent or any Lender in exercising any right
or power hereunder or under any other Loan Document 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 and
the Lenders hereunder and under the other Loan Documents 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 the Borrower 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 shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent or any Lender
may have had notice or knowledge of such Default at the time.

 

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(b)                Except
as provided in Section 2.20 with respect to an increase in the Commitments, neither this Agreement nor any provision hereof
may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and
the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; provided that
no such agreement shall (i) increase the amount of the Commitment of any Lender without the written consent of such
Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable
hereunder, without the written consent of each Lender directly affected thereby (provided that (x) any amendment or
modification of the financial covenants in this Agreement (or defined terms used in the financial covenants in this
Agreement) or pursuant to the terms of Section 2.14(c) shall not constitute a reduction in the rate of interest or fees for
purposes of this clause (ii) even if the effect of such amendment or modification would be to reduce the rate of interest on
any Loan or to reduce any fee payable hereunder and (y) only the consent of the Required Lenders shall be necessary to amend
the provisions of Section 2.13(c) or to waive any obligation of the Borrower to pay interest or any other amount at the
interest rate prescribed in such Section), (iii) postpone the scheduled date of payment of the principal amount of any
Loan, 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 directly affected
thereby (other than (x) any reduction of the amount of, or any extension of the payment date for, the mandatory prepayments
required under Section 2.11, in each case which shall only require the approval of the Required Lenders and (y) with respect
to the matters set forth in clauses (ii)(x) and (ii)(y) above), (iv) change Section 2.09(c) or Section 2.18(b) or
(c) in a manner that would alter the ratable reduction of Commitments or the pro rata sharing of payments required
thereby, without the written consent of each Lender, (v) change the payment waterfall provisions of Section 2.24(b)
without the written consent of each Lender, (vi) change any of the provisions of this Section or the definition of
 “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 or (vii) release all or substantially all of the Subsidiary Guarantors from their obligations under
the Subsidiary Guaranty without the written consent of each Lender; provided further that no such agreement shall
amend, modify or otherwise affect the rights or duties of the Administrative Agent hereunder without the prior written
consent of the Administrative Agent. Notwithstanding the foregoing, no consent with respect to any amendment, waiver or other
modification of this Agreement shall be required of any Defaulting Lender, except with respect to any amendment, waiver or
other modification referred to in clause (i), (ii) or (iii) of the first proviso of this paragraph and then only in the event
such Defaulting Lender shall be directly affected by such amendment, waiver or other modification.

 

(c)               
Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated)
with the written consent of the Required Lenders, the Administrative Agent and the Borrower (x) to add one or more credit
facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued interest
and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and
the accrued interest and fees in respect thereof and (y) to include appropriately the Lenders holding such credit facilities
in any determination of the Required Lenders and Lenders (it being understood and agreed that any such amendment in connection
with new or increases to the Commitments in accordance with Section 2.20 shall, in any such case, require solely the consent of
the parties prescribed by such Section and shall not require the consent of the Required Lenders).

 

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(d)                If,
in connection with any proposed amendment, waiver or consent requiring the consent of “each Lender” or
 “each Lender directly affected thereby,” the consent of the Required Lenders is obtained, but the consent of
other necessary Lenders is not obtained (any such Lender whose consent is necessary but not obtained being referred to herein
as a “Non-Consenting Lender”), then the Borrower may elect to replace a Non-Consenting Lender as a Lender
party to this Agreement; provided that, concurrently with such replacement, (i) another bank or other entity
which is reasonably satisfactory to the Borrower and the Administrative Agent shall agree, as of such date, to purchase for
cash the Loans and other Obligations due to the Non-Consenting Lender pursuant to an Assignment and Assumption and to become
a Lender for all purposes under this Agreement and to assume all obligations of the Non-Consenting Lender to be terminated as
of such date and to comply with the requirements of clause (b) of Section 9.04, and (ii) the Borrower shall
pay to such Non-Consenting Lender in same day funds on the day of such replacement (1) the outstanding principal amount
of its Loans and all interest, fees and other amounts then accrued but unpaid to such Non-Consenting Lender by the Borrower
hereunder to and including the date of termination, including without limitation payments due to such Non-Consenting Lender
under Sections 2.15 and 2.17, and (2) an amount, if any, equal to the payment which would have been due to such
Lender on the day of such replacement under Section 2.16 had the Loans of such Non-Consenting Lender been prepaid on
such date rather than sold to the replacement Lender. Each party hereto agrees that an assignment required pursuant to this
paragraph may be effected pursuant to an Assignment and Assumption executed by the Borrower, the Administrative Agent and the
assignee (or, to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an
Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and the Lender required
to make such assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have
consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the
other parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as
reasonably requested by the applicable Lender, provided that any such documents shall be without recourse to or warranty by
the parties thereto.

 

(e)               
Notwithstanding anything to the contrary herein the Administrative Agent may, with the consent of the Borrower only,
amend, modify or supplement this Agreement or any of the other Loan Documents to cure any ambiguity, omission, mistake, defect
or inconsistency or correct any typographical error or other manifest error in any Loan Document in a manner not adverse to any
Lender or to comply with local law or advice of local counsel in any Eligible Foreign Jurisdiction.

 

Section
9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable and documented out-of-pocket
expenses incurred by the Administrative Agent, the Bookrunner and their respective Affiliates (which shall be limited, in the case
of legal fees and expenses, to the reasonable and documented fees, disbursements and other charges of a single firm as primary
counsel, along with such specialist counsel as may reasonably be required by the Administrative Agent and the Bookrunner, and,
to the extent reasonably necessary, a single firm of local counsel in each applicable jurisdiction, for the Administrative Agent
and the Bookrunner) in connection with the syndication and distribution (including, without limitation, via the internet or through
a service such as Intralinks) of the credit facilities provided for herein (including without limitation diligence expenses, syndication
expenses and travel expenses), the preparation and administration of this Agreement and the other Loan Documents or any amendments,
modifications or waivers of the provisions hereof or thereof (whether or not the transactions contemplated hereby or thereby shall
be consummated) and (ii) all reasonable and documented out-of-pocket expenses incurred by the Administrative Agent or any
Lender (which shall be limited, in the case of legal fees and expenses, to the reasonable and documented fees, disbursements and
other charges of a single firm as primary counsel, along with such specialist counsel as may reasonably be required by the Administrative
Agent, and a single firm of local counsel in each applicable jurisdiction as may reasonably be required by the Administrative Agent,
for the Administrative Agent, and not more than a single firm of outside counsel, and a single firm of local counsel in each applicable
jurisdiction as may reasonably be required, for all of the other Lenders and, in the event of an actual or reasonably perceived
conflict of interest (as reasonably determined by the Administrative Agent or applicable Lender and such person informs the Borrower
of such conflict), one additional firm of counsel for each group of similarly affected parties) in connection with the enforcement
or protection of its rights in connection with this Agreement and any other Loan Document, including its rights under this Section,
or in connection with the Loans made hereunder, including all such out-of-pocket expenses (subject to the foregoing limitations
with respect to legal fees and expenses) incurred during any workout, restructuring or negotiations in respect of such Loans.

 

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(b)               
The Borrower shall indemnify the Administrative Agent, the Bookrunner, each Lender 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 and related reasonable and documented out-of-pocket costs and expenses (which
shall be limited, in the case of legal fees and expenses, to the reasonable and documented out-of-pocket fees, charges and disbursements
of (x) a single firm as primary counsel, along with such specialist counsel as may reasonably be required by the Administrative
Agent, and, to the extent reasonably necessary, a single firm of local counsel in each applicable jurisdiction for the Administrative
Agent and its Related Parties, and (y) not more than a single firm of outside counsel, and a single firm of local counsel in each
applicable jurisdiction as may reasonably be required, for all of the other Indemnitees and, in the event of an actual or reasonably
perceived conflict of interest (as reasonably determined by the applicable Indemnitee and such Indemnitee informs the Borrower
of such conflict), one additional firm of counsel to each group of similarly affected Indemnitees), incurred by or asserted against
any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of any Loan Document or
any agreement or instrument contemplated thereby, the performance by the parties hereto of their respective obligations thereunder
or the consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or the use of the proceeds
therefrom, (iii) any actual or alleged presence or release of Hazardous Materials on or from any property owned or operated
by the Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to the Borrower or any of its Subsidiaries,
or (iv) any actual or prospective claim, litigation, investigation, arbitration or proceeding relating to any of the foregoing,
whether or not such claim, litigation, investigation or proceeding is brought by the Borrower or any other Loan Party or its or
their respective equity holders, Affiliates, creditors or any other third Person and 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 (i) the willful misconduct or gross negligence of such Indemnitee
or any of its Controlled Related Parties, (ii) a breach in bad faith by such Indemnitee of any of its material obligations under
the applicable Loan Documents pursuant to a claim or counterclaim initiated by any Loan Party or (iii) any dispute solely among
Indemnitees (not arising as a result of any act or omission by the Borrower or any of its Subsidiaries or Affiliates) other than
claims against any Credit Party in its capacity as, or in fulfilling its role as, the Administrative Agent, a lead arranger, bookrunner,
agent or any similar role under or in connection with this Agreement. As used in this Section 9.03, a “Controlled Related
Party” of an Indemnitee means (1) any Controlling Person or Controlled Affiliate of such Indemnitee, (2) the respective
directors, officers, or employees of such Indemnitee or any of its Controlling Persons or Controlled Affiliates and (3) the respective
agents or representatives of such Indemnitee or any of its Controlling Persons or Controlled Affiliates, in the case of this clause
(3), acting on behalf of or at the instructions of such Indemnitee, Controlling Person or such Controlled Affiliate; provided
that each reference to a Controlling Person, Controlled Affiliate, director, officer or employee in this sentence pertains to a
Controlling Person, Controlled Affiliate, director, officer or employee involved in the structuring, arrangement, negotiation or
syndication of the credit facility evidenced by this Agreement. This Section 9.03(b) shall not apply with respect to Taxes
other than any Taxes that represent losses, claims or damages arising from any non-Tax claim.

 

(c)                To
the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent under
paragraph (a) or (b) of this Section, each Lender severally agrees to pay to the Administrative Agent such
Lender’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment
is sought) of such unpaid amount (it being understood that the Borrower’s failure to pay any such amount shall not
relieve the Borrower of any default in the payment thereof); 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 in its capacity as such.

 

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(d)               
No Indemnitee shall be liable for any damages arising from the use by others of Information or other materials obtained
through electronic, telecommunications or other information transmission systems, including an Electronic Platform or otherwise
via the internet, or for any special, indirect, consequential or punitive damages in connection with the credit facility provided
for herein or in connection with its activities related to such facility. To the extent permitted by applicable law, and subject
to the proviso set forth in Section 8.02(c), the Borrower shall not assert and hereby waives, any claim against any Indemnitee
for any damages arising from the use by others of information or other materials obtained through telecommunications, electronic
or other information transmission systems (including the Internet) other than damages that are determined by a court of competent
jurisdiction by final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Indemnitee
or any of its Controlled Related Parties. To the extent permitted by applicable law, no Indemnitee shall assert against any Loan
Party or its Related Parties and no Loan Party shall assert against any Indemnitee, and each Indemnitee and Loan Party hereby waives,
any claim 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, any other Loan Document or any agreement or instrument
contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof; provided, that nothing contained
in this sentence shall limit the Borrower’s indemnity obligations to the extent set forth in Section 9.03(b).

 

(e)               
All amounts due under this Section shall be payable not later than fifteen (15) days after written demand
therefor.

 

Section
9.04. Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns permitted hereby, except that (i) Borrower may not assign
or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted
assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise
transfer its rights or obligations hereunder except in accordance with this Section. 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 (c) of this Section) and, to the extent expressly contemplated hereby,
the Related Parties of the Administrative Agent) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

(b)               
(i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more Persons
(other than an Ineligible Institution) all or a portion of its rights and obligations under this Agreement (including all or a
portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably
withheld, conditioned or delayed by the Administrative Agent or, solely with respect to assignments of Loans, by the Borrower)
of:

 

(A)              the
Borrower (provided that the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto
by written notice to the Administrative Agent within ten (10) Business Days after having received written notice
thereof); provided, further, that no consent of the Borrower shall be required (X) for an assignment of any
Loans to a Lender, an Affiliate of a Lender, an Approved Fund, (Y) for an assignment by Goldman Sachs Bank USA of any amount
of its Commitments or Loans hereunder to Goldman Sachs Lending Partners LLC (or vice versa) or (Z) if an Event of Default
under clause (a), (b), (h), (i) or (j) of Article VII has occurred and is continuing, for an assignment to any
other assignee; and

 

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(B)             
the Administrative Agent.

 

(ii)              
Assignments shall be subject to the following additional conditions:

 

(A)             
except in the case of an assignment to a Lender or an Affiliate of a Lender or an Approved Fund or an assignment
of the entire remaining amount of the assigning Lender’s Commitment or Loans of any Class, the amount of the Commitment or
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) shall not be less than $5,000,000 and increments of $1,000,000 in
excess thereof unless each of the Borrower and the Administrative Agent otherwise consent; provided that no such consent
of the Borrower shall be required if an Event of Default under clause (a), (b), (h), (i) or (j) of Article VII has occurred
and is continuing;

 

(B)             
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; provided that this clause shall not be construed to prohibit the assignment of a proportionate
part of all the assigning Lender’s rights and obligations in respect of one Class of Commitments or Loans;

 

(C)             
the parties to each assignment shall execute and deliver to the Administrative Agent (x) an Assignment and Assumption
or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic
Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, together with
a processing and recordation fee of $3,500, such fee to be paid by either the assigning Lender or the assignee Lender or shared
between such Lenders;

 

(D)             
the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire
in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material
non-public information about the Borrower, the other Loan Parties and their respective Related Parties and their respective securities)
will be made available and who may receive such information in accordance with the assignee’s compliance procedures and applicable
laws, including federal and state securities laws; and

 

For the purposes of this
Section 9.04(b), the terms “Approved Fund” and “Ineligible Institution” have the following meanings:

 

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

 

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“Ineligible
Institution” means (a) a natural person, (b) a Defaulting Lender or its Lender Parent, (c) the Borrower, any of its Subsidiaries
or any of its Affiliates, or (d) a company, investment vehicle or trust for, or owned and operated for the primary benefit of,
a natural person or relative(s) thereof.

 

(iii)            
Subject to acceptance and recording thereof by the Administrative Agent pursuant to paragraph (b)(iv) of this
Section, from and after the effective date specified in each Assignment and Assumption the assignee thereunder shall be a party
hereto and, to the extent of the interest assigned by such Assignment and Assumption, have the rights and obligations (including,
without limitation, the obligation to timely deliver the documentation described in Section 2.17(f)) of a 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 2.15, 2.16, 2.17 and 9.03); 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 Section 9.04 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 (c) of this Section.

 

(iv)             
The Administrative Agent, acting for this purpose as a non-fiduciary agent of the Borrower, shall maintain at one
of 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 Commitment of, and principal amount (and stated interest) of the Loans 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 the Borrower, the Administrative Agent 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, notwithstanding notice to the contrary.
The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time upon
reasonable prior notice.

 

(v)               
Upon its receipt of (x) a duly completed Assignment and Assumption executed by an assigning Lender and an assignee
or (y) to the extent applicable, an agreement incorporating an Assignment and Assumption by reference pursuant to an Approved Electronic
Platform as to which the Administrative Agent and the parties to the Assignment and Assumption are participants, the assignee’s
completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation
fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b)
of this Section, the Administrative Agent shall accept such Assignment and Assumption and record the information contained therein
in the Register; provided that if either the assigning Lender or the assignee shall have failed to make any payment required
to be made by it pursuant to Section 2.05(c), 2.06(d) or (e), 2.07(b), 2.18(d) or 9.03(c), the Administrative Agent shall
have no obligation to accept such Assignment and Assumption and record the information therein in the Register unless and until
such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes
of this Agreement unless it has been recorded in the Register as provided in this paragraph.

 

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(c)               
Any Lender may, without the consent of, or notice to, the Borrower or the Administrative Agent, sell participations
to one or more banks or other entities (a “Participant”), other than an Ineligible Institution, in all or a
portion of such Lender’s rights and/or obligations under this Agreement (including all or a portion of its Commitment and/or
the Loans owing to it); provided that (A) such Lender’s obligations under this Agreement shall remain unchanged;
(B) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations; and (C) the
Borrower, the Administrative Agent and the other Lenders shall continue to deal solely and directly with such Lender in connection
with such Lender’s rights and obligations under this Agreement. 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. The Borrower agrees that each Participant shall be entitled to the benefits
of Sections 2.15, 2.16 and 2.17 (subject to the requirements and limitations therein, including the requirements under Section 2.17(f)
(it being understood that the documentation required under Section 2.17(f) shall be delivered to the 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 (A) agrees to be subject to the provisions of Sections 2.18 and 2.19 as if it were an
assignee under paragraph (b) of this Section; and (B) shall not be entitled to receive any greater payment under Sections 2.15,
2.16 or 2.17, 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. 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 agrees to be subject to Section 2.18(c) as though it were
a Lender. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower,
maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest)
of each Participant’s interest in the Loans or other obligations 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 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 or other obligation is in registered form under Section 5f.103-1(c) or Proposed Section 1.163-5(b) of
the United States Treasury Regulations (or any amended or successor version). The entries in the Participant Register shall be
conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the Participant Register as
the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance
of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant
Register.

 

(d)               
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 or other
central banking authority having jurisdiction over such Lender, and this Section shall not apply to any such pledge or assignment
of a security interest; provided that no such pledge or assignment of a security interest shall release such Lender from any of
its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

 

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(e)               
Notwithstanding anything to the contrary in this Section 9.04, Goldman Sachs Bank USA may assign any amount of its
Commitments or Loans hereunder to Goldman Sachs Lending Partners LLC (or vice versa) without the prior consent of or notice to
any other Person.

 

Section
9.05. Survival. All covenants, agreements, representations and warranties made by the Loan Parties in the Loan Documents
and in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Loan Document
shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of the Loan
Documents and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding
that the Administrative Agent or any Lender may have had notice or knowledge of any Default or 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 or any other Loan Document is outstanding and
unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.15, 2.16, 2.17 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 Commitments or the termination of this Agreement or any
other Loan Document or any provision hereof or thereof.

 

Section
9.06. Counterparts; Integration; Effectiveness; Electronic Execution. 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 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 of this Agreement by
telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the actual executed
signature page shall be effective as delivery of a manually executed counterpart of this Agreement. The
words “execution,” “signed,” “signature,” “delivery,” and words of like import
in or relating to any document to be signed in connection with this Agreement and the transactions contemplated hereby shall be
deemed to include Electronic Signatures, deliveries or the keeping of records in electronic form, each of which shall be of the
same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof 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; provided that nothing herein shall require the Administrative
Agent to accept Electronic Signatures in any form or format without its prior written consent (not to be unreasonably withheld,
conditioned or delayed). Upon the request of the Administrative Agent or any Lender, any Electronic Signature shall
be followed by such manually executed counterpart as soon as reasonably practicable.

 

Section
9.07. Severability. Any provision of any Loan Document 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 thereof; and the invalidity of a particular provision in
a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

 

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Section
9.08. Right of Setoff. Any
limitations expressly agreed to by any Lender or its Affiliate, as applicable, pursuant to any Banking Services Agreement or Swap
Agreement to which such Lender or Affiliate is a party, if an Event of Default shall have occurred and be continuing, each Lender
and each of its Affiliates is hereby authorized at any time and from time to time, to the fullest extent permitted by law, to
set off and apply any and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations
at any time owing by such Lender or Affiliate to or for the credit or the account of any Loan Party against any of and all of
the Obligations then due and owing by such Loan Party held by such Lender, irrespective of whether or not such Lender shall have
made any demand under the Loan Documents. The rights of each Lender under this Section are in addition to other rights and remedies
(including other rights of setoff) which such Lender may have. Each Lender agrees to notify the Borrower 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; Consent to Service of Process. (a) This
Agreement AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER shall be construed and enforced in accordance with and governed
by the laws of the State of New York.

 

(b)               
Each of the Lenders and the Administrative Agent hereby irrevocably and unconditionally agrees that, notwithstanding
the governing law provisions of any applicable Loan Document, any claims brought against the Administrative Agent by any Lender
relating to this Agreement, any other Loan Document or the consummation or administration of the transactions contemplated hereby
or thereby shall be construed in accordance with and governed by the law of the State of New York.

 

(c)               
Each party hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction
of the United States District Court for the Southern District of New York sitting in the Borough of Manhattan (or if such court
lacks subject matter jurisdiction, the Supreme Court of the State of New York sitting in the Borough of Manhattan), and any appellate
court from any thereof, in any action or proceeding arising out of or relating to this Agreement or any other Loan Document or
the transactions relating hereto or thereto, 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 (and any such claims,
cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may only) be heard and
determined in such federal (to the extent permitted by law) or New York State court. Each of the parties hereto agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment
or in any other manner provided by law. Nothing in this Agreement or in any other Loan Document shall affect any right that the
Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any other
Loan Document against any Loan Party or its properties in the courts of any jurisdiction.

 

(d)               
Each party hereto 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 or any other Loan Document in any court referred to in paragraph (c) 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.

 

(e)               
Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.

 

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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, ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY
OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER 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. Confidentiality. Each of the Administrative Agent and the Lenders agrees to maintain the confidentiality
of the Information (as defined below), except that Information may be disclosed (a) to its and its Affiliates’
directors, officers, employees and agents, including accountants, legal counsel and other advisors (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); provided that the disclosing Administrative Agent or Lender, as applicable, shall be
responsible for compliance by such Persons with the provisions of this Section 9.12, (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 (provided that the Administrative Agent or such Lender, as applicable, agrees that
it will, to the extent practicable and other than with respect to any audit or examination conducted by bank accountants or
any governmental bank regulatory authority exercising examination or regulatory authority, notify the Borrower promptly
thereof, unless such notification is prohibited by law, rule or regulation), (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies under this Agreement or any other Loan Document or any suit, 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 Section, to (1) any
assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations under this
Agreement or (2) any actual or prospective party (or its managers, administrators, trustees, partners, directors,
officers, employees, agents, advisors and other representatives) to any swap or derivative or similar transaction to which
the Administrative Agent or any Lender is a party and under which payments are to be made by reference to a Borrower and its
obligations, this Agreement or payments hereunder, (g) on a confidential basis to (1) any rating agency in connection
with rating the Borrower or its Subsidiaries or the credit facilities provided for herein or (2) the CUSIP Service Bureau or
any similar agency in connection with the issuance and monitoring of CUSIP numbers with respect to the credit facilities
provided for herein, (h) with the prior written consent of the Borrower or (i) to the
extent such Information (1) becomes publicly available other than as a result of a breach of this Section or
(2) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than any
Loan Party or any of their respective Related Parties. For the purposes of this Section, “Information”
means all information received from or on behalf of any Loan Party or any of their respective Related Parties relating to any
Loan Party or Subsidiary or its business or securities, other than any such information that is available to the
Administrative Agent or any Lender on a nonconfidential basis prior to disclosure by or on behalf of any Loan Party or any of
their respective Related Parties and other than customary information regarding the closing date,
size, type, purpose of and parties to the facilities under this Agreement of the type that is routinely provided by
arrangers to data service providers, including league table providers, that serve the lending industry. 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.

 

    87 

     

    

 

EACH OF THE ADMINISTRATIVE
AGENT AND EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT
TO OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER,
THE OTHER LOAN PARTIES AND THEIR RESPECTIVE RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED
COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION
IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.

 

ALL INFORMATION,
INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY OR ON BEHALF OF ANY LOAN PARTY OR THE ADMINISTRATIVE AGENT PURSUANT
TO, IN CONNECTION WITH OR OTHERWISE IN THE COURSE OF ADMINISTERING THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT WILL BE SYNDICATE-LEVEL
INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, THE OTHER LOAN PARTIES AND THEIR RESPECTIVE
RELATED PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE LOAN PARTIES AND THE ADMINISTRATIVE
AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN
MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES
LAWS.

 

Section
9.13. USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies each Loan
Party that pursuant to the requirements of the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify
and record information that identifies such Loan Party, which information includes the name and address of such Loan Party and
other information that will allow such Lender to identify such Loan Party in accordance with the Patriot Act and the Beneficial
Ownership Regulation.

 

Section
9.14. Releases of Subsidiary Guarantors.

 

(a)               
A Subsidiary Guarantor shall automatically be released from its obligations under the Subsidiary Guaranty upon the
consummation of any transaction permitted by this Agreement as a result of which such Subsidiary Guarantor ceases to be a Subsidiary;
provided that, if so required by this Agreement, the Required Lenders shall have consented to such transaction and the terms
of such consent shall not have provided otherwise. In connection with any termination or release pursuant to this Section (including
pursuant to clause (b) or (c) below), the Administrative Agent shall (and is hereby irrevocably authorized by each Lender to) execute
and deliver to any Loan Party, at such Loan Party’s expense, all documents that such Loan Party shall reasonably request
to evidence such termination or release. Any execution and delivery of documents pursuant to this Section shall be without recourse
to or warranty by the Administrative Agent except with respect to any customary further assurances that are expressly agreed to
in writing by the Administrative Agent.

 

    88 

     

    

 

(b)               
Further, the Administrative Agent may (and is hereby irrevocably authorized by each Lender to), upon the request
of the Borrower, release any Subsidiary Guarantor from its obligations under the Subsidiary Guaranty if (i) such Subsidiary Guarantor
is no longer a Material Domestic Subsidiary, becomes an Excluded Subsidiary or is otherwise not required pursuant to this terms
of this Agreement to provide a Subsidiary Guaranty or (ii) such release is approved, authorized or ratified by the requisite Lenders
pursuant to Section 9.02.

 

(c)               
At such time as the principal and interest on the Loans, the fees, expenses and other amounts payable under the Loan
Documents and the other Obligations (other Obligations expressly stated to survive such payment and termination and excluding,
for the avoidance of doubt, any Specified Ancillary Obligations or other obligations under any Swap Agreement or any Banking Services
Agreement) then due and payable shall have been paid in full in cash, the Commitments shall have been terminated (the foregoing,
collectively, the “Final Release Conditions”) and all obligations (other than those expressly stated to survive
such termination) of each Subsidiary Guarantor and the Borrower thereunder shall automatically terminate, all without delivery
of any instrument or performance of any act by any Person.

 

(d)               
Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s
authority to release any particular Subsidiary Guaranty pursuant hereto.

 

Section
9.15. Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable
law (collectively the “Charges”), shall exceed the maximum lawful rate (the “Maximum Rate”)
which may be contracted for, charged, taken, received or reserved by the Lender holding such Loan in accordance with applicable
law, the rate of interest payable in respect of such Loan hereunder, together with all Charges payable in respect thereof, shall
be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such
Loan but were not payable as a result of the operation of this Section shall be cumulated and the interest and Charges payable
to such Lender in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated
amount, together with interest thereon at the NYFRB Rate to the date of repayment, shall have been received by such Lender.

 

Section
9.16. No Advisory or Fiduciary Responsibility.

 

(a)               
The Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that no Credit Party
will have any obligations in connection with the Loan Documents except those obligations expressly set forth herein and in the
other Loan Documents and each Credit Party is acting solely in the capacity of an arm’s length contractual counterparty to
the Borrower with respect to the Loan Documents and the transactions contemplated herein and therein and not as a financial advisor
or a fiduciary to, or an agent of, the Borrower or any other person in connection with the transactions contemplated hereby. The
Borrower agrees that it will not assert any claim against any Credit Party based on an alleged breach of fiduciary duty by such
Credit Party in connection with this Agreement and the transactions contemplated hereby. Additionally, the Borrower acknowledges
and agrees that no Credit Party is advising the Borrower as to any legal, tax, investment, accounting, regulatory or any other
matters in any jurisdiction. The Borrower shall consult with its own advisors to the extent it deems appropriate concerning such
matters and shall be responsible for making its own independent investigation and appraisal of the transactions contemplated herein
or in the other Loan Documents, and the Credit Parties shall have no responsibility or liability to the Borrower with respect to
such matters other than as specifically and expressly set forth in any Loan Document.

 

    89 

     

    

 

(b)               
The Borrower further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit
Party, together with its Affiliates, is or may be a full service securities or banking firm engaged in securities trading and brokerage
activities as well as providing investment banking and other financial services. In the ordinary course of business, any Credit
Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its own accounts and the
accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations)
of, the Borrower, its Subsidiaries and other companies with which the Borrower or any of its Subsidiaries may have commercial or
other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers,
all rights in respect of such securities and financial instruments, including any voting rights, will be exercised by the holder
of the rights, in its sole discretion.

 

(c)               
In addition, the Borrower acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each
Credit Party and its affiliates may be providing debt financing, equity capital or other services (including financial advisory
services) to other companies in respect of which the Borrower or any of its Subsidiaries may have conflicting interests regarding
the transactions described herein and otherwise. No Credit Party will use confidential information obtained from any Loan Party
by virtue of the transactions contemplated by the Loan Documents or its other relationships with any Loan Party in connection with
the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to
other companies. The Borrower also acknowledges that no Credit Party has any obligation to use in connection with the transactions
contemplated by the Loan Documents, or to furnish to the Borrower or any of its Subsidiaries, confidential information obtained
from other companies.

 

Section
9.17. Swap Obligations and Banking Services Obligations. No Lender or any of its Affiliates that obtains the benefits
of any Subsidiary Guaranty by virtue of the provisions hereof or of such Subsidiary Guaranty to Guarantee any Specified Ancillary
Obligations owed to such Lender or any of its Affiliates shall have any right to notice of any action or to consent to, direct
or object to any action hereunder or under any other Loan Document or otherwise (including the release or impairment of any Subsidiary
Guaranty) other than in its capacity as a Lender and, in such case, only to the extent expressly provided in the Loan Documents.

 

Section
9.18. Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding
anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each
party hereto acknowledges that any liability of any Affected Financial Institution arising under any Loan Document, to the extent
such liability is unsecured, may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and
agrees and consents to, and acknowledges and agrees to be bound by:

 

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

 

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

 

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

 

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

 

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

 

    90 

     

    

 

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

 

	 	REGENERON PHARMACEUTICALS,
    INC.,
	 	as the Borrower
	 	 
	 	By	 /s/ Robert E. Landry
	 	 	Name: 	Robert E. Landry
	 	 	Title: 	Executive Vice President, Finance and
	 	 	 	 Chief Financial Officer

 

Project Garden - Signature Page to Credit Agreement

 

     

     

    

 

	 	GOLDMAN SACHS BANK USA, 

individually
    as a Lender and as Administrative Agent
	 	 
	 	By 	/s/ Robert Ehudin
	 	 	Name: 	Robert Ehudin
	 	 	Title: 	Authorized Signatory

 

Project Garden - Signature Page to Credit Agreement

 

     

     

    

 

SCHEDULE 2.01

 

COMMITMENTS

 

	LENDER	 	COMMITMENT	 
	GOLDMAN SACHS BANK USA	 	$	1,500,000,000.00	 
	AGGREGATE COMMITMENT	 	$	1,500,000,000.00	 

 

    Sched. 2.01-1 

     

    

 

Schedule
3.01

 

Subsidiaries

 

	Owner	Subsidiary	Material 

Subsidiary as of

 12/31/2019	Jurisdiction of

 Organization	Ownership
	Regeneron Pharmaceuticals, Inc.	Regeneron Genetics Center LLC	No.	Delaware	100%
	Regeneron Healthcare Solutions, Inc.	No.	New York	100%
	Regeneron Assurance, Inc.	No.	New York	100%
	Loop Road Holdings LLC	No.	New York	100%
	Rockwood Road Holdings LLC	No.	New York	100%
	Old Saw Mill Holdings LLC	No.	New York	100%
	OSMR LLC	No.	New York	100%
	OSMR LLC	Regeneron International Holdings LLC	No.	Delaware	100%
	Regeneron International Holdings LLC	Regeneron International Limited	No.	Ireland	100%
	OSMR LLC; Regeneron International Limited	OSMR Holdings	No.	Bermuda	19.04% (OSMR LLC)1; 80.96% (Regeneron International Limited)2
	OSMR Holdings	OSMR International	No.	Bermuda	100%
	Regeneron Ireland Holdings Unlimited Company	No.	Ireland	100%
	Regeneron Ireland Holdings Unlimited Company	Regeneron Atlantic Holdings	No.	Bermuda	100%

 

 

1 OSMR LLC owns 10,000 shares of OSMR Holdings.

2 Regeneron International Limited owns 40,471 shares
of OSMR Holdings.

 

    Sched. 3.01-1 

     

    

 

	Owner	Subsidiary	Material 

Subsidiary as of

 12/31/2019	Jurisdiction of 

Organization	Ownership
	Regeneron Atlantic Holdings	Regeneron Ireland Designated Activity Company	No.	Ireland	100%
	Regeneron Ireland Designated Activity Company	Regeneron Capital International B.V.	No.	Netherlands	100%
	Regeneron Spain, S.L.U.	No.	Spain	100%
	Regeneron Belgium BVBA	No.	Belgium	99.99%3
	Regeneron UK Limited	No.	England and Wales	100%
	Regeneron GmbH	No.	Germany	100%
	Regeneron NL B.V.	No.	Netherlands	100%

 

 

3
0.01% held by Regeneron Spain, S.L.U. (1 share). 

 

    Sched. 3.01-2 

     

    

 

 

Schedule
6.01

 

Existing
Indebtedness

 

None.

 

    Sched. 6.01-1

     

    

 

Schedule
6.02

 

Existing
Liens

 

None.

 

    Sched. 6.02-1

     

    

 

SCHEDULE 10

 

SHARE REPURCHASE

 

The Borrower and Sanofi, a company organized
under the laws of France (the “Selling Shareholder”) propose to enter into a transaction whereby the Selling
Shareholder proposes to sell to the Borrower, and the Borrower proposes to purchase from the Selling Shareholder, shares of the
Borrower’s common stock, par value $0.001 per share (“Common Stock”), pursuant to the terms and conditions
of a stock repurchase agreement proposed to be entered into between the Borrower and the Selling Shareholder on or about the date
hereof (any such agreement as amended, supplemented or otherwise modified from time to time in accordance with the terms thereof,
the “Stock Repurchase Agreement”).

 

The Selling Shareholder and its affiliates
propose to sell through an underwritten public offering a certain number of shares of Common Stock held by the Selling Shareholder
and its affiliates as of the Effective Date (such offering, the “Secondary Offering”).

 

The Secondary Offering is proposed to be
consummated in accordance with the terms and conditions of an underwriting agreement proposed to be entered into among the Borrower,
the Selling Shareholder, and the representatives (including an affiliate of the Initial Lender, as one of the representatives)
of the underwriters to be identified therein (such agreement as amended, supplemented or otherwise modified from time to time in
accordance with the terms thereof).

 

For the avoidance of doubt, for purposes
of the Loan Documents, a “Share Repurchase” will be deemed to include any repurchase by the Company from the Selling
Shareholder of shares of Common Stock held by the Selling Shareholder and its affiliates as of the date hereof whether pursuant
to the Stock Repurchase Agreement or otherwise, to the extent that such repurchase occurs on or prior to the later of June 5, 2020
and the date on which the Stock Repurchase Agreement has been terminated; provided that, for purposes of Section 2.11(a)(ii) of
this Agreement, “Share Repurchase” shall not include or be deemed to refer to such repurchase(s) in excess of an amount
equal to the sum of (i) the aggregate principal amount of the Commitments as of the Effective Date and (ii) the aggregate principal
amount of Loans borrowed under additional Commitments (if any) that become effective pursuant to Section 2.20 of this Agreement.

 

    Sched. 10-1

     

    

 

EXHIBIT A

 

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 [Insert name of Assignor] (the “Assignor”) and [Insert name of Assignee] (the “Assignee”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement identified below (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), receipt of
a copy of which is hereby acknowledged by the 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 Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from
the Assignor, 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 rights and obligations in
its capacity as a Lender 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
under the respective facility identified below 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) 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 loan transactions governed thereby or in any way based on or related to any of the foregoing, including 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 pursuant to clauses (i)
and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment
is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption, without representation
or warranty by the Assignor.

 

		1.	Assignor:	 	 

 

		2.	Assignee:	 	 

 

[and is an Affiliate/Approved
Fund of [identify Lender]1]

 

		3.	Borrower:	Regeneron Pharmaceuticals, Inc.

 

		4.	Administrative Agent:	Goldman Sachs Bank USA, as the administrative agent under the Credit Agreement

 

		5.	Credit Agreement:	The Credit Agreement dated as of May 25, 2020 among Regeneron Pharmaceuticals, Inc., the Lenders party thereto and Goldman
Sachs Bank USA, as Administrative Agent

 

		6.	Assigned Interest:	 

 

 

 

1
Select as applicable.

 

    Exhibit A-1

     

    

 

	Aggregate Amount of Commitment/Loans for all Lenders 	Amount of Commitment/Loans Assigned	Percentage
Assigned of Commitment/Loans2
	$	$	%
	$	$	%
	$	$	%

 

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 Assignee agrees to deliver to the Administrative
Agent a completed Administrative Questionnaire in which the Assignee designates one or more credit contacts to whom all syndicate-level
information (which may contain material non-public information about the Borrower, the other Loan Parties and their respective
Related Parties or their respective securities) will be made available and who may receive such information in accordance with
the Assignee’s compliance procedures and applicable laws, including federal and state securities laws.

 

The terms set forth in this Assignment
and Assumption are hereby agreed to:

 

	 	ASSIGNOR
	 	 
	 	[NAME OF ASSIGNOR]
	 	 
	 	By:	 
	 	 	Title:
	 	 
	 	ASSIGNEE
	 	 
	 	[NAME OF ASSIGNEE]
	 	 
	 	By:	 
	 	 	Title:

 

 

 

2
Set forth, so at least 9 decimals, as percentage of the Commitment/Loans of all Lenders thereunder.

 

    Exhibit A-2

     

    

 

	Consented to and Accepted:	 
	 	 
	GOLDMAN SACHS BANK USA, as 

Administrative
    Agent	 
	 	 
	By:	 	 
	 	Title:	 
	 	 
	[Consented to:]3	 
	 	 
	REGENERON PHARMACEUTICALS, INC.	 
	 	 
	By:	 	 
	 	Title:	 

 

 

 

3
To be added only if the consent of the Borrower is required by the terms of the Credit Agreement and/or the Syndication and Fee
Letter.

 

    Exhibit A-3

     

    

 

ANNEX I

 

STANDARD TERMS AND CONDITIONS FOR

 

ASSIGNMENT AND ASSUMPTION

 

1.         Representations
and Warranties.

 

1.1       Assignor.
The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of the Assigned Interest, (ii) the
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 (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 the
Borrower, any of its Subsidiaries or Affiliates or any other Person obligated in respect of any Loan Document or (iv) the
performance or observance by the Borrower, any of its Subsidiaries or Affiliates or any other Person of any of their respective
obligations under any Loan Document.

 

1.2.       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 Assigned Interest,
shall have the obligations of a Lender thereunder, (iv) it has received a copy of the Credit Agreement, together with copies
of the most recent financial statements delivered pursuant to Section 5.01 thereof, as applicable, and such other documents
and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and Assumption
and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance
on the Administrative Agent, any arranger of the credit facility evidenced by the Credit Agreement or any other Lender and their
respective Related Parties, and (v) 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 Assignee; and (b) agrees that (i) it
will, independently and without reliance on the Administrative Agent, any arranger of the credit facility evidenced by the Credit
Agreement, the Assignor or any other Lender and their respective Related Parties, 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.

 

2.         Payments.
From and after the Effective Date, the Administrative Agent shall make all payments in respect of the Assigned Interest (including
payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective
Date and to the Assignee for amounts which have accrued from and after the Effective Date.

 

3.         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. Acceptance and adoption of the terms of this Assignment and Assumption by the
Assignee and the Assignor by Electronic Signature or delivery of an executed counterpart of a signature page of this
Assignment and Assumption by any Approved Electronic Platform shall be effective as delivery of a manually executed
counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in
accordance with, the law of the State of New York.

 

    Exhibit A-4

     

    

 

EXHIBIT B

 

FORM OF INCREASING LENDER SUPPLEMENT

 

INCREASING LENDER SUPPLEMENT,
dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Credit Agreement,
dated as of May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders party thereto and Goldman Sachs Bank USA,
as administrative agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, pursuant to
Section 2.20 of the Credit Agreement, the Borrower has the right, subject to the terms and conditions thereof, to effectuate
from time to time an increase in the aggregate Commitment under the Credit Agreement by requesting one or more Lenders to increase
the amount of its Commitment;

 

WHEREAS, the Borrower
has given notice to the Administrative Agent of its intention to increase the Commitment pursuant to such Section 2.20;
and

 

WHEREAS, pursuant to
Section 2.20 of the Credit Agreement, the undersigned Increasing Lender now desires to increase the amount of its Commitment
under the Credit Agreement by executing and delivering to the Borrower and the Administrative Agent this Supplement;

 

NOW, THEREFORE, each
of the parties hereto hereby agrees as follows:

 

1.         The
undersigned Increasing Lender agrees, subject to the terms and conditions of the Credit Agreement, that on the date of this Supplement
it shall have its Commitment increased by $[__________], thereby making the aggregate amount of its total Commitments equal to
$[__________].

 

2.         The
Borrower hereby represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date
hereof.

 

3.         Terms
defined in the Credit Agreement shall have their defined meanings when used herein.

 

4.         This
Supplement shall be governed by, and construed in accordance with, the laws of the State of New York.

 

5.         This
Supplement may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

    Exhibit B-1

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

	 	[INSERT NAME OF INCREASING
    LENDER]
	 	 
	 	By:	                   
	 	Name:
	 	Title:

 

	Accepted and agreed to as of
    the date first written above:	 
	 	 
	REGENERON PHARMACEUTICALS,
    INC.	 
	 	 
	By:	                                   	 
	Name:	 
	Title:	 
	 	 
	Acknowledged as of the date
    first written above:	 
	 	 
	GOLDMAN SACHS BANK USA, 

as
    Administrative Agent	 
	 	 
	By:	 	 
	Name:	 
	Title:	 

 

    Exhibit B-2

     

    

 

 

EXHIBIT C

 

FORM OF AUGMENTING LENDER SUPPLEMENT

 

AUGMENTING LENDER SUPPLEMENT,
dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to the Credit Agreement,
dated as of May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”),
among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders party thereto and Goldman Sachs Bank USA,
as administrative agent (in such capacity, the “Administrative Agent”).

 

W I T N E S S E T H

 

WHEREAS, the Credit Agreement
provides in Section 2.20 thereof that any bank, financial institution or other entity may extend Commitments under
the Credit Agreement subject to the approval of the Borrower and the Administrative Agent, by executing and delivering to the Borrower
and the Administrative Agent a supplement to the Credit Agreement in substantially the form of this Supplement; and

 

WHEREAS, the undersigned
Augmenting Lender was not an original party to the Credit Agreement but now desires to become a party thereto;

 

NOW, THEREFORE, each
of the parties hereto hereby agrees as follows:

 

1. The undersigned Augmenting
Lender agrees to be bound by the provisions of the Credit Agreement and agrees that it shall, on the date of this Supplement, become
a Lender for all purposes of the Credit Agreement to the same extent as if originally a party thereto, with a Commitment with respect
to Loans of $[__________].

 

2. The undersigned Augmenting
Lender (a) represents and warrants that it is legally authorized to enter into this Supplement; (b) confirms that it
has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to
Section 5.01 thereof, as applicable, and has reviewed such other documents and information as it has deemed appropriate
to make its own credit analysis and decision to enter into this Supplement; (c) agrees that it will, independently and without
reliance upon the Administrative Agent or any other Lender and based on such documents and information as it shall deem appropriate
at the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other instrument
or document furnished pursuant hereto or thereto; (d) appoints and authorizes the Administrative Agent to take such action
as agent on its behalf and to exercise such powers and discretion under the Credit Agreement or any other instrument or document
furnished pursuant hereto or thereto as are delegated to the Administrative Agent by the terms thereof, together with such powers
as are incidental thereto; and (e) agrees that it will be bound by the provisions of the Credit Agreement and will perform
in accordance with its terms all the obligations which by the terms of the Credit Agreement are required to be performed by it
as a Lender.

 

    Exhibit C-1

     

    

 

3. The undersigned’s
address for notices for the purposes of the Credit Agreement is as follows:

 

[___________]

 

4. The Borrower hereby
represents and warrants that no Default or Event of Default has occurred and is continuing on and as of the date hereof.

 

5. Terms defined in the
Credit Agreement shall have their defined meanings when used herein.

 

6. This Supplement shall
be governed by, and construed in accordance with, the laws of the State of New York.

 

7. This Supplement may
be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed
shall be deemed to be an original and all of which taken together shall constitute one and the same document.

 

[remainder of this page intentionally left
blank]

 

    Exhibit C-2

     

    

 

IN WITNESS WHEREOF, each
of the undersigned has caused this Supplement to be executed and delivered by a duly authorized officer on the date first above
written.

 

	 	[INSERT NAME OF AUGMENTING LENDER]
	 
	 	By:	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	Name:
	 	Title:

 

Accepted and agreed to as of
the date first written above:

 

	REGENERON PHARMACEUTICALS, INC.
	 
	By:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:
	Title:
	 
	Acknowledged as of the date first written above:
	 
	GOLDMAN SACHS BANK USA
	as Administrative Agent
	 
	By:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Name:
	Title:

 

    Exhibit C-3

     

    

 

EXHIBIT D

 

LIST OF EFFECTIVE DATE DOCUMENTS

 

REGENERON PHARMACEUTICALS, INC.

 

CREDIT FACILITY

 

May 25, 2020

 

LIST OF EFFECTIVE DATE DOCUMENTS1

 

A.       LOAN
DOCUMENTS

 

		1.	Credit Agreement (the “Credit Agreement”) by and among Regeneron Pharmaceuticals,
Inc., a New York corporation (the “Borrower”), the institutions from time to time parties thereto as Lenders
(the “Lenders”) and Goldman Sachs Bank USA, in its capacity as Administrative Agent for itself and the other
Lenders (the “Administrative Agent”), evidencing a term loan credit facility to the Borrower from the Lenders
in an initial aggregate principal amount of $1,500,000,000.

 

SCHEDULES

 

	Schedule 2.01	--	Commitments
	Schedule 3.01	--	Subsidiaries
	Schedule 6.01	--	Existing Indebtedness
	Schedule 6.02	--	Existing Liens

 

EXHIBITS

 

	Exhibit A	--	Form of Assignment and Assumption
	Exhibit B	--	Form of Increasing Lender Supplement
	Exhibit C	--	Form of Augmenting Lender Supplement
	Exhibit D	--	List of Effective Date Documents
	Exhibit E	--	Form of Solvency Certificate
	Exhibit F	--	Form of Subsidiary Guaranty
	Exhibit G-1	--	Form of U.S. Tax Certificate (Foreign Lenders That Are Not Partnerships)
	Exhibit G-2	--	Form of U.S. Tax Certificate (Foreign Participants That Are Not Partnerships)
	Exhibit G-3	--	Form of U.S. Tax Certificate (Foreign Participants That Are Partnerships)
	Exhibit G-4	--	Form of U.S. Tax Certificate (Foreign Lenders That Are Partnerships)
	Exhibit H-1	--	Form of Borrowing Request
	Exhibit H-2	--	Form of Interest Election Request
	Exhibit I	--	Form of Note

 

 

1
Each capitalized term used herein and not defined herein shall have the meaning assigned to such term in the above-defined
Credit Agreement. Items appearing in bold and italics shall be prepared and/or provided by the Borrower and/or Borrower’s
counsel.

 

    Exhibit D-1

     

    

 

		2.	Notes executed by the Borrower in favor of each of the Lenders, if any, which has requested a note
pursuant to Section 2.10(e) of the Credit Agreement.

 

		3.	Fee and Syndication Letter executed by each of the Borrower and Goldman Sachs Bank USA.

 

B.       CORPORATE
DOCUMENTS

 

		4.	Certificate of the Secretary or an Assistant Secretary of the Borrower certifying (i) that
there have been no changes in the Certificate of Incorporation, as attached thereto and as certified as of a recent date by the
Secretary of State (or analogous governmental entity) of the jurisdiction of its organization or incorporation (as applicable),
since the date of the certification thereof by such governmental entity, (ii) the By-Laws or other applicable organizational
or constitutional document, as attached thereto, of the Borrower as in effect on the date of such certification, (iii) resolutions
of the Board of Directors or other governing body of the Borrower authorizing the execution, delivery and performance of each Loan
Document to which it is a party and (iv) the names and true signatures of the incumbent officers of the Borrower authorized
to sign the Loan Documents to which it is a party and to request a Loan under the Credit Agreement.

 

		5.	Good Standing Certificate (or analogous documentation if applicable) for the Borrower from
the Secretary of State of the jurisdiction of its organization or incorporation.

 

C.       OPINIONS

 

		6.	N/A.

 

D.       EFFECTIVE
DATE CERTIFICATES AND MISCELLANEOUS

 

		7.	A Certificate signed by a Responsible Officer of the Borrower certifying on behalf of the
Borrower the following: (i) that the representations and warranties contained in Article III of the Credit Agreement
are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality or Material
Adverse Effect, in all respects) as of the Effective Date except to the extent that such representations and warranties specifically
refer to an earlier date, in which case they are true and correct in all material respects (or, in the case of any representation
or warranty qualified by materiality or Material Adverse Effect, in all respects) as of such earlier date and (ii) that no
Default or Event of Default has occurred and is then continuing.

 

    Exhibit D-2

     

    

 

EXHIBIT E

 

[Form
of] 

 

Solvency
Certificate

 

[___], 20[_]

 

Reference is made to
the Credit Agreement, dated as of May 25, 2020 (the “Credit Agreement”), among Regeneron Pharmaceuticals, Inc.,
a New York corporation (the “Company”), the Lenders from time to time party thereto and Goldman Sachs Bank USA,
as administrative agent (in such capacity, the “Administrative Agent”). Capitalized terms used but not otherwise
defined herein shall have the meanings assigned to them in the Credit Agreement. This Solvency Certificate is furnished to the
Administrative Agent and the Lenders pursuant to Section 4.02(c)(ii) of the Credit Agreement.

 

I, [_], solely in my
official capacity as [_] of the Company and not in any individual capacity (and without personal liability), hereby certify that,
as of the date hereof, immediately after giving effect to the consummation of the Transactions occurring on the Closing Date and
the making of the Loans on the date hereof and the use of the proceeds thereof:

 

(a)                 the
fair value of the assets of the Company and its Subsidiaries, on a consolidated basis, exceeds the total amount of liabilities
(including contingent liabilities) of the Company and its Subsidiaries, on a consolidated basis;

 

(b)                the
present fair saleable value of the property of the Company and its Subsidiaries, on a consolidated basis, is greater than the
amount that will be required to pay the probable liability, on a consolidated basis, of their debts and other liabilities (including
contingent liabilities), as such debts and other liabilities become absolute and matured;

 

(c)                 the
Company and its Subsidiaries, on a consolidated basis, have not incurred debts and liabilities (including contingent liabilities),
beyond their ability to pay such debts and other liabilities as they become absolute and matured; and

 

(d)                the
capital of the Company and its Subsidiaries, on a consolidated basis, is not unreasonably small in relation to their business
as contemplated on the date hereof.

 

For purposes of this
Solvency Certificate, the amount of any contingent liability has been computed as the amount that, in light of all of the facts
and circumstances existing as of the date hereof, represents the amount that can reasonably be expected to become an actual or
matured liability.

 

[Signature Page Follows]

 

    Exhibit E-1

     

    

 

IN WITNESS WHEREOF,
I, the undersigned, have duly executed this Solvency Certificate on behalf of the Company as of the date first written above.

 

	 	REGENERON PHARMACEUTICALS, INC.
	 
	 	By:	                                                                                                                                        
	 	Name:
	 	Title:

 

    Exhibit E-2

     

    

 

EXHIBIT F

 

[FORM OF]

 

SUBSIDIARY GUARANTY

 

GUARANTY

 

THIS GUARANTY (as amended,
restated, supplemented or otherwise modified from time to time, this “Guaranty”) is made as of [__________],
by and among each of the undersigned (the “Initial Guarantors” and along with any additional Subsidiaries of the Borrower
which become parties to this Guaranty by executing a supplement hereto in the form attached as Annex I, the “Guarantors”)
in favor of the Administrative Agent, for the ratable benefit of the Holders of Guaranteed Obligations (as defined below), under
the Credit Agreement referred to below.

 

WITNESSETH

 

WHEREAS, Regeneron Pharmaceuticals,
Inc., a New York corporation (the “Borrower”), the institutions from time to time parties thereto as lenders
(the “Lenders”), and Goldman Sachs Bank USA, as administrative agent (the “Administrative Agent”)
have entered into a certain Credit Agreement dated as of May 25, 2020 (as the same may be amended, modified, supplemented and/or
restated, and as in effect from time to time, the “Credit Agreement”), providing, subject to the terms and conditions
thereof, for extensions of credit and other financial accommodations to be made by the Lenders to the Borrower;

 

WHEREAS, it is a condition
precedent to the extensions of credit by the Lenders under the Credit Agreement that each of the Guarantors (constituting all of
the Subsidiaries of the Borrower required to execute this Guaranty pursuant to Section 5.09 of the Credit Agreement) execute
and deliver this Guaranty, whereby each of the Guarantors shall guarantee the payment when due of all Obligations; and

 

WHEREAS, in consideration
of the direct and indirect financial and other support that the Borrower has provided, and such direct and indirect financial and
other support as the Borrower may in the future provide, to the Guarantors, and in order to induce the Lenders and the Administrative
Agent to enter into the Credit Agreement, each of the Guarantors is willing to guarantee the Obligations of the Borrower;

 

NOW, THEREFORE, in consideration
of the foregoing premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
the parties hereto agree as follows:

 

SECTION
1.         
Definitions. Terms defined in the Credit Agreement and not otherwise defined herein have, as used herein,
the respective meanings provided for therein. As used herein:

 

“Excluded Swap
Obligation” means, with respect to any Loan Party, any Specified Swap Obligation if, and to the extent that, all or
a portion of the Guarantee of such Loan Party of, or the grant by such Loan Party of a security interest to secure, such Specified
Swap Obligation (or any Guarantee thereof) is or becomes illegal under the Commodity Exchange Act or any rule, regulation or order
of the Commodity Futures Trading Commission (or the application or official interpretation of any thereof) by virtue of such Loan
Party’s failure for any reason to constitute an ECP at the time the Guarantee of such Loan Party or the grant of such security
interest becomes effective with respect to such Specified Swap Obligation. If a Specified Swap Obligation arises under a master
agreement governing more than one swap, such exclusion shall apply only to the portion of such Specified Swap Obligation that
is attributable to swaps for which such Guarantee or security interest is or becomes illegal.

 

    Exhibit F-1

     

    

 

SECTION
2.         
Representations, Warranties and Covenants. Each of the Guarantors represents and warrants that:

 

(A)             
It (i) is duly organized or incorporated, as the case may be, validly existing and in good standing (to the extent
the concept is applicable in such jurisdiction) under the laws of the jurisdiction of its organization or incorporation (as applicable),
(ii) has all requisite organizational power and authority to carry on its business as now conducted and (iii) is qualified to do
business in, and (to the extent the concept is applicable in such jurisdiction) is in good standing in, every jurisdiction where
its ownership, lease or operation of properties or the conduct of its business requires such qualification, in any such case of
clause (iii), except where the failure to do so could not reasonably be expected to result in a Material Adverse Effect.

 

(B)             
It (to the extent applicable) has the requisite organizational power and authority and legal right to execute and
deliver this Guaranty and to perform its obligations hereunder. The execution and delivery by each Guarantor of this Guaranty and
the performance by each of its obligations hereunder have been duly authorized by all necessary organizational actions and, if
required, actions by equity holders of such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such
Guarantor, enforceable against such Guarantor in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, examinership,
reorganization, moratorium or other laws affecting creditors’ rights generally, (ii) general principles of equity, regardless
of whether considered in a proceeding in equity or at law and (iii) requirements of reasonableness, good faith and fair dealing.

 

(C)             
Neither the execution and delivery by it of this Guaranty, nor the consummation by it of the transactions herein
contemplated, nor compliance by it with the provisions hereof will (i) violate in any material respect any applicable material
law or regulation or the charter, by-laws, constitution or other organizational documents of any Loan Party or any Material Subsidiary
or any material order of any Governmental Authority binding upon any Loan Party or any of the Material Subsidiaries or its assets,
(ii) violate in any material respect or result in a default under any indenture, material agreement or other material instrument
binding upon the Borrower or any of its Material Subsidiaries or its assets, or give rise to a right thereunder to require any
payment to be made by the Borrower or any of its Material Subsidiaries, except, in the case of this clause (ii), for any such violations,
defaults or rights that could not reasonably be expected to result in a Material Adverse Effect, or (iii) result in the creation
or imposition of any Lien on any asset of the Borrower or any of its Material Subsidiaries, other than Liens (if any) permitted
by Section 6.02(a) of the Credit Agreement. No order, consent, adjudication, approval, license, authorization, or validation of,
or filing, recording or registration with, or exemption by, or other action in respect of any governmental or public body or authority,
or any subdivision thereof is required to be obtained by it in connection with the execution, delivery and performance by it of,
or the legality, validity, binding effect or enforceability against it of, this Guaranty, in any such case, except such as are
not material or have been, or will be by the time required, obtained or made and are, or will be by the time required, in full
force and effect.

 

In addition to the foregoing,
until the Commitments under the Credit Agreement have expired or been terminated and the principal of and interest on each Loan
and all fees due and payable thereunder have been paid in full (other than Guaranteed Obligations expressly stated to survive such
payment and termination), each of the Guarantors covenants that it will, and, if necessary, will enable each of the Borrower to,
fully comply with those covenants and agreements of the Borrower applicable to such Guarantor set forth in the Credit Agreement.

 

    Exhibit F-2

     

    

 

SECTION
3.         The
Guaranty. Each of the Guarantors hereby unconditionally guarantees, jointly with the other Guarantors and severally, the full
and punctual payment and performance when due (whether at stated maturity, upon acceleration or otherwise) of the Obligations,
including, without limitation, (i) the principal of and interest on each Loan made to the Borrower pursuant to the Credit
Agreement, (ii) all obligations of the Borrower owing to any Lender or any affiliate of any Lender under any Swap Agreement
or Banking Services Agreement, (iii) all other amounts payable by the Borrower or any of its Subsidiaries under the Credit
Agreement, any Swap Agreement, any Banking Services Agreement and the other Loan Documents and (iv) the punctual and faithful
performance, keeping, observance, and fulfillment by the Borrower of all of the agreements, conditions, covenants, and obligations
of the Borrower contained in the Loan Documents (all of the foregoing being referred to collectively as the “Guaranteed
Obligations” (provided, however, that the definition of “Guaranteed Obligations” shall not
create or include any guarantee by any Guarantor of any Excluded Swap Obligations of such Guarantor for purposes of determining
any obligations of any Guarantor) and the holders from time to time of the Guaranteed Obligations being referred to collectively
as the “Holders of Guaranteed Obligations”). Upon (x) the failure by the Borrower or any of its Affiliates,
as applicable, to pay punctually any such amount or perform such obligation, and (y) such failure continuing beyond any applicable
grace or notice and cure period, each of the Guarantors agrees that it shall forthwith on demand pay such amount or perform such
obligation at the place and in the manner specified in the Credit Agreement, any Swap Agreement, any Banking Services Agreement
or the relevant Loan Document, as the case may be. Each of the Guarantors hereby agrees that this Guaranty is an absolute, irrevocable
and unconditional guaranty of payment and is not a guaranty of collection.

 

Each of the Guarantors
hereby irrevocably and unconditionally agrees, jointly and severally with the other Guarantors, that if any obligation guaranteed
by it is or becomes unenforceable, invalid or illegal, it will, as an independent  and primary obligation, indemnify the Holders
of Guaranteed Obligations immediately on demand against any cost, loss or liability they incur as a result of the Borrower or any
of its Affiliates not paying any amount which would, but for such unenforceability, invalidity or illegality, have been payable
by such Guarantor under this Guaranty on the date when it would have been due (but so that the amount payable by each Guarantor
under this indemnity will not exceed the amount which it would have had to pay under this Guaranty if the amount claimed had been
recoverable on the basis of a guaranty).

 

SECTION
4.         Guaranty
Unconditional. The obligations of each of the Guarantors hereunder shall be unconditional and absolute and, without limiting
the generality of the foregoing, shall not be released, discharged or otherwise affected by:

 

(A)              
any extension, renewal, settlement, indulgence, compromise, waiver or release of or with respect to the Guaranteed
Obligations or any part thereof or any agreement relating thereto, or with respect to any obligation of any other guarantor of
any of the Guaranteed Obligations, whether (in any such case) by operation of law or otherwise, or any failure or omission to enforce
any right, power or remedy with respect to the Guaranteed Obligations or any part thereof or any agreement relating thereto, or
with respect to any obligation of any other guarantor of any of the Guaranteed Obligations;

 

(B)                any
modification or amendment of or supplement to the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any
other Loan Document, including, without limitation, any such amendment which may increase the amount of, or the interest rates
applicable to, any of the Obligations guaranteed hereby;

 

(C)                any
release, surrender, compromise, settlement, waiver, subordination or modification, with or without consideration, of any collateral
securing the Guaranteed Obligations or any part thereof, any other guaranties with respect to the Guaranteed Obligations or any
part thereof, or any other obligation of any person or entity with respect to the Guaranteed Obligations or any part thereof,
or any nonperfection or invalidity of any direct or indirect security for the Guaranteed Obligations;

 

    Exhibit F-3

     

    

 

 

(D)             
any change in the corporate, partnership or other existence, structure or ownership of the Borrower or any other
guarantor of any of the Guaranteed Obligations, or any insolvency, bankruptcy, examinership, reorganization or other similar proceeding
affecting the Borrower or any other guarantor of the Guaranteed Obligations, or any of their respective assets or any resulting
release or discharge of any obligation of the Borrower or any other guarantor of any of the Guaranteed Obligations;

 

(E)              
the existence of any claim, setoff or other rights which the Guarantors may have at any time against the Borrower,
any other guarantor of any of the Guaranteed Obligations, the Administrative Agent, any Holder of Guaranteed Obligations or any
other Person, whether in connection herewith or in connection with any unrelated transactions; provided that nothing herein
shall prevent the assertion of any such claim by separate suit or compulsory counterclaim;

 

(F)              
the enforceability or validity of the Guaranteed Obligations or any part thereof or the genuineness, enforceability
or validity of any agreement relating thereto or with respect to any collateral securing the Guaranteed Obligations or any part
thereof, or any other invalidity or unenforceability relating to or against the Borrower or any other guarantor of any of the Guaranteed
Obligations, for any reason related to the Credit Agreement, any Swap Agreement, any Banking Services Agreement, any other Loan
Document, or any provision of applicable law decree, order or regulation of any jurisdiction purporting to prohibit the payment
by the Borrower or any other guarantor of the Guaranteed Obligations, of any of the Guaranteed Obligations or otherwise affecting
any term of any of the Guaranteed Obligations;

 

(G)             
the failure of the Administrative Agent to take any steps to perfect and maintain any security interest in, or to
preserve any rights to, any security or collateral for the Guaranteed Obligations, if any;

 

(H)             
the election by, or on behalf of, any one or more of the Holders of Guaranteed Obligations, in any proceeding instituted
under Chapter 11 of Title 11 of the United States Code (11 U.S.C. 101 et seq.) (the “Bankruptcy Code”),
of the application of Section 1111(b)(2) of the Bankruptcy Code;

 

(I)                any
borrowing or grant of a security interest by the Borrower, as debtor-in-possession, under Section 364 of the Bankruptcy Code;

 

(J)                the
disallowance, under Section 502 of the Bankruptcy Code, of all or any portion of the claims of the Holders of Guaranteed
Obligations or the Administrative Agent for repayment of all or any part of the Guaranteed Obligations;

 

(K)             
the failure of any other guarantor to sign or become party to this Guaranty or any amendment, change, or reaffirmation
hereof; or

 

(L)               any
other act or omission to act or delay of any kind by the Borrower, any other guarantor of the Guaranteed Obligations, the
Administrative Agent, any Holder of Guaranteed Obligations or any other Person or any other circumstance whatsoever which
might, but for the provisions of this Section 4, constitute a legal or equitable discharge of any Guarantor’s
obligations hereunder except as provided in Section 5.

 

     Exhibit F-4

     

    

 

SECTION
5.         
Continuing Guarantee; Discharge Only Upon Payment In Full; Reinstatement In Certain Circumstances. Each of
the Guarantors’ obligations hereunder shall constitute a continuing and irrevocable guarantee of all Guaranteed Obligations
now or hereafter existing and shall remain in full force and effect until all Guaranteed Obligations shall have been paid in full
in cash and the Commitments issued under the Credit Agreement shall have terminated or expired, or satisfaction otherwise of the
Final Release Conditions. If at any time any payment of the principal of or interest on any Loan or any other amount payable by
the Borrower or any other party under the Credit Agreement, any Swap Agreement, any Banking Services Agreement or any other Loan
Document (including a payment effected through exercise of a right of setoff) is rescinded, or is or must be otherwise restored
or returned upon the insolvency, bankruptcy, examinership or reorganization of the Borrower or otherwise, each of the Guarantors’
obligations hereunder with respect to such payment shall be reinstated as though such payment had been due but not made at such
time. The parties hereto acknowledge and agree that each of the Guaranteed Obligations shall be due and payable in Dollars.

 

SECTION
6.         
General Waivers; Additional Waivers.

 

(A)             
General Waivers. Each of the Guarantors irrevocably waives acceptance hereof, presentment, demand or action
on delinquency, protest, the benefit of any statutes of limitations and, to the fullest extent permitted by law, any notice not
provided for herein, as well as any requirement that at any time any action be taken by any Person against the Borrower, any other
guarantor of the Guaranteed Obligations, or any other Person.

 

(B)             
Additional Waivers. Notwithstanding anything herein to the contrary, each of the Guarantors hereby absolutely,
unconditionally, knowingly, and expressly waives:

 

(i)                
any right it may have to revoke this Guaranty as to future indebtedness or notice of acceptance hereof;

 

(ii)              
(a) notice of acceptance hereof; (b) notice of any loans or other financial accommodations made or extended
under the Loan Documents or the creation or existence of any Guaranteed Obligations; (c) notice of the amount of the Guaranteed
Obligations, subject, however, to each Guarantor’s right to make inquiry of Administrative Agent and Holders of Guaranteed
Obligations to ascertain the amount of the Guaranteed Obligations at any reasonable time; (d) notice of any adverse change
in the financial condition of the Borrower or of any other fact that might increase such Guarantor’s risk hereunder; (e) notice
of presentment for payment, demand, protest, and notice thereof as to any instruments among the Loan Documents; (f) notice
of any Default or Event of Default; and (g) all other notices (except if such notice is specifically required to be given
to such Guarantor hereunder or under the Loan Documents) and demands to which each Guarantor might otherwise be entitled;

 

(iii)            
its right, if any, to require the Administrative Agent and the other Holders of Guaranteed Obligations to institute
suit against, or to exhaust any rights and remedies which the Administrative Agent and the other Holders of Guaranteed Obligations
has or may have against, the other Guarantors or any third party; and each Guarantor further waives any defense arising by reason
of any disability or other defense (other than the defense that the Guaranteed Obligations shall have been fully and finally performed
and indefeasibly paid) of the other Guarantors or by reason of the cessation from any cause whatsoever of the liability of the
other Guarantors in respect thereof;

 

     Exhibit F-5

     

    

 

(iv)             
 (a) any rights to assert against the Administrative Agent and the other Holders of Guaranteed Obligations any
defense (legal or equitable), set-off, counterclaim, or claim which such Guarantor may now or at any time hereafter have against
the other Guarantors or any other party liable to the Administrative Agent and the other Holders of Guaranteed Obligations; (b) any
defense, set-off, counterclaim, or claim, of any kind or nature, arising directly or indirectly from the present or future lack
of perfection, sufficiency, validity, or enforceability of the Guaranteed Obligations or any security therefor; (c) any defense
such Guarantor has to performance hereunder, and any right such Guarantor has to be exonerated, arising by reason of: the impairment
or suspension of the Administrative Agent’s and the other Holders of Guaranteed Obligations’ rights or remedies against
the other Guarantors; the alteration by the Administrative Agent and the other Holders of Guaranteed Obligations of the Guaranteed
Obligations; any discharge of the other Guarantors’ obligations to the Administrative Agent and the other Holders of Guaranteed
Obligations by operation of law as a result of the Administrative Agent’s and the other Holders of Guaranteed Obligations’
intervention or omission; or the acceptance by the Administrative Agent and the other Holders of Guaranteed Obligations of anything
in partial satisfaction of the Guaranteed Obligations; and (d) the benefit of any statute of limitations affecting such Guarantor’s
liability hereunder or the enforcement thereof, and any act which shall defer or delay the operation of any statute of limitations
applicable to the Guaranteed Obligations shall similarly operate to defer or delay the operation of such statute of limitations
applicable to such Guarantor’s liability hereunder; and

 

(v)               
any defense arising by reason of or deriving from (a) any claim or defense based upon an election of remedies
by the Administrative Agent and the other Holders of Guaranteed Obligations; or (b) any election by the Administrative Agent
and the other Holders of Guaranteed Obligations under Section 1111(b) of Title 11 of the United States Code entitled
 “Bankruptcy”, as now and hereafter in effect (or any successor statute), to limit the amount of, or any collateral
securing, its claim against the Guarantors.

 

SECTION
7.         
Subordination of Subrogation; Subordination of Intercompany Indebtedness.

 

(A)             
Subordination of Subrogation. Until the Guaranteed Obligations have been fully and finally performed and
indefeasibly paid in full in cash, or satisfaction otherwise of the Final Release Conditions, the Guarantors (i) shall have
no right of subrogation with respect to such Guaranteed Obligations, (ii) waive any right to enforce any remedy which the
Holders of Guaranteed Obligations or the Administrative Agent now have or may hereafter have against the Borrower, any endorser
or any guarantor of all or any part of the Guaranteed Obligations or any other Person, and (iii) waive any benefit of, and
any right to participate in, any security or collateral given to the Holders of Guaranteed Obligations and the Administrative
Agent to secure the payment or performance of all or any part of the Guaranteed Obligations or any other liability of the Borrower
to the Holders of Guaranteed Obligations. Should any Guarantor have the right, notwithstanding the foregoing, to exercise its
subrogation rights, each Guarantor hereby expressly and irrevocably (A) subordinates any and all rights at law or in equity
to subrogation, reimbursement, exoneration, contribution, indemnification or set off that such Guarantor may have to the indefeasible
payment in full in cash of the Guaranteed Obligations and (B) waives any and all defenses available to a surety, guarantor
or accommodation co-obligor until the Guaranteed Obligations are indefeasibly paid in full in cash. Each Guarantor acknowledges
and agrees that this subordination is intended to benefit the Administrative Agent and the other Holders of Guaranteed Obligations
and shall not limit or otherwise affect such Guarantor’s liability hereunder or the enforceability of this Guaranty, and
that the Administrative Agent, the other Holders of Guaranteed Obligations and their respective successors and assigns are intended
third party beneficiaries of the waivers and agreements set forth in this Section 7(A).

 

     Exhibit F-6

     

    

 

(B)             
Subordination of Intercompany Indebtedness. Each Guarantor agrees that any and all claims of such Guarantor
against the Borrower or any other Guarantor hereunder (each an “Obligor”) with respect to any “Intercompany
Indebtedness” (as hereinafter defined), any endorser, obligor or any other guarantor of all or any part of the Guaranteed
Obligations, or against any of its properties shall be subordinate and subject in right of payment to the prior payment, in full
and in cash, of all Guaranteed Obligations; provided that, as long as no Event of Default has occurred and is continuing,
such Guarantor may receive payments of principal and interest from any Obligor with respect to Intercompany Indebtedness. Notwithstanding
any right of any Guarantor to ask, demand, sue for, take or receive any payment from any Obligor, all rights, liens and security
interests of such Guarantor, whether now or hereafter arising and howsoever existing, in any assets of any other Obligor shall
be and are subordinated to the rights of the Holders of Guaranteed Obligations and the Administrative Agent in those assets. No
Guarantor shall have any right to possession of any such asset or to foreclose upon any such asset, whether by judicial action
or otherwise, unless and until all of the Guaranteed Obligations shall have been fully paid and satisfied (in cash) and all financing
arrangements pursuant to any Loan Document, any Swap Agreement or any Banking Services Agreement have been terminated. If all or
any part of the assets of any Obligor, or the proceeds thereof, are subject to any distribution, division or application to the
creditors of such Obligor, whether partial or complete, voluntary or involuntary, and whether by reason of liquidation, bankruptcy,
arrangement, receivership, assignment for the benefit of creditors or any other action or proceeding, or if the business of any
such Obligor is dissolved or if substantially all of the assets of any such Obligor are sold, then, and in any such event (such
events being herein referred to as an “Insolvency Event”), any payment or distribution of any kind or character,
either in cash, securities or other property, which shall be payable or deliverable upon or with respect to any indebtedness of
any Obligor to any Guarantor (“Intercompany Indebtedness”) shall be paid or delivered directly to the Administrative
Agent for application on any of the Guaranteed Obligations, due or to become due, until such Guaranteed Obligations shall have
first been fully paid and satisfied (in cash). Should any payment, distribution, security or instrument or proceeds thereof be
received by the applicable Guarantor upon or with respect to the Intercompany Indebtedness after any Insolvency Event and prior
to the satisfaction of all of the Guaranteed Obligations and the termination of all financing arrangements pursuant to any Loan
Document among the Borrower and the Holders of Guaranteed Obligations, such Guarantor shall receive and hold the same in trust,
as trustee, for the benefit of the Holders of Guaranteed Obligations and shall forthwith deliver the same to the Administrative
Agent, for the benefit of the Holders of Guaranteed Obligations, in precisely the form received (except for the endorsement or
assignment of the Guarantor where necessary), for application to any of the Guaranteed Obligations, due or not due, and, until
so delivered, the same shall be held in trust by the Guarantor as the property of the Holders of Guaranteed Obligations. If any
such Guarantor fails to make any such endorsement or assignment to the Administrative Agent, the Administrative Agent or any of
its officers or employees is irrevocably authorized to make the same. Each Guarantor agrees that until the Guaranteed Obligations
(other than the contingent indemnity obligations) have been paid in full (in cash) and satisfied and all financing arrangements
pursuant to any Loan Document among the Borrower and the Holders of Guaranteed Obligations have been terminated or satisfaction
otherwise of the Final Release Conditions, no Guarantor will assign or transfer to any Person (other than the Administrative Agent)
any claim any such Guarantor has or may have against any Obligor.

 

SECTION
8.         
Contribution with Respect to Guaranteed Obligations.

 

(A)              To
the extent that any Guarantor shall make a payment under this Guaranty (a “Guarantor Payment”) which,
taking into account all other Guarantor Payments then previously or concurrently made by any other Guarantor, exceeds the
amount which otherwise would have been paid by or attributable to such Guarantor if each Guarantor had paid the aggregate
Guaranteed Obligations satisfied by such Guarantor Payment in the same proportion as such Guarantor’s “Allocable
Amount” (as defined below) (as determined immediately prior to such Guarantor Payment) bore to the aggregate Allocable
Amounts of each of the Guarantors as determined immediately prior to the making of such Guarantor Payment, then, following
indefeasible payment in full in cash of the Guaranteed Obligations and termination of the Credit Agreement, the Swap
Agreements and the Banking Services Agreements, such Guarantor shall be entitled to receive contribution and indemnification
payments from, and be reimbursed by, each other Guarantor for the amount of such excess, pro rata based upon their
respective Allocable Amounts in effect immediately prior to such Guarantor Payment.

 

     Exhibit F-7

     

    

 

(B)             
As of any date of determination, the “Allocable Amount” of any Guarantor shall be equal to the excess
of the fair saleable value of the property of such Guarantor over the total liabilities of such Guarantor (including the maximum
amount reasonably expected to become due in respect of contingent liabilities, calculated, without duplication, assuming each other
Guarantor that is also liable for such contingent liability pays its ratable share thereof), giving effect to all payments made
by other Guarantors as of such date in a manner to maximize the amount of such contributions.

 

(C)              This
Section 8 is intended only to define the relative rights of the Guarantors, and nothing set forth in this Section 8
is intended to or shall impair the obligations of the Guarantors, jointly and severally, to pay any amounts as and when the same
shall become due and payable in accordance with the terms of this Guaranty.

 

(D)              The
parties hereto acknowledge that the rights of contribution and indemnification hereunder shall constitute assets of the Guarantor
or Guarantors to which such contribution and indemnification is owing.

 

(E)               The
rights of the indemnifying Guarantors against other Guarantors under this Section 8 shall be exercisable upon the full and
indefeasible payment of the Guaranteed Obligations in cash and the termination of the Credit Agreement or satisfaction otherwise
of the Final Release Conditions.

 

SECTION
9.         
Limitation of Guaranty. Notwithstanding any other provision of this Guaranty, the amount guaranteed by each
Guarantor hereunder shall be limited to the extent, if any, required so that its obligations hereunder shall not be subject to
avoidance under Section 548 of the Bankruptcy Code or under any applicable state Uniform Fraudulent Transfer Act, Uniform
Fraudulent Conveyance Act or similar statute or common law. In determining the limitations, if any, on the amount of any Guarantor’s
obligations hereunder pursuant to the preceding sentence, it is the intention of the parties hereto that any rights of subrogation,
indemnification or contribution which such Guarantor may have under this Guaranty, any other agreement or applicable law shall
be taken into account.

 

SECTION
10.      Stay
of Acceleration. If acceleration of the time for payment of any amount payable by the Borrower under the Credit Agreement,
any Swap Agreement, any Banking Services Agreement or any other Loan Document is stayed upon the insolvency, bankruptcy or reorganization
of the Borrower, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement, any Swap Agreement,
any Banking Services Agreement or any other Loan Document shall nonetheless be payable by each of the Guarantors hereunder forthwith
on demand by the Administrative Agent.

 

SECTION
11.      Notices.
All notices, requests and other communications to any party hereunder shall be given in the manner prescribed in
Article IX of the Credit Agreement with respect to the Administrative Agent at its notice address therein and with
respect to any Guarantor, in care of the Borrower at the address of the Borrower set forth in the Credit Agreement or such
other address or telecopy number as such party may hereafter specify for such purpose by notice to the Administrative Agent
in accordance with the provisions of such Article IX.

 

     Exhibit F-8

     

    

 

SECTION
12.      No
Waivers. No failure or delay by the Administrative Agent or any other Holder of Guaranteed Obligations in exercising any right,
power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other
or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies provided in this Guaranty,
the Credit Agreement, any Swap Agreement, any Banking Services Agreement and the other Loan Documents shall be cumulative and not
exclusive of any rights or remedies provided by law.

 

SECTION
13.      Successors
and Assigns. This Guaranty is for the benefit of the Administrative Agent and the other Holders of Guaranteed Obligations and
their respective successors and permitted assigns; provided, that no Guarantor shall have any right to assign its rights
or obligations hereunder without the consent of all of the Lenders, and any such assignment in violation of this Section 13
shall be null and void; and in the event of an assignment of any amounts payable under the Credit Agreement, any Swap Agreement,
any Banking Services Agreement or the other Loan Documents in accordance with the respective terms thereof, the rights hereunder,
to the extent applicable to the indebtedness so assigned, may be transferred with such indebtedness. This Guaranty shall be binding
upon each of the Guarantors and their respective successors and assigns.

 

SECTION
14.      Changes
in Writing. Other than in connection with the addition of additional Subsidiaries, which become parties hereto by executing
a supplement hereto in the form attached as Annex I, neither this Guaranty nor any provision hereof may be changed, waived,
discharged or terminated orally, but only in writing signed by each of the Guarantors and the Administrative Agent.

 

SECTION
15.      GOVERNING
LAW. THIS GUARANTY SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK.

 

SECTION
16.      CONSENT
TO JURISDICTION; SERVICE OF PROCESS; JURY TRIAL; IMMUNITY.

 

(A)              CONSENT
TO JURISDICTION. Each GUARANTOR hereby irrevocably and unconditionally submits, for
itself and its property, to the exclusive jurisdiction of the United States District Court for the Southern District of New
York sitting in the Borough of Manhattan (or if such court lacks subject matter jurisdiction, the Supreme Court of the State
of New York sitting in the Borough of Manhattan), and any appellate court from any thereof, in any action or proceeding
arising out of or relating to this Guaranty, 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 (and any
such claims, cross-claims or third party claims brought against the Administrative Agent or any of its Related Parties may
only) be heard and determined in such federal (to the extent permitted by law) or New York State 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 GUARANTY or any other Loan
Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or
proceeding relating to this GUARANTY or any other Loan Document against any Loan Party or its properties in the courts of any
jurisdiction.

 

     Exhibit F-9

     

    

 

(B)             
EACH Guarantor irrevocably designates and appoints the BORROWER, as its authorized
agent, to accept and acknowledge on its behalf, service of any and all process which may be served in any suit, action or proceeding
of the nature referred to in clause (a) above. Said designation and appointment shall be irrevocable by each such Guarantor
until all Guaranteed Obligations payable by such Guarantor hereunder and under the other Loan Documents shall have been paid in
full in accordance with the provisions hereof and thereof. Each Guarantor hereby consents to process being served in any suit,
action or proceeding of the nature referred to in clause (a) above by service of process upon the BORROWER as provided in
this clause (b); provided that, to the extent lawful and possible, notice of said service upon such agent shall be
mailed by registered or certified air mail, postage prepaid, return receipt requested, to the BORROWER or to any other address
of which such Guarantor shall have given written notice to the Administrative Agent (with a copy thereof to the BORROWER). Each
Guarantor irrevocably waives, to the fullest extent permitted by law, all claim of error by reason of any such service in such
manner and agrees that such service shall be deemed in every respect effective service of process upon such Guarantor in any such
suit, action or proceeding and shall, to the fullest extent permitted by law, be taken and held to be valid and personal service
upon and personal delivery to such Guarantor. Nothing herein will affect the right of any party hereto to serve process in any
other manner permitted by law.

 

(C)             
WAIVER OF JURY TRIAL. EACH GUARANTOR HEREBY WAIVES TRIAL BY JURY IN ANY JUDICIAL PROCEEDING INVOLVING, DIRECTLY
OR INDIRECTLY, ANY MATTER (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY ARISING OUT OF, RELATED TO, OR CONNECTED
WITH THIS GUARANTY OR ANY OTHER LOAN DOCUMENT OR THE RELATIONSHIP ESTABLISHED THEREUNDER AND FURTHER WAIVES ANY RIGHT TO INTERPOSE
ANY COUNTERCLAIM RELATED TO THIS GUARANTY OR THE TRANSACTIONS CONTEMPLATED HEREBY IN SUCH ACTION.

 

(D)             
TO THE EXTENT THAT ANY GUARANTOR HAS OR HEREAFTER MAY ACQUIRE ANY IMMUNITY FROM JURISDICTION OF ANY COURT OR FROM
ANY LEGAL PROCESS (WHETHER FROM SERVICE OR NOTICE, ATTACHMENT PRIOR TO JUDGMENT, ATTACHMENT IN AID OF EXECUTION OF A JUDGMENT,
EXECUTION OR OTHERWISE), EACH GUARANTOR HEREBY IRREVOCABLY WAIVES SUCH IMMUNITY IN RESPECT OF ITS OBLIGATIONS UNDER THIS GUARANTY.

 

SECTION
17.      No
Strict Construction. The parties hereto have participated jointly in the negotiation and drafting of this Guaranty. In
the event an ambiguity or question of intent or interpretation arises, this Guaranty shall be construed as if drafted jointly
by the parties hereto and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the
authorship of any provisions of this Guaranty.

 

     Exhibit F-10

     

    

 

SECTION
18.      Taxes,
Expenses of Enforcement, etc.

 

(A)             
Taxes. Any obligation of the Loan Parties under Section 2.17 of the Credit Agreement to pay any additional
amounts to, or indemnify, any Lender for any Taxes that are required to be withheld or deducted from payments made to any Lender
or to pay for, or indemnify any Lender for, any Other Taxes (and obligations of any Lender to provide tax documentation under Section
2.17(f) of the Credit Agreement), shall apply mutatis mutandis, and without duplication, to each Guarantor (and Lender)
with respect to this Guaranty and payments made hereunder.

 

(B)             
Expenses of Enforcement, Etc. The Guarantors agree to reimburse the Administrative Agent and the other Holders
of Guaranteed Obligations for any reasonable and documented costs and out-of-pocket expenses (including reasonable and documented
attorneys’ fees, but subject to the limitations set forth in Section 9.03 of the Credit Agreement) paid or incurred by the
Administrative Agent or any other Holder of Guaranteed Obligations in connection with the collection and enforcement of amounts
due under the Loan Documents, including without limitation this Guaranty.

 

SECTION
19.      Setoff.
Subject to any limitations expressly agreed to by any Holder of Guaranteed Obligations or its Affiliate, as applicable, pursuant
to any Banking Services Agreement or Swap Agreement to which such Holder of Guaranteed Obligations or Affiliate is a party, at
any time after all or any part of the Guaranteed Obligations have become due and payable (by acceleration or otherwise), if an
Event of Default shall have occurred and be continuing, each Holder of Guaranteed Obligations (including the Administrative Agent)
and its Affiliates may, regardless of the acceptance of any security or collateral for the payment hereof, set off and apply any
and all deposits (general or special, time or demand, provisional or final) at any time held and other obligations at any time
owing by such Holder of Guaranteed Obligations or Affiliate to or for the credit or the account of any Guarantor against any of
and all of the Guaranteed Obligations then due and owing by such Guarantor held by such Holder of Guaranteed Obligations, irrespective
of whether or not such Holder of Guaranteed Obligations shall have made any demand under the Loan Documents. The rights of each
Holder of Guaranteed Obligations under this Section are in addition to other rights and remedies (including other rights of setoff)
which such Holder of Guaranteed Obligations may have. Each Holder of Guaranteed Obligations agrees to notify the Borrower 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
20.      Financial
Information. Each Guarantor hereby assumes responsibility for keeping itself informed of the financial condition of the Borrower
and any and all endorsers and/or other Guarantors of all or any part of the Guaranteed Obligations, and of all other circumstances
bearing upon the risk of nonpayment of the Guaranteed Obligations, or any part thereof, that diligent inquiry would reveal, and
each Guarantor hereby agrees that none of the Holders of Guaranteed Obligations (including the Administrative Agent) shall have
any duty to advise such Guarantor of information known to any of them regarding such condition or any such circumstances. In the
event any Holder of Guaranteed Obligations (including the Administrative Agent), in its sole discretion, undertakes at any time
or from time to time to provide any such information to a Guarantor, such Holder of Guaranteed Obligations (including the Administrative
Agent) shall be under no obligation (i) to undertake any investigation not a part of its regular business routine, (ii) to
disclose any information which such Holder of Guaranteed Obligations (including the Administrative Agent), pursuant to accepted
or reasonable commercial finance or banking practices, wishes to maintain confidential or (iii) to make any other or future
disclosures of such information or any other information to such Guarantor.

 

     Exhibit F-11

     

    

 

SECTION
21.      Severability.
Wherever possible, each provision of this Guaranty shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Guaranty shall be prohibited by or invalid under such law, such provision shall be ineffective
to the extent of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions
of this Guaranty.

 

SECTION
22.      Merger.
This Guaranty represents the final agreement of each of the Guarantors with respect to the matters contained herein and may not
be contradicted by evidence of prior or contemporaneous agreements, or subsequent oral agreements, between the Guarantor and any
Holder of Guaranteed Obligations (including the Administrative Agent).

 

SECTION
23.      Headings.
Section headings in this Guaranty are for convenience of reference only and shall not govern the interpretation of any provision
of this Guaranty.

 

SECTION
24.      Judgment
Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due from any Guarantor hereunder
in the currency expressed to be payable herein (the “specified currency”) into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance
with normal banking procedures the Administrative Agent could purchase the specified currency with such other currency at the Administrative
Agent’s main New York City office on the Business Day preceding that on which final, non-appealable judgment is given. The
obligations of each Guarantor in respect of any sum due hereunder shall, notwithstanding any judgment in a currency other than
the specified currency, be discharged only to the extent that on the Business Day following receipt by any Holder of Guaranteed
Obligations (including the Administrative Agent), as the case may be, of any sum adjudged to be so due in such other currency such
Holder of Guaranteed Obligations (including the Administrative Agent), as the case may be, may in accordance with normal, reasonable
banking procedures purchase the specified currency with such other currency. If the amount of the specified currency so purchased
is less than the sum originally due to such Holder of Guaranteed Obligations (including the Administrative Agent), as the case
may be, in the specified currency, each Guarantor agrees, to the fullest extent that it may effectively do so, as a separate obligation
and notwithstanding any such judgment, to indemnify such Holder of Guaranteed Obligations (including the Administrative Agent),
as the case may be, against such loss, and if the amount of the specified currency so purchased exceeds (a) the sum originally
due to any Holder of Guaranteed Obligations (including the Administrative Agent), as the case may be, in the specified currency
and (b) amounts shared with other Holders of Guaranteed Obligations as a result of allocations of such excess as a disproportionate
payment to such other Holder of Guaranteed Obligations under Section 2.18 of the Credit Agreement, such Holder of Guaranteed
Obligations (including the Administrative Agent), as the case may be, agrees, by accepting the benefits hereof, to remit such excess
to such Guarantor.

 

SECTION
25.      Keepwell.
Each Qualified ECP Guarantor hereby jointly and severally absolutely, unconditionally and irrevocably undertakes to provide
such funds or other support as may be needed from time to time by each other Guarantor to honor all of its obligations under
this Guaranty in respect of Specified Swap Obligations (provided, however, that each Qualified ECP Guarantor shall only be
liable under this Section 25 for the maximum amount of such liability that can be hereby incurred without rendering
its obligations under this Section 25 or otherwise under this Guaranty voidable under applicable law relating to
fraudulent conveyance or fraudulent transfer, and not for any greater amount). The obligations of each Qualified ECP
Guarantor under this Section 25 shall remain in full force and effect until a discharge of such Qualified ECP
Guarantor’s Guaranteed Obligations in accordance with the terms hereof and the other Loan Documents. Each Qualified ECP
Guarantor intends that this Section 25 constitute, and this Section 25 shall be deemed to constitute, a
 “keepwell, support, or other agreement” for the benefit of each other Guarantor for all purposes of Section
1a(18)(A)(v)(II) of the Commodity Exchange Act. As used herein, “Qualified ECP Guarantor” means, in
respect of any Specified Swap Obligation, each Guarantor that has total assets exceeding $10,000,000 at the time the relevant
Guarantee or grant of the relevant security interest becomes or would become effective with respect to such Specified Swap
Obligation or such other Person as constitutes an ECP and can cause another Person to qualify as an ECP at such time by
entering into a keepwell under Section 1a(18)(A)(v)(II) of the Commodity Exchange Act.

 

     Exhibit F-12

     

    

 

SECTION
26.      Termination
of Guaranty. The obligations of any Guarantor under this Guaranty shall automatically terminate in accordance with Section 9.14
of the Credit Agreement.

 

Remainder of Page Intentionally Blank.

 

     Exhibit F-13

     

    

 

 

IN WITNESS WHEREOF,
each of the Initial Guarantors has caused this Guaranty to be duly executed by its authorized officer as of the day and year first
above written.

 

	 	[GUARANTORS]
	 	 
	 	By:	                           
	 	Name:
	 	Title:

 

    Exhibit F-14

     

    

 

	Acknowledged and Agreed

    as of the date first written above:	 
	 	 
	GOLDMAN SACHS BANK USA,

    as Administrative Agent	 
	 	 
	By:	                        	 
	Name:	 
	Title:	 

 

    Exhibit F-15

     

    

 

ANNEX I TO GUARANTY

 

Reference is hereby made
to the Guaranty (the “Guaranty”) made as of [__], by and among [GUARANTORS TO COME] (the “Initial Guarantors”
and along with any additional Subsidiaries of the Borrower, which become parties thereto and together with the undersigned, the
 “Guarantors”) in favor of the Administrative Agent, for the ratable benefit of the Holders of Guaranteed Obligations,
under the Credit Agreement. Capitalized terms used herein and not defined herein shall have the meanings given to them in the Guaranty.
By its execution below, the undersigned [NAME OF NEW GUARANTOR], a [corporation] [partnership] [limited liability company] (the
 “New Guarantor”), agrees to become, and does hereby become, a Guarantor under the Guaranty and agrees to be
bound by such Guaranty as if originally a party thereto. By its execution below, the undersigned represents and warrants as to
itself that all of the representations and warranties contained in Section 2 of the Guaranty are true and correct in all material
respects (or, in the case of any representation or warranty qualified by materiality or Material Adverse Effect, in all respects)
as of the date hereof except to the extent that such representations and warranties specifically refer to an earlier date, in which
case they are true and correct in all material respects (or, in the case of any representation or warranty qualified by materiality
or Material Adverse Effect, in all respects) as of such earlier date.

 

IN WITNESS WHEREOF, New
Guarantor has executed and delivered this Annex I counterpart to the Guaranty as of this __________ day of _________, 20___.

 

	 	[NAME OF NEW GUARANTOR]
	 	 
	 	By:	                        
	 	Its:

 

    Exhibit F-16

     

    

 

EXHIBIT G-1

 

[FORM OF]

 

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 May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the
 “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”).

 

Pursuant to the provisions
of Section 2.17 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 Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower with a certificate of its non-U.S. Person status on IRS Form W-8BEN or IRS
Form W-8BEN-E. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate
changes, the undersigned shall promptly so inform the Borrower and the Administrative Agent and (2) the undersigned shall
have at all times furnished the Borrower 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: __________, 20[__]

 

    Exhibit G-1-1

     

    

 

EXHIBIT G-2

 

[FORM
oF]

 

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 May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the
 “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”).

 

Pursuant to the provisions
of Section 2.17 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 Borrower within the meaning of Section 871(h)(3)(B) of the Code and
(iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(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 or IRS Form W-8BEN-E. 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: __________, 20[__]

 

    Exhibit G-2-1

     

    

 

EXHIBIT G-3

 

[FORM OF]

 

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 May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the
 “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”).

 

Pursuant to the provisions
of Section 2.17 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 Borrower 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 Borrower 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 IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E 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: __________, 20[__]

 

    Exhibit G-3-1

     

    

 

EXHIBIT G-4

 

[FORM
OF]

 

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 May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time, the
 “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”).

 

Pursuant to the provisions
of Section 2.17 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 the 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 Borrower 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 Borrower as described in Section 881(c)(3)(C) of
the Code.

 

The undersigned has furnished
the Administrative Agent and the Borrower 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 IRS Form W-8BEN-E or (ii) an IRS Form W-8IMY
accompanied by an IRS Form W-8BEN or IRS Form W-8BEN-E 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 Borrower and the Administrative Agent, and (2)
the undersigned shall have at all times furnished the Borrower 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: __________, 20[__]

 

    Exhibit G-4-1

     

    

 

EXHIBIT H-1

 

FORM OF BORROWING REQUEST

 

Goldman Sachs Bank
USA

as Administrative Agent

for the Lenders referred
to below

 

Goldman Sachs Bank
USA

2001 Ross Ave, 29th
Floor

Dallas, Texas 75201

Attention: SBD Operations

Telephone No. (972)
368-2323

		E-mail:	gs-dallas-adminagency@ny.email.gs.com and

gs-sbdagency-borrowernotices@ny.email.gs.com

 

Re: Regeneron Pharmaceuticals, Inc.

 

[Date]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.

 

The Borrower hereby
gives you notice pursuant to Section 2.03 of the Credit Agreement that a Borrowing is being requested under the Credit Agreement,
and in that connection the following information is being provided with respect to such Borrowing requested hereby:

 

		1.	Aggregate principal amount of Borrowing:8
__________

 

		2.	Date of Borrowing (which shall be a Business Day) (the “Closing Date”): __________

 

		3.	Type of Borrowing (ABR or Eurocurrency): __________

 

		4.	Interest Period and the last day thereof (if a Eurocurrency Borrowing):9
__________

 

		5.	Location and number of the Borrower’s account or any other account reasonably acceptable
to the Administrative Agent to which proceeds of Borrowing are to be disbursed: __________

 

Delivery of an executed
signature page to this Borrowing Request by telecopy, e-mailed .pdf or any other electronic means that reproduces an image of the
actual executed signature page shall be effective as delivery of a manually executed signature page to this Borrowing Request.

 

The undersigned hereby
represents and warrants that the conditions to the requested Borrowing specified in Section 4.02 of the Credit Agreement are satisfied
as of the date hereof or will be satisfied as of the requested Closing Date specified above.

 

[Signature Page Follows]

 

 

 

3
Not less than applicable amounts specified in Section 2.02(c).

4
Which must comply with the definition of “Interest Period” and end not later than the Maturity Date.

 

    Exhibit H-1-1

     

    

 

IN WITNESS WHEREOF,
the undersigned has caused this Borrowing Request to be duly executed by an authorized officer or other authorized signatory as
of the date first appearing above.

 

	 	Very truly yours,
	 	 
	 	REGENERON PHARMACEUTICALS, INC.,
	 	as the Borrower
	 	 
	 	By:	                                     
	 	Name:
	 	Title:

 

    Exhibit H-1-2

     

    

 

 

EXHIBIT H-2

 

FORM OF INTEREST ELECTION REQUEST

 

Goldman Sachs Bank USA

as Administrative Agent

for the Lenders referred
to below

 

Goldman Sachs Bank USA

2001 Ross Ave, 29th
Floor

Dallas, Texas 75201

Attention: SBD Operations

Telephone No. (972) 368-2323

 

		E-mail:	gs-dallas-adminagency@ny.email.gs.com and

gs-sbdagency-borrowernotices@ny.email.gs.com

 

	Re:	Regeneron Pharmaceuticals, Inc.

 

[Date]

 

Ladies and Gentlemen:

 

Reference is hereby
made to the Credit Agreement dated as of May 25, 2020 (as amended, restated, supplemented or otherwise modified from time to time,
the “Credit Agreement”), among Regeneron Pharmaceuticals, Inc. (the “Borrower”), the Lenders
from time to time party thereto and Goldman Sachs Bank USA, as administrative agent (in such capacity, the “Administrative
Agent”). Capitalized terms used but not defined herein shall have the meanings assigned to such terms in the Credit Agreement.
The undersigned Borrower hereby gives you notice pursuant to Section 2.08 of the Credit Agreement that it requests to [convert][continue]
an existing Borrowing under the Credit Agreement, and in that connection the undersigned Borrower specifies the following information
with respect to such [conversion][continuation] requested hereby:

 

		1.	List date, Type, principal amount and Interest Period (if applicable) of existing Borrowing: __________

 

		2.	Aggregate principal amount of resulting Borrowing: __________

 

		3.	Effective date of interest election (which shall be a Business Day): __________

 

		4.	Type of Borrowing (ABR or Eurocurrency): __________

 

		5.	Interest Period and the last day thereof
(if a Eurocurrency Borrowing):1__________

 

Delivery of an executed
signature page to this Interest Election Request by telecopy, e-mailed .pdf or any other electronic means that reproduces an image
of the actual executed signature page shall be effective as delivery of a manually executed signature page to this Interest Election
Request.

 

[Signature Page Follows]

 

 

1 Which must comply with the definition
of “Interest Period” and end not later than the Maturity Date.

 

    Exhibit H-2-1 

     

    

 

	 	Very truly yours,
	 	 
	 	REGENERON PHARMACEUTICALS,
    INC.,
	 	as the Borrower
	 	 
	 	By:	                            
	 	Name:
	 	Title:

 

    Exhibit H-2-2 

     

    

 

EXHIBIT I

 

[FORM OF] NOTE

 

[_____], 2020

 

FOR VALUE RECEIVED,
the undersigned, REGENERON PHARMACEUTICALS, INC. (the “Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to
[NAME OF LENDER] or its registered assigns (the “Lender”) the
aggregate unpaid amount of all Loans made by the Lender to the Borrower pursuant to the “Credit Agreement” (as defined
below) on the Maturity Date or on such earlier date as may be required by the terms of the Credit Agreement. Capitalized terms
used herein and not otherwise defined herein are as defined in the Credit Agreement.

 

The undersigned Borrower
promises to pay interest on the unpaid principal amount of each Loan made to it from the date of such Loan until such principal
amount is paid in full at a rate or rates per annum determined in accordance with the terms of the Credit Agreement. Interest hereunder
is due and payable at such times and on such dates as set forth in the Credit Agreement.

 

At the time of the
Loan, and upon each payment or prepayment of principal of the Loan, the Lender shall make a notation either on the schedule attached
hereto and made a part hereof, or in such Lender’s own books and records, in each case specifying the amount of such Loan,
the respective Interest Period thereof (in the case of Eurocurrency Loans) or the amount of principal paid or prepaid with respect
to such Loan, as applicable; provided that the failure of the Lender to make any such recordation or notation shall not
affect the Obligations of the undersigned Borrower hereunder or under the Credit Agreement.

 

This Note is one of
the notes referred to in, and is entitled to the benefits of, that certain Credit Agreement dated as of May 25, 2020 by and among
the Borrower, the financial institutions from time to time parties thereto as Lenders and Goldman Sachs Bank USA, as Administrative
Agent (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”).
The Credit Agreement, among other things, (i) provides for the making of Loans to the Borrower on the Closing Date, the indebtedness
of the Borrower resulting from the Loans owed by the Borrower to the Lender being evidenced by this Note, and (ii) contains provisions
for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments of the principal hereof
prior to the maturity hereof upon the terms and conditions therein specified.

 

Demand, presentment,
protest and notice of nonpayment and protest are hereby waived by the Borrower.

 

Whenever in this Note
reference is made to the Administrative Agent, the Lender or the Borrower, such reference shall be deemed to include, as applicable,
a reference to their respective successors and permitted assigns. The provisions of this Note shall be binding upon and shall inure
to the benefit of said successors and assigns. The Borrower’s successors and assigns shall include, without limitation, a
receiver, trustee or debtor in possession of or for the Borrower.

 

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

 

*****

 

    Exhibit I-1 

     

    

 

	 	REGENERON PHARMACEUTICALS,
    INC.
	 	 
	 	By:	                          
	 	Name:
	 	Title:

 

    Exhibit I-2 

     

    

 

SCHEDULE OF LOANS AND PAYMENTS OR PREPAYMENTS

 

	Date	Amount
of 
 Loan	Interest

 Period/Rate	Amount
of
 Principal Paid or
 Prepaid	Unpaid
Principal Balance	Notation
Made
 By
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 

 

    Exhibit I-3 
 Promissory NoteExhibit 10.1

        Execution Version

      

      

      

      South Jersey Industries, Inc.

      

      

      $200,000,000

      

      

      $75,000,000 Senior Notes, Series 2020A, due 2027

      $125,000,000 Senior Notes, Series 2020B, due 2030

      

      

      
        

      

      

      Note Purchase Agreement

      

      

      

      

      Dated as of May 27, 2020

      

      

      
        
          

      

      
      Table of Contents

       

      

      	
              Section

            	
              Heading

            	
              Page

            

      	 	 	 
	
              Section 1.

            	
              Authorization of Notes

            	
              1

            
	 	 	 
	
              Section 1.1.

            	 	
              Description of Notes

            	
              1

            
	
              Section 1.2.

            	 	
              Interest Rate

            	
              1

            
	

            	   	 
	
              Section 2.

            	
              Sale and Purchase of Notes

            	
              2

              

            
	

            	 	 
	
              Section 3.

            	
              Closing

            	
              2

              

            
	

            	 	 
	
              Section 4.

            	
              Conditions to The Closing

            	
              2

              

            
	

            	 	 
	
              Section 4.1.

            	 	
              Representations and Warranties

            	
              2

              

            
	
              Section 4.2.

            	 	
              Performance; No Default

            	
              2

              

            
	
              Section 4.3.

            	 	
              Compliance Certificates

            	
              3

              

            
	
              Section 4.4.

            	 	
              Opinions of Counsel

            	
              3

              

            
	
              Section 4.5.

            	 	
              Purchase Permitted By Applicable Law, Etc

            	
              3

              

            
	
              Section 4.6.

            	 	
              Sale of Other Notes

            	
              3

              

            
	
              Section 4.7.

            	 	
              Payment of Special Counsel Fees

            	
              3

              

            
	
              Section 4.8.

            	 	
              Private Placement Number

            	
              4

              

            
	
              Section 4.9.

            	 	
              Changes in Corporate Structure

            	
              4

              

            
	
              Section 4.10.

            	 	
              Funding Instructions

            	
              4

              

            
	
              Section 4.11.

            	 	
              Proceedings and Documents

            	
              4

              

            
	

            	 	 	 
	
              Section 5.

            	
              Representations and Warranties of the Company

            	
              4

              

            
	

            	 	 
	
              Section 5.1.

            	 	
              Organization; Power and Authority

            	
              4

              

            
	
              Section 5.2.

            	 	
              Authorization, Etc

            	
              4

              

            
	
              Section 5.3.

            	 	
              Disclosure

            	
              5

              

            
	
              Section 5.4.

            	 	
              Organization and Ownership of Shares of Subsidiaries; Affiliates

            	
              5

              

            
	
              Section 5.5.

            	 	
              Financial Statements; Material Liabilities

            	
              6

              

            
	
              Section 5.6.

            	 	
              Compliance with Laws, Other Instruments, Etc

            	
              6

              

            
	
              Section 5.7.

            	 	
              Governmental Authorizations, Etc

            	
              6

              

            
	
              Section 5.8.

            	 	
              Litigation; Observance of Agreements, Statutes and Orders

            	
              6

              

            
	
              Section 5.9.

            	 	
              Taxes

            	
              7

              

            
	
              Section 5.10.

            	 	
              Title to Property; Leases

            	
              7

              

            
	
              Section 5.11.

            	 	
              Licenses, Permits, Etc

            	
              7

              

            
	
              Section 5.12.

            	 	
              Compliance with ERISA

            	
              7

              

            
	
              Section 5.13.

            	 	
              Private Offering by the Company

            	
              8

              

            
	
              Section 5.14.

            	 	
              Use of Proceeds; Margin Regulations

            	
              9

              

            
	
              Section 5.15.

            	 	
              Existing Indebtedness

            	
              9

              

            
	
              Section 5.16.

            	 	
              Foreign Assets Control Regulations, Etc

            	
              9

              

            
	
              Section 5.17.

            	 	
              Status under Certain Statutes

            	
              10

              

            
	
              Section 5.18.

            	 	
              Environmental Matters

            	
              10

            
	
              Section 5.19.

            	 	
              Notes Rank Pari Passu

            	
              11

            

      

      

      
        - i -

        
          

      

      	
              Section 6.

            	
              Representations of the Purchasers

            	
              11

            
	

            	 	 
	
              Section 6.1.

            	 	
              Purchase for Investment

            	
              11

            
	
              Section 6.2.

            	 	
              Source of Funds

            	
              11

            
	
              Section 6.3.

            	 	
              Purchaser Status; Experience

            	
              13

            
	
              Section 6.4.

            	 	
              Access to Information

            	
              13

            
	

            	 	 	 
	
              Section 7.

            	
              Information as to Company

            	
              13

            
	

            	 	 
	
              Section 7.1.

            	 	
              Financial and Business Information

            	
              13

            
	
              Section 7.2.

            	 	
              Officer’s Certificate

            	
              16

            
	
              Section 7.3.

            	 	
              Visitation

            	
              17

            
	

            	 	 	 
	
              Section 8.

            	
              Payment and Prepayment of the Notes

            	
              17

            
	

            	 	 
	
              Section 8.1.

            	 	
              Maturity

            	
              17

            
	
              Section 8.2.

            	 	
              Optional Prepayments with and without Make‐Whole Amount

            	
              17

            
	
              Section 8.3.

            	 	
              Allocation of Partial Prepayments

            	
              18

            
	
              Section 8.4.

            	 	
              Maturity; Surrender, Etc.

            	
              18

            
	
              Section 8.5.

            	 	
              Purchase of Notes

            	
              19

            
	
              Section 8.6.

            	 	
              Make‐Whole Amount for the Notes

            	
              19

              

            
	
              Section 8.7.

            	 	
              Change in Control

            	
              20

              

            
	

            	 	 	 
	
              Section 9.

            	
              Affirmative Covenants.

            	
              22

              

            
	

            	 	 
	
              Section 9.1.

            	 	
              Compliance with Law

            	
              22

              

            
	
              Section 9.2.

            	 	
              Insurance

            	
              22

              

            
	
              Section 9.3.

            	 	
              Maintenance of Properties

            	
              22

              

            
	
              Section 9.4.

            	 	
              Payment of Taxes and Claims

            	
              22

              

            
	
              Section 9.5.

            	 	
              Corporate Existence, Etc

            	
              23

              

            
	
              Section 9.6.

            	 	
              Books and Records

            	
              23

              

            
	
              Section 9.7.

            	 	
              Ownership

            	
              23

              

            
	
              Section 9.8.

            	 	
              Subsidiary Guarantors

            	
              23

              

            
	
              Section 9.9.

            	 	
              Notes to Rank Pari Passu

            	
              24

              

            
	

            	 	 	

            
	
              Section 10.

            	
              Negative Covenants.

            	
              24

              

            
	

            	 	 
	
              Section 10.1.

            	 	
              Transactions with Affiliates

            	
              24

              

            
	
              Section 10.2.

            	 	
              Merger, Consolidation, Etc

            	
              24

              

            
	
              Section 10.3.

            	 	
              Sale of Assets

            	
              25

              

            
	
              Section 10.4.

            	 	
              Liens

            	
              26

              

            
	
              Section 10.5.

            	 	
              Line of Business

            	
              28

              

            
	
              Section 10.6.

            	 	
              Economic Sanctions, Etc

            	
              28

              

            
	
              Section 10.7.

            	 	
              Ratio of Indebtedness to Consolidated Total Capitalization

            	
              28

              

            
	

            	 	 	 
	
              Section 11.

            	
              Events of Default

            	
              29

              

            
	

            	 	 
	
              Section 12.

            	
              Remedies on Default, Etc

            	
              31

              

            

      

      

      
        - ii -

        
          

      

      	
              Section 12.1.

            	 	
              Acceleration

            	
              31

            
	
              Section 12.2.

            	 	
              Other Remedies

            	
              32

              

            
	
              Section 12.3.

            	 	
              Rescission

            	
              32

              

            
	
              Section 12.4.

            	 	
              No Waivers or Election of Remedies, Expenses, Etc

            	
              32

              

            
	

            	 	 	 
	
              Section 13.

            	
              Registration; Exchange; Substitution of Notes

            	
              32

              

            
	

            	 	 
	
              Section 13.1.

            	 	
              Registration of Notes

            	
              32

              

            
	
              Section 13.2.

            	 	
              Transfer and Exchange of Notes

            	
              33

              

            
	
              Section 13.3.

            	 	
              Replacement of Notes

            	
              33

              

            
	

            	 	 	 
	
              Section 14.

            	
              Payments on Notes

            	
              34

              

            
	

            	 	 
	
              Section 14.1.

            	 	
              Place of Payment

            	
              34

              

            
	
              Section 14.2.

            	 	
              Home Office Payment

            	
              34

              

            
	
              Section 14.3.

            	 	
              FATCA Information

            	
              34

              

            
	 	 	 	 
	
              Section 15.

            	
              Expenses, Etc

            	
              35

              

            
	 	 	 
	
              Section 15.1.

            	 	
              Transaction Expenses

            	
              35

              

            
	
              Section 15.2.

            	 	
              Certain Taxes

            	
              35

              

            
	
              Section 15.3.

            	 	
              Tax Withholding

            	
              35

              

            
	
              Section 15.4.

            	 	
              Survival

            	
              36

              

            
	 	 	 	 
	
              Section 16.

            	
              Survival of Representations and Warranties; Entire Agreement

            	
              36

              

            
	 	 	 
	
              Section 17.

            	
              Amendment and Waiver

            	
              36

              

            
	 	 	 
	
              Section 17.1.

            	 	
              Requirements

            	
              36

              

            
	
              Section 17.2.

            	 	
              Solicitation of Holders of Notes

            	
              36

              

            
	
              Section 17.3.

            	 	
              Binding Effect, Etc

            	
              37

              

            
	
              Section 17.4.

            	 	
              Notes Held by Company, Etc

            	
              37

              

            
	 	 	 	 
	
              Section 18.

            	
              Notices

            	
              37

              

            
	 	 	 
	
              Section 19.

            	
              Reproduction of Documents

            	
              38

              

            
	 	 	 
	
              Section 20.

            	
              Confidential Information

            	
              39

              

            
	 	 	 
	
              Section 21.

            	
              Substitution of Purchaser

            	
              40

              

            
	 	 	 
	
              Section 22.

            	
              Miscellaneous

            	
              40

              

            
	 	 	 
	
              Section 22.1.

            	 	
              Successors and Assigns

            	
              40

              

            
	
              Section 22.2.

            	 	
              Payments Due on Non‐Business Days

            	
              40

              

            
	
              Section 22.3.

            	 	
              Accounting Terms

            	
              40

              

            
	
              Section 22.4.

            	 	
              Severability

            	
              41

            
	
              Section 22.5.

            	 	
              Construction, Etc

            	
              41

            

      

      

      
        - iii -

        
          

      

      	
              Section 22.6.

            	 	
              Counterparts

            	
              41

            
	
              Section 22.7.

            	 	
              Governing Law

            	
              41

            
	
              Section 22.8.

            	 	
              Jurisdiction and Process; Waiver of Jury Trial

            	
              41

            
	
              Section 22.9.

            	 	
              Priority Indebtedness

            	42

            

       

      
        - iv -

        
          

      

      	
              Schedule A

            	
              —

            	
              Information Relating to Purchasers

            
	 	 	 
	
              Schedule B

            	
              —

            	
              Defined Terms

            
	 	 	 
	
              Schedule 5.3

            	
              —

            	
              Disclosure Materials

            
	 	 	 
	
              Schedule 5.4

            	
              —

            	
              Subsidiaries of the Company and Ownership of Subsidiary Stock;

              Agreements Restricting Dividend Payments

            
	 	 	 
	
              Schedule 5.5

            	
              —

            	
              Financial Statements

            
	 	 	 
	
              Schedule 5.15(a)

            	
              —

            	
              Existing Indebtedness

            
	 	 	 
	
              Schedule 5.15(b)

            	
              —

            	
              Agreements to Put Liens on Property

            
	 	 	 
	
              Schedule 5.15(c)

            	
              —

            	
              Agreements Restricting Indebtedness

            
	 	 	 
	
              Exhibit 1(a)

            	
              —

            	
              Form of Series 2020A Note

            
	 	 	 
	
              Exhibit 1(b)

            	
              —

            	
              Form of Series 2020B Note

            
	 	 	 
	
              Exhibit 4.4(a)

            	
              —

            	
              Form of Opinion of Special Counsel for the Company

            
	 	 	 
	
              Exhibit 4.4(b)

            	
              —

            	
              Form of Opinion of Special Counsel for the Purchasers

            
	 	 	 
	
              Exhibit 15.3

            	
              —

            	
              Form of U.S. Tax Compliance Certificate

            

      

      

      
        - v -

        
          

      

      South Jersey Industries, Inc.

      1 South Jersey Plaza

      Folsom, New Jersey  08037

      

      

      $75,000,000 Senior Notes, Series 2020A, due 2027

      $125,000,000 Senior Notes, Series 2020B, due 2030

      

      

      Dated as of May 27, 2020

      

      

      To Each of the Purchasers Listed in

      Schedule A Hereto:

       

      Ladies and Gentlemen:

       

      South Jersey Industries, Inc., a New Jersey corporation (together with any successor thereto that becomes a party hereto pursuant to Section 10.2,
        the “Company”), agrees with each of the Purchasers as follows:

       

      Section 1.          Authorization of Notes.

       

      Section 1.1.          Description of Notes.  The Company will authorize the issue and sale of its (a) $75,000,000
        Senior Notes, Series 2020A, due 2027 (the “Series 2020A Notes”) and (b) $125,000,000 Senior Notes, Series 2020B, due 2030 (the “Series 2020B Notes).  The Series 2020A Notes and the Series 2020B Notes, as amended, restated or otherwise modified from time to time pursuant to Section 17 and including any such notes
        issued in substitution therefor pursuant to Section 13, are collectively referred to herein as the “Notes”).  The Series 2020A Notes and the Series 2020B
        Notes shall be substantially in the forms set out in Exhibit 1(a) and Exhibit 1(b), respectively.  Certain capitalized and other terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless
        otherwise specified, to a Schedule or an Exhibit attached to this Agreement.

       

      Section 1.2.          Interest Rate.

       

      (a)         The Series 2020A Notes shall bear interest (computed on the basis of a 360‐day year of twelve 30‐day months) on the unpaid principal
        thereof from the date of issuance at the rate of 3.71% per annum payable semi‐annually in arrears on the 30th day of January and July in each year and at
        maturity, commencing on January 30, 2021, until such principal sum shall have become due and payable. 

       

      (b)         The Series 2020B Notes shall bear interest (computed on the basis of a 360‐day year of twelve 30‐day months) on the unpaid principal
        thereof from the date of issuance at the rate of 3.91% per annum payable semi‐annually in arrears on the 30th day of January and July in each year and at
        maturity, commencing on January 30, 2021, until such principal sum shall have become due and payable.

       

      

      
        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      
      Section 2.          Sale and Purchase of Notes.

       

      Subject to the terms and conditions of this Agreement, the Company will issue and sell to each Purchaser and each Purchaser will purchase from the
        Company, at the Closing provided for in Section 3, Notes in the principal amount and of the Series specified opposite such Purchaser’s name in Schedule A at the purchase price of 100% of the principal amount thereof.  The Purchasers’ obligations
        hereunder are several and not joint obligations, and no Purchaser shall have any liability to any Person for the performance or non‐performance of any obligation by any other Purchaser hereunder.

       

      Section 3.          Closing.

       

      This Agreement shall be executed and delivered in advance of the below defined Closing at the offices of Chapman and Cutler LLP, 111 West Monroe
        Street, Chicago, IL 60603, on May 27, 2020 (the “Execution Date”).  The sale and purchase of the Notes to be purchased by each Purchaser shall occur at the
        offices of Chapman and Cutler LLP, 111 W. Monroe Street, Chicago, Illinois 60603 at 10:00 a.m., Chicago time, at a closing (the “Closing”) on July 30, 2020 or
        on such other Business Day thereafter on or prior to August 10, 2020, as may be agreed upon by the Company and the Purchasers.  At the Closing, the Company will deliver to each Purchaser the Notes of the applicable Series to be purchased by such
        Purchaser in the form of a single Note (or such greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee),
        against delivery by such Purchaser to the Company or its order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to an account specified
        pursuant to Section 4.10 hereof.  If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of the conditions specified in Section 4 with respect to the Closing shall not have been
        fulfilled to such Purchaser’s reasonable satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights such Purchaser may have by reason of such failure or such
        nonfulfillment.

       

      Section 4.          Conditions to The Closing.

       

      Each Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such
        Purchaser’s reasonable satisfaction, prior to or at the Closing, of the following conditions:

       

      Section 4.1.    Representations and Warranties.  The representations and warranties of the Company in this Agreement shall be correct when made and at the time of the Closing.

       

      Section 4.2.   Performance; No Default.  The Company shall have performed and complied with all agreements and conditions
        contained in this Agreement required to be performed or complied with by it prior to or at the Closing.  From the date of this Agreement until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of
        the proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing and no Change in Control shall have occurred.  Neither the Company nor any Subsidiary shall have entered into any
        transaction since the date of the Presentation that would have been prohibited by Section 10 had such Section applied since such date.

       

      
        - 2 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 4.3.          Compliance Certificates.

       

      (a)    Officer’s Certificate.  The Company shall have
        delivered to each Purchaser at the Closing an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

       

      (b)    Secretary’s Certificate.  The Company shall have
        delivered to each Purchaser at the Closing a certificate of its Secretary or Assistant Secretary, dated the date of the Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization,
        execution and delivery of the Notes to be issued at the Closing and this Agreement.

       

      Section 4.4.         Opinions of Counsel.  Such Purchaser shall have received opinions in form and substance reasonably satisfactory to such Purchaser, dated the date of the Closing (a) from Cozen O’Connor, counsel for the Company, covering the matters set forth in Exhibit 4.4(a) and covering such other matters incident to the transactions
        contemplated hereby as such Purchaser or its counsel may reasonably request (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from Chapman and Cutler LLP, the Purchasers’ special counsel in connection
        with such transactions, substantially in the form set forth in Exhibit 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

       

      Section 4.5.         Purchase Permitted By Applicable Law, Etc.  On the date of the Closing, such Purchaser’s purchase of the applicable Notes shall (a) be permitted by the laws and regulations of each
        jurisdiction to which such Purchaser is subject, without recourse to provisions (such as Section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the
        particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or
        liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof.  If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such
        matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

       

      Section 4.6.        Sale of Other Notes.  Contemporaneously with the Closing, the Company shall sell to each other Purchaser and each other Purchaser shall purchase the Notes to be purchased by it at the
        Closing as specified in Schedule A.

       

      Section 4.7.         Payment of Special Counsel Fees.  Without limiting Section 15.1, the Company shall have paid on or before (i) the Execution Date and (ii) the Closing the reasonable fees, charges and
        disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Execution Date or the Closing, as applicable.

       

      
        - 3 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 4.8.        Private Placement Number.  A Private Placement Number issued by Standard & Poor’s CUSIP Service Bureau (in cooperation with the SVO) shall have been obtained for each Series of Notes.

       

      Section 4.9.       Changes in Corporate Structure.  The Company shall not have changed its jurisdiction of incorporation or been a party to any merger or consolidation or succeeded to all or any substantial
        part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.  

       

      Section 4.10.       Funding Instructions.  At least three (3) Business Days prior to the date of the Closing, each Purchaser shall have received written instructions signed by a Responsible Officer on
        letterhead of the Company setting forth wiring instructions for payment of the purchase price of the applicable Notes, including (a) the name and address of the transferee bank, (b) such transferee bank’s ABA number and (c) the account name and
        number into which the purchase price for the applicable Notes is to be deposited.

       

      Section 4.11.     Proceedings and Documents.  All corporate and other proceedings in connection with the transactions contemplated by this Agreement and all documents and instruments incident to such
        transactions shall be reasonably satisfactory to such Purchaser and its special counsel with respect to the Closing, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of such
        documents as such Purchaser or such special counsel may reasonably request.

       

      Section 5.          Representations and Warranties of the Company.

       

      The Company represents and warrants to each Purchaser that, as of the date of this Agreement and the Closing:

       

      Section 5.1.        Organization; Power and Authority.  The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of New Jersey, and is duly qualified as
        a foreign corporation and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the
        aggregate, reasonably be expected to have a Material Adverse Effect.  The Company has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the business it transacts and
        proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof.

       

      Section 5.2.        Authorization, Etc.  This Agreement and the Notes have been duly authorized by all necessary corporate action on the part of the Company, and this Agreement constitutes, and upon
        execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of the Company enforceable against the Company in accordance with its respective terms, except as such enforceability may be limited by (a) applicable
        bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and (b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in
        equity or at law).

       

      

      
        - 4 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 5.3.         Disclosure.  The Company, through its agents, BofA Securities, Inc. and PNC Capital Markets LLC, has delivered to each Purchaser a copy of an Investor Presentation, dated April 29, 2020
        (the “Presentation”), relating to the transactions contemplated hereby.  The Presentation, together with the other Disclosure Documents, fairly describes, in
        all material respects, the general nature of the business of the Company and its Subsidiaries.  This Agreement, the Presentation and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in
        connection with the transactions contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, the Presentation and such documents, certificates or other writings and such financial
        statements referred to above delivered to the Purchasers prior to this Agreement being referred to, collectively, as the “Disclosure Documents”), taken as a
        whole, do not contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading in light of the circumstances under which they were made.  Except as disclosed in the
        Disclosure Documents, since December 31, 2019, there has been no change in the financial condition, operations, business or properties of the Company or any Subsidiary except changes that individually or in the aggregate would not reasonably be
        expected to have a Material Adverse Effect.  There is no fact known to the Company that would reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure Documents.

       

      Section 5.4.         Organization and Ownership of Shares of Subsidiaries; Affiliates.  (a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Company’s significant
        Subsidiaries (as provided on such Schedule), showing, as to each such Subsidiary, the correct name thereof, the jurisdiction of its organization, and the percentage of shares of each class of its capital stock or similar equity interests
        outstanding owned by the Company and each other Subsidiary and (ii) of the Company’s Affiliates, other than Subsidiaries.

       

      (b)       All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the
        Company and its Subsidiaries have been validly issued, are fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4).

       

      (c)         Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in good standing
        under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as
        to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.  Each such Subsidiary has the corporate or other power and authority to own or hold
        under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact.

       

      (d)       No Subsidiary is a party to, or otherwise subject to any legal, regulatory, contractual or other restriction (other than this Agreement,
        the agreements listed on Schedule 5.4, limitations on regulated utilities, such as South Jersey Gas Company or Elizabethtown Gas, to pay dividends under regulations promulgated or orders issued by the New Jersey Board of Public Utilities and
        customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns
        outstanding shares of capital stock or similar equity interests of such Subsidiary.

       

      
        - 5 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 5.5.        Financial Statements; Material Liabilities.  The Company has delivered to each Purchaser copies of the Consolidated financial statements of the Company and its Subsidiaries listed on
        Schedule 5.5.  All of such financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective dates
        specified therein and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set forth in the
        notes thereto (subject, in the case of any interim financial statements, to normal year‐end adjustments).   The Company and its Subsidiaries do not have any Material liabilities that are not disclosed on such financial statements or otherwise
        disclosed in the Disclosure Documents or in Schedule 5.15(a).

       

      Section 5.6.         Compliance with Laws, Other Instruments, Etc.  The execution, delivery and performance by the Company of this Agreement and the Notes will not (a) contravene, result in any breach of, or
        constitute a default under, or result in the creation of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or bylaws, or
        any other Material agreement or instrument to which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (b) conflict with or result in a breach of any of
        the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (c) violate any provision of any statute or other rule or regulation of
        any Governmental Authority applicable to the Company or any Subsidiary. 

       

      Section 5.7.      Governmental Authorizations, Etc.  No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in connection with the
        execution, delivery or performance by the Company of this Agreement or the Notes.

       

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

       

      (b)         Neither the Company nor any Subsidiary is (i) in default under any term of any agreement or instrument to which it is a party or by which it is bound, (ii) in violation of any order, judgment, decree or ruling of any court, arbitrator or Governmental Authority or (iii) in

          violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including, without limitation, Environmental Laws,
        the USA Patriot Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation, individually or in the aggregate,
          would reasonably be expected to have a Material Adverse Effect.

       

      
        - 6 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 5.9.         Taxes.  The Company and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such
        returns and all other taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and
        assessments (a) the amount of which is not individually or in the aggregate Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company
        or a Subsidiary, as the case may be, has established adequate reserves in accordance with GAAP.  The Company knows of no basis for any other tax or assessment that would reasonably be expected to have a Material Adverse Effect.  The charges,
        accruals and reserves on the books of the Company and its Subsidiaries in respect of federal, state or other taxes for all fiscal periods are adequate.  The federal income tax liabilities of the Company and its Subsidiaries have been finally
        determined (whether by reason of completed audits or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2013.

       

      Section 5.10.     Title to Property; Leases.  The Company and its Subsidiaries have good and sufficient title to their respective properties that, individually or in the aggregate, are Material, including
        all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after said date (except as sold or otherwise disposed of in the ordinary course of
        business), in each case free and clear of Liens prohibited by this Agreement.  To the Company’s knowledge, all leases that, individually or in the aggregate, are Material are valid and subsisting and are in full force and effect in all material
        respects. 

       

      Section 5.11.      Licenses, Permits, Etc.  (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks,
        trademarks and trade names, or rights thereto, that individually or in the aggregate are Material, without known conflict with the rights of others, except for those conflicts that would not be reasonably expected to have a Material Adverse Effect.

       

      (b)        To the Company’s knowledge, no product of the Company or any of its Subsidiaries infringes in any material respect any license, permit,
        franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right owned by any other Person.

       

      (c)         To the Company’s knowledge, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries with
        respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries.

       

      Section 5.12.       Compliance with ERISA.  (a)  Each Plan operated and administered by the Company or any ERISA Affiliate has been operated and administered in compliance with all applicable laws except for
        such instances of noncom-pliance as have not resulted in and would not reasonably be expected to result in a Material Adverse Effect.  Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the
        penalty or excise tax provisions of the Code relating to “employee benefit plans” (as defined in Section 3 of ERISA), which liability has resulted or would reasonably be expected to result in a Material Adverse Effect, and no event, transaction or
        condition has occurred or exists that would reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company
        or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to Section 430(k) of the Code or to any such penalty or excise tax provisions under the Code or federal law or Section 4068 of ERISA or by the granting of a security
        interest in connection with the amendment of a Plan, other than such aforementioned liabilities, penalties, excise taxes or Liens as would not be individually or in the aggregate Material.

       

      

      
        - 7 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      (b)        The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
        of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan
        allocable to such benefit liabilities.  The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meanings specified in Section 3 of ERISA.

       

      (c)         The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
        under Sections 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material.

       

      (d)         The expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in
        accordance with Financial Accounting Standards Board Accounting Standards Codification Topic 715‐60, without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company and its Subsidiaries is
        not Material.

       

      (e)         The execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is
        subject to the prohibitions of Section 406 of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)‐(D) of the Code.  The representation by the Company to the Purchasers in the first sentence of this
        Section 5.12(e) is made in reliance upon and subject to the accuracy of each Purchaser’s representation in Section 6.2 as to the sources of the funds to be used to pay the purchase price of the Notes to be purchased by such Purchaser.

       

      Section 5.13.      Private Offering by the Company.  Neither the Company nor anyone acting on its behalf has offered the Notes or any similar Securities for sale to, or solicited any offer to buy any of the
        same from, or otherwise approached or negotiated in respect thereof with, any Person other than the Purchasers and not more than fifty (50) other institutional investors, each of which has been offered the Notes in connection with a private sale
        for investment.  Neither the Company nor anyone acting on its behalf has taken, or will take, any action that would subject the issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration
        requirements of any securities or blue sky laws of any applicable jurisdiction.

       

      

      
        - 8 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 5.14.     Use of Proceeds; Margin Regulations.  The Company will apply the proceeds of the sale of the Notes to refinance existing indebtedness and for general corporate purposes, and in compliance
        with all laws referenced in Section 5.16.  No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of
        Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve
        any broker or dealer in a violation of Regulation T of said Board (12 CFR 220).  Margin stock does not constitute more than 5% of the value of the Consolidated assets of the Company, and the Company does not have any present intention that margin
        stock will constitute more than 5% of the value of such assets.  As used in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings assigned to them in said Regulation U.

       

      Section 5.15.      Existing Indebtedness.  (a) Except as described therein, Schedule 5.15(a) sets forth a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of
        the date indicated on such Schedule (including a description of the obligors and obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the
        amounts, interest rates, sinking funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries.  Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment
        of any principal or interest on any Indebtedness of the Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or
        both, would permit) one or more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of payment.

       

      (b)        Except as disclosed in Schedule 5.15(b), neither the Company nor any Subsidiary has agreed or consented to cause or permit in the future
        (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.4.

       

      (c)       Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing
        Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes restrictions on the
        incurring of, Indebtedness of the Company, except as specifically indicated in Schedule 5.15(c).

       

      Section 5.16.       Foreign Assets Control Regulations, Etc.  (a) Neither the Company nor any Controlled Entity (i) is a Blocked Person, (ii) has been notified that its name appears or may in the future
        appear on a State Sanctions List or (iii) has been notified that it is a target of sanctions that have been imposed by the United Nations or the European Union.

       

      
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      (b)         Neither the Company nor any Controlled Entity (i) to the Company’s knowledge, has violated, been found in violation of, or been charged
        or convicted under, any applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws or (ii) to the Company’s knowledge, is under investigation by any Governmental Authority for possible violation of any U.S. Economic
        Sanctions Laws, Anti‐Money Laundering Laws or Anti‐Corruption Laws.

       

      (c)         No part of the proceeds from the sale of the Notes
          hereunder:

       

      (i)         constitutes or will constitute
          funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for
          any purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any U.S. Economic Sanctions Laws;

       

      (ii)        will be used, directly or
          indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Money Laundering Laws; or

       

      (iii)      will be used, directly or
          indirectly, for the purpose of making any improper payments, including bribes, to any official of a Governmental Authority or commercial counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case
          which would be in violation of, or cause any Purchaser to be in violation of, any applicable Anti‐Corruption Laws.

       

      (d)         The Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law)
        to ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions Laws, Anti‐Money Laundering Laws and Anti‐Corruption Laws.

       

      Section 5.17.     Status under Certain Statutes.  The Company and its Subsidiaries are exempt from, or not subject to, regulation under the Investment Company Act of 1940, as amended, the Public Utility
        Holding Company Act of 2005, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended, except for Marina Energy, LLC and certain other Subsidiaries of the Company which are subject to the Federal Power Act and,
        where required, maintain market-based rate authority.

       

      Section 5.18.       Environmental Matters.  (a) Neither the Company nor any Subsidiary has knowledge of any claim or has received any notice of any claim, and no proceeding has been instituted raising any
        claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other assets, alleging any damage to the environment or violation of any Environmental Laws,
        except, in each case, such as would not reasonably be expected to result in a Material Adverse Effect. 

       

      (b)        Neither the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of
        Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them or to other assets or their use, except, in each case, such as would not
        reasonably be expected to result in a Material Adverse Effect.

       

      
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      (c)         Neither the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated
        by any of them and has not disposed of any Hazardous Materials in a manner contrary to any Environmental Laws in each case in any manner that would reasonably be expected to result in a Material Adverse Effect.

       

      (d)       All buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable
        Environmental Laws, except where failure to comply would not reasonably be expected to result in a Material Adverse Effect.

       

      Section 5.19.        Notes Rank Pari Passu.  The obligations of the Company under this Agreement and the Notes rank pari passu in right of payment with all other
        senior unsecured Indebtedness (actual or contingent) of the Company, including, without limitation, all senior unsecured Indebtedness of the Company described in Schedule 5.15(a) hereto.

       

      Section 6.          Representations of the Purchasers.

       

      Section 6.1.         Purchase for Investment.  Each Purchaser severally represents that it is purchasing the Notes for its own account or for one or more separate accounts maintained by such Purchaser or for
        the account of one or more pension or trust funds and not with a view to the distribution thereof, provided that the disposition of the property of such
        Purchaser or such pension or trust funds shall at all times be within the control of such Purchaser or such pension or trust funds.  Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only
        if registered pursuant to the provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company is not
        required to register the Notes.  Each Purchaser understands that the Notes are being offered and sold in reliance upon specific exemptions from the registration requirements of the Securities Act and state securities laws and that the Company is
        relying upon the truth and accuracy of the representations, warranties, agreements, acknowledgements and understandings set forth herein in order to determine the applicability of such exemptions and the suitability of such Purchaser to acquire the
        Notes.

       

      Section 6.2.         Source of Funds.  Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder:

       

      (a)          the Source is an “insurance company general account” (as the term is defined in the United States Department of
        Labor’s Prohibited Transaction Exemption (“PTE”) 95‐60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance
        companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together
        with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95‐60) or by the same employee
        organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state
        of domicile; or

       

      

      
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      (b)         the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual
        obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not
        affected in any manner by the investment performance of the separate account; or

       

      (c)          the Source is either (i) an “insurance company pooled separate account,” within the meaning of PTE 90‐1, or (ii) a
        “bank collective investment fund,” within the meaning of PTE 91‐38, and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or
        employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

       

      (d)        the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84‐14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s
        assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an “affiliate” (within the meaning of Part VI(c)(1) of the QPAM
        Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the
        QPAM nor a Person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such
        QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of
        Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or

       

      (e)         the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96‐23 (the “INHAM Exemption”)) managed by an “in‐house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g)
        and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i)
        the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

       

      

      
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      (f)           the Source is a governmental plan; or

       

      (g)         the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more
        employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or

       

      (h)        the Source does not include “plan assets” of any employee benefit plan, other than a plan exempt from the coverage of
        Title I of ERISA.

       

      As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms
        in Section 3 of ERISA.

       

      Section 6.3.         Purchaser Status; Experience.  Each Purchaser separately represents that such Purchaser is, and on the date of the Closing will be, an “accredited investor” as defined in Rule 501(a)
        under the Securities Act.  Such Purchaser, either alone or together with its representatives, has such knowledge, sophistication and experience in business and financial matters so as to be capable of evaluating the merits and risks of the
        prospective investment in the Notes, and has so evaluated the merits and risks of such investment.  Such Purchaser is able to bear the economic risk of an investment in the Notes and is able to afford a complete loss of such investment.

       

      Section 6.4.        Access to Information.  Each Purchaser (acting individually or through an advisor) separately acknowledges that such Purchaser has reviewed the Disclosure Documents and has been afforded
        (a) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the Notes and the risks of investing in the Notes;
        (b) access to information about the Company and its financial condition, results of operations, business, properties, management and prospects sufficient to enable it to evaluate its investment; and (c) the opportunity to obtain such additional
        information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed investment decision with respect to the investment.  

       

      Section 7.          Information as to Company.

       

      Section 7.1.        Financial and Business Information.  The Company shall deliver to each Purchaser and holder of Notes that is an Institutional Investor:

       

      (a)         Quarterly Statements —
        within 60 days (or, as long as the Company is subject to the filing requirements of the SEC, such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Quarterly Report on Form 10‐Q (“Form 10‐Q”) with the SEC) after the end of each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year),
        copies of:

       

      

      
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      (i)           a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter; and

       

      (ii)         consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its
        Subsidiaries, for such quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

       

      setting forth in each case in comparative form the figures for the corresponding periods in the previous fiscal year, all in reasonable detail,
        prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects, the financial position of the companies being reported on and their
        results of operations and cash flows, subject to changes resulting from year‐end adjustments, provided that delivery within the time period specified above
        of copies of the Company’s Form 10‐Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a), and provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐Q if it shall have timely made such Form 10‐Q available on “EDGAR” or on, or through a link on, the website of the Company
        and shall have given each Institutional Investor that is a holder of a Note prior notice of such availability on EDGAR or on or through the website of the Company in connection with each delivery (such availability and notice thereof being referred
        to as “Electronic Delivery”);

       

      (b)         Annual Statements — within
        120 days (or, as long as the Company is subject to the filing requirements of the SEC, such shorter period as is 15 days greater than the period applicable to the filing of the Company’s Annual Report on Form 10‐K (“Form 10‐K”) with the SEC) after the end of each fiscal year of the Company, copies of:

       

      (i)          a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year; and

       

      (ii)        consolidated statements of income, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries
        for such year,

       

      setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP,
        and accompanied by an opinion thereon (without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope of the audit on which such opinion is based) of independent public accountants of
        recognized national standing, which opinion shall state that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have
        been prepared in conformity with GAAP, and that the examination of such accountants in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis
        for such opinion in the circumstances, and provided that the delivery within the time period specified above of the Company’s Form 10‐K for such fiscal year
        (together with the Company’s annual report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) prepared in accordance with the requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of
        this Section 7.1(b), provided, further, that the Company shall be deemed to have made such delivery of such Form 10‐K (together with the Company’s annual
        report to shareholders, if any, prepared pursuant to Rule 14a‐3 under the Exchange Act) if it shall have timely made Electronic Delivery thereof;

       

      

      
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      (c)          SEC and Other Reports —
        except for the filings referred to in Section 7.1(a) and (b) above, promptly upon their becoming available, one copy of (i) each financial statement (including, without limitation, any consolidating financial statements), report, notice or proxy
        statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of administration of a bank facility, such as information relating to pricing and borrowing
        availability) or to its public Securities holders generally, and (ii) each regular or periodic report, each registration statement (without exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments
        thereto filed by the Company or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Company or any Subsidiary to the public concerning developments that are Material, provided that the Company shall be deemed to have made such delivery of such information if it shall have timely made Electronic Delivery thereof; 

       

      (d)          Notice of Default or Event of
          Default — promptly, and in any event within five Business Days after a Responsible Officer becomes aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a
        claimed default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f) hereof, a written notice specifying the nature and period of existence thereof and what
        action the Company is taking or proposes to take with respect thereto;

       

      (e)          ERISA Matters — promptly,
        and in any event within ten Business Days after a Responsible Officer becomes aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with
        respect thereto:

       

      (i)         with respect to any Plan (other than any Multiemployer Plan) that is subject to Title IV of ERISA, any reportable
        event, as defined in Section 4043(c) of ERISA and the regulations thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or

       

      (ii)      the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under
        Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any such Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with
        respect to such Multiemployer Plan; or

       

      

      
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      (iii)      any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA
        Affili-ate pursuant to Title I or Title IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA
        Affiliate pursuant to Title I or Title IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, would reasonably be expected to have a Material Adverse
        Effect; 

       

      (f)         Notices from Governmental
          Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the Company or any Subsidiary from any federal or state Governmental Authority relating to any order, ruling, statute or other law or
        regulation that would reasonably be expected to have a Material Adverse Effect; and

       

      (g)         Requested Information —
        with reasonable promptness, such other data and information relating to the business, operations, affairs, financial condition, assets or properties of the Company or any of its Subsidiaries (including, but without limitation, actual copies of the
        Company’s Form 10‐Q and Form 10‐K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to time may be reasonably requested by any such holder of Notes.

       

      Section 7.2.       Officer’s Certificate.  Each set of financial statements delivered to a Purchaser or holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of
        a Senior Financial Officer (which, in the case of Electronic Delivery of any such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes) setting forth:

       

      (a)         Covenant Compliance — the
        information (including detailed calculations) required in order to establish whether the Company was in compliance with the requirements of Sections 10.2, 10.3, 10.4 and 10.7, inclusive, during the quarterly or annual period covered by the
        statements then being furnished (including with respect to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the
        calculation of the amount, ratio or percentage then in existence); and

       

      (b)          Event of Default — a
        statement that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning
        of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed the existence during such period of any condition or event that constitutes a Default or
        an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with any Environmental Law), specifying the
        nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto.

       

      
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      Section 7.3.          Visitation.  The Company shall permit the representatives of each Purchaser and holder of Notes that is an Institutional Investor:

       

      (a)         No Default — if no Default
        or Event of Default then exists, at the expense of such holder and upon reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its
        Subsidiaries with the Company’s officers to the extent they are reasonably available, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the other offices and properties of the Company and each
        Subsidiary, all at such reasonable times and as often as may be reasonably requested in writing; and

       

      (b)         Default — if a Default or
        Event of Default then exists and is continuing, at the expense of the Company to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other
        papers, to make copies and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent public accountants (and by this provision the Company authorizes said accountants to
        discuss the affairs, finances and accounts of the Company and its Subsidiaries), all at such times and as often as may be reasonably requested.

       

      Section 8.          Payment and Prepayment of the Notes.

       

      Section 8.1.          Maturity.

       

      (a)         As provided therein, the entire unpaid principal balance of the Series 2020A Notes shall be due and payable on July 30, 2027.

       

      (b)         As provided therein, the entire unpaid principal balance of the Series 2020B Notes shall be due and payable on July 30, 2030.

       

      Section 8.2.          Optional Prepayments with and without Make‐Whole Amount.  (a)  At any time prior to June 30, 2027, the Company may, at its option, upon notice as provided below, prepay all, or from time
        to time any part of, the Series 2020A Notes at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus
        the Make‐Whole Amount determined for the prepayment date with respect to such principal amount (provided that, if such prepayment is in part, then such
        partial prepayment shall be in a minimum aggregate principal amount of $1,000,000).  On and after June 30, 2027, the Company may, at its option, upon notice as provided below, prepay at any time all the Series 2020A Notes, at 100% of the principal
        amount so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make‐Whole Amount.

       

      

      
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      (b)        At any time prior to June 30, 2030, the Company may, at its option, upon notice as provided below, prepay all, or from time to time any
        part of, the Series 2020B Notes at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, plus the
        Make‐Whole Amount determined for the prepayment date with respect to such principal amount (provided that, if such prepayment is in part, then such partial
        prepayment shall be in a minimum aggregate principal amount of $1,000,000).  On and after June 30, 2030, the Company may, at its option, upon notice as provided below, prepay at any time all the Series 2020B Notes, at 100% of the principal amount
        so prepaid, together with interest accrued thereon to the date of such prepayment, but without payment of the Make‐Whole Amount.

       

      (c)         With respect to Sections 8.2(a) and 8.2(b) above, if a Default or an Event of Default has occurred and is continuing at the time such
        notice is provided or on the prepayment date or if a Default or an Event of Default would result from the making of such prepayment, such prepayment shall be pro
          rata to the holders of all Notes then outstanding.

        

      

      (d)         The Company will give each holder of Notes written notice of each optional prepayment under this Section 8.2 not less than ten (10) days
        and not more than sixty (60) days prior to the date fixed for such prepayment unless the Company and the Required Holders of the Series to be repaid agree to another time period pursuant to Section 17.  Each such notice shall specify such date
        (which shall be a Business Day), the aggregate principal amount of the Notes of each Series to be prepaid on such date, the principal amount of each Note of each Series held by such holder to be prepaid (determined in accordance with Section 8.3),
        and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and, if applicable, shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make‐Whole Amount due with respect
        to each Series of Notes to be prepaid in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation.  If applicable, two (2) Business Days prior to such
        prepayment, the Company shall deliver to each holder of Notes a certificate of a Senior Financial Officer specifying the calculation of such Make‐Whole Amount as of the specified prepayment date.

       

      Section 8.3.        Allocation of Partial Prepayments.  In the case of each partial prepayment of the Notes of a Series pursuant to Section 8.2, the principal amount of the Notes of such Series to be prepaid
        shall be allocated among all of the Notes of such Series at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment, provided that if a Default or an Event of Default has occurred and is continuing at the time such notice is provided or on the prepayment date or if a Default or an Event of Default
        would result from the making of such prepayment, such prepayment shall be pro rata to the holders of all Notes then outstanding.

       

      Section 8.4.         Maturity; Surrender, Etc.  In the case of each prepayment of Notes pursuant to this Section 8,
        the principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable
        Make‐Whole Amount, if any.  From and after such date, unless the Company shall fail to pay such principal amount when so due and payable, together with the interest and, as applicable, any Make‐Whole Amount, interest on such principal amount shall
        cease to accrue.  Any Note paid or prepaid in full shall be surrendered to the Company and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

       

      

      
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      Section 8.5.       Purchase of Notes.  The Company will not and will not permit any Affiliate to purchase, redeem, prepay or otherwise acquire, directly or indirectly, any of the outstanding Notes of any
        Series except (a) upon the payment or prepayment of the Notes of such Series in accordance with the terms of this Agreement and the applicable Notes or (b) pursuant to a written offer to purchase outstanding Notes of such Series made by the Company
        or an Affiliate pro rata to the holders of the Notes of such Series upon the same terms and conditions.  A failure by a holder of Notes to respond within fifteen Business Days to any such offer made pursuant to this Section 8.5 shall be deemed to
        constitute a rejection of such offer by such holder.  If the holders of more than 50% of the principal amount of the Notes of a Series then outstanding accept such offer, the Company shall promptly notify the remaining holders of Notes of such
        Series of such fact and the expiration date for the acceptance by holders of Notes of such Series of such offer shall be extended by the number of days necessary to give each such remaining holder of Notes of such Series at least five Business Days
        from its receipt of such notice to accept such offer.  The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may
        be issued in substitution or exchange for any such Notes.

       

      Section 8.6.          Make‐Whole Amount for the Notes.

       

      “Make‐Whole Amount” means, with respect to any Note, an
        amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal, provided that the Make‐Whole Amount may in no event be less than zero.  For the purposes of determining the Make‐Whole Amount, the following terms have the following meanings:

       

      “Called Principal” means, with respect to any Note, the
        principal of such Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

       

      “Discounted Value” means, with respect to the Called
        Principal of any Note, the amount obtained by discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance
        with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest on the Notes of such Series is payable) equal to the Reinvestment Yield with respect to such Called Principal.

       

      “Reinvestment Yield” means, with respect to the Called
        Principal of any Note, 0.5% over the yield to maturity implied by the yield(s) reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated
        as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on‐the‐run U.S. Treasury securities (“Reported”) having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there are no such U.S. Treasury securities Reported having a maturity equal to such Remaining
        Average Life, then such implied yield to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted financial practice and (b) interpolating linearly between the yields Reported
        for the applicable most recently issued actively traded on‐the‐run U.S. Treasury securities with the maturities (i) closest to and greater than such Remaining Average Life and (ii) closest to and less than such Remaining Average Life.  The
        Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

        

      

      
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      If such yields are not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.5% over the
        yield to maturity implied by the U.S. Treasury constant maturity yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in
        Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S. Treasury constant maturity having a term equal to the Remaining Average Life of such Called Principal as of such Settlement Date.  If there is no such
        U.S. Treasury constant maturity having a term equal to such Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (a) the U.S. Treasury constant maturity so reported with the term closest to and
        greater than such Remaining Average Life and (b) the U.S. Treasury constant maturity so reported with the term closest to and less than such Remaining Average Life.  The Reinvestment Yield shall be rounded to the number of decimal places as appears
        in the interest rate of the applicable Note.

       

      “Remaining Average Life” means, with respect to any Called
        Principal, the number of years obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying (i) the principal component of each Remaining Scheduled Payment with respect to such Called Principal by (ii) the
        number of years, computed on the basis of a 360‐day year composed of twelve 30‐day months and calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such
        Remaining Scheduled Payment.

       

      “Remaining Scheduled Payments” means, with respect to the
        Called Principal of any Note, all payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due
        date, provided that if such Settlement Date is not a date on which interest payments are due to be made under the terms of the applicable Note, then the
        amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.4 or Section 12.1, as the context requires.

       

      “Settlement Date” means, with respect to the Called
        Principal of any Note, the date on which such Called Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

       

      Section 8.7.         Change in Control. (a) Notice of Change in Control.  The Company will, within 15 Business Days
        after any Responsible Officer has knowledge of the occurrence of any Change in Control give written notice of such Change in Control to each holder of Notes.  If a Change in Control has occurred, such notice shall contain and constitute an offer to
        prepay the Notes as described in Section 8.7(b) and shall be accompanied by the certificate described in Section 8.7(e).

       

      

      
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      (b)         Offer to Prepay Notes.  The offer to prepay
        Notes contemplated by Section 8.7(a) shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, of the Notes held by each holder (in this case only, “holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”).  The Proposed Prepayment Date shall be a Business Day and such date shall be not less than 20 days and not more than 30 days after the date of such
        offer (if the Proposed Prepayment Date shall not be specified in such offer, the Proposed Prepayment Date shall be the 30th day after the date of such offer).

       

      (c)        Acceptance; Rejection.  A holder of Notes may
        accept or reject the offer to prepay made pursuant to this Section 8.7 by causing a notice of such acceptance or rejection to be delivered to the Company at least five Business Days prior to the Proposed Prepayment Date.  A failure by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.7 shall be deemed to constitute a rejection of such offer by such holder.

       

      (d)       Prepayment.  Prepayment of the Notes to be
        prepaid pursuant to this Section 8.7 shall be at 100% of the principal amount of such Notes, together with interest on such Notes accrued to the date of prepayment.  The prepayment shall be made on the Proposed Prepayment Date.

       

      (e)        Officer’s Certificate.  Each offer to prepay
        the Notes pursuant to this Section 8.7 shall be accompanied by a certificate, executed by a Senior Financial Officer of the Company and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made
        pursuant to this Section 8.7; (iii) the principal amount of each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this
        Section 8.7 have been fulfilled; and (vi) in reasonable detail, the nature and date or proposed date of the Change in Control.

       

      (f)        Effect on Required Payments.  The amount of
        each payment of the principal of the Notes made pursuant to this Section 8.7 shall be applied against and reduce each of the then remaining principal payments due pursuant to Section 8.1 by a percentage equal to the aggregate principal amount of
        the Notes so paid divided by the aggregate principal amount of the Notes outstanding immediately prior to such payment.

       

      (g)       “Change in Control” Defined.  “Change in Control” means the occurrence of either of the following: (i) any entity, person (within the meaning of Section 14(d) of the Exchange Act) or group
        (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act) which theretofore was the beneficial owner (as defined in Rule 13d‐3 under the Exchange Act) of less than 20% of the Company’s then outstanding common stock either
        (A) acquires shares of common stock of the Company in a transaction or series of transactions that results in such entity, person or group directly or indirectly owning beneficially 20% or more of the outstanding common stock of the Company, or
        (B) acquires, by proxy or otherwise, the right to vote for the election of directors, for any merger, combination or consolidation of the Company or any of its direct or indirect Subsidiaries, or, for any other matter or question, more than 20% of
        the then outstanding voting securities of the Company; or (ii) 20% or more of the members of the board of directors of the Company fail to consist of Continuing Directors.

       

      

      
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      Section 9.          Affirmative Covenants.

       

      From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

       

      Section 9.1.         Compliance with Law.  Without limiting Section 10.6, the Company will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to
        which each of them is subject, including, without limitation, ERISA, Environmental Laws, the USA Patriot Act and the other laws and regulations that
        are referred to in Section 5.16, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or to the conduct of their
        respective businesses, in each case to the extent necessary to ensure that non‐compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits, franchises
        and other governmental authorizations would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      Section 9.2.        Insurance.  The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective properties
        and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co‐insurance and self‐insurance, if adequate reserves are maintained with respect thereto) as is customary in the
        case of entities of established reputations engaged in the same or a similar business and similarly situated.

       

      Section 9.3.       Maintenance of Properties.  The Company will, and will cause each of its Subsidiaries to, maintain and keep, or cause to be maintained and kept, their respective properties in good
        repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and the
        Company has concluded that such discontinuance would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

       

      Section 9.4.         Payment of Taxes and Claims.  The Company will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge all
        taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent the same have become due and payable and
        before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a
        timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (b) the nonpayment of all such taxes,
        assessments, charges, levies and claims in the aggregate would not reasonably be expected to have a Material Adverse Effect. 

       

      

      
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      Section 9.5.       Corporate Existence, Etc.  Subject to Section 10.2, the Company will at all times preserve and keep in full force and effect its corporate existence.  Subject to Sections 10.2 and 10.3,
        the Company will at all times preserve and keep in full force and effect the corporate existence of each of its Subsidiaries (unless merged into the Company or a Wholly‐Owned Subsidiary) and all rights and franchises of the Company and its
        Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect such corporate existence, right or franchise would not, individually or in the aggregate, have a Material
        Adverse Effect. 

       

      Section 9.6.       Books and Records.  The Company will, and will cause each of its Subsidiaries to, maintain proper books of record and account in conformity with GAAP and all applicable requirements of
        any Governmental Authority having legal or regulatory jurisdiction over the Company or such Subsidiary, as the case may be, in all material respects.

       

      Section 9.7.       Ownership.  The Company will own, at all times, directly or indirectly, 100% of the Capital Stock having voting rights of South Jersey Gas Company and Elizabethtown Gas.

       

      Section 9.8.       Subsidiary Guarantors.  The Company will cause any Subsidiary that (i) at any time is a party to
        any Principal Credit Facility or (ii) guarantees Indebtedness in respect of any Principal Credit Facility, to enter into a subsidiary guaranty agreement reasonably acceptable to the Required Holders providing for a guaranty of the obligations of
        the Company under the Notes and this Agreement (a “Subsidiary Guaranty”) and

        to deliver to each of the holders of the Notes (substantially concurrently with the incurrence of any such guaranty obligation pursuant to any Principal Credit Facility) the following items:

       

      (a)         a certificate signed by an authorized Responsible Officer of the Company making representations and warranties substantially to the
        effect of those contained in Sections 5.4, 5.6 and 5.7, with respect to such Subsidiary and the Subsidiary Guaranty, as applicable; and

       

      (b)       an opinion of counsel for the Company addressed to each of the holders of the Notes reasonably satisfactory to the Required Holders,
        substantially to the effect that the Subsidiary Guaranty by such Person has been duly authorized, executed and delivered and that the Subsidiary Guaranty constitutes the legal, valid and binding obligation of such Person enforceable in accordance
        with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and by general equitable
        principles (regardless of whether such enforceability is considered in a proceeding in equity or at law) and subject to other usual and customary limitations.

       

      

      
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      The holders of the Notes agree to discharge and release any Subsidiary Guarantor from any Subsidiary Guaranty upon the written request of the Company, provided that (i) such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently with the release of such Subsidiary
        Guarantor under the Subsidiary Guaranty) as an obligor and guarantor under and in respect of each Principal Credit Facility and the Company so certifies to the holders of the Notes in a certificate of a Responsible Officer, (ii) at the time of such
        release and discharge, the Company shall deliver a certificate of a Responsible Officer to the holders of the Notes stating that no Default or Event of Default exists, and (iii) if any fee or other form of consideration is given to any holder of
        Indebtedness of the Company for the purpose of such release, the holders of the Notes shall receive equivalent consideration.

       

      Section 9.9.       Notes to Rank Pari Passu.  The Notes and all obligations under this Agreement
        are and at all times shall remain direct obligations of the Company ranking pari passu as against the assets of the Company with all other Notes from time to
        time issued and outstanding hereunder without any preference among themselves and pari passu with all Indebtedness outstanding under any Principal Credit
        Facility and all other present and future unsecured Indebtedness (actual or contingent) of the Company which is not expressed to be subordinate or junior in rank to any other unsecured Indebtedness of the Company.

       

      Section 10.        

        Negative Covenants.

       

      From the date of this Agreement until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

       

      Section 10.1.       Transactions with Affiliates.  The Company will not and will not permit any Subsidiary to enter into directly or indirectly any Material transaction or group of related Material
        transactions (including without limitation the purchase, lease, sale or exchange of properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except in the ordinary course and
        pursuant to the reasonable requirements of the Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary than would be obtainable in a comparable arm’s‐length transaction with a
        Person not an Affiliate.

       

      Section 10.2.       Merger, Consolidation, Etc.  The Company will not, and will not permit any of its Subsidiaries to, consolidate with or merge with any other Person or convey, transfer or lease all or
        substantially all of its assets in a single transaction or series of transactions to any Person; provided that: 

       

      (a)         any Subsidiary of the Company may (i) consolidate with or merge with, or convey, transfer or lease all or
        substantially all of its assets in a single transaction or series of transactions to (A) the Company or a Subsidiary so long as in any merger or consolidation involving the Company, the Company shall be the surviving or continuing entity or (B) any
        other Person so long as the survivor of any such merger or consolidation is a Subsidiary, or (ii) convey, transfer or lease all or substantially all of its assets in compliance with the provisions of Section 10.3; and 

       

      

      
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      (b)          the foregoing restriction does not apply to the consolidation or merger of the Company with, or the conveyance,
        transfer or lease of substantially all of the assets of the Company in a single transaction or series of transactions to, any Person so long as:

       

      (i)        the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance,
        transfer or lease all or substantially all of the assets of the Company as an entirety, as the case may be (the “Successor Corporation”), shall be (A) the
        Company or (B) a solvent entity organized and existing under the laws of the United States of America or any State thereof (including the District of Columbia);

       

      (ii)       if the Company is not the Successor Corporation, such Successor Corporation shall have executed and delivered to each
        holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes (pursuant to such agreements and instruments as shall be reasonably satisfactory to the Required
        Holders), and the Successor Corporation shall have caused to be delivered to each holder of Notes an opinion of nationally recognized independent counsel or other independent counsel reasonably satisfactory to the Required Holders, to the effect
        that all agreements or instruments effecting such assumption are enforceable in accordance with their terms (subject to usual and customary limitations); and

       

      (iii)      immediately before and after giving effect to such transaction no Default or Event of Default shall have occurred and
        be continuing.

       

      No such conveyance, transfer or lease of substantially all of the assets of the Company shall have the effect of releasing the Company or any successor corporation or
        limited liability company that shall theretofore have become such in the manner prescribed in this Section 10.2 from its liability under this Agreement or the Notes.

       

      Section 10.3.       Sale of Assets.  The Company will not, and will not permit any Subsidiary to, sell, lease or otherwise dispose of any Substantial Part (as defined below) of the assets of the Company and
        its Subsidiaries; provided, however, that the Company or any Subsidiary may sell, lease or otherwise dispose of assets constituting a Substantial Part of the
        assets of the Company and its Subsidiaries if such assets are sold in an arms’ length transaction and, at such time and after giving effect thereto, no Default or Event of Default shall have occurred and be continuing and an amount equal to the net
        proceeds received from such sale, lease or other disposition (but only with respect to that portion of such assets that exceeds the definition of “Substantial Part” set forth below) shall be used within 365 days of such sale, lease or disposition,
        in any combination:

       

      (a)         to acquire productive assets used or useful in carrying on the business of the Company and its Subsidiaries and
        having a value at least equal to the value of such assets sold, leased or otherwise disposed of; and/or

       

      

      
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      (b)          to prepay or retire Senior Indebtedness of the Company and/or its Subsidiaries, provided that the Company shall offer to prepay each outstanding Note in a principal amount, which equals the Ratable Portion for such Note, in accordance with Section 8.2, but without
        payment of any Make‐Whole Amount. 

       

      A sale, lease or other disposition of assets shall be deemed to be a “Substantial
          Part” of the assets of the Company and its Subsidiaries if the book value of such assets, when added to the book value of all other assets sold, leased or otherwise disposed of by the Company and its Subsidiaries during any period of 12
        consecutive months, exceeds 10% of Consolidated Total Assets (Consolidated Total Assets to be determined as of the end of the fiscal year of the Company immediately preceding such sale, lease or other disposition after giving pro forma effect to
        the acquisition and the sale or other disposition of all assets by the Company and its Subsidiaries occurring from and after such fiscal year end to the date of determination); provided that there shall be excluded from any determination of a “Substantial Part” any (i) sale or disposition of assets in the ordinary course of business of the Company and its Subsidiaries, (ii) any transfer of
        assets from the Company to any Subsidiary or from any Subsidiary to the Company or a Subsidiary, and (iii) any sale or transfer of property acquired by the Company or any Subsidiary after the date of this Agreement to any Person within 365 days
        following the acquisition or construction of such property by the Company or any Subsidiary if the Company or a Subsidiary shall concurrently with such sale or transfer, lease such property, as lessee.

       

      Section 10.4.       Liens.  The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly create, incur, assume or permit to exist (upon the happening of a contingency or
        otherwise) any Lien securing Indebtedness for borrowed money on or with respect to any property or asset (including, without limitation, any document or instrument in respect of goods or accounts receivable) of the Company or any such Subsidiary,
        whether now owned or held or hereafter acquired, or any income or profits therefrom, or assign or otherwise convey any right to receive income or profits (other than assignments and conveyances constituting dispositions of assets permitted under
        Section 10.3), except:

       

      (a)          Liens for taxes, assessments or other governmental charges which are not yet due and payable or the payment of which
        is not at the time required by Section 9.4;

       

      (b)        carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the
        ordinary course of business and securing obligations that are not overdue by more than 30 days or are being contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings;

       

      (c)          any attachment or judgment Lien, unless the judgment it secures shall not, within 90 days after entry thereof, have
        been discharged or execution thereof stayed pending appeal, or shall not have been discharged within 90 days after the expiration of such stay;

       

      (d)         deposits or pledges to secure bids, tenders, contracts (other than contracts for the payment of money), leases,
        statutory obligations (including workers’ compensation, unemployment insurance and other social security laws or regulations), surety and appeal bonds, and other obligations of like nature arising in the ordinary course of such Person’s business,
        including, without limitation, deposits and pledges of funds securing Permitted Commodity Hedging Obligations;

       

      

      
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      (e)          rights of way, zoning restrictions, easements and similar encumbrances affecting such Person’s real property which
        do not materially interfere with the use of such property;

       

      (f)         licenses, leases or subleases granted to other Persons in the ordinary course of business and not interfering in any
        material respect with the business of the Company and its Subsidiaries;

       

      (g)         customary bankers’ Liens and rights of setoff arising, in each case, by operation of law and incurred on deposits
        made in the ordinary course of business;

       

      (h)          Liens on property or assets of any Subsidiary securing Indebtedness owing to the Company or to another Subsidiary;

       

      (i)         Liens on property or assets securing the Indebtedness of the Company or any Subsidiary as of the date of this
        Agreement and reflected in Schedule 5.15(a);

       

      (j)           any Lien created to secure all or part of the purchase price, or to secure Indebtedness incurred or assumed to pay
        all or any part of the purchase price or cost of construction, of property (or any improvement thereon) acquired or constructed by the Company or a Subsidiary after the date of this Agreement, provided that (i) any such Lien shall extend solely to the item or items of such property (or improvement thereon) so acquired or constructed and, if required by the terms of the instrument originally creating
        such Lien, other property (or improvement thereon) which is an improvement to or is acquired or constructed property (or improvement thereon) or which is real property being improved by such acquired or constructed property (or improvement
        thereon), and (ii) any such Lien shall be created contemporaneously with, or within 180 days after, the acquisition or construction of such property;

       

      (k)       any Lien existing on property of a Person immediately prior to its being consolidated with or merged into the Company
        or a Subsidiary or its becoming a Subsidiary, or any Lien existing on any property acquired by the Company or a Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have assumed), provided that (i) no such Lien shall have been created or assumed in contemplation of such consolidation or merger or such Person’s becoming a Subsidiary or such
        acquisition of property, and (ii) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally creating such Lien, other property which is an improvement to or is
        acquired for specific use in connection with such acquired property;

       

      (l)          any Lien renewing, extending or refunding any Lien permitted by paragraphs (i), (j) or (k) of this Section 10.4, provided that (i) the principal amount of Indebtedness secured by such Lien immediately prior to such extension, renewal or refunding is not increased or the
        maturity thereof reduced, (ii) such Lien is not extended to any other property and (iii) immediately before and after such extension, renewal or refunding, no Default or Event of Default exists; 

       

      

      
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      (m)        Liens on the property of (i) South Jersey Gas pursuant to the SJG Mortgage; (ii) Elizabethtown Gas pursuant to the
        Elizabethtown Mortgage; and (iii) any other Regulated Utility Subsidiary of the Company pursuant to a Subsidiary Mortgage, which Liens shall provide collateral for amounts due under securities issued thereunder (or notes related to the SJG
        Mortgage); so long as in each case the securities are issued in accordance with limitations of the SJG Mortgage, the Elizabethtown Mortgage, or the applicable Subsidiary Mortgage; and

       

      (n)       other Liens not otherwise permitted by paragraphs (a) through (m) securing Indebtedness of the Company and its
        Subsidiaries, provided that the aggregate outstanding principal amount of
          Indebtedness secured by all Liens permitted by this Section 10.4(n) shall not exceed 15% of Consolidated Net Worth, provided further, notwithstanding the foregoing, no such Liens may secure any obligations under or pursuant to any Principal Credit Facility within the provisions of this
          Section 10.4(n) unless concurrently therewith the Company shall cause the Notes to be secured, equally and ratably with such obligations pursuant to documentation in form and substance reasonably satisfactory to the Required Holders.

       

      Section 10.5.       Line of Business.  The Company will not and will not permit any Subsidiary to engage in any business if, as a result, the general nature of the business in which the Company and its
        Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement as described in the
        Disclosure Documents.

       

      Section 10.6.       Economic Sanctions, Etc.  The Company will not, and will not permit any Controlled Entity to (a) become (including by virtue of being owned or controlled by a Blocked Person), own or
        control a Blocked Person or (b) directly or indirectly have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds of the Notes) with any Person if such investment, dealing
        or transaction (i) would cause any Purchaser or holder or any Affiliate of such Purchaser or holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such holder, or (ii) is prohibited by or subject to
        sanctions under any U.S. Economic Sanctions Laws.

       

      Section 10.7.      Ratio of Indebtedness to Consolidated Total Capitalization.  The Company will, unless the Required Holders shall otherwise consent in writing, maintain at the end of each fiscal quarter a
        ratio of Indebtedness of the Company and its Subsidiaries on a consolidated basis (solely with respect to Pre-Funded Acquisition Debt, calculated net of the proceeds thereof held as cash and cash equivalents held on the balance sheet of the Company
        and its Subsidiaries) to Consolidated Total Capitalization of not more than 0.70 to 1.0.

       

      

      
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      Section 11.        Events of Default.

       

      An “Event of Default” shall exist if any of the following
        conditions or events shall occur and be continuing:

       

      (a)          the Company defaults in the payment of any principal or Make‐Whole Amount, if any, on any Note when the same becomes
        due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

       

      (b)          the Company defaults in the payment of any interest on any Note for more than five Business Days after the same
        becomes due and payable; or

       

      (c)          the Company defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10; or

       

      (d)          the Company or any Subsidiary Guarantor defaults in the perfor-mance of or compliance with any term contained herein
        (other than those referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default is not remedied within 30 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the
        Company receiving written notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or

       

      (e)          any representation or warranty made in writing by or on behalf of the Company, any Subsidiary Guarantor (if
        applicable) or by any officer of the Company or any Subsidiary Guarantor (if applicable) in this Agreement or any Subsidiary Guaranty or in any writing furnished in connection with the transactions contemplated hereby or by any Subsidiary Guaranty
        proves to have been false or incorrect in any material respect on the date as of which made; or

       

      (f)          (i) the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any
        principal of or premium or make‐whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $50,000,000 beyond any period of grace provided with respect thereto, or (ii) the Company or any
        Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount of at least $50,000,000 or of any mortgage, indenture or other agreement relating thereto or
        any other condition exists, and as a consequence of such default or condition such Indebtedness has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its stated maturity or
        before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into
        equity interests or the right of the Company or a Subsidiary to repay such Indebtedness prior to its stated maturity), (A) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity or before
        its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $50,000,000 or (B) one or more Persons have the right to require the Company or any Subsidiary so to purchase or repay such Indebtedness; or

       

      

      
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      (g)        the Company or any Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as
        they become due, (ii) files, or consents by answer or otherwise to the filing against it of a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy,
        insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment of a custodian, receiver, trustee or other officer with similar powers
        with respect to it or with respect to any substantial part of its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of the foregoing; or

       

      (h)         a court or Governmental Authority of competent jurisdiction enters an order appointing, without consent by the
        Company or any of its Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, or constituting an order for relief or approving a petition for
        relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering the dissolution, winding‐up or liquidation of the Company or any of its
        Subsidiaries, or any such petition shall be filed against the Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or

       

      (i)           a final judgment or judgments at any one time outstanding for the payment of money aggregating in excess of
        $50,000,000 (except to the extent covered by independent third‐party insurance as to which the insurer acknowledges in writing that such judgment or judgments are covered by such insurance) are rendered against one or more of the Company and its
        Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or

       

      (j)          to the extent applicable, any provision of any Subsidiary Guaranty after delivery thereof shall for any reason cease
        to be a legally valid, binding and enforceable obligation or contract of a Subsidiary Guarantor (other than upon a release of any Subsidiary Guarantor from a Subsidiary Guaranty in accordance with the terms of Section 9.8 hereof), or any Subsidiary
        Guarantor or any party by, through or on account of any such Subsidiary Guarantor, challenges the validity, binding nature or enforceability of any such Subsidiary Guaranty; or

       

      (k)          if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part
        thereof or a waiver of such standards or extension of any amortization period is sought or granted under Section 412 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or
        the PBGC shall have instituted proceedings under Section 4042 of ERISA to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such
        proceedings, (iii) the aggregate “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) for which the Company or any ERISA Affiliate is obligated under all Plans, determined in accordance with Title IV of
        ERISA, shall exceed $50,000,000, (iv) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability (other than for premium payments due to the PBGC) pursuant to Title I or IV of ERISA or the penalty or
        excise tax provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that
        provides post‐employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together with any
        other such event or events, would reasonably be expected to have a Material Adverse Effect.

       

      

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

       

      Section 12.        Remedies on Default, Etc.

       

      Section 12.1.       Acceleration.  (a)  If an Event of Default with respect to the Company described in Section 11(g) or (h) (other than an Event of Default described in clause (i) of Section 11(g) or
        described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable.

       

      (b)        If any other Event of Default has occurred and is continuing, any holder or holders of more than 50% in aggregate principal amount of the
        Notes at the time outstanding may at any time during the continuation of such Event of Default, at its or their option, by notice or notices to the Company, declare all of the Notes then outstanding to be immediately due and payable.

       

      (c)         If any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time
        outstanding affected by such Event of Default may at any time during the continuation of such Event of Default, at its or their option, by notice or notices to the Company, declare all of the Notes held by it or them to be immediately due and
        payable.

       

      Upon any Notes becoming due and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the
        entire unpaid principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate) and (y) the Make‐Whole Amount, if any, determined in respect of such
        principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further notice, all of which are hereby waived.  The Company acknowledges,
        and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically provided for) and that the provision for payment of a Make‐Whole
        Amount, if any, by the Company in the event that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation of such right under such circumstances.

       

      

      
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      Section 12.2.      Other Remedies.  If any Default or Event of Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable
        under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any
        agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise.

       

      Section 12.3.       Rescission.  At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the holders of not less than 51% in principal amount of the Notes then
        outstanding, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue interest on the Notes, all principal of and any applicable Make‐Whole Amount on any Notes that
        are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make‐Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at
        the Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non‐payment of amounts that have become due
        solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to the Notes.  No rescission and annulment under
        this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

       

      Section 12.4.       No Waivers or Election of Remedies, Expenses, Etc.  No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate as a
        waiver thereof or otherwise prejudice such holder’s rights, powers or remedies.  No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or by any Note upon any holder thereof shall be exclusive of any other right, power or
        remedy referred to herein or therein or now or hereafter available at law, in equity, by statute or otherwise.  Without limiting the obligations of the Company under Section 15, the Company will pay to the holder of each Note on demand such further
        amount as shall be sufficient to cover all reasonable costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

       

      Section 13.       

        Registration; Exchange; Substitution of Notes.

       

      Section 13.1.      Registration of Notes.  The Company shall keep at its principal executive office a register for the registration and registration of transfers of Notes.  The name and address of each
        holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register.  If any holder of one or more Notes is a nominee, then (a) the name and address of the
        beneficial owner of such Note or Notes shall also be registered in such register as an owner and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute any amendment, waiver or consent
        pursuant to this Agreement.  Prior to due presentment for registration of transfer, the Person in whose name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company shall not
        be affected by any notice or knowledge to the contrary.  The Company shall give to any holder of a Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered
        holders of Notes.

       

      

      
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      Section 13.2.       Transfer and Exchange of Notes.  Upon surrender of any Note to the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)), for
        registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such holder’s attorney duly authorized in
        writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Company shall execute and deliver, at the Company’s expense (except
        as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor, in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note.  Each such new Note shall be payable to such Person
        as such holder may request and shall be substantially in the form of Exhibit 1(a) or 1(b), as the case may be.  Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or
        dated the date of the surrendered Note if no interest shall have been paid thereon.  The Company may require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes.  Notes shall
        not be transferred in denominations of less than $1,000,000, provided that if necessary to enable the registration of transfer by a holder of its entire
        holding of Notes, one Note may be in a denomination of less than $1,000,000.  Any transferee, by its acceptance of a Note registered in its name (or the name of its nominee), shall be deemed to have made the representations set forth in Section 6.

       

      Section 13.3.       Replacement of Notes.  Upon receipt by the Company at the address and to the attention of the designated officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory
        to the Company of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional Investor of such ownership and such loss, theft,
        destruction or mutilation), and

       

      (a)         in the case of loss, theft or destruction, of indemnity reasonably satisfactory to the Company (provided that if the holder of such Note
        is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory),
        or

       

      (b)         in the case of mutilation, upon surrender and cancellation thereof,

       

      within ten Business Days thereafter, the Company at its own expense shall execute and deliver, in lieu thereof, a new Note, dated and bearing interest from the date to
        which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon.

       

      

      
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      Section 14.       

        Payments on Notes.

       

      Section 14.1.      Place of Payment.  Subject to Section 14.2, payments of principal, Make‐Whole Amount, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the
        principal office of Bank of America, N.A. in such jurisdiction.  The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes so long as such place of payment shall be either the principal office of the
        Company in such jurisdiction or the principal office of a bank or trust company in such jurisdiction.

       

      Section 14.2.      Home Office Payment.  So long as any Purchaser or its nominee shall be the holder of any Note, and notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the
        Company will pay all sums becoming due on such Note for principal, Make‐Whole Amount, if any, interest and all other amounts due hereunder by the method and at the address specified for such purpose below such Purchaser’s name in Schedule A, or by
        such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the presentation or surrender of such Note or the making of any notation thereon, except that
        upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note for cancellation, reasonably promptly after any such request, to the Company
        at its principal executive office or at the place of payment most recently designated by the Company pursuant to Section 14.1.  Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its
        election, either endorse thereon the amount of principal paid thereon and the last date to which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2.  The Company will
        afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
        have made in this Section 14.2.

       

      Section 14.3.       FATCA Information.  By acceptance of any Note, the holder of such Note agrees that such holder
        will with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company, from time to time (a) in the case of any such holder that is a United States Person, such holder’s
        United States tax identification number or other forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person under FATCA and as may otherwise be necessary for the Company to comply with its
        obligations under FATCA and (b) in the case of any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section 1471(b)(3)(C)(i) of the Code) and such additional documentation
        as may be necessary for the Company to comply with its obligations under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount (if any) to deduct and withhold from any such
        payment made to such holder.  Nothing in this Section 14.3 shall require any holder to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under FATCA and, in such event,
        the Company shall treat any such information it receives as confidential.

       

      

      
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      Section 15.       

        Expenses, Etc.

       

      Section 15.1.     Transaction Expenses.  Whether or not the transactions contemplated hereby are consummated, the
        Company will pay all reasonable costs and expenses (including reasonable attorneys’ fees of one special counsel and, if reasonably required by the Required Holders, one local or other counsel) incurred (a) by the Purchasers in connection with such
        transactions and (b) by the holders of the Notes in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether or not such amendment, waiver or consent becomes
        effective), including, without limitation: (i) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in
        responding to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty or the Notes, or by reason of being a holder of any Note, (ii) the reasonable costs and expenses,
        including financial advisors’ fees, incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work‐out or restructuring of the transactions contemplated hereby and by the Notes and any
        Subsidiary Guaranty and (iii) the reasonable costs and expenses incurred in connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided, that such costs and expenses under this clause (iii) shall not exceed $5,000.  The Company will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect
        of any fees, costs or expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase or sale of any Notes).

       

      Section 15.2.       Certain Taxes.  The Company agrees to pay all stamp, documentary or similar taxes or fees which
        may be payable in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other
        jurisdiction where the Company or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary Guaranty or of any of the Notes, and to pay any value added tax due and
        payable in respect of reimbursement of costs and expenses by the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless against any loss or liability resulting from nonpayment or
        delay in payment of any such tax or fee required to be paid by the Company hereunder.

       

      Section 15.3.      Tax Withholding.  Except as otherwise required by applicable law, the Company agrees that it will not withhold from any applicable payment to be made to a holder of a Note that is not a
        United States Person any tax so long as such holder shall have delivered to the Company (in such number of copies as shall be requested) on or about the date on which such holder becomes a holder under this Agreement (and from time to time
        thereafter upon the reasonable request of the Company), executed copies of IRS Form W-8BEN or IRS Form W-8BEN-E (or any successor form), as applicable, as well as the applicable “U.S. Tax Compliance Certificate” substantially in the form attached as Exhibit 15.3, in both cases correctly completed and executed.

       

      

      
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      Section 15.4.       Survival.  The obligations of the Company under this Section 15 will survive the payment or
        transfer of any Note, the enforcement, amendment or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

       

      Section 16.       

        Survival of Representations and Warranties; Entire Agreement.

       

      All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or
        transfer by any Purchaser of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser
        or any other holder of a Note.  All statements contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed representations and warranties of the Company under this Agreement. 
        Subject to the preceding sentence, this Agreement, the Notes and any Subsidiary Guaranty embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior agreements and understandings relating to the
        subject matter hereof.

       

      Section 17.       

        Amendment and Waiver.  

       

      Section 17.1.      Requirements.  This Agreement and the Notes may be amended, and the observance of any term hereof
        or of the Notes may be waived (either retroactively or prospectively), with (and only with) the written consent of the Company and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or
        21 hereof, or any defined term (as it is used in any of such Sections), will be effective as to any Purchaser unless consented to by such Purchaser in writing, and (b) no amendment or waiver may, without the written consent of each Purchaser and
        the holder of each Note at the time outstanding, (i) subject to the provisions of Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of
        payment or method of computation of interest or of the Make‐Whole Amount on, the Notes, if any, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver or the
        principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the conditions to an Closing that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the first sentence of
        Section 8.2(d), 11(a), 11(b), 12, 17 or 20.

       

      Section 17.2.        Solicitation of Holders of Notes.

       

      (a)         Solicitation.  The Company will provide each
        Purchaser and holder of Notes with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent
        in respect of any of the provisions hereof or of the Notes or any Subsidiary Guaranty.  The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17 or any
        Subsidiary Guaranty to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes.

       

      

      
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      (b)        Payment.  The Company will not directly or
        indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest, fee or otherwise (other than legal fees or other related expenses), or grant any security or provide other credit support, to any Purchaser
        or holder of Notes as consideration for or as an inducement to the entering into by any Purchaser or holder of Notes of any waiver or amendment of any of the terms and provisions hereof or of any Subsidiary Guaranty or any Note unless such
        remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same terms, ratably to each Purchaser and holder of Notes then outstanding even if such Purchaser or holder did not consent
        to such waiver or amendment.

       

      (c)        Consent in Contemplation of Transfer.  Any
        consent made pursuant to this Section 17 or any Subsidiary Guaranty by a holder of Notes that has transferred or has agreed to transfer its Notes to the Company, any Subsidiary or any Affiliate of the Company and has provided or has agreed to
        provide such written consent as a condition to such transfer shall be void and of no force or effect except solely as to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not
        be so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force or effect except solely as to such holder.

       

      Section 17.3.       Binding Effect, Etc.  Any amendment or waiver consented to as provided in this Section 17 or in
        any Subsidiary Guaranty applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or
        waiver.  No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon.  No course of dealing between the Company and any
        Purchaser or holder of any Note nor any delay in exercising any rights hereunder or under any Note shall operate as a waiver of any rights of any holder of such Note or any Subsidiary Guaranty.  

       

      Section 17.4.       Notes Held by Company, Etc.  Solely for the purpose of determining whether the Purchasers and
        holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the
        taking of any action provided herein or in any Subsidiary Guaranty or the Notes to be taken upon the direction of the Purchasers and holders of a specified percentage of the aggregate principal amount of Notes then outstanding, Notes directly or
        indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

       

      Section 18.       

        Notices.

       

      Except for Electronic Communications, all notices and communications provided for hereunder shall be in writing and sent (a) by facsimile, if the
        sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), (b) by registered or certified mail with return receipt requested (postage prepaid), (c) by a recognized overnight delivery
        service (with charges prepaid) or (d) by posting to IntraLinks® or a similar service reasonably acceptable to the Required Holders if the sender on the same day sends or causes to be sent notice of such posting by email or in accordance with
        clause (a), (b) or (c) above.  Any such notice must be sent:

       

      

      
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      (i)       if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
        Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Company in writing,

       

      (ii)       if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the
        Company in writing, or

       

      (iii)       if to the Company, to the Company at its address set forth at the beginning hereof to the attention of Treasurer, or
        at such other address as the Company shall have specified to the holder of each Note in writing.

       

      Notices under this Section 18 will be deemed given only when actually received.

       

      Section 19.       

        Reproduction of Documents.

       

      This Agreement and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be
        executed, (b) documents received by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser
        by any photographic, photostatic, electronic, digital, or other similar process and such Purchaser may destroy any original document so reproduced.  The Company agrees and stipulates that, to the extent permitted by applicable law, any such
        reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of
        business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.  This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such reproduction to
        the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any such reproduction.

       

      

      
        - 38 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 20.       

        Confidential Information.

       

      For the purposes of this Section 20, “Confidential Information”
        means information delivered to any Purchaser or a holder of a Note by or on behalf of the Company or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement, any Subsidiary Guaranty or the Notes
        that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser or holder as being confidential information of the Company or such Subsidiary, provided that such term does not
        include information that (a) was publicly known or otherwise known to such Purchaser or holder prior to the time of such disclosure without an obligation of confidentiality, (b) subsequently becomes publicly known through no act or omission by such
        Purchaser or holder or any person acting on such Purchaser’s or holder’s behalf, (c) otherwise becomes known to such Purchaser or holder other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements
        delivered to such Purchaser or holder under Section 7.1 that are otherwise publicly available.  Each Purchaser and holder will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser or
        holder in good faith to protect confidential information of third parties delivered to such Purchaser or holder and shall use such information only for purposes of monitoring its investment in the Notes, provided that such Purchaser or holder may deliver or disclose Confidential Information to (i) its directors, officers, employees, agents, attorneys, trustees and affiliates (to the extent such
        disclosure reasonably relates to the administration of the investment represented by its Notes and who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20), (ii) its auditors,
        financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to
        which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any
        Person from which it offers to purchase any security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory
        authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s or holder’s investment
        portfolio, or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal
        process, (y) in connection with any litigation to which such Purchaser or holder is a party or (z) if an Event of Default has occurred and is continuing, to the extent such Purchaser or holder may reasonably determine such delivery and disclosure
        to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s or holder’s Notes and this Agreement.  Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be
        bound by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement.  On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to
        such holder under this Agreement or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement with the Company embodying the provisions of this Section 20.

       

      In the event that as a condition to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions
        contemplated by or otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is
        different from this Section 20, this Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall supersede any such other confidentiality undertaking.

       

      

      
        - 39 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 21.       

        Substitution of Purchaser.

       

      Each Purchaser shall have the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a
        “Substitute Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which notice shall be signed
        by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
        representations set forth in Section 6.  Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser.  In
        the event that such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company
        of notice of such transfer, any reference to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser,
        and such original Purchaser shall again have all the rights of an original holder of the Notes under this Agreement.

       

      Section 22.       

        Miscellaneous.

       

      Section 22.1.      Successors and Assigns.  All covenants and other agreements contained in this Agreement by or on
        behalf of any of the parties hereto bind and inure to the benefit of their respective successors and permitted assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not; provided, however, the provisions of Section 7 hereof and any other provision of this Agreement that relates only to Institutional Investors shall only apply to Institutional Investors.

       

      Section 22.2.     Payments Due on Non‐Business Days.  Anything in this Agreement or the Notes to the contrary
        notwithstanding (but without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make‐Whole Amount, or interest on any Note
        that is due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next
        succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

       

      Section 22.3.     Accounting Terms.  All accounting terms used herein which are not expressly defined in this
        Agreement have the meanings respectively given to them in accordance with GAAP.  Except as otherwise specifically provided herein, (a) all computations made pursuant to this Agreement shall be made in accordance with GAAP, and (b) all financial
        statements shall be prepared in accordance with GAAP.  For purposes of determining compliance with the covenants set out in this Agreement, any election by the Company to measure any financial liability using fair value (as permitted by Accounting
        Standard Codification Topic No. 825‐10‐25 – Recognition, subsection Fair
          Value Option or any similar accounting standard) shall be disregarded and such determination shall be made by valuing indebtedness at 100% of the outstanding principal thereof.  Notwithstanding any other provision of herein to the
        contrary, the determination of whether a lease constitutes a capital lease or an operating lease, and whether obligations arising under a lease are required to be capitalized on the balance sheet of the lessee thereunder and/or recognized as
        interest expense, shall be determined by reference to GAAP as in effect on the date of this Agreement.

       

      

      
        - 40 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Section 22.4.       Severability.  Any provision of this Agreement that is prohibited or unenforceable in any
        jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the
        full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction.

       

      Section 22.5.     Construction, Etc.  Each covenant contained herein shall be construed (absent express provision
        to the contrary) as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant.  Where any
        provision herein refers to action to be taken by any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person.

       

      For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof.

       

      Section 22.6.       Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall
        be an original but all of which together shall constitute one instrument.  Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.

       

      Section 22.7.       Governing Law.  This Agreement shall be construed and enforced in accordance with, and the rights
        of the parties shall be governed by, the law of the State of New York excluding choice‐of‐law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State.

       

      Section 22.8.      Jurisdiction and Process; Waiver of Jury Trial.  (a) The Company irrevocably submits to the
        non‐exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City of New York, over any suit, action or proceeding arising out of or relating to this Agreement or the Notes.  To the fullest extent
        permitted by applicable law, the Company irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter
        have to the laying of the venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

       

      (b)         The Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
        referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or at such other address
        of which such holder shall then have been notified pursuant to said Section.  The Company agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and
        (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal delivery to it.  Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished
        by the United States Postal Service or any reputable commercial delivery service.

       

      

      
        - 41 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      (c)         Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit
        any right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

       

      (d)        The parties hereto hereby waive trial by jury
          in any action brought on or with respect to this Agreement, the Notes or any other document executed in connection herewith or therewith.

      

      

      Section 22.9.       Priority Indebtedness.  The

          Notes and all obligations of the Company under this Agreement shall constitute “Priority Indebtedness” under the Company’s Subordinated Indenture dated as of April 23, 2018, as amended, with U.S. Bank National Association, as Trustee, pursuant to
          which the Company issued its $200,000,000 5.625% Junior Subordinated Notes due 2079.

      

      

      *    *    *    *    *

       

      

      
        - 42 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

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

      

      

      	 	
              Very truly yours,

            
	 	 
	 	
              South Jersey Industries, Inc.

            

      

      

      	 	
              By

            	
              /s/ Cielo Hernandez

            

      	 	 	
              Name: Cielo Hernandez

            
	 	 	
              Title: Senior Vice President & Chief Financial Officer

            

       

      

      
        - 43 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Teachers Insurance and Annuity Association of America

            

      

      

      	 	
              By:

            	
              Nuveen Alternatives Advisors LLC, its investment manager

            

      

      

      	 	
              By:

            	
              /s/ Matthew W. Smith

            
	 	 	
              Name:  Matthew W. Smith

            
	 	 	
              Title:  Senior Director

            

       

      

      
        - 44 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              The Prudential Insurance Company of America

            

      

      

      	 	
              By:

            	
               /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              Prudential Retirement Insurance and Annuity Company

            

      

      

      	 	
              By: 

            	
              PGIM, Inc., as investment manager

            
	 	 	 
	 	
              By:

            	
              /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              BCBSM, Inc. DBA Blue Cross and Blue Shield of Minnesota

            

      

      

      	 	
              By:

            	
              Prudential Private Placement Investors,

            
	 	 	
              L.P. (as Investment Advisor)

            
	 	 	 
	 	
              By:

            	
              Prudential Private Placement Investors, Inc.

            
	 	 	
              (as its General Partner)

            
	 	 	 
	 	
              By:

            	
              /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              PICA Hartford Life Insurance Comfort Trust

            

      

      

      	 	
              By: 

            	
              The Prudential Insurance Company of America, as Grantor

            
	 	 	 
	 	
              By:

            	
              /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Vice President

            

      

      

      
        - 45 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              PRU US PP Credit BM Fund

            

      

      

      	 	
              By:

            	
              Prudential Private Placement Investors,

            
	 	 	
              L.P. (as Investment Advisor)

            
	 	 	 
	 	
              By:

            	
              Prudential Private Placement Investors, Inc.

            
	 	 	
              (as its General Partner)

            
	 	 	 
	 	
              By:

            	
              /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              PRUCO Life Insurance Company

            

      

      

      	 	
              By:

            	
              /s/ Brian E. Lemons

            
	 	 	
              Name:  Brian E. Lemons

            
	 	 	
              Title:  Assistant Vice President

            

      

      

      
        - 46 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Transamerica Financial Life Insurance Company

            

      

      

      	 	
              By:

            	
              AEGON USA Investment Management, LLC, its investment manager

            
	 	 	 
	 	
              By:

            	
              /s/ Frederick B. Howard

            
	 	 	
              Name:  Frederick B. Howard

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              Transamerica Life Insurance Company

            

      

      

      	 	
              By:

            	
              AEGON USA Investment Management, LLC, its investment manager

            
	 	 	 
	 	
              By:

            	
              /s/ Frederick B. Howard

            
	 	 	
              Name:  Frederick B. Howard

            
	 	 	
              Title:  Vice President

            

      

      

      	 	
              Transamerica Life (Bermuda) Ltd

            

      

      

      	 	
              By:

            	
              AEGON USA Investment Management, LLC, its investment manager

            
	 	 	 
	 	
              By:

            	
              /s/ Frederick B. Howard

            
	 	 	
              Name:  Frederick B. Howard

            
	 	 	
              Title:  Vice President

            

      

      

      
        - 47 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              5 Star Life Insurance Company

            
	 	 	 

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              American Health and Life Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              American Nuclear Insurers

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Illinois Mutual Life Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      
        - 48 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Kentucky Employers’ Mutual Insurance Authority

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Maine Employers’ Mutual Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Missouri Employers Mutual Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Mt. Hawley Insurance Company 

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      
        - 49 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      

      

      Accepted as of the date first written above.

      

      

      	 	
              National Benefit Life Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Pekin Life Insurance Company 

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Penn National Security Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

                

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Pennsylvania National Mutual Casualty Insurance Company

            

      

      

      	 	
              By: 

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

                

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      
        - 50 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Pinnacol Assurance

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:  

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              Primerica Life Insurance Company

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

                

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      	 	
              USAble Life

            

      

      

      	 	
              By:

            	
              Conning, Inc., as Investment Manager

            
	 	 	 
	 	
              By:

                

            	
              /s/ Samuel Otchere

            
	 	 	
              Name:  Samuel Otchere

            
	 	 	
              Title:  Director

            

      

      

      
        - 51 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Ensign Peak Advisors, Inc.

            

      

      

      	 	
              By:

              

            	
              /s/ Matthew D. Dall

            
	 	 	
              Name:  Matthew D. Dall

            
	 	 	
              Title:  Head of Credit Research

            

      

      

      
        - 52 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              The Guardian Life Insurance Company of America

            

      

      

      	 	
              By:

                

            	
              /s/ Adam Gossett

            
	 	 	
              Name:  Adam Gossett

            
	 	 	
              Title:  Director

            

      

      

      	 	
              The Guardian Insurance & Annuity Company, Inc.

            

      

      

      	 	
              By:

                

            	
              /s/ Adam Gossett

            
	 	 	
              Name:  Adam Gossett

            
	 	 	
              Title:  Director

            

      

      

      
        - 53 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Modern Woodmen of America

            

      

      

      	 	
              By:

            	
              /s/ Aaron R. Birkland

            
	 	 	
              Name:  Aaron R. Birkland

            
	 	 	
              Title:  Portfolio Manager, Private Placements

            

      

      

      	 	
              Modern Woodmen of America

            

      

      

      	 	
              By:

            	
              /s/ Brett M. Van

            
	 	 	
              Name:  Brett M. Van

            
	 	 	
              Title:  Chief Investment Officer & Treasurer

            

      

      

      
        - 54 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              MONY Life Insurance Company

            

      

      

      	 	
              By:

                

            	
              /s/ Diane S. Griswold

            
	 	 	
              Name:  Diane S. Griswold

            
	 	 	
              Title:  Second Vice President

            

      

      

      
        - 55 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Accepted as of the date first written above.

      

      

      	 	
              Southern Farm Bureau Life Insurance Company

            

      

      

      	 	
              By:

                

            	
              /s/ David Divine

            
	 	 	
              Name:  David Divine

            
	 	 	
              Title:  Director – Securities Management

            

      

      

      
        - 56 -

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Schedule B

       

      Defined Terms

       

      As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

       

      “Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common
        Control with, such first Person, and, with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of the Company or any Subsidiary or any
        corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting or equity interests.  Unless the context otherwise clearly requires, any reference to an
        “Affiliate” is a reference to an Affiliate of the Company.

       

      “Agreement” means this Agreement, including all Schedules
        attached to this Agreement, as it may be amended, restated, supplemented or otherwise modified from time to time.

       

      “Anti‐Corruption Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding bribery or any other corrupt activity, including the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act
        2010.

       

      “Anti‐Money Laundering Laws” means any law or regulation in a U.S. or any non‐U.S. jurisdiction regarding money laundering, drug trafficking, terrorist‐related activities or other money laundering predicate crimes,
        including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise known as the Bank Secrecy Act) and the USA PATRIOT Act.

       

      “Blocked Person” means (a) a Person whose name appears on
        the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions Laws or (c) a
        Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).

       

      “Business Day” means any day other than a Saturday, a
        Sunday or a day on which commercial banks in New York, New York or Folsom, New Jersey are required or authorized to be closed.

       

      “Called Principal” is defined in Section 8.6.

       

      “Capital Lease” means, at any time, a lease with respect to
        which the lessee is required concurrently to recognize the acquisition of an asset and the incurrence of a liability in accordance with GAAP.

       

      

      
        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      
      “Capital Stock” means, with respect to any Person, any and
        all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including any preferred interest, any limited or general partnership interest and any
        limited liability company membership interest.

       

      “Change in Control” is defined in Section 8.7(g).

       

      “Closing” is defined in Section 3.

       

      “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time.

       

      “Company” is defined in the first paragraph of this
        Agreement.

       

      “Confidential Information” is defined in Section 20.

       

      “Consolidated” means, when used with reference to any
        accounting term, the amount described by such accounting term, determined on a consolidated basis in accordance with GAAP, after elimination of intercompany items.

       

      “Consolidated Net Worth” means the consolidated stockholder’s equity of the Company and its Subsidiaries, as defined according to GAAP.

       

      “Consolidated Subsidiary” means any Subsidiary of the
        Company whose balance sheet and results of operations are required to be Consolidated with those of the Company in accordance with GAAP.

       

      “Consolidated Total Assets” means, as of any date of
        determination, the total amount of all assets of the Company and its Subsidiaries, determined on a consolidated basis in accordance with GAAP.

       

      “Consolidated Total Capitalization” means the sum of (a) Indebtedness of the Company and its Consolidated Subsidiaries, without duplication, plus (b) Mandatorily Convertible Securities of the Company, plus (c) the sum of the Capital Stock (excluding treasury
        stock and capital stock subscribed for and unissued) and surplus (including earned surplus, capital surplus, translation adjustment and the balance of the current profit and loss account not transferred to surplus) accounts of the Company and its
        Consolidated Subsidiaries appearing on a Consolidated balance sheet of the Company and its Consolidated Subsidiaries, in each case prepared as of the date of determination in accordance with GAAP after eliminating all intercompany transactions and
        all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries.

       

      “Continuing Directors” means, with respect to any Person as
        of any date of determination, any member of the board of directors of such Person who (a) was a member of such board of directors on the date of this Agreement, or (b) was nominated for election or elected to such board of directors with the
        approval of a majority of the Continuing Directors who were members of such board at the time of such nomination or election.

       

      

      
        B-2

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Control” or “Controlled” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting
        securities, by contract or otherwise.

       

      “Controlled Entity” means (a) any of the Subsidiaries of
        the Company and any of their or the Company’s respective Controlled Affiliates and (b) if the Company has a parent company, such parent company and its Controlled Affiliates.

       

      “Default” means an event or condition the occurrence or
        existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default.

       

      “Default Rate” means, with respect to a Note, that per
        annum rate of interest that is the greater of (a) 2% above the rate of interest stated in clause (a) of the first paragraph of such Note or (b) 2% over the rate of interest publicly announced by Bank of America, N.A. in New York, New York as its
        “base” or “prime” rate.

       

      “Disclosure Documents” is defined in Section 5.3.

       

      “Discounted Value” is defined in Section 8.6.

       

      “Electronic Delivery” is defined in Section 7.1(a).

       

      “Elizabethtown Gas” means Elizabethtown Gas Company, a New
        Jersey corporation.

       

      “Elizabethtown Mortgage” means that certain First Mortgage
        Indenture, dated as of July 2, 2018, between Elizabethtown Gas and Wilmington Trust, National Association, as Trustee, as amended, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof.

       

      “Environmental Laws” means any and all federal, state,
        local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
        or the release of any materials into the environment, including but not limited to those related to Hazardous Materials.

       

      “ERISA” means the Employee Retirement Income Security Act
        of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

       

      “ERISA Affiliate” means any trade or business (whether or
        not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code.

       

      “Event of Default” is defined in Section 11.

       

      “Exchange Act” means the Securities Exchange Act of 1934,
        as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

       

      

      
        B-3

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Execution Date” is defined in Section 3.

       

      “FATCA” means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor
          version that is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or
          relating to an intergovernmental agreement between the United States of America and any other jurisdiction, which (in either case) facilitates the
          implementation of the foregoing clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code.

       

      “Form 10‐K” is defined in Section 7.1(b).

       

      “Form 10‐Q” is defined in Section 7.1(a).

       

      “GAAP” means generally accepted accounting principles as in
        effect from time to time in the United States of America.

       

      “Governmental Authority” means

       

      (a)          the government of

       

      (i)          the United States of America or any State or other political subdivision thereof, or

       

      (ii)       any other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which
        asserts jurisdiction over any properties of the Company or any Subsidiary, or

       

      (b)         any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to,
        any such government.

       

      “Guaranty” means, with respect to any Person, any
        obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in
        any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:

       

      (a)          to purchase such indebtedness or obligation or any property constituting security therefor;

       

      (b)          to advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain
        any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such indebtedness or obligation;

       

      

      
        B-4

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      (c)        to lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such
        indebtedness or obligation of the ability of any other Person to make payment of the indebtedness or obligation; or

       

      (d)          otherwise to assure the owner of such indebtedness or obligation against loss in respect thereof.

       

      In any computation of the indebtedness or other liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the
        subject of such Guaranty shall be assumed to be direct obligations of such obligor.

       

      “Hazardous Material” means any and all pollutants, toxic or
        hazardous wastes or other substances that might pose a hazard to health and safety, the removal of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation, transfer, use,
        disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized by any applicable Environmental Law including, but not limited to, asbestos, urea formaldehyde foam insulation,
        polychlorinated biphenyls, petroleum, petroleum products, lead‐based paint, radon gas or similar restricted, prohibited or penalized substances.

       

      “Hedging Obligations” means, with respect to any Person,
        the obligations of such Person under any interest rate or currency swap agreement, interest rate or currency future agreement, interest rate collar agreement, swap agreement (as defined in 11 U.S.C. § 101), interest rate or currency hedge
        agreement, commodity agreement (the obligations of which are not Permitted Commodity Hedging Obligations), and any put, call or other agreement or arrangement designed to protect such Person against fluctuations in interest rates, currency exchange
        rates, or commodity prices.

       

      “holder” means, with respect to any Note, the Person in
        whose name such Note is registered in the register maintained by the Company pursuant to Section 13.1; provided, however, that if such Person is a nominee,
        then for the purposes of Sections 7, 8.7(b), 12, 17.2 and 18 and any related definitions in this Schedule B, “holder” shall mean the beneficial owner of such Note whose name and address appears in such register.

       

      “Indebtedness” means, for any Person, all obligations of
        such Person which in accordance with GAAP should be classified on a balance sheet of such Person as liabilities of such Person, and in any event shall include, without duplication, all (a) indebtedness for borrowed money, (b) obligations evidenced
        by bonds, debentures, notes or other similar instruments, (c) obligations to pay the deferred purchase price of property or services, (d) obligations as lessee under leases which shall have been or should be, in accordance with GAAP, recorded as
        capital leases, (e) obligations as lessee under operating leases which have been recorded as off‐balance sheet liabilities, (f) obligations under Hedging Obligations, (g) Reimbursement Obligations (contingent or otherwise) in respect of outstanding
        letters of credit, (h) indebtedness of the type referred to in clauses (a) through (f) above secured by (or for which the holder of such indebtedness has an existing right, contingent or otherwise, to be secured by) any lien or encumbrance on, or
        security interest in, property (including, without limitation, accounts and contract rights) owned by such Person, even though such Person has not assumed or become liable for the payment of such indebtedness, and (i) obligations under direct or
        indirect guaranties in respect of, and obligations (contingent or otherwise) to purchase or otherwise acquire, or otherwise to assure a creditor against loss in respect of, indebtedness or obligations of others of the kinds referred to in
        clauses (a) through (g) above.  For the avoidance of doubt and notwithstanding anything to the contrary set forth above, Permitted Commodity Hedging Obligations, Capital Stock, including Capital Stock having a preferred interest, and, solely for
        the purpose of Section 10.7 and solely to the extent the aggregate principal amount thereof does not exceed 15.0% of Consolidated Total Capitalization, Mandatorily Convertible Securities, shall not constitute Indebtedness for purposes of this
        Agreement.

       

      

      
        B-5

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      Indebtedness of any Person shall include all obligations of such Person of the character described in clauses (a) through (i) to the extent such
        Person remains legally liable in respect thereof notwithstanding that any such obligation is deemed to be extinguished under GAAP.

       

      “INHAM Exemption” is defined in Section 6.2(e).

       

      “Institutional Investor” means (a) any Purchaser of a Note,
        (b) any holder of a Note holding (together with one or more of its Affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any holder of a Note that is a bank, trust company, savings and loan association or
        other financial institution, a pension plan, an investment company, an insurance company, a broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note
        referred to in clauses (a) through (c) above.

       

      “Lien” means, with respect to any Person, any mortgage,
        lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital Lease, upon or
        with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements).

       

      “Make‐Whole Amount” is defined in Section 8.6.

       

      “Mandatorily Convertible Securities” means any mandatorily
        convertible equity-linked securities issued by the Company, so long as the terms of such securities require no repayments or prepayments and no mandatory redemptions or repurchases (other than repayments, prepayments, redemptions or repurchases
        that are to be settled by the issuance of Capital Stock by the Company or the proceeds of which are concurrently applied to purchase Capital Stock from the Company), in each case prior to at least 91 days after the later of the latest maturity date
        of the Notes and the repayment in full of the Notes and all other amounts due under this Agreement.

       

      “Material” means material in relation to the business,
        operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole.

       

      “Material Adverse Effect” means a material adverse effect
        on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations under this Agreement and the Notes, (c) to the
        extent applicable, the ability of any Subsidiary Guarantor to perform its obligations under its Subsidiary Guaranty, or (d) the validity or enforceability of this Agreement, the Notes or, to the extent applicable, any Subsidiary Guaranty.

       

      

      
        B-6

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Multiemployer Plan” means any Plan that is a
        “multiemployer plan” (as such term is defined in Section 4001(a)(3) of ERISA).

       

      “NAIC” means the National Association of Insurance
        Commissioners or any successor thereto.

       

      “NAIC Annual Statement” is defined in Section 6.2(a).

       

      “Notes” is defined in Section 1.1.

       

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

       

      “OFAC Sanctions Program” means any economic or trade
        sanction that OFAC is responsible for administering and enforcing.  A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource‐center/sanctions/Programs/Pages/Programs.aspx.

       

      “Officer’s Certificate” means a certificate of a Senior
        Financial Officer or of any other officer of the Company whose responsibilities extend to the subject matter of such certificate.

       

      “PBGC” means the Pension Benefit Guaranty Corporation
        referred to and defined in ERISA or any successor thereto.

       

      “Permitted Commodity Hedging Obligation” means obligations
        of the Company with respect to commodity agreements or other similar agreements or arrangements entered into in the ordinary course of business designed to protect against, or mitigate risks with respect to, fluctuations of commodity prices to
        which the Company or any Subsidiary is exposed to in the conduct of its business so long as (a) the management of the Company has determined that entering into such agreements or arrangements are bona fide hedging activities which comply with the
        Company’s risk management policies and (b) such agreements or arrangements are not entered into for speculative purposes and are not of a speculative nature.

       

      “Person” means an individual, partnership, corporation,
        limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority.

       

      “Plan” means an “employee benefit plan” (as defined in
        Section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made, by the
        Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability.

       

      

      
        B-7

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Pre-Funded Acquisition Debt” means Indebtedness incurred
        for the purpose of financing a significant acquisition (with significance otherwise calculated in accordance with Article 11 of Regulation S-X under the Securities Act), which Indebtedness is incurred prior to the date of consummation of such
        significant acquisition; provided that such Indebtedness shall cease to constitute Pre-Funded Acquisition Debt upon the earlier to occur of (i) the
        consummation of such significant acquisition and (ii) 45 days after the termination of the acquisition agreement for such significant acquisition.

       

      “Presentation” is defined in Section 5.3.

       

      “Principal Credit Facilities” means any credit or facility agreement or note purchase agreement of the Company, whether now existing or existing in the future, that provides for senior
        Indebtedness for borrowed money in an aggregate principal amount outstanding or available for borrowing under such agreement in excess of $50,000,000 or, in the case of any credit or facility agreement, that constitutes the primary bank credit
        facility or facilities of the Company, in each case, as amended, restated, joined, supplemented or otherwise modified from time to time, and any renewals, extensions or replacements thereof, including, but not limited to, and notwithstanding the
        minimum dollar threshold above, (a) that certain Five‐Year Revolving Credit Agreement dated as of August 7, 2017, as amended, supplemented or otherwise modified from time to time, among the Company, Wells Fargo Bank, National Association, as
        administrative agent, and the other financial institutions party thereto, (b) the Company’s Note Purchase Agreement dated June 28, 2012, as amended, supplemented or otherwise modified from time to time, (c) the Company’s Note Purchase Agreement
        dated June 26, 2014, as amended, supplemented or otherwise modified from time to time, (d) the Company’s Note Purchase Agreement dated August 16, 2017, as amended, supplemented or otherwise modified from time to time, and (e) the Company’s Note
        Purchase Agreement dated April 25, 2018, as amended, supplemented or otherwise modified from time to time.

       

      “property” or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible, choate or inchoate.

       

      “Proposed Prepayment Date” is defined in Section 8.7(b).

       

      “PTE” is defined in Section 6.2(a).

       

      “Purchaser” or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company and such Purchaser’s successors and assigns (so long as any such assignment complies with
        Section 13.2), provided, however, that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note
        as the result of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note for the purposes of this Agreement upon such transfer.

       

      “QPAM Exemption” is defined in Section 6.2(d).

       

      “Qualified Institutional Buyer” means any Person who is a
        “qualified institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act.

       

      

      
        B-8

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Ratable Portion” means, with respect to any Note, an
        amount equal to the product of (a) the amount equal to the net proceeds being so applied to the prepayment of Senior Indebtedness in accordance with Section 10.3(b), multiplied by (b) a fraction, the numerator of which is the outstanding principal
        amount of such Note, and the denominator of which is the aggregate principal amount of Senior Indebtedness of the Company and its Subsidiaries being prepaid pursuant to Section 10.3(b).

       

      “Regulated Utility Subsidiary” means a Subsidiary whose
        rates and services are regulated by the applicable board of public utilities, utilities commission, utility regulatory commission, public utilities commission,  public service commission or similar governing body that regulates the rates and
        services of public utilities within its jurisdiction.

       

      “Reimbursement Obligations” means the absolute,
        unconditional and irrevocable obligation of the Company to reimburse an issuing letter of credit lender under a letter of credit.

       

      “Reinvestment Yield” is defined in Section 8.6.

       

      “Related Fund” means, with respect to any holder of any
        Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised or managed by such holder, the same investment advisor as such holder or by an Affiliate of such holder or such investment advisor.

       

      “Remaining Average Life” is defined in Section 8.6.

       

      “Remaining Scheduled Payments” is defined in Section 8.6.

       

      “Reported” is defined in Section 8.6.

       

      “Required Holders” means at any time (i) from the Execution
        Date and prior to the date of the Closing, the Purchasers and (ii) on or after the date of the Closing, the holders of more than 50% in aggregate principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or
        any of its Affiliates).  

       

      “Responsible Officer” means any Senior Financial Officer
        and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.

       

      “SEC” means the Securities and Exchange Commission of the
        United States, or any successor thereto.

       

      “Securities” or “Security” shall have the meaning specified in Section 2(a)(1) of the Securities Act. 

       

      “Securities Act” means the Securities Act of 1933, as
        amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect.

       

      “Senior Indebtedness” means, as of the date of any
        determination thereof, all Consolidated Indebtedness of the Company, other than Subordinated Indebtedness.

       

      

      
        B-9

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Senior Financial Officer” means the chief financial
        officer, principal accounting officer, treasurer or controller of the Company.

       

      “Series” means either of the Series 2020A Notes or the
        Series 2020B Notes.

       

      “Series 2020A Notes” is defined in Section 1.1.

       

      “Series 2020B Notes” is defined in Section 1.1.

       

      “Settlement Date” is defined in Section 8.6.

       

      “SJG Mortgage” means that certain Supplemental Indenture
        Amending and Restating First Mortgage Indenture, dated as of January 23, 2017, between South Jersey Gas and The Bank of New York Mellon, as Trustee, as amended, supplemented or otherwise modified from time to time, and any renewals, extensions or
        replacements thereof.

       

      “South Jersey Gas” means South Jersey Gas Company, a New
        Jersey corporation.

       

      “State Sanctions List” means a list that is adopted by any
        state Governmental Authority within the United States of America pertaining to Persons that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed under U.S. Economic
        Sanctions Laws.

       

      “Subordinated Indebtedness” means all unsecured
        Indebtedness of the Company which shall contain or have applicable thereto subordination provisions providing for the subordination thereof to other Indebtedness of the Company (including, without limitation, the obligations of the Company under
        this Agreement or the Notes).

       

      “Subsidiary” means, as to any Person, any other Person in
        which such first Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a
        majority of the directors (or Persons performing similar functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its
        Subsidiaries or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). 
        Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

       

      “Subsidiary Guarantor” means each Subsidiary which is a
        party to any Subsidiary Guaranty.

       

      “Subsidiary Guaranty” is defined in Section 9.8 of this
        Agreement.

       

      “Subsidiary Mortgage” means any mortgage indenture of any
        Regulated Utility Subsidiary of the Company securing only the assets of such Regulated Utility Subsidiary, provided that, the Company will own, at all times,
        directly or indirectly, 100% of the Capital Stock having voting rights of such Regulated Utility Subsidiary.

       

      

      
        B-10

        
          

        
          
            	
                    South Jersey Industries, Inc.

                  	
                    Note Purchase Agreement

                  

          

        

      

      “Substantial Part” is defined in Section 10.3.

       

      “Substitute Purchaser” is defined in Section 21.

       

      “Successor Corporation” is defined in Section 10.2(b)(i).

       

      “SVO” means the Securities Valuation Office of the NAIC or
        any successor to such Office.

       

      “United States Person” has the meaning set forth in
        Section 7701(a)(30) of the Code.

       

      “USA Patriot Act” means United States Public Law 107‐56,
        Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in
        effect.

       

      “U.S. Economic Sanctions Laws” means those laws, executive
        orders, enabling legislation or regulations administered and enforced by the United States pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading with the Enemy Act, the
        International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment Act and any other OFAC Sanctions Program.

       

      “Wholly‐Owned Subsidiary” means, at any time, any
        Subsidiary of which all of the equity interests (except directors’ qualifying shares) and voting interests are owned by any one or more of the Company and the Company’s other Wholly‐Owned Subsidiaries at such time.

       

      

      

      B-11

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