Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 
  

 
  

TERM LOAN AGREEMENT 
 dated as of

 October 1, 2018 
 among

 PUGET ENERGY, INC. 
 The
Lenders Party Hereto 
 TORONTO DOMINION (TEXAS) LLC 

as Administrative Agent 
  

  
  

TD SECURITIES (USA) LLC, 
 as Lead
Arranger and Bookrunner 
  
  

 

 Table of Contents 

(continued) 
  

					
	 ARTICLE I Definitions
	  	 	1	 
		
	 SECTION 1.01. Defined Terms
	  	 	1	 
	 SECTION 1.02. Classification of Loans and Borrowings
	  	 	25	 
	 SECTION 1.03. Terms Generally
	  	 	25	 
	 SECTION 1.04. Accounting Terms; GAAP; Pro Forma Calculations
	  	 	25	 
	 SECTION 1.05. Status of Obligations
	  	 	26	 
		
	 ARTICLE II The Credits
	  	 	26	 
		
	 SECTION 2.01. Loans
	  	 	26	 
	 SECTION 2.02. Loans and Borrowings
	  	 	26	 
	 SECTION 2.03. Method of Borrowing
	  	 	27	 
	 SECTION 2.04. [Reserved]
	  	 	28	 
	 SECTION 2.05. [Reserved]
	  	 	28	 
	 SECTION 2.06. [Reserved]
	  	 	28	 
	 SECTION 2.07. Funding of Borrowings
	  	 	28	 
	 SECTION 2.08. Interest Elections
	  	 	28	 
	 SECTION 2.09. [Reserved]
	  	 	29	 
	 SECTION 2.10. Repayment of Loans; Evidence of Debt
	  	 	29	 
	 SECTION 2.11. Prepayment of Loans
	  	 	30	 
	 SECTION 2.12. Fees
	  	 	30	 
	 SECTION 2.13. Interest
	  	 	30	 
	 SECTION 2.14. Alternate Rate of Interest
	  	 	31	 
	 SECTION 2.15. Increased Costs; Illegality
	  	 	32	 
	 SECTION 2.16. Break Funding Payments
	  	 	33	 
	 SECTION 2.17. Taxes
	  	 	34	 
	 SECTION 2.18. Payments Generally; Allocations of Proceeds; Pro Rata Treatment; Sharing of
Set-offs
	  	 	36	 
	 SECTION 2.19. Mitigation Obligations; Replacement of Lenders
	  	 	38	 
	 SECTION 2.20. Expansion Option
	  	 	38	 
	 SECTION 2.21. Defaulting Lenders
	  	 	40	 
	 SECTION 2.22. Extension of Maturity Date
	  	 	40	 
	 SECTION 2.23. MIRE Events
	  	 	42	 
		
	 ARTICLE III Representations and Warranties
	  	 	42	 
		
	 SECTION 3.01. Existence, Qualification and Power; Compliance with Laws
	  	 	42	 
	 SECTION 3.02. Binding Effect
	  	 	42	 
	 SECTION 3.03. Authorization; No Contravention
	  	 	42	 
	 SECTION 3.04. Governmental Authorization; Other Consents
	  	 	43	 
	 SECTION 3.05. Taxes
	  	 	43	 
	 SECTION 3.06. No Default
	  	 	43	 
	 SECTION 3.07. Financial Statements; No Material Adverse Effect
	  	 	43	 
	 SECTION 3.08. Ranking
	  	 	44	 
	 SECTION 3.09. Ownership of Assets
	  	 	44	 
	 SECTION 3.10. No Other Business
	  	 	44	 

  
 ii 

 Table of Contents 

(continued) 
  

					
	 SECTION 3.11. Insurance
	  	 	44	 
	 SECTION 3.12. Disclosure
	  	 	44	 
	 SECTION 3.13. Subsidiaries; Equity Interests
	  	 	45	 
	 SECTION 3.14. No Dividend Restrictions
	  	 	45	 
	 SECTION 3.15. Litigation
	  	 	45	 
	 SECTION 3.16. Solvency
	  	 	45	 
	 SECTION 3.17. Margin Regulations; Investment Company Act; USA PATRIOT Act
	  	 	45	 
	 SECTION 3.18. ERISA Compliance
	  	 	46	 
	 SECTION 3.19. Environmental Compliance
	  	 	46	 
	 SECTION 3.20. Labor Disputes
	  	 	47	 
	 SECTION 3.21. Affiliate Transactions
	  	 	47	 
	 SECTION 3.22. Collateral
	  	 	47	 
	 SECTION 3.23. Anti-Corruption Laws and Sanctions
	  	 	47	 
	 SECTION 3.24. EEA Financial Institutions
	  	 	47	 
		
	 ARTICLE IV Conditions
	  	 	47	 
		
	 SECTION 4.01. Effective Date
	  	 	47	 
	 SECTION 4.02. Each Credit Event
	  	 	48	 
		
	 ARTICLE V Affirmative Covenants
	  	 	49	 
		
	 SECTION 5.01. Financial Statements
	  	 	49	 
	 SECTION 5.02. Compliance Certificate
	  	 	50	 
	 SECTION 5.03. Notices
	  	 	50	 
	 SECTION 5.04. Compliance with Laws
	  	 	51	 
	 SECTION 5.05. Preservation of Existence, Etc.
	  	 	51	 
	 SECTION 5.06. Compliance with Environmental Laws
	  	 	51	 
	 SECTION 5.07. Maintenance of Properties; Ownership of Subsidiaries
	  	 	51	 
	 SECTION 5.08. Maintenance of Insurance
	  	 	52	 
	 SECTION 5.09. Use of Proceeds
	  	 	52	 
	 SECTION 5.10. Payment of Obligations
	  	 	52	 
	 SECTION 5.11. Cooperation
	  	 	52	 
	 SECTION 5.12. Books and Records
	  	 	53	 
	 SECTION 5.13. Financing Documents; Material Documents
	  	 	53	 
	 SECTION 5.14. Maintenance of Ratings
	  	 	53	 
	 SECTION 5.15. Inspection Rights
	  	 	53	 
	 SECTION 5.16. Additional Collateral
	  	 	54	 
	 SECTION 5.17. Flood Insurance
	  	 	54	 
		
	 ARTICLE VI Negative Covenants
	  	 	54	 
		
	 SECTION 6.01. Liens
	  	 	54	 
	 SECTION 6.02. Dispositions
	  	 	57	 
	 SECTION 6.03. Investments
	  	 	58	 
	 SECTION 6.04. Fundamental Changes
	  	 	59	 
	 SECTION 6.05. Nature of Business
	  	 	59	 
	 SECTION 6.06. Transactions with Affiliates; Management Fees
	  	 	59	 

  
 iii 

 Table of Contents 

(continued) 
  

									
	 SECTION 6.07. Accounting Changes
	  	 	60	 
	 SECTION 6.08. Restrictive Agreements
	  	 	60	 
	 SECTION 6.09. Financial Covenant
	  	 	61	 
	 SECTION 6.10. Preservation of Rights
	  	 	61	 
		
	 ARTICLE VII Events of Default
	  	 	61	 
		
	 ARTICLE VIII The Administrative Agent
	  	 	63	 
		
	 ARTICLE IX Miscellaneous
	  	 	67	 
		
	 SECTION 9.01. Notices
	  	 	67	 
	 SECTION 9.02. Waivers; Amendments
	  	 	68	 
	 SECTION 9.03. Expenses; Indemnity; Damage Waiver
	  	 	70	 
	 SECTION 9.04. Successors and Assigns
	  	 	71	 
	 SECTION 9.05. Survival
	  	 	74	 
	 SECTION 9.06. Counterparts; Integration; Effectiveness; Electronic Execution
	  	 	74	 
	 SECTION 9.07. Severability
	  	 	75	 
	 SECTION 9.08. Right of Setoff
	  	 	75	 
	 SECTION 9.09. Governing Law; Jurisdiction; Consent to Service of Process
	  	 	75	 
	 SECTION 9.10. WAIVER OF JURY TRIAL
	  	 	75	 
	 SECTION 9.11. Headings
	  	 	76	 
	 SECTION 9.12. Confidentiality
	  	 	76	 
	 SECTION 9.13. USA PATRIOT Act
	  	 	77	 
	 SECTION 9.14. Appointment for Perfection
	  	 	77	 
	 SECTION 9.15. Interest Rate Limitation
	  	 	77	 
	 SECTION 9.16. No Advisory or Fiduciary Responsibility
	  	 	77	 
	 SECTION 9.17. Acknowledgment and Consent to
Bail-In of EEA Financial Institutions
	  	 	78	 

 SCHEDULES: 
  

							
	 Schedule 1.01(a)
	  	 	–  	 	  	Existing Indebtedness
	 Schedule 1.01(b)
	  	 	–  	 	  	Permitted Holders
	 Schedule 2.01
	  	 	–  	 	  	Commitments
	 Schedule 3.04
	  	 	–  	 	  	Regulatory Approvals
	 Schedule 3.13(a)
	  	 	–  	 	  	Subsidiaries
	 Schedule 3.13(b)
	  	 	–  	 	  	Subsidiaries’ Jurisdictions of Organization
	 Schedule 3.14
	  	 	–  	 	  	Existing Dividend Restrictions
	 Schedule 3.15
	  	 	–  	 	  	Litigation
	 Schedule 3.19
	  	 	–  	 	  	Environmental Matters
	 Schedule 3.21
	  	 	–  	 	  	Affiliate Transactions
	 Schedule 5.07
	  	 	–  	 	  	Properties and Assets
	 Schedule 6.01(b)
	  	 	–  	 	  	Existing Liens
	 Schedule 6.03(l)
	  	 	–  	 	  	Investments

 EXHIBITS: 

  
 iv 

 Table of Contents 

(continued) 
  

							
	 Exhibit A
	  	 	–  	 	  	Form of Assignment and Assumption
	 Exhibit B
	  	 	–  	 	  	[Reserved]
	 Exhibit C
	  	 	–  	 	  	Form of Increasing Lender Supplement
	 Exhibit D
	  	 	–  	 	  	Form of Augmenting Lender Supplement
	 Exhibit E
	  	 	–  	 	  	List of Closing Documents
	 Exhibit F
	  	 	–  	 	  	Form of Term Note
	 Exhibit G-1
	  	 	–  	 	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)
	 Exhibit G-2
	  	 	–  	 	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)
	 Exhibit G-3
	  	 	–  	 	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)
	 Exhibit G-4
	  	 	–  	 	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)
	 Exhibit H
	  	 	–  	 	  	Collateral Agency Agreement
	 Exhibit I
	  	 	–  	 	  	[Reserved]
	 Exhibit J
	  	 	–  	 	  	Form of Solvency Certificate
	 Exhibit K
	  	 	–  	 	  	Pledge Agreement
	 Exhibit L
	  	 	–  	 	  	Security Agreement
	 Exhibit M
	  	 	–  	 	  	Terms of Subordination

  
 v 

 TERM LOAN AGREEMENT (this “Agreement”) dated as of October 1, 2018
among PUGET ENERGY, INC., the LENDERS from time to time party hereto, TORONTO DOMINION (TEXAS) LLC, as Administrative Agent. 
 In
consideration of the mutual covenants herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, 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 a Loan, or the Loans comprising such Borrowing, bearing
interest at a rate determined by reference to the Alternate Base Rate. 
 “Additional Lender” has the meaning assigned to
such term in Section 2.22. 
 “Adjusted LIBO Rate” means, with respect to any Eurodollar 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 Toronto Dominion (Texas) LLC (including its branches and affiliates), in its capacity as
administrative agent for the Lenders hereunder. 
 “Administrative Agent’s Account” means the following accounts
maintained by the Administrative Agent to which payments and transfers under this Agreement are to be effected, or such other accounts that the Administrative Agent may from time to time designate by notice to the Borrower and the Lenders: 

Bank of America, NT & SA 

New York, NY 
 ABA #: 026009593

 Credit: Toronto Dominion (TEXAS) LLC 

Account #: 6550-6-53000Ref: Puget Energy Inc. 

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

“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. 
 “Affiliate Service
Agreements” means any contract or agreement between the Borrower or any Subsidiary and an Affiliate thereof providing for accounting, tax, treasury, intercompany services or other professional services to the Borrower or any Subsidiary.

 “Agent Party” has the meaning assigned to such term in Section 9.01(d). 

“Agents” means, collectively, the Administrative Agent and the Collateral Agent. 

“Aggregate Commitment” means the aggregate of the Commitments of all of the Lenders, as reduced or increased from time to
time pursuant to the terms and conditions hereof. As of the Effective Date, the Aggregate Commitment is $150,000,000. 

 “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 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
LIBO Screen Rate (or if the LIBO 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. Any change in the Alternate Base Rate due to a change in the Prime Rate,
the NYFRB Rate or the Adjusted LIBO Rate 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 clause (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 zero, such rate shall be deemed to be zero for purposes of this Agreement. 
 “Annual
Report” means the audited consolidated financial statements of the Borrower and its Subsidiaries for the fiscal year ending December 31, 2017. 

“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 Percentage” means, with
respect to any Lender, with respect to Loans, the percentage equal to a fraction the numerator of which is such Lender’s Commitment and the denominator of which is the Aggregate Commitment of all Lenders (or, if the Commitments have terminated
or expired, the Applicable Percentages shall be determined based upon the percentage equal to a fraction the numerator of which is such Lender’s Loans and the denominator of which is the aggregate outstanding principal amount of all Loans);
provided that in the case of Section 2.21 when a Defaulting Lender shall exist, any such Defaulting Lender’s Commitment or Loans, as applicable, shall be disregarded in the calculation. 

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

 

					
	 Pricing Level
	  	Eurodollar Spread
for Eurodollar Loans	  	ABR Spread for
ABR Loans
	Level I	  	0.625%	  	0.000%
	Level II	  	0.750%	  	0.000%
	Level III	  	0.875%	  	0.000%
	Level IV	  	1.125%	  	0.125%
	Level V	  	1.525%	  	0.525%

 For purposes of the foregoing: 

(i) changes in the Eurodollar Spread for Eurodollar Loans and ABR Spread for ABR Loans resulting from a change in the Pricing Level shall
become effective on the effective date of any change in the Senior Debt Rating from S&P, Moody’s or Fitch, or on the occurrence of an Event of Default; 

  
 2 

 (ii) in the event a rating is provided by only two of S&P, Moody’s and Fitch and
there exists a split in the Senior Debt Rating from S&P, Moody’s and Fitch that would otherwise result in the application of more than one Pricing Level (had the provisions regarding the applicability of other Pricing Levels contained in
the definitions thereof not been given effect), then the Eurodollar Spread for Eurodollar Loans and ABR Spread for ABR Loans shall be determined as follows: 

(x) if the split in the Senior Debt Rating is one Pricing Level, then the higher Senior Debt Rating will be the applicable
Pricing Level, 
 (y) if the split in the Senior Debt Rating is two Pricing Levels, the midpoint between the two will be
the applicable Pricing Level, and 
 (z) if the split in the Senior Debt Rating is more than two Pricing Levels, the
Pricing Level will correspond to the Senior Debt Rating immediately below the higher Senior Debt Rating; 
 (iii) in the event that a rating
is provided by only one of S&P, Moody’s and Fitch, the Pricing Levels shall be determined by such rating agency; 
 (iv) in
the event a rating is provided by all three of S&P, Moody’s and Fitch and there exists a split in the Senior Debt Rating from S&P, Moody’s and Fitch that would otherwise result in the application of more than one Pricing Level (had
the provisions regarding the applicability of other Pricing Levels contained in the definitions thereof not been giving effect), then the Eurodollar Spread for Eurodollar Loans and ABR Spread for ABR Loans shall be determined as follows: 

(x) if any two Senior Debt Ratings are the same Pricing Level, then such Pricing Level shall apply, 

(y) if no two Senior Debt Ratings are the same Pricing Level and there is a midpoint among such Pricing Levels, the midpoint among the three
will be the applicable Pricing Level, and 
 (z) if no two Senior Debt Ratings are the same Pricing Level and there is no midpoint among such
Pricing Levels, the Pricing Level will correspond to the Senior Debt Rating immediately below the highest Senior Debt Rating; and 
 (v) if
at any time the long term secured senior debt of the Borrower is unrated by Moody’s, S&P and Fitch, the Pricing Level will be Pricing Level V; provided that if the reason that there is no such Senior Debt Rating results from
Moody’s, S&P and Fitch ceasing to issue debt ratings generally, then the Borrower and the Administrative Agent may select another nationally-recognized rating agency to substitute for Moody’s, S&P and Fitch for purposes of the
foregoing pricing grid (and all references herein to Moody’s, S&P and Fitch as applicable, shall refer to such substitute rating agency), and until a substitute nationally-recognized rating agency is so selected, the Pricing Level shall be
determined by reference to the Senior Debt Rating most recently in effect prior to cessation. 
 “Approved Bank” has the
meaning specified in clause (c) of the definition of “Cash Equivalents”. 
 “Approved Fund” has the meaning
assigned to such term in Section 9.04(b). 
 “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 approved by the
Administrative Agent. 

  
 3 

 “Attributable Receivables Indebtedness” at any time shall mean the
principal amount of Indebtedness which (a) if a Receivables Facility is structured as a secured lending agreement, constitutes the principal amount of such Indebtedness or (b) if a Receivables Facility is structured as a purchase
agreement, would be outstanding at such time under the Receivables Facility if the same were structured as a secured lending agreement rather than a purchase agreement. For purposes of this definition, “Receivables Facility” shall
mean any receivables or securitization facility or facilities made available to the Borrower or any of its Subsidiaries pursuant to which assets and related security are sold, pledged or otherwise transferred to certain investors or creditors,
either directly or indirectly through one or more special purpose entities. 
 “Augmenting Lender” has the meaning assigned
to such term in Section 2.20. 
 “Authorized Officer” means the chief executive officer, president, chief
financial officer, chief accounting officer, vice president finance, treasurer or assistant treasurer or other similar officer of the Borrower or any Subsidiary and, as to any document delivered on the Effective Date, any secretary or assistant
secretary of the Borrower or any Subsidiary. 
 “Bail-In Action” means the exercise
of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation” means, with respect to any EEA Member Country implementing
Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In
Legislation Schedule. 
 “Banking Services” means each and any of the following bank services provided to the Borrower 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 bankruptcy or insolvency
proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business 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, provided that a Bankruptcy Event shall not result solely by
virtue of any direct or indirect ownership interest, or the acquisition of any direct or indirect ownership interest, in such Person by a Governmental Authority or instrumentality thereof, provided, further, that such ownership
interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority
or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 
 “Beneficial
Ownership Certification” means a certification regarding beneficial ownership as required by the Beneficial Ownership Regulation. 

  
 4 

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

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

“Borrower” means Puget Energy, Inc., a Washington corporation. 

“Borrower Group” means the Borrower and the Operating Companies and “Borrower Group Member” means any of the
Borrower or any Operating Company. 
 “Borrowing” means Loans of the same Type, made, converted or continued on the same
date and, in the case of Eurodollar Loans, as to which a single Interest Period is in effect. 
 “Borrowing Request” means
the initial request by the Borrower for a Borrowing on the Effective Date in accordance with Section 2.03. 
 “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 Eurodollar 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. 

“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) property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases on a balance sheet of such Person under GAAP, and the amount of such
obligations shall be the capitalized amount thereof determined in accordance with GAAP; provided, however, that in the event that changes in GAAP occur after the Effective Date, the effect of which is to cause leases of the type in
effect as of December 31, 2017 and treated as operating leases under GAAP as of December 31, 2017 to be reclassified as capital leases under GAAP, the definition of Capital Lease Obligation shall exclude any such reclassified leases. 

“Cash Equivalents” means any of the following types of Investments, to the extent owned by the Borrower or any Subsidiary:

  

	 	(a)	 Dollars held by it from time to time in the ordinary course of business; 

 

	 	(b)	 readily marketable obligations issued or directly and fully guaranteed or insured by the government or any
agency or instrumentality of the United States and having maximum maturities of not more than one (1) year from the date of acquisition thereof; 

  

	 	(c)	 investments in certificates of deposit, banker’s acceptances and time deposits maturing within one hundred
eighty (180) days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial bank organized under the laws of the United States of
America or any State thereof which has a combined capital and surplus and undivided profits of not less than $1,000,000,000 (such bank, an “Approved Bank”); 

 

	 	(d)	 commercial paper and variable or fixed rate notes issued by an Approved Bank or commercial paper and variable
or fixed rate notes issued by, or guaranteed by, a corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof) or better by
Moody’s, in each case with maximum maturities of not more than two hundred seventy (270) days from the date of acquisition thereof; provided that, no more than $50,000,000 in the aggregate of such commercial paper per issuer shall
be held at any time; 

  
 5 

	 	(e)	 repurchase agreements fully secured by obligations described in clause (b) above with any Approved Bank;
and 

  

	 	(f)	 Investments with maximum maturities of twelve (12) months or less from the date of acquisition in
(i) money market funds rated AAA (or the equivalent thereof) or better by S&P or Aaa (or the equivalent thereof) or better by Moody’s that are registered under the Investment Company Act of 1940, as amended, and the portfolios of which
are limited solely to Investments of the character, quality and maturity described in the foregoing clauses (b), (c), (d) and (e) or (ii) the Federal Municipal Obligations Fund (or its successors) so long as such fund is rated AA (or the
equivalent thereof) or better by S&P or Fitch Ratings Ltd. at the time of such Investment. 

 “Change in
Control” means the Permitted Holders shall fail to (i) own and control directly or indirectly, in the aggregate more than 50.1% of the issued and outstanding common Equity Interests in Puget Holdings, the Parent or the Borrower and
(ii) control the board of directors (or comparable governing body) of Puget Holdings, the Parent or the Borrower, as the case may be. 

“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 after the date of this Agreement, (b) any change in any law, rule, regulation or treaty or in the
administration, interpretation, implementation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender (or, for purposes of Section 2.15(b), by any lending office of such
Lender or by such Lender’s holding company, if any) with, the making of or issuance of any request, rules, guideline, requirement or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date
of this Agreement; provided, however, that notwithstanding anything herein to the contrary, 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. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Collateral” means all the “Collateral”, as defined in the Security Agreement and the Pledge Agreement. 

“Collateral Agency Agreement” means the Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009
and amended and restated as of March 31, 2010 and further amended as of February 10, 2012, among the Collateral Agent, JPMorgan Chase Bank, N.A., certain authorized representatives, Puget Equico LLC and the Borrower, a copy of which is
attached hereto as Exhibit H. 
 “Collateral Agent” means JPMorgan Chase Bank, National Association or one of its
affiliates, as successor to Barclays Bank PLC, in its capacity as collateral agent under the Collateral Agency Agreement and the other Security Documents, or any successor thereto in accordance with the terms of the Collateral Agency Agreement. 

“Commitment” means, with respect to each Lender, the commitment of such Lender, to make a Loan to the Borrower on the
Effective Date pursuant to Section 2.01. The initial amount of each Lender’s Commitment with respect to the Loans is set forth on Schedule 2.01. 

“Communication” has the meaning assigned to such form in Section 9.01(d). 

  
 6 

 “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 Current
Liabilities” means, at any date, all amounts (without duplication that would, in conformity with GAAP, be set forth opposite the caption “total current liabilities” (or any like caption) on a consolidated balance sheet of the
Borrower and its Subsidiaries at such date (other than (i) the current portion of any funded Indebtedness, (ii) without duplication of clause (i) above, all Indebtedness consisting of revolving loans to the extent otherwise included
therein, (iii) unrealized losses on derivative instruments, (iv) any current portion of deferred taxes, (v) accrued expenses related to taxes and interest, (vi) purchased gas adjustment payables and (vii) all amounts set
forth opposite the caption “other current liabilities” on the consolidated balance sheet of the Borrower and its Subsidiaries for the relevant period). 

“Consolidated Tangible Net Assets” means at any date, the total of all assets of the Borrower Group (including revaluations
thereof as a result of commercial appraisals, price level restatement or otherwise) as set forth on the balance sheet most recently delivered to the Lenders pursuant to Section 5.01 net of applicable reserves and deductions but excluding
goodwill, trade names, trademarks, unamortized debt discount and all other like intangible assets (which term shall not be construed to include such revaluations) less the aggregate of the Consolidated Current Liabilities of the Borrower Group
appearing on such balance sheet. 
 “Contractual Obligation” means, as to any Person, any provision of any security issued
by such Person or of any agreement, instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 

“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. 

“Credit Event” means a Borrowing. 

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

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “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 to fund prospective Loans under this Agreement, provided that such Lender shall cease to be
a Defaulting Lender 

  
 7 

 
pursuant to this clause (c) upon such Credit Party’s receipt of such certification in form and substance reasonably satisfactory to it and the Administrative Agent, or
(d) has become the subject of (i) a Bankruptcy Event or (ii) a Bail-In Action. 

“Disposition” or “Dispose” means the sale, assignment, transfer or other disposition (including any Sale and
Leaseback Transaction and any termination of business lines) of any property by the Borrower or any of its Subsidiaries to any Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts
receivable or any rights and claims associated therewith. 
 “Dollars” or “$” refers to lawful money of
the United States of America. 
 “EEA Financial Institution” means (a) any institution 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 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. 

“Electronic System” means any electronic system, including e-mail, e-fax, Intralinks®, ClearPar®, Debt Domain, Syndtrak and any other Internet or extranet-based site,
whether such electronic system is owned, operated or hosted by the Administrative Agent and any of its respective Related Parties or any other Person, providing for access to data protected by passcodes or other security system. 

“Environmental Laws” means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, initiatives, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution, the protection of the environment, natural resources, or, to the extent relating to exposure
to Hazardous Materials, human health or safety or to the release of any Hazardous Materials into the environment, including air emissions and discharges to waste or public systems. 

“Environmental Liability” means any liability, contingent or otherwise (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. 
 “Environmental
Permit” means any permit, approval, identification number, license or other authorization required from any Governmental Authority under any Environmental Law. 

“Equity Interests” means, with respect to any Person, all of the shares, membership interests, rights, participations or
other equivalents (however designated) of capital stock of (or other 

  
 8 

 
ownership or profit interests or units in) such Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing
(including through convertible securities). 
 “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, under Section 414(m) or (o) 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 “unpaid minimum required contribution” which
means, with respect to any plan year, any minimum required contribution under Section 430 of the Code for the plan year which is not paid on or before the due date (as determined under Section 430(j)(1) of the Code) for the plan year;
(c) the filing pursuant to Section 412(c) of the Code or Section 302(c) 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 notice of the 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 from any Multiemployer Plan of notice of (i) the imposition upon the Borrower or any of its ERISA Affiliates of Withdrawal Liability or (ii) a
determination that such Multiemployer Plan is, or is expected to be, insolvent, within the meaning of Title IV 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. 
 “Eurodollar”, when used in reference to any Loan or Borrowing, means that such Loan, or the Loans comprising such
Borrowing, 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 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, 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), (d) any U.S. Federal withholding Taxes imposed under FATCA and
(e) any Business and Occupation Taxes imposed by the State of Washington. 

  
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 “Existing Indebtedness” means (a) Indebtedness under this Agreement,
(b) Indebtedness of the Borrower or any Subsidiary that is outstanding on the Effective Date and listed on Schedule 1.01(a) and (c) any Permitted Refinancing Indebtedness thereof. 

“Extending Lender” has the meaning assigned to such term in Section 2.22(b). 

“Extension Date” has the meaning assigned to such term in Section 2.22(a). 

“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 and any agreement entered into pursuant to Section 1471(b)(1) 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 depository 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 federal funds effective rate. For the
avoidance of doubt, if the Federal Funds Effective Rate shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“Financial Officer” means the chief financial officer, principal accounting officer, vice president finance, treasurer or
assistant treasurer of the Borrower. 
 “Financing Documents” means (i) this Agreement, (ii) any promissory notes
issued pursuant to Section 2.10(e) of this Agreement, (iii) any Interest Hedging Agreements with any Interest Rate Hedge Bank, (iv) the Security Documents, (v) the Collateral Agency Agreement and (vi) all other
agreements, instruments, documents and certificates identified in Section 4.01 executed and delivered to, or in favor of, the Administrative Agent or any Lenders and including all other pledges, powers of attorney, consents, assignments,
contracts, notices, letter of credit agreements and all other written matter whether heretofore, now or hereafter executed by or on behalf of the Borrower, or any employee of the Borrower, and delivered to the Administrative Agent or any Lender in
connection with this Agreement or the transactions contemplated hereby. Any reference in this Agreement or any other Financing Document to a Financing 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 Financing Document as the same may be in effect at any and all times such reference becomes operative. 

“Fitch” means Fitch Inc., or any successor thereto. 

“Flood Insurance Laws” means, collectively, (i) the National Flood Insurance Reform Act of 1994 (which comprehensively
revised the National Flood Insurance Act of 1968 and the Flood Disaster Protection Act of 1973) or any successor statute thereto, as in effect from time to time, (ii) the Flood Insurance Reform Act of 2004 or any successor statute thereto, as
in effect from time to time and (iii) the Biggert-Waters Flood Insurance Reform Act of 2012 or any successor statute thereto, as in effect from time to time. 

“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 (including any supra national bodies such as the European Union or the European Central Bank) and any group or body charged with setting regulatory capital rules or standards (including the Bank for International Settlements or the
Basel Committee on Banking Supervision or any successor or similar authority to any of the foregoing). 

  
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 “Guarantee” means, as to any Person, without duplication, (a) any
obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other monetary obligation payable or performable by another Person (the “Primary Obligor”) in any manner,
whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other monetary obligation or to purchase
(or to advance or supply funds for the purchase of) any security for the payment thereof, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other monetary
obligation of the payment or performance of such Indebtedness or other monetary obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the Primary
Obligor so as to enable the Primary Obligor to pay such Indebtedness or other monetary obligation, (iv) as an account party in respect of any letter of credit or letter of guaranty issued to support such Indebtedness or monetary obligation or
(v) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other monetary obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole
or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other monetary obligation of any other Person, whether or not such Indebtedness or other monetary obligation is assumed by such Person (or any right,
contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien); provided that the term “Guarantee” shall not include endorsement for a collection or deposit in the ordinary course of business. The amount of any
Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes
or pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, toxic mold, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other such substances or wastes defined in or otherwise
regulated as “hazardous” or “toxic” wastes or substances under applicable Environmental Law. 
 “Hostile
Acquisition” means (a) the acquisition of the Equity Interests of a Person through a tender offer or similar solicitation of the owners of such Equity Interests which has not been approved (prior to such acquisition) by the board of
directors (or any other applicable governing body) of such Person or by similar action if such Person is not a corporation and (b) any such acquisition as to which such approval has been withdrawn. 

“Hybrid Debt Securities” means (a) any securities, trust preferred securities, or deferrable interest subordinated debt,
which, in each such case, provides for the optional or mandatory deferral of interest or distributions, issued by any Borrower Group Member, or (b) Equity Interests of any business trusts, limited liability companies, limited partnerships or
similar entities (i) substantially all of the Equity Interests of which are owned (either directly or indirectly through one or more Subsidiaries) at all times by any Borrower Group Member, (ii) that have been formed for the purpose of
issuing securities, trust preferred securities or deferrable interest subordinated debt of the type described in clause (a) above, and (iii) substantially all the assets of which consist of (x) subordinated debt issued by any Borrower
Group Member, and (y) payments made from time to time on such subordinated debt. 
 “Immaterial Subsidiary” means any
Subsidiary (a) designated on the Effective Date on Schedule 3.13 or designated as such by the Borrower after the Effective Date in a notice delivered to the Administrative Agent and (b) whose total assets (excluding intercompany
receivables) at the relevant time of determination have a gross asset value of less than 1% of total assets (excluding intercompany receivables) of the Borrower and its Subsidiaries on a consolidated basis as set forth on the most recent financial
statements delivered pursuant to Sections 4.01(c) or 5.01(a) and whose total consolidated 

  
 11 

 
revenues for the twelve (12) months ending at the relevant time of determination are less than 1% of total consolidated revenue of the Borrower and its Subsidiaries as set forth on the most
recent financial statements delivered pursuant to Sections 4.01(c) or 5.01(a); provided that at no time shall all Immaterial Subsidiaries so designated pursuant to this definition have in the aggregate (x) total assets
(excluding intercompany receivables) at the relevant time of determination having a gross asset value in excess of 5% of total assets (excluding intercompany receivables) of the Borrower and its Subsidiaries on a consolidated basis as set forth on
the most recent financial statements delivered pursuant to Section 4.01(c) or 5.01(a) or (y) total consolidated revenues for the twelve (12) months ending at the relevant time of determination in excess of 5% of total
consolidated revenue of the Borrower and its Subsidiaries on a consolidated basis as set forth on the most recent financial statements delivered pursuant to Sections 4.01(c) and 5.01(a); provided, further, that
(1) in the event that a Subsidiary no longer qualifies as an Immaterial Subsidiary pursuant to clause (b) above, the Borrower shall advise the Administrative Agent thereof in a notice delivered to the Administrative Agent and
(2) in the event that the Subsidiaries designated as Immaterial Subsidiaries pursuant to this definition at the relevant time of determination in the aggregate do not comply with the first proviso in this definition, the Borrower shall
designate one of more of such Subsidiaries as a Subsidiary which is not an Immaterial Subsidiary in a notice delivered to the Administrative Agent. 

“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. 

“Incremental Term Loan” has the meaning assigned to such term in Section 2.20. 

“Incremental Term Loan Amendment” has the meaning assigned to such term in Section 2.20. 

“Indebtedness” of any Person means, without duplication, (a) all obligations of such Person for borrowed money,
(b) all obligations of such Person evidenced by bonds, debentures, notes or similar instruments, including, without limitation, Hybrid Debt Securities, (c) all obligations of such Person upon which interest charges are customarily paid,
(d) all obligations of such Person under conditional sale or other title retention agreements relating to property acquired by such Person, (e) all obligations of such Person in respect of the deferred purchase price of property or
services (excluding current accounts payable incurred in the ordinary course of business), (f) all Indebtedness of others secured by (or for which the holder of such Indebtedness has an existing right, contingent or otherwise, to be secured by) any
Lien on property owned or acquired by such Person, whether or not the Indebtedness secured thereby has been assumed, (g) all Guarantees by such Person of Indebtedness of others, (h) all Capital Lease Obligations of such Person,
(i) all obligations, contingent or otherwise, of such Person as an account party in respect of letters of credit and letters of guaranty, (j) all obligations, contingent or otherwise, of such Person in respect of bankers’ acceptances,
(k) net obligations of such Person under any Interest Hedging Agreement (the amount of any such net obligation to be the amount that is or would be payable upon settlement, liquidation, termination or acceleration thereof at the time of
calculation), (l) all Attributable Receivables Indebtedness of such Person, (m) all obligations of such Person under Sale and Leaseback Transactions and (n) all obligations of such Person to purchase, redeem, retire, defease or otherwise
make any payment in respect of any Redeemable Equity Interests in such Person or any other Person or any warrants, rights or options to acquire such Equity Interests, valued, in the case of Redeemable Preferred Interests, at the greater of its
voluntary or involuntary liquidation preference plus accrued and unpaid dividends; The Indebtedness of any Person shall include the Indebtedness of any other entity (including any partnership in which such Person is a general partner) to the extent
such Person is liable therefor as a result of such Person’s ownership interest in or other relationship with such entity, except to the extent the terms of such Indebtedness provide that such Person is not liable therefor. For greater
certainty, “Indebtedness” shall not include Indebtedness in an amount equal to the aggregate 

  
 12 

 
amount of cash held by the Borrower and its Subsidiaries and included in the cash accounts listed on the consolidated balance sheet of the Borrower and its Subsidiaries and deposited with the
Administrative Agent for the repayment or refinancing of outstanding Indebtedness of the Borrower and its Subsidiaries (other than equity securities that are mandatorily redeemable 91 or more days after the Maturity Date and that are Hybrid Debt
Securities or otherwise classified as hybrid securities by Moody’s, S&P and Fitch) within 90 days of the date of determination; provided that the use thereof is not prohibited by law or any contract to which the Borrower or any of
its Subsidiaries is a party. 
 “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with
respect to any payment made by the Borrower under any Financing Document and (b) Other Taxes. 
 “Intercompany Loans”
means loans, advances or other extensions of credit by any member of the Borrower Group to any other member of the Borrower Group. 

“Interest Election Request” means a request by the Borrower to convert or continue a Borrowing in accordance with
Section 2.08. 
 “Interest Hedging Agreements” means any rate swap, cap or collar agreement or similar
arrangement between the Borrower and one or more interest rate hedge providers designed to protect such Person against fluctuations in interest rates. For purposes of this Agreement and the other Financing Documents, the Indebtedness at any time of
the Borrower under an Interest Hedging Agreement shall be determined at such time in accordance with the methodology set forth in such Interest Hedging Agreement. 

“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 Eurodollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Eurodollar Borrowing 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. 

“Interest Period” means with respect to any Eurodollar Borrowing, the period commencing on the date of such Borrowing and
ending one week thereafter or on the numerically corresponding day in the calendar month that is one, two, three or six months thereafter, as the Borrower may elect; provided that (a) 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, in the case of a period that is one, two, three or six months, 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 (b) in the case of a period that is one, two, three or six months, any Interest Period pertaining to a Eurodollar Borrowing 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, in the case of a Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing. 

“Interest Rate Hedge Bank” means (a) any Person that is a Lender or an Affiliate of a Lender at the time it enters into
an Interest Hedging Agreement or (b) Macquarie Bank Limited to the extent it enters into an Interest Hedging Agreement, in each case in its capacity as a party thereto. 

“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 LIBO Screen Rate for the longest period (for which the LIBO Screen Rate is
available) that is shorter than the Impacted Interest Period and (b) the LIBO Screen Rate for the shortest period (for which the LIBO Screen Rate is available) that exceeds the Impacted Interest Period, in each case, at such time. When

  
 13 

 
determining the rate for a period which is less than the shortest period for which the LIBO Screen Rate is available, the LIBO Screen Rate for purposes of paragraph (a) above shall be deemed
to be the overnight screen rate where “overnight screen rate” means the overnight rate determined by the Administrative Agent from such service as the Administrative Agent may select. 

“Investment” means, as to any Person, any direct or indirect acquisition or investment by such Person, whether by means of
(a) the purchase or other acquisition of Equity Interests, Indebtedness or other securities of another Person, (b) a loan, advance or capital contribution to, Guarantee or assumption of Indebtedness of, or purchase or other acquisition of
any other debt or Equity Interest in, another Person, including any partnership or joint venture interest in such other Person or (c) the purchase or other acquisition (in one transaction or a series of transactions) of all or substantially all
of the property and assets or business of another Person or assets constituting a business unit, line of business or division of such Person. For purposes of covenant compliance, the amount of any Investment shall be the amount actually invested,
without adjustment for subsequent increases or decreases in the value of such Investment. 
 “IRS” means the United States
Internal Revenue Service. 
 “Laws” means, collectively, all international, foreign, federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation
or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender Notice Date” has the meaning assigned to such term in Section 2.22(a). 

“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 2.20 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. 
 “Leverage Ratio” means, as of any date of determination, the ratio of
(a) Total Funded Indebtedness at such date, to (b) Total Capitalization at such date. 
 “LIBO Rate” means, with
respect to any Eurodollar Borrowing and for any applicable Interest Period, the LIBO Screen Rate at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest Period; provided that, if the
LIBO 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. 

“LIBO Screen Rate” means, for any day and time, with respect to any Eurodollar Borrowing and for any 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 from time to time as selected by the Administrative Agent in its reasonable discretion); provided that if the LIBO Screen Rate shall be less than zero, such rate shall be deemed to be
zero for the purposes of this Agreement. 

  
 14 

 “Lien” means any mortgage, pledge, hypothecation, assignment, deposit
arrangement, encumbrance, lien (statutory or other), charge, or preference, priority or other security interest or preferential arrangement, of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any
easement, right of way or other encumbrance on title to real property, and any Capital Lease Obligation having substantially the same economic effect as any of the foregoing). 

“LNG Co.” means a wholly owned Subsidiary of the Borrower. 

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

“Macquarie” means The Macquarie Capital Group, which includes Macquarie Capital Group Limited, its direct or indirect
subsidiaries, and the funds (or similar vehicles) they manage. 
 “Management Fees” means, for any period, the aggregate
amount of all payments (including all fees, salaries and other compensation, but excluding amounts payable under Affiliate Service Agreements) paid or incurred by the Borrower and its Subsidiaries during such period to any of their Affiliates
(including Macquarie) and not otherwise a Restricted Payment; provided that Management Fees shall not include amounts payable to an Affiliate (i) in its capacity as a Lender pursuant to this Agreement or any Financing Document,
(ii) in its capacity as an interest rate hedge provider pursuant to an Interest Hedging Agreement to the extent such Interest Hedging Agreement complies with Section 6.06(a)(i) or (iii) in its capacity as a lender
pursuant to other Indebtedness permitted under this Agreement to the extent such arrangements comply with Section 6.06(a)(i) and such Affiliate is not an arranger, agent or underwriter of such Indebtedness. 

“Material Adverse Effect” means a material adverse effect on (a) the business, assets, operations, condition (financial
or otherwise) of the Borrower and the Subsidiaries taken as a whole, (b) the validity or enforceability of this Agreement or any and all other Financing Documents or the rights or remedies of the Administrative Agent and the Lenders thereunder,
(c) the ability of the Borrower to perform any of its obligations under this Agreement or any Financing Document, or (d) the material rights or remedies of the Administrative Agent and the Lenders under this Agreement or any Financing
Document. 
 “Material Communications” means, with respect to any Contractual Obligation, any communication by the Borrower
or any of its Subsidiaries with any Governmental Authority or any party to such Contractual Obligation regarding an event or circumstance that could reasonably be expected to result in a Material Adverse Effect. 

“Material Indebtedness/Material Swap Obligations” means (a) Indebtedness (other than the Loans), or (b) obligations
in respect of one or more Swap Agreements, of any one or more of the Borrower and its Subsidiaries, in the case of (a) or (b), in an aggregate principal amount exceeding $50,000,000. For purposes of determining Material Indebtedness/Material
Swap Obligation, the “principal amount” of the obligations of the Borrower or any 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 Subsidiary would be required to pay if such Swap Agreement were terminated at such time. 
 “Material Notices” means,
with respect to any material Contractual Obligation, any notice sent or received by the Borrower or any of its Subsidiaries regarding a material event or circumstance, including the occurrence of any default under such Contractual Obligation or
termination of such Contractual Obligation or any other development that could reasonably be expected to result in a Material Adverse Effect. 

“Maturity Date” means October 1, 2021, as such date may be extended in accordance with Section 2.22. 

  
 15 

 “MIRE Event” means, if there are any Mortgaged Real Properties at such
time, any increase, extension or renewal of any of the Commitments or Loans (including Incremental Term Loans or any other incremental credit facilities pursuant to Section 2.20 or otherwise, but excluding (i) any continuation or
conversion of Borrowings, (ii) the making of any Loan or (iii) the issuance, renewal or extension of Letters of Credit). 

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

“Mortgage” means each mortgage, deed of trust or other agreement which conveys or evidences a Lien in favor of the Collateral
Agent, for the benefit of the Secured Parties, on real property of the Borrower or any Subsidiary, including any amendment, restatement, modification or supplement thereto. 

“Mortgaged Real Property” means each parcel of real property subject to, or required to be subject to, pursuant to any
Financing Document, a Mortgage. 
 “Multiemployer Plan” means a multiemployer plan as defined in Section 4001(a)(3) of
ERISA. 
 “Net Cash Proceeds” means with respect to any Disposition by any member of the Borrower Group or any issuance of
Indebtedness by any member of the Borrower Group, the gross proceeds of all cash actually received by such Borrower Group Member in connection with such Disposition or issuance; provided that (i) Net Cash Proceeds shall be net of:
(a) the amount of any legal, advisory, title, transfer and recording tax expenses, commissions and other fees and expenses paid by the Borrower or the applicable Subsidiary in connection with such transaction and (b) any federal, state and
local income or other taxes estimated to be payable by Puget Holdings, the Borrower or the applicable Subsidiary as a result of such transaction (but only to the extent that such estimated taxes are in fact paid to the relevant federal, state or
local Governmental Authority when due; provided that at the time such taxes are paid, an amount equal to the amount, if any, by which such estimated taxes exceed the amount of taxes actually paid shall constitute “Net Cash Proceeds”
for all purposes hereunder), (ii) with respect to any Disposition, Net Cash Proceeds shall be net of any repayments by the Borrower or the applicable Subsidiary of Indebtedness to the extent that (x) such Indebtedness is secured by a Lien
permitted by Section 6.01 on the Property that is the subject of such Disposition and (y) the transferee of (or holder of a Lien on) such Property requires that such Indebtedness be repaid, (iii) for all Dispositions, Net Cash
Proceeds shall be net of any earn out or other similar obligation owed by the Borrower or applicable Subsidiary in connection with the acquisition thereof, (iv) Net Cash Proceeds shall be net of any reserve for adjustment in respect of
(x) the sale price of such asset or assets established in accordance with GAAP and (y) any liabilities (other than taxes deducted pursuant to clause (b) above) associated with such asset or assets and retained by any Borrower Group
Member after such sale or other disposition thereof, including pension and other postemployment benefit liabilities and liabilities related to environmental matters or with respect to any indemnification obligations associated with such transaction,
and it being understood that “Net Cash Proceeds” shall include (A) any cash or Cash Equivalents received upon the Disposition of any non-cash consideration by any Borrower Group Member in any
such Disposition and (B) upon the reversal (without the satisfaction of any applicable liabilities in cash in a corresponding amount) of any reserve described in this clause (iv) or if such liabilities have not been satisfied in cash and
the remaining amount of such reserve is not reversed within 365 days after such Disposition, the remaining amount of such reserve and (v) if the applicable cash payments are in the first instance received by a Subsidiary that is not a
wholly-owned Subsidiary, the related Net Cash Proceeds shall be net of the proportionate share of the common Equity Interests of such Subsidiary (and of any intermediate Subsidiary) owned by Persons that are not wholly-owned Subsidiaries of the
Borrower. 
 “Non-Extending Lender” has the meaning assigned to such term in
Section 2.22(b). 
 “Non-U.S. Lender” means a Lender that is not a U.S.
Person. 

  
 16 

 “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. 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 shall be less than zero, such rate shall be deemed to be zero for purposes of this Agreement. 

“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, receivership or other similar proceeding, regardless of whether allowed or
allowable in such proceeding), obligations and liabilities of the Borrower 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 Financing
Documents or to the Lenders or any of their Affiliates under any Swap Agreement or any Banking Services Agreement or in respect of any of the Loans made or reimbursement or other obligations incurred or any 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 Company” means PSE and each other Subsidiary of the Borrower other than any Immaterial Subsidiary and, for the
avoidance of doubt, the term Operating Company shall include Puget Western, Inc. 
 “Operating Company Credit Agreement”
means any credit agreement, loan agreement, reimbursement agreement, indenture, supplemental indenture or other agreement evidencing Indebtedness that is entered into by PSE or any other Operating Company. 

“Organizational Documents” means, (a) with respect to any corporation, the certificate or articles of incorporation and
the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction); (b) with respect to any limited liability company, the certificate or articles of formation or
organization and operating agreement or limited liability company agreement; and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable agreement of
formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or organization
and, if applicable, any certificate or articles of formation or organization of such entity. 
 “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 Financing Document, or sold or assigned an interest in any Loan or
Financing Document). 
 “Other Hedging Agreements” means any swap, cap or collar agreement or similar arrangement entered
into by any Borrower Group Member designed to protect any Borrower Group Member against fluctuations in currency exchange rates or commodity prices. 

  
 17 

 “Other Taxes” means any present or future stamp, court, documentary,
intangible, recording, filing or similar excise or property Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, or from the registration, receipt or perfection of a security
interest under, or otherwise with respect to, any Financing Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment under Section 2.19(b)). 

“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 (from and after such date as the NYFRB shall commence to publish such composite rate). 

“Parent” means the Person that is the direct owner of 100% of the Equity Interests of the Borrower, which as of the Effective
Date, is Puget Equico LLC, a Washington limited liability company; provided that the Parent shall be a direct or indirect wholly-owned Subsidiary of Puget Holdings. 

“Parent Holdco” means the Person that is the direct owner of 100% of the Equity Interests of the Parent. 

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

“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. 
 “Permitted Acquisition” means an acquisition consummated by the Borrower
directly or through a wholly-owned direct or indirect Subsidiary of the Borrower (including any newly formed wholly-owned direct or indirect Subsidiary of the Borrower (a “Newco”)), of all or substantially all, of the assets of or shares
or other Equity Interests in a Person, or division or line of business of a Person (other than inventory, leases, materials and equipment in the ordinary course of business), in each case that is engaged in substantially the same general line of
business or businesses as those in which the Borrower (not including any of its Subsidiaries for this purpose) is engaged or businesses reasonably related, complementary or ancillary thereto; provided that: 

(i) such acquisition shall be consensual and shall have been approved by the board of directors (or similar governing body) of
the Person whose Equity Interests or assets are proposed to be acquired and shall not have been preceded by an unsolicited tender offer for such Equity Interests by, or proxy contest initiated by, Borrower or any of its Subsidiaries; 

(ii) in the event that such acquisition results in a merger, amalgamation or consolidation of the Borrower, the Borrower
shall be the surviving corporation; 
 (iii) an Authorized Officer of the Borrower shall have delivered a certificate
substantially in the form of Exhibit J, attesting to the Solvency of the Borrower and its Subsidiaries (taken as a whole, including the acquired Person or assets, after giving effect to such acquisition); 

(iv) any Liens assumed in connection with such acquisition are otherwise permitted under Section 6.01; 

(v) [reserved]; 

(vi) [reserved]; 

  
 18 

 (vii) no Default or Event of Default shall exist immediately prior to such
acquisition or, after giving effect to such acquisition, shall have occurred and be continuing, or would result from the consummation of the proposed acquisition; and 

(viii) the Borrower and the Subsidiaries are in compliance, on a pro forma basis reasonably acceptable to the
Administrative Agent after giving effect to such acquisition (but without giving effect to any synergies or cost savings), with the covenant contained in Section 6.09 recomputed as of the last day of the most recently ended fiscal
quarter of the Borrower for which financial statements are available, as if such acquisition (and any related incurrence or repayment of Indebtedness, with any new Indebtedness being deemed to be amortized over the applicable testing period in
accordance with its terms) had occurred on the first day of each relevant period for testing such compliance and, if the aggregate consideration paid in respect of such acquisition exceeds $500,000,000, the Borrower shall have delivered to the
Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections requested by the Administrative Agent. 

“Permitted Collateral Liens” means Liens of the type specified in Section 6.01(e), (m), (n),
(p), and (u). 
 “Permitted Holders” means the Persons listed on Schedule 1.01(b) hereto. 

“Permitted Refinancing Indebtedness” means any Indebtedness of any Borrower Group Member, as applicable, issued in exchange
for, or the Net Cash Proceeds of which are used to refund, refinance, replace, defease or discharge Existing Indebtedness; provided, that such Indebtedness shall not be required to reduce any commitment with respect to such Existing
Indebtedness; and provided further, that: 
 (i) The principal amount (or accreted value, if applicable) of such
Permitted Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of and any unfunded commitment under the Indebtedness extended, refinanced, renewed, replaced, defeased or refunded (plus (x) all
refinancing fees and expenses incurred in connection therewith including, without limitation, underwriting fees, closing fees, agency fees, premiums, make-whole amounts or original issue discount and LIBO breakage costs due in accordance with
Section 2.16 of this Agreement and other reasonable out-of-pocket expenses incurred by the Borrower and (y) an amount equal to any termination payment
paid pursuant to an Interest Hedging Agreement which has been terminated by the Borrower in connection with the incurrence of any Permitted Refinancing Indebtedness); 

(ii) Such Permitted Refinancing Indebtedness has weighted average life to maturity equal to or greater than the weighted
average life to maturity of, the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(iii) If the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded is subordinated in right of
payment to this Agreement, such Permitted Refinancing Indebtedness is subordinated in right of payment to this Agreement on terms, taken as whole, at least as favorable to the Lenders as the subordination terms contained in the documentation
governing the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; provided that a certificate of an Authorized Officer of the Borrower is delivered to the Administrative Agent at least five (5) Business Days
(or such shorter period as the Administrative Agent may reasonably agree) prior to the incurrence of such Indebtedness, together with a reasonably detailed description of the material terms and conditions of such subordination terms or drafts of the
documentation relating thereto, stating that the Borrower has determined in good faith that such terms and conditions satisfy the foregoing requirement, and such certificate shall 

  
 19 

 
be conclusive evidence that such terms and conditions satisfy the foregoing requirement unless the Administrative Agent notifies the Borrower within such period that it disagrees with such
determination (including a reasonable description of the basis upon which it disagrees); 
 (iv) Such Indebtedness is
incurred by the Person who is the obligor on the Indebtedness being extended, refinanced, renewed, replaced, defeased or refunded; 

(v) The Permitted Refinancing Indebtedness is not secured by any Collateral not granted to the holders of the Indebtedness
being financed, renewed, replaced, defeased or refunded; and 
 (vi) Such Permitted Refinancing Indebtedness shall have
terms which shall be no more restrictive taken as a whole, and shall not, taken as a whole, be materially less favorable, in any respect on the Borrower or the Operating Companies than the provisions of the Indebtedness being refinanced, renewed,
replaced, defeased or refunded; provided, however, that the foregoing requirements shall not apply to pricing terms in respect of any Indebtedness being so refinanced so long as such pricing is consistent with then-prevailing market
pricing. 
 “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. 
 “Platform”
means Debt Domain, Intralinks, Syndtrak or a substantially similar electronic transmission system. 
 “Pledge Agreement”
means the Amended and Restated Pledge Agreement, dated as of February 6, 2009 and amended and restated as of March 31, 2010, from Puget Equico LLC, as pledgor to Collateral Agent (as amended, restated, supplemented or otherwise modified
from time to time), a copy of which is attached hereto as Exhibit K. 
 “Preferred Interests” means, with respect to any
Person, Equity Interests issued by such Person that are entitled to a preference or priority over any other Equity Interests issued by such Person upon any distribution of such Person’s property and assets, whether by dividend or upon
liquidation. 
 “Pricing Level” means Pricing Level I, Pricing Level II, Pricing Level III, Pricing Level IV or Pricing
Level V, as the context may require. 
 “Pricing Level I” means any time when (a) no Event of Default has occurred and
is continuing, and (b) the Senior Debt Rating is BBB+ or higher by S&P or Baa1 or higher by Moody’s or BBB+ or higher by Fitch. 

“Pricing Level II” means any time when (a) no Event of Default has occurred and is continuing, (b) the Senior Debt
Rating is BBB or higher by S&P or Baa2 or higher by Moody’s or BBB or higher by Fitch and (c) Pricing Level I does not apply. 

“Pricing Level III” means any time when (a) no Event of Default has occurred and is continuing, (b) the Senior Debt
Rating is BBB- or higher by S&P or Baa3 or higher by Moody’s or BBB-or higher by Fitch and (c) none of Pricing Levels I or II is applicable. 

“Pricing Level IV” means any time when (a) no Event of Default has occurred and is continuing, (b) the Senior Debt
Rating is BB+ or higher by S&P or Ba1 or higher by Moody’s or BB+ or higher by Fitch and (c) none of Pricing Levels I, II or III is applicable. 

“Pricing Level V” means any time when none of Pricing Levels I, II, III and IV is applicable. 

  
 20 

 “Prime Rate” means the rate of interest per annum publicly announced from
time to time by Toronto Dominion (Texas) LLC as its prime rate in effect at its principal office in New York City; each change in the Prime Rate shall be effective from and including the date such change is publicly announced as being effective.

 “Pro Forma Basis” means, with respect to any event, that the Borrower is in compliance on a pro forma basis with the
applicable covenant, calculation or requirement herein recomputed as if the event with respect to which compliance on a Pro Forma Basis is being tested had occurred on the first day of the four fiscal quarter period most recently ended on or prior
to such date for which financial statements have been delivered pursuant to Section 5.01. 
 “Property” means
any right or interest in or to property of any kind whatsoever, whether real or personal, or mixed and whether tangible or intangible, and including, for the avoidance of doubt, revenues and contractual rights. 

“PSE” means Puget Sound Energy, Inc., a Washington corporation. 

“Puget Holdings” means Puget Holdings LLC, a Delaware limited liability company. 

“Receivables Facility” means any receivables or securitization facility or facilities made available to the Borrower or any
of its Subsidiaries pursuant to which assets and related security are sold, pledged or otherwise transferred to certain investors or creditors either directly, or indirectly through one or more special purpose entities. 

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

“Redeemable” means, with respect to any Equity Interest, any such Equity Interest that (a) the issuer has undertaken to
redeem at a fixed or determinable date or dates, whether by operation of a sinking fund or otherwise, or upon the occurrence of a condition not solely within the control of the issuer or (b) is redeemable at the option of the holder. 

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

“Regulatory Approval” means (a) any authorization, consent, approval, license, ruling, permit, tariff, certification,
waiver, exemption, filing required by chapter 80.08 or 80.12 RCW, variance, order, judgment or decree of, by, or by any Borrower Group Member, the Parent, Parent Holdco (to the extent such Person is not Puget Holdings) or Puget Holdings with,
(b) any required notice by any Borrower Group Member, (c) any declaration containing material obligations of any Borrower Group Member made by or filed with, or (d) any Borrower Group Member registration by or with, any Governmental
Authority. 
 “Related Parties” means, with respect to any specified Person, such Person’s Affiliates and the
respective directors, officers, employees, agents, advisors and representatives of such Person and such Person’s Affiliates. 

“Required Lenders” means (a) Lenders holding more than 50% of the Aggregate Commitments or (b) if all Commitments
have been terminated or reduced to zero, Lenders holding more than 50% of the principal amount of the aggregate outstanding Loans. 

“Restricted Payment” means any dividend or other distribution (whether in cash, securities or other property, other than
common Equity Interests in the Borrower) on account of any Equity Interest of any Borrower Group Member, or any payment (whether in cash, securities or other property), including any sinking fund or similar deposit, on account of the purchase,
redemption, retirement, defeasance, acquisition, cancellation or termination of any such Equity Interest, or on account of any return of capital to the Borrower’s stockholders, partners or members (or the equivalent Persons thereof);
provided that payments made to Affiliates pursuant to transactions permitted by Section 6.06(a) shall not constitute Restricted Payments. 

  
 21 

 “S&P” means Standard & Poor’s Ratings Services, a
Standard & Poor’s Financial Services LLC business. 
 “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 Sanctions (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, any European Union member state, Her Majesty’s Treasury of the United Kingdom, Global Affairs Canada or other relevant sanctions
authority, (b) any Person operating, organized or resident in a Sanctioned Country or (c) any Person owned or controlled by any such Person or Persons described in the foregoing clauses (a) or (b). 

“Sanctions” means all 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, any European Union member state, Her Majesty’s Treasury of the United
Kingdom, Global Affairs Canada or other relevant sanctions authority. 
 “SEC” means the United States Securities and
Exchange Commission. 
 “Secured Obligations” has the meaning assigned thereto in the Collateral Agency Agreement. 

“Secured Parties” means, collectively, the Agents, the Lenders, the Interest Rate Hedge Banks and each co-agent or sub-agent appointed by the Administrative Agent from time to time pursuant to this Agreement. 

“Security Agreement” means the Amended and Restated Borrower Security Agreement, dated as of February 6, 2009 and as
amended and restated as of March 31, 2010 and as further amended as of February 10, 2012, between the Borrower and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time), a copy of which is
attached hereto as Exhibit L. 
 “Security Documents” means, collectively, the Security Agreement, the Pledge Agreement and
any other security agreements, pledge agreements or other similar agreements delivered to the Agents, the Lenders and the Interest Rate Hedge Banks, and any other agreements, instruments or documents that create or purport to create a Lien in favor
of the Collateral Agent for the benefit of the Secured Parties. 
 “Senior Debt Rating” means at any date, the credit
rating identified by S&P, Moody’s or Fitch as the credit rating which (a) it has assigned to long term secured senior debt of the Borrower or (b) it would assign to long term secured senior debt of the Borrower were the Borrower
to issue or have outstanding any long term secured senior debt on such date. 
 “Solvent” means, in reference to the
Borrower, (a) the fair value of the assets of the Borrower, at a fair valuation, will exceed its debts and liabilities, subordinated, contingent or otherwise; (b) the present fair saleable value of the property of the Borrower will be
greater than the amount that will be required to pay the probable liability of its debts and other liabilities, subordinated, contingent or otherwise, as such debts and other liabilities become absolute and matured; (c) the Borrower will be
able to pay its debts and liabilities, subordinated, contingent or otherwise, as such debts and liabilities become absolute and matured; and (d) the Borrower will not have unreasonably small capital with which to conduct the business in which
it is engaged as such business is now conducted and is proposed to be conducted after the Effective Date. 

  
 22 

 “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 percentages (including any marginal, special, emergency or supplemental reserves) expressed as a decimal
established by the Board to which the Administrative Agent is subject for eurocurrency funding (currently referred to as “Eurocurrency Liabilities” in Regulation D of the Board). Such reserve percentages shall include those imposed
pursuant to such Regulation D of the Board. Eurodollar Loans shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available
from time to time to any Lender under such Regulation D of the Board or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage. 

“Subordinated Indebtedness” means any Indebtedness of the Borrower or any Subsidiary the payment of which is subordinated to
payment of the obligations under the Financing Documents. 
 “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 (a) of which securities or other ownership interests
representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, Controlled or held, or (b) that is, as of
such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent. 

“Subsidiary” means any subsidiary of the Borrower. 

“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. 
 “Tax-Free Debt” means
Indebtedness of PSE to a state, territory or possession of the United States or any political subdivision thereof issued in a transaction in which such state, territory, possession or political subdivision issued obligations the interest on which is
excludable from gross income pursuant to the provisions of Section 103 of the Code (or similar provisions), as in effect at the time of issuance of such obligations, and debt to a bank issuing a letter of credit with respect to the principal of
or interest on such obligations. 
 “Taxes” or “Tax” means any present or future taxes, levies, imposts,
duties, deductions, withholdings, assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Term Loan” has the meaning assigned to such term in Section 2.01(a). 

“Total Capitalization” means, at any time, the sum, without duplication, of (a) Total Shareholders’ Equity at such
time and (b) Total Funded Indebtedness at such time. 
 “Total Funded Indebtedness” means, for the Borrower and its
Subsidiaries, without duplication, on a consolidated basis, the sum of (a) all Indebtedness of such Person for borrowed money, except to the extent such Indebtedness is “non-recourse” to such
Person or recourse for payment of such Indebtedness is limited to specific assets of such Person (whether or not included on a consolidated 

  
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balance sheet of such Person), (b) the principal portion of all obligations of such Person under Capital Lease Obligations, (c) all unreimbursed obligations relative to the face amount of
all letters of credit issued to support Indebtedness of the kinds referred to in clauses (a) and (b) above, (d) all Guarantees of such Person with respect to Indebtedness and obligations of the type described in clauses
(a) through (c) hereof of another Person; provided that such Guarantees are required to be reported as liabilities on a balance sheet of such Person prepared in accordance with GAAP (and without duplication of any liability
already appearing as a liability on such balance sheet); and provided, further that, in the event a Guarantee is limited as to dollar amount, such Guarantee shall not exceed such limitation and (e) all Indebtedness and obligations
of the type described in clauses (a), (b), and (c) hereof of another Person, secured by a Lien on any property of such Person whether or not such Indebtedness or obligations has been assumed by such Person. Notwithstanding
the foregoing, Total Funded Indebtedness (i) shall not include (x) trust preferred securities, if any, (y) interest on Indebtedness that is accrued in the ordinary course of business and (z) any intercompany Indebtedness between
the Borrower and any of its Subsidiaries or among any of its Subsidiaries and (ii) shall include intercompany Indebtedness (or Equity Interests having the characteristics of Indebtedness) owing to any direct or indirect parent of the Borrower.

 “Total Shareholders’ Equity” means, at any time, the amount of total common shareholders’ equity of the
Borrower and its Subsidiaries (determined on a consolidated basis without duplication in accordance with GAAP) plus (a) the cumulative non-cash mark-to-market charges (net of taxes) recognized by the Borrower and its Subsidiaries in all periods; minus (b) the cumulative non-cash mark-to-market gains (net of taxes) recognized by the Borrower and its Subsidiaries in all periods in each case calculated exclusive of the effect on the Borrower’s
accumulated other comprehensive income/loss of the ongoing application of Accounting Standards Codification Topic 815. 

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

“UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York or any other state the laws
of which are required to be applied in connection with the issue of perfection of security interests. 
 “Unliquidated
Obligations” means, at any time, any Secured Obligations (or portion thereof) that are contingent in nature or unliquidated at such time, including any Secured Obligation that is: (a) an obligation to reimburse a bank for drawings not
yet made under a letter of credit issued by it; (b) any other obligation (including any guarantee) that is contingent in nature at such time; or (c) an obligation to provide collateral to secure any of the foregoing types of obligations.

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

“U.S. Tax Certificate” has the meaning assigned to such term in Section 2.17(f)(ii)(D)(2). 

“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 1 of Subtitle E of Title IV of ERISA. 
 “Withholding Agent” means
the Borrower and the Administrative Agent. 
 “Write-Down and Conversion Powers” means, with respect to any EEA Resolution
Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time 

  
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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. 
 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 “Eurodollar Loan”). Borrowings also may be classified by Type (e.g., a “Eurodollar Borrowing”). 

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) all actions by specified officers of a Person shall be deemed to be taken by such specified officer solely in such specified officer’s
capacity as such officer. 
 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 date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required
Lenders request an amendment to any provision hereof for such purpose) (including, without limitation, any change in GAAP resulting in any operating lease being reclassified as a capital lease), 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, 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 (i) except with respect to the revaluation of Indebtedness or liabilities to the extent reflected on the Borrower’s audited consolidated balance sheet for the fiscal year ending December 31, 2016, 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 (ii) without giving effect to any treatment of Indebtedness in respect 

  
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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. 

(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 giving pro forma effect thereto (and, in the case of any pro forma computation made hereunder to determine whether such acquisition or disposition, or issuance,
incurrence or assumption of Indebtedness, or other transaction is permitted to be consummated hereunder, to any other such transaction consummated since the first day of the period covered by any component of such pro forma computation 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 last fiscal quarter included in the financial statements referred to in Section 3.07(a)), and, to the
extent applicable, to the historical earnings and cash flows associated with the assets acquired or disposed of (but without giving effect to any synergies or cost savings) and any related incurrence or reduction of Indebtedness, all in accordance
with Article 11 of Regulation S-X under the Securities Act. 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. Status of Obligations. In the event that the Borrower shall at any time issue or have outstanding any Subordinated
Indebtedness, the Borrower shall take all such actions as shall be necessary to cause the Secured Obligations to constitute senior indebtedness (however denominated) in respect of such Subordinated Indebtedness and to enable the Administrative Agent
and the Lenders to have and exercise any payment blockage or other remedies available or potentially available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. Without limiting the foregoing, the Obligations are
hereby designated as “senior indebtedness” and as “designated senior indebtedness” and words of similar import under and in respect of any indenture or other agreement or instrument under which such Subordinated Indebtedness is
outstanding and are further given all such other designations as shall be required under the terms of any such Subordinated Indebtedness in order that the Lenders may have and exercise any payment blockage or other remedies available or potentially
available to holders of senior indebtedness under the terms of such Subordinated Indebtedness. 
 ARTICLE II 

The Credits 
 SECTION 2.01.
Loans. Subject to the terms and conditions set forth herein, each Lender agrees to make a term loan (a “Term Loan”, each a “Loan” and collectively the “Loans”) to the Borrower in Dollars in a
single drawing on the Effective Date in an aggregate principal amount of its Commitment with respect to the Loans. Amounts repaid or prepaid in respect of Loans may not be reborrowed. The Commitment of each Lender shall immediately and automatically
terminate upon the earlier of (i) at 3:00 p.m., New York City time, on the Effective Date and (ii) the making of the Loans pursuant to this Section. 

SECTION 2.02. Loans and Borrowings. (a) Each Loan shall be made as part of a Borrowing consisting of Loans of the same Type made
by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not 

  
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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 entirely of ABR Loans or Eurodollar
Loans as the Borrower may request in accordance herewith; provided that, except to the extent the Administrative Agent shall have received an indemnification substantially consistent with the terms of Section 2.16 not less than
three (3) Business Days prior to the Effective Date, all Borrowings made on the Effective Date must be made as ABR Borrowings but may be converted into Eurodollar Borrowings in accordance with Section 2.08. Each Lender at its option
may make any Eurodollar 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 Eurodollar Borrowing, such Borrowing shall be in an aggregate amount that is an
integral multiple of $100,000 and not less than $5,000,000. At the time that each ABR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of $100,000 and not less than $1,000,000. Borrowings of more than
one Type may be outstanding at the same time; provided that there shall not at any time be more than a total of eight (8) Eurodollar Borrowings outstanding. 

(d) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or 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. Method of
Borrowing. To request the initial Borrowing, the Borrower shall notify the Administrative Agent of such request by telephone (a) in the case of a Eurodollar Borrowing subject to Section 2.02(b), not later than 1:00 p.m., New
York City time, three (3) Business Days before the Effective Date or (b) in the case of an ABR Borrowing, not later than 1:00 p.m., New York City time, one (1) Business Day before the Effective Date. Any such telephonic Borrowing
Request shall be irrevocable and shall be confirmed promptly by hand delivery, telecopy or electronic transmission to the Administrative Agent of a written Borrowing Request in a form approved by the Administrative Agent and signed by the Borrower.
Any such telephonic and written Borrowing Request shall specify the following information in compliance with Section 2.02: 

(i) the aggregate amount of the requested Borrowing; 

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

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

(iv) in the case of a Eurodollar 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 Eurodollar 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 Commitment and Loan to
be made as part of the requested Borrowing. 

  
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 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 Effective Date by wire
transfer of immediately available funds by 12:00 noon, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders in an amount equal to such Lender’s Commitment. The
Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request. 

(b) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed Effective Date 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 applicable 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 Federal Funds Effective 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) Each Borrowing initially shall be of the Type specified in the initial Borrowing Request
and, in the case of a Eurodollar 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 Eurodollar 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. 

(b) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election by telephone by the time
that a Borrowing Request would be required under Section 2.03 if the 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, telecopy or electronic transmission to the Administrative Agent of a written Interest Election Request in a form approved by the Administrative Agent and signed by the
Borrower. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) elect an Interest Period for Eurodollar Loans that does not comply with Section 2.02(d) or (ii) convert
any Borrowing to a Borrowing of a Type not available under the Commitments pursuant to which such Borrowing was made. 
 (c) Each telephonic
and written Interest Election Request shall specify the following information in compliance with Section 2.02: 

  
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 (i) the Borrowing to which such Interest Election Request applies and, if
different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv)
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 Eurodollar Borrowing; and 
 (iv) if the resulting Borrowing is a Eurodollar 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 Eurodollar 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 Eurodollar 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 Eurodollar Borrowing and (ii) unless repaid, each Eurodollar Borrowing shall be converted to an
ABR Borrowing at the end of the Interest Period applicable thereto. 
 SECTION 2.09. [Reserved]. 

SECTION 2.10. Repayment of Loans; Evidence of Debt. The Borrower hereby unconditionally promises to pay to the Administrative Agent for
the account of each Lender the then unpaid principal amount of each Loan 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 obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. 

  
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 (e) Any Lender may request that Loans made by it be evidenced by a promissory note in
substantially the form of Exhibit F. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form
approved by the Administrative Agent. 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. 
 SECTION 2.11. Prepayment of Loans. The Borrower shall have the right at any time and
from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with the provisions of this Section. The Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic
transmission) of any prepayment hereunder (i) in the case of prepayment of a Eurodollar Borrowing, not later than 1:00 p.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, not later than 1:00 p.m., New York City time, one (1) Business Day before the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or
portion thereof to be prepaid; provided that a notice of prepayment delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, 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 a Borrowing, the Administrative Agent shall advise the Lenders
of the contents thereof. Each partial prepayment of any Borrowing shall be in an amount that would be permitted in the case of an advance of a Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Borrowing shall
be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be payable without penalty or premium and shall be accompanied by (i) accrued interest to the extent required by Section 2.13 and (ii) break
funding payments pursuant to Section 2.16. 
 SECTION 2.12. Fees. The Borrower agrees to pay to the Administrative Agent,
for its own account, fees payables in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent. All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the
Administrative Agent for distribution to the applicable 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) The Loans comprising each Eurodollar Borrowing shall bear interest at the Adjusted LIBO Rate for the Interest Period in effect for such
Borrowing 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; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable 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 

  
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(iii) in the event of any conversion of any Eurodollar 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), and in each case shall be payable for the actual number of days elapsed
(including the first day but excluding the last day). The applicable 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. 

SECTION 2.14. Alternate Rate of Interest. (a) If prior to the commencement of any Interest Period for a Eurodollar 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, without limitation, because the LIBO Screen Rate is not available or published on a current basis), for such 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 such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) 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 or electronic transmission 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 (and the Administrative Agent shall use commercially reasonable efforts to provide
such notice promptly following such circumstances no longer existing as determined by the Administrative Agent in its sole discretion (or, in the case of clause (ii) above, promptly following the Administrative Agent being advised thereof by
the Required Lenders)), (i) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Eurodollar Borrowing shall be ineffective and any such Eurodollar Borrowing shall be repaid on the
last day of the then current Interest Period applicable thereto and (ii) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 

(b) If at any time the Administrative Agent determines (which determination shall be conclusive absent manifest error) that (i) the
circumstances set forth in clause (a)(i) have arisen and such circumstances are unlikely to be temporary or (ii) the circumstances set forth in clause (a)(i) have not arisen but the supervisor for the administrator of the LIBO
Screen Rate or a Governmental Authority having jurisdiction over the Administrative Agent has made a public statement identifying a specific date after which the LIBO Screen Rate shall no longer be used for determining interest rates for loans, then
the Administrative Agent and the Borrower shall endeavor to establish an alternate rate of interest to the LIBO Rate that gives due consideration to the then prevailing market convention for determining a rate of interest for syndicated loans in the
United States at such time, and shall enter into an amendment to this Agreement to reflect such alternate rate of interest and such other related changes to this Agreement as may be applicable. Notwithstanding anything to the contrary in
Section 9.02, such amendment shall become effective without any further action or consent of any other party to this Agreement so long as the Administrative Agent shall not have received, within five Business Days of the date notice of
such alternate rate of interest is provided to the Lenders, a written notice from the Required Lenders stating that such Required Lenders object to such amendment. Until an alternate rate of interest shall be determined in accordance with this
clause (b) (but, in the case of the circumstances described in clause (ii) of the first sentence of this Section 2.14(b), only to the extent the LIBO Screen Rate for such Interest

  
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Period is not available or published at such time on a current basis), (x) any Interest Election Request that requests the conversion of any Borrowing to, or continuation of any Borrowing as, a
Eurodollar Borrowing shall be ineffective, and (y) if any Borrowing Request requests a Eurodollar Borrowing, such Borrowing shall be made as an ABR Borrowing; provided that, if such alternate rate of interest shall be less than zero, such rate
shall be deemed to be zero for the purposes of this Agreement. 
 SECTION 2.15. Increased Costs; Illegality. (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 Eurodollar Loans made by such Lender; or 
 (iii) subject any Recipient to any Taxes on its loans,
loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto (other than (A) Indemnified Taxes, (B) Taxes described in clauses (b) through (e) of
the definition of Excluded Taxes and (C) Connection Income Taxes); 
 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 to reduce the amount of any sum
received or receivable by such Lender or such other Recipient hereunder (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. 
 (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 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, such additional amount or amounts as will compensate such Lender or such Lender’s
holding company for any such reduction suffered. 
 (c) A certificate of a Lender setting forth the amount or amounts necessary to
compensate such Lender or its 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, as the case may be, the amount shown as due on any such certificate within ten (10) 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 270 days prior to the date that such Lender, as the case may be, 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 270-day period
referred to above shall be extended to include the period of retroactive effect thereof. 

  
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 (e) If any Lender determines that any Law has made it unlawful, or that any Governmental
Authority has asserted that it is unlawful, for any Lender or its lending office to make, maintain or fund Loans whose interest is determined by reference to the LIBO Rate, or to determine or charge interest rates based upon the LIBO Rate, or any
Governmental Authority has imposed material restrictions on the authority of such Lender to purchase or sell, or to take deposits of, Dollars in the London interbank market, then, on notice thereof by such Lender to the Borrower through the
Administrative Agent, (i) any obligation of such Lender to make or continue Eurodollar Loans or to convert ABR Loans to Eurodollar Loans shall be suspended, and (ii) if such notice asserts the illegality of such Lender making or
maintaining ABR Loans the interest rate on which is determined by reference to the LIBO Rate component of the Alternate Base Rate, the interest rate on which ABR Loans of such Lender shall, if necessary to avoid such illegality, be determined by the
Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate, in each case until such Lender notifies the Administrative Agent and the Borrower that the circumstances giving rise to such determination no longer exist.
Upon receipt of such notice, (x) the Borrower shall, upon demand from such Lender (with a copy to the Administrative Agent), prepay or, if applicable, convert all Eurodollar Loans of such Lender to ABR Loans (the interest rate on which ABR
Loans of such Lender shall, if necessary to avoid such illegality, be determined by the Administrative Agent without reference to the LIBO Rate component of the Alternate Base Rate), either on the last day of the Interest Period therefor, if such
Lender may lawfully continue to maintain such Eurodollar Loans to such day, or immediately, if such Lender may not lawfully continue to maintain such Eurodollar Loans and (y) if such notice asserts the illegality of such Lender determining or
charging interest rates based upon the LIBO Rate, the Administrative Agent shall during the period of such suspension compute the Alternate Base Rate applicable to such Lender without reference to the LIBO Rate component thereof until the
Administrative Agent is advised in writing by such Lender that it is no longer illegal for such Lender to determine or charge interest rates based upon the LIBO Rate (and such Lender shall use commercially reasonable efforts to provide such notice
promptly following such circumstances no longer existing as determined by such Lender in its sole discretion). Upon any such prepayment or conversion, the Borrower shall also pay accrued interest on the amount so prepaid or converted. 

SECTION 2.16. Break Funding Payments. In the event of (a) the payment of any principal of any Eurodollar 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 Eurodollar Loan other than on the last day of the
Interest Period applicable thereto, (c) the failure to borrow, convert, continue or prepay any Eurodollar 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 Eurodollar 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, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event. 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, 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 in Dollars of a comparable amount and period from other
banks in the eurodollar market. A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to 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 ten (10) days after receipt thereof. 

  
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 SECTION 2.17. Taxes. (a) Withholding of Taxes;
Gross-Up. Each payment by the Borrower under any Financing Document shall be made without withholding for any Taxes, unless such withholding is required by any law. If any Withholding Agent determines, in
its sole discretion exercised in good faith, that it is so required to withhold Taxes, then such Withholding Agent may so withhold and shall timely pay the full amount of withheld Taxes to the relevant Governmental Authority in accordance with
applicable law. If such Taxes are Indemnified Taxes, then the amount payable by the Borrower shall be increased as necessary so that, net of such withholding (including such withholding applicable to additional amounts payable under this Section),
the applicable Recipient receives the amount it would have received had no such withholding been made. 
 (b) Payment of Other Taxes by
the Borrower. The Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable law. 

(c) Evidence of Payments. As soon as practicable after any payment of Indemnified Taxes by the Borrower to a Governmental Authority,
the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment
reasonably satisfactory to the Administrative Agent. 
 (d) Indemnification by the Borrower. The Borrower shall indemnify each
Recipient for any Indemnified Taxes that are paid or payable by such Recipient in connection with any Financing Document (including amounts paid or payable under this Section 2.17(d)) and any reasonable 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. The indemnity under this Section 2.17(d) shall be paid within ten (10) days after the
Recipient delivers to the Borrower a certificate stating the amount of any Indemnified Taxes so paid or payable by such Recipient and describing the basis of the indemnity claim. Such certificate shall be conclusive of the amount so payable absent
manifest error. Such Recipient shall deliver a copy of such certificate to the Administrative Agent. 
 (e) Indemnification by the
Lenders. Each Lender shall severally indemnify the Administrative Agent for any Taxes (but, in the case of any Indemnified Taxes, only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of the Borrower to do so) attributable to such Lender that are paid or payable by the Administrative Agent or the Borrower (as applicable) in connection with any Financing 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. The indemnity under this Section 2.17(e) shall be paid within ten
(10) days after the Administrative Agent delivers to the applicable Lender a certificate stating the amount of Taxes so paid or payable by the Administrative Agent. Such certificate shall be conclusive of the amount so paid or payable absent
manifest error. 
 (f) Status of Lenders. (i) Any Lender that is entitled to an exemption from, or reduction of, any applicable
withholding Tax with respect to any payments under any Financing 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 prescribed by law or reasonably requested by the Borrower or the Administrative Agent as will permit such payments to be made without, or at a reduced rate of, withholding. In addition, any Lender, if requested by the Borrower
or the Administrative Agent, shall deliver such other documentation prescribed by 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 any withholding (including 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

  
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such documentation set forth in Section 2.17(f)(ii) (A) through (E) below) shall not be required if in the Lender’s judgment such completion, execution or submission
would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Upon the reasonable request of the Borrower or the Administrative Agent, any Lender shall update
any form or certification previously delivered pursuant to this Section 2.17(f). If any form or certification previously delivered pursuant to this Section expires or becomes obsolete or inaccurate in any respect with respect to a
Lender, such Lender shall promptly (and in any event within ten (10) days after such expiration, obsolescence or inaccuracy) notify the Borrower and the Administrative Agent in writing of such expiration, obsolescence or inaccuracy and update
the form or certification if it is legally eligible to do so. 
 (ii) Without limiting the generality of the foregoing, if
the Borrower is a U.S. Person, any Lender with respect to the Borrower shall, if it is legally eligible to do so, deliver to the Borrower and the Administrative Agent (in such number of copies reasonably requested by the Borrower and the
Administrative Agent) on or prior to the date on which such Lender becomes a party hereto, duly completed and executed copies of whichever of the following is applicable: 

(A) in the case of a Lender that is a U.S. Person, IRS Form W-9 certifying that such
Lender is exempt from U.S. federal backup withholding tax; 
 (B) in the case of a
Non-U.S. Lender claiming the benefits of an income tax treaty to which the United States is a party (1) with respect to payments of interest under any Financing Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. federal withholding Tax pursuant to the
“interest” article of such tax treaty and (2) with respect to any other applicable payments under any Financing Document, IRS Form W-8BEN or W-8BEN-E, as applicable, 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; 

(C) in the case of a Non-U.S. Lender for whom payments under any Financing
Document constitute income that is effectively connected with such Lender’s conduct of a trade or business in the United States, IRS Form W-8ECI; 

(D) in the case of a Non-U.S. Lender claiming the benefits of the exemption for
portfolio interest under Section 881(c) of the Code both (1) IRS Form W-8BEN or W-8BEN-E, as applicable, and (2) a
certificate substantially in the form of Exhibit G (a “U.S. Tax Certificate”) to the effect that such Lender is not (a) a “bank” within the meaning of Section 881(c)(3)(A) of the Code, (b) a
“10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Code, (c) a “controlled foreign corporation” described in Section 881(c)(3)(C) of the Code and (d) conducting a
trade or business in the United States with which the relevant interest payments are effectively connected; 
 (E) in
the case of a Non-U.S. Lender that is not the beneficial owner of payments made under this Agreement (including a partnership or a participating Lender) (1) an IRS Form
W-8IMY on behalf of itself and (2) the relevant forms prescribed in clauses (A), (B), (C), (D) and (F) of this paragraph (f)(ii) that would be required of
each such beneficial owner or partner of such partnership if such beneficial owner or partner were a Lender; provided, however, that if the Lender is a partnership and one or more of its partners are claiming the exemption for
portfolio interest under Section 881(c) of the Code, such Lender may provide a U.S. Tax Certificate on behalf of such partners; or 

(F) any other form prescribed by law as a basis for claiming exemption from, or a reduction of, U.S. federal withholding
Tax together with such supplementary 

  
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 documentation necessary to enable the Borrower or the Administrative Agent to determine the
amount of Tax (if any) required by law to be withheld. 
 (iii) If a payment made to a Lender under any Financing 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 Withholding Agent, at the time or times prescribed by law and at such time or times reasonably requested by the Withholding 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 Withholding Agent as may be necessary for the Withholding Agent to comply with its obligations under FATCA, to determine whether such Lender is
in compliance with such Lender’s obligations under FATCA and, as necessary, to determine the amount to deduct and withhold from such payment. Solely for purposes of this Section 2.17(f)(iii), “FATCA” shall include any
amendments made to FATCA after the date of this Agreement. 
 (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 additional amounts paid 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 with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including any 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 to such indemnified party pursuant to the previous sentence (plus any penalties, interest or other charges imposed by the relevant Governmental
Authority) in the event such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this Section 2.17(g), in no event will any indemnified party be required to pay
any amount to any indemnifying party pursuant to this Section 2.17(g) if such payment would place such indemnified party in a less favorable position (on a net after-Tax basis) than such
indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This Section 2.17(g) shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes which it deems confidential) to the indemnifying party or any other Person. 

SECTION 2.18. Payments Generally; Allocations of Proceeds; 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 12:00 noon, New York City time on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of
calculating interest thereon. All such payments shall be made to the Administrative Agent’s Account, 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. All payments hereunder shall be made in
Dollars. 

  
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 (b) Subject to the terms of the Collateral Agency Agreement, any proceeds of Collateral
received by the Administrative Agent (i) not constituting a specific payment of principal, interest, fees or other sum payable under the Financing Documents (which shall be applied as specified by the Borrower) or (ii) after an Event of
Default has occurred and is continuing and the Administrative Agent so elects or the Required Lenders so direct, such funds shall be applied ratably first, to pay any fees, indemnities, or expense reimbursements including amounts then due to the
Administrative Agent from the Borrower, second, to pay any fees or expense reimbursements then due to the Lenders from the Borrower, third, to pay interest then due and payable on the Loans ratably, fourth, to prepay principal on the Loans and any
other amounts owing with respect to Banking Services Obligations ratably, and fifth, to the payment of any other Secured Obligation due to the Administrative Agent or any Lender by the Borrower. Notwithstanding anything to the contrary contained in
this Agreement, unless so directed by the Borrower, or unless a Default is in existence, none of the Administrative Agent or any Lender shall apply any payment which it receives to any Eurodollar Loan, except on the expiration date of the Interest
Period applicable to any such Eurodollar Loan, and, in any event, the Borrower shall pay the break funding payment required in accordance with Section 2.16. The Administrative Agent and the Lenders shall have the continuing and exclusive
right to apply and reverse and reapply any and all such proceeds and payments to any portion of the Secured Obligations. 
 (c) At the
election of the Administrative Agent, all payments of principal, interest, fees, premiums, reimbursable expenses (including, without limitation, all reimbursement for fees and expenses pursuant to Section 9.03), and other sums payable
under the Financing Documents, may be paid from the proceeds of Borrowings made hereunder whether made following a request by the Borrower pursuant to Section 2.03 or a deemed request as provided in this Section. The Borrower hereby
irrevocably authorizes the Administrative Agent to make a Borrowing for the purpose of paying each payment of principal, interest and fees as it becomes due hereunder or any other amount due under the Financing Documents and agrees that all such
amounts charged shall constitute Loans and that all such Borrowings shall be deemed to have been requested pursuant to Section 2.03. 

(d) 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
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. 
 (e) 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 applicable 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 

  
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 such assumption, distribute to the applicable Lenders the amount due. In such event, if the Borrower has not
in fact made such payment, then each of the applicable Lenders, as the case may be, 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 Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking
industry rules on interbank compensation. 
 (f) If any Lender shall fail to make any payment required to be made by it pursuant to
Section 2.07(b), 2.18(e) 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 the Borrower is required to pay any additional amount 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 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. 

(b) If (i) any Lender requests compensation under Section 2.15, (ii) the Borrower is required to pay any additional amount to
any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.17 or (iii) any Lender becomes a Non-Extending Lender pursuant to Section 2.22 or 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 and obligations under the Financing Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment);
provided that (i) the Borrower shall have received the prior written consent of the Administrative Agent, which consent shall not unreasonably be withheld, (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, 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. 
 SECTION 2.20. Expansion Option. The Borrower may from time to time elect to enter into a
maximum of three additional tranches of term loans (each an “Incremental Term Loan”), in each case in minimum increments of $10,000,000 so long as, after giving effect thereto, the aggregate amount 

  
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of all such Incremental Term Loans does not exceed $100,000,000. The Borrower may arrange for any tranche to be provided by one or more Lenders (each Lender so agreeing to participate in such
Incremental Term Loans, 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), to participate in such Incremental Term Loans; provided that (i) each Increasing Lender and Augmenting Lender shall be subject to the approval of the Borrower and the
Administrative Agent, which, in the case of the Administrative Agent, shall not be unreasonably withheld 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 C 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 D hereto. No consent of any Lender (other than the Lenders
participating in any Incremental Term Loan) shall be required for any Incremental Term Loan pursuant to this Section 2.20. Incremental Term Loans 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, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no tranche of Incremental Term Loans shall become
effective under this paragraph unless, (i) on the proposed date of the effectiveness of Incremental Term Loans, (A) the conditions set forth in paragraphs (a) and (b) of Section 4.02 shall be satisfied or waived by the
Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Financial Officer of the Borrower and (B) the Borrower shall be in compliance (on a Pro Forma Basis reasonably
acceptable to the Administrative Agent) with the covenant contained in Section 6.09 and (ii) the Administrative Agent shall have received documents consistent with those delivered on the Effective Date as to the corporate power and
authority of the Borrower to borrow hereunder after giving effect to Incremental Term Loans. On the effective date of any Incremental Term Loans being made, each relevant Increasing Lender and Augmenting Lender shall make available to the
Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to the use of such amounts to make payments
to such other Lenders, each Lender’s portion of the outstanding Loans of all the Lenders to equal its Applicable Percentage of such outstanding Loans. The Incremental Term Loans (a) shall rank pari passu in right of payment with the Loans,
(b) shall not mature earlier than the Maturity Date (but may have amortization prior to such date) and (c) shall be treated substantially the same as (and in any event no more favorably than) the Loans; provided that (i) the
terms and conditions applicable to any tranche of Incremental Term Loans maturing after the Maturity Date may provide for material additional or different financial or other covenants or prepayment requirements applicable only during periods after
the Maturity Date and (ii) the Incremental Term Loans may be priced differently than the Loans. Incremental Term Loans may be made hereunder pursuant to an amendment or restatement (an “Incremental Term Loan Amendment”) of this
Agreement and, as appropriate, the other Financing Documents, executed by the Borrower, each Increasing Lender participating in such tranche, each Augmenting Lender participating in such tranche, if any, and the Administrative Agent. The Incremental
Term Loan Amendment may, without the consent of any other Lenders, effect such amendments to this Agreement and the other Financing Documents as may be necessary or appropriate, in the reasonable opinion of the Administrative Agent, to effect the
provisions of this Section 2.20. Nothing contained in this Section 2.20 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to provide Incremental Term Loans at any time. In connection with
any Incremental Term Loans pursuant to this Section 2.20, any Augmenting Lender becoming a party hereto shall (1) execute such documents and agreements as the Administrative Agent may reasonably request and (2) in the case of
any Augmenting Lender that is organized under the laws of a jurisdiction outside of the United States of America, provide to the Administrative Agent, its name, address, tax identification number and/or such other information as shall be necessary
for the Administrative Agent to comply with “know your customer” and anti-money laundering rules and regulations, including without limitation, the Patriot Act and the Beneficial Ownership Regulation. 

  
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 SECTION 2.21. 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, 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 this Section 2.21 shall not apply to the vote
of a Defaulting Lender in the case of an amendment, waiver or other modification requiring the consent of such Lender or each Lender directly affected thereby. 

SECTION 2.22. Extension of Maturity Date. 

(a) Request for Extension. The Borrower may, at any time, from time to time, not earlier than ninety (90) days and not less than
thirty (30) days prior to any anniversary of the Effective Date (other than the Maturity Date), request that each Lender extend (each such date on which such extension occurs, an “Extension Date”) the maturity date of such
Lender’s Loans then in effect (the “Existing Maturity Date”) to a date that is one (1) year after the Existing Maturity Date; provided that if any requested Extension Date is not a Business Day, such Extension Date
shall be the immediately succeeding Business Day. 
 (b) Lender Elections to Extend. Each Lender, acting in its sole and individual
discretion, shall, by notice to the Administrative Agent given not later than the date that is fifteen (15) days after the date on which the Administrative Agent received the Borrower’s extension request (or, if such 15th day is not a
Business Day, on the immediately preceding Business Day (the “Lender Notice Date”), advise the Administrative Agent whether or not such Lender agrees to such extension (each Lender that determines to so extend its Maturity Date, an
“Extending Lender”). Each Lender that determines not to so extend its Maturity Date (a “Non-Extending Lender”) shall notify the Administrative Agent of such fact promptly
after such determination (but in any event no later than the Lender Notice Date), and any Lender that does not advise the Administrative Agent of its election to agree to such an extension on or before the Lender Notice Date shall be deemed to be a Non-Extending Lender. The election of any Lender to agree to such extension shall not obligate any other Lender to so agree, and it is understood and agreed that no Lender shall have any obligation whatsoever to
agree to any request made by the Borrower for extension of its Maturity Date. 
 (c) Notification by Administrative Agent. The
Administrative Agent shall promptly notify the Borrower of each Lender’s determination under this Section. 
 (d) Additional
Lenders. The Borrower shall have the right, but shall not be obligated, on or before the applicable Maturity Date for any Non-Extending Lender to replace such
Non-Extending Lender with, and add as “Lenders” under this Agreement in place thereof, one or more banks, financial institutions or other entities (each, an “Additional Lender”)
approved by the Administrative Agent in accordance with the procedures provided in Section 2.19(b), each of which Additional Lenders shall have entered into an Assignment and Assumption (in accordance with and subject to the restrictions
contained in Section 9.04, with the Borrower or the Additional Lender obligated to pay any applicable processing or recordation fee) with such Non-Extending Lender, pursuant to which such
Additional Lenders shall, effective on or before the applicable Maturity Date for such Non-Extending Lender, assume the Loan of the Non-Extending Lender (and, if any
such Additional Lender is already a Lender, its Loan shall be in addition to such Lender’s existing Loans hereunder on such effective date). Prior to any Non-Extending Lender being replaced by one or more
Additional Lenders pursuant hereto, such Non-Extending Lender may elect, in its sole discretion, by giving irrevocable notice thereof to the Administrative Agent and the Borrower (which notice shall set forth
such Lender’s new Maturity Date as requested by the Borrower), to become an Extending Lender. The Administrative Agent may effect such amendments to this Agreement 

  
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 as are reasonably necessary to provide for any such extensions with the consent of the Borrower but without
the consent of any other Lenders. 
 (e) If (and only if) the total of the Loans of the Lenders that have agreed to extend their Existing
Maturity Date is more than 50% of the aggregate amount of the Loans in effect immediately prior to the applicable Extension Date, then, effective as of the applicable Extension Date, the Existing Maturity Date of each Extending Lender and of each
Additional Lender shall be extended to the date that is one year after the Existing Maturity Date (except that, if such date is not a Business Day, such Maturity Date as so extended shall be the immediately preceding Business Day) and each
Additional Lender that is not already a Lender shall thereupon become a “Lender” for all purposes of this Agreement and shall be bound by the provisions of this Agreement as a Lender hereunder and shall have the obligations of a Lender
hereunder. For purposes of clarity, it is acknowledged and agreed that the Maturity Date on any date of determination shall not be a date more than three (3) years after such date of determination, whether such determination is made before or
after giving effect to any extension request made hereunder. 
 (f) Conditions to Effectiveness of Extension. Notwithstanding the
foregoing, (x) no more than one (1) extension of the Maturity Date shall be permitted hereunder and (y) any extension of any Maturity Date pursuant to this Section 2.22 shall not be effective with respect to any Lender
unless: 
 (i) there shall exist no Default or Event of Default on the applicable Extension Date and immediately after
giving effect thereto; 
 (ii) the representations and warranties made by the Borrower contained herein shall be true
and correct in all material respects (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case, such representations and warranties shall be true and correct) with the same effect as though such
representations and warranties had been made on and as of the applicable Extension Date (or to the extent that such representations and warranties specifically refer to an earlier date as of such earlier date); 

(iii) Extending Lenders holding Loans representing at least 50% of the aggregate outstanding Loans agree to such request for
extension of the Maturity Date; and 
 (iv) the Administrative Agent shall have received a certificate from the Borrower
signed by an Authorized Officer of the Borrower (A) certifying the accuracy of the foregoing clauses (i) and (ii) and (B) certifying and attaching the resolutions adopted by the Borrower approving or consenting to such extension. 

(g) Maturity Date for Non-Extending Lenders. It is understood and agreed that the Maturity Date
relating to the Non-Extending Lenders shall remain unchanged and the repayment of all obligations owed to them pursuant to the Financing Documents shall occur on the then existing Maturity Date without giving
effect to such extension request. 
 (h) Repayment of Non-Extending Lender Loans. On the
Maturity Date of each Non-Extending Lender, the Borrower shall repay such Non-Extending Lender in accordance with Section 2.10 (and shall pay to such Non-Extending Lender all of the other obligations owing to it under this Agreement) and after giving effect thereto shall prepay any Loans outstanding on such date (and pay any additional amounts required pursuant
to Section 2.16) to the extent necessary to keep outstanding Loans ratable with any revised Applicable Percentage of the respective Lenders effective as of such date. 

(i) Binding. This Section shall supersede any provisions in Section 9.02 to the contrary. 

  
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 SECTION 2.23. MIRE Events. Notwithstanding anything to the contrary set forth herein,
no MIRE Event may be closed until the date that is (a) if there are no Mortgaged Real Properties in a “special flood hazard area” in any Flood Insurance Rate Map published by the Federal Emergency Management Agency (or any successor
agency), ten (10) Business Days or (b) if there are any Mortgaged Real Properties in a “special flood hazard area”, thirty (30) days, after the Collateral Agent as the Administrative Agent has delivered to the Lenders the
following documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the
Borrower or any of its Subsidiaries of that fact and (if applicable) notification to the Borrower or any Subsidiary, as applicable, that flood insurance coverage is not available and (B) evidence of the receipt by the Borrower or any
Subsidiary, as applicable, of such notice; and (iii) if required by applicable Flood Insurance Laws, evidence of required flood insurance with respect to which flood insurance has been made available under applicable Flood Insurance Laws;
provided that any such MIRE Event may be closed prior to such period expiring if the Administrative Agent and the Collateral Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood insurance due
diligence to its reasonable satisfaction. 
 ARTICLE III 

Representations and Warranties 

The Borrower hereby represents and warrants to the Lenders that. 

SECTION 3.01. Existence, Qualification and Power; Compliance with Laws. The Borrower, and each of the Operating Companies and, in the
case of clause (e) only, each of the other Subsidiaries, of the Borrower, (a) is a Person duly organized or formed, validly existing under the Laws of the jurisdiction of its incorporation or organization, (b) has all requisite power
and authority to (i) own or lease its material assets and carry on its business and (ii) in the case of the Borrower, execute, deliver and perform its obligations under the Financing Documents to which it is a party, (c) is duly
organized and validly existing under the Laws of the jurisdiction of its incorporation or organization and of each other jurisdiction where its ownership, lease or operation of material Properties or the conduct of its business as now conducted
requires such qualification, (d) is in compliance in all material respects with all Laws, orders, writs, injunctions and orders and (e) has all requisite Regulatory Approvals to own its material Properties and operate its business as
currently conducted, in the case of the foregoing clauses (c) through (e), except for such matters that could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.02. Binding Effect. This Agreement and each other Financing Document has been duly executed and delivered by the Borrower.
This Agreement and each other Financing Document constitute the legal, valid and binding obligation of Borrower enforceable against the Borrower in accordance with its terms, except as such enforceability may be limited by Debtor Relief Laws and by
general principles of equity. 
 SECTION 3.03. Authorization; No Contravention. The execution, delivery and performance by the
Borrower of this Agreement and each other Financing Document are within the Borrower’s corporate or other powers, have been duly authorized by all necessary corporate or other organizational action, and do not and will not (a) contravene
the terms of any of the Borrower’s Organizational Documents, (b) conflict with or result in any breach or contravention of, or the creation of any Lien under (other than as permitted by Section 6.01), or require any payment to
be made under (i) any Contractual Obligation to which the Borrower or any of its Subsidiaries is a party or affecting the Borrower or any of its Subsidiaries or the properties of the Borrower or any of its Subsidiaries or (ii) any material
order, injunction, writ or decree of any Governmental Authority or any arbitral award to which the Borrower or any of its Subsidiaries or any of their property is subject or (c) violate any applicable

  
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Law, in the case of the foregoing clauses (b) and (c), except for such matters that could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.04. Governmental Authorization; Other Consents. Other than as specified in Schedule 3.04, there is no Regulatory
Approval and there is no approval, consent, exemption, authorization, or other action by, or notice to, or filing with any other Person that is necessary or required in connection with (a) the execution, delivery or performance by, or
enforcement against, the Borrower of this Agreement or any other Financing Document to which it is a party and the consummation of the transactions contemplated hereby and thereby or (b) the ability of the Operating Companies to operate their
businesses as currently operated, except for the Regulatory Approvals and the other approvals, consents, exemptions, authorizations, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect.

 SECTION 3.05. Taxes. The income tax of the Borrower and its Subsidiaries is included in a consolidated tax return for U.S. federal
income tax purposes, of which Puget Holdings is the “common parent” (within the meaning of Section 1504 of the Code) of such group. 

Each Borrower Group Member has filed all tax returns and reports required to be filed, and has paid all income taxes and other material taxes,
assessments, fees and other governmental charges levied or imposed upon it or its properties, income or assets otherwise due and payable, except in each case those (a) which are not yet due and payable, or (b) which are being contested in
good faith by appropriate proceedings diligently conducted and for which adequate reserves have been provided in accordance with GAAP. 

SECTION 3.06. No Default. Neither the Borrower nor any Subsidiary is in default under or with respect to, any material Contractual
Obligation, except for any such default which could not reasonably be expected to result in a Material Adverse Effect. No Default has occurred and is continuing. 

SECTION 3.07. Financial Statements; No Material Adverse Effect. (a) The financial statements furnished pursuant to
Section 4.01(c) fairly present in all material respects the financial condition of the Borrower and its Subsidiaries as of the dates thereof and their results of operations for the period covered thereby in accordance with GAAP,
consistently applied throughout the periods covered thereby. As of the date of such financial statements, (i) there has been no sale, transfer or other disposition by the Borrower or any of its Subsidiaries of any material part of the business
or Property of the Borrower and its Subsidiaries, taken as a whole, (ii) there has been no purchase or other acquisition by the Borrower or any of its Subsidiaries of any business or Property (including any Equity Interests of any other Person)
material in relation to the consolidated financial condition of the Borrower and its consolidated Subsidiaries (taken as a whole) and (iii) the Borrower and the Operating Companies did not have any material contingent liabilities, material
liabilities for Taxes, material and unusual forward or long-term commitments or material and unrealized or anticipated losses from any unfavorable commitments, except as referred to or reflected or provided for in such financial statements or as
arising solely from the execution and delivery of the Financing Documents, in each case, which is not reflected in the foregoing financial statements or in the notes thereto or has not otherwise been disclosed in writing to the Lenders prior to the
Effective Date. 
 (b) The forecasts (if any) of consolidated balance sheets, income statements and cash flow statements of the Borrower and
its Subsidiaries for each fiscal year ending after the Effective Date until the Maturity Date, copies of which have been furnished to the Administrative Agent prior to the Effective Date in a form reasonably satisfactory to it, have been prepared in
good faith on the basis of the assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation 

  
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 of such forecasts and no representation or warranty is made as to the actual attainability of any such
forecasts. 
 (c) Since December 31, 2017, there has been no event or circumstance, either individually or in the aggregate, that has
resulted in or could reasonably be expected to result in, on or after the Effective Date, a Material Adverse Effect. 
 SECTION 3.08.
Ranking. The Financing Documents and the Secured Obligations evidenced thereby rank and will at all times rank at least pari passu with all other senior, secured Indebtedness of the Borrower, whether now existing or hereafter
outstanding, except other senior, secured Indebtedness to the extent secured by Liens permitted by Section 6.01 (other than Liens created by any of the Security Documents). 

SECTION 3.09. Ownership of Assets. (a) (i) Each Borrower Group Member owns and (to the extent applicable) has good and defensible
title to its material Properties and assets, in each case free and clear of all Liens other than Liens permitted pursuant to Section 6.01 and (ii) each Borrower Group Member has good and defensible title in fee simple to, or valid
leasehold or license interests in, or easements or other limited property interests in, all material real property necessary in the ordinary conduct of its business, free and clear of all Liens except for Liens permitted pursuant to
Section 6.01, and, in each case, subject to such exceptions, defects and qualifications as do not (x) affect the value of any such properties of such Borrower Group Member in any material respect or (y) affect the use made or
proposed to be made of such properties by the Borrower or any such Operating Company in any material respect. 
 (b) Other than the security
interests, if any, granted to the Collateral Agent for the ratable benefit of the Secured Parties pursuant to the Security Documents, no Borrower Group Member has pledged, assigned, sold, granted a Lien on or security interest in, or otherwise
conveyed any of its Properties, assets or revenues, other than Liens permitted pursuant to Section 6.01 or Dispositions not precluded by this Agreement. 

SECTION 3.10. No Other Business. The Borrower has not engaged in any business and has not incurred any liabilities other than
(a) directly relating to its direct ownership of PSE and its direct or indirect ownership of the other Operating Companies and Immaterial Subsidiaries and (b) as otherwise not prohibited under the Financing Documents. 

SECTION 3.11. Insurance. All insurance required to be obtained by the Borrower Group Members pursuant to Section 5.08 has
been obtained and is in full force and effect, and all premiums then due and payable on all such insurance have been paid. 
 SECTION 3.12.
Disclosure. 
 (a) No report, financial statement, certificate or other written information (including the Information Memorandum)
furnished by or on behalf of the Borrower or any of its Subsidiaries to the Administrative Agent or any Lender in connection with the transactions contemplated hereby and the negotiation of this Agreement or delivered hereunder or any other
Financing Documents (as modified or supplemented by other information so furnished) at the time so furnished when taken as a whole contains any material misstatement of fact or omits to state any material fact necessary to make the statements
therein, in the light of the circumstances under which they were made, not materially misleading, except as could not reasonably be expected to result in a Material Adverse Effect; provided that with respect to any projected financial information,
forecasts, estimates or forward-looking information, the Borrower represents only that such information and materials have been prepared in good faith on the basis of the 

  
 44 

 assumptions stated therein, which assumptions were believed to be reasonable at the time of preparation of
such forecasts, and no representation or warranty is made as to the actual attainability of any such forecasts. 
 (b) As of the Effective
Date, to the best knowledge of the Borrower, the information included in the Beneficial Ownership Certification provided on or prior to the Effective Date to any Lender in connection with this Agreement is true and correct in all respects. 

SECTION 3.13. Subsidiaries; Equity Interests. (a) As of the Effective Date, the Borrower has no other Subsidiaries other than
those listed in Schedule 3.13(a). All of the outstanding Equity Interests in such Subsidiaries have been validly issued, are fully paid and non-assessable and all Equity Interests owned by the Borrower
are owned free and clear of all Liens except those, if any, created under the Security Documents and Liens permitted by Section 6.01. As of the Effective Date, Schedule 3.13(b) (a) sets forth the name and jurisdiction of each
such Subsidiary and (b) sets forth the ownership interest of the Borrower and any other Subsidiary in each such Subsidiary, including the percentage of such ownership; provided that the Borrower hereby represents that it owns, directly, 100% of
the Equity Interests of PSE. 
 SECTION 3.14. No Dividend Restrictions. Except as set forth in Schedule 3.14 or as permitted
by this Agreement, there are no contractual or regulatory restrictions limiting the ability of any Operating Company from making distributions, dividends or other return on capital to the Borrower in an amount sufficient to satisfy the Obligations
under the Financing Documents. 
 SECTION 3.15. Litigation. There are no actions, suits, proceedings, disputes or known claims
pending or, to the knowledge of the Borrower, threatened in writing or contemplated, at law, in equity, in arbitration or before any Governmental Authority, by or against the Borrower or any of its Subsidiaries or against any of their properties or
revenues, except as set forth in Schedule 3.15, or which individually or in the aggregate, could not reasonably be expected to result in a Material Adverse Effect. 

SECTION 3.16. Solvency. Prior to and after giving effect to the transactions contemplated by the Financing Documents, the Borrower, on
a consolidated basis with its Subsidiaries, is Solvent. 
 SECTION 3.17. Margin Regulations; Investment Company Act; USA PATRIOT Act.

 (a) The Borrower is not engaged nor will it engage, principally or as one of its important activities, in the business of purchasing or
carrying margin stock (within the meaning of Regulation T, U and X issued by the FRB), or extending credit for the purpose of purchasing or carrying margin stock. 

(b) No Borrower Group Member is or, after giving effect to the transactions contemplated hereby, will be an “investment company” as
defined in and subject to regulation under the Investment Company Act of 1940. 
 (c) The making of the Loans and the use of the proceeds
thereof shall not violate the Trading With the Enemy Act, as amended, or any of the foreign assets control regulations of the U.S. Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or executive order
relating thereto and each Borrower Group Member is in compliance with the U.S. Executive Order 13224 of September 24, 2001 Blocking Property and Prohibiting Transactions With Persons Who Commit, Threaten to Commit or Support Terrorism (66 Fed.
Reg. 49, 079 (2001)) (the “Anti-Terrorism Order”) and the provisions of the Patriot Act. 

  
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 (d) On and after the Effective Date, the Borrower is a “holding company” within
the meaning of Section 1262(8) of the Public Utility Holding Company Act of 2005 (“PUHCA”) by reason of its direct or indirect ownership of one or more “public-utility companies” within the meaning of Section 1262(14)
of PUHCA. The Borrower has filed with the federal Energy Regulatory Commission a notification of its “holding company” status pursuant to 18 C.F.R. § 366.4(a) (2005). On and after the Effective Date, the Borrower and certain of its
subsidiaries qualifies for waiver, pursuant to 18 C.F.R. § 366.3(c), of the PUHCA accounting, record-retention, and filing requirements at 18 C.F.R. §§ 366.21, 366.22, and 366.23, or are otherwise exempt from such requirements
pursuant to 18 C.F.R. § 366.3(a). 
 SECTION 3.18. ERISA Compliance. (a) Except as could not, either individually or in the
aggregate, reasonably be expected to result in a Material Adverse Effect, each Plan is in compliance with the applicable provisions of ERISA, the Code and other federal or state Laws. 

(b)(i) No ERISA Event has occurred during the five-year period prior to the date on which this representation is made or deemed made with
respect to any Plan or Multiemployer Plan; (ii) neither the Borrower nor any ERISA Affiliate has incurred, or reasonably expects to incur, any liability (and no event has occurred which, with the giving of notice under Section 4219 of
ERISA, would result in such liability) under Section 4201 of ERISA with respect to a Multiemployer Plan; and (iii) neither the Borrower nor any ERISA Affiliate has engaged in a transaction that could reasonably be subject to Sections 4069
or 4212(c) of ERISA, except, with respect to each of the foregoing clauses (i) through (iii) of this Section 3.18(b), as could not reasonably be expected, individually or in the aggregate, to result in a Material Adverse Effect.

 SECTION 3.19. Environmental Compliance. Except as expressly set forth in the Annual Report: 

(a) Except as specified in Schedule 3.19, there are no claims, actions, suits, or proceedings in respect of or affecting the Borrower
or any of its Subsidiaries (or any of their respective Properties) alleging potential liability or responsibility for violation of, or otherwise relating to, any Environmental Law that could, individually or in the aggregate, reasonably be expected
to result in a Material Adverse Effect. 
 (b) Except as specified in Schedule 3.19, the properties owned, leased or operated by the
Operating Companies do not contain any Hazardous Materials in amounts or concentrations which (i) constitute, or constituted a violation of, (ii) require remedial action under, or (iii) could give rise to liability under,
Environmental Laws, which violations, remedial actions and liabilities, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 

(c) Except as specified in Schedule 3.19, none of the Operating Companies is undertaking, and has not completed, either individually or
together with other potentially responsible parties, any investigation or assessment or remedial or response action relating to any actual or threatened release, discharge or disposal of Hazardous Materials at any site, location or operation, either
voluntarily or pursuant to the order of any Governmental Authority or the requirements of any Environmental Law except for such investigation or assessment or remedial or response action that, individually or in the aggregate, could not reasonably
be expected to result in a Material Adverse Effect. 
 (d) Except as specified in Schedule 3.19, all Hazardous Materials generated,
used, treated, handled or stored at, or transported to or from, any property currently or formerly owned or operated by any of the Operating Companies have been disposed of in a manner not reasonably expected to result, individually or in the
aggregate, in a Material Adverse Effect. 

  
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 (e) Except as set forth in Schedule 3.19, and except as could not reasonably be
expected to result, individually or in the aggregate, in a Material Adverse Effect, none of the Operating Companies has contractually assumed, with a Governmental Authority or otherwise, any liability or obligation under or relating to any
Environmental Law. 
 SECTION 3.20. Labor Disputes. No labor dispute with the Borrower or any of its Subsidiaries exists or is
imminent that, individually or in the aggregate, could reasonably be expected to result in a Material Adverse Effect. 
 SECTION 3.21.
Affiliate Transactions. Except as specified on Schedule 3.21 or permitted by Section 6.06, no Borrower Group Member has, directly or indirectly, entered into any transaction since June 30, 2018 or that is in effect on
June 30, 2018 and that is otherwise permitted hereunder with or for the benefit of any Affiliate. 
 SECTION 3.22. Collateral.
All filings and other actions necessary to perfect the security interest in the Collateral created under the Security Documents have been duly made or taken and are in full force and effect, and the Security Documents create in favor of the
Collateral Agent for the benefit of the Secured Parties are valid and, together with such filings and other actions, perfected first priority security interest in the Collateral (subject to Permitted Collateral Liens), securing the payment of the
Secured Obligations, and all filings and other actions necessary to perfect such security interest have been duly taken. Puget Equico and the Borrower are the legal and beneficial owners of the Collateral free and clear of any Lien, except for Liens
permitted under Section 6.01. 
 SECTION 3.23. Anti-Corruption Laws and Sanctions. The Borrower has implemented and
maintains in effect policies and procedures designed to ensure 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 their respective officers and employees and to the knowledge of the Borrower its directors 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. No Borrowing, use of proceeds or other Transactions will violate any Anti-Corruption Law or applicable Sanctions. 

SECTION 3.24. EEA Financial Institutions. Neither the Borrower nor any of its Subsidiaries is an EEA Financial Institution. 

ARTICLE IV 
 Conditions 

SECTION 4.01. Effective Date. The obligations of the Lenders to make Loans hereunder shall not become effective until the date on which
each of the following conditions is satisfied (or waived in accordance with Section 9.02): 
 (a) The Administrative Agent (or
its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or electronic
transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement. 

  
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 (b) The Administrative Agent shall have received a favorable written opinion (addressed to
the Administrative Agent and the Lenders and dated the Effective Date) of Perkins Coie LLP, counsel for the Borrower, in form and substance reasonably acceptable to the Administrative Agent, and covering such other matters relating to the Borrower,
the Financing Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. 

(c) The Lenders shall have received (i) satisfactory audited consolidated financial statements of the Borrower for the two most recent
fiscal years ended prior to the Effective Date as to which such financial statements are available and (ii) satisfactory unaudited interim consolidated financial statements of the Borrower for each quarterly period ended subsequent to the date
of the latest financial statements delivered pursuant to clause (i) of this paragraph as to which such financial statements are publicly available. 

(d) The Administrative Agent shall have received (i) such documents and certificates as the Administrative Agent or its counsel may
reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, the Financing Documents or the Transactions, all in form and
substance satisfactory to the Administrative Agent and its counsel and as further described in the list of closing documents attached as Exhibit E, (ii) to the extent requested by any of the Lenders, all documentation and other
information required by bank regulatory authorities under applicable “know-your-customer” and anti-money laundering rules and regulations, including the USA PATRIOT Act and (iii) to the extent the Borrower qualifies as a “legal
entity customer” under the Beneficial Ownership Regulation, any Lender that has requested, in a written notice to the Borrower at least the (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 (iii) shall be deemed to be
satisfied). 
 (e) The Administrative Agent shall have received a certificate, dated the Effective Date and signed by the President, a Vice
President or a Financial Officer of the Borrower, confirming compliance with the conditions set forth in paragraphs (a) and (b) of Section 4.02. 

(f) [Reserved]. 
 (g) The
Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Effective Date, including, to the extent invoiced, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder. 
 (h) Liens
creating a first priority security interest in the collateral shall have been perfected to the reasonable satisfaction of the Administrative Agent. 

(i) The Administrative Agent (or its counsel) shall have received from each party thereto such other documents listed on Exhibit E
hereto. 
 The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. 

SECTION 4.02. Each Credit Event. The obligation of each Lender to make a Loan on the occasion of any Borrowing is subject to the
satisfaction of the following conditions: 

  
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 (a) The representations and warranties of the Borrower set forth in this Agreement shall be
true and correct in all material respects (other than to the extent qualified by materiality or “Material Adverse Effect”, in which case, such representations and warranties shall be true and correct) on and as of the date of such
Borrowing (or to the extent that such representations and warranties specifically refer to an earlier date, as of such earlier date). 
 (b)
At the time of and immediately after giving effect to such Borrowing, no Default or Event of Default shall have occurred and be continuing. 
 Each
Borrowing shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in paragraphs (a) and (b) of this Section. 

ARTICLE V 
 Affirmative
Covenants 
 Until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable
hereunder shall have been paid in full, the Borrower covenants and agrees with the Lenders that the Borrower will, and will cause its Subsidiaries to: 

SECTION 5.01. Financial Statements. Deliver to the Administrative Agent (for prompt further distribution to the Collateral Agent, if
applicable, and each Lender): 
 (a) as soon as available, but in any event within ninety (90) days after the end of each fiscal year of
the Borrower or as otherwise earlier required by the SEC, from and after the Effective Date, a consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such fiscal year, and the related consolidated statements of
income or operations, stockholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, audited and
accompanied by (i) a report and opinion by any firm of independent registered public accounting of nationally recognized standing (or any other independent registered public accounting firm acceptable to the Administrative Agent in its sole
discretion), which report and opinion shall be prepared in accordance with GAAP, shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit and shall state
that said consolidated financial statements fairly present the consolidated financial condition and results of operations of the Borrower and its consolidated Subsidiaries as at the end of, and for, such fiscal year in accordance with GAAP; 

(b) as soon as available, but in any event within forty-five (45) days after the end of each of the first three (3) fiscal quarters
of each fiscal year of the Borrower or as otherwise earlier required by the SEC, from and after the Effective Date, an unaudited consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of each such fiscal quarter,
and the related (i) consolidated statements of income or operations for such fiscal quarter and for the portion of the fiscal year then ended and (ii) consolidated statements of cash flows for the portion of the fiscal year then ended,
setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and the corresponding portion of the previous fiscal year, all in reasonable detail and certified by an Authorized Officer as
fairly presenting in all material respects the financial condition, results of operations, stockholders’ equity and cash flows of the Borrower and its consolidated Subsidiaries in accordance with GAAP, subject only to normal year-end audit adjustments and the absence of footnotes; 
 (c) [reserved]; 

  
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 (d) promptly after the same become publicly available, notice of all registration
statements, regular periodic reports and press releases filed by the Borrower or any Subsidiary with the SEC, or any Governmental Authority succeeding to any or all of the functions of the SEC, or with any national securities exchange; 

(e) such other information regarding the Borrower Group Members as the Administrative Agent or any Lender may reasonably request for the
Administrative Agent or such Lender to carry out and be satisfied with the “know your customer” and anti-money laundering rules and regulations, including, without limitation, the USA PATRIOT Act and the Beneficial Ownership Regulation or
other checks required to be carried out by local regulatory authorities; and 
 (f) such other information regarding the Borrower and its
Subsidiaries as the Administrative Agent or any Lender may reasonably request and which is reasonably available to the Borrower and its Subsidiaries. 

SECTION 5.02. Compliance Certificate. Deliver to the Administrative Agent (for prompt further distribution to the Collateral Agent and
each Lender), (a) concurrently with any delivery of financial statements under Section 5.01(a) or Section 5.01(b), a certificate of an Authorized Officer (i) certifying as to whether a Default has occurred and, if a
Default has occurred, specifying the details thereof and any action taken or proposed to be taken with respect thereto, (ii) setting forth reasonably detailed calculations demonstrating compliance with Section 6.09, and
(iii) stating whether any change in GAAP applicable to the financial statements or in the application thereof has occurred since the date of the audited financial statements referred to in Section 4.01(c) or, if more recent,
Section 5.01(a), (and except as described in the financial statements provided pursuant to Section 4.01(c), or Section 5.01(a) or Section 5.01(b)) and, if any such change has occurred, specifying the
effect of such change on the financial statements accompanying such certificate, and (b) concurrently with any delivery of financial statements under Section 5.01(a), a certificate of the accounting firm that reported on such
financial statements stating whether they obtained knowledge during the course of their examination of such financial statements of any Default under Section 6.09 (which certificate may be limited to the extent required by accounting
rules or guidelines and in any event shall be limited to Defaults insofar as they may relate to accounting matters). 
 SECTION 5.03.
Notices. Promptly, but in any event within five (5) Business Days, after the Borrower has obtained knowledge thereof and in the case of clauses (a) through (d), unless prohibited by applicable Law, notify or deliver to the
Administrative Agent (for prompt notification or delivery to the Collateral Agent and each Lender): 
 (a) copies of any written notice
received by the Borrower regarding any actual or threatened dispute, litigation, investigation, proceeding or suspension with respect to the Borrower or any of its Subsidiaries by or before any court or any Governmental Authority which could
reasonably be expected to result in a Material Adverse Effect; 
 (b) copies of all Material Notices and Material Communications received by
the Borrower or any of its Subsidiaries in connection with any material Contractual Obligation or from any Governmental Authority which could reasonably be expected to result in a Material Adverse Effect; 

(c) [reserved]; 
 (d) details of
any other events or circumstances that results in or would reasonably be expected to result in a Material Adverse Effect; 

  
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 (e) details of any Default or Event of Default; 

(f) details of each change to the Senior Debt Rating; and 

(g) any change in the information provided in the Beneficial Ownership Certification delivered to such Lender that would result in a change to
the list of beneficial owners identified in such certification. 
 Each notice pursuant to this Section shall be accompanied by a written statement of an
Authorized Officer of the Borrower (x) that such notice is being delivered pursuant to Section 5.03(a), (b), (c), (d) (e) or (g) (as applicable) and (y) setting forth details of the
occurrence referred to therein and stating what action the Borrower has taken and proposes to take with respect thereto. 
 SECTION 5.04.
Compliance with Laws. 
 (a) The Borrower will, and will cause each of its Subsidiaries to, comply with all applicable laws,
including, without limitation, ERISA and all other employee benefit laws and shall from time to time obtain and renew, and shall comply with, each Regulatory Approval as is or in the future shall be necessary for the operation of its business under
applicable Laws (except for any non-compliance which could not reasonably be expected to result in a Material Adverse Effect). 

(b) The Borrower and each Subsidiary of the Borrower shall not petition, request or take any legal or administrative action that seeks to
amend, supplement or modify any Regulatory Approval in any material respect unless such amendment, supplement or modification could not reasonably be expected to result in a Material Adverse Effect. The Borrower shall promptly upon receipt by it or
any of its Subsidiaries or upon publication furnish to the Administrative Agent and each Lender a copy (certified by an Authorized Officer of the Borrower) of each amendment, supplement or modification to any such Regulatory Approval. 

(c) The Borrower will maintain in effect and enforce policies and procedures designed to ensure compliance by the Borrower, its Subsidiaries
and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions. 
 SECTION 5.05.
Preservation of Existence, Etc. Preserve, renew and maintain in full force and effect its legal existence under the Laws of the jurisdiction of its organization, except as expressly permitted by Section 6.04; and (b) take all
reasonable action to maintain all rights, privileges (including its status as validly existing), permits, licenses and franchises necessary in the normal conduct of its business, except such rights, privileges, permits, licenses or franchise which,
if not maintained, could not reasonably be expected to result in a Material Adverse Effect. 
 SECTION 5.06. Compliance with
Environmental Laws. Except as specified in Schedule 3.19 and except, and in each case, to the extent that the failure to do so could not reasonably be expected to result in, individually or in the aggregate, a Material Adverse Effect:
(i) comply, and take all reasonable actions to cause all lessees and other Persons operating or occupying its properties to comply, with all applicable Environmental Laws and Environmental Permits; (ii) obtain and renew all Environmental
Permits reasonably necessary for its operations and properties; and (iii) in each case to the extent required by Environmental Laws, conduct any investigation, study, sampling and testing, and undertake any cleanup, removal, remedial or other
action reasonably necessary to remove and clean up all Hazardous Materials from any of its properties, to the extent required by the requirements of all Environmental Laws. 

SECTION 5.07. Maintenance of Properties; Ownership of Subsidiaries. 

  
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 (a) Except as contemplated by Schedule 5.07, and except to the extent that the
failure to do so could not reasonably be expected to result in a Material Adverse Effect, (i) maintain, preserve and protect all of its material Properties and equipment necessary in the operation of its business in good working order, repair
and condition, ordinary wear and tear excepted and casualty or condemnation excepted, and (ii) make all necessary renewals, replacements, modifications, improvements, upgrades, extensions and additions thereof or thereto in accordance with
prudent industry practice; and 
 (b) The Borrower shall at all times from and after the Effective Date own, directly, 100% of the Equity
Interests of PSE. 
 SECTION 5.08. Maintenance of Insurance. Maintain insurance with financially sound and reputable insurance
companies with respect to all of its Properties and assets, as is usually carried by companies engaged in similar business and as is consistent with the prudent operation of its business; provided, however, neither the Borrower nor any
Borrower Group Member shall be prohibited from self-insuring to the extent that such self-insurance is consistent with the prudent operation of its business and companies engaged in similar businesses. 

SECTION 5.09. Use of Proceeds. The Borrower shall use the proceeds of the Loans for general corporate purposes (other than Hostile
Acquisitions). The Borrower will not request any Borrowing, and the Borrower shall not use, and shall procure that its Subsidiaries and its or their respective directors, officers, employees and agents shall not use, the proceeds of any Borrowing
(i) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (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 or (iii) in any manner that would result in the violation of any Sanctions applicable to any party hereto. 

SECTION 5.10. Payment of Obligations. Pay, discharge or otherwise satisfy as the same shall become due and payable, all its obligations
and liabilities in respect of material Taxes, assessments and governmental charges or levies imposed upon it or upon its income or profits or in respect of its Property, except to the extent that the failure to do so could not reasonably be expected
to result in a Material Adverse Effect. 
 SECTION 5.11. Cooperation. 

(a) Perform such acts as are reasonably requested by the Administrative Agent to carry out the intent of, and transactions contemplated by,
this Agreement and the other Financing Documents. Promptly upon the reasonable request by any Agent, or any Lender through the Administrative Agent, do, execute, acknowledge, deliver, record, rerecord, file,
re-file, register and re-register any and all such further acts, deeds, conveyances, pledge agreements, mortgages, deeds of trust, trust deeds, assignments, financing
statements and continuations thereof, termination statements, notices of assignment, transfers, certificates, assurances and other instruments as any Agent, or any Lender through the Administrative Agent, may reasonably require from time to time in
order to (a) subject the Borrower’s properties, assets, rights or interests to the Liens now or hereafter intended to be covered by any of the Security Documents, and (b) perfect and maintain the validity, effectiveness and priority
of any of the Security Documents and any of the Liens intended to be created thereunder. 
 (b) Notwithstanding anything to the contrary set
forth herein, the Administrative Agent shall not direct the Collateral Agent to enter into any Mortgage in respect of any real property acquired by the Borrower or any Subsidiary after the Effective Date until the date that is (a) if such
Mortgage relates to a property not located in a “special flood hazard area”, ten (10) Business Days or (b) if such Mortgage 

  
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relates to a property located in a “special flood hazard area”, thirty (30) days, after the Collateral Agent or the Administrative Agent has delivered to the Lenders the following
documents in respect of such real property: (i) a completed flood hazard determination from a third party vendor; (ii) if such real property is located in a “special flood hazard area”, (A) a notification to the Borrower or
Subsidiary, as applicable, of that fact and (if applicable) notification to such Borrower or Subsidiary, that flood insurance coverage is not available and (B) evidence of the receipt by such Borrower or Subsidiary, of such notice; and
(iii) if required by applicable Flood Insurance Laws, evidence of required flood insurance with respect to which flood insurance has been made available under applicable Flood Insurance Laws; provided that any such mortgage may be entered into
prior to such period expiring if the Collateral Agent and the Administrative Agent shall have received confirmation from each Lender that such Lender has completed any necessary flood insurance due diligence to its reasonable satisfaction. 

SECTION 5.12. Books and Records. Maintain proper books of record and account, in which entries that are full, true and correct in all
material respects and are in conformity with GAAP consistently applied shall be made of all material transactions and matters involving the assets and business of the Borrower or such Subsidiary, as the case may be. 

SECTION 5.13. Financing Documents; Material Documents. 

(a) Perform and observe all of its covenants and obligations pursuant to any material Contractual Obligation to which it is a party or
pursuant to which it has any obligations, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse Effect; 

(b) Take all reasonable and necessary action to prevent the termination or cancellation of any Financing Document or other material
Contractual Obligation in accordance with the terms of such Financing Document or other material Contractual Obligation or otherwise, except to the extent, in the case of any material Contractual Obligation, that the failure to do so could not
reasonably be expected to result in a Material Adverse Effect; and 
 (c) enforce against the relevant party to a material Contractual
Obligation (other than the Lenders or Agents) such covenants of such material Contractual Obligation in accordance with its terms, except to the extent that the failure to do so could not reasonably be expected to result in a Material Adverse
Effect. 
 SECTION 5.14. Maintenance of Ratings. From and after the Effective Date, the Borrower will maintain monitored public
ratings on its senior unsecured debt from S&P, Moody’s and Fitch, except to the extent that any of such ratings agencies cease to issue debt ratings generally. 

SECTION 5.15. Inspection Rights. At any reasonable time and from time to time upon reasonable notice (but no more than once at the
Borrower’s expense in any fiscal year so long as no Event of Default has occurred and is continuing), permit or arrange for the Administrative Agent (and permit any Lender to accompany the Administrative Agent), to examine and make copies of
and abstracts from the records and books of account of, and the properties of, the Borrower and each of its Subsidiaries, and to discuss the affairs, finances and accounts of the Borrower and its Subsidiaries with the Borrower and its Subsidiaries
and their respective officers, directors and accountants (provided that (i) so long as no Event of Default has occurred and is continuing, a representative of the Borrower may be present for any communication with the independent public
accountants and (ii) the Borrower reserves the right to restrict access to any generating facilities in accordance with reasonably adopted procedures relating to safety and security, and to the extent reasonably requested to maintain normal
operations of the Borrower or any of its Subsidiaries). 

  
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 SECTION 5.16. Additional Collateral. The Borrower will cause all of its owned
property (whether real, personal, tangible, intangible, or mixed) to be subject at all times to first priority, perfected Liens in favor of the Collateral Agent for the benefit of the Secured Parties to secure the Secured Obligations in accordance
with the terms and conditions of the Security Documents, subject in any case to Liens permitted by Section 6.01. Without limiting the generality of the foregoing, the Borrower will cause the issued and outstanding Equity Interests
directly owned by the Borrower to be subject at all times to a first priority, perfected Lien in favor of the Collateral Agent to secure the Secured Obligations in accordance with the terms and conditions of the Security Documents or such other
pledge and security documents as the Collateral Agent shall reasonably request. In the event of the addition of any real property collateral, the Borrower will use commercially reasonable efforts to cause to be delivered to the Collateral Agent
“life of loan” flood zone determination and, if applicable, flood insurance certificates and borrower notices, as well as other documentation customarily delivered relative to real estate collateral as reasonably requested by the
Collateral Agent. 
 SECTION 5.17. Flood Insurance. If at any time any Mortgaged Real Property is located in a designated
“special flood hazard area” with respect to which flood insurance has been made available under applicable Flood Insurance Laws, the Borrower and its Subsidiaries will (i) maintain fully paid flood hazard insurance on such Mortgaged
Real Property on such terms and in such amounts as required by The National Flood Insurance Reform Act of 1994, and (ii) provide within thirty (30) days (or such longer period as the Administrative Agent shall agree) evidence of such
coverage as the Collateral Agent or the Administrative Agent may reasonably request, including, without limitation, (x) copies of any such flood insurance policies naming the Collateral Agent as loss payee and (y) the Borrower or the
applicable Subsidiary’s application for a flood insurance policy plus proof of premium payment, in each case to the extent requested by the Collateral Agent or the Administrative Agent. 

ARTICLE VI 
 Negative Covenants

 Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have
been paid in full, the Borrower covenants and agrees with the Lenders that the Borrower shall not, nor shall it permit any of the Operating Companies, to: 

SECTION 6.01. Liens. Create, incur, assume or suffer to exist any Lien upon any of its material Property, assets or revenues, whether
now owned or hereafter acquired, other than the following: 
 (a) Liens for the benefit of the Secured Parties pursuant to any Financing
Document and, with respect to PSE only, Liens in respect of cash collateral arrangements for letters of credit issued under the Operating Company Credit Agreement; 

(b)(i) Liens existing on the Effective Date and listed on Schedule 6.01(b) or (ii) Liens securing any Existing Indebtedness
contemplated by clause (b) of the definition thereof; provided, in the case of this clause (ii), that such Lien shall apply only to Property (whether now owned or after-acquired) of a type that is subject to a Lien securing the
corresponding Existing Indebtedness referred to in clause (a) of the definition thereof (including the proceeds thereof) and shall not extend to any other Property; 

(c) Liens for taxes, assessments or governmental charges imposed on the Borrower or any Subsidiary or any of their property by any
Governmental Authority which are not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the Borrower or such
Subsidiary, to the extent required by and in accordance with GAAP; 

  
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 (d) Liens of carriers, warehousemen, mechanics, materialmen, repairmen, construction
contractors, statutory liens of landlords or other like liens arising in the ordinary course of business which secure amounts not yet due and payable or which are being contested in good faith and by appropriate proceedings diligently conducted, if
Person to the extent required by and in accordance with GAAP; 
 (e) pledges or deposits in the ordinary course of business (i) in
connection with workers’ compensation, unemployment insurance and other social security legislation or (ii) required to secure performance bids, tenders, trade contracts, performance bonds, statutory obligations, leases, government
contracts, surety and appeals bonds, indemnity, performance or other similar bonds in connection with judicial or administrative proceedings and other obligations of a like nature (exclusive of obligations for borrowed money); 

(f) easements, rights-of-way, licenses, restrictions,
encroachments, protrusions and other similar encumbrances and minor title defects affecting real property which, in the aggregate, do not in any case materially interfere with the ordinary conduct of the business of any Borrower Group Member; 

(g) Liens securing judgments that do not involve any material risk of forfeiture of any assets of any of the Operating Companies or any
Financing Document that do not exceed $50,000,000 in the aggregate (to the extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied coverage) and that within ten
(10) days are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP for the payment of money not
constituting an Event of Default under Section 7.01(k); 
 (h) Liens securing payment of
Tax-Free Debt and credit enhancement obligations related to such Tax-Free Debt; provided that (i) any claims in respect of the principal balance of the
obligations being secured thereby shall not exceed $250,000,000 in the aggregate at any time, and (ii) each such Lien shall extend only to the property, and proceeds thereof, being financed by the
Tax-Free Debt secured thereby; 
 (i) Liens for purchase money security interests or Capital Lease
Obligations which are secured solely by the assets acquired (and proceeds and products thereof), up to $150,000,000 in the aggregate; provided that such Lien arises prior to or within 60 days after such acquisition or the incurrence of such
Capital Lease Obligation; 
 (j) zoning, building and other generally applicable land use restrictions, which, in the aggregate, do not in
any case materially interfere with the ordinary conduct of the business of the Borrower and the Operating Companies taken as a whole; 
 (k)
licenses of intellectual property entered into in the ordinary course of business; 
 (l) Liens that have been placed by a third party on
the fee title of leased real property or property over which any Borrower Group Member has easement, license or similar rights, and subordination or similar agreements relating thereto; 

(m) bankers’ liens, rights of setoff and other similar liens existing solely with respect to cash and Cash Equivalents on deposit in one
or more accounts maintained by any Borrower Group Member arising in the ordinary course of business from netting services, overdraft protection, Banking Services Obligations and otherwise in connection with the maintenance of deposit, securities and
commodities accounts; 

  
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 Liens solely on any cash earnest money or other deposits made by Borrower or any of its
Subsidiaries in connection with any Permitted Acquisition, letter of intent or purchase agreement permitted hereunder; 
 (o) purported
Liens evidenced by the filing of precautionary UCC financing statements relating solely to operating leases of personal property or consignments or similar arrangements entered into in the ordinary course of business; 

(p) Liens on (i) insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto to the extent
securing Indebtedness owed to any Person providing property, casualty, business interruption or liability insurance to the Borrower or any Operating Company of the Borrower so long as such Indebtedness shall not be in excess of the unpaid costs of,
and shall be incurred only to defer the cost of, such insurance for the annual period in which such Indebtedness is incurred and in any event, not in excess of $5,000,000 in the aggregate at any time (“Permitted Premium Financing
Indebtedness”), (ii) dividends and rebates and other identifiable proceeds therefrom which may become payable under insurance policies and loss payments which reduce the incurred premiums on such insurance policies, (iii) rights which
may arise under state insurance guarantee funds relating to any such insurance policy, in each case securing Permitted Premium Financing Indebtedness and (iv) pledges or deposits of cash and Cash Equivalents securing deductibles,
self-insurance, co-payment, co-insurance, retentions or similar obligations to providers of property, casualty or liability insurance in the ordinary course of business;
provided, however, that claims in respect of such Liens shall not exceed $5,000,000 at any time; 
 (q) 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; 

(r) Liens on conservation investment assets as security for obligations incurred in financing or refinancing bondable conservation investments
in accordance with the laws of the State of Washington; 
 (s) 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 date hereof pursuant to a Permitted Acquisition (or on such Person’s assets) prior to the time such Person becomes a
Subsidiary; 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 other Subsidiary (other than the proceeds of such property or assets), (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,
as the case may be, and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof and (iv) such Lien, together with any other Liens incurred pursuant to this paragraph (s) shall not secure
Indebtedness or other obligations in excess of $250,000,000 in the aggregate; 
 (t) other Liens securing Indebtedness and other obligations
in an aggregate amount not to exceed $100,000,000 at any time; 
 (u) Liens securing Permitted Refinancing Indebtedness of the Borrower and
other Indebtedness of the Borrower of the type described in clauses (a) and (b) of the definition of “Indebtedness” (but not of any Indebtedness of any other Borrower Group Member); provided that such Liens and any rights in
respect thereof are subject to the terms of the Collateral Agency Agreement, and the Borrower shall be in compliance (on a Pro Forma Basis reasonably acceptable to the Administrative Agent) with the covenant contained in Section 6.09;

  
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 (v) Liens securing PSE’s obligations arising pursuant to that certain Contracting
Party’s Agreement dated December 4, 2007 entered into between PSE and Natural Gas Exchange, Inc. as amended and replaced from time to time solely to the extent the aggregate amount of all such obligations thereunder shall not exceed
$50,000,000 at any time outstanding, and provided that such Liens shall apply only to property or assets of PSE of the type securing such obligations as of the date of this Agreement; 

(w) Liens securing Indebtedness or arising in connection with Receivables Facilities, provided, that the sum (without duplication) of all such
Indebtedness, plus the aggregate investment or claim held at any time by all purchasers, assignees or other transferees of (or of interests in) receivables and other rights to payment in all Receivables Facilities shall not at any time exceed
$250,000,000; and 
 (x) Liens pursuant to (i) PSE’s First and Refunding Mortgage, dated as of June 2, 1924 (as supplemented
and amended, the “Existing 1924 Mortgage”), as described therein, (ii) PSE’s Indenture of First Mortgage, dated as of April 1, 1957 (as supplemented and amended, the “Existing 1957 Mortgage”), as described therein,
(iii) PSE’s Indenture, dated as of December 1, 1997 (as supplemented and amended, the “Existing 1997 Indenture”), as described therein, and (iv) any replacement indenture in respect of the Existing 1924 Mortgage, the
Existing 1957 Mortgage or the Existing 1997 Indenture, and any supplements thereto, so long as (1) any such Liens under any such replacement indenture apply to the property or assets of PSE in a manner substantially consistent with the terms of
the Existing 1924 Mortgage, the Existing 1957 Mortgage or the Existing 1997 Indenture, as applicable, and (2) the borrowing capacity and other restrictions on PSE’s ability to incur any obligations under any such replacement indenture are
substantially the same as those set forth in the Existing 1924 Mortgage, the Existing 1957 Mortgage or the Existing 1997 Indenture, as applicable; 

provided that notwithstanding any of the foregoing to the contrary, other than pursuant to paragraphs (a), (d), (e), (m), (n), (p) and (u) above, the
Borrower shall not agree to the imposition of any Lien upon the Collateral. 
 SECTION 6.02. Dispositions. Make any Disposition or
enter into any agreement to make any Disposition, except: 
 (a) Dispositions (other than Collateral constituting Equity Interests in PSE) in
the ordinary course of business (including Dispositions of obsolete or worn out or surplus property no longer required or useful in the business or operations of the Borrower or any of its Subsidiaries); 

(b) Dispositions of assets and businesses specified on Schedule 5.07; 

(c) Dispositions of Investments in Cash Equivalents in the ordinary course of business; 

(d) Dispositions of assets which individually or in the aggregate are less than 20% of the Consolidated Tangible Net Assets as of the
Effective Date and for which no less than 80% of the proceeds received therefor are in cash or Cash Equivalents; 
 (e) Dispositions
constituting a Lien permitted pursuant to Section 6.01; 
 (f) the sale or issuance of any Subsidiary’s Equity Interests to
the Borrower; 
 (g) Dispositions of assets in connection with any transaction permitted by Section 6.04; 

(h) assignments and licenses of intellectual property or other intangibles of the Borrower Group Members in the ordinary course of business;

  
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 (i) any Disposition of any asset or interest therein in exchange for utility plant,
equipment or other utility assets (other than notes or other obligations) in each case equal to the fair market value (as determined in good faith by the Borrower) of such asset or interest therein; provided, however, that the fair
market value of any such assets or interests Disposed of under this paragraph (i) shall not exceed $10,000,000 in the aggregate in any fiscal year; 

(j) [reserved]; 
 (k)
[reserved]; and 
 (l) the sale, assignment or other transfer of accounts receivable or other rights to payment pursuant to any Receivables
Facility. 
 In the case of any of the foregoing Dispositions, the Borrower and the Subsidiaries are in compliance, on a pro forma basis
after giving effect to such Disposition with the covenant contained in Section 6.09 recomputed as of the last day of the most recently ended fiscal quarter of the Borrower for which financial statements are available, as if such
Disposition (and any related repayment of Indebtedness) had occurred on the first day of each relevant period for testing such compliance and, if the Net Cash Proceeds in respect of such Disposition under clause (b), (d) or
(j) of this Section 6.02 exceeds 5% of total assets of the Borrower and its Subsidiaries on a consolidated basis as set forth on the most recent financial statements delivered pursuant to Section 4.01(c) and
5.01(a), the Borrower shall have delivered to the Administrative Agent a certificate of a Financial Officer of the Borrower to such effect, together with all relevant financial information, statements and projections requested by the
Administrative Agent. 
 SECTION 6.03. Investments. Make or hold any Investments, except: 

(a) Investments by the Borrower or an Operating Company in cash and Cash Equivalents; 

(b) Investments by the Borrower in Interest Hedging Agreements; 

(c) Investments by PSE or any other Operating Companies in Other Hedging Agreements entered into in the ordinary course of business and not
for speculative purposes; 
 (d) Intercompany Loans from the Borrower to any Operating Company or from PSE to its Subsidiaries which are
Operating Companies; 
 (e) Equity Interests in (x) Subsidiaries in existence on the date hereof, (y) Operating Companies acquired
or created after the Effective Date in connection with Permitted Acquisitions, and (z) Subsidiaries consisting of Immaterial Subsidiaries; 

(f) Permitted Acquisitions; 

(g) Investments received in connection with the bankruptcy or reorganization of, or settlement of delinquent accounts and disputes with,
customers and supplies, in each case in the ordinary course of business; 
 (h) extensions of trade credit in the ordinary course of
business; 
 (i) Investments made as a result of the receipt of non-cash consideration from a
Disposition in compliance with Section 6.02; 

  
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 (j) Investments made by any Person that becomes a Subsidiary after the date hereof;
provided that such Investment exists at the time such Person becomes a Subsidiary and are not made in contemplation of or in connection with such Person becoming a Subsidiary; 

(k) loans and advances made in the ordinary course of business to their respective employees, officers and directors so long as the aggregate
principal amount thereof at any time outstanding (excluding temporary advances in the ordinary course of business) shall not exceed $3,000,000; 

(l) Investments existing on the date hereof and identified on Schedule 6.03(l); 

(m) Investments by the Borrower in LNG Co., so long as the aggregate amount of capital contributions to LNG Co. pursuant to this clause
(m) does not exceed $200,000,000 in the aggregate at any time outstanding; and 
 (n) in addition to Investments permitted by clauses
(a) through (m) above so long as no Default or Event of Default shall exist immediately prior thereto or after giving effect thereto, additional Investments so long as the aggregate amount invested, loaned or advanced pursuant to this clause
(n) does not exceed $100,000,000 in the aggregate at any time outstanding. 
 SECTION 6.04. Fundamental Changes. Merge,
dissolve, liquidate, consolidate with or into another Person, or Dispose of (whether in one transaction or in a series of transactions) all or substantially all of its assets (whether now owned or hereafter acquired) to or in favor of any Person,
except for (a) Permitted Acquisitions, (b) Dispositions permitted under Section 6.02, (c) the liquidation or dissolution of any Immaterial Subsidiary and (d) if at the time thereof and immediately after giving effect
thereto no Event of Default or Default shall have occurred and be continuing, (i) the merger, amalgamation or consolidation of any Operating Company into or with the Borrower in a transaction in which the Borrower is the surviving corporation,
and (ii) the merger, amalgamation or consolidation of any Operating Company into or with any other Operating Company or the liquidation or dissolution of any Operating Company (other than PSE) into any other Operating Company; provided,
however, that in any merger or amalgamation or consolidation involving PSE or any liquidation or dissolution of any Operating Company into PSE, PSE shall be the surviving corporation. 

SECTION 6.05. Nature of Business. (a) Engage in any line of business substantially different from those lines of business
conducted by the Borrower Group Members on the Effective Date or in connection with any Permitted Acquisition or any business reasonably related, complimentary or ancillary thereto. 

(b) In the case of the Borrower from and after the Effective Date, conduct, transact or otherwise engage in any business or operations other
than those reasonably related to (A) its ownership of the Equity Interests of its Subsidiaries, (B) the maintenance of its legal existence, (C) the performance of this Agreement and the other Financing Documents, and (D) any
transaction that the Borrower is expressly permitted to enter into or consummate under this Agreement. 
 (c) Terminate or amend, waive,
modify or supplement any of the provisions of its Organizational Documents or consent to any such termination, amendment, waiver, modification or supplement, unless any of the foregoing actions could not reasonably be expected to result in a
Material Adverse Effect. 
 SECTION 6.06. Transactions with Affiliates; Management Fees. (a) Enter into any transaction of any
kind with any Affiliate (including Affiliate Service Agreements), whether or not in the 

  
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ordinary course of business, other than (i) on terms substantially as favorable to the Borrower Group Member as would be obtainable by such Borrower Group Member at the time in a comparable
arm’s-length transaction with a Person other than an Affiliate, (ii) Intercompany Loans to the extent permitted under Section 6.03, (iii) as approved or required by any Governmental Authority or as required by applicable Law,
and (iv) the payment of Management Fees permitted by clause (b) below. 
 (b) Pay any Management Fees or enter into or permit to
exist any agreement or arrangement for the payment of Management Fees, unless such fees are expressly subordinated to the Secured Obligations on the terms set forth in Exhibit M. 

SECTION 6.07. Accounting Changes. Make any change in its fiscal year except to the extent required by applicable Law and/or GAAP. In
such event, the Borrower may, upon written notice to the Administrative Agent, change its fiscal year to any other fiscal year reasonably acceptable to the Administrative Agent, in which case, the Borrower and the Administrative Agent will, and are
hereby authorized by the Lenders to, make any adjustments to this Agreement that are necessary to reflect such change in fiscal year arising as a result of such change in applicable Law. 

SECTION 6.08. Restrictive Agreements. Directly or indirectly, enter into, or incur or permit to exist any agreement or other
arrangement that prohibits, restricts or imposes any condition upon (a) the ability of any Borrower Group Member to create, incur or permit to exist any Lien upon any of its material Property or assets (except as permitted under
Section 6.01), or (b) the ability of PSE or any other wholly-owned Subsidiary to pay dividends or other distributions with respect to, or to return capital in respect of its common Equity Interests or to make or repay loans or
advances to any Borrower Group Member or to Guarantee Indebtedness of any Borrower Group Member; provided that the foregoing shall not apply to: 

(i) prohibitions, restrictions and conditions imposed by applicable Laws, any Governmental Authority or this Agreement; 

(ii) prohibitions, restrictions and conditions identified on Schedule 3.14 or otherwise resulting from or relating
to Existing Indebtedness (without amendment, modification or waiver, other than in connection with Permitted Refinancing Indebtedness) or prohibitions, restrictions and conditions not more restrictive taken as a whole than such provisions in
agreements entered into after the Effective Date to evidence or govern Indebtedness that is permitted by this Agreement; 

(iii) provisions of the type described in clause (a) above imposed by the holder of any Lien permitted by
Section 6.01(d), (e), (h), (i), (m), (n), (r) and (s) but solely with respect to the property purported to be encumbered by such Lien; 

(iv) any agreement in effect at the time any Person becomes a Subsidiary pursuant to a Permitted Acquisition and not in
contemplation of, or in connection with, such Person becoming a Subsidiary and only relating to or in connection with the Property or assets of such Person (and any extensions, renewals, or replacements of such agreement so long as any restrictions
and conditions in such extended, renewed or replaced agreement are not more restrictive than the applicable original agreement or extend to additional Property); 

(v) customary restrictions and conditions contained in agreements relating to any Disposition of any asset or property;
provided that such restrictions and conditions only apply to the asset or property to be sold, assigned or transferred and such sale, assignment or transfer is permitted by Section 6.02; and 

(vi) customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of
business. 

  
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 SECTION 6.09. Financial Covenant. 

(a) Maximum Leverage Ratio. The Borrower will not permit the Leverage Ratio to be greater than 0.65 to 1.00 at any time. 

SECTION 6.10. Preservation of Rights. Assign, cancel, terminate, waive any material default under, material breach of or material right
under, or materially amend, supplement or modify or give any material consent under (including any consent or assignment of), any Financing Document or material Contractual Obligation, except, other than in the case of any Financing Document, to the
extent that any such action would not reasonably be expected to result in a Material Adverse Effect. 
 ARTICLE VII 

Events of Default 
 If any
of the following events (“Events of Default”) shall occur: 
 (a) the Borrower shall fail to pay any principal of any Loan
when and as the same shall become due, 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 any Loan or any fee or any other amount (other than an amount referred to in clause (a) of this Article) payable under this Agreement or any other Financing Document, when and as the same shall
become due and payable, and such failure shall continue unremedied for a period of three (3) Business Days; 
 (c) any representation
or warranty made or deemed made by or on behalf of the Borrower or any Subsidiary in or in connection with this Agreement or any other Financing Document or any amendment or modification hereof or thereof or waiver hereunder or thereunder, or in any
report, certificate, financial statement or other document furnished pursuant to or in connection with this Agreement or any other Financing Document or any amendment or modification thereof or waiver thereunder, shall prove to have been incorrect
in any material respect when made or deemed made; 
 (d) the Borrower shall fail to observe or perform any covenant, condition or agreement
contained in Section 5.03(e), 5.05 or 5.09 or in Article VI (other than Sections 6.05(a), 6.05(b), 6.06 and 6.07); 

(e) The Borrower or any Subsidiary fails to perform or observe any other covenant, condition or agreement (not specified in clauses
(a), (b) or (d) of this Article VII) contained in any Financing Document on its part to be performed or observed and such failure continues for thirty (30) days after notice thereof to the Borrower by the
Administrative Agent or the Borrower having knowledge thereof; provided that if such failure is capable of remedy but by its nature cannot reasonably be cured within such period, the Borrower shall have such additional time not exceeding an
additional sixty (60) days as may be necessary to cure such failure so long as the Borrower is proceeding diligently to cure such failure and such additional cure period could not reasonably be expected to result in a Material Adverse Effect;

 (f) the Borrower or any Subsidiary shall fail to make any payment (whether of principal or interest and regardless of amount) in respect
of any Material Indebtedness/Material Swap Obligation, when and as the same shall become due and payable (after giving effect to any applicable grace or cure period); 

  
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 (g) any event or condition occurs that results in any Material Indebtedness/Material Swap
Obligation becoming due prior to its scheduled maturity (other than Swap Agreements which become due as a result of the voluntary prepayment of referenced debt described in such Swap Agreements) or that enables or permits (with or without the giving
of notice, the lapse of time or both) the holder or holders of any Material Indebtedness/Material Swap Obligation or any trustee or agent on its or their behalf to cause any Material Indebtedness/Material Swap Obligation 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 secured Indebtedness that becomes due as a result of the voluntary sale or transfer of
the property or assets securing such Indebtedness; 
 (h) an involuntary proceeding shall be commenced or an involuntary petition shall be
filed seeking (i) liquidation, reorganization or other relief in respect of the Borrower or any Subsidiary (other than any Immaterial Subsidiary) or its debts, or of a substantial part of its assets, under any federal, state or foreign
bankruptcy, insolvency, receivership or similar law now or hereafter in effect or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Borrower or any Subsidiary (other than any
Immaterial Subsidiary) or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for sixty (60) days or an order or decree approving or ordering any of the foregoing shall be entered;

 (i) the Borrower or any Subsidiary (other than any Immaterial 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, 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, sequestrator, conservator or similar official for the
Borrower or any Subsidiary (other than any Immaterial 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)(i) the
Borrower or any Subsidiary (other than any Immaterial Subsidiary) shall become unable, admit in writing its inability or fail generally to pay its debts as they become due or (ii) any writ or warrant of attachment or execution or similar
process is issued or levied against all or any material part of the property of the Borrower and its Subsidiaries (other than any Immaterial Subsidiary), taken as a whole, and is not released, vacated or fully bonded within thirty (30) days
after its issue or levy; 
 (k) one or more judgments for the payment of money in an aggregate amount in excess of $50,000,000 (to the
extent not covered by independent third-party insurance as to which the insurer has been notified of such judgment or order and has not denied coverage) shall be rendered against the Borrower, any Subsidiary or any combination thereof and the same
shall remain undischarged for a period of sixty (60) consecutive days during which execution shall not be effectively stayed, or any action shall be legally taken by a judgment creditor to attach or levy upon any assets of the Borrower or any
Subsidiary to enforce any such judgment; 
 (l) an ERISA Event shall have occurred that, in the reasonable opinion of the Required Lenders,
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; 

  
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 (n) the occurrence of any “default”, as defined in any Financing Document (other
than this Agreement) or the breach of any of the terms or provisions of any Financing Document (other than this Agreement), which default or breach continues beyond any period of grace therein provided; or 

(o) any material provision of any Financing Document for any reason ceases to be valid, binding and enforceable in accordance with its terms
(or the Borrower or any Subsidiary shall challenge the enforceability of any Financing Document or shall assert in writing, or engage in any action or inaction based on any such assertion, that any provision of any of the Financing Documents has
ceased to be or otherwise is not valid, binding and enforceable in accordance with its terms); 
 (p) at any time, any financial statements
to be delivered pursuant to Section 5.01 shall be qualified by the auditors and such qualification could reasonably be expected to result in a Material Adverse Effect; 

(q) the termination, transfer, revocation or modification of any material contracts or leases to which the Borrower or any Subsidiary is a
party, the result of which could reasonably be expected to result in a Material Adverse Effect and such termination, transfer, revocation or modification remains in effect for a period of more than thirty (30) days after the occurrence thereof;
or 
 (r) any Security Document shall for any reason fail to create a valid and perfected first priority security interest in the Collateral
in excess of $100,000,000 in the aggregate purported to be covered thereby, except as permitted by the terms of any Financing Document; 
 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, and at the request
of the Required Lenders shall, 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 Financing 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 Financing 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 Financing Documents or at law or equity. 
 ARTICLE
VIII 
 The Administrative Agent 

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 Financing Documents, and to exercise such powers as are delegated to the Administrative Agent by the terms of the Financing Documents, together with such actions and powers as are reasonably
incidental thereto. The provisions of this Article are solely for the benefit of the Administrative Agent and the 

  
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Lenders, and neither the Borrower nor any Operating Company shall have rights as a third party beneficiary of any of such provisions. It is understood and agreed that the use of the term
“agent” herein or in any other Financing Documents (or any other similar term) with reference to the Administrative Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency doctrine of
any applicable law. Instead such term is used as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. 

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. 
 The Administrative Agent shall not have any duties or obligations except
those expressly set forth in the Financing Documents. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and
is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by the Financing Documents that the
Administrative Agent is required to exercise in writing as directed by the Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02); provided
that the Administrative Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Administrative Agent to liability or that is contrary to any Finance Document or applicable law, including for
the avoidance of doubt any action that may be in violation of the automatic stay under any Debtor Relief Law or that may effect a forfeiture, modification or termination of property of a Defaulting Lender in violation of any Debtor Relief Law, and
(c) except as expressly set forth in the Financing Documents, 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 or any of its Subsidiaries
that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity. The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the
Required Lenders (or such other number or percentage of the Lenders as shall be necessary under the circumstances as provided in Section 9.02) or in the absence of its own gross negligence or willful misconduct as determined by a court
of competent jurisdiction by final and nonappealable judgment. The Administrative Agent shall be deemed not to have knowledge of any Default 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 Financing Document, (ii) the contents of any
certificate, report or other document delivered hereunder or in connection with any Financing Document, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth in any Financing Document,
(iv) the validity, enforceability, effectiveness or genuineness of any Financing Document or any other agreement, instrument or document, (v) the creation, perfection or priority of Liens on the Collateral or the existence of the
Collateral or (vi) the satisfaction of any condition set forth in Article IV or elsewhere in any Financing Document, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent. 

The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate,
consent, statement, instrument, document or other writing (including any electronic message Internet or intranet website posting or other distribution) believed by it to be genuine and to have been signed 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 the Borrower), independent accountants and other 

  
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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. 

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. 

Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may
resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, 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, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor
Administrative Agent which shall be a bank with an office in the United States, or an Affiliate of any such bank. 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. 
 Each Lender expressly acknowledges that neither the Administrative
Agent nor any of its officers, directors, employees, agents, attorneys-in-fact or affiliates has made any representation or warranty to it and that no act by the
Administrative Agent hereinafter taken, including any review of the affairs of the Borrower and any Operating Company, shall be deemed to constitute any representation or warranty by the Administrative Agent to any Lender. Each Lender acknowledges
that it has, independently and without reliance upon the Administrative Agent, any arranger of this credit facility or any other Lender or any of 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 also acknowledges that it shall, independently and without reliance upon the Administrative
Agent, any arranger of this credit facility or any amendment hereto or any other Lender or any of 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 and its Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in
taking or not taking action under or based upon this Agreement, any other Financing Document or any related agreement or any document furnished hereunder or thereunder and 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. 
 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. 

  
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 In its capacity, the Administrative Agent is a “representative” of the Secured
Parties within the meaning of the term “secured party” as defined in the New York Uniform Commercial Code. Each Lender authorizes the Administrative Agent to enter into each of the Security Documents to which it is a party and to take all
action contemplated by such documents. Each Lender agrees that no Secured Party (other than the Administrative Agent) shall have the right individually to seek to realize upon the security granted by any Security Document, it being understood and
agreed that such rights and remedies may be exercised solely by the Administrative Agent for the benefit of the Secured Parties upon the terms of the Security Documents. In the event that any Collateral is hereafter pledged by any Person as
collateral security for the Secured Obligations, the Administrative Agent is hereby authorized, and hereby granted a power of attorney, to execute and deliver on behalf of the Secured Parties any Financing Documents necessary or appropriate to grant
and perfect a Lien on such Collateral in favor of the Administrative Agent on behalf of the Secured Parties. The Lenders hereby authorize the Administrative Agent, at its option and in its discretion, to release any Lien granted to or held by the
Administrative Agent upon any Collateral (i) as described in Section 9.02(d); (ii) as permitted by, but only in accordance with, the terms of the applicable Financing Document; or (iii) if approved, authorized or ratified in
writing by the Required Lenders, unless such release is required to be approved by all of the Lenders hereunder. Upon request by the Administrative Agent at any time, the Lenders will confirm in writing the Administrative Agent’s authority to
release particular types or items of Collateral pursuant hereto. Upon any sale or transfer of assets constituting Collateral which is permitted pursuant to the terms of any Financing Document, or consented to in writing by the Required Lenders or
all of the Lenders, as applicable, and upon at least five (5) Business Days’ prior written request by the Borrower to the Administrative Agent, the Administrative Agent shall (and is hereby irrevocably authorized by the Lenders to) execute
such documents as may be necessary to evidence the release of the Liens granted to the Administrative Agent for the benefit of the Secured Parties herein or pursuant hereto upon the Collateral that was sold or transferred; provided, however, that
(i) the Administrative Agent shall not be required to execute any such document on terms which, in the Administrative Agent’s opinion, would expose the Administrative Agent to liability or create any obligation or entail any consequence
other than the release of such Liens without recourse or warranty, and (ii) such release shall not in any manner discharge, affect or impair the Secured Obligations or any Liens upon (or obligations of the Borrower or any Subsidiary in respect
of) all interests retained by the Borrower or any Subsidiary, including (without limitation) the proceeds of the sale, all of which shall continue to constitute part of the Collateral. Any execution and delivery by the Administrative Agent of
documents in connection with any such release shall be without recourse to or warranty by the Administrative Agent. 
 In the case of the
pendency of any proceeding with respect to the Borrower under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, the Administrative Agent (irrespective of whether the principal of any Loan
shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether the Administrative Agent shall have made any demand on the Borrower) shall be entitled and empowered (but not obligated) by intervention in
such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and interest owing and unpaid in respect
of the Loans and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the Lenders and the Administrative Agent (including any claim under
Sections 2.12, 2.13, 2.15, 2.16, 2.17 and 9.03) allowed in such judicial proceeding; and 

(b) collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same; 

and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such proceeding is hereby authorized by each Lender
to make such payments to the Administrative Agent and, 

  
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in the event that the Administrative Agent shall consent to the making of such payments directly to the Lenders, to pay to the Administrative Agent any amount due to it, in its capacity as the
Administrative Agent, under the Financing Documents (including under Section 9.03). 
 ARTICLE IX 

Miscellaneous 
 SECTION
9.01. Notices. (a) Except in the case of notices and other communications expressly permitted to be given by telephone (and 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, as follows: 

(i) if to the Borrower, to it at Puget Energy, Inc., 355 110th Avenue, Bellevue, Washington 98004, Attention of Treasurer,
(Telecopy No. (425) 462-3490), (Telephone No.(425) 457-5475); 

(ii) if to the Administrative Agent, to it at Toronto Dominion (Texas) LLC, as Administrative Agent, 222 Bay Street,
Ernst & Young Tower, 15th Floor, Toronto, Ontario M5K 1A2, Attention: Agency Administration, (Fax: 416-982-5535; Email:
agencyadministration@tdsecurities.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 Electronic Systems, 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 using Electronic Systems 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. 
 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. 

  
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 (c) Any party hereto may change its address or telecopy number for notices and other
communications hereunder by notice to the other parties hereto. 
 (d) Electronic Systems. 

(i) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make Communications (as defined
below) available to the other Lenders by posting the Communications on Debt Domain, Intralinks, Syndtrak, ClearPar or a substantially similar Electronic System. 

(ii) Any Electronic System used by the Administrative Agent is provided “as is” and “as available.” The
Agent Parties (as defined below) do not warrant the adequacy of such Electronic Systems and expressly disclaim liability for errors or omissions in the Communications. No warranty of any kind, express, implied or statutory, including any warranty of
merchantability, fitness for a particular purpose, non-infringement of third-party rights or freedom from viruses or other code defects, is made by any Agent Party in connection with the Communications or any
Electronic System. In no event shall the Administrative Agent or any of its Related Parties (collectively, the “Agent 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 any Borrower’s or the Administrative Agent’s transmission of Communications through an
Electronic System. “Communications” means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf the Borrower or any of its Affiliates pursuant to any Financing Document or
the transactions contemplated therein which is distributed by the Administrative Agent, any Lender by means of electronic communications pursuant to this Section, including through an Electronic System. 

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 Financing 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, the Lenders hereunder and under the other Financing 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, any Lender may have had notice or knowledge of such Default at the time. 
 (b) Except as
provided in Section 2.14(c) with respect to alternate rates of interest, Section 2.20 with respect to an Incremental Term Loan Amendment and in Section 2.22 with respect to the extension of the then-existing
Maturity Date, 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 or reinstate 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, (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 

  
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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, (iv) change
Section 2.18(b) or (d) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) 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, or (vi) except as
provided in clause (d) of this Section or to any Security Document, release all of substantially all of the Collateral, 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 (but subject to the
limitations set forth in Sections 9.02(b)(i), 9.02(b)(ii) and 9.02(b)(iii)), this Agreement and any other Financing 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 Financing Documents 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. 
 (d) The Lenders hereby irrevocably authorize the Administrative Agent, at its option and in its sole discretion, to release
any Liens granted to the Administrative Agent by the Borrower on any Collateral (i) upon the termination of all the Commitments, payment and satisfaction in full in cash of all Secured Obligations (other than Unliquidated Obligations), and the
cash collateralization of all Unliquidated Obligations in a manner satisfactory to the Administrative Agent, (ii) constituting property being sold or disposed of if the Borrower certifies to the Administrative Agent that the sale or disposition
is made in compliance with the terms of this Agreement (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry), (iii) constituting property leased to the Borrower or any Subsidiary under a lease which
has expired or been terminated in a transaction permitted under this Agreement, or (iv) as required to effect any sale or other disposition of such Collateral in connection with any exercise of remedies of the Administrative Agent and the
Lenders pursuant to Article VII. Any such release shall not in any manner discharge, affect, or impair the Obligations or any Liens (other than those expressly being released) upon (or obligations of the Borrower in respect of) all interests
retained by the Borrower, including the proceeds of any sale, all of which shall continue to constitute part of the Collateral. 
 (e) 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 at par 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

  
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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) 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. 

(f) 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 Financing Documents to cure any ambiguity, omission, mistake, defect or inconsistency. 

SECTION 9.03. Expenses; Indemnity; Damage Waiver. (a) The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable fees, charges and disbursements of counsel for the Administrative
Agent, 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, the preparation and administration of this Agreement
and the other Financing 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
out-of-pocket expenses incurred by the Administrative Agent or any Lender, including the fees, charges and disbursements of any counsel for the Administrative Agent or
any Lender, in connection with the enforcement or protection of its rights in connection with this Agreement and any other Financing Document, including its rights under this Section, or in connection with the Loans made hereunder, including all
such out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans. 

(b) The Borrower shall indemnify the Administrative Agent, 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, penalties and related expenses, including the fees, charges and disbursements of any counsel for
any Indemnitee, 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 Financing 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 or proceeding relating to any of the foregoing, whether or not such claim, litigation, investigation or proceeding is brought by the Borrower or any of its Affiliates or its or their respective equity
holders, Affiliates, creditors or any other third Person and whether is 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, penalties or related expenses 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 the material breach in bad faith by any Indemnitee of its express obligations hereunder pursuant to a claim initiated by Borrower. 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 

  
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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. 
 (d) To the extent permitted by applicable law, the Borrower shall not assert, and hereby waives, any claim against any
Indemnitee (i) except to the extent a court of competent jurisdiction determines in a final and nonappealable judgment that such damage is the result of such Indemnitiee’s gross negligence or willful misconduct or the material breach in
bad faith by any Indemnitee of its express obligations hereunder pursuant to a claim initiated by the Borrower, 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), or (ii) 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 Financing Document or any agreement or instrument contemplated hereby or thereby, the Transactions, any Loan or the use of the proceeds thereof. 

(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) the 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 each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

(b) 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 Commitments and the Loans at the time owing to it) with the prior written consent (such consent not to be
unreasonably withheld or delayed) 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 five (5) Business Days after having received notice thereof); provided, further, that no consent of the Borrower
shall be required for an assignment to a Lender, an Affiliate of a Lender, an Approved Fund or, if an Event of Default has occurred and is continuing, any other assignee; and 

(B) the Administrative Agent; 

provided that (x) no assignment to the Borrower or any Affiliate of the Borrower shall be permitted and (y) any assignment made in violation of
this proviso shall be void ab initio. 
 (i) Assignments shall be subject to the following additional conditions: 

  
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 (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, 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 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 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; 

(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 a 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 and its Affiliates and their 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; and 

(E) without the prior written consent of the Administrative Agent, no assignment shall be made to a prospective assignee
that bears a relationship to the Borrower described in Section 108(e)(4) of the Code. 
 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. 
 “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. 

(ii) Subject to acceptance and recording thereof 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 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). 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. 

  
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 (iii) 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
demonstrable 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. 

(iv) 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 a 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 2.06(d) or (e), 2.07(b), 2.18(e) 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. 
 (c) Any Lender may, without the consent of 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 obligations under this Agreement (including all or a portion of its Commitment and
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 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 such Participant agrees to be subject to Section 2.18(d) 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 

  
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other obligations under this Agreement (the “Participant Register”); provided that no Lender shall have any obligation to disclose all or any portion of the Participant
Register to any Person (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments or Loans or its other obligations under any Financing Document) 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) of the United States Treasury Regulations. The entries in the Participant
Register shall be conclusive absent demonstrable 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 without limitation any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central banking authority, 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 a Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto. 

SECTION 9.05. Survival. All covenants, agreements, representations and warranties made by the Borrower in the Financing Documents and
in the certificates or other instruments delivered in connection with or pursuant to this Agreement or any other Financing Document shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery
of the Financing 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 Financing Document is outstanding and unpaid and so long as the Commitments have not 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 termination of the Commitments or the termination of this Agreement or any other Financing 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 Financing 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, 

  
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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. 

SECTION 9.07. Severability. Any provision of any Financing 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. 
 SECTION 9.08. Right of
Setoff. 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 and in whatever currency denominated) 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 the Borrower against
any of and all of the Secured Obligations held by such Lender, irrespective of whether or not such Lender shall have made any demand under the Financing Documents and although such obligations may be unmatured. 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. 
 SECTION 9.09.
Governing Law; Jurisdiction; Consent to Service of Process. (a) This Agreement shall be construed in accordance with and governed by the law of the State of New York. 

(b) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of the Supreme
Court of the State of New York sitting in the Borough of Manhattan and of the United States District Court for the Southern District 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 any Financing Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or
proceeding may be heard and determined in such New York State or, to the extent permitted by law, in such Federal court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced
in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any other Financing 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 Financing Document against the Borrower or its properties in the courts of any jurisdiction. 

(c) The Borrower 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 Financing Document in any court referred to in paragraph (b) of this Section. Each of
the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

(d) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 9.01.
Nothing in this Agreement or any other Financing Document will affect the right of any party to this Agreement to serve process in any other manner permitted by law. 

SECTION 9.10. WAIVER OF JURY TRIAL. EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT

  
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 MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO
THIS AGREEMENT, ANY OTHER FINANCING 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), (b) to the extent requested or required by any Governmental Authority (including any
self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies under this Agreement or any other Financing Document or any suit, action or proceeding relating to this Agreement or any other Financing 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 (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or obligations
under this Agreement or (ii)any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Borrower and its obligations, (g) with the consent of the Borrower or (h) to the extent such
Information (i) becomes publicly available other than as a result of a breach of this Section or (ii) becomes available to the Administrative Agent or any Lender on a nonconfidential basis from a source other than the Borrower. For the
purposes of this Section, “Information” means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a
nonconfidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry;
provided that, in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential. Any Person required to maintain the confidentiality of Information as
provided in this Section shall be considered to have complied with its obligation to do so if such Person has exercised the same degree of care to maintain the confidentiality of such Information as such Person would accord to its own confidential
information. 
 EACH LENDER ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY
INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS 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 PROVINCIAL, FEDERAL AND
STATE SECURITIES LAWS. 

  
 76 

 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE
ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER, ITS RELATED
PARTIES OR THEIR RESPECTIVE SECURITIES. ACCORDINGLY, EACH LENDER REPRESENTS TO THE BORROWER 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. 

SECTION 9.13. USA PATRIOT Act. Each Lender that is subject to the requirements of the Patriot Act hereby notifies the Borrower that
pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender
to identify the Borrower in accordance with the Patriot Act. 
 SECTION 9.14. Appointment for Perfection. Each Lender hereby appoints
each other Lender as its agent for the purpose of perfecting Liens, for the benefit of the Administrative Agent and the Secured Parties, in assets which, in accordance with Article 9 of the UCC or any other applicable law can be perfected only by
possession or control. Should any Lender (other than the Administrative Agent) obtain possession or control of any such Collateral, such Lender shall notify the Administrative Agent thereof, and, promptly upon the Administrative Agent’s request
therefor shall deliver such Collateral to the Administrative Agent or otherwise deal with such Collateral in accordance with the Administrative Agent’s instructions. 

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 Federal Funds Effective Rate to the date
of repayment, shall have been received by such Lender. 
 SECTION 9.16. No Advisory or Fiduciary Responsibility. In connection with
all aspects of each transaction contemplated hereby (including in connection with any amendment, waiver or other modification hereof or of any other Financing Document), the Borrower acknowledges and agrees that: (i) (A) the arranging and other
services regarding this Agreement provided by the Lenders are arm’s-length commercial transactions between the Borrower and its Affiliates, on the one hand, and each Credit Party and its Affiliates, on
the other hand, (B) the Borrower has consulted its own legal, accounting, regulatory and tax advisors to the extent it has deemed appropriate, and (C) the Borrower is capable of evaluating, and understands and accepts, the terms, risks and
conditions of the transactions contemplated hereby and by the other Financing Documents; (ii) (A) each of the Credit Parties and their Affiliates is and has been acting solely as a principal and, except as expressly agreed in writing by the
relevant parties, has not been, is not, and will not be acting as an advisor, agent or fiduciary for the Borrower or any of its Affiliates, or any other Person and (B) no Credit Party or any of its Affiliates has any obligation to the Borrower
or any 

  
 77 

 of its Affiliates with respect to the transactions contemplated hereby except those obligations expressly
set forth herein and in the other Financing Documents; and (iii) each of the Credit Parties and their respective Affiliates may be engaged in a broad range of transactions that involve interests that differ from those of the Borrower and its
Affiliates, and no Credit Party or any of its Affiliates has any obligation to disclose any of such interests to the Borrower or its Affiliates. The Borrower hereby agrees that it will not assert any claim against any Credit Party based on an
alleged breach of agency or fiduciary duty in connection with this Agreement or any aspect of any transaction contemplated hereby. 

SECTION 9.17. Acknowledgment and Consent to Bail-In of EEA Financial Institutions.
Notwithstanding anything to the contrary in any Financing Document or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any EEA Financial Institution arising under any
Financing Document may be subject to the Write-Down and Conversion Powers of an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by: 

(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may
be payable to it by any party hereto that is an EEA Financial Institution; and 
 (b) the effects of any
Bail-In Action on any such liability, including, if applicable: 
 (i) a reduction
in full or in part or cancellation of any such liability; 
 (ii) a conversion of all, or a portion of, such liability into
shares or other instruments of ownership in such EEA 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 Financing Document; or 
 (iii)
the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of any EEA Resolution Authority. 

[Signature Pages
Follow] 

  
 78 

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

			
	PUGET ENERGY, INC.
	as the Borrower
		
	By:	 	/s/ Daniel A. Doyle
	Name:	 	Daniel A. Doyle
	Title:	 	Senior Vice President and Chief Financial Officer

 Signature Page to Term Loan Agreement 

 
			
	TORONTO DOMINION (TEXAS) LLC,
	as the Administrative Agent
		
	By:	 	/s/ ALICE MARE
	Name:	 	ALICE MARE
	Title:	 	AUTHORIZED SIGNATORY

 Signature Page to Term Loan Agreement 

 
			
	TD BANK, N.A.,
	as a Lender
		
	By:	 	/s/ David Perlman
	Name:	 	David Perlman
	Title:	 	Senior Vice President

 Signature Page to Term Loan Agreement 

 
			
	COBANK, ACB
	as a Lender
		
	By:	 	/s/ Josh Batchelder
	Name:	 	Josh Batchelder
	Title:	 	Managing Director

 Signature Page to Term Loan Agreement 

 
			
	U.S. BANK NATIONAL ASSOCIATION
	as a Lender
		
	By:	 	/s/ John M. Eyerman
	Name:	 	John M. Eyerman
	Title:	 	Senior Vice President

 Signature Page to Term Loan Agreement 

 PUGET ENERGY INC. 

SCHEDULES TO 2018 TERM LOAN AGREEMENT 

 Schedule 1.01(a) 

EXISTING INDEBTEDNESS 
  

																	
	Existing Debt of Puget Sound Energy:	  				 				  				  			
	 Series
	  	Coupon	 	 	Issue Date	 	  	Maturity	 	  	Principal
Outstanding	 
	 MTN-C
	  	 	7.150	% 	 	 	Dec-20-95	 	  	 	Dec-19-25	 	  	$	15,000,000	 
	 MTN-C
	  	 	7.200	% 	 	 	Dec-21-95	 	  	 	Dec-22-25	 	  	$	2,000,000	 
	 Senior note A
	  	 	7.020	% 	 	 	Dec-22-97	 	  	 	Dec-1-27	 	  	$	300,000,000	 
	 Sr. MTN-B
	  	 	7.000	% 	 	 	Mar-9-99	 	  	 	Mar-9-29	 	  	$	100,000,000	 
	 5.483% Sr. Notes
	  	 	5.483	% 	 	 	May-27-05	 	  	 	Jun-1-35	 	  	$	250,000,000	 
	 6.724% Sr. Notes
	  	 	6.724	% 	 	 	Jun-30-06	 	  	 	Jun-15-36	 	  	$	250,000,000	 
	 6.274% Sr. Notes
	  	 	6.274	% 	 	 	Sep-18-06	 	  	 	Mar-15-37	 	  	$	300,000,000	 
	 5.757% Sr. Notes
	  	 	5.757	% 	 	 	Sep-11-09	 	  	 	Oct-1-39	 	  	$	350,000,000	 
	 5.795% Sr. Notes
	  	 	5.795	% 	 	 	Mar-8-10	 	  	 	Mar-15-40	 	  	$	325,000,000	 
	 5.764% Sr. Notes
	  	 	5.764	% 	 	 	Jun-29-10	 	  	 	Jul-15-40	 	  	$	250,000,000	 
	 5.638% Sr. Notes
	  	 	5.638	% 	 	 	Mar-25-11	 	  	 	Apr-15-41	 	  	$	300,000,000	 
	 4.434% Sr. Notes
	  	 	4.434	% 	 	 	Nov-16-11	 	  	 	Nov-15-41	 	  	$	250,000,000	 
	 4.700% Sr. Notes
	  	 	4.700	% 	 	 	Nov-22-11	 	  	 	Nov-15-51	 	  	$	45,000,000	 
	 4.3000% Sr. Notes
	  	 	4.300	% 	 	 	May-26-15	 	  	 	May-20-45	 	  	$	425,000,000	 
	 PCB-2013A
	  	 	3.900	% 	 	 	May-23-13	 	  	 	Mar-1-31	 	  	$	138,460,000	 
	 PCB-2013B
	  	 	4.000	% 	 	 	May-23-13	 	  	 	Mar-1-31	 	  	$	23,400,000	 
	 4.223% Sr. Notes
	  	 	4.223	% 	 	 	Jun-14-18	 	  	 	Jun-15-48	 	  	$	600,000,000	 
	 Demand Promissory Note with Puget Energy
	  	 	Variable	 	 	 	May-18-06	 	  	 	NA	 	  	$	0	 
	 Credit Facility - $800mm Commitment Amount
	  	 	Variable	 	 	 	Oct-25-17	 	  	 	Oct-22	 	  	$	0	 
	 Commercial Paper
	  	 	Variable	 	 	 	Various	 	  	 	Various	 	  	$	102,000,000	 
		  				 				  				  	  
	  
	 
	 Total - Puget Sound Energy
	  				 				  				  	$	4,025,860,000	 
	Existing Debt of Puget Energy:	  				 				  				  			
	 6.50% Sr. Notes
	  	 	6.500	% 	 	 	Dec-6-10	 	  	 	Dec-15-20	 	  	$	450,000,000	 
	 6.00% Sr. Notes
	  	 	6.000	% 	 	 	Jun-3-11	 	  	 	Sep-1-21	 	  	$	500,000,000	 
	 5.625% Sr. Notes
	  	 	5.625	% 	 	 	Jun-15-12	 	  	 	Jul-15-22	 	  	$	450,000,000	 
	 3.650% Sr. Notes
	  	 	3.650	% 	 	 	May-12-15	 	  	 	May-15-25	 	  	$	400,000,000	 
	 Credit Facility - $800mm Commitment Amount
	  	 	Variable	 	 	 	Oct-25-17	 	  	 	Oct-25-22	 	  	$	149,848,000	 
		  				 				  				  	  
	  
	 
	 Total - Puget Energy
	  				 				  				  	$	1,949,848,000	 
	 Grand Total
	  				 				  				  	$	5,975,708,000	 

 Schedule 1.01(b) 

PERMITTED HOLDERS 
 Macquarie Entities (US)
Holdings 
 MIP Padua Holdings, L.P. 
 Padua MG Holdings LLC

 B.C. Investment Management Corp. 
 CPP Investment Board

 Alberta Investment Management Corp. 
 Ontario Municipal
Employees Retirement System (OMERS) 
 PGGM N.V. 

 SCHEDULE 2.01 

COMMITMENTS 
  

					
	 Lender
	  	Commitment ($)	 
	 TD Bank, N.A.
	  	$	50,000,000	 
	 CoBank, ACB
	  	$	50,000,000	 
	 U.S. Bank National Association
	  	$	50,000,000	 
		  	  
	  
	 
	 Aggregate Commitments
	  	$	150,000,000	 
		  	  
	  
	 

 Schedule 3.04 

REGULATORY APPROVALS 
 None 

 Schedule 3.13(a) 

SUBSIDIARIES 
 Puget Sound Energy, Inc.

 Puget Western, Inc. 
 Puget LNG, LLC 

 Schedule 3.13(b) 

SUBSIDIARIES JURISDICTIONS OF ORGANIZATION 
  

					
	 Name of

Subsidiary
	  	 Ownership
	  	 Jurisdiction of

Organization

	 Puget Sound Energy, Inc.
	  	 100% by Puget Energy Inc.
	  	Washington
	 Puget Western Inc.
	  	 100% by Puget Sound Energy, Inc.
	  	Washington
	 Puget LNG, LLC
	  	 100% by Puget Energy Inc.
	  	Washington

 Schedule 3.14 

EXISTING DIVIDEND RESTRICTIONS 
 The
ability to pay dividends or make other distributions upon the capital stock of Puget Sound Energy, Inc. (“PSE”) is restricted by: 
  

	 	1.	 The provisions of the Washington Business Corporation Act, Title 23B of the Revised Code of Washington;

  

	 	2.	 The Amended and Restated Bylaws of PSE; 

 

	 	3.	 Contractual restrictions pursuant to PSE’s First Mortgage dated as of June 2, 1924 as supplemented
from time to time and particularly as supplemented by the Fortieth Supplemental Indenture and the Forty-fourth Supplemental Indenture (collectively, the “Mortgage Indenture”), the Washington Natural Gas Company Indenture of First
Mortgage dated as of April 1, 1957 as supplemented from time to time (the “WNG Mortgage”) and PSE’s junior subordinated note “hybrid” indenture (which contractual restrictions are summarized below);

  

	 	4.	 The provisions of the Washington State Utilities and Transportation Commission Order 08 (the “WUTC
Merger Order”) Approving and Adopting Settlement Stipulation; Authorizing Transaction Subject to Conditions (summarized below); and 

  

	 	5.	 The restrictions on the ability of PSE to pay dividends set forth in the that certain Credit Agreement, dated
as of October 25, 2017, among PSE, as Borrower, Mizuho Bank, Ltd., as Administrative Agent and the lenders party thereto (the “Current PSE Credit Agreement”), as well as restrictions on the ability of PSE to pay dividends set forth in
any amendment, supplement or other modification to the Current PSE Credit Agreement or replacement of the Current PSE Credit Agreement, provided that such restrictions are not more onerous than those set forth in the Current PSE Credit Agreement as
in effect on the Effective Date. 

 Bylaws 

Article III, Section 9 of PSE’s Amended and Restated Bylaws (the “Bylaws”) requires Board Supermajority Approval (as defined
therein) for any determination of Distributable Cash (as defined therein) and the declaration of distributions. 

 Contractual Restrictions 

The Mortgage Indenture 
 Section 1.05
of the Forty-fourth Supplemental Indenture, which is in effect as long as any First Mortgage Bonds issued under the Mortgage Indenture are outstanding, prohibits declaration or payment of dividends on common stock, any other distribution on common
stock or redemption of any stock, 
 [I]f the aggregate amount of all such dividends, distributions and expenditures made after
December 31, 1957 would exceed the aggregate amount of the Company’s net income available for dividends on its Common Stock, accumulated after December 31, 1957 plus the sum of Seven Million Five Hundred Thousand Dollars ($7,500,000).

 “Net income available for dividends on common stock” is defined as total operating revenues and other income, less expenses, taxes (including
taxes based on income), interest charges and other appropriate items, including amounts actually charged for provision for maintenance, provision for retirements, depreciation or obsolescence, and provision for all dividends accrued on any
outstanding stock having preference over common stock as to dividends. Charges for depreciation cannot be less than the minimum provision for depreciation as defined in Section 1.32 of Part II of the Fortieth Supplemental Indenture, as follows:

 [T]he term “minimum provision for depreciation” for each calendar year . . . shall mean an amount by which 15% of the gross
operating revenues of the Company derived from the operation of its utility property subject to the lien of the Indenture (less an amount equal to the cost of electricity purchased, including any standby or service charges or similar charges for
electricity and net cost of electricity interchanged, and all rentals and lease payments) exceeds the charges for maintenance, repairs and renewals of such mortgaged utility property included or which should be included in operating expenses
pursuant to sound accounting practice. 
 The calculation for net income excludes certain deductions and adjustments, as set forth below: 

[I]n determining the net income of the Company for the purposes of this Section no deduction or adjustment shall be made for or in respect of
(a) charges or credits in connection with the redemption or retirement of any securities issued by the Company, including any amount paid in excess of the sum of (i) the principal amount or par or stated value of securities redeemed or
retired and (ii) the unamortized balance of any premium received on the sale of such securities, and also including, in the event that such redemption or retirement is effected with the proceeds of sale of other securities of the Company, any
interest or dividends on the securities redeemed or retired from the date on which the funds required for such redemption or retirement are deposited in trust for such purpose to the date 

 
of redemption or retirement; (b) profits or losses from sales of property or other assets carried in plant or investment accounts of the Company or from the reacquisition of any securities
of the Company, or taxes on or in respect of any such profits; (c) any change in or adjustment of the book value of any assets owned by the Company arising from a revaluation thereof; (d) charges to surplus on account of the amortization
or elimination of utility plant adjustment or acquisition accounts or intangibles; or (e) any earned surplus adjustment applicable to any period prior to January 1, 1958. 

WNG Mortgage 
 In connection with the
merger (the “Merger”) of Puget Sound Power & Light Company, Washington Energy Company and Washington Natural Gas Company (“WNG”), PSE agreed in the Thirty-First Supplemental Indenture dated as of
February 10, 1997 to the WNG Mortgage, among other things, to perform and fulfill all the terms, covenants and conditions of the WNG Mortgage binding upon WNG in respect of the trust estate subject to the WNG Mortgage. Therefore, covenants
contained in the WNG Mortgage, including any dividend restrictions, are subject to performance and fulfillment by the Company. 
 Various supplements to the
WNG Mortgage contain dividend restrictions. Typical of the most restrictive covenant is contained in the Twenty-Eighth Supplemental Indenture dated as of July 1, 1991 which prohibits the payment of dividends: 

If the aggregate amount of all such dividends, distributions and expenditures made since September 30, 1989, would exceed the aggregate
amount of the net income of WNG accumulated after September 30, 1989 plus the sum of $20,000,000. 
 Since WNG merged with and into PSE in the Merger,
net income of WNG for the purpose of the above test is the net income of the combined company, (that is WNG (and not Washington Energy Company) and Puget Sound Power & Light Company prior to the Merger, and PSE after the Merger) and, in
accordance with the WNG Mortgage, means the sum of (a) the total operating revenues of PSE, less an amount equal to the total operating expenses of PSE, including but not limited to (i) all taxes (including without limitation income,
excess profits and other taxes imposed on or measured by income or undistributed earnings or income), (ii) rentals, insurance, current repairs and maintenance, (iii) provision for retirements, depreciation or obsolescence, which shall be the
amount actually charged by PSE on its books of account (but in respect of depreciable gas utility property not subject to prior liens, shall not be less than the minimum provision for depreciation as defined in Section 1.32 of the WNG
Mortgage), and (iv) all charges on account of interest on indebtedness and on account of debt discount and expense, and (b) net income or loss from the operation of properties of WNG other than the trust estate and any other income
received (less applicable expenses) or loss from the operation of properties other than the trust estate and any other income received (less applicable expenses) or loss incurred by PSE; which sum shall be diminished by an amount equal to all
dividends accrued subsequent to September 30, 1989 (whether or not paid) on any outstanding stock of PSE having 

 
preference over the common stock of PSE as to dividends, assets or otherwise, all of the foregoing determined in accordance with generally accepted accounting principles. 

Since the Merger was accounted for as a pooling transaction, results for the combined company (and not WNG alone) should be used. 

WUTC Merger Order 
 Pursuant to the terms of the WUTC
Merger Order, PSE may not declare or pay dividends if PSE’s common equity ratio, calculated on a regulatory basis, is 44.0% or below except to the extent a lower equity ratio is ordered by the Washington State Utilities and Transportation
Commission (the “WUTC”). In addition, PSE may not declare or make any distribution unless on the date of distribution PSE’s corporate credit/issuer rating is investment grade, or, if its credit ratings are below investment
grade, PSE’s ratio of Earnings Before Interest, Tax, Depreciation and Amortization (“EBITDA”) to interest expect for the most recently ended four fiscal quarter periods prior to such date is equal to or great than three to one,
in which case, any distribution will be limited to an amount to service debt at Puget Energy, Inc. and to satisfy financial covenants in the credit facilities of Puget Energy, Inc. 

The ability to pay dividends or make other distributions upon the capital stock of Puget LNG, LLC is restricted by: 

The provisions of Title 25, Chapter 25.15 of the Revised Code of Washington 

 Schedule 3.15 

LITIGATION 
 None. 

 Schedule 3.19 

ENVIRONMENTAL MATTERS 
 None. 

 Schedule 3.21 

AFFILIATE TRANSACTIONS 
 None. 

 Schedule 5.07 

PROPERTIES AND ASSETS 
 It is contemplated
that the following Dispositions may occur: 
 (a) The sale or other disposition by Puget Energy, Inc. of up to 50% of the equity interests of
Puget LNG, LLC; and 
 (b) The sale or other disposition by Puget Western, Inc. of some or all of its assets. 

 Schedule 6.01(b) 

EXISTING LIENS 
 None. 

 Schedule 6.03(l) 

INVESTMENTS 
 None. 

 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 Term Loan Agreement identified below (as
amended, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex I 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 facilities identified below (including any guarantees included in such facilities) and
(ii) to the extent permitted to be assigned under applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) 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:	  	Puget Energy, Inc., a Washington corporation
			
	4.	  	Administrative Agent:	  	Toronto Dominion (Texas) LLC, as the administrative agent under the Credit Agreement
			
	5.	  	Credit Agreement:	  	The Term Loan Agreement dated as of October 1, 2018 among Puget Energy, Inc., the Lenders parties thereto and Toronto Dominion (Texas) LLC, as Administrative Agent

  

	1 	 Select as applicable. 

 6. Assigned Interest: 
  

							
	 Facility Assigned2

	  	 Aggregate Amount of

Commitment/Loans for all

Lenders
	  	 Amount of

Commitment/
 Loans Assigned
	  	 Percentage Assigned

of
 Commitment/Loans3 

		  	$	  	$	  	%
		  	$	  	$	  	%
		  	$	  	$	  	%

 Effective Date: _____________ ___, 20___ [TO BE INSERTED BY
ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

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

 

			
	ASSIGNOR
	
	[NAME OF ASSIGNOR]
		
	By:	 	 
		 	Title:

  

			
	ASSIGNEE
	
	[NAME OF ASSIGNEE]
		
	By:	 	 
		 	Title:

  

	2 	 Fill in the appropriate terminology for the types of facilities under the Credit Agreement that are being
assigned under this Assignment (e.g., “Revolving Commitment”, “Tranche A Term Loan Commitment”, “Tranche B Term Loan Commitment”, etc.). 

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

  
 2 

 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 or any other Lender, and (v) if it is a Non-U.S. Lender,
attached to the Assignment and Assumption is any documentation required to be delivered by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and
without reliance on the Administrative Agent, the Assignor or any other Lender, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the
Loan Documents, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 

(b) agrees that (i) it will, independently and without reliance on the Administrative Agent, the Assignor or any other Lender, and based
on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents, and (ii) it will perform in accordance with their terms all of the
obligations which by the terms of the Loan Documents are required to be performed by it as a Lender. 
 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. Delivery of an executed counterpart of a signature page of this Assignment and
Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT B 

[RESERVED] 

 EXHIBIT C 

FORM OF INCREASING LENDER SUPPLEMENT 

INCREASING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), by and among each of the signatories hereto, to
the Term Loan Agreement, dated as of October 1, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders
party thereto and Toronto Dominion (Texas) LLC, 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 from time to time request Incremental Term Loans under the Credit Agreement by requesting one or more Lenders to participate in such a tranche; 

WHEREAS, the Borrower has given notice to the Administrative Agent of its intention to request Incremental Term Loans 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 Loan 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 Loan increased by $[__________], thereby making the aggregate amount of its total Loan 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. 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK] 

 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: 

 

			
	 PUGET ENERGY, INC.

			
		
	By:	 	 
	 Name:

	 Title:

 Acknowledged as of the date first written above: 
  

			
	 TORONTO DOMINION (TEXAS) LLC,
 as
Administrative Agent

			
		
	By:	 	 
	Name:
	Title:

  
 2 

 EXHIBIT D 

FORM OF AUGMENTING LENDER SUPPLEMENT 

AUGMENTING LENDER SUPPLEMENT, dated __________, 20___ (this “Supplement”), to the Term Loan Agreement, dated as of
October 1, 2018 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders party thereto and Toronto Dominion
(Texas) LLC, 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 Loans 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 Loan 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. 
 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] 

  
 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: 

 

			
	 PUGET ENERGY, INC.

			
		
	By:	 	 
	 Name:

	 Title:

 Acknowledged as of the date first written above: 
  

			
	 TORONTO DOMINION (TEXAS) LLC
 as
Administrative Agent

			
		
	By:	 	 
	Name:
	Title:

  
 3 

 EXHIBIT E 

LIST OF CLOSING DOCUMENTS 
 PUGET
ENERGY, INC. 
 TERM LOAN AGREEMENT 

October 1, 2018 
 LIST OF
CLOSING DOCUMENTS1 
 A. LOAN DOCUMENTS 

 

	1.	 Term Loan Agreement (the “Credit Agreement”) by and among Puget Energy, Inc., a Washington
corporation (the “Borrower”), the institutions from time to time parties thereto as Lenders (the “Lenders”) and Toronto Dominion (Texas) LLC, in its capacity as Administrative Agent for itself and the other Lenders
(the “Administrative Agent”), evidencing a term loan agreement to the Borrower from the Lenders in an initial aggregate principal amount of $150,000,000. 

SCHEDULES 
  

					
	Schedule 1.01(a)	  	–	  	Existing Indebtedness
	Schedule 1.01(b)	  	–	  	Permitted Holders
	Schedule 2.01	  	–	  	Commitments
	Schedule 3.04	  	–	  	Regulatory Approvals
	Schedule 3.13(a)	  	–	  	Subsidiaries
	Schedule 3.13(b)	  	–	  	Subsidiaries’ Jurisdictions of Organization
	Schedule 3.14	  	–	  	Existing Dividend Restrictions
	Schedule 3.15	  	–	  	Litigation
	Schedule 3.19	  	–	  	Environmental Matters
	Schedule 3.21	  	–	  	Affiliate Transactions
	Schedule 5.07	  	–	  	Properties and Assets
	Schedule 6.01(b)	  	–	  	Existing Liens
	Schedule 6.03(l)	  	–	  	Investments

 EXHIBITS 
  

					
	Exhibit A	  	–	  	Form of Assignment and Assumption
	Exhibit B	  	–	  	[Reserved] 
	Exhibit C	  	–	  	Form of Increasing Lender Supplement
	Exhibit D	  	–	  	Form of Augmenting Lender Supplement
	Exhibit E	  	–	  	List of Closing Documents
	Exhibit F	  	–	  	Form of Term Note
	Exhibit G-1	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Not Partnerships)
	Exhibit G-2	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Lenders That Are Partnerships)

  

	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 G-3	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Not Partnerships)
	Exhibit G-4	  	–	  	Form of U.S. Tax Certificate (Non-U.S. Participants That Are Partnerships)
	Exhibit H	  	–	  	Collateral Agency Agreement
	Exhibit I	  	–	  	[Reserved] 
	Exhibit J	  	–	  	Form of Solvency Certificate
	Exhibit K	  	–	  	Pledge Agreement
	Exhibit L	  	–	  	Security Agreement
	Exhibit M	  	–	  	Terms of Subordination

  

	2.	 Reaffirmation Agreement, executed by the Borrower and Puget Equico LLC in favor of JPMorgan Chase Bank, N.A.,
as Collateral Agent (the “Collateral Agent”). 

  

	3.	 Notes, if any, 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. 

  

	4.	 

  

	 	i.	 Copy of Amended and Restated Pledge Agreement between Puget Equico LLC (“Equico”) and JPMorgan Chase
Bank, N.A., as successor Collateral Agent, together with copies of the applicable pledged securities. 

  

	 	ii.	 Copy of Amendment No. 1 to Amended and Restated Pledge Agreement. 

 

	5.	 

  

	 	i.	 Copy of Amended and Restated Borrower Security Agreement between the Borrower and the Collateral Agent,
together with copies of the applicable pledged securities. 

  

	 	ii.	 Copy of Amendment No. 1 to Amended and Restated Borrower Security Agreement. 

 

	6.	 

  

	 	i.	 Amended and Restated Collateral Agency Agreement by and among the Borrower, Equico, the Administrative Agent
and the other parties thereto, together with Amendment No. 1 to Amended and Restated Collateral Agency Agreement. 

  

	 	ii.	 Joinder Agreement to that certain Amended and Restated Collateral Agency Agreement, dated as of the date
hereof, executed by the Administrative Agent. 

 B. CORPORATE DOCUMENTS 

 

	7.	 Certificate of the Secretary or an Assistant Secretary of the Borrower in his or her capacity as such
officer certifying (i) that there have been no changes in the Articles of Incorporation of the Borrower, as attached thereto and as certified as of a recent date by the Secretary of State (or analogous governmental
entity) of the State of Washington, since the date of the certification thereof by such governmental entity, (ii) the By-Laws, as attached thereto, of the Borrower as in effect
on the date of such certification, (iii) resolutions of the board of directors of the Borrower authorizing the execution, delivery and performance of each Loan Document and (iv) the
names and true signatures of the incumbent officers of the Borrower authorized to sign the Loan Documents and authorized to request a Borrowing under the Credit Agreement.  

 

	8.	 Certificate of Existence for the Borrower from the Secretary of State of the State of Washington.
 

  
 2 

 C. OPINION 

 

	9.	 Opinion of Perkins Coie, counsel for the Borrower. 

D. UCC DOCUMENTATION 
  

	10.	 UCC, tax lien and name variation search reports with respect to the Borrower and Equico from the appropriate
offices in the State of Washington. 

 E. CLOSING CERTIFICATES AND MISCELLANEOUS 

 

	11.	 A Certificate signed by the President, a Vice President or a Financial Officer of the Borrower in his or
her capacity as such officer certifying the following: (i) all of the representations and warranties of the Borrower set forth in the Credit Agreement are true and correct and
(ii) no Default or Event of Default has occurred and is then continuing.  

  
 3 

 EXHIBIT F 

FORM OF TERM LOAN NOTE 
 NOTE

  

					
	$_                            	  		  	[DATE]

 FOR VALUE RECEIVED, the undersigned, PUGET ENERGY, INC., a Washington corporation (the
“Borrower”), HEREBY UNCONDITIONALLY PROMISES TO PAY to the order of [LENDER NAME] (the
“Lender”) the aggregate unpaid principal amount of all Loans made by the Lender to the Borrower pursuant to the “Term Loan Agreement” (as defined below) on the Maturity Date or on such earlier date as may be required by
the terms of the Term Loan Agreement. Capitalized terms used herein and not otherwise defined herein are as defined in the Term Loan 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 Term Loan Agreement. Interest hereunder is due and payable at such times and on such dates as set forth in the Term Loan Agreement. 

At the time of each Loan, and upon each payment or prepayment of principal of each 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 Eurodollar 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 Term Loan
Agreement. 
 This Note is one of the notes referred to in, and is entitled to the benefits of, that certain Term Loan Agreement dated as of
October 1, 2018 by and among the Borrower, the financial institutions from time to time parties thereto as Lenders and Toronto Dominion (Texas) LLC, as Administrative Agent (as the same may be amended, restated, supplemented or otherwise
modified from time to time, the “Term Loan Agreement”). The Term Loan Agreement, among other things, (i) provides for the making of Loans by the Lender to the undersigned Borrower [or, as applicable, Incremental Term Loans] in
an aggregate amount not to exceed at any time outstanding such Lender’s Commitment, the indebtedness of the undersigned Borrower resulting from each such Loan to it 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 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. 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

 
			
	PUGET ENERGY, INC.

 
			
		
	By:	 	 
	Name:
	Title:

 Signature Page to Note 

 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 G-1 

FORM OF U.S. TAX CERTIFICATE 
 (For
Non-U.S. Lenders That Are Not Partnerships For U.S. federal Income Tax Purposes) 
 Reference is
hereby made to the Term Loan Agreement dated as of October 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the
Lenders party thereto and Toronto Dominion (Texas) LLC, 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, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code and
(v) the interest payments in question are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 

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 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-2 

FORM OF U.S. TAX CERTIFICATE 
 (For
Non-U.S. Lenders That Are Partnerships For U.S. federal Income Tax Purposes) 
 Reference is hereby
made to the Term Loan Agreement dated as of October 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the Lenders
party thereto and Toronto Dominion (Texas) LLC, 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 partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such
Loan(s)), (iii) with respect to the extension of credit pursuant to this Credit Agreement, neither the undersigned nor any of its 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 partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its
partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (vi) the interest payments in question are not effectively connected with the undersigned’s or its
partners/members’ conduct of a U.S. trade or business. 
 The undersigned has furnished the Administrative Agent and the Borrower with
IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E from each of its
partners/members 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-3 

FORM OF U.S. TAX CERTIFICATE 
 (For
Non-U.S. Participants That Are Not Partnerships For U.S. federal Income Tax Purposes) 
 Reference
is hereby made to the Term Loan Agreement dated as of October 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the
Lenders party thereto and Toronto Dominion (Texas) LLC, 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, (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code, and (v) the interest payments in question
are not effectively connected with the undersigned’s conduct of a U.S. trade or business. 
 The undersigned has furnished its
participating Lender with a certificate of its non- U.S. person status on IRS Form W-8BEN or
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
LENDER] 

			
		
	By:	 	 

			
	 Name:
	 	
	 Title:
	 	

 Date:                  ,
20[    ] 

 EXHIBIT G-4 

FORM OF U.S. TAX CERTIFICATE 
 (For
Non-U.S. Participants That Are Partnerships For U.S. federal Income Tax Purposes) 
 Reference is
hereby made to the Term Loan Agreement dated as of October 1, 2018 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc. (the “Borrower”), the
Lenders party thereto and Toronto Dominion (Texas) LLC, 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 partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any
of its 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 partners/members is a ten
percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code, (v) none of its partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code,
and (vi) the interest payments in question are not effectively connected with the undersigned’s or its partners/members’ conduct of a U.S. trade or business. 

The undersigned has furnished its participating Lender with IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E from each of its partners/members 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 H 

COLLATERAL AGENCY AGREEMENT 

[ATTACHED] 

 EXECUTION COPY 

AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

Dated as of February 6, 2009 

as amended and restated as of March 31, 2010 

among 
 PUGET ENERGY INC.,

 as the Borrower 
 PUGET
EQUICO LLC, 
 as the Parent 

BARCLAYS BANK PLC, 
 as the
Collateral Agent, 
 BARCLAYS BANK PLC, 

as the Facility Agent 
 and 

AUTHORIZED REPRESENTATIVES 

from time to time party hereto 

  

					
		  		  	Puget-Amended and Restated Collateral Agency Agreement

 TABLE OF CONTENTS 
  

					
	 	  	Page	 
	 Article 1. Definitions and Interpretation
	  	 	2	 
		
	 Section 1.01. Principles of Interpretation
	  	 	2	 
		
	 Section 1.02. Definitions
	  	 	2	 
		
	 Article 2. Appointment and Duties of Collateral Agent; Secured Parties’ Agreements;
Collateral Matters
	  	 	11	 
		
	 Section 2.01. Appointment and Duties of Collateral Agent
	  	 	11	 
		
	 Section 2.02. Secured Parties’ Agreements; No Interference; Payment Over
	  	 	11	 
		
	 Section 2.03. Possessory Collateral Agent as Gratuitous Bailee for Perfection
	  	 	12	 
		
	 Section 2.04. Collateral Matters; Actions with Respect to Collateral; Prohibition on Contesting
Liens
	  	 	13	 
		
	 Section 2.05. Absolute Rights of Secured Parties and Authorized Representatives
	  	 	14	 
		
	 Section 2.06. Refinancings of Credit Agreement and Additional Credit Documents
	  	 	15	 
		
	 Section 2.07. Release of Liens on Collateral
	  	 	16	 
		
	 Article 3. Decision Making; Voting; Notice and Procedures
	  	 	16	 
		
	 Section 3.01. Decision Making
	  	 	16	 
		
	 Section 3.02. Voting Generally
	  	 	16	 
		
	 Section 3.03. Intercreditor Votes: Each Party’s Entitlement to Vote
	  	 	17	 
		
	 Section 3.04. Intercreditor Votes: Votes Allocated to Each Party
	  	 	17	 
		
	 Section 3.05. [Reserved]
	  	 	18	 
		
	 Section 3.06. Exercise of Discretion With Respect to Intercreditor Aspects of the Credit
Documents
	  	 	18	 
		
	 Section 3.07. Certain Modifications by the Secured Parties
	  	 	18	 
		
	 Section 3.08. Effect of Amendment on Collateral Agent
	  	 	19	 
		
	 Section 3.09. Notification of Matters
	  	 	19	 
		
	 Section 3.10. Notice of Amounts Owed
	  	 	19	 

  

					
		  	i	  	Puget-Amended and Restated Collateral Agency Agreement

					
	 Article 4. Default; Remedies
	  	 	19	 
		
	 Section 4.01. Notice of Defaults
	  	 	19	 
		
	 Section 4.02. Acceleration; Termination
	  	 	20	 
		
	 Section 4.03. Instructions Upon Event of Default
	  	 	20	 
		
	 Section 4.04. Remedies
	  	 	21	 
		
	 Section 4.05. Distribution of Collateral Proceeds
	  	 	21	 
		
	 Section 4.06. Sharing
	  	 	22	 
		
	 Section 4.07. Insolvency or Liquidation Proceedings
	  	 	22	 
		
	 Article 5. Rights of Collateral Agent
	  	 	23	 
		
	 Section 5.01.
	  	 	23	 
		
	 Article 6. Resignation or Removal of the Collateral Agent
	  	 	26	 
		
	 Article 7. No Impairments of Other Rights
	  	 	26	 
		
	 Article 8. Termination
	  	 	26	 
		
	 Article 9. Miscellaneous
	  	 	26	 
		
	 Section 9.01. Waiver
	  	 	26	 
		
	 Section 9.02. Notices
	  	 	27	 
		
	 Section 9.03. Amendments, Etc.
	  	 	28	 
		
	 Section 9.04. Successors and Assigns
	  	 	28	 
		
	 Section 9.05. Survival
	  	 	28	 
		
	 Section 9.06. Severability
	  	 	29	 
		
	 Section 9.07. Counterparts
	  	 	29	 
		
	 Section 9.08. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL
	  	 	29	 
		
	 Section 9.09. Joinder
	  	 	29	 
		
	 Section 9.10. Specific Performance
	  	 	30	 
		
	 Section 9.11. Agreement for Benefit of Parties Hereto
	  	 	30	 
		
	 Section 9.12. Integration
	  	 	30	 

  

					
		  	ii	  	Puget-Amended and Restated Collateral Agency Agreement

			
	 APPENDIX A
	  	Form of Joinder Agreement

  

					
		  	iii	  	Puget-Amended and Restated Collateral Agency Agreement

 AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

This AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (this “Agreement”), dated as of February 6, 2009, as
amended and restated as of March 31, 2010, among PUGET ENERGY INC., a Washington corporation (the “Company”) (successor in interest by merger to Puget Merger Sub Inc. (“Merger Sub”), PUGET EQUICO LLC, a
Washington limited liability company (the “Parent”), BARCLAYS BANK PLC, as facility agent under the Credit Agreement (as defined below) (in such capacity, together with any successor facility agent appointed pursuant
to the Credit Agreement, the “Facility Agent”), BARCLAYS BANK PLC as collateral agent for the Secured Parties (in such capacity, together with its successors and assigns, the “Collateral Agent”), each Interest Rate
Hedge Bank and each additional Authorized Representative from time to time party hereto for the Additional Secured Parties with respect to which it is acting in such capacity. Certain capitalized terms used herein are defined in Article 1 of this
Agreement. 
 W I T N E S S E T H : 

WHEREAS, the Merger Sub entered into a Credit Agreement dated as of February 6, 2009 (said Agreement, as amended, amended and
restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Facility Agent, the Lenders and the other parties thereto;  

WHEREAS, the Company, upon the consummation of the Merger, assumed, pursuant to the Assumption Agreement, all of the obligations of the
Merger Sub under the Credit Agreement, this Agreement and all of the other Financing Documents to which the Merger Sub was a party; the Merger Sub (prior to the Effective Time) and the Company (upon and after the Effective Time) are referred to
herein as the “Borrower”; 
 WHEREAS, each of the Interest Rate Hedge Banks has entered into or shall enter into
after the date hereof an Interest Hedging Agreement with the Borrower pursuant to which the Interest Rate Hedge Banks will provide certain protection against movements in interest rates on the terms and subject to the conditions set forth therein;
 
 WHEREAS, the Borrower may from time to time issue or enter into one or more notes, indentures, promissory notes, credit
agreements or such other credit documents, the obligations under which may be secured by a first priority lien on the Collateral to the extent permitted under the Credit Documents; and  

WHEREAS, the Facility Agent, as Authorized Representative for the Lenders under the Credit Agreement, the Interest Rate Hedge Banks and
the other Authorized Representatives for the Additional Secured Parties wish to appoint the Collateral Agent to act on their behalf in accordance with the provisions of the Security Documents and the terms hereof. 

NOW, THEREFORE, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto
hereby agree as follows: 

  

					
		  	S-1	  	Puget-Amended and Restated Collateral Agency Agreement

 Article 1. Definitions and Interpretation. 

Section 1.01. Principles of Interpretation. With reference to this Agreement, unless otherwise specified herein or in such other
Security Document: 
 (a) The meanings of defined terms are equally applicable to the singular and plural forms of the defined terms. 

(b) The words “herein”, “hereto”, “hereof” and “hereunder” and words of
similar import when used herein shall refer to this Agreement as a whole and not to any particular provision thereof. 
 (i) Article,
Section, Exhibit and Schedule references are to this Agreement unless specified to the contrary. 
 (ii) The term “including” is
by way of example and not limitation. 
 (iii) The term “documents” includes any and all instruments, documents, agreements,
certificates, notices, reports, financial statements and other writings, however evidenced, whether in physical or electronic form. 
 (c)
In the computation of periods of time from a specified date to a later specified date, the word “from” means “from and including”; the words “to” and “until” each mean “to but excluding”; and the
word “through” means “to and including”. 
 (d) Section headings herein are included for convenience of reference only
and shall not affect the interpretation of this Agreement. 
 Section 1.02. Definitions. In addition, the following terms shall
have the following meanings under this Agreement: 
 “Additional Credit Documents” shall mean any indenture, note,
promissory note, instrument or other agreement entered into by the Borrower after the date of this Agreement, if any, pursuant to which the Borrower will incur Additional Secured Obligations from time to time, to the extent permitted under the
Credit Documents, and which have been designated as Additional Credit Documents in accordance with Section 9.09(b) of this Agreement. 

“Additional Secured Obligations” shall mean any indebtedness and obligations of the Borrower arising under any Additional
Credit Document that the Borrower designates as Additional Secured Obligations in accordance with Section 9.09(b) of this Agreement, in each case to the extent permitted (if addressed therein, or, otherwise, not prohibited) under the
Credit Agreement and the other Credit Documents as of the date of such designation; provided that the holder of such indebtedness or other obligations (or the agent, trustee or representative acting on behalf of the holder of such
indebtedness or other obligation) shall either be a party hereto or shall have executed and delivered to the Collateral Agent a Joinder Agreement pursuant to which such holder (or such agent, trustee or representative acting on behalf of such
holder) has become a party to this Agreement and has agreed to be bound by the obligations of a “Secured Party” under the terms of this Agreement. Subject to meeting the requirements of the preceding sentence, Additional Secured
Obligations shall include (a) advances to, and debts, liabilities, obligations, covenants and duties of the Borrower arising under any Additional Credit Documents, whether direct or indirect (including those acquired by assumption), absolute or
contingent, due or to 

  

					
		  	S-2	  	Puget-Amended and Restated Collateral Agency Agreement

 
become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower, of any proceeding under any Debtor Relief Laws naming
such Person as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding, (b) the obligation to pay principal, interest, reimbursement obligations, charges, expenses, fees, Attorney Costs,
indemnities and other amounts payable by the Borrower under any Additional Credit Document and (c) the obligation of the Borrower to reimburse any amount in respect of any of the foregoing that any Additional Secured Party, in its sole
discretion, may elect to pay or advance on behalf of the Borrower. 
 “Additional Secured Parties” means any holders of any
Additional Secured Obligations and any Authorized Representative with respect thereto. 
 “Affiliate” means, with respect to
any 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. 

“Agent” shall mean the Collateral Agent, each Authorized Representative and each of their respective successors and assigns.

 “Agent-Related Persons” shall mean the Agents, together with their respective Affiliates, and the officers, directors,
employees, agents and attorneys-in-fact of such Persons and Affiliates. 

“Attorney Costs” shall mean and include, as the context requires, all reasonable and documented fees, expenses and
disbursements of any external legal counsel. 
 “Authorized Representative” shall mean (a) in the case of any Credit
Agreement Obligations or the Lenders under the Credit Agreement, the Facility Agent, (b) in the case of any Secured Hedge Obligations and the Interest Rate Hedge Banks, such Interest Rate Hedge Bank or any Person appointed by such Interest Rate
Hedge Bank to act as its agent or representative and (c) in the case of any Series of Additional Secured Obligations or Additional Secured Parties that become subject to this Agreement after the date hereof, the Authorized Representative named
for such Series in the applicable Joinder Agreement. 
 “Bankruptcy Code” shall mean Title 11 of the United States Code, as
amended. 
 “Borrower Group” shall mean the Borrower and the Operating Companies and “Borrower Group
Member” means any of the Borrower or any Operating Company. 
 “Borrower Side Person” has the meaning specified in
Section 9.03(b). 
 “Business Day” shall mean any day which is neither a Saturday or Sunday nor a legal holiday
on which any financial institution or banks are authorized or required to be closed in New York, New York or Bellevue, Washington. 

“Cash Management Obligations” means obligations owed by any Borrower Group Member to any Lender or any Affiliate of a Lender
in respect of any overdraft and related liabilities arising from treasury, depository and cash management services or any automated clearing house transfers of funds. 

“Collateral” shall mean all the “Collateral”, as defined in each of the Security Documents. 

  

					
		  	S-3	  	Puget-Amended and Restated Collateral Agency Agreement

 “Commitments” shall have the meaning specified in the Credit Agreement.

 “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. “Controls”, “Controlling” and “Controlled” have meanings correlative thereto. 

“Controlling Authorized Representative” shall mean (a) until the earlier to occur of (i) the Discharge of Credit
Agreement Obligations and (ii) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date (if any), the Facility Agent and (b) from and after the earlier to occur of
(i) Discharge of Credit Agreement Obligations and (ii) the occurrence of the Majority Non-Controlling Voting Party Enforcement Date, the Authorized Representative for the Majority Non-Controlling Voting Parties at such time. 
 “Credit Agreement” has the meaning
specified in the first recital hereto. 
 “Credit Agreement Obligations” shall mean all (a) advances to, and debts,
liabilities, obligations, covenants and duties of the Borrower arising under any Financing Document or otherwise with respect to any Loan, whether direct or indirect (including those acquired by assumption), absolute or contingent, due or to become
due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against the Borrower, of any proceeding under any Debtor Relief Laws naming such Person as the debtor in such proceeding, regardless of
whether such interest and fees are allowed claims in such proceeding, and (b) Cash Management Obligations. Without limiting the generality of the foregoing, Credit Agreement Obligations include (x) the obligation to pay principal,
interest, reimbursement obligations, charges, expenses, fees, Attorney Costs, indemnities and other amounts payable by the Borrower under any Financing Document and (y) the obligation of the Borrower to reimburse any amount in respect of any of
the foregoing that any Lender, in its sole discretion, may elect to pay or advance on behalf of the Borrower. 
 “Credit
Document” shall mean, collectively (without duplication), each Financing Document and any Additional Credit Document providing for or evidencing any Additional Secured Obligations. 

“Creditor Side Person” has the meaning specified in Section 9.03(b). 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Default” shall mean any event or condition that constitutes an Event of Default under the Credit
Agreement or any Additional Credit Document or that, with the giving of any notice, the passage of time, or both, would be an Event of Default under the Credit Agreement or any Additional Credit Document. 

“Discharge of Credit Agreement Obligations” shall mean, except as expressly set forth in Section 2.06(a) and
Section 4.07(c), the payment in full in cash of all outstanding principal amount of Loans under the Credit Agreement, all interest due (including, without limitation, interest accruing at the then applicable rate provided in the Credit
Agreement after the maturity of the Loans and any Post-Petition Interest) on all “Obligations” outstanding under the Credit 

  

					
		  	S-4	  	Puget-Amended and Restated Collateral Agency Agreement

 
Agreement and all fees payable or otherwise accrued under the Financing Documents (other than any contingent indemnity obligations that expressly survive the termination of the Financing
Documents). 
 “Discharge of Secured Obligations” shall mean, except as expressly set forth in Section 2.06 and
Section 4.07(c), the payment in full in cash of all (a) outstanding Secured Obligations under any Credit Document, (b) interest (including, without limitation, interest accruing at the then applicable rate provided in the
applicable Credit Document after the maturity of the Loans or other indebtedness or other relevant Secured Obligations and Post-Petition Interest) on all Secured Obligations outstanding under any Credit Document, and all fees and other Secured
Obligations outstanding under each Credit Document (other than any contingent indemnity obligations that expressly survive the termination of the Credit Documents). 

“Early Termination Date” shall have the respective meaning assigned thereto under each Interest Hedging Agreement. 

“Environmental Law” shall mean any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules,
judgments, orders, initiatives, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution, the protection of the environment, natural resources, or, to the extent relating to exposure
to Hazardous Materials, human health or safety or to the release of any Hazardous Materials into the environment, including air emissions and discharges to waste or public systems. 

“Environmental Liability” shall mean any liability, contingent or otherwise (including any liability for damages, costs of
environmental remediation, fines, penalties or indemnities), of the Borrower or any of its Subsidiaries resulting from (a) the actual or alleged 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, or presence 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” shall mean, with respect to any Person, all of the shares, membership interests, rights, participations or other equivalents (however designated) of capital stock of (or other ownership or profit interests or units in) such
Person and all of the warrants, options or other rights for the purchase, acquisition or exchange from such Person of any of the foregoing (including through convertible securities). 

“Event of Default” shall mean (a) an “Event of Default” under and as defined in the Credit Agreement or any
Additional Credit Document or (b) any event leading to an “Early Termination Date” or an “Early Termination Event” under any Interest Rate Hedging Agreement with respect to which the Borrower or any Loan Party is the
defaulting party or affected party, as the case may be. 
 “Financial Closing Date” shall mean February 6, 2009. 

“Financing Documents” shall have the meaning specified in the Credit Agreement. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof, any agency,
authority, instrumentality, regulatory body, court, administrative 

  

					
		  	S-5	  	Puget-Amended and Restated Collateral Agency Agreement

 
tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government. 

“Hazardous Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or
pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, toxic mold, polychlorinated biphenyls, radon gas, infectious or medical wastes and all other such substances or wastes defined in or otherwise
regulated as “hazardous” or “toxic” wastes or substances under applicable Environmental Law. 
 “Hedge
Default” shall mean the occurrence of any event specified in an Interest Hedging Agreement that entitles the Interest Rate Hedge Bank party thereto to cause the early termination thereof in accordance with the terms thereof. 

“Hedge Termination Certificate” shall mean a certificate of any Interest Rate Hedge Bank stating that an Early Termination
Date has occurred or has been designated under an Interest Hedging Agreement to which it is a party and setting forth the resulting Settlement Amount. 

“Immaterial Subsidiary” has the meaning specified in the Credit Agreement. 

“Indemnified Liabilities” means all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments,
suits, costs, expenses and disbursements (including Attorney Costs) of any kind or nature whatsoever which may at any time be imposed on, incurred by or asserted against any Indemnified Party in any way relating to or arising out of or in connection
with (a) the execution, delivery, enforcement, performance or administration of any Credit Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby or (b) any actual or
prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for or defense of any pending or threatened claim,
investigation, litigation or proceeding). 
 “Indemnified Party” means, collectively, the Collateral Agent, its Affiliates
and the directors, officers, employees, agents, representatives, trustees and attorneys-in-fact of such Persons and Affiliates. 

“Indemnified Secured Parties” has the meaning specified in Section 5.01(f). 

“Insolvency or Liquidation Proceeding” means (a) any voluntary or involuntary case or proceeding under Debtor Relief Laws
with respect to any Loan Party, (b) any other voluntary or involuntary insolvency, reorganization or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding with respect to any Loan
Party or with respect to a material portion of their respective assets, (c) any liquidation, dissolution, reorganization or winding up of any Loan Party whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or
(d) any assignment for the benefit of creditors or any other marshalling of assets and liabilities of any Loan Party. 

“Intercreditor Vote” shall mean a vote conducted in accordance with the procedures set forth in Article 3 hereof among
the Voting Parties for the Series entitled to vote with respect to the particular decision at issue. 
 “Interest Hedging
Agreements” means any rate swap, cap or collar agreement or similar arrangement between the Borrower and one or more interest rate hedge providers designed to 

  

					
		  	S-6	  	Puget-Amended and Restated Collateral Agency Agreement

 
protect such Person against fluctuations in interest rates. For purposes of this Agreement, the indebtedness at any time of the Borrower under an Interest Hedging Agreement shall be determined at
such time in accordance with the methodology set forth in such Interest Hedging Agreement. 
 “Interest Rate Hedge Bank”
shall mean (a) any Person that is a Lender or an Affiliate of a Lender at the time it enters into an Interest Hedging Agreement or (b) Macquarie Bank Limited to the extent it enters into an Interest Hedging Agreement, in each case, in its
capacity as a party to such Interest Hedging Agreement and only for so long as any obligations of the Borrower remain outstanding under the Interest Hedging Agreement to which such Interest Rate Hedge Bank is a party; provided that such
Interest Rate Hedge Bank executes a Joinder Agreement pursuant to Section 3.03(b); and provided, further, that no Affiliate of the Borrower other than Macquarie Bank Limited and its successors shall become an Interest Rate
Hedge Bank. 
 “Joinder Agreement” shall mean a Joinder Agreement executed by the Collateral Agent and each Authorized
Representative for the Secured Obligations subject thereto in accordance with Section 3.03(b) or Section 9.09(b), in form and substance substantially in the form set forth as Appendix A hereto. 

“Law” shall mean, collectively, all international, foreign, federal, state and local statutes, treaties, rules, guidelines,
regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation or administration thereof, and
all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of law. 

“Lender” shall mean a “Lender” as defined in the Credit Agreement. 

“Lien” means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other),
charge, or preference, priority or other security interest or preferential arrangement, of any kind or nature whatsoever (including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to
real property having substantially the same economic effect as any of the foregoing). 
 “Loans” shall mean
“Loans” as defined in the Credit Agreement. 
 “Loan Party” shall mean each of the Borrower and the Parent. 

“Lock-Up Account” has the meaning specified in the Security Agreement. 

“Macquarie” means The Macquarie Capital Group, which includes Macquarie Capital Group Limited, its direct or indirect
subsidiaries, and the funds (or similar vehicles) they manage. 
 “Macquarie Affiliates” means Macquarie Finance Americas
Inc. and Affiliates of Macquarie that are offshore banking units. 
 “Majority
Non-Controlling Voting Parties” shall mean, at any time, the Secured Parties owed or holding Secured Obligations that constitute the largest total outstanding amount of any then outstanding Series of
Secured Obligations. 

  

					
		  	S-7	  	Puget-Amended and Restated Collateral Agency Agreement

 “Majority Non-Controlling Voting Party
Enforcement Date” shall mean with respect to any Series of Secured Obligations, the date which is 90 days (throughout which 90 day period such Series of Secured Obligations was the Series constituting the Majority Non-Controlling Voting Parties) after the occurrence of both (i) an Event of Default (under and as defined in the Credit Document applicable to such Majority
Non-Controlling Voting Parties) and (ii) the Collateral Agent’s and each other Authorized Representative’s receipt of written notice from the Authorized Representative for the Majority Non-Controlling Voting Parties certifying that (x) the holders of such Series of Secured Obligations are the Majority Non-Controlling Voting Parties and that an Event of
Default (under and as defined in the Credit Document applicable to such Majority Non-Controlling Voting Parties) has occurred and is continuing and (y) the Secured Obligations of such Series are currently
due and payable in full (whether as a result of acceleration thereof or otherwise) in accordance with the terms of the applicable Credit Document governing the Series for such Majority Non-Controlling Voting
Parties; provided that the 90-day period referenced above in this definition shall be stayed and the Majority Non-Controlling Voting Party Enforcement Date shall
be stayed and shall not occur and shall be deemed not to have occurred with respect to any Collateral (1) at any time the Collateral Agent has commenced and is diligently pursuing any enforcement action with respect to such Collateral or
(2) at any time any Loan Party or any grantor which has granted a security interest in such Collateral is then a debtor under or with respect to any Insolvency or Liquidation Proceeding. 

“Member” shall mean any Person owning of record or beneficially any of the issued and outstanding Equity Interests in the
Parent, the Borrower or Puget Holdings LLC. 
 “New Collateral Agent” has the meaning specified in
Section 2.06(a). 
 “New Facility Agent” has the meaning specified in Section 2.06(a). 

“Non-Voting Lender” has the meaning specified in Section 3.03(c). 

“Notice of Default’ has the meaning specified in Section 4.01(a). 

“Operating Company” means Puget Sound Energy, Inc., a Washington Corporation, and each other Subsidiary of the Borrower other
than any Immaterial Subsidiary and, for the avoidance of doubt, the term Operating Company shall include Puget Western, Inc. 

“Parent” has the meaning specified in the introductory paragraph of this Agreement. 

“Person” means any natural person, corporation, limited liability company, trust, joint venture, association, company,
partnership, Governmental Authority or other entity. 
 “Possessory Collateral” shall mean any Collateral in the possession
of the Collateral Agent or any Authorized Representative (or its agents or bailees), to the extent that possession thereof perfects a Lien thereon under the Uniform Commercial Code of any jurisdiction. Possessory Collateral includes, without
limitation, any Certificated Securities, Instruments, and Chattel Paper, in each case, delivered to or in the possession of the Collateral Agent or any Authorized Representative (or its agent or bailees) under the terms of the Security Documents.
All capitalized terms used in this definition and not defined elsewhere in this Agreement have the meanings assigned to them in the New York Uniform Commercial Code. 

  

					
		  	S-8	  	Puget-Amended and Restated Collateral Agency Agreement

 “Post-Petition Interest” shall mean any interest or entitlement of fees or
expenses or other charges that accrues after the commencement of any Insolvency or Liquidation Proceeding, whether or not allowed or allowable in any such Insolvency or Liquidation Proceeding. 

“Refinance” shall mean, in respect of any indebtedness, (a) such indebtedness (in whole or in part) as extended, renewed,
defeased, refinanced, replaced, refunded, repaid, restated, supplemented, restructured, renewed, increased or otherwise amended or modified and (b) any other indebtedness issued in exchange or replacement for or to refinance such indebtedness,
in whole or in part, whether with the same or different lenders, arrangers and/or agents and whether with a larger or smaller aggregate principal amount and whether for a longer or shorter maturity, in each case to the extent permitted (if addressed
therein or otherwise not prohibited) under the terms of the Credit Agreement or any other applicable Credit Document. “Refinanced” and “Refinancing” shall have correlative meanings. 

“Remedies Event of Default” shall mean (a) the occurrence of an Event of Default under the Credit Agreement or any
Additional Credit Document or (b) the occurrence of a Hedge Default; provided that so long as Secured Obligations (other than in respect of Interest Hedging Agreements with Interest Rate Hedge Banks) are outstanding, a Hedge Default shall not
constitute a Remedies Event of Default unless an Event of Default described under the foregoing clause (a) has occurred and is continuing at the time of such Hedge Default. 

“Remedies Instruction” shall mean a written instruction to the Collateral Agent from or on behalf of the Required Voting
Parties (i) certifying that (x) a Remedies Event of Default has occurred and is continuing under the applicable Credit Document and (y) an Intercreditor Vote has been conducted in accordance with the requirements of this Agreement
with respect to such Remedies Event of Default, (ii) describing with reasonable specificity which particular remedies available to the Secured Parties are to be pursued and which particular action are to be taken by the Collateral Agent in
response to such Remedies Event of Default, and (iii) containing such other information as is permitted under this Agreement. 

“Replacement Credit Agreement” has the meaning specified in Section 2.06(a). 

“Required Voting Parties” shall mean, with respect to any proposed decision or action hereunder, the Secured Parties owed or
holding more than 50% of the Total Outstandings at such time under (i) until the earlier to occur of (x) the Discharge of Credit Agreement Obligations and (y) the occurrence of the Majority
Non-Controlling Voting Party Enforcement Date (if any), the Credit Agreement and (ii) from and after the earlier to occur of the (x) Discharge of Credit Agreement Obligations and (y) the
occurrence of the Majority Non-Controlling Voting Party Enforcement Date, the applicable Credit Document governing the Series of Secured Obligations of the Majority
Non-Controlling Voting Parties at such time. 
 “Secured Hedge Obligations” shall
mean all amounts payable to any Interest Rate Hedge Bank under any Interest Hedging Agreement. 
 “Secured Obligations”
shall mean, (a) all Credit Agreement Obligations, (b) all Secured Hedge Obligations, and (c) any Additional Secured Obligations, in each case, whether fixed or contingent, matured or unmatured, whether or not allowed or allowable in
an Insolvency and Liquidation Proceeding. 

  

					
		  	S-9	  	Puget-Amended and Restated Collateral Agency Agreement

 “Secured Parties” shall mean, collectively, the Agents, the Lenders, the
Interest Rate Hedge Banks, any Additional Secured Parties and each co-agent or sub-agent appointed by any Agent or from time to time pursuant to any Credit Document or
this Agreement. 
 “Security Interest” has the meaning specified in Section 2.02(a). 

“Series” shall mean each of (i) the Credit Agreement Obligations, (ii) any Additional Obligations incurred pursuant
to any Additional Credit Document which, pursuant to any Joinder Agreement, are represented hereunder by a common Authorized Representative (in its capacity as such for such Secured Obligations) and (iii) the Secured Hedge Obligations. 

“Security Documents” shall mean, collectively, the Security Agreement, the Pledge Agreement and any other security agreements,
pledge agreements or other similar agreements delivered to the Agents, the Lenders, the Interest Rate Hedge Banks and the Additional Secured Parties, and any other agreements, instruments or documents that create or purport to create a Lien in favor
of the Collateral Agent for the benefit of the Secured Parties. 
 “Settlement Amount” shall mean, as at any date of
determination thereof, the amount calculated to be due in respect of any Early Termination Date under any Interest Hedging Agreement in accordance with the terms thereof. 

“Subsidiary” of a Person means a corporation, partnership, joint venture, limited liability company or other business entity
of which a majority of the shares of securities or other interests having ordinary voting power for the election of directors or other governing body (other than securities or interests having such power only by reason of the happening of a
contingency) are at the time beneficially owned or controlled by such Person. Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or Subsidiaries of the Borrower.

 “Total Outstandings” shall mean, with respect to any Credit Document (other than any Interest Rate Hedging Agreement), at
any time, an amount equal to the sum of, without duplication, the aggregate unpaid principal amount of Loans or other indebtedness outstanding under such Credit Document at such time after giving effect to any borrowings, advances and prepayments or
repayments of any Loans or indebtedness under the Credit Agreement or such other Credit Document, as the case may be, on such date, plus the amount of any unfunded Commitments under the Credit Agreement or such other Credit Document, as the
case may be, on such date. 
 “Unanimous Voting Parties” shall mean, with respect to any Intercreditor Vote, each of the
Facility Agent, each of the Authorized Representatives appointed under each Additional Credit Document and each Interest Rate Hedge Bank, in each case casting votes representing 100% of the Voting Party Percentage applicable to each such Series of
Secured Obligations. 
 “Voting Parties” means the Lenders, any Additional Secured Party and, subject to
Section 3.03(b), each Interest Rate Hedge Bank. 
 “Voting Party Percentage” shall mean, in connection with any
proposed decision or action hereunder, the actual percentage, as determined pursuant to Section 3.04, of allotted votes cast in favor of such decision or action by the Secured Parties entitled to vote with respect to such decision or
action. 
 “Wall” has the meaning specified in Section 9.03(b). 

  

					
		  	S-10	  	Puget-Amended and Restated Collateral Agency Agreement

 Article 2. Appointment and Duties of Collateral Agent; Secured Parties’
Agreements; Collateral Matters. 
 Section 2.01. Appointment and Duties of Collateral Agent. 

(a) Each of the Secured Parties hereby designates and appoints Barclays Bank PLC to act as the Collateral Agent under the Security Documents,
and authorizes the Collateral Agent to execute each of the Security Documents on its behalf and take such actions on its behalf under the provisions of the Security Documents and to exercise such powers and perform such duties as are expressly
delegated to the Collateral Agent by the terms of the Security Documents, together with such other powers as are reasonably incidental thereto. Notwithstanding any provision to the contrary in any Security Document, the Collateral Agent shall not
have any duties or responsibilities, except those expressly set forth herein and in the Security Documents, and no implied covenants, functions or responsibilities, fiduciary or otherwise, shall be read into any of the Security Documents or
otherwise exist against the Collateral Agent. Without limiting the generality of the foregoing, the use of the term “agent” herein and in the other Credit Documents with reference to any Agent is not intended to connote any
fiduciary or other implied (or express) obligations arising under agency doctrine of any applicable Law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between
independent contracting parties. 
 (b) The Collateral Agent shall give notice to the Secured Parties of any action to be taken by it under
any Security Document, and such notice shall be given prior to the taking of such action unless the Collateral Agent determines that to do so would be detrimental to the interests of the Secured Parties, in which event such notice shall be given
promptly after the taking of such action. 
 (c) Notwithstanding any provision to the contrary in any Security Document, the Collateral
Agent shall not be required to exercise any discretionary rights or remedies under any of the Security Documents or give any consent under any of the Security Documents or enter into any agreement amending, modifying, supplementing or waiving any
provision of any Security Document (other than this Agreement) unless it shall have been directed to do so by the Controlling Authorized Representative or the Required Voting Parties. 

Section 2.02. Secured Parties’ Agreements; No Interference; Payment Over. 

(a) Except as set forth in clause (b) below and in Sections 2.05(b) and 4.05(c) hereof, each Secured Party agrees
that, as among the Secured Parties, the security interest in any Collateral granted under any Security Document (the “Security Interest”) to the Collateral Agent for the benefit of such Secured Party ranks and will rank equally in
priority with the Security Interest of each other Secured Party in the same Collateral. 
 (b) Notwithstanding anything to the contrary set
forth in any Credit Document, any proceeds of Collateral or amounts required to be deposited in the Lock-Up Account pursuant to Section 6.12 of the Credit Agreement and Section 4.02 of
the Security Agreement received by any Secured Party (other than from the Collateral Agent pursuant hereto) shall be transferred by such Secured Party to the Collateral Agent solely for application towards payment of Credit Agreement Obligations
owing to the Lenders in accordance with the terms of the Financing Documents. 
 (c) Each Secured Party agrees that the Collateral Agent may
refrain from acting or continuing to act in accordance with any instructions of the Required Voting Parties to begin any legal action or proceeding arising out of or in connection with any Credit Document until it shall have received such indemnity
or security from the Secured Parties as it may reasonably require (whether by payment in 

  

					
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advance or otherwise) for all costs, claims, losses, expenses (including reasonable legal fees and expenses) and liabilities which it will or may expend or incur in complying or continuing to
comply with such instructions; provided, that nothing in this subclause (c) shall be deemed to obligate any Secured Party to provide any such indemnity or security. 

(d) Each Secured Party agrees that (i) it will not challenge or question in any proceeding the validity or enforceability of any Secured
Obligations of any Series or any Credit Document or the validity, attachment, perfection or priority of any Lien under any Security Document or the validity or enforceability of the priorities, rights or duties established by or other provisions of
this Agreement; (ii) it will not take or cause to be taken any action the purpose or intent of which is, or could be, to interfere, hinder or delay, in any manner, whether by judicial proceedings or otherwise, any sale, transfer or other
disposition of the Collateral by the Collateral Agent, (iii) except as provided in Section 2.04(e), it shall have no right to direct the Collateral Agent or any other Secured Party to exercise any right, remedy or power with respect
to any Collateral unless such Secured Party is the Controlling Authorized Representative, (iv) it will not institute any suit or assert in any suit, bankruptcy, insolvency or other proceeding any claim against the Collateral Agent or any other
Secured Party seeking damages from or other relief by way of specific performance, instructions or otherwise with respect to any Collateral, and none of the Collateral Agent, any Controlling Authorized Representative or any other Secured Party shall
be liable for any action taken or omitted to be taken by the Collateral Agent, such Controlling Authorized Representative or other Secured Party with respect to any Collateral in accordance with the provisions of this Agreement, (v) it will not
seek, and hereby waives any right, to have any Collateral or any part thereof marshalled upon any foreclosure or other disposition of such Collateral and (vi) it will not attempt, directly or indirectly, whether by judicial proceedings or
otherwise, to challenge the enforceability of any provision of this Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any other Secured Party to enforce
this Agreement or the right to take any action permitted by Section 2.04(e). 
 (e) Each Secured Party hereby agrees that if it
shall obtain possession of any Collateral or shall realize any proceeds or payment in respect of any Collateral, pursuant to any Security Document or by the exercise of any rights available to it under applicable Law or in any Insolvency or
Liquidation Proceeding or through any other exercise of remedies at any time prior to the Discharge of each of Series of Secured Obligations, then it shall hold such Collateral, proceeds or payment in trust for the other Secured Parties and promptly
transfer such Collateral, proceeds or payment, as the case may be, to the Collateral Agent, to be distributed in accordance with the provisions of Section 4.05 hereof. 

Section 2.03. Possessory Collateral Agent as Gratuitous Bailee for Perfection. (a) The Collateral Agent agrees to hold any
Collateral constituting Possessory Collateral that is part of the Collateral in its possession or control (or in the possession or control of its agents or bailees) as gratuitous bailee for the benefit of each Secured Party and any assignee solely
for the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to the terms and conditions of this Section 2.03. Pending delivery to
the Collateral Agent, each Authorized Representative agrees to hold any Collateral constituting Possessory Collateral, from time to time in its possession, as gratuitous bailee for the benefit of each other Secured Party and any assignee, solely for
the purpose of perfecting the security interest granted in such Possessory Collateral, if any, pursuant to the applicable Security Documents, in each case, subject to the terms and conditions of this Section 2.03. 

(b) The duties or responsibilities of the Collateral Agent and each Authorized Representative under this Section 2.03 shall be
limited solely to holding any Collateral constituting Possessory Collateral as gratuitous bailee for the benefit of each other Secured Party for purposes of perfecting the Lien held by such Secured Parties therein. 

  

					
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 (c) All such Possessory Collateral in the possession of any Authorized Representative shall
be delivered to the Collateral Agent as soon as practicable. 
 Section 2.04. Collateral Matters; Actions with Respect to
Collateral; Prohibition on Contesting Liens. 
 The Secured Parties irrevocably agree that: 

(a) Upon request by the Collateral Agent at any time, the Secured Parties will confirm in writing the Collateral Agent’s authority to
release its interest in particular types or items of property pursuant to this Section 2.04. In each case as specified in this Section 2.04, the Collateral Agent will (and each Secured Party irrevocably authorizes the
Collateral Agent to), at the Borrower’s expense, execute and deliver to the Borrower or any Loan Party, as applicable, such documents as such Person may reasonably request to evidence the release of such item of Collateral from the assignment
and security interest granted under the Security Documents, in accordance with the terms of this Agreement or any other Credit Document. 

(b) With respect to any Collateral, (i) only the Collateral Agent shall be authorized to release Liens and exercise rights and remedies
set forth in Security Documents with respect to any Collateral and in accordance with Section 2.07, (ii) the Collateral Agent shall not follow any instructions (other than instructions pursuant to Section 2.04(e)(ii)) with
respect to such Collateral from any Authorized Representative or any Secured Party (other than the Controlling Authorized Representative and the Required Voting Parties) and (iii) no Authorized Representative who is not the Controlling
Authorized Representative or other Secured Party shall or shall instruct the Collateral Agent to, commence any judicial or nonjudicial foreclosure proceedings with respect to, seek to have a trustee, receiver, liquidator or similar official
appointed for or over, attempt any action to take possession of, exercise any right, remedy or power with respect to, or otherwise take any action to enforce its security interest in or realize upon, or take any other action available to it in
respect of, any Collateral, whether under any Security Document, applicable Law or otherwise, it being agreed that only the Collateral Agent, acting on the instructions of the Controlling Authorized Representative or the Required Voting Parties and
in accordance with the applicable Security Documents, shall be entitled to take any such actions or exercise any such remedies with respect to Collateral. No Authorized Representative or Secured Party (other than the Controlling Authorized
Representative or Required Voting Parties) will contest, protest or object to any foreclosure proceeding or action brought by the Collateral Agent in accordance with the terms of this Agreement or any other exercise by the Collateral Agent of any
rights and remedies relating to the Collateral, or to cause the Collateral Agent to bring any foreclosure proceedings or action or exercise any rights or remedies relating to the Collateral except as permitted by Section 2.04(e)(ii).

 (c) Each Authorized Representative and each other Secured Party agrees that it will not accept any Lien on any Collateral for the benefit
of any Secured Obligations other than Liens created in favor of the Collateral Agent pursuant to a Security Document, and by executing this Agreement (or a Joinder Agreement) and by accepting the benefits of this Agreement and of each Security
Document, each Authorized Representative and each Secured Party for which it is acting hereunder agree to be bound by the provisions of this Agreement and the Security Documents applicable to it. 

(d) Each of the Secured Parties agrees that it will not (and hereby waives any right to) contest or support any other Person in contesting, in
any proceeding (including any Insolvency or Liquidation Proceeding), the perfection, priority, validity or enforceability of a Lien held by the Collateral Agent on behalf of any of the Secured Parties in all or any part of the Collateral, or the
provisions of this 

  

					
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Agreement; provided that nothing in this Agreement shall be construed to prevent or impair the rights of any of the Collateral Agent or any Authorized Representative to enforce this
Agreement. 
 (e) Section 2.04(b) shall not prohibit a Secured Party from taking the following actions: 

(i) in any Insolvency or Liquidation Proceeding commenced by or against the Borrower or any other Loan Party, each Secured Party may file
a claim or statement of interest with respect to its Series of Secured Obligations, as applicable; 
 (ii) each Authorized
Representative may take and may direct the Collateral Agent to take any action (not adverse to the Liens of the Collateral Agent securing the Secured Parties) in order to preserve or protect its interest in and Liens created by the Security
Documents on the Collateral; 
 (iii) the Secured Parties shall be entitled to file any necessary responsive or defensive pleadings in
opposition to any motion, claim, adversary proceeding or other pleading made by any Person objecting to or otherwise seeking the disallowance of their claims, including any claims secured by the Collateral, if any; 

(iv) in any Insolvency or Liquidation Proceeding, the Secured Parties shall be entitled to file any pleadings, objections, motions or
agreements which assert rights or interests available to unsecured creditors of the Loan Parties arising under either Debtor Relief Laws or applicable non-bankruptcy law, in each case not in contravention of
the terms of this Agreement; 
 (v) in any Insolvency or Liquidation Proceeding, the Secured Parties shall be entitled to vote on any
plan of reorganization; and 
 (vi) both before and during an Insolvency or Liquidation Proceeding, any Secured Party may take any
actions and exercise any and all rights that would be available to a holder of unsecured claims, including, without limitation, the commencement of an Insolvency or Liquidation Proceeding against any Loan Party in accordance with applicable Law and
the termination of any agreement by the holder of any such obligation in accordance with the terms thereof. 
 (f) The Collateral Agent
agrees to follow the instructions received from an Authorized Representative pursuant to Section 2.04(e)(ii); provided, however, that the Collateral Agent shall not follow such instructions to the extent that they are
expressly inconsistent with instructions received from the Controlling Authorized Representative pursuant to Section 4.03 after receipt of a Default Notice that has not been withdrawn. The Collateral Agent agrees to provide to each
Authorized Representative a copy of each instruction that it receives pursuant to Section 2.04(e)(ii). 
 (g) The Collateral
Agent agrees to provide to each Authorized Representative a copy of each notice, letter or direction that it provides to or receives from a Loan Party or another Authorized Representative pursuant to this Agreement. 

Section 2.05. Absolute Rights of Secured Parties and Authorized Representatives. (a) Notwithstanding any other provision of
this Agreement or any Security Document, but subject to Section 2.05(b) below, each of the Authorized Representatives and each of the Secured Parties has an absolute and unconditional right to receive payment of all of the Secured
Obligations owing to such Authorized Representative or such Secured Party, as the case may be, when the same becomes due and payable and at the time and place and otherwise in the manner set forth in the applicable Secured Document, and the right of
each such Authorized Representative and each such Secured Party to institute proceedings for the 

  

					
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enforcement of such payment on or after the date such payment becomes due and to assert (to the extent permitted by Section 2.04(e)) its position as a secured creditor in a proceeding
under any Debtor Relief Laws in which any Loan Party is a debtor, and the obligation of such Loan Party to pay all of the Secured Obligations owing to each of the Authorized Representatives and each of the Secured Parties at the time and place
expressed therein, shall not be impaired or affected without the consent of such Authorized Representative or such Secured Party. In addition, the right of any Secured Party or any Authorized Representative, on behalf of itself or on behalf of any
such Secured Party, to receive payment from sources other than the Collateral shall not be, and is not hereby, impaired or affected in any manner. Without limiting the generality of the foregoing provisions of this Section 2.05, the
Facility Agent’s and a Lender’s right to receive its ratable share of any amounts maintained in the Lock-Up Account, or any Authorized Representative’s or Secured Party’s rights to receive
its ratable share of proceeds of any of the Collateral, or any part thereof, under the terms of this Agreement and the Security Documents, shall not be diminished or affected in any way by its right to receive proceeds of any right of setoff, or
payment upon a guaranty or from any other source. 
 (b) At any time prior to the Discharge of the Secured Obligations and after
(i) the commencement of any Insolvency or Liquidation Proceeding in respect of any Loan Party or (ii) (A) the Credit Agreement Obligations, Additional Secured Obligations or the Secured Hedge Obligations have become due and payable in full
(whether at maturity, upon acceleration or otherwise) or any Secured Obligations in respect of the Credit Agreement Obligations, Additional Secured Obligations or the Secured Hedge Obligations have not been paid when due and (B) a Remedy
Instruction has been provided by the Required Voting Parties, no payment of money (or the equivalent of money) shall be made from the proceeds of Collateral to the Collateral Agent for the benefit of any Secured Party or to any holder of any Secured
Obligations, except as provided for in Section 4.05(a); provided, however, that nothing in this Section 2.05(b) shall prohibit any cash or funds on deposit in the Lock-Up
Account to be distributed to the Lenders in accordance with the applicable terms of the Financing Documents and no other Secured Party other than the Lenders shall be entitled to receive distributions of any cash or funds on deposit in the Lock-Up Account. 
 Section 2.06. Refinancings of Credit Agreement and Additional Credit
Documents. 
 (a) Subject to the limitations set forth in the applicable Credit Documents (if any), each Loan Party and each Secured
Party acknowledges and agrees that the Credit Agreement may be Refinanced in accordance with this Section 2.06(a). At any time concurrently with or after the Discharge of Secured Obligations (or the Discharge of Secured Obligations other
than Additional Secured Obligations), the Borrower thereafter enters into a Refinancing of the Credit Agreement (the “Replacement Credit Agreement”) and any related Financing Document (as defined in such Replacement Credit
Agreement), then such Discharge of Secured Obligations (or the Discharge of Secured Obligations other than Additional Secured Obligations), as applicable, shall automatically be deemed not to have occurred for purposes of this Agreement (other than
with respect to any actions taken as a result of the occurrence of such first Discharge of Secured Obligations and (or Discharge of Secured Obligations other than Additional Secured Obligations), the Replacement Credit Agreement and related
Financing Documents and the obligations under such Replacement Credit Agreement and related Financing Documents shall automatically be treated as “Secured Obligations”, “Credit Agreement Obligations”, “Credit
Agreement”, and “Financing Documents”, as applicable, and the lenders and agents party thereto “Lenders”, “Secured Parties”, “Authorized Representatives” and “Agent Related Persons”, as
applicable, for all purposes of this Agreement, including the Lien priorities and rights with respect to the Collateral set forth herein, and the new facility agent thereunder (the “New Facility Agent”) shall automatically be deemed
to be the “Facility Agent” hereunder for all purposes of this Agreement. 

  

					
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 (b) Upon termination of the Credit Agreement, including in connection with any amendment and
restatement or Refinancing, the Liens securing the Hedge Obligations and the Additional Secured Obligations shall survive. 
 (c) Any Series
of Additional Secured Obligations may be Refinanced without affecting the priorities set forth in Section 4.05 or the provisions of this Agreement defining the relative rights of any Series of Secured Obligations; provided that
the Authorized Representative of the holders of any such Refinanced Additional Secured Obligations shall have executed a Joinder Agreement on behalf of the holders of such Refinanced Secured Obligations. 

Section 2.07. Release of Liens on Collateral. The Collateral Agent’s Liens upon the Collateral may be released: 

(a) in whole, upon the Discharge of the Secured Obligations; 

(b) as to any Collateral that is released, sold, transferred or otherwise disposed of by any Loan Person to a Person that is not (either
before or after such release, sale, transfer or disposition) the Borrower or any other Loan Party in a transaction or other circumstance that complies with the terms of the Credit Documents (for so long as any Credit Document is in effect) and is
permitted by all of the other Credit Documents, at the time of such release, sale, transfer or other disposition or to the extent of the interest released, sold, transferred or otherwise disposed of; 

(c) as to a release of less than all or a material portion of the Collateral, at any time prior to the Discharge of Secured Obligations,
if consent to the release of all Liens on such Collateral has been given by the Required Voting Parties; and 
 (d) as to a release of
all or any material portion of the Collateral (other than pursuant to clause (a) above), if consent to release of that Collateral has been given by the Unanimous Voting Parties. 

Article 3. Decision Making; Voting; Notice and Procedures. 

Section 3.01. Decision Making. 

(a) Subject to Section 4.02 and except for any action that may be taken unilaterally by a Secured Party as expressly provided in
any Credit Document, no Secured Party may exercise or enforce any right, remedy, power or discretion, give any consent or any waiver, or make any determination under or in respect of any provisions of any Credit Documents, except in accordance with
this Agreement. In connection with any action permitted to be taken unilaterally by the Collateral Agent pursuant to the express provisions of any Credit Document, nothing herein shall preclude the Collateral Agent from consulting such Secured
Parties as the Collateral Agent may in its discretion deem desirable. 
 (b) Each decision made in accordance with the terms of this
Agreement shall be binding upon each of the Secured Parties. 
 Section 3.02. Voting Generally. Where, in accordance with this
Agreement or any other Credit Document, the modification, approval or other direction of the Required Voting Parties is required, the determination of whether such modification, approval or direction should be granted or withheld shall be determined
by an Intercreditor Vote. 

  

					
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 Section 3.03. Intercreditor Votes: Each Party’s Entitlement to Vote. 

(a) Except as otherwise provided in this Section 3.03, each Voting Party shall be entitled to vote in each Intercreditor Vote
under this Agreement. 
 (b) Unless and until any Interest Rate Hedge Bank shall have delivered to the Collateral Agent and each Secured
Party a Hedge Termination Certificate, such Interest Rate Hedge Bank shall not have (i) any voting rights with respect to Secured Obligations arising under any Interest Rate Hedging Agreement to which it is a party or (ii) any voting
rights with respect to any Intercreditor Vote; provided that any such Interest Rate Hedge Bank shall at all times (subject to Section 3.03(c) and 3.03(d)) be a Voting Party for purposes of the definition of “Unanimous
Voting Parties” in Section 1.01 hereof and for purposes of clauses (i) and (ii) of the proviso contained in Section 9.03. If, after the date of this Agreement, any Person becomes an Interest Rate Hedge
Bank and such Person has not previously executed a counterpart of this Agreement or a Joinder Agreement in its capacity as an Interest Rate Hedge Bank, such Person shall execute and deliver to the Collateral Agent (x) a Joinder Agreement and
(y) such other documentation as the Collateral Agent may reasonably request to evidence the due authorization, execution and delivery of this Agreement by such Person. By entering into or joining this Agreement, each Interest Rate Hedge Bank
shall be deemed to have agreed to be bound by the provisions set forth in the other Financing Documents to which the Interest Rate Hedge Banks or the Collateral Agent, on behalf of the Secured Parties, is a party. 

(c) None of (i) any Affiliate of the Borrower or any Member that from time to time holds any Commitment, any Loan or any other interest
in a Secured Obligation (other than, subject to Section 10.01 of the Credit Agreement and Section 9.03 hereunder, Macquarie Affiliates in their respective capacity as a Lender and Macquarie Bank Limited in its capacity as an
Interest Rate Hedge Bank) or (ii) any Lender that has agreed, directly or indirectly, to vote or otherwise act at the direction or subject to the approval or disapproval of any Person identified in clause (i) (each a “Non-Voting Lender”) shall be entitled to participate in any Intercreditor Vote, and the Collateral Agent in determining the percentage of votes cast shall deem each
Non-Voting Lender to have voted proportionately in accordance with the votes of the Lenders thereunder entitled to vote. 

(d) Notwithstanding any provision of this Agreement to the contrary, Macquarie Bank Limited, solely in its capacity as an Interest Rate Hedge
Bank, shall not be entitled to vote on any matter that is subject to the vote of the Unanimous Voting Parties or be entitled to cast any “tie-breaker” vote on any matter. 

Section 3.04. Intercreditor Votes: Votes Allocated to Each Party. 

(a) Each Voting Party, if entitled to cast a vote with respect to the matter being considered, shall have the following number of votes in
such Intercreditor Vote: 
 (i) with respect to each Lender, a number of votes equal to the sum of the Total Outstandings represented by
or owed to such Lender; 
 (ii) from and after the delivery of a Hedge Termination Certificate, with respect to each Interest Rate
Hedge Bank, a number of votes equal to the Settlement Amount, if any, owing to such Interest Rate Hedge Bank set out in such Hedge Termination Certificate; and 

(iii) with respect to each Additional Secured Party with respect to any Series of Additional Secured Obligations, a number of votes equal
to the sum of the Total Outstandings 

  

					
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represented by or owed to such Additional Secured Parties under such Series of Additional Secured Obligations. 

(b) In calculating the Voting Party Percentage consenting to, approving, waiving or otherwise providing direction with respect to a decision,
the number of votes cast in favor of the proposed consent, approval, waiver, direction or other action shall be divided by the total number of votes entitled to be cast with respect to such matter. The Secured Parties (including any Secured Party
that becomes a party hereto after the date hereof) hereby waive any and all rights they may have to object to or seek relief from the decision of the Voting Parties voting with respect to any matter and agree to be bound by such decision. Nothing
contained in this Section 3.04(b) shall preclude any Voting Party from participating in any re-voting or further voting relating to such matter. 

Section 3.05. [Reserved].  

Section 3.06. Exercise of Discretion With Respect to Intercreditor Aspects of the Credit Documents. (a) Unless an Event of
Default or Hedge Default has occurred and is continuing, and only to the extent in all cases that the discretion exercised by or the actions taken by the Collateral Agent could not reasonably be expected to result in an Event of Default or Hedge
Default or have a material adverse effect on the interests of any Secured Party (but, for the avoidance of doubt, with the consent of the Borrower or Parent, as applicable to the extent such consent is required under the applicable Security
Document), the Collateral Agent may, without obtaining the consent of the Required Voting Parties or any other Secured Party other than as set forth in Section 3.07, modify any Security Document to which it is a party or this Agreement
to (i) cure any ambiguity or to cure, correct or supplement any provision contained therein which is inconsistent with any other provisions contained therein , (ii) make, complete or confirm any grant of Collateral permitted or required by this
Agreement or the Security Documents or any release of any Collateral permitted under this Agreement or (iii) to make changes that would provide additional benefits or rights to the Secured Parties. 

(b) Notwithstanding the other provisions of Section 9.03 or any other provision of the Security Documents, the Borrower, the
Parent and the Collateral Agent (at the direction of the Facility Agent) and, following a Majority Non-Controlling Voting Party Enforcement Date, the Authorized Representative for the Majority Non-Controlling Voting Parties at such time) may (but shall not be obligated to) amend or amend and restate this Agreement without the consent of any other Secured Party in order to provide for Additional Secured
Obligations of the Loan Parties and liens securing such Additional Secured Obligations on all or an portion of the Collateral with a priority junior to that of the Secured Parties, so long as the incurrence of such obligations and Liens is not
prohibited by the terms of any Credit Document. The Borrower, the Parent and the Collateral Agent may (but shall not be obligated to) amend, modify or supplement this Agreement and/or any Security Document without the consent of any Secured Party,
as may be necessary from time to time in the reasonable discretion of the Collateral Agent and the Borrower, to effect the provisions of Sections 2.06 and 9.09 of this Agreement. 

Section 3.07. Certain Modifications by the Secured Parties. The Secured Parties may at any time and from time to time in
accordance with the terms of the applicable Credit Documents to which they are a party, without any consent of or notice to any other Secured Party (but, for the avoidance of doubt, with the consent of the Borrower or Parent, as applicable to the
extent such consent is required under the applicable Credit Document) and without impairing or releasing the obligations of any Person under this Agreement: (i) amend the Credit Document to which such Person is a party in accordance with the
terms thereof, (ii) release anyone liable in any manner under or in respect of the Secured Obligations owing under the Credit Document to which such Person is a party (but only in respect of such Secured Obligations) and (iii) waive any
provisions of any Credit Document to which such Person is a party (in 

  

					
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each case, provided such amendment or waiver shall not materially and adversely affect the rights of any other Person under this Agreement). 

Section 3.08. Effect of Amendment on Collateral Agent. No party hereto shall amend any provision of any Credit Document that
materially affects the Collateral Agent without the written consent of the Collateral Agent. 
 Section 3.09. Notification of
Matters. 
 (a) If at any time (x) the Collateral Agent proposes to exercise any discretion conferred on it under any Credit
Document, (y) any Secured Party, in accordance with this Agreement, notifies the Collateral Agent of a matter with respect to which it believes the Collateral Agent should exercise its discretion or (z) the Collateral Agent becomes aware
(whether on its own or as a consequence of any notification from a Secured Party) of any matter requiring a determination or vote by the Secured Parties under this Agreement, then the Collateral Agent shall promptly notify each other Secured Party
of the matter in question, specifying: 
 (i) if applicable, the manner in which the Collateral Agent proposes to exercise its
discretion; 
 (ii) the Required Voting Parties (if any) required for such determination or vote; and 

(iii) if applicable, the time period determined by the Collateral Agent within which each Secured Party must provide it with instructions
in relation to such matter. 
 (b) The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or
Hedge Default, unless the Collateral Agent shall have received written notice from a Secured Party or the Borrower referring to this Agreement, describing such Default or Hedge Default and stating that such notice is a “notice of default.”
The Collateral Agent will notify the Secured Parties of its receipt of any such notice. The Collateral Agent shall take such action with respect to any Remedies Event of Default as may be directed by the Required Voting Parties in accordance with
this Agreement; provided that unless and until the Collateral Agent has received any such direction, the Collateral Agent may (but shall not be obligated to) take such action, or refrain from taking such action, with respect to a Event of
Default or Hedge Default as it shall deem advisable or in the best interest of the Secured Parties. 
 Section 3.10. Notice of
Amounts Owed. In the event that the Collateral Agent is instructed by the Required Voting Parties to proceed to foreclose upon, collect, sell or otherwise dispose of or take any other action with respect to any or all of the Collateral or to
enforce any remedy under any other Credit Document, then upon the request of the Collateral Agent, each Secured Party shall promptly notify the Collateral Agent in writing, as of any time that the Collateral Agent may reasonably specify in such
request, of (i) the aggregate amount of the respective Secured Obligations owing to such Secured Parties as of such date, (ii) the components of such Secured Obligations and (iii) such other information as the Collateral Agent may
reasonably request. 
 Article 4. Default; Remedies. 

Section 4.01. Notice of Defaults. Upon the occurrence of and at any time during the continuation of a Default or an Event of
Default or Hedge Default, if the Authorized Representative of the applicable Credit Document under which such Default, Event of Default or Hedge Default has occurred desires that the Collateral Agent take action with respect to the Collateral, then
such Authorized 

  

					
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Representative shall give to the Collateral Agent, the Controlling Authorized Representative and each other Authorized Representative written notice of such Default, Event of Default or Hedge
Default, as applicable (a “Notice of Default”). Each such Notice of Default shall specifically refer to this Section 4.01 and shall describe such Default or Event of Default or Hedge Default in reasonable detail
(including the date of occurrence and a description of the nature of any remedies such Authorized Representative is entitled to seek as provided by the applicable Credit Document, the Security Documents, this Agreement or applicable Law. Upon
receipt by the Collateral Agent of any such notice, it shall promptly send copies thereof to each Authorized Representative. 

Section 4.02. Acceleration; Termination. Notwithstanding any provision to the contrary in this Agreement, (a) the applicable
Lenders may, at any time after the occurrence and during the continuance of an Event of Default under the Financing Documents, declare the unutilized Commitments terminated and accelerate the Credit Agreement Obligations in accordance with the terms
of the Credit Agreement, (b) the applicable Additional Secured Parties under any Series of Additional Credit Obligations may, at any time after the occurrence and during the continuance of an Event of Default under the applicable Additional
Credit Document, terminate all commitments and accelerate such Additional Obligations under the applicable Additional Credit Documents, and (c) any applicable Interest Rate Hedge Bank may at any time after the occurrence and during the
continuance of a Hedge Default cause the early termination of the relevant Interest Hedging Agreement in accordance with the terms thereof. No Remedies Instruction will be required to be taken or delivered in respect of such Event of Default or
Hedge Default, as the case may be, prior to the applicable Lenders, any applicable Additional Secured Parties or any applicable Interest Rate Hedge Bank, as the case may be, taking such action. 

Section 4.03. Instructions Upon Event of Default. 

(a) At any time, if a Remedies Event of Default has occurred and is continuing and has not been rescinded or waived, the Controlling
Authorized Representative and the Required Voting Parties shall have the exclusive right to give the Collateral Agent a Remedies Instruction in respect of such Remedies Event of Default. The Collateral Agent shall follow the directions of the
Required Voting Parties with respect to the time, method and place of taking any action requested. The Collateral Agent shall be entitled to rely conclusively on, without independent verification, any written certification from any Authorized
Representative that from time to time certifies to the Collateral Agent that (i) it is the Controlling Authorized Representative and (ii) it has the exclusive right to deliver a Remedies Instruction. 

(b) If the Collateral Agent has received a copy of a Remedies Instruction from the Required Voting Parties and has not received written notice
from the Required Voting Parties that such Remedies Instruction has been withdrawn, the Collateral Agent shall have the right, on behalf of the Secured Parties, to take any and all actions and to exercise any and all rights, remedies and options
that it may have under any of the Security Documents (including any direction contained in the Remedies Instruction or in a separate instrument in writing executed and delivered to the Collateral Agent); provided, that, if requested by the
Collateral Agent, the Collateral Agent shall have received adequate security or indemnity as provided in Section 2.02(c). 
 (c)
The Collateral Agent shall not be obligated to follow any Remedies Instruction received pursuant to Section 4.03(a) or otherwise under the Security Documents to the extent the Collateral Agent has received an opinion of independent
counsel addressed to it to the effect that such Remedies Instruction appear to be in conflict with any applicable Law or this Agreement or any other Credit Document or could result in the Collateral Agent’s being subject to (i) criminal
liability or (ii) civil liability or civil litigation for which it has not received adequate indemnity under Section 2.02(c) in any jurisdiction in question; provided, however, under no circumstances shall the
Collateral Agent be liable 

  

					
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 for acting or refraining from acting in accordance with the Remedies Instruction of the Required Voting
Parties. 
 Section 4.04. Remedies. 

(a) No remedy conferred upon or reserved to the Collateral Agent in this Agreement or in the other Credit Documents is intended to be
exclusive of any other remedy or remedies, but every such remedy shall be cumulative and shall be in addition to every other remedy conferred in this Agreement or in the other Credit Documents or now or hereafter existing at law or in equity or by
statute. 
 (b) No delay or omission of the Collateral Agent to exercise any right, remedy or power accruing upon any Event of Default or
Hedge Default shall impair any such right, remedy or power or shall be construed to be a waiver of or acquiescence in any Event of Default or Hedge Default. Every right, power and remedy given by this Agreement, any Security Document or any other
Credit Document to the Collateral Agent may be exercised from time to time and as often as may be deemed expedient by the Collateral Agent. 

(c) All suits or proceedings to assert claims upon or under this Agreement and the other Credit Documents to which the Collateral Agent is a
party shall be brought by the Collateral Agent in its name as Collateral Agent and any recovery of judgment shall be held as part of the Collateral. 

Section 4.05. Distribution of Collateral Proceeds. 

(a) Application of Proceeds. Except as otherwise herein expressly provided, the proceeds of any collection, sale or other realization
of all or any part of the Collateral pursuant hereto and the Security Documents, and any other cash at the time held by the Collateral Agent under this Article 4, shall be applied by the Collateral Agent: 

First, to the payment of the costs and expenses of such exercise of remedies, including reasonable out-of-pocket costs and expenses of the Agents, the reasonable fees and expenses of their agents and counsel and all other reasonable expenses incurred and advances made by the Agents in that connection; 

Next, to the payment in full of the remaining Secured Obligations equally and ratably in accordance with their
respective amounts then due and owing in respect of the Credit Documents, or as the Secured Parties holding the same may otherwise unanimously agree; and 

Finally, subject to the rights of any other holder or holders of any Lien on the relevant Collateral, to the payment to
the Borrower, or its respective successors or assigns, or as a court of competent jurisdiction may direct, of any surplus then remaining. 

(b) Borrower Remains Obligated. No sale or other disposition of all or any part of the Collateral pursuant to the Security Documents
shall be deemed to relieve the Borrower of its obligations under any Credit Document to which it is a party except to the extent the proceeds thereof are applied to the payment of the Secured Obligations. 

(c) As used in this Section 4.05, “proceeds” of the Collateral means cash, securities and other property realized in
respect of, and distributions in kind of, the Collateral, including any securities entitlements and such proceeds of the Collateral received under any reorganization, liquidation or adjustment of debt of the Borrower on any of the Collateral, it
being understood and agreed by each of the parties hereto that any such “proceeds” in respect of funds or property credited to the Lock-Up 

  

					
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Account shall be the sole and exclusive Collateral of the Lenders and shall be applied solely toward payment of the Credit Agreement Obligations in accordance with the applicable provisions of
the Finance Documents. 
 (d) If any Authorized Representative or any holder of any Secured Obligation collects or receives any proceeds of
such foreclosure, collection or other enforcement that should have been applied to the payment of the Secured Obligations in accordance with clause (a) of Section 4.05, whether after the commencement of an Insolvency or Liquidation
Proceeding or otherwise, such Authorized Representative or such Secured Party, as the case may be, will forthwith deliver the same to the Collateral Agent, for the account of all Secured Parties, to be applied in accordance with clause (a) of
Section 4.05. Until so delivered, such proceeds will be held by that Authorized Representative or that Secured Party, as the case may be, for the benefit of all Secured Parties. 

(e) This Section 4.05 is intended for the benefit of, and will be enforceable as a third party beneficiary by, each present and
future Secured Party, each present and future Authorized Representative and the Collateral Agent as holder of the Liens. 
 (f) In
connection with the application of proceeds pursuant to clause (a) of Section 4.05, except as otherwise directed by the Required Voting Parties, the Collateral Agent may sell any non-cash
proceeds for cash prior to the application of the proceeds thereof. 
 (g) If, in any Insolvency or Liquidation Proceeding, the Collateral
Agent’s security interest under the Security Documents is enforced with respect to some, but not all, of the Secured Obligations then outstanding, the Collateral Agent shall nonetheless apply the proceeds of the Collateral for the benefit of
each Secured Party in the proportions and subject to the priorities specified herein. To the extent that the Collateral Agent distributes proceeds collected with respect to Secured Obligations held by one Secured Party or on behalf of Secured
Obligations held by a second holder, the first holder shall be deemed to have purchased a participation in the Secured Obligations held by the second holder, or shall be subrogated to the rights of the second holder to receive any subsequent
payments and distributions made with respect to the portion thereof paid or to be paid by the application of such proceeds. 

Section 4.06. Sharing. The parties hereto expressly acknowledge and agree that it is the intention of the Secured Parties, in
committing to extend and in extending credit to the Borrower, that the proceeds of the Collateral and the proceeds of any action taken pursuant to a Remedies Instruction are to be distributed equally among the Secured Parties pro rata
according to the percentage of the aggregate Secured Obligations held by each such Secured Party and, in each case such proceeds shall be distributed, applied or disposed of in accordance with this Article 4, and the Secured Parties, as
among themselves, agree that, except as otherwise expressly provided herein, such proceeds shall be distributed on such basis. 

Section 4.07. Insolvency or Liquidation Proceedings. (a) In any Insolvency or Liquidation Proceeding and prior to the
Discharge of Obligations, the Collateral Agent (acting at the direction of the Required Voting Parties) on behalf of all Secured Parties and Authorized Representatives, may consent to any order: 

(i) for use of cash collateral; 

(ii) approving a debtor-in-possession financing secured
by a Lien upon any property of the estate in such Insolvency or Liquidation Proceeding; 

  

					
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 (iii) granting any relief on account of Secured Obligations as adequate protection (or its
equivalent) for the benefit of the Secured Parties in the Collateral subject to Liens granted to the Collateral Agent, for the benefit of the Secured Parties (it being understood that payments or distributions comprised of any such adequate
protection shall not constitute “proceeds” of Collateral for purposes of Section 4.05(c) or otherwise); or 

(iv) relating to a sale of assets of any Loan Party that provides, to the extent the Collateral sold is to be free and clear of Liens,
that all Liens granted to the Collateral Agent, for the benefit of the Secured Parties will attach to the proceeds of the sale; 
 provided,
however, that any Secured Party shall retain the right to object to any cash collateral, debtor-in-possession financing or adequate protection order to the extent
such order provides for priming of Liens over any Collateral if the terms thereof, including the terms of adequate protection (if any) granted to the Secured Parties in connection therewith, do not provide for materially equal treatment to all
Secured Parties. 
 (b) Unless at the direction of, or as consented to by, the Required Voting Parties, the Secured Parties will not file or
prosecute in any Insolvency or Liquidation Proceeding any motion for adequate protection (or any comparable request for relief) based upon their interest in the Collateral under the Liens granted to the Collateral Agent, for the benefit of the
Secured Parties, except that, without any action by the Required Voting Parties, they may vote their claims in respect of the Series of Secured Obligations owed to them in connection with, and have their right to object to, the confirmation of any
plan of reorganization or similar dispositive restructuring plan to the extent any such action is not inconsistent with their obligations under this Agreement. 

(c) If any Secured Party is required in any Insolvency or Liquidation Proceeding or otherwise to turn over or otherwise pay to the estate of
the Borrower or any Loan Party for any reason, including without limitation, because it was found to be a fraudulent or preferential transfer, any amount paid in respect of the Secured Obligations, whether received as proceeds of security,
enforcement of any right of set-off or otherwise, then such Secured Party shall be entitled to a reinstatement of the Secured Obligations with respect to all such recovered amounts. In such event, (i) the
Discharge of Secured Obligations or Discharge of Credit Agreement Obligations, as applicable, shall be deemed not to have occurred and (ii) if this Agreement shall have been terminated prior to such recovery or avoidance action, this Agreement
shall be reinstated in full force and effect, and such prior termination shall not diminish, release, discharge, impair or otherwise affect the obligations of the parties hereto from such date of reinstatement. 

Article 5. Rights of Collateral Agent. 

Section 5.01. (a) The Collateral Agent may execute any of its duties under any Security Document by or through agents, sub-agents or attorneys-in-fact and shall be entitled to rely on the advice of counsel (including counsel to the Borrower) concerning
all matters pertaining to such duties. The Collateral Agent shall not be responsible for the negligence or misconduct of any agent or sub-agent or attorney-in-fact that it selects in the absence of gross negligence or willful misconduct (as determined in the final judgment of a court of competent jurisdiction). 

(b) Neither the Collateral Agent nor its Affiliates nor any of their respective officers, directors, employees, agents or attorneys-in-fact shall be (i) liable to any of the Secured Parties for any action lawfully taken or omitted to be taken by it hereunder or under or in connection with
any Security Document (except for its gross negligence, willful misconduct or unlawful acts, as determined by the final judgment of a court of competent jurisdiction, in connection with its duties expressly set forth herein), or

  

					
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(ii) responsible in any manner to any of the Secured Parties for any recitals, statements, representations or warranties made by the Borrower or any other Loan Party or any representative of any
thereof contained in any Credit Document or in any certificate, report, statement or other document referred to or provided for in, or received by the Collateral Agent under or in connection with, any Credit Document or for the value, validity,
effectiveness, genuineness, enforceability or sufficiency of the Credit Documents, or the perfection or priority of any Lien or security interest created or purported to be created under the Security Documents, or for any failure of the Borrower or
any other Loan Party to perform their obligations thereunder. The Collateral Agent as such shall not be under any obligation to any Secured Party to ascertain or to inquire as to the observance or performance of any of the agreements contained in,
or conditions of, any Credit Document or to inspect the properties, books or records of the Borrower or any other Loan Party. 
 (c) The
Collateral Agent shall be entitled to rely conclusively, and shall be fully protected in relying, upon any note, writing, resolution, notice, consent, certificate, affidavit, letter, telecopy, electronic mail message, telex or teletype message,
statement, order or other document believed by it to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including counsel to the Borrower), independent
accountants and other experts selected by the Collateral Agent. The Collateral Agent shall in all cases be fully protected in acting, or in refraining from acting, under this Agreement or any other Credit Document in accordance with a request or
consent of the Required Voting Parties and such request and any action taken or failure to act pursuant thereto shall be binding upon all the Secured Parties. 

(d) The Borrower agrees to pay, within 15 days after written demand, to the Collateral Agent the amount of any and all reasonable and
documented out-of-pocket expenses, including the reasonable and documented Attorney Costs of one New York counsel and one local state counsel in each other applicable
jurisdiction, and the reasonable costs of any experts and agents which the Collateral Agent may reasonably incur in connection with (i) the administration of the Security Documents, (ii) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Collateral, (iii) the exercise or enforcement (whether through negotiations, legal proceedings or otherwise) of any of the rights of the Collateral Agent or the Secured Parties under any of
the Security Documents or (iv) the failure by the Borrower, any other Loan Party or any Affiliate thereof to perform or observe any of the provisions of the Security Documents. 

(e) Whether or not the transactions contemplated hereby are consummated, the Secured Parties shall indemnify upon demand the Collateral Agent
(to the extent the Collateral Agent is required to be but is not reimbursed by or on behalf of the Loan Parties and without limiting the obligation of the Loan Parties to do so), pro rata (at the time such indemnity is sought), and hold
harmless the Collateral Agent from and against any and all Indemnified Liabilities incurred by it; provided that no Secured Party shall be liable for the payment to the Collateral Agent of any portion of such Indemnified Liabilities resulting
from the gross negligence or willful misconduct of the Collateral Agent as determined by the final judgment of a court of competent jurisdiction; provided further that no action taken in accordance with the directions of the
Controlling Authorized Representative or the Required Voting Parties shall be deemed to constitute gross negligence or willful misconduct for purposes of this Section 5.01(e). In the case of any investigation, litigation or proceeding
giving rise to any Indemnified Liabilities, this Section 5.01(e) applies whether any such investigation, litigation or proceeding is brought by any Secured Party or any other Person. The undertaking in this Section 5.01(e)
shall survive termination of the Secured Obligations, the payment of all other Obligations and the resignation of the Collateral Agent. 

(f) Whether or not the transactions contemplated hereby are consummated, the Borrower shall indemnify and hold harmless the Collateral Agent
(“Indemnified Secured Party”) from 

  

					
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and against any and all liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses and disbursements (including Attorney Costs) of any kind
or nature whatsoever which may at any time be imposed on, incurred by or asserted against the Indemnified Secured Party in any way relating to or arising out of or in connection with (a) the execution, delivery, enforcement, performance or
administration of any Credit Document or any other agreement, letter or instrument delivered in connection with the transactions contemplated thereby, (b) any Commitment or Loan or the use or proposed use of the proceeds therefrom, or
(c) any actual or alleged presence or release of Hazardous Materials on or from any property currently or formerly owned or operated by the Borrower or any Subsidiary, or any Environmental Liability related in any way to the Borrower or any
Subsidiary, or (d) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory (including any investigation of, preparation for or defense of any
pending or threatened claim, investigation, litigation or proceeding), in all cases, whether or not caused by or arising, in whole or in part, out of the negligence of the Indemnified Secured Party; provided that such indemnity shall not, as
to the Indemnified Secured Party, be available to the extent that such liabilities, obligations, losses, damages, penalties, claims, demands, actions, judgments, suits, costs, expenses or disbursements resulted from the gross negligence, bad faith
or willful misconduct of the Indemnified Secured Party. Neither the Indemnified Secured Party nor the Borrower shall have any liability for any special, punitive, indirect or consequential damages relating to this Agreement or any other Credit
Document or arising out of its activities in connection herewith or therewith (whether before or after the Financial Closing Date). In the case of an investigation, litigation or other proceeding to which the indemnity in this
Section 5.01(f) applies, such indemnity shall be effective whether or not any of the transactions contemplated hereunder or under any of the other Credit Documents is consummated. All amounts due under this Section 5.01(f)
shall be paid within ten (10) Business Days after demand therefor. The agreements in this Section 5.01(f) shall survive the resignation of the Collateral Agent, the replacement of any Secured Party, the termination of any Secured
Obligation and the repayment, satisfaction or discharge of all the other Obligations. 
 (g) Each Secured Party acknowledges that no
Agent-Related Person has made any representation or warranty to it, and that no act by any Agent hereafter taken, including any consent to and acceptance of any assignment or review of the affairs of the Borrower or any Affiliate thereof, shall be
deemed to constitute any representation or warranty by any Agent-Related Person to any Secured Party as to any matter, including whether Agent-Related Persons have disclosed material information in their possession. Each Secured Party represents to
each Agent that it has, independently and without reliance upon any Agent-Related Person and based on such documents and information as it has deemed appropriate, made its own appraisal of and investigation into the business, prospects, operations,
property, financial and other condition and creditworthiness of the Borrower Group, and all applicable bank or other regulatory Laws relating to the transactions contemplated hereby, and made its own decision to enter into this Agreement and to
extend credit to the Borrower under the Credit Documents. Each Secured Party also represents that it will, independently and without reliance upon any Agent-Related Person and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit analysis, appraisals and decisions in taking or not taking action under this Agreement and the other Credit Documents, and to make such investigations as it deems necessary to inform itself as to the
business, prospects, operations, property, financial and other condition and creditworthiness of the Borrower. Except for notices, reports and other documents expressly required to be furnished to the Secured Parties by any Agent herein, such Agent
shall not have any duty or responsibility to provide any Secured Party with any credit or other information concerning the business, prospects, operations, property, financial and other condition or creditworthiness of the Borrower or any of its
Affiliates which may come into the possession of any Agent-Related Person. 
 (h) Barclays Bank PLC and its Affiliates may make loans to,
accept deposits from, acquire Equity Interests in and generally engage in any kind of banking, trust, financial advisory, 

  

					
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underwriting or other business with the Borrower and its Affiliates as though Barclays Bank PLC were not the Collateral Agent hereunder and without notice to or consent of the Secured Parties.
The Secured Parties acknowledge that, pursuant to such activities, Barclays Bank PLC or its Affiliates may receive information regarding the Borrower or its Affiliates (including information that may be subject to confidentiality obligations in
favor of the Borrower or such Affiliates) and acknowledge that the Collateral Agent shall be under no obligation to provide such information to them. 

Article 6. Resignation or Removal of the Collateral Agent. 

The Collateral Agent may resign as Collateral Agent upon ten days’ notice to each of the Authorized Representatives and the Borrower and
may be removed at any time with or without cause by the Required Voting Parties, with any such resignation or removal to become effective only upon the appointment of a successor collateral agent under this Article 6. If the Collateral Agent
shall resign or be removed as Collateral Agent, then the Facility Agent and the Required Voting Parties shall (and if no such successor shall have been appointed within 30 days of the Collateral Agent’s notice of resignation or removal, the
Collateral Agent may) appoint a successor collateral agent for the Secured Parties, which successor collateral agent (so long as no Default or Hedge Default has occurred and is continuing) shall be reasonably acceptable to the Borrower, whereupon
such successor collateral agent shall succeed to the rights, powers and duties of the Collateral Agent, and the term “Collateral Agent” shall mean such successor collateral agent effective upon its appointment, and the former Collateral
Agent’s rights, powers and duties as Collateral Agent shall be terminated, without any other or further act or deed on the part of such former Collateral Agent (except that the former Collateral Agent shall deliver all Collateral then in its
possession to such successor collateral agent and execute such documents and instruments as may be necessary to transfer the Liens of record under the Security Documents in favor of the Collateral Agent to such successor collateral agent) or any of
the other Secured Parties. After resignation or removal hereunder as collateral agent, the provisions of this Agreement shall inure to the former Collateral Agent’s benefit, and continue to be binding upon the former Collateral Agent, as to any
actions taken or omitted to be taken by it while it was Collateral Agent. 
 Article 7. No Impairments of Other Rights. 

Nothing in this Agreement is intended or shall be construed to impair, diminish or otherwise adversely affect any other right the Secured
Parties may have or may obtain against the Borrower or any other Loan Party. 
 Article 8. Termination. 

This Agreement shall remain in full force and effect until the Discharge of Secured Obligations has occurred. 

Article 9. Miscellaneous. 

Section 9.01. Waiver. No failure on the part of the Collateral Agent or the other Secured Parties to exercise and no delay in
exercising, and no course of dealing with respect to, any right, remedy, power or privilege under this Agreement shall operate as a waiver of such right, remedy, power or privilege, nor shall any single or partial exercise of any right, remedy,
power or privilege under this Agreement preclude any other or further exercise of any such right, remedy, power or privilege or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges provided in this
Agreement are cumulative and not exclusive of any rights, remedies, powers and privileges provided by law. 

  

					
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 Section 9.02. Notices. All notices and communications to be given under this
Agreement shall be given or made in writing to the intended recipient at the address specified below or, as to any party hereto, at such other address as shall be designated by such party in a notice to each other party hereto. Except as otherwise
provided in this Agreement, all such written notices shall be mailed, faxed or delivered to the applicable address, facsimile number or electronic mail address. All such notices and other communications shall be deemed to be given or made upon the
earlier to occur of (i) actual receipt by the relevant party hereto and (ii) (A) if delivered by hand or by courier, when signed for by or on behalf of the relevant party hereto; (B) if delivered by mail, four (4) Business Days
after deposit in the mails, postage prepaid; (C) if delivered by facsimile, when sent and receipt has been confirmed by telephone; and (D) if delivered by electronic mail, when delivered and receipt has been confirmed by telephone: 

To the Borrower: 
 Puget
Energy Inc. 
 Level 22, 125 West 55th Street 

New York, NY 10019 
 Attention:
Christopher Leslie 
 Phone: (212) 231-1686 

Facsimile: (212) 231-1828 

Email: Christopher.Leslie@macquarie.com  

To the Facility Agent: 

Barclays Bank PLC 
 745 Seventh
Avenue 
 New York, NY 10019 

Phone: 212-412-3752 

Fax: 212-412-7600 

Attention: Ann Sutton 
 To the
Collateral Agent: 
 Barclays Bank PLC 

745 Seventh Avenue 
 New York, NY
10019 
 Phone: 212-526-1126 

Fax: 212-526-5115 

Attention: Ann Sutton 
 To
each Interest Rate Hedge Bank: 
 As set forth on the signature page hereto or in the Joinder Agreement to which such Interest Rate Hedge
Bank is a party. 

  

					
		  	S-27	  	Puget-Amended and Restated Collateral Agency Agreement

 To each Additional Secured Party: 

As set forth in the Joinder Agreement to which such Additional Secured Party is a party. 

Section 9.03. Amendments, Etc. (a) Subject to Section 3.03(c) and Section 3.06, no provision of this
Agreement may be modified, supplemented or waived except by an instrument in writing duly executed by the Collateral Agent acting at the direction of the Required Voting Parties; provided, however, (i) no amendment, waiver or
consent shall become effective without the prior written consent of the Required Voting Parties and the Authorized Representative for the affected Series of Secured Obligations if such amendment, waiver or consent (w) has the effect of changing
the definition of “Required Voting Parties”, the percentage or composition of Secured Parties required to vote on a matter or this clause (a)(i)(w)), (x) adversely affects the relative priority of payment due to any Secured Party
under the Credit Documents, whether by way of enforcement or realization on Collateral or otherwise (including, without limitation, the priorities set forth in Section 4.05), (y) has the effect of changing Section 4.06, or
(z) materially adversely affects any Series of Secured Obligations disproportionately as compared to other Series of Secured Obligations, (ii) no amendment, waiver or consent that has the effect of changing the definition of
“Unanimous Voting Parties” or Section 2.07(d) may be effectuated without the prior written consent of the Unanimous Voting Parties and (iii) no amendment, waiver or consent that affects the material rights and duties of
the Borrower shall be effective without the prior written consent of the Borrower. 
 (b) No amendment waiver or consent (including, without
limitation, any Intercreditor Vote) of Macquarie Affiliates in such Person’s capacity as a Lender or Participant (each a “Creditor Side Person”), shall be effective (x) except, with respect to Loans and Commitments not in
excess of $50,000,000 in the aggregate at any time and (y) unless each such Person has in place a Wall between such Creditor Side Person and any Persons authorized to take action on behalf of the Borrower (such Persons, “Borrower Side
Persons”) such that information is not shared between a Creditor Side Person and Borrower Side Persons (other than on arm’s-length, third party terms) and decisions of Creditor Side Persons are
made, and actions taken, independent of considerations of Borrower Side Persons. Any such modification, supplement or waiver shall be for such period and subject to such conditions as shall be specified in the instrument effecting the same and shall
be binding upon the Collateral Agent and each of the other parties hereto, and any such waiver shall be effective only in the specific instance and for the purposes for which given. For purposes hereof, “Wall” shall mean with
respect to any Creditor Side Person and Borrower Side Person, such Persons (1) do not have interlocking officers, directors or employees, (2) have separate offices and information systems such that a Creditor Side Person does not have
access to non-public information in the possession of a Borrower Side Person (and vice versa), and (3) have a formalized process or procedure prohibiting the disclosure of
non-public information to the other such Person. A Creditor Side Person shall provide reasonable evidence of the Wall upon the reasonable request of a Secured Party or the Collateral Agent. 

Section 9.04. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the Borrower, the
Collateral Agent, the Secured Parties and their respective successors and permitted assigns. The Collateral Agent may assign or transfer its rights under this Agreement to any of its Affiliates without the prior written consent of any party hereto;
provided, that the Collateral Agent shall notify the Borrower in writing of such assignment or transfer promptly following the effectiveness thereof. Neither the Borrower nor the Parent may assign or transfer its rights or obligations hereunder.

 Section 9.05. Survival. All representations and warranties made in this Agreement or in any certificate or other document
delivered pursuant to or in connection with this Agreement shall 

  

					
		  	S-28	  	Puget-Amended and Restated Collateral Agency Agreement

 
survive the execution and delivery of this Agreement or such certificate or other document (as the case may be) or any deemed repetition of any such representation or warranty. 

Section 9.06. Severability. Any provision of this Agreement that is prohibited or becomes unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or
render unenforceable such provision in any other jurisdiction, and the parties hereto shall enter into good faith negotiations to replace such prohibited or unenforceable provision. 

Section 9.07. Counterparts. This Agreement may be executed in any number of counterparts and by the different parties hereto on
separate counterparts, each of which, when so executed and delivered, shall be effective for purposes of binding the parties hereto, but all of which together shall constitute one and the same instrument. 

Section 9.08. GOVERNING LAW; CONSENT TO JURISDICTION; WAIVER OF JURY TRIAL. (a) THIS AGREEMENT SHALL BE GOVERNED BY, AND
CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK. 
 (b) ANY LEGAL ACTION OR PROCEEDING ARISING UNDER THIS AGREEMENT OR IN
ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, OR THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK CITY OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS AGREEMENT, THE BORROWER, EACH AGENT AND EACH SECURED PARTY CONSENTS, FOR ITSELF AND IN
RESPECT OF ITS PROPERTY, TO THE NON-EXCLUSIVE JURISDICTION OF THOSE COURTS. THE BORROWER, EACH AGENT AND EACH SECURED PARTY IRREVOCABLY WAIVES ANY OBJECTION, INCLUDING ANY OBJECTION TO THE LAYING OF VENUE OR
BASED ON THE GROUNDS OF FORUM NON CONVENIENS, WHICH IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING IN SUCH JURISDICTION IN RESPECT OF THIS AGREEMENT OR OTHER DOCUMENT RELATED HERETO. 

(c) EACH PARTY TO THIS AGREEMENT HEREBY EXPRESSLY WAIVES ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND, ACTION OR CAUSE OF ACTION ARISING
UNDER THIS AGREEMENT OR ANY SECURITY DOCUMENT OR IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS OF THE PARTIES HERETO OR ANY OF THEM WITH RESPECT TO THIS AGREEMENT, THE SECURITY DOCUMENTS, OR THE TRANSACTIONS RELATED THERETO, IN
EACH CASE WHETHER NOW EXISTING OR HEREAFTER ARISING, AND WHETHER FOUNDED IN CONTRACT OR TORT OR OTHERWISE; AND EACH PARTY HEREBY AGREES AND CONSENTS THAT ANY SUCH CLAIM, DEMAND, ACTION OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A
JURY, AND THAT ANY PARTY TO THIS AGREEMENT MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS SECTION 9.08(C) WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE SIGNATORIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY. 

Section 9.09. Joinder. (a) Each Lender that becomes a “Lender” under the Credit Agreement (in accordance with the
provisions of Section 10.07(b) of the Credit Agreement) after the date 

  

					
		  	S-29	  	Puget-Amended and Restated Collateral Agency Agreement

 
hereof shall become a party to this Agreement upon its execution of an Assignment and Assumption Agreement contemplated by such Section 10.07. 

(b) The Borrower may designate additional obligations as Additional Secured Obligations from time to time only if the incurrence of such
obligations and the grant of Liens securing such obligations is permitted under each of the Credit Agreement and each other Additional Credit Document then in effect and this Agreement. If so permitted, the Borrower shall only effect such
designation by: 
 (i) delivering to the Collateral Agent and each Authorized Representative, written notice from an Authorized Officer
certifying: 
 (1) that the Borrower intends to incur additional obligations which shall constitute Additional Secured
Obligations, and specifying the agreement pursuant to which such obligations will be incurred and designating such agreement as an “Additional Credit Document” hereunder; and 

(2) as to the specific name and address of the Authorized Representative for such Series of Additional Secured
Obligations; and 
 (ii) causing the Authorized Representative to execute and deliver to the Collateral Agent and each other Authorized
Representative, a Joinder Agreement, which shall be acknowledged and approved by an Authorized Officer of the Borrower. 
 (c) Each notice
given by an Authorized Officer pursuant to Section 9.09(b) shall constitute a representation and warranty by the Borrower that the incurrence of the Additional Secured Obligations and the grant of Liens securing such obligations are
permitted under each of the Credit Agreement and each Additional Credit Document then in effect and this Agreement. In signing a Joinder Agreement, the Collateral Agent and each Authorized Representative shall be entitled to rely, without inquiry or
investigation, upon such representation and warranty. The Collateral Agent shall not execute and deliver any Joinder Agreement unless and until such Joinder Agreement has been executed and delivered by the Borrower, the Parent and the Authorized
Representative for such Additional Secured Obligations. 
 Section 9.10. Specific Performance. Each Secured Party may demand
specific performance of this Agreement. Each party hereto irrevocably waives any defense based on the adequacy of a remedy at law and any other defense which might be asserted to bar the remedy of specific performance in any action which may be
brought by any other Secured Party. 
 Section 9.11. Agreement for Benefit of Parties Hereto. Except for the Secured Parties and
their respective successors and permitted assigns, nothing in this Agreement, express or implied, is intended or shall be construed to confer upon, or to give to, any Person other than the parties hereto and their respective successors and permitted
assigns, and Persons for whom the parties hereto are acting as agents or representatives, any right, remedy or claim under or by reason of this Agreement or any covenant, condition or stipulation hereof; and the covenants, stipulations and
agreements contained in this Agreement are and shall be for the sole and exclusive benefit of the parties hereto and their respective successors and permitted assigns and Persons for whom the parties hereto are acting as agents or representatives.

 Section 9.12. Integration. This Agreement constitutes the entire agreement and understanding among the parties to this
Agreement with respect to the matters covered by this Agreement 

  

					
		  	S-30	  	Puget-Amended and Restated Collateral Agency Agreement

 
and supersedes any and all prior agreements and understandings, written or oral, with respect to such matters. 

Section 9.13. Original Schedules and Exhibits. Except as otherwise expressly modified by this Agreement, each of the Schedules,
Exhibits and Appendices attached to the Collateral Agency Agreement, dated as of February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this Agreement without any amendment, modification or supplement.

 [Signature Pages Follow.] 

  

					
		  	S-31	  	Puget-Amended and Restated Collateral Agency Agreement

 APPENDIX A 

FORM OF JOINDER AGREEMENT 

Reference is made to that certain Amended and Restated Collateral Agency Agreement, dated as of March 31, 2010 (the “Collateral
Agency Agreement”), among PUGET ENERGY INC., a Washington corporation, BARCLAYS BANK PLC, as Facility Agent, BARCLAYS BANK PLC, as Collateral Agent and the other parties thereto. 

The undersigned is party to [DESCRIBE INTEREST HEDGING AGREEMENT/ADDITIONAL CREDIT DOCUMENT]. 

Pursuant to the terms of [Section 3.03(b)] / [Section 9.09(b)] of the Collateral Agency Agreement,
the undersigned hereby agrees to be bound by the Collateral Agency Agreement as an [“Interest Rate Hedge Bank”] / [Additional Secured Party] thereunder. 

Dated:                      

 

			
	[Insert Name of Party to be Added]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Address for Notices:
	
	Attn: [                    ]
	Tel No.:	 	[                    ]
	Fax No.:	 	[                    ]

 EXECUTION COPY 

AMENDMENT NO. 1 
 TO 

AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED COLLATERAL AGENCY AGREEMENT (this “Amendment”), is made as of February 10,
2012, by JPMORGAN CHASE BANK, N.A. (“JPMorgan”), in its capacity as successor Collateral Agent. Capitalized terms used but not otherwise defined herein shall have the respective meanings given to them in the Amended and Restated
Collateral Agency Agreement referred to below. 
 WHEREAS, Puget Energy, Inc., as successor to Puget Merger Sub Inc. (the
“Borrower”), is party to that certain Credit Agreement, dated as of May 16, 2008, among the financial institutions from time to time party thereto as lenders and Barclays Bank PLC, as facility agent (as amended, restated,
supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement”); 
 WHEREAS, the Borrower, is
party to that certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among Puget Equico LLC, Barclays Bank PLC, as collateral agent and Barclays Bank PLC, as
facility agent (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Agreement”); 

WHEREAS, on or about the date hereof, the Borrower repaid in full all of its Obligations (as defined therein) under the Existing Credit
Agreement; 
 WHEREAS, on the date hereof, the Borrower entered into that certain Credit Agreement among the financial institutions from
time to time party thereto as Lenders and JPMorgan Chase Bank, N.A., as administrative agent (the “Administrative Agent”) (as amended, restated, supplemented or otherwise modified, the “Credit Agreement”);

 WHEREAS, pursuant to Section 2.06 of the Agreement, the Lenders signatory hereto and the Administrative Agent became
(i) parties to the Agreement and (ii) the Required Voting Parties upon the execution of the Credit Agreement; 
 WHEREAS, pursuant
to Article 6 of the Agreement, Barclays Bank PLC resigned as Collateral Agent as of the date hereof; 
 WHEREAS, in accordance with Article
6 of the Agreement, the Lenders and the Administrative Agent, which constitute the Required Voting Parties, have (i) appointed JPMorgan Chase Bank, N.A., as successor Collateral Agent and (ii) directed the Collateral Agent to enter into
this Amendment in that certain Credit Agreement, dated as of the date hereof, by and among Borrower, the Lenders (as defined therein) from time to time party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (as defined therein); and

 NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to enter into this Amendment. 

SECTION 1. Amendments to Agreement. 

(a) The first whereas clause of the Agreement is amended and restated in its entirety to read as follows: 

 WHEREAS, the Company (in such capacity, the
“Borrower”) has entered into that certain Credit Agreement, dated as of February 10, 2012, among the financial institutions from time to time parties thereto as lenders and JPMorgan Chase Bank, N.A., as the administrative agent
(as amended, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”); 
 (b)
Section 1.02 of the Agreement is amended to add the following new definitions therein in the appropriate alphabetical order: 

“Financing Documents” shall have the meaning specified in the Credit Agreement or, if applicable, any
Replacement Credit Agreement; provided, solely with respect to any Replacement Credit Agreement, shall mean, if necessary, any analogous defined term used in place thereof in the Replacement Credit Agreement. 

“Pledge Agreement” means the Amended and Restated Pledge Agreement, dated as of February 6, 2009 and
amended and restated as of May 10, 2010, from Puget Equico LLC, as pledgor to Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time) 

“Restricted Lender Affiliate” shall have the meaning specified in the Credit Agreement. 

“Security Agreement” means the Amended and Restated Borrower Security Agreement, dated as of February 6,
2009 and as amended and restated as of May 10, 2010 and as further amended as of February 10, 2012, between the Borrower and the Collateral Agent (as amended, restated, supplemented or otherwise modified from time to time)

(c) The definitions of “Lock-up Account” and “Macquarie Affiliates” appearing in
Section 1.02 of the Agreement are deleted in their entirety. 
 (d) Clause (b) of Section 2.02 of the Agreement is amended
and restated in its entirety to read as follows: “[Reserved]”. 
 (e) Clause (a) of Section 2.05 of the Agreement is
amended to (i) delete the phrase “Secured Document” appearing therein and to replace such phrase with the phrase “Security Document” and (ii) delete in its entirety the phrase “, the Facility Agent’s and a
Lender’s right to receive its ratable share of any amounts maintained in the Lock-Up Account,” appearing therein. 

(f) Clause (b) of Section 2.05 of the Agreement is amended to delete in its entirety the proviso appearing therein. 

(g) Clause (a) of Section 2.06 of the Agreement is amended to insert the phrase “, which, for the avoidance of doubt, shall
include any analogous administrative capacity utilized in place thereof in any Replacement Credit Agreement,” immediately following the phrase “Collateral set forth herein, and the new facility agent” appearing therein. 

(h) Clause (a) of Section 3.01 of the Agreement is amended to delete the phrase “any provisions of any Credit Documents”
appearing therein and replace such phrase with the phrase “any provision of any Credit Document”. 

  
 2 

 (i) Clause (c) of Section 3.03 of the Agreement is amended to (i) delete the
section reference “Section 10.01” appearing therein and replace such section reference with the section reference “Section 9.02” and (ii) delete the phrase “Macquarie Affiliates” appearing
therein and replace such phrase with the phrase “Restricted Lender Affiliate”. 
 (j) Clause (c) of Section 4.05 of the
Agreement is amended to delete in its entirety the phrase “it being understood and agreed by each of the parties hereto that any such “proceeds” in respect of funds or property credited to the
Lock-Up Account shall be the sole and exclusive Collateral of the Lenders and shall be applied solely toward payment of the Credit Agreement Obligations in accordance with the applicable provisions of the
Finance Documents” appearing therein. 
 (k) Section 9.02 of the Agreement is amended to delete in its entirety the address
appearing under the headings “To the Borrower” and to replace such address with the following address: 
 Puget Energy, Inc. 

10885 NE 4th Street, Suite 1200 

Bellevue, WA 98004-5591 
 Phone:
(425) 462-3870) 
 Facsimile: (424) 462-3300 

Attention: Vice President Finance and Treasurer 

(l) Section 9.02 of the Agreement is amended to delete in their entirety the addresses appearing under the headings “To the Facility
Agent” and “To the Collateral Agent” and to replace such addresses with the following address: 
 JPMorgan Chase Bank 

10 S. Dearborn Street, 7th Flood 

Chicago, IL 60603 
 Phone: (312)
385-7025 
 Facsimile: (888) 292-9533 

Attention: Nan Wilson 
 (m)
Clause (b) of Section 9.03 of the Agreement is amended and restated in its entirety to read as follows: 

(b) Notwithstanding the foregoing, no waiver or consent of any Restricted Lender Affiliate shall be required for any
amendment, waiver or other modification to this Agreement pursuant to the terms of this Section 9.03. For the avoidance of doubt, the foregoing shall not apply to any assignee of, or Person that purchases participations from, a
Restricted Lender Affiliate, other than an assignee or Participant that constitutes a Restricted Lender Affiliate. The Borrower agrees that upon request by the Collateral Agent, the Borrower shall promptly (and in any case, not less than 3 Business
Days), prior to the effectiveness of any amendment, waiver or other modification pursuant to this Section 9.03, provide to the Collateral Agent a list of all Restricted Lender Affiliates who are, to the Borrower’s knowledge after
due inquiry, holding any Commitments at such time. 
 (n) The Agreement is amended to replace each reference to “Barclays Bank
PLC” with “JPMorgan Chase Bank, N.A.”. 

  
 3 

 (o) The Agreement is amended to replace each reference to “Facility Agent” with
“Administrative Agent”. 
 (p) Appendix A to the Agreement is deleted in its entirety and replaced with Exhibit A hereto.

 SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the date hereof (the “Effective
Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the Collateral Agent, the Administrative Agent and each Lender and (ii) the New Credit Agreement shall become
effective in accordance with its terms and conditions. 
 SECTION 3. Representations and Warranties. Each of the parties hereto
represents and warrants that this Amendment and the Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be
limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 

SECTION 4. Reference to and the Effect on the Agreement. 

(a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement as amended hereby.

 (b) Each of the parties hereto hereby agrees that, except as specifically amended above, the Agreement is hereby ratified and confirmed
and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and
general equitable principles. 
 SECTION 5. Headings. Section headings in this Amendment are included herein for convenience only and
shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State
of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 4 

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

					
	JPMORGAN CHASE BANK, N.A.,
	as successor Collateral Agent
		
	By:	 	/s/ Helen D. Davis
		 	Name:	 	Helen D. Davis
		 	Title:	 	Vice President

 Signature Page to Amendment No. 1 to 

Amended and Restated Collateral Agency Agreement 

 ACKNOWLEDGED AS OF THE DATE HEREOF: 

PUGET ENERGY, INC., 
 as the Borrower 

 

			
	By:	 	/s/ Donald E. Gaines
		 	Name: Donald E. Gaines
		 	Title: Vice President Finance and Treasurer

 Signature Page to Amendment No. 1 to 

Amended and Restated Collateral Agency Agreement 

 EXHIBIT A 

APPENDIX A 
 FORM OF JOINDER
AGREEMENT 
 Reference is made to that certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and
as amended and restated as of March 31, 2010, among PUGET ENERGY, INC., a Washington corporation, PUGET EQUICO LLC, the other parties from time to time party thereto and JPMORGAN CHASE BANK, N.A., as successor Collateral Agent (as amended,
restated, supplemented or otherwise modified from time to time, the “Collateral Agency Agreement”). 
 The undersigned is
party to [DESCRIBE INTEREST HEDGING AGREEMENT/ADDITIONAL CREDIT DOCUMENT]. 
 Pursuant to the terms of [Section
3.03(b)] / [Section 9.09(b)] of the Collateral Agency Agreement, the undersigned hereby agrees to be bound by the Collateral Agency Agreement as an [“Interest Rate Hedge Bank”] / [Additional
Secured Party] thereunder. 
 Dated:
                    , 20         

 

			
	[Insert Name of Party to be Added]
		
	By:	 	 
		 	Name:
		 	Title:

  

			
	Address for Notices:
	
	Attn: [                    ]
	Tel No.: [                    ]
	Fax No.: [                    ]

 EXHIBIT I 

[RESERVED] 

 EXHIBIT J 

FORM OF SOLVENCY CERTIFICATE 
 I,
[                               
     ], the
[                               
 ] of Puget Energy, Inc., a Washington corporation, (the “Borrower”) with responsibility for financial matters of the Borrower, hereby certify, in my capacity as
such and not in my individual capacity, on behalf of the Borrower that I am the
[                               
 ] of the Borrower, that I am familiar with the properties, businesses, assets, finances and operations of the Borrower Group and that I am duly authorized to execute this Solvency
Certificate on behalf of the Borrower, which is being delivered pursuant to the Term Loan Agreement, dated as of October 1, 2018 (as amended, amended and restated, supplemented and/or modified and in effect from time to time, the
“Credit Agreement”), among the Borrower, the Lenders party thereto from time to time and JPMorgan Chase Bank, N.A., as Administrative Agent. Capitalized terms used herein but not defined herein shall have the meanings assigned
thereto in the Credit Agreement. 
 In reaching the conclusions set forth in this Solvency Certificate, I have carefully reviewed the Loan
Documents and the contents of this Solvency Certificate and, in connection herewith, have taken into consideration all things necessary or material, and I have made appropriate inquiries and investigation with responsible officers and employees of
the members of the Borrower Group, in order to make the above and the following certifications. 
 I hereby further certify that: 

1. To the best of my knowledge, on the date hereof, immediately after giving effect to the consummation of the Permitted Acquisition, the fair
value of the property of the Borrower and its Subsidiaries, taken as a whole, is greater than the total amount of liabilities (including contingent liabilities) of the Borrower and its Subsidiaries. With respect to any contingent liabilities, the
amount of contingent liabilities on the date hereof shall be computed as the amount that, in light of all of the facts and circumstances existing on the date hereof, represents the amount that can reasonably be expected to become an actual or
matured liability. 
 2. To the best of my knowledge, on the date hereof, immediately after giving effect to the consummation of the
Permitted Acquisition, the present fair saleable value of the assets of the Borrower and its Subsidiaries, taken as a whole, is not less than the amount that will be required to pay the probable liabilities of the Borrower and its Subsidiaries on
their debts as they become absolute and matured. 
 3. As of the date hereof, neither the Borrower nor any of its Subsidiaries intends to
incur, nor believes that it will incur, including after giving effect to the consummation of the Permitted Acquisition, debts or liabilities beyond the ability of the Borrower and its Subsidiaries, taken as whole, to pay such debts or liabilities as
they mature. 
 4. To the best of my knowledge, on the date hereof, immediately after giving effect to the consummation of the Permitted
Acquisition, the Borrower and its Subsidiaries, taken as a whole, is neither engaged in business or in a transaction, nor about to engage in business or in a transaction, for which the property of the Borrower and its Subsidiaries, taken as a whole,
would constitute unreasonably small capital. 
 5. As of the date hereof, after giving effect to the transactions contemplated by the
Permitted Acquisition, the Leverage Ratio is not greater than 0.65 to 1.00, calculated on the basis of revised financial projections, prepared in accordance with the methodology of the financial projections

 
delivered pursuant to Section 5.01 of the Credit Agreement, for the period of twelve (12) months after the date of the Permitted Acquisition. 

6. As of the date hereof, no Default or Event of Default shall exist immediately prior to such Permitted Acquisition or, after giving effect
to such Permitted Acquisition, shall have occurred and be continuing, or would result from the consummation of the proposed Permitted Acquisition. 

[SIGNATURE PAGE
FOLLOWS] 

 Dated:
                        , 20         

 

			
	 PUGET ENERGY, INC.

		
	 By:
	 	 
	 Name:
	 	
	 Title:
	 	 Chief Financial Officer

 EXHIBIT K 

PLEDGE AGREEMENT 

[ATTACHED] 

 EXECUTION COPY 

AMENDED AND RESTATED PLEDGE AGREEMENT 

Dated as of February 6, 2009 

as amended and restated as of March 31, 2010 

From 
 PUGET EQUICO LLC 

as Pledgor 
 to 

BARCLAYS BANK PLC 
 as
Collateral Agent 
  

  
 Puget Pledge Agreement

 T A B L E O F C O N T E N T S 

 

							
	Section	 	 	  	Page	 
	 Section 1.
	 	Grant of Security	  	 	2	 
	 Section 2.
	 	Security for Obligations	  	 	2	 
	 Section 3.
	 	Pledgor Remains Liable	  	 	2	 
	 Section 4.
	 	Delivery and Control of Security Collateral	  	 	3	 
	 Section 5.
	 	Representations and Warranties	  	 	3	 
	 Section 6.
	 	Further Assurances	  	 	4	 
	 Section 7.
	 	Post-Closing Changes; Certain Additional Covenants	  	 	5	 
	 Section 8.
	 	Voting Rights; Dividends; Etc.	  	 	6	 
	 Section 9.
	 	Transfers and Other Liens; Additional Shares	  	 	7	 
	 Section 10.
	 	Collateral Agent Appointed Attorney-in-Fact	  	 	7	 
	 Section 11.
	 	Collateral Agent May Perform	  	 	7	 
	 Section 12.
	 	The Collateral Agent’s Duties	  	 	8	 
	 Section 13.
	 	Remedies	  	 	8	 
	 Section 14.
	 	Indemnity and Expenses	  	 	9	 
	 Section 15.
	 	Amendments; Waivers; Etc.	  	 	9	 
	 Section 16.
	 	Notices, Etc.	  	 	9	 
	 Section 17.
	 	Continuing Security Interest; Assignments Under the Credit Agreement	  	 	9	 
	 Section 18.
	 	Termination	  	 	9	 
	 Section 19.
	 	Security Interest Absolute	  	 	10	 
	 Section 20.
	 	Collateral Agency Agreement Controls	  	 	11	 
	 Section 21.
	 	Execution in Counterparts	  	 	11	 
	 Section 22.
	 	Governing Law	  	 	11	 
	 Section 23.
	 	Waiver of Right to Trial by Jury	  	 	11	 

  

					
		  	i	  	Puget Pledge Agreement

 SCHEDULES 
  

					
	Schedule I	  	–	  	Location, Chief Executive Office, Type Of Organization, Jurisdiction Of Organization, Organizational Identification Number and Trade Names
			
	Schedule II	  	–	  	Pledged Equity
			
	Schedule III	  	–	  	Changes in Name, Location, Etc.

  

					
		  	ii	  	Puget Amended Restated Pledge Agreement

 AMENDED AND RESTATED PLEDGE AGREEMENT 

AMENDED AND RESTATED PLEDGE AGREEMENT dated as of February 6, 2009, as amended and restated as of March 31, 2010 (as amended,
amended and restated, supplemented or otherwise modified from time to time, this “Agreement”), made by PUGET EQUICO LLC, a Washington limited liability company (the “Pledgor”), to BARCLAYS BANK PLC, as collateral
agent (in such capacity, together with any successor collateral agent appointed pursuant to the Collateral Agency Agreement), the “Collateral Agent”) for the Secured Parties. 

RECITALS. 
 (1) Puget
Merger Sub Inc. (“Merger Sub”) entered into a Credit Agreement dated as of May 16, 2008 (said Agreement, as it may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the
“Credit Agreement”) with the Lenders and the other parties thereto. 
 (2) Upon the consummation of the Merger, Puget
Energy Inc. assumed, pursuant to the Assumption Agreement, all of the obligations of the Merger Sub under the Credit Agreement, this Agreement and all of the other Financing Documents to which the Merger Sub was a party. 

(3) The Borrower may from time to time after the date hereof issue or enter into one or more notes, indentures, promissory notes, credit
agreements or such other Additional Credit Documents to the extent permitted under the Credit Documents, the obligations under which may be secured by a first priority lien on the Collateral. 

(4) Pursuant to the Credit Agreement and the Additional Credit Documents, the Pledgor is entering into this Agreement in order to grant to the
Collateral Agent for the ratable benefit of the Secured Parties a security interest in the Collateral to secure the Secured Obligations. 

(5) The Pledgor is the owner of the shares of stock or other Equity Interests (the “Initial Pledged Equity”) set forth
opposite the Pledgor’s name on and as otherwise described on Schedule II hereto and issued by the Borrower. 
 (6) It is a
condition precedent to the making of Loans by the Lenders under the Credit Agreement, the entry into Interest Hedging Agreements by the Interest Rate Hedge Banks that the Pledgor shall have granted the security interest contemplated by this
Agreement, and the Borrower desires to secure indebtedness under the Additional Credit Documents in order to induce the providers of such indebtedness to execute the Additional Credit Documents. 

(7) The Pledgor will derive substantial direct and indirect benefit from the transactions contemplated by the Financing Documents and the
Additional Credit Documents. 
 (8) Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to such terms
in that certain Amended and Restated Collateral Agency Agreement, dated as of March 31, 2010, among the Borrower, the Collateral Agent, the Facility Agent, in its capacity as representative for the Lenders, and each other Authorized
Representative from time to time party thereto (as the same may be amended, restated or supplemented from time to time, the “Collateral Agency Agreement”). Further, unless otherwise defined in this Agreement, in the Credit Agreement
or in the Collateral Agency Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in this Agreement as such terms are defined in such Article 8 or 9. “UCC” means the Uniform Commercial Code as in effect,
from time to time, in the State of New York; provided that, if perfection or the effect of 

 
perfection or non-perfection or the priority of any security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a
jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection
or non-perfection or priority. 
 NOW, THEREFORE, in consideration of the premises and in order to
induce the Lenders to make Loans under the Credit Agreement, to induce the Interest Rate Hedge Banks to enter into Interest Hedging Agreements from time to time and to induce the Additional Secured Parties to extend credit under the Additional
Credit Documents from time to time, the Pledgor hereby agrees with the Collateral Agent for the equal and ratable benefit of the Secured Parties as follows: 

Section 1. Grant of Security. The Pledgor hereby grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a
security interest in the Pledgor’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now owned or hereafter acquired by the Pledgor, wherever located, and whether now or
hereafter existing or arising (collectively, the “Collateral”): 
 (a) the following (the “Security
Collateral”): 
 (i) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged
Equity, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all
subscription warrants, rights or options issued thereon or with respect thereto; 
 (ii) all additional shares of stock and
other Equity Interests in the Borrower from time to time acquired by the Pledgor in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if
any, representing such additional shares or other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in
exchange for any or all of such shares or other Equity Interests and all subscription warrants, rights or options issued thereon or with respect thereto; and 

(b) all proceeds of, collateral for and supporting obligations relating to, any and all of the Collateral (including, without
limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clause (a) of this Section 1 and this clause (b)) and, to the extent not otherwise included, all
(A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or damage to or otherwise with respect to any of the foregoing Collateral and
(B) cash. 
 Section 2. Security for Obligations. This Agreement secures, in the case of the Pledgor, the payment of all
Secured Obligations. Without limiting the generality of the foregoing, this Agreement secures, as to the Pledgor, the payment of all amounts that constitute part of the Secured Obligations and would be owed to any Secured Party under the Financing
Documents and the Additional Credit Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving a Loan Party. 

Section 3. Pledgor Remains Liable. Anything herein to the contrary notwithstanding, (a) the Pledgor shall remain liable under
the contracts and agreements included in the Collateral to the 

  
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extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the exercise by the Collateral Agent of
any of the rights hereunder shall not release the Pledgor from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any obligation or liability under the contracts
and agreements included in the Collateral by reason of this Agreement, any other Financing Document or any Additional Credit Documents, nor shall any Secured Party be obligated to perform any of the obligations or duties of the Pledgor thereunder or
to take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 4. Delivery and Control of Security
Collateral. (a) All certificates or instruments representing or evidencing Security Collateral shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for transfer by delivery, or
shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance reasonably satisfactory to the Collateral Agent. In addition, upon the occurrence of an Event of Default, the Collateral Agent shall have
the right at any time to exchange certificates or instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 

(b) With respect to any Security Collateral in which the Pledgor has any right, title or interest and that constitutes an uncertificated
security, the Pledgor will cause the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree in an authenticated record with the Pledgor and the Collateral Agent that such issuer
will comply with instructions with respect to such security originated by the Collateral Agent without further consent of the Pledgor, such authenticated record to be in form and substance satisfactory to the Collateral Agent. 

(c) With respect to any Security Collateral in which the Pledgor has any right, title or interest and that is not an uncertificated security,
upon the request of the Collateral Agent, the Pledgor will notify each such issuer of Pledged Equity that such Pledged Equity is subject to the security interest granted hereunder. 

Section 5. Representations and Warranties. The Pledgor represents and warrants as follows as of the date hereof: 

(a) The Pledgor’s exact legal name, as defined in Section 9-503(a) of the
UCC, is correctly set forth in Schedule I hereto. The Pledgor has not used any trade name. The Pledgor is located (within the meaning of Section 9-307 of the UCC) in the state or jurisdiction set
forth in Schedule I hereto. The information set forth in Schedule I hereto with respect to the Pledgor is true and accurate in all respects. The Pledgor has not previously changed its name, type of organization, jurisdiction of
organization or organizational identification number from those set forth in Schedule I hereto except as disclosed in Schedule III hereto. 

(b) All Security Collateral consisting of certificated securities and instruments has been delivered to the Collateral Agent.

 (c) The Pledgor is the legal and beneficial owner of the Collateral free and clear of any Lien, claim, option or right of
others, except for the security interest created under this Agreement or permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering all or any part of such Collateral or listing the Pledgor
or any trade name of the Pledgor as debtor with respect to such Collateral is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Financing Documents or as otherwise permitted under
the Credit Agreement. 

  
 A-3 

 (d) The Pledged Equity pledged by the Pledgor hereunder has been duly
authorized and validly issued and is fully paid and non-assessable. With respect to the Pledged Equity that is an uncertificated security, the Pledgor has caused the issuer thereof either (i) to register
the Collateral Agent as the registered owner of such security or (ii) to agree in an authenticated record with the Pledgor and the Collateral Agent that such issuer will comply with instructions with respect to such security originated by the
Collateral Agent without further consent of the Pledgor. 
 (e) The Initial Pledged Equity pledged by the Pledgor constitutes
the percentage of the issued and outstanding Equity Interests of the issuers thereof indicated on Schedule II hereto. 

(f) All filings and other actions (including without limitation, actions necessary to obtain control of Collateral as provided
in Section 9-106 of the UCC) necessary to perfect the security interest in the Collateral created under this Agreement have been duly made or taken and are in full force and effect, and this Agreement
creates in favor of the Collateral Agent for the benefit of the Secured Parties a valid and, together with such filings and other actions, perfected first priority security interest in the Collateral (other than Permitted Collateral Liens), securing
the payment of the Secured Obligations. 
 (g) No authorization or approval or other action by, and no notice to or filing
with, any governmental authority or regulatory body or any other third party is required for (i) the grant by the Pledgor of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by the Pledgor,
(ii) the perfection or maintenance of the security interest created hereunder (including the first priority nature of such security interest), except for the filing of financing and continuation statements under the UCC, which financing
statements have been duly filed and are in full force and effect, and the actions described in Section 4 with respect to Security Collateral, which actions have been taken and are in full force and effect or (iii) the exercise by
the Collateral Agent of its voting or other rights provided for in this Agreement or the remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Security
Collateral by laws affecting the offering and sale of securities generally or as may be required in connection with the disposition of any portion of the Collateral under Section 203 of the Federal Power Act or chapter 80.12 of the Revised Code
of Washington. 
 Section 6. Further Assurances. (a) The Pledgor agrees that from time to time, at the expense of the
Pledgor, the Pledgor will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action that may be necessary, or that the Collateral Agent may reasonably request, in order to perfect and
protect any pledge or security interest granted or purported to be granted by the Pledgor hereunder or to enable the Collateral Agent to exercise and enforce its rights and remedies hereunder with respect to any Collateral. Without limiting the
generality of the foregoing, the Pledgor will promptly with respect to the Collateral: (i) if any such Collateral shall be evidenced by a promissory note or other instrument, deliver and pledge to the Collateral Agent hereunder such note or
instrument duly indorsed and accompanied by duly executed instruments of transfer or assignment, all in form and substance satisfactory to the Collateral Agent; (ii) file such financing or continuation statements, or amendments thereto, and
such other instruments or notices, as may be necessary, or as the Collateral Agent may request, in order to perfect and preserve the security interest granted or purported to be granted by the Pledgor hereunder; (iii) deliver and pledge to the
Collateral Agent for benefit of the Secured Parties certificates representing Security Collateral that constitutes certificated securities, accompanied by undated stock powers executed in blank; (iv) take all action necessary to ensure that the
Collateral Agent has control of Collateral consisting of investment property as provided in Section 9-106 of the UCC; and (v) deliver to the Collateral Agent evidence that all other

  
 A-4 

 
action that the Collateral Agent may deem reasonably necessary or desirable in order to perfect and protect the security interest created by the Pledgor under this Agreement has been taken. 

(b) The Pledgor hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto,
including, without limitation, one or more financing statements indicating that such financing statements cover all Equity Interests in the Borrower owned by the Pledgor, in each case without the signature of the Pledgor, and regardless of whether
any particular asset described in such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other reproduction of this Agreement or any financing statement covering the Collateral or any
part thereof shall be sufficient as a financing statement where permitted by law. The Pledgor ratifies its authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments filed prior to the date
hereof. 
 (c) The Pledgor will furnish to the Collateral Agent from time to time statements and schedules further identifying and
describing the Collateral and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 

Section 7. Post-Closing Changes; Certain Additional Covenants. (a) The Pledgor will not change its name, type of
organization, jurisdiction of organization or organizational identification number or location from those set forth in Section 5(a) of this Agreement without first giving at least 20 days’ prior written notice to the Collateral Agent and
taking all action reasonably required by the Collateral Agent for the purpose of perfecting or protecting the security interest granted by this Agreement. The Pledgor will hold and preserve its records relating to the Collateral and will permit
representatives of the Collateral Agent to inspect and make abstracts from such records and other documents as set forth in Section 6.18 of the Credit Agreement or the applicable provisions of the Additional Credit Documents (as if such
provisions were applicable to the Pledgor instead of the Borrower). If the Pledgor does not have an organizational identification number and later obtains one, it will forthwith notify the Collateral Agent of such organizational identification
number. 
 (b) The Pledgor will not: 

(i) amend its Organizational Documents unless such amendment could not reasonably be expected to result in a Material Adverse
Effect (with clauses (i) and (ii) of such definition being applicable to the Pledgor as well as the Borrower and its Subsidiaries); 

(ii) engage at any time in any business or business activity (including, without limitation, any action or transaction that is
required or restricted with respect to the Borrower and its Subsidiaries under Article VII of the Credit Agreement or the Additional Credit Documents without regard to any of the enumerated exceptions to such covenants), other than
(A) the ownership and acquisition of Equity Interests in the Borrower, together with activities reasonably related thereto, (B) the maintenance of its legal existence, together with activities reasonably related thereto, (C) the
performance of its obligations in connection with the Merger Agreement and the other agreements contemplated thereby and in the Financing Documents and the Additional Credit Documents (subject to any limitations contained therein), (D) actions
incidental to the consummation of the Merger and (E) activities incidental to its maintenance and continuance and to the foregoing activities (which shall include, without limitation (1) entering into and incurring obligations under any
insurance contract and employment agreements and benefit plans for management or employees of the Borrower or any of its Subsidiaries, (2) incurring liabilities incidental to its existence, (3) entering into agreements with consultants,
auditors and service providers to provide services to the Borrower or any of its Subsidiaries, (4) maintaining any Deposit Accounts, Securities Accounts and Lock-Up Accounts permitted or 

  
 A-5 

 
required pursuant to the Security Agreement, (5) entering into confidentiality and similar agreements for the Borrower or any of its Subsidiaries and (6) incurring Indebtedness in the
form of Shareholder Funding); provided that (i) Shareholder Funding in the form of loans or indebtedness to the Pledgor shall only be permitted to be incurred on or prior to the Financial Closing Date and (ii) notwithstanding any
other provision of clauses (A) through (E) to the contrary, Indebtedness other than Shareholder Funding or referred to in clause (2) of the preceding parenthetical shall not be permitted to be incurred by the Pledgor;
or 
 (iii) permit or consent to any amendment or modification of any of the provisions of the documentation governing or
evidencing the Shareholder Funding, including, without limitation the Shareholder Loan Subordination Agreement (if applicable), without the consent of the Collateral Agent or unless such amendment is not adverse to the Required Voting Parties. 

Section 8. Voting Rights; Dividends; Etc. (a) So long as no Event of Default shall have occurred and be continuing: 

(i) The Pledgor shall be entitled to exercise any and all voting and other consensual rights pertaining to the Security
Collateral or any part thereof for any purpose; provided, however, that the Pledgor will not exercise or refrain from exercising any such right if such action would have a material adverse effect on the value of the Security Collateral
or any part thereof. 
 (ii) The Pledgor shall be entitled to receive and retain any and all dividends, interest and other
distributions paid in respect of the Security Collateral if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Financing Documents; provided, however, that any and all: 

(A) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and other
property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, 
 (B)
dividends and other distributions paid or payable in cash in respect of any Security Collateral in connection with a partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid-in-surplus, and 
 (C) cash paid, payable or
otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any Security Collateral 
 shall be, and shall be
forthwith delivered to the Collateral Agent to hold as, Security Collateral and shall, if received by the Pledgor, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of the Pledgor and be
forthwith delivered to the Collateral Agent as Security Collateral in the same form as so received (with any necessary indorsement). 

(iii) The Collateral Agent will execute and deliver (or cause to be executed and delivered) to the Pledgor all such proxies and
other instruments as the Pledgor may reasonably request for the purpose of enabling the Pledgor to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph (i) above and to receive the dividends or interest
payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 
 (b) Upon the occurrence and during the
continuance of an Event of Default: 

  
 A-6 

 (i) All rights of the Pledgor (x) to exercise or refrain from
exercising the voting and other consensual rights that it would otherwise be entitled to exercise pursuant to Section 8(a)(i) shall, upon notice to the Pledgor by the Collateral Agent, cease and (y) to receive the dividends,
interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 8(a)(ii) shall automatically cease, and all such rights shall thereupon become vested in the Collateral Agent, which shall
thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest and other distributions. 

(ii) All dividends, interest and other distributions that are received by the Pledgor contrary to the provisions of paragraph
(i) of this Section 8(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Collateral Agent as Security Collateral in the
same form as so received (with any necessary indorsement). 
 Section 9. Transfers and Other Liens; Additional Shares.
(a) The Pledgor agrees that it will not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral, or (ii) create or suffer to exist any Lien upon or with respect to any of the Collateral of
the Pledgor except for the pledge, assignment and security interest created under this Agreement and Liens permitted under the Credit Documents. 

(b) The Pledgor agrees that it will (i) cause the Borrower not to issue any Equity Interests in addition to or in substitution for the
Pledged Equity issued by the Borrower, except to the Pledgor, and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests issued to it. 

Section 10. Collateral Agent Appointed
Attorney-in-Fact. The Pledgor hereby irrevocably appoints the Collateral Agent the Pledgor’s
attorney-in-fact, with full authority in the place and stead of the Pledgor and in the name of the Pledgor or otherwise, from time to time, upon the occurrence and
during the continuance of an Event of Default, in the Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary or advisable to accomplish the purposes of this Agreement,
including, without limitation: 
 (a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance
and receipts for moneys due and to become due under or in respect of any of the Collateral, 
 (b) to receive, indorse and
collect any drafts or other instruments or documents, in connection with clause (a) above, and 
 (c) to file any
claims or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce the rights of the Collateral Agent with respect to any of the
Collateral. 
 Section 11. Collateral Agent May Perform. If the Pledgor fails to perform any agreement contained herein, the
Collateral Agent may, as the Collateral Agent deems necessary to protect the security interest granted hereunder in the Collateral or to protect the value thereof, but without any obligation to do so and without notice, itself perform, or cause
performance of, such agreement, and the expenses of the Collateral Agent incurred in connection therewith shall be payable by the Pledgor under Section 14. 

  
 A-7 

 Section 12. The Collateral Agent’s Duties. (a) The powers conferred on
the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of any Collateral in its possession and the
accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges, maturities, tenders or other matters relative
to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other rights pertaining to any Collateral. The
Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that which it accords its own property. 

(b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from time to time, when the Collateral Agent deems it
to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that the Collateral Agent so appoints any Subagent with respect to
any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Pledgor hereunder shall be deemed for purposes of this Agreement to have been made to such Subagent, in addition to the
Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations, (ii) such Subagent shall automatically be vested, in addition to the Collateral Agent, with all rights, powers, privileges, interests and
remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights, powers, privileges, interests and remedies of the Collateral Agent with
respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such Collateral unless and except to the extent expressly authorized in
writing by the Collateral Agent. 
 Section 13. Remedies. If any Event of Default shall have occurred and be continuing: 

(a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and remedies provided for
herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) without notice except as specified below, sell the
Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem
commercially reasonable; and (ii) exercise any and all rights and remedies of the Pledgor under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, those set forth in Section 9-607 of the UCC. The Pledgor agrees that, to the extent notice of sale shall be required by law, at least ten days’ prior written notice to the Pledgor of the time and place of any public sale or
the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may adjourn
any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral
Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 14) in whole or in 

  
 A-8 

 
part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations, in accordance with the Collateral Agency Agreement. 

(c) All payments received by the Pledgor in respect of the Collateral shall be received in trust for the benefit of the
Collateral Agent, shall be segregated from other funds of the Pledgor and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement). 

Section 14. Indemnity and Expenses. The Pledgor agrees to indemnify, defend and save and hold harmless each Secured Party, and to
pay the expenses of the Collateral Agent, in each case in connection with this Agreement as set forth in Sections 10.04 and 10.05 of the Credit Agreement as if such Sections were set forth in this Agreement mutatis
mutandis and as if such Sections applied to the Pledgor instead of the Borrower. 
 Section 15. Amendments; Waivers; Etc.
No amendment or waiver of any provision of this Agreement, and no consent to any departure by the Pledgor herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent (and the Pledgor in the case
of an amendment or waiver), and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no
delay in exercising any right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

Section 16. Notices, Etc. All notices and other communications provided for hereunder shall be provided in accordance with the
Collateral Agency Agreement. 
 Section 17. Continuing Security Interest; Assignments Under the Credit Documents. This Agreement
shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the indefeasible payment in full in cash of the Secured Obligations (other than contingent indemnity obligations not then due),
termination of the Commitments and the termination or expiration of the Interest Hedging Agreements, (b) be binding upon the Pledgor, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral Agent
hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender or Additional Secured Party may assign or otherwise transfer all or
any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes, if any, held by it) or the Additional Credit Documents, as the
case may be, to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender or the Additional Secured Parties, as the case may be, herein or otherwise, in each case as
provided in Section 10.07 of the Credit Agreement or the applicable provisions of the Additional Credit Documents, as applicable. 

Section 18. Termination. Upon the indefeasible payment in full in cash of the Secured Obligations (other than contingent indemnity
obligations not then due), termination of the Commitments and the termination or expiration of the Interest Hedging Agreements, the security interest created by this Agreement shall terminate and all rights to the Collateral shall revert to the
Pledgor, and the Collateral Agent shall (at the written request and sole cost and expense of the Pledgor) promptly cause to be transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining
Collateral and money received in respect thereof, to or on the order of the Pledgor. The Collateral Agent shall also (at the written request and sole cost and expense of the Pledgor) promptly execute and deliver to the Pledgor upon such termination
such Uniform Commercial Code 

  
 A-9 

 
termination statements, and such other documentation as shall be reasonably requested by the Pledgor to effect the termination and release of the Liens on the Collateral. 

Section 19. Security Interest Absolute. The obligations of the Pledgor under this Agreement are independent of the Secured
Obligations or any other Obligations of any other Loan Party under or in respect of the Credit Documents, and a separate action or actions may be brought and prosecuted against the Pledgor to enforce this Agreement, irrespective of whether any
action is brought against the Pledgor or any other Loan Party or whether the Pledgor or any other Loan Party is joined in any such action or actions. All rights of the Collateral Agent and the other Secured Parties and the pledge, assignment and
security interest hereunder, and all obligations of the Pledgor hereunder, shall be irrevocable, absolute and unconditional irrespective of, and the Pledgor hereby irrevocably waives (to the maximum extent permitted by applicable law) any defenses
it may now have or may hereafter acquire in any way relating to, any or all of the following: 
 (a) any lack of validity or
enforceability of any Credit Document or any other agreement or instrument relating thereto; 
 (b) any change in the time,
manner or place of payment of, or in any other term of, all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of any of the Credit Documents or any other amendment or waiver of or any consent to
any departure from any Credit Document, including, without limitation, any increase in the Secured Obligations resulting from the extension of additional credit to any Loan Party or any of its Subsidiaries or otherwise; 

(c) any taking, exchange, release or non-perfection of any Collateral or any other
collateral, or any taking, release or amendment or waiver of or consent to departure from any guaranty, for all or any of the Secured Obligations; 

(d) any manner of application of any Collateral or any other collateral, or proceeds thereof, to all or any of the Secured
Obligations, or any manner of sale or other disposition of any Collateral or any other collateral for all or any of the Secured Obligations or any other Obligations of any other Loan Party under or in respect of the Financing Documents, the
Additional Credit Documents or any other assets of any Loan Party or any of its Subsidiaries; 
 (e) any change,
restructuring or termination of the corporate structure or existence of any Loan Party or any of its Subsidiaries; 
 (f) any
failure of any Secured Party to disclose to any Loan Party any information relating to the business, condition (financial or otherwise), operations, performance, assets, nature of assets, liabilities or prospects of any other Loan Party now or
hereafter known to such Secured Party (the Pledgor waiving any duty on the part of the Secured Parties to disclose such information); 

(g) the failure of any other Person to execute this Agreement or any other Security Document, guaranty or agreement or the
release or reduction of liability of the Pledgor or other grantor or surety with respect to the Secured Obligations; or 

(h) any other circumstance (including, without limitation, any statute of limitations) or any existence of or reliance on any
representation by any Secured Party that might otherwise constitute a defense available to, or a discharge of, the Pledgor or any other Pledgor or a third party grantor of a security interest. 

  
 A-10 

 This Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any
payment of any of the Secured Obligations is rescinded or must otherwise be returned by any Secured Party or by any other Person upon the insolvency, bankruptcy or reorganization of any Loan Party or otherwise, all as though such payment had not
been made. 
 Section 20. Collateral Agency Agreement Controls. Notwithstanding anything herein to the contrary, the lien and
security interest granted to the Collateral Agent, for the benefit of the Secured Parties pursuant to this Agreement and any other Security Document and related agreements (including any control agreements executed pursuant to the requirements of
this Agreement), and the exercise of any right or remedy by the Collateral Agent in respect of the Collateral are subject to the provisions of the Collateral Agency Agreement. In the event of any conflict or inconsistency between the provisions of
this Agreement, any other Security Documents and any such related document and the Collateral Agency Agreement, the provisions of the Collateral Agency Agreement shall govern and control. 

Section 21. Execution in Counterparts. This Agreement may be executed in any number of 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 agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other means of electronic delivery
shall be effective as delivery of an original executed counterpart of this Agreement. 
 Section 22. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 Any legal action or proceeding
arising under this Agreement or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now existing or hereafter arising, may be brought in the
courts of the State of New York sitting in New York City or of the United States for the Southern District of such state, and by execution and delivery of this Agreement, the Pledgor consents, for itself and in respect of its property, to the non-exclusive jurisdiction of those courts. The Pledgor waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter have
to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement or any Financing Document. 
 Section 23.
Waiver of Right to Trial by Jury. Each party to this Agreement hereby expressly waives any right to trial by jury of any claim, demand, action or cause of action arising under this Agreement, any Credit Document or in any way connected with
or related or incidental to its dealings with respect to this Agreement, any Credit Document or the transactions related thereto, in each case whether now existing or hereafter arising, and whether founded in contract or tort or otherwise; and each
party to this Agreement hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that each party to this Agreement may file an original counterpart or a copy of this
Section 22 with any court as written evidence of the consent of the signatories hereto to the waiver of its right to trial by jury. 

Section 24. Original Schedules and Exhibits. Each of the Schedules and Exhibits attached to the Pledge Agreement dated as of
February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this Agreement without any amendment, modification or supplement. 

[Signature pages follow] 

  
 A-11 

 EXECUTION COPY 

AMENDMENT NO. 1 
 TO 

AMENDED AND RESTATED PLEDGE AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED PLEDGE AGREEMENT (this “Amendment”), is made as of February 10, 2012,
by and between JPMORGAN CHASE BANK, N.A., in its capacity as successor Collateral Agent (as defined below) and PUGET EQUICO LLC, as pledgor (the “Pledgor”). Capitalized terms used but not otherwise defined herein shall have the
respective meanings given to them in the Amended and Restated Collateral Agency Agreement (described below). 
 WHEREAS, on the date hereof,
Barclays Bank PLC resigned as Collateral Agent under than certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among Puget Energy, Inc., Pledgor, Barclays
Bank PLC, as collateral agent and Barclays Bank PLC, as facility agent; 
 WHEREAS, pursuant to Amendment No. 1 to Amended and Restated
Collateral Agency Agreement, dated as of the date hereof, JPMorgan Chase Bank, N.A. was appointed as successor Collateral Agent (in such capacity, the “Collateral Agent”); 

WHEREAS, the Collateral Agent and the Pledgor wish to amend that certain Amended and Restated Pledge Agreement, dated February 6, 2009
and as amended and restated as of March 31, 2010, between Collateral Agent, as successor collateral agent and the Pledgor (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Agreement”);

 NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to amend the Agreement as follows. 

SECTION 1. Amendments to Agreement. 

(a) Recital (1) to the Agreement is amended and restated in its entirety to read as follows: 

(1) Puget Energy, Inc. entered into that certain Credit Agreement dated as of February 10, 2012 among the Lenders from
time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

(b) Recital (6) to the Agreement is amended to delete the punctuation mark “,” appearing immediately before the phrase
“the entry into Interest Hedging Agreements” appearing therein and to replace such punctuation mark with the word “and”. 

(c) Recital (8) is amended to insert the phrase “the Pledgor,” immediately following the phrase “March 31, 2010, among the
Borrower,” appearing therein. 
 (d) Recital (2) to the Agreement is deleted in its entirety. 

(e) Recitals (3), (4), (5), (6) and (7) are renumbered as recitals (2), (3), (4), (5) and (6) respectively. 

 (f) Clause (b)(ii) of Section 7 of the Agreement is amended to (i) delete the
punctuation mark “,” appearing immediately before the number “(5)” appearing therein and to replace such punctuation mark with the word “and” and (ii) to delete in its entirety the phrase “and
(6) incurring Indebtedness in the form of Shareholder Funding); provided that (i) Shareholder Funding in the form of loans or indebtedness to the Pledgor shall only be permitted to be incurred on or prior to the Financial Closing
Date and (ii) notwithstanding any other provision of clauses (A) through (E) to the contrary, Indebtedness other than Shareholder Funding or referred to in clause (2) of the preceding parenthetical shall not be
permitted to be incurred by the Pledgor; or” appearing therein. 
 (g) Clause (b)(iii) of Section 7 of the Agreement is deleted in
its entirety. 
 (h) Section 14 of the Agreement is amended to (i) delete the section reference “Sections 10.04 and
10.05” appearing therein and to replace such section reference with the section reference “Section 9.03”, (ii) delete the phrase “Sections were” and to replace such phrase with the phrase “Section
was” and (iii) to replace the word “Sections” appearing immediately before the phrase “applied to the Pledgor” appearing therein with the word “Section”. 

(i) Section 17 of the Agreement is amended to delete the section reference “Section 10.07” appearing therein and to
replace such section reference with the section reference “Section 9.04”. 
 (j) The Agreement is amended to replace
each reference to “Barclays Bank PLC” with “JPMorgan Chase Bank, N.A.”. 
 SECTION 2. Conditions of
Effectiveness. This Amendment shall become effective as of the date hereof (the “Effective Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the
Collateral Agent and the Pledgor and (ii) the New Credit Agreement shall become effective in accordance with its terms and conditions. 

SECTION 3. Representations and Warranties. Each of the parties hereto represents and warrants that this Amendment and the Agreement, as
amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the
enforcement of creditors’ rights generally and general equitable principles. 
 SECTION 4. Reference to and the Effect on the
Agreement. 
 (a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”,
“hereunder”, “hereof”, “herein” or words of like import referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement
as amended hereby. 
 (b) Each of the parties hereto hereby agrees that, except as specifically amended above, the Agreement is hereby
ratified and confirmed and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’
rights generally and general equitable principles. 
 SECTION 5. Headings. Section headings in this Amendment are included herein for
convenience only and shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in Counterparts.
This Amendment may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute
but one and the same agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, 

  
 2 

 
portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State
of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 3 

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

			
	 PUGET EQUICO LLC,
 as
Pledgor

		
	By:	 	/s/ Donald E. Gaines
		 	Name: Donald E. Gaines
		 	Title: Vice President Finance and Treasurer

 Signature Page to Amendment No. 1 to 

Amended and Restated Pledge Agreement 

 
			
	 JPMORGAN CHASE BANK, N.A.,
 as
successor Collateral Agent

		
	By:	 	/s/ Helen D. Davis
		 	Name: Helen D. Davis
		 	Title: Vice President

 Signature Page to Amendment No. 1 to 

Amended and Restated Pledge Agreement 

 EXHIBIT L 

SECURITY AGREEMENT 

[ATTACHED] 

 EXECUTION COPY 

AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

Dated as of February 6, 2009 

as amended and restated as of March 31, 2010 

From 
 PUGET ENERGY INC. 

as Borrower 
 to 

BARCLAYS BANK PLC 
 as
Collateral Agent 

  
 Security Agreement 

 T A B L E  O
F  C O N T E N T S 
  

					
		  			
	Section	  	Page	 
	 Section 1. Grant of Security
	  	 	2	 
	 Section 2. Security for Obligations
	  	 	6	 
	 Section 3. Borrower Remain Liable
	  	 	6	 
	 Section 4. Delivery and Control of Security Collateral
	  	 	6	 
	 Section 5. Deposit Accounts
	  	 	7	 
	 Section 6. Reserved
	  	 	7	 
	 Section 7. Release of Amounts
	  	 	7	 
	 Section 8. Representations and Warranties
	  	 	8	 
	 Section 9. Further Assurances
	  	 	10	 
	 Section 10. Reserved
	  	 	11	 
	 Section 11. Reserved
	  	 	11	 
	 Section 12. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related
Contracts
	  	 	11	 
	 Section 13. As to Intellectual Property Collateral
	  	 	12	 
	 Section 14. Voting Rights; Dividends; Etc.
	  	 	12	 
	 Section 15. Reserved
	  	 	13	 
	 Section 16. As to
Letter-of-Credit Rights
	  	 	13	 
	 Section 17. Commercial Tort Claims
	  	 	13	 
	 Section 18. Transfers and Other Liens; Additional Shares
	  	 	13	 
	 Section 19. Collateral Agent Appointed Attorney in Fact
	  	 	14	 
	 Section 20. Collateral Agent May Perform
	  	 	14	 
	 Section 21. The Collateral Agent’s Duties
	  	 	14	 
	 Section 22. Remedies
	  	 	15	 
	 Section 23. Indemnity and Expenses
	  	 	16	 
	 Section 24. Amendments; Waivers; Additional Borrower; Etc.
	  	 	16	 
	 Section 25. Notices, Etc.
	  	 	16	 
	 Section 26. Continuing Security Interest; Assignments under the Credit Agreement
	  	 	16	 

  
 Security Agreement 

					
	 Section 27. Termination
	  	 	16	 
	 Section 28. Collateral Agency Agreement Controls
	  	 	16	 
	 Section 29. Execution in Counterparts
	  	 	17	 
	 Section 30. Governing Law
	  	 	17	 
	 Section 31. Waiver of Right to Trial by Jury
	  	 	17	 

  

					
	 Schedules
	  		  	
			
	 Schedule I
	  	-	  	 Investment Property

	 Schedule II
	  	-	  	 Pledged Deposit Accounts

	 Schedule III
	  	-	  	 Assigned Agreements

	 Schedule IV
	  	-	  	 Intellectual Property

	 Schedule V
	  	-	  	 Commercial Tort Claims

	 Schedule VI
	  	-	  	 Location, Chief Executive Office, Type of Organization, Jurisdiction of Organization and
Organizational Identification Number

	 Schedule VII
	  	-	  	 Changes in Name, Location, Etc.

	 Schedule VIII
	  	-	  	 Letters of Credit

			
	 Exhibits
	  		  	
			
	 Exhibit A
	  	-	  	 Form of Withdrawal Certificate

  
 Security Agreement 

 AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

AMENDED AND RESTATED BORROWER SECURITY AGREEMENT (as amended, amended and restated, supplemented or otherwise modified from time to time, this
“Agreement”) dated as of February 6, 2009, as amended and restated as of March 31, 2010 made by Puget Energy Inc., a Washington corporation (successor in interest by merger to Puget Merger Sub Inc.) (the
“Company”) to Barclays Bank PLC, as collateral agent (together with any successor collateral agent appointed pursuant to the Collateral Agency Agreement referred to below, the “Collateral Agent”) for the Secured
Parties. 
 PRELIMINARY STATEMENTS. 

(1) Puget Merger Sub Inc. (“Merger Sub”) entered into a Credit Agreement dated as of May 16, 2008 (said agreement, as it
may hereafter be amended, amended and restated, supplemented or otherwise modified from time to time, being the “Credit Agreement”) with the Lenders and the other parties thereto. 

(2) Upon the consummation of the Merger, the Company assumed, pursuant to the Assumption Agreement, all of the obligations of the Merger Sub
under the Credit Agreement, this Agreement and all of the other Financing Documents to which the Merger Sub was a party, and is the owner of the shares of stock or other Equity Interests (the “Initial Pledged Equity”) set forth
opposite the Borrower’s name on and as otherwise described in Part I of Schedule I hereto and issued by Puget Sound Energy, Inc. (“PSE”). The Merger Sub (prior to the Effective Time) and the Company (upon and
after the Effective Time) are referred to herein as the “Borrower”. 
 (3) The Borrower may from time to time after the
date hereof issue or enter into one or more notes, indentures, promissory notes, credit agreements or such other Additional Credit Documents to the extent permitted under the Credit Documents, the obligations under which may be secured by a first
priority lien on the Collateral. 
 (4) The Borrower is the owner of the deposit accounts (the “Pledged Deposit Accounts”)
set forth opposite its name on Schedule II hereto. 
 (5) The Borrower is the owner of Account No. 110789 (the “Lock-Up Account”), with The Bank of New York Mellon at its office at 101 Barclay Street, Floor 8W, New York, NY 10286, Attention: Corporate Finance Group. 

(6) It is a condition precedent to the making of Loans by the Lenders under the Credit Agreement, the entry into Interest Hedging Agreements
by the Interest Rate Hedge Banks that the Borrower shall have granted the to the Collateral Agent, for the ratable benefit of the Secured Parties, the security interest contemplated by this Agreement, and the Borrower desires to secure indebtedness
under the Additional Credit Documents in order to induce the providers of such indebtedness to execute the Additional Credit Documents. The Borrower will derive substantial direct and indirect benefit from the transactions contemplated by the
Financing Documents and the Additional Credit Documents. 
 (7) Capitalized terms used herein but not otherwise defined shall have the
meanings ascribed to such terms in that certain Amended and Restated Collateral Agency Agreement, dated as of March 31, 2010, among the Borrower, the Collateral Agent, the Facility Agent, in its capacity as representative for the Lenders, and
each other Authorized Representative from time to time party thereto (as the same may be amended, restated or supplemented from time to time, the “Collateral Agency Agreement”). Further, unless otherwise defined in this Agreement,
in the Credit Agreement or in the Collateral Agency Agreement, terms defined in Article 8 or 9 of the UCC (as defined below) are used in 

  
 Security Agreement 

 
this Agreement as such terms are defined in such Article 8 or 9. The term “Withdrawal Certificate” shall mean a certificate substantially in the form of Exhibit A, and the
term “Withdrawal Date” shall mean any date on which a withdrawal is to be made from the Lock-Up Account. 

(8) “UCC” means the Uniform Commercial Code as in effect from time to time in the State of New York; provided that, if
perfection or the effect of perfection or non perfection or the priority of the security interest in any Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, “UCC”
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non perfection or priority. 

NOW, THEREFORE, in consideration of the premises and in order to induce the Lenders to make Loans under the Credit Agreement, to induce the
Interest Rate Hedge Banks to enter into Interest Hedging Agreements from time to time and to induce the Additional Secured Parties to extend credit under the Additional Credit Documents from time to time, the Borrower hereby agrees with the
Collateral Agent for the ratable benefit of the Secured Parties as follows: 
 Section 1. Grant of Security. The Borrower hereby
grants to the Collateral Agent, for the ratable benefit of the Secured Parties, a security interest in the Borrower’s right, title and interest in and to the following, in each case, as to each type of property described below, whether now
owned or hereafter acquired by the Borrower, wherever located, and whether now or hereafter existing or arising (collectively, the “Collateral”): 

(a) all equipment in all of its forms, including, without limitation, all machinery, tools, motor vehicles, vessels, aircraft,
furniture and fixtures, and all parts thereof and all accessions thereto, including, without limitation, computer programs and supporting information that constitute equipment within the meaning of the UCC (any and all such property being the
“Equipment”); 
 (b) all inventory in all of its forms, including, without limitation, (i) all raw
materials, work in process, finished goods and materials used or consumed in the manufacture, production, preparation or shipping thereof, (ii) goods in which the Borrower has an interest in mass or a joint or other interest or right of any
kind (including, without limitation, goods in which the Borrower has an interest or right as consignee) and (iii) goods that are returned to or repossessed or stopped in transit by the Borrower, and all accessions thereto and products thereof
and documents therefor, including, without limitation, computer programs and supporting information that constitute inventory within the meaning of the UCC (any and all such property being the “Inventory”); 

(c) all accounts (including, without limitation, health-care-insurance receivables), chattel paper (including, without
limitation, tangible chattel paper and electronic chattel paper), instruments (including, without limitation, promissory notes), letter-of-credit rights, general
intangibles (including, without limitation, payment intangibles) and other obligations of any kind, whether or not arising out of or in connection with the sale or lease of goods or the rendering of services and whether or not earned by performance,
and all rights now or hereafter existing in and to all supporting obligations and in and to all security agreements, mortgages, Liens, leases, letters of credit and other contracts securing or otherwise relating to the foregoing property (any and
all of such accounts, chattel paper, instruments, letter-of-credit rights, general intangibles and other obligations, to the extent not referred to in clause (d),
(e), (f) or (g) below, being the “Receivables,” and any and all such supporting obligations, security agreements, mortgages, Liens, leases, letters of credit and other contracts being the “Related
Contracts”); 

  

					
		  	2	  	Security Agreement

 (d) the following (the “Security Collateral”): 

(i) the Initial Pledged Equity and the certificates, if any, representing the Initial Pledged Equity, and all dividends,
distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of the Initial Pledged Equity and all warrants, rights or options
issued thereon or with respect thereto; 
 (ii) all additional shares of stock and other Equity Interests in PSE from
time to time acquired by the Borrower in any manner (such shares and other Equity Interests, together with the Initial Pledged Equity, being the “Pledged Equity”), and the certificates, if any, representing such additional shares or
other Equity Interests, and all dividends, distributions, return of capital, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such shares or other
Equity Interests and all warrants, rights or options issued thereon or with respect thereto; 
 (iii) all indebtedness
from time to time owed to the Borrower (such indebtedness being the “Pledged Debt”) and the instruments, if any, evidencing such indebtedness, and all interest, cash, instruments and other property from time to time received,
receivable or otherwise distributed in respect of or in exchange for any or all of such indebtedness; 
 (iv) the Lock-Up Account, all security entitlements with respect to all financial assets from time to time credited to the Lock-Up Account, and all financial assets, and all dividends,
distributions, return of capital, interest, cash, instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such security entitlements or financial assets and all
warrants, rights or options issued thereon or with respect thereto; and 
 (v) all other investment property (including,
without limitation, all (A) securities, whether certificated or uncertificated, (B) security entitlements, (C) securities accounts, (D) commodity contracts and (E) commodity accounts) in which the Borrower has now, or
acquires from time to time hereafter, any right, title or interest in any manner, and the certificates or instruments, if any, representing or evidencing such investment property, and all dividends, distributions, return of capital, interest, cash,
instruments and other property from time to time received, receivable or otherwise distributed in respect of or in exchange for any or all of such investment property and all warrants, rights or options issued thereon or with respect thereto; 

(e) each of the agreements listed on Schedule III hereto and each Interest Hedging Agreement to which the Borrower
is now or may hereafter become a party, in each case as such agreements may be amended, amended and restated, supplemented or otherwise modified from time to time (collectively, the “Assigned Agreements”), including, without
limitation, (i) all rights of the Borrower to receive moneys due and to become due under or pursuant to the Assigned Agreements, (ii) all rights of the Borrower to receive proceeds of any insurance, indemnity, warranty or guaranty with
respect to the Assigned Agreements, (iii) claims of the Borrower for damages arising out of or for breach of or default under the Assigned Agreements and (iv) the right of the Borrower to terminate the Assigned Agreements, to perform
thereunder and to compel performance and otherwise exercise all remedies thereunder (all such Collateral being the “Agreement Collateral”); 

  

					
		  	3	  	Security Agreement

 (f) the following (collectively, the “Account Collateral”):

 (i) the Pledged Deposit Accounts, other deposit accounts and all funds from time to time credited thereto, and all
certificates and instruments, if any, from time to time representing or evidencing the Pledged Deposit Accounts; 

(ii) all promissory notes, certificates of deposit, checks and other instruments from time to time delivered to or
otherwise possessed by the Collateral Agent for or on behalf of the Borrower in substitution for or in addition to any or all of the then existing Account Collateral; and 

(iii) all interest, cash, instruments and other property from time to time received, receivable or otherwise distributed
in respect of or in exchange for any or all of the then existing Account Collateral; 
 (g) the following (collectively,
the “Intellectual Property Collateral”): 
 (i) all patents, patent applications, utility models and
statutory invention registrations, all inventions claimed or disclosed therein and all improvements thereto (“Patents”); 

(ii) all trademarks, service marks, domain names, trade dress, logos, designs, slogans, trade names, business names, corporate
names and other source identifiers, whether registered or unregistered (provided that no security interest shall be granted in United States intent-to-use trademark
applications to the extent that, and solely during the period in which, the grant of a security interest therein would impair the validity or enforceability of such
intent-to-use trademark applications under applicable federal law), together, in each case, with the goodwill symbolized thereby (“Trademarks”); 

(iii) all copyrights, including, without limitation, copyrights in Computer Software (as hereinafter defined), internet web
sites and the content thereof, whether registered or unregistered (“Copyrights”); 
 (iv) all computer
software, programs and databases (including, without limitation, source code, object code and all related applications and data files), firmware and documentation and materials relating thereto, together with any and all maintenance rights, service
rights, programming rights, hosting rights, test rights, improvement rights, renewal rights and indemnification rights and any substitutions, replacements, improvements, error corrections, updates and new versions of any of the foregoing
(“Computer Software”); 
 (v) all confidential and proprietary information, including, without limitation, know-how, trade secrets, manufacturing and production processes and techniques, inventions, research and development information, databases and data, including, without limitation, technical data, financial,
marketing and business data, pricing and cost information, business and marketing plans and customer and supplier lists and information (collectively, “Trade Secrets”), and all other intellectual, industrial and intangible property
of any type, including, without limitation, industrial designs and mask works (in each case, subject to the exclusion for intent to use applications set forth in clause (ii) above); 

  

					
		  	4	  	Security Agreement

 (vi) all registrations and applications for registration for any of the
foregoing, including, without limitation, those registrations and applications for registration set forth in Schedule IV hereto, together with all reissues, divisions, continuations, continuations-in-part, extensions, renewals and reexaminations thereof (in each case, subject to the exclusion for intent to use applications set forth in clause (ii) above); 

(vii) all tangible embodiments of the foregoing, all rights in the foregoing provided by international treaties or conventions,
all rights corresponding thereto throughout the world and all other rights of any kind whatsoever of the Borrower accruing thereunder or pertaining thereto; 

(viii) all agreements, permits, consents, orders and franchises relating to the license, development, use or disclosure of
any of the foregoing to which the Borrower, now or hereafter, is a party or a beneficiary, including, without limitation, the agreements set forth in Schedule IV hereto; and 

(ix) any and all claims for damages and injunctive relief for past, present and future infringement, dilution,
misappropriation, violation, misuse or breach with respect to any of the foregoing, with the right, but not the obligation, to sue for and collect, or otherwise recover, such damages; 

(h) the commercial tort claims described in Schedule V hereto (together with any commercial tort claims as to which
the Borrower have complied with the requirements of Section 17); 
 (i) all books and records (including, without
limitation, customer lists, credit files, printouts and other computer output materials and records) of the Borrower pertaining to any of the Collateral; and 

(j) all proceeds of, collateral for, income, royalties and other payments now or hereafter due and payable with respect
to, and supporting obligations relating to, any and all of the Collateral (including, without limitation, proceeds, collateral and supporting obligations that constitute property of the types described in clauses (a) through (i)
of this Section 1) and, to the extent not otherwise included, all (A) payments under insurance (whether or not the Collateral Agent is the loss payee thereof), or any indemnity, warranty or guaranty, payable by reason of loss or
damage to or otherwise with respect to any of the foregoing Collateral, and (B) cash. 
 Provided, however, that in no event
shall Collateral (or any of the sub-categories of Collateral defined above) include: (a) any lease, license, contract or agreement to which the Borrower is a party, and any of its rights or interest
thereunder, if and to the extent that a security interest is prohibited by or in violation of (i) any law, rule or regulation applicable to the Borrower, or (ii) a term, provision or condition of any such lease, license, contract, property
right or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions) of any relevant jurisdiction or any other applicable law
(including the Bankruptcy Code) or principles of equity; provided further that in no event shall the Security Collateral be excluded by the first proviso in this paragraph, or (b) in any of the outstanding capital stock of
(i) a Controlled Foreign Corporation (within the meaning of Section 957 of the Internal Revenue Code of 1986, as amended) in excess of 65% of the voting power of all classes of capital stock of such Controlled Foreign Corporation entitled
to vote and (ii) any subsidiary of any such Controlled Foreign Corporation. 

  

					
		  	5	  	Security Agreement

 Section 2. Security for Obligations. This Agreement secures, in the case of the
Borrower, the payment of all Secured Obligations of the Borrower. Without limiting the generality of the foregoing, this Agreement secures, as to the Borrower, the payment of all amounts that constitute part of the Secured Obligations and would be
owed by the Borrower to any Secured Party under the Credit Documents but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization or similar proceeding involving the Borrower. 

Section 3. Borrower Remain Liable. Anything herein to the contrary notwithstanding, (a) the Borrower shall remain liable
under the contracts and agreements included in the Borrower’s Collateral to the extent set forth therein to perform all of its duties and obligations thereunder to the same extent as if this Agreement had not been executed, (b) the
exercise by the Collateral Agent of any of the rights hereunder shall not release the Borrower from any of its duties or obligations under the contracts and agreements included in the Collateral and (c) no Secured Party shall have any
obligation or liability under the contracts and agreements included in the Collateral by reason of this Agreement or any other Financing Document, nor shall any Secured Party be obligated to perform any of the obligations or duties of the Borrower
thereunder or to take any action to collect or enforce any claim for payment assigned hereunder. 
 Section 4. Delivery and Control
of Security Collateral. (a) All certificated securities or instruments representing or evidencing Security Collateral shall be delivered to and held by or on behalf of the Collateral Agent pursuant hereto and shall be in suitable form for
transfer by delivery, or shall be accompanied by duly executed instruments of transfer or assignment in blank, all in form and substance satisfactory to the Collateral Agent. The Collateral Agent shall have the right at any time to exchange
certificates or instruments representing or evidencing Security Collateral for certificates or instruments of smaller or larger denominations. 

(b) With respect to the Lock-Up Account and any Security Collateral that constitutes a security
entitlement as to which the financial institution acting as Collateral Agent hereunder is not the securities intermediary, the Borrower will cause the securities intermediary with respect to such Account or security entitlement either (i) to
identify in its records the Collateral Agent as the entitlement holder thereof or (ii) to agree with the Borrower and the Collateral Agent that such securities intermediary will comply with entitlement orders originated by the Collateral Agent
without further consent of the Borrower, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Securities Account Control Agreement” or “Securities/Deposit Account Control
Agreement,” respectively)
 (c) With respect to any Security Collateral that constitutes an uncertificated security, the Borrower
will cause the issuer thereof either (i) to register the Collateral Agent as the registered owner of such security or (ii) to agree with the Borrower and the Collateral Agent that such issuer will comply with instructions with respect to
such security originated by the Collateral Agent without further consent of the Borrower, such agreement to be in form and substance satisfactory to the Collateral Agent (such agreement being an “Uncertificated Security Control
Agreement”). 
 (d) The Collateral Agent shall have the right at any time to convert Security Collateral consisting of financial
assets credited to the Securities Account to Security Collateral consisting of financial assets held directly by the Collateral Agent, and to convert Security Collateral consisting of financial assets held directly by the Collateral Agent to
Security Collateral consisting of financial assets credited to the Lock-Up Account. 
 (e) The
balance from time to time in the Lock-Up Account shall constitute part of the Collateral of the Lenders hereunder and, except as otherwise provided herein, shall not constitute payment

  

					
		  	6	  	Security Agreement

 
of the Credit Agreement Obligations until the occurrence of a Cash Sweep Date, whereupon a portion of such amounts standing to the credit of the Lock-Up
Account shall be applied as provided in Section 2.03(b)(i)(B) of the Credit Agreement. 
 Section 5. Deposit
Accounts. So long as any Secured Obligation shall remain unpaid, any Interest Hedging Agreement shall be in effect or any Lender shall have any Commitment: 

(a) The Borrower will maintain deposit accounts only with the financial institution acting as Collateral Agent hereunder
or with a bank (a “Pledged Account Bank”) that has agreed with the Borrower and the Collateral Agent to comply with instructions originated by the Collateral Agent directing the disposition of funds in such deposit account without
the further consent of the Borrower, such agreement to be in form and substance reasonably satisfactory to the Collateral Agent (a “Deposit Account Control Agreement”); provided, however, this Section 5(a)
shall not apply to deposit accounts (i) with an aggregate balance of no more than $250,000 at any time or (ii) operated solely as a payroll account. 

(b) The Borrower agrees to terminate any or all Pledged Deposit Accounts and related Deposit Account Control Agreements upon
request by the Collateral Agent. 
 (c) The Collateral Agent may, at any time and without notice to, or consent from, the
Borrower, transfer, or direct the transfer of, funds from the Pledged Deposit Accounts to satisfy the Borrower’s obligations under the Financing Documents if an Event of Default shall have occurred and be continuing. In the event that such a
transfer shall take place, the Collateral Agent agrees to provide notice to the Borrower thereafter as required by law, provided that the failure to provide such notice shall not result in any liability under this Agreement. 

Section 6. Reserved. 

Section 7. Release of Amounts. (a) So long as no Default under Section 8.01(a), (f) or (k) of the Credit
Agreement or an Event of Default shall have occurred and be continuing, the Collateral Agent will pay and release, or direct the applicable Pledged Account Bank to pay and release, to the Borrower or at its order such amount, if any, as is then on
deposit in the Pledged Deposit Accounts, in each case to the extent permitted to be released under the terms of the Credit Documents. 

(b) The following provisions shall apply to withdrawals from the Lock-Up Account: 

(i) Withdrawal Certificate. 

(A) Upon the conclusion of a Lock-Up Period, the Borrower shall be entitled to withdraw monies from
the Lock-Up Account by delivering to the Collateral Agent a Withdrawal Certificate signed by the Borrower. 

(B) The Borrower shall not be entitled to request any withdrawal from the Lock-Up Account during the Lock-Up Period except withdrawals permitted pursuant to Section 7.05(d) of the Credit Agreement. Any Withdrawal Certificate provided to the Collateral Agent by the Borrower during a Lock-Up Period shall be accompanied by a certification of an Authorized Officer of the Borrower in accordance with clause (C) below, (including a certification with respect to the Distributable Cash
balance, if applicable); and 

  

					
		  	7	  	Security Agreement

 (C) No later than three Business Days prior to the Withdrawal Date, the Borrower shall
deliver to the Facility Agent, each other Authorized Representative and the Collateral Agent, for purposes of any withdrawal, a Withdrawal Certificate signed by an Authorized Officer of the Borrower specifying: 

(i) the amount requested to be withdrawn from the Lock-Up Account; 

(ii) the relevant Withdrawal Date on which such withdrawal is to be made; 

(iii) the purpose for which the amount so withdrawn is to be used; 

(iv) for any withdrawal under clause (A) above, that the Borrower is not and will not be, after giving effect to
such withdrawal in Default and, no Default or Event of Default may reasonably be expected to occur as a result of such withdrawal or the application of the withdrawn amounts in the manner contemplated by such Withdrawal Certificate; and 

(v) a certificate with respect to the Distributable Cash Balance on the date of the Withdrawal Certificate. 

(ii) Agents’ Review of Certificates; Delivery to Collateral Agent. 

(A) In the event that prior to the relevant Withdrawal Date, the Facility Agent shall reasonably determine that a Withdrawal Certificate is
inconsistent with or otherwise fails to satisfy the provisions of this Agreement and the other Financing Documents, the Facility Agent shall notify the Collateral Agent and the Borrower in writing promptly but in no case later than the third
Business Day following the Facility Agent’s receipt of such Withdrawal Certificate and may either (A) return such Withdrawal Certificate to the Borrower with its determinations noted thereon; or (B) in consultation with the Borrower,
make such corrections as it reasonably deems necessary to satisfy the requirements of this Agreement. The Facility Agent and the Borrower will endeavor to agree and complete the final form Withdrawal Certificate and deliver such certificate to the
Collateral Agent, no later than the Business Day prior to the Withdrawal Date to which such certificate relates. 
 (B) The Facility Agent
and the Collateral Agent shall countersign any accepted Withdrawal Certificate (which acceptance or counter-signature shall not be unreasonably withheld, conditioned or delayed), and the Collateral Agent shall implement such Withdrawal Certificate
in accordance with Section 7(b)(iii). 
 (iii) Implementation of Withdrawal. Except as otherwise provided in this
Agreement, following receipt of an executed Withdrawal Certificate, the Collateral Agent shall pay or transfer the amount(s) specified in such Withdrawal Certificate by requesting that the Account Bank initiate such payment or transfer not later
than 12:00 Noon (New York City time) on the Withdrawal Date set out in such Withdrawal Certificate for such payment or transfer (or if such certificate is not received by the Collateral Agent at least one Business Day prior to such Withdrawal Date,
by 12:00 Noon (New York City time) on the next succeeding Business Day following delivery of such Withdrawal Certificate to the Collateral Agent). 

Section 8. Representations and Warranties. The Borrower represents and warrants as follows as of the date hereof: 

  

					
		  	8	  	Security Agreement

 (a) The Borrower’s exact legal name, type of organization, jurisdiction
of organization and organizational identification number is set forth in Schedule VI hereto. The Borrower has no trade names other than as listed on Schedule VI hereto. Within the five years preceding the date hereof, the Borrower has
not changed its name, type of organization, jurisdiction of organization or organizational identification number from those set forth in Schedule VI hereto except as set forth in Schedule VII hereto. 

(b) The Borrower is the legal and beneficial owner of the Collateral granted or purported to be granted by it free and clear of
any Lien, claim, option or right of others, except for the security interest created under this Agreement or permitted under the Credit Agreement. No effective financing statement or other instrument similar in effect covering all or any part of
such Collateral or listing the Borrower or any trade name of the Borrower as debtor is on file in any recording office, except such as may have been filed in favor of the Collateral Agent relating to the Financing Documents. 

(c) The Borrower has no material Equipment or Inventory. 

(d) None of the Receivables or Agreement Collateral is evidenced by a promissory note or other instrument in excess of $250,000
that has not been delivered to the Collateral Agent. 
 (e) PSE, as an issuer of Security Collateral, has received notice of
the security interest granted hereunder. 
 (f) The Pledged Equity pledged by the Borrower hereunder has been duly authorized
and validly issued and is fully paid and non assessable. The Pledged Debt pledged by the Borrower hereunder has been duly authorized, authenticated or issued and delivered, is the legal, valid and binding obligation of the issuers thereof, is
evidenced by one or more promissory notes (which promissory notes have been delivered to the Collateral Agent) and is not in default. 

(g) The Initial Pledged Equity pledged by the Borrower constitutes 100% of the issued and outstanding Equity Interests of PSE.

 (h) The Borrower has no investment property, other than the investment property listed on Schedule I hereto and
additional investment property as to which the Borrower has complied with the requirements of Section 4. 
 (i)
The Assigned Agreements to which the Borrower is a party, true and complete copies of which (other than the Interest Hedging Agreements) have been furnished to the Collateral Agent, have been duly authorized, executed and delivered by all parties
thereto, have not been amended, amended and restated, supplemented or otherwise modified, are in full force and effect and are binding upon and enforceable against all parties thereto in accordance with their terms. The Borrower is not in default
and, to the Borrower’s knowledge, there exists no default under any Assigned Agreement to which the Borrower is a party by any other party thereto. 

(j) The Borrower has no deposit accounts, other than the Pledged Deposit Accounts listed on Schedule II hereto and
additional Pledged Deposit Accounts as to which the Borrower has complied with the applicable requirements of Section 5. 

(k) The Borrower is not a beneficiary or assignee under any letter of credit, other than the letter of credit described in
Schedule VIII hereto and additional letters of credit as to which the Borrower has complied with the requirements of Section 16. 

  

					
		  	9	  	Security Agreement

 (l) This Agreement creates in favor of the Collateral Agent for the benefit
of the Secured Parties a valid security interest in the Collateral granted by the Borrower, securing the payment of the Secured Obligations; all actions necessary to obtain control of Collateral as provided in Sections
9-104, 9-106 and 9-107 of the UCC have been taken (other than deposit accounts described in Section 5(a)) and upon
the filing with the Washington Department of Licensing of an appropriate UCC financing statement naming the Borrower as debtor and the Collateral Agent as secured party and describing the collateral as “all assets” the security interest of
the Collateral Agent in all collateral that can be perfected by the filing of a UCC financing statement will be taken and such security interest will be perfected and will be first priority, subject to no other Liens other than Permitted Collateral
Liens. 
 (m) No authorization or approval or other action by, and no notice to or filing with, any governmental authority or
regulatory body or any other third party is required for (i) the grant by the Borrower of the security interest granted hereunder or for the execution, delivery or performance of this Agreement by the Borrower, (ii) the perfection or
maintenance of the security interest created hereunder (including the first priority nature of such security interest), except for the filing of financing and continuation statements under the UCC, which financing statements have been duly filed and
are in full force and effect, the recordation of the Intellectual Property Security Agreements referred to in Section 13(f) with the U.S. Patent and Trademark Office and the U.S. Copyright Office, and the actions described in
Section 4 with respect to the Security Collateral, which actions have been taken and are in full force and effect, or (iii) the exercise by the Collateral Agent of its voting or other rights provided for in this Agreement or the
remedies in respect of the Collateral pursuant to this Agreement, except as may be required in connection with the disposition of any portion of the Security Collateral by laws affecting the offering and sale of securities generally or as may be
required in connection with the disposition of any portion of the Collateral under Section 203 of the Federal Power Act or chapter 80.12 of the Revised Code of Washington. 

(n) The Borrower has no material Intellectual Property Collateral. 

(o) The Borrower has no commercial tort claims other than those listed in Schedule V hereto and additional commercial
tort claims as to which the Borrower has complied with the requirements of Section 17. 
 Section 9. Further
Assurances. (a) The Borrower agrees that from time to time, at the expense of the Borrower, the Borrower will promptly execute and deliver, or otherwise authenticate, all further instruments and documents, and take all further action that
may be necessary or desirable, or that the Collateral Agent may reasonably request, in order to perfect and protect any pledge or security interest granted or purported to be granted by the Borrower hereunder or to enable the Collateral Agent to
exercise and enforce its rights and remedies hereunder with respect to any Collateral of the Borrower; provided, however, that in no event shall the Borrower be required to cause the notation of any security interest on any certificate of title.

 (b) The Borrower hereby authorizes the Collateral Agent to file one or more financing or continuation statements, and amendments thereto,
including, without limitation, one or more financing statements indicating that such financing statements cover all assets or all personal property (or words of similar effect) of the Borrower, regardless of whether any particular asset described in
such financing statements falls within the scope of the UCC or the granting clause of this Agreement. A photocopy or other reproduction of this Agreement shall be sufficient as a financing statement where permitted by law. The Borrower ratifies its
authorization for the Collateral Agent to have filed such financing statements, continuation statements or amendments filed prior to the date hereof. 

  

					
		  	10	  	Security Agreement

 (c) The Borrower will furnish to the Collateral Agent from time to time statements and
schedules further identifying and describing the Collateral of the Borrower and such other reports in connection with such Collateral as the Collateral Agent may reasonably request, all in reasonable detail. 

Section 10. Reserved. 

Section 11. Reserved. 

Section 12. Post-Closing Changes; Collections on Assigned Agreements, Receivables and Related Contracts. (a) The Borrower
will not change its name, type of organization, jurisdiction of organization or organizational identification number from those set forth in Section 8(a) of this Agreement (except in connection with the Merger) without first giving at
least 20 days’ prior written notice to the Collateral Agent and taking all action reasonably required by the Collateral Agent for the purpose of perfecting or protecting the security interest granted by this Agreement. The Borrower will hold
and preserve its records relating to the Collateral, including, without limitation, the Assigned Agreements and Related Contracts, and will permit representatives of the Collateral Agent to inspect and make abstracts from such records and other
documents as set forth in Section 6.18 of the Credit Agreement and otherwise specified in the Additional Credit Documents. If the Borrower does not have an organizational identification number and later obtains one, it will forthwith
notify the Collateral Agent of such organizational identification number. 
 (b) Except as otherwise provided in this subsection (b),
the Borrower will continue to collect, at its own expense, all amounts due or to become due the Borrower under the Assigned Agreements, Receivables and Related Contracts. In connection with such collections, the Borrower may take such action as the
Borrower or the Collateral Agent may deem necessary to enforce collection of the Assigned Agreements, Receivables and Related Contracts; provided, however, that, subject to the terms of the Collateral Agency Agreement, the Collateral
Agent shall have the right at any time, upon the occurrence and during the continuance of an Event of Default and upon written notice to the Borrower of its intention to do so, to notify the Obligors under any Assigned Agreements, Receivables and
Related Contracts of the assignment of such Assigned Agreements, Receivables and Related Contracts to the Collateral Agent and to direct such Obligors to make payment of all amounts due or to become due to the Borrower thereunder directly to the
Collateral Agent and, upon such notification and at the expense of the Borrower, to enforce collection of any such Assigned Agreements, Receivables and Related Contracts, to adjust, settle or compromise the amount or payment thereof, in the same
manner and to the same extent as the Borrower might have done, and to otherwise exercise all rights with respect to such Assigned Agreements, Receivables and Related Contracts, including, without limitation, those set forth in Section 9-607 of the UCC. After receipt by the Borrower of the notice from the Collateral Agent referred to in the proviso to the preceding sentence, (i) all amounts and proceeds (including, without
limitation, instruments) received by the Borrower in respect of the Assigned Agreements, Receivables and Related Contracts of the Borrower shall be received in trust for the benefit of the Collateral Agent hereunder, shall be segregated from other
funds of the Borrower and shall be forthwith paid over to the Collateral Agent in the same form as so received (with any necessary indorsement) to be deposited in an account secured for the benefit of the Collateral Agent on behalf of the Secured
Parties and either (A) released to the Borrower on the terms set forth in Section 7 so long as no Default under Section 8.01(a), (f) or (k) of the Credit Agreement, any substantially similar Default under any
Additional Credit Document or any Event of Default shall have occurred and be continuing or (B) if any such event shall have occurred and be continuing, applied as provided in Section 22(b) and (ii) the Borrower will not
adjust, settle or compromise the amount or payment of any Receivable or amount due on any Assigned Agreement or Related Contract, release wholly or partly any Obligor thereof or allow any credit or discount thereon. The Borrower will not permit or
consent to the subordination of its right to payment under any of the 

  

					
		  	11	  	Security Agreement

 
Assigned Agreements, Receivables and Related Contracts to any other Indebtedness or obligations of the Obligor thereof. 

Section 13. As to Intellectual Property Collateral. The Borrower agrees that should it obtain an ownership interest in any item of
the type set forth in Section 1(g), (a) the provisions of this Agreement shall automatically apply thereto and (b) the Borrower shall execute and deliver to the Collateral Agent any agreement, instrument or other document reasonably
requested by the Collateral Agent to perfect the security interest in such Collateral. 
 Section 14. Voting Rights; Dividends;
Etc. (a) So long as no Event of Default hall have occurred and be continuing: 
 (i) The Borrower shall be
entitled to exercise any and all voting and other consensual rights pertaining to the Security Collateral of the Borrower or any part thereof for any purpose; provided however, that the Borrower will not exercise or refrain from
exercising any such right if such action would have a material adverse effect on the value of the Security Collateral or any part thereof. 

(ii) The Borrower shall be entitled to receive and retain any and all dividends, interest and other distributions paid in
respect of the Security Collateral of the Borrower if and to the extent that the payment thereof is not otherwise prohibited by the terms of the Credit Documents; provided, however, that any and all 

(A) dividends, interest and other distributions paid or payable other than in cash in respect of, and instruments and
other property received, receivable or otherwise distributed in respect of, or in exchange for, any Security Collateral, 

(B) dividends and other distributions paid or payable in cash in respect of any Security Collateral in connection with a
partial or total liquidation or dissolution or in connection with a reduction of capital, capital surplus or paid in surplus, and 

(C) cash paid, payable or otherwise distributed in respect of principal of, or in redemption of, or in exchange for, any
Security Collateral 
 shall be, and shall be forthwith delivered to the Collateral Agent to hold as, Security Collateral and shall, if
received by the Borrower, be received in trust for the benefit of the Collateral Agent, be segregated from the other property or funds of the Borrower and be forthwith delivered to the Collateral Agent as Security Collateral in the same form as so
received (with any necessary indorsement). 
 (iii) The Collateral Agent will execute and deliver (or cause to be executed
and delivered) to the Borrower all such proxies and other instruments as the Borrower may reasonably request for the purpose of enabling the Borrower to exercise the voting and other rights that it is entitled to exercise pursuant to paragraph
(i) above and to receive the dividends or interest payments that it is authorized to receive and retain pursuant to paragraph (ii) above. 

(b) Upon the occurrence and during the continuance of an Event of Default: 

(i) All rights of the Borrower (x) to exercise or refrain from exercising the voting and other consensual rights that it
would otherwise be entitled to exercise pursuant to Section 14(a)(i) shall, upon notice to the Borrower by the Collateral Agent, cease and (y) to receive the 

  

					
		  	12	  	Security Agreement

 
dividends, interest and other distributions that it would otherwise be authorized to receive and retain pursuant to Section 14(a)(ii) shall automatically cease, and all such rights
shall thereupon become vested in the Collateral Agent, which shall thereupon have the sole right to exercise or refrain from exercising such voting and other consensual rights and to receive and hold as Security Collateral such dividends, interest
and other distributions. 
 (ii) All dividends, interest and other distributions that are received by the Borrower contrary
to the provisions of paragraph (i) of this Section 14(b) shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral
Agent as Security Collateral in the same form as so received (with any necessary indorsement). 
 Section 15. Reserved. 

Section 16. As to Letter-of-Credit Rights.
(a) The Borrower, by granting a security interest in its Receivables consisting of letter-of-credit rights to the Collateral Agent, intends to (and hereby does)
assign to the Collateral Agent its rights (including its contingent rights) to the proceeds of all Related Contracts consisting of letters of credit of which it is or hereafter becomes a beneficiary or assignee. The Borrower will promptly use
commercially reasonable efforts to cause the issuer of each letter of credit and each nominated person (if any) with respect thereto to consent to such assignment of the proceeds thereof pursuant to a consent in form and substance reasonably
satisfactory to the Collateral Agent and deliver written evidence of such consent to the Collateral Agent. 
 (b) Upon the occurrence of an
Event of Default, the Borrower will, promptly upon request by the Collateral Agent, (i) notify (and the Borrower hereby authorizes the Collateral Agent to notify) the issuer and each nominated person with respect to each of the Related
Contracts consisting of letters of credit that the proceeds thereof have been assigned to the Collateral Agent hereunder and any payments due or to become due in respect thereof are to be made directly to the Collateral Agent or its designee and
(ii) with respect to any letters of credit that are transferable, arrange for the Collateral Agent to become the transferee beneficiary of letter of credit. 

Section 17. Commercial Tort Claims. The Borrower will promptly give notice to the Collateral Agent of any commercial tort claim
that may arise after the date hereof and will immediately execute or otherwise authenticate a supplement to this Agreement, and otherwise take all necessary action, to subject such commercial tort claim to the first priority security interest
created under this Agreement. 
 Section 18. Transfers and Other Liens; Additional Shares. (a) The Borrower agrees that it
will not (i) sell, assign or otherwise dispose of, or grant any option with respect to, any of the Collateral other than as permitted under the terms of the Credit Documents, or (ii) create or suffer to exist any Lien upon or with respect
to any of the Collateral of the Borrower except for the pledge, assignment and security interest created under this Agreement and Liens permitted under the Credit Documents. 

(b) The Borrower agrees that it will (i) cause PSE not to issue any Equity Interests in addition to or in substitution for the Pledged
Equity issued by such issuer, except to the Borrower, and (ii) pledge hereunder, immediately upon its acquisition (directly or indirectly) thereof, any and all additional Equity Interests issued to it. 

  

					
		  	13	  	Security Agreement

 Section 19. Collateral Agent Appointed Attorney in Fact. The Borrower hereby
irrevocably appoints the Collateral Agent the Borrower’s attorney in fact, with full authority in the place and stead of the Borrower and in the name of the Borrower or otherwise, from time to time, upon the occurrence and during the
continuance of an Event of Default, in the Collateral Agent’s discretion, to take any action and to execute any instrument that the Collateral Agent may deem necessary to accomplish the purposes of this Agreement, including, without limitation:

 (a) to ask for, demand, collect, sue for, recover, compromise, receive and give acquittance and receipts for moneys
due and to become due under or in respect of any of the Collateral, 
 (b) to receive, indorse and collect any drafts or
other instruments, documents and chattel paper, in connection with clause (a) above, and 
 (c) to file any claims
or take any action or institute any proceedings that the Collateral Agent may deem necessary or desirable for the collection of any of the Collateral or otherwise to enforce compliance with the terms and conditions of any Assigned Agreement or the
rights of the Collateral Agent with respect to any of the Collateral. 
 Section 20. Collateral Agent May Perform. If the
Borrower fails to perform any agreement contained herein, the Collateral Agent may, but without any obligation to do so and without notice, itself perform, or cause performance of, such agreement, and the expenses of the Collateral Agent incurred in
connection therewith shall be payable by the Borrower under Section 23. 
 Section 21. The Collateral Agent’s
Duties. (a) The powers conferred on the Collateral Agent hereunder are solely to protect the Secured Parties’ interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Except for the safe custody of
any Collateral in its possession and the accounting for moneys actually received by it hereunder, the Collateral Agent shall have no duty as to any Collateral, as to ascertaining or taking action with respect to calls, conversions, exchanges,
maturities, tenders or other matters relative to any Collateral, whether or not any Secured Party has or is deemed to have knowledge of such matters, or as to the taking of any necessary steps to preserve rights against any parties or any other
rights pertaining to any Collateral. The Collateral Agent shall be deemed to have exercised reasonable care in the custody and preservation of any Collateral in its possession if such Collateral is accorded treatment substantially equal to that
which it accords its own property. 
 (b) Anything contained herein to the contrary notwithstanding, the Collateral Agent may from time to
time, when the Collateral Agent deems it to be necessary, appoint one or more subagents (each a “Subagent”) for the Collateral Agent hereunder with respect to all or any part of the Collateral. In the event that the Collateral Agent
so appoints any Subagent with respect to any Collateral, (i) the assignment and pledge of such Collateral and the security interest granted in such Collateral by the Borrower hereunder shall be deemed for purposes of this Security Agreement to
have been made to such Subagent, in addition to the Collateral Agent, for the ratable benefit of the Secured Parties, as security for the Secured Obligations, (ii) such Subagent shall automatically be vested, in addition to the Collateral
Agent, with all rights, powers, privileges, interests and remedies of the Collateral Agent hereunder with respect to such Collateral, and (iii) the term “Collateral Agent,” when used herein in relation to any rights, powers,
privileges, interests and remedies of the Collateral Agent with respect to such Collateral, shall include such Subagent; provided, however, that no such Subagent shall be authorized to take any action with respect to any such
Collateral unless and except to the extent expressly authorized in writing by the Collateral Agent. 

  

					
		  	14	  	Security Agreement

 Section 22. Remedies. If any Event of Default shall have occurred and be
continuing: 
 (a) The Collateral Agent may exercise in respect of the Collateral, in addition to other rights and
remedies provided for herein or otherwise available to it, all the rights and remedies of a secured party upon default under the UCC (whether or not the UCC applies to the affected Collateral) and also may: (i) require the Borrower to, and the
Borrower hereby agrees that it will at its expense and upon request of the Collateral Agent forthwith, assemble all or part of the Collateral as directed by the Collateral Agent and make it available to the Collateral Agent at a place and time to be
designated by the Collateral Agent that is reasonably convenient to both parties; (ii) without notice except as specified below, sell the Collateral or any part thereof in one or more parcels at public or private sale, at any of the Collateral
Agent’s offices or elsewhere, for cash, on credit or for future delivery, and upon such other terms as the Collateral Agent may deem commercially reasonable; (iii) occupy any premises owned or leased by any of the Borrower where the
Collateral or any part thereof is assembled or located for a reasonable period in order to effectuate its rights and remedies hereunder or under law, without obligation to the Borrower in respect of such occupation; and (iv) exercise any and
all rights and remedies of the Borrower under or in connection with the Collateral, or otherwise in respect of the Collateral, including, without limitation, (A) any and all rights of the Borrower to demand or otherwise require payment of any
amount under, or performance of any provision of, the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, (B) withdraw, or cause or direct the withdrawal, of all funds with respect to the Account Collateral and
(C) exercise all other rights and remedies with respect to the Assigned Agreements, the Receivables, the Related Contracts and the other Collateral, including, without limitation, those set forth in
Section 9-607 of the UCC. The Borrower agrees that, to the extent notice of sale shall be required by law, at least ten days’ prior written notice to the Borrower of the time and place of any public
sale or the time after which any private sale is to be made shall constitute reasonable notification. The Collateral Agent shall not be obligated to make any sale of Collateral regardless of notice of sale having been given. The Collateral Agent may
adjourn any public or private sale from time to time by announcement at the time and place fixed therefor, and such sale may, without further notice, be made at the time and place to which it was so adjourned. 

(b) Any cash held by or on behalf of the Collateral Agent and all cash proceeds received by or on behalf of the Collateral
Agent in respect of any sale of, collection from, or other realization upon all or any part of the Collateral may, in the discretion of the Collateral Agent, be held by the Collateral Agent as collateral for, and/or then or at any time thereafter
applied (after payment of any amounts payable to the Collateral Agent pursuant to Section 23) in whole or in part by the Collateral Agent for the ratable benefit of the Secured Parties against, all or any part of the Secured Obligations,
in accordance with the Collateral Agency Agreement. 
 (c) All payments received by the Borrower under or in connection with
any Assigned Agreement or otherwise in respect of the Collateral shall be received in trust for the benefit of the Collateral Agent, shall be segregated from other funds of the Borrower and shall be forthwith paid over to the Collateral Agent in the
same form as so received (with any necessary indorsement). 
 (d) The Collateral Agent may, without notice to the Borrower
except as required by law and at any time or from time to time, charge, set off and otherwise apply all or any part of the Secured Obligations against any funds held with respect to the Account Collateral or in any other deposit account of the
Borrower. 

  

					
		  	15	  	Security Agreement

 (e) The Collateral Agent may send to each bank, securities intermediary or
issuer party to any Deposit Account Control Agreement, Securities/Deposit Account Control Agreement, Securities Account Control Agreement or Uncertificated Security Control Agreement a “Notice of Exclusive Control” as defined in and under
such Agreement. 
 Section 23. Indemnity and Expenses. The Borrower agrees to indemnify, defend and save and hold harmless each
Secured Party, and to pay the expenses of the Collateral Agent, in each case in connection with this Agreement, as set forth in Sections 10.04 and 10.05 of the Credit Agreement as if such sections were set forth in this Agreement
mutatis mutandis. 
 Section 24. Amendments; Waivers; Additional Borrower; Etc. No amendment or waiver of any
provision of this Agreement, and no consent to any departure by the Borrower herefrom, shall in any event be effective unless the same shall be in writing and signed by the Collateral Agent (and the Borrower in the case of an amendment or waiver),
and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No failure on the part of the Collateral Agent or any other Secured Party to exercise, and no delay in exercising any
right hereunder, shall operate as a waiver thereof; nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. 

Section 25. Notices, Etc. All notices and other communications provided for hereunder shall be provided in accordance with the
Collateral Agency Agreement. 
 Section 26. Continuing Security Interest; Assignments under the Credit Documents. This Agreement
shall create a continuing security interest in the Collateral and shall (a) remain in full force and effect until the indefeasible payment in full in cash of the Secured Obligations (other than any contingent indemnity obligations not then
due), termination of the Commitments and the termination or expiration of the Interest Hedging Agreements, (b) be binding upon the Borrower, its successors and assigns and (c) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Secured Parties and their respective successors, transferees and assigns. Without limiting the generality of the foregoing clause (c), any Lender or Additional Secured Party may assign or otherwise
transfer all or any portion of its rights and obligations under the Credit Agreement (including, without limitation, all or any portion of its Commitments, the Loans owing to it and the Note or Notes, if any, held by it) or Additional Credit
Document, as the case may be, to any other Person, and such other Person shall thereupon become vested with all the benefits in respect thereof granted to such Lender or Additional Secured Party, as the case may be, herein or otherwise, in each case
as provided in Section 10.07 of the Credit Agreement or in the Additional Credit Documents, as applicable. 
 Section 27.
Termination. Upon the indefeasible payment in full in cash of the Secured Obligations (other than any contingent indemnity obligations not then due), termination of the Commitments and the termination or expiration of the Interest Hedging
Agreements, the security interest created by this Agreement shall terminate and all rights to the Collateral shall revert to the Borrower, and the Collateral Agent shall (at the written request and sole cost and expense of the Borrower) promptly
cause to be transferred and delivered, against receipt but without any recourse, warranty or representation whatsoever, any remaining Collateral and money received in respect thereof, to or on the order of the Borrower. The Collateral Agent shall
also (at the written request and sole cost and expense of the Borrower) promptly execute and deliver to the Borrower upon such termination such Uniform Commercial Code termination statements, and such other documentation as shall be reasonably
requested by the Borrower to effect the termination and release of the Liens on the Collateral. 
 Section 28. Collateral Agency
Agreement Controls. Notwithstanding anything herein to the contrary, the lien and security interest granted to the Collateral Agent, for the benefit of the Secured 

  

					
		  	16	  	Security Agreement

 
Parties pursuant to this Agreement and any other Security Document and related agreements (including any control agreements executed pursuant to the requirements of this Agreement), and the
exercise of any right or remedy by the Collateral Agent in respect of the Collateral are subject to the provisions of the Collateral Agency Agreement. In the event of any conflict or inconsistency between the provisions of this Agreement, any other
Security Documents and any such related document and the Collateral Agency Agreement, the provisions of the Collateral Agency Agreement shall govern and control. Notwithstanding anything herein to the contrary, in accordance with the provisions of
Sections 2.02(b), 2.05(b) and 4.05(c), the Lock-Up Account and any funds, cash, Securities Entitlements credited thereto and any proceeds thereof shall be held by the Collateral Agent
solely for the benefit of the Lenders until all Credit Agreement Obligations shall have been indefeasibly paid in full in cash. 

Section 29. Execution in Counterparts. This Agreement may be executed in any number of 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 agreement. Delivery of an executed counterpart of a signature page to this Agreement by telecopier or other means of electronic delivery
shall be effective as delivery of an original executed counterpart of this Agreement. 
 Section 30. Governing Law. This
Agreement shall be governed by, and construed in accordance with, the laws of the State of New York. 
 Any legal action or proceeding
arising under this Agreement or in any way connected with or related or incidental to the dealings of the parties hereto or any of them with respect to this Agreement, in each case whether now existing or hereafter arising, may be brought in the
courts of the State of New York sitting in New York City or of the United States for the Southern District of such state, and by execution and delivery of this Agreement, the Borrower consents, for itself and in respect of its property, to the non-exclusive jurisdiction of those courts. The Borrower waives any objection, including any objection to the laying of venue or based on the grounds of forum non conveniens, which it may now or hereafter
have to the bringing of any action or proceeding in such jurisdiction in respect of this Agreement or any Financing Document. 

Section 31. Waiver of Right to Trial by Jury. Each party to this Agreement hereby expressly waives any right to trial by jury of
any claim, demand, action or cause of action arising under this Agreement or in any way connected with or related or incidental to its dealings with respect to this Agreement, or the transactions related thereto, in each case whether now existing or
hereafter arising, and whether founded in contract or tort or otherwise; and each party to this Agreement hereby agrees and consents that any such claim, demand, action or cause of action shall be decided by court trial without a jury, and that any
party to this Agreement may file an original counterpart or a copy of this Section 31 with any court as written evidence of the consent of the signatories hereto to the waiver of its right to trial by jury. 

Section 32. Original Schedules and Exhibits. Each of the Schedules and Exhibits attached to the Security Agreement, dated as of
February 6, 2009 between the parties hereto, shall be deemed attached to, and form a part of, this Agreement without any amendment, modification or supplement. 

[Signature pages to follow.] 

  

					
		  	17	  	Security Agreement

 EXECUTION COPY 

AMENDMENT NO. 1 
 TO 

AMENDED AND RESTATED BORROWER SECURITY AGREEMENT 

This AMENDMENT NO. 1 TO AMENDED AND RESTATED BORROWER SECURITY AGREEMENT (this “Amendment”), is made as of February 10,
2012, by and between JPMORGAN CHASE BANK, N.A., in its capacity as successor Collateral Agent (as defined below) and PUGET ENERGY, INC., as borrower (the “Borrower”). Capitalized terms used but not otherwise defined herein shall
have the respective meanings given to them in the Amended and Restated Collateral Agency Agreement (described below). 
 WHEREAS, on the
date hereof, Barclays Bank PLC resigned as Collateral Agent under than certain Amended and Restated Collateral Agency Agreement, dated as of February 6, 2009 and as amended and restated as of March 31, 2010, among the Borrower, Puget
Equico LLC, Barclays Bank PLC, as collateral agent and Barclays Bank PLC, as facility agent; 
 WHEREAS, pursuant to Amendment No. 1 to
Amended and Restated Collateral Agency Agreement, dated as of the date hereof, JPMorgan Chase Bank, N.A. was appointed as successor Collateral Agent (in such capacity, the “Collateral Agent”); 

WHEREAS, the Collateral Agent and the Borrower wish to amend that certain Amended and Restated Borrower Security Agreement, dated
February 6, 2009 and as amended and restated as of March 31, 2010, between Collateral Agent, as successor collateral agent and the Borrower (as amended, restated, supplemented or otherwise modified prior to the date hereof, the
“Agreement”); 
 NOW THEREFORE, in consideration of the premises set forth above, the terms and conditions contained
herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto have agreed to amend the Agreement as follows. 

SECTION 1. Amendments to Agreement. 

(a) The preamble of the Agreement is amended to replace the word “Company” appearing therein with the word
“Borrower”. 
 (b) Recital (1) to the Agreement is amended and restated in its entirety to read as follows: 

(1) The Borrower is party to that certain Credit Agreement, dated as of February 10, 2012, among the financial
institutions from time to time party thereto as lenders and JPMorgan Chase Bank, N.A., as administrative agent (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”). 

(c) Recital (6) to the Agreement is amended to (i) delete the punctuation mark “,” appearing immediately following the
phrase “under the Credit Agreement” appearing therein and to replace such punctuation mark with the word “and” and (ii) to delete the word “the” appearing immediately following the phrase “Borrower shall have
granted” appearing therein. 
 (d) Recital (7) to the Agreement is amended to (i) insert the phrase “Puget Equico
LLC,” immediately following the phrase “among the Borrower,” appearing therein and (ii) to delete the last sentence thereof in its entirety. 

(e) Recitals (2) and (5) to the Agreement are deleted in their entirety. 

 (f) Recitals (3), (4), (6), (7) and (8) are renumbered as recitals (2), (3), (4), (5)
and (6) respectively. 
 (g) Clause (d) of Section 1 of the Agreement is amended to (x) insert the word “and”
at the end of clause (iii) thereof, (y) delete clause (iv) appearing therein in its entirety and (z) renumber clause (v) appearing therein as clause (iv). 

(h) Section 4 of the Agreement is amended to (i) delete the phrase “the Lock-Up Account
and” appearing in clause (a) thereof, (ii) delete the phrase “, and to convert Security Collateral consisting of financial assets held directly by the Collateral Agent to Security Collateral consisting of financial assets credited to
the Lock-Up Account” appearing in clause (c) thereof and (iii) to delete clause (e) thereof in its entirety. 

(i) Clause (b) of Section 4 of the Agreement is amended to insert at the end thereof the following proviso “provided,
the deadline for delivery of a Securities Account Control Agreement in respect of Account No. 13014261 maintained at Wells Fargo Securities, LLC shall be February 29, 2012 (or such later date as may be agreed to by the Collateral Agent in its
sole discretion). 
 (j) Clause (a) of Section 5 of the Agreement is amended to (i) insert the
sub-heading “(x)” immediately preceding the phrase “this Section 5(a) shall not” appearing therein and (ii) insert immediately following the phrase “(ii) operated
solely as a payroll account” the phrase “and (y) the deadline for delivery of a Deposit Account Control Agreement in respect of Account No. 1139127 maintained at The Bank of New York Mellon shall be February 29, 2012 (or
such later date as may be agreed to by the Collateral Agent in its sole discretion). 
 (k) Clause (a) of Section 7 of the
Agreement is amended to delete the section reference “Section 8.01(a), (f) or (k)” appearing therein and to replace such section reference with the section reference “clauses (a), (h) or
(i) of Article VII”. 
 (l) Clause (b), including all subsections thereof, of Section 7 of the Agreement is
deleted in its entirety. 
 (m) Clause (a) of Section 12 of the Agreement is amended to (i) delete the section reference
“Section 6.18” appearing therein and to replace such section reference with the section reference “Section 5.15” and (ii) delete in its entirety the parenthetical “(except in connection with the
Merger)” appearing therein. 
 (n) Clause (b) of Section 12 of the Agreement is amended to delete the section reference
“Section 8.01(a), (f) or (k)” appearing therein and to replace such section reference with the section reference “clauses (a), (h) or (i) of Article VII”. 

(o) Section 23 of the Agreement is amended to delete the section reference “Sections 10.04 and 10.05” appearing
therein and to replace such section reference with the section reference “Section 9.03”. 
 (p) Section 26 of the
Agreement is amended to delete the section reference “Section 10.07” appearing therein and to replace such section reference with the section reference “Section 9.04”. 

(q) Section 28 of the Agreement is amended to delete the last sentence thereof in its entirety. 

  
 2 

 (r) The Agreement is amended to replace each reference to “Barclays Bank PLC” with
“JPMorgan Chase Bank, N.A.”. 
 SECTION 2. Conditions of Effectiveness. This Amendment shall become effective as of the
date hereof (the “Effective Date”) when, and only when (i) the Collateral Agent shall have received an executed counterpart of this Amendment from the Collateral Agent and the Borrower and (ii) the New Credit Agreement
shall become effective in accordance with its terms and conditions. 
 SECTION 3. Representations and Warranties. Each of the parties
hereto represents and warrants that this Amendment and the Agreement, as amended by this Amendment, constitute legal, valid and binding obligations of such party enforceable against such party in accordance with their terms, except as enforceability
may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and general equitable principles. 

SECTION 4. Reference to and the Effect on the Agreement. 

(a) On and after the effective date of this Amendment, each reference in the Agreement to “this Agreement”, “hereunder”,
“hereof”, “herein” or words of like import referring to the Agreement and each reference to the Agreement in any certificate delivered in connection therewith, shall mean and be a reference to the Agreement as amended hereby.

 (b) Each of the parties hereto hereby agrees that, except as specifically amended above, the Agreement is hereby ratified and confirmed
and shall continue to be in full force and effect and enforceable, except as such enforcement may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws relating to or limiting creditors’ rights generally and
general equitable principles. 
 SECTION 5. Headings. Section headings in this Amendment are included herein for convenience only and
shall not constitute a part of this Amendment for any other purpose. 
 SECTION 6. Execution in Counterparts. This Amendment may be
executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed to be an original and all of which taken together shall constitute but one and the same
agreement. Delivery of an executed counterpart to this Amendment by facsimile, electronic mail, portable document format (PDF) or similar means shall be effective as delivery of a manually executed counterpart of this Amendment. 

SECTION 7. Governing Law. This Amendment shall be governed by, and construed and interpreted in accordance with, the law of the State
of New York. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 

  
 3 

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

			
	 PUGET ENERGY, INC.,
 as
Borrower

		
	By:	 	/s/ Donald E. Gaines
		 	Name: Donald E. Gaines
		 	Title: Vice President Finance and Treasurer

 Signature Page to Amendment No. 1 to 

Amended and Restated Borrower Security Agreement 

			
	 JPMORGAN CHASE BANK, N.A.,
 as
successor Collateral Agent

		
	By:	 	/s/ Helen D. Davis
		 	Name: Helen D. Davis
		 	Title: Vice President

 Signature Page to Amendment No. 1 to 

Amended and Restated Borrower Security Agreement 

 EXHIBIT M 

TERMS OF SUBORDINATION 

[ATTACHED] 

 EXHIBIT M 

TERMS OF SUBORDINATION 

These terms refer to the Amended and Restated Credit Agreement, dated as of October 25, 2017 (as amended, restated, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Puget Energy, Inc., a Washington corporation (the “Borrower”), the Lenders party thereto from time to time and JPMorgan Chase Bank, N.A., in its
capacity as administrative agent for the Lenders (in such capacity, the “Administrative Agent”). Capitalized terms shall, unless otherwise defined in these terms, have the meaning given in the Credit Agreement or, if not defined
therein, the meaning given in the Collateral Agency Agreement. 
 All Management Fees payable by the Borrower and its Subsidiaries shall
include or be subject to the following terms: 
 1. General. To the extent and in the manner set forth herein, the payment of any
Management Fee is expressly made subordinate and subject in right of payment to the prior payment in full of all the Obligations. Except to the extent permitted pursuant to the last sentence of this paragraph, any Person entitled to payment of
Management Fees (each a “Payee”) agrees that it will not ask, demand, sue for, take or receive from the Borrower, by set-off or in any other manner, or retain payment (in whole or in part) of
the Management Fees, or any security therefor, unless and until all of the Obligations have been paid in full in cash and the Commitments terminated (other than contingent obligations not then due). Each Payee directs the Borrower to make, and the
Borrower agrees to make, such prior payment of the Obligations. Notwithstanding the foregoing, payment by the Borrower of or in respect of the Management Fees may be made, and the Payees may ask, demand, sue for, take or receive from the Borrower,
by set-off or in any other manner, or retain payment of (in whole or in part) the Management Fees. 

2. Payment Upon Dissolution, Etc. In the event of: 

(a) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or proceeding in
connection therewith, relative to the Borrower or any of its Subsidiaries or to any of their creditors as such, or to any of their assets; or 

(b) any liquidation, dissolution or other winding up of the Parent or the Borrower or any of its Subsidiaries, whether partial or complete and
whether voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (c) any assignment for the benefit of
creditors or any other marshalling of all or any substantial part of the assets and liabilities of the Parent or the Borrower or any of its Subsidiaries; 

then and in any such event the Secured Parties shall be entitled to receive payment in full of all amounts due or to become due on or in respect of all the
Obligations before the Payees shall be entitled to receive any payment on account of the Management Fees, and to that end, any payment or distribution of any kind or character, whether in cash, property or securities which may be payable or
deliverable in respect of the Management Fees, proceeding, dissolution, liquidation or other winding up or event shall instead be paid or delivered directly to the Secured 

 
Parties for application to the Obligations, whether or not due, until the Obligations shall have first been fully paid and satisfied in cash (other than contingent obligations not then due). 

3. No Payment When Credit Agreement in Default. Except as may be permitted pursuant to the Credit Agreement, if any Default or Event of
Default has occurred and is continuing, then no payment shall be made by the Borrower on or in respect of the Management Fees. 
 4.
Proceedings Against Borrower; No Collateral. The Payees shall not, without the prior written consent of the Unanimous Voting Parties (as long as any Obligation is outstanding): 

(a) commence any judicial action or proceeding to collect payment of principal of or interest on the Management Fees; or 

(b) commence any judicial action or proceeding against the Borrower in bankruptcy, insolvency or receivership law; or 

(c) take any collateral security for the Management Fees. 

5. Further Assurances. Each Payee agrees to execute and deliver to the Secured Parties all such further instruments, proofs of claim,
assignments of claim and other instruments, and take all such other action, as may be reasonably requested by the Secured Parties to enforce the Secured Parties rights hereunder. 

6. Notice; Disclosure. The Payees agree, for the benefit of each Secured Party, that they will give the Collateral Agent on behalf of
each Secured Party prompt notice of any default by the Borrower of which the Payees are aware in respect of the Management Fees. 
 7. No
Waiver; Modification to Credit Agreement. (a) No failure on the part of the Secured Parties, and no delay in exercising, any right, remedy or power hereunder shall operate as a waiver thereof by the Secured Parties, nor shall any single or
partial exercise by the Secured Parties of any right, remedy or power hereunder shall preclude any other or future exercise of any other right remedy or power. Each and every right, remedy and power hereby granted to the Secured Parties or allowed
to the Secured Parties by law or other agreement shall be cumulative and not exclusive of any other, and may be exercised by the Secured Parties from time to time. All rights and interests of the Secured Parties hereunder and all agreements and
obligations of the Payees and the Borrower hereunder shall remain in full force and effect irrespective of: 
 (i) any lack of validity or
enforceability of the Financing Documents; or 
 (ii) any other circumstance that might otherwise constitute a defense available to, or
discharge of, the Borrower. 
 (b) Without in any way limiting the generality of the foregoing paragraph (a), the Secured Parties may, at
any time and from time to time, without the consent of or notice to the Payees, without incurring responsibility to the Payees, and without impairing or releasing the subordination provided herein or the obligations hereunder of the Payees, do
anyone or more of the following: 

  
 2 

 (i) change the manner, place or terms of payment of or extend the time of payment of, or
renew or alter, the Obligations under the Credit Agreement, or otherwise amend or supplement in any manner the Credit Agreement or any instruments evidencing the same or any agreement under which the Obligations are outstanding; 

(ii) sell, exchange, release or otherwise deal with any property pledged, mortgaged or otherwise securing the Obligations; 

(iii) release any person liable in any manner for the Obligations; and 

(iv) exercise or refrain from exercising any rights against the Borrower or any other person. 

8. Benefit of Subordination Provisions. These subordination provisions are intended to benefit the Secured Parties. 

9. Provisions Solely to Define Relative Rights. These subordination provisions are intended solely for the purpose of defining the
relative rights of the Payees and their successors and assigns, on the one hand, and the Secured Parties and their successors and assigns, on the other hand. 

10. Transfers of Subordinated Debt. The Payees shall not sell, assign, pledge, encumber or transfer the interests in the Management
Fees unless such sale, assignment, pledge, encumbrance or transfer is to a party that agrees to be bound by the terms hereof. The interests in the Management Fees shall remain expressly subject to the terms hereof, notwithstanding any sale,
assignment, pledge, encumbrance or transfer. 
 11. Further Assurances. The Payees, at their cost (to be reimbursed by the Borrower
on the same terms as payment of the Management Fees, other than nominal costs), shall take all further action as the Secured Parties may reasonably request in order more fully to carry out the intent and purpose of these subordination provisions.

 12. Governing Law. THESE SUBORDINATION PROVISIONS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK. 
 13. Amendment. These subordination provisions may not be amended, modified or supplemented without the prior written
consent of each of the Secured Parties. 
 14. Successors and Assigns. These subordination provisions shall be binding and inure to
the benefit of the Payees, the Secured Parties and their respective successors and permitted assigns. 

  
 3EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

Published CUSIP Numbers: 
 Deal:
78355FAF0 
 Domestic Revolver: 78355FAG8 

UK Revolver: 78355FAH6 
 Canadian
Revolver: 78355FAJ2 
 PR Revolver: 78355FAK9 

SECOND AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

dated as of September 28, 2018 

by and among 
 RYDER SYSTEM, INC.,

 RYDER TRUCK RENTAL HOLDINGS CANADA LTD., 

RYDER TRUCK RENTAL CANADA LTD., 

RYDER LIMITED, 
 RYDER SYSTEM
HOLDINGS (UK) LIMITED, 
 and 

RYDER PUERTO RICO, INC., 
 as
Borrowers, 
 BANK OF AMERICA, N.A., 

as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, 

ROYAL BANK OF CANADA, 
 as Canadian
Agent and the Canadian Swing Line Lender, 
 LLOYDS BANK PLC, 

as U.K. Agent, 
 THE OTHER SWING
LINE LENDERS AND ISSUING BANKS PARTY HERETO, 
 and 

THE OTHER BANKS PARTY HERETO 
 MUFG
BANK, LTD, 
 as Syndication Agent, 

BNP PARIBAS, 
 LLOYDS BANK PLC,

 MIZUHO BANK, LTD., 
 ROYAL BANK
OF CANADA, 
 U.S. BANK NATIONAL ASSOCIATION, 

and 
 WELLS FARGO BANK, NATIONAL
ASSOCIATION, 
 as Co-Documentation Agents, 

MERRILL LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 

MUFG BANK, LTD., 
 WELLS FARGO
SECURITIES, LLC, 
 LLOYDS BANK PLC, 

MIZUHO BANK, LTD., 
 RBC CAPITAL
MARKETS, 
 U.S. BANK NATIONAL ASSOCIATION 

and 
 BNP PARIBAS, 

as Joint Lead Arrangers 
 MERRILL
LYNCH, PIERCE, FENNER & SMITH INCORPORATED, 
 as Sole Book Runner 

 TABLE OF CONTENTS 
  

									
		 		 		  	 	Page	 
			
	 §1.
	 	 DEFINITIONS AND RULES OF INTERPRETATION
	  	 	1	 
				
		 	§1.1.	 	Definitions	  	 	1	 
		 	 §1.2.
	 	Rules of Interpretation	  	 	31	 
		 	 §1.3.
	 	Accounting Terms	  	 	32	 
		 	 §1.4.
	 	Currency Equivalents	  	 	32	 
		 	 §1.5.
	 	Times of Day	  	 	33	 
		 	 §1.6.
	 	Letter of Credit Amounts	  	 	33	 
			
	 §2.
	 	 THE CREDIT FACILITIES
	  	 	33	 
				
		 	 §2.1.
	 	Commitment to Lend	  	 	33	 
		 	 §2.2.
	 	Facility Fees	  	 	35	 
		 	 §2.3.
	 	Reduction of Commitments	  	 	36	 
		 	 §2.4.
	 	Reallocation of Commitments	  	 	38	 
		 	 §2.5.
	 	The Notes and Loan Accounts	  	 	39	 
		 	 §2.6.
	 	Interest on Loans	  	 	41	 
		 	 §2.7.
	 	Requests for Loans	  	 	42	 
		 	 §2.8.
	 	Election of LIBOR Rate; Notice of Election; Interest Periods; Minimum Amounts	  	 	44	 
		 	 §2.9.
	 	Funds for Loans	  	 	45	 
		 	 §2.10.
	 	Maturity of the Loans	  	 	45	 
		 	 §2.11.
	 	Optional Prepayments or Repayments of Loans	  	 	46	 
		 	 §2.12.
	 	The Domestic Swing Line	  	 	47	 
		 	 §2.13.
	 	The U.K. Swing Line	  	 	50	 
		 	 §2.14.
	 	The Canadian Swing Line	  	 	54	 
		 	 §2.15.
	 	Cash Collateral	  	 	58	 
		 	 §2.16.
	 	Defaulting Banks	  	 	59	 
		 	 §2.17.
	 	Sharing of Payments by Banks	  	 	61	 
		 	 §2.18.
	 	Lending Offices	  	 	62	 
		 	 §2.19.
	 	Extension of Maturity Date	  	 	62	 
			
	 §3.
	 	 BANKERS’ ACCEPTANCES
	  	 	63	 
				
		 	 §3.1.
	 	Acceptance and Purchase	  	 	63	 
		 	 §3.2.
	 	Refunding Bankers’ Acceptances	  	 	66	 
		 	 §3.3.
	 	Acceptance Fee	  	 	66	 
			
	 §4.
	 	 LETTERS OF CREDIT
	  	 	66	 
				
		 	 §4.1.
	 	Letter of Credit Commitments	  	 	66	 
		 	 §4.2.
	 	Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit	  	 	68	 
		 	 §4.3.
	 	Drawings and Reimbursements; Funding of Participations	  	 	70	 
		 	 §4.4.
	 	Repayment of Participations	  	 	71	 
		 	 §4.5.
	 	Obligations Absolute	  	 	72	 
		 	 §4.6.
	 	Role of Issuing Bank	  	 	73	 
		 	 §4.7.
	 	[Reserved.]	  	 	73	 
		 	 §4.8.
	 	Applicability of ISP and UCP	  	 	73	 
		 	 §4.9.
	 	Letter of Credit Fees    	  	 	73	 

  
 ii 

									
		 	 §4.10.
	 	Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank	  	 	74	 
		 	 §4.11.
	 	Conflict with Issuing Documents	  	 	74	 
		 	 §4.12.
	 	Letters of Credit Issued for Domestic Subsidiaries	  	 	74	 
		 	 §4.13.
	 	Acknowledgment of Multiple Issuing Banks; Letter of Credit Reports to the Administrative Agent	  	 	74	 
			
	 §5.
	 	 GUARANTY
	  	 	75	 
				
		 	 §5.1.
	 	Guaranty of Payment	  	 	75	 
		 	 §5.2.
	 	Ryder’s Agreement to Pay Enforcement Costs, etc	  	 	75	 
		 	 §5.3.
	 	Waivers by Ryder; Banks’ Freedom to Act	  	 	75	 
		 	 §5.4.
	 	Unenforceability of Guaranteed Obligations	  	 	76	 
		 	 §5.5.
	 	Subrogation; Subordination	  	 	77	 
		 	 §5.6.
	 	Further Assurances	  	 	77	 
		 	 §5.7.
	 	Reinstatement	  	 	77	 
		 	 §5.8.
	 	Successors and Assigns	  	 	78	 
		 	 §5.9.
	 	Currency of Payment	  	 	78	 
		 	 §5.10.
	 	Concerning Joint and Several Liability of the U.K. Borrowers and the Canadian Borrowers	  	 	78	 
			
	 §6.
	 	 PROVISIONS RELATING TO ALL LOANS
	  	 	79	 
				
		 	 §6.1.
	 	Funds for Payments	  	 	79	 
		 	 §6.2.
	 	Status of Banks; Tax Documentation	  	 	80	 
		 	 §6.3.
	 	Currency of Payment	  	 	82	 
		 	 §6.4.
	 	Mandatory Repayments of the Loans	  	 	82	 
		 	 §6.5.
	 	Computations	  	 	83	 
		 	 §6.6.
	 	Illegality; Inability to Determine LIBOR Rate or EURIBOR Rate	  	 	84	 
		 	 §6.7.
	 	Additional Costs, Etc	  	 	84	 
		 	 §6.8.
	 	Capital Adequacy	  	 	85	 
		 	 §6.9.
	 	Certificate; Etc	  	 	86	 
		 	 §6.10.
	 	Eurodollar Indemnity	  	 	86	 
		 	 §6.11.
	 	Interest on Overdue Amounts	  	 	86	 
		 	 §6.12.
	 	Interest Limitation	  	 	87	 
		 	 §6.13.
	 	Reasonable Efforts to Mitigate	  	 	87	 
		 	 §6.14.
	 	Replacement of Banks	  	 	87	 
		 	 §6.15.
	 	Advances by Administrative Agent; Canadian Agent; and U.K. Agent	  	 	88	 
		 	 §6.16.
	 	Currency Fluctuations	  	 	90	 
		 	 §6.17.
	 	Successor LIBOR	  	 	91	 
			
	 §7.
	 	 REPRESENTATIONS AND WARRANTIES
	  	 	92	 
				
		 	 §7.1.
	 	Corporate Authority	  	 	92	 
		 	 §7.2.
	 	Governmental Approvals	  	 	92	 
		 	 §7.3.
	 	Title to Properties; Leases	  	 	92	 
		 	 §7.4.
	 	Financial Statements	  	 	93	 
		 	 §7.5.
	 	Litigation	  	 	93	 
		 	 §7.6.
	 	Compliance With Other Instruments, Laws, Etc	  	 	93	 
		 	 §7.7.
	 	Tax Status	  	 	93	 
		 	 §7.8.
	 	No Event of Default	  	 	93	 
		 	 §7.9.
	 	Holding Company and Investment Company Acts	  	 	93	 
		 	 §7.10.
	 	Absence of Financing Statements, Etc	  	 	94	 
		 	 §7.11.
	 	ERISA Compliance    	  	 	94	 

  
 iii 

									
		 	 §7.12.
	 	Environmental Compliance	  	 	94	 
		 	 §7.13.
	 	Disclosure	  	 	95	 
		 	 §7.14.
	 	Location of Chief Executive Office	  	 	95	 
		 	 §7.15.
	 	Debt Ratings	  	 	95	 
		 	 §7.16.
	 	Consolidated Subsidiaries	  	 	95	 
		 	 §7.17.
	 	OFAC; Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	95	 
		 	 §7.18.
	 	Use of Proceeds	  	 	96	 
		 	 §7.19.
	 	No EEA Financial Institution	  	 	96	 
			
	 §7A.
	 	 REPRESENTATIONS AS TO FOREIGN OBLIGORS
	  	 	96	 
			
	 §8.
	 	 AFFIRMATIVE COVENANTS OF THE BORROWERS
	  	 	97	 
				
		 	 §8.1.
	 	Punctual Payment	  	 	97	 
		 	 §8.2.
	 	Maintenance of Chief Executive Office	  	 	97	 
		 	 §8.3.
	 	Records and Accounts	  	 	97	 
		 	 §8.4.
	 	Financial Statements, Certificates and Information	  	 	97	 
		 	 §8.5.
	 	Corporate Existence; Compliance with Laws, Other Agreements	  	 	99	 
		 	 §8.6.
	 	Maintenance of Properties	  	 	99	 
		 	 §8.7.
	 	Insurance	  	 	100	 
		 	 §8.8.
	 	Taxes	  	 	100	 
		 	 §8.9.
	 	Inspection of Properties, Books and Contracts	  	 	100	 
		 	 §8.10.
	 	Notice of Potential Claims or Litigation	  	 	100	 
		 	 §8.11.
	 	Notice of Default	  	 	100	 
		 	 §8.12.
	 	Use of Proceeds	  	 	100	 
		 	 §8.13.
	 	Debt Ratings	  	 	100	 
		 	 §8.14.
	 	Notice of any ERISA Event	  	 	101	 
		 	 §8.15.
	 	Further Assurances	  	 	101	 
		 	 §8.16.
	 	Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	101	 
			
	 §9.
	 	 CERTAIN NEGATIVE COVENANTS OF THE BORROWERS
	  	 	101	 
				
		 	 §9.1.
	 	Restrictions on Secured Indebtedness	  	 	101	 
		 	 §9.2.
	 	Restrictions on Liens	  	 	101	 
		 	 §9.3.
	 	Corporate Changes and Sales or Dispositions of Assets	  	 	102	 
		 	 §9.4.
	 	Leasebacks	  	 	103	 
		 	 §9.5.
	 	Limitation on Agreements	  	 	103	 
		 	 §9.6.
	 	Sanctions	  	 	104	 
		 	 §9.7.
	 	Anti-Corruption Laws and Anti-Money Laundering Laws	  	 	104	 
			
	 §10.
	 	 FINANCIAL COVENANT OF THE BORROWERS
	  	 	104	 
				
		 	 §10.1.
	 	Debt to Consolidated Adjusted Net Worth	  	 	104	 
			
	 §11.
	 	 CONDITIONS TO CLOSING/EFFECTIVENESS
	  	 	104	 
				
		 	 §11.1.
	 	Corporate Action	  	 	104	 
		 	 §11.2.
	 	Loan Documents, Etc	  	 	104	 
		 	 §11.3.
	 	Certified Copies of Charter Documents	  	 	104	 
		 	 §11.4.
	 	Incumbency Certificate	  	 	105	 
		 	 §11.5.
	 	Certificates of Insurance	  	 	105	 
		 	 §11.6.
	 	Opinions of Counsel	  	 	105	 
		 	 §11.7.
	 	Existing Credit Agreement	  	 	105	 
		 	 §11.8.
	 	Financial Condition; Debt Ratings	  	 	105	 
		 	 §11.9.
	 	Payment of Fees    	  	 	105	 

  
 iv 

									
		 	 §11.10.
	 	Closing Date Compliance Certificate	  	 	105	 
		 	 §11.11.
	 	Receipt of Financial Statements	  	 	105	 
		 	 §11.12.
	 	KYC Information	  	 	105	 
			
	 §12.
	 	 CONDITIONS TO ALL LOANS
	  	 	106	 
				
		 	 §12.1.
	 	Representations True	  	 	106	 
		 	 §12.2.
	 	Performance; No Event of Default	  	 	106	 
		 	 §12.3.
	 	No Legal Impediment	  	 	106	 
		 	 §12.4.
	 	Delivery of Documents	  	 	106	 
		 	 §12.5.
	 	Alternative Currency	  	 	106	 
			
	 §13.
	 	 EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF COMMITMENT
	  	 	107	 
				
		 	 §13.1.
	 	Events of Default and Acceleration	  	 	107	 
		 	 §13.2.
	 	Termination of Commitments	  	 	109	 
		 	 §13.3.
	 	Remedies	  	 	109	 
		 	 §13.4.
	 	Judgment Currency	  	 	109	 
			
	 §14.
	 	 SETOFF
	  	 	110	 
			
	 §15.
	 	 COSTS AND EXPENSES
	  	 	110	 
			
	 §15A.
	 	 PAYMENTS SET ASIDE
	  	 	111	 
			
	 §16.
	 	 THE AGENTS
	  	 	111	 
				
		 	 §16.1.
	 	Appointment and Authority	  	 	111	 
		 	 §16.2.
	 	Rights as a Bank	  	 	112	 
		 	 §16.3.
	 	Exculpatory Provisions	  	 	112	 
		 	 §16.4.
	 	Reliance by Agents	  	 	113	 
		 	 §16.5.
	 	Use of Sub-Agents	  	 	113	 
		 	 §16.6.
	 	Resignation of an Agent	  	 	113	 
		 	 §16.7.
	 	Non-Reliance on Agents and Other Banks	  	 	114	 
		 	 §16.8.
	 	No Other Duties, Etc	  	 	114	 
		 	 §16.9.
	 	Agent May File Proofs of Claim	  	 	114	 
		 	 §16.10.
	 	ERISA Matters	  	 	115	 
			
	 §17.
	 	 CONSENTS, AMENDMENTS, WAIVERS, ETC
	  	 	117	 
			
	 §18.
	 	 INDEMNIFICATION; DAMAGE WAIVER
	  	 	118	 
				
		 	 §18.1.
	 	Indemnification by the Borrowers	  	 	118	 
		 	 §18.2.
	 	Reimbursement by Banks	  	 	119	 
		 	 §18.3.
	 	Waiver of Consequential Damages, Etc	  	 	119	 
		 	 §18.4.
	 	Payments	  	 	119	 
		 	 §18.5.
	 	Survival	  	 	119	 
			
	 §19.
	 	 TAXES
	  	 	120	 
			
	 §20.
	 	 SURVIVAL OF COVENANTS, ETC
	  	 	123	 
			
	 §21.
	 	 SUCCESSORS AND ASSIGNS; PARTICIPATION
	  	 	123	 
				
		 	 §21.1.
	 	Successors and Assigns Generally	  	 	123	 
		 	 §21.2.
	 	Conditions to Assignment by Banks	  	 	124	 
		 	 §21.3.
	 	Register	  	 	126	 
		 	 §21.4.
	 	Participations    	  	 	126	 

  
 v 

									
		 	 §21.5.
	 	 Certain Pledges
	  	 	126	 
		 	 §21.6.
	 	 Special Purpose Funding Vehicle
	  	 	127	 
		 	 §21.7.
	 	 [Reserved.]
	  	 	127	 
		 	 §21.8.
	 	 Resignation of Issuing Bank or Swing Line Lender after Assignment
	  	 	127	 
			
	 §22.
	 	 PARTIES IN INTEREST
	  	 	128	 
			
	 §23.
	 	 NOTICES; EFFECTIVENESS; ELECTRONIC COMMUNICATION
	  	 	128	 
		 	 §23.1.
	 	 Notices Generally
	  	 	128	 
		 	 §23.2.
	 	 Electronic Communications
	  	 	128	 
		 	 §23.3.
	 	 The Platform
	  	 	129	 
		 	 §23.4.
	 	 Change of Address, Etc.
	  	 	129	 
		 	 §23.5.
	 	 Reliance by Agents, Issuing Bank and Banks
	  	 	129	 
			
	 §23A.
	 	 NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT
	  	 	130	 
			
	 §24.
	 	 MISCELLANEOUS
	  	 	130	 
			
	 §25.
	 	 WAIVER OF JURY TRIAL; ETC
	  	 	130	 
			
	 §26.
	 	 GOVERNING LAW; JURISDICTION; SERVICE OF PROCESS
	  	 	131	 
			
	 §27.
	 	 SEVERABILITY
	  	 	131	 
			
	 §28.
	 	 PARI PASSU TREATMENT
	  	 	131	 
			
	 §29.
	 	 CONFIDENTIAL INFORMATION
	  	 	133	 
			
	 §30.
	 	 USA PATRIOT ACT NOTICE
	  	 	134	 
			
	 §31.
	 	 NO ADVISORY OR FIDUCIARY RESPONSIBILITY
	  	 	135	 
			
	 §32.
	 	 TRANSITIONAL ARRANGEMENTS
	  	 	135	 
			
	 §33.
	 	 ELECTRONIC EXECUTION OF ASSIGNMENTS AND CERTAIN OTHER DOCUMENTS
	  	 	135	 
			
	 §34.
	 	 ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF
EEA FINANCIAL INSTITUTIONS
	  	 	136	 

  
 vi 

 Exhibits 
  

			
	Exhibit A-1	  	Form of Domestic Note
	Exhibit A-2	  	Form of Canadian Note
	Exhibit A-3	  	Form of U.K. Note
	Exhibit A-4	  	Form of PR Note
	Exhibit A-5	  	Form of Domestic Swing Line Note
	Exhibit A-6	  	Form of U.K. Swing Line Note
	Exhibit A-7	  	Form of Canadian Swing Line Note
	Exhibit B-1	  	Form of Domestic Loan Request
	Exhibit B-2	  	Form of Canadian Loan Request
	Exhibit B-3	  	Form of U.K. Loan Request
	Exhibit B-4	  	Form of PR Loan Request
	Exhibit C	  	Form of Compliance Certificate
	Exhibit D	  	Form of Assignment and Assumption
	Exhibit E	  	Form of Subordination Provisions
	Exhibit F	  	Form of Bankers’ Acceptance Notice
	Exhibit G-1	  	Form of Domestic Swing Line Loan Request
	Exhibit G-2	  	Form of U.K. Swing Line Loan Request
	Exhibit G-3	  	Form of Canadian Swing Line Loan Request
	Exhibit H	  	Form of Administrative Questionnaire
	Exhibit I	  	Form of Extension Letter
	
	Schedules
		
	Schedule 1	  	Domestic Banks; Domestic Commitments; Domestic Commitment Percentages; Canadian Banks; Canadian Commitments; Canadian Commitment Percentages; U.K. Banks; U.K. Commitments; U.K. Commitment Percentages; PR Banks; PR Commitments; PR
Commitment Percentages; Total Commitment Percentages; Domestic Swing Line Commitments; Domestic Swing Line Commitment Percentages; L/C Commitments
	Schedule 4	  	Existing Letters of Credit
	Schedule 7.5	  	Litigation
	Schedule 7.7	  	Taxes
	Schedule 7.12	  	Environmental Compliance
	Schedule 7.15	  	Debt Ratings
	Schedule 7.16	  	Subsidiaries
	Schedule 23.1	  	Notices, etc.
	
	Annex
		
	Annex A	  	Power of Attorney Terms – Bankers’ Acceptances

  
 vii 

 SECOND AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT 

This SECOND AMENDED AND RESTATED GLOBAL REVOLVING CREDIT AGREEMENT is made as of September 28, 2018, by and among
(a) RYDER SYSTEM, INC., a corporation organized under the laws of Florida (“Ryder”), RYDER TRUCK RENTAL HOLDINGS CANADA LTD. (“Ryder Holdings Canada”), RYDER TRUCK RENTAL CANADA LTD. (“Ryder Canada
Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers” and each a “Canadian Borrower”), RYDER LIMITED, a corporation organized under the laws of England and Wales (“Ryder
Limited”), RYDER SYSTEM HOLDINGS (UK) LIMITED (“RSH” and together with Ryder Limited, the “U.K. Borrowers” and each a “U.K. Borrower”) and RYDER PUERTO RICO, INC. (“Ryder
PR”), a corporation organized under the laws of Delaware, (b) the lending institutions identified as Banks herein, (c) BANK OF AMERICA, N.A. (“Bank of America”), as administrative agent for the Banks (the
“Administrative Agent”), a Domestic Swing Line Lender and an Issuing Bank, (d) ROYAL BANK OF CANADA (“RBC”), as Canadian agent for the Banks (the “Canadian Agent”) and as the Canadian Swing
Line Lender, (e) LLOYDS BANK PLC (“Lloyds”), as United Kingdom agent for the Banks (the “U.K. Agent”) and as the lender of U.K. Swing Line Loans, and (f) the other Swing Line Lenders and Issuing Banks
party hereto. 
 Ryder has requested that the Banks provide credit facilities for the purposes set forth herein, and the Banks are willing
to do so on the terms and conditions set forth herein; 
 Ryder, certain of its affiliates, certain lending institutions and the Agents (as
defined therein) have entered into an Amended and Restated Global Revolving Credit Agreement, dated as of June 8, 2011 (as amended and in effect immediately prior to this Agreement, the “Existing Credit Agreement”); 

Ryder has requested that the Agents and the Banks amend and restate the terms and provisions of the Existing Credit Agreement as set forth
herein; and 
 Subject to the terms and conditions set forth herein, the Banks and the Agents party hereto have agreed to amend and restate
the Existing Credit Agreement as hereinafter provided. 
 In consideration of the mutual covenants and agreements herein contained, the
parties hereto covenant and agree as follows: 
 §1. DEFINITIONS AND RULES OF INTERPRETATION. 

§1.1. Definitions. The following terms shall have the meanings set forth in this §1 or
elsewhere in the provisions of this Agreement referred to below: 
 “Acceptance Fee”: See §3.3. 

“Adjusted Consolidated Tangible Assets”: As at any date, Consolidated Tangible Assets after (a) including the
consolidated book value of all assets of Ryder and its Consolidated Subsidiaries which are subject to any synthetic lease and (b) excluding the consolidated book value of all assets of Ryder and its Consolidated Subsidiaries that are reflected
on the consolidated balance sheet of Ryder and its Consolidated Subsidiaries, prepared in accordance with GAAP, and secure or the subject of any Limited Recourse Facility. 

“Administrative Agent”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

  
 1 

 “Administrative Questionnaire”: An Administrative Questionnaire in
substantially the form of Exhibit H or any other form approved by the Administrative Agent. 
 “Affected Bank”: See
§6.14. 
 “Affiliate or affiliate”: With respect to any 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. “Control” means the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. “Controlling” and “Controlled” have meanings correlative thereto. 

“Agent”: Each of the Administrative Agent, the Canadian Agent or the U.K. Agent, as the context may require, and
“Agents” means, collectively, the Administrative Agent, the Canadian Agent and the U.K. Agent. 

“Agreement”: This Second Amended and Restated Global Revolving Credit Agreement, including the Schedules and Exhibits hereto,
as from time to time amended and supplemented in accordance with the terms hereof. 
 “Anniversary Date”: See
§2.19(a). 
 “Anti-Money Laundering Laws”: Any and all laws, statutes, regulations or obligatory
government orders, decrees, ordinances or rules applicable to any Borrower or any Subsidiary of any Borrower related to terrorism financing or money laundering, including any applicable provision of the PATRIOT Act, The Currency and Foreign
Transactions Reporting Act (also known as the “Bank Secrecy Act,” 31 U.S.C. §§ 5311-5330 and 12U.S.C. §§ 1818(s), 1820(b) and 1951-1959), and the Money Laundering Control Act of 1986. 

“Applicable Acceptance Fee Rate”: The applicable rate per annum with respect to the Acceptance Fee shall be as set
forth in the Pricing Table. 
 “Applicable BA Discount Rate”: (a) With respect to an issue of Bankers’ Acceptances
accepted by a Schedule I Bank, the CDOR Rate; (b) with respect to an issue of Bankers’ Acceptances accepted by a Canadian Bank that is a Non-Schedule I Bank, the lesser of: (i) the rate set out
in clause (a) above plus ten (10) basis points; and (ii) the annual rate, expressed as a percentage, as being the average discount rate for bankers’ acceptances having a comparable face value and a comparable issue
and maturity date to the face value and issue and maturity date of such issue of Bankers’ Acceptances, expressed on the basis of a year of 365 days, quoted by the Canadian Reference Banks that are
Non-Schedule I Banks, for the purchase by such Canadian Banks of Bankers’ Acceptances accepted by them, at or about 10:00 a.m. (Toronto time) on the date of issue of such Bankers’ Acceptances. 

“Applicable Facility Fee Rate”: The applicable rate per annum with respect to the Facility Fees relating to the Domestic
Commitments, U.K. Commitments, Canadian Commitments and PR Commitments shall be as set forth in the Pricing Table. 
 “Applicable
Foreign Obligor Documents”: See §7A.(a). 
 “Applicable Margin”: The applicable margin on any
Loan shall be as set forth in the Pricing Table. 
 “Approved Fund”: Any Fund that is administered or managed by (a) a
Bank, (b) an Affiliate of a Bank or (c) an entity or an Affiliate of an entity that administers or manages a Bank. 

  
 2 

 “Assignment and Assumption”: An Assignment and Assumption substantially in
the form of Exhibit D or such other form as may be approved by the applicable Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the applicable Agent). 

“Auto-Extension Letter of Credit”: See §4.2(c). 

“Availability Period”: The period from and including the Closing Date to the earliest of (a) the Maturity Date,
(b) the date of termination of the Total Commitment pursuant to §2.3, and (c) the date of termination of the commitment of each Bank to make Loans and of the obligation of the Issuing Bank to make L/C Credit Extensions
pursuant to the terms hereof. 
 “BA Discount Proceeds”: With respect to any Bankers’ Acceptance to be accepted and
purchased by a Canadian Bank, an amount (rounded to the nearest whole Canadian cent, and with one-half of one Canadian cent being rounded up) calculated on such day by multiplying (a) the face amount of
such Bankers’ Acceptance times (b) the quotient equal to (such quotient being rounded up or down to the nearest fifth decimal place and .000005 being rounded up) (i) one divided by (ii) the sum of
(A) one plus (B) the product of (1) the Applicable BA Discount Rate (expressed as a decimal) applicable to such Bankers’ Acceptance times (2) the quotient equal to (aa) the number of days remaining in the term
of such Bankers’ Acceptance divided by (bb) 365. 
 “Bail-In Action”:
The exercise of any Write-Down and Conversion Powers by the applicable EEA Resolution Authority in respect of any liability of an EEA Financial Institution. 

“Bail-In Legislation”: With respect to any EEA Member Country implementing Article 55
of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the EU Bail-In Legislation
Schedule. 
 “Balance Sheet Date”: December 31, 2017. 

“Bankers’ Acceptance”: A non-interest bearing draft drawn by a
Canadian Borrower in Canadian Dollars in the form of either a depository bill subject to the Depository Bills and Notes Act (Canada) or a non-interest bearing bill of exchange, as defined in the Bills of
Exchange Act (Canada), in either case issued by a Canadian Borrower which has been accepted, and, if applicable, purchased by the Canadian Banks at the request of a Canadian Borrower pursuant to §3 hereof. 

“Bankers’ Acceptance Notice”: See §3.1. 

“Bank of America”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Banks”: Collectively, the Domestic Banks, the Canadian Banks, the U.K. Banks, the PR Banks and, solely in their role as
lenders of the applicable Swing Line Loans, the Domestic Swing Line Lenders, the Canadian Swing Line Lender and the U.K. Agent. 

“Base Rate Loans”: Loans bearing interest calculated by reference to the Domestic Base Rate, the Canadian Prime Rate, the
Canadian Base Rate, the Sterling Reference Rate, the Reference U.K. Dollar Base Rate or the Euro Reference Rate, and, with respect to U.K. Swing Line Loans only, the Lloyds-U.K. Sterling Reference Rate, the Lloyds-U.K. Euro Reference Rate or the U.K. Dollar Base Rate. 
 “Beneficial Ownership
Certification”: A certification regarding beneficial ownership required by the Beneficial Ownership Regulation. 

  
 3 

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

“Benefit Plan”: Any of (a) an “employee benefit plan” (as defined in ERISA) that is subject to Title I of
ERISA, (b) a “plan” as defined in Section 4975 of the Code or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the
assets of any such “employee benefit plan” or “plan”. 
 “Borrower Materials”. See §8.4.

 “Borrower”: Each of Ryder, each Canadian Borrower, each U.K. Borrower and Ryder PR, and “Borrowers”
means, collectively, Ryder, the Canadian Borrowers, the U.K. Borrowers and Ryder PR. 
 “Business Day”: When used in
connection with (a)(i) Domestic Loans, a Domestic Business Day; (ii) a LIBOR Rate Loan, a Eurodollar Business Day; (iii) a Canadian Loan or a Bankers’ Acceptance, a Canadian Business Day; (iv) a U.K. Loan, a U.K. Business Day; or
(v) a PR Loan, a PR Business Day; and (b) Letters of Credit issued for the account of Ryder and its domestic Subsidiaries, a Domestic Business Day. 

“Canadian Agent”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Canadian Banks”: The banks and financial institutions that shall have agreed to make Canadian Loans to the Canadian
Borrowers, as evidenced by such Bank having a positive figure beside its name in the column titled “Canadian Commitment” on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with
§2.1.5, §2.3(f), §2.4 and §21 hereof, each other Person that becomes a “Canadian Bank” in accordance with this Agreement, and their respective successors and
assigns, and, in each case, each of which is a bank or other financial institution which is resident in Canada for purposes of the Income Tax Act (Canada) and which is named in Schedule I or Schedule II to the Bank Act (Canada) or deemed resident in
Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and which is named in Schedule III to the Bank Act (Canada). 

“Canadian Base Rate”: With respect to a Canadian Loan that is a Canadian Base Rate Loan denominated in U.S. Dollars, the
annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for U.S. Dollar denominated commercial loans made by the Canadian Agent in Canada. 

“Canadian Base Rate Loans”: Canadian Loans that bear interest calculated by reference to the Canadian Base Rate (with respect
to Canadian Loans denominated in U.S. Dollars) or the Canadian Prime Rate (with respect to Canadian Loans denominated in Canadian Dollars). 

“Canadian Borrower” and “Canadian Borrowers”: Each has the meaning ascribed thereto in the introductory
paragraph hereof. 
 “Canadian Business Day”: Any day other than a Saturday, Sunday, or any day on which banking
institutions in Toronto, Canada or New York, New York are authorized or required by Laws to be closed and in connection with a Canadian LIBOR Rate Loan, a Eurodollar Business Day. 

“Canadian Commitment”: With respect to each Canadian Bank, the amount set forth on Schedule 1 hereto (or in such other
document pursuant to which such Canadian Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f), §2.4 and §21
hereof, as the amount of such Canadian Bank’s commitment to make Canadian Loans to the Canadian Borrowers, to accept Bankers’ Acceptances for the Canadian Borrowers, and to purchase participations in Canadian Swing Line Loans, as the same
may be reduced from time to time; or if such commitment is terminated pursuant to the provisions hereof, zero. 

  
 4 

 “Canadian Commitment Percentage”: With respect to each Canadian Bank, the
percentage set forth on Schedule 1 hereto (or in such other document pursuant to which such Canadian Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f),
§2.4 and §21 hereof, as such Canadian Bank’s percentage of the Total Canadian Commitment. 
 “Canadian
Dollar Equivalent”: With respect to an amount of U.S. Dollars, Sterling or Euros on any date, the amount of Canadian Dollars that may be purchased with such amount of U.S. Dollars, Euros or Sterling at the Exchange Rate with respect to U.S.
Dollars, Euros or Sterling, as applicable, on such date. 
 “Canadian Dollars or C$”: Dollars in lawful currency of Canada.

 “Canadian Facility Fee”: See §2.2(b). 

“Canadian LIBOR Rate”: For any Interest Period with respect to any Canadian LIBOR Rate Loan, the rate per annum determined by
the Canadian Agent pursuant to the following formula: 
  

					
	 Canadian LIBOR Rate =
	  	 Eurodollar Base Rate
	  	
		  	1.00 – Eurodollar Reserve Percentage	  	

 Where: 

“Eurodollar Base Rate” means, for any such Interest Period, the rate per annum equal to the London Interbank
Offered Rate (“LIBOR”), or a comparable or successor rate which rate is approved by the Canadian Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as
may be designated by the Canadian Agent from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m. (London time), two Eurodollar Business Days prior to the commencement of such Interest Period, for Dollar deposits
(for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that, if such rate is not available at such time for any reason, then the “Eurodollar Base Rate” for such
Interest Period shall be the rate per annum determined by the Canadian Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of the Canadian LIBOR Rate
Loan being made, continued or converted by RBC and with a term equivalent to such Interest Period would be offered by RBC’s London Branch to major banks in the London interbank eurodollar market at their request at approximately 11:00 a.m.
(London time) two Eurodollar Business Days prior to the commencement of such Interest Period; provided, further, that, if the Eurodollar Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this
Agreement; 
 and 

“Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve percentage
(expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Bank, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to Eurocurrency funding (currently referred to as “Eurocurrency liabilities”), it being understood that the Canadian LIBOR Rate for each outstanding Canadian LIBOR
Rate Loan shall be adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage. 

  
 5 

 “Canadian LIBOR Rate Loans”: Canadian Loans denominated in U.S. Dollars
that bear interest calculated by reference to the Canadian LIBOR Rate. 
 “Canadian Loan Request”: See
§2.7(b). 
 “Canadian Loans”: Collectively, Loans made to the Canadian Borrowers by the Canadian Banks
pursuant to §2.1.2 hereof and the Canadian Swing Line Loans. 
 “Canadian Note”: See
§2.5(b). 
 “Canadian Prime Rate”: With respect to a Canadian Loan that is a Canadian Base Rate Loan
denominated in Canadian Dollars, the annual rate of interest announced from time to time by the Canadian Agent as its reference rate then in effect for determining interest rates for commercial loans in Canadian Dollars made by the Canadian Agent in
Canada. 
 “Canadian Reference Banks”: Mizuho and RBC. 

“Canadian Swing Line Lender”: RBC (and including its permitted successors in such capacity). 

“Canadian Swing Line Loan Request”: See §2.14(b). 

“Canadian Swing Line Loans”: See §2.14(a). 

“Canadian Swing Line Note”: See §2.14(f). 

“Capitalized Leases”: Leases under which Ryder or any of its Consolidated Subsidiaries is the lessee or obligor, the
discounted future rental payment obligations under which are required to be capitalized on the balance sheet of the lessee or obligor in accordance with GAAP. 

“Cash Collateralize”: To pledge and deposit with or deliver to the Administrative Agent, for the benefit of the
Administrative Agent, the Issuing Bank or any Swing Line Lender (as applicable) and the Banks, as collateral for L/C Obligations, Obligations in respect of Swing Line Loans, or obligations of Banks to fund participations in respect of either thereof
(as the context may require), cash or deposit account balances or, if the Issuing Bank or any Swing Line Lender benefitting from such collateral shall agree in its sole discretion, other credit support, in each case pursuant to documentation in form
and substance satisfactory to (a) the Administrative Agent and (b) the Issuing Bank or such Swing Line Lender (as applicable). “Cash Collateral” shall have a meaning correlative to the foregoing and shall include the
proceeds of such cash collateral and other credit support. 
 “CDOR Rate”: On any day, the annual rate of interest
determined by the Canadian Agent which is equal to the average of the yield rates per annum (calculated on the basis of a year of 365 days) applicable to Canadian Dollar bankers’ acceptances having, where applicable, identical issue and
comparable maturity dates as the Bankers’ Acceptances proposed to be issued by the Canadian Borrowers displayed and identified as such on the “CDOR Page” (or any display substituted therefore) of Reuters Monitor Money Rates Service at
approximately 10:00 a.m. (Toronto time) on that day or, if that day is not a Business Day, then on the immediately preceding Business Day (as adjusted by the Canadian Agent after 10:00 a.m. (Toronto time) to reflect any error in a posted rate of
interest or in the posted average annual rate of interest); provided, however, if those rates do not appear on that CDOR Page, then the CDOR Rate shall be the 

  
 6 

 
discount rate (expressed as a rate per annum on the basis of a year of 365 day) applicable to those Canadian Dollar bankers’ acceptances in a comparable amount to the Bankers’
Acceptances proposed to be issued by the Canadian Borrowers quoted by the Canadian Agent as of 10:00 a.m. (Toronto time) on that day or, if that day is not a Business Day, then on the immediately preceding Business Day. Each determination of the
CDOR Rate by the Canadian Agent shall be conclusive and binding, absent manifest error. 
 “Change in Law”: The occurrence,
after the Closing Date, of any of the following: (a) the adoption or taking effect of any law, rule, regulation or treaty, (b) any change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or
application thereof by any Governmental Authority or (c) the making or issuance of any request, rule, guideline or directive by any Governmental Authority; provided that notwithstanding anything herein to the contrary, (i) the
Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith, and (ii) all requests, rules, guidelines or directives promulgated by the Bank for
International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a
“Change in Law”, regardless of the date enacted, adopted or issued. 
 “Closing Date”: September 28, 2018.

 “Code”: The Internal Revenue Code of 1986, as amended and in effect from time to time. 

“Co-Lead Arranger”: means each of (a) MLPF&S, in its capacities as a joint
lead arranger and sole book runner, and (b) MUFG, Wells Fargo Securities, LLC, Lloyds, Mizuho, RBC Capital Markets, U.S. Bank and BNP Paribas, in their respective capacities as a joint lead arranger. 

“Commitment(s)”: (a) With respect to any Bank, its Domestic Commitment and/or Canadian Commitment and/or U.K. Commitment
and/or PR Commitment, (b) with respect to each of the Domestic Swing Line Lenders, its Domestic Swing Line Commitment, and (c) with respect to each of the Issuing Banks, its L/C Commitment. 

“Commitment Percentage(s)”: (a) Subject to adjustment as provided in §2.16, with respect to any Bank, its
Domestic Commitment Percentage and/or Canadian Commitment Percentage and/or U.K. Commitment Percentage and/or PR Commitment Percentage, and (b) with respect to any Domestic Swing Line Lender, its Domestic Swing Line Commitment Percentage. 

“Compliance Certificate”: See §8.4(c). 

“Consolidated or consolidated”: With reference to any term defined herein, shall mean that term as applied to the accounts of
Ryder and its Consolidated Subsidiaries consolidated in accordance with GAAP. 
 “Consolidated Adjusted Net Worth”: At any
date, the aggregate of (a) consolidated shareholders’ equity, less (b) investments in Subsidiaries other than Consolidated Subsidiaries; provided, however, that any accumulated other comprehensive income or loss
associated with Ryder and its Consolidated Subsidiaries’ pension and other post-retirement plans which is recorded on the consolidated financial statements of Ryder and its Consolidated Subsidiaries in accordance with GAAP will be excluded.

 “Consolidated Subsidiary”: As of any date, any Subsidiary or other entity the accounts of which would be consolidated
with those of Ryder in its consolidated financial statements if prepared on such date, in accordance with Generally Accepted Accounting Principles. 

  
 7 

 “Consolidated Tangible Assets”: As at any date, the consolidated assets of
Ryder and its Consolidated Subsidiaries which may properly be classified as assets in accordance with GAAP, on a consolidated basis and after eliminating (a) all intercompany items, (b) all Intangible Assets, and (c) all investments
in Subsidiaries other than Consolidated Subsidiaries (to the extent such investments are not otherwise eliminated). 
 “Current
Maturity Date”: See §2.19(a). 
 “Debtor Relief Laws”: The Bankruptcy Code of the United
States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable
jurisdictions from time to time in effect and affecting the rights of creditors generally. 
 “Deemed Indebtedness Under Limited
Recourse Facilities”: (a) The Deemed Receivables Indebtedness, (b) the Deemed Securitization Indebtedness and (c) in respect of any other Limited Recourse Facility, an amount equal to the greater of (i) 10% of the principal amount
or aggregate payment obligations, as applicable, of such Limited Recourse Facility or (ii) two times the percentage recourse under such Limited Recourse Facility of the principal amount or aggregate payment obligations, as applicable, of such
Limited Recourse Facility (as determined in accordance with the definition of “Limited Recourse Facilities”). 
 “Deemed
Receivables Indebtedness”: In respect of the Receivables Purchase Agreement, so long as there is a purchased receivables balance outstanding under the Receivables Purchase Agreement, Ryder shall be deemed to have incurred Indebtedness in an
amount equal to ten percent (10%) of the aggregate face amount of all accounts receivable of Ryder and its Consolidated Subsidiaries which at any given time constitute purchased receivables under the Receivables Purchase Agreements. 

“Deemed Securitization Indebtedness”: In respect of the Securitization Transactions, Ryder shall be deemed to have incurred
Indebtedness in an amount equal to twenty-five percent (25%) of the amount of Indebtedness of Ryder and its Consolidated Subsidiaries or of any special purpose securitization conduit incurred in connection with the relevant Securitization
Transaction (excluding any Indebtedness as to which Ryder or any of its Consolidated Subsidiaries is the holder). 

“Default”: Any event, act or condition that constitutes an Event of Default or that, with the giving of notice and/or the
passage of time, would constitute an Event of Default. 
 “Defaulting Bank”: Subject to §2.16(b), any
Bank that, as reasonably determined in good faith by the Administrative Agent and any other applicable Agent, (a) has failed to perform any of its payment or funding obligations hereunder, including in respect of its Loans or participations in
respect of Letters of Credit or Swing Line Loans, within three Business Days of the date required to be funded by it or paid by it hereunder, (b) has notified any Borrower, any Agent or any Bank that it does not intend to comply with its
funding obligations hereunder or has made a public statement to that effect with respect to its funding obligations hereunder or has defaulted in fulfilling its obligation under other credit agreements in which it commits to extend credit,
(c) has failed, within three Business Days after request by the applicable Agent, to confirm in a manner reasonably satisfactory to such Agent that it will comply with its funding obligations, or (d) has, or has a direct or indirect parent
company that controls it that has, (i) become the subject of a proceeding under any Debtor Relief Law, (ii) had a receiver, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with
reorganization or liquidation of its business or a custodian appointed for it, (iii) taken any action in furtherance of, or indicated its consent to, approval of or acquiescence in any such proceeding or appointment, or (iv) become the
subject of a Bail-In Action; provided that a Bank shall not be a Defaulting Bank solely by virtue of the ownership or acquisition of any equity interest in that Bank or any direct or indirect parent
company thereof by a Governmental Authority or instrumentality thereof. 

  
 8 

 “Derivatives Obligations”: With respect to any Person, all obligations of
such Person in respect of any rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, total rate of return swap, credit default swap,
interest rate option, foreign exchange transaction, cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with
respect to any of the foregoing transactions) or any combination of the foregoing transactions. For purposes of §9.1 and §13.1(f) hereof, the “aggregate amount” of any Derivatives Obligations at any
time shall be the maximum amount of any termination or loss payment required to be paid by Ryder and/or its Subsidiaries if such Derivatives Obligations were, at the time of determination hereunder, to be terminated by reason of any event of default
or early termination event thereunder, whether or not such event of default or early termination event has in fact occurred. 

“Designated Jurisdiction”: Any country or territory to the extent that such country or territory itself is the subject of any
Sanction. 
 “Dollar Equivalent”: At any time (a) with respect to any amount denominated in Dollars, such amount, and
(b) with respect to an amount of Canadian Dollars, Sterling or Euros on any date, the equivalent amount of U.S. Dollars as reasonably determined by the applicable Agent or the applicable Swing Line Lender, as the case may be, at such time on
the basis of the Exchange Rate for the purchase of Dollars with such Canadian Dollars, Sterling or Euros, as applicable on such date. 

“Dollars,” “U.S. $,” “$” or “U.S. Dollars”: Dollars in lawful currency of
the United States. 
 “Domestic Banks”: The banks and financial institutions that shall have agreed to make Domestic Loans
to Ryder, as evidenced by such Bank having a positive figure beside its name in the column titled “Domestic Commitment” on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with
§2.1.5, §2.3(f), §2.4 and §21 hereof, each other Person that becomes a “Domestic Bank” in accordance with this Agreement, and their respective successors and
assigns. 
 “Domestic Base Rate”: For any day, a fluctuating rate per annum equal to the highest of (a) the annual
rate of interest announced from time to time by Bank of America as its “prime rate”, (b) one-half of one percent (1/2%) above the Federal Funds Effective Rate and (c) the Domestic LIBOR Rate
plus 1.00%; and if the Domestic Base Rate shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. The “prime rate” is a rate set by Bank of America based upon various factors including Bank of America’s
costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Bank of America
shall take effect at the opening of business on the day specified in the public announcement of such change. 
 “Domestic Base Rate
Loans”: Domestic Loans bearing interest calculated by reference to the Domestic Base Rate. 
 “Domestic Business
Day”: Any day other than a Saturday, Sunday, or any day on which commercial banks are authorized to be closed under the Laws of, or are in fact closed in, the state where the Administrative Agent’s Head Office is located and, if such
date relates to any LIBOR Rate Loans, as applicable, any such day that is also a Eurodollar Business Day. 

  
 9 

 “Domestic Commitment”: With respect to each Domestic Bank, the amount set
forth on Schedule 1 hereto (or in such other document pursuant to which such Domestic Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f),
§2.4 and §21 hereof, as the amount of such Domestic Bank’s commitment to make Domestic Loans to Ryder, to purchase participations in L/C Obligations, and to purchase participations in Domestic Swing Line
Loans, as the same may be reduced from time to time; or if such commitment is terminated pursuant to the provisions hereof, zero. 

“Domestic Commitment Percentage”: With respect to each Domestic Bank, the percentage set forth on Schedule 1 hereto
(or in such other document pursuant to which such Domestic Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f), §2.4 and
§21 hereof, as such Domestic Bank’s percentage of the Total Domestic Commitment. 
 “Domestic Facility
Fee”: See §2.2(a). 
 “Domestic LIBOR Rate”: 

(a) For any Interest Period with respect to a Domestic LIBOR Rate Loan, a rate per annum determined by the Administrative Agent
pursuant to the following formula: 
  

					
	     Domestic LIBOR Rate =
	  	 Eurodollar Base Rate
	  	
		  	1.00 – Eurodollar Reserve Percentage	  	

 Where: 

“Eurodollar Base Rate” means, for any such Interest Period, the rate per annum equal to the London Interbank
Offered Rate (“LIBOR”), or a comparable or successor rate which rate is approved by the Administrative Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such
quotations as may be designated by the Administrative Agent from time to time) (in such case, the “LIBOR Rate”) at or about 11:00 a.m. (London time), two Eurodollar Business Days prior to the commencement of such Interest Period,
for Dollar deposits (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period; provided, that, if such rate is not available at such time for any reason, then the “Eurodollar Base
Rate” for such Interest Period shall be the rate per annum determined by the Administrative Agent to be the rate at which deposits in Dollars for delivery on the first day of such Interest Period in same day funds in the approximate amount of
the Domestic LIBOR Rate Loan being made, continued or converted by Bank of America and with a term equivalent to such Interest Period would be offered by Bank of America’s London Branch to major banks in the London interbank eurodollar market
at their request at approximately 11:00 a.m. (London time) two Eurodollar Business Days prior to the commencement of such Interest Period; provided, further, that, if the Eurodollar Base Rate shall be less than zero, such rate
shall be deemed zero for purposes of this Agreement; 
 and 

“Eurodollar Reserve Percentage” means, for any day during any Interest Period, the reserve percentage
(expressed as a decimal, carried out to five decimal places) in effect on such day, whether or not applicable to any Bank, under regulations issued from time to time by the FRB for determining the maximum reserve requirement (including any
emergency, supplemental or other marginal reserve requirement) with respect to 

  
 10 

 
Eurocurrency funding (currently referred to as “Eurocurrency liabilities”), it being understood that the Domestic LIBOR Rate for each outstanding Domestic LIBOR Rate Loan shall be
adjusted automatically as of the effective date of any change in the Eurodollar Reserve Percentage. 
 (b) For any interest
calculation with respect to a Domestic Base Rate Loan on any date, the rate per annum equal to (i) LIBOR Rate, at approximately 11:00 a.m., London time determined two Eurodollar Business Days prior to such date for Dollar deposits being
delivered in the London interbank market for a term of one month commencing that day or (ii) if such published rate is not available at such time for any reason, the rate per annum determined by the Administrative Agent to be the rate at which
deposits in Dollars for delivery on the date of determination in same day funds in the approximate amount of the Domestic Base Rate Loan being made or maintained and with a term equal to one month would be offered by Bank of America’s London
Branch to major banks in the London interbank Eurodollar market at their request at the date and time of determination. 
 “Domestic
LIBOR Rate Loans”: Domestic Loans bearing interest calculated by reference to the Domestic LIBOR Rate. 
 “Domestic Loan
Request”: See §2.7(a). 
 “Domestic Loans”: Collectively, Loans made to Ryder by the Domestic
Banks pursuant to §2.1.1 and the Domestic Swing Line Loans. 
 “Domestic Note”: See
§2.5(a). 
 “Domestic Swing Line Commitment”: With respect to each Domestic Swing Line Lender, the
amount set forth on Schedule 1 hereto, as the amount of such Domestic Swing Line Lender’s commitment to make Domestic Swing Line Loans to Ryder, as the same may be reduced from time to time; or if such commitment is terminated pursuant
to the provisions hereof, zero. On the Closing Date, (a) the Domestic Swing Line Commitment of Bank of America is $25,000,000 and (b) the Domestic Swing Line Commitment of MUFG is $25,000,000. The Domestic Swing Line Commitment is part of,
and not in addition to, the Total Domestic Commitment. 
 “Domestic Swing Line Commitment Percentage”: With respect to each
Domestic Swing Line Lender, the percentage set forth on Schedule 1 hereto, as such Domestic Swing Line Lender’s percentage of the aggregate amount of the Total Domestic Swing Line Commitments. 

“Domestic Swing Line Lenders”: Bank of America and MUFG (and including each such Person’s permitted successors in such
capacity). 
 “Domestic Swing Line Loan Request”: See §2.12(b). 

“Domestic Swing Line Loans”: See §2.12(a). 

“Domestic Swing Line Note”: See §2.12(f). 

“Drawdown Date”: The date on which any Loan is made or is to be made. 

  
 11 

 “EEA Financial Institution”: (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”: Any of the member states of the European Union, Iceland, Liechtenstein, and Norway. 

“EEA Resolution Authority”: 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. 

“Eligible Assignee”: Any Qualifying Bank that is: (a) a Bank, an affiliate of a Bank or an Approved Fund; (b) a
commercial bank, finance company or financial institution organized under the Laws of the United States, or any state thereof or the District of Columbia, and having total assets in excess of $1,000,000,000; (c) a savings and loan association or
savings bank organized under the Laws of the United States, or any state thereof or the District of Columbia, and having a net worth of at least $1,000,000,000, calculated in accordance with GAAP; (d) a commercial bank or financial institution
organized under the Laws of any other country which is a member of the Organization for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having total assets in excess of
$1,000,000,000 (or the local currency equivalent thereof), provided that such bank is acting through a branch or agency located in the country in which it is organized or another country which is also a member of the OECD; and (e) the
central bank of any country which is a member of the OECD; provided that neither General Electric Capital Corporation nor any Affiliate of General Electric Capital Corporation shall be an “Eligible Assignee” for the purposes of this
Agreement. 
 “Environmental Laws”: Any judgment, decree, order, law, permit, license, rule or regulation pertaining to
environmental matters, or any United States, Canadian, United Kingdom or Puerto Rican federal, state, provincial, territorial or local statute, regulation, ordinance, order or decree relating to public health, waste transportation or disposal, or
the environment. 
 “Environmental Liability”: Any liability, contingent or otherwise (including any liability for damages,
costs of environmental remediation, fines, penalties or indemnities), of the Borrowers or any guarantor hereunder or any of their respective Subsidiaries 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 Substances, (c) exposure to any Hazardous Substances, (d) the release or threatened release of any Hazardous Substances 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. 

“ERISA”: The Employee Retirement Income Security Act of 1974, as amended and in effect from time to time. 

“ERISA Affiliate”: Any trade or business (whether or not incorporated) under common control with Ryder or any of its
Subsidiaries within the meaning of Section 414(b) or (c) of the Code (and Sections 414(m) and (o) of the Code for purposes of provisions relating to Section 412 of the Code). 

“ERISA Event”: (a) A Reportable Event with respect to a Pension Plan; (b) the withdrawal of any Borrower or any ERISA
Affiliate from a Pension Plan subject to Section 4063 of ERISA during a plan year in which such entity was a “substantial employer” as defined in Section 4001(a)(2) of ERISA or a cessation of operations that is treated as such a
withdrawal under Section 4062(e) of ERISA; (c) any event or 

  
 12 

 
condition which constitutes grounds under Section 4042 of ERISA for the termination of, or the appointment of a trustee to administer, any Pension Plan; or (d) the imposition of any
liability under Title IV of ERISA with respect to a Pension Plan, other than for PBGC premiums due but not delinquent under Section 4007 of ERISA, upon any Borrower or any ERISA Affiliate. 

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

“EURIBOR Rate”: For any Interest Period with respect to a EURIBOR Rate Loan, the rate of interest equal to LIBOR, or a
comparable or successor rate which rate is approved by the U.K. Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the U.K. Agent from time to
time) at approximately 11:00 a.m. (Central European time) on the date that is two (2) TARGET Settlement Days preceding the first day of such Interest Period. If the rate referenced in the preceding sentence is not available, “EURIBOR
Rate” means the rate determined by the U.K. Agent to be the offered rate on such other page or other service that displays the percentage rate per annum determined by the Banking Federation of the European Union for deposits in Euros (for
delivery on the first day of such Interest Period, the “EURIBOR Screen Rate”) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) on the date that is two (2) TARGET Settlement
Days preceding the first day of such Interest Period. If the rates referenced in the preceding two sentences are not available, “EURIBOR Rate” means the Interpolated Screen Rate. If the rates referenced in the preceding three sentences are
not available, “EURIBOR Rate” means the Euro Reference Rate. For the purposes of this definition, “TARGET Settlement Day” means any day on which the Trans-European Automated Real-Time Gross Settlement Express Transfer
(TARGET) System is open. If LIBOR (or a comparable or successor rate as herein set forth) shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“EURIBOR Rate Loan”: U.K. Loans denominated in Euros bearing interest calculated by reference to the EURIBOR Rate. 

“EURIBOR Screen Rate”: See the definition of “EURIBOR Rate.” 

“Euro”: The single lawful currency of the Participating Member States. 

“Euro Reference Rate”: The annual rate of interest equal to the sum of (a) the arithmetic mean of the cost of funds
offered to the U.K. Agent and the U.K. Reference Banks in the London interbank market for overnight deposits denominated in Euros plus (b) one percent (1%). 

“Euro Equivalent”: With respect to an amount of U.S. Dollars, Canadian Dollars or Sterling on any date, the amount of Euros
that may be purchased with such amount of U.S. Dollars, Canadian Dollars or Sterling, as applicable, on such date. 
 “Eurodollar
Base Rate”: See the definition of “Domestic LIBOR Rate.” 
 “Eurodollar Business Day”: Any day on which
commercial banks are open for international business (including dealings in Dollar deposits) in London that is also a Domestic Business Day. 

“Eurodollar Reserve Percentage”: See the definition of “Domestic LIBOR Rate.” 

“Event of Default”: See §13.1. 

  
 13 

 “Exchange Rate”: For a currency, the rate determined by the applicable
Agent or the applicable Swing Line Lender, as applicable, to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its principal foreign exchange
trading office at approximately 11:00 a.m. on the date two Business Days prior to the date as of which the foreign exchange computation is made; provided that the applicable Agent or the applicable Swing Line Lender, as applicable, may obtain
such spot rate from another financial institution designated by such Agent or such Swing Line Lender if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency. 

“Excluded Taxes”: With respect to any Agent, any Bank, the Issuing Bank or any other recipient of any payment to be made by
or on account of any obligation of any Borrower hereunder, (a) taxes imposed on or measured by its overall net income or profits (however denominated), and franchise taxes imposed on it (in lieu of net income taxes), by the jurisdiction (or any
political subdivision thereof) under the Laws of which such recipient is organized or in which its principal office is located or, in the case of any Bank, in which its applicable lending office is located, (b) any branch profits taxes imposed
by the United States or any similar tax imposed by any other jurisdiction in which such Borrower is located, (c) any backup withholding tax that is required by the Code to be withheld from amounts payable to a Bank that has failed to comply
with clause (A) of §6.2(a)(ii), (d) in the case of a Bank (other than an assignee pursuant to a request by the Borrowers under §6.14), any tax that (i) is required to be imposed on amounts
payable to a Bank pursuant to the Laws in force on the Closing Date or (ii) after the Closing Date, is attributable to such Bank’s failure (other than as a result of a Change in Law) to comply with clause (B) of
§6.2(a)(ii), except to the extent that such Bank (or its assignor, if any) was entitled, at the time of designation of a new lending office (or assignment), to receive additional amounts from such Borrower with respect to such
withholding tax pursuant to §19(a)(ii) or (iii) and (e) any U.S. federal withholding Taxes imposed pursuant to FATCA. Notwithstanding anything to the contrary contained in this definition, “Excluded Taxes”
shall not include any withholding tax imposed at any time on payments made by or on behalf of a Foreign Obligor to any Bank hereunder or under any other Loan Document, provided that such Bank shall have complied with
§6.2(a)(i) to the extent such Bank may lawfully do so. 
 “Existing Credit Agreement”: As defined in the
recitals hereto. 
 “Existing Letters of Credit”: Those certain letters of credit set forth on Schedule 4. 

“Extending Bank”: See §2.19(d). 

“Extension Letter”: A letter from the Borrowers to the Agents requesting an extension of each Bank’s Scheduled Maturity
Date, substantially in the form of Exhibit I. 
 “FATCA”: 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 and any agreements entered into pursuant to
Section 1471 (b) (1) of the Code. 
 “Facility Fees”: Collectively, the Domestic Facility Fee, the Canadian
Facility Fee, the U.K. Facility Fee and the PR Facility Fee. 
 “Federal Funds Effective Rate”: On any day, the rate per
annum equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System, as published by the Federal Reserve Bank of New York on the Domestic Business Day next succeeding such day;
provided that (a) if such day is not a Business Day, the Federal Funds Effective Rate for such day shall be such rate on such transactions on the next preceding Domestic Business Day as so published on the next

  
 14 

 
succeeding Domestic Business Day, and (b) if no such rate is so published on such next succeeding Domestic Business Day, the Federal Funds Effective Rate for such day shall be the average
rate (rounded upward, if necessary, to a whole multiple of 1/100 of 1%) charged to Bank of America on such day on such transactions as determined by the Administrative Agent. 

“Fee Letter”: That certain fee letter, dated July 6, 2018, by and among Bank of America, MLPF&S and Ryder. 

“Fitch”: Fitch Investors Service, Inc. and any successor thereto. 

“Foreign Bank”: With respect to any Borrower, any Bank that is organized under the Laws of a jurisdiction other than that in
which such Borrower is resident for tax purposes (including such a Bank when acting in the capacity of the Issuing Bank). For purposes of this definition, the United States, each State thereof and the District of Columbia shall be deemed to
constitute a single jurisdiction. 
 “Foreign Borrower”: Each Canadian Borrower and each U.K. Borrower. 

“Foreign Obligor”: Each Foreign Borrower and any other Foreign Subsidiary that becomes a Borrower or guarantor hereunder.

 “Foreign Subsidiary”: Any Subsidiary that is organized under the Laws of a jurisdiction other than the United States, a
State thereof or the District of Columbia. 
 “FRB”: The Board of Governors of the Federal Reserve System of the United
States. 
 “Fronting Exposure”: At any time there is a Defaulting Bank, (a) with respect to the Issuing Bank, such
Defaulting Bank’s Domestic Commitment Percentage of the outstanding L/C Obligations other than L/C Obligations as to which such Defaulting Bank’s participation obligation has been reallocated to other Banks or Cash Collateralized in
accordance with the terms hereof, and (b) with respect to the Swing Line Lenders, such Defaulting Bank’s applicable Commitment Percentage of Swing Line Loans other than Swing Line Loans as to which such Defaulting Bank’s participation
obligation has been reallocated to other Banks or Cash Collateralized in accordance with the terms hereof. 
 “Fund”: Any
Person (other than a natural person) that is (or will be) engaged in making, purchasing, holding or otherwise investing in commercial loans and similar extensions of credit in the ordinary course of its activities. 

“Generally Accepted Accounting Principles” or “GAAP”: (a) When used in §9.1 and
§10, whether directly or indirectly through reference to a capitalized term used therein, means (i) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of the Accounting
Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the accounting
profession in the United States, that are in effect for the fiscal year ended on the Balance Sheet Date, consistently applied, and (ii) to the extent consistent with such principles, the accounting practice of Ryder reflected in its financial
statements for the year ended on the Balance Sheet Date, and (b) when used in general, other than as provided above, means (i) generally accepted accounting principles in the United States set forth in the opinions and pronouncements of
the Accounting Principles Board and the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a significant segment of the
accounting profession in the United States, that are applicable to the circumstances as of the date of determination, consistently applied, and (ii) consistently applied with 

  
 15 

 
past financial statements of Ryder adopting the same principles; provided that in each case referred to in this definition, a certified public accountant would, insofar as the use of such
accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted accounting principles) as to financial statements in which such principles have been properly
applied. 
 “Governmental Authority”: Any nation or government, any state or other political subdivision thereof, any
agency, authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

 “Granting Bank”: See §21.6. 

“Guaranteed Obligations”: See §5.1. 

“Guaranty”: The guaranty contained in §5 hereof. 

“Hazardous Substances”: Any toxic substances, hazardous waste or other material regulated by any Environmental Law. 

“Head Office”: When used in connection with (a) the Administrative Agent, the Administrative Agent’s head office
located in Charlotte, North Carolina, or at such other location as the Administrative Agent may designate from time to time, (b) the Canadian Agent, the Canadian Agent’s designated office in Toronto, Canada, or at such other location as
the Canadian Agent may designate from time to time and (c) the U.K. Agent, the U.K. Agent’s head office located in London, United Kingdom, or at such other location as the U.K. Agent may designate from time to time. 

“Honor Date”: See §4.3. 

“Immaterial Subsidiary”: As of any date, a Subsidiary of Ryder whose results of operations, considered alone or in the
aggregate with other Subsidiaries treated as Immaterial Subsidiaries, do not have a material effect on the business, consolidated financial position or consolidated results of operations of Ryder and its Consolidated Subsidiaries, taken as a whole.

 “Indebtedness”: With respect to any Person, at any date, without duplication, (a) all obligations of such Person
for borrowed money, (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts
payable arising in the ordinary course of business, (d) all obligations of such Person as lessee under Capitalized Leases, (e) all Deemed Indebtedness Under Limited Recourse Facilities of such Person, (f) all obligations of such
Person as lessee in respect of synthetic leases and (g) all Indebtedness of others guaranteed by such Person. For the avoidance of doubt, all obligations under Limited Recourse Facilities other than Deemed Indebtedness under Limited Recourse
Facilities shall not be Indebtedness for the purposes of this definition. 
 “Indemnifiable Taxes”: Taxes other than
Excluded Taxes. 
 “Information”: See §29. 

“Intangible Assets”: The aggregate amount of the sum of the following (to the extent reflected in determining consolidated
shareholders’ equity): (a) all write-ups (other than write-ups resulting from foreign currency transactions and write-ups of
assets of a going concern business made within twelve (12) 

  
 16 

 
months after the acquisition of such business) subsequent to December 31, 2017 in the book value of any assets owned by Ryder or a Consolidated Subsidiary, (b) all investments in
Subsidiaries other than Consolidated Subsidiaries, and (c) all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, organization or developmental expenses
and other intangible assets. 
 “Intercompany Indebtedness”: Any Indebtedness owed directly between Ryder and a Subsidiary
of Ryder or between Subsidiaries of Ryder. 
 “Interest Payment Date”: With respect to (a) Base Rate Loans, the last
Business Day of each calendar quarter and (b) LIBOR Rate Loans with an Interest Period of (i) equal to or less than three (3) months, the last day of such Interest Period or (ii) more than three (3) months, the date that is
three (3) months from the first day of such Interest Period, and at three (3) month intervals thereafter and, in addition, the last day of such Interest Period. 

“Interest Period”: With respect to each Loan: (a) initially, the period commencing on the Drawdown Date of such Loan and
ending on the last day of one of the periods set forth below, as selected by the applicable Borrower(s) in accordance with this Agreement for any LIBOR Rate Loan: 1, 2, 3, 6 or, if agreed to by all Banks, 12 months or less, or in the case of U.K.
Loans, one (1) week (in each case, subject to availability); and (b) thereafter, each period commencing on the last day of the next preceding Interest Period applicable to such Loan and ending on the last day of one of the periods set
forth above, as selected by the applicable Borrower(s) in accordance with this Agreement; provided that any Interest Period which would otherwise end on a day which is not a Business Day shall be deemed to end on the next succeeding Business
Day; provided further that (i) for any Interest Period for any LIBOR Rate Loan (except, in the case of U.K. Loans having an Interest Period of one (1) week), if such next succeeding Business Day falls in the next succeeding calendar
month, such Interest Period shall be deemed to end on the next preceding Business Day, and (ii) no Interest Period shall extend beyond the Maturity Date. 

“Interpolated Screen Rate”: For any EURIBOR Rate Loan or any U.K. LIBOR Rate Loan denominated in Sterling or U.S. Dollars,
the rate (rounded to the same number of decimal places as the two (2) relevant Screen Rates) which results from interpolating on a linear basis between: (a) the applicable Screen Rate for the longest period (for which that Screen Rate is
available) which is less than the Interest Period of such Loan; and (b) the applicable Screen Rate for the shortest period (for which that Screen Rate is available) which exceeds the Interest Period of such Loan, each as of the relevant time on
the applicable interest rate determination date for such Loan. 
 “ISP”: With respect to any Letter of Credit, the
“International Standby Practices 1998” published by the Institute of International Banking Law & Practice (or such later version thereof as may be in effect at the time of issuance). 

“Issuing Bank”: Each of Bank of America, U.S. Bank and Wells Fargo Bank, National Association, each in its capacity as issuer
of Letters of Credit for the account of Ryder and its domestic Subsidiaries, or any successor issuer of Letters of Credit for the account of Ryder and its domestic Subsidiaries pursuant to §21.8 hereunder. 

“Issuer Documents”: With respect to any Letter of Credit, the Letter of Credit Application for such Letter of Credit and any
other document, agreement and instrument entered into by the Issuing Bank and Ryder and/or its domestic Subsidiaries in connection with such Letter of Credit or in favor of the Issuing Bank and relating to any such Letter of Credit. 

  
 17 

 “Law(s)”: Collectively, all international, foreign, Federal, state,
provincial and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with
the enforcement, interpretation or administration thereof, and all applicable administrative orders, directed duties, requests, licenses, authorizations and permits of, and agreements with, any Governmental Authority. 

“L/C Advance”: With respect to each Bank, such Bank’s funding of its participation in any L/C Borrowing in accordance
with its Domestic Commitment Percentage. 
 “L/C Borrowing”: An extension of credit resulting from a drawing under any
Letter of Credit which has not been reimbursed on the date when made or refinanced as a Base Rate Loan calculated by reference to the Domestic Base Rate and denominated in Dollars. 

“L/C Commitment”: As to each Issuing Bank, such Issuing Bank’s obligation to issue Letters of Credit pursuant to
§4 in an aggregate principal amount at any one time outstanding not to exceed the amount set forth opposite such Issuing Bank’s name on Schedule 1, as such amount may be adjusted from time to time in
accordance with this Agreement. 
 “L/C Credit Extension”: With respect to any Letter of Credit, the issuance thereof or
extension of the expiry date thereof, or the increase of the amount thereof. 
 “L/C Obligations”: As at any date of
determination, the aggregate undrawn amount of all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts, including all L/C Borrowings. For all purposes of this Agreement, if on any date of determination a Letter of
Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn.

 “Letter of Credit”: Any letter of credit issued hereunder, including each Existing Letter of Credit. A Letter of Credit
may be a commercial letter of credit or a standby letter of credit. 
 “Letter of Credit Application”: An application and
agreement for the issuance or amendment of a Letter of Credit in the form from time to time in use by the Issuing Bank. 
 “Letter
of Credit Expiration Date”: The day that is thirty days prior to the Maturity Date (or, if such day is not a Business Day, the next preceding Business Day). 

“Letter of Credit Fee”: See §4.9. 

“Letter of Credit Sublimit”: An amount equal to the lesser of (a) $75,000,000, and (b) the Total Domestic Commitment.
The Letter of Credit Sublimit is part of, and not in addition to, the Total Domestic Commitment. 
 “LIBOR”: See the
definition of “Domestic LIBOR Rate.” 
 “LIBOR Rate”: See the definition of “Domestic LIBOR Rate.” 

“LIBOR Rate Loans”: Loans bearing interest calculated by reference to the Domestic LIBOR Rate (other than, for the avoidance
of doubt, Domestic Base Rate Loans bearing interest by reference to the Domestic LIBOR Rate as provided in the definition of “Domestic Base Rate”), Canadian LIBOR Rate, Sterling LIBOR Rate, EURIBOR Rate, or U.K. Dollar LIBOR Rate, as the
case may be. 

  
 18 

 “LIBOR Screen Rate”: The LIBOR quote on the applicable screen page the
applicable Agent designates to determine LIBOR (or such other commercially available source providing such quotations as may be designated by such Agent from time to time). 

“LIBOR Successor Rate”: See §6.17. 

“LIBOR Successor Rate Conforming Changes”: With respect to any proposed LIBOR Successor Rate, any conforming changes to the
definition of Domestic Base Rate, Domestic LIBOR Rate, Eurodollar Base Rate, EURIBOR Rate, Sterling LIBOR Rate, U.K. Dollar LIBOR Rate, Interest Period, timing and frequency of determining rates and making payments of interest and other
administrative matters as may be appropriate, in the discretion of the applicable Agent, to reflect the adoption of such LIBOR Successor Rate and to permit the administration thereof by such Agent in a manner substantially consistent with market
practice (or, if such Agent determines that adoption of any portion of such market practice is not administratively feasible or that no market practice for the administration of such LIBOR Successor Rate exists, in such other manner of
administration as such Agent determines in consultation with Ryder). 
 “Lien”: Any mortgage, pledge, hypothecation,
assignment, security interest, deposit arrangement, encumbrance, lien (statutory or other), charge, or other preferential arrangement in the nature of a security interest of any kind or nature whatsoever (including any conditional sale or other
title retention agreement, the interest of a lessor under a Capitalized Lease, and any financing lease having substantially the same economic effect as any of the foregoing). 

“Limited Recourse Facilities”: Any (a) Receivables Purchase Agreement, (b) Securitization Transaction or
(c) other transaction similar to those set forth in clause (a) and (b) to which Ryder or any of its Consolidated Subsidiaries is a party, under which recourse as a general obligation of Ryder or a Consolidated Subsidiary
(other than a special purpose non-operating Subsidiary formed for the purpose of the relevant transaction) is limited to not more than 25% of the aggregate principal amount or aggregate payment obligations, as
applicable, under such transaction. Limited recourse as provided for in clause (c) shall be determined by Ryder as set forth in a written notice to the Administrative Agent (together with any appropriate supporting documentation) and
shall be reasonably acceptable to the Administrative Agent; provided that if the Administrative Agent does not accept such determination, Ryder and the Administrative Agent shall enter into good faith negotiations in order to determine the
amount of the limited recourse with respect to any such transaction and, prior to Ryder and the Administrative Agent making such determination, such transaction shall not be treated as a “Limited Recourse Facility” hereunder. 

“Lloyds”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Lloyds-U.K. Sterling Reference Rate”: The annual rate of interest equal to the sum
of (a) the cost of funds offered to the U.K. Agent in the London interbank market for overnight deposits denominated in Sterling plus (b) two percent (2.00%). 

“Lloyds-U.K. Euro Reference Rate”: The annual rate of interest equal to the sum of
(a) the cost of funds offered to the U.K. Agent in the London interbank market for overnight deposits denominated in Euros plus (b) two percent (2.00%). 

“Loan Documents”: This Agreement, the Notes, the Bankers’ Acceptances, the Letter of Credit Applications, the Letters of
Credit, the Fee Letter, any agreement creating or perfecting rights in Cash Collateral pursuant to this Agreement, including §2.15 herein, and any other document designated as a “Loan Document” by Ryder and the Administrative
Agent. 

  
 19 

 “Loan(s)”: Collectively, the Canadian Loans, the Domestic Loans, the PR
Loans and the U.K. Loans. 
 “Loan Requests”: Collectively, the Canadian Loan Requests, the Domestic Loan Requests, PR
Loans Requests and the U.K. Loan Requests. 
 “Majority Banks”: Collectively, the Banks with greater than 50% of the Total
Commitment; provided, that, in the event that the Total Commitment has been terminated, the Majority Banks shall be the Banks holding greater than 50% of the aggregate outstanding principal amount of the Obligations on such date (with
the aggregate amount of each Bank’s risk participation and funded participation in L/C Obligations and Swing Line Loans being deemed “held” by such Bank for purposes of this definition); provided, further, that the
Commitment of, and the portion of the Total Outstandings held or deemed held by, any Defaulting Bank shall be excluded for purposes of making a determination of Majority Banks. 

“Maturity Date”: September 28, 2023 (or, if such day is not a Business Day, the next preceding Business Day), as such
date may be extended from time to time pursuant to §2.19 (such date, as so extended as it relates to any Bank, being referred to herein as such Bank’s “Scheduled Maturity Date”). 

“Mizuho”: Mizuho Bank Ltd. 

“MLPF&S”: Merrill Lynch, Pierce, Fenner & Smith, Incorporated (or any other registered broker-dealer
wholly-owned by Bank of America Corporation to which all or substantially all of Bank of America Corporation’s or any of its subsidiaries’ investment banking, commercial lending services or related businesses may be transferred following
the Closing Date). 
 “Moody’s”: Moody’s Investors Service, Inc. and any successor thereto. 

“MUFG”: MUFG Bank, Ltd. 

“Multiemployer Plan”: Any employee benefit plan of the type described in Section 4001(a)(3) of ERISA, to which any
Borrower or any ERISA Affiliate makes or is obligated to make contributions, or during the preceding five plan years, has made or been obligated to make contributions. 

“Multiple Employer Plan”: A Plan which has two or more contributing sponsors (including any Borrower or any ERISA Affiliate)
at least two of whom are not under common control, as such a plan is described in Section 4064 of ERISA. 
 “New Lending
Office”: See §6.2(b). 
 “Non-Extending Bank”: See
§2.19(b). 
 “Non-Extension Notice Date”: See
§4.2(c). 
 “Non-Schedule I Bank”: At least one but not more than two
Canadian Banks which are Schedule II Banks or Schedule III Banks under the Bank Act (Canada) to be designated by the Canadian Agent and the Canadian Borrowers (with the consent of each such Canadian Bank). 

  
 20 

 “Notes”: Collectively, the Domestic Notes, the Domestic Swing Line Notes,
the U.K. Notes, the U.K. Swing Line Note, the Canadian Notes, the Canadian Swing Line Note and the PR Notes. 
 “Notice
Date”: See §2.19(b). 
 “Obligations”: All indebtedness, obligations and liabilities of the
Borrowers, and any obligations with respect to Letters of Credit issued for the account of Ryder’s domestic Subsidiaries, to any of the Banks, the Agents and the Issuing Bank, individually or collectively, existing on the date of this Agreement
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, in each case, arising or incurred under
this Agreement or any of the other Loan Documents or in respect of any of the Loans made or L/C Obligations incurred or Bankers’ Acceptances, Letter of Credit Applications, Letters of Credit, the Notes, or any other instrument at any time
evidencing any thereof. 
 “OECD”: See the definition of “Eligible Assignee.” 

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

“Other Taxes”: All present or future stamp or documentary taxes or any other excise or property taxes, charges or similar
levies arising from any payment made hereunder or under any other Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement or any other Loan Document. 

“Outstanding Amount”: (a) With respect to Loans on any date, the Dollar Equivalent of the aggregate outstanding principal
amount thereof after giving effect to any borrowings and prepayments or repayments of such Loans occurring on such date; (b) with respect to Swing Line Loans on any date, the Dollar Equivalent of the aggregate outstanding principal amount
thereof after giving effect to any borrowing or prepayments or repayments of such Swing Line Loans occurring on such date; (c) with respect to any L/C Obligations on any date, the aggregate outstanding amount of such L/C Obligations on such
date after giving effect to any L/C Credit Extension occurring on such date and any other changes in the aggregate amount of the L/C Obligations as of such date, including as a result of any reimbursements by the Borrowers of Unreimbursed Amounts;
and (d) with respect to any Bankers’ Acceptances on any date, the Dollar Equivalent of the aggregate outstanding amount of such Bankers’ Acceptances on such date after giving effect to any issuances or purchases or refunds of such
Bankers’ Acceptances on such date. 
 “Overnight Rate”: For any day, (a) with respect to any amount denominated
in Dollars, the greater of (i) the Federal Funds Effective Rate and (ii) an overnight rate determined by the applicable Agent, the Issuing Bank or the applicable Swing Line Lender, as the case may be, in accordance with banking industry
rules on interbank compensation, and (b) with respect to any amount denominated in Canadian Dollars, Sterling or Euros, the rate of interest per annum at which overnight deposits in Canadian Dollars, Sterling or Euros, in an amount
approximately equal to the amount with respect to which such rate is being determined, would be offered for such day by a branch or Affiliate of the Canadian Agent, the U.K. Agent or the applicable Swing Line Lender, as applicable, in the applicable
offshore interbank market for such currency to major banks in such interbank market. 
 “Participant”: See
§21.4. 
 “Participating Member States”: Any member state of the European Union that adopts or has
adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to Economic and Monetary Union. 

  
 21 

 “PATRIOT Act”: See §30. 

“PBGC”: The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any successor entity or entities having
similar responsibilities. 
 “Pension Act”: The Pension Protection Act of 2006, as amended and in effect from time to time.

 “Pension Funding Rules”: The rules of the Code and ERISA regarding minimum required contributions (including any
installment payment thereof) to Pension Plans and set forth in, with respect to plan years ending prior to the effective date of the Pension Act, Section 412 of the Code and Section 302 of ERISA, each as in effect prior to the Pension Act
and, thereafter, Sections 412, 430 and 436 of the Code and Sections 302, 303 and 307 of ERISA. 
 “Pension Plan”: Any
employee pension benefit plan (including a Multiple Employer Plan) that is maintained or is contributed to by any Borrower and any ERISA Affiliate and is either covered by Title IV of ERISA or is subject to the minimum funding standards under
Section 412 of the Code, other than a Multiemployer Plan. 
 “Permitted Liens”: See §9.2. 

“Person”: Any individual, corporation, partnership, joint venture, limited liability company, trust, unincorporated
association, business, or other legal entity, and any government or any governmental agency or political subdivision thereof. 

“Plan”: Any employee benefit plan within the meaning of Section 3(3) of ERISA (including a Pension Plan), maintained for
employees of any Borrower or any ERISA Affiliate or any such Plan to which any Borrower or any ERISA Affiliate is required to contribute on behalf of any of its employees, other than a Multiemployer Plan. 

“Platform”: §8.4. 

“PR Banks”: The banks and financial institutions that shall have agreed to make PR Loans to Ryder PR, as evidenced by each
such Bank having a positive figure beside its name in the column titled “PR Commitment” on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.1.5,
§2.3(f), §2.4 and §21 hereof, each other Person that becomes a “PR Bank” in accordance with this Agreement, and their respective successors and assigns. 

“PR Business Day”: A Domestic Business Day. 

“PR Commitment”: With respect to each PR Bank, the amount set forth on Schedule 1 hereto (or in such other document
pursuant to which such PR Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f), §2.4 and §21 hereof, as the
amount of such PR Bank’s Commitment to make PR Loans to Ryder PR, as the same may be reduced from time to time; or if such Commitment is terminated pursuant to the provisions hereof, zero. 

“PR Commitment Percentage”: With respect to each PR Bank, the percentage set forth on Schedule 1 hereto (or in such
other document pursuant to which such PR Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f), §2.4 and §21
hereof, as such PR Bank’s percentage of the Total PR Commitment. 
 “PR Facility Fee”: See §2.2(d).

  
 22 

 “PR Loan Request”: See §2.7(d). 

“PR Loans”: Loans made to Ryder PR by the PR Banks pursuant to §2.1.4 hereof. 

“PR Note”: See §2.5(d). 

“Preferred Stock”: See §9.5. 

“Pricing Table”: With respect to Domestic Loans (including Domestic Swing Line Loans), Canadian Loans (including Canadian
Swing Line Loans), U.K. Loans (including U.K. Swing Line Loans), PR Loans, Bankers’ Acceptances, Letters of Credit, Letter of Credit Fees, Domestic Commitments, Canadian Commitments, U.K. Commitments and PR Commitments, on each day the
Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be as set forth in the table below (expressed in basis points per annum) based on the Senior Public Debt Ratings in effect on such day. For
purposes of the Pricing Table, the Senior Public Debt Rating at Level I shall be the highest Senior Public Debt Rating and the Senior Public Debt Rating for Level V shall be the lowest Senior Public Debt Rating. If at any time there is a split among
Senior Public Debt Ratings of S&P, Fitch and Moody’s such that all three ratings fall in different Levels in the table below, the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be determined by the
Senior Public Debt Rating that is neither the highest nor the lowest of the three ratings, and, if at any time there is a split among Senior Public Debt Ratings of S&P, Fitch and Moody’s such that two of such Senior Public Debt Ratings are
in one Level in the table below (the “Majority Level”) and the third Senior Public Debt Rating is in a different Level, the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be determined by
the rating at the Majority Level. In the event that a Senior Public Debt Rating is not available from any one of S&P, Moody’s or Fitch, the Applicable Acceptance Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be as set
forth in the table below based on the Senior Public Debt Ratings of S&P, Moody’s and Fitch that are available and in effect on such day; provided that (a) in the event of a one Level split in the Senior Public Debt Rating by
S&P, Moody’s and Fitch, as the case may be, then the Level for the higher Senior Public Debt Rating shall apply and (b) in the event of a two or more Level split in the Senior Public Debt Rating by S&P, Moody’s and Fitch, as
the case may be, the Level which is one step above the Level for the lower Senior Public Debt Rating shall apply. In the event that a Senior Public Debt Rating is not available from Fitch and one of S&P or Moody’s, the Applicable Acceptance
Fee Rate, Applicable Facility Fee Rate, and Applicable Margin shall be as set forth in the table below (expressed in basis points per annum) based on the Senior Public Debt Rating available from S&P or Moody’s, as the case may
be, in effect on such day. In the event that neither S&P nor Moody’s has a Senior Public Debt Rating available, the Applicable Acceptance Fee Rate, the Applicable Facility Fee Rate, and the Applicable Margin shall be as set forth in Level V
in the table below. If there is no Senior Public Debt Rating from any of Fitch, S&P or Moody’s, Level V in the table below shall apply. Adjustments to the Applicable Acceptance Fee Rate, the Applicable Facility Fee Rate, and the Applicable
Margin shall be made on, and shall be effective as of, the day of any adjustment in the Senior Public Debt Rating. 

  
 23 

																			
	 Level
	  	 Senior Public Debt Rating
	  	Applicable
Facility
Fee Rate	 	  	Applicable
Margin on
LIBOR Rate
Loans / Letter
of Credit Fees /
Applicable
Acceptance
Fee Rate	 	  	Applicable
Margin on Base
Rate Loans	 	  	Applicable
Margin on
Swing Line
Loans	 
	 I
	  	A / A2 / A or better	  	 	7.5	 	  	 	80.0	 	  	 	0	 	  	 	0	 
	 II
	  	A- / A3 / A-	  	 	9.0	 	  	 	91.0	 	  	 	0	 	  	 	0	 
	 III
	  	BBB+ / Baa1 / BBB+	  	 	10.0	 	  	 	102.5	 	  	 	2.5	 	  	 	2.5	 
	 IV
	  	BBB / Baa2 / BBB	  	 	15.0	 	  	 	110.0	 	  	 	10.0	 	  	 	10.0	 
	 V
	  	BBB- / Baa3 / BBB- or worse	  	 	20.0	 	  	 	117.5	 	  	 	17.5	 	  	 	17.5	 

 “PTE”: A prohibited transaction class exemption issued by the U.S. Department of Labor, as
any such exemption may be amended from time to time. 
 “Public Bank”: See §8.4. 

“Qualifying Bank”: With respect to: (a) any Domestic Bank and/or PR Bank, a Bank or entity described in clauses
(a) through (e) of the definition of Eligible Assignee that is incorporated or organized under the Laws of the United States or a state thereof or the District of Columbia or that has complied with the provisions of
§6.2 hereof with respect to such Person’s complete exemption from deduction or withholding of United States federal income taxes; (b) any U.K. Bank, a bank (as defined for the purposes of section 879 of the Income Tax
Act 2007) or entity falling within clauses (a) through (e) of the definition of Eligible Assignee and which in either case is within the charge to United Kingdom corporation tax as respects any payment of interest made to it
pursuant to the U.K. Loans; and (c) any Canadian Bank, a Bank or entity described in clauses (a) through (e) of the definition of Eligible Assignee that is resident in Canada for purposes of the Income Tax Act (Canada) and
which is named in Schedule I or Schedule II to the Bank Act (Canada) or deemed resident in Canada for purposes of Part XIII of the Income Tax Act (Canada) in respect of amounts paid or credited under this Agreement and which is named in Schedule III
to the Bank Act (Canada). 
 “RBC”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Real Property”: All real property now or hereafter owned, operated, or leased by Ryder or any of its Consolidated
Subsidiaries. 
 “Reallocation”: A transfer by the Borrowers of a portion of the Domestic Commitments, or all or a portion
of the Canadian Commitments, or all or a portion of the U.K. Commitments, or all or a portion of the PR Commitments, in each case in accordance with §2.4 hereof. 

“Receivables Purchase Agreement”: Collectively, (a) any trade receivables purchase and sale facilities and/or other
receivables purchase agreements permitted pursuant to §9.3, including (i) the Trade Receivables Purchase and Sale Agreement, dated October 30, 2009, as amended and supplemented to date,

  
 24 

 
among Ryder Receivable Funding III, L.L.C., Ryder System, Inc., MUFG, New York Branch and Victory Receivables Corporation and (ii) any replacement, amendment or restatement to such facility
and (b) any other trade receivables facilities that have been consented to by the Administrative Agent, such consent not to be unreasonably withheld, in either case, whether characterized as sales agreements or security agreements. 

“Reference Rate”: Any of the Sterling Reference Rate, the Reference U.K. Dollar Base Rate and/or the Euro Reference Rate.

 “Reference U.K. Dollar Base Rate”: The annual rate of interest equal to the sum of (a) the arithmetic mean of the
cost of funds offered to the U.K. Agent and the U.K. Reference Banks in the London interbank market for overnight deposits denominated in Dollars plus (b) one percent (1%). 

“Refunding Bankers’ Acceptance”: See §3.2. 

“Register”: See §21.3. 

“Related Parties”:. With respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents, trustees and advisors of such Person and of such Person’s Affiliates. 
 “Reportable Event”: Any of
the events set forth in Section 4043(c) of ERISA, other than events for which the 30 day notice period has been waived. 

“Responsible Officer”: The chief executive officer, president, chief financial officer, treasurer, assistant treasurer or
controller of a Borrower and, solely for purposes of notices given pursuant to §2, any other officer or employee of the applicable Borrower so designated by any of the foregoing officers in a notice to the Agents or any other
officer or employee of the applicable Borrower designated in or pursuant to an agreement between the applicable Borrower and the Agents. Any document delivered hereunder that is signed by a Responsible Officer of a Borrower shall be conclusively
presumed to have been authorized by all necessary corporate, partnership and/or other action on the part of such Borrower and such Responsible Officer shall be conclusively presumed to have acted on behalf of such Borrower. 

“Revaluation Date”: (a) With respect to any Loan (other than any Swing Line Loan), each of the following: (i) each date
of a borrowing of a LIBOR Rate Loan denominated in Canadian Dollars, Sterling or Euros, (ii) each date of a continuation of a LIBOR Rate Loan denominated in Canadian Dollars, Sterling or Euros, and (iii) such additional dates as the
applicable Agent shall determine or the Majority Banks shall require; (b) with respect to any Swing Line Loan, each of the following: (i) each date of borrowing of a Swing Line Loan denominated in Canadian Dollars, Sterling or Euros, and
(ii) such additional dates as the applicable Swing Line Lender or the Majority Banks shall require; and (c) with respect to any Bankers’ Acceptance, each of the following: (i) each date of an acceptance of a Bankers’
Acceptance denominated in Canadian Dollars, (ii) each date of an amendment of any such Bankers’ Acceptance having the effect of increasing the amount thereof (solely with respect to the increased amount), (iii) each date of any payment by
any Canadian Bank under any Bankers’ Acceptance denominated in Canadian Dollars, and (iv) such additional dates as the Canadian Agent shall determine or the Majority Banks shall require. 

“Ryder”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Ryder Canada Limited”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Ryder Holdings Canada”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

  
 25 

 “Ryder Limited”: Has the meaning ascribed thereto in the introductory
paragraph hereof. 
 “Ryder PR”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“RSH”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“Same Day Funds”: (a) With respect to disbursements and payments in Dollars, immediately available funds, and (b) with
respect to disbursements and payments in Canadian Dollars, Sterling or Euros, same day or other funds as may be reasonably determined by the applicable Agent or the applicable Swing Line Lender, as the case may be, to be customary in the place of
disbursement or payment for the settlement of international banking transactions in Canadian Dollars, Sterling or Euros. 

“Sanction(s)”: Any sanction laws relating to terrorism and anti-money laundering administered or enforced by the United
States government (including, without limitation, OFAC), the United Nations Security Council, the European Union, Her Majesty’s Treasury or the Canadian government. 

“Schedule I Bank”: Any bank named on Schedule I to the Bank Act (Canada). 

“Scheduled Maturity Date”: See the definition of “Maturity Date.” 

“Scheduled Unavailability Date”: See §6.17. 

“Screen Rate”: The EURIBOR Screen Rate, the Dollars Screen Rate or the GBP Screen Rate, as applicable. 

“Secured Indebtedness”: (a) Indebtedness and all Derivatives Obligations of any Borrower or any of Ryder’s Consolidated
Subsidiaries and all reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities issued for the account of such Person, in each case, secured by a lien or other encumbrance on, or title to, any real
or personal property, (b) unsecured Indebtedness and Derivatives Obligations of any of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers) and unsecured reimbursement obligations with respect to
letters of credit, bankers’ acceptances or similar facilities issued for the account of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or the U.K. Borrowers), (c) the aggregate liquidation preference of all Preferred
Stock (as defined in §9.5 hereof) issued by Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries, and (d) any Deemed Indebtedness Under Limited Recourse Facilities and all
obligations as lessee in respect of synthetic leases, in each case to the extent not otherwise included as Secured Indebtedness pursuant to clauses (a) and (b) above. 

“Securitized Assets”: See §9.3(e). 

“Securitization Transactions”: Collectively, (a) the securitization transactions permitted pursuant to
§9.3 whereby (i) Ryder or an Affiliate of Ryder transfers the beneficial interests in certain of its assets directly or indirectly to a special purpose bankruptcy-remote Subsidiary of Ryder (a “Securitization
Subsidiary”) in transfers that include one or more true sales of such beneficial interests, (ii) such Securitization Subsidiary finances (which may or may not be a financing for accounting and tax purposes) the beneficial interests
directly with a lender or a purchaser or by issuing new securities backed by the beneficial interests, and (iii) such financing is on a non-recourse basis to Ryder or any of its other Subsidiaries and/or
Affiliates (other than with respect to (A) the applicable Securitization Subsidiary, (B) any limited recourse contemplated under this Agreement under any of the Limited Recourse Facilities, or (C) for breaches of standard
representations, warranties and covenants and indemnification obligations that would not have a material adverse effect on the business, assets or financial condition of Ryder and its 

  
 26 

 
Subsidiaries); provided that any amendments to such securitization transactions do not materially modify or alter the terms of recourse or levels of recourse under such transaction to
levels greater than those permitted by §9.3; and (b) any other securitization transactions that have been consented to by the Administrative Agent, such consent not to be unreasonably withheld. 

“Senior Public Debt Ratings”: The rating(s) of Ryder’s public unsecured long-term senior debt, without third party
credit enhancement, issued by Fitch, Moody’s and/or S&P; or, in the event no such debt of Ryder is outstanding or if such debt shall be outstanding but shall not be rated by Fitch, S&P or Moody’s, the rating(s) of this credit
facility issued by Fitch, Moody’s and/or S&P (or, if Fitch, Moody’s and S&P do not exist, another nationally recognized rating agency approved by the Administrative Agent) upon request of Ryder. 

“S&P”: Standard & Poor’s Financial Services LLC, a subsidiary of The McGraw-Hill Companies, Inc. and any
successor thereto. 
 “SPC”: See §21.6. 

“Sterling” or “£”: Pounds Sterling in lawful currency of the United Kingdom. 

“Sterling Reference Rate”: The annual rate of interest equal to the sum of (a) the arithmetic mean of the cost of funds
offered to the U.K. Agent and the U.K. Reference Banks in the London interbank market for overnight deposits denominated in Sterling plus (b) one percent (1%). 

“Sterling Equivalent”: With respect to an amount of U.S. Dollars, Canadian Dollars, or Euros on any date, the amount of
Sterling that may be purchased with such amount of U.S. Dollars, Canadian Dollars, or Euros at the Exchange Rate with respect to U.S. Dollars, Canadian Dollars, or Euros, as applicable, on such date. 

“Sterling LIBOR Rate”. For any Interest Period with respect to a U.K. LIBOR Rate Loan denominated in Sterling, the annual
rate of interest equal to LIBOR, or a comparable or successor rate which rate is approved by the U.K. Agent, as published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be
designated by the U.K. Agent from time to time, the “GBP Screen Rate”) at approximately 11:00 a.m. (London time) on the first Eurodollar Business Day of such Interest Period. If the rate referenced in the preceding sentence is not
available, “Sterling LIBOR Rate” means the Interpolated Screen Rate. If the rates referenced in the preceding two sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the rate
determined by the U.K. Agent to be the offered rate on such other page or other service that displays an average ICE Interest Settlement Rate for deposits in Sterling or any successor rate thereto (for delivery on the first day of such Interest
Period) with a term equivalent to such Interest Period, determined as of approximately 11:00 a.m. (London time) on the first Eurodollar Business Day of such Interest Period. If the rates referenced in the preceding three sentences are not available,
the annual rate of interest referred to in the first sentence shall be equal to the Sterling Reference Rate. 
 “Subordinated
Indebtedness”: The aggregate (without duplication) of the following: 
 (a) Indebtedness of Ryder or a Consolidated
Subsidiary that is outstanding on the Closing Date and that is subordinated to the Obligations arising hereunder pursuant to an agreement or instrument containing subordination provisions previously approved by the Administrative Agent; and 

  
 27 

 (b) Indebtedness of Ryder that is incurred after the Closing Date and that
(i) is subordinated to the Obligations arising hereunder pursuant to an agreement or instrument treating the Obligations arising hereunder as senior debt and containing subordination provisions no less favorable to the Banks than those set
forth in Exhibit E attached hereto or pursuant to subordination provisions treating the Obligations arising hereunder as senior debt and otherwise satisfactory in form and substance to the Majority Banks, and (ii) unless such
Indebtedness is Intercompany Indebtedness, has a final maturity not less than six years after the date of incurrence thereof; 

provided that, without the prior written consent of the Majority Banks, Ryder shall not suffer or permit subordination provisions of
any Subordinated Indebtedness to be changed, amended or modified from those set forth on Exhibit E or otherwise approved by the Majority Banks after such provisions have been adopted. 

“Subsidiary”: Any corporation, association, trust, or other business entity of which the designated parent shall at any time
own directly or indirectly through a Subsidiary or Subsidiaries at least a majority of the outstanding capital stock or other interest entitled to vote generally. 

“Swing Line Lender”: Each Domestic Swing Line Lender (in the case of Domestic Swing Line Loans), the Canadian Swing Line
Lender (in the case of Canadian Swing Line Loans), and the U.K. Agent (in the case of U.K. Swing Line Loans), as the context may require, and “Swing Line Lenders” means collectively, the Domestic Swing Line Lenders (in the case of
Domestic Swing Line Loans), the Canadian Swing Line Lender (in the case of Canadian Swing Line Loans), and the U.K. Agent (in the case of U.K. Swing Line Loans). 

“Swing Line Loan Maturity Date”: With respect to any Swing Line Loan, unless otherwise set forth herein, the proposed
maturity date of such Loan, as set forth in the Swing Line Loan Request delivered by a Borrower to the applicable Swing Line Lender and the applicable Agent pursuant to §2.12, §2.13, or §2.14
hereof, which in no event shall be later than the earlier to occur of (a) ten (10) Business Days after the Drawdown Date of such Swing Line Loan and (b) the Maturity Date. Notwithstanding anything to the contrary contained herein, any
Swing Line Loan provided under §2.12, §2.13, or §2.14, as the case may be, that causes the Outstanding Amount of any Swing Line Loan to be in excess of $25,000,000, shall cause such
Outstanding Amount be repaid one (1) Business day after the Drawdown Date of such Swing Line Loan with the proceeds of the Base Rate Loan deemed to be requested under such §2.12, §2.13, or
§2.14, as the case may be. 
 “Swing Line Loan Request”: A Domestic Swing Line Loan Request, a Canadian
Swing Line Loan Request, or a U.K. Swing Line Loan Request, as the context may require. 
 “Swing Line Loans”:
Collectively, the Domestic Swing Line Loans, the U.K. Swing Line Loans and the Canadian Swing Line Loans. 
 “Taxes”: 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. 
 “Total Canadian Commitment”: The sum of the Canadian Commitments of the Canadian Banks, as may be increased or
decreased from time to time in accordance with this Agreement. On the Closing Date, the Total Canadian Commitment is $150,000,000. 

“Total Commitment”: The sum of the Total Canadian Commitment, the Total Domestic Commitment, the Total U.K. Commitment and
the Total PR Commitment, each as may be increased or decreased from time to time in accordance with this Agreement. On the Closing Date, the Total Commitment is $1,400,000,000. 

  
 28 

 “Total Commitment Percentage”: Subject to adjustment as provided in
§2.16, with respect to each Bank, the percentage set forth next to such Bank on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f),
§2.4 and §21 hereof, as such Bank’s percentage of the Total Commitment. 
 “Total
Domestic Commitment”: The sum of the Domestic Commitments of the Domestic Banks, as may be increased or decreased from time to time in accordance with this Agreement. On the Closing Date, the Total Domestic Commitment is $1,085,000,000.

 “Total Domestic Swing Line Commitment”: The sum of the Domestic Swing Line Commitments of the Domestic Swing Line
Lenders, as may be increased or decreased from time to time in accordance with this Agreement. On the Closing Date, the Total Domestic Swing Line Commitment is $50,000,000. 

“Total Outstandings”: The Outstanding Amount of all Loans, all Bankers’ Acceptances and all L/C Obligations. 

“Total PR Commitment”: The sum of the PR Commitments of the PR Banks, as may be increased or decreased from time to time in
accordance with this Agreement. On the Closing Date, the Total PR Commitment is $15,000,000. 
 “Total U.K. Commitment”:
The sum of the U.K. Commitments of the U.K. Banks, as may be increased or decreased from time to time in accordance with this Agreement. On the Closing Date, the Total U.K. Commitment is $150,000,000. 

“U.K. Agent”: Has the meaning ascribed thereto in the introductory paragraph hereof. 

“U.K. Banks”: The banks and financial institutions that shall have agreed to make U.K. Loans to the U.K. Borrowers, as
evidenced by such Bank having a positive figure beside its name in the column titled “U.K. Commitment” on Schedule 1 hereto, as such Schedule may be updated from time to time in accordance with §2.1.5,
§2.3(f), §2.4 and §21 hereof, each other Person that becomes a “U.K. Bank” in accordance with this Agreement, and their respective successors and assigns. 

“U.K. Base Rate Loans”: U.K. Loans bearing interest calculated by reference to the Sterling Reference Rate (with respect to
U.K. Base Rate Loans denominated in Sterling), the Euro Reference Rate (with respect to U.K. Base Rate Loans denominated in Euros) or the Reference U.K. Dollar Base Rate (with respect to the U.K. Base Rate Loans denominated in U.S. Dollars) and,
with respect to U.K. Swing Line Loans only, the Lloyds-U.K. Sterling Reference Rate (with respect to U.K. Swing Line Loans denominated in Sterling), the Lloyds -U.K.
Euro Reference Rate (with respect to U.K. Swing Line Loans denominated in Euros) or the U.K. Dollar Base Rate. 
 “U.K.
Borrower” and “U.K. Borrowers”: Each has the meaning ascribed thereto in the introductory paragraph hereof. 

“U.K. Business Day”: Any day other than a Saturday, Sunday, or any day on which banking institutions in London, England are
authorized or required by Law to be closed that is also a Domestic Business Day. 

  
 29 

 “U.K. Commitment”: With respect to each U.K. Bank, the amount set forth on
Schedule 1 hereto (or in such other document pursuant to which such U.K. Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with §2.1.5, §2.3(f),
§2.4 and §21 hereof, as the amount of such U.K. Bank’s commitment to make U.K. Loans to the U.K. Borrowers and to purchase participations in U.K. Swing Line Loans, as the same may be reduced from time to
time; or if such commitment is terminated pursuant to the provisions hereof, zero. 
 “U.K. Commitment Percentage”: With
respect to each U.K. Bank, the percentage set forth on Schedule 1 hereto (or in such other document pursuant to which such U.K. Bank becomes a party hereto), as such Schedule may be updated from time to time in accordance with
§2.1.5, §2.3(f), §2.4 and §21 hereof, as such U.K. Bank’s percentage of the Total U.K. Commitment. 

“U.K. Dollar Base Rate”: The annual rate of interest equal to the sum of (a) the cost of funds offered to the U.K. Agent
in the London interbank market for overnight deposits denominated in Dollars plus (b) two percent (2.00%). 
 “U.K.
Dollar LIBOR Rate”: For any Interest Period with respect to a U.K. LIBOR Rate Loan denominated in U.S. Dollars, the annual rate of interest equal to LIBOR, or a comparable or successor rate which rate is approved by the U.K. Agent, as
published on the applicable Bloomberg screen page (or such other commercially available source providing such quotations as may be designated by the U.K. Agent from time to time, the “Dollars Screen Rate”) at approximately 11:00
a.m. (London time) two Eurodollar Business Days prior to the first day of such Interest Period. If the rate referenced in the preceding sentence is not available, “U.K. Dollar LIBOR Rate” means the Interpolated Screen Rate. If the rates
referenced in the preceding two sentences are not available, the annual rate of interest referred to in the first sentence shall be equal to the rate determined by the U.K. Agent to be the offered rate on such other page or other service that
displays an average ICE Interest Settlement Rate for deposits in U.S. Dollars or any successor rate thereto (for delivery on the first day of such Interest Period) with a term equivalent to such Interest Period, determined as of approximately 11:00
a.m. (London time) two Eurodollar Business Days prior to the first day of such Interest Period. If the rates referenced in the preceding three sentences are not available, the annual rate of interest referred to in the first sentence shall be equal
to the Reference U.K. Dollar Base Rate. If LIBOR (or a comparable or successor rate as herein set forth) shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“U.K. Facility Fee”: See §2.2(c). 

“U.K. LIBOR Rate Loans”: U.K. Loans bearing interest calculated by reference to the Sterling LIBOR Rate (with respect to U.K.
Loans denominated in Sterling) or the U.K. Dollar LIBOR Rate (with respect to U.K. Loans denominated in U.S. Dollars). 
 “U.K. Loan
Request”: See §2.7(c). 
 “U.K. Loans”: Collectively, Loans made to the U.K. Borrowers by the
U.K. Banks pursuant to §2.1.3 hereof and the U.K. Swing Line Loans. 
 “U.K. Note”: See
§2.5(c). 
 “U.K. Reference Banks”: Mizuho and Lloyds. 

“U.K. Swing Line Loan Request”: See §2.13(b). 

“U.K. Swing Line Loans”: See §2.13(a). 

  
 30 

 “U.K. Swing Line Note”: See §2.13(f). 

“Unreimbursed Amount”: See §4.3(a). 

“U.S.” or “United States”: the United States of America. 

“U.S. Bank”: U.S. Bank National Association 

“Write-Down and Conversion Powers”: 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. 
 §1.2. Rules of Interpretation. 

(a) A reference to any document or agreement (including this Agreement) shall include such document or agreement as amended,
modified or supplemented from time to time in accordance with its terms and the terms of this Agreement. 
 (b) The singular
includes the plural and the plural includes the singular. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. 

(c) A reference to any law includes any amendment or modification to such law, and all statutory and regulatory rules,
regulations, orders and provisions consolidating, amending, replacing or interpreting such law. 
 (d) Unless the context
requires otherwise, any reference herein to any Person shall be construed to include such Person’s permitted successors and permitted assigns. 

(e) Accounting terms capitalized but not otherwise defined herein have the meanings assigned to them by Generally Accepted
Accounting Principles applied on a consistent basis by the accounting entity to which they refer. 
 (f) The words
“include”, “includes” and “including” are not limiting. 
 (g) All terms not specifically
defined herein or by Generally Accepted Accounting Principles, which terms are defined in the Uniform Commercial Code as in effect in the State of New York, have the meanings assigned to them therein. 

(h) Reference to a particular “§” refers to that section of this Agreement unless otherwise indicated. 

(i) The words “herein”, “hereof”, “hereunder” and words of like import shall refer to this
Agreement as a whole and not to any particular section or subdivision of this Agreement. 
 (j) The word “will”
shall be construed to have the same meaning and effect as the word “shall.” 
 (k) Unless the context requires
otherwise, all references in a Loan Document to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, the Loan Document in which such references appear. 

  
 31 

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

§1.3. Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with,
and all financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Agreement shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time,
applied in a manner consistent with that used in preparing the audited financial statements of Ryder for the fiscal year ending December 31, 2017, except as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes
of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Borrowers and their Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount
thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. 
 (b) Changes in GAAP. If at
any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in any Loan Document, and either the Borrowers or the Majority Banks shall so request, the Agents, the Banks and the Borrowers shall negotiate
in good faith to amend such ratio or requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Majority Banks); provided that, until so amended, (i) such ratio or requirement
shall continue to be computed in accordance with GAAP prior to such change therein and (ii) the Borrowers shall provide to the Agents and the Banks financial statements and other documents required under this Agreement or as reasonably
requested hereunder setting forth a reconciliation between calculations of such ratio or requirement made before and after giving effect to such change in GAAP. Without limiting the foregoing, leases shall continue to be classified and accounted for
on a basis consistent with that reflected in the audited financial statements of Ryder for the fiscal year ending December 31, 2017 for all purposes of this Agreement, notwithstanding any change in GAAP relating thereto, unless the parties
hereto shall enter into a mutually acceptable amendment addressing such changes, as provided for above. 
 (c)
Consolidation of Variable Interest Entities. All references herein to consolidated financial statements of the Borrowers and their Subsidiaries or to the determination of any amount for the Borrowers and their Subsidiaries on a consolidated
basis or any similar reference shall, in each case, be deemed to include each variable interest entity that the Borrowers are required to consolidate pursuant to FASB ASC 810 as if such variable interest entity were a Subsidiary as defined herein.

 §1.4. Currency Equivalents. Wherever in this Agreement in connection with a borrowing or other extension
of credit (including Banker’s Acceptances or Swing Line Loans), or the conversion, continuation or prepayment of a Loan, an amount, such as a required minimum or multiple amount, is expressed in Dollars, but such borrowing or other extension of
credit, or Loan, is denominated in Canadian Dollars, Sterling or Euros (as the case may be), such amount shall be the equivalent amount thereof in Canadian Dollars, Sterling or Euros as determined by the relevant Agent as such time on the basis of
the Exchange Rate (determined in respect of the most recent Revaluation Date) for the purchase of such Canadian Dollars, Sterling or Euros (rounded to the nearest unit of such Canadian Dollars, Sterling or Euros, with 0.5 of a unit being rounded
upward), as determined by the relevant Agent or the relevant Swing Line Lender, as the case may be. 

  
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 §1.5. Times of Day. Unless otherwise specified, all
references herein to times of day shall be references to Eastern time (daylight or standard, as applicable). 
 §1.6.
Letter of Credit Amounts. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the stated amount of such Letter of Credit in effect at such time; provided, however,
that with respect to any Letter of Credit that, by its terms or the terms of any Issuer Document related thereto, provides for one or more automatic increases in the stated amount thereof, the amount of such Letter of Credit shall be deemed to be
the maximum stated amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum stated amount is in effect at such time; provided, further, that with respect to any Letter of Credit where the
stated amount decreases, the maximum stated amount of such Letter of Credit shall reflect such decrease solely after giving effect to such decrease. 

§2. THE CREDIT FACILITIES. 

§2.1. Commitment to Lend. 

§2.1.1. Domestic Loans. Subject to the terms and conditions set forth in this Agreement, each of the
Domestic Banks severally agrees to lend to Ryder and Ryder may borrow, repay, and reborrow from time to time during the Availability Period, upon notice by Ryder to the Administrative Agent given in accordance with this §2, such sums in
Dollars as are equal to such Domestic Bank’s Domestic Commitment Percentage of the Domestic Loans requested by Ryder; provided, that, (a) the sum of (i) the Outstanding Amount of the Domestic Loans, plus
(ii) the Outstanding Amount of L/C Obligations, shall not, at any time and after giving effect to all amounts requested, exceed the Total Domestic Commitment, (b) the sum of (i) the Outstanding Amount of the Domestic Loans owed to a
Domestic Bank, plus (ii) the aggregate amount of such Domestic Bank’s participation in L/C Obligations, plus (iii) the aggregate amount of such Domestic Bank’s participation in Domestic Swing Line Loans, shall not,
at any time and after giving effect to all amounts requested, exceed such Domestic Bank’s Domestic Commitment, and (c) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total
Commitment. 
 §2.1.2. Canadian Loans. Subject to the terms and conditions set forth in this
Agreement, each of the Canadian Banks severally agrees to lend to the Canadian Borrowers in U.S. Dollars or Canadian Dollars, and the Canadian Borrowers may borrow, repay, and reborrow from time to time in U.S. Dollars or Canadian Dollars during the
Availability Period, upon notice by the Canadian Borrowers to the Canadian Agent given in accordance with this §2, such sums in U.S. Dollars or Canadian Dollars as are equal to such Bank’s Canadian Commitment Percentage of the
Canadian Loans requested by the Canadian Borrowers; provided, that, (a) the sum of (i) the Outstanding Amount of the Canadian Loans denominated in Dollars, plus (ii) the Outstanding Amount of the Canadian Loans
denominated in Canadian Dollars, plus (iii) the Outstanding Amount of Bankers’ Acceptances, shall not, at any time and after giving effect to all amounts requested, exceed the Total Canadian Commitment, (b) the sum of
(i) the Outstanding Amount of the Canadian Loans denominated in Dollars owed to a Canadian Bank, plus (ii) the Outstanding Amount of the Canadian Loans denominated in Canadian Dollars owed to such Canadian Bank, plus
(iii) the Outstanding Amount of Bankers’ Acceptances purchased by such Canadian Bank, plus (iv) the aggregate amount of such Canadian Bank’s participation in Canadian Swing Line Loans, shall not, at any time and after
giving effect to all amounts requested, exceed such Canadian Bank’s Canadian Commitment, and (c) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 

  
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 §2.1.3. U.K. Loans. Subject to the terms and
conditions set forth in this Agreement, each of the U.K. Banks severally agrees to lend to the U.K. Borrowers in U.S. Dollars, Sterling or Euros, and the U.K. Borrowers may borrow, repay, and reborrow from time to time in U.S. Dollars, Sterling or
Euros during the Availability Period, upon notice by the U.K. Borrowers to the U.K. Agent given in accordance with this §2, such sums in U.S. Dollars, Sterling or Euros as are equal to such Bank’s U.K. Commitment Percentage of the
U.K. Loans requested by the U.K. Borrowers; provided, that, (a) the sum of (i) the Outstanding Amount of the U.K. Loans denominated in Dollars, plus (ii) the Outstanding Amount of the U.K. Loans denominated in
Sterling, plus (iii) the Outstanding Amount of the U.K. Loans denominated in Euros, shall not, at any time and after giving effect to all amounts requested, exceed the Total U.K. Commitment, (b) the sum of (i) the Outstanding
Amount of the U.K. Loans denominated in Dollars owed to a U.K. Bank, plus (ii) the Outstanding Amount of the U.K. Loans denominated in Sterling owed to such U.K. Bank, plus (iii) the Outstanding Amount of the U.K. Loans
denominated in Euros owed to such U.K. Bank, plus (iv) the aggregate amount of such U.K. Bank’s participation in U.K. Swing Line Loans, shall not, at any time and after giving effect to all amounts requested, exceed such U.K.
Bank’s U.K. Commitment, and (c) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 

§2.1.4. PR Loans. Subject to the terms and conditions set forth in this Agreement, each of the PR
Banks severally agree to lend to Ryder PR in U.S. Dollars and Ryder PR may borrow, repay, and reborrow from time to time in U.S. Dollars during the Availability Period, upon notice by Ryder PR to the Administrative Agent given in accordance with
this §2, such sums in U.S. Dollars as are equal to such PR Bank’s PR Commitment Percentage of the PR Loans requested by Ryder PR; provided that (a) the Outstanding Amount of the PR Loans shall not, at any time and
after giving effect to all amounts requested, exceed the Total PR Commitment, (b) the Outstanding Amount of the PR Loans owed to a PR Bank shall not, at any time and after giving effect to all amounts requested, exceed such PR Bank’s PR
Commitment, and (c) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 

§2.1.5. Increase in Commitments. The Borrowers may, at any time and from time to time prior to the Maturity
Date, upon prior written notice by the Borrowers to the applicable Agent, increase the Total Domestic Commitment, the Total Canadian Commitment, the Total U.K. Commitment and/or the Total PR Commitment (but not the Domestic Swing Line Commitment,
the commitment of the Canadian Swing Line Lender to make Canadian Swing Line Loans, the commitment of the U.K. Agent to make U.K. Swing Line Loans, or the Letter of Credit Sublimit), by a maximum aggregate amount not to exceed $200,000,000 for all
such increases, with additional Commitments from any Bank or new Commitments from one or more Eligible Assignees selected by the Borrowers and acceptable to the applicable Agent, the applicable Swing Line Lender (as applicable) and the Issuing Bank
(as applicable); provided, that: 
 (a) any such increase shall be in a minimum principal amount of
$10,000,000 and in integral multiples of $1,000,000 in excess thereof; 
 (b) no Default or Event of Default shall exist and
be continuing at the time of any such increase; 

  
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 (c) no existing Bank shall be under any obligation to increase any of its
Commitments and any such decision whether to increase any of its Commitments shall be in such Bank’s sole and absolute discretion; 

(d) (i) any new Bank shall join this Agreement by executing such joinder documents as are required by the applicable
Agent, and/or (ii) any existing Bank electing to increase its relevant Commitment shall have executed a commitment agreement satisfactory to the applicable Agent; 

(e) as a condition precedent to such increase, Ryder shall deliver to the applicable Agent a certificate of the applicable
Borrowers dated as of the date of such increase signed duly authorized officers of each such Borrower (i) certifying and attaching the resolutions adopted by such Borrowers approving or consenting to such increase, and (ii) in the case of
Ryder, certifying that, before and after giving effect to such increase, (A) the representations and warranties contained in §7.1, §7.2, §7.6(a), §7.9, §7.10, §7.14,
§7.17, §7.18 and §7A are true at and as of the time of the effective date of such increase, with the same effect as if made at and as of that time (except to the extent of changes resulting from transactions
contemplated or permitted by this Agreement and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of Ryder and its Consolidated
Subsidiaries, taken as a whole, or to the extent that such representations and warranties relate expressly and solely to an earlier date) and (B) no Default or Event of Default exists or would result in connection with such increase; 

(f) Ryder shall deliver to the applicable Agent a certificate demonstrating that, upon giving pro forma effect to such
increase (and assuming for such purpose that the entire amount of such increase is fully drawn), Ryder would be in compliance with the ratio set forth in §10.1 as of the most recent fiscal quarter for which Ryder was required to deliver
financial statements pursuant to §8.4(a) or (b); and 
 (g) Schedule 1 shall be deemed revised to
include any increase in the applicable Commitments pursuant to this §2.1.5 and to include thereon any Eligible Assignee that becomes a Bank pursuant to this §2.1.5. 

The applicable Borrower shall prepay any Loans owing by it and outstanding on the date of any such increase (and pay any
additional amounts required pursuant to §6.10) to the extent necessary to keep the outstanding Loans ratable with any revised Commitments arising from any non-ratable increase in the Commitments
under this §2.1.5. 
 §2.2. Facility Fees. 

(a) Ryder agrees to pay to the Administrative Agent, for the pro rata account of each of the Domestic Banks, a
fee (the “Domestic Facility Fee”) on the Total Domestic Commitment (whether or not used) equal to the Applicable Facility Fee Rate multiplied by the Total Domestic Commitment (or, if the Total Domestic Commitment has
terminated, on the Outstanding Amount of all Domestic Loans, plus the Outstanding Amount of all L/C Obligations). The Domestic Facility Fee shall be payable by Ryder quarterly in arrears on the last Business Day of each calendar quarter for
the quarter then ending, commencing with the first such date after the Closing Date and with a final payment on the Maturity Date (or on the date of the termination in full of the Total Domestic Commitment, if earlier). 

  
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 (b) The Canadian Borrowers jointly and severally agree to pay to the
Canadian Agent, for the pro rata account of each of the Canadian Banks, a fee (the “Canadian Facility Fee”) on the Total Canadian Commitment (whether or not used) equal to the Applicable Facility Fee Rate
multiplied by the Total Canadian Commitment (or, if the Total Canadian Commitment has terminated, on the Outstanding Amount of all Canadian Loans, plus the Outstanding Amount of all Bankers’ Acceptances). The Canadian
Facility Fee shall be payable by the Canadian Borrowers quarterly in arrears on the last Business Day of each calendar quarter for the quarter then ending, commencing with the first such date after the Closing Date and with a final payment on the
Maturity Date (or on the date of the termination in full of the Total Canadian Commitment, if earlier). 
 (c) The U.K.
Borrowers jointly and severally agree to pay the U.K. Agent, for the pro rata account of each of the U.K. Banks, a fee (the “U.K. Facility Fee”) on the Total U.K. Commitment (whether or not used) equal to the
Applicable Facility Fee Rate multiplied by the Total U.K. Commitment (or, if the Total U.K. Commitment has terminated, on the Outstanding Amount of all U.K. Loans). The U.K. Facility Fee shall be payable by the U.K. Borrowers quarterly
in arrears on the last Business Day of each calendar quarter for the quarter then ending, commencing with the first such date after the Closing Date and with a final payment on the Maturity Date (or on the date of the termination in full of the
Total U.K. Commitment, if earlier). 
 (d) Ryder PR agrees to pay the Administrative Agent, for the pro rata
account of each of the PR Banks, a fee (the “PR Facility Fee”) on the Total PR Commitment (whether or not used) equal to the Applicable Facility Fee Rate multiplied by the Total PR Commitment (or, if the Total PR
Commitment has terminated, on the Outstanding Amount of all PR Loans). The PR Facility Fee shall be payable by Ryder PR quarterly in arrears on the last Business Day of each calendar quarter for the quarter then ending, commencing with the first
such date after the Closing Date and with a final payment on the Maturity Date (or on the date of the termination in full of the Total PR Commitment, if earlier). 

§2.3. Reduction of Commitments. 

(a) Ryder shall have the right at any time and from time to time, upon three (3) Domestic Business Days prior written
notice to the Administrative Agent, to reduce by $10,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total Domestic Commitment, whereupon each Domestic Bank’s Domestic Commitment shall be reduced pro
rata in accordance with such Domestic Bank’s Domestic Commitment Percentage of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice by Ryder delivered pursuant to this
§2.3(a), the Administrative Agent will notify the Domestic Banks and the other Agents thereof. Upon the effective date of any such reduction or termination, Ryder shall pay to the Administrative Agent, for the pro rata
accounts of the Domestic Banks, the full amount of the accrued and unpaid Domestic Facility Fee on the amount of such reduction. Notwithstanding the foregoing, at no time may the Total Domestic Commitment be reduced to an amount less than the
sum of (i) the Outstanding Amount of all Domestic Loans at such time, plus (ii) the Outstanding Amount of L/C Obligations at such time. 

(b) The Canadian Borrowers shall have the right at any time and from time to time, upon three (3) Canadian Business Days
prior written notice to the Canadian Agent, to reduce by $5,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total Canadian Commitment, whereupon each Canadian Bank’s Canadian Commitment shall be reduced pro
rata 

  
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in accordance with such Canadian Bank’s Canadian Commitment Percentage of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the
Canadian Borrowers delivered pursuant to this §2.3(b), the Canadian Agent will notify the Canadian Banks and the other Agents thereof. Upon the effective date of any such reduction or termination, the Canadian Borrowers shall pay to the
Canadian Agent, for the pro rata accounts of the Canadian Banks, the full amount of the accrued and unpaid Canadian Facility Fee on the amount of such reduction. Notwithstanding the foregoing, at no time may the Total Canadian
Commitment be reduced to an amount less than the sum of (i) the Outstanding Amount of Canadian Loans denominated in Dollars at such time, plus (ii) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars at
such time, plus (iii) the Outstanding Amount of Bankers’ Acceptances at such time. 
 (c) The U.K. Borrowers
shall have the right at any time and from time to time, upon three (3) U.K. Business Days prior written notice to the U.K. Agent, to reduce by $5,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total U.K.
Commitment, whereupon each U.K. Bank’s U.K. Commitment shall be reduced pro rata in accordance with such U.K. Bank’s U.K. Commitment Percentage of the amount specified in such notice or, as the case may be, terminated.
Promptly after receiving any notice of the U.K. Borrowers delivered pursuant to this §2.3(c), the U.K. Agent will notify the U.K. Banks and the other Agents thereof. Upon the effective date of any such reduction or termination, the U.K.
Borrowers shall pay to the U.K. Agent, for the pro rata accounts of the U.K. Banks, the full amount of the accrued and unpaid U.K. Facility Fee on the amount of such reduction. Notwithstanding the foregoing, at no time may the Total
U.K. Commitment be reduced to an amount less than the sum of (i) the Outstanding Amount of all U.K. Loans denominated in Dollars at such time, plus (ii) the Outstanding Amount of all U.K. Loans denominated in Sterling at such time,
plus (iii) the Outstanding Amount of all U.K. Loans denominated in Euros at such time. 
 (d) Ryder PR shall have
the right at any time and from time to time, upon three (3) Domestic Business Days prior written notice to the Administrative Agent to reduce by $1,000,000 or a larger integral multiple of $1,000,000 or terminate entirely the Total PR
Commitment, whereupon each PR Bank’s PR Commitment shall be reduced pro rata in accordance with such PR Bank’s PR Commitment Percentage of the amount specified in such notice or, as the case may be, terminated. Promptly after
receiving any notice of Ryder PR delivered pursuant to this §2.3(d), the Administrative Agent will notify the PR Banks and the other Agents thereof. Upon the effective date of any such reduction or termination, Ryder PR shall pay to the
Administrative Agent, for the pro rata accounts of the PR Banks, the full amount of the accrued and unpaid PR Facility Fee on the amount of such reduction. Notwithstanding the foregoing, at no time may the Total PR Commitment be
reduced to an amount less than the Outstanding Amount of all PR Loans at such time. 
 (e) Excluding any Reallocation
pursuant to §2.4 hereof, no reduction or termination of the Total Domestic Commitment, the Total Canadian Commitment, the Total U.K. Commitment or the Total PR Commitment once made may be revoked; the portion of the Total Domestic
Commitment, the Total Canadian Commitment, the Total U.K. Commitment or the Total PR Commitment reduced or terminated may not be reinstated; and amounts in respect of such reduced or terminated portion may not be reborrowed. 

(f) Promptly after the effectiveness of any partial reduction in the Commitments pursuant to this §2.3, the
applicable Agent shall distribute to each Bank and each other Agent an updated Schedule 1 hereto reflecting such reduction, and the Borrowers hereby authorize such amendment to Schedule 1. 

  
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 §2.4. Reallocation of Commitments. 

(a) Subject to the conditions set forth in this §2.4, the Borrowers shall have the right at any time and from time
to time upon five (5) Business Days prior written notice to each of the Agents to (i) increase the Total Domestic Commitment by reducing and reallocating by an equivalent amount all or a portion of the Total Canadian Commitment and/or the
Total U.K. Commitment and/or the Total PR Commitment to the Total Domestic Commitment, (ii) increase the Total Canadian Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total U.K.
Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or the Total U.K. Commitment and/or Total PR Commitment to the Total Canadian Commitment, (iii) increase
the Total U.K. Commitment (to the extent the same has been previously reallocated to the Total Domestic Commitment or the Total Canadian Commitment or the Total PR Commitment) by reducing and reallocating by an equivalent amount a portion of the
Total Domestic Commitment and/or all or a portion of the Total Canadian Commitment and/or Total PR Commitment to the Total U.K. Commitment or (iv) increase the Total PR Commitment (to the extent the same has been previously reallocated to the
Total Domestic Commitment or the Total Canadian Commitment or the Total U.K. Commitment) by reducing or reallocating by an equivalent amount a portion of the Total Domestic Commitment and/or Total Canadian Commitment and/or Total U.K. Commitment to
the Total PR Commitment. 
 (b) Any Reallocation pursuant to §2.4 shall be subject to the following conditions:

 (i) Each Reallocation of Commitment amounts shall be made only between the offices or affiliates of a Bank such that the
sum of all the Commitments of each Bank and its affiliates shall not be increased or decreased as a result of any Reallocation. 

(ii) Each increase in the Total Domestic Commitment, Total Canadian Commitment, Total U.K. Commitment or Total PR Commitment,
as the case may be, shall be offset by a corresponding and equivalent reduction in one or more of the Total Domestic Commitment, Total Canadian Commitment, Total U.K. Commitment and Total PR Commitment, such that the Total Commitment in effect
immediately before a Reallocation shall be equal to the Total Commitment immediately after, and after giving effect to, such Reallocation. 

(iii) No Reallocation shall increase (A) the Total Canadian Commitment in excess of $150,000,000, (B) the Total U.K.
Commitment in excess of $150,000,000 or (C) the Total PR Commitment in excess of $15,000,000. 
 (iv) No Reallocation
shall result in (A) any Domestic Bank having a positive Canadian Commitment, U.K. Commitment or PR Commitment if such Domestic Bank, or its affiliate, did not have such positive Canadian Commitment, U.K. Commitment or PR Commitment on the
Closing Date or acquire such Commitment by assignment after the Closing Date, or (B) any U.K. Bank having a positive Canadian Commitment or PR Commitment if such U.K. Bank, or its affiliate, did not have such positive Canadian Commitment or PR
Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (C) any Canadian Bank having a positive U.K. Commitment or PR Commitment if such Canadian Bank, or its affiliate, did not have such positive U.K.
Commitment or PR Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date, or (D) any PR Bank having a positive U.K. Commitment or Canadian Commitment if such PR Bank, or its affiliate, did not have such
positive U.K. Commitment or Canadian Commitment on the Closing Date or acquire such Commitment by assignment after the Closing Date. 

  
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 (v) Subject to §2.4(b)(iv), each Reallocation shall be made
pro rata among the Banks whose Commitments are being reallocated from one type of Commitment to another, but shall not cause the Commitments of any other Banks to change (but will result in a change in Commitment Percentages). 

(vi) Subject to §6.16, in no event shall (A) the Total Domestic Commitment be reduced to an amount less than
the sum of (1) the Outstanding Amount of all Domestic Loans, plus (2) the Outstanding Amount of L/C Obligations; (B) the Total Canadian Commitment be reduced to an amount less than the sum of (1) the
Outstanding Amount of Canadian Loans denominated in Dollars, plus (2) the Outstanding Amount of Canadian Loans denominated in Canadian Dollars, plus (3) the Outstanding Amount of Bankers’ Acceptances; (C) the Total
U.K. Commitment be reduced to an amount less than the sum of (1) the Outstanding Amount of all U.K. Loans denominated in Dollars, plus (2) the Outstanding Amount of all U.K. Loans denominated in Sterling, plus
(3) the Outstanding Amount of all U.K. Loans denominated in Euros; or (D) the Total PR Commitment be reduced to an amount less than the Outstanding Amount of all PR Loans. 

(c) The Administrative Agent shall (i) notify each of the Banks promptly after receiving any notice of a Reallocation
delivered by the Borrowers pursuant to this §2.4 and (ii) promptly upon the effectiveness of any such Reallocation, distribute to each Bank an updated Schedule 1 hereto, reflecting the changes in the respective Commitments of
the Banks, and the Borrowers hereby authorize such amendment to Schedule 1. 
 §2.5. The Notes and Loan
Accounts. 
 (a) The Domestic Loans (other than the Domestic Swing Line Loans) may be evidenced by separate
promissory notes of Ryder in substantially the form of Exhibit A-1 hereto (each, a “Domestic Note”), dated as of the Closing Date and completed with appropriate insertions. Upon the
request of any Domestic Bank to Ryder made through the Administrative Agent, Ryder shall execute and deliver to such Bank (through the Administrative Agent) a Domestic Note, which shall evidence such Bank’s Domestic Loans (other than Domestic
Swing Line Loans) to Ryder in addition to such accounts or records referred to in §2.5(f). One such Domestic Note shall be payable to each Domestic Bank requesting such a Note in an amount equal to its Domestic Commitment (plus,
if such Bank has a Canadian Commitment, a U.K. Commitment and/or a PR Commitment, the amount of such other Commitment(s)), and shall represent the obligation of Ryder to pay such Domestic Bank such principal amount or, if less, the outstanding
principal amount of all Domestic Loans (other than Domestic Swing Line Loans) made by such Domestic Bank, plus interest accrued thereon, as set forth herein. 

(b) The Canadian Loans (other than the Canadian Swing Line Loans) may be evidenced by separate promissory notes of the Canadian
Borrowers in substantially the form of Exhibit A-2 hereto (each, a “Canadian Note”), dated as of the Closing Date and completed with appropriate insertions. Upon the request of any
Canadian Bank to the Canadian Borrowers made through the Canadian Agent, the Canadian Borrowers shall execute and deliver to such Bank (through the Canadian Agent) a Canadian Note, which shall evidence such Bank’s Canadian Loans (other than
Canadian Swing Line Loans) to the Canadian Borrowers in addition to such accounts or records referred to in §2.5(f). One such Canadian Note shall be payable to each Canadian Bank requesting such Note in an amount equal to its Canadian
Commitment, and shall represent the joint and several obligation of the Canadian Borrowers to pay such Canadian Bank such principal amount or, if less, the outstanding principal amount of all Canadian Loans (other than Canadian Swing Line Loans)
made by such Canadian Bank, plus interest accrued thereon, as set forth herein. 

  
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 (c) The U.K. Loans (other than the U.K. Swing Line Loans) may be evidenced
by separate promissory notes of the U.K. Borrowers in substantially the form of Exhibit A-3 hereto (each, a “U.K. Note”), dated as of the Closing Date and completed with appropriate
insertions. Upon the request of any U.K. Bank to the U.K. Borrowers made through the U.K. Agent, the U.K. Borrowers shall execute and deliver to such Bank (through the U.K. Agent) a U.K. Note, which shall evidence such Bank’s U.K. Loans (other
than U.K. Swing Line Loans) to the U.K. Borrowers in addition to such accounts or records referred to in §2.5(f). One such U.K. Note shall be payable to each U.K. Bank requesting such a Note in an amount equal to its U.K. Commitment, and
shall represent the joint and several obligation of the U.K. Borrowers to pay such U.K. Bank such principal amount or, if less, the outstanding principal amount of all U.K. Loans (other than U.K. Swing Line Loans) made by such U.K. Bank, plus
interest accrued thereon, as set forth herein. 
 (d) The PR Loans may be evidenced by separate promissory notes of Ryder PR
in substantially the form of Exhibit A-4 hereto (each, a “PR Note”), dated as of the Closing Date and completed with appropriate insertions. Upon the request of any PR Bank to Ryder PR
made through the Administrative Agent, Ryder PR shall execute and deliver to such Bank (through the Administrative Agent) a PR Note, which shall evidence such Bank’s PR Loans to Ryder PR in addition to such accounts or records referred to in
§2.5(f). One such PR Note shall be payable to each PR Bank requesting such a Note in an amount equal to its PR Commitment, and shall represent the obligation of Ryder PR to pay such PR Bank such principal amount or, if less, the
outstanding principal amount of all PR Loans made by such PR Bank, plus interest accrued thereon, as set forth herein. 
 (e)
Each Borrower irrevocably authorizes each Bank to make, or cause to be made, in connection with a Drawdown Date of any Loan and at the time of receipt of any payment of principal on any Note, an appropriate notation on such Bank’s records or on
the schedule attached to such Bank’s Note, or a continuation of such schedule attached thereto, reflecting the making of such Loan or the receipt of such payment (as the case may be). Each Bank may, prior to any transfer of any Note, endorse on
the reverse side thereof the outstanding principal amount of the Loans evidenced thereby. The Outstanding Amount of the Loans set forth on such Bank’s records shall be prima facie evidence of the principal amount thereof owing and
unpaid to such Bank, but the failure to record, or any error in so recording, any such amount shall not limit or otherwise affect the obligations of each applicable Borrowers hereunder or under such Notes to make payments of principal of or interest
on any such Notes when due. 
 (f) The Loans, L/C Credit Extensions and Bankers’ Acceptances made, issued, accepted
and/or purchased, as applicable, by each Bank shall be evidenced by one or more accounts or records maintained by such Bank and by the applicable Agent in the ordinary course of business. The accounts or records maintained by the applicable Agent
and each Bank shall be conclusive absent manifest error of the amount of the credit extensions made by the Banks to the Borrowers and the interest and payments thereon. Any failure to so record or any error in doing so shall not, however, limit or
otherwise affect the obligation of the Borrowers hereunder to pay any amount owing with respect to the Obligations. In the event of any conflict between the accounts and records maintained by any Bank and the accounts and records of the applicable
Agent in respect of such matters, the accounts and records of the applicable Agent shall control in the absence of manifest error. 

  
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 §2.6. Interest on Loans. Except as provided in
§6.11: 
 (a) Each Domestic Loan (other than the Domestic Swing Line Loans) shall bear interest on the
outstanding principal amount thereof at the rate per annum equal to (i) the Domestic Base Rate plus the Applicable Margin on all Base Rate Loans or (ii) the Domestic LIBOR Rate plus the Applicable Margin on all LIBOR Rate
Loans. The Domestic Swing Line Loans shall bear interest at the rate per annum equal to the Domestic Base Rate plus the Applicable Margin on all Swing Line Loans. 

(b) Each Canadian Loan (other than the Canadian Swing Line Loans) shall bear interest on the outstanding principal amount
thereof at the rate per annum equal to (i) the Canadian Prime Rate plus the Applicable Margin on all Base Rate Loans denominated in Canadian Dollars, (ii) the Canadian Base Rate plus the Applicable Margin on all Base Rate
Loans denominated in U.S. Dollars, or (iii) the Canadian LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans. Each Canadian Swing Line Loan (A) denominated in Canadian Dollars shall bear interest at the rate per annum
equal to the Canadian Prime Rate plus the Applicable Margin on all Swing Line Loans and (B) denominated in U.S. Dollars shall bear interest at the rate per annum equal to the Canadian Base Rate plus the Applicable Margin on all
Swing Line Loans. Notwithstanding anything to the contrary contained herein, no requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate Loan. 

(c) Each U.K. Loan (other than the U.K. Swing Line Loans) shall bear interest on the outstanding principal amount thereof at
the rate per annum equal to (i) the U.K. Dollar Base Rate plus the Applicable Margin on all Base Rate Loans denominated in Dollars, (ii) the Sterling LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans denominated
in Sterling, (iii) the U.K. Dollar LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans denominated in Dollars or (iv) the EURIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans denominated in Euro. Each
U.K. Swing Line Loan (A) denominated in Sterling shall bear interest at the rate per annum equal to the Lloyds-U.K. Sterling Reference Rate plus the Applicable Margin on all Swing Line Loans,
(B) denominated in U.S. Dollars shall bear interest at the rate per annum equal to the U.K. Dollar Base Rate plus the Applicable Margin on all Swing Line Loans and (C) denominated in Euros shall bear interest at the rate per annum
equal to the Lloyds-U.K. Euro Reference Rate plus the Applicable Margin on all Swing Line Loans. In the case of any Bank advancing a U.K. Base Rate Loan (other than the U.K. Swing Line Loans)
denominated in Sterling or Euro, such U.K. Base Rate Loans shall bear interest on the outstanding principal amount thereof at the rate per annum equal to (1) with respect to U.K. Base Rate Loans denominated in Sterling, the Sterling Reference
Rate plus the Applicable Margin on all Base Rate Loans denominated in Sterling and (2) with respect to U.K. Base Rate Loans denominated in Euros, the Euro Reference Rate plus the Applicable Margin on all Base Rate Loans
denominated in Euro. Notwithstanding anything to the contrary contained herein, any requested U.K. Loans denominated in Sterling or Euro (other than the U.K. Swing Line Loans) shall be LIBOR Rate Loans. 

(d) Each PR Loan shall bear interest on the outstanding principal amount thereof at the rate per annum equal to (i) the
Domestic Base Rate plus the Applicable Margin on all Base Rate Loans bearing interest calculated by reference to the Domestic Base Rate or (ii) the Domestic LIBOR Rate plus the Applicable Margin on all LIBOR Rate Loans bearing
interest calculated by reference to the Domestic LIBOR Rate. 
 (e) Each Borrower promises to pay interest on the Loans made
to such Borrower in arrears on each Interest Payment Date with respect thereto and on the Maturity Date (or, if earlier, on the date of the termination in full of the Total Domestic Commitment, Total Canadian Commitment, Total U.K. Commitment, or
Total PR Commitment, as applicable). Interest hereunder shall be due and payable in accordance with the terms hereof before and after judgment, and before and after the commencement of any proceeding under any Debtor Relief Laws. 

  
 41 

 (f) No U.K. Reference Bank is under any obligation to provide a quotation
for a Reference Rate. In the event that a U.K. Reference Bank does not provide such a Reference Rate, the U.K. Agent shall enter into negotiations (acting in good faith) with Ryder with a view to agreeing a substitute basis for determining the rate
of interest. 
 (g) To the extent that any calculation of interest or any fee required to be paid under this Agreement shall
be based on (or result in) a calculation that is less than zero, such calculation shall be deemed zero for purposes of this Agreement. 

§2.7. Requests for Loans. 

(a) Ryder shall give to the Administrative Agent written notice appropriately completed and signed by a Responsible Officer of
Ryder in the form of Exhibit B-1 hereto (or telephonic notice confirmed in writing or a facsimile in the form of Exhibit B-1 hereto, or as provided in
§2.12(c) with respect to actual or deemed requests for Domestic Base Rate Loans) or such other form as may be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall
be approved by the Administrative Agent) of each Domestic Loan requested hereunder (a “Domestic Loan Request”) not later than (i) 11:00 a.m. on the proposed Drawdown Date of any Domestic Loan that is a Base Rate Loan, or (ii) 11:00
am three (3) Eurodollar Business Days prior to the proposed Drawdown Date of any Domestic Loan that is a LIBOR Rate Loan. Each such Domestic Loan Request shall specify (A) the principal amount of the Domestic Loan requested, (B) the
proposed Drawdown Date of such Domestic Loan, (C) whether such Domestic Loan requested is to be a Base Rate Loan or a LIBOR Rate Loan, and (D) the Interest Period for such Domestic Loan, if a LIBOR Rate Loan. Each Domestic Loan requested
shall be in a minimum amount of $10,000,000. Domestic Loan Requests made hereunder shall be irrevocable and binding on Ryder and shall obligate Ryder to accept the Domestic Loan requested from the Domestic Banks on the proposed Drawdown Date. 

(b) The Canadian Borrowers shall give to the Canadian Agent written notice appropriately completed and signed by a Responsible
Officer of the Canadian Borrowers in the form of Exhibit B-2 hereto (or telephone notice confirmed in writing or a facsimile in the form of Exhibit B-2
hereto or as provided in §2.14(c) with respect to actual or deemed requests for Canadian Base Rate Loans) or such other form as may be approved by the Canadian Agent (including any form on an electronic platform or electronic
transmission system as shall be approved by the Canadian Agent) of each Canadian Loan requested hereunder (a “Canadian Loan Request”) not later than (i) 12:00 noon (Toronto time) one (1) Business Day prior to the proposed
Drawdown Date of any Canadian Loan that is a Base Rate Loan, or (ii) 12:00 noon (Toronto time) three (3) Canadian Business Days prior to the proposed Drawdown Date of any Canadian Loan that is a LIBOR Rate Loan. Each such Canadian Loan Request
shall specify (A) the principal amount of the Canadian Loan requested, (B) the proposed Drawdown Date of such Canadian Loan, (C) whether such Canadian Loan is to be a Base Rate Loan or a LIBOR Rate Loan, (D) the Interest Period
of such Canadian Loan, if a LIBOR Rate Loan, and (E) whether such Canadian Loan is to be denominated in Canadian Dollars or U.S. Dollars. Each Canadian Loan Request shall be in a minimum amount of C$3,000,000 or an integral multiple of
C$100,000 above such amount (or, in any case, the Dollar Equivalent thereof). Canadian Loan Requests made hereunder shall be irrevocable and binding on the Canadian Borrowers, and shall obligate the Canadian Borrowers to accept the Canadian Loan
requested from the Canadian Banks on the proposed Drawdown Date. Notwithstanding anything to the contrary contained herein, no requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate Loan. 

  
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 (c) The U.K. Borrowers shall give to the U.K. Agent written notice
appropriately completed and signed by a Responsible Officer of the U.K. Borrowers in the form of Exhibit B-3 hereto (or telephone notice confirmed in writing or a facsimile in the form of Exhibit B-3 hereto or as provided in §2.13(c) with respect to actual or deemed requests for U.K. Base Rate Loans) or such other form as may be approved by the U.K. Agent (including any form on an electronic
platform or electronic transmission system as shall be approved by the U.K. Agent) of each U.K. Loan requested hereunder (a “U.K. Loan Request”) not later than (i) 12:00 noon (London time) one (1) Business Day prior to the
proposed Drawdown Date of any U.K. Loan that is a Base Rate Loan or any U.K. LIBOR Rate Loan denominated in Sterling or (ii) 12:00 noon (London time) three (3) Eurodollar Business Days prior to the proposed Drawdown Date of any U.K. Loan that
is a LIBOR Rate Loan denominated in U.S. Dollars or Euros or any EURIBOR Rate Loan. Each such U.K. Loan Request shall specify (A) the principal amount of the U.K. Loan requested, (B) the proposed Drawdown Date of such U.K. Loan,
(C) whether such U.K. Loan is to be a Base Rate Loan (which may only be requested in the event that a LIBOR Rate Loan is not available) or a LIBOR Rate Loan, (D) the Interest Period of such U.K. Loan, if a LIBOR Rate Loan, and
(E) whether such U.K. Loan is to be denominated in Sterling, U.S. Dollars or Euros. Each U.K. Loan Request shall be in a minimum amount of $1,000,000, £500,000 if denominated in Sterling or EU1,000,000 if denominated in Euros. U.K. Loan
Requests made hereunder shall be irrevocable and binding on the U.K. Borrowers, and shall obligate the U.K. Borrowers to accept the U.K. Loan requested from the U.K. Banks on the proposed Drawdown Date. Notwithstanding anything to the contrary
contained herein, the requested U.K. Loans denominated in Sterling or Euro (other than the U.K. Swing Line Loans) shall be LIBOR Rate Loans. 

(d) Ryder PR shall give the Administrative Agent written notice appropriately completed and signed by a Responsible Officer of
Ryder PR in the form of Exhibit B-4 hereto (or telephone notice confirmed in writing or a facsimile in the form of Exhibit B-4) or such other form as may
be approved by the Administrative Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) of each PR Loan requested hereunder (a “PR Loan Request”) not
later than (i) 11:00 a.m. on the proposed Drawdown Date of any PR Loan that is to bear interest calculated by reference to the Domestic Base Rate, or (ii) 11:00 a.m. three (3) Eurodollar Business Days prior to the proposed Drawdown Date of any
PR Loan that is to bear interest calculated by reference to the Domestic LIBOR Rate. Each such PR Loan Request shall specify (A) the principal amount of each PR Loan requested, (B) the proposed Drawdown Date of such PR Loan,
(C) whether such PR Loan requested is to bear interest calculated by reference to the Domestic Base Rate or the Domestic LIBOR Rate. PR Loan Requests made hereunder shall be irrevocable and binding on Ryder PR, and shall obligate Ryder PR to
accept the PR Loan requested from the PR Banks on the proposed Drawdown Date. 
 (e) The Administrative Agent shall promptly
notify each Domestic Bank of each Domestic Loan Request received by the Administrative Agent. The Canadian Agent shall promptly notify each Canadian Bank of each Canadian Loan Request received by the Canadian Agent. The U.K. Agent shall promptly
notify each U.K. Bank of each U.K. Loan Request received by the U.K. Agent. The Administrative Agent shall promptly notify each PR Bank of each PR Loan Request received by the Administrative Agent. 

  
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 §2.8. Election of LIBOR Rate; Notice of Election; Interest Periods;
Minimum Amounts. 
 (a) At the Borrowers’ option, so long as no Event of Default has occurred and is then
continuing, each Borrower may (i) elect to convert any Base Rate Loan or a portion thereof to a LIBOR Rate Loan, (ii) at the time of any Domestic Loan Request, Canadian Loan Request, U.K. Loan Request or PR Loan Request specify that such
requested Loan shall be a LIBOR Rate Loan, or (iii) upon expiration of the applicable Interest Period, elect to maintain an existing LIBOR Rate Loan as such; provided that the applicable Borrower shall give notice to the Administrative
Agent, in the case of Domestic Loans and PR Loans, the Canadian Agent, in the case of Canadian Loans, or the U.K. Agent, in the case of U.K. Loans, pursuant to §2.8(b) hereof. Upon determining the applicable rate for any such LIBOR Rate
Loan, the Administrative Agent, in the case of Domestic Loans and PR Loans, the Canadian Agent, in the case of Canadian Loans, and the U.K. Agent, in the case of U.K. Loans, shall forthwith provide notice thereof to the applicable Borrower(s) and
the applicable Banks, and each such notice to such Borrower(s) shall be considered prima facie correct and binding, absent manifest error. No Loan may be converted into or continued as a Loan denominated in a different currency, but
instead must be prepaid in the original currency of such Loan and reborrowed in the other currency. 
 (b) Three
(3) Eurodollar Business Days (or, in the case of (i) a Canadian LIBOR Rate Loan, three (3) Canadian Business Days and (ii) a U.K. LIBOR Rate Loan denominated in Sterling or Euros, one (1) Eurodollar Business Day) prior to
the making of any LIBOR Rate Loan or the conversion of any Base Rate Loan to a LIBOR Rate Loan, or, in the case of an outstanding LIBOR Rate Loan, the expiration date of the applicable Interest Period, the applicable Borrower shall give written
notice to the Administrative Agent, in the case of Domestic Loans and PR Loans, the Canadian Agent, in the case of Canadian Loans, or the U.K. Agent, in the case of U.K. Loans, not later than 12:00 noon (local time for such Agent) of its election
pursuant to §2.8(a). Each such notice delivered to the Administrative Agent, the Canadian Agent or the U.K. Agent, shall specify the aggregate principal amount of applicable Loans to be borrowed or maintained as or converted to
LIBOR Rate Loans and the requested duration of the Interest Period that will be applicable to such LIBOR Rate Loan, and shall be irrevocable and binding upon such Borrower. If Ryder shall fail to give the Administrative Agent, or if the Canadian
Borrowers shall fail to give the Canadian Agent, or if the U.K. Borrowers shall fail to give the U.K. Agent, or if Ryder PR shall fail to give the Administrative Agent, notice of its or their election hereunder, together with all of the other
information required by this §2.8(b), with respect to any Loan (other than a U.K. Loan denominated in Sterling or Euros), whether at the end of an Interest Period or otherwise, such Loan shall be deemed a Base Rate Loan. If the U.K.
Borrowers shall fail to give to the U.K. Agent notice of their election hereunder, together with all of the other information required by this §2.8(b), with respect to a U.K. Loan denominated in Sterling or Euros, whether at the end of
an Interest Period or otherwise, such Loan shall bear interest at the end of such Interest Period for an Interest Period of seven (7) days at a rate equal to the sum of (A) the rate determined by the U.K. Agent at which Sterling (or Euros,
as the case may be) deposits are offered to it for a period of seven (7) days at approximately 11:00 a.m. (London time) on such day for an amount equal to the principal amount of such Loan plus (B) the Applicable Margin on all LIBOR
Rate Loans. The Administrative Agent, the Canadian Agent, or the U.K. Agent, as the case may be, shall promptly notify the applicable Banks in writing (or by telephone confirmed in writing or by facsimile) of such election. 

(c) Notwithstanding anything herein to the contrary, no Borrower may specify an Interest Period with respect to the Domestic
Loans, Canadian Loans, U.K. Loans or PR Loans that would extend beyond the Maturity Date. 

  
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 (d) No conversion of Loans pursuant to this §2.8 may result in
(i) a LIBOR Rate Loan denominated in Dollars or Euros with a principal amount less than $1,000,000 (or the Euro Equivalent thereof), (ii) a LIBOR Rate Loan denominated in Sterling with a principal amount less than £500,000 or (iii) a
Canadian LIBOR Rate Loan with a principal amount less than the Dollar Equivalent of C$3,000,000. In no event shall a Borrower have more than twenty (20) different Interest Periods for borrowings of LIBOR Rate Loans outstanding at any time. 

(e) Subject to the terms and conditions of §6.10 hereof, if any Bank demands compensation under §6.7(c)
or (d) with respect to any LIBOR Rate Loan, the applicable Borrower may at any time, upon at least three (3) Business Days’ prior written notice to the applicable Agent, elect to convert such LIBOR Rate Loan into a Base Rate
Loan denominated in Dollars bearing interest calculated by reference to the Domestic Base Rate, the Canadian Base Rate or the U.K. Dollar Base Rate, as applicable (on which interest and principal shall be payable contemporaneously with the related
LIBOR Rate Loans of the other Banks). Thereafter, and until such time as such Bank notifies the applicable Agent that the circumstances giving rise to the demand for compensation under §6.7(c) or (d) no longer exist, all
requests for LIBOR Rate Loans from such Bank shall be deemed to be requests for Base Rate Loans denominated in Dollars. Once such Bank notifies the applicable Agent that such circumstances no longer exist, the Borrower(s) may elect that the
principal amount of each such Loan converted hereunder shall again bear interest as a LIBOR Rate Loan beginning on the first day of the next succeeding Interest Period applicable to the related LIBOR Rate Loans of the other Banks. 

§2.9. Funds for Loans. Not later than 1:00 p.m. (local time for each applicable Agent) on the proposed
Drawdown Date (a) in the case of Domestic Loans, each of the Domestic Banks will make available to the Administrative Agent, (b) in the case of Canadian Loans, each of the Canadian Banks will make available to the Canadian Agent,
(c) in the case of the U.K. Loans, each of the U.K. Banks will make available to the U.K. Agent, or (d) in the case of PR Loans, each of the PR Banks will make available to the Administrative Agent, in each case at such Agent’s
respective Head Office, in immediately available funds, the amount of its Domestic Commitment Percentage, Canadian Commitment Percentage, U.K. Commitment Percentage or PR Commitment Percentage, as the case may be, of the amount of the requested
Loan. Upon receipt from each Bank of such amount, and upon receipt of the documents required by §11 and the borrowing certificate required under §12 and the satisfaction of the other conditions set forth
therein, to the extent applicable, the Administrative Agent will make available to Ryder the aggregate amount of such Domestic Loans made available by the Domestic Banks (and the funds otherwise available under §2.12(c), if any),
the Canadian Agent will make available to the Canadian Borrowers the aggregate amount of such Canadian Loans made available by the Canadian Banks (and the funds otherwise available under §2.14(c), if any), the U.K. Agent will make
available to the U.K. Borrowers the amount of such U.K. Loans made available by the U.K. Banks (and the funds otherwise available under §2.13(c), if any) and the Administrative Agent will make available to Ryder PR the amount of
such PR Loans made available by the PR Banks in each case, not later than 3:00 p.m. (local time for such Agent). The failure or refusal of any Bank to make available to the applicable Agent at the aforesaid time and place on any Drawdown Date the
amount of its Domestic Commitment Percentage of the requested Domestic Loan, or its Canadian Commitment Percentage of the requested Canadian Loan, or its U.K. Commitment Percentage of the requested U.K. Loan, or its PR Commitment Percentage of the
requested PR Loan, as the case may be, shall not relieve any other Bank from its several obligations hereunder to make available to the applicable Agent the amount of such Bank’s Domestic Commitment Percentage, or Canadian Commitment
Percentage, or U.K. Commitment Percentage, or PR Commitment Percentage, as the case may be, of any requested Loan. 
 §2.10.
Maturity of the Loans. 
 The Domestic Loans, Canadian Loans, U.K. Loans and PR Loans shall be due and payable on the
Maturity Date (or, if earlier, on the date of the termination in full of the Total Domestic Commitment, the Total Canadian Commitment, the Total U.K. Commitment or the Total PR Commitment, as applicable). Ryder promises to pay to the Administrative
Agent, for the pro rata accounts of the Domestic Banks, the 

  
 45 

 
Outstanding Amount of all Domestic Loans outstanding on the Maturity Date (or, if earlier, on the date of the termination in full of the Total Domestic Commitment). The Canadian Borrowers jointly
and severally promise to pay to the Canadian Agent, for the pro rata accounts of the Canadian Banks, the Outstanding Amount of all Canadian Loans outstanding on the Maturity Date (or, if earlier, on the date of the termination in full
of the Total Canadian Commitment). The U.K. Borrowers jointly and severally promise to pay to the U.K. Agent, for the pro rata accounts of the U.K. Banks, the Outstanding Amount of all U.K. Loans outstanding on the Maturity Date (or,
if earlier, on the date of the termination in full of the Total U.K. Commitment). Ryder PR promises to pay the Administrative Agent, for the pro rata accounts of the PR Banks, the Outstanding Amount of all PR Loans outstanding on the
Maturity Date (or, if earlier, on the date of the termination in full of the Total PR Commitment). All such payments shall be made together with any and all accrued and unpaid interest thereon, the accrued and unpaid Domestic Facility Fee, Canadian
Facility Fee, U.K. Facility Fee and the PR Facility Fee with respect thereto, and any other fees and other amounts owing hereunder. 

§2.11. Optional Prepayments or Repayments of Loans. 

(a) Subject to the terms and conditions of §6.10, each Borrower shall have the right, at its election, to repay or
prepay the Outstanding Amount of the Loans, as a whole or in part, at any time without penalty or premium. Each Borrower shall give the Administrative Agent, the Canadian Agent or the U.K. Agent, as the case may be, no later than 11:00 a.m. (local
time for such Agent) one (1) Business Day prior to the proposed date of prepayment or repayment, written notice (or telephonic notice confirmed in writing) of any proposed prepayment or repayment pursuant to this §2.11, specifying
the proposed date of prepayment or repayment of the Loans and the principal amount to be paid and, if LIBOR Rate Loans are to be prepaid, the Interest Period(s) of such Loans. The Administrative Agent shall promptly notify each Domestic Bank, the
Canadian Agent shall promptly notify each Canadian Bank, the U.K. Agent shall promptly notify each U.K. Bank and the Administrative Agent shall promptly notify each PR Bank, by written notice (or telephonic notice confirmed in writing) of such
notice of payment and of the amount of such Bank’s pro rata share of such prepayment. If such notice is given by any Borrower(s), such Borrower(s) shall make such prepayment and the payment amount specified in such notice shall be
due and payable on the date specified therein. Any prepayment of a LIBOR Rate Loan shall be accompanied by all accrued interest on the amount prepaid, together with any additional amounts required pursuant to §6.10. Each such prepayment
shall be applied to the Loans of the applicable Banks in accordance with their respective pro rata share. 

(b) The applicable Borrower(s) may, upon notice to the applicable Agent (with a copy to the Administrative Agent), at any time
or from time to time, repay or prepay Swing Line Loans in whole or in part without premium or penalty; provided that (i) such notice must be received by the applicable Swing Line Lender and, if different, the applicable Agent not later
than 11:00 a.m. (local time for such Swing Line Lender) on the date of the prepayment. Each such notice shall specify the date and amount of such prepayment. If such notice is given by a Borrower(s), such Borrower(s) shall make such prepayment and
the payment amount specified in such notice shall be due and payable on the date specified therein. 
 (c) If for any reason
the Total Outstandings at any time exceeds the Total Commitment then in effect, the applicable Borrowers shall immediately prepay Loans and/or Cash Collateralize the L/C Obligations in an aggregate amount equal to such excess; provided,
however, that the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this §2.11(c) unless after the prepayment in full of the Loans the Total Outstandings exceeds the Total Commitment then in
effect. 

  
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 §2.12. The Domestic Swing Line. 

(a) The Domestic Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by
Ryder to the Domestic Swing Line Lenders in accordance with this §2.12, each of the Domestic Swing Line Lenders severally (and not jointly) agrees to make loans directly to Ryder (the “Domestic Swing Line Loans”) in
Dollars in an amount equal to its Domestic Swing Line Commitment Percentage of such Domestic Swing Line Loans on any Business Day during the Availability Period; provided that (i) the aggregate Outstanding Amount of Domestic Swing Line
Loans shall not, at any time and after giving effect to all amounts requested, exceed the Total Domestic Swing Line Commitment, and (ii) the Outstanding Amount of the Domestic Swing Line Loans owed to a Domestic Swing Line Lender shall not, at
any time and after giving effect to all amounts requested, exceed such Domestic Swing Line Lender’s Domestic Swing Line Commitment. Each Domestic Swing Line Loan shall be in a minimum amount equal to $1,000,000 or an integral multiple thereof.
Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of all Domestic Swing Line Loans exceed the remainder of (A) the Total Domestic Commitment
then in effect minus (B) the sum of (1) the Outstanding Amount of all Domestic Loans at such time, plus (2) the Outstanding Amount of L/C Obligations at such time; provided, that Ryder shall not use the proceeds
of any Domestic Swing Line Loan to refinance any outstanding Domestic Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, Ryder may borrow under this §2.12, prepay or repay under
§2.11, and reborrow under this §2.12. Each Domestic Swing Line Loan shall be a Base Rate Loan. Immediately upon the making of a Domestic Swing Line Loan, each Domestic Bank shall be deemed to, and hereby irrevocably and
unconditionally agrees to, purchase from each Domestic Swing Line Lender a risk participation in such Domestic Swing Line Loan made by such Domestic Swing Line Lender in an amount equal to the product of such Domestic Bank’s Domestic Commitment
Percentage times the amount of such Domestic Swing Line Loan made by such Domestic Swing Line Lender. Notwithstanding the foregoing, neither of the Domestic Swing Line Lenders shall be under any obligation to advance any Domestic Swing Line
Loan if any Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the Domestic Swing Line Lenders as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and released pursuant to the
terms and provisions of such §2.15. 
 (b) Notice of Borrowing. When Ryder desires the Domestic
Swing Line Lenders to make a Domestic Swing Line Loan, it shall send to the Domestic Swing Line Lenders and the Administrative Agent written notice appropriately completed and signed by a Responsible Officer of Ryder in the form of Exhibit G-1 hereto (or telephonic notice confirmed in a writing in the form of Exhibit G-1 hereto) or such other form as may be approved by the Administrative Agent
(including any form on an electronic platform or electronic transmission system as shall be approved by the Administrative Agent) of each Domestic Swing Line Loan requested hereunder (a “Domestic Swing Line Loan Request”) not later
than 2:00 p.m. on the proposed Drawdown Date of any Domestic Swing Line Loan. Each such Domestic Swing Line Loan Request shall set forth the principal amount of the proposed Domestic Swing Line Loan and the Swing Line Loan Maturity Date relating to
such Domestic Swing Line Loan, which shall in no event be later than the Maturity Date. Each Domestic Swing Line Loan Request shall be irrevocable and binding on Ryder and shall obligate Ryder to borrow the Domestic Swing Line Loan from the Domestic
Swing Line Lenders on the proposed Drawdown Date thereof. Upon satisfaction of the applicable conditions set forth in this Agreement, on the proposed Drawdown Date each of the Domestic Swing Line Lenders shall make its Domestic Swing Line Commitment
Percentage of the requested Domestic Swing Line Loan available to Ryder no later than 3:00 p.m. on the proposed Drawdown Date by crediting the amount of the Domestic Swing Line Loan to the account specified by Ryder; provided

  
 47 

 
that neither Domestic Swing Line Lender shall advance any Domestic Swing Line Loans after it has received notice from any Bank that a Default or Event of Default has occurred and stating that no
new Domestic Swing Line Loans are to be made until such Default or Event of Default has been cured or waived in accordance with the provisions of this Agreement. 

(c) Automatic Domestic Base Rate Loan Request. In the event that any Domestic Swing Line Loan Request for a
Domestic Swing Line Loan causes the aggregate Outstanding Amount of Domestic Swing Line Loans to exceed $25,000,000 at any time, concurrently with such Domestic Swing Line Loan Request, Ryder shall also submit to the Administrative Agent a Domestic
Loan Request for a Domestic Base Rate Loan to be made on the next Business Day in a principal amount equal to the aggregate Outstanding Amount of Domestic Swing Line Loans (provided that if Ryder shall fail to submit such Domestic Loan
Request, the parties agree that Ryder shall be deemed to make, and Ryder hereby authorizes the Administrative Agent to distribute to the Banks, a concurrent request for a Domestic Base Rate Loan to be made on the next Business Day in a principal
amount equal to the aggregate Outstanding Amount of Domestic Swing Line Loans), and the proceeds of such Domestic Base Rate Loan shall be applied as set forth in §2.12(e); provided that (i) the sum of (A) the Outstanding
Amount of the Domestic Loans, plus (B) the Outstanding Amount of L/C Obligations, shall not, at any time and after giving effect to all amounts requested, exceed the Total Domestic Commitment, (ii) the sum of (A) the
Outstanding Amount of the Domestic Loans owed to a Domestic Bank, plus (B) the aggregate amount of such Domestic Bank’s participation in L/C Obligations, plus (C) the aggregate amount of such Domestic Bank’s
participation in Domestic Swing Line Loans, shall not, at any time and after giving effect to all amounts requested, exceed such Domestic Bank’s Domestic Commitment, and (iii) the Total Outstandings shall not, at any time and after giving
effect to all amounts requested, exceed the Total Commitment. 
 (d) Interest on Domestic Swing Line Loans.
Each Domestic Swing Line Loan shall be a Domestic Base Rate Loan and, except as otherwise provided in §6.11 hereof, shall bear interest from the Drawdown Date thereof until repaid in full at the rate per annum equal to the Domestic Base
Rate plus the Applicable Margin on all Swing Line Loans, which shall be paid on each Interest Payment Date for Domestic Base Rate Loans and on the applicable Swing Line Loan Maturity Date (or, if earlier, on the date of the termination in
full of the Total Domestic Commitment). 
 (e) Repayment of Domestic Swing Line Loans. Ryder shall repay each
outstanding Domestic Swing Line Loan directly to each Domestic Swing Line Lender on or prior to the Swing Line Loan Maturity Date relating thereto (or, if earlier, on the date of the termination in full of the Total Domestic Commitment);
provided that Ryder shall repay the aggregate Outstanding Amount of all Domestic Swing Line Loans at any time such Outstanding Amount is in excess of $25,000,000 with the proceeds of the Domestic Base Rate Loan requested under
§2.12(c), and Ryder agrees to apply, and Ryder hereby authorizes the Domestic Swing Line Lenders to apply, such proceeds to the outstanding Domestic Swing Line Loans. Upon notice by any Domestic Swing Line Lenders to the Administrative
Agent on any Business Day (i) following the Swing Line Loan Maturity Date relating to each Domestic Swing Line Loan, or (ii) at the option of such Domestic Swing Line Lenders, after the occurrence of an Event of Default, each of the
Domestic Banks hereby agrees to make Domestic Loans to Ryder constituting Domestic Base Rate Loans, on the next succeeding Business Day following such notice, in an amount equal to such Bank’s Domestic Commitment Percentage of the aggregate
Outstanding Amount of all Domestic Swing Line Loans made by such Domestic Swing Line Lender (and the Domestic Swing Line Lenders may apply Cash Collateral available for such purpose with respect to the applicable Swing Line Loan). The proceeds
thereof shall be applied directly by the Domestic Swing Line Lenders to repay the Domestic Swing Line Loans made by such Domestic Swing Line Lenders, and Ryder hereby 

  
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authorizes such application. Each Domestic Bank hereby absolutely, unconditionally and irrevocably agrees to make such Domestic Loans upon one Business Days’ notice as set forth above,
notwithstanding (A) that the amount of such Domestic Loan may not comply with the applicable minimums set forth herein, (B) the failure of Ryder to meet the applicable conditions set forth in §11 or §12 hereof,
(C) the occurrence or continuance of a Default or an Event of Default hereunder, (D) the Total Domestic Commitment in effect at such time, (E) any setoff, counterclaim, recoupment, defense or other right which such Domestic Bank may
have against the Domestic Swing Line Lenders, Ryder or any other Person for any reason whatsoever or (F) any other occurrence, event or condition, whether or not similar to any of the foregoing. In the event that it is impracticable for such
Domestic Loan to be made for any reason on the date otherwise required above, then each Domestic Bank hereby agrees that it shall forthwith purchase (as of the date such Domestic Loan would have been made, but adjusted for any payments received from
Ryder on or after such date and prior to such purchase) from each of the Domestic Swing Line Lenders, and each of the Domestic Swing Line Lenders shall sell to each Domestic Bank, such participations in its Domestic Swing Line Loans (including all
accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Domestic Banks to share in such Domestic Swing Line Loans pro rata based on their respective Domestic Commitment Percentages (without regard to any
termination of the Total Domestic Commitment hereunder) by making available to each of the Domestic Swing Line Lenders (which may be through the Administrative Agent) an amount equal to such Bank’s participation in such Domestic Swing Line
Loans. No such funding of risk participations shall relieve or otherwise impair the obligation of Ryder to repay Domestic Swing Line Loans, together with interest as provided herein. Any repayment by any Domestic Bank to the Domestic Swing Line
Lenders may be done in consultation with the Administrative Agent. 
 Until a Bank funds its Domestic Base Rate Loan or risk
participation pursuant to this §2.12(e) to refinance such Bank’s Domestic Commitment Percentage of any Domestic Swing Line Loan, interest in respect of such Domestic Swing Line Loan shall be solely for the account of the relevant
Domestic Swing Line Lenders. Each Domestic Swing Line Lender shall be responsible for invoicing Ryder for interest on its Domestic Swing Line Loans. Ryder shall make all payments of principal and interest in respect of the Domestic Swing Line Loans
directly to the applicable Domestic Swing Line Lenders (who shall promptly notify the Administrative Agent of such payment). 

If any Domestic Bank fails to make available to the Domestic Swing Line Lenders any amount required to be paid by such Domestic
Bank pursuant to the foregoing provisions of this §2.12(e), the Domestic Swing Line Lenders shall be entitled to recover from such Domestic Bank, on demand, such amount with interest thereon for the period from the date such payment is
required to the date on which such payment is immediately available to such Domestic Swing Line Lenders at a rate per annum equal to the Overnight Rate from time to time in effect, plus any administrative, processing or similar fees
customarily charged by such Domestic Swing Line Lenders in connection with the foregoing. If such Domestic Bank pays such amount (with interest and fees as aforesaid), the amount so paid (less all such aforementioned interest and fees
incurred by such Domestic Bank as a result of its failure to pay the required amounts to the applicable Domestic Swing Line Lenders) shall constitute such Domestic Bank’s Domestic Base Rate Loan included in the relevant Domestic Base Rate
borrowing or funded participation in the relevant Domestic Swing Line Loan, as the case may be. A certificate of a Domestic Swing Line Lender submitted to any Domestic Bank with respect to any amounts owing under this §2.12(e) shall be
conclusive absent manifest error. 

  
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 (f) The Domestic Swing Line Notes. The obligation of Ryder to
repay the Domestic Swing Line Loans made pursuant to this Agreement and to pay interest thereon as set forth in this Agreement may be evidenced by a promissory note of Ryder with appropriate insertions substantially in the form of Exhibit A-5 attached hereto (the “Domestic Swing Line Note”), dated the Closing Date and payable to the applicable Domestic Swing Line Lender in a principal amount stated to be the lesser of
(i) such Domestic Swing Line Lender’s Domestic Swing Line Commitment and (ii) the aggregate Outstanding Amount of Domestic Swing Line Loans at any time advanced by the applicable Domestic Swing Line Lender. Upon the request of any
Domestic Swing Line Lender to Ryder made through the Administrative Agent, Ryder shall execute and deliver to such Domestic Swing Line Lender (through the Administrative Agent) a Domestic Swing Line Note. Ryder irrevocably authorizes each Domestic
Swing Line Lender to make or cause to be made, at or about the time of the Drawdown Date of any Domestic Swing Line Loan or at the time of receipt of any payment of principal on the Domestic Swing Line Note, an appropriate notation on the grid
attached to such Note or such Domestic Swing Line Lender’s records reflecting the making of such Domestic Swing Line Loan or (as the case may be) the receipt of such payment. The Outstanding Amount of the Domestic Swing Line Loans set forth on
such grid or such records shall be prima facie evidence of the principal amount thereof owing and unpaid to such Domestic Swing Line Lender, but the failure to record, or any error in so recording, any such amount on such Note or such records shall
not limit or otherwise affect the actual amount of the obligations of Ryder hereunder or under the Domestic Swing Line Note to make payments of principal of or interest on the Domestic Swing Line Note when due. 

(g) Repayment of Participations. 

(i) At any time after any Domestic Bank has purchased and funded a risk participation in a Domestic Swing Line Loan, if any
Domestic Swing Line Lender receives any payment on account of such Domestic Swing Line Loan, such Domestic Swing Line Lender will distribute to such Domestic Bank (which may be through the Administrative Agent) its pro rata share
thereof based on such Bank’s Domestic Commitment Percentage in the same funds as those received by such Domestic Swing Line Lender. 

(ii) If any payment received by a Domestic Swing Line Lender in respect of principal or interest on any Domestic Swing Line
Loan is required to be returned by such Domestic Swing Line Lender under any of the circumstances described in §15A (including pursuant to any settlement entered into by such Domestic Swing Line Lender in its discretion), each Domestic
Bank shall pay to such Domestic Swing Line Lender its pro rata share thereof based on such Bank’s Domestic Commitment Percentage on demand of such Domestic Swing Line Lender, plus interest thereon from the date of such
demand to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The obligations of the Domestic Banks under this clause shall survive the payment in full of the Obligations and the termination of this
Agreement. 
 §2.13. The U.K. Swing Line. 

(a) The U.K. Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by the U.K.
Borrowers made to the U.K. Agent in accordance with this §2.13, the U.K. Agent agrees to make loans to the U.K. Borrowers (the “U.K. Swing Line Loans”) on any Business Day prior to the Maturity Date in any of Dollars,
Sterling or Euros in an aggregate principal amount not to exceed $50,000,000 (or the Sterling Equivalent or Euro Equivalent thereof) at any one time outstanding. Each U.K. Swing Line Loan shall be in a minimum amount equal to £100,000 (or the
Dollar Equivalent or Euro Equivalent thereof) or an integral multiple thereof. Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount of all outstanding
U.K. Swing Line Loans exceed the remainder of (i)(A) the Total U.K. Commitment then in effect minus (B) the sum of (1) 

  
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the aggregate Outstanding Amount of all U.K. Loans denominated in Dollars, plus (2) the aggregate Outstanding Amount of all U.K. Loans denominated in Sterling, plus
(3) the aggregate Outstanding Amount of all U.K. Loans denominated in Euros, or (ii)(A) the U.K. Commitment of the U.K. Agent then in effect minus (B) (1) the Outstanding Amount of the U.K. Loans denominated in Dollars owed to the
U.K. Agent, plus (2) the Outstanding Amount of U.K. Loans denominated in Sterling owed to the U.K. Agent, plus (3) the Outstanding Amount of U.K. Loans denominated in Euros owed to the U.K. Agent, plus (4) the
Outstanding Amount of U.K. Swing Line Loans; provided, that the U.K. Borrowers shall not use the proceeds of any U.K. Swing Line Loan to refinance any outstanding U.K. Swing Line Loan. Within the foregoing limits, and subject to the other
terms and conditions hereof, the U.K. Borrowers may borrow under this §2.13, prepay or repay under §2.11, and reborrow under this §2.13. Each U.K. Swing Line Loan shall be a Base Rate Loan. Immediately upon the
making of a U.K. Swing Line Loan, each U.K. Bank shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the U.K. Agent a risk participation in such U.K. Swing Line Loan in an amount equal to the product of such U.K.
Bank’s U.K. Commitment Percentage times the amount of such U.K. Swing Line Loan. Notwithstanding the foregoing, the U.K. Agent shall not be under any obligation to advance any U.K. Swing Line Loan if any Bank is at such time a Defaulting
Bank unless Cash Collateral is provided to the U.K. Agent as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and released pursuant to the terms and provisions of such §2.15. 

(b) Notice of Borrowing. When the U.K. Borrowers desire the U.K. Agent to make a U.K. Swing Line Loan, they shall
send to the U.K. Agent written notice appropriately completed and signed by a Responsible Officer of the U.K. Borrowers in the form of Exhibit G-2 hereto (or telephonic notice confirmed in a writing in
the form of Exhibit G-2 hereto) or such other form as may be approved by the U.K. Agent (including any form on an electronic platform or electronic transmission system as shall be approved by the U.K.
Agent) of each U.K. Swing Line Loan requested hereunder (a “U.K. Swing Line Loan Request”) not later than 12:00 p.m. (London time) on the proposed Drawdown Date of any U.K. Swing Line Loan. Each such U.K. Swing Line Loan Request
shall set forth the principal amount of the proposed U.K. Swing Line Loan, the currency in which such U.K. Swing Line Loan should be made and the Swing Line Loan Maturity Date relating to such U.K. Swing Line Loan, which shall in no event be later
than the Maturity Date. Each U.K. Swing Line Loan Request shall be irrevocable and binding on the U.K. Borrowers and shall obligate the U.K. Borrowers to borrow the U.K. Swing Line Loan from the U.K. Agent on the proposed Drawdown Date thereof. Upon
satisfaction of the applicable conditions set forth in this Agreement, on the proposed Drawdown Date the U.K. Agent shall make the U.K. Swing Line Loan available to the U.K. Borrowers no later than 3:00 p.m. (London time) on the proposed Drawdown
Date by crediting the amount of the U.K. Swing Line Loan to the account specified by the U.K. Borrowers; provided that the U.K. Agent shall not advance any U.K. Swing Line Loans after it has received notice from any Bank that a Default or
Event of Default has occurred and stating that no new U.K. Swing Line Loans are to be made until such Default or Event of Default has been cured or waived in accordance with the provisions of this Agreement. 

(c) Automatic U.K. Base Rate Loan Request. In the event that any U.K. Swing Line Loan Request for a U.K. Swing
Line Loan causes the aggregate Outstanding Amount of U.K. Swing Line Loans to exceed $25,000,000 at any time (or the Sterling Equivalent or Euro Equivalent thereof), concurrently with such U.K. Swing Line Loan Request, the U.K. Borrowers shall also
submit to the U.K. Agent a U.K. Loan Request for U.K. Base Rate Loan to be made on the next Business Day in a principal amount equal to the aggregate Outstanding Amount of U.K. Swing Line Loans (provided that if the U.K. Borrowers fail to
submit such U.K. Loan Request, the parties agree that the U.K. Borrowers shall be deemed to make, and each of the U.K. Borrowers hereby authorizes, an automatic concurrent request for a U.K. Base Rate Loan to be made on the next

  
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Business Day in a principal amount equal to the aggregate Outstanding Amount of U.K. Swing Line Loans (or the Sterling Equivalent or Euro Equivalent thereof)) and the proceeds of such U.K. Base
Rate Loan shall be applied as set forth in §2.13(e); provided that (i) the sum of (A) the Outstanding Amount of the U.K. Loans denominated in Dollars, plus (B) the Outstanding Amount of the U.K. Loans
denominated in Sterling, plus (C) the Outstanding Amount of the U.K. Loans denominated in Euros, shall not, at any time and after giving effect to all amounts requested, exceed the Total U.K. Commitment, (ii) the sum of (A) the
Outstanding Amount of the U.K. Loans denominated in Dollars owed to a U.K. Bank, plus (B) the Outstanding Amount of the U.K. Loans denominated in Sterling owed to such U.K. Bank, plus (C) the Outstanding Amount of the U.K.
Loans denominated in Euros owed to such U.K. Bank, plus (D) the aggregate amount of such U.K. Bank’s participation U.K. Swing Line Loans, shall not, at any time and after giving effect to all amounts requested, exceed such U.K.
Bank’s U.K. Commitment, and (iii) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 

(d) Interest on U.K. Swing Line Loans. Each U.K. Swing Line Loan shall be a U.K. Base Rate Loan and, except as
otherwise provided in §6.11 hereof, shall bear interest from the Drawdown Date thereof until repaid in full at the rate per annum equal to (i) the Lloyds-U.K. Sterling Reference Rate
plus the Applicable Margin on all Swing line Loans, with respect to each U.K. Swing Line Loan denominated in Sterling, (ii) the U.K. Dollar Base Rate plus the Applicable Margin on all Swing Line Loans, with respect to each U.K.
Swing Line Loan denominated in U.S. Dollars, and (iii) the Lloyds-U.K. Euro Reference Rate plus the Applicable Margin on all Swing Line Loans, with respect to each U.K. Swing Line Loan denominated
in Euros, which shall, in each case, be paid on each Interest Payment Date for U.K. Base Rate Loans and on the applicable Swing Line Loan Maturity Date (or, if earlier, on the date of the termination in full of the Total U.K. Commitment). 

(e) Repayment of U.K. Swing Line Loans. The U.K. Borrowers shall repay each outstanding U.K. Swing Line Loan on
or prior to the Swing Line Loan Maturity Date relating thereto (or, if earlier, on the date of the termination in full of the Total U.K. Commitment); provided that the U.K. Borrowers shall repay the aggregate Outstanding Amount of all U.K.
Swing Line Loans at any time in excess of $25,000,000 with the proceeds of the U.K. Base Rate Loan requested under §2.13(c) (as the case may be), and each of the U.K. Borrowers hereby agrees to apply, and each of the U.K. Borrowers
hereby authorizes the U.K. Agent to apply, such proceeds to the outstanding U.K. Swing Line Loans. Upon notice by the U.K. Agent on any Business Day (i) following the Swing Line Loan Maturity Date relating to each U.K. Swing Line Loan or
(ii) at the option of the U.K. Agent, after the occurrence of an Event of Default, each of the U.K. Banks hereby agrees to make U.K. Loans to the U.K. Borrowers constituting U.K. Base Rate Loans, on the next succeeding Business Day following
such notice, in an amount equal to such Bank’s U.K. Commitment Percentage of the aggregate Outstanding Amount of all U.K. Swing Line Loans (and the U.K. Agent may apply Cash Collateral available for such purpose with respect to the applicable
Swing Line Loan). The proceeds thereof shall be applied directly by the U.K. Agent to repay outstanding U.K. Swing Line Loans and each of the U.K. Borrowers hereby authorizes such application. Each U.K. Bank hereby absolutely, unconditionally and
irrevocably agrees to make such U.K. Loans upon one Business Days’ notice as set forth above, notwithstanding (A) that the amount of such U.K. Loan may not comply with the applicable minimums set forth herein, (B) the failure of the
U.K. Borrowers to meet the applicable conditions set forth in §11 or §12 hereof, (C) the occurrence or continuance of a Default or an Event of Default hereunder, (D) the Total U.K. Commitment in effect at such time,
(E) any setoff, counterclaim, recoupment, defense or other right which such U.K. Bank may have against the U.K. Agent, the U.K. Borrowers or any other Person for any reason whatsoever or (F) any other occurrence, event or condition,
whether or not similar 

  
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to any of the foregoing. In the event that it is impracticable for such U.K. Loan to be made for any reason on the date otherwise required above, then each U.K. Bank hereby agrees that it shall
forthwith purchase (as of the date such U.K. Loan would have been made, but adjusted for any payments received from the U.K. Borrowers on or after such date and prior to such purchase) from the U.K. Agent, and the U.K. Agent shall sell to each U.K.
Bank, such participations in the U.K. Swing Line Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the U.K. Banks to share in such U.K. Swing Line Loans pro rata based on their
respective U.K. Commitment Percentages (without regard to any termination of the Total U.K. Commitment hereunder) by making available to the U.K. Agent an amount equal to such U.K. Bank’s participation in the U.K. Swing Line Loans. No such
funding or risk participations shall relieve or otherwise impair the obligation of the U.K. Borrowers to repay U.K. Swing Line Loans, together with interest as provided herein. 

Until a Bank funds its U.K. Base Rate Loan or risk participation pursuant to this §2.13(e) to refinance such
Bank’s U.K. Commitment Percentage of any U.K. Swing Line Loan, interest in respect of such pro rata share shall be solely for the account of the U.K. Agent. The U.K. Agent shall be responsible for invoicing the U.K. Borrowers for
interest on the U.K. Swing Line Loans. The U.K. Borrowers shall make all payments of principal and interest in respect of the U.K. Swing Line Loans directly to the U.K. Agent. 

If any U.K. Bank fails to make available to the U.K. Agent for the account of the U.K. Agent any amount required to be paid by
such U.K. Bank pursuant to the foregoing provisions of this §2.13(e), the U.K. Agent shall be entitled to recover from such U.K. Bank, on demand, such amount with interest thereon for the period from the date such payment is required to
the date on which such payment is immediately available to the U.K. Agent at a rate per annum equal to the applicable Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the
U.K. Agent in connection with the foregoing. If such U.K. Bank pays such amount (with interest and fees as aforesaid), the amount so paid (less all such aforementioned interest and fees incurred by such U.K. Bank as a result of its failure to
pay the required amounts to the U.K. Agent) shall constitute such U.K. Bank’s U.K. Base Rate Loan included in the relevant U.K. Base Rate borrowing or funded participation in the relevant U.K. Swing Line Loan, as the case may be. A certificate
of the U.K. Agent submitted to any U.K. Bank with respect to any amounts owing under this §2.13(e) shall be conclusive absent manifest error. 

(f) The U.K. Swing Line Note. The obligation of the U.K. Borrowers to repay the U.K. Swing Line Loans made
pursuant to this Agreement and to pay interest thereon as set forth in this Agreement may be evidenced by a promissory note of the U.K. Borrowers with appropriate insertions substantially in the form of Exhibit
A-6 attached hereto (the “U.K. Swing Line Note”), dated the Closing Date and payable to the U.K. Agent in a principal amount stated to be the lesser of (i) $50,000,000, or (ii) the
aggregate principal amount of Swing Line Loans at any time advanced by the U.K. Agent and outstanding thereunder. Upon the request of the U.K. Agent to the U.K. Borrowers, the U.K. Borrowers shall execute and deliver to the U.K. Agent a U.K. Swing
Line Note. The U.K. Borrowers irrevocably authorize the U.K. Agent to make or cause to be made, at or about the time of the Drawdown Date of any U.K. Swing Line Loan or at the time of receipt of any payment of principal on the U.K. Swing Line Note,
an appropriate notation on the grid attached to such Note or the U.K. Agent’s records reflecting the making of such U.K. Swing Line Loan or (as the case may be) the receipt of such payment. The Outstanding Amount of the U.K. Swing Line Loans
set forth on such grid or such records shall be prima facie evidence of the principal amount thereof owing and unpaid to the U.K. Agent, but the failure to record, or any error in so recording, any such amount on such Note or such
records shall not limit or otherwise affect the actual amount of the obligations of the U.K. Borrowers hereunder or under the U.K. Swing Line Note to make payments of principal of or interest on the U.K. Swing Line Note when due. 

  
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 (g) Repayment of Participations. 

(i) At any time after any U.K. Bank has purchased and funded a risk participation in a U.K. Swing Line Loan, if the U.K. Agent
receives any payment on account of such U.K. Swing Line Loan, the U.K. Agent will distribute to such U.K. Bank its pro rata share thereof based on such Bank’s U.K. Commitment Percentage in the same funds as those received by the
U.K. Agent. 
 (ii) If any payment received by the U.K. Agent in respect of principal or interest on any U.K. Swing Line Loan
is required to be returned by the U.K. Agent under any of the circumstances described in §15A (including pursuant to any settlement entered into by the U.K. Agent in its discretion), each U.K. Bank shall pay to the U.K. Agent its
pro rata share thereof based on such U.K. Bank’s U.K. Commitment Percentage on demand of the U.K. Agent, plus interest thereon from the date of such demand to the date such amount is returned, at a rate per annum equal to
the applicable Overnight Rate. The obligations of the U.K. Banks under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

§2.14. The Canadian Swing Line. 

(a) The Canadian Swing Line Loans. Subject to the terms and conditions hereinafter set forth, upon notice by the
Canadian Borrowers to the Canadian Swing Line Lender in accordance with this §2.14, the Canadian Swing Line Lender agrees to make loans to the Canadian Borrowers (the “Canadian Swing Line Loans”) in Dollars or Canadian
Dollars on any Business Day prior to the Maturity Date in an aggregate principal amount not to exceed $50,000,000 (or the Canadian Dollar Equivalent thereof) at any one time outstanding. Each Canadian Swing Line Loan shall be in a minimum amount
equal to $500,000 (or the Canadian Dollar Equivalent thereof); provided that there shall be no minimum amount for any Canadian Swing Line Loan which is advanced in order to fund an overdraft in the Canadian Borrowers’ Canadian Dollar
accounts maintained with Canadian Swing Line Lender (as provided in §2.14(b) hereof). Notwithstanding any other provisions of this Agreement and in addition to the limit set forth above, at no time shall the aggregate Outstanding Amount
of all Canadian Swing Line Loans exceed (i) the Total Canadian Commitment then in effect minus (ii) the sum of (A) the aggregate Outstanding Amount of all Canadian Loans denominated in U.S. Dollars, plus (B) the
Outstanding Amount of all Canadian Loans denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances; provided, that the Canadian Borrowers shall not use the proceeds of any Canadian Swing Line
Loan to refinance any outstanding Canadian Swing Line Loan. Within the foregoing limits, and subject to the other terms and conditions hereof, the Canadian Borrowers may borrow under this §2.14, prepay or repay under §2.11,
and reborrow under this §2.14. Each Canadian Swing Line Loan shall be a Canadian Base Rate Loan. Immediately upon the making of a Canadian Swing Line Loan, each Canadian Bank shall be deemed to, and hereby irrevocably and unconditionally
agrees to, purchase from the Canadian Swing Line Lender a risk participation in such Canadian Swing Line Loan in an amount equal to the product of such Canadian Bank’s Canadian Commitment Percentage times the amount of such Canadian Swing Line
Loan. Notwithstanding the foregoing, the Canadian Swing Line Lender shall not be under any obligation to advance any Canadian Swing Line Loan if any Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the Canadian Swing Line
Lender as set forth in §2.15. Any Cash Collateral provided under this Section shall be held and released pursuant to the terms and provisions of such §2.15. 

  
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 (b) Notice of Borrowing. When the Canadian Borrowers desire
the Canadian Swing Line Lender to make a Canadian Swing Line Loan, they shall send to the Canadian Swing Line Lender written notice appropriately completed and signed by a Responsible Officer of the Canadian Borrowers in the form of Exhibit G-3 hereto (or telephonic notice confirmed in a writing in the form of Exhibit G-3 hereto) or such other form as may be approved by the Canadian Swing Line Lender
(including any form on an electronic platform or electronic transmission system as shall be approved by the Canadian Swing Line Lender) of each Canadian Swing Line Loan requested hereunder (a “Canadian Swing Line Loan Request”) not
later than 2:00 p.m. (Toronto time) on the proposed Drawdown Date of any Canadian Swing Line Loan. Each such Canadian Swing Line Loan Request shall set forth the principal amount of the proposed Canadian Swing Line Loan, the currency in which such
Canadian Swing Line Loan shall be made and the Swing Line Loan Maturity Date relating to such Canadian Swing Line Loan, which shall in no event be later than the Maturity Date. In addition, in the event that the Canadian Borrowers cause an overdraft
in the net position of all its Canadian Dollar accounts maintained with the Canadian Agent, the Canadian Borrowers shall be deemed to have requested a Canadian Swing Line Loan (subject to the terms and conditions set forth in this §2.14
and in §11 and §12, to the extent applicable) in the amount of such overdraft. Each Canadian Swing Line Loan Request shall be irrevocable and binding on the Canadian Borrowers and shall obligate the Canadian Borrowers to
borrow the Canadian Swing Line Loan from the Canadian Swing Line Lender on the proposed Drawdown Date thereof. Upon satisfaction of the applicable conditions set forth in this Agreement, on the proposed Drawdown Date the Canadian Swing Line Lender
shall make the Canadian Swing Line Loan available to the Canadian Borrowers no later than 3:00 p.m. (Toronto time) on the proposed Drawdown Date by crediting the amount of the Canadian Swing Line Loan to the account specified by the Canadian
Borrowers; provided that the Canadian Swing Line Lender shall not advance any Canadian Swing Line Loans after it has received notice from any Bank that a Default or Event of Default has occurred and stating that no new Canadian Swing Line
Loans are to be made until such Default or Event of Default has been cured or waived in accordance with the provisions of this Agreement. 

(c) Automatic Canadian Base Rate Loan Request. In the event that any Canadian Swing Line Loan Request for a
Canadian Swing Line Loan causes the aggregate Outstanding Amount of Canadian Swing Line Loans to exceed $25,000,000 (or the Canadian Dollar Equivalent thereof) at any time, concurrently with such Canadian Swing Line Loan Request, the Canadian
Borrowers shall also submit to the Canadian Agent a Canadian Loan Request for a Canadian Base Rate Loan to be made on the next Business Day in a principal amount equal to the aggregate Outstanding Amount of Canadian Swing Line Loans (provided
that if the Canadian Borrowers fail to submit such Canadian Loan Request, the parties agree that each of the Canadian Borrowers shall be deemed to make, and each of the Canadian Borrowers hereby authorizes, an automatic concurrent request for a
Canadian Base Rate Loan to be made on the next Business Day in a principal amount equal to the aggregate Outstanding Amount of Canadian Swing Line Loans (or the Canadian Dollar Equivalent thereof)), and the proceeds of such Canadian Base Rate Loan
shall be applied as set forth in §2.14(e); provided that (i) the sum of (A) the Outstanding Amount of the Canadian Loans denominated in Dollars, plus (B) the Outstanding Amount of the Canadian Loans
denominated in Canadian Dollars, plus (C) the Outstanding Amount of Bankers’ Acceptances then outstanding, shall not, at any time and after giving effect to all amounts requested, exceed the Total Canadian Commitment, (ii) the
sum of (A) the Outstanding Amount of the Canadian Loans denominated in Dollars owed to a Canadian Bank, plus (B) the Outstanding Amount of the Canadian Loans denominated in Canadian Dollars owed to such Canadian Bank,
plus (C) the Outstanding Amount of Bankers’ Acceptances purchased by such Canadian Bank, plus (D) the 

  
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aggregate amount of such Canadian Bank’s participation in Canadian Swing Line Loans, shall not, at any time and after giving effect to all amounts requested, exceed such Canadian Bank’s
Canadian Commitment, and (iii) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 

(d) Interest on Canadian Swing Line Loans. Each Canadian Swing Line Loan shall be a Canadian Base Rate Loan and,
except as otherwise provided in §6.11 hereof, shall bear interest from the Drawdown Date thereof until repaid in full at the rate per annum equal to the Canadian Prime Rate plus the Applicable Margin on all Swing Line Loans, with
respect to each Canadian Swing Line Loan denominated in Canadian Dollars, and the Canadian Base Rate plus the Applicable Margin on all Swing Line Loans with respect to each Canadian Swing Line Loan denominated in U.S. Dollars, which shall be
paid on each Interest Payment Date for Canadian Base Rate Loans and on the applicable Swing Line Loan Maturity Date (or, if earlier, on the date of the termination in full of the Total Canadian Commitment). 

(e) Repayment of Canadian Swing Line Loans. The Canadian Borrowers shall repay each outstanding Canadian Swing
Line Loan on or prior to the Swing Line Loan Maturity Date relating thereto (or, if earlier, on the date of the termination in full of the Total Canadian Commitment); provided that the Canadian Borrowers shall repay the aggregate Outstanding
Amount of any Canadian Swing Line Loans at any time in excess of $25,000,000 with the proceeds of the Canadian Base Rate Loan requested under §2.14(c) (as the case may be), and each of the Canadian Borrowers agrees to apply and each of
the Canadian Borrowers hereby authorizes the Canadian Agent and the Canadian Swing Line Lender to apply, such proceeds to the outstanding Canadian Swing Line Loans. Upon notice by the Canadian Swing Line Lender on any Business Day (i) following
the Swing Line Loan Maturity Date relating to each Canadian Swing Line Loan or (ii) at the option of the Canadian Swing Line Lender, after the occurrence of an Event of Default, each of the Canadian Banks hereby agrees to make Canadian Loans to
the Canadian Borrowers constituting Canadian Base Rate Loans, on the next succeeding Business Day following such notice, in an amount equal to such Bank’s Canadian Commitment Percentage of the aggregate Outstanding Amount of all Canadian Swing
Line Loans (and the Canadian Agent may apply Cash Collateral available for such purpose with respect to the applicable Swing Line Loan). The proceeds thereof shall be applied directly by the Canadian Agent to repay outstanding Canadian Swing Line
Loans and each of the Canadian Borrowers hereby authorizes such application. Each Canadian Bank hereby absolutely, unconditionally and irrevocably agrees to make such Canadian Loans upon one Business Days’ notice as set forth above,
notwithstanding (A) that the amount of such Canadian Loan may not comply with the applicable minimums set forth herein, (B) the failure of the Canadian Borrowers to meet the applicable conditions set forth in §11 or
§12 hereof, (C) the occurrence or continuance of a Default or an Event of Default hereunder, (D) the Total Canadian Commitment in effect at such time, (E) any setoff, counterclaim, recoupment, defense or other right which
such Canadian Bank may have against the Canadian Swing Line Lender, the Canadian Borrowers or any other Person for any reason whatsoever or (F) any other occurrence, event or condition, whether or not similar to any of the foregoing. In the
event that it is impracticable for such Canadian Loan to be made for any reason on the date otherwise required above, then each Canadian Bank hereby agrees that it shall forthwith purchase (as of the date such Canadian Loan would have been made, but
adjusted for any payments received from the Canadian Borrowers on or after such date and prior to such purchase) from the Canadian Swing Line Lender, and the Canadian Swing Line Lender shall sell to each Canadian Bank, such participations in the
Canadian Swing Line Loans (including all accrued and unpaid interest thereon) outstanding as shall be necessary to cause the Canadian Banks to share in such Canadian Swing Line Loans pro rata based on their respective Canadian
Commitment Percentages (without regard to any termination of the Total Canadian Commitment hereunder) by making available to the Canadian Agent an amount equal to such Bank’s participation in the Canadian Swing Line Loans. No such funding or
risk participations shall relieve or otherwise impair the obligation of the Canadian Borrowers to repay Canadian Swing Line Loans, together with interest as provided herein. 

  
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 Until a Bank funds its Canadian Base Rate Loan or risk participation
pursuant to this §2.14(e) to refinance such Bank’s Canadian Commitment Percentage of any Canadian Swing Line Loan, interest in respect of such pro rata share shall be solely for the account of the Canadian Swing Line
Lender. The Canadian Agent shall be responsible for invoicing the Canadian Borrowers for interest on the Canadian Swing Line Loans. The Canadian Borrowers shall make all payments of principal and interest in respect of the Canadian Swing Line Loans
directly to the Canadian Agent. 
 If any Canadian Bank fails to make available to the Canadian Agent for the account of the
Canadian Swing Line Lender any amount required to be paid by such Canadian Bank pursuant to the foregoing provisions of this §2.14(e), the Canadian Agent for the account of the Canadian Swing Line Lender shall be entitled to recover from
such Canadian Bank, on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Canadian Agent at a rate per annum equal to the applicable
Overnight Rate from time to time in effect, plus any administrative, processing or similar fees customarily charged by the Canadian Agent in connection with the foregoing. If such Canadian Bank pays such amount (with interest and fees as
aforesaid), the amount so paid (less all such aforementioned interest and fees incurred by such Canadian Bank as a result of its failure to pay the required amounts to the Canadian Agent for the account of the Canadian Swing Line Lender)
shall constitute such Canadian Bank’s Canadian Base Rate Loan included in the relevant Canadian Base Rate borrowing or funded participation in the relevant Canadian Swing Line Loan, as the case may be. A certificate of the Canadian Agent
submitted to any Canadian Bank with respect to any amounts owing under this §2.14(e) shall be conclusive absent manifest error. 

(f) The Canadian Swing Line Note. The obligation of the Canadian Borrowers to repay the Canadian Swing Line Loans
made pursuant to this Agreement and to pay interest thereon as set forth in this Agreement may be evidenced by a promissory note of the Canadian Borrowers with appropriate insertions substantially in the form of Exhibit A-7 attached hereto (the “Canadian Swing Line Note”), dated the Closing Date and payable to the Canadian Swing Line Lender in a principal amount stated to be the lesser of (i) $50,000,000, or
(ii) the aggregate principal amount of Canadian Swing Line Loans at any time advanced by the Canadian Swing Line Lender and outstanding thereunder. Upon the request of the Canadian Swing Line Lender to the Canadian Borrowers, the Canadian
Borrowers shall execute and deliver to the Canadian Swing Line Lender a Canadian Swing Line Note. The Canadian Borrowers irrevocably authorize the Canadian Swing Line Lender to make or cause to be made, at or about the time of the Drawdown Date of
any Canadian Swing Line Loan or at the time of receipt of any payment of principal on the Canadian Swing Line Note, an appropriate notation on the grid attached to such Note or the Canadian Agent’s records reflecting the making of such Canadian
Swing Line Loan or (as the case may be) the receipt of such payment. The Outstanding Amount of the Canadian Swing Line Loans set forth on such grid or such records shall be prima facie evidence of the principal amount thereof owing and
unpaid to the Canadian Agent, but the failure to record, or any error in so recording, any such amount on such Note or such records shall not limit or otherwise affect the actual amount of the obligations of the Canadian Borrowers hereunder or under
the Canadian Swing Line Note to make payments of principal of or interest on the Canadian Swing Line Note when due. 

  
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 (g) Repayment of Participations. 

(i) At any time after any Canadian Bank has purchased and funded a risk participation in a Canadian Swing Line Loan, if the
Canadian Swing Line Lender receives any payment on account of such Canadian Swing Line Loan, the Canadian Swing Line Lender (which may be through the Canadian Agent) will distribute to such Canadian Bank its pro rata share thereof
based on such Bank’s Canadian Commitment Percentage in the same funds as those received by the Canadian Swing Line Lender. 

(ii) If any payment received by the Canadian Swing Line Lender in respect of principal or interest on any Canadian Swing Line
Loan is required to be returned by the Canadian Swing Line Lender under any of the circumstances described in §15A (including pursuant to any settlement entered into by the Canadian Swing Line Lender in its discretion), each Canadian
Bank shall pay to the Canadian Swing Line Lender its pro rata share thereof based on such Bank’s Canadian Commitment Percentage on demand of the Canadian Swing Line Lender, plus interest thereon from the date of such demand
to the date such amount is returned, at a rate per annum equal to the applicable Overnight Rate. The obligations of the Canadian Banks under this clause shall survive the payment in full of the Obligations and the termination of this Agreement. 

§2.15. Cash Collateral. 

(a) Certain Credit Support Events. Upon the request of the Administrative Agent or the Issuing Bank (i) if
the Issuing Bank has honored any full or partial drawing request under any Letter of Credit and such drawing has resulted in an L/C Borrowing (pursuant to the terms and conditions of §4.3), or (ii) if, as of the Letter of Credit
Expiration Date, any L/C Obligation for any reason remains outstanding, Ryder shall, in each case, immediately Cash Collateralize the then Outstanding Amount of all L/C Borrowings and all L/C Obligations, as applicable. At any time that there shall
exist a Defaulting Bank, immediately upon the request of an Agent, the Issuing Bank or a Swing Line Lender, the Borrowers shall deliver to the Administrative Agent Cash Collateral in an amount sufficient to cover all Fronting Exposure (after giving
effect to §2.16(a)(iv) and any Cash Collateral provided by the Defaulting Bank). 
 (b) Grant of Security
Interest. All Cash Collateral (other than credit support not constituting funds subject to deposit) shall be maintained in blocked, non-interest bearing deposit accounts at Bank of America. The
applicable Borrowers (other than the U.K. Borrowers), and to the extent provided by any Bank, such Bank, hereby grants to (and subjects to the control of) the Administrative Agent, for the benefit of the Administrative Agent, the Issuing Bank and
the Banks (including the Swing Line Lenders, as applicable), and agrees to maintain, a first priority security interest in all such cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto,
and in all proceeds of the foregoing, all as security for the obligations to which such Cash Collateral may be applied pursuant to §2.15(c). Any Cash Collateral provided by a U.K. Borrower shall be effected pursuant to terms and
documentation reasonably acceptable to the U.K. Agent. If at any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total
amount of such Cash Collateral is less than (i) the amount any Borrower is required to provide as Cash Collateral pursuant to §2.15(a) or (ii) the applicable Fronting Exposure and other obligations secured thereby that a
Defaulting Bank is required hereunder to Cash Collateralize, the Borrowers or the relevant Defaulting Bank, as applicable, will, promptly upon demand by the Administrative Agent, provide to the Administrative Agent additional Cash Collateral in
respect of its obligations to provide such Cash Collateral in an amount sufficient to eliminate such deficiency. 

  
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 (c) Application. Notwithstanding anything to the contrary
contained in this Agreement, Cash Collateral provided under any of this §2.15 or §2.11, §2.12, §2.13, §2.14, §2.16, §4 or §13.1 in respect of Letters of
Credit or Swing Line Loans shall be held and applied to the satisfaction of the specific L/C Obligations, Swing Line Loans, obligations to fund participations therein (including, as to Cash Collateral provided by a Defaulting Bank, any interest
accrued on such obligation) and other obligations for which the Cash Collateral was so provided, prior to any other application of such property as may be provided for herein. 

(d) Release. Cash Collateral (or the appropriate portion thereof) provided to reduce Fronting Exposure or for
other obligations shall be released promptly to the provider of such Cash Collateral as follows: (i)(A) to a Defaulting Bank following the elimination of the applicable Fronting Exposure so secured or elimination of the other obligations giving rise
thereto as a result of the termination of such Bank’s status as a Defaulting Bank (or, as appropriate, its assignee following compliance with §21.2(f)) and (B) to the applicable Borrower(s) following the elimination of the
applicable Fronting Exposure so secured or elimination of the other obligations giving rise thereto, as applicable, including, without limitation, by the termination of Defaulting Bank status of the applicable Bank (or, as appropriate, its assignee
following compliance with §21.2(f)), or upon (1) the advance by a Defaulting Bank of its Commitment Percentage of the Base Rate Loan advanced to refinance a Swing Line Loan (it being understood that such Defaulting Bank’s
advance of such Base Rate Loan shall be applied to refinance the relevant Swing Line Loan) or (2) the funding by a Defaulting Bank of the portion of any participations in L/C Obligations required to be funded by such Bank, in the case of
clauses (i)(B)(1) and (i)(B)(2) of this subsection (d), together with any interest thereon, or (ii) when there exists excess Cash Collateral for the purpose for which it was provided, as determined in good faith by the
Administrative Agent (with such excess Cash Collateral to be released as follows in the event that such Borrower(s) and such Defaulting Bank each provided Cash Collateral for such particular purpose: first, to the applicable Borrower(s) up to the
amount of Cash Collateral provided by such Borrower(s); and then to the applicable Defaulting Bank); provided, however, (x) that Cash Collateral furnished by or on behalf of a Borrower shall not be released during the continuance
of a Default or Event of Default (and following application as provided in this §2.15), and (y) the Person providing Cash Collateral and the Issuing Bank or the applicable Swing Line Lender, as applicable, may all mutually agree
that Cash Collateral shall not be released but instead held to support future anticipated Fronting Exposure or other obligations. 

§2.16. Defaulting Banks. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Bank becomes a
Defaulting Bank, then, until such time as that Bank is no longer a Defaulting Bank, to the extent permitted by applicable Law: 

(i) Waivers and Amendments. That Defaulting Bank’s right to approve or disapprove any amendment, waiver or consent
with respect to this Agreement shall be restricted as set forth in §17. 
 (ii) Reallocation of Payments.
Any payment of principal, interest, fees or other amounts received by an Agent hereunder for the account of that Defaulting Bank (whether voluntary or mandatory, at maturity or otherwise, and including any amounts made available to such Agent by
that Defaulting Bank pursuant to §2.17 or §14, as applicable), shall be applied at such time or times as may be determined by the Agents as follows: first, to the payment of any amounts owing by that Defaulting Bank to
the Agents hereunder; second, to the payment on a pro rata basis of any amounts owing by that 

  
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Defaulting Bank to the Issuing Bank or the Swing Line Lenders hereunder; third, if so determined by the applicable Agent(s) or requested by the Issuing Bank or the applicable Swing Line
Lender, to be held as Cash Collateral for future funding obligations of that Defaulting Bank of any participation in any Swing Line Loan or Letter of Credit; fourth, as Ryder may request (so long as no Default or Event of Default exists), to
the funding of any Loan in respect of which that Defaulting Bank has failed to fund its portion thereof as required by this Agreement, as determined by the applicable Agent(s); fifth, if so determined by the applicable Agent and the
Borrowers, to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that Defaulting Bank to fund Loans under this Agreement; sixth, to the payment of any
amounts owing to the Banks, the Issuing Bank or Swing Line Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Bank, the Issuing Bank or any Swing Line Lender against that Defaulting Bank as a result of that
Defaulting Bank’s breach of its obligations under this Agreement; seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to the Borrowers as a result of any judgment of a court of competent
jurisdiction obtained by the Borrowers against that Defaulting Bank as a result of that Defaulting Bank’s breach of its obligations under this Agreement; and eighth, to that Defaulting Bank or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans or L/C Borrowings in respect of which that Defaulting Bank has not fully funded its appropriate share and (y) such Loans or
L/C Borrowings were made at a time when the conditions set forth in §12 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and L/C Borrowings owed to, all
non-Defaulting Banks on a pro rata basis prior to being applied to the payment of any Loans of, or L/C Borrowings owed to, that Defaulting Bank. Any payments, prepayments or other amounts paid or
payable to a Defaulting Bank that are applied (or held) to pay amounts owed by a Defaulting Bank or to post Cash Collateral pursuant to this §2.16(a)(ii) shall be deemed paid to and redirected by that Defaulting Bank, and each Bank
irrevocably consents hereto. 
 (iii) Certain Fees. Each Defaulting Bank (A) shall be entitled to receive any
Facility Fee pursuant to §2.2 for any period during which that Bank is a Defaulting Bank only to extent allocable to the sum of (1) the Outstanding Amount of the Loans funded by it and (2) its applicable Commitment Percentage
of the stated amount of Letters of Credit and Swing Line Loans for which it has provided Cash Collateral pursuant to §2.12, §2.13, §2.14, §2.15, §2.16(a)(ii) or §4, as
applicable (and, with respect to all or any part of the Commitment Percentage that has not been Cash Collateralized by such Defaulting Bank, the applicable Borrowers shall (x) instead be required to pay to each of the Issuing Bank and the
applicable Swing Line Lenders, as applicable, the amount of such fee allocable to it in accordance with the percentage of such Defaulting Bank’s participation obligation that has been reallocated to it and (y) not be required to pay the
remaining amount of such fee that otherwise would have been required to have been paid to that Defaulting Bank in respect of the Fronting Exposure arising from that Defaulting Bank), and (B) shall be limited in its right to receive Letter of
Credit Fees as provided in §4.9. 
 (iv) Reallocation of Applicable Percentages to Reduce Fronting
Exposure. During any period in which there is a Defaulting Bank, for purposes of computing the amount of the obligation of each non-Defaulting Bank to acquire, refinance or fund participations in Letters
of Credit or applicable Swing Line Loans pursuant to §2.12, §2.13, §2.14 and §4, as applicable, the “Commitment Percentage” of each non-Defaulting Bank
shall be computed without giving effect to the Commitment of that Defaulting Bank; provided, that, (A) each such reallocation shall be given effect only if, at the date the 

  
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applicable Bank becomes a Defaulting Bank, no Default or Event of Default exists; and (B) the aggregate obligation of each non-Defaulting Bank to
acquire, refinance or fund participations in Letters of Credit and the applicable Swing Line Loans shall not exceed the positive difference, if any, of (1) the Commitment of that non-Defaulting Bank
minus (2) the aggregate Outstanding Amount of the Loans of that Bank. Subject to §34, no reallocation hereunder shall constitute a waiver or release of any claim of any party hereunder against a Defaulting Bank arising from
that Bank having become a Defaulting Bank, including any claim of a non-Defaulting Bank as a result of such non-Defaulting Bank’s increased exposure following such
reallocation. 
 (b) Defaulting Bank Cure. If Ryder, the applicable Agents, the applicable Swing Line Lenders
and the Issuing Bank, if applicable, agree in writing in their sole discretion that a Defaulting Bank should no longer be deemed to be a Defaulting Bank, the applicable Agent will so notify the parties hereto, whereupon as of the effective date
specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), that Bank will, to the extent applicable, purchase that portion of outstanding Loans of the other Banks or
take such other actions as the applicable Agents may determine to be necessary to cause the Loans and funded and unfunded participations in Letters of Credit and applicable Swing Line Loans to be held on a pro rata basis by the
Banks in accordance with their Commitment Percentages (without giving effect to §2.16(a)(iv)), whereupon that Bank will cease to be a Defaulting Bank; provided that no adjustments will be made retroactively with respect to fees
accrued or payments made by or on behalf of the applicable Borrower while that Bank was a Defaulting Bank; provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from
Defaulting Bank to Bank will constitute a waiver or release of any claim of any party hereunder arising from that Bank’s having been a Defaulting Bank. 

§2.17. Sharing of Payments by Banks. Except to the extent set forth in §14 with regard to
Defaulting Banks, if any Bank shall, by exercising any right of setoff or counterclaim or otherwise, obtain payment in respect of any principal of or interest on any of the Loans made by it, or the participations in L/C Obligations or in Swing Line
Loans held by it resulting in such Bank’s receiving payment of a proportion of the aggregate amount of such Loans or participations and accrued interest thereon greater than its pro rata share thereof as provided herein, then the
Bank receiving such greater proportion shall (a) notify the applicable Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and subparticipations in L/C Obligations and Swing Line Loans of the other
Banks, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Banks ratably in accordance with the aggregate amount of principal of and accrued interest on their respective Loans and
other amounts owing them; provided that: (i) if any such participations or subparticipations are purchased and all or any portion of the payment giving rise thereto is recovered, such participations or subparticipations shall be
rescinded and the purchase price restored to the extent of such recovery, without interest; and (ii) the provisions of this Section shall not be construed to apply to (A) any payment made by or on behalf of any Borrower pursuant to and in
accordance with the express terms of this Agreement (including the application of funds arising from the existence of a Defaulting Bank), (B) the application of Cash Collateral provided for in §2.15, or (C) any payment
obtained by a Bank as consideration for the assignment of or sale of a participation in any of its Loans or subparticipations in L/C Obligations or Swing Line Loans to any assignee or participant, other than an assignment to the Borrowers or any
Affiliate thereof (as to which the provisions of this Section shall apply). Each of the Borrowers consents to the foregoing and agrees, to the extent it may effectively do so under applicable Law, that any Bank acquiring a participation pursuant to
the foregoing arrangements may exercise against such Borrower rights of setoff and counterclaim with respect to such participation as fully as if such Bank were a direct creditor of such Borrower in the amount of such participation. 

  
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 §2.18. Lending Offices. Without limiting the
obligations of any Bank or any Borrower under §6.2 hereof, each Bank may fund any Loan, each Canadian Bank may accept or purchase any Bankers’ Acceptance and the Issuing Bank may issue, amend, extend or renew any Letter of
Credit, in each case, through any Lending Office (as hereinafter defined); provided that the exercise of this option shall not affect the obligation of any Borrower to repay any Obligation in accordance with the terms of this Agreement. As
used herein, “Lending Office” means, as to any Bank or the Issuing Bank, the office or offices of such Bank or the Issuing Bank described as such in such Bank’s Administrative Questionnaire (or, in the case of the Issuing Bank,
the Administrative Questionnaire of the Bank acting as the Issuing Bank), or such other office or offices as a Bank or the Issuing Bank may from time to time notify Ryder and the Agents, which office may include any Affiliate of such Bank or the
Issuing Bank, or any domestic or foreign branch of such Bank, the Issuing Bank or such Affiliate. For purposes of this Agreement, Bank of America Merrill Lynch International Limited is a designated Affiliate of Bank of America, it being understood
and agreed that (a) Bank of America Merrill Lynch International Limited shall include its successor in title Bank of America Merrill Lynch International Designated Activity Company (including, without limitation, its branches) pursuant to and
with effect from the merger between Bank of America Merrill Lynch International Limited and Bank of America Merrill Lynch International Designated Activity Company that takes effect in accordance with Chapter II, Title II of Directive (EU) 2017/1132
(which repeals and codifies the Cross-Border Mergers Directive (2005/56/EC)), as implemented in the United Kingdom and Ireland, and (b) a transfer of rights and obligations from Bank of America Merrill Lynch International Limited to Bank of
America Merrill Lynch International Designated Activity Company pursuant to such merger shall be permitted. Unless the context otherwise requires each reference to a Bank and the Issuing Bank shall include its applicable Lending Office. 

§2.19. Extension of Maturity Date. 

(a) Requests for Extension. The Borrowers may, by sending an Extension Letter to the Agents (who shall promptly notify
the Banks) no earlier than sixty (60) days and no later than forty-five (45) days prior to any anniversary of the Closing Date (each such anniversary of the Closing Date being an “Anniversary Date”), request that each Bank
extend such Bank’s then-existing Scheduled Maturity Date (with respect to each Bank, such Bank’s “Current Maturity Date”) for one year; provided, that, no more than two Extension Letters may be submitted by
the Borrowers during the term of this Agreement. 
 (b) Bank Elections to Extend. Each Bank, acting in its sole
discretion, shall, by notice to the Agents given promptly after such Bank’s receipt of an Extension Letter and, in any event, no later than thirty (30) days prior to the applicable Anniversary Date (the “Notice Date”),
advise the Agents whether such Bank agrees to such extension (each Bank that determines not to so extend its Scheduled Maturity Date being referred to herein as a “Non-Extending Bank”);
provided, that, any Bank that does not so advise the Agents on or before the applicable Notice Date shall be deemed to be a Non-Extending Bank. For the avoidance of doubt, (i) the election
of any Bank to agree to such extension shall not obligate any other Bank to so agree, and (ii) each Non-Extending Bank shall be required to maintain its original Commitments pursuant to the terms and
conditions contained herein to and including such Non-Extending Bank’s then-existing Scheduled Maturity Date (without giving effect to such extension). 

(c) Notification by Agents. The Agents shall notify the Borrowers of each Bank’s determination under
§2.19(b) no later than the date that is twenty-five (25) days prior to the applicable Anniversary Date (or, if such date is not a Business Day, on the next preceding Business Day). 

  
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 (d) Minimum Extension Requirement. If (and only if) the total of the
Commitments of the Banks that have agreed so to extend their Current Maturity Date (each, an “Extending Bank”) shall be more than fifty percent (50%) of the Total Commitments in effect immediately prior to the applicable Anniversary
Date, then, subject to the satisfaction of the conditions set forth in §2.19(f), effective as of the applicable Anniversary Date, the Scheduled Maturity Date of each Extending Bank shall be extended to the date falling one year after the
Current Maturity Date of each Extending Bank (except that, if such date is not a Business Day, such Scheduled Maturity Date as so extended shall be the next preceding Business Day). 

(e) Replacement of Non-Extending Banks. Subject to the satisfaction of the
minimum extension requirement in §2.19(d) and the other conditions to the effectiveness of any such extension set forth in §2.19(f), the Borrowers shall have the right (but not the obligation), in their sole discretion, to,
no later than the date that occurs sixty (60) days following the applicable Anniversary Date, elect to replace any Non-Extending Bank by causing such Non-Extending
Bank to assign and delegate, without recourse, its interests, rights and obligations as a Bank under this Agreement and the related Loan Documents to one or more existing Banks or Eligible Assignees (provided that (x) the applicable
existing Bank or Eligible Assignee agrees to the extension of such Non-Extending Bank’s then-existing Scheduled Maturity Date requested by the Borrowers in the applicable Extension Letter, and
(y) all accrued interest, fees and other amounts payable to such Non-Extending Bank hereunder and under the other Loan Documents shall be paid to such Non-Extending
Bank in connection with such assignment). 
 (f) Conditions to Effectiveness of Extensions. Notwithstanding the
foregoing, the extension of each Extending Bank’s then-existing Scheduled Maturity Date pursuant to this §2.19 shall not be effective with respect to any Extending Bank unless, on the applicable Anniversary Date: (i) no Default
or Event of Default shall exist or be continuing either prior to or after giving effect thereto, and (ii) the representations and warranties contained in §7.1, §7.2, §7.6(a), §7.9,
§7.10, §7.14, §7.17, §7.18 and §7A shall be true at and as of the time of the effective date of such extension, with the same effect as if made at and as of that time (except to the extent
of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or financial condition of
Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and warranties relate expressly and solely to an earlier date). 

(g) Conflicting Provisions. This §2.19 shall supersede any provisions in §2.17 or
§17 to the contrary. 
 §3. BANKERS’ ACCEPTANCES. 

§3.1. Acceptance and Purchase. Subject to the terms and conditions hereof, each Canadian Bank severally
agrees to accept and purchase Bankers’ Acceptances drawn upon it by the Canadian Borrowers denominated in Canadian Dollars. The Canadian Borrowers shall notify the Canadian Agent by irrevocable written notice (each a
“Bankers’ Acceptance Notice”) by 11:00 a.m. (Toronto time) within one (1) Canadian Business Day of the date of any borrowing by way of Bankers’ Acceptances. Each borrowing by way of Bankers’
Acceptances shall be in a minimum aggregate face amount of C$3,000,000 or an integral multiple of C$100,000 thereof. The face amount of each Bankers’ Acceptance shall be C$100,000 or any integral multiple thereof. Each Bankers’ Acceptance
Notice shall be in the form of Exhibit F. In no event shall (i) the Dollar Equivalent of the aggregate face amount of all outstanding Bankers’ Acceptances exceed the remainder of (A) the Total Canadian Commitment minus
(B) the sum of (1) the Outstanding Amount of all Canadian Loans denominated in U.S. Dollars, plus (2) the Outstanding Amount of all Canadian Loans denominated in Canadian Dollars, (ii) the sum of (A) the
Outstanding Amount of the Canadian Loans denominated in Dollars owed to a Canadian Bank, plus (B) the Outstanding Amount of 

  
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the Canadian Loans denominated in Canadian Dollars owed to such Canadian Bank, plus (C) the Outstanding Amount of Bankers’ Acceptances purchased by such Canadian Bank,
plus (D) the aggregate amount of such Canadian Bank’s participation in Canadian Swing Line Loans, at any time and after giving effect to all amounts requested, exceed such Canadian Bank’s Canadian Commitment, and (iii) the
Total Outstandings, at any time and after giving effect to all amounts requested, exceed the Total Commitment. 
 (a)
Term. Each Bankers’ Acceptance shall be issued and shall mature on a Canadian Business Day. Each Bankers’ Acceptance shall have a term of 1, 2, 3 or 6 months, shall mature no later than five (5) days prior to the
Maturity Date, and shall be in form and substance reasonably satisfactory to the Canadian Bank which is accepting such Bankers’ Acceptance. 

(b) Bankers’ Acceptances in Blank. To facilitate the acceptance of Bankers’ Acceptances under this
Agreement, the Canadian Borrowers shall, upon execution of this Agreement and from time to time as required, provide to the Canadian Agent bills of exchange or depository bills, in form satisfactory to the Canadian Agent, duly executed and endorsed
in blank by the Canadian Borrowers in quantities sufficient for each Canadian Bank to fulfill its obligations hereunder. In addition, the Canadian Borrowers hereby appoint each Canadian Bank as its attorney to sign and endorse on its behalf, in
handwriting or by facsimile or mechanical signature as and when deemed necessary by such Canadian Bank, blank forms of Bankers’ Acceptances. The Canadian Borrowers recognize and agree that all Bankers’ Acceptances signed and/or endorsed on
its behalf by a Canadian Bank shall bind the Canadian Borrowers as fully and effectually as if signed in the handwriting of and duly issued by the proper signing officers of the Canadian Borrowers. Each Canadian Bank is hereby authorized to issue
such Bankers’ Acceptances endorsed in blank in such face amounts as may be determined by such Canadian Bank; provided that the aggregate amount thereof is equal to the aggregate amount of Bankers’ Acceptances required to be accepted
and purchased by such Bank pursuant to clause (d) below. No Canadian Bank shall be responsible or liable for its failure to accept a Bankers’ Acceptance if the cause of such failure is, in whole or in part, due to the failure of the
Canadian Borrowers to provide duly executed and endorsed bills of exchange or depository bills to the Canadian Agent on a timely basis nor shall any Canadian Bank or the Canadian Agent be liable for any damage, loss or other claim arising by reason
of any loss or improper use of any such instrument except loss or improper use arising by reason of the gross negligence or willful misconduct of such Bank or the Canadian Agent, its officers, employees, agents or representatives. Each Canadian Bank
shall maintain a record with respect to Bankers’ Acceptances (i) received by it from the Canadian Agent in blank hereunder, (ii) voided by it for any reason, (iii) accepted by it hereunder, (iv) purchased by it hereunder,
and (v) cancelled at their respective maturities. Each Canadian Bank further agrees to retain such records in the manner and for the statutory periods provided in the various Canadian provincial or federal statutes and regulations which apply
to such Canadian Bank. 
 (c) Depository Bills. All Bankers’ Acceptances accepted by the Canadian Bank
issued in the form of a depository bill (as defined in the Depository Bills and Notes Act (Canada) (“DBNA”)) shall be deposited with the Canadian Depository for Securities and shall be made payable to CDS & Co. In order to
give effect to the foregoing, the Canadian Agent may, acting reasonably, establish and notify the Canadian Borrowers and the other Canadian Banks of any additional procedures, consistent with the terms of this Agreement and the requirements, of the
DBNA, as are reasonably necessary to accomplish the parties intention, including, without limitation: (i) inserting a phrase in the drafts held by the Canadian Agent to the effect that the Bankers’ Acceptance is issued pursuant to the
DBNA; (ii) removing any reference to authentication of a Bankers’ Acceptance; and (iii) removing any reference to the bearer of the depository bill. 

  
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 (d) Execution of Bankers’ Acceptances. Bills of exchange
or depository bills of the Canadian Borrowers to be accepted as Bankers’ Acceptances hereunder shall be duly executed by one or more duly authorized officers on behalf of the Canadian Borrowers. Notwithstanding that any person whose signature
appears on any Bankers’ Acceptance as a signatory for the Canadian Borrowers may no longer be an authorized signatory for the Canadian Borrowers at the date of issuance of a Bankers’ Acceptance, such signature shall nevertheless be valid
and sufficient for all purposes as if such authority had remained in force at the time of such issuance and any such Bankers’ Acceptance so signed shall be binding on the Canadian Borrowers. As a condition precedent to each Canadian Bank’s
obligation to accept and, if applicable, purchase Bankers’ Acceptances hereunder, each of the Canadian Borrowers hereby agrees to the Power of Attorney Terms – Bankers’ Acceptances set out in Annex A hereto and hereby grants to
each Canadian Bank a power of attorney on the terms set out in such Annex A; provided that if either of the Canadian Borrowers revoke such power of attorney, the Canadian Banks shall not be entitled to issue Bankers’ Acceptances
hereunder unless the Canadian Borrowers, the Canadian Agent and all of the Canadian Banks have agreed on amendments to this Agreement which would allow the Canadian Borrowers to again issue Bankers’ Acceptances. Any executed drafts or orders to
be used as Bankers’ Acceptances shall be held in safekeeping with the same degree of care as if they were a Canadian Bank’s property. 

(e) Issuance of Bankers’ Acceptances. Promptly following receipt of a Bankers’ Acceptance Notice, the
Canadian Agent shall so advise the Canadian Banks of the face amount of each Bankers’ Acceptance to be accepted by it and the term thereof. The aggregate face amount of Bankers’ Acceptances to be accepted by a Canadian Bank shall be
determined by the Canadian Agent by reference to the respective Canadian Commitments of the Canadian Banks, except that, if the face amount of a Bankers’ Acceptance, which would otherwise be accepted by a Canadian Bank, would not be C$100,000
or an integral multiple thereof, such face amount shall be increased or reduced by the Canadian Agent in its sole and absolute discretion to the nearest integral multiple of C$100,000. 

(f) Acceptance of Bankers’ Acceptances. Each Bankers’ Acceptance to be accepted by a Canadian Bank
shall be accepted at such Bank’s office shown on Schedule 1 hereof or as otherwise designated by said Canadian Bank from time to time. 

(g) Purchase of Bankers’ Acceptances. On the relevant date of borrowing, each Canadian Bank severally agrees
to purchase from the Canadian Borrowers, at the face amount thereof discounted by the Applicable BA Discount Rate, any Bankers’ Acceptance accepted by it and provide to the Canadian Agent, for the account of the Canadian Borrowers, the BA
Discount Proceeds in respect thereof after deducting therefrom the amount of the Acceptance Fee. 
 (h) Sale of
Bankers’ Acceptances. Each Canadian Bank may at any time and from time to time hold, sell, rediscount or otherwise dispose of any or all Bankers’ Acceptances accepted and purchased by it. 

(i) Waiver of Presentment and Other Conditions. The Canadian Borrowers waive presentment for payment and any
other defense to payment of any amounts due to a Canadian Bank in respect of a Bankers’ Acceptance accepted and purchased by such Canadian Bank pursuant to this Agreement which might exist solely by reason of such Bankers’ Acceptance being
held, at the maturity thereof, by such Bank in its own right. The Canadian Borrowers agree not to claim or require any days of grace or require the Canadian Agent or any Canadian Bank to claim any days of grace if any Canadian Bank as holder sues or
otherwise commences legal proceedings for the payment of any Bankers’ Acceptance. 

  
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 §3.2. Refunding Bankers’
Acceptances. With respect to each Bankers’ Acceptance, the Canadian Borrowers, except during the occurrence and continuation of an Event of Default, may give irrevocable telephone or written notice (or such other method of notification
as may be agreed upon between the Canadian Agent and the Canadian Borrowers) to the Canadian Agent at or before 11:00 a.m. (Toronto time) within one (1) Canadian Business Day of such maturity date of such Bankers’ Acceptance of any
Canadian Borrower’s intention to issue one or more Bankers’ Acceptances on such maturity date (each a “Refunding Bankers’ Acceptance”) to provide for the payment of such maturing Bankers’ Acceptance
(it being understood that payments by the Canadian Borrowers and fundings by the Canadian Banks in respect of each maturing Bankers’ Acceptance and each related Refunding Bankers’ Acceptance shall be made on a net basis reflecting the
difference between the face amount of such maturing Bankers’ Acceptance and the BA Discount Proceeds (net of the applicable Acceptance Fee) of such Refunding Bankers’ Acceptance). Any funding on account of any maturing Bankers’
Acceptance must be made at or before 12:00 noon (Toronto time) on the maturity date of such Bankers’ Acceptance. If the Canadian Borrowers fail to give such notice, the Canadian Borrowers shall be irrevocably deemed to have requested and to
have been advanced a Canadian Loan bearing interest at the Canadian Prime Rate in the face amount of such maturing Bankers’ Acceptance on the maturity date of such maturing Bankers’ Acceptance from the Canadian Bank which accepted such
maturing Bankers’ Acceptance, which Loan shall thereafter bear interest as such in accordance with the provisions hereof and otherwise shall be subject to all provisions of this Agreement applicable to Canadian Loans until paid in full.
Notwithstanding anything to the contrary contained herein, the Canadian Borrowers shall not prepay the Outstanding Amount of any Bankers’ Acceptance, as a whole or in part, at any time. 

§3.3. Acceptance Fee. An acceptance fee (the “Acceptance Fee”) shall be payable by the
Canadian Borrowers to each Canadian Bank and each Canadian Bank shall deduct the amount of such Acceptance Fee from the BA Discount Proceeds (in the manner specified in §3.1(g) in respect of each Bankers’ Acceptance), said
fee to be calculated at a rate per annum equal to the Applicable Acceptance Fee Rate calculated on the face amount of such Bankers’ Acceptance and computed on the basis of the number of days in the term of such Bankers’ Acceptance and a
year of 365 days. 
 §4. LETTERS OF CREDIT. 

§4.1. Letter of Credit Commitments. 

(a) Commitments to Issue Domestic Letters of Credit. 

Subject to the terms and conditions set forth herein, (i) the Issuing Bank agrees, in reliance upon the agreements of the
Domestic Banks set forth in this §4, (A) from time to time on any Domestic Business Day during the period from the Closing Date until the Letter of Credit Expiration Date, to issue Letters of Credit for the account of Ryder and/or any of
its domestic Subsidiaries, and to amend or extend Letters of Credit previously issued by it, in each case denominated in Dollars, in accordance with §4.2, and (B) to honor drawings under the Letters of Credit; and (ii) the
Domestic Banks severally agree to participate in Letters of Credit issued for the account of Ryder and/or any of its domestic Subsidiaries and any drawings thereunder; provided, however, that after giving effect to any L/C Credit
Extension with respect to any Letter of Credit, (1) the Outstanding Amount of L/C Obligations shall not exceed the Letter of Credit Sublimit, (2) the sum of (x) the Outstanding Amount of L/C Obligations, plus
(y) the Outstanding Amount of the Domestic Loans, shall not, at any time and after giving effect to all amounts requested, exceed the Total Domestic Commitment, (3) with respect to any Domestic Bank, the sum of (x) the
aggregate amount of such Domestic Bank’s participation in L/C Obligations, plus (y) the Outstanding Amount of the Domestic Loans owed to such Domestic Bank, plus (z) the 

  
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aggregate amount of such Domestic Bank’s participation in Domestic Swing Line Loans, shall not, at any time and after giving effect to all amounts requested, exceed such Domestic Bank’s
Domestic Commitment, and (4) the Total Outstandings shall not, at any time and after giving effect to all amounts requested, exceed the Total Commitment; provided, further, that, after giving effect to all L/C Credit
Extensions, the aggregate Outstanding Amount of all L/C Obligations of any Issuing Bank shall not exceed such Issuing Bank’s L/C Commitment. Each request by Ryder and/or any domestic Subsidiary for the issuance or amendment of a Letter of
Credit shall be deemed to be a representation by Ryder that the L/C Credit Extension so requested complies with the conditions set forth in the provisos to the preceding sentence. Within the foregoing limits, and subject to the terms and conditions
hereof, Ryder’s and/or any of its domestic Subsidiaries’ ability to obtain Letters of Credit shall be fully revolving, and accordingly Ryder and/or its domestic Subsidiaries may, during the foregoing period, obtain Letters of Credit to
replace Letters of Credit that have expired or that have been drawn upon and reimbursed. All Existing Letters of Credit shall be deemed to have been issued pursuant hereto and deemed L/C Obligations, and from and after the Closing Date shall be
subject to and governed by the terms and conditions hereof. 
 (b) The Issuing Bank shall not issue any Letter of Credit, if:

 (i) subject to §4.2(c), the expiry date of such requested Letter of Credit would occur more than twelve months
after the date of issuance or last extension, unless the Majority Banks have approved such expiry date; or 
 (ii) the expiry
date of such requested Letter of Credit would occur after the Letter of Credit Expiration Date, unless all the Banks have approved such expiry date. 

(c) The Issuing Bank shall not be under any obligation to issue any Letter of Credit if: 

(i) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain
the Issuing Bank from issuing such Letter of Credit, or Laws applicable to the Issuing Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over the Issuing Bank shall prohibit,
or request that the Issuing Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon the Issuing Bank with respect to such Letter of Credit any restriction, reserve or capital
requirement (for which the Issuing Bank is not otherwise compensated hereunder) not in effect on the Closing Date, or shall impose on the Issuing Bank any unreimbursed loss, cost or expense which was not applicable on the Closing Date and which the
Issuing Bank in good faith deems material to it (it being understood that if the Issuing Bank determines not to issue a Letter of Credit as a result of events or circumstances giving rise to unreimbursed losses, costs or expenses, the Issuing Bank
shall promptly notify Ryder and the Administrative Agent of the same, and, in any event, the Borrowers may elect to reimburse such Issuing Bank for such loss, cost or expense, and upon the reimbursement of such loss, cost or expense, the Issuing
Bank shall issue such Letter of Credit on the terms and subject to the other conditions set forth herein); 
 (ii) the
issuance of such Letter of Credit would violate any international, foreign, federal, state and local statutes, treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities (including the
interpretation or administration thereof by any Governmental Authority) or one or more policies of the Issuing Bank; 

  
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 (iii) except as otherwise agreed by the Administrative Agent and the Issuing
Bank, such Letter of Credit is in an initial face amount less than $100,000, in the case of a commercial Letter of Credit, or $100,000, in the case of a standby Letter of Credit; 

(iv) such Letter of Credit is to be denominated in a currency other than Dollars; 

(v) subject to §4.2(d), such Letter of Credit contains any provisions for automatic reinstatement of the stated
amount after any drawing thereunder; or 
 (vi) (A) a default of any Domestic Bank’s (other than the Domestic Bank
which is the Issuing Bank) obligations to fund under §4.3 exists, (B) any Domestic Bank (other than a Domestic Bank which is the Issuing Bank) has failed to fund any portion of any participations in L/C Obligations required to be
funded by it hereunder or (C) any Bank is at such time a Defaulting Bank unless Cash Collateral is provided to the Issuing Bank as set forth in §2.15 (it being understood that any Cash Collateral provided under this Section shall be
held and released pursuant to the terms and conditions of such §2.15). 
 (d) The Issuing Bank shall not amend
any Letter of Credit if the Issuing Bank would not be permitted at such time to issue such Letter of Credit in its amended form under the terms hereof or the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter
of Credit. 
 (e) The Issuing Bank shall be under no obligation to amend any Letter of Credit if (i) the Issuing Bank
would have no obligation at such time to issue such Letter of Credit in its amended form under the terms hereof, or (ii) the beneficiary of such Letter of Credit does not accept the proposed amendment to such Letter of Credit. 

(f) The Issuing Bank shall act on behalf of the Domestic Banks with respect to any Letters of Credit issued by it and the
documents associated therewith, and the Issuing Bank shall have all of the benefits and immunities (i) provided to the Administrative Agent in §16 with respect to any acts taken or omissions suffered by the Issuing Bank in
connection with Letters of Credit issued by it or proposed to be issued by it and Issuer Documents pertaining to such Letters of Credit as fully as if the term “Administrative Agent” as used in §16 included the Issuing Bank
with respect to such acts or omissions, and (ii) as additionally provided herein with respect to the Issuing Bank. 

§4.2. Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. 

(a) Each Letter of Credit shall be issued or amended, as the case may be, upon the request of Ryder and/or its domestic
Subsidiary delivered to the Issuing Bank (with a copy to the Administrative Agent) in the form of a Letter of Credit Application, appropriately completed and signed by a duly authorized officer of Ryder and/or its domestic Subsidiary. Such Letter of
Credit Application must be received by the Issuing Bank and the Administrative Agent not later than 11:00 a.m. (local time for each of the Issuing Bank and the Administrative Agent) at least two Business Days (or such later date and time as the
Administrative Agent and the Issuing Bank may agree in a particular instance in their sole discretion) prior to the proposed issuance date or date of amendment, as the case may be. In the case of a request for an initial issuance of a Letter of
Credit, such Letter of Credit Application shall specify in form and detail reasonably satisfactory to the 

  
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Issuing Bank: (i) the proposed issuance date of the requested Letter of Credit (which shall be a Domestic Business Day); (ii) the amount thereof; (iii) the expiry date thereof;
(iv) the name and address of the beneficiary thereof; (v) the documents to be presented by such beneficiary in case of any drawing thereunder; (vi) the full text of any certificate to be presented by such beneficiary in case of any
drawing thereunder; and (vii) such other matters as the Issuing Bank may require. In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of Credit Application shall specify in form and detail satisfactory to
the Issuing Bank: (A) the Letter of Credit to be amended; (B) the proposed date of amendment thereof (which shall be a Domestic Business Day); (C) the nature of the proposed amendment; and (D) such other matters as the Issuing Bank
may reasonably require. Additionally, Ryder shall furnish to the Issuing Bank and the Administrative Agent such other documents and information pertaining to such requested Letter of Credit issuance or amendment, including any Issuer Documents, as
the Issuing Bank or the Administrative Agent may reasonably require. 
 (b) Promptly after receipt of any Letter of Credit
Application, the Issuing Bank will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from Ryder and, if not, the Issuing Bank will provide the
Administrative Agent with a copy thereof. Unless the Issuing Bank has received written notice from any Bank, any Agent or any Borrower, at least one Business Day prior to the requested date of issuance or amendment of the relevant Letter of Credit,
that one or more applicable conditions contained in §11 and §12 shall not then be satisfied, then, subject to the terms and conditions hereof, the Issuing Bank shall, on the requested date, issue a Letter of Credit for the
account of Ryder and/or its domestic Subsidiaries, as the case may be, or enter into the applicable amendment, as the case may be, in each case in accordance with the Issuing Bank’s usual and customary business practices. Immediately upon the
issuance of each Letter of Credit, the Domestic Banks shall be deemed to, and hereby irrevocably and unconditionally agree to, purchase from the Issuing Bank a risk participation in such Letter of Credit in an amount equal to the product of such
Bank’s Domestic Commitment Percentage times the amount of such Letter of Credit. The Issuing Bank will provide updated information quarterly to the Domestic Banks with respect to the Letters of Credit outstanding at such time. 

(c) If Ryder and/or any of its domestic Subsidiaries so requests in any applicable Letter of Credit Application, the Issuing
Bank may, in its sole and absolute discretion, agree to issue a Letter of Credit that has automatic extension provisions (each, an “Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit
must permit the Issuing Bank to prevent any such extension at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day (the
“Non-Extension Notice Date”) in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. Unless otherwise directed by the Issuing Bank, Ryder and/or any of
its domestic Subsidiaries shall not be required to make a specific request to the Issuing Bank for any such extension. Once an Auto-Extension Letter of Credit has been issued, the Domestic Banks shall be deemed to have authorized (but may not
require) the Issuing Bank to permit the extension of such Letter of Credit at any time to an expiry date not later than the Letter of Credit Expiration Date; provided, however, that the Issuing Bank shall not permit any such extension
if (i) the Issuing Bank has determined that it would not be permitted, or would have no obligation, at such time to issue such Letter of Credit in its revised form (as extended) under the terms hereof (by reason of the provisions of
§4.1(b) and (c) or otherwise), or (ii) it has received notice (which may be by telephone or in writing) on or before the day that is five Business Days before the Non-Extension
Notice Date (A) from the Administrative Agent that the Majority Banks have elected not to permit such extension or (B) from any Agent, any Bank or any Borrower that one or more of the applicable conditions specified in §12 is
not then satisfied, and in each such case directing the Issuing Bank not to permit such extension. 

  
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 (d) If any Letter of Credit contains provisions providing for automatic
reinstatement of the stated amount after any drawing thereunder, (i) unless otherwise directed by the Issuing Bank, Ryder and/or any of its domestic Subsidiaries shall not be required to make a specific request to the Issuing Bank to permit
such reinstatement, and (ii) the Administrative Agent and the Domestic Banks hereby authorize and direct the Issuing Bank to permit such automatic reinstatement, whether or not a Default then exists, unless the Issuing Bank has received a
notice (which may be by telephone or in writing) on or before the day that is two Business Days before the reinstatement date from any Agent, the Majority Banks or any Borrower that one or more of the applicable conditions specified in
§12 is not then satisfied and directing the Issuing Bank to cease permitting such automatic reinstatement of such Letter of Credit. 

(e) Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an advising bank with respect
thereto or to the beneficiary thereof, the Issuing Bank will also deliver to Ryder and the Administrative Agent a true and complete copy of such Letter of Credit or amendment. 

§4.3. Drawings and Reimbursements; Funding of Participations. 

(a) Upon receipt from the beneficiary of any Letter of Credit of any notice of a drawing under such Letter of Credit, the
Issuing Bank shall notify Ryder and the Administrative Agent thereof not later than 1:00 p.m. (Eastern time) on the date of drawing under such Letter of Credit. Not later than 11:00 a.m. (Eastern time) on the Domestic Business Day next following the
later of (i) the date of any payment by the Issuing Bank under a Letter of Credit (each such date of payment by the Issuing Bank, an “Honor Date”) or (ii) the date that the Issuing Bank provides notice to Ryder of a
drawing by the beneficiary under a Letter of Credit, Ryder shall reimburse the Issuing Bank through the Administrative Agent in an amount equal to the amount of such drawing, together with interest thereon at a rate per annum equal to the Domestic
Base Rate. If Ryder fails to so reimburse the Issuing Bank by such time, the Administrative Agent shall promptly notify each Domestic Bank of the Honor Date, the amount of the unreimbursed drawing (the “Unreimbursed Amount”), and
the amount of such Domestic Bank’s Domestic Commitment Percentage thereof. In such event, Ryder shall be deemed to have requested a Domestic Base Rate Loan to be disbursed on the Honor Date in an amount equal to the Unreimbursed Amount, without
regard to the minimum and multiples specified in §2.7 for the principal amount of Loans, but subject to the amount of the unutilized portion of the Total Domestic Commitment and the conditions set forth in §12 (other than the
delivery of a Domestic Loan Request). Any notice given by the Issuing Bank or the Administrative Agent pursuant to this §4.3(a) may be given by telephone if immediately confirmed in writing; provided that the lack of such an
immediate confirmation shall not affect the conclusiveness or binding effect of such notice. 
 (b) Each Domestic Bank
(including the Domestic Bank acting as Issuing Bank, if applicable) shall upon any notice pursuant to §4.3(a) make funds available (and the Administrative Agent may apply Cash Collateral, if applicable and to the extent provided for this
purpose) for the account of the Issuing Bank at the Administrative Agent’s Head Office in an amount equal to its Domestic Commitment Percentage of the Unreimbursed Amount not later than 1:00 p.m. (local time of the Administrative Agent) on the
Business Day specified in such notice by the Administrative Agent, whereupon, subject to the provisions of §4.3(c), each Domestic Bank that so makes funds available shall be deemed to have made a Domestic Base Rate Loan to Ryder in such
amount. The Administrative Agent shall remit the funds so received to the Issuing Bank. 

  
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 (c) With respect to any Unreimbursed Amount that is not fully refinanced by
a Domestic Base Rate Loan pursuant to this §4.3 because the conditions set forth in §12 cannot be satisfied or for any other reason, Ryder shall be deemed to have incurred from the Issuing Bank an L/C Borrowing in the amount
of the Unreimbursed Amount that is not so refinanced, which L/C Borrowing shall be due and payable on demand (together with interest) and shall bear interest in accordance with §6.11. In such event, each Domestic Bank’s payment to
the Administrative Agent for the account of the Issuing Bank pursuant to §4.3(b) shall be deemed payment in respect of its participation in such L/C Borrowing and shall constitute an L/C Advance from such Bank in satisfaction of its
participation obligation under this §4. 
 (d) Until a Domestic Bank funds its Domestic Base Rate Loan or L/C
Advance pursuant to this §4.3 to reimburse the Issuing Bank for any amount drawn under any Letter of Credit, interest in respect of such Domestic Bank’s Domestic Commitment Percentage of such amount shall be solely for the account
of the Issuing Bank. 
 (e) Each Domestic Bank’s obligation to make Domestic Base Rate Loans or L/C Advances to
reimburse the Issuing Bank for amounts drawn under Letters of Credit, as contemplated by this §4.3, shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any
set-off, counterclaim, recoupment, defense or other right which such Bank may have against the Issuing Bank, any Borrower or any other Person for any reason whatsoever; (ii) the occurrence or continuance
of a Default or Event of Default; or (iii) any other occurrence, event or condition, whether or not similar to any of the foregoing; provided, however, that each Domestic Bank’s obligation to make Domestic Base Rate Loans
pursuant to this §4.3 is subject to the conditions set forth in §12 (other than delivery by Ryder of a Domestic Loan Request). No such making of an L/C Advance shall relieve or otherwise impair the obligation of Ryder to
reimburse the Issuing Bank for the amount of any payment made by the Issuing Bank under any Letter of Credit, together with interest as provided herein. 

(f) If any Domestic Bank fails to make available to the Administrative Agent for the account of the Issuing Bank any amount
required to be paid by such Bank pursuant to the foregoing provisions of this §4.3 by the time specified in §4.3(b), the Issuing Bank shall be entitled to recover from such Domestic Bank (acting through the Administrative
Agent), on demand, such amount with interest thereon for the period from the date such payment is required to the date on which such payment is immediately available to the Issuing Bank at a rate per annum equal to the applicable Overnight Rate from
time to time in effect, plus any administrative, processing or similar fees customarily charged by the Issuing Bank in connection with the foregoing. If such Domestic Bank pays such amount (with interest and fees as aforesaid), the amount so
paid (less all such aforementioned interest and fees incurred by such Domestic Bank as a result of its failure to pay the required amounts to the Issuing Bank) shall constitute such Domestic Bank’s Loan included in the relevant borrowing
or L/C Advance in respect of the relevant L/C Borrowing, as the case may be. A certificate of the Issuing Bank submitted to any Domestic Bank (through the Administrative Agent) with respect to any amounts owing under this clause
(f) shall be conclusive absent manifest error. 
 §4.4. Repayment of Participations. 

(a) At any time after the Issuing Bank has made a payment under any Letter of Credit and has received from any Domestic Bank
such Bank’s L/C Advance in respect of such payment in accordance with §4.3, if the Administrative Agent receives for the account of the Issuing Bank any payment in respect of the related Unreimbursed Amount or interest thereon
(whether directly from Ryder or otherwise, including proceeds of Cash Collateral applied thereto by the 

  
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Administrative Agent), the Administrative Agent will distribute to such Bank its Domestic Commitment Percentage thereof (appropriately adjusted, in the case of interest payments, to reflect the
period of time during which such Bank’s L/C Advance was outstanding) in the same funds as those received by the Administrative Agent. 

(b) If any payment received by the Administrative Agent for the account of the Issuing Bank pursuant to §4.3(a) is
required to be returned in connection with any proceeding under any Debtor Relief Law or under any of the circumstances described in §15A (in each case, including pursuant to any settlement entered into by the Issuing Bank in its
discretion), each Domestic Bank shall pay to the Administrative Agent for the account of the Issuing Bank its Domestic Commitment Percentage thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to
the date such amount is returned by such Bank, at a rate per annum equal to the Overnight Rate from time to time in effect. The obligations of such Banks under this clause shall survive the payment in full of the Obligations and the termination of
this Agreement. 
 §4.5. Obligations Absolute. The obligation of Ryder to reimburse the Issuing Bank for
each drawing under each Letter of Credit and to repay each L/C Borrowing shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances, including the following:

 (a) any lack of validity or enforceability of such Letter of Credit, this Agreement, or any other Loan Document; 

(b) the existence of any claim, counterclaim, set-off, defense or other right that
Ryder or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such transferee may be acting), the Issuing Bank or any other Person, whether in
connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any agreement or instrument relating thereto, or any unrelated transaction; 

(c) any draft, demand, certificate or other document presented under such Letter of Credit proving to be forged, fraudulent,
invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(d) any payment by the Issuing Bank under such Letter of Credit against presentation of a draft or certificate that does not
strictly comply with the terms of such Letter of Credit; or any payment made by the Issuing Bank under such Letter of Credit to any Person purporting to be a trustee in bankruptcy,
debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or successor to any beneficiary or any transferee of such
Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; or 
 (e) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, including any other circumstance that might otherwise constitute a defense available to, or a discharge of, any Borrower or any Subsidiary. 

Ryder shall promptly examine a copy of each Letter of Credit and each amendment thereto that is delivered to it and, in the event of any claim
of noncompliance with Ryder’s instructions or other irregularity, Ryder will immediately notify the Issuing Bank. Ryder shall be conclusively deemed to have waived any such claim against the Issuing Bank and its correspondents unless such
notice is given as aforesaid. 

  
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 §4.6. Role of Issuing Bank. 

Each Domestic Bank and Ryder agrees that, in paying any drawing under a Letter of Credit, the Issuing Bank shall not have any responsibility to
obtain any document (other than any sight draft, certificates and documents expressly required by the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or
delivering any such document. None of the Issuing Bank, the Administrative Agent nor any of their respective officers, directors, employees, agents or attorneys-in-fact
or affiliates, correspondents, participants or assignees of the Issuing Bank or Administrative Agent shall be liable to any Domestic Bank for (a) any action taken or omitted in connection herewith at the request or with the approval of the
Domestic Banks or the Majority Banks, as applicable; (b) any action taken or omitted in the absence of gross negligence or willful misconduct; or (c) the due execution, effectiveness, validity or enforceability of any document or
instrument related to any Letter of Credit or Letter of Credit Application. Ryder hereby assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter of Credit; provided, however,
that this assumption is not intended to, and shall not, preclude Ryder’s pursuing such rights and remedies as it may have against the beneficiary or transferee at Law or under any other agreement. None of the Issuing Bank, the Administrative
Agent nor any of their respective officers, directors, employees, agents or attorneys-in-fact or affiliates, correspondents, participants or assignees of the Issuing
Bank or the Administrative Agent, shall be liable or responsible for any of the matters described in clauses (a) through (e) of §4.5; provided, however, that anything in such clauses to the contrary
notwithstanding, Ryder may have a claim against the Issuing Bank, and the Issuing Bank may be liable to Ryder, to the extent, but only to the extent, of any direct, as opposed to consequential or exemplary, damages suffered by Ryder which Ryder
proves were caused by the Issuing Bank’s willful misconduct or gross negligence or the Issuing Bank’s willful failure to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s)
strictly complying with the terms and conditions of a Letter of Credit. In furtherance and not in limitation of the foregoing, the Issuing Bank may accept documents that appear on their face to be in order, without responsibility for further
investigation, and the Issuing Bank shall not be responsible for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the rights or benefits thereunder or proceeds thereof,
in whole or in part, which may prove to be invalid or ineffective for any reason. 
 §4.7. [Reserved.] 

§4.8. Applicability of ISP and UCP. Unless otherwise expressly agreed by the Issuing Bank and Ryder when a
Letter of Credit is issued (including any such agreement applicable to an Existing Letter of Credit), (a) the rules of the ISP shall apply to each standby Letter of Credit, and (b) the rules of the Uniform Customs and Practice for Documentary
Credits, as most recently published by the International Chamber of Commerce at the time of issuance shall apply to each commercial Letter of Credit. 

§4.9. Letter of Credit Fees. Ryder shall pay to the Administrative Agent, for the account of each Domestic
Bank in accordance with its Domestic Commitment Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit issued for Ryder’s or any of its domestic Subsidiaries’ account equal to the
Applicable Margin on all Letter of Credit Fees times the daily maximum amount available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit); provided,
however, any Letter of Credit Fees otherwise payable for the account of a Defaulting Bank with respect to any Letter of Credit as to which such Defaulting Bank has not provided Cash Collateral satisfactory to the Issuing Bank pursuant to this
§4 shall be payable, to the maximum extent permitted by applicable Law, to the other Banks in accordance with the upward adjustments in their respective Commitment Percentages allocable to such Letter of Credit pursuant to
§2.16(a)(iv), with the balance of such fee, if any, payable to the Issuing Bank for its own account. Letter of Credit Fees shall be (a) computed on a quarterly basis in arrears and (b) due and payable on the first
Business Day after the end 

  
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of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on
demand. If there is any change in the Applicable Margin on all Letter of Credit Fees during any quarter, the daily maximum amount of each Letter of Credit shall be computed and multiplied by the Applicable Margin on all Letter of Credit Fees
separately for each period during such quarter that such Applicable Margin on all Letter of Credit Fees was in effect. Notwithstanding anything to the contrary contained herein, while any Event of Default exists and subject to the request of the
Majority Banks (other than with respect to an Event of Default under §13.1(a) (regarding the payment of principal), §13.1(g) or §13.1(h), in each case which shall not require the request of the Majority Banks),
all Letter of Credit Fees shall accrue at a rate equal to the sum of the Applicable Margin on all Letter of Credit Fees plus 2% per annum. 

§4.10. Fronting Fee and Documentary and Processing Charges Payable to Issuing Bank. Ryder shall pay directly
to the Issuing Bank for its own account a fronting fee with respect to each Letter of Credit issued for Ryder’s or any of its domestic Subsidiaries’ account at the per annum rate of 0.125% payable on the actual daily maximum amount
available to be drawn under such Letter of Credit (whether or not such maximum amount is then in effect under such Letter of Credit). Such fronting fee shall be computed on a quarterly basis in arrears. Such fronting fee shall be due and payable on
the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand. In
addition, Ryder shall pay directly to the Issuing Bank for its own account the customary issuance, presentation, amendment and other processing fees, and other standard costs and charges, of the Issuing Bank relating to letters of credit as from
time to time in effect. Such customary fees and standard costs and charges are due and payable on demand and are nonrefundable. 

§4.11. Conflict with Issuing Documents. In the event of any conflict between the terms hereof and the terms
of any Issuer Document, the terms hereof shall control. 
 §4.12. Letters of Credit Issued for Domestic
Subsidiaries. Notwithstanding that a Letter of Credit issued or outstanding hereunder is in support of any obligations of, or is for the account of, any of Ryder’s domestic Subsidiaries, Ryder shall be obligated to reimburse the Issuing
Bank hereunder for any and all drawings under such Letter of Credit. Ryder hereby acknowledges that the issuance of Letters of Credit for the account of its domestic Subsidiaries inures to the benefit of Ryder, and that Ryder’s business derives
substantial benefits from the businesses of such domestic Subsidiaries. 
 §4.13. Acknowledgment of Multiple Issuing Banks;
Letter of Credit Reports to the Administrative Agent. 
 (a) Each of the parties to this Agreement acknowledges that
one or more Issuing Banks may issue or amend Letters of Credit as set forth in this §4 and each reference to Issuing Bank herein shall refer to the applicable Issuing Bank with respect to the Letters of Credit issued by such Issuing Bank
and, as the context may require, all Issuing Banks. 
 (b) Unless otherwise agreed by the Administrative Agent, each Issuing
Bank shall, in addition to its notification obligations set forth elsewhere in this §4, provide the Administrative Agent with a report setting forth the following: (i) reasonably prior to the time that such Issuing Bank issues,
amends, renews, increases or extends a Letter of Credit, the date of such issuance, amendment, renewal, increase or extension and the stated amount of the applicable Letters of Credit after giving effect to such issuance, amendment, renewal or
extension (and whether the amounts thereof shall have changed); (ii) on each Domestic Business Day on which such Issuing Bank makes a payment pursuant to a Letter of Credit, the date and amount of such payment; (iii) on any Domestic Business
Day on which Ryder fails to reimburse a payment made pursuant to a Letter of 

  
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Credit required to be reimbursed to such Issuing Bank on such day, the date of such failure and the amount of such payment; and (iv) on any other Domestic Business Day, such other
information as the Administrative Agent shall reasonably request as to the Letters of Credit issued by such Issuing Bank. Additionally, for so long as any Letter of Credit issued by such Issuing Bank is outstanding, such Issuing Bank shall deliver
to the Administrative Agent on the last Domestic Business Day of each calendar month, a report setting forth such information with respect to each Letter of Credit issued by such Issuing Bank as the Administrative Agent shall reasonably request.

 §5. GUARANTY. 

§5.1. Guaranty of Payment. Ryder hereby irrevocably guarantees to the Agents, the Issuing Bank and the Banks,
the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or otherwise) of all of the Obligations of Ryder PR, each of the Canadian Borrowers, each of the
U.K. Borrowers and each of Ryder’s domestic Subsidiaries, including, without limitation, the principal and interest accruing on the Canadian Loans, the obligations with respect to Bankers’ Acceptances, the U.K. Loans, the PR Loans, the
obligations with respect to the Letters of Credit and the L/C Obligations and all such Obligations which would become due but for the operation of the automatic stay pursuant to §362(a) of the Bankruptcy Code of the United States or any similar
provision of any other bankruptcy or insolvency law and the operation of §§502(b) and 506(b) of the Bankruptcy Code of the United States or any similar provision of any other bankruptcy or insolvency law (all such obligations of Ryder PR,
the Canadian Borrowers, the U.K. Borrowers and each of Ryder’s domestic Subsidiaries being referred to herein as the “Guaranteed Obligations”). This Guaranty is an absolute, unconditional and continuing guaranty of the full and
punctual payment of all of the Guaranteed Obligations and not of their collectability only and is in no way conditioned upon any requirement that any Agent, the Issuing Bank or any Bank first attempt to collect any of the Guaranteed Obligations from
Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers, any of Ryder’s domestic Subsidiaries or any other Person or resort to any collateral security or other means of obtaining payment. Should an Event of Default occur as a
result of a default by Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers or any of Ryder’s domestic Subsidiaries in the payment of any of the Guaranteed Obligations, the Obligations of Ryder hereunder with respect to such
Guaranteed Obligations in default shall, upon demand by the applicable Agent(s), become immediately due and payable to the applicable Agent(s), for the benefit of the Banks, the Issuing Bank and the Agents, without demand or notice of any nature,
all of which are expressly waived by Ryder. Payments by Ryder hereunder may be required by the Agents on any number of occasions. All payments by Ryder hereunder shall be made to the applicable Agent(s), in the manner and at the place of payment
specified therefor in §6.1 hereof, for the account of the Banks, the Issuing Bank and the Agents. 
 §5.2.
Ryder’s Agreement to Pay Enforcement Costs, etc. Ryder further agrees, as the principal obligor and not as a guarantor only, to pay to the applicable Agents, on demand, all reasonable costs and
expenses (including court costs and legal expenses) incurred or expended by any Agent, the Issuing Bank or any Bank in connection with the Guaranteed Obligations, this Guaranty and the enforcement thereof, together with interest on amounts
recoverable under this §5.2 from the time when such amounts become due until payment, whether before or after judgment, at the rate of interest for overdue principal set forth in §6.11 hereof; provided
that if such interest exceeds the maximum amount permitted to be paid under applicable Law, then such interest shall be reduced to such maximum permitted amount. 

§5.3. Waivers by Ryder; Banks’ Freedom to Act. Ryder agrees that the
Guaranteed Obligations will be paid strictly in accordance with their respective terms, regardless of any Law or order now or hereafter in effect in any jurisdiction affecting any of such terms or the rights of the Agents, the Issuing Bank or any
Bank with respect thereto. Ryder waives promptness, diligence, presentment, demand, protest, notice of acceptance, notice of any Guaranteed Obligations incurred and all other notices of any 

  
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kind, all defenses which may be available by virtue of any valuation, stay, moratorium law or other similar law now or hereafter in effect, any right to require the marshalling of assets of Ryder
PR, either of the Canadian Borrowers, either of the U.K. Borrowers, any of Ryder’s domestic Subsidiaries or any other entity or other Person primarily or secondarily liable with respect to any of the Guaranteed Obligations, and all suretyship
defenses generally. Without limiting the generality of the foregoing, Ryder agrees to the provisions of any instrument evidencing, securing or otherwise executed in connection with any Guaranteed Obligation and agrees that the Guaranteed Obligations
of Ryder hereunder shall not be released or discharged, in whole or in part, or otherwise affected by (i) the failure of the Agents, the Issuing Bank or any Bank to assert any claim or demand or to enforce any right or remedy against Ryder PR,
either of the Canadian Borrowers, either of the U.K. Borrowers, any of Ryder’s domestic Subsidiaries or any other entity or other person primarily or secondarily liable with respect to any of the Guaranteed Obligations; (ii) any
extensions, compromise, refinancing, consolidation or renewals of any Guaranteed Obligation; (iii) any change in the time, place or manner of payment of any of the Guaranteed Obligations or any rescissions, waivers, compromise, refinancing,
consolidation or other amendments or modifications of any of the terms or provisions of this Agreement, the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any of the Guaranteed Obligations;
(iv) the addition, substitution or release of any entity or other person primarily or secondarily liable for any Guaranteed Obligation; (v) the adequacy of any rights which the Agents, the Issuing Bank or any Bank may have against any
collateral security or other means of obtaining repayment of any of the Guaranteed Obligations; (vi) the impairment of any collateral securing any of the Guaranteed Obligations, including without limitation the failure to perfect or preserve
any rights which the Agents, the Issuing Bank or any Bank might have in such collateral security or the substitution, exchange, surrender, release, loss or destruction of any such collateral security; or (vii) any other act or omission which
might in any manner or to any extent vary the risk of Ryder or otherwise operate as a release or discharge of Ryder (other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each
of the Commitments), all of which may be done without notice to Ryder. To the fullest extent permitted by Law, Ryder hereby expressly waives any and all rights or defenses arising by reason of (A) any “one action” or
“anti-deficiency” law which would otherwise prevent the Agents, the Issuing Bank or any Bank from bringing any action, including any claim for a deficiency, or exercising any other right or remedy (including any right of set-off), against Ryder before or after the Agent’s, the Issuing Bank’s or such Bank’s commencement or completion of any foreclosure action, whether judicially, by exercise of power of sale or
otherwise, or (B) any other Law which in any other way would otherwise require any election of remedies by the Agents, the Issuing Bank or any Bank. 

§5.4. Unenforceability of Guaranteed Obligations. If for any reason Ryder PR, either of the Canadian
Borrowers, either of the U.K. Borrowers, or any applicable domestic Subsidiary of Ryder has no legal existence or is under no legal obligation to discharge any of the Guaranteed Obligations, or if any of the Guaranteed Obligations have become
irrecoverable from Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers or such domestic Subsidiary by reason of such Person’s insolvency, bankruptcy or reorganization or by other operation of law or for any other reason
(other than the indefeasible payment in full, in cash, of all of the Guaranteed Obligations and the irrevocable termination of each of the Commitments), to the extent permitted by Law, this Guaranty shall nevertheless be binding on Ryder to the same
extent as if Ryder at all times had been the principal obligor on all such Guaranteed Obligations. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the insolvency, bankruptcy or
reorganization of Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers or any of Ryder’s domestic Subsidiaries, or for any other reason, all such amounts otherwise subject to acceleration under the terms of this Agreement,
the other Loan Documents or any other agreement evidencing, securing or otherwise executed in connection with any Obligation shall be immediately due and payable by Ryder. 

  
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 §5.5. Subrogation; Subordination. 

§5.5.1. Postponement of Rights. Until the final payment in full in cash of all of the Guaranteed
Obligations: Ryder shall not exercise and hereby waives any rights against Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers, or any of its domestic Subsidiaries arising as a result of payment by Ryder hereunder, by way of
subrogation, reimbursement, restitution, contribution or otherwise, and will not prove any claim in competition with the Agents, the Issuing Bank or any Bank in respect of any payment hereunder in any bankruptcy, insolvency or reorganization case or
proceedings of any nature; Ryder will not claim any setoff, recoupment or counterclaim against Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers or any of its domestic Subsidiaries in respect of any liability of Ryder to Ryder
PR, either of the Canadian Borrowers, either of the U.K. Borrowers or any such domestic Subsidiary; and Ryder waives any benefit of and any right to participate in any collateral security which may be held by the Agents, the Issuing Bank or any
Bank. 
 §5.5.2. Subordination. The payment of any amounts due with respect to any indebtedness of
Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrowers or any of Ryder’s domestic Subsidiaries for money borrowed or credit received now or hereafter owed to Ryder is hereby subordinated to the prior final payment in full in
cash of all of the Guaranteed Obligations; provided that, so long as no Event of Default has occurred and is continuing, Ryder PR, the Canadian Borrowers, the U.K. Borrowers or such domestic Subsidiaries may pay, and Ryder may receive, such
payment. Ryder agrees that, after the occurrence of any Event of Default, Ryder will not demand, sue for or otherwise attempt to collect any such indebtedness of Ryder PR, the Canadian Borrowers, the U.K. Borrowers or Ryder’s domestic
Subsidiaries to Ryder until all of the Guaranteed Obligations shall have been irrevocably paid in full in cash. If, notwithstanding the foregoing sentence, Ryder shall collect, enforce or receive any amounts in respect of such indebtedness while any
Guaranteed Obligations are still outstanding, such amounts shall be collected, enforced and received by Ryder as trustee for the Banks, the Issuing Bank and the Agents and be paid over to the Agents, for the benefit of the Banks, the Issuing Bank
and the Agents, on account of the Guaranteed Obligations without affecting in any manner the liability of Ryder under the other provisions of this Guaranty. 

§5.5.3. Provisions Supplemental. The provisions of this §5.5 shall be supplemental to and
not in derogation of any rights and remedies of the Banks, the Issuing Bank and the Agents under any separate subordination agreement which the Agents or any of them may at any time and from time to time enter into with Ryder for the benefit of the
Banks, the Issuing Bank and the Agents. 
 §5.6. Further Assurances. Ryder agrees that it will from time to
time, at the request of the Agents, do all such things and execute all such documents as the Agents may reasonably consider necessary or desirable to give full effect to this Guaranty and to perfect and preserve the rights and powers of the Banks,
the Issuing Bank and the Agents hereunder. Ryder acknowledges and confirms that it has established its own adequate means of obtaining from Ryder PR, each of the Canadian Borrowers, each of the U.K. Borrowers and each of its domestic Subsidiaries on
a continuing basis all information desired by it concerning the financial condition of such Persons and that it will look to such Persons and not to the Agents, the Issuing Bank or any Bank in order for it to keep adequately informed of changes in
any of such Person’s financial condition. 
 §5.7. Reinstatement. Notwithstanding any termination of
this Guaranty upon the final and indefeasible payment in full, in cash, of the Guaranteed Obligations, this Guaranty shall continue to be effective or be reinstated, if at any time any payment made or value received with respect to any Obligation is
rescinded or must otherwise be returned by the Agents, the Issuing Bank or any Bank upon the insolvency, bankruptcy or reorganization of Ryder PR, either of the Canadian Borrowers, either of the U.K. Borrower or any applicable domestic Subsidiary of
Ryder, or otherwise, all as though such payment had not been made or value received. 

  
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 §5.8. Successors and Assigns. This Guaranty shall be
binding upon Ryder, its successors and assigns, and shall inure to the benefit of the Agents, the Issuing Bank and the Banks and their respective successors, transferees and assigns. Without limiting the generality of the foregoing sentence, each
Bank may, in accordance with the provisions of §21 and subject to the limitations set forth therein, assign or otherwise transfer this Agreement, the other Loan Documents or any other agreement or note held by it evidencing,
securing or otherwise executed in connection with the Guaranteed Obligations, or sell participations in any interest therein, to any other entity or other person, and such other entity or other person shall thereupon become vested, to the extent set
forth in the agreement evidencing such assignment, transfer or participation, with all the rights in respect thereof granted to such Bank herein. Ryder may not assign any of its Guaranteed Obligations hereunder. 

§5.9. Currency of Payment. Ryder shall pay the Guaranteed Obligations in the currency in which such
Obligations were incurred by the applicable Borrower(s) or the applicable domestic Subsidiary. 
 §5.10. Concerning
Joint and Several Liability of the U.K. Borrowers and the Canadian Borrowers. 
 (a) Each U.K. Borrower hereby
irrevocably and unconditionally jointly and severally guarantees to the U.K. Agent and the U.K. Banks the full and punctual payment when due (whether at stated maturity, by required pre-payment, by
acceleration or otherwise) of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents in consideration of the financial accommodations to be provided by the Banks, the Agents and the Issuing Bank under this
Agreement, for the mutual benefit, directly and indirectly, of each U.K. Borrower and in consideration of the undertakings of the other U.K. Borrower to accept joint and several liability for the Obligations. Each U.K. Borrower agrees that this is
an absolute, unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other U.K. Borrower hereunder and under the other Loan Documents and not of their collectability only and is in no way conditioned
upon any requirement that the U.K. Agent or any U.K. Bank first attempt to collect any of such Obligations from such U.K. Borrower or resort to any collateral security or other means of obtaining payment. Each U.K. Borrower, jointly and severally,
hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other U.K. Borrower with respect to the payment and performance of all of
the Obligations (including, without limitation, any Obligations arising under this §5.10(a)), it being the intention of the parties hereto that all of the Obligations of the U.K. Borrowers shall be the joint and several Obligations of
each U.K. Borrower without preferences or distinction among them. Each U.K. Borrower hereby waives all defenses relating to the joint and several liability described above, including, without limitation, all suretyship defenses. 

(b) Each Canadian Borrower hereby irrevocably and unconditionally jointly and severally guarantees to the Canadian Agent and
the Canadian Banks the full and punctual payment when due (whether at stated maturity, by required pre-payment, by acceleration or otherwise) of all of the Obligations of the other Canadian Borrower hereunder
and under the other Loan Documents in consideration of the financial accommodations to be provided by the Banks, the Agents and the Issuing Bank under this Agreement, for the mutual benefit, directly and indirectly, of each Canadian Borrower and in
consideration of the undertakings of the other Canadian Borrower to accept joint and several liability for the Obligations. Each Canadian Borrower agrees that this is an absolute, 

  
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unconditional and continuing guaranty of the full and punctual payment of all of the Obligations of the other Canadian Borrower hereunder and under the other Loan Documents and not of their
collectability only and is in no way conditioned upon any requirement that the Canadian Agent or any Canadian Bank first attempt to collect any of such Obligations from such Canadian Borrower or resort to any collateral security or other means of
obtaining payment. Each Canadian Borrower, jointly and severally, hereby irrevocably and unconditionally accepts, not merely as a surety but also as a co-debtor, joint and several liability with the other
Canadian Borrower with respect to the payment and performance of all of the Obligations (including, without limitation, any Obligations arising under this §5.10(b)), it being the intention of the parties hereto that all of the
Obligations of the Canadian Borrowers shall be the joint and several Obligations of each Canadian Borrower without preferences or distinction among them. Each Canadian Borrower hereby waives all defenses relating to the joint and several liability
described above, including, without limitation, all suretyship defenses. 
 §6. PROVISIONS RELATING TO ALL
LOANS. 
 §6.1. Funds for Payments. All payments of principal, interest, fees (other than the
Acceptance Fee) and any other amounts due hereunder or under any of the other Loan Documents shall be made to the Administrative Agent, the Canadian Agent, the U.K. Agent or any Swing Line Lender (as expressly provided hereunder), as applicable,
received at such Agent’s Head Office (or, in the case of payments made to any Swing Line Lender (as expressly provided hereunder), to the account specified by such Swing Line Lender) in immediately available funds, without condition or
deduction for any defense, setoff, recoupment, counterclaim or other withholding of any kind (other than any withholding resulting from the failure of a Bank to comply with the provisions of §6.2), by 12:00 noon (local time for
such Agent or Swing Line Lender) on any due date. Subject to the provisions of §28, if a payment is received by such Agent or such Swing Line Lender at or before 2:00 p.m. (local time for such Agent or Swing Line Lender) on any
Business Day, such Agent or such Swing Line Lender shall on the same Business Day transfer in immediately available funds to (a) each of the Domestic Banks, their pro-rata portion of such payment in
accordance with their respective Domestic Commitment Percentages, in the case of payments with respect to Domestic Loans, (b) the Domestic Swing Line Lenders in the case of payments with respect to Domestic Swing Line Loans, (c) each of
the Canadian Banks, their pro-rata portion of such payment in accordance with their respective Canadian Commitment Percentages in the case of payments with respect to Canadian Loans and Bankers’
Acceptances, except to the extent necessary to reflect Bankers’ Acceptances issued on a non-pro-rata basis pursuant to §3.1(e), (d) the Canadian
Swing Line Lender with respect to payments of Canadian Swing Line Loans, (e) each of the U.K. Banks, their pro-rata portion of such payment in accordance with their respective U.K. Commitment Percentages
in the case of payments with respect to the U.K. Loans, (f) the U.K. Agent with respect to payments of U.K. Swing Line Loans, (g) each of the PR Banks, their pro-rata portion of such payment in
accordance with their respective PR Commitment Percentages in the case of payments with respect to PR Loans, (h) the Issuing Bank in the case of payments with respect to L/C Obligations payable to the Issuing Bank, and (i) the Domestic
Banks, their pro-rata portion of such payment in accordance with their respective applicable Commitment Percentages in the case of payments with respect to L/C Obligations payable to such Domestic Banks. If
such payment is received by such Agent after 2:00 p.m. (local time for such Agent or Swing Line Lender) on any Business Day, such transfer shall be made by such Agent or such Swing Line Lender to the applicable Bank(s) on the next Business Day. All
such payments received by any Agent or any Swing Line Lender after 2:00 p.m. (local time for such Agent or Swing Line Lender) shall be deemed received on the next succeeding Business Day and any applicable interest or fee shall continue to accrue.
If any payment to be made by any Borrower shall come due on a day other than a Business Day, payment shall be made on the next following Business Day, and such extension of time shall be reflected in computing interest or fees, as the case may be.

  
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 §6.2. Status of Banks; Tax Documentation. 

(a) (i) Each Bank that may lawfully do so shall deliver to Ryder and to the Administrative Agent, at the time or times
prescribed by applicable Laws or when reasonably requested by Ryder or the Administrative Agent, such properly completed and executed documentation prescribed by applicable Laws or by the taxing authorities of any jurisdiction and such other
reasonably requested information as will permit Ryder or the Administrative Agent, as the case may be, to determine (A) whether or not payments made by the respective Borrowers hereunder or under any other Loan Document are subject to Taxes,
(B) if applicable, the required rate of withholding or deduction, and (C) such Bank’s entitlement to any available exemption from, or reduction of, applicable Taxes in respect of all payments to be made to such Bank by the respective
Borrowers pursuant to this Agreement or otherwise to establish such Bank’s status for withholding tax purposes in the applicable jurisdictions. 

(ii) Without limiting the generality of the foregoing, if a Borrower is resident for tax purposes in the United States, 

(A) any such Bank that is a “United States person” within the meaning of Section 7701(a)(30) of the Code shall
deliver to Ryder and the Administrative Agent executed copies of Internal Revenue Service Form W-9 or such other documentation or information prescribed by applicable Laws or reasonably requested by Ryder on
behalf of such Borrower or the Administrative Agent as will enable such Borrower or the Administrative Agent, as the case may be, to determine whether or not such Bank is subject to backup withholding or information reporting requirements; and 

(B) each such Foreign Bank that is entitled under the Code or any applicable treaty to an exemption from or reduction of
withholding tax with respect to payments hereunder or under any other Loan Document shall deliver to Ryder and the Administrative Agent (in such number of copies as shall be reasonably requested by the recipient) on or prior to the date on which
such Foreign Bank becomes a Bank under this Agreement (and, to the extent that such Bank may lawfully do so thereafter, from time to time thereafter upon the request of Ryder on behalf of such Borrower or the Administrative Agent, but only if such
Foreign Bank is legally entitled to do so), whichever of the following is applicable: 
 (I) executed copies of Internal
Revenue Service Form W-8BEN-E (or W-8BEN, as applicable) claiming eligibility for benefits of an income tax treaty to which the
United States is a party, 
 (II) executed copies of Internal Revenue Service Form
W-8ECI, 
 (III) executed copies of Internal Revenue Service Form W-8IMY and all required supporting documentation, 
 (IV) in the case of a Foreign Bank
claiming the benefits of the exemption for portfolio interest under section 881(c) of the Code, (x) a certificate to the effect that such Foreign Bank is not (A) a “bank” within the meaning of section 881(c)(3)(A) of the Code,
(B) a “10 percent shareholder” of such Borrower within the meaning of section 881(c)(3)(B) of the Code, or (C) a “controlled foreign corporation” described in section 881(c)(3)(C) of the Code and (y) executed
copies of Internal Revenue Service Form W-8BEN-E (or W-8BEN, as applicable), or 

  
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 (V) executed copies of any other form prescribed by applicable Laws as a
basis for claiming exemption from or a reduction in United States Federal withholding tax together with such supplementary documentation as may be prescribed by applicable Laws to permit such Borrower or the Administrative Agent to determine the
withholding or deduction required to be made. 
 (iii) Each Bank shall, upon obtaining actual knowledge thereof, promptly
(A) notify Ryder and the Administrative Agent of any change in circumstances which would modify or render invalid any claimed exemption or reduction, and (B) take such steps as shall not be materially disadvantageous to it, in the
reasonable judgment of such Bank, and as may be reasonably necessary (including the re-designation of its lending office) to avoid any requirement of applicable Laws of any jurisdiction that any Borrower or
the Administrative Agent make any withholding or deduction for taxes from amounts payable to such Bank. 
 (iv) Each of the
Borrowers shall promptly deliver to the Administrative Agent or any Bank, as the Administrative Agent or such Bank shall reasonably request, on or prior to the Closing Date (or such later date on which it first becomes a Borrower), and in a timely
fashion thereafter, such documents and forms required by any relevant taxing authorities under the Laws of any jurisdiction, duly executed and completed by such Borrower, as are required to be furnished by such Bank or the Administrative Agent under
such Laws in connection with any payment by the Administrative Agent or any Bank of Taxes or Other Taxes, or otherwise in connection with the Loan Documents, with respect to such jurisdiction. 

(b) The Borrowers shall not be required to pay any additional amounts in respect of Domestic Loans to any Foreign Bank in
respect of United States Federal withholding tax pursuant to §19 to the extent that (i) the obligation to withhold amounts with respect to United States Federal withholding tax existed on the date such Foreign Bank became a party to
this Agreement or, with respect to payments to a different lending office designated by the Foreign Bank as its applicable lending office (a “New Lending Office”), the date such Foreign Bank designated such New Lending Office with
respect to a Loan; provided, however, that this clause (i) shall not apply to any transferee or New Lending Office as a result of a Reallocation or an assignment, transfer or designation made at the request of the
Borrowers; and provided further, however, that this clause (i) shall not apply to the extent the indemnity payment or additional amounts any transferee, or Bank through a New Lending Office, would be entitled to
receive without regard to this clause (i) do not exceed the indemnity payment or additional amounts that the Person making the assignment or transfer to such transferee, or Bank making the designation of such New Lending Office,
would have been entitled to receive in the absence of such assignment, transfer or designation; or (ii) the obligation to pay such additional amounts would not have arisen but for a failure by such Foreign Bank (that could lawfully do so) to
comply with the provisions of paragraph (a) above. 
 (c) Notwithstanding the foregoing, each Bank agrees to use
reasonable efforts (consistent with legal and regulatory restrictions) to change its lending office to avoid or to minimize any amounts otherwise payable under §19 in each case solely if such change (i) can be made in a manner so
that such Bank does not incur any costs or expenses unless the Borrowers have agreed to reimburse such Person therefor and (ii) does not result in any legal or regulatory disadvantage to such Person. 

  
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 (d) If a payment made to a Bank under any Loan Document would be subject to
U.S. federal withholding Tax imposed by FATCA if such Bank 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 Bank shall deliver
to Ryder and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by Ryder 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 Ryder or the Administrative Agent as may be necessary for Ryder and the Administrative Agent to comply with their obligations under FATCA and to
determine that such Bank has complied with such Bank’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. 
 (e) For purposes of determining withholding Taxes imposed under the
Foreign Account Tax Compliance Act (FATCA), from and after the Closing Date, each of the Borrowers and the Administrative Agent shall treat (and the Banks hereby authorize the Administrative Agent to treat) this Agreement as not qualifying as a
“grandfathered obligation” within the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

§6.3. Currency of Payment. Payments of principal or interest with respect to any Loan or obligation with
respect to Bankers’ Acceptance or Letters of Credit shall be made in the currency in which such Loan was advanced or in which such Bankers’ Acceptance or such Letter of Credit was issued. Notwithstanding the foregoing, the Acceptance Fee
shall be payable solely in Canadian Dollars and any and all other fees payable hereunder shall be payable in solely U.S. Dollars unless, with respect to any fees payable by the Canadian Borrowers and the U.K. Borrowers, otherwise agreed to by the
Canadian Agent and/or the U.K. Agent respectively. 
 §6.4. Mandatory Repayments of the Loans. Except as
provided in §6.16 hereof, if at any time 
 (a) the sum of (i) the outstanding L/C Obligations
at such time, plus (ii) the outstanding principal amount of the Domestic Loans at such time, exceeds the Total Domestic Commitment then in effect, whether by reduction of the Total Domestic Commitment or otherwise, or 

(b) the sum of (i) the outstanding principal amount of the Canadian Loans denominated in U.S. Dollars at such time,
plus (ii) the Outstanding Amount of the Canadian Loans denominated in Canadian Dollars at such time, plus (iii) the Outstanding Amount of Bankers’ Acceptances at such time, exceeds the Total Canadian Commitment then in
effect, whether by reduction of the Total Canadian Commitment or otherwise, or 
 (c) the sum of (i) the
outstanding principal amount of the U.K. Loans denominated in U.S. Dollars at such time, plus (ii) the Outstanding Amount of the U.K. Loans denominated in Sterling at such time, plus (iii) the Outstanding Amount of the U.K.
Loans denominated in Euros at such time, exceeds the Total U.K. Commitment then in effect, whether by reduction of the Total U.K. Commitment or otherwise, or 

  
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 (d) the sum of the outstanding principal amount of the PR Loans at such time
exceeds the Total PR Commitment then in effect, whether by reduction of the Total PR Commitment or otherwise, 
 then the applicable
Borrower(s) shall immediately pay the amount of such excess to the Administrative Agent in the case of clauses (a) and (d) above, the Canadian Agent, in the case of clause (b) above, or the U.K. Agent, in the case of
clause (c) above, (A) for application to the Loans in the following order: first, pro rata to any Unreimbursed Amounts (including any L/C Borrowings) with respect to the Letters of Credit issued for the account of
such Borrower (if applicable), second, pro rata to Domestic Swing Line Loans, Canadian Swing Line Loans, and U.K. Swing Line Loans, and third, pro rata to Domestic Loans (other than Domestic Swing Line
Loans), Canadian Loans (other than Canadian Swing Line Loans), U.K. Loans (other than U.K. Swing Line Loans) and PR Loans, subject to §6.10, or (B) if no Loans shall be outstanding, to be held pro rata by the
Administrative Agent (in the case of Letters of Credit) and the Canadian Agent (in the case of Bankers’ Acceptances) for the benefit of the Issuing Bank or the Domestic Banks (as the case may be) in the case of Letters of Credit and/or the
Canadian Banks in the case of Bankers’ Acceptances, as applicable, as collateral security for the amount of Bankers’ Acceptances and as Cash Collateral for the Letters of Credit; provided, however, that if the amount of Cash
Collateral held by the Administrative Agent (in the case of Letters of Credit) and the Canadian Agent (in the case of Bankers’ Acceptances) pursuant to this §6.4 exceeds the amount of Bankers’ Acceptances and the Letters of
Credit, as the case may be, from time to time, the Administrative Agent or the Canadian Agent shall return such excess to Ryder or the Canadian Borrowers, as applicable. 

§6.5. Computations. 

(a) Except as otherwise expressly provided herein, other than calculations in respect of interest for Domestic Base Rate Loans
(which shall be made on the basis of actual number of days elapsed in a 365/366-day year) all computations of interest and the Facility Fees shall be based on a 360-day
year and paid for the actual number of days elapsed. Interest shall accrue on each Loan for the day on which the Loan is made, and shall not accrue on a Loan, or any portion thereof, for the day on which the Loan or such portion is paid. Whenever a
payment hereunder or under any of the other Loan Documents becomes due on a day that is not a Business Day, the due date for such payment shall be extended to the next succeeding Business Day, and interest shall accrue during such extension;
provided that for any Interest Period for any LIBOR Rate Loan if such next succeeding Business Day falls in the next succeeding calendar month or after the Maturity Date, it shall be deemed to end on the next preceding Business Day. Each
determination by an Agent of an interest rate or fee hereunder shall be conclusive and binding for all purposes, absent manifest error. 

(b) For the purposes of the Interest Act (Canada), (i) whenever a rate of interest or fee rate hereunder is calculated on the
basis of a year (the “deemed year”) that contains fewer days than the actual number of days in the calendar year of calculation, such rate of interest or fee rate shall be expressed as a yearly rate by multiplying such rate of
interest or fee rate by the actual number of days in the calendar year of calculation and dividing it by the number of days in the deemed year, (ii) the principle of deemed reinvestment of interest shall not apply to any interest calculation
hereunder and (iii) the rates of interest stipulated herein are intended to be nominal rates and not effective rates or yields. 

(c) All computations of outstanding Loans, Commitment availability, mandatory prepayments, or other matters hereunder shall be
made in U.S. Dollars or Dollar Equivalents. 

  
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 §6.6. Illegality; Inability to Determine LIBOR Rate or EURIBOR
Rate. Notwithstanding any other provision of this Agreement if (a) the introduction of, any change in, or any change in the interpretation of, any Law or regulation applicable to any Bank or any Agent shall make it unlawful, or any
central bank or other governmental authority having jurisdiction thereof shall assert that it is unlawful, for any Bank or any such Agent to perform its obligations in respect of any LIBOR Rate Loans or EURIBOR Rate Loans, or (b) if any Bank or
any such Agent, as applicable shall reasonably determine with respect to LIBOR Rate Loans or EURIBOR Rate Loans that (i) by reason of circumstances affecting any eurodollar interbank market, adequate and reasonable methods do not exist for
ascertaining the LIBOR Rate and/or EURIBOR Rate which would otherwise be applicable during any Interest Period, or (ii) deposits in the relevant currency and amount for the relevant Interest Period are not available to such Bank or such Agent
in any eurodollar interbank market, then such Bank or such Agent shall promptly give notice of such determination to the Borrowers (which notice shall be conclusive and binding upon such Borrowers). Upon such notification by such Bank or such Agent,
the obligation of the Banks and such Agent to make LIBOR Rate Loans (or Domestic Base Rate Loans the interest rate on which is determined by reference to the Domestic LIBOR Rate component of the Domestic Base Rate) or EURIBOR Rate Loans, as the case
may be, shall be suspended until the Banks or such Agent, as the case may be, determine that such circumstances no longer exist, and to the extent permitted by Law the outstanding LIBOR Rate Loans (or Domestic Base Rate Loans the interest rate on
which is determined by reference to the Domestic LIBOR Rate component of the Domestic Base Rate) and/or EURIBOR Rate Loans shall continue to bear interest at the applicable rate based on the LIBOR Rate and/or EURIBOR Rate, respectively, until the
end of the applicable Interest Period, and thereafter shall be deemed converted to Domestic Base Rate Loans (without reference to the Domestic LIBOR Rate component of the Domestic Base Rate), Canadian Base Rate Loans or U.K. Base Rate Loans, as
applicable, in equal principal amounts of such former LIBOR Rate Loans (or Domestic Base Rate Loans the interest rate on which is determined by reference to the Domestic LIBOR Rate component of the Domestic Base Rate) or EURIBOR Rate Loans. 

§6.7. Additional Costs, Etc. Except for any matters addressed by §19, and except as
otherwise reflected in the interest rate applicable under this Agreement, if any Change in Law (which expression, as used herein, includes requests, directives, instructions and notices at any time or from time to time hereafter made upon or
otherwise issued to any Bank or the Issuing Bank by any central bank or other fiscal, monetary or other authority, whether or not having the force of law) or if any applicable Law adopted after the date hereof shall: 

(a) subject such Bank or the Issuing Bank to any tax, levy, impost, duty, charge, fee, deduction or withholding of any nature
with respect to this Agreement, the other Loan Documents, such Bank’s Commitment, the Loans, any Letters of Credit or the Bankers’ Acceptances (other than taxes based upon or measured by the income, capital or profits of such Bank or the
Issuing Bank imposed by the jurisdiction of its incorporation or organization, or the location of its lending office or any political subdivision thereof); or 

(b) materially change the basis of taxation (except for changes in taxes on income, capital or profits of such Bank or the
Issuing Bank imposed by the jurisdiction of its incorporation or organization, or the location of its lending office or any political subdivision thereof) of payments to such Bank or the Issuing Bank of the principal or of the interest on any Loans
or Letters of Credit or the Bankers’ Acceptances or any other amounts payable to such Bank or the Issuing Bank under this Agreement or the other Loan Documents; or 

(c) impose or increase or render applicable (other than to the extent specifically provided for elsewhere in this Agreement)
any special deposit, reserve, assessment, liquidity, capital adequacy or other similar requirements against assets held by, or deposits in or for the account of, or loans by, or reimbursement obligations owed to, or commitments of, an office of any
Bank or the Issuing Bank with respect to this Agreement, the other Loan Documents, such Bank’s Commitment, the Loans, the Letters of Credit or the Bankers’ Acceptances; or 

  
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 (d) impose on such Bank or the Issuing Bank any other conditions or
requirements with respect to this Agreement, the other Loan Documents, the Loans, the Bankers’ Acceptances, any Letters of Credit, such Bank’s Commitment, or any class of loans or commitments of which any of the Loans, such Letters of
Credit or such Bank’s Commitment forms a part, and the result of any of the foregoing is: 
 (i) to increase the cost to
such Bank or the Issuing Bank of making, funding, issuing, renewing, extending or maintaining the Loans or such Bank’s Commitment or any Letter of Credit or accepting and purchasing Bankers’ Acceptances; 

(ii) to reduce the amount of principal, interest, reimbursement obligations or other amount payable to such Bank or the Issuing
Bank hereunder on account of such Bank’s Commitment or the Loans or Bankers’ Acceptances or any Letter of Credit; or 

(iii) to require such Bank or the Issuing Bank to make any payment or to forego any interest or other sum payable hereunder,
the amount of which payment or foregone interest or other sum is calculated by reference to the gross amount of any sum receivable or deemed received by such Bank or the Issuing Bank from the Borrowers hereunder, 

then, and in each such case, the applicable Borrower will, upon demand made by such Bank or the Issuing Bank at any time and from time to time
as often as the occasion therefore may arise (which demand shall be accompanied by a statement setting forth the basis of such demand which shall be conclusive absent manifest error), pay such reasonable additional amounts as will be sufficient to
compensate such Bank or the Issuing Bank for such additional costs, reduction, payment or foregone interest or other sum. A Borrower shall only be obligated to pay a Bank or the Issuing Bank such additional amounts to the extent such Bank or the
Issuing Bank has allocated such additional costs, reduction, payment or foregone interest or other sum among its like situated customers in good faith and on an equitable and nondiscriminatory basis. 

§6.8. Capital Adequacy. Except as otherwise reflected in the interest rate applicable under this Agreement,
if any Bank or the Issuing Bank shall have determined that, after the date hereof, the adoption of any applicable Law regarding capital adequacy, or any Change in Law, or any change in the interpretation or administration thereof by any Governmental
Authority, central bank or comparable agency charged with the interpretation or administration thereof, or any request or directive regarding capital adequacy of any such Governmental Authority, central bank or comparable agency, in each case,
whether or not having the force of law, has or would have the effect of reducing the rate of return on capital of such Bank or the Issuing Bank (or any corporation controlling such Bank or the Issuing Bank) as a consequence of such Bank’s or
the Issuing Bank’s obligations hereunder to a level below that which such Bank or the Issuing Bank (or any corporation controlling such Bank or the Issuing Bank) could have achieved but for such adoption, change, request or directive (taking
into consideration its policies with respect to capital adequacy), in each case, whether or not having the force of law, by an amount deemed by such Bank or the Issuing Bank to be material, then from time to time, within fifteen (15) days after
demand by such Bank or the Issuing Bank, the applicable Borrower shall pay to such Bank or the Issuing Bank such additional amount or amounts as will, in such Bank’s or the Issuing Bank’s reasonable determination, fairly compensate such
Bank or the Issuing Bank (or any corporation controlling such Bank or the Issuing Bank) for such reduction. A Borrower shall only be obligated to pay a Bank or the Issuing Bank such cost increases to the extent such Bank or the Issuing Bank has
allocated such costs among its customers in good faith and on an equitable and nondiscriminatory basis. 

  
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 §6.9. Certificate; Etc. A certificate setting forth the
additional amounts payable pursuant to §6.7 or §6.8 and a reasonable explanation of such amounts which are due, submitted by any Bank or the Issuing Bank to the applicable Borrower(s), shall be conclusive,
absent manifest error, that such amounts are due and owing. Such certificate shall contain a certification as to the matters specified in the last sentence of §6.7 or §6.8, as the case may be. A Borrower shall
only be obligated to pay additional amounts under §6.7 or §6.8 hereof which accrue or are incurred after a Bank or the Issuing Bank has given notice to a Borrower pursuant to this §6.9. Any
additional amounts paid by a Borrower to a Bank or the Issuing Bank pursuant to §6.7 or §6.8 hereof which are subsequently refunded to such Bank or the Issuing Bank shall be refunded to the applicable Borrower.

 §6.10. Eurodollar Indemnity. Each Borrower agrees to indemnify the applicable Banks and the applicable
Agents, and to hold them harmless from and against any reasonable loss, cost or expense that any such Bank or such Agent may sustain or incur as a consequence of (a) the default by such Borrower in payment of the principal amount of or any
interest on any LIBOR Rate Loans or EURIBOR Rate Loans, as and when due and payable, including any such loss or expense arising from interest or fees payable by any Bank or such Agent to lenders of funds obtained by it in order to maintain its LIBOR
Rate Loans or EURIBOR Rate Loans, (b) the default by such Borrower in making a borrowing of a LIBOR Rate Loan or EURIBOR Rate Loan or conversion of a LIBOR Rate Loan, EURIBOR Rate Loan or a prepayment of a LIBOR Rate Loan or EURIBOR Rate Loan
other than on an Interest Payment Date after such Borrower has given a Domestic Loan Request, a Canadian Loan Request, a U.K. Loan Request, or a PR Loan Request, a notice pursuant to §2.8, or a notice pursuant to
§2.11, §2.12, §2.13 or §2.14, and (c) the making of any payment of a LIBOR Rate Loan or EURIBOR Rate Loan, or the making of any conversion of any LIBOR Rate Loan or
EURIBOR Rate Loan to a Base Rate Loan, or the Reallocation of any LIBOR Rate Loan or EURIBOR Rate Loan pursuant to §2.4 on a day that is not the last day of the applicable Interest Period with respect thereto. So long as no Event
of Default shall have occurred and be continuing, the Borrowers may elect to avoid the payment of such breakage costs by requesting that the applicable Agent apply amounts received with respect to LIBOR Rate Loans or EURIBOR Rate Loans to Cash
Collateralize such LIBOR Rate Loans or EURIBOR Rate Loans, as the case may be, but in no event shall a Borrower be deemed to have paid such LIBOR Rate Loans or EURIBOR Rate Loans until such cash has been paid to the applicable Agent for application
to such LIBOR Rate Loans or EURIBOR Rate Loans, respectively. Such loss or reasonable expense shall include an amount equal to the excess, if any, as reasonably determined by each Bank of (i) its cost of obtaining the funds for the LIBOR Rate
Loan or EURIBOR Rate Loan being paid, prepaid, converted, not converted, reallocated, or not borrowed, as the case may be (based on the applicable LIBOR Rate or EURIBOR Rate, as the case may be) for the period from the date of such payment,
prepayment, conversion, or failure to borrow or convert, as the case may be, to the last day of the Interest Period for such Loan (or, in the case of a failure to borrow, the Interest Period for the Loan which would have commenced on the date of
such failure to borrow) over (ii) the amount of interest (as reasonably determined by such Bank) that would be realized by such Bank in reemploying the funds so paid, prepaid, converted, or not borrowed, converted, or prepaid for such
period or Interest Period, as the case may be, which determinations shall be conclusive absent manifest error. 
 §6.11.
Interest on Overdue Amounts. Overdue principal and (to the extent permitted by applicable Law) interest on the Loans, including Swing Line Loans, and all other overdue amounts payable hereunder or under any of the other Loan
Documents (other than Letter of Credit Fees and Acceptance Fees) shall bear interest compounded monthly and payable on demand at a rate per annum equal to (a) the applicable rate in effect for any Base Rate Loan plus (b) the
relevant Applicable Margin plus (c) 2%, until such amount shall be paid in full (after as well as before judgment and after as well as before the commencement of any proceeding under any Debtor Relief Law); provided, however,
that with respect to (i) a LIBOR Rate Loan, such rate shall be an interest rate equal to the interest rate (including the Applicable Margin for LIBOR Rate Loans) otherwise applicable to such Loan plus 2% per annum, (ii) Letter of
Credit Fees, such rate shall be a rate equal to 2% above the Letter of Credit Fees otherwise applicable thereto, and 

  
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(iii) the Acceptance Fee, such rate shall be a rate equal to the Applicable Acceptance Fee Rate plus 2% per annum. Notwithstanding the foregoing, the addition of 2% per annum on overdue
amounts under this Section shall be subject in all cases (other than with respect to an Event of Default under §13.1(a) (regarding the payment of principal), §13.1(g) or §13.1(h), in each case which shall not
require the request of the Majority Banks), to the request of the Majority Banks. 
 §6.12. Interest
Limitation. Notwithstanding any other term of this Agreement or the Notes, any other Loan Document or any other document referred to herein or therein, the maximum amount of interest which may be charged to or collected from any Person
liable hereunder or under the Notes by any Bank shall be absolutely limited to, and shall in no event exceed, the maximum amount of interest which could lawfully be charged or collected by such Bank under applicable Laws (including, to the extent
applicable, the provisions of §5197 of the Revised Statutes of the United States, as amended, 12 U.S.C. §85, as amended and the Criminal Code (Canada)). 

§6.13. Reasonable Efforts to Mitigate. Each Bank and the Issuing Bank agrees that as promptly as practicable
after it becomes aware of the occurrence of an event or the existence of a condition that would cause it to be affected under §6.2, §6.6, §6.7 or §6.8, such Bank or the
Issuing Bank will give notice thereof to the applicable Borrower(s), with a copy to the applicable Agent and, to the extent so requested by such Borrower(s) and not inconsistent with such Bank’s or the Issuing Bank’s internal policies,
such Bank or the Issuing Bank shall use reasonable efforts and take such actions as are reasonably appropriate (including, without limitation, designating a different lending office for funding or booking its Loans hereunder or assigning its rights
and obligations hereunder to another of its offices, branches or Affiliates) if as a result thereof the additional moneys which would otherwise be required to be paid to such Bank or the Issuing Bank pursuant to such subsections would be materially
reduced, or the illegality or other adverse circumstances which would otherwise require a conversion of such Loans or result in the inability to make such Loans pursuant to such sections would cease to exist, and in each case if, as determined by
such Bank or the Issuing Bank in its sole discretion, the taking of such actions would not adversely affect such Loans or such Bank or otherwise be disadvantageous to such Bank or the Issuing Bank. The applicable Borrowers hereby agree to pay all
reasonable costs and expenses incurred by any Bank in connection with any such designation or assignment. 
 §6.14.
Replacement of Banks. If any Bank or the Issuing Bank (an “Affected Bank”) (a) (i) makes demand upon a Borrower for (or if a Borrower is otherwise required to pay) amounts pursuant to §6.7,
§6.8 or §19, (ii) is unable to make or maintain LIBOR Rate Loans as a result of a condition described in §6.6, (iii) defaults in its obligation to make Loans, or accept and purchase
Bankers’ Acceptances or reimburse the Issuing Bank for the amount of each draft paid under any Letter of Credit or fails to comply with the provisions of §2.17 or §14 with respect to making dispositions and
arrangements with the other Banks, where such Bank’s share of any payment received, whether by setoff or otherwise, is in excess of its pro rata share of such payments due and payable to all of the Banks, in each case in
accordance with the terms of this Agreement or (iv) is otherwise a Defaulting Bank, or (b) fails to approve any amendment, waiver or consent requested by any Borrower and such amendment, waiver or consent has received the written approval
of not less than the Majority Banks, but also requires the approval of such Affected Bank, then in each case, such Borrower may, at its sole expense and effort, within ninety (90) days of receipt of such demand, notice (or the occurrence of
such other event causing such Borrower to be required to pay such compensation or causing §6.6 to be applicable), or default, as the case may be, by notice in writing to the Agents and such Affected Bank, require such Affected
Bank to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and consents required by, §21), all of its interests, rights and obligations under this Agreement and the related Loan
Documents to an assignee that shall assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment); provided that: 

  
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 (A) the applicable Agent, the applicable Swing Line Lender, and, for each
assignment of a Domestic Commitment hereunder, the Issuing Bank, shall have consented to such assignment in writing (in each case, such consent not to be unreasonably withheld); 

(B) such Borrower shall have paid to the Administrative Agent the assignment fee specified in §21; 

(C) such Affected Bank shall have received payment of an amount equal to the outstanding principal of its Loans, L/C Advances
and purchased Bankers’ Acceptances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents from the assignee (to the extent of such outstanding principal and accrued interest and
fees) or such Borrower (in the case of all other amounts); 
 (D) in the case of any such assignment resulting from a claim
for compensation under clause (a)(i) of this §6.14, such assignment will result in a reduction in such compensation or payments thereafter; and 

(E) such assignment does not conflict with applicable Laws or provisions hereunder. 

A Bank shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Bank or otherwise,
the circumstances entitling such Borrower to require such assignment and delegation cease to apply. 
 §6.15.
Advances by Administrative Agent; Canadian Agent; and U.K. Agent. 
 (a) The Administrative Agent, the
Canadian Agent or the U.K. Agent, as applicable, may (unless earlier notified to the contrary by any Bank by 1:00 p.m. (local time for such Agent) one (1) Business Day prior to any Drawdown Date, or in the case of Domestic Base Rate Loans, on
such Drawdown Date) assume that each Bank has made available (or will before the end of the applicable Drawdown Date make available) to such Agent the amount of such Bank’s Domestic Commitment Percentage, Canadian Commitment Percentage, U.K.
Commitment Percentage or PR Commitment Percentage, as applicable, with respect to the Loans to be made on such Drawdown Date, and such Agent may (but shall not be required to), in reliance upon such assumption, make available to the applicable
Borrower a corresponding amount. If any Bank makes such amount available to such Agent on a date after such Drawdown Date, such Bank shall pay such Agent on demand an amount equal to the product of (i) the average, computed for the period
referred to in clause (iii) below, of the weighted average annual interest rate paid by such Agent for funds acquired by such Agent during each day included in such period times (ii) the amount equal to such Bank’s
Domestic Commitment Percentage of such Domestic Loan, Canadian Commitment Percentage of such Canadian Loan, U.K. Commitment Percentage of such U.K. Loan and PR Commitment Percentage of such PR Loan, as applicable, times (iii) a fraction,
the numerator of which is the number of days that elapse from and including such Drawdown Date to but not including the date on which the amount equal to such Bank’s Domestic Commitment Percentage, Canadian Commitment Percentage, U.K.
Commitment Percentage or PR Commitment Percentage, as applicable, of such Loans, shall become immediately available to such Agent, and the denominator of which is 365. A statement of such Agent submitted to such Bank with respect to any amounts
owing under this paragraph shall be prima facie evidence of the amount due and owing to such Agent by such Bank. If such amount is not in fact made available to such Agent by such Bank within three (3) Business Days of such
Drawdown Date, such Agent shall be entitled to recover such amount from, and the applicable Bank and the applicable Borrower(s) severally agree to pay to such Agent forthwith on demand such corresponding amount in Same Day Funds, with

  
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interest thereon, for each day from and including the date such amount is made available to such Borrower to but excluding the date of payment to such Agent, at (A) in the case of a payment
to be made by such Bank, the Overnight Rate, plus any administrative, processing or similar fees customarily charged by such Agent in connection with the foregoing, and (B) in the case of a payment made by such Borrower, the interest
rate applicable to Base Rate Loans. If such Borrower and such Bank shall pay such interest to such Agent for the same or an overlapping period, such Agent shall promptly remit to such Borrower the amount of such interest paid by such Borrower for
such period. If such Bank pays its share of the applicable borrowing to such Agent, then the amount so paid (less all such aforementioned interest and fees incurred by such Bank as a result of its failure to pay the required amounts to the
applicable Agent) shall constitute such Bank’s Loan included in such borrowing. Any payment by such Borrower shall be without prejudice to any claim such Borrower may have against a Bank that shall have failed to make such payment to such
Agent. 
 (b) Unless Ryder, the Canadian Borrowers, the U.K. Borrowers or Ryder PR, as the case may be, has notified the
Administrative Agent, the Canadian Agent or the U.K. Agent, as applicable, prior to the date any payment is required to be made by it to the applicable Agent hereunder, that such Borrower will not make such payment, the applicable Agent may assume
that such Borrower has timely made such payment and may (but shall not be so required to), in reliance thereon, make available a corresponding amount to such Bank. If and to the extent that such payment was not in fact made to the applicable Agent
by the applicable Borrower in immediately available funds, then each applicable Bank shall forthwith on demand repay to the applicable Agent the portion of such assumed payment that was made available to such Bank in Same Day Funds, together with
interest thereon in respect of each day from and including the date such amount was made available by the applicable Agent to such Bank to the date such amount is repaid to the applicable Agent in Same Day Funds at the Overnight Rate from time to
time in effect. 
 (c) A notice of the applicable Agent to any Bank or any Borrower with respect to any amount owing under
§§6.15(a) and (b) shall be conclusive, absent manifest error. 
 (d) [Reserved.] 

(e) Failure to Satisfy Conditions Precedent. If any Bank makes available to any applicable Agent funds for any Loan to
be made by such Bank to any Borrower as provided in the foregoing provisions of §2, and such funds are not made available to such Borrower by such Agent because the conditions to the applicable credit extension set forth in
§11 and/or §12, as applicable, are not satisfied or waived in accordance with the terms hereof, the applicable Agent shall return such funds (in like funds as received from such Bank) to such Bank in a timely manner, without
interest. 
 (f) Obligations of Banks Several. The obligations of the Banks hereunder to make Loans, to accept and
purchase Bankers’ Acceptances, to fund participations in Letters of Credit and Swing Line Loans and to make payments pursuant to §18.2 are several and not joint. The failure of any Bank to make any Loan, to accept and purchase
Bankers’ Acceptances, to fund any such participation or to make any payment under §18.2 on any date required hereunder shall not relieve any other Bank of its corresponding obligation to do so on such date, and no Bank shall be
responsible for the failure of any other Bank to so make its Loan, to accept and purchase Bankers’ Acceptances, to purchase its participation or to make its payment under §18.2. 

  
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 (g) Funding Source. Nothing herein shall be deemed to obligate any
Bank to obtain the funds for any Loan in any particular place or manner or to constitute a representation by any Bank that it has obtained or will obtain the funds for any Loan in any particular place or manner. 

§6.16. Currency Fluctuations. 

(a) The applicable Agent or the applicable Swing Line Lender, as applicable, shall determine the Exchange Rates as of each
Revaluation Date to be used for calculating Dollar Equivalent amounts of credit extensions and Outstanding Amounts denominated in Canadian Dollars, Sterling and Euros. Such Exchange Rates shall become effective as of such Revaluation Date and shall
be the Exchange Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrowers hereunder or calculating financial covenants
hereunder or except as otherwise provided herein, the applicable amount of any currency (other than Dollars) for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the applicable Agent or the applicable Swing
Line Lender, as applicable. 
 (b) Not later than 4:00 p.m. (Eastern time) on each Revaluation Date, the Canadian Agent, in
consultation with the Canadian Swing Line Lender, shall determine the Dollar Equivalent of the outstanding Canadian Loans denominated in Canadian Dollars and the outstanding Bankers’ Acceptances. Not later than 4:00 p.m. (Eastern time) on each
Revaluation Date, the U.K. Agent, shall determine the Dollar Equivalent of the outstanding U.K. Loans denominated in Sterling and Euros. 

(c) If, on any Revaluation Date, the Outstanding Amount of all Canadian Loans and the aggregate face amount of all
Bankers’ Acceptances, exceeds the Total Canadian Commitment (the amount of such excess referred to herein as the “Canadian Excess Amount”) by more than one percent (1%) of the aggregate amount of the Total Canadian Commitment,
then (i) the Canadian Agent shall give notice thereof to the Canadian Borrowers and the Canadian Banks and (ii) within two (2) Business Days thereafter, the Canadian Borrowers shall repay or prepay Canadian Loans in an aggregate
principal amount such that, after giving effect thereto, the Outstanding Amount of all Canadian Loans and the aggregate face amount of all Bankers’ Acceptances no longer exceeds the Total Canadian Commitment. Notwithstanding the foregoing, to
avoid the incurrence of breakage costs with respect to Canadian Loans which are LIBOR Rate Loans, the Canadian Borrowers shall not be obligated to repay any Canadian Loan that is a LIBOR Rate Loan until the end of the Interest Period relating
thereto to the extent that the unused amount of the Domestic Commitments of the Domestic Banks which are affiliates of the Canadian Banks shall be greater than or equal to the Canadian Excess Amount. On each Revaluation Date and until the Canadian
Loans are repaid in accordance with the first sentence of this paragraph (c), the Total Domestic Commitment shall be automatically reduced by an amount equal to the Canadian Excess Amount. Such reduction shall be made by reducing the Domestic
Commitments of each such Domestic Bank that is an affiliate of a Canadian Bank by an amount equal to such Domestic Bank’s Domestic Commitment Percentage of the Canadian Excess Amount. 

(d) If, on any Revaluation Date, the Outstanding Amount of all U.K. Loans exceeds the Total U.K. Commitment (the amount of such
excess referred to herein as the “U.K. Excess Amount”) by more than one percent (1%) of the Total U.K. Commitment, then (i) the U.K. Agent shall give notice thereof to the U.K. Borrowers and the U.K. Banks and (ii) within
two (2) Business Days thereafter, the U.K. Borrowers shall repay or prepay U.K. Loans in an aggregate principal amount such that, after giving effect thereto, the Outstanding Amount of all U.K. Loans no longer exceeds the Total U.K. Commitment.
Notwithstanding the foregoing, to avoid the incurrence of 

  
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breakage costs with respect to U.K. Loans which are LIBOR Rate Loans, the U.K. Borrowers shall not be obligated to repay any U.K. Loan that is a LIBOR Rate Loan until the end of the Interest
Period relating thereto to the extent that the unused amount of the Domestic Commitments of the Domestic Banks which are affiliates of the U.K. Banks shall be greater than or equal to the U.K. Excess Amount. On each Revaluation Date and until the
U.K. Loans are repaid in accordance with the first sentence of this paragraph (d), the Total Domestic Commitment shall be automatically reduced by an amount equal to the U.K. Excess Amount. Such reduction shall be made by reducing the
Domestic Commitments of each such Domestic Bank that is an affiliate of a U.K. Bank by an amount equal to such Domestic Bank’s Domestic Commitment Percentage of the U.K. Excess Amount. 

§6.17. Successor LIBOR. Notwithstanding anything to the contrary in this Agreement or any other Loan Documents
(including §17 hereof), if an Agent determines (which determination shall be conclusive absent manifest error), or Ryder or Majority Banks notify the Agents (with, in the case of the Majority Banks, a copy to Ryder) that Ryder or
Majority Banks (as applicable) have determined, that: 
 (a) adequate and reasonable means do not exist for ascertaining
LIBOR for any requested Interest Period because the LIBOR Screen Rate is not available or published on a current basis and such circumstances are unlikely to be temporary; or 

(b) the administrator of the LIBOR Screen Rate or a Governmental Authority having jurisdiction over such Agent has made a
public statement identifying a specific date after which LIBOR or the LIBOR Screen Rate shall no longer be made available, or used for determining the interest rate of loans (such specific date, the “Scheduled Unavailability Date”),
or 
 (c) syndicated loans currently being executed, or that include language similar to that contained in this
§6.17, are being executed or amended (as applicable) to incorporate or adopt a new benchmark interest rate to replace LIBOR, 
 then, reasonably
promptly after such determination by such Agent or receipt by the Agents of such notice, as applicable, the Agents and Ryder may amend this Agreement to replace LIBOR with an alternate benchmark rate (including any mathematical or other adjustments
to the benchmark (if any) incorporated therein), giving due consideration to any evolving or then existing convention for similar syndicated credit facilities for such alternative benchmarks (any such proposed rate, a “LIBOR Successor
Rate”), together with any proposed LIBOR Successor Rate Conforming Changes and any such amendment shall become effective at 5:00 p.m. on the fifth Business Day after the Administrative Agent shall have posted such proposed amendment to all
Banks and Ryder unless, prior to such time, Banks comprising the Majority Banks have delivered to the Administrative Agent written notice that such Majority Banks do not accept such amendment. 

If no LIBOR Successor Rate has been determined and the circumstances under clause (a) above exist or the Scheduled Unavailability
Date has occurred (as applicable), the Administrative Agent will promptly so notify Ryder and each Bank. Thereafter, (x) the obligation of the Banks to make or maintain Loans with reference to the Domestic LIBOR Rate, the EURIBOR Rate, the
Sterling LIBOR Rate or the U.K. Dollar LIBOR Rate shall be suspended (to the extent of the affected Loans or Interest Periods), and (y) the Domestic LIBOR Rate component shall no longer be used for purposes of calculating interest on Domestic
Base Rate Loans. Upon receipt of such notice, Ryder may revoke any pending request for a borrowing of, conversion to or continuation of such Loans (to the extent of the affected Loans or Interest Periods) or, failing that, will be deemed to have
converted such request into a request for a borrowing of Domestic Base Rate Loans (subject to the foregoing clause (y)) in the amount specified therein. Notwithstanding anything else herein, any definition of LIBOR Successor Rate shall
provide that in no event shall such LIBOR Successor Rate be less than zero for purposes of this Agreement. 

  
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 §7. REPRESENTATIONS AND WARRANTIES. Each of the Borrowers
represents and warrants to the Agents, the Banks and the Issuing Bank that: 
 §7.1. Corporate Authority.

 (a) Incorporation; Good Standing. Each of the Borrowers and each of Ryder’s Consolidated Subsidiaries (other
than Immaterial Subsidiaries) (i) is a corporation duly organized, validly existing and in good standing under the Laws of its respective jurisdiction of incorporation, (ii) has all requisite corporate power to own its property and conduct
its material business operations so that the Borrowers and their Consolidated Subsidiaries, taken as a whole, may conduct business substantially in the manner presently conducted by them, and (iii) is in good standing (or such qualification can
be readily obtained without material penalty) as a foreign corporation and is duly authorized to do business in each jurisdiction in which its property or business as presently conducted or contemplated makes such qualification necessary, except
where a failure to be so qualified would not have a material adverse effect on the business, assets or financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole. 

(b) Authorization. The execution, delivery and performance of this Agreement and the other Loan Documents and the
transactions contemplated hereby and thereby (i) are within the corporate authority of each of the Borrowers, (ii) have been duly authorized by all necessary corporate proceedings on the part of each of the Borrowers, (iii) do not
materially conflict with or result in any material breach or contravention of any provision of Law, statute, rule or regulation to which any of the Borrowers is subject or any judgment, order, writ, injunction, license or permit applicable to any of
the Borrowers, and (iv) do not conflict with any provision of the corporate charter, bylaws or constitutional documents of any of the Borrowers or any material agreement or other material instrument binding upon any of the Borrowers. 

(c) Enforceability. The execution, delivery and performance of this Agreement and the other Loan Documents by each of
the Borrowers will result in valid and legally binding obligations of each of the Borrowers enforceable against each such Borrower in accordance with the respective terms and provisions hereof and thereof, except as enforceability is limited by
bankruptcy, insolvency, reorganization, moratorium or other Laws relating to or affecting generally the enforcement of creditors’ rights and except to the extent that availability of the remedy of specific performance or injunctive relief is
subject to the discretion of the court before which any proceeding therefor may be brought. 
 §7.2. Governmental
Approvals. The execution, delivery and performance of this Agreement and the other Loan Documents by each of the Borrowers and the consummation by each of the Borrowers of the transactions contemplated hereby and thereby do not require any
approval or consent of, or filing with, any governmental agency or authority other than those already obtained. 
 §7.3.
Title to Properties; Leases. Ryder and its Consolidated Subsidiaries own all of the assets reflected in the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the Balance Sheet Date or acquired since that
date (except property and assets (a) sold or otherwise disposed of in the ordinary course of business since that date or as otherwise permitted pursuant to §9.3 or (b) held pursuant to lease, trust or conditional sales
agreement), subject to no mortgages, conditional sales agreements, title retention agreements, liens or other encumbrances except Permitted Liens. 

  
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 §7.4. Financial Statements. There have been furnished to
the Banks the consolidated balance sheet of Ryder and its Consolidated Subsidiaries dated the Balance Sheet Date and the consolidated statements of income, shareholders’ equity and cash flow for the fiscal periods then ended, certified by
Ryder’s independent certified public accountants of nationally recognized standing. All said balance sheets and statements of operations have been prepared in accordance with GAAP (but, in the case of any of such financial statements which are
unaudited, only to the extent GAAP is applicable to interim unaudited reports) and fairly present the financial condition of Ryder and its Consolidated Subsidiaries as at the close of business on the Balance Sheet Date and the results of operations
for the period then ended (subject, in the case of unaudited interim financial statements, to changes resulting from audit and normal year-end adjustments and to the absence of complete footnotes). There are
no contingent liabilities of Ryder and its Consolidated Subsidiaries involving material amounts, known to the officers of Ryder, which have not been disclosed in said balance sheets and the related notes thereto or otherwise in writing to the
Administrative Agent. 
 §7.5. Litigation. Except as set forth on Schedule 7.5, there are no
actions, suits, proceedings or investigations of any kind pending or, to the knowledge of each of the Borrowers, threatened against Ryder or any of Ryder’s Consolidated Subsidiaries before any court, tribunal or administrative agency or board
which, either in any case or in the aggregate, if adversely determined, Ryder reasonably believes would be expected to have a material adverse effect on the financial condition, business, or assets of Ryder and its Consolidated Subsidiaries,
considered as a whole, or materially impair the right of Ryder and its Consolidated Subsidiaries, considered as a whole, to carry on business substantially as now conducted, or result in any substantial liability not adequately covered by insurance,
or for which adequate reserves are not maintained on the consolidated balance sheet or which question the validity of any of the Loan Documents to which Ryder or any of its Consolidated Subsidiaries is a party, or any action taken or to be taken
pursuant hereto or thereto. 
 §7.6. Compliance With Other Instruments, Laws, Etc. None of the Borrowers
nor any of Ryder’s Consolidated Subsidiaries is (a) violating any provision of its charter documents or by-laws or (b) any agreement or instrument to which any of them may be subject or by which
any of them or any of their properties may be bound or any decree, order, judgment, or, to the knowledge of Ryder’s officers, any statute, license, rule or regulation, in a manner which materially and adversely affects the financial condition,
business or assets of Ryder and its Consolidated Subsidiaries, considered as a whole. 
 §7.7. Tax Status.
Each Borrower and each of Ryder’s Consolidated Subsidiaries (other than its Immaterial Subsidiaries) have (a) made or filed all federal, state, provincial and territorial income and all other tax returns, reports and declarations (or
obtained extensions with respect thereto) required by applicable Law to be filed by them, other than state or provincial tax returns covering immaterial amounts, (b) paid all taxes and other governmental assessments and charges as shown or
determined to be due on such returns, reports and declarations, except those being contested in good faith, and (c) set aside on their books provisions reasonably adequate for the payment of all taxes for periods subsequent to the periods to
which such returns, reports or declarations apply. Except as set forth on Schedule 7.7, there are no unpaid taxes in any amount material to Ryder and its Consolidated Subsidiaries, taken as a whole, claimed to be due by the taxing authority
of any jurisdiction, and the officers of the Borrowers know of no basis for any such claim. 
 §7.8. No Event of
Default. No Default or Event of Default has occurred and is continuing. 
 §7.9. Holding Company and
Investment Company Acts. Neither Ryder nor any of its Subsidiaries is a “holding company” or a “public utility company” as such terms are defined in the Public Utility Holding Company Act of 2005; nor is any of them a
“registered investment company”, or an “affiliated company” or a “principal underwriter” of a “registered investment company”, as such terms are defined in the Investment Company Act of 1940, as amended. 

  
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 §7.10. Absence of Financing Statements, Etc. Except as
permitted by §9.2, (a) there is no Indebtedness of the Borrowers or obligors hereunder senior to the Obligations and (b) there is no effective financing statement, security agreement, chattel mortgage, real estate mortgage or
other document filed or recorded with any filing records, registry, or other public office, which purports to cover, affect or give notice of any present or possible future lien on, or security interests in, any assets or property of Ryder or any of
its Consolidated Subsidiaries or right thereunder. 
 §7.11. ERISA Compliance. 

(a) Each Plan is in compliance in all material respects with the applicable provisions of ERISA, the Code and other Federal or
state laws. 
 (b) There are no pending or, to the best knowledge of the Borrowers, threatened claims, actions or lawsuits,
or action by any Governmental Authority, with respect to any Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a
whole. 
 (c) (i) No ERISA Event has occurred, and neither the Borrowers nor any ERISA Affiliate is aware of any fact,
event or circumstance that could reasonably be expected to constitute or result in an ERISA Event with respect to any Pension Plan that could reasonably be expected to have a material adverse effect on the business, financial condition, or results
of operation of the Borrowers and their Subsidiaries taken as a whole; (ii) the Borrowers and each ERISA Affiliate has met in all material respects all applicable requirements under the Pension Funding Rules in respect of each Pension Plan, and
no waiver of the minimum funding standards under the Pension Funding Rules has been applied for or obtained; and (iii) as of the most recent valuation date for any Pension Plan, the Pension Plan unfunded liabilities did not exceed the value of
its assets in an amount that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. 

(d) No Borrower nor any ERISA Affiliate has incurred any material liability (including secondary liability) to any
Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan under §4201 of ERISA or as a result of a sale of assets described in §4204 of ERISA that could reasonably be expected to have a material
adverse effect on the business, financial condition, or results of operation of the Borrowers and their Subsidiaries, taken as a whole. No Borrower nor any ERISA Affiliate has been notified that any Multiemployer Plan is in reorganization or is
insolvent under and within the meaning of §4241 or §4245 of ERISA or has been terminated under §4041A of ERISA that could reasonably be expected to have a material adverse effect on the business, financial condition, or results of
operation of the Borrowers and their Subsidiaries, taken as a whole. 
 (e) Each Borrower represents and warrants as of the
Closing Date that such Borrower is not and will not be using “plan assets” (within the meaning of 29 CFR § 2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in
connection with the Loans, the Bankers’ Acceptances, the Letters of Credit or the Commitments. 
 §7.12.
Environmental Compliance. In the ordinary course of its business, each Borrower reviews the effect of Environmental Laws on the business, operations and properties of such Borrower and its Subsidiaries, in the course of which it
identifies and evaluates associated liabilities and costs (including, 

  
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without limitation, capital or operating expenditures required for clean-up or closure of properties presently or previously owned, capital or operating
expenditures required to achieve or maintain compliance with environmental protection standards imposed by Law or as a condition of any license, permit or contract, any periodic or permanent shutdown of any facility or reduction in the level or
change in the nature of operation conducted thereat, any costs or liabilities in connection with off-site disposal of wastes or Hazardous Substances, and any actual or potential liabilities to third parties,
including employees, and any related costs and expenses). Except as set forth on Schedule 7.12, on the basis of this review, each Borrower has reasonably concluded that such associated liabilities and costs, including the costs of compliance
with Environmental Laws, are unlikely to have a material adverse effect on the business, financial condition, results of operations or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole. 

§7.13. Disclosure. 

(a) The representations and warranties made by the Borrowers in this Agreement or by the Borrowers in any agreement,
instrument, document, certificate, statement or letter furnished to the Banks in connection with the transactions contemplated by the Loan Documents do not, taken as a whole, together with all other information provided by or on behalf of the
Borrowers, which includes (a) any information provided pursuant §8.4 or otherwise provided by the Borrowers to the Agents and the Banks in writing and (b) all information contained in the reports filed by Ryder with the
Securities and Exchange Commission, contain any untrue statement of a material fact or omit to state a material fact necessary in order to make such representation, warranties and information, taken as a whole, in light of the circumstances under
which they were made, not misleading in any material respect. 
 (b) As of the Closing Date, the information included in any
Beneficial Ownership Certification, if applicable, is true and correct in all respects. 
 §7.14. Location of Chief
Executive Office. Ryder’s chief executive office and the location where its books and records are kept is 11690 N.W. 105th Street, Miami, Florida 33178 (except as the same may be updated pursuant to §8.2). Ryder is
incorporated under the laws of the state of Florida. 
 §7.15. Debt Ratings. Schedule
7.15 contains a true and accurate list as of the Closing Date of the Senior Public Debt Ratings. 
 §7.16.
Consolidated Subsidiaries. Each of the Consolidated Subsidiaries of Ryder and the other Borrowers as of the date hereof is listed on Schedule 7.16 attached hereto. 

§7.17. OFAC; Anti-Corruption Laws and Anti-Money Laundering Laws. 

(a) Neither any Borrower, nor any of its Subsidiaries, nor, to the knowledge of any Borrower and its Subsidiaries, any
director, officer, or controlled affiliate thereof, is a Person that is, or is owned or controlled by any Person that is (i) currently the subject or target of any Sanctions, (ii) included on OFAC’s List of Specially Designated
Nationals, or (iii) organized, resident or having a place of business in a Designated Jurisdiction. 
 (b) Each Borrower
and its Subsidiaries have (i) conducted their businesses in compliance with (A) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in other jurisdictions and
(B) Anti-Money Laundering Laws and (ii) instituted and maintained policies and procedures designed to promote and achieve compliance with such anti-corruption laws and Anti-Money Laundering Laws. 

  
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 §7.18. Use of Proceeds. The proceeds of the Loans,
borrowings by Bankers’ Acceptances and the Letters of Credit shall be used for general corporate purposes and working capital purposes. No Loans or Bankers’ Acceptances or any portion of any Letter of Credit shall be used in any way that
will violate Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Borrowers will not use the proceeds of any Loan or borrowing by way of Bankers’ Acceptances or any portion of any Letter of Credit to purchase or
carry any “margin security” or “margin stock” (as such terms are defined in said Regulations U and X). 
 §7.19.
No EEA Financial Institution. No Borrower is an EEA Financial Institution. 
 §7A. REPRESENTATIONS AS TO
FOREIGN OBLIGORS. Each of Ryder and each Foreign Obligor (with regard to itself but not with regard to any other Foreign Obligor) represents and warrants to the Agents, the Banks and the Issuing Bank that: 

(a) Such Foreign Obligor is subject to civil and commercial Laws with respect to its obligations under this Agreement and the
other Loan Documents to which it is a party (collectively as to such Foreign Obligor, the “Applicable Foreign Obligor Documents”), and the execution, delivery and performance by such Foreign Obligor of the Applicable Foreign Obligor
Documents constitute and will constitute private and commercial acts and not public or governmental acts. Neither such Foreign Obligor nor any of its material property has any immunity from jurisdiction of any court or from any legal process
(whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise) under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing in respect of its obligations under
the Applicable Foreign Obligor Documents. 
 (b) There are no form requirements applicable to the Applicable Foreign Obligor
Documents under the Laws of the jurisdiction in which such Foreign Obligor is organized and existing for the enforcement thereof against such Foreign Obligor under the Laws of such jurisdiction, or to ensure the legality, validity, enforceability,
priority or admissibility in evidence of the Applicable Foreign Obligor Documents. It is not necessary to ensure the legality, validity, enforceability, priority or admissibility in evidence, in each case, in all material respects, of the Applicable
Foreign Obligor Documents that the Applicable Foreign Obligor Documents be filed, registered or recorded with, or executed or notarized before, any court or other authority in the jurisdiction in which such Foreign Obligor is organized and existing
or that any registration charge or stamp or similar tax be paid on or in respect of the Applicable Foreign Obligor Documents or any other document, except for (i) any such filing, registration, recording, execution or notarization as has been
made or is not required to be made until the Applicable Foreign Obligor Document or any other document is sought to be enforced and (ii) any charge or tax as has been timely paid. 

(c) There is no tax, levy, impost, duty, fee, assessment or other governmental charge, or any deduction or withholding, imposed
by any Governmental Authority in or of the jurisdiction in which such Foreign Obligor is organized, existing and a resident for tax purposes either (i) on or by virtue of the execution or delivery of the Applicable Foreign Obligor Documents or
(ii) on any payment to be made by such Foreign Obligor pursuant to the Applicable Foreign Obligor Documents, except as has been disclosed to the Agents. 

(d) The execution, delivery and performance of the Applicable Foreign Obligor Documents executed by such Foreign Obligor are,
under applicable foreign exchange control regulations of the jurisdiction in which such Foreign Obligor is organized and existing, not subject to any notification or authorization except (i) such as have been made or obtained or (ii) such
as cannot be made or obtained until a later date and are not material (provided that any notification or authorization described in clause (ii) shall be made or obtained as soon as is reasonably practicable). 

  
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 §8. AFFIRMATIVE COVENANTS OF THE BORROWERS. Each of the
Borrowers agrees that, so long as any Obligation is outstanding or the Banks have any obligation to make Loans, or the Canadian Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has any obligation to issue,
extend or renew any Letters of Credit: 
 §8.1. Punctual Payment. The applicable Borrower(s) will duly and
punctually pay or cause to be paid the principal and interest on the Loans, all Bankers’ Acceptances, all Letters of Credit, fees and other amounts provided for in this Agreement and the other Loan Documents, all in accordance with the terms of
this Agreement and such other Loan Documents. 
 §8.2. Maintenance of Chief Executive Office. Ryder will
maintain its chief executive office at the location referred to in §7.14 or at such other place in the United States as Ryder shall designate upon thirty (30) days prior written notice to the Agents. 

§8.3. Records and Accounts. Each of the Borrowers will, and will cause each of its Consolidated Subsidiaries
to, (a) keep true and accurate records and books of account in which full, true and correct entries will be made in accordance with (i) with respect to Ryder and its Consolidated Subsidiaries only, GAAP and (ii) with respect to each
such Person, the requirements of all regulatory authorities and (b) maintain adequate accounts and reserves for all taxes (including income taxes), depreciation, depletion, obsolescence and amortization of its properties, all other
contingencies, and all other proper reserves in accordance with GAAP with respect to Ryder and its Consolidated Subsidiaries and in accordance with all regulatory authorities with respect to each of the other Borrowers; provided that if any
changes in GAAP with which Ryder’s independent accountants concur or changes in the application of GAAP with which Ryder’s independent accountants concur result in a change (other than an immaterial change) in the method of calculation or
the basis upon which such calculation is made of any of the financial covenants, standards or terms contained in this Agreement, the Borrowers and the Banks agree to amend such provisions to reflect such changes in GAAP so that the criteria for
evaluating the consolidated financial condition of Ryder and its Consolidated Subsidiaries shall be the same after such accounting changes as if such changes had not been made. 

§8.4. Financial Statements, Certificates and Information. Ryder will deliver to each of the Banks, the
Issuing Bank and the Agents: 
 (a) as soon as practicable, but, in any event not later than one hundred twenty
(120) days after the end of each fiscal year of Ryder, the consolidated balance sheet of Ryder and its Consolidated Subsidiaries as at the end of such year, and the consolidated statements of income and cash flows for Ryder and its Consolidated
Subsidiaries for the fiscal year then ended, each setting forth in comparative form the figures for the previous fiscal year, all such consolidated financial statements to be in reasonable detail, prepared, in accordance with GAAP audited and
accompanied by a report and opinion of independent certified public accountants of nationally recognized standing selected by Ryder, which report and opinion shall be prepared in accordance with generally accepted auditing standards and shall not be
subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit. In addition, within one hundred twenty (120) days of the end of each such fiscal year, Ryder shall
provide the Banks with a written statement from such accountants to the effect that they have read a copy of this Agreement, and that, in making the examination necessary to said certification, they have obtained no knowledge of any Default or Event
of Default, or, if such accountants shall have obtained knowledge of any then-existing Default or Event of Default they shall disclose in such statement any such Default or Event of Default; provided that such accountants shall not be liable
to the Banks for failure to obtain knowledge of any Default or Event of Default; 

  
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 (b) as soon as practicable, but in any event not later than sixty
(60) days after the end of each of the first three fiscal quarters of each fiscal year of Ryder, copies of the consolidated balance sheets of Ryder and its Consolidated Subsidiaries as at the end of such quarter, and the related consolidated
statements of income and cash flows for the portion of the fiscal year then ended, all in reasonable detail and prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) with a certification by the
principal financial officer of Ryder that the consolidated financial statements are prepared in accordance with GAAP (to the extent GAAP is applicable to interim unaudited financial statements) and fairly present the consolidated financial condition
of Ryder and its Consolidated Subsidiaries on a consolidated basis as at the close of business on the date thereof and the results of operations for the period then ended; 

(c) simultaneously with the delivery of the financial statements referred to in (a) and (b) above, a certificate in the
form of Exhibit C hereto (the “Compliance Certificate”) signed by the principal financial officer, treasurer or assistant treasurer of Ryder, stating that Ryder and its Consolidated Subsidiaries are in compliance with
§10 hereof as of the end of the applicable period setting forth in reasonable detail computations evidencing such compliance and certifying (i) no Default or Event of Default exists or if a Default or Event of Default shall then
exist, specifying the nature thereof and (ii) such other matters as are set forth therein; 
 (d) as soon as practicable
but, in any event, within thirty (30) Business Days after the issuance thereof, copies of all material of a financial nature filed with the Securities and Exchange Commission or sent to the stockholders of Ryder or any of its Subsidiaries
generally; and 
 (e) from time to time, and with reasonable promptness, such other financial data and other information as
the Banks may reasonably request. 
 The Borrowers hereby authorize each Bank to disclose any information obtained pursuant to this
Agreement to all appropriate governmental regulatory authorities where required by Law, including, without limitation, with respect to requests or directives, whether or not having the force of law. Except for any such disclosure to governmental
banking regulatory authorities upon the request therefor, the applicable Agent or Bank or the Issuing Bank shall, to the extent practicable and legally permissible, provide prompt written notice to Ryder so that Ryder may have the opportunity to
contest such disclosure and such Agent or Bank or the Issuing Bank shall use reasonable efforts within Law to maintain the confidentiality of such Information. 

Documents required to be delivered pursuant to §§8.4(a), (b) and (c) (to the extent any such documents are
included in materials otherwise filed with the Securities and Exchange Commission) may be delivered electronically and if so delivered, shall be deemed to have been delivered on the date (i) on which Ryder posts such documents, or provides a
link thereto on its website on the Internet at www.ryder.com; or (ii) on which such documents are posted on Ryder’s behalf on an Internet or intranet website, if any, to which each Bank and the Agents have access (whether a
commercial, third-party website or whether sponsored by the Administrative Agent); provided that: (i) Ryder shall deliver paper copies of such documents to the Administrative Agent or any Bank that requests Ryder to deliver such paper
copies until a written request to cease delivering paper copies is given by the Administrative Agent or such Bank and (ii) Ryder shall notify the Administrative Agent and each Bank (by telecopier or electronic mail) of the posting of any such
documents and provide to the Administrative Agent by electronic mail electronic versions (i.e., soft copies) of such documents. Notwithstanding anything contained herein, in every instance Ryder shall be required to provide paper copies of the
Compliance Certificates required by §8.4(c) to the 

  
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Administrative Agent. Except for such Compliance Certificates, the Administrative Agent shall have no obligation to request the delivery or to maintain copies of the documents referred to above,
and in any event shall have no responsibility to monitor compliance by Ryder with any such request for delivery, and each Bank shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Each Borrower hereby acknowledges that (a) the Administrative Agent and/or the Co-Lead Arrangers
will make available to the Banks and the Issuing Bank materials and/or information provided by or on behalf of such Borrower hereunder (collectively, “Borrower Materials”) by posting the Borrower Materials on IntraLinks or another
similar electronic system (the “Platform”) and (b) certain of the Banks (each, a “Public Bank”) may have personnel who do not wish to receive material non-public
information with respect to any of the Borrowers or their respective Affiliates, or the respective securities of any of the foregoing, and who may be engaged in investment and other market-related activities with respect to such Persons’
securities. Each Borrower hereby agrees that so long as such Borrower is the issuer of any outstanding debt or equity securities that are registered or issued pursuant to a private offering or is actively contemplating issuing any such securities
(w) all Borrower Materials that are to be made available to Public Banks shall be clearly and conspicuously marked “PUBLIC” which, at a minimum, shall mean that the word “PUBLIC” shall appear prominently on the first page
thereof; (x) by marking Borrower Materials “PUBLIC,” the Borrowers shall be deemed to have authorized the Administrative Agent, the Co-Lead Arrangers, the Issuing Bank and the Banks to treat
such Borrower Materials as not containing any material non-public information with respect to the Borrowers or their respective securities for purposes of United States Federal and state securities laws
(provided, however, that to the extent such Borrower Materials constitute Information, they shall be treated as set forth in §29); (y) all Borrower Materials marked “PUBLIC” are permitted to be made available
through a portion of the Platform designated “Public Side Information;” and (z) the Administrative Agent and the Co-Lead Arrangers shall be entitled to treat any Borrower Materials that are not
marked “PUBLIC” as being suitable only for posting on a portion of the Platform not designated “Public Side Information.” Notwithstanding the foregoing, no Borrower shall be under any obligation to mark any Borrower Materials
“PUBLIC.” 
 §8.5. Corporate Existence; Compliance with Laws, Other Agreements. Each of the
Borrowers will, and Ryder will cause each of its Consolidated Subsidiaries (other than its Immaterial Subsidiaries) to, (a) keep in full force and effect their respective corporate existence and all rights, licenses, leases and franchises
reasonably necessary to the conduct of its business, and (b) comply with (i) all applicable Laws and regulations (including, without limitation, all Environmental Laws) wherever its business is conducted, (ii) the provisions of its
charter documents, by-laws and constitutional documents, and (iii) all agreements and instruments by which it or any of its properties may be bound and all applicable decrees, orders and judgments, in
each case in such manner that there will not result a material and adverse effect on the financial condition, properties or business of the Borrowers, considered separately, or Ryder and its Consolidated Subsidiaries considered as a whole. 

§8.6. Maintenance of Properties. Each of the Borrowers will, and Ryder will cause each of its Consolidated
Subsidiaries to, cause all material properties used or useful in the conduct of its business to be maintained and kept in good condition, repair and working order (ordinary wear and tear excepted) and will cause to be made all necessary repairs,
renewals, replacements, betterments and improvements thereof, all as in the judgment of Ryder and its Consolidated Subsidiaries may be necessary for the conduct of their business; provided, however, that nothing in this section shall
prevent Ryder or any of its Consolidated Subsidiaries from discontinuing the operation and maintenance of any of its properties if such discontinuance is, in the judgment of such Person, desirable in the conduct of its business and which does not in
the aggregate materially adversely affect the financial condition, business or assets of Ryder and its Consolidated Subsidiaries, taken as a whole. 

  
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 §8.7. Insurance. Each of the Borrowers will, and Ryder will
cause each of its Consolidated Subsidiaries to, maintain (either in the name of such Borrower or in such Subsidiary’s own name), insurance with respect to their properties in at least such amounts and against at least such risks (and with such
risk retention) as are usually insured against in the same general area by companies of established repute engaged in the same or a similar business and of similar size; and will furnish to the Banks, upon request of the Administrative Agent,
information presented in reasonable detail as to the insurance so carried. 
 §8.8. Taxes. Each of the
Borrowers will, and Ryder will cause each of its Consolidated Subsidiaries to, duly pay and discharge, or cause to be paid and discharged, before the same shall become overdue, all taxes, assessments and other governmental charges imposed upon it
and its real properties, sales and activities, or any part thereof, or upon the income or profits therefrom, as well as all claims for labor, materials or supplies, which if unpaid might by Law become a lien or charge upon any of its property;
provided that the Borrowers or any Consolidated Subsidiary shall not be required to pay any such tax, assessment, charge or levy if the same shall not at the time be due and payable or can be paid thereafter without penalty; or if the
validity thereof shall currently be contested in good faith by appropriate proceedings if it shall have set aside on its books reserves deemed by it adequate with respect to such tax, assessment, charge or levy; or if the failure to pay such tax,
assessment, charge or levy shall not result in a material adverse change in the financial position, results of operations, business or other condition of the Borrowers and their Consolidated Subsidiaries, taken as a whole. 

§8.9. Inspection of Properties, Books and Contracts. The Banks, through the Agents or any of their designated
representatives, shall have the right to visit and inspect any of the properties of the Borrowers to examine their books of account (and to make copies thereof and extracts therefrom), and to discuss the affairs, finances and accounts of the
Borrowers with, and to be advised as to the same by, its officers, all at such reasonable times and intervals as the Banks may reasonably request. 

§8.10. Notice of Potential Claims or Litigation. Each of the Borrowers shall deliver to the Banks, within
thirty (30) days of receipt thereof, written notice of the initiation of any action, claim, complaint, or any other notice of dispute or potential litigation, including pursuant to any applicable Environmental Laws, against any of the Borrowers
or any of Ryder’s Consolidated Subsidiaries, including, without limitation, the initiation of any action, claim, complaint, or any other notice of dispute or potential litigation, including pursuant to any applicable Environmental Laws brought
by any Governmental Authority, wherein the potential liability is in excess of $50,000,000 and which are required to be reported pursuant to Regulation S-K under the Securities Act of 1933. 

§8.11. Notice of Default. Each of the Borrowers will promptly notify the Banks in writing of the occurrence
of any Default or Event of Default. 
 §8.12. Use of Proceeds. The proceeds of the Loans, borrowings by
Bankers’ Acceptances and the Letters of Credit shall be used for general corporate purposes and working capital purposes. No Loans or Bankers’ Acceptances or any portion of any Letter of Credit shall be used in any way that will violate
Regulations T, U or X of the Board of Governors of the Federal Reserve System. The Borrowers will not use the proceeds of any Loan or borrowing by way of Bankers’ Acceptances or any portion of any Letter of Credit to purchase or carry any
“margin security” or “margin stock” (as such terms are defined in said Regulations U and X). 
 §8.13.
Debt Ratings. The Borrowers will notify the Agents promptly upon becoming aware thereof, of any publicly announced change in the Senior Public Debt Ratings and/or any change in the rating of any other Indebtedness of any of their
Subsidiaries which is rated by S&P, Moody’s or Fitch. 

  
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 §8.14. Notice of any ERISA Event. Each of the Borrowers
will promptly notify the Banks in writing of the occurrence of any ERISA Event. 
 §8.15. Further
Assurances. Each of the Borrowers will cooperate with the Agents and execute such further instruments and documents as any Agent shall reasonably request to carry out to the Banks’ satisfaction the transactions contemplated by this
Agreement. 
 §8.16. Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Borrowers will, and Ryder
will cause each of its Consolidated Subsidiaries to, (a) conduct its business in compliance with (i) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010 and other similar anti-corruption legislation in other
jurisdictions and (ii) Anti-Money Laundering Laws and (b) maintain policies and procedures designed to promote and achieve compliance with such anti-corruption laws and Anti-Money Laundering Laws. 

§9. CERTAIN NEGATIVE COVENANTS OF THE BORROWERS. Each of the Borrowers agrees that, so long as any Obligation
is outstanding or the Banks have any obligation to make Loans, or the Canadian Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has any obligation to issue, extend or renew any Letters of Credit: 

§9.1. Restrictions on Secured Indebtedness. None of the Borrowers nor any of their Consolidated Subsidiaries
shall create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Secured Indebtedness other than: 

(a) Secured Indebtedness consisting of (i) Indebtedness of Ryder’s Consolidated Subsidiaries to a Borrower and
(ii) unsecured Intercompany Indebtedness; and 
 (b) other Secured Indebtedness (including, without limitation,
Indebtedness under capitalized leases); provided that the aggregate amount of Secured Indebtedness outstanding, pursuant to this §9.1(b) shall not exceed at any time thirty percent (30%) of the Adjusted Consolidated Tangible
Assets of Ryder and its Consolidated Subsidiaries, determined at such time. 
 For purposes of calculating the amount of Secured Indebtedness of Ryder and
its Consolidated Subsidiaries under §9.1(b), Ryder shall be deemed to have incurred Secured Indebtedness in an amount equal to the aggregate amount of all Derivatives Obligations which are secured by a lien permitted pursuant to Section
§9.2(e). 
 §9.2. Restrictions on Liens. None of the Borrowers will, nor will Ryder permit any
of its Consolidated Subsidiaries to, create or incur or suffer to be created or incurred or to exist any Lien upon any property or assets of any character, except as follows (the “Permitted Liens”): 

(a) Liens securing Secured Indebtedness; provided that such Secured Indebtedness is permitted by §9.1
hereof; provided further that the aggregate net book value of the assets of Ryder and its Consolidated Subsidiaries securing Secured Indebtedness which (i) consists of Indebtedness included within clause (a) of the
definition of “Secured Indebtedness” and (ii) is incurred pursuant to §9.1(b), shall not, at any time, exceed an amount equal to two-hundred percent (200%) of the aggregate
outstanding principal amount of such Secured Indebtedness; 
 (b) any encumbrances consisting of zoning restrictions,
exceptions, easements, leases or other like restrictions on the use of Real Property which do not materially impair the use of such property; 

  
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 (c) the following Liens or charges which are not yet due or are payable
without penalty or of which the amount, applicability or validity is being contested in good faith by appropriate proceedings: 

(i) Liens for taxes, assessments or other governmental charges; 

(ii) Liens given in the ordinary course of business pursuant to any governmental regulation in order to allow Ryder or a
Consolidated Subsidiary to maintain self-insurance, or to participate in any fund or participate in any benefits in connection with worker’s compensation, unemployment insurance, old age pensions or other social security, or for any other
purpose at any time required by Law or governmental regulation as a condition to the transaction of business or the exercise of any privilege or license; 

(iii) mechanic’s, carrier’s, worker’s, warehouseman’s, landlord’s or other like Liens arising in the
ordinary course of business, including Liens incident to construction; 
 (iv) any inchoate Liens arising under ERISA to
secure any contingent liability of Ryder or a Consolidated Subsidiary; and 
 (v) other Liens incidental to the conduct of
business or ownership of property and assets which were not incurred in connection with the borrowing of money and which do not in the aggregate materially impair the use of property or assets of Ryder or its Consolidated Subsidiaries; 

(d) Liens on accounts receivable subject to the Receivables Purchase Agreements referred to in §9.3(d); 

(e) Liens on cash, cash equivalents and marketable securities securing Derivatives Obligations; and 

(f) Liens on assets subject to the securitization permitted pursuant to §9.3(e). 

§9.3. Corporate Changes and Sales or Dispositions of Assets. Each of the Borrowers will not, and Ryder will
not permit any of its Consolidated Subsidiaries to, become a party to any merger, consolidation, asset acquisition, stock acquisition or disposition of assets, with the following exceptions (provided that such merger, consolidation,
acquisition or disposition would not cause Ryder to not be in compliance with all the covenants and conditions of this Agreement): 

(a) mergers of a Consolidated Subsidiary into another Consolidated Subsidiary of Ryder, or mergers or consolidations pursuant
to which Ryder is the surviving Person; 
 (b) acquisitions of interests in other corporations or business entities (either
through the purchase of assets or capital stock or otherwise); 
 (c) dispositions of assets in the ordinary course of
business; 
 (d) sales by Ryder and its Subsidiaries of their accounts receivable pursuant to the Receivables Purchase
Agreements; provided that (i) the aggregate face amount of all accounts receivable of Ryder treated as purchased receivables and sold by Ryder and/or its Subsidiaries to the securitization conduit under the Receivables Purchase
Agreements shall not exceed at any time the lesser of (A) seventy-five percent (75%) of the aggregate face amount of all accounts receivable 

  
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of Ryder and its Consolidated Subsidiaries, taken as a whole, including the accounts receivable which constitute purchased receivables under the Receivables Purchase Agreements and (B)
$425,000,000, and (ii) from and after the date of the first sale of accounts receivable pursuant to the Receivables Purchase Agreements, the cumulative net cash proceeds received by Ryder from sales of accounts receivable thereunder shall not
be less than seventy-five percent (75%) of the cumulative face amount of all accounts receivable of Ryder sold thereunder; 

(e) the securitization, in one or more securitization transactions, by Ryder of trucks, tractors and trailers (collectively,
the “Securitized Assets”) together with the financial component of their associated lease and service agreements; provided that (i) the unamortized balance of all Indebtedness of Ryder and its Consolidated Subsidiaries
or of any special purpose securitization subsidiary or conduit incurred in connection with such securitization programs (excluding any Indebtedness as to which Ryder or any of its Consolidated Subsidiaries is the holder) shall not, at any time,
exceed $1,250,000,000 and (ii) the cumulative net cash proceeds received by Ryder in connection with such securitization transactions shall not be less than seventy-five percent (75%) of the net book value of all such Securitized Assets; and

 (f) other dispositions of assets not otherwise permitted by the foregoing clauses of this section; provided that
(i) the aggregate fair market value of assets so disposed of in any consecutive twelve (12) month period shall not exceed ten percent (10%) of the aggregate book value of all Consolidated Tangible Assets of Ryder and its Consolidated
Subsidiaries, determined in accordance with GAAP, measured as of the first day of such twelve (12) month period and (ii) the revenue attributable to the assets so disposed of in any consecutive twelve (12) month period shall not
exceed twenty percent (20%) of the revenues of Ryder and its Consolidated Subsidiaries during such twelve (12) month period, determined in accordance with GAAP. 

§9.4. Leasebacks. Each of the Borrowers will not, and Ryder will not permit any of its Consolidated
Subsidiaries to, sell, transfer or otherwise convey any property of Ryder or any Consolidated Subsidiary more than one hundred twenty (120) days after the acquisition thereof for purposes of leasing back such property except: 

(a) leasebacks with a term of three years or less (including all permitted extensions and renewals); 

(b) leasebacks whereby the proceeds from the sale or transfer of property are used to reduce the Obligations or other
Indebtedness of a rank at least equal to the Obligations; or 
 (c) leasebacks permitted by §9.1 and
§9.2. 
 §9.5. Limitation on Agreements. Each of the Borrowers will not, and Ryder will not
permit any of its Consolidated Subsidiaries to, enter into any agreement which restricts or prohibits any guarantees, advances, dividends or distributions (a) from any Consolidated Subsidiary to such Borrower, or (b) between or among
Consolidated Subsidiaries. Notwithstanding the foregoing, any Consolidated Subsidiary of Ryder may issue capital stock which is preferred as to dividends or upon liquidation to any other capital stock of such Consolidated Subsidiary
(“Preferred Stock”); provided that (i) the aggregate liquidation preference of all such Preferred Stock issued by Ryder’s Consolidated Subsidiaries which is not owned by Ryder and its Consolidated Subsidiaries does
not, at any time, exceed five percent (5%) of Consolidated Adjusted Net Worth at such time, (ii) immediately before, and immediately after, and after giving effect to such issuance of Preferred Stock, no Default or Event of Default shall have
occurred and be continuing, and (iii) prior to the issuance by any Subsidiary of Preferred Stock, such Subsidiary shall have delivered to the Administrative Agent, for the benefit of the Banks, the Issuing Bank and the Agents, a guarantee of
the 

  
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Obligations in form and substance satisfactory to the Administrative Agent (it being understood that the obligations of such Subsidiary under such guaranty shall be limited to the aggregate
amount of the liquidation preference of all such Preferred Stock issued by such Subsidiary which is not owned by Ryder and its Consolidated Subsidiaries), together with corporate authority documentation and a legal opinion, in form and substance
satisfactory to the Administrative Agent, as to the authorization, execution, delivery and enforceability of such guaranty. The Borrowers, the Agents, the Issuing Bank and the Banks agree that each such guaranty shall be deemed to be a “Loan
Document” hereunder. 
 §9.6. Sanctions. Each of the Borrowers will not, directly or
indirectly, knowingly use the proceeds of any Loan or L/C Credit Extension, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person, (a) to fund any activities of or business with
any Person, or in any Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or (b) if such use of proceeds or funding will result in a violation by any such Person (including any Person participating in the
transaction, whether as Bank, Co-Lead Arranger, Agent, Issuing Bank, Swing Line Lender) of Sanctions. 

§9.7. Anti-Corruption Laws and Anti-Money Laundering Laws. Each of the Borrowers will not, directly or
indirectly, knowingly use the proceeds of any Loan or L/C Credit Extension for any purpose which would breach (a) the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, and other similar anti-corruption legislation in
other jurisdictions or (b) Anti-Money Laundering Laws. 
 §10. FINANCIAL COVENANT OF THE BORROWERS.
Each of the Borrowers agrees that, so long as any Obligation is outstanding or the Banks have any obligation to make Loans, or the Canadian Banks have any Obligations with respect to Bankers’ Acceptances, or the Issuing Bank has any obligation
to issue, extend or renew any Letters of Credit: 
 §10.1. Debt to Consolidated Adjusted Net Worth. Ryder
will not, at any time, permit the ratio of (a) the aggregate amount of Indebtedness of Ryder and its Consolidated Subsidiaries to (b) Consolidated Adjusted Net Worth of Ryder and its Consolidated Subsidiaries to exceed 3.00:1.00. 

§11. CONDITIONS TO CLOSING/EFFECTIVENESS. The effectiveness of this Agreement and the obligations of the
Banks to make any Loans, of the Canadian Banks to accept or purchase any Bankers’ Acceptance, of the Issuing Bank to issue, extend or renew any Letter of Credit and of the Banks to otherwise be bound by the terms of this Agreement as of the
Closing Date shall be subject to the satisfaction of each of the following conditions precedent: 
 §11.1.
Corporate Action. All corporate action necessary for the valid execution, delivery and performance by the Borrowers of the Loan Documents shall have been duly and effectively taken, and evidence thereof certified by authorized
officers of the Borrowers and satisfactory to the Banks shall have been provided to the Banks. 
 §11.2. Loan
Documents, Etc. Each of the Loan Documents shall have been duly and properly authorized, executed and delivered by the respective parties thereto and shall be in full force and effect in a form satisfactory to the Banks. Each of the
representations and warranties of the Borrowers contained in §§7 and 7A of this Agreement shall be true as of the Closing Date. 

§11.3. Certified Copies of Charter Documents. The Administrative Agent shall have received from each of the
Borrowers a copy, certified by a duly authorized officer of such Person to be true and complete on the Closing Date, of (a) its charter or other incorporation documents as in effect on such date of certification and (b) its by-laws as in effect on such date. The Administrative Agent shall have received from each of the Borrowers a good standing certificate (or other similar certificate), if applicable, dated as of a recent date in each
such Borrower’s jurisdiction of incorporation. 

  
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 §11.4. Incumbency Certificate. The Administrative Agent
shall have received an incumbency certificate, dated as of the Closing Date, signed by duly authorized officers giving the name and bearing a specimen signature of each individual who shall be authorized: (a) to sign the Loan Documents on
behalf of each of the Borrowers; (b) to make Loan Requests and to apply for Letters of Credit; and (c) to give notices and to take other action on the Borrowers’ behalf under the Loan Documents. 

§11.5. Certificates of Insurance. The Banks shall have received a certificate of insurance, dated as of the
Closing Date, or within thirty (30) days prior thereto, identifying insurers, types of insurance, insurance limits, and policy terms. 

§11.6. Opinions of Counsel. The Banks shall have received a favorable legal opinion from (i) Ryder Law
Department, United States counsel to the Borrowers, (ii) Ryder Law Department, United Kingdom counsel to the U.K. Borrowers, (iii) Osler, Hoskin & Harcourt LLP, Ontario counsel to Ryder Canada Limited, (iv) Stewart McKelvey,
Nova Scotia counsel to Ryder Holdings Canada and (v) Ryder Law Department, counsel to Ryder PR, in each case, addressed to the Agents and the Banks, dated the Closing Date, in form and substance satisfactory to the Agents and the Banks. 

§11.7. Existing Credit Agreement. The Borrowers shall have (or concurrently with the extension of credit to
be made on the Closing Date) (i) paid all accrued and unpaid interest on the outstanding loans under the Existing Credit Agreement through the Closing Date, (ii) prepaid any loans under the Existing Credit Agreement to the extent necessary
to keep the outstanding loans ratable with the revised commitments under this Agreement as of the Closing Date, and (iii) paid all accrued fees owing to the lenders under the Existing Credit Agreement through the Closing Date. 

§11.8. Financial Condition; Debt Ratings. No material adverse change, in the judgment of the Majority Banks,
shall have occurred in the financial condition, results of operations, business, properties or prospects of Ryder and its Consolidated Subsidiaries, taken as a whole, since the audited financial statements of Ryder and its Consolidated Subsidiaries
for the fiscal year ending December 31, 2017. There shall have occurred no material adverse change in the Senior Public Debt Ratings since December 31, 2017. 

§11.9. Payment of Fees. Each of the Borrowers shall have paid the fees required to be paid on the Closing
Date. 
 §11.10. Closing Date Compliance Certificate. Each of the Banks shall have received a Compliance
Certificate, dated the Closing Date, in form and substance satisfactory to the Banks, evidencing the Borrowers’ compliance with §10.1 hereto. 

§11.11. Receipt of Financial Statements. Each of the Banks shall have received the financial statements of
Ryder and its Consolidated Subsidiaries required to be delivered pursuant to §8.4(a) with respect to the fiscal year of Ryder ended December 31, 2017 and any financial statements of Ryder and its Consolidated Subsidiaries
required to be delivered pursuant to §8.4(b) with respect to any subsequent period for which such information becomes available on or prior to the Closing Date, in form and substance satisfactory to the Banks. 

§11.12. KYC Information. Each Bank shall have received (a) documentation and other information so requested by
any such Bank in connection with applicable “know your customer” and Anti-Money Laundering Laws, and (b) with respect to any Borrower that qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, a
Beneficial Ownership Certification in relation to such Borrower to the extent requested by such Bank. 

  
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 Without limiting the generality of the provisions of the last paragraph of §16.3, for purposes
of determining compliance with the conditions specified in this §11, each Bank that has signed this Agreement shall be deemed to have consented to, approved or accepted or to be satisfied with, each document or other matter required
thereunder to be consented to or approved by or acceptable or satisfactory to a Bank unless the Administrative Agent shall have received notice from such Bank prior to the proposed Closing Date specifying its objection thereto. 

§12. CONDITIONS TO ALL LOANS. The obligations of the Banks to make any Loan, the obligation of the Canadian
Banks to accept or purchase any Bankers’ Acceptance and the obligation of the Issuing Bank to issue, extend or renew any Letter of Credit, in each case, at the time of and subsequent to the Closing Date is subject to the following conditions
precedent: 
 §12.1. Representations True. Each of the representations and warranties contained in
§7.1, §7.2, §7.6(a), §7.9, §7.10, §7.14, §7.17, §7.18 and §7A shall be true at
and as of the time of the making of such Loan or the acceptance or purchase of such Bankers’ Acceptance or the issuance, extension or renewal of such Letter of Credit, as applicable, with the same effect as if made at and as of that time
(except to the extent of changes resulting from transactions contemplated or permitted by this Agreement and changes occurring in the ordinary course of business which singly or in the aggregate are not materially adverse to the business, assets or
financial condition of Ryder and its Consolidated Subsidiaries, taken as a whole, or to the extent that such representations and warranties relate expressly and solely to an earlier date). 

§12.2. Performance; No Event of Default. The Borrowers shall have performed and complied with all terms and
conditions required by §2, §3, or §4, as applicable, and this §12, and there shall exist no Default or Event of Default or condition which would result in a Default or an
Event of Default upon consummation of such Loan or the acceptance and purchase of such Bankers’ Acceptance or the issuance, extension or renewal of such Letter of Credit, as applicable. Each request for a Loan or for the acceptance or purchase
of a Bankers’ Acceptance or for the issuance, extension or renewal of a Letter of Credit shall constitute certification by the Borrowers that the conditions specified in this §12.2 will be duly satisfied on the date of such
Loan. 
 §12.3. No Legal Impediment. No Change in Law shall have occurred as a consequence of which it
shall have become and continue to be unlawful for (a) the first Loan to be made or the first Bankers’ Acceptance to be accepted and purchased hereunder or the first Letter of Credit to be issued, renewed or extended hereunder only, or for
any Bank or the Issuing Bank to perform any of its agreements or obligations under any of the Loan Documents to which it is a party or (b) for any Borrower to perform any of its respective agreements or obligations under any of the Loan
Documents. 
 §12.4. Delivery of Documents. The Borrower(s) shall have delivered to the applicable Agent(s)
and the Issuing Bank, as applicable, the documentation required to be delivered hereunder in connection with such Loan or such Bankers’ Acceptance or such Letter of Credit. 

§12.5. Alternative Currency. In the case of a credit extension to be denominated in Canadian Dollars, Euros
or Sterling, there shall not have occurred any change in the general availability of such currency as legal tender customarily used in the applicable jurisdiction which in the reasonable opinion of the Agents or the Majority Banks (in the case of
any Loans to be denominated in Canadian Dollars, Euros or Sterling) would make it impossible or impracticable for such credit extension to be denominated in such currency. 

  
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 §13. EVENTS OF DEFAULT; ACCELERATION; TERMINATION OF
COMMITMENT. 
 §13.1. Events of Default and Acceleration. If any of the following events (each, an
“Event of Default”) shall occur: 
 (a) if any Borrower shall fail to pay any principal of the Loans made to
such Borrower, any L/C Obligation or any obligation in respect of any Banker’s Acceptance when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for
payment and such default shall not have been remedied within one (1) Business Day after written notice thereof shall have been given to such Borrower and Ryder by an Agent; 

(b) if the applicable Borrowers shall fail to pay any interest or fees owing by such Borrower hereunder when the same shall
become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment and such default shall not have been remedied within three (3) Business Days after written notice thereof
shall have been given to such Borrower and Ryder by an Agent; 
 (c) if the Borrowers shall fail to comply with any of the
covenants contained in §9.1, §9.2, §9.3, or §10.1 hereof; 
 (d) if the
Borrowers shall fail to perform any term, covenant or agreement contained herein or in any of the other Loan Documents or pay any amounts (other than those specified in subsections (a), (b), and (c) above) and such failure shall not be remedied
within twenty (20) days after written notice of such failure shall have been given to the Borrowers and Ryder by an Agent; 

(e) if any representation, warranty or certification made in writing by or on behalf of any Borrower contained in this
Agreement or in any document or instrument delivered pursuant to this Agreement shall prove to have been false in any material respect upon the date when made or repeated and such representation, warranty or certification shall be material at the
time it shall have been determined to have been false or incorrect, and if such false representation, warranty or certification or its adverse effects shall be susceptible of cure, the Borrowers shall not, within a period of twenty (20) days
after written notice thereof has been given to the Borrowers and Ryder by the Administrative Agent, (i) have cured (to the satisfaction of the Majority Banks) the representation, warranty or certification and (ii) have cured the adverse
effect of the failure of such representation, warranty or certification to have been true and correct when made or repeated; 

(f) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries shall (i) fail to pay within the later of
(A) three (3) Business Days after maturity and (B) three (3) Business Days after any applicable period of grace, any Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives
Obligation, in each case, in an aggregate amount greater than $75,000,000, or (ii) fail to observe or perform any material term, covenant or agreement contained in any one or more agreements by which it is bound, evidencing or securing any
Indebtedness, reimbursement obligation in respect of any letter of credit or the aggregate amount of any Derivatives Obligation, in each case, in an aggregate amount greater than $75,000,000, resulting in the acceleration of such Indebtedness; 

  
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 (g) if any of the Borrowers or any of Ryder’s Consolidated Subsidiaries
makes an assignment for the benefit of creditors, or admits in writing its inability to pay or generally fails to pay its debts as they mature or become due, or petitions or applies for the appointment of a trustee or other custodian, liquidator or
receiver of any such Person, or of any substantial part of the assets of any such Person or commences any case or other proceeding relating to any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt,
dissolution or liquidation or similar Law of any jurisdiction, now or hereafter in effect, or takes any action to authorize or in furtherance of any of the foregoing, or if any such petition or application is filed or any such case or other
proceeding is commenced against any such Person or any such Person indicates its approval thereof, consent thereto or acquiescence therein; 

(h) if a decree or order is entered appointing any trustee, custodian, liquidator or receiver or adjudicating any of the
Borrowers or any of Ryder’s Consolidated Subsidiaries bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any such Person in an involuntary case under the
bankruptcy laws of any jurisdiction or any analogous proceeding, procedure or step is taken in any jurisdiction as now or hereafter constituted, and such decree or order remains in effect for more than sixty (60) days, whether or not
consecutive; 
 (i) if there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty
(60) days, whether or not consecutive, any judgment or order against any of the Borrowers or any of Ryder’s Consolidated Subsidiaries which, with other outstanding judgments or orders against any such Person exceeds in the aggregate
$75,000,000; 
 (j) if any judicial lien or attachment on the property of any Borrower or any of Ryder’s Consolidated
Subsidiaries in an amount of $75,000,000 or greater shall not be released or provided for to the satisfaction of the Administrative Agent and the Majority Banks within sixty (60) days after such lien or attachment shall have come into
existence; 
 (k) An ERISA Event occurs with respect to a Pension Plan and the Majority Banks shall have determined in their
reasonable discretion that such event could reasonably be expected to result in liability of any of the Borrowers or any of their Subsidiaries under Title IV of ERISA to the Pension Plan or the PBGC in an aggregate amount in excess of $75,000,000,
and such event, under the circumstances could reasonably constitute grounds for the partial or complete termination of such Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to administer such Plan;
or a trustee shall have been appointed by the appropriate United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Plan;; 

(l) if any person or group of persons (within the meaning of Section 13 or 14 of the Securities Exchange Act of 1934, as
amended) shall have acquired beneficial ownership (within the meaning of Rule 13d-3 promulgated by the Securities and Exchange Commission under said Act) of fifty percent (50%) or more of the outstanding
shares of common voting stock of Ryder; or, during any period of twelve consecutive calendar months, individuals who were directors of Ryder on the first day of such period shall cease to constitute a majority of the board of directors of Ryder
(excluding any directors elected or nominated by such board); or 
 (m) if any Loan Document, at any time after its execution
and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Obligations, ceases to be in full force and effect; or if Ryder or any of its Consolidated Subsidiaries contests in any
manner the validity or enforceability of any Loan Document, including any material rights and obligations thereunder; or if any Ryder, any Canadian Borrower, any U.K. Borrower or Ryder PR denies that it has any or further liability or obligation
under any Loan Document, or purports to revoke, terminate or rescind any provision of any Loan Document; 

  
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 then, and in any such event, so long as the same may be continuing, the Administrative Agent may, and upon
the written or telephonic (confirmed in writing) requests of the Majority Banks, shall, by written notice to the Borrowers, declare all amounts under this Agreement and the Notes and all L/C Obligations to be forthwith due and payable, whereupon the
same shall forthwith mature and become immediately due and payable, together with accrued interest thereon, without presentment, demand, protest or notice, all of which are hereby waived by each of the Borrowers, provided that in the case of
the occurrence of any event specified in paragraphs (g) or (h) of this §13.1, all such amounts outstanding hereunder and under the Notes shall become due and payable forthwith without the requirement of any such notice
or the action of any Person and without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by each of the Borrowers. Upon written demand by the Majority Banks after the occurrence of any Event of
Default, and automatically without the necessity of demand in the event of any Event of Default specified in paragraphs (g) or (h) of this §13.1, Ryder shall immediately provide to the Administrative Agent cash in an
amount equal to the aggregate L/C Obligations on all then outstanding Letters of Credit issued for the account of Ryder or any of its domestic Subsidiaries to be held by the Administrative Agent as Cash Collateral for such L/C Obligations. 

§13.2. Termination of Commitments. If any Event of Default pursuant to §13.1(g) or
§13.1(h) hereof shall occur, any unused portion of the Total Commitment hereunder shall forthwith terminate and the Banks and the Agents shall be relieved of all obligations to make Loans or to accept and purchase Bankers’
Acceptances hereunder and the Issuing Bank shall be relieved of all further obligations to issue, extend or renew Letters of Credit; or if any other Event of Default shall occur, the Majority Banks may by notice to the Borrowers terminate the unused
portion of the Total Commitment hereunder, and, upon such notice being given, such unused portion of the Total Commitment hereunder shall terminate immediately and the Banks and the Agents shall be relieved of all further obligations to make Loans
or to accept and purchase Bankers’ Acceptances and the Issuing Bank shall be relieved of all further obligations to issue, extend or renew Letters of Credit. No termination of any portion of the Total Commitment hereunder shall relieve the
Borrowers of any of their existing Obligations to the Banks, the Issuing Bank or the Agents hereunder or elsewhere. 
 §13.3.
Remedies. In case any one or more of the Events of Default shall have occurred and be continuing, and whether or not the Banks shall have accelerated the maturity of the Loans and other Obligations pursuant to
§13.1, subject to §23A, each Bank, upon notice to the other Banks, if owed any amount with respect to the Loans, may proceed to protect and enforce its rights by suit in equity, action at law or other
appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement and the other Loan Documents or any instrument pursuant to which the Obligations to such Bank are evidenced, including, without
limitation, as permitted by applicable Law the obtaining of the ex parte appointment of a receiver, and, if such amount shall have become due, by declaration or otherwise, proceed to enforce the payment thereof or any legal or equitable right of
such Bank. No remedy herein conferred upon any Bank, the Issuing Bank or the Agents or the holder of any Note, Loan or any Obligations hereunder or purchaser of any participation in any Letter of Credit is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing at Law or in equity or by statute or any other provision of Law. 

§13.4. Judgment Currency. If, for the purpose of obtaining judgment in any court or obtaining an order
enforcing a judgment, it becomes necessary to convert any amount due under this Agreement in Dollars or in any other currency (hereinafter in this §13.4 called the “first currency”) into any other currency
(hereinafter in this §13.4 called the “second currency”), then the conversion shall be made at the applicable Agent’s spot rate of exchange for buying the first currency with the second currency prevailing at
the applicable Agent’s close of business on the Business Day next preceding the day on which the judgment is given or (as the case may be) the order is made. Any payment made to the Agents, the Issuing Bank or any

  
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Bank pursuant to this Agreement in the second currency shall constitute a discharge of the obligations of the applicable Borrowers to pay to the Agents, the Issuing Bank and the Banks any amount
originally due to the Agent, the Issuing Bank and the Banks in the first currency under this Agreement only to the extent of the amount of the first currency which the applicable Agent, the Issuing Bank and each of the applicable Banks is able, on
the date of the receipt by it of such payment in any second currency, to purchase, in accordance with the applicable Agent’s, the Issuing Bank’s and such Bank’s normal banking procedures, with the amount of such second currency so
received. If the amount of the first currency falls short of the amount originally due to the applicable Agent, the Issuing Bank and the applicable Banks in the first currency under this Agreement, each of the applicable Borrowers agrees that it
will indemnify the applicable Agent, the Issuing Bank and each of the applicable Banks against and save the applicable Agent, the Issuing Bank and each of the applicable Banks harmless from any shortfall so arising. This indemnity shall constitute
an obligation of each such Borrower separate and independent from the other obligations contained in this Agreement, shall give rise to a separate and independent cause of action and shall continue in full force and effect notwithstanding any
judgment or order for a liquidated sum or sums in respect of amounts due to the applicable Agent, the Issuing Bank or any applicable Bank under this Agreement or under any such judgment or order. Any such shortfall shall be deemed to constitute a
loss suffered by the applicable Agent, the Issuing Bank and each such Bank, as the case may be, and the applicable Borrowers shall not be entitled to require any proof or evidence of any actual loss. The covenant contained in this §13.4
shall survive the payment in full of all of the other obligations of the Borrowers under this Agreement. 
 §14.
SETOFF. Regardless of the adequacy of any collateral, during the continuance of any Event of Default, any deposits or other sums credited by or due from any of the Banks or any affiliate of a Bank to any of the Borrowers and any
securities or other property of any of the Borrowers in the possession of such Bank or such affiliate of a Bank may be applied to or set off by such Bank against the payment of Obligations and, with respect to Ryder, Guaranteed Obligations, and any
and all other liabilities, direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter arising, of such Borrower to such Bank, the other Banks, the Issuing Bank and the Agents. Any amounts set off pursuant to this
§14 shall be distributed ratably in accordance with §28 among all of the Banks by the Bank setting off such amount; provided, that in the event that any Defaulting Bank shall exercise any such right of
setoff, (x) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of §2.16 and, pending such payment, shall be segregated by such
Defaulting Bank from its other funds and deemed held in trust for the benefit of the Administrative Agent and the Banks, and (y) the Defaulting Bank shall provide promptly to the Administrative Agent a statement describing in reasonable detail
the Obligations owing to such Defaulting Bank as to which it exercised such right of setoff. If any Bank fails to share such setoff ratably, the Administrative Agent, the Canadian Agent and/or the U.K. Agent, as applicable, shall have the right to
withhold such Bank’s share of any Borrower’s payments until each of the Banks shall have, in the aggregate, received a pro rata repayment. 

§15. COSTS AND EXPENSES. 

(a) The Borrowers shall pay (i) all reasonable documented out of pocket expenses incurred by each Agent and its Affiliates
(including the reasonable fees, charges and disbursements of counsel for the Administrative Agent), in connection with the syndication of the credit facilities provided for herein, the preparation, negotiation, execution, delivery 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), (ii) all reasonable documented out
of pocket expenses incurred by the Issuing Bank in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder and (iii) all out reasonable documented of pocket expenses incurred by
any Agent, any Bank or the Issuing Bank (including the reasonable fees, charges and disbursements of any counsel for any Agent, any Bank or the Issuing Bank), in connection with the 

  
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enforcement or protection of its rights (A) in connection with this Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans
made or Bankers’ Acceptances and Letters of Credit issued hereunder, including all such reasonable documented out of pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans, Bankers’ Acceptances
or Letters of Credit. 
 (b) Reimbursement by Banks. To the extent that the Borrowers for any reason fails to
indefeasibly pay any amount required under §15(a) to be paid by it to the Agents (or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing, each Bank severally
agrees to pay to such Agent(s) (or any such sub-agent), the Issuing Bank or such Related Party, as the case may be, such Bank’s Commitment Percentage (determined as of the time that the applicable
unreimbursed expense or indemnity payment is sought) of such unpaid amount, 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 such
Agent(s) (or any such sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for such Agents (or any such
sub-agent) or Issuing Bank in connection with such capacity. The obligations of the Banks under this §15(b) are several and not joint. 

(c) Payments. All amounts due under this Section shall be payable not later than ten (10) Business Days after
demand therefor. 
 (d) Survival. The agreements in this Section shall survive the resignation of any Agent, the
Issuing Bank and any Swing Line Lender, the replacement of any Bank, the termination of the Total Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

§15A. PAYMENTS SET ASIDE. 

To the extent that any payment by or on behalf of a Borrower is made to the Administrative Agent, the Canadian Agent, the U.K. Agent, the
Issuing Bank or any Bank, or the Administrative Agent, the Canadian Agent, the U.K. Agent, the Issuing Bank or any Bank exercises its right of setoff, and such payment or the proceeds of such setoff or any part thereof is subsequently invalidated,
declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Canadian Agent, the U.K. Agent, the Issuing Bank or such Bank in its discretion) to be repaid to a
trustee, receiver or any other party, in connection with any proceeding under any Debtor Relief Law or otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and
continued in full force and effect as if such payment had not been made or such setoff had not occurred, and (b) each Bank and the Issuing Bank, as applicable, severally agrees to pay to the Administrative Agent, the Canadian Agent or the U.K.
Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, the Canadian Agent or the U.K. Agent plus interest thereon from the date of such demand to the date such payment is
made at a rate per annum equal to the applicable Overnight Rate from time to time in effect. The obligations of the Banks and the Issuing Bank under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement. 
 §16. THE AGENTS. 

§16.1. Appointment and Authority. Each of the Banks and the Issuing Bank hereby irrevocably appoints
(a) Bank of America to act on its behalf as the Administrative Agent hereunder and under the other Loan Documents, (b) RBC to act on its behalf as the Canadian Agent hereunder and under the other Loan Documents and (c) Lloyds to act
on its behalf as the U.K. Agent hereunder and under the other Loan Documents, and authorizes each Agent to take such actions on its behalf and to exercise such powers as are 

  
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delegated to such Agents by the terms hereof or thereof, together with such actions and powers as are reasonably incidental thereto. The provisions of this §16 are solely for the
benefit of the Agents, the Banks and the Issuing Bank, and neither any Borrower nor any guarantor hereunder shall have rights as a third party beneficiary of any of such provisions. 

§16.2. Rights as a Bank. The Person serving as the Administrative Agent, the Canadian Agent and the U.K.
Agent hereunder shall have the same rights and powers in its capacity as a Bank as any other Bank and may exercise the same as though it were not an Agent and the term “Bank” or “Banks” shall, unless otherwise expressly indicated
or unless the context otherwise requires, include the Person serving as the Administrative Agent, the Canadian Agent and the U.K. Agent hereunder in its individual capacity. Such Person and its Affiliates may accept deposits from, lend money to, act
as the financial advisor or in any other advisory capacity for and generally engage in any kind of business with the Borrowers or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent, Canadian Agent or the
U.K. Agent hereunder and without any duty to account therefor to the Banks. 
 §16.3. Exculpatory
Provisions. The Agents shall not have any duties or obligations except those expressly set forth herein and in the other Loan Documents. Without limiting the generality of the foregoing, no Agent: 

(a) shall be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing;

 (b) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights
and powers expressly contemplated hereby or by the other Loan Documents that any Agent is required to exercise as directed in writing by the Majority Banks (or such other number or percentage of the Banks as shall be expressly provided for herein or
in the other Loan Documents), provided that no Agent shall be required to take any action that, in its reasonable opinion or the opinion of its counsel, may expose such Agent to liability or that is contrary to any Loan Document or applicable
Law; and 
 (c) shall, except as expressly set forth herein and in the other Loan Documents, have any duty to disclose, and
no Agent shall be liable for the failure to disclose, any information relating to any of the Borrowers or any of their respective Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent, the Canadian Agent,
the U.K. Agent or any of its Affiliates in any capacity. 
 No Agent shall be liable for any action taken or not taken by it (i) with the consent or at
the request of the Majority Banks (or such other number or percentage of the Banks as shall be necessary, or as the applicable Agent shall believe in good faith shall be necessary, under the circumstances as provided in §17) or
(ii) in the absence of such Agent’s own gross negligence or willful misconduct. No Agent shall be deemed to have knowledge of any Default unless and until notice describing such Default is given to such Agent by Ryder, a Bank or the
Issuing Bank. 
 No Agent shall be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in
or in connection with this Agreement or any other Loan Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance
of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement, any other Loan Document or any
other agreement, instrument or document or (v) the satisfaction of any condition set forth in §11 or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to such Agent. 

  
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 §16.4. Reliance by Agents. Each Agent shall be entitled to
rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution)
believed by it to be genuine and to have been signed, sent or otherwise authenticated by the proper Person. Each Agent also may rely upon any statement made to it orally or by telephone and believed by it to have been made by the proper Person, and
shall not incur any liability for relying thereon. In determining compliance with any condition hereunder to the making of a Loan, the purchasing of any Bankers’ Acceptance, or the issuance of a Letter of Credit, that by its terms must be
fulfilled to the satisfaction of a Bank or the Issuing Bank, the applicable Agent may presume that such condition is satisfactory to such Bank or the Issuing Bank unless such Agent shall have received notice to the contrary from such Bank or the
Issuing Bank prior to the making of such Loan, the purchasing of such Bankers’ Acceptance or the issuance of such Letter of Credit. Each Agent may consult with legal counsel (who may be counsel for Ryder, the Borrowers or any of them),
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. 

§16.5. Use of Sub-Agents. Each Agent may perform any and all of its
duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by such Agent. Any Agent and any such
sub-agent may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this §16 shall apply to any
such sub-agent and to the Related Parties of such 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 an Agent hereunder. 
 §16.6. Resignation of an
Agent. Any Agent may at any time give forty-five (45) days prior written notice of its resignation to the Banks, the Issuing Bank and Ryder. Upon receipt of any such notice of resignation, the Majority Banks shall have the right to
appoint a successor (and, so long as no Default or Event of Default exists, shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)), which shall be a bank with an office in the appropriate jurisdiction for
such Agent, or an Affiliate of any such bank. If no such successor shall have been so appointed by the Majority Banks and shall have accepted such appointment within thirty (30) days after such retiring Agent gives notice of its resignation,
then the retiring Agent may on behalf of the Banks and the Issuing Bank, appoint a successor Administrative Agent, Canadian Agent or U.K. Agent, as applicable, meeting the qualifications set forth above (and, so long as no Default or Event of
Default exists, such successor appointed by the retiring Agent shall be acceptable to Ryder (with such acceptance not to be unreasonably withheld or delayed)); provided that if such Agent shall notify Ryder and the Banks that no qualifying
Person has accepted such appointment or been approved by Ryder, then such resignation shall nonetheless become effective in accordance with such notice and (1) the retiring Agent shall be discharged from its duties and obligations hereunder and
under the other Loan Documents and (2) all payments, communications and determinations provided to be made by, to or through such Agent shall instead be made by or to each Bank and the Issuing Bank directly, until such time as the Majority
Banks appoint a successor Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Administrative Agent, Canadian Agent or U.K. Agent, as applicable, hereunder, such successor shall succeed to and become
vested with all of the rights, powers, privileges and duties of the retiring (or retired) Agent, and the retiring Agent shall be discharged from all of its duties and obligations hereunder or under the other Loan Documents (if not already discharged
therefrom as provided above in this Section). The fees payable by Ryder to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between Ryder and such successor. After the retiring Agent’s resignation
hereunder and under the other Loan Documents, the provisions of this §16 and §15 and §18 shall continue in effect for the benefit of such retiring Agent, its
sub-agents and their respective Related Parties in respect of any actions taken or omitted to be taken by any of them while the retiring Agent was acting as an Administrative Agent, the Canadian Agent or the
U.K. Agent, as applicable. 

  
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 Any resignation by Bank of America as Administrative Agent pursuant to this Section shall also constitute
its resignation as Issuing Bank and Swing Line Lender. Upon the acceptance of a successor’s appointment as Administrative Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and
duties of the retiring Issuing Bank and Swing Line Lender, (b) the retiring Issuing Bank and Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents, and (c) the
successor Issuing Bank shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the
obligations of the retiring Issuing Bank with respect to such Letters of Credit. 
 Any resignation by RBC as Canadian Agent pursuant to this Section shall
also constitute its resignation as the Canadian Swing Line Lender. Upon the acceptance of a successor’s appointment as Canadian Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers,
privileges and duties of the Canadian Swing Line Lender and (b) the retiring Canadian Swing Line Lender shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents. 

Any resignation by Lloyds as U.K. Agent pursuant to this Section shall also constitute its resignation as a Swing Line Lender of U.K. Swing Line Loans. Upon
the acceptance of a successor’s appointment as U.K. Agent hereunder, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the Swing Line Lender of U.K. Swing Line Loans and
(b) the retiring Swing Line Lender of U.K. Swing Line Loans shall be discharged from all of their respective duties and obligations hereunder or under the other Loan Documents. 

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

 §16.8. No Other Duties, Etc. Anything herein to the contrary notwithstanding, none of the Co-Lead Arrangers, documentation agents or syndication agents listed on the cover page hereof shall have any powers, duties or responsibilities under this Agreement or any of the other Loan Documents, except in its
capacity, as applicable, as the Administrative Agent, the Canadian Agent, the U.K. Agent, a Bank or the Issuing Bank hereunder. 

§16.9. Agent May File Proofs of Claim. In case of the pendency of any proceeding under any Debtor Relief Law
or any other judicial proceeding relative to any Borrower or guarantor hereunder, the Administrative Agent, or in the case of such proceeding not in the United States, the applicable local Agent (irrespective of whether the principal of any Loan,
Bankers’ Acceptance or L/C Obligation shall then be due and payable as herein expressed or by declaration or otherwise and irrespective of whether any Agent shall have made any demand on any Borrower) shall be entitled and empowered, by
intervention in such proceeding or otherwise: 
 (a) to file and prove a claim for the whole amount of the principal and
interest owing and unpaid in respect of the Loans, Bankers’ Acceptances, L/C Obligations and all other Obligations that are owing and unpaid and to file such other documents as may be necessary or advisable in order to have the claims of the
Banks, the Issuing Bank and the Agents (including any 

  
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claim for the reasonable compensation, expenses, disbursements and advances of the Banks, the Issuing Bank and the Agents and their respective agents and counsel and all other amounts due the
Banks, the Issuing Bank and the Agents under §2.2, §3.3, §4.9, §4.10, §15 and §18) allowed in such judicial proceeding; and 

(b) to collect and receive any monies or other property payable or deliverable on any such claims and to distribute the same;

 and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized
by each Bank and the Issuing Bank to make such payments to the Agents and, in the event that the Agents shall consent to the making of such payments directly to the Banks and the Issuing Bank, to pay to the Agents any amount due for the reasonable
compensation, expenses, disbursements and advances of the Agents and their agents and counsel, and any other amounts due to such Agent under §2.2, §3.3, §4.9, §4.10, §15 and
§18. 
 Nothing contained herein shall be deemed to authorize the Agents to authorize or consent to or accept or adopt on behalf of any Bank or
Issuing Bank any plan of reorganization, arrangement, adjustment or composition affecting the Obligations or the rights of any Bank or Issuing Bank to authorize the Agents to vote in respect of the claim of any Bank or Issuing Bank in any such
proceeding. 
 §16.10. ERISA Matters. 

(a) Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
(y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, each Agent and each Co-Lead Arranger and their respective
Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that at least one of the following is and will be true: 

(i) such Bank is not using “plan assets” (within the meaning of 29 CFR §
2510.3-101, as modified by Section 3(42) of ERISA) of one or more Benefit Plans in connection with the Loans, the Bankers’ Acceptances, the Letters of Credit or the Commitments, 

(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 Bank’s entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement, 

(iii) (A) such Bank 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 Bank to enter into, participate in, administer and perform the Loans, the
Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies
the requirements of sub-sections (b) through (g) of Part I of 

  
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PTE 84-14 and (D) to the best knowledge of such Bank, the requirements of subsection (a) of Part I of PTE
84-14 are satisfied with respect to such Bank’s entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, 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 Bank. 
 (b) In addition, unless subclause (i) in the
immediately preceding clause (a) is true with respect to a Bank or such Bank has not provided another representation, warranty and covenant as provided in subclause (iv) in the immediately preceding clause (a), such
Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the
benefit of, each Agent and each Co-Lead Arranger and their respective Affiliates, and not, for the avoidance of doubt, to or for the benefit of the Borrowers, that: 

(i) none of the Agents or the Co-Lead Arrangers or any of their respective Affiliates
is a fiduciary with respect to the assets of such Bank (including in connection with the reservation or exercise of any rights by any Agent under this Agreement, any Loan Document or any documents related to hereto or thereto), 

(ii) the Person making the investment decision on behalf of such Bank with respect to the entrance into, participation in,
administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement is independent (within the meaning of 29 CFR § 2510.3-21) and is a
bank, an insurance carrier, an investment adviser, a broker-dealer or other person that holds, or has under management or control, total assets of at least $50 million, in each case as described in 29 CFR §
2510.3-21(c)(1)(i)(A)-(E), 
 (iii) the Person making the investment decision on
behalf of such Bank with respect to the entrance into, participation in, administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement is capable of evaluating investment
risks independently, both in general and with regard to particular transactions and investment strategies (including in respect of the Obligations), 

(iv) the Person making the investment decision on behalf of such Bank with respect to the entrance into, participation in,
administration of and performance of the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments and this Agreement is a fiduciary under ERISA or the Code, or both, with respect to the Loans, the Bankers’ Acceptances, the
Letters of Credit, the Commitments and this Agreement and is responsible for exercising independent judgment in evaluating the transactions hereunder, and 

(v) no fee or other compensation is being paid directly any each Agent or any Co-Lead
Arranger or any their respective Affiliates for investment advice (as opposed to other services) in connection with the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments or this Agreement. 

  
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 (c) Each Agent and each Co-Lead
Arranger hereby informs the Banks that each such Person is not undertaking to provide impartial investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a
financial interest in the transactions contemplated hereby in that such Person or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Bankers’ Acceptances, the Letters of Credit, the Commitments
and this Agreement, (ii) may recognize a gain if it extended the Loans, the Bankers’ Acceptances, the Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Bankers’
Acceptances, the Letters of Credit or the Commitments by such Bank or (iii) may receive fees or other payments in connection with the transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment
fees, arrangement fees, facility fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate
transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early termination fees or fees similar to the foregoing. 

§17. CONSENTS, AMENDMENTS, WAIVERS, ETC. Any action to be taken (including the giving of notice) may be
taken, any consent or approval required or permitted by this Agreement or any other Loan Document to be given by the Banks may be given, any term of this Agreement, any other Loan Document or any other instrument, document or agreement related to
this Agreement or the other Loan Documents or mentioned therein may be amended, and the performance or observance by the Borrowers or any other Person of any of the terms thereof and any Default or Event of Default (as defined in any of the
above-referenced documents or instruments) may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Majority Banks; provided, however, that no such
consent or amendment which affects the rights, duties or liabilities of any Agent, the Issuing Bank, or any Swing Line Lender, shall be effective without the written consent of such Person, as applicable; provided, further,
that, (x) the Domestic Swing Line Commitment of a Domestic Swing Line Lender reflected on Schedule 1 may be amended from time to time by Ryder, the Administrative Agent and such Domestic Swing Line Lender, to reflect the Domestic
Swing Line Commitment of such Domestic Swing Line Lender in effect from time to time, and (y) the L/C Commitment of an Issuing Bank reflected on Schedule 1 may be amended from time to time by Ryder, the Administrative Agent and such
Issuing Bank, to reflect the L/C Commitment of such Issuing Bank in effect from time to time. In addition, no amendment, waiver or consent shall do any of the following unless in writing and signed by (a) each Bank: (i) waive any condition
set forth in §11; (ii) change the definition of “Majority Banks”; (iii) amend this §17; or (iv) release any Borrower from its Obligations or release Ryder, in its capacity as guarantor, from its
obligations under §5 hereof or in respect of the Guaranteed Obligations; or (b) each of the Banks directly affected thereby: (i) increase the principal amount of such Bank’s Commitment (or subject any Bank to any
additional obligations, including the extension of such Bank’s Commitment); (ii) reduce the principal of or interest on the Loans or any Letter of Credit, L/C Obligations or any Bankers’ Acceptance (including, without limitation, interest
on overdue amounts) or any fees payable hereunder; (iii) change the Commitment Percentage of any Bank, except pursuant to §2.4 or §21, (iv) alter any provision relating to the pro rata
treatment of the Banks as required hereby or (v) extend or postpone any date fixed for any payment in respect of principal or interest (including, without limitation, interest on overdue amounts) on the Notes or any L/C Obligation, or any fee
hereunder. 
 Notwithstanding anything to the contrary herein, no Defaulting Bank shall have any right to approve or disapprove any
amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Banks or each affected Bank may be effected with the consent of the applicable Banks other than Defaulting Banks), except
that (x) the Commitment of any Defaulting Bank may not be increased or extended without the consent of such Bank and (y) any waiver, amendment or modification requiring the consent of all Banks or each affected Bank that by its terms
affects any Defaulting Bank more adversely than other affected Banks shall require the consent of such Defaulting Bank. 
  

  
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 Notwithstanding anything herein to the contrary, (A) in order to implement any
additional Commitments in accordance with §2.1.5, this Agreement may be amended for such purpose (but solely to the extent necessary to implement such additional Commitments in accordance with §2.1.5) by each Borrower, the
applicable Agent, and the applicable Banks providing such additional Commitments, (B) this Agreement may be amended pursuant to §6.17 as contemplated in such section, (C) the Fee Letter may be amended, or rights or privileges
thereunder waived, in a writing executed only by the parties thereto, (D) each Bank is entitled to vote as such Bank sees fit on any bankruptcy reorganization plan that affects the Obligations, and each Bank acknowledges that the provisions of
Section 1126(c) of the Bankruptcy Code of the United States supersedes the unanimous consent provisions set forth herein, (E) the Majority Banks shall determine whether or not to allow a Borrower to use cash collateral in the context of a
bankruptcy or insolvency proceeding and such determination shall be binding on all of the Banks, (F) this Agreement may be amended (or amended and restated) with the written consent of the Majority Banks, the Agents, each Borrower, and the
relevant Banks providing such additional credit facilities (1) to add one or more additional credit facilities to this Agreement, to permit the extensions of credit from time to time outstanding hereunder 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 Obligations and the accrued interest and fees in respect thereof and to include appropriately the Banks holding such credit facilities in any
determination of the Majority Banks, and (2) to change, modify or alter the provisions of this Agreement relating to the pro rata sharing of payments among the Banks to the extent necessary to effectuate any of the amendments (or amendments and
restatements) enumerated in this clause (F), (G) if following the Closing Date, the Agents and the Borrowers shall have jointly identified an inconsistency, obvious error or omission, in each case, of a technical or immaterial nature, in any
provision of the Loan Documents, then the Agents and the Borrowers shall be permitted to amend such provision and such amendment shall become effective without any further action or consent of any other party to any Loan Documents if the same is not
objected to in writing by the Majority Banks within five (5) Domestic Business Days following receipt of notice thereof, and (H) as to any amendment, amendment and restatement or other modifications otherwise approved in accordance with
this §17, it shall not be necessary to obtain the consent or approval of any Bank that, upon giving effect to such amendment, amendment and restatement or other modification, would have no Commitment or outstanding Obligations so long as
such Bank receives payment in full of the principal of and interest accrued on Obligations made by, and all other amounts owing to, such Bank or accrued for the account of such Bank under this Agreement and the other Loan Documents at the time such
amendment, amendment and restatement or other modification becomes effective. 
 §18. INDEMNIFICATION; DAMAGE
WAIVER. 
 §18.1. Indemnification by the Borrowers. Each Borrower shall indemnify the Agents (and
any sub-agent thereof), each Co-Lead Arranger, each syndication agent, each documentation agent, each Bank and the Issuing Bank, 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 expenses (including the reasonable fees, charges and
disbursements of any counsel for any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by any Borrower or any Affiliate of a Borrower hereunder arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder, the
consummation of the transactions contemplated hereby or thereby, or, in the case of each Agent (and any sub-agent thereof) and its Related Parties only, the administration of this Agreement and the other Loan
Documents (including in respect of any matters addressed in §6), (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds therefrom (including any refusal by 

  
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the Issuing Bank to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) any actual or alleged presence or release of Hazardous Substances on or from any property owned or operated by any Borrower or any of its Subsidiaries, or any Environmental Liability related in any way to any Borrower or any of its
Subsidiaries, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory, whether brought by a third party or by any Borrower or any
guarantor hereunder, 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
(x) 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 (y) result from a claim brought by any Borrowers hereunder
against an Indemnitee for breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if such Borrowers has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of
competent jurisdiction. The provisions of this §18.1 shall not apply to any litigation, proceeding or dispute solely between the Borrowers or any of their Consolidated Subsidiaries on the one hand and the Agents, the Issuing Bank or the
Banks on the other hand, if the final non-appealable judgment in such litigation, proceeding or dispute is in favor of the Borrowers or any of their Consolidated Subsidiaries and against such Indemnitee. 

§18.2. Reimbursement by Banks. To the extent that the Borrowers for any reason fail to indefeasibly pay any
amount required under §18.1 to be paid by them to the Agents (or any sub-agent thereof), the Issuing Bank or any Related Party of any of the foregoing, each Bank severally agrees to pay to
such Agent(s) (or any such sub-agent), the Issuing Bank or such Related Party, as the case may be, such Bank’s Commitment Percentage (determined as of the time that the applicable unreimbursed expense or
indemnity payment is sought) of such unpaid amount, 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 such Agent(s) (or any such sub-agent) or the Issuing Bank in its capacity as such, or against any Related Party of any of the foregoing acting for such Agents (or any such sub-agent) or Issuing Bank in
connection with such capacity. The obligations of the Banks under this §18.2 are several and not joint. 

§18.3. Waiver of Consequential Damages, Etc. To the fullest extent permitted by applicable Law, no Borrower
shall assert, and hereby waives, any claim against any Indemnitee, 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, the transactions contemplated hereby or thereby, any Loan or Bankers’ Acceptance or Letter of Credit or the use of the proceeds thereof. No Indemnitee
referred to in §18.1 shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed to such unintended recipients by such Indemnitee through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby other than for direct or actual damages resulting from the gross negligence or
willful misconduct of such Indemnitee as determined by a final and nonappealable judgment of a court of competent jurisdiction. 

§18.4. Payments. All amounts due under this Section shall be payable not later than ten (10) Business
Days after demand therefor. 
 §18.5. Survival. The agreements in this Section shall survive the
resignation of the Agents, the Issuing Bank and any Swing Line Lender, the replacement of any Bank, the termination of the Total Commitments and the repayment, satisfaction or discharge of all the other Obligations. 

  
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 §19. TAXES. 

(a) Payments Free of Taxes; Obligation to Withhold; Payments on Account of Taxes. 

(i) Any and all payments by or on account of any obligation of the respective Borrowers hereunder and under the other Loan
Documents shall to the extent permitted by applicable Laws be made free and clear of, and without deduction for Taxes. If, however, applicable Laws require any Borrower or any Agent to withhold or deduct any Tax, such Tax shall be withheld or
deducted in accordance with such Laws as determined by such Borrower or such Agent, as the case may be, upon the basis of the information and documentation to be delivered pursuant to §6.2. 

(ii) If any Borrower or any Agent shall be required by the Code to withhold or deduct any Taxes, including both United States
Federal backup withholding and withholding taxes, from any payment, then (A) such Agent shall withhold or make such deductions as are determined by such Agent to be required based upon the information and documentation it has received pursuant
to §6.2, (B) such Agent shall timely pay the full amount withheld or deducted to the relevant Governmental Authority in accordance with the Code or the applicable Law or treaty, and (C) to the extent that the withholding or
deduction is made on account of Indemnifiable Taxes or Other Taxes, the sum payable by such Borrower shall be increased as necessary so that after any required withholding or the making of all required deductions (including deductions applicable to
additional sums payable under this Section) each of the Agents, Banks, the Issuing Bank or any holder of Notes, Loans or any Obligations hereunder, as the case may be, receives an amount equal to the sum it would have received had no such
withholding or deduction been made. 
 (iii) If any Borrower or any Agent shall be required by any applicable Laws other than
the Code to withhold or deduct any Taxes from any payment, then (A) such Borrower or such Agent, as required by such Laws, shall withhold or make such deductions as are determined by it to be required based upon the information and
documentation it has received pursuant to §6.2, (B) such Borrower or such Agent, to the extent required by such Laws, shall timely pay the full amount so withheld or deducted by it to the relevant Governmental Authority in accordance
with such Laws, and (C) to the extent that the withholding or deduction is made on account of Indemnifiable Taxes or Other Taxes, the sum payable by such Borrower shall be increased as necessary so that after any required withholding or the
making of all required deductions (including deductions applicable to additional sums payable under this Section) the Agents, Banks, the Issuing Bank or any holder of Notes, Loans or any Obligations hereunder, as the case may be, receives an amount
equal to the sum it would have received had no such withholding or deduction been made. 
 (iv) If any Indemnifiable Taxes
are directly asserted against the applicable Agent, the Issuing Bank or any Bank with respect to any payment received by the Agents, the Issuing Bank or such Bank by reason of a Borrower’s failure to properly deduct and withhold such
Indemnifiable Taxes from such payment, the applicable Agent, the Issuing Bank or such Bank may pay such Indemnifiable Taxes and such Borrower will promptly pay all such additional amounts (including any penalties, interest or reasonable expenses) as
are necessary in order that the net amount received by such Person after the payment of such Indemnifiable Taxes (including any Indemnifiable Taxes on such additional amount) shall equal the amount such Person would have received had not such
Indemnifiable Taxes been asserted. Any such payment shall be made promptly after the receipt by such Borrower from the applicable Agent, the Issuing Bank or such Bank, as the case may be, of a written statement setting forth in reasonable detail the
amount of the Indemnifiable Taxes and the basis of the claim. 

  
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 (b) Payment of Other Taxes by the Borrowers. Without limiting the
provisions of subsection (a) above, each Borrower shall timely pay any Other Taxes to the relevant Governmental Authority in accordance with applicable Laws. 

(c) Tax Indemnifications. 

(i) Without limiting the provisions of subsection (a) and (b) above, each Borrower shall, and does hereby indemnify the
Agents, each Bank and the Issuing Bank and shall make payment in respect thereof within 10 days after demand therefor (which demand must set forth in reasonable detail the amount of such Indemnifiable Taxes or such Other Taxes, as the case may be,
and the basis of the claim), for the full amount of any Indemnifiable Taxes or Other Taxes (including Indemnifiable Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) withheld or deducted by such
Borrower or the applicable Agent or paid by the applicable Agent, such Bank or the Issuing Bank, as the case may be, and any penalties, interest and reasonable expenses arising therefrom or with respect thereto, whether or not such Indemnifiable
Taxes or Other Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. Each Borrower shall also, and does hereby, indemnify the Agents, and shall make payment in respect thereof within 10 days after demand
therefor, for any amount which a Bank or the Issuing Bank for any reason fails to pay indefeasibly to the applicable Agent as required by clause (ii) of this subsection; provided, that such indemnity shall not affect any
Bank’s or Issuing Bank’s obligation to indemnify any Borrower for such amounts, pursuant to clause (ii). A certificate as to the amount of any such payment or liability delivered to a Borrower by a Bank or the Issuing Bank (with a
copy to the applicable Agent), or by the applicable Agent on its own behalf or on behalf of a Bank or the Issuing Bank, shall be conclusive absent manifest error. 

(ii) Without limiting the provisions of subsection (a) or (b) above, each Bank and the Issuing Bank shall, and does
hereby, indemnify each Borrower and each Agent, and shall make payment in respect thereof within 10 days after demand therefor, against any and all Taxes and any and all related losses, claims, liabilities, penalties, interest and expenses
(including the fees, charges and disbursements of any counsel for such Borrower or the applicable Agent) incurred by or asserted against such Borrower or the applicable Agent by any Governmental Authority as a result of the failure by such Bank or
the Issuing Bank, as the case may be, to deliver, or as a result of the inaccuracy, inadequacy or deficiency of, any documentation required to be delivered by such Bank or the Issuing Bank, as the case may be, to such Borrower or the applicable
Agent pursuant to §6.2. Each Bank and the Issuing Bank hereby authorizes the Agents, as applicable, to set off and apply any and all amounts at any time owing to such Bank or the Issuing Bank, as the case may be, under this Agreement or
any other Loan Document against any amount due to the applicable Agent under this clause (ii). The agreements in this clause (ii) shall survive the resignation and/or replacement of any Agent, any assignment of rights by, or the
replacement of, a Bank or the Issuing Bank, the termination of the Total Commitments and the repayment, satisfaction or discharge of all other Obligations. If the Borrowers shall pay any Taxes or make any payments with respect to any Taxes which are
not Indemnifiable Taxes or Other Taxes, then the applicable Agent, the Issuing Bank or the Bank which has received any such payment or with respect to which any such payment was made shall reimburse the applicable Borrower, within ten
(10) Business Days of request by such Borrower, the amount so paid by such Borrower, together with interest at the Overnight Rate from the date such amounts were paid by such Borrower. 

  
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 (d) Evidence of Payments. Upon request by a Borrower or the
applicable Agent, as the case may be, after any payment of Taxes by such Borrower or by the Administrative Agent to a Governmental Authority as provided in this §19, such Borrower shall deliver to the applicable Agent or the applicable
Agent shall deliver to such 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 any return required by Laws to report such payment or other evidence of
such payment reasonably satisfactory to such Borrower or the applicable Agent, as the case may be. 
 (e) Failure to
Deduct or Withhold. In the event any taxing authority notifies any of the Borrowers that any of them has improperly failed to deduct or withhold any taxes (other than Indemnifiable Taxes) from a payment made hereunder to the Agents, the Issuing
Bank or any Bank, the Borrowers shall timely and fully pay such taxes to such taxing authority. 
 (f) Mitigation of
Indemnifiable Taxes. The Agents, the Issuing Bank or the Banks shall, upon the request of the Borrowers, take reasonable measures to avoid or mitigate the amount of Indemnifiable Taxes required to be deducted or withheld from any payment made
hereunder if such measures can be taken without the imposition on such Person of any costs or expenses unless the Borrowers have agreed to reimburse such Person therefor or result in such Person in its reasonable judgment suffering any material
legal or regulatory disadvantage; provided that if after the date hereof, any Change in Law results in the imposition on the Borrowers of a deduction or withholding obligation with respect to amount payable to banks or bank holding companies,
to the extent that any such Change in Law relates to amounts payable hereunder and to the extent that such Change in Law results in banks or bank holding companies receiving an undue benefit arising as a result of the payment of such additional
amount by the Borrowers, the Borrowers and the Agents shall make a reasonable, good faith effort to negotiate a change in the terms of this Agreement that would allocate the benefits and costs (if any) of such deductions and withholdings among the
affected parties in a manner equitable to the Borrowers and the Banks (including the Issuing Bank, if applicable). 
 (g)
Treatment of Certain Refunds. Unless required by applicable Laws, at no time shall an Agent have any obligation to file for or otherwise pursue on behalf of a Bank or the Issuing Bank, or have any obligation to pay to any Bank or the Issuing
Bank, any refund of Taxes withheld or deducted from funds paid for the account of such Bank or the Issuing Bank, as the case may be. If an Agent, any Bank or the Issuing Bank determines, in its sole discretion, that it has received a refund of any
Taxes or Other Taxes as to which it has been indemnified by any Borrower or with respect to which any Borrower has paid additional amounts pursuant to this Section, it shall pay to such Borrower an amount equal to such refund (but only to the extent
of indemnity payments made, or additional amounts paid, by such Borrower under this Section with respect to the Taxes or Other Taxes giving rise to such refund), net of all
out-of-pocket expenses and net of any loss or gain realized in the conversion of such funds from or to another currency incurred by such Agent, such Bank or the Issuing
Bank, as the case may be, and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund), provided that each Borrower, upon the request of such Agent, such Bank or the Issuing Bank,
agrees to repay the amount paid over to such Borrower (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Agent, such Bank or the Issuing Bank in the event such Agent, such Bank or the Issuing Bank
is required to repay such refund to such Governmental Authority. This subsection shall not be construed to require any Agent, any Bank or the Issuing Bank to make available its tax returns (or any other information relating to its taxes that it
deems confidential) to any Borrower or any other Person. 

  
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 (h) Right to Assert and Control Challenges to Indemnifiable Taxes or
Other Taxes. If any Indemnifiable Taxes or Other Taxes are imposed that result in an indemnification or payment obligation on any Borrower, such Borrower shall be entitled, after the payment of such taxes pursuant to subsection (a) or (b)
above, to challenge or dispute the imposition of such Indemnifiable Taxes or Other Taxes with the applicable Governmental Authority. A Borrower may request that the Agents, Banks and/or the Issuing Bank cooperate (such cooperation to be in the sole
discretion of such Agent, such Bank or such Issuing Bank, as the case may be, and, in each case, at such Borrower’s expense) in any such challenge, dispute, or proceeding. 

(i) Survival. Without prejudice to the survival of any other agreement of the parties hereunder, the agreements and
obligations of the Borrowers contained in this §19 shall survive the payment in full of the Obligations and the termination of the Commitments. 

§20. SURVIVAL OF COVENANTS, ETC. All representations and warranties made hereunder and in any other Loan
Document or other document delivered pursuant hereto or thereto or in connection herewith or therewith shall survive the execution and delivery hereof and thereof. Unless otherwise stated herein, all covenants and agreements, representations and
warranties made herein, in the other Loan Documents or in any documents or other papers delivered by or on behalf of the Borrowers pursuant hereto shall be deemed to have been relied upon by the Banks, the Issuing Bank and the Agents,
notwithstanding any investigation heretofore or hereafter made by them and notwithstanding that the Agents or any Bank may have had notice or knowledge of any Default at the time of any credit extension, and shall survive the making by the Banks of
the Loans and the acceptance and purchase of any Bankers’ Acceptance and the issuance, extension or renewal of any Letters of Credit, as herein contemplated, and shall continue in full force and effect so long as any amount due under this
Agreement, any Obligation, any Bankers’ Acceptance, any Letter of Credit or any Note remains outstanding and unpaid or any Bank has any obligation to make any Loans or the Canadian Banks have any obligation to purchase and accept Bankers’
Acceptances or the Issuing Bank has any obligation to issue, extend or renew any Letter of Credit. All statements contained in any certificate or other paper delivered by or on behalf of the Borrowers pursuant hereto shall constitute representations
and warranties by the Borrowers hereunder. 
 §21. SUCCESSORS AND ASSIGNS; PARTICIPATION. 

§21.1. Successors and Assigns Generally. The provisions of this Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns permitted hereby, except that no Borrower may assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Agent and
each Bank and no Bank may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an Eligible Assignee in accordance with the provisions of §21.2, (ii) by way of participation in accordance with
the provisions of §21.4, (iii) by way of pledge or assignment of a security interest pursuant to §21.5, or (iv) to an SPC in accordance with the provisions of §21.6 (and any other
attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns
permitted hereby, Participants to the extent provided by §21.4 and, to the extent expressly contemplated hereby, the Indemnitees and the Related Parties of each Agent, the Issuing Bank and each Bank) any legal or equitable right,
remedy or claim under or by reason of this Agreement. 

  
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 §21.2. Conditions to Assignment by Banks. Except as
provided herein, each Bank may assign to one or more Eligible Assignees all or a portion of its interests, rights and obligations under this Agreement, including, as applicable, all or a portion of its Domestic Commitment Percentage, its Canadian
Commitment Percentage, its U.K. Commitment Percentage and/or its PR Commitment Percentage, its participations in L/C Obligations, Bankers’ Acceptances and Swing Line Loans at the time owing to it, provided that any such assignment shall
be subject to the following conditions: 
 (a) Minimum Amounts. 

(i) in the case of an assignment of the entire remaining amount of the assigning Bank’s Commitment and the Loans at the
time owing to it or in the case of an assignment to a Bank or an affiliate of a Bank or an Approved Fund with respect to a Bank, no minimum amount need be assigned; and 

(ii) in any case not described in §21.2(a)(i), the aggregate amount of the Commitment (which for this purpose
includes Loans outstanding thereunder) or, if the Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Bank subject to each such assignment, determined as of the date the Assignment and Assumption with
respect to such assignment is delivered to the Administrative Agent or, if “Trade Date” is specified in the Assignment and Assumption, as of the Trade Date, shall not be less than $5,000,000 unless each of the Administrative Agent and, so
long as no Event of Default has occurred and is continuing, Ryder otherwise consents (each such consent not to be unreasonably withheld or delayed). 

(b) Proportionate Amounts. Each partial assignment shall be made as an assignment of a proportionate part of all the
assigning Bank’s rights and obligations under this Agreement with respect to the Loans or the Commitment assigned, except that this clause (b) shall not apply to rights in respect of Swing Line Loans. 

(c) Required Consents. No consent shall be required for any assignment except to the extent required by
§21.2(a)(ii), and in addition: 
 (i) the consent of Ryder (such consent not to be unreasonably withheld or
delayed) shall be required unless (1) an Event of Default has occurred and is continuing at the time of such assignment or (2) such assignment is to a Bank or an affiliate of a Bank or an Approved Fund; 

(ii) the consent of the applicable Agent (such consent not to be unreasonably withheld or delayed) shall be required if such
assignment is to a Person that is not a Bank, an Affiliate of such Bank or an Approved Fund with respect to such Bank; 

(iii) the consent of the Issuing Bank (such consent not to be unreasonably withheld or delayed) shall be required for any
assignment of a Domestic Commitment or for any assignment that increases the obligation of the assignee to participate in exposure under one or more Letters of Credit (whether or not then outstanding); and 

(iv) the consent of the applicable Swing Line Lender (such consent not to be unreasonably withheld or delayed) shall be
required for any assignment of a Domestic Commitment, a Canadian Commitment or a U.K. Commitment, as the case may be. 

  
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 (d) Assignment and Assumption. The parties to each assignment shall
execute and deliver to the Administrative Agent an Assignment and Assumption, together with a processing and recordation fee of $3,500; provided, however, that (i) the Administrative Agent may, in its sole discretion, elect to
waive such processing and recordation fee in the case of any assignment and (ii) the processing and recordation fee of $3,500 shall not apply in the case of an assignment from a Bank to an Affiliate of such Bank. The assignee, if it is not a
Bank, shall deliver to the Administrative Agent an Administrative Questionnaire. 
 (e) No Assignment to Certain
Persons. No such assignment shall be made (A) to the Borrowers or any of their Affiliates or Subsidiaries, or (B) to any Defaulting Bank or any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute
any of the foregoing Persons described in this clause (B), or (C) to a natural person. 
 (f) Certain
Additional Payments. In connection with any assignment of rights and obligations of any Defaulting Bank hereunder in whole or in part, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth
herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of
participations or subparticipations, or other compensating actions, including funding, with the consent of Ryder and the Administrative Agent, the applicable pro rata share of Loans previously requested but not funded by the Defaulting Bank, to each
of which the applicable assignee (as evidenced by its execution of the applicable Assignment and Assumption) and assignor hereby irrevocably consent), to (x) pay and satisfy in full all payment liabilities then owed by such Defaulting Bank to
the Agents or any Bank hereunder (and interest accrued thereon) in respect of all or the portion of the Loans, participations in Letters of Credit and Swing Line Loans, and the Commitment of such Defaulting Bank that is being assigned and
(y) acquire (and fund as appropriate) its full pro rata share of the Loans and participations in Letters of Credit and Swing Line Loans in accordance with all or the portion of its Commitment Percentage that is being assigned.
Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Bank hereunder shall become effective under applicable Law without compliance with the provisions of this paragraph, then the assignee of
such interest shall be deemed to be a Defaulting Bank for all purposes of this Agreement until such compliance occurs. 
 Ryder shall not be
deemed to have unreasonably withheld its consent for the purposes of this section if it advises the Administrative Agent and the applicable assignor Bank in good faith of the competitive business reasons why Ryder does not desire a financing
relationship with the proposed assignee. 
 Subject to acceptance and recording thereof by the Administrative Agent pursuant to
§21.3, from and after the effective date specified in each Assignment and Assumption, the Eligible Assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption, have
the rights and obligations of a Bank under this Agreement, and the assigning Bank 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 Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto) but shall continue to be entitled to the benefits of §6.7, §6.8,
§6.10, §15, §18 and §19 with respect to facts and circumstances occurring prior to the effective date of such assignment. Upon request, each applicable Borrower (at its expense) shall execute and
deliver a Note to the assignee Bank. Any assignment or transfer by a Bank of rights or obligations under this Agreement that does not comply with this subsection shall be treated for purposes of this Agreement as a sale by such Bank of a
participation in such rights and obligations in accordance §21.4. In the case of any assignments by and between any Bank and any affiliate of such Bank, such Persons shall use their reasonable best efforts to coordinate the
administration of this Agreement and approvals of any amendment, modification or waiver of any provision of this Agreement so as to minimize (to the extent reasonably possible) the administrative burden on the Borrowers. 

  
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 §21.3. Register. The Administrative Agent, acting solely
for this purpose as an agent of the Borrowers, shall maintain at the Administrative Agent’s Head Office a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Banks, and the
Commitments of, and principal amounts of the Loans, Bankers’ Acceptances and L/C Obligations owing to, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive
absent manifest error, and the Borrowers, the Agents and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Bank as a Defaulting Bank. The Register shall be available for inspection by the Borrowers
and the Banks at any reasonable time and from time to time, or the Administrative Agent shall provide a copy to Ryder, upon reasonable prior notice. 

§21.4. Participations. Any Bank may at any time, without the consent of, or notice to, the Borrowers or the
Administrative Agent, sell participations to any Person (other than (w) a natural person, (x) a Defaulting Bank, (y) the Borrowers or any of the Borrower’s Affiliates or Subsidiaries or (z) General Electric Capital
Corporation or any affiliate of General Electric Capital Corporation) (each, a “Participant”) in all or a portion of such Bank’s rights and/or obligations under this Agreement (including all or a portion of its Commitment
and/or the Loans (including such Bank’s participations in L/C Obligations and/or Swing Line Loans, if applicable) owing to it) and/or Bankers’ Acceptances; provided that (i) each such participation shall be in an amount of not
less than $5,000,000, (ii) such Bank’s obligations under this Agreement shall remain unchanged, (iii) such Bank shall remain solely responsible to the other parties hereto for the performance of such obligations and (iv) the
Borrowers, the Administrative Agent and the other Banks shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement. 

Any agreement or instrument pursuant to which a Bank sells such a participation shall provide that such Bank 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 Bank will not, without the consent of the Participant, agree to
any amendment, waiver or other modification that would reduce the principal of or the interest rate on any Loans, L/C Obligations or Bankers’ Acceptances, extend the term or increase the amount of the Commitment(s) of such Bank as it relates to
such participant, if applicable, reduce the amount of any facility fees to which such participant is entitled, extend any regularly scheduled payment date for principal or interest or release any Borrower from its Obligations or release Ryder, in
its capacity as guarantor, from its obligations under §5 hereof or in respect of the Guaranteed Obligations. Subject to this §21.4, each Borrower agrees that each Participant shall be entitled to the benefits of
§6.7, §6.8, §6.10 and §19 to the same extent as if it were a Bank and had acquired its interest by assignment pursuant to §21.2; provided that no Participant shall be entitled to
receive any amounts greater than the amounts that the selling Bank would have been entitled to receive had it not sold the participation; provided further that a Participant that would be a Foreign Bank if it were a Bank shall not be
entitled to the benefits of §19 unless the Borrowers are notified of the participation sold to such Participant and such Participant agrees, for the benefit of the Borrowers, to comply with §6.2 as though it were a Bank. To
the extent permitted by Law, so long as any Bank within 10 Business Days of selling any participation pursuant to this §21.4 notifies Ryder in writing of such participation and the Participant thereunder, each such identified Participant
also shall be entitled to the benefits of §14 as though it were a Bank, provided such Participant agrees to be subject to §2.17 and §28 as though it were a Bank. 

§21.5. Certain Pledges. Any Bank may at any time pledge or assign a security interest in all or any portion
of its rights under this Agreement (including under its Note, if any) to secure obligations of such Bank, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall
release such Bank from any of its obligations hereunder or substitute any such pledgee or assignee for such Bank as a party hereto. 
  

  
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 §21.6. Special Purpose Funding Vehicle. Notwithstanding anything
to the contrary contained herein, any Bank (a “Granting Bank”) may grant to a special purpose funding vehicle which is a wholly-owned subsidiary of such Granting Bank or an affiliate of such Granting Bank identified as such in
writing from time to time by the Granting Bank to the Administrative Agent and the Borrowers (an “SPC”) the option to provide all or any part of any Loan that such Granting Bank would otherwise be obligated to make pursuant to this
Agreement; provided that (i) nothing herein shall constitute a commitment by any SPC to fund any Loan, and (ii) if an SPC elects not to exercise such option or otherwise fails to make all or any part of such Loan, the Granting Bank
shall be obligated to make such Loan pursuant to the terms hereof or, if it fails to do so, to make such payment to the Administrative Agent as is required under §6.15(a). Each party hereto hereby agrees that (i) neither the grant
to any SPC nor the exercise by any SPC of such option shall increase the costs or expenses or otherwise increase or change the obligations of any Borrower under this Agreement (including its obligations under §6.7, §6.8,
§6.10 and §19), (ii) no SPC shall be liable for any indemnity or similar payment obligation under this Agreement for which a Bank would be liable, and (iii) the Granting Bank shall for all purposes, including the
approval of any amendment, waiver or other modification of any provision of any Loan Document, remain the Bank of record hereunder. The making of a Loan by an SPC hereunder shall utilize the applicable Commitment of the Granting Bank to the same
extent, and as if, such Loan were made by such Granting Bank. In furtherance of the foregoing, each party hereto hereby agrees (which agreement shall survive the termination of this Agreement) that, prior to the date that is one year and one day
after the payment in full of all outstanding commercial paper or other senior debt of any SPC, it will not institute against, or join any other Person in instituting against, such SPC any bankruptcy, reorganization, arrangement, insolvency, or
liquidation proceeding under the Laws of the United States or any State thereof. Notwithstanding anything to the contrary contained herein, any SPC may (i) with notice to, but without prior consent of the Borrowers and the Administrative Agent
and without paying any processing fee therefor, assign all or any portion of its right to receive payment with respect to any Loan to the Granting Bank and (ii) disclose on a confidential basis any
non-public information relating to its funding of Loans to any rating agency, commercial paper dealer or provider of any surety or guarantee or credit or liquidity enhancement to such SPC. 

§21.7. [Reserved.] 

§21.8. Resignation of Issuing Bank or Swing Line Lender after Assignment. Notwithstanding anything to the
contrary contained herein, if at any time the Issuing Bank assigns all of its Commitments and Loans pursuant to §21.2, the Issuing Bank may, upon 45 days’ notice to the Borrowers and the Banks, resign in its capacity as the
Issuing Bank. In the event of any such resignation as Issuing Bank, Ryder, with the consent of the Administrative Agent, shall be entitled to appoint from among the Domestic Banks a successor Issuing Bank hereunder; provided, however,
that no failure by Ryder to appoint any such successor shall affect the resignation of the Issuing Bank. If the Issuing Bank resigns in such capacity, it shall retain all the rights and obligations of the Issuing Bank hereunder with respect to all
Letters of Credit outstanding as of the effective date of its resignation as Issuing Bank and all L/C Obligations with respect thereto (including the right to require the Domestic Banks to make Base Rate Loans or fund risk participations in
Unreimbursed Amounts pursuant to §4.3). 
 Notwithstanding anything to the contrary contained herein, if at any time a
Swing Line Lender assigns all of its Commitments and Loans pursuant to §21.2, such Swing Line Lender may, (i) upon 45 days’ notice to the Borrowers and the Banks, resign in its capacity as a Swing Line Lender. In the event of
any such resignation as a Swing Line Lender, Ryder, with the consent of the Administrative Agent (such consent not to be unreasonably withheld), shall be entitled to appoint from among the applicable Banks a successor Swing Line Lender hereunder;
provided, however, that no failure by Ryder to appoint any such 

  
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successor shall affect the resignation of such Bank as a Swing Line Lender. If a Swing Line Lender resigns in such capacity, it shall retain all the rights of the Swing Line Lender provided for
hereunder with respect to Swing Line Loans made by it and outstanding as of the effective date of such resignation, including the right to require the Banks to make Base Rate Loans or fund risk participations in outstanding Swing Line Loans pursuant
to §2.12, §2.13 and §2.14 herein. 
 Upon the appointment of a successor Issuing Bank and/or Swing Line
Lender, (a) such successor shall succeed to and become vested with all of the rights, powers, privileges and duties of the retiring Issuing Bank or Swing Line Lender, as the case may be, and (b) the successor Issuing Bank shall issue
letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or make other arrangements satisfactory to the retiring Issuing Bank to effectively assume the obligations of such retiring Issuing Bank
with respect to such Letters of Credit. 
 §22. PARTIES IN INTEREST. All the terms of this Agreement and
the other Loan Documents shall be binding upon and inure to the benefit of and be enforceable by the respective successors and assigns of the parties hereto and thereto; provided, that the Borrowers shall not assign or transfer their rights
or obligations hereunder or thereunder without the prior written consent of each of the Banks. 
 §23. NOTICES;
EFFECTIVENESS; ELECTRONIC COMMUNICATION. 
 §23.1. Notices Generally. Except in the case of notices
and other communications expressly permitted to be given by telephone, and except as provided in §23.2 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 telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows:

 (a) if to a Borrower, any Agent, the Issuing Bank or a Swing Line Lender, to the address, telecopier number, electronic
mail address or telephone number specified for such Person on Schedule 23.1; and 
 (b) if to any other Bank, to the
address, telecopier number, electronic mail address or telephone number specified in its Administrative Questionnaire. 
 Notices and other communications
sent by hand or overnight courier service, or mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier 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 and other communications delivered through electronic communications to the
extent provided in §23.2 below, shall be effective as provided in such §23.2. 
 §23.2.
Electronic Communications. Notices, requests and other communications (including any notices or requests under §2, §3 or §4, but excluding for service of process) to the
Banks and the Issuing Bank hereunder may be delivered or furnished by electronic communication (including e-mail and Internet or intranet websites) pursuant to procedures approved by the Agents,
provided that the foregoing shall not apply to notices to any Bank or Issuing Bank pursuant to §2, §3 or §4 if such Bank or Issuing Bank, as applicable, has notified the Agents that it
is incapable of receiving notices under such Sections by electronic communication. The Agents or Ryder 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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 Unless the Agents otherwise prescribe, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement), provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet website shall be deemed received upon the deemed receipt by the intended recipient at its
e-mail address as described in the foregoing clause (i) of notification that such notice or communication is available and identifying the website address therefor. 

§23.3. The Platform. THE PLATFORM IS PROVIDED “AS IS” AND “AS AVAILABLE.” THE AGENT
PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER MATERIALS OR THE ADEQUACY OF THE PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR OMISSIONS FROM THE BORROWER MATERIALS. NO WARRANTY OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY
AGENT PARTY IN CONNECTION WITH THE BORROWER MATERIALS OR THE PLATFORM. In no event shall the Agents or any of its Related Parties (collectively, the “Agent Parties”) have any liability to any Borrower, any Bank, the Issuing Bank or
any other Person for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of any Borrower’s or any Agent’s transmission of Borrower Materials through the Internet, except to the
extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted from the gross negligence or willful misconduct of such Agent Party;
provided, however, that in no event shall any Agent Party have any liability to any Borrower, any Bank, the Issuing Bank or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or
actual damages). 
 §23.4. Change of Address, Etc. Each of the Borrowers, the Agents, the Issuing Bank and
the Swing Line Lenders may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Bank may change its address, telecopier or telephone number for notices
and other communications hereunder by notice to Ryder, the Agents, the Issuing Bank and the Swing Line Lenders. In addition, each Bank agrees to notify the Agents from time to time to ensure that the Agents have on record (i) an effective
address, contact name, telephone number, telecopier number and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Bank. Furthermore, each Public Bank agrees to cause at
least one individual at or on behalf of such Public Bank to at all times have selected the “Private Side Information” or similar designation on the content declaration screen of the Platform in order to enable such Public Bank or its
delegate, in accordance with such Public Bank’s compliance procedures and applicable Law, including United States Federal and state securities laws, to make reference to Borrower Materials that are not made available through the “Public
Side Information” portion of the Platform and that may contain material non-public information with respect to the Borrowers or their securities for purposes of United States Federal or state securities
laws. 
 §23.5. Reliance by Agents, Issuing Bank and Banks. The Agents, the Issuing Bank and the Banks
shall be entitled to rely and act upon any notices (including telephonic Loan Requests and Swing Line Loan Requests) purportedly given by or on behalf of any Borrower even if (i) such notices were not made in a manner specified herein, were
incomplete or were not preceded or followed by any other form of notice specified herein, or (ii) the terms thereof, as understood by the recipient, varied from any confirmation thereof. Ryder shall indemnify the Agents, the Issuing Bank, each
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Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice purportedly given by or on behalf of any Borrower. All
telephonic notices to and other telephonic communications with the Agents may be recorded by the Agents, and each of the parties hereto hereby consents to such recording. 

§23A. NO WAIVER; CUMULATIVE REMEDIES; ENFORCEMENT. No failure by any Bank or any Agent or any Borrower to
exercise, and no delay by any such Person in exercising, any right, remedy, power or privilege hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any
other or further exercise thereof or the exercise of any other right, remedy, power or privilege. The rights, remedies, powers and privileges herein provided are cumulative and not exclusive of any rights, remedies, powers and privileges provided by
Law. 
 Notwithstanding anything to the contrary contained herein or in any other Loan Document, the authority to enforce rights and
remedies hereunder and under the other Loan Documents against the Borrowers or any guarantor hereunder or any of them shall be vested exclusively in, and all actions and proceedings at Law in connection with such enforcement shall be instituted and
maintained exclusively by, the Administrative Agent (who shall act, subject to §16, at the direction of the Majority Banks (or such other number or percentage of the Banks as shall be necessary, or as the Administrative Agent shall
believe in good faith shall be necessary) if, and to the extent, so directed) for the benefit of all the Banks, the Agents and the Issuing Bank; provided, however, that the foregoing shall not prohibit (a) any of the Agents from
exercising on its own behalf the rights and remedies that inure to its benefit (solely in its capacity as an Agent) hereunder and under the other Loan Documents, (b) the Issuing Bank or any Swing Line Lender from exercising the rights and
remedies that inure to its benefit (solely in its capacity as Issuing Bank or Swing Line Lender, as the case may be) hereunder and under the other Loan Documents, (c) any Bank from exercising setoff rights in accordance with §14
(subject to the terms of §2.17 and §6.1), or (d) any Bank from filing proofs of claim or appearing and filing pleadings on its own behalf during the pendency of a proceeding relative to any Borrower or guarantor under
any Debtor Relief Law; and provided, further, that if at any time there is no Person acting as Administrative Agent, Canadian Agent or U.K. Agent, as applicable, hereunder and under the other Loan Documents, then (i) the Majority Banks
shall have the rights otherwise ascribed to such Agent pursuant to this §23A and (ii) in addition to the matters set forth in clauses (b), (c) and (d) of the preceding proviso and subject to
§2.17 and §6.1, any Bank may, with the consent of the Majority Banks, enforce any rights and remedies available to it and as authorized by the Majority Banks. 

§24. MISCELLANEOUS. The rights and remedies herein expressed are cumulative and not exclusive of any other
rights which the Banks, the Issuing Bank, the Administrative Agent or the Agents would otherwise have. The captions in this Agreement are for convenience of reference only and shall not define or limit the provisions hereof. This Agreement and any
amendment hereof may be executed in several counterparts and by each party on a separate counterpart, each of which when so executed and delivered shall be an original, but all of which together shall constitute one instrument. In proving this
Agreement it shall not be necessary to produce or account for more than one such counterpart signed by the party against whom enforcement is sought. To the extent permitted by Law, no course of dealing or delay or omission on the part of any of the
Banks or the Agents in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. No notice to or demand upon the Borrowers shall entitle the Borrowers to other or further notice or demand in similar or other
circumstances. 
 §25. WAIVER OF JURY TRIAL; ETC. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR
THEREBY (WHETHER 

  
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BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH
OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS BY, AMONG OTHER
THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. 
 §26. GOVERNING LAW; JURISDICTION; SERVICE OF
PROCESS. THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS
APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND §5-1402)). EACH PARTY HERETO IRREVOCABLY AND
UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF NEW YORK SITTING IN NEW YORK COUNTY AND OF THE UNITED STATES DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK, AND ANY APPELLATE
COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO IRREVOCABLY AND UNCONDITIONALLY AGREES
THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH NEW YORK STATE COURT OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL
JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS AGREEMENT OR IN ANY OTHER LOAN DOCUMENT SHALL AFFECT ANY RIGHT
THAT ANY AGENT, ANY BANK OR THE ISSUING BANK MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS AGREEMENT OR ANY OTHER LOAN DOCUMENT AGAINST ANY BORROWER OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION. EACH OF THE U.K.
BORROWERS, THE CANADIAN BORROWERS AND RYDER PR HEREBY IRREVOCABLY APPOINTS RYDER AS ITS AGENT FOR THE SERVICE OF PROCESS. NOTHING IN THIS AGREEMENT WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
APPLICABLE LAW. 
 §27. SEVERABILITY. The provisions of this Agreement are severable and if any one clause
or provision hereof shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction, and shall not in any
manner affect such clause or provision in any other jurisdiction, or any other clause or provision of this Agreement in any jurisdiction. Without limiting the foregoing provisions of this §27, if and to the extent that the
enforceability of any provisions in this Agreement relating to Defaulting Banks shall be limited by Debtor Relief Laws, as determined in good faith by the Agents, the Issuing Bank or the Swing Line Lenders, as applicable, then such provisions shall
be deemed to be in effect only to the extent not so limited. 
 §28. PARI PASSU TREATMENT. 

(a) Notwithstanding anything to the contrary set forth herein, each payment or prepayment of principal and interest received
after the occurrence and during the continuance of an Event of Default hereunder shall be distributed pari passu among the Banks, in accordance with the aggregate outstanding principal amount of the Obligations owing to each Bank divided by the
aggregate outstanding principal amount of all Obligations. 
  

  
 131 

 (b) Following the occurrence and during the continuance of any Event of
Default, each Bank agrees that if it shall, through the exercise of a right of banker’s lien, setoff or counterclaim against any Borrower (pursuant to §14 or otherwise), including a secured claim under Section 506 of the
Bankruptcy Code or other security or interest arising from or in lieu of, such secured claim, received by such Bank under any applicable bankruptcy, insolvency or other similar Law or otherwise, obtain payment (voluntary or involuntary) in respect
of the Notes, Loans, Bankers’ Acceptances, Letters of Credit, L/C Obligations and other Obligations held by it as a result of which the unpaid principal portion of the Notes and the Obligations held by it shall be proportionately less than the
unpaid principal portion of the Notes and Obligations held by any other Bank, it shall be deemed to have simultaneously purchased from such other Bank a participation in the Notes and Obligations held by such other Bank, so that the aggregate unpaid
principal amount of the Notes, Obligations and participations in Notes and Obligations held by each Bank shall be in the same proportion to the aggregate unpaid principal amount of the Notes and Obligations then outstanding as the principal amount
of the Notes and other Obligations held by it prior to such exercise of banker’s lien, setoff or counterclaim was to the principal amount of all Notes and other Obligations outstanding prior to such exercise of banker’s lien, setoff or
counterclaim; provided, however, that if any such purchase or purchases or adjustments shall be made pursuant to this §28 and the payment giving rise thereto shall thereafter be recovered, such purchase or purchases or
adjustments shall be rescinded to the extent of such recovery and the purchase price or prices or adjustments restored without interest. 

(c) Following the occurrence and during the continuance of any Event of Default and unless and until the effectiveness of a
transfer of Commitments pursuant to §28(d), each Bank agrees that it shall be deemed to have, automatically upon the occurrence of such Event of Default, purchased from each other Bank a participation in the risk associated with the
Notes and Obligations held by such other Bank, so that the aggregate principal amount of the Notes and Obligations held by each Bank shall be equivalent to such Bank’s Total Commitment Percentage. Upon demand by the Administrative Agent, made
at the request of the Majority Banks, each Bank that has purchased such participation (a “Purchasing Bank”) shall pay the amount of such participation to the Administrative Agent for the account of each Bank whose outstanding Loans
and participations in Bankers’ Acceptances and L/C Obligations exceed their Total Commitment Percentages. Any such participation may, at the option of such Purchasing Bank, be paid in Dollars, Canadian Dollars, Sterling or Euros (the
“Funding Currency”) (in an amount equal to the then applicable Dollar Equivalent, Canadian Dollar Equivalent, Sterling Equivalent or Euro Equivalent, as the case may be, amount of such participation) and such payment shall be
converted by the Administrative Agent at the Exchange Rate into the currency of the Loan, Bankers’ Acceptance or L/C Obligation in which such participation is being purchased. The Borrowers agree to indemnify each Purchasing Bank for any loss,
cost or expense incurred by such Purchasing Bank as a result of entering into any reasonable hedging arrangements between the Funding Currency and the currency of the Loan, Bankers’ Acceptance or L/C Obligation in which such participation is
being purchased in connection with the funding of such participation or as a result of any payment on account of such participation in a currency other than that funded by the Purchasing Bank. 

(d) Upon the written instruction of the Majority Banks, the Total U.K. Commitment, Total Canadian Commitment and the Total PR
Commitment shall be immediately transferred by the Borrowers to the Total Domestic Commitment; provided that (i) no such transfer of Commitments shall occur until the date of the acceleration of the Obligations pursuant to
§13.1 and (ii) prior to requesting any such transfer of Commitments, the Agents and the Banks shall utilize 

  
 132 

 
their reasonable best efforts to avoid the imposition of withholding tax liability on Ryder which would arise as a result of any such transfer of Commitments (including, without limitation, to
the extent useful, the use of participations pursuant to §28(c) and the use of fronting banks in the United Kingdom and Canada). Upon the effectiveness of any such transfer the outstanding U.K. Loans, Canadian Loans and PR Loans shall be
repaid with advances made to Ryder under the Domestic Commitments, advanced by the Banks in such manner that after giving effect thereto, the percentage of the outstanding Loans, Bankers’ Acceptances and L/C Obligation of each Bank will equal
such Bank’s Total Commitment Percentage of all outstanding Loans, Bankers’ Acceptances and L/C Obligations. 
 (e)
Each Borrower expressly consents to the foregoing arrangements and agrees that any Person holding such a participation in the Notes and the Obligations deemed to have been so purchased may exercise any and all rights of banker’s lien, setoff or
counterclaim with respect to any and all moneys owing by such Borrower to such Person as fully as if such Person had made a Loan directly to such Borrower in the amount of such participation. 

§29. CONFIDENTIAL INFORMATION. 

Each of the Agents, the Banks and the Issuing Bank agrees to maintain the confidentiality of the Information (as defined below), except that
Information may be disclosed (a) to its Affiliates and to its and its Affiliates’ respective directors, officers, employees, agents, trustees, advisors and representatives (it being understood that the Persons to whom such disclosure is
made will be informed of the confidential nature of such Information and instructed to keep such Information confidential in accordance with the terms herein), (b) to the extent requested by any regulatory authority purporting to have jurisdiction
over it (including any self-regulatory authority, such as the National Association of Insurance Commissioners), (c) to the extent required by applicable Laws or regulations or by any subpoena or similar legal process, (d) to any other party
hereto, (e) to the extent necessary in connection with the exercise of any remedies hereunder or under any other Loan Document or any action or proceeding relating to this Agreement or any other Loan Document or the enforcement of rights
hereunder or thereunder, (f) subject to an agreement containing provisions substantially the same as those of this Section, to (i) any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights or
obligations under this Agreement or any Eligible Assignee or (ii) any actual or prospective counterparty (or its advisors) to any swap or derivative transaction relating to a Borrower and its obligations, (g) subject to an agreement
containing provisions substantially the same as those of this §29, to any assignee of or Participant in, or any prospective assignee of or Participant in, any of its rights and obligations under this Agreement or any Eligible Assignee
invited to be a Bank pursuant to §2.1.5, (h) with the consent of Ryder or (i) to the extent such Information (x) becomes publicly available other than as a result of a breach of this Section by such Agent, Bank or Issuing Bank
or (y) becomes available to the Administrative Agent, any Bank, the Issuing Bank or any of their respective Affiliates on a nonconfidential basis from a source other than Ryder which is authorized to disclose such Information. In the case of
(b) (except disclosure to governmental banking regulatory authorities) or (c) of this paragraph, the applicable Agent or Bank or the Issuing Bank shall, to the extent practicable and legally permissible, provide prompt written
notice to Ryder so that Ryder may have the opportunity to contest such disclosure and such Agent or Bank or the Issuing Bank shall use reasonable efforts within Law to maintain the confidentiality of such Information. 

Except as otherwise agreed to herein or in any of the other Loan Documents, each of the Agents, the Issuing Bank and each Bank agrees that it
will not, and it will use their best efforts to cause its agents, employees, advisors or any other Persons retained or engaged by such Agent or any such Bank, as the case may be (collectively, “Advisors”), not to, issue or release
for external publication any article or advertising or publicity matter relating to the transactions contemplated by this Agreement without the prior written consent of Ryder. 

  
 133 

 For purposes of this Section, “Information” means all information received
from Ryder or any Subsidiary relating to Ryder or any Subsidiary or any of their respective businesses, whether oral or written, including, without limitation, all data, reports, interpretations, forecasts and records, regardless of storage and
transmission media or source, and all information derived, directly or indirectly, therefrom, which such Person or its Advisors obtains or to which such Person or its Advisors shall be afforded access in connection with the transactions contemplated
by this Agreement or any of the other Loan Documents, but other than any such information that is available to the Administrative Agent, any Bank or the Issuing Bank on a nonconfidential basis prior to disclosure by Ryder or any Subsidiary. Any such
Information shall be held and treated by such Person in utmost and strictest confidence, and shall not, without the prior written consent of Ryder (which consent may be given or withheld in Ryder’s sole discretion), be disclosed by such Person
or any manner whatsoever, in whole or in part, or used by such Person, other than in accordance with this Section, and such Person shall use its best efforts to cause its Advisors to hold and treat such Information in utmost and strictest confidence
and not to disclose or use such Information other than in accordance with this Section. 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. 

Each of the Administrative Agent, the Banks and the Issuing Bank acknowledges that (a) the Information may include material non-public information concerning Ryder or a Subsidiary, as the case may be, (b) it has developed compliance procedures regarding the use of material non-public
information and (c) it will handle such material non-public information in accordance with applicable Law, including United States Federal and state securities laws. 

Solely with respect to a Reference Rate, each of the Agents, the Banks, the Issuing Banks and the Borrowers agrees to keep each and any
quotation of a Reference Rate confidential and not to disclose such Reference Rate to any Person, except: (a) to any of its Affiliates, officers, directors, employees, professional advisers, and auditors; (b) any Person to whom information
is required or requested to be disclosed by any court of competent jurisdiction or any governmental, banking, taxation or other regulatory authority or similar body, the rules of any relevant stock exchange or pursuant to any applicable law or
regulation; (c) any Person to whom information is required to be disclosed in connection with, and for the purposes of, any litigation, arbitration, administrative or other investigations, proceedings or disputes; and (d) any other Person
with the consent of the relevant U.K. Reference Bank; and in each of clauses (a), (b), (c) and (d) above, the Person proposing to disclose such Reference Rate shall use commercially reasonable efforts to inform the
Person receiving such Reference Rate of its confidential nature. Determinations as to whether any Reference Rate may be disclosed under clauses (a), (b) and/or (c) above shall be made by the Person proposing to disclose
such Reference Rate, in each case, in its sole discretion, and such disclosure shall not require the consent of any Person. The foregoing confidentiality requirements in this paragraph notwithstanding, in the event that a Reference Rate becomes
publicly available other than as a result of a breach of this paragraph by the Person proposing to disclose such Reference Rate or becomes available to the Person proposing to disclosure such Reference Rate on a nonconfidential basis from a source
that is authorized to disclose such Reference Rate, the foregoing confidentiality requirements shall not apply. 
 §30.
USA PATRIOT ACT NOTICE. 
 Each Bank, each Issuing Bank and each Agent (for itself and not on behalf of any Bank or Issuing
Bank) that is subject to the PATRIOT Act (as hereinafter defined) and each of the Agents (for itself and not on behalf of any Bank or Issuing Bank) hereby notifies each of the Borrowers that pursuant to the requirements of the USA PATRIOT Act (Title
III of Pub. L. 107-56 (signed into law October 26, 2001)) (the “PATRIOT Act”), it is required to obtain, verify and record information that identifies the Borrowers and their respective
Subsidiaries, which information includes the name and address of each such Person 

  
 134 

 
and other information that will allow such Bank, such Issuing Bank or such Agent, as applicable, to identify such Person in accordance with the PATRIOT Act. Each Borrower shall, promptly
following a request by any Agent, any Bank or any Issuing Bank, provide all documentation and other information with respect to the Borrowers and their respective Subsidiaries that such Agent, such Bank or such Issuing Bank requests in order to
comply with its ongoing obligations under applicable “know your customer” and Anti-Money Laundering Laws, including the PATRIOT Act and the Beneficial Ownership Regulation. 

§31. NO ADVISORY OR FIDUCIARY RESPONSIBILITY. In connection with all aspects of each transaction contemplated
hereby (including in connection with any amendment, waiver or other modification hereof or of any other Loan Document), each Borrower and each guarantor hereunder acknowledges and agrees, that: (i) (A) the arranging and other services regarding
this Agreement provided by the Agents and the Co-Lead Arrangers are arm’s-length commercial transactions between such Borrower, each guarantor hereunder and their
respective Affiliates, on the one hand, and the Agents and the Co-Lead Arrangers, on the other hand, (B) each of such Borrower and guarantor hereunder has consulted its own legal, accounting, regulatory
and tax advisors to the extent it has deemed appropriate, and (C) such Borrower and guarantor hereunder is capable of evaluating, and understands and accepts, the terms, risks and conditions of the transactions contemplated hereby and by the
other Loan Documents; (ii) (A) the Agents and the Co-Lead Arrangers each is and has been acting solely as a principal and, except as expressly agreed in writing by the relevant parties, has not been, is
not, and will not be acting as an advisor, agent or fiduciary for such Borrower, any guarantor hereunder or any of their respective Affiliates, or any other Person and (B) neither the Agents nor the
Co-Lead Arrangers has any obligation to such Borrower, any guarantor hereunder or any of their respective Affiliates with respect to the transactions contemplated hereby except those obligations expressly set
forth herein and in the other Loan Documents; and (iii) the Agents and the Co-Lead Arrangers and their respective Affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of such Borrower, the guarantors hereunder and their respective Affiliates, and neither the Agents nor the Co-Lead Arrangers has any obligation to disclose any of such interests to the
Borrowers, any guarantor hereunder or any of their respective Affiliates. To the fullest extent permitted by Law, each of the Borrowers and the guarantors hereunder hereby waives and releases any claims that it may have against the Agents and the Co-Lead Arrangers with respect to any breach or alleged breach of agency or fiduciary duty in connection with any aspect of any transaction contemplated hereby. 

§32. TRANSITIONAL ARRANGEMENTS. On the Closing Date, this Agreement shall amend, restate and supersede the
Existing Credit Agreement in its entirety, except as provided in this §32. On the Closing Date, the rights and obligations of the parties evidenced by the Existing Credit Agreement shall be evidenced by this Agreement and the
other Loan Documents. All references to the Existing Credit Agreement in any Loan Document or other document or instrument delivered in connection therewith shall be deemed to refer to this Agreement and the provisions hereof. Without limiting the
generality of the foregoing and to the extent necessary, the Banks and the Agents reserve all of their rights under the Existing Credit Agreement, as amended and restated by this Agreement. 

All interest and fees and expenses, if any, owing or accruing under or in respect of the Existing Credit Agreement through the Closing Date
shall be calculated as of the Closing Date (pro-rated in the case of any fractional periods), and shall be paid on the Closing Date. Commencing on the Closing Date, all fees hereunder shall be payable by the
Borrowers to the Agents for the account of the Banks in accordance with this Agreement. 
 §33. ELECTRONIC
EXECUTION OF ASSIGNMENTS AND CERTAIN OTHER DOCUMENTS. The words “execute,” “execution,” “signed,” “signature,” and words of like import in or related to any document to be signed in connection with
this Agreement and the transactions contemplated hereby (including without limitation Assignment and Assumptions, amendments or other modifications, 

  
 135 

 
Loan Requests, Swing Line Loan Requests, waivers and consents) shall be deemed to include electronic signatures, the electronic matching of assignment terms and contract formations on electronic
platforms approved by the Administrative Agent, or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature or the use of a paper-based recordkeeping
system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, or any other similar
state laws based on the Uniform Electronic Transactions Act; provided that notwithstanding anything contained herein to the contrary neither the Administrative Agent nor the U.K. Agent is under any obligation to agree to accept electronic
signatures in any form or in any format unless expressly agreed to by the Administrative Agent pursuant to procedures approved by it. 

§34. ACKNOWLEDGEMENT AND CONSENT TO BAIL-IN OF EEA 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 Bank or any Issuing Bank that is an EEA 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 an EEA Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:
(a) the application of any Write-Down and Conversion Powers by an EEA Resolution Authority to any such liabilities arising hereunder which may be payable to it by any Bank or any Issuing Bank that is an EEA Financial Institution; and
(b) the effects of any Bail-in Action on any such liability, including, if applicable, (i) a reduction in full or in part or cancellation of any such liability, (ii) a conversion of all, or a
portion of, such liability into shares or other instruments of ownership in such EEA Financial Institution, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other
instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any 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 any EEA Resolution Authority. 
 [remainder of page intentionally left blank] 

  
 136 

 IN WITNESS WHEREOF, the undersigned have duly executed this Agreement as of the date
first set forth above. 
  

			
	RYDER SYSTEM, INC.

 
			
		
	By:	 	 /s/ W. Daniel Susik

			
	Name:	 	W. Daniel Susik
	Title:	 	Senior Vice President – Finance and Treasure
	
	RYDER TRUCK RENTAL CANADA LTD.

 
			
		
	By:	 	 /s/ W. Daniel Susik

			
	Name:	 	W. Daniel Susik
	Title:	 	Vice President – Finance and Treasure
	
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 
			
		
	By:	 	 /s/ W. Daniel Susik

			
	Name:	 	W. Daniel Susik
	Title:	 	Senior Vice President – Finance and Treasure
	
	RYDER LIMITED

 
			
		
	By:	 	 /s/ David Hunt

 
			
	Name:	 	David Hunt
	Title:	 	 Vice President and Managing Director
 FMS
Europe

	
	RYDER SYSTEM HOLDINGS (UK) LIMITED

 
			
		
	By:	 	 /s/ David Hunt

 
			
	Name:	 	David Hunt
	Title:	 	 Vice President and Managing Director
 FMS
Europe

	
	RYDER PUERTO RICO, INC.

 
			
		
	By:	 	 /s/ W. Daniel Susik

			
	Name:	 	W. Daniel Susik
	Title:	 	Vice President – Finance and Treasure

 
			
	 BANK OF AMERICA, N.A.,
 as the
Administrative Agent

 
			
		
	By:	 	 /s/ Anthea Del Bianco

			
	Name:	 	Anthea Del Bianco
	Title:	 	Vice President

  

 
			
	 ROYAL BANK OF CANADA,
 as the
Canadian Agent

		
	By:	 	 /s/ Yvonne Brazier

	Name:	 	Yvonne Brazier
	Title:	 	Manager, Agency Services

  

 
			
	 LLOYDS BANK PLC,
 as the U.K.
Agent

 
			
		
	By:	 	 /s/ John Togher

 
			
	Name:	 	John Togher
	Title:	 	Associate Director

  

 
			
	 BANK OF AMERICA, N.A.,
 as a
Domestic Bank, a PR Bank, an Issuing Bank, and a Domestic Swing Line Lender

 
			
		
	By:	 	 /s/ Irene Bertozzi Bartenstein

			
	Name:	 	Irene Bertozzi Bartenstein
	Title:	 	Director

  

 
			
	 BANK OF AMERICA MERRILL LYNCH INTERNATIONAL LIMITED,

as a U.K. Bank

 
			
		
	By:	 	 /s/ Fiona Malitsky

			
	Name:	 	Fiona Malitsky
	Title:	 	Vice President

  

 
			
	 ROYAL BANK OF CANADA,
 as a Domestic
Bank, a Canadian Bank and the Canadian Swing Line Lender

 
			
		
	By:	 	 /s/ Tim Stephens

 
			
	Name:	 	Tim Stephens
	Title:	 	Authorized Signatory

  

 
			
	 LLOYDS BANK CORPORATE MARKETS PLC,

as a Domestic Bank

 
			
		
	By:	 	 /s/ Kamala Basdeo

 

			
	Name:	 	Kamala Basdeo
	Title:	 	 Assistant Manager
 Transaction Execution

Category A B002

 
			
		
	By:	 	 /s/ Tina Wong

	Name:	 	Tina Wong
	Title:	 	 Assistant Manager
 Transaction Execution

Category A W011

  

 
			
	 LLOYDS BANK PLC,
 as a U.K.
Bank

 
			
		
	By:	 	 /s/ Lee Cuester

 
			
	Name:	 	Lee Cuester
	Title:	 	Associate Director

  

 
			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a Domestic Bank and an Issuing Bank

 
			
		
	By:	 	 /s/ Tom Molitor

 
			
	Name:	 	Tom Molitor
	Title:	 	Managing Director

  

 
			
	 U.S. BANK NATIONAL ASSOCIATION,
 as
a Domestic Bank and an Issuing Bank

 
			
		
	By:	 	 /s/ Andrew Beckman

			
	Name:	 	Andrew Beckman
	Title:	 	Senior Vice President

  

 
			
	 MUFG BANK, LTD., 
 as a Domestic
Bank and a Domestic Swing Line Lender

 
			
		
	By:	 	 /s/ Lawrence Elkins

			
	Name:	 	Lawrence Elkins
	Title:	 	Vice President

  

 
			
	 MIZUHO BANK, LTD., 
 as a Domestic
Bank, a Canadian Bank and a U.K. Bank

 
			
		
	By:	 	 /s/ Tracy Rahn

 
			
	Name:	 	Tracy Rahn
	Title:	 	Authorized Signatory

  

 
			
	 BNP PARIBAS,

as a Domestic Bank

 
			
		
	 By:
	 	 /s/ Todd Grossnickle

			
	 Name:
	 	 Todd Grossnickle

	 Title:
	 	 Director

			
		
	 By:
	 	 /s/ Tony Baratta

 
			
	 Name:
	 	 Tony Baratta

	 Title:
	 	 Managing Director

  

 
			
	 PNC BANK, NATIONAL ASSOCIATION,
 as
a Domestic Bank

 
			
		
	By:	 	 /s/ Matthew Titus

 

			
	Name:	 	Matthew Titus
	Title:	 	Vice President

  

 
			
	 BRANCH BANKING AND TRUST COMPANY, 

as a Domestic Bank

 
			
		
	By:	 	 /s/ Melinda Gulledge

			
	Name:	 	Melinda Gulledge
	Title:	 	Assistant Vice President

  

 
			
	 REGIONS BANK, 
 as a Domestic
Bank

 
			
		
	By:	 	 /s/ Joe Dancy

 
			
	Name:	 	Joe Dancy
	Title:	 	Senior Vice President

  

 
			
	 COMERICA BANK,
 as a Domestic
Bank

 
			
		
	By:	 	 /s/ Gerald R. Finney, Jr.

			
	Name:	 	Gerald R. Finney, Jr.
	Title:	 	Vice President

  

 ANNEX A 

POWER OF ATTORNEY TERMS – BANKERS’ ACCEPTANCES 

In order to facilitate the acceptance of Bankers’ Acceptances pursuant to the terms of Second Amended and Restated Global Revolving
Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall
have the meanings ascribed thereto in the Credit Agreement), by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida, Ryder Truck Rental Holdings Canada LTD., a corporation organized under the laws of Canada
(“Ryder Holdings Canada”), and Ryder Truck Rental Canada LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian
Borrowers”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of
Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto, each of the Canadian Borrowers hereby appoints each Canadian Bank (individually, the “Canadian
Bank”), acting by its duly authorized signatories (the “Attorney”) for the time being at the Canadian Bank’s main branch in Toronto, Ontario or at such other branch designated by the Bank (the “Branch of
Account”), the attorney of such Canadian Borrower: 
 1. to sign for and on behalf and in the name of each Canadian
Borrower as drawer, drafts in the Canadian Bank’s standard form of a “depository bill” under and as defined in the Depository Bills and Notes Act (Canada) (the “DBNA”) (“Drafts”) drawn on the Canadian
Bank payable to the order of a “clearing house” under the DBNA or its nominee for deposit by the Canadian Bank with the “clearing house” after acceptance thereof by the Canadian Bank; and 

2. to fill in the amount, date and maturity date of such Drafts; 

provided, that, such acts in each case are to be undertaken by the Canadian Bank in accordance with written instructions given to the Canadian
Bank by the authorized officers of each Canadian Borrower as provided in this power of attorney. 
 Notwithstanding paragraph 1 above, in
the event the Canadian Bank is an old system issuer, such Canadian Bank shall sign for and on behalf of and in the name of the Canadian Borrower as drawer, drafts in the Canadian Bank’s standard form (“Old System Issuer
Drafts”) drawn on the Canadian Bank payable to the order of the Canadian Bank. 
 Instructions to the Canadian Bank relating to the
execution, completion, endorsement, discount and/or delivery or deposit by the Canadian Bank on behalf of each Canadian Borrower of Drafts or Old System Issuer Drafts, as applicable, which the Canadian Borrower wishes to submit to the Canadian Bank
for acceptance by the Canadian Bank shall be communicated by the Canadian Agent and/or by officers of the Canadian Borrower, designated by the Canadian Borrower as its “authorized officers,” to the Canadian Bank in writing at the Branch of
Account following delivery by the Canadian Borrowers of a Bankers’ Acceptance Notice or any other notice in connection with Bankers’ Acceptances delivered pursuant to the Credit Agreement. 

The communication in writing by the authorized officers of each Canadian Borrower to the Canadian Bank of the instructions referred to above
shall constitute the authorization and instruction of each Canadian Borrower to the Canadian Bank to complete and execute and, if applicable, endorse Drafts and Old System Issuer Drafts in accordance with such information as set out above and the
request of each Canadian Borrower to the Canadian Bank to accept such Drafts and Old System Issuer Drafts and deliver 

 
the same or deposit the same with the “clearing house”, against payment as set out in the instructions. Each Canadian Borrower acknowledges that the Canadian Bank shall not be obligated
to accept any such Drafts and Old System issuer Drafts except in accordance with the provisions of the Credit Agreement. The Canadian Bank shall be and it is hereby authorized to act on behalf of each Canadian Borrower upon and in compliance with
instructions communicated to the Canadian Bank as provided herein if the Canadian Bank reasonably believes them to be genuine. 
 Each
Canadian Borrower agrees to indemnify the Canadian Bank and its directors, officers, employees, affiliates and agents and to hold it and them harmless from and against any loss, liability, expense or claim of any kind or nature whatsoever incurred
by any of them as a result of any action or inaction in any way relating to or arising out of this power of attorney or the acts contemplated hereby including the deposit of any Draft with the “clearing house”; provided,
that, this indemnity shall not apply to any such loss, liability, expense or claim which results from the gross negligence or willful misconduct of the Bank or any of its directors, officers, employees, affiliates or agents as determined by a
final and nonappealable judgment of a court of competent jurisdiction. 
 This power of attorney may be revoked by the Canadian Borrowers at
any time upon not less than five (5) Business Days’ written notice served upon the Canadian Bank at the Branch of Account; provided, that, (i) it may be replaced with another power of attorney forthwith in accordance
with the requirements of the Credit Agreement; and (ii) no such revocation shall reduce, limit or otherwise affect the obligations of the Canadian Borrowers in respect of any Draft or Old System Issuer Drafts executed, completed, discounted
and/or deposited in accordance herewith prior to the time at which such revocation becomes effective. This power of attorney may be terminated by the Canadian Bank at any time upon not less than five (5) Business Days’ written notice to
the Canadian Borrowers. 
 Any revocation or termination of this power of attorney shall not affect the rights of the Canadian Bank and the
obligations of the Canadian Borrowers with respect to the indemnities of the Canadian Borrowers above stated with respect to all matters arising prior in time to any such revocation or termination. 

This power of attorney is in addition to and not in substitution for any agreement to which the Canadian Bank and the Canadian Borrowers are
parties. 
 This power of attorney shall be governed in all respects by the laws of the Province of Ontario and the laws of Canada
applicable therein and each of the Canadian Borrowers and the Canadian Bank hereby irrevocably attorns to the non-exclusive jurisdiction of the courts of such jurisdiction in respect of all matters arising out
of this power of attorney. 
 In the event of a conflict between the provisions of this Power of Attorney and the Credit Agreement, the
Credit Agreement shall prevail. 

 SCHEDULE 1 

BANKS; COMMITMENTS; COMMITMENT PERCENTAGES 
  

																									
	Bank	  	Domestic
Commitment	 	  	Domestic
Commitment
Percentage	 	 	Canadian
Commitment	 	  	Canadian
Commitment
Percentage	 	 	 U.K.

Commitment
	 	  	U.K.
Commitment
Percentage	 
	
Bank of America, N.A.
	  	$	95,000,000.00	 	  	 	8.755760369	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	30,000,000.00	 	  	 	20.000000000	% 
	
MUFG Bank, Ltd.
	  	$	140,000,000.00	 	  	 	12.903225806	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
BNP Paribas
	  	$	140,000,000.00	 	  	 	12.903225806	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Lloyds Bank plc
	  	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	100,000,000.00	 	  	 	66.666666667	% 
	
Lloyds Bank Corporate Markets plc
	  	$	40,000,000.00	 	  	 	3.686635945	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Mizuho Bank, Ltd.
	  	$	66,000,000.00	 	  	 	6.082949309	% 	 	$	54,000,000.00	 	  	 	36.000000000	% 	 	$	20,000,000.00	 	  	 	13.333333333	% 
	
Royal Bank of Canada
	  	$	44,000,000.00	 	  	 	4.055299539	% 	 	$	96,000,000.00	 	  	 	64.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
U.S. Bank National Association
	  	$	140,000,000.00	 	  	 	12.903225806	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Wells Fargo Bank, National Association
	  	$	140,000,000.00	 	  	 	12.903225806	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Branch Banking and Trust Company
	  	$	80,000,000.00	 	  	 	7.373271889	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
PNC Bank, National Association
	  	$	80,000,000.00	 	  	 	7.373271889	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Regions Bank
	  	$	60,000,000.00	 	  	 	5.529953917	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	
Comerica Bank
	  	$	60,000,000.00	 	  	 	5.529953917	% 	 	$	0.00	 	  	 	0.000000000	% 	 	$	0.00	 	  	 	0.000000000	% 
	 Total
	  	$	1,085,000,000.00	 	  	 	100.000000000	% 	 	$	150,000,000.00	 	  	 	100.000000000	% 	 	$	150,000,000.00	 	  	 	100.000000000	% 

																	
	Bank	  	 PR

Commitment
	 	  	PR Commitment
Percentage	 	 	 Total

Commitment
	 	  	Total
Commitment
Percentage	 
	
Bank of America, N.A.
	  	$	15,000,000.00	 	  	 	100.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 MUFG
Bank, Ltd.
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 BNP
Paribas
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 Lloyds
Bank plc
	  	$	0.00	 	  	 	0.000000000	% 	 	$	100,000,000.00	 	  	 	7.142857143	% 
	 Lloyds
Bank Corporate Markets plc
	  	$	0.00	 	  	 	0.000000000	% 	 	$	40,000,000.00	 	  	 	2.857142857	% 
	 Mizuho
Bank, Ltd.
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 Royal
Bank of Canada
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 U.S. Bank
National Association
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 Wells
Fargo Bank, National Association
	  	$	0.00	 	  	 	0.000000000	% 	 	$	140,000,000.00	 	  	 	10.000000000	% 
	 Branch
Banking and Trust Company
	  	$	0.00	 	  	 	0.000000000	% 	 	$	80,000,000.00	 	  	 	5.714285714	% 
	 PNC Bank,
National Association
	  	$	0.00	 	  	 	0.000000000	% 	 	$	80,000,000.00	 	  	 	5.714285714	% 
	 Regions
Bank
	  	$	0.00	 	  	 	0.000000000	% 	 	$	60,000,000.00	 	  	 	4.285714286	% 
	 Comerica
Bank
	  	$	0.00	 	  	 	0.000000000	% 	 	$	60,000,000.00	 	  	 	4.285714286	% 
	
Total
	  	$	15,000,000.00	 	  	 	100.000000000	% 	 	$	1,400,000,000.00	 	  	 	100.000000000	% 

  

									
	 Domestic
Swing Line
 Lender
	  	Domestic Swing Line
Commitment	 	  	Domestic Swing Line
Commitment Percentage	 
	
Bank of America, N.A.
	  	$	25,000,000.00	 	  	 	50.000000000	% 
	 MUFG Bank, Ltd.
	  	$	25,000,000.00	 	  	 	50.000000000	% 
	
Total
	  	$	50,000,000.00	 	  	 	100.000000000	% 

  

					
	Issuing Bank	  	L/C Commitment	 
	 Bank of America, N.A.
	  	$	25,000,000.00	 
	
U.S. Bank National Association
	  	$	25,000,000.00	 
	
Wells Fargo Bank, National Association
	  	$	25,000,000.00	 

 SCHEDULE 4 

EXISTING LETTERS OF CREDIT 
 None. 

 SCHEDULE 7.5 

LITIGATION 
 Ryder and its Consolidated
Subsidiaries are a party to various claims, complaints and proceedings arising in the ordinary course of business including but not limited to those relating to litigation matters, environmental matters, risk management matters (e.g., vehicle
liability, workers’ compensation, etc.) and administrative assessments primarily associated with operating taxes. Ryder and its Consolidated Subsidiaries have established loss provisions for matters in which losses are probable and can be
reasonably estimated. Litigation is subject to many uncertainties, and the outcome of any individual litigated matter is not predictable with assurance. It is possible that certain of the actions, claims, inquiries or proceedings could be decided
unfavorably to Ryder or its Consolidated Subsidiaries. Although the final resolution of any such matters could have a material effect on the consolidated operating results of Ryder and its Consolidated Subsidiaries for the particular reporting
period in which an adjustment of the estimated liability is recorded, Ryder and its Consolidated Subsidiaries believe that any resulting liability should not materially affect their consolidated financial position. 

 SCHEDULE 7.7 

TAXES 
 None. 

 SCHEDULE 7.12 

ENVIRONMENTAL COMPLIANCE 
 None. 

 SCHEDULE 7.15 

DEBT RATINGS 
 Ryder’s Senior Public Debt
Ratings are: 
  

			
	Moody’s	  	Baa1
	S&P	  	BBB+
	Fitch	  	A-

 (“Senior Public Debt Ratings”, “Moody’s”, “S&P” and “Fitch” are used herein
as defined in the Credit Agreement) 

 SCHEDULE 7.16 

SUBSIDIARIES 
 Vehicle Leasing
and Service; Logistics 
  

			
	Associated Ryder Capital Services, Inc.	  	Florida
	Laromark Intermediate Holding Corporation	  	Delaware
	Network Vehicle Central, Inc.	  	Florida
	Network Vehicle Central, LLC	  	Florida
	RTR Next Gen Sales, LLC	  	Florida
	Road Master, Limited	  	Bermuda
	Ryder Dedicated Logistics, Inc.	  	Delaware
	Ryder Fleet Products, Inc.	  	Tennessee
	Ryder Freight Brokerage, Inc.	  	Delaware
	Ryder Global Services, LLC	  	Florida
	Ryder Integrated Logistics, Inc.	  	Delaware
	Ryder Integrated Logistics of California Contractors, LLC	  	Delaware
	Ryder Integrated Logistics of Texas, LLC	  	Texas
	Ryder Last Mile, Inc.	  	California
	Ryder Puerto Rico, Inc.	  	Delaware
	Ryder Truck Rental, Inc.	  	Florida
	Ryder Truck Rental Canada Ltd.	  	Canada
	Ryder Truck Rental Holdings Canada Ltd.	  	Canada
	Ryder Vehicle Sales, LLC	  	Florida
	Tandem Transport, L.P.	  	Georgia
	Truck Transerv, Inc.	  	Delaware
	
	Securitization
	RTR Leasing I, Inc.	  	Delaware
	RTR Leasing II, Inc.	  	Delaware
	Ryder Funding LP	  	Delaware
	Ryder Funding II LP	  	Delaware
	Ryder Truck Rental I LLC	  	Delaware
	Ryder Truck Rental II LLC	  	Delaware
	Ryder Truck Rental III LLC	  	Delaware
	Ryder Truck Rental IV LLC	  	Delaware
	Ryder Truck Rental I LP	  	Delaware
	Ryder Truck Rental II LP	  	Delaware
	Ryder Truck Rental LT	  	Delaware

 International 

 

			
	3241290 Nova Scotia Company	  	Nova Scotia
	Bullwell Trailer Solutions Limited	  	England
	CRTS Logistica Automotiva S.A.	  	Brazil
	Euroway Vehicle Contracts Limited	  	England
	Euroway Vehicle Engineering Limited	  	England
	Euroway Vehicle Management Limited	  	England
	Euroway Vehicle Rental Limited	  	England
	Hill Hire Limited	  	England
	RSI Holding B.V.	  	Netherlands
	RTI Argentina S.A.	  	Argentina
	RTRC Finance LP	  	Canada
	 RTR Holdings (B.V.I.) Limited
	  	 British Virgin Islands

	Ryder Argentina S.A.	  	Argentina
	Ryder-Ascent Logistics Pte Ltd.	  	Singapore
	Ryder Asia Pacific Holdings B.V.	  	Netherlands
	Ryder Capital (Barbados) SRL	  	Barbados
	Ryder Capital Luxembourg Limited, S.A.R.L.	  	England
	Ryder Capital S. de R.L. de C.V.	  	Mexico
	Ryder Capital UK Holdings LLP	  	England
	Ryder Chile Sistemas Integrados de Logistica Limitada	  	Chile
	Ryder CRSA Logistics (HK) Limited	  	Hong Kong
	Ryder de Mexico S. de R.L. de C.V.	  	Mexico
	Ryder Deutschland GmbH	  	West Germany
	Ryder Distribution Services Limited	  	United Kingdom
	Ryder do Brasil Ltda.	  	Brazil
	Ryder European B.V.	  	Netherlands
	Ryder Europe Operations B.V.	  	Netherlands
	Ryder Limited	  	England
	Ryder Logistica Ltda.	  	Brazil
	Ryder Logistics (Shanghai) Co., Ltd.	  	China
	Ryder Mauritius Holdings, Ltd.	  	Mauritius
	Ryder Mexican Holding B.V.	  	Netherlands
	Ryder Mexicana, S. de R.L. de C.V.	  	Mexico
	Ryder Pension Fund Limited	  	United Kingdom
	Ryder Servicios do Brasil Ltda.	  	Brazil
	Ryder Soluciones S. de R.L. de C.V.	  	Mexico
	Ryder Singapore Pte Ltd.	  	Singapore
	Ryder System B.V.	  	Netherlands
	Ryder System Holdings (UK) Limited	  	England
	Sistemas Logisticos Sigma S.A.	  	Argentina
	Translados Americanos S. de R.L. de C.V.	  	Mexico

 Other Ryder Subsidiaries 

 

			
	Far East Freight, Inc.	  	Florida
	RSI Purchase Corp.	  	Delaware
	Ryder Capital Ireland Holdings II LLC	  	Delaware
	Ryder Capital Luxembourg Limited, Corp.	  	Florida
	Ryder Capital Services Corporation	  	Delaware
	Ryder Canadian Financing US LLC	  	Delaware
	Ryder Energy Distribution Corporation	  	Florida
	Ryder Fuel Services, LLC	  	Delaware
	Ryder International Acquisition Corp.	  	Florida
	Ryder International, Inc.	  	Florida
	Ryder Mexican Investments I LP	  	Delaware
	Ryder Mexican Investments II LP	  	Delaware
	Ryder Offshore Holdings III LLC	  	Delaware
	Ryder Purchasing LLC	  	Delaware
	Ryder Risk Solutions, LLC	  	Florida
	Ryder Receivable Funding III, LLC	  	Delaware
	Ryder Services Corporation	  	Florida
	Ryder Thailand I, LLC	  	Florida
	Ryder Thailand II, LLC	  	Florida
	
	Non-Profit Organizations
		
	Ryder System, Inc. Employees Political Action Committee	  	Florida
	Ryder System Charitable Foundation, Inc.	  	Florida

 SCHEDULE 23.1 

NOTICES, ETC. 
  

			
		
	Ryder:	  	 Ryder System, Inc.
 11690 N.W. 105th St.
 Miami, FL 33178

Attn: Treasurer
 Telephone: 305-500-3408
 Fax: 305-500-3641

Email: dsusik@ryder.com
 Website: www.ryder.com

U.S. Tax ID: 59-0739250

		
	Canadian Borrowers:	  	 To the address for Ryder above, with a copy to:
  

6755 Mississauga Rd.
 Suite 201

Mississauga, ON L5N 2X7
 Attn: General Manager

Telephone: 905-826-8777

Fax: 905-826-0079

		
	Ryder PR:	  	To the address for Ryder above.
		
	U.K. Borrowers:	  	 To the address for Ryder above, with a copy to:
  

Ryder Limited
 Globe Lane

Dukinfield, Cheshire, SK16 4UL
 United Kingdom

Attn: General Manager
 Telephone: 0161 331 4200

Email: UKCash&Banking@ryder.com

		
	Administrative Agent:	  	 For administrative notices regarding borrowings, payments, conversions, continuations, letters of credit, fees, interest and similar
notices:
  
 Bank of America, N.A.

Credit Services
 Mail Code: NC1-001-05-46
 ONE INDEPENDENCE CENTER

101 N TRYON ST
 CHARLOTTE NC 28255-0001

Attn: Tiffanie McCall
 Phone: 980-386-7142
 Fax: 704-625-5209

Electronic Mail: tiffanie.mccall@baml.com
 USD PAYMENT
INSTRUCTIONS:

			
		
		  	 Bank of America
 New York NY

ABA 026009593
 Acct # 1366072250600

Acct Name: Wire Clearing Acct for Syn Loans - LIQ
 Ref: Ryder

 
 For notices regarding amendments, waivers, financial statements, assignments and all
other notices:
  
 Bank of America, N.A.

Mail Code: CA5-705-04-09

555 California St. 4th Floor

San Francisco, Ca 94104
 Attn: Anthea Del Bianco

Phone: 415-436-2776

Fax 415-503-5101

Electronic Mail: anthea.del_bianco@baml.com

		
	Canadian Agent	  	 Royal Bank of Canada
 Yvonne Brazier

Senior Deal Manager, Agency Services Group
 222 Bay Street West,
26th fl, Toronto, ON M5K 1A1
 T. 416-842-3910

Yvonne.brazier@rbccm.com

		
	U.K. Agent	  	 Lloyds Bank plc
 New Uberior House

1 Earl Grey Street
 Level 3, Agency - Specialist Lending
Services
 Edinburgh
 EH3 9BN

 
 Mabel Osei

Mabel.M.Osei@lloydsbanking.com
 +44 131 6663284

+44 7552286237
  

John Togher
 John.Togher@lloydsbanking.com

+44 131 222 0309
 +44 7741291720

		
	Domestic Swingline Lenders:	  	 Bank of America N.A.
 Credit Services

Mail Code: NC1-001-05-46

ONE INDEPENDENCE CENTER
 101 N TRYON ST

CHARLOTTE NC 28255-0001
 Attn: Tiffanie McCall

Phone: 980-386-7142

Fax: 704-625-5209

Electronic Mail: tiffanie.mccall@baml.com

			
		  	  
 USD PAYMENT INSTRUCTIONS:

Bank of America
 New York NY

ABA 026009593
 Acct # 1366072250600

Acct Name: Wire Clearing Acct for Syn Loans - LIQ
 Ref: Ryder

 
 MUFG Bank, Ltd.

Attn: Steven Williams
 1251 Avenue of the Americas, 12th Floor

New York, NY 10020-1104
 Telephone:
201-413-8520
 Email: stwilliams@us.mufg.jp

		
	Issuing Banks:	  	 Bank of America, N.A.
 Mail Code: PA6-580-02-30
 One Fleet Way

Scranton, PA 18507
 Phone: 570.496.9619

Fax: 800.755.8740
 Electronic Mail:
tradeclientserviceteamus@baml.com
  
 U.S. Bank National Association

Attention: Julie Seaton
 U.S. Bancorp Center

BC-MN-H20G

800 Nicollett Mall
 Minneapolis, MN 55402-7020

Minneapolis.standby@usbank.com
  

Wells Fargo Bank, National Association
 Attn: Doug Lindstrom

90 S 7th Street, 15th Floor
 Minneapolis, MN 55402

MAC N9305-06J
 Tel (612) 667-5542
 Fax (612) 667-2276

douglas.a.lindstrom@wellsfargo.com

 EXHIBIT A-1 

[FORM OF] 
 DOMESTIC NOTE

                     ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER SYSTEM, INC., a Florida corporation
(“Ryder”), hereby absolutely and unconditionally promises to pay to the order of [INSERT NAME OF PAYEE BANK] or its registered assigns (the “Bank”), without offset or counterclaim, at the Head Office of the
Administrative Agent: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined), the then outstanding
aggregate unpaid principal amount of Domestic Loans made by the Bank to Ryder pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as
Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto; and 

(b) interest on the unpaid principal amount of the Domestic Loans made by the Bank from time to time outstanding from and including the date
hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject however to the provisions of §6.12 of the Credit Agreement. 

This Domestic Note evidences borrowings under, is subject to the terms and conditions of, and has been issued by Ryder in accordance with, the
Credit Agreement and is one of the Domestic Notes referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of Ryder contained therein, and any holder hereof may exercise
the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this Domestic Note and not otherwise defined herein shall have the same
meanings herein as in the Credit Agreement. 
 The Bank may endorse, and is hereby irrevocably authorized by Ryder to endorse, on its
records and/or on the schedule attached to this Domestic Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances to Ryder and repayments of principal by Ryder of this Domestic Note;
provided, that, failure by the Bank to make any such notations or any error therein shall not affect any of Ryder’s obligations or the validity of any repayments made by Ryder in respect of this Domestic Note. 

Ryder has the right in certain circumstances and the obligation in certain other circumstances to prepay the whole or part of the principal of
this Domestic Note on the terms and conditions specified in the Credit Agreement. 
 If any one or more Events of Default shall occur, the
entire unpaid principal amount of this Domestic Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 

 Ryder and every endorser of this Domestic Note or the obligation represented hereby waive
presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Domestic Note and assent to any
extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS DOMESTIC NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND
§5-1402)). 
 [signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this Domestic Note to be signed on its
behalf by its duly authorized officer as of the day and year first above written. 
  

			
	RYDER SYSTEM, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE TO DOMESTIC NOTE OF RYDER SYSTEM, INC. DATED AS OF 

                    ,
20         
  

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

 EXHIBIT A-2 

[FORM OF] 
 CANADIAN NOTE

                     ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a
corporation organized under the laws of Canada (“Ryder Holdings Canada”), and RYDER TRUCK RENTAL CANADA LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder
Holdings Canada, the “Canadian Borrowers”), hereby, jointly and severally, absolutely and unconditionally promise to pay to the order of [INSERT NAME OF PAYEE BANK] or its registered assigns (the “Bank”),
without offset or counterclaim, at the Head Office of the Canadian Agent: 
 (a) in accordance with the provisions of the Credit Agreement
(as hereinafter defined), the then outstanding aggregate unpaid principal amount of Canadian Loans made by the Bank to the Canadian Borrowers pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of
September 28, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., a corporation organized under the laws of
Florida, the Canadian Borrowers and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank
of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto; and 

(b) interest on the unpaid principal amount of the Canadian Loans made by the Bank from time to time outstanding from and including the date
hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject however to the provisions of §6.12 of the Credit Agreement. 

As provided in the Credit Agreement, the Canadian Loans evidenced by this Canadian Note may be advanced in either U.S. Dollars or Canadian
Dollars. Each of the Canadian Borrowers jointly and severally promises to repay each Canadian Loan in the currency in which such Canadian Loan was advanced. 

This Canadian Note evidences borrowings under, is subject to the terms and conditions of, and has been issued by the Canadian Borrowers in
accordance with, the Credit Agreement and is one of the Canadian Notes referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of the Canadian Borrowers contained
therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this Canadian Note and not
otherwise defined herein shall have the same meanings herein as in the Credit Agreement. 
 The Bank may endorse, and is hereby irrevocably
authorized by the Canadian Borrowers to endorse, on its records and/or on the schedule attached to this Canadian Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances to the
Canadian Borrowers and repayments by the Canadian Borrowers of principal of this Canadian Note, provided, that, failure by the Bank to make any such notations or any error therein shall not affect any of the Canadian Borrowers’
obligations or the validity of any repayments made by the Canadian Borrowers in respect of this Canadian Note. 

 The Canadian Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this Canadian Note on the terms and conditions specified in the Credit Agreement. 

If any one or more Events of Default shall occur, the entire unpaid principal amount of this Canadian Note and all of the unpaid interest
accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 
 Each of the
Canadian Borrowers and every endorser of this Canadian Note or the obligation represented hereby waives presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with
the delivery, acceptance, performance, default or enforcement of this Canadian Note and assents to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the
addition or release of any other party or person primarily or secondarily liable. 
 THIS CANADIAN NOTE IS A CONTRACT UNDER THE LAWS OF
THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND §5-1402)). 
 [signature pages follow]

  
 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Canadian Note to be
signed on its behalf by its duly authorized officer as of the day and year first above written. 
  

			
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	RYDER TRUCK RENTAL CANADA LTD.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE TO CANADIAN NOTE OF RYDER TRUCK RENTAL HOLDINGS 

CANADA LTD. AND RYDER TRUCK RENTAL CANADA, LTD., DATED AS OF 

                    ,
20         
  

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

 EXHIBIT A-3 

[FORM OF] 
 U.K. NOTE

                     ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER LIMITED, a corporation organized under the
laws of England and Wales (“Ryder Limited”) and RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized under the laws of England and Wales (“RSH” and together with Ryder Limited, the “U.K.
Borrowers”), hereby, jointly and severally, absolutely and unconditionally promise to pay to the order of [INSERT NAME OF PAYEE BANK] or its registered assigns (the “Bank”), without offset or counterclaim, at the
Head Office of the U.K. Agent: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined), the then
outstanding aggregate unpaid principal amount of U.K. Loans made by the Bank to the U.K. Borrowers pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida, the U.K. Borrowers and the other Borrowers party
thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as
U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto; and 
 (b) interest on the unpaid principal amount of
the U.K. Loans made by the Bank from time to time outstanding from and including the date hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject
however to the provisions of §6.12 of the Credit Agreement. 
 As provided in the Credit Agreement, the U.K. Loans evidenced by this
U.K. Note may be advanced in any of U.S. Dollars, Sterling or Euros. Each of the U.K. Borrowers jointly and severally promises to repay each U.K. Loan in the currency in which such U.K. Loan was advanced. 

This U.K. Note evidences borrowings under, is subject to the terms and conditions of, and has been issued by the U.K. Borrowers in accordance
with, the Credit Agreement and is one of the U.K. Notes referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of the U.K. Borrowers contained therein, and any holder
hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this U.K. Note and not otherwise defined herein shall have
the same meanings herein as in the Credit Agreement. 
 The Bank may endorse, and is hereby irrevocably authorized by the U.K. Borrowers to
endorse, on its records and/or on the schedule attached to this U.K. Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances to the U.K. Borrowers and repayments by the U.K.
Borrowers of principal of this U.K. Note; provided, that, failure by the Bank to make any such notations or any error therein shall not affect any of the U.K. Borrowers’ obligations or the validity of any repayments made by the
U.K. Borrowers in respect of this U.K. Note. 
 The U.K. Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this U.K. Note on the terms and conditions specified in the Credit Agreement. 

 If any one or more Events of Default shall occur, the entire unpaid principal amount of this
U.K. Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 

Each of the U.K. Borrowers and every endorser of this U.K. Note or the obligation represented hereby waives presentment, demand, notice,
protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this U.K. Note and assents to any extension or postponement of the
time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS U.K. NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND
§5-1402)). 
 [signature pages follow] 

  
 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this U.K. Note to be signed on
its behalf by its duly authorized officer as of the day and year first above written. 
 EITHER 

 

					
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER LIMITED acting by	 		  	    )
	[two directors] [a director and its secretary]	 		  	    )
	  
	 		  	                                      
                                         
 
	Director’s name	 		  	Director’s signature
			
	  
	 		  	                                     
                                         
  
	Director’s [/Secretary’s] name	 		  	Director’s [/Secretary’s] signature
			
	OR	 		  	
			
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER LIMITED acting by	 		  	    )
	a director in the presence of	 		  	    )
			
		 		  	                                      
                                         
 
		 		  	  Director’s signature
			
		 		  	                                      
                                         
 
		 		  	  Director’s name
			
	Witness’ signature:	 		  	                                      
                                         
 
			
	Witness’ name:	 		  	                                      
                                         
 
			
	Witness’ address:	 		  	                                      
                                         
 
		 		  	                                      
                                         
 
		 		  	                                      
                                         
 
			
	Witness’ occupation:	 		  	                                      
                                         
 

  
 3 

 EITHER 

 

					
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER SYSTEM HOLDINGS (UK) LIMITED	 		  	    )
	acting by [two directors] [a director and its secretary]	 		  	    )
			
	  
	 		  	                                      
                                         
 
	Director’s name	 		  	Director’s signature
			
	  
	 		  	                                     
                                         
  
	Director’s [/Secretary’s] name	 		  	Director’s [/Secretary’s] signature
			
	OR	 		  	
			
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER SYSTEM HOLDINGS (UK) LIMITED	 		  	    )
	acting by a director in the presence of	 		  	    )
			
		 		  	                                      
                                         
 
		 		  	  Director’s signature
			
		 		  	                                      
                                         
 
		 		  	  Director’s name
			
	Witness’ signature:	 		  	                                      
                                         
 
			
	Witness’ name:	 		  	                                      
                                         
 
			
	Witness’ address:	 		  	                                      
                                         
 
		 		  	                                      
                                         
 
		 		  	                                      
                                         
 
			
	Witness’ occupation:	 		  	                                      
                                         
 

  
 4 

 SCHEDULE TO U.K. NOTE OF RYDER LIMITED AND RYDER SYSTEM 

HOLDINGS (UK) LIMITED, DATED AS OF
                    , 20         

 

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

 EXHIBIT A-4 

[FORM OF] 
 PR NOTE

                     ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER PUERTO RICO, INC., a Delaware corporation or
its registered assigns (“Ryder PR”), hereby absolutely and unconditionally promises to pay to the order of [INSERT NAME OF PAYEE BANK] or its registered assigns (the “Bank”), without offset or counterclaim,
at the Head Office of the Administrative Agent: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined),
the then outstanding aggregate unpaid principal amount of PR Loans made by the Bank to Ryder PR pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and
restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida, Ryder PR and the other Borrowers party thereto,
(ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent,
and (vi) the other Swing Line Lenders and Issuing Banks party thereto; and 
 (b) interest on the unpaid principal amount of the PR
Loans made by the Bank from time to time outstanding from and including the date hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject however to
the provisions of §6.12 of the Credit Agreement. 
 This PR Note evidences borrowings under, is subject to the terms and conditions of,
and has been issued by Ryder PR in accordance with, the Credit Agreement and is one of the PR Notes referred to therein. The Bank and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of Ryder PR
contained therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this PR Note and not
otherwise defined herein shall have the same meanings herein as in the Credit Agreement. 
 The Bank may endorse, and is hereby irrevocably
authorized by Ryder PR to endorse, on its records and/or on the schedule attached to this PR Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances to Ryder PR and repayments by
Ryder PR of principal of this PR Note; provided, that, failure by the Bank to make any such notations or any error therein shall not affect any of Ryder PR’s obligations or the validity of any repayments made by Ryder PR in
respect of this PR Note. 
 Ryder PR has the right in certain circumstances and the obligation in certain other circumstances to prepay the
whole or part of the principal of this PR Note on the terms and conditions specified in the Credit Agreement. 
 If any one or more Events
of Default shall occur, the entire unpaid principal amount of this PR Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 

 Ryder PR and every endorser of this PR Note or the obligation represented hereby waive
presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this PR Note and assent to any
extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS PR NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED
BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND §5-1402)).

 [signature pages follow] 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this PR Note to be signed on its
behalf by its duly authorized officer as of the day and year first above written. 
  

			
	RYDER PUERTO RICO, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE TO PR NOTE OF RYDER PUERTO RICO, INC., DATED AS OF 

                    ,
20         
  

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

 EXHIBIT A-5 

[FORM OF] 
 DOMESTIC
SWING LINE NOTE 

                    ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER SYSTEM, INC., a Florida corporation
(“Ryder”), hereby absolutely and unconditionally promises to pay to the order of [BANK OF AMERICA, N.A.] [MUFG BANK, LTD.] or its registered assigns (the “Domestic Swing Line Lender”), without offset or
counterclaim, at its designated office: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined), the then
outstanding aggregate unpaid principal amount of Domestic Swing Line Loans made by the Domestic Swing Line Lender to Ryder pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder and the other Borrowers party thereto, (ii) the Banks from time to time party
thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders
and Issuing Banks party thereto; and 
 (b) interest on the unpaid principal amount of the Domestic Swing Line Loans made by the Domestic
Swing Line Lender from time to time outstanding from and including the date hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject however to the
provisions of §6.12 of the Credit Agreement. 
 This Domestic Swing Line Note evidences borrowings under, is subject to the terms and
conditions of, and has been issued by Ryder in accordance with the Credit Agreement and is the Domestic Swing Line Note referred to therein. The Domestic Swing Line Lender and any holder hereof are entitled to the benefits of the Credit Agreement
and may enforce the agreements of Ryder contained therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All
capitalized terms used in this Domestic Swing Line Note and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement. 

The Domestic Swing Line Lender may endorse, and is hereby irrevocably authorized by Ryder to endorse, on its records and/or on the schedule
attached to this Domestic Swing Line Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate notation evidencing advances to Ryder and repayments by Ryder of principal of this Domestic Swing Line Note;
provided, that, failure by the Domestic Swing Line Lender to make any such notations or any error therein shall not affect any of Ryder’s obligations or the validity of any repayments made by Ryder in respect of this Domestic
Swing Line Note. 
 Ryder has the right in certain circumstances and the obligation in certain other circumstances to prepay the whole or
part of the principal of this Domestic Swing Line Note on the terms and conditions specified in the Credit Agreement. 
 If any one or more
Events of Default shall occur, the entire unpaid principal amount of this Domestic Swing Line Note and all of the unpaid interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit
Agreement. 

  

 Ryder and every endorser of this Domestic Swing Line Note or the obligation represented
hereby waive presentment, demand, notice, protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Domestic Swing Line
Note and assent to any extension or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS DOMESTIC SWING LINE NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND
§5-1402)). 
 [signature page follows] 

  
 2 

 IN WITNESS WHEREOF, the undersigned has caused this Domestic Swing Line Note to be
signed on its behalf by its duly authorized officer as of the day and year first above written. 
  

			
	RYDER SYSTEM, INC.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE TO DOMESTIC SWING LINE NOTE OF RYDER SYSTEM, INC. 

DATED AS OF                     ,
20         
  

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

  

 EXHIBIT A-6 

[FORM OF] 
 U.K. SWING
LINE NOTE 

                    ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER LIMITED, a corporation organized under the
laws of England and Wales (“Ryder Limited”) and RYDER SYSTEM HOLDINGS (UK) LIMITED, a corporation organized under the laws of England and Wales (“RSH” and together with Ryder Limited, the “U.K.
Borrowers”), hereby, jointly and severally, absolutely and unconditionally promise to pay to the order of LLOYDS BANK PLC or its registered assigns (the “U.K. Agent”), without offset or counterclaim, at its Head
Office: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined), the then outstanding aggregate unpaid
principal amount of U.K. Swing Line Loans made by the U.K. Agent to the U.K. Borrowers pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and restated,
supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida, the U.K. Borrowers and the other Borrowers party thereto,
(ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) the U.K. Agent, and
(vi) the other Swing Line Lenders and Issuing Banks party thereto; and 
 (b) interest on the unpaid principal amount of the U.K. Swing
Line Loans made by the U.K. Agent from time to time outstanding from and including the date hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject
however to the provisions of §6.12 of the Credit Agreement. 
 As provided in the Credit Agreement, the U.K. Swing Line Loans evidenced
by this U.K. Swing Line Note may be advanced in either U.S. Dollars, Sterling or Euros. Each of the U.K. Borrowers jointly and severally promises to repay each U.K. Swing Line Loan in the currency in which such U.K. Swing Line Loan was advanced.

 This U.K. Swing Line Note evidences borrowings under, is subject to the terms and conditions of, and has been issued by the U.K.
Borrowers in accordance with, the Credit Agreement and is one of the U.K. Swing Line Notes referred to therein. The U.K. Agent and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of the U.K.
Borrowers contained therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in this U.K.
Swing Line Note and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement. 
 The U.K. Agent may
endorse, and is hereby irrevocably authorized by the U.K. Borrowers to endorse, on its records and/or on the schedule attached to this U.K. Swing Line Note or a continuation of such schedule attached hereto and made a part hereof, an appropriate
notation evidencing advances to the U.K. Borrowers and repayments by the U.K. Borrowers of principal of this U.K. Swing Line Note; provided, that, failure by the U.K. Agent to make any such notations or any error therein shall not
affect any of the U.K. Borrowers’ obligations or the validity of any repayments made by the U.K. Borrowers in respect of this U.K. Swing Line Note. 

  

 The U.K. Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this U.K. Swing Line Note on the terms and conditions specified in the Credit Agreement. 

If any one or more Events of Default shall occur, the entire unpaid principal amount of this U.K. Swing Line Note and all of the unpaid
interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 

The U.K. Borrowers and every endorser of this U.K. Swing Line Note or the obligation represented hereby waive presentment, demand, notice,
protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this U.K. Swing Line Note and assent to any extension or
postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS U.K. SWING LINE NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH
AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND
§5-1402)). 
 [signature pages follow] 

  
 2 

 IN WITNESS WHEREOF, this U.K. Swing Line Note has been executed as a deed on the day
and year first above written. 
 EITHER 

 

					
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER LIMITED acting by	 		  	    )
	[two directors] [a director and its secretary]	 		  	    )
			
	  
	 		  	                                      
                                         
 
	Director’s name	 		  	Director’s signature
			
	  
	 		  	                                     
                                         
  
	Director’s [/Secretary’s] name	 		  	Director’s [/Secretary’s] signature
			
	OR	 		  	
			
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER LIMITED acting by	 		  	    )
	a director in the presence of	 		  	    )
			
		 		  	                                      
                                         
 
		 		  	  Director’s signature
			
		 		  	                                      
                                         
 
		 		  	  Director’s name
			
	Witness’ signature:	 		  	                                      
                                         
 
			
	Witness’ name:	 		  	                                      
                                         
 
			
	Witness’ address:	 		  	                                      
                                         
 
		 		  	                                      
                                         
 
		 		  	                                      
                                         
 
			
	Witness’ occupation:	 		  	                                      
                                         
 

  
 3 

 EITHER 
  

					
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER SYSTEM HOLDINGS (UK) LIMITED	 		  	    )
	acting by [two directors] [a director and its secretary]	 		  	    )
			
	  
	 		  	                                      
                                         
 
	Director’s name	 		  	Director’s signature
			
	  
	 		  	                                     
                                         
  
	Director’s [/Secretary’s] name	 		  	Director’s [/Secretary’s] signature
			
	OR	 		  	
			
	EXECUTED and DELIVERED as a DEED	 		  	    )
	by RYDER SYSTEM HOLDINGS (UK) LIMITED	 		  	    )
	acting by a director in the presence of	 		  	    )
			
		 		  	                                      
                                         
 
		 		  	  Director’s signature
			
		 		  	                                      
                                         
 
		 		  	  Director’s name
			
	Witness’ signature:	 		  	                                      
                                         
 
			
	Witness’ name:	 		  	                                      
                                         
 
			
	Witness’ address:	 		  	                                      
                                         
 
		 		  	                                      
                                         
 
		 		  	                                      
                                         
 
			
	Witness’ occupation:	 		  	                                      
                                         
 

  
 4 

 SCHEDULE TO U.K. SWING LINE NOTE OF RYDER LIMITED AND RYDER 

SYSTEM HOLDINGS (UK) LIMITED, DATED AS OF
                    , 20         

 

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

 EXHIBIT A-7 

[FORM OF] 
 CANADIAN
SWING LINE NOTE 

                    ,
20     
 FOR VALUE RECEIVED, the undersigned, RYDER TRUCK RENTAL HOLDINGS CANADA LTD., a
corporation organized under the laws of Canada (“Ryder Holdings Canada”), and RYDER TRUCK RENTAL CANADA LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder
Holdings Canada, the “Canadian Borrowers”), hereby absolutely and unconditionally promise to pay to the order of ROYAL BANK OF CANADA or its registered assigns (the “Canadian Swing Line Lender”), without
offset or counterclaim, at its designated office: 
 (a) in accordance with the provisions of the Credit Agreement (as hereinafter defined),
the then outstanding aggregate unpaid principal amount of Canadian Swing Line Loans made by the Canadian Swing Line Lender to the Canadian Borrowers pursuant to the Second Amended and Restated Global Revolving Credit Agreement, dated as of
September 28, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among (i) Ryder System, Inc., a corporation organized under the laws of
Florida, the Canadian Borrowers and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank
of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto; and 

(b) interest on the unpaid principal amount of the Canadian Swing Line Loans made by the Canadian Swing Line Lender from time to time
outstanding from and including the date hereof to but not including the date on which such principal amount is paid in full, at the times and at the rates provided in the Credit Agreement, subject however to the provisions of §6.12 of the
Credit Agreement. 
 As provided in the Credit Agreement, the Canadian Swing Line Loans evidenced by this Canadian Swing Line Note may be
advanced in either U.S. Dollars or Canadian Dollars. Each of the Canadian Borrowers promises to repay each Canadian Swing Line Loan in the currency in which such Canadian Swing Line Loan was advanced. 

This Canadian Swing Line Note evidences borrowings under, is subject to the terms and conditions of, and has been issued by the Canadian
Borrowers in accordance with the Credit Agreement and is the Canadian Swing Line Note referred to therein. The Canadian Swing Line Lender and any holder hereof are entitled to the benefits of the Credit Agreement and may enforce the agreements of
the Canadian Borrowers contained therein, and any holder hereof may exercise the respective remedies provided for thereby or otherwise available in respect thereof, all in accordance with the respective terms thereof. All capitalized terms used in
this Canadian Swing Line Note and not otherwise defined herein shall have the same meanings herein as in the Credit Agreement. 
 The
Canadian Swing Line Lender may endorse, and is hereby irrevocably authorized by the Canadian Borrowers to endorse, on its records and/or on the schedule attached to this Canadian Swing Line Note or a continuation of such schedule attached hereto and
made a part hereof, an appropriate notation evidencing advances to the Canadian Borrowers and repayments by the Canadian Borrowers of principal of this Canadian Swing Line Note; provided, that, failure by the Canadian Swing Line Lender
to make any such notations or any error therein shall not affect any of the Canadian Borrowers’ obligations or the validity of any repayments made by the Canadian Borrowers in respect of this Canadian Swing Line Note. 

  

 The Canadian Borrowers have the right in certain circumstances and the obligation in certain
other circumstances to prepay the whole or part of the principal of this Canadian Swing Line Note on the terms and conditions specified in the Credit Agreement. 

If any one or more Events of Default shall occur, the entire unpaid principal amount of this Canadian Swing Line Note and all of the unpaid
interest accrued thereon may become or be declared due and payable in the manner and with the effect provided in the Credit Agreement. 

The Canadian Borrowers and every endorser of this Canadian Swing Line Note or the obligation represented hereby waive presentment, demand,
notice, protest, notice of intent to accelerate, notice of acceleration and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Canadian Swing Line Note and assent to any extension
or postponement of the time of payment or any other indulgence, to any substitution, exchange or release of collateral and to the addition or release of any other party or person primarily or secondarily liable. 

THIS CANADIAN SWING LINE NOTE IS A CONTRACT UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND
§5-1402)). 
 [signature pages follow] 

  
 2 

 IN WITNESS WHEREOF, each of the undersigned has caused this Canadian Swing Line Note
to be signed on its behalf by its duly authorized officer as of the day and year first above written. 
  

			
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

 
			
	
	RYDER TRUCK RENTAL CANADA LTD.

 
			
		
	By:	 	  

		 	Name:
		 	Title:

  
 3 

 SCHEDULE TO CANADIAN SWING LINE NOTE OF RYDER TRUCK 

RENTAL HOLDINGS CANADA LTD. AND RYDER TRUCK RENTAL CANADA 

LTD., DATED AS OF
                    , 20         

 

											
	Date	  	Loan Type	  	
Amount of
 Loan
	  	
Amount of
 Principal

Paid or
 Prepaid
	  	
Balance of
 Principal

Unpaid
	  	
Notation
 Made By

	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      
	                   
         	  	                           
 	  	                           
 	  	                           
 	  	                           
 	  	                      
      

  

 EXHIBIT B-1 

[FORM OF] 
 DOMESTIC LOAN
REQUEST 
 [Date] 
 Bank of America, N.A.

 as Administrative Agent 
 Dear Sir or Madam: 

Reference is made to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement)
by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as
Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 

In accordance with the provisions of §2.7(a) of the Credit Agreement, notice is hereby given of our intention to borrow a Domestic Loan,
in the principal amount of $            , on                      ,
20     (the “Drawdown Date”). Such Loan shall be a [Base Rate Loan] [LIBOR Rate Loan with an Interest Period of              months]. 

This notice shall constitute certification of compliance by Ryder as to the matters set forth in §12 of the Credit Agreement. Thank you
for your attention to this matter. 
 [signature page follows] 

  

			
	Yours sincerely,
	
	RYDER SYSTEM, INC.

			
		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT B-2 

[FORM OF] 
 CANADIAN LOAN
REQUEST 
 [Date] 
 Royal Bank of Canada,

 as Canadian Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement)
by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), Ryder Truck Rental Holdings Canada LTD., a corporation organized under the laws of Canada (“Ryder Holdings
Canada”), and Ryder Truck Rental Canada LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”), and the other
Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds
Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 
 In accordance with the provisions of
§2.7(b) of the Credit Agreement, notice is hereby given of our request to borrow a Canadian Loan denominated in [Canadian][U.S.] Dollars, in the principal amount of
[C$][US$]            , on                      ,
20     (the “Drawdown Date”). Such Loan shall be a [Base Rate Loan][LIBOR Rate Loan with an Interest Period of              months].1 
 This notice and the confirmation signatures of the authorized officer or representative
of Ryder evidenced herewith or produced separately and submitted herewith shall constitute certification of compliance by Ryder Holdings Canada, Ryder Canada Limited and Ryder as to the matters set forth in §12 of the Credit Agreement. Thank
you for your attention to this matter. 
 [signature pages follow] 

 

	1 	 No requested Canadian Loan denominated in Canadian Dollars may be a LIBOR Rate Loan. 

  

 Yours sincerely, 

RYDER TRUCK RENTAL HOLDINGS CANADA LTD. 
  

			
	By:	 	  

		 	Name:
		 	Title:

 RYDER TRUCK RENTAL CANADA LTD. 

 

			
	By:	 	  

		 	Name:
		 	Title:

 The above notice is hereby confirmed on
behalf of Ryder by: 
  

			
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT B-3 

[FORM OF] 
 U.K. LOAN
REQUEST 
 [Date] 
 Lloyds Bank Plc, as U.K.
Agent 
 Dear Sir or Madam: 
 Reference is made
to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit
Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement) by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida
(“Ryder”), Ryder Limited, a corporation organized under the laws of England and Wales (“Ryder Limited”) and Ryder System Holdings (UK) Limited, a corporation organized under the laws of England and Wales
(“RSH” and together with Ryder Limited, the “U.K. Borrowers”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a
Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 

In accordance with the provisions of §2.7(c) of the Credit Agreement, notice is hereby given of our intention to borrow a U.K. Loan
denominated in [Sterling][Euros][U.S. Dollars], in the principal amount of [£][EU][$]            , on
                     , 20     (the “Drawdown Date”). Such Loan shall be a [LIBOR Rate Loan
with an Interest Period of              months] [EURIBOR Rate Loan with an Interest Period of              months].1 
 This notice and the confirmation signatures of the authorized official of Ryder
evidenced herewith or produced separately and submitted herewith shall constitute certification of compliance by Ryder Limited, RSH and Ryder as to the matters set forth in §12 of the Credit Agreement. Thank you for your attention to this
matter. 
 [signature pages follow] 
  

 

	1 	 Any requested U.K. Loan denominated in Sterling or Euros (other than the U.K. Swing Line Loans) shall be LIBOR
Rate Loans. 

  

			
	Yours sincerely,
	
	RYDER LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER SYSTEM HOLDING (UK) LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	The above notice is hereby confirmed on behalf of Ryder by:
		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT B-4 

[FORM OF] 
 PR LOAN
REQUEST 
 [Date] 
 Bank of America, N.A.

 as Administrative Agent 
 Dear Sir or Madam: 

Reference is made to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement)
by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), Ryder Puerto Rico, Inc, a Delaware corporation (“Ryder PR”), and the other Borrowers party thereto,
(ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent,
and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 
 In accordance with the provisions of §2.7(d) of, notice
is hereby given of our intention to borrow a PR Loan, in the principal amount of $            , on             
        , 20     (the “Drawdown Date”). Such Loan shall be a [Base Rate Loan][LIBOR Rate Loan with an Interest Period of
             months]. 
 This notice and the confirmation signatures of
the authorized official of Ryder evidenced herewith or produced separately and submitted herewith shall constitute certification of compliance by Ryder PR and Ryder as to the matters set forth in §12 of the Credit Agreement. Thank you for your
attention to this matter. 
 [signature pages follow] 

			
	Yours sincerely,
	
	RYDER PUERTO RICO, INC.
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	The above notice is hereby confirmed on behalf of Ryder by:

			
		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT C 

☐  Check for distribution to PUBLIC and Private side Lenders1 
 [FORM OF] 

COMPLIANCE CERTIFICATE 

Compliance Certificate dated
                                 

Reference is hereby made to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018
(as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit
Agreement) by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America,
N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto.

 The undersigned
                                     the [chief financial
officer/treasurer/assistant treasurer] of Ryder hereby certifies that no Default or Event of Default exists. Computations to evidence compliance with §9.1(b) and §10.1 of the Credit Agreement are detailed on Annex A attached hereto.

 [The undersigned hereby further certifies that: 

(i) the representations and warranties contained in §§7.1, 7.2, 7.3, 7.6, 7.8, 7.9, 7.10, 7.11 (other than
§7.11(c)(iii)), 7.13, 7.14, 7.17, 7.18 and §7A of the Credit Agreement are true and correct in all material respects as of the date hereof; 

(ii) the representations and warranties contained in §7.4 of the Credit Agreement are true and correct in all material
respects as of the date hereof; provided that each reference to “Balance Sheet Date” in such §7.4 shall be deemed a reference to the most recent fiscal year end of Ryder; and 

(iii) the representations and warranties contained in §§7.5, 7.7, 7.12, 7.15 and 7.16 of the Credit Agreement are
true and correct in all material respects as of the date hereof after taking into consideration any updated information provided to the Schedule corresponding to any such Section (all such updated Schedules are attached hereto as Annex B), if
applicable.]2 
 [signature pages follow] 

 

	1 	 If this box is not checked, this Compliance Certificate will only be posted to Private side Lenders.

	2 	 Bracketed language to be included in any Compliance Certificate delivered pursuant to §8.4(c) of the
Credit Agreement with respect to the delivery of financial statements referred to in §8.4(a) of the Credit Agreement. 

 IN WITNESS WHEREOF, the undersigned has executed this Compliance Certificate as of the date
first written above. 
  

			
	RYDER SYSTEM, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

  
 2 

 Annex A 

In the event of conflict between the provisions and formulas set forth in this Annex A and the provisions and formulas set forth in the Credit
Agreement, the provisions and formulas of the Credit Agreement shall prevail. 
  

							
	 Secured Indebtedness - §9.1(b)
	  

	 1.
	  	 Adjusted Consolidated Tangible Assets
 (Item
8 of Appendix)
	  	$	                     	 
	 2.
	  	 Secured Indebtedness
 (Item 23 of
Appendix)
	  	$	                     	 
	 3.
	  	 Maximum Permitted Secured Indebtedness
 (Item
1 x .30)
	  	$	                     	 
	 Indebtedness to Consolidated Adjusted Net Worth -
§10.1
	  

	 4.
	  	 Total Indebtedness of Ryder and its Consolidated

Subsidiaries
 (Item 18 of Appendix)
	  	$	                     	 
	 5.
	  	 Consolidated Adjusted Net Worth
 (Item 12 of
Appendix)
	  	$	                     	 
	 6.
	  	 Actual Ratio
 (Item 4 divided by Item
5)
	  	 	            :1.00	 
	 7.
	  	Maximum permitted ratio	  	 	3.00:1.00	 

 Appendix 

 

							
	 A. Adjusted Consolidated Tangible Assets
	  

	 1.
	  	Consolidated assets	  	$	                     	 
	 2.
	  	All intercompany items	  	$	                     	 
	 3.
	  	All Intangible Assets	  	$	                     	 
	 4.
	  	Investments in Subsidiaries other than Consolidated Subsidiaries (to the extent such investments are not otherwise eliminated)	  	$	                     	 
	 5.
	  	 Consolidated Tangible Assets
 [(Item 1) -
(Items 2 + 3 + 4)]
	  	$	                     	 
	 6.
	  	Consolidated book value of all assets of Ryder and its Consolidated Subsidiaries which are subject to any synthetic lease	  	$	                     	 
	 7.
	  	Consolidated book value of all assets of Ryder and its Consolidated Subsidiaries that are reflected on the consolidated balance sheet of Ryder and its Consolidated Subsidiaries and secure or are the subject of any Limited
Recourse Facility	  	$	                     	 
	 8.
	  	 Adjusted Consolidated Tangible Assets
 [Item
5 + Item 6 - Item 7]
	  	$	                     	 
	 B. Consolidated Adjusted Net Worth
	  

	 9.
	  	Consolidated shareholders’ equity	  	$	                     	 
	 10.
	  	Investments in Subsidiaries other than Consolidated Subsidiaries	  	$	                     	 
	 11.
	  	Accumulated other comprehensive income or loss associated with Ryder and its Consolidated Subsidiaries’ pension and other post-retirement plans which is recorded on the consolidated financial statements of Ryder and its
Consolidated Subsidiaries in accordance with GAAP	  	$	                     	 
	 12.
	  	 Consolidated Adjusted Net Worth
 [Item 9
– Item 10 – Item 11]
	  	$	                     	 
	 C. Indebtedness
	  

	 13.
	  	(a) All obligations for borrowed money, (b) all obligations evidenced by bonds, debentures, notes or other similar instruments, (c) all obligations to pay the deferred purchase price of property or services, except
trade accounts payable arising in the ordinary course of business, (d) all obligations as lessee under Capitalized Leases	  	$	                     	 

							
	 14.
	  	All obligations under Limited Recourse Facilities (to the extent included in Item 13 above)	  	$	                     	 
	 15.
	  	All Deemed Indebtedness Under Limited Recourse Facilities (Item 27 below)	  	$	                     	 
	 16.
	  	All obligations as lessee in respect of synthetic leases	  	$	                     	 
	 17.
	  	All Indebtedness of others guaranteed	  	$	                     	 
	 18.
	  	 Indebtedness
 [(Items 13 – 14) + (Items
15 + 16 + 17)]
	  	$	                     	 
	 D. Secured Indebtedness
	  

	 19.
	  	Indebtedness and all Derivative Obligations of any Borrower or any of Ryder’s Consolidated Subsidiaries and all reimbursement obligations with respect to letters of credit, bankers’ acceptances or similar facilities
issued for the account of such Person, in each case, secured by a lien or other encumbrance on, or title to, any real or personal property	  	$	                     	 
	 20.
	  	 Unsecured Indebtedness and Derivatives Obligations of any of Ryder’s Consolidated Subsidiaries (other than the Canadian Borrowers or
the U.K. Borrowers) and unsecured reimbursement obligations with
 respect to letters of credit, bankers’ acceptances or similar facilities issued for
the account of such Person (other than the Canadian Borrowers or the U.K. Borrowers)
	  	$	                     	 
	 21.
	  	Aggregate liquidation preference of all Preferred Stock issued by Ryder’s Consolidated Subsidiaries not owned by Ryder and its Consolidated Subsidiaries	  	$	                     	 
	 22.
	  	Any Deemed Indebtedness Under Limited Recourse Facilities (Item 27 below) and all obligations as lessee in respect of synthetic leases, in each case to the extent not otherwise included as Secured Indebtedness	  	$	                     	 
	 23.
	  	 Secured Indebtedness
 (Items 19 + 20 + 21 +
22)
	  	$	                     	 
	 E. Deemed Indebtedness Under Limited Recourse
Facilities
	  

	 24.
	  	Deemed Receivables Indebtedness	  	$	                     	 
	 25.
	  	Deemed Securitization Indebtedness	  	$	                     	 

							
	 26.
	  	In respect of any other Limited Recourse Facility, an amount equal to the greater of (a) 10% of the principal amount or aggregate payment obligations, as applicable, of such Limited Recourse Facility or (b) two times the
percentage recourse under such Limited Recourse Facility of the principal amount or aggregate payment obligations, as applicable, of such Limited Recourse Facility (as determined in accordance with the definition of Limited Recourse Facilities)	  	$	                     	 
	 27.
	  	 Total Deemed Indebtedness Under Limited Recourse Facilities

[Items 24 + 25 +26]
	  	$	                     	 

  

 EXHIBIT D 

[FORM OF] 
 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, amended and 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, (a) all of the Assignor’s
rights and obligations in its capacity as a Bank 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 facilities identified below (including any letters of credit, guarantees, and swingline loans included in such facilities) and (b) 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 Bank) 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, but not limited to, contract claims, tort claims, malpractice claims, statutory claims and all
other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (a) above (the rights and obligations sold and assigned pursuant to clauses (a) and (b) 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:	  	                                      
                                  
			
	3.	  	Borrower(s):	  	Ryder System, Inc., a corporation organized under the laws of Florida, Ryder Truck Rental Holdings Canada Ltd., a corporation organized under the laws of Canada, Ryder Truck Rental Canada, Ltd., a corporation organized under the
laws of Canada, Ryder Limited, a corporation organized under the laws of England and Wales, Ryder System Holdings (UK) Limited, a corporation organized under the laws of England and Wales, and Ryder Puerto Rico, Inc., a Delaware corporation
(collectively, the “Borrowers”)
			
	4.	  	Administrative Agent:	  	Bank of America, N.A.
			
	5.	  	Credit Agreement:	  	Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 by and among (i) the Borrowers, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as
Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party
thereto

					
			
	6.	  	Assigned Interest:	  	

  

													
	Facility Assigned	  	 Aggregate Amount of

Commitment/Loans for all

Banks*
	 	  	 Amount of

Commitment/Loans
 Assigned*
	 	  	Percentage Assigned of
Commitment/ Loans1	 
	 	  	$	 	 	  	$	 	 	  	 	%	 
	 	  	$	 	 	  	$	 	 	  	 	%	 
	 	  	$	 	 	  	$	 	 	  	 	%	 

 [7. Trade Date:
                    ]2 

Effective Date:                     
    , 20     [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.] 

[signature pages follow] 

 

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

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

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

  
 2 

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

 

			
	ASSIGNOR
	[NAME OF ASSIGNOR]
		
	By:	 	  

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

		 	Name:
		 	Title:

  
 3 

			
	[Consented to and]3 Accepted:
	
	BANK OF AMERICA, N.A., as Administrative Agent
		
	By:	 	  

		 	Name:
		 	Title:
	
	[Consented to:]4
	
	[[    ], as [    ]
		
	By:	 	  

		 	Name:
		 	Title:]
	
	[RYDER SYSTEM, INC.
		
	By:	 	  

		 	Name:
		 	Title:]

  
  

 

	3 	 To be added only if the consent of the Administrative Agent is required by the terms of the Credit Agreement.

	4 	 To be added only if the consent of Ryder and/or other parties (e.g. Agent, Issuing Bank, Swine Line Lender) is
required by the terms of the Credit Agreement. 

  
 4 

 ANNEX 1 

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, (iii) it has full power and authority, and has taken all action necessary, to execute and deliver
this Assignment and Assumption and to consummate the transactions contemplated hereby and (iv) it is [not] a Defaulting Lender; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations
made in or in connection with the Credit Agreement or any other Loan Document, (ii) the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Documents or any collateral thereunder, (iii) the
financial condition of the Borrowers, 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 Borrowers, 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 Bank under the Credit Agreement,
(ii) it meets all requirements of an Eligible Assignee under the Credit Agreement (subject to receipt of such consents as may be required under the Credit Agreement), (iii) from and after the Effective Date, it shall be bound by the provisions
of the Credit Agreement as a Bank thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Bank thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the
Assigned Interest and is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial statements delivered pursuant to §§7.4 and 8.4 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 other Agent or any other Bank, and (vi) if it is a Foreign Lender, attached to the Assignment and Assumption is any documentation required to be delivered
by it pursuant to the terms of the Credit Agreement, duly completed and executed by the Assignee; (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any other Agent, the Assignor or any other Bank,
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, (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 Bank, and (iii) any information obtained by it in connection with the Loan Documents shall be held and treated in accordance with the terms of the
Credit Agreement; and (c) appoints and authorizes the Administrative Agent [and any other applicable Agent] to take such actions as agent on its behalf and to exercise such powers under the Credit Agreement and the other Loan Documents as are
delegated to the Administrative Agent [and any other applicable Agent] by the terms thereof, together with such powers as are reasonably incidental thereto. 

2. Payments. From and after the Effective Date, the Administrative Agent and any other applicable Agent shall make all payments in
respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignee whether such amounts have accrued prior to, on or after the Effective Date. The Assignor and the Assignee shall make all appropriate
adjustments in payments by the Administrative Agent or any other applicable Agent for periods prior to the Effective Date or with respect to the making of this assignment directly between themselves. 

 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. Delivery of an executed
counterpart of a signature page of this Assignment and Assumption by telecopy shall be effective as delivery of a manually executed counterpart of this Assignment and Assumption. THIS ASSIGNMENT AND ASSUMPTION IS A CONTRACT UNDER THE LAWS OF THE
STATE OF NEW YORK AND SHALL FOR ALL PURPOSES BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SAID STATE (EXCLUDING THE LAWS APPLICABLE TO CONFLICTS OR CHOICE OF LAW (OTHER THAN THE NEW YORK GENERAL OBLIGATIONS LAW §5-1401 AND §5-1402)). 

  
 2 

 Exhibit E 

[FORM OF] 
 SUBORDINATION
PROVISIONS 
 1. “Borrowers” - Collectively, Ryder System, Inc., a corporation organized under the laws of Florida,
Ryder Truck Rental Holdings Canada Ltd., a corporation organized under the laws of Canada, Ryder Truck Rental Canada, Ltd., a corporation organized under the laws of Canada, Ryder Limited, a corporation organized under the laws of England and Wales,
Ryder System Holdings (UK) Limited, a corporation organized under the laws of England and Wales, Ryder Puerto Rico, Inc., a Delaware corporation, and any other obligor from time to time under the Credit Agreement. 

2. “Credit Agreement” - that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of
September 28, 2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement) by and among
(i) the Borrowers, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds
Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto, including any such agreement increasing the principal amount of, extending the maturity of, refinancing or otherwise restructuring (including, but
not limited to, the inclusion of additional borrowers thereunder that are subsidiaries of the Borrowers or the inclusion of additional or different or substitute lenders thereunder) all or any portion of the indebtedness under such agreement or any
successor to such Agreement. 
 3. “Senior Debt” - at any date, without duplication, (a) the principal amount
outstanding from time to time under the Credit Agreement and any future indebtedness of the Borrowers unless the instrument creating such future indebtedness specifically provides that such indebtedness is subordinate to the Senior Debt;
(b) interest, fees, expenses, indemnities and all other monetary obligations payable by the Borrowers in connection therewith; and (c) any interest payable in respect of the foregoing subsequent to the commencement of any proceeding
against or with respect to the Borrowers or any of them under any chapter of the Bankruptcy Code, 11 U.S.C. §101 et. seq. or any similar bankruptcy, insolvency or reorganization law (collectively, the “Bankruptcy Code”),
regardless of whether or not the holder of such Senior Debt would be entitled to receive dividends or payments with respect to any such interest in any such proceeding (“Post-Petition Interest”). 

4. “Subordinated Debt” - The indebtedness of the Borrowers under this agreement. 

5. Bankruptcy, Liquidation, Etc. – 

(a) Upon any payment or distribution of assets of the Borrowers to creditors in the event of: 

(i) any insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or other similar case or
proceeding in connection therewith; or 
 (ii) any liquidation, dissolution or other winding up of the Borrowers, whether
voluntary or involuntary and whether or not involving insolvency or bankruptcy; or 
 (iii) any assignment for the benefit of
creditors or any other marshalling of assets and liabilities of the Borrowers; 

 then, and in any such event, the holders of Senior Debt shall be entitled to be indefeasibly
paid in full in cash or cash equivalents all amounts due or to become due (whether or not an event of default has occurred thereunder or the maturity of such Senior Debt has been declared due and payable prior to the date on which it would otherwise
would have become due and payable) on or in respect of all Senior Debt, including any Post-Petition Interest thereon, before any payment is made to the holders of Subordinated Debt or to the trustee on behalf of the holders of Subordinated Debt.

 (b) Upon the occurrence of any event described in clause (a) of this section, any distribution of assets of the
Borrowers which the holders of Subordinated Debt would be entitled to receive following the occurrence of such event were it not for the provisions hereof, shall be paid by the Borrowers or by any receiver, trustee in bankruptcy, liquidating
trustee, agent or other person making such payment or distribution directly to the holders of Senior Debt (pro rata to each such holder on the basis of the respective amounts of such Senior Debt held by such holder) or their representatives to the
extent necessary to pay all such Senior Debt in full in cash or cash equivalents, after giving effect to any concurrent prepayment or distribution to or for the benefit of the holders of such Senior Debt, before any payment is made to the holders of
Subordinated Debt. 
 (c) In the event that, notwithstanding the foregoing provisions of this section, the holders of
Subordinated Debt, or any trustee on behalf of the holders of Subordinated Debt, have received any payment or distribution of assets of the Borrowers (including any such payment or distribution which may be payable or deliverable by reason of the
payment of any other indebtedness of the Borrowers being subordinated to the payment of Subordinated Debt) following the occurrence of any event described in (a) above before all Senior Debt is indefeasibly paid in full, then and in such event
such payment or distribution shall be held in trust for the benefit of the holders of Senior Debt and shall be paid over or delivered to the trustee in bankruptcy, receiver, liquidating trustee, custodian, assignee, agent or other person making
payment or distribution of assets of the Borrowers for application to the payment of all Senior Debt remaining unpaid to the extent necessary to pay all Senior Debt in full, after giving effect to any concurrent payment or distribution to or for the
holders of Senior Debt. 
 (d) In the event that any of the Borrowers shall file or have filed against it a petition under
any chapter of the Bankruptcy Code or be adjudicated a bankrupt thereunder, with the result that any of the Borrowers are excused from the obligation to pay all or any part of the interest otherwise payable in respect of any Senior Debt during the
period subsequent to the commencement of any such proceedings under the Bankruptcy Code, each holder of Subordinated Debt by its acceptance hereof does hereby agree that all or any part of such interest, as the case may be, shall be payable out of,
and to that extent diminish and be at the expense of, reorganization dividends or other distributions in respect of such Subordinated Debt. 

6. Senior Debt Default – 

(a) In the event and during the continuation of any default in the payment of any Senior Debt when the same becomes due and
payable, whether at maturity or at a date fixed for the prepayment or by acceleration or otherwise (a “Payment Default”), then (i) no direct or indirect payment (in cash, property, securities, by
set-off or otherwise) shall be made by the Borrowers on account of principal of or interest or premium (if any) on the Subordinated Debt or on account of any mandatory redemption provisions of the Subordinated
Debt, or in respect of any retirement, purchase or other acquisition of any of the Subordinated Debt unless and until such Payment Default shall have been cured or waived or shall have ceased to exist and any acceleration of such Senior Debt shall
have been rescinded or annulled; and (ii) the Subordinated Debt may not be declared due and payable before its stated maturity unless and until the earlier of the (A) date on which such Payment Default shall have been cured or waived or
shall have ceased to exist and any acceleration of such Senior Debt shall have been rescinded or annulled, or (B) 90 days after the occurrence of such Payment Default. 

  
 2 

 (b) In the event and during the continuation of any default other than a
Payment Default with respect to any Senior Debt which permits (or with notice or lapse of time, or both, would permit) the holders of such Senior Debt (or a trustee or agent on behalf of the holders thereof) to declare such Senior Debt due and
payable prior to the date on which it would otherwise have become due and payable, upon the occurrence of (x) the receipt by the Borrowers and the trustee on behalf of the holders of Subordinated Debt of written notice of such default from the
holders of such Senior Debt (or a trustee or agent on behalf of the holders thereof) to which such default relates or (y) if such default results from an acceleration of the Subordinated Debt, the date of such acceleration, no payment or
distribution prohibited by clause (a) of this section may be made by the Borrowers for a period (the “Payment Blockage Period”) commencing on the earlier of the date of receipt of such notice or the date of such acceleration
and ending 180 days thereafter (unless such Payment Blockage Period shall be terminated by written notice to the trustee on behalf of the holders of Subordinated Debt and the Borrowers from the holders of such Senior Debt or a trustee or agent on
behalf of the holders thereof); provided, however, that not more than one Payment Blockage Period may be commenced with respect to the Subordinated Debt during any 360 day period. Notwithstanding this clause (b), in the event that the
holders of such Senior Debt (or a trustee or agent on behalf of the holders thereof) declare such Senior Debt due and payable prior to the date on which it would otherwise have become due and payable because of any default described under this
clause (b), a Payment Default shall be deemed to have occurred as of the date of such acceleration and the provisions of clause (a) will apply as of such date. 

  
 3 

 EXHIBIT F 

[FORM OF] 
 BANKERS’
ACCEPTANCE NOTICE 
 Date:
[                                        
]                     
 Royal Bank of Canada,

 as Canadian Agent 
 Ladies and Gentlemen: 

Reference is made to that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement)
by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida, Ryder Truck Rental Holdings Canada LTD., a corporation organized under the laws of Canada (“Ryder Holdings Canada”), and Ryder Truck Rental
Canada LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”), and the other Borrowers party thereto, (ii) the Banks
from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the
other Swing Line Lenders and Issuing Banks party thereto. 
 Each of the Canadian Borrowers hereby requests a borrowing by way of
Bankers’ Acceptances under the Credit Agreement and in that connection sets forth below the information relating to such borrowing (the “Proposed Borrowing”) as required by §3.1 of the Credit Agreement: 

 

	 	(a)	 Aggregate Face Amount of Bankers’ Acceptances1

  

	 	 	
C$                       
             . 

  

	 	(b)	 Date of Proposed Borrowing
                                    . 

 

	 	(c)	 Term2
                     months. 

Each of the Canadian Borrowers acknowledges that, as a condition precedent to the acceptance of any of the requested Bankers’
Acceptances, an Acceptance Fee shall be payable to each of the Canadian Banks in respect thereof pursuant to §3.3 of the Credit Agreement. 

By delivery of this Bankers’ Acceptance Notice and the acceptance of any or all of the Bankers’ Acceptances by the Canadian Banks in
response to this Bankers’ Acceptance Notice, the Canadian Borrowers shall be deemed to have represented and warranted that the conditions to lending specified in §12 of the Credit Agreement have been satisfied with respect to the Proposed
Borrowing. 
 [signature pages follow] 

 

	1 	 Not less than C$3,000,000.00 and in integral multiples of C$100,000.00 in excess thereof.

	2 	 Must be 1, 2, 3 or 6 months maturing no later than five (5) days prior to the Maturity Date.

 
			
	Very truly yours,
	
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER TRUCK RENTAL CANADA LTD.
		
	By:	 	  

		 	Name:
		 	Title:

  
 2 

 EXHIBIT G-1 

[FORM OF] 
 DOMESTIC
SWING LINE LOAN REQUEST 
 [Date] 
 Bank of
America, N.A., 
 as Domestic Swing Line Lender 
 MUFG Bank,
Ltd., 
 as Domestic Swing Line Lender 
 Ladies and Gentlemen:

 Reference is made that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as
amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement)
by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as
Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 

In accordance with the provisions of §2.12(b) of the Credit Agreement, notice is hereby given of our intention to borrow a Domestic Swing
Line Loan (to be made by each Domestic Swing Line Lender ratably based on its Domestic Swing Line Commitment Percentage of such Domestic Swing Line Loan), in the aggregate principal amount of
$            , on                     , 20    
(the “Drawdown Date”). The Swing Line Loan Maturity Date relating to such Loan shall be                     ,
20    . 
 This notice shall constitute certification of compliance by Ryder as to the matters set forth in
§12 of the Credit Agreement. Thank you for your attention to this matter. 
 [signature pages follows] 

			
	Yours sincerely,
	
	RYDER SYSTEM, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT G-2 

[FORM OF] 
 U.K. SWING
LINE LOAN REQUEST 
 [Date] 
 Lloyds Bank
plc, as U.K. Agent 
 Ladies and Gentlemen: 

Reference is made that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28, 2018 (as amended,
restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit Agreement) by and
among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), Ryder Limited, a corporation organized under the laws of England and Wales (“Ryder Limited”) and Ryder System Holdings
(UK) Limited, a corporation organized under the laws of England and Wales (“RSH” and together with Ryder Limited, the “U.K. Borrowers”), and the other Borrowers party thereto, (ii) the Banks from time to time
party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line
Lenders and Issuing Banks party thereto. 
 In accordance with the provisions of Section 2.13(b) of the Credit Agreement, notice is
hereby given of our intention to borrow a U.K. Swing Line Loan denominated in [Sterling][Euros][U.S. Dollars], in the principal amount of [£][EU][$]            , on
                    , 20     (the “Drawdown Date”). The Swing Line Loan Maturity Date relating to
such Loan shall be                     , 20    . 

This notice and the confirmation signatures of the authorized official of Ryder evidenced herewith or produced separately and submitted
herewith shall constitute certification of compliance by the U.K. Borrowers and Ryder as to the matters set forth in §12 of the Credit Agreement. Thank you for your attention to this matter. 

[signature pages follow] 

			
	Yours sincerely,
	
	RYDER LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER SYSTEM HOLDINGS (UK) LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	The above notice is hereby confirmed on behalf of Ryder by:

			
		
	By:	 	  

		 	Name:
		 	Title:

  

 EXHIBIT G-3 

[FORM OF] 
 CANADIAN
SWING LINE LOAN REQUEST 
 [Date] 
 Royal
Bank of Canada, 
 as Canadian Swing Line Lender 
 Ladies and
Gentlemen: 
 Reference is made that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28,
2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit
Agreement) by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), Ryder Truck Rental Holdings Canada LTD., a corporation organized under the laws of Canada (“Ryder Holdings
Canada”), and Ryder Truck Rental Canada LTD., a corporation organized under the laws of Canada (“Ryder Canada Limited” and together with Ryder Holdings Canada, the “Canadian Borrowers”), and the other
Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America, N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds
Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto. 
 In accordance with the provisions of
Section 2.14(b) of the Credit Agreement, notice is hereby given of our request to borrow a Canadian Swing Line Loan denominated in [Canadian][U.S.] Dollars, in the principal amount of
[C$][US$]            , on                     ,
20     (the “Drawdown Date”). The Swing Line Loan Maturity Date relating to such Loan shall be
                    , 20    . 

This notice and the confirmation signatures of the authorized official of Ryder evidenced herewith or produced separately and submitted
herewith shall constitute certification of compliance by the Canadian Borrowers and Ryder as to the matters set forth in §12 of the Credit Agreement. Thank you for your attention to this matter. 

[signature pages follow] 

			
	Yours sincerely,

			
	
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

			
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	RYDER TRUCK RENTAL CANADA LTD.

			
		
	By:	 	  

		 	Name:
		 	Title:

			
	
	The above notice is hereby confirmed on behalf of Ryder by:

			
		
	By:	 	  

		 	Name:
		 	Title:

 EXHIBIT H 

[FORM OF] 

ADMINISTRATIVE QUESTIONNAIRE 

[see attached] 

 EXHIBIT I 

[FORM OF] 
 EXTENSION
LETTER 
 [Date] 
 Bank of America, N.A., as
Domestic Swing Line Lender 
 Lloyds Bank plc, as U.K. Agent 

Royal Bank of Canada, as Canadian Swing Line Lender 
 Ladies and
Gentleman: 
 Reference is made that certain Second Amended and Restated Global Revolving Credit Agreement, dated as of September 28,
2018 (as amended, restated, amended and restated, supplemented or otherwise modified from time to time, the “Credit Agreement”; capitalized terms used and not defined herein shall have the meanings ascribed thereto in the Credit
Agreement) by and among (i) Ryder System, Inc., a corporation organized under the laws of Florida (“Ryder”), and the other Borrowers party thereto, (ii) the Banks from time to time party thereto , (iii) Bank of America,
N.A., as Administrative Agent, a Domestic Swing Line Lender and an Issuing Bank, (iv) Royal Bank of Canada, as Canadian Agent, (v) Lloyds Bank plc, as U.K. Agent, and (vi) the other Swing Line Lenders and Issuing Banks party thereto.

 Pursuant to §2.19(a) of the Credit Agreement, the Borrowers hereby request that each Bank extend such Bank’s Current Maturity
Date for one year to                         , 20    . 

[signature pages follow] 

			
	Yours sincerely,
	
	RYDER SYSTEM, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER LIMITED
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	RYDER SYSTEM HOLDINGS (UK) LIMITED

  

			
	By:	 	  

		 	Name:
		 	Title:

  

			
	RYDER TRUCK RENTAL HOLDINGS CANADA LTD.

  

			
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER TRUCK RENTAL CANADA LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	
	RYDER PUERTO RICO, INC.
		
	By:	 	  

		 	Name:
		 	Title:

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