Document:

Rights Agreement

 Exhibit 4.1 

 
  
  

 
  

FOREST LABORATORIES, INC. 
 and 
 COMPUTERSHARE 

SHAREOWNER SERVICES 
 LLC 
 Rights Agreement 

Dated as of August 27, 2012 
  

 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page
Number	 
			
	 Section 1.
	  	Definitions	  	 	1	  
			
	 Section 2.
	  	Appointment of Rights Agent	  	 	10	  
			
	 Section 3.
	  	Issue of Right Certificates	  	 	10	  
			
	 Section 4.
	  	Form of Right Certificates	  	 	13	  
			
	 Section 5.
	  	Countersignature and Registration	  	 	14	  
			
	 Section 6.
	  	Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates	  	 	15	  
			
	 Section 7.
	  	Exercise of Rights; Purchase Price; Expiration Date of Rights	  	 	17	  
			
	 Section 8.
	  	Cancellation and Destruction of Right Certificates	  	 	20	  
			
	 Section 9.
	  	Availability of Preferred Shares	  	 	20	  
			
	 Section 10.
	  	Preferred Shares Record Date	  	 	21	  
			
	 Section 11.
	  	Adjustment of Purchase Price, Number of Shares or Number of Rights	  	 	22	  
			
	 Section 12.
	  	Certificate of Adjusted Purchase Price or Number of Shares	  	 	33	  
			
	 Section 13.
	  	Consolidation, Merger or Sale or Transfer of Assets or Earning Power	  	 	34	  
			
	 Section 14.
	  	Fractional Rights and Fractional Shares	  	 	35	  
			
	 Section 15.
	  	Rights of Action	  	 	38	  
			
	 Section 16.
	  	Agreement of Right Holders	  	 	39	  
			
	 Section 17.
	  	Right Certificate Holder Not Deemed a Stockholder	  	 	40	  
			
	 Section 18.
	  	Concerning the Rights Agent	  	 	40	  
			
	 Section 19.
	  	Merger or Consolidation or Change of Name of Rights Agent	  	 	42	  

  
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	 	  	 	  	Page
Number	 
			
	 Section 20.
	  	Duties of Rights Agent	  	 	43	  
			
	 Section 21.
	  	Change of Rights Agent	  	 	47	  
			
	 Section 22.
	  	Issuance of New Right Certificates	  	 	48	  
			
	 Section 23.
	  	Redemption	  	 	49	  
			
	 Section 24.
	  	Exchange	  	 	50	  
			
	 Section 25.
	  	Notice of Certain Events	  	 	52	  
			
	 Section 26.
	  	Notices	  	 	53	  
			
	 Section 27.
	  	Supplements and Amendments	  	 	54	  
			
	 Section 28.
	  	Successors	  	 	55	  
			
	 Section 29.
	  	Benefits of this Agreement	  	 	55	  
			
	 Section 30.
	  	Severability	  	 	55	  
			
	 Section 31.
	  	Governing Law	  	 	56	  
			
	 Section 32.
	  	Counterparts	  	 	56	  
			
	 Section 33.
	  	Descriptive Headings	  	 	56	  
			
	 Section 34.
	  	Customer Identification Program	  	 	57	  
			
	 Section 35.
	  	Force Majeure	  	 	57	  
		
	 Signatures
	  	 	58	  

 Exhibit A        -        Form of
Certificate of Designations 
 Exhibit B        -        Form of
Right Certificate 
 Exhibit C        -        Summary of Rights
to Purchase Preferred Shares 

  
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 Agreement, dated as of August 27, 2012, between FOREST LABORATORIES, INC., a Delaware
corporation (the “Company”), and Computershare Shareowner Services LLC, a New Jersey limited liability company, as rights agent (the “Rights Agent”). 

The Board of Directors of the Company has authorized and declared a dividend of one preferred share purchase right (a
“Right”) for each Common Share (as hereinafter defined) of the Company outstanding on September 7, 2012 (the “Record Date”), each Right representing the right to purchase one one-thousandth of a Preferred Share
(as hereinafter defined), upon the terms and subject to the conditions herein set forth, and has further authorized and directed the issuance of one Right with respect to each Common Share that shall become outstanding between the Record Date and
the earliest of the Distribution Date, the Redemption Date, the Early Expiration Date, the Qualifying Offer Expiration Date and the Final Expiration Date (as such terms are hereinafter defined). 

Accordingly, in consideration of the premises and the mutual agreements herein set forth, the parties hereby agree as follows:

 Section 1. Definitions. For purposes of this Agreement, the following terms have the meanings indicated: 

(a) “Acquiring Person” shall mean any Person who or which, together with all Affiliates and Associates of such Person, shall be the
Beneficial Owner of 12% or more of the Common Shares of the Company then outstanding, but shall not include the Company, any Subsidiary of the Company, any employee benefit plan of the Company or any Subsidiary of the Company, or any entity holding
Common Shares for or pursuant to the terms of any such plan; provided, however, that no Person which, together with all Affiliates and Associates of such Person, is the Beneficial

 
Owner of Common Shares of the Company representing less than 20% of the Common Shares of the Company then outstanding, and which is entitled to file, and files, a statement on Schedule 13G
(“Schedule 13G”) pursuant to Rule 13d-1(b)(1) of the General Rules and Regulations under the Exchange Act as in effect at the time of the public announcement of the declaration of the Rights dividend with respect to the Common
Shares Beneficially Owned by such Person (a “13G Institutional Investor”), shall be deemed to be an “Acquiring Person”; provided further, however, that a Person who was deemed a 13G Institutional Investor shall no longer
be deemed such if it files a statement on Schedule 13D pursuant to Rule 13d-1(a), 13d-1(e), 13d-1(f) or 13d-1(g) of the General Rules and Regulations under the Exchange Act as in effect at the time of the public announcement of the declaration of
the Rights dividend with respect to the Common Shares Beneficially Owned by such Person, and shall be deemed an Acquiring Person if it is the Beneficial Owner of 12% or more of the Common Shares of the Company then outstanding at any point from the
time it first files such a statement on Schedule 13D provided that if at such time such Person’s Beneficial Ownership is not less than 12%, then such Person shall have 60 days from such time to reduce its Beneficial Ownership (together with all
Affiliates and Associates of such Person) to below 12% of the Common Shares of the Company before being deemed an “Acquiring Person” but shall be deemed an “Acquiring Person” if after reducing its Beneficial Ownership to below
12% it subsequently becomes the Beneficial Owner of 12% or more of the Common Shares of the Company or if, prior to reducing its Beneficial Ownership to below 12%, it increases its Beneficial Ownership of the then-outstanding Common Shares of the
Company (other than as a result of an acquisition of Common Shares by the Company) above the lowest Beneficial Ownership of such Person at any time during such 60-day period. 

  
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 Notwithstanding the foregoing, (i) no Person who is not a 13G Institutional Investor and who
Beneficially Owns, each as of the time of the public announcement of the declaration of the Rights dividend, 12% or more of the Common Shares of the Company then outstanding and (ii) no Person who is a 13G Institutional Investor and who
Beneficially Owns, each as of at the time of the public announcement of the declaration of the Rights dividend, 20% or more of the Common Shares of the Company then outstanding, shall become an Acquiring Person unless such Person shall, after the
time of the public announcement of the declaration of the Rights dividend, increase its Beneficial Ownership of the then-outstanding Common Shares (other than as a result of an acquisition of Common Shares by the Company) to an amount equal to or
greater than the greater of (x) 12% (in the case of a Person who is not then a 13G Institutional Investor) or 20% (in the case of a Person who is then a 13G Institutional Investor) or (y) the sum of (i) the lowest Beneficial Ownership
of such Person as a percentage of the outstanding Common Shares as of any time from and after the time of the public announcement of the declaration of the Rights dividend plus (ii) 0.001%. Notwithstanding the foregoing, no Person shall become
an “Acquiring Person” as the result of an acquisition of Common Shares by the Company which, by reducing the number of Common Shares of the Company outstanding, increases the proportionate number of Common Shares of the Company
Beneficially Owned by such Person to 12% (20% in the case of a 13G Institutional Investor) or more of the Common Shares of the Company then outstanding; provided, however, that, if a Person shall become the Beneficial Owner of 12% (20%
in the case of a 13G Institutional Investor) or more of the Common Shares of the Company then outstanding by reason of share purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional
Common Shares of the Company, then such Person shall be deemed to be an 

  
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“Acquiring Person.” Notwithstanding the foregoing, if the Board of Directors of the Company determines in good faith that a Person who would otherwise be an “Acquiring
Person,” as defined pursuant to the foregoing provisions of this paragraph (a), has become such inadvertently, and such Person divests as promptly as practicable a sufficient number of Common Shares so that such Person would no longer be an
“Acquiring Person,” as defined pursuant to the foregoing provisions of this paragraph (a), then such Person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement. Notwithstanding the foregoing, if a
bona fide swaps dealer who would otherwise be an “Acquiring Person” has become so as a result of its actions in the ordinary course of its business that the Board of Directors of the Company determines, in its sole discretion, were taken
without the intent or effect of evading or assisting any other Person to evade the purposes and intent of this Agreement, or otherwise seeking to control or influence the management or policies of the Company, then, and unless and until the Board of
Directors shall otherwise determine, such Person shall not be deemed to be an “Acquiring Person” for any purposes of this Agreement. 

(b) “Affiliate” shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Exchange Act
as in effect on the date of this Agreement. 
 (c) “Associate” shall have the meaning ascribed to such term in Rule 12b-2 of
the General Rules and Regulations under the Exchange Act as in effect on the date of this Agreement. 
  

	(d)	A Person shall be deemed the “Beneficial Owner” of and shall be deemed to “Beneficially Own” any securities: 

(i) which such Person or any of such Person’s Affiliates or Associates beneficially owns, directly or indirectly;

  
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 (ii) which such Person or any of such Person’s Affiliates or Associates
has (A) the right or the obligation to acquire (whether such right is exercisable, or such obligation is required to be performed, immediately or only after the passage of time) pursuant to any agreement, arrangement or understanding (other
than customary agreements with and between underwriters and selling group members with respect to a bona fide public offering of securities), or upon the exercise of conversion rights, exchange rights, rights (other than these Rights),
warrants or options, or otherwise; provided, however, that a Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, securities tendered pursuant to a tender or exchange offer made by or on behalf of such Person or
any of such Person’s Affiliates or Associates until such tendered securities are accepted for purchase or exchange; or (B) the right to vote pursuant to any agreement, arrangement or understanding; provided, however, that a
Person shall not be deemed the Beneficial Owner of, or to Beneficially Own, any security if the agreement, arrangement or understanding to vote such security (1) arises solely from a revocable proxy or consent given to such Person in response
to a public proxy or consent solicitation made pursuant to, and in accordance with, the applicable rules and regulations promulgated under the Exchange Act and (2) is not also then reportable on Schedule 13D under the Exchange Act (or any
comparable or successor report); 
 (iii) which are beneficially owned, directly or indirectly, by any other
Person with which such Person or any of such Person’s Affiliates or Associates has any agreement, arrangement or understanding (other than customary agreements with and between underwriters and selling group members with respect to a bona fide
public offering of securities) for the purpose of acquiring, holding, voting (except to the extent contemplated by the proviso to Section 1(d)(ii)(B) hereof) or disposing of any securities of the Company; or 

  
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 (iv) which are beneficially owned, directly or indirectly, by a Counterparty
(or any of such Counterparty’s Affiliates or Associates) under any Derivatives Contract (without regard to any short or similar position under the same or any other Derivatives Contract) to which such Person or any of such Person’s
Affiliates or Associates is a Receiving Party (as such terms are defined in the immediately following paragraph); provided however that the number of Common Shares that a Person is deemed to Beneficially Own pursuant to this
clause (iv) in connection with a particular Derivatives Contract shall not exceed the number of Notional Common Shares with respect to such Derivatives Contract; provided, further, that the number of securities beneficially owned
by each Counterparty (including its Affiliates and Associates) under a Derivatives Contract shall for purposes of this clause (iv) be deemed to include all securities that are beneficially owned, directly or indirectly, by any other
Counterparty (or any of such other Counterparty’s Affiliates or Associates) under any Derivatives Contract to which such first Counterparty (or any of such first Counterparty’s Affiliates or Associates) is a Receiving Party, with this
proviso being applied to successive Counterparties as appropriate. 
 A “Derivatives Contract”
is a contract between two parties (the “Receiving Party” and the “Counterparty”) that is designed to produce economic benefits and risks to the Receiving Party that correspond substantially to the ownership by the
Receiving Party of a number of Common Shares specified or referenced in such contract (the number corresponding to such economic benefits and risks, the “Notional Common Shares”), regardless of whether obligations under such
contract are required or permitted to be settled 

  
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through the delivery of cash, Common Shares or other property, without regard to any short position under the same or any other Derivatives Contract. For the avoidance of doubt, interests in
broad-based index options, broad-based index futures and broad-based publicly traded market baskets of stocks approved for trading by the appropriate federal governmental authority shall not be deemed to be Derivatives Contracts. 

Notwithstanding anything in this definition of Beneficial Ownership to the contrary, the phrase “then outstanding,” when used
with reference to a Person’s Beneficial Ownership of securities of the Company, shall mean the number of such securities then issued and outstanding together with the number of such securities not then actually issued and outstanding which are
issuable by the Company and which such Person would be deemed to Beneficially Own hereunder. 
 (e) “Business Day” shall mean
any day other than a Saturday, a Sunday, or a day on which banking institutions in the States of New York or New Jersey are authorized or obligated by law or executive order to close. 
 (f) “Close of Business” on any given date shall mean 5:00 P.M., New York City time, on such date; provided, however, that, if such date is not a Business Day, it shall mean
5:00 P.M., New York City time, on the next succeeding Business Day. 
 (g) “Common Shares” when used with reference to the
Company shall mean the shares of common stock, par value $.10 per share, of the Company. “Common Shares” when used with reference to any Person other than the Company shall mean the capital stock (or equity interest) with the greatest
voting power of such other Person or, if such other Person is a Subsidiary of another Person, the Person or Persons which ultimately control such first-mentioned Person. 

  
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 (h) “Customer Identification Program” shall have the meaning set forth in Section 34
hereof. 
 (i) “Distribution Date” shall have the meaning set forth in Section 3(a) hereof. 

(j) “Early Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 

(k) “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 
 (l) “Exchange Ratio” shall have the meaning set forth in Section 24(a) hereof. 
 (m) “Final Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 
 (n) “NASDAQ” shall mean The NASDAQ Stock Market LLC. 
 (o)
“Person” shall mean any individual, partnership, firm, corporation, limited liability company, association, trust, limited liability partnership, joint venture, unincorporated organization or other entity, and shall include any
successor (by merger or otherwise) of such entity, as well as any group under Rule 13d-5(b)(1) of the Exchange Act. 
 (p) “Preferred
Shares” shall mean shares of Series B Junior Participating Preferred Stock, par value $1.00 per share, of the Company having the rights and preferences set forth in the Form of Certificate of Designations attached to this Agreement as
Exhibit A. 
 (q) “Purchase Price” shall have the meaning set forth in Section 4 hereof. 

(r) “Qualifying Offer” shall mean a tender offer or an exchange offer, or a combination thereof, in each such case for all of the Common
Shares of the Company then outstanding for the same per-share consideration; provided that the Company and its shareholders has received an irrevocable, legally binding written commitment of the offeror to consummate, as promptly as

  
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practicable upon successful completion of the offer, a second step transaction whereby all Common Shares of the Company not purchased in the offer will be acquired for the same per-share
consideration actually paid pursuant to the offer, subject to stockholders’ statutory appraisal rights, if any. 
 (s) “Qualifying
Offer Expiration Date” shall have the meaning set forth in Section 7(a) hereof. 
 (t) “Record Date” shall have
the meaning set forth in the second paragraph hereof. 
 (u) “Redemption Date” shall have the meaning set forth in
Section 7(a) hereof. 
 (v) “Redemption Price” shall have the meaning set forth in Section 23(a) hereof. 

(w) “Right” shall have the meaning set forth in the second paragraph hereof. 
 (x) “Right Certificate” shall have the meaning set forth in Section 3(a) hereof. 
 (y) “Shares Acquisition Date” shall mean the first date of public announcement by the Company or an Acquiring Person that an Acquiring Person has become such. 

(z) “Stockholder Approval” shall mean the approval or ratification by the stockholders of the Company of this Agreement (or such
Agreement as then in effect or as contemplated to be in effect following such Stockholder Approval) as demonstrated by the votes cast in favor of any such approval or ratification proposal submitted to a stockholder vote by the Company exceeding the
votes cast against such proposal at a duly held meeting of stockholders of the Company. 

  
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 (aa) “Subsidiary” of any Person shall mean any corporation or other entity of which a
majority of the voting power of the voting equity securities or equity interest is owned, directly or indirectly, by such Person. 
 (bb)
“Summary of Rights” shall have the meaning set forth in Section 3(b) hereof. 
 (cc) “Trading Day” shall
have the meaning set forth in Section 11(d) hereof. 
 Section 2. Appointment of Rights Agent. The Company hereby appoints the
Rights Agent to act as agent for the Company in accordance with the express terms and conditions (and no implied terms and conditions) hereof, and the Rights Agent hereby accepts such appointment. The Company may from time to time appoint such
co-Rights Agents as it may deem necessary or desirable. In the event the Company appoints one or more co-rights agents, the respective duties of the Rights Agent and any co-rights agents shall be as the Company shall determine, and the Company will
notify, in writing, the Rights Agent and any co-rights agents of such respective duties. The Rights Agent shall have no duty to supervise, and shall in no event be liable for, the acts or omissions of any such co-Rights Agent. 

Section 3. Issue of Right Certificates. (a) Until the tenth day after the Shares Acquisition Date (including any such date which is
after the date of this Agreement and prior to the issuance of the Rights; the “Distribution Date”), (x) the Rights will be evidenced (subject to the provisions of Section 3(b) hereof) by the certificates for Common Shares
of the Company registered in the names of the holders thereof (which certificates shall also be deemed to be Right Certificates) and not by separate Right Certificates, and (y) the right to receive Right Certificates will be transferable only
in connection 

  
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with the transfer of Common Shares of the Company. As soon as practicable after the Distribution Date, the Company will prepare and execute, and upon written request of the Company, the Rights
Agent will countersign, and the Company will send or cause to be sent (and the Rights Agent will, if requested and provided with all necessary information and documents at the expense of the Company, send) by first-class, insured, postage-prepaid
mail, to each record holder of Common Shares of the Company as of the Close of Business on the Distribution Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the address of such holder shown on the
records of the Company, a Right Certificate, in substantially the form of Exhibit B hereto (a “Right Certificate”), evidencing one Right for each Common Share so held, subject to adjustment as provided herein. As of the Distribution
Date, the Rights will be evidenced solely by such Right Certificates. The Company shall promptly notify the Rights Agent in writing upon the occurrence of the Distribution Date, the Redemption Date, the Early Expiration Date, the Qualifying Offer
Expiration Date and/or the Final Expiration Date and, if such notification is given orally, the Company shall confirm same in writing on or prior to the Business Day next following. Until such written notice is received by the Rights Agent, the
Rights Agent may presume conclusively for all purposes that none of the Distribution Date, the Redemption Date, the Early Expiration Date, Qualifying Offer Expiration Date or the Final Expiration Date has occurred. 

(b) On the Record Date, or as soon as practicable thereafter, the Company will send (directly, or at the expense of the Company, upon the written request
of the Company and after providing all necessary information and documents, through the Rights Agent or the Company’s transfer agent for the Common Shares) a copy of a Summary of Rights to Purchase Preferred Shares, in substantially the form of
Exhibit C hereto (the “Summary of Rights”), by first-class, postage-

  
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prepaid mail, to each record holder of Common Shares as of the Close of Business on the Record Date (other than any Acquiring Person or any Associate or Affiliate of an Acquiring Person), at the
address of such holder shown on the records of the Company. With respect to certificates for Common Shares of the Company outstanding as of the Record Date, until the Distribution Date, the Rights will be evidenced by such certificates registered in
the names of the holders thereof together with a copy of the Summary of Rights attached thereto. Until the Distribution Date (or the earliest of the Redemption Date, the Early Expiration Date, Qualifying Offer Expiration Date or the Final Expiration
Date), the surrender for transfer of any certificate for Common Shares of the Company outstanding on the Record Date, with or without a copy of the Summary of Rights attached thereto, shall also constitute the transfer of the Rights associated with
the Common Shares of the Company represented thereby. 
 (c) Certificates for Common Shares which become outstanding (including, without
limitation, reacquired Common Shares referred to in the last sentence of this paragraph (c)) after the Record Date but prior to the earliest of the Distribution Date, the Redemption Date, the Early Expiration Date, Qualifying Offer Expiration Date
or the Final Expiration Date shall have impressed on, printed on, written on or otherwise affixed to them a legend in substantially the following form: 
 This certificate also evidences and entitles the holder hereof to certain rights as set forth in an Agreement between Forest Laboratories, Inc. and Computershare Shareowner Services LLC, dated as of
August 27, 2012, as it may be amended from time to time (the “Agreement”), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal executive offices of Forest Laboratories, Inc.
Under certain circumstances, as set forth in the Agreement, such Rights (as defined in the Agreement) will be evidenced by separate certificates and will no longer be evidenced by this certificate. Forest Laboratories, Inc. will mail to the holder
of this certificate a copy of the Agreement without charge after receipt of a written request therefor. As set forth in the Agreement, Rights that are or were acquired or Beneficially Owned by any Person (as defined in the Agreement) who becomes an
Acquiring Person (as defined in the Agreement) or an Associate or Affiliate thereof (each as defined in the Agreement) become null and void and non-transferable. 

  
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 With respect to such certificates containing the foregoing legend, until the Distribution Date, the Rights
associated with the Common Shares of the Company represented by such certificates shall be evidenced by such certificates alone, and the surrender for transfer of any such certificate shall also constitute the transfer of the Rights associated with
the Common Shares of the Company represented thereby. In the event that the Company purchases or acquires any Common Shares of the Company after the Record Date but prior to the Distribution Date, any Rights associated with such Common Shares of the
Company shall be deemed cancelled and retired so that the Company shall not be entitled to exercise any Rights associated with the Common Shares of the Company which are no longer outstanding. Notwithstanding this Section 3(c), the omission of
a legend shall not affect the enforceability of any part of this Rights Agreement or the rights of any holder of the Rights. 
 Section 4.
Form of Right Certificates. The Right Certificates (and the forms of election to purchase Preferred Shares and of assignment to be printed on the reverse thereof) shall be substantially the same as Exhibit B hereto, and may have such marks of
identification or designation and such legends, summaries or endorsements printed thereon as the Company may deem appropriate (but which do not affect the rights, duties, liabilities or responsibilities of the Rights Agent) and as are not
inconsistent with the provisions of this Agreement, or as may be required to comply with any applicable law or with any applicable rule or regulation made pursuant thereto or with any applicable rule or regulation of any stock exchange or the
Financial Industry Regulatory Authority, or to conform to usage. Subject to the provisions of Section 22 hereof, the Right Certificates shall entitle the holders thereof to purchase such number of one one-thousandths of a Preferred Share as
shall be 

  
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set forth therein at the price per one one-thousandth of a Preferred Share set forth therein (the “Purchase Price”), but the number of such one one-thousandths of a Preferred
Share and the Purchase Price shall be subject to adjustment as provided herein. 
 Section 5. Countersignature and Registration. The
Right Certificates shall be executed on behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its President, any of its Vice Presidents or its Treasurer, either manually or by facsimile signature, shall have affixed
thereto the Company’s seal or a facsimile thereof, and shall be attested by the Secretary or an Assistant Secretary of the Company, either manually or by facsimile signature. The Right Certificates shall be countersigned, either manually or by
facsimile signature, by the Rights Agent and shall not be valid for any purpose unless countersigned. In case any officer of the Company who shall have signed any of the Right Certificates shall cease to be such officer of the Company before
countersignature by the Rights Agent and issuance and delivery by the Company, such Right Certificates, nevertheless, may be countersigned by the Rights Agent and issued and delivered by the Company with the same force and effect as though the
individual who signed such Right Certificates had not ceased to be such officer of the Company; and any Right Certificate may be signed on behalf of the Company by any individual who, at the actual date of the execution of such Right Certificate,
shall be a proper officer of the Company to sign such Right Certificate, although at the date of the execution of this Agreement any such individual was not such an officer. 
 Following the Distribution Date, receipt by the Rights Agent of notice to that effect and all other relevant information and documents referred to in Section 3(a), the Rights Agent will keep or cause
to be kept, at its office designated for such purpose, books for 

  
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registration and transfer of the Right Certificates issued hereunder. Such books shall show the names and addresses of the respective holders of the Right Certificates, the number of Rights
evidenced on its face by each of the Right Certificates, the certificate numbers of each Right Certificate and the date of each of the Right Certificates. 
 Section 6. Transfer, Split Up, Combination and Exchange of Right Certificates; Mutilated, Destroyed, Lost or Stolen Right Certificates. Subject to the provisions of Section 14 hereof, at
any time after the Close of Business on the Distribution Date, and at or prior to the Close of Business on the earliest of the Redemption Date, the Early Expiration Date, Qualifying Offer Expiration Date or the Final Expiration Date, any Right
Certificate or Right Certificates (other than Right Certificates representing Rights that have become null and void pursuant to Section 11(a)(ii) hereof or that have been exchanged pursuant to Section 24 hereof) may be transferred, split up,
combined or exchanged for another Right Certificate or Right Certificates entitling the registered holder to purchase a like number of one one-thousandths of a Preferred Share as the Right Certificate or Right Certificates surrendered then entitled
such holder to purchase. Any registered holder desiring to transfer, split up, combine or exchange any Right Certificate or Right Certificates shall make such request in writing delivered to the Rights Agent, and shall surrender the Right
Certificate or Right Certificates to be transferred, split up, combined or exchanged at the office of the Rights Agent designated for such purpose. The Right Certificates are transferrable only on the registry books of the Rights Agent. Neither the
Rights Agent nor the Company shall be obligated to take any action whatsoever with respect to the transfer of any such surrendered Right Certificate until the registered holder shall have properly completed and duly executed the

  
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certificate contained in the form of assignment on the reverse side of such Right Certificate, shall have provided such additional evidence of the identity of the Beneficial Owner (or former
Beneficial Owner) thereof and of the Rights evidenced thereby and the Affiliates and Associates of such Beneficial Owner (or former Beneficial Owner) thereof as the Company or the Rights Agent shall reasonably request and paid a sum sufficient to
cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Right Certificates as required hereunder. Thereupon the Rights Agent shall, subject to Sections 11(a)(ii), 14 and 24 hereof,
countersign and deliver to the Person entitled thereto a Right Certificate or Right Certificates, as the case may be, as so requested, registered in such name or names as may be designated by the surrendering registered holder. The Company may
require payment of a sum sufficient to cover any tax or charge that may be imposed in connection with any transfer, split up, combination or exchange of Right Certificates. The Rights Agent shall promptly forward any such sum collected by it to the
Company or to such Persons as the Company shall specify by written notice. The Rights Agent shall have no duty or obligation under any Section of this Agreement that requires the payment of taxes or charges unless and until it is satisfied that all
such taxes and/or charges have been paid. 
 Upon receipt by the Company and the Rights Agent of evidence reasonably
satisfactory to them of the loss, theft, destruction or mutilation of a Right Certificate, and, in case of loss, theft or destruction, of indemnity or security satisfactory to them, and, at the Company’s request, reimbursement to the Company
and the Rights Agent of all reasonable expenses incidental thereto, and upon surrender to the Rights Agent and cancellation of the Right Certificate if mutilated, the Company will issue, execute and deliver a new Right Certificate of like tenor to
the Rights Agent for countersignature and delivery to the registered holder in lieu of the Right Certificate so lost, stolen, destroyed or mutilated. 

  
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 Notwithstanding any other provisions hereof, the Company and the Rights Agent may amend this
Rights Agreement to provide for uncertificated Rights in addition to or in place of Rights evidenced by Rights Certificates. 
 Section 7.
Exercise of Rights; Purchase Price; Expiration Date of Rights. (a) The registered holder of any Right Certificate may exercise the Rights evidenced thereby (except as otherwise provided herein), in whole or in part, at any time after the
Distribution Date, upon surrender of the Right Certificate, with the form of election to purchase on the reverse side thereof properly completed and duly executed, to the Rights Agent at the office of the Rights Agent designated for such purpose,
together with payment of the Purchase Price for each one one-thousandth of a Preferred Share as to which the Rights are exercised and an amount equal to any tax or charge required to be paid in cash, or by certified check, cashier’s check or
money order payable to the order of the Company, at or prior to the earliest of (i) the Close of Business on August 27, 2015 (the “Final Expiration Date”), (ii) the time at which the Rights are redeemed as provided in
Section 23 hereof (the “Redemption Date”), (iii) the time at which such Rights are exchanged as provided in Section 24 hereof, or (iv) if Stockholder Approval has not been obtained on or prior to August 26,
2013, the Close of Business on August 26, 2013 (the “Early Expiration Date”) and (iv) the time, which shall not be earlier than the 100th day after the commencement of the Qualifying Offer, at which a Person, together with
such Person’s Affiliates and Associates, accepts for purchase or exchange at the same per-share consideration more than 50% of the Common Shares of the Company then outstanding on a fully diluted basis)

  
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(the “Qualifying Offer Expiration Date”). From such time as the Rights are no longer exercisable hereunder, the Rights Agent shall have no further duties, obligations or
liabilities hereunder except as expressly stated herein. 
 (b) The Purchase Price for each one one-thousandth of a Preferred Share purchasable
pursuant to the exercise of a Right shall initially be $100, and shall be subject to adjustment from time to time as provided in Section 11 or 13 hereof, and shall be payable in lawful money of the United States of America in accordance with
paragraph (c) below. 
 (c) Upon receipt of a Right Certificate representing exercisable Rights, with the form of election to purchase
properly completed and duly executed, accompanied by payment of the Purchase Price for the shares to be purchased and an amount equal to any applicable tax or charge required to be paid by the holder of such Right Certificate in accordance with
Section 9 hereof by cash or by certified check, cashier’s check or money order payable to the order of the Company, the Rights Agent shall thereupon promptly (i) (A) requisition from any transfer agent of the Preferred Shares (or
make available if the Rights Agent is the Transfer Agent) certificates for the number of Preferred Shares to be purchased and the Company hereby irrevocably authorizes any such transfer agent to comply with all such requests, or (B) requisition
from the depositary agent depositary receipts representing such number of one one-thousandths of a Preferred Share as are to be purchased (in which case certificates for the Preferred Shares represented by such receipts shall be deposited by the
transfer agent of the Preferred Shares with such depositary agent) and the Company hereby directs such depositary agent to comply with such request; (ii) when necessary to comply with this Agreement, requisition from the Company the amount of
cash to be paid in lieu of issuance of fractional shares in accordance with Section 14 hereof; (iii) after receipt of such certificates or depositary receipts, cause the same to be 

  
 -18-

 
delivered to or upon the order of the registered holder of such Right Certificate, registered in such name or names as may be designated by such holder; and (iv) when necessary to comply
with this Agreement, after receipt, deliver such cash to or upon the order of the registered holder of such Right Certificate. In the event that the Company is obligated to issue securities of the Company other than Preferred Shares (including
Common Shares) of the Company pursuant to Section 11(a) hereof, the Company will make all arrangements necessary so that such other securities are available for distribution by the Rights Agent. 

(d) Notwithstanding anything in this Agreement to the contrary, neither the Rights Agent nor the Company shall be obligated to undertake any action with
respect to a registered holder of Rights or other securities upon the occurrence of any purported transfer or exercise as set forth in Section 6 hereof or this Section 7 unless such registered holder shall have (i) properly completed
and duly executed the certification following the form of election to purchase set forth on the reverse side of the Right Certificate surrendered for such transfer or exercise, (ii) tendered the Purchase Price (and an amount equal to any
applicable transfer tax required to be paid by the holder of such Right Certificate in accordance with Section 9) to the Company in the manner set forth in Section 7(c), and (iii) provided such additional evidence of the identity of
the Beneficial Owner (or former Beneficial Owner) or Affiliates or Associates thereof as the Company or the Rights Agent shall reasonably request. 
 (e) In case the registered holder of any Right Certificate shall exercise less than all the Rights evidenced thereby, a new Right Certificate evidencing Rights equivalent to the Rights remaining
unexercised shall be issued by the Rights Agent to the registered holder of such Right Certificate or to such holder’s duly authorized assigns, subject to the provisions of Section 14 hereof. 

  
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 Section 8. Cancellation and Destruction of Right Certificates. All Right Certificates
surrendered for the purpose of exercise, transfer, split up, combination or exchange shall, if surrendered to the Company or to any of its agents, be delivered to the Rights Agent for cancellation or in cancelled form, or, if delivered or
surrendered to the Rights Agent, shall be cancelled by it, and no Right Certificates shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Agreement. The Company shall deliver to the Rights Agent for
cancellation and retirement, and the Rights Agent shall so cancel and retire, any other Right Certificate purchased or acquired by the Company otherwise than upon the exercise thereof. The Rights Agent shall deliver all cancelled Right Certificates
to the Company, or shall, at the written request of the Company, destroy such cancelled Right Certificates, and, in such case, shall deliver a certificate of destruction thereof to the Company. 

Section 9. Availability of Preferred Shares. The Company covenants and agrees that it will cause to be reserved and kept available out of its
authorized and unissued Preferred Shares or any Preferred Shares held in its treasury the number of Preferred Shares that will be sufficient to permit the exercise in full of all outstanding Rights in accordance with Section 7 hereof. The
Company covenants and agrees that it will take all such action as may be necessary to ensure that all Preferred Shares (or Common Shares and other securities, as the case may be) delivered upon exercise of Rights shall, at the time of delivery of
the certificates for such Preferred Shares (or Common Shares and other securities, as the case may be) (subject to payment of the Purchase Price), be duly and validly authorized and issued and fully paid and nonassessable shares. 

  
 -20-

 The Company further covenants and agrees that it will pay when due and payable any and all taxes and charges
that may be payable in respect of the issuance or delivery of the Right Certificates or of any Preferred Shares upon the exercise of Rights. The Company shall not, however, be required to pay any tax or charge that may be payable in respect of any
transfer or delivery of Right Certificates to a Person other than, or the issuance or delivery of certificates or depositary receipts for the Preferred Shares in a name other than that of, the registered holder of the Right Certificate evidencing
Rights surrendered for exercise or to issue or to deliver any certificates or depositary receipts for Preferred Shares upon the exercise of any Rights until any such tax or charge shall have been paid (any such tax or charge being payable by the
holder of such Right Certificate at the time of surrender) or until it has been established to the Company’s or the Rights Agent’s satisfaction that no such tax or charge is due. 
 Section 10. Preferred Shares Record Date. Each Person in whose name any certificate for Preferred Shares or other securities is issued upon the exercise of Rights shall for all purposes be
deemed to have become the holder of record of the Preferred Shares or other securities represented thereby on, and such certificate shall be dated, the date upon which the Right Certificate evidencing such Rights was duly surrendered with the forms
of election and certification properly completed and duly executed and payment of the Purchase Price (and any applicable taxes or charges) was made; provided, however, that, if the date of such surrender and payment is a date upon
which the Preferred Shares or other securities transfer books of the Company are closed, such Person shall be deemed to have become the record holder of such shares on, and such certificate shall be

  
 -21-

 
dated, the next succeeding Business Day on which the Preferred Shares or other securities transfer books of the Company are open. Prior to the exercise of the Rights evidenced thereby, the holder
of a Right Certificate shall not be entitled to any rights of a holder of Preferred Shares for which the Rights shall be exercisable, including, without limitation, the right to vote, to receive dividends or other distributions or to exercise any
preemptive rights, and shall not be entitled to receive any notice of any proceedings of the Company, except as provided herein. 

Section 11. Adjustment of Purchase Price, Number of Shares or Number of Rights. The Purchase Price, the number of Preferred Shares covered by
each Right and the number of Rights outstanding are subject to adjustment from time to time as provided in this Section 11. 
  

	(a)	

  

	(i)	 In the event the Company shall at any time after the date of this Agreement (A) declare a dividend on the Preferred Shares payable in Preferred
Shares, (B) subdivide the outstanding Preferred Shares, (C) combine the outstanding Preferred Shares into a smaller number of Preferred Shares or (D) issue any shares of its capital stock in a reclassification of the Preferred Shares
(including any such reclassification in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving corporation), except as otherwise provided in this Section 11(a), the Purchase Price in effect
at the time of the record date for such dividend or of the effective date of such subdivision, combination or reclassification, and the number and kind of shares of capital stock issuable on such date, shall be proportionately adjusted so that the
holder of any Right exercised after such time shall be entitled to receive the 

  
 -22-

	 	
aggregate number and kind of shares of capital stock which, if such Right had been exercised immediately prior to such date and at a time when the Preferred Shares transfer books of the Company
were open, such holder would have owned upon such exercise and been entitled to receive by virtue of such dividend, subdivision, combination or reclassification; provided, however, that in no event shall the consideration to be paid
upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. 

  

	(ii)	Subject to Section 24 hereof, in the event any Person becomes an Acquiring Person, each holder of a Right shall thereafter have a right to receive, upon exercise
thereof at a price equal to the then current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares,
such number of Common Shares of the Company as shall equal the result obtained by (A) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable and dividing that
product by (B) 50% of the then current per share market price of the Common Shares of the Company (determined pursuant to Section 11(d) hereof) on the date of the occurrence of such event. In the event that any Person shall become an
Acquiring Person and the Rights shall then be outstanding, the Company shall not take any action which would eliminate or diminish the benefits intended to be afforded by the Rights. 

            From and after the occurrence of such event, any Rights that are
or were acquired or Beneficially Owned by any Acquiring Person (or any Associate or Affiliate of such Acquiring Person) shall be null and void without any further action, and any holder of such Rights shall thereafter have no right to exercise such
Rights under any provision of this Agreement or 

  
 -23-

 
otherwise. Neither the Company nor the Rights Agent shall have liability to any holder of Right Certificates or other Person as a result of the Company’s or the Rights Agent’s failure
to make any determinations with respect to an Acquiring Person or its Affiliates, Associates or transferees hereunder. No Right Certificate shall be issued pursuant to Section 3 hereof that represents Rights Beneficially Owned by an Acquiring
Person whose Rights would be null and void pursuant to the preceding sentence or any Associate or Affiliate thereof; no Right Certificate shall be issued at any time upon the transfer of any Rights to an Acquiring Person whose Rights would be null
and void pursuant to the preceding sentence or any Associate or Affiliate thereof or to any nominee of such Acquiring Person, Associate or Affiliate or with respect to any Common Shares otherwise deemed to be Beneficially Owned by any of the
foregoing; and any Right Certificate delivered to the Rights Agent for transfer to an Acquiring Person or other Person whose Rights would be null and void pursuant to the preceding sentence shall be cancelled. The Company shall give the Rights Agent
written notice of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, and the Rights Agent may rely on such written notice in carrying out its duties under this Agreement and shall be deemed not
to have any knowledge of the identity of any such Acquiring Person, Associate or Affiliate, or the nominee of any of the foregoing, unless and until it shall have received such written notice. 

 

	(iii)	 In the event that there shall not be sufficient Common Shares issued but not outstanding or authorized but unissued to permit the exercise in full of
the Rights in accordance with subparagraph (ii) above, the Company shall take all such action as may be necessary to authorize additional Common Shares for issuance upon exercise of the Rights. In the event the Company shall, after good faith
effort, be unable to take all such action as may be necessary to authorize 

  
 -24-

 
such additional Common Shares, the Company shall substitute, for each Common Share that would otherwise be issuable upon exercise of a Right, a number of Preferred Shares or fraction thereof such
that the current per share market price of one Preferred Share multiplied by such number or fraction is equal to the current per share market price of one Common Share as of the date of issuance of such Preferred Shares or fraction thereof.

 (b) In case the Company shall fix a record date for the issuance of rights, options or warrants to all holders of Preferred Shares entitling
them (for a period expiring within 45 calendar days after such record date) to subscribe for or purchase Preferred Shares (or shares having the same rights, privileges and preferences as the Preferred Shares (“equivalent preferred
shares”)) or securities convertible into Preferred Shares or equivalent preferred shares at a price per Preferred Share or equivalent preferred share (or having a conversion price per share, if a security convertible into Preferred Shares
or equivalent preferred shares) less than the then current per share market price of the Preferred Shares (as defined in Section 11(d)) on such record date, the Purchase Price to be in effect after such record date shall be determined by
multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the number of Preferred Shares outstanding on such record date plus the number of Preferred Shares which the aggregate
offering price of the total number of Preferred Shares and/or equivalent preferred shares so to be offered (and/or the aggregate initial conversion price of the convertible securities so to be offered) would purchase at such current market price and
the denominator of which shall be the number of Preferred Shares outstanding on such record date plus the number of additional Preferred Shares and/or equivalent preferred shares to be offered for subscription or purchase (or into which the
convertible securities so to be offered are initially convertible); provided, however, that in no event shall the consideration to be paid upon 

  
 -25-

 
the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company issuable upon exercise of one Right. In case such subscription price may be paid in a
consideration part or all of which shall be in a form other than cash, the value of such consideration shall be as determined in good faith by the Board of Directors of the Company, whose determination shall be described in a written statement filed
with the Rights Agent and shall be binding on the Rights Agent and holders of the Rights. Preferred Shares owned by or held for the account of the Company or any Subsidiary of the Company shall not be deemed outstanding for the purpose of any such
computation. Such adjustment shall be made successively whenever such a record date is fixed; and, in the event that such rights, options or warrants are not so issued, the Purchase Price shall be adjusted to be the Purchase Price which would then
be in effect if such record date had not been fixed. 
 (c) In case the Company shall fix a record date for the making of a distribution to all
holders of the Preferred Shares (including any such distribution made in connection with a share exchange, consolidation or merger in which the Company is the continuing or surviving corporation) of evidences of indebtedness or assets (other than a
regular quarterly cash dividend or a dividend payable in Preferred Shares) or subscription rights or warrants (excluding those referred to in Section 11(b) hereof), the Purchase Price to be in effect after such record date shall be determined
by multiplying the Purchase Price in effect immediately prior to such record date by a fraction, the numerator of which shall be the then-current per share market price of the Preferred Shares on such record date, less the fair market value (as
determined in good faith by the Board of Directors of the Company, whose determination shall be described in a written statement filed with the Rights Agent and shall be binding on the Rights Agent and holders of the Rights) of the portion of the
assets or evidences of indebtedness so to be distributed or of 

  
 -26-

 
such subscription rights or warrants applicable to one Preferred Share and the denominator of which shall be such then-current per share market price of the Preferred Shares on such record date;
provided, however, that in no event shall the consideration to be paid upon the exercise of one Right be less than the aggregate par value of the shares of capital stock of the Company to be issued upon exercise of one Right. Such
adjustments shall be made successively whenever such a record date is fixed; and, in the event that such distribution is not so made, the Purchase Price shall again be adjusted to be the Purchase Price which would then be in effect if such record
date had not been fixed. 
 (d)(i) For the purpose of any computation hereunder, the “current per share market price” of any security
(a “Security” for the purpose of this Section 11(d)(i)) on any date shall be deemed to be the average of the daily closing prices per share of such Security for the 30 consecutive Trading Days immediately prior to but not
including such date; provided, however, that, in the event that the current per share market price of the Security is determined during a period following the announcement by the issuer of such Security of (A) a dividend or
distribution on such Security payable in shares of such Security or Securities convertible into such shares, or (B) any subdivision, combination or reclassification of such Security and prior to but not including the expiration of 30 Trading
Days after but not including the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification, then, and in each such case, the current per share market price shall be appropriately
adjusted to reflect the current market price per share equivalent of such Security. The closing price for each day shall be the last sale price, regular way, reported at or prior to 4:00 P.M. Eastern time or, in case no such sale takes place on such
day, the average of the bid and asked prices, regular way, reported as of 4:00 P.M. Eastern time, in either case, as reported in the 

  
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principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Security is not listed or admitted to
trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Security is listed or admitted to trading or,
if the Security is not listed or admitted to trading on any national securities exchange, the last quoted price reported at or prior to 4:00 P.M. Eastern time or, if not so quoted, the average of the high bid and low asked prices in the
over-the-counter market, as reported as of 4:00 P.M. Eastern time by NASDAQ or such other system then in use, or, if on any such date the Security is not quoted by any such organization, the average of the closing bid and asked prices as furnished
by a professional market maker making a market in the Security selected by the Board of Directors of the Company. The term “Trading Day” shall mean a day on which the principal national securities exchange on which the Security is
listed or admitted to trading is open for the transaction of business, or, if the Security is not listed or admitted to trading on any national securities exchange, a Business Day. 

 

	(ii)	For the purpose of any computation hereunder, the “current per share market price” of the Preferred Shares shall be determined in accordance with the method
set forth in Section 11(d)(i). If the Preferred Shares are not publicly traded, the “current per share market price” of the Preferred Shares shall be conclusively deemed to be the current per share market price of the Common Shares as
determined pursuant to Section 11(d)(i) hereof (appropriately adjusted to reflect any stock split, stock dividend or similar transaction occurring after the date hereof), multiplied by one thousand. If neither the Common Shares nor the
Preferred Shares are publicly held or so listed or traded, “current per share market price” shall mean the fair value per share as determined in good faith by the Board of Directors of the Company, whose determination shall be described in
a written statement filed with the Rights Agent. 

  
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 (e) No adjustment in the Purchase Price shall be required unless such adjustment would require an increase
or decrease of at least 1% in the Purchase Price; provided, however, that any adjustments which by reason of this Section 11(e) are not required to be made shall be carried forward and taken into account in any subsequent
adjustment. All calculations under this Section 11 shall be made to the nearest cent or to the nearest one ten-millionth of a Preferred Share or one ten-thousandth of any other share or security as the case may be. Notwithstanding the first
sentence of this Section 11(e), any adjustment required by this Section 11 shall be made no later than the earlier of (i) three years from the date of the transaction which requires such adjustment or (ii) the date of the
expiration of the right to exercise any Rights. 
 (f) If, as a result of an adjustment made pursuant to Section 11(a) hereof, the holder
of any Right thereafter exercised shall become entitled to receive any shares of capital stock of the Company other than Preferred Shares, thereafter the number of such other shares so receivable upon exercise of any Right shall be subject to
adjustment from time to time in a manner and on terms as nearly equivalent as practicable to the provisions with respect to the Preferred Shares contained in Section 11(a) through (c) hereof, inclusive, and the provisions of Sections 7, 9,
10 and 13 hereof with respect to the Preferred Shares shall apply on like terms to any such other shares. 
 (g) All Rights originally issued by
the Company subsequent to any adjustment made to the Purchase Price hereunder shall evidence the right to purchase, at the adjusted Purchase Price, the number of one one-thousandths of a Preferred Share purchasable from time to time hereunder upon
exercise of the Rights, all subject to further adjustment as provided herein. 

  
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 (h) Unless the Company shall have exercised its election as provided in Section 11(i) hereof, upon each
adjustment of the Purchase Price as a result of the calculations made in Sections 11(b) and (c) hereof, each Right outstanding immediately prior to the making of such adjustment shall thereafter evidence the right to purchase, at the adjusted
Purchase Price, that number of one one-thousandths of a Preferred Share (calculated to the nearest one ten-millionth of a Preferred Share) obtained by (A) multiplying (x) the number of one one-thousandths of a share covered by a Right
immediately prior to this adjustment by (y) the Purchase Price in effect immediately prior to such adjustment of the Purchase Price and (B) dividing the product so obtained by the Purchase Price in effect immediately after such adjustment
of the Purchase Price. 
 (i) The Company may elect, on or after the date of any adjustment of the Purchase Price, to adjust the number of
Rights in substitution for any adjustment in the number of one one-thousandths of a Preferred Share purchasable upon the exercise of a Right. Each of the Rights outstanding after such adjustment of the number of Rights shall be exercisable for the
number of one one-thousandths of a Preferred Share for which a Right was exercisable immediately prior to such adjustment. Each Right held of record prior to such adjustment of the number of Rights shall become that number of Rights (calculated to
the nearest one ten-thousandth) obtained by dividing the Purchase Price in effect immediately prior to adjustment of the Purchase Price by the Purchase Price in effect immediately after adjustment of the Purchase Price. The Company shall make a
public announcement (with prompt written notice thereof to the Rights Agent) of its election to adjust the number of Rights, indicating the record date for the adjustment, and, if known at the time, the amount of the adjustment to be made.

  
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This record date may be the date on which the Purchase Price is adjusted or any day thereafter, but, if the Right Certificates have been issued, shall be at least 10 days later than the date of
the public announcement. If Right Certificates have been issued, upon each adjustment of the number of Rights pursuant to this Section 11(i), the Company shall, as promptly as practicable, cause to be distributed to holders of record of Right
Certificates on such record date Right Certificates evidencing, subject to Section 14 hereof, the additional Rights to which such holders shall be entitled as a result of such adjustment, or, at the option of the Company, shall cause to be
distributed to such holders of record in substitution and replacement for the Right Certificates held by such holders prior to the date of adjustment, and upon surrender thereof, if required by the Company, new Right Certificates evidencing all the
Rights to which such holders shall be entitled after such adjustment. Right Certificates so to be distributed shall be issued, executed and countersigned in the manner provided for herein, and shall be registered in the names of the holders of
record of Right Certificates on the record date specified in the public announcement. 
 (j) Irrespective of any adjustment or change in the
Purchase Price or in the number of one one-thousandths of a Preferred Share issuable upon the exercise of the Rights, the Right Certificates theretofore and thereafter issued may continue to express the Purchase Price and the number of one
one-thousandths of a Preferred Share which were expressed in the initial Right Certificates issued hereunder. 
 (k) Before taking any action
that would cause an adjustment reducing the Purchase Price below one one-thousandth of the then par value, if any, of the Preferred Shares issuable upon exercise of the Rights, the Company shall take any corporate action which may, in the opinion of
its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Preferred Shares at such adjusted Purchase Price. 

  
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 (l) In any case in which this Section 11 shall require that an adjustment in the Purchase Price be made
effective as of a record date for a specified event, the Company may elect to defer (with prompt written notice thereof to the Rights Agent) until the occurrence of such event the issuing to the holder of any Right exercised after such record date
of the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise over and above the Preferred Shares and other capital stock or securities of the Company, if any, issuable upon such exercise on the
basis of the Purchase Price in effect prior to such adjustment; provided, however, that the Company shall deliver to such holder a due bill or other appropriate instrument evidencing such holder’s right to receive such additional
shares upon the occurrence of the event requiring such adjustment. 
 (m) Anything in this Section 11 to the contrary notwithstanding, the
Company shall be entitled to make such reductions in the Purchase Price, in addition to those adjustments expressly required by this Section 11, as and to the extent that it, in its sole discretion, shall determine to be advisable in order that
any consolidation or subdivision of the Preferred Shares, issuance wholly for cash of any Preferred Shares at less than the current market price, issuance wholly for cash of Preferred Shares or securities which by their terms are convertible into or
exchangeable for Preferred Shares, dividends on Preferred Shares payable in Preferred Shares or issuance of rights, options or warrants referred to in Section 11(b) hereof, hereafter made by the Company to holders of the Preferred Shares shall
not be taxable to such stockholders. 
 (n) In the event that, at any time after the date of this Agreement and prior to the Distribution Date,
the Company shall (i) declare or pay any dividend on the Common Shares payable in Common Shares, or (ii) effect a subdivision, combination or consolidation of the Common Shares (by reclassification or otherwise than by payment of dividends
in Common Shares) into a 

  
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greater or lesser number of Common Shares, then, in any such case, (A) the number of one one-thousandths of a Preferred Share purchasable after such event upon proper exercise of each Right
shall be determined by multiplying the number of one one-thousandths of a Preferred Share so purchasable immediately prior to such event by a fraction, the numerator of which is the number of Common Shares outstanding immediately before such event
and the denominator of which is the number of Common Shares outstanding immediately after such event, and (B) each Common Share outstanding immediately after such event shall have issued with respect to it that number of Rights which each
Common Share outstanding immediately prior to such event had issued with respect to it. The adjustments provided for in this Section 11(n) shall be made successively whenever such a dividend is declared or paid or such a subdivision,
combination or consolidation is effected. 
 Section 12. Certificate of Adjusted Purchase Price or Number of Shares. Whenever an
adjustment is made or any event affecting the Rights or their exercisability (including without limitation an event that causes Rights to become null and void) as provided in Section 11 or 13 hereof, the Company shall promptly (a) prepare
a certificate setting forth such adjustment or a brief, reasonably detailed statement of the facts, computation and methodology accounting for such adjustment or describing such event, (b) file with the Rights Agent and with each transfer agent
for the Common Shares or the Preferred Shares a copy of such certificate and (c) if such adjustment occurs at any time after the Distribution Date, mail a brief summary thereof to each holder of a Right Certificate in accordance with
Section 25 hereof. The Rights Agent shall be fully protected in relying on any such certificate and on any adjustment or statement therein contained and shall not be obligated or responsible for calculating any adjustment, nor shall it have any
duty or liability with respect to, or be deemed to have knowledge of any such adjustment or event unless and until it shall have received such a certificate. 

  
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 Section 13. Consolidation, Merger or Sale or Transfer of Assets or Earning Power. In the event,
directly or indirectly, at any time after a Person has become an Acquiring Person, (a) the Company shall effect a share exchange, consolidate with, or merge with and into, any other Person, (b) any Person shall effect a share exchange,
consolidate with the Company, or merge with and into the Company and the Company shall be the continuing or surviving corporation of such share exchange or merger and, in connection with such merger, all or part of the Common Shares shall be changed
into or exchanged for stock or other securities of any other Person (or the Company) or cash or any other property, or (c) the Company shall sell or otherwise transfer (or one or more of its Subsidiaries shall sell or otherwise transfer), in
one or more transactions, assets or earning power aggregating 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to any other Person other than the Company or one or more of its wholly-owned
Subsidiaries, then, and in each such case, proper provision shall be made so that (i) each holder of a Right (except as otherwise provided herein) shall thereafter have the right to receive, upon the exercise thereof at a price equal to the
then current Purchase Price multiplied by the number of one one-thousandths of a Preferred Share for which a Right is then exercisable, in accordance with the terms of this Agreement and in lieu of Preferred Shares, such number of Common Shares of
such other Person (including the Company as successor thereto or as the surviving corporation) as shall equal the result obtained by (A) multiplying the then current Purchase Price by the number of one one-thousandths of a Preferred Share for
which a Right is then exercisable and dividing that product by (B) 50% of the then 

  
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current per share market price of the Common Shares of such other Person (determined pursuant to Section 11(d) hereof) on the date of consummation of such consolidation, merger, sale or
transfer; (ii) the issuer of such Common Shares shall thereafter be liable for, and shall assume, by virtue of such consolidation, merger, sale or transfer, all the obligations and duties of the Company pursuant to this Agreement;
(iii) the term “Company” shall thereafter be deemed to refer to such issuer; and (iv) such issuer shall take such steps (including, but not limited to, the reservation of a sufficient number of its Common Shares in accordance
with Section 9 hereof) in connection with such consummation as may be necessary to assure that the provisions hereof shall thereafter be applicable, as nearly as reasonably may be, in relation to the Common Shares of the Company thereafter
deliverable upon the exercise of the Rights. The Company shall not consummate any such consolidation, merger, sale or transfer unless, prior thereto, the Company and such issuer shall have executed and delivered to the Rights Agent a supplemental
agreement so providing. The Company shall not enter into any transaction of the kind referred to in this Section 13 if at the time of such transaction there are any rights, warrants, instruments or securities outstanding or any agreements or
arrangements which, as a result of the consummation of such transaction, would eliminate or substantially diminish the benefits intended to be afforded by the Rights. The provisions of this Section 13 shall similarly apply to successive
mergers, share exchanges, or consolidations or sales or other transfers. 
 Section 14. Fractional Rights and Fractional Shares.
(a) The Company shall not be required to issue fractions of Rights or to distribute Right Certificates which evidence fractional Rights. In lieu of such fractional Rights, there shall be paid to the registered holders of the Right Certificates
with regard to which such fractional Rights would otherwise be issuable, an amount in cash equal to 

  
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the same fraction of the current market value of a whole Right. For the purposes of this Section 14(a), the current market value of a whole Right shall be the closing price of the Rights for
the Trading Day immediately prior to the date on which such fractional Rights would have been otherwise issuable. The closing price for any day shall be the last sale price, regular way, or, in case no such sale takes place on such day, the average
of the closing bid and asked prices, regular way, in either case, as reported in the principal consolidated transaction reporting system with respect to securities listed or admitted to trading on the New York Stock Exchange or, if the Rights are
not listed or admitted to trading on the New York Stock Exchange, as reported in the principal consolidated transaction reporting system with respect to securities listed on the principal national securities exchange on which the Rights are listed
or admitted to trading or, if the Rights are not listed or admitted to trading on any national securities exchange, the last quoted price or, if not so quoted, the average of the high bid and low asked prices in the over-the-counter market, as
reported by NASDAQ or such other system then in use or, if on any such date the Rights are not quoted by any such organization, the average of the closing bid and asked prices as furnished by a professional market maker making a market in the Rights
selected by the Board of Directors of the Company. If on any such date no such market maker is making a market in the Rights, the fair value of the Rights on such date as determined in good faith by the Board of Directors of the Company shall be
used. 
 (b) The Company shall not be required to issue fractions of Preferred Shares (other than fractions which are integral multiples of one
one-thousandth of a Preferred Share) upon exercise of the Rights or to distribute certificates which evidence fractional Preferred Shares (other than fractions which are integral multiples of one one-thousandth of a Preferred Share). Fractions of
Preferred Shares in integral multiples of one one-thousandth of a Preferred Share may, at the 

  
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election of the Company, be evidenced by depositary receipts, pursuant to an appropriate agreement between the Company and a depositary selected by it; provided that such agreement shall
provide that the holders of such depositary receipts shall have all the rights, privileges and preferences to which they are entitled as beneficial owners of the Preferred Shares represented by such depositary receipts. In lieu of fractional
Preferred Shares that are not integral multiples of one one-thousandth of a Preferred Share, the Company shall pay to the registered holders of Right Certificates at the time such Rights are exercised as herein provided an amount in cash equal to
the same fraction of the current market value of one Preferred Share. For the purposes of this Section 14(b), the current market value of a Preferred Share shall be the closing price of a Preferred Share (as determined pursuant to the second
sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of such exercise. 
 (c) The holder of a Right, by
the acceptance of the Right, expressly waives such holder’s right to receive any fractional Rights or any fractional shares upon exercise of a Right (except as provided above). 
 (d) Whenever a payment for fractional Rights or fractional shares or other securities is to be made by the Rights Agent, the Company shall (i) promptly prepare and deliver to the Rights Agent a
certificate setting forth in reasonable detail the facts related to such payments and the prices and/or formulas utilized in calculating such payments, and (ii) provide sufficient monies to the Rights Agent in the form of fully collected funds
to make such payments. The Rights Agent shall be fully protected in relying upon such a certificate and shall have no duty with respect to, and shall not be deemed to have knowledge of any payment for fractional Rights or fractional shares or other
securities under any Section of this Agreement relating to the payment of fractional Rights or fractional shares or other securities unless and until the Rights Agent shall have received such a certificate and sufficient monies. 

  
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 Section 15. Rights of Action. All rights of action in respect of this Agreement, excepting the
rights of action given to the Rights Agent under Section 18 hereof, are vested in the respective registered holders of the Right Certificates (and, prior to the Distribution Date, the registered holders of the Common Shares); and any registered
holder of any Right Certificate (or, prior to the Distribution Date, of the Common Shares), without the consent of the Rights Agent or of the holder of any other Right Certificate (or, prior to the Distribution Date, of the Common Shares), may, in
such holder’s own behalf and for such holder’s own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company to enforce, or otherwise act in respect of, such holder’s right to exercise the
Rights evidenced by such Right Certificate in the manner provided in such Right Certificate and in this Agreement. Without limiting the foregoing or any remedies available to the holders of Rights, it is specifically acknowledged that the holders of
Rights would not have an adequate remedy at law for any breach of this Agreement, and will be entitled to specific performance of the obligations under, and injunctive relief against actual or threatened violations of the obligations of any Person
subject to, this Agreement. 
 Notwithstanding anything in this Agreement to the contrary, the Rights Agent shall not have any
liability to any holder of a Right or other Person as a result of the inability of the Company or the Rights Agent to perform any of its obligations under this Agreement by reason of any preliminary or permanent injunction or other order, judgment,
decree or ruling (whether interlocutory or final) issued by a court or by a governmental, regulatory, self-regulatory or administrative agency or commission, or any statute, rule, regulation or executive order

  
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promulgated or enacted by any governmental authority, prohibiting or otherwise restraining performance of such obligation; provided, however, that the Company shall use all
reasonable efforts to have any such injunction, order, judgment, decree or ruling lifted or otherwise overturned as soon as possible. 

Section 16. Agreement of Right Holders. Every holder of a Right, by accepting the same, consents and agrees with the Company and the Rights
Agent and with every other holder of a Right that: 
 (a) prior to the Distribution Date, the Rights will be transferable only in connection
with the transfer of the Common Shares; 
 (b) after the Distribution Date, the Right Certificates are transferable (subject to the provisions
of this Agreement) only on the registry books maintained by the Rights Agent if surrendered at the office of the Rights Agent designated for such purpose, duly endorsed or accompanied by a proper instrument of transfer with a completed form of
certification; and 
 (c) the Company and the Rights Agent may deem and treat the person in whose name the Right Certificate (or, prior to the
Distribution Date, the associated Common Shares certificate) is registered as the absolute owner thereof and of the Rights evidenced thereby (notwithstanding any notations of ownership or writing on the Right Certificate or the associated Common
Shares certificate made by anyone other than the Company or the Rights Agent) for all purposes whatsoever, and neither the Company nor the Rights Agent shall be affected by any notice to the contrary. 

  
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 Section 17. Right Certificate Holder Not Deemed a Stockholder. No holder, as such, of any Right
Certificate shall be entitled to vote, receive dividends or be deemed for any purpose the holder of the Preferred Shares or any other securities of the Company which may at any time be issuable on the exercise or exchange of the Rights represented
thereby, nor shall anything contained herein or in any Right Certificate be construed to confer upon the holder of any Right Certificate, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors
or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in Section 25 hereof), or
to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by such Right Certificate shall have been exercised or exchanged in accordance with the provisions hereof. 

Section 18. Concerning the Rights Agent. The Company agrees to pay to the Rights Agent reasonable compensation for all services rendered by
it hereunder, and, from time to time, on demand of the Rights Agent, its reasonable expenses and counsel fees, expenses and other disbursements incurred in the preparation, negotiation, delivery, amendment, administration and execution of this
Agreement and the exercise and performance of its duties hereunder. The Company also agrees to indemnify the Rights Agent for, and to hold it harmless against, any loss, liability, damage, judgment, fine, penalty, claim, demand, settlement or
expense (including, without limitation, the reasonable fees and expenses of legal counsel) incurred without gross negligence, bad faith or willful misconduct on the part of the Rights Agent (each as determined by a final, nonappealable judgment of a
court of competent jurisdiction), for any action taken, suffered or omitted to be 

  
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taken by the Rights Agent in connection with the acceptance, administration, exercise and performance of its duties under this Agreement, including the costs and expenses of defending against any
claim in connection herewith. The costs and expenses incurred in enforcing this right of indemnification shall also be paid by the Company. The provisions of this Section 18 and Section 20 below shall survive the exercise or expiration of
the Rights, the termination of this Agreement and the resignation, replacement or removal of the Rights Agent. The Rights Agent may conclusively rely upon and shall be authorized and protected and shall incur no liability for, or in respect of any
action taken, suffered or omitted to be taken by it in connection with its acceptance and administration of this Agreement, and the exercise and performance of its duties hereunder, in reliance upon any Right Certificate or certificate for the
Preferred Shares or Common Shares or for other securities of the Company, instrument of assignment or transfer, power of attorney, endorsement, affidavit, letter, notice, direction, consent, certificate, statement, or other paper or document
believed by it to be genuine and to be signed, executed and, where necessary, verified or acknowledged, by the proper person or persons, or otherwise upon the advice of counsel as set forth in Section 20 hereof. Notwithstanding anything in this
Agreement to the contrary, in no event will the Rights Agent be liable for special, punitive, indirect, incidental or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Rights Agent has been
advised of the likelihood of such loss or damage and regardless of the form of action. The Rights Agent shall not be deemed to have knowledge of any event of which it was supposed to receive notice thereof hereunder, and the Rights Agent shall be
fully protected and shall incur no liability for failing to take any action in connection therewith unless and until it has received such notice. 

  
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 Section 19. Merger or Consolidation or Change of Name of Rights Agent. Any Person into which the
Rights Agent or any successor Rights Agent may be merged or with which it may effect a share exchange, be consolidated, or any Person resulting from any merger, share exchange, or consolidation to which the Rights Agent or any successor Rights Agent
shall be a party, or any Person succeeding to the shareholder services business of the Rights Agent or any successor Rights Agent, shall be the successor to the Rights Agent under this Agreement without the execution or filing of any paper or
document or any further act on the part of any of the parties hereto; provided that such Person would be eligible for appointment as a successor Rights Agent under the provisions of Section 21 hereof. In case at the time such successor
Rights Agent shall succeed to the agency created by this Agreement, any of the Right Certificates shall have been countersigned but not delivered, any such successor Rights Agent may adopt the countersignature of the predecessor Rights Agent and
deliver such Right Certificates so countersigned; and, in case at that time any of the Right Certificates shall not have been countersigned, any successor Rights Agent may countersign such Right Certificates either in the name of the predecessor
Rights Agent or in the name of the successor Rights Agent; and, in all such cases, such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

In case at any time the name of the Rights Agent shall be changed and at such time any of the Right Certificates shall have been
countersigned but not delivered, the Rights Agent may adopt the countersignature under its prior name and deliver Right Certificates so countersigned; and, in case at that time any of the Right Certificates shall not have been countersigned, the
Rights Agent may countersign such Right Certificates either in its prior name or in its changed name; and, in all such cases, such Right Certificates shall have the full force provided in the Right Certificates and in this Agreement. 

  
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 Section 20. Duties of Rights Agent. The Rights Agent undertakes to perform only the duties and
obligations imposed by this Agreement and no implied duties or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent shall perform those duties and obligations upon the following terms and conditions, by all of
which the Company and the holders of Right Certificates, by their acceptance thereof, shall be bound: 
 (a) The Rights Agent may consult with
legal counsel (who may be legal counsel for the Company or an employee of the Rights Agent), and the advice or opinion of such counsel shall be full and complete authorization and protection to the Rights Agent and the Rights Agent shall incur no
liability for or in respect of any action taken, suffered or omitted to be taken by it in accordance with such advice or opinion. 
 (b)
Whenever in the performance of its duties under this Agreement the Rights Agent shall deem it necessary or desirable that any fact or matter (including, without limitation, the identity of an Acquiring Person and the determination of the current per
share market price of any security) be proved or established by the Company prior to taking, suffering or omitting to take any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed) may be
deemed to be conclusively proved and established by a certificate signed by any one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Treasurer, the Secretary or any Assistant Secretary of the Company
and delivered to the Rights Agent; and such certificate shall be full and complete authorization and 

  
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protection to the Rights Agent and the Rights Agent shall incur no liability for or in respect any action taken, suffered or omitted to be taken by it under the provisions of this Agreement in
reliance upon such a certificate. 
 (c) The Rights Agent shall be liable hereunder to the Company and any other Person only for its own gross
negligence, bad faith or willful misconduct (each as determined by a final, nonappealable judgment of a court of competent jurisdiction). Any liability of the Rights Agent shall be limited to the amount of annual fees paid by the Company to the
Rights Agent. 
 (d) The Rights Agent shall not be liable for or by reason of any of the statements of fact or recitals contained in this
Agreement or in the Right Certificates (except its countersignature thereof) or be required to verify the same, but all such statements and recitals are and shall be deemed to have been made by the Company only. 

(e) The Rights Agent shall not have any liability for or be under any responsibility in respect of the validity of this Agreement or the execution and
delivery hereof (except the due execution hereof by the Rights Agent) or in respect of the validity or execution of any Right Certificate (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any
covenant or condition contained in this Agreement or in any Right Certificate; nor shall it be responsible for any change in the exercisability of the Rights (including but not limited to the Rights becoming null and void pursuant to
Section 11(a)(ii) hereof) or any change or adjustment in the terms of the Rights (including but not limited to the manner, method or amount thereof) provided for in Section 3, 11, 13, 23 or 24 hereof, or the ascertaining of the existence
of facts that would require any such change or adjustment (except with respect to the exercise of Rights evidenced by Right Certificates after receipt of a certificate furnished pursuant to Section 12

  
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describing such change or adjustment upon which the Rights Agent may rely); nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or
reservation of any Preferred Shares or other securities to be issued pursuant to this Agreement or any Right Certificate or as to whether any Preferred Shares or other securities will, when so issued, be validly authorized and issued, fully paid and
nonassessable. 
 (f) The Company agrees that it will perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged
and delivered all such further and other acts, instruments and assurances as may reasonably be required by the Rights Agent for the carrying out or performing by the Rights Agent of the provisions of this Agreement. 

(g) The Rights Agent is hereby authorized and directed to accept instructions with respect to the performance of its duties hereunder from any person
reasonably believed by the Rights Agent to be one of the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, the Secretary, any Assistant Secretary, the Treasurer or any Assistant or the Treasurer of the Company,
and to apply to such officers for advice or instructions in connection with its duties, and such instructions shall be full authorization and protection to the Rights Agent and it shall not be liable for or in respect of any action taken, suffered
or omitted to be taken by it in accordance with instructions of any such officer or for any delay in acting while waiting for those instructions. The Rights Agent shall be fully authorized and protected in relying upon the most recent instructions
received by any such officer. Any application by the Rights Agent for written instructions from the Company may, at the option of the Rights Agent, set forth in writing any action proposed to be taken, suffered or omitted to be taken by the Rights
Agent with respect to its duties and obligations under this Agreement and the date on and/or after which such action shall be taken, suffered or such omission shall be effective. The Rights Agent shall not be

  
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liable for any action taken, suffered or omitted to be taken by it in accordance with a proposal included in any such application on or after the date specified therein (which date shall not be
less than three Business Days after the date indicated in such application unless any such officer shall have consented in writing to an earlier date) unless, prior to taking, suffering or omitting to take any such action, the Rights Agent has
received written instructions in response to such application specifying the action to be taken, suffered or omitted to be taken. 
 (h) The
Rights Agent and any shareholder, affiliate, director, officer or employee of the Rights Agent may buy, sell or deal in any of the Rights or other securities of the Company or become pecuniarily interested in any transaction in which the Company may
be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were not Rights Agent under this Agreement. Nothing herein shall preclude the Rights Agent or any such shareholder, affiliate, director,
officer or employee from acting in any other capacity for the Company or for any other Person. 
 (i) The Rights Agent may execute and exercise
any of the rights or powers hereby vested in it or perform any duty hereunder either itself (through its directors, officers and employees) or by or through its attorneys or agents, and the Rights Agent shall not be answerable or accountable for any
act, default, neglect or misconduct of any such attorneys or agents or for any loss to the Company or any other Person resulting from any such act, default, neglect or misconduct, absent gross negligence, bad faith or willful misconduct (as each is
determined by a final, nonappealable judgment of a court of competent jurisdiction) in the selection and continued employment thereof. 

  
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 Section 21. Change of Rights Agent. The Rights Agent or any successor Rights Agent may resign
and be discharged from its duties under this Agreement upon 30 days’ notice in writing mailed to the Company and, in the event that the Rights Agent or one of its Affiliates is not also the transfer agent for the Company, to each transfer agent
of the Common Shares or Preferred Shares by registered or certified mail. In the event the transfer agency relationship in effect between the Company and the Rights Agent terminates, the Rights Agent will be deemed to have resigned automatically and
be discharged from its duties as Rights Agent under this Agreement as of the effective date of such termination, and the Company shall be responsible for sending any required notice. The Company may remove the Rights Agent or any successor Rights
Agent (with or without cause) upon 30 days’ notice in writing, mailed to the Rights Agent or successor Rights Agent, as the case may be, and to each transfer agent of the Common Shares or Preferred Shares by registered or certified mail, and to
the holders of the Right Certificates by first-class mail. If the Rights Agent shall resign or be removed or shall otherwise become incapable of acting, the Company shall appoint a successor to the Rights Agent. If the Company shall fail to make
such appointment within a period of 30 days after giving notice of such removal or after it has been notified in writing of such resignation or incapacity by the resigning or incapacitated Rights Agent or by the holder of a Right Certificate (which
holder shall, with such notice, submit such holder’s Right Certificate for inspection by the Company), then the registered holder of any Right Certificate may apply to any court of competent jurisdiction for the appointment of a new Rights
Agent. Any successor Rights Agent, whether appointed by the Company or by such a court, shall be either (a) a Person organized and doing business under the laws of the United States or of any state of the United States that is authorized under
such laws to exercise corporate trust or 

  
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stock transfer powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at
least $50 million or (b) an Affiliate or direct or indirect wholly-owned Subsidiary of such Person or its wholly-owning parent. After appointment, the successor Rights Agent shall be vested with the same powers, rights, duties and
responsibilities as if it had been originally named as Rights Agent without further act or deed; but the predecessor Rights Agent shall deliver and transfer to the successor Rights Agent any property at the time held by it hereunder, and execute and
deliver any further assurance, conveyance, act or deed necessary for the purpose. Not later than the effective date of any such appointment, the Company shall file notice thereof in writing with the predecessor Rights Agent and each transfer agent
of the Common Shares or Preferred Shares, and mail a notice thereof in writing to the registered holders of the Right Certificates. Failure to give any notice provided for in this Section 21, however, or any defect therein, shall not affect the
legality or validity of the resignation or removal of the Rights Agent or the appointment of the successor Rights Agent, as the case may be. 

Section 22. Issuance of New Right Certificates. Notwithstanding any of the provisions of this Agreement or of the Rights to the contrary, the
Company may, at its option, issue new Right Certificates evidencing Rights in such form as may be approved by the Board of Directors of the Company to reflect any adjustment or change in the Purchase Price and the number or kind or class of shares
or other securities or property purchasable under the Right Certificates made in accordance with the provisions of this Agreement. 

  
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 Section 23. Redemption. (a) The Board of Directors of the Company may, at its option, at
any time prior to such time as any Person becomes an Acquiring Person, redeem all but not less than all the then outstanding Rights at a redemption price of $.001 per Right, appropriately adjusted to reflect any stock split, stock dividend or
similar transaction occurring after the date hereof (such redemption price being hereinafter referred to as the “Redemption Price”). The redemption of the Rights by the Board of Directors of the Company may be made effective at such
time, on such basis and with such conditions as the Board of Directors of the Company, in its sole discretion, may establish. 
 (b) Immediately
upon the action of the Board of Directors of the Company ordering the redemption of the Rights pursuant to paragraph (a) of this Section 23, and without any further action and without any notice, the right to exercise the Rights will
terminate and the only right thereafter of the holders of Rights shall be to receive the Redemption Price. The Company shall promptly give public notice of any such redemption (with prompt written notice thereof to the Rights Agent);
provided, however, that the failure to give, or any defect in, any such notice shall not affect the validity of such redemption. Within 10 days after such action of the Board of Directors of the Company ordering the redemption of the
Rights, the Company shall mail a notice of redemption to all the holders of the then outstanding Rights at their last addresses as they appear upon the registry books of the Rights Agent or, prior to the Distribution Date, on the registry books of
the transfer agent for the Common Shares. Any notice which is mailed in the manner herein provided shall be deemed given, whether or not the holder receives the notice. Each such notice of redemption will state the method by which the payment of the
Redemption Price will be made. Neither the Company nor any of its Affiliates or Associates may redeem, acquire or purchase for value any Rights at any time in any manner other than that specifically set forth in this Section 23 or in
Section 24 hereof, and other than in connection with the purchase of Common Shares prior to the Distribution Date. 

  
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 Section 24. Exchange. (a) The Board of Directors of the Company may, at its option, at any
time after any Person becomes an Acquiring Person, exchange all or part of the then outstanding and exercisable Rights (which shall not include Rights that have become null and void pursuant to the provisions of Section 11(a)(ii) hereof) for
Common Shares at an exchange ratio of one Common Share per Right, appropriately adjusted to reflect any adjustment in the number of Rights pursuant to Section 11(i) (such exchange ratio being hereinafter referred to as the “Exchange
Ratio”). Notwithstanding the foregoing, the Board of Directors of the Company shall not be empowered to effect such exchange at any time after any Person (other than the Company, any Subsidiary of the Company, any employee benefit plan of
the Company or any such Subsidiary, or any entity holding Common Shares for or pursuant to the terms of any such plan), together with all Affiliates and Associates of such Person, becomes the Beneficial Owner of 50% or more of the Common Shares then
outstanding. 
 (b) Immediately upon the action of the Board of Directors of the Company ordering the exchange of any Rights pursuant to
paragraph (a) of this Section 24 and without any further action and without any notice, the right to exercise such Rights shall terminate and the only right thereafter of a holder of such Rights shall be to receive that number of Common
Shares equal to the number of such Rights held by such holder multiplied by the Exchange Ratio. The Company shall promptly give public notice of any such exchange (with prompt written notice thereof to the Rights Agent); provided,
however, that the failure to give, or any defect in, such notice shall not affect the validity of such exchange. The Company promptly shall mail a notice of any such exchange to all of the holders of such Rights at their last addresses as
they appear upon the registry books of the Rights Agent. Any notice which is mailed in the manner herein provided 

  
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shall be deemed given, whether or not the holder receives the notice. Each such notice of exchange will state the method by which the exchange of the Common Shares for Rights will be effected,
and, in the event of any partial exchange, the number of Rights which will be exchanged. Any partial exchange shall be effected pro rata based on the number of Rights (other than Rights which have become null and void pursuant to the
provisions of Section 11(a)(ii) hereof) held by each holder of Rights. 
 (c) In the event that there shall not be sufficient Common Shares
issued but not outstanding or authorized but unissued to permit any exchange of Rights as contemplated in accordance with this Section 24, the Company shall take all such action as may be necessary to authorize additional Common Shares for
issuance upon exchange of the Rights. In the event the Company shall, after good faith effort, be unable to take all such action as may be necessary to authorize such additional Common Shares, the Company shall substitute, for each Common Share that
would otherwise be issuable upon exchange of a Right, a number of Preferred Shares or fraction thereof such that the current per share market price of one Preferred Share multiplied by such number or fraction is equal to the current per share market
price of one Common Share as of the date of issuance of such Preferred Shares or fraction thereof. 
 (d) The Company shall not be required to
issue fractions of Common Shares or to distribute certificates which evidence fractional Common Shares. In lieu of such fractional Common Shares, the Company shall pay to the registered holders of the Right Certificates with regard to which such
fractional Common Shares would otherwise be issuable an amount in cash equal to the same fraction of the current market value of a whole Common Share. For the purposes of this paragraph (d), the current market value of a whole Common Share shall be
the closing price of a Common Share (as determined pursuant to the second sentence of Section 11(d)(i) hereof) for the Trading Day immediately prior to the date of exchange pursuant to this Section 24. 

  
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 Section 25. Notice of Certain Events. (a) In case the Company shall, at any time after the
Distribution Date, propose (i) to pay any dividend payable in stock of any class to the holders of the Preferred Shares or to make any other distribution to the holders of the Preferred Shares (other than a regular quarterly cash dividend),
(ii) to offer to the holders of the Preferred Shares rights or warrants to subscribe for or to purchase any additional Preferred Shares or shares of stock of any class or any other securities, rights or options, (iii) to effect any
reclassification of the Preferred Shares (other than a reclassification involving only the subdivision of outstanding Preferred Shares), (iv) to effect any share exchange, consolidation or merger into or with, or to effect any sale or other
transfer (or to permit one or more of its Subsidiaries to effect any sale or other transfer), in one or more transactions, of 50% or more of the assets or earning power of the Company and its Subsidiaries (taken as a whole) to, any other Person,
(v) to effect the liquidation, dissolution or winding up of the Company, or (vi) to declare or pay any dividend on the Common Shares payable in Common Shares or to effect a subdivision, combination or consolidation of the Common Shares (by
reclassification or otherwise than by payment of dividends in Common Shares), then, in each such case, the Company shall give to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of such proposed action, which
shall specify the record date for the purposes of such stock dividend, or distribution of rights or warrants, or the date on which such reclassification, share exchange, consolidation, merger, sale, transfer, liquidation, dissolution, or winding up
is to take place and the date of participation therein by the holders of the Common Shares and/or Preferred Shares, if any such date is to be fixed, and such notice shall be so given 

  
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in the case of any action covered by clause (i) or (ii) above at least 10 days prior to the record date for determining holders of the Preferred Shares for purposes of such action, and,
in the case of any such other action, at least 10 days prior to the date of the taking of such proposed action or the date of participation therein by the holders of the Common Shares and/or Preferred Shares, whichever shall be the earlier.

 (b) In case the event set forth in Section 11(a)(ii) hereof shall occur, then the Company shall, as soon as practicable thereafter, give
to the Rights Agent and to each holder of a Right Certificate, in accordance with Section 26 hereof, a notice of the occurrence of such event, which notice shall describe such event and the consequences of such event to holders of Rights under
Section 11(a)(ii) hereof. 
 Section 26. Notices. Notices or demands authorized by this Agreement to be given or made by the
Rights Agent or by the holder of any Right Certificate to or on the Company shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed (until another address is filed in writing with the
Rights Agent) as follows: 
 Forest Laboratories, Inc. 
 909 Third Avenue 
 New York, New York 10022 

Attention: Corporate Secretary 

Subject to the provisions of Section 21 hereof, any notice or demand authorized by this Agreement to be given or made by the Company or by the
holder of any Right Certificate to or on the Rights Agent shall be sufficiently given or made if sent by overnight delivery service or first-class mail, postage prepaid, addressed (until another address is filed in writing with the Company) as
follows: 
 Computershare Shareowner Services LLC 
 480 Washington Blvd. 
 Jersey City, NJ 07310 

Attention: Relationship Manager 

  
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 with a copy to: 
 Computershare Shareowner Services LLC 
 480 Washington Boulevard 

Jersey City, NJ 07310 
 Attention: Legal Department 
 Notices or demands authorized by this Agreement to be given or made
by the Company or the Rights Agent to the holder of any Right Certificate shall be sufficiently given or made if sent by first-class mail, postage prepaid, addressed to such holder at the address of such holder as shown on the registry books of the
Company. 
 Section 27. Supplements and Amendments. Subject to this Section, the Company may, and the Rights Agent shall, if
directed by the Company, from time to time supplement or amend this Agreement without the approval of any holders of Right Certificates in order to cure any ambiguity, to correct or supplement any provision contained herein which may be defective or
inconsistent with any other provisions herein, or to make any other provisions with respect to the Rights which the Company may deem necessary or desirable, any such supplement or amendment to be evidenced by a writing signed by the Company and the
Rights Agent; provided, however, that, from and after such time as any Person becomes an Acquiring Person, this Agreement shall not be amended in any manner which would adversely affect the interests of the holders of Rights. For the
avoidance of doubt, the Company shall be entitled to adopt and implement such procedures and arrangements (including with third parties) as it may deem necessary or desirable to facilitate 

  
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the exercise, exchange, trading, issuance or distribution of the Rights (and Preferred Shares) as contemplated hereby and to ensure that an Acquiring Person does not obtain the benefits thereof,
and amendments in respect of the foregoing shall not be deemed to adversely affect the interests of the holders of Rights. Upon delivery of a certificate from an appropriate officer of the Company that states that the proposed supplement or
amendment is in compliance with the terms of this Section, the Rights Agent shall execute such supplement or amendment; provided, that notwithstanding anything in this Agreement to the contrary, the Rights Agent may, but shall not be
obligated to, enter into any supplement or amendment that affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement. 
 Section 28. Successors. All the covenants and provisions of this Agreement by or for the benefit of the Company or the Rights Agent shall bind and inure to the benefit of their respective
successors and assigns hereunder. 
 Section 29. Benefits of this Agreement. Nothing in this Agreement shall be construed to give to
any Person other than the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares) any legal or equitable right, remedy or claim under this Agreement; but this Agreement
shall be for the sole and exclusive benefit of the Company, the Rights Agent and the registered holders of the Right Certificates (and, prior to the Distribution Date, the Common Shares). 
 Section 30. Severability. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or
unenforceable, the remainder of the terms, provisions, 

  
 -55-

 
covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated; provided, however, that if any such
excluded term, provision, covenant or restriction shall adversely affect the rights, immunities, duties or obligations of the Rights Agent, the Rights Agent shall be entitled to resign upon 10 Business Days’ notice in writing to the Company
pursuant to the requirements of Section 26 of this Agreement. 
 Section 31. Governing Law. This Agreement and each Right
Certificate issued hereunder shall be deemed to be a contract made under the laws of the State of Delaware and for all purposes shall be governed by and construed in accordance with the laws of such state applicable to contracts to be made and
performed entirely within such state; provided, however, that all provisions regarding the rights, duties, obligations and liabilities of the Rights Agent shall be governed by and construed in accordance with the laws of the State of
New York applicable to contracts made and to be performed entirely within such State. 
 Section 32. Counterparts. This Agreement
may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement
transmitted electronically shall have the same authority, effect, and enforceability as an original signature. 
 Section 33.
Descriptive Headings. Descriptive headings of the several Sections of this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof. 

  
 -56-

 Section 34. Customer Identification Program. The Company acknowledges that the Rights Agent is
subject to the customer identification program (“Customer Identification Program”) requirements under the USA PATRIOT Act and its implementing regulations, and that the Rights Agent must obtain, verify and record information that
allows the Rights Agent to identify the Company. Accordingly, prior to accepting an appointment hereunder, the Rights Agent may request information from the Company that will help the Rights Agent to identify the Company, including without
limitation the Company’s physical address, tax identification number, organizational documents, certificate of good standing, license to do business, or any other information that the Rights Agent deems necessary. The Company agrees that the
Rights Agent cannot accept an appointment hereunder unless and until the Rights Agent verifies the Company’s identity in accordance with the Customer Identification Program requirements. 
 Section 35. Force Majeure. Notwithstanding anything to the contrary contained herein, the Rights Agent shall not be liable for any delays or failures in performance resulting from acts beyond
its reasonable control including, without limitation, acts of God, terrorist acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunction of computer facilities, or loss of data due to power failures or mechanical difficulties
with information storage or retrieval systems, labor difficulties, war, or civil unrest. The Rights Agent shall provide the Company prompt notice as soon as practicable in the event that any such delay or failure in performance occurs and keep the
Company apprised of developments and mitigation effort with respect thereto. 

  
 -57-

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and
attested, all as of the day and year first above written. 
  

									
	Attest:	 		 		 	FOREST LABORATORIES, INC.
					
	By	 	 /s/ Herschel S. Weinstein
	 		 	By	 	 /s/ Howard Solomon

		 	Name: Herschel S. Weinstein	 		 		 	Name: Howard Solomon
		 	 Title: Senior Vice President, General Counsel &
           Corporate Secretary
	 		 		 	 Title: Chairman of the Board and Chief Executive
           Officer

			
	Attest:	 		 	COMPUTERSHARE SHAREOWNER SERVICES LLC, as Rights Agent
					
	By	 	 /s/Vincent G. Graffeo
	 		 	By	 	 /s/ Oreste Casciaro

		 	Name: Vincent G. Graffeo	 		 		 	Name: Oreste Casciaro
		 	Title: Vice President	 		 		 	Title: Vice President

  
 -58-

 Exhibit A 
 FORM 
 of 
 CERTIFICATE OF DESIGNATIONS 
 of 

SERIES B JUNIOR PARTICIPATING PREFERRED STOCK 
 of 
 FOREST LABORATORIES, INC. 

(Pursuant to Section 151 of the 
 Delaware General Corporation Law) 
  

 
 Forest
Laboratories, Inc., a corporation organized and existing under the General Corporation Law of the State of Delaware (hereinafter called the “Corporation”), hereby certifies that the following resolution was adopted by the Board of
Directors of the Corporation as required by Section 151 of the General Corporation Law at a meeting duly called and held on August 27, 2012: 
 RESOLVED, that pursuant to the authority granted to and vested in the Board of Directors of this Corporation (hereinafter called the “Board of Directors” or the “Board”) in accordance
with the provisions of the Certificate of Incorporation, the Board of Directors hereby creates a series of Preferred Stock, par value $1.00 per share, of the Corporation (the “Preferred Stock”), and hereby states the designation and number
of shares, and fixes the relative rights, preferences, and limitations thereof as follows: 
 Series B Junior Participating
Preferred Stock: 
 Section 1. Designation and Amount. The shares of such series shall be designated as “Series B Junior
Participating Preferred Stock” (the “Series B Preferred Stock”) and the number of shares constituting the Series B Preferred Stock shall be 450,000. Such number of shares may be increased or decreased by resolution of the Board of
Directors; provided, that no decrease shall reduce the number of shares of Series B Preferred Stock to a number less than the number of shares then outstanding plus the number of shares reserved for issuance upon the exercise of outstanding
options, rights or warrants or upon the conversion of any outstanding securities issued by the Corporation convertible into Series B Preferred Stock. 
 Section 2. Dividends and Distributions. 
 (A) Subject to the rights of
the holders of any shares of any series of Preferred Stock (or any similar stock) ranking prior and superior to the Series B Preferred Stock with 

  
 A-1

 
respect to dividends, the holders of shares of Series B Preferred Stock, in preference to the holders of Common Stock, par value $.10 per share (the “Common Stock”), of the Corporation,
and of any other junior stock, shall be entitled to receive, when, as and if declared by the Board of Directors out of funds legally available for the purpose, quarterly dividends payable in cash on the first day of March, June, September and
December in each year (each such date being referred to herein as a “Quarterly Dividend Payment Date”), commencing on the first Quarterly Dividend Payment Date after the first issuance of a share or fraction of a share of Series B
Preferred Stock, in an amount per share (rounded to the nearest cent) equal to the greater of (a) $1 or (b) subject to the provision for adjustment hereinafter set forth, 1,000 times the aggregate per share amount of all cash dividends,
and 1,000 times the aggregate per share amount (payable in kind) of all non-cash dividends or other distributions, other than a dividend payable in shares of Common Stock or a subdivision of the outstanding shares of Common Stock (by
reclassification or otherwise), declared on the Common Stock since the immediately preceding Quarterly Dividend Payment Date or, with respect to the first Quarterly Dividend Payment Date, since the first issuance of any share or fraction of a share
of Series B Preferred Stock. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of
Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each such case the amount to which holders of shares of Series B Preferred
Stock were entitled immediately prior to such event under clause (b) of the preceding sentence shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately
after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 (B) The Corporation shall declare a dividend or distribution on the Series B Preferred Stock as provided in paragraph (A) of this Section immediately after it declares a dividend or distribution on
the Common Stock (other than a dividend payable in shares of Common Stock); provided that, in the event no dividend or distribution shall have been declared on the Common Stock during the period between any Quarterly Dividend Payment Date and the
next subsequent Quarterly Dividend Payment Date, a dividend of $1 per share on the Series B Preferred Stock shall nevertheless be payable on such subsequent Quarterly Dividend Payment Date. 

(C) Dividends shall begin to accrue and be cumulative on outstanding shares of Series B Preferred Stock from the Quarterly Dividend
Payment Date next preceding the date of issue of such shares, unless the date of issue of such shares is prior to the record date for the first Quarterly Dividend Payment Date, in which case dividends on such shares shall begin to accrue from the
date of issue of such shares, or unless the date of issue is a Quarterly Dividend Payment Date or is a date after the record date for the determination of holders of shares of Series B Preferred Stock entitled to receive a quarterly dividend and
before such Quarterly Dividend Payment Date, in either of which events such dividends shall begin to accrue and be cumulative from such Quarterly Dividend Payment Date. Accrued but unpaid dividends shall not bear interest. Dividends paid on the
shares of 

  
 A-2

 
Series B Preferred Stock in an amount less than the total amount of such dividends at the time accrued and payable on such shares shall be allocated pro rata on a share-by-share basis among all
such shares at the time outstanding. The Board of Directors may fix a record date for the determination of holders of shares of Series B Preferred Stock entitled to receive payment of a dividend or distribution declared thereon, which record date
shall be not more than 60 days prior to the date fixed for the payment thereof. 
 Section 3. Voting Rights. The holders of shares
of Series B Preferred Stock shall have the following voting rights: 
 (A) Subject to the provision for adjustment hereinafter
set forth, each share of Series B Preferred Stock shall entitle the holder thereof to 1,000 votes on all matters submitted to a vote of the stockholders of the Corporation. In the event the Corporation shall at any time declare or pay any dividend
on the Common Stock payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into
a greater or lesser number of shares of Common Stock, then in each such case the number of votes per share to which holders of shares of Series B Preferred Stock were entitled immediately prior to such event shall be adjusted by multiplying such
number by a fraction, the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event.

 (B) Except as otherwise provided herein, in any other Certificate of Designations creating a series of Preferred Stock or any
similar stock, or by law, the holders of shares of Series B Preferred Stock and the holders of shares of Common Stock and any other capital stock of the Corporation having general voting rights shall vote together as one class on all matters
submitted to a vote of stockholders of the Corporation. 
 (C) Except as set forth herein, or as otherwise provided by law,
holders of Series B Preferred Stock shall have no special voting rights and their consent shall not be required (except to the extent they are entitled to vote with holders of Common Stock as set forth herein) for taking any corporate action.

 Section 4. Certain Restrictions. 
 (A) Whenever quarterly dividends or other dividends or distributions payable on the Series B Preferred Stock as provided in Section 2 are in arrears, thereafter and until all accrued and unpaid
dividends and distributions, whether or not declared, on shares of Series B Preferred Stock outstanding shall have been paid in full, the Corporation shall not: 
 (i) declare or pay dividends, or make any other distributions, on any shares of stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred
Stock; 
 (ii) declare or pay dividends, or make any other distributions, on any shares of stock ranking on a parity (either as
to dividends or upon liquidation, dissolution or 

  
 A-3

 
winding up) with the Series B Preferred Stock, except dividends paid ratably on the Series B Preferred Stock and all such parity stock on which dividends are payable or in arrears in proportion
to the total amounts to which the holders of all such shares are then entitled; 
 (iii) redeem or purchase or otherwise acquire
for consideration shares of any stock ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Stock, provided that the Corporation may at any time redeem, purchase or otherwise acquire shares
of any such junior stock in exchange for shares of any stock of the Corporation ranking junior (either as to dividends or upon dissolution, liquidation or winding up) to the Series B Preferred Stock; or 

(iv) redeem or purchase or otherwise acquire for consideration any shares of Series B Preferred Stock, or any shares of stock ranking on a
parity with the Series B Preferred Stock, except in accordance with a purchase offer made in writing or by publication (as determined by the Board of Directors) to all holders of such shares upon such terms as the Board of Directors, after
consideration of the respective annual dividend rates and other relative rights and preferences of the respective series and classes, shall determine in good faith will result in fair and equitable treatment among the respective series or classes.

 (B) The Corporation shall not permit any subsidiary of the Corporation to purchase or otherwise acquire for consideration any
shares of stock of the Corporation unless the Corporation could, under paragraph (A) of this Section 4, purchase or otherwise acquire such shares at such time and in such manner. 
 Section 5. Reacquired Shares. Any shares of Series B Preferred Stock purchased or otherwise acquired by the Corporation in any manner whatsoever shall be retired and cancelled promptly after
the acquisition thereof. All such shares shall upon their cancellation become authorized but unissued shares of Preferred Stock and may be reissued as part of a new series of Preferred Stock subject to the conditions and restrictions on issuance set
forth herein, in the Certificate of Incorporation, or in any other Certificate of Designations creating a series of Preferred Stock or any similar stock or as otherwise required by law. 
 Section 6. Liquidation, Dissolution or Winding Up. Upon any liquidation, dissolution or winding up of the Corporation, no distribution shall be made (1) to the holders of shares of stock
ranking junior (either as to dividends or upon liquidation, dissolution or winding up) to the Series B Preferred Stock unless, prior thereto, the holders of shares of Series B Preferred Stock shall have received $1,000 per share, plus an amount
equal to accrued and unpaid dividends and distributions thereon, whether or not declared, to the date of such payment, provided that the holders of shares of Series B Preferred Stock shall be entitled to receive an aggregate amount per share,
subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount to be distributed per share to holders of shares of Common Stock, or (2) to the holders of shares of stock ranking on a parity (either as
to dividends or upon liquidation, dissolution or winding up) with the Series B Preferred Stock, except distributions made ratably on the Series B Preferred Stock and all such parity stock in proportion to the total amounts to

  
 A-4

 
which the holders of all such shares are entitled upon such liquidation, dissolution or winding up. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock
payable in shares of Common Stock, or effect a subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser
number of shares of Common Stock, then in each such case the aggregate amount to which holders of shares of Series B Preferred Stock were entitled immediately prior to such event under the proviso in clause (1) of the preceding sentence shall
be adjusted by multiplying such amount by a fraction the numerator of which is the number of shares of Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding
immediately prior to such event. 
 Section 7. Consolidation, Merger, etc. In case the Corporation shall enter into any
consolidation, merger, combination or other transaction in which the shares of Common Stock are exchanged for or changed into other stock or securities, cash and/or any other property, then in any such case each share of Series B Preferred Stock
shall at the same time be similarly exchanged or changed into an amount per share, subject to the provision for adjustment hereinafter set forth, equal to 1,000 times the aggregate amount of stock, securities, cash and/or any other property (payable
in kind), as the case may be, into which or for which each share of Common Stock is changed or exchanged. In the event the Corporation shall at any time declare or pay any dividend on the Common Stock payable in shares of Common Stock, or effect a
subdivision or combination or consolidation of the outstanding shares of Common Stock (by reclassification or otherwise than by payment of a dividend in shares of Common Stock) into a greater or lesser number of shares of Common Stock, then in each
such case the amount set forth in the preceding sentence with respect to the exchange or change of shares of Series B Preferred Stock shall be adjusted by multiplying such amount by a fraction, the numerator of which is the number of shares of
Common Stock outstanding immediately after such event and the denominator of which is the number of shares of Common Stock that were outstanding immediately prior to such event. 
 Section 8. No Redemption. The shares of Series B Preferred Stock shall not be redeemable. 
 Section 9. Rank. The Series B Preferred Stock shall rank, with respect to the payment of dividends and the distribution of assets, junior to all series of any other class of the
Corporation’s Preferred Stock. 
 Section 10. Amendment. The Certificate of Incorporation of the Corporation shall not be
amended in any manner which would materially alter or change the powers, preferences or special rights of the Series B Preferred Stock so as to affect them adversely without the affirmative vote of the holders of at least two-thirds of the
outstanding shares of Series B Preferred Stock, voting together as a single class. 

  
 A-5

 IN WITNESS WHEREOF, this Certificate of Designations is executed on behalf of the
Corporation by its Chairman of the Board and attested by its Secretary this      th day of             , 2012. 

 

	
	  
	Chairman of the Board

 Attest: 

	
	
	  
	Secretary

  
 A-6

 Exhibit B 
 Form of Right Certificate 
  

					
	 Certificate No. R-
	  		  	     Rights

 NOT EXERCISABLE AFTER August 27, 2015 OR EARLIER IF 

REDEMPTION OR EXCHANGE OCCURS OR AS OTHERWISE SPECIFIED IN THE AGREEMENT. 

THE RIGHTS ARE SUBJECT TO REDEMPTION AT $.001 PER RIGHT AND TO EXCHANGE 

ON THE TERMS SET FORTH IN THE AGREEMENT. 
 Right Certificate 
 FOREST LABORATORIES, INC. 

This certifies that             , or registered assigns, is the
registered owner of the number of Rights set forth above, each of which entitles the owner thereof, subject to the terms, provisions and conditions of the Agreement, dated as of August 27, 2012 (the “Agreement”), between Forest
Laboratories, Inc., a Delaware corporation (the “Company”), and Computershare Shareowner Services LLC (the “Rights Agent”), to purchase from the Company at any time after the Distribution Date (as such term is defined in the
Agreement) and prior to 5:00 P.M., New York City time, on August 27, 2015 (or earlier as specified in the Agreement) at the principal office of the Rights Agent, or at the office of its successor as Rights Agent, one one-thousandth of a fully
paid non-assessable share of Series B Junior Participating Preferred Stock, par value $1.00 per share, of the Company (the “Preferred Shares”), at a purchase price of $100 per one one-thousandth of a Preferred Share (the “Purchase
Price”), upon presentation and surrender of this Right Certificate with the Form of Election to Purchase duly executed. The number of Rights evidenced by this Right Certificate (and the number of one one-thousandths of a Preferred Share which
may be purchased upon exercise hereof) set forth above, and the Purchase Price set forth above, are the number and Purchase Price as of August 27, 2012, based on the Preferred Shares as constituted at such date. As provided in the Agreement,
the Purchase Price and the number of one one-thousandths of a Preferred Share which may be purchased upon the exercise of the Rights evidenced by this Right Certificate are subject to modification and adjustment upon the happening of certain events.

 This Right Certificate is subject to all of the terms, provisions and conditions of the Agreement, which terms, provisions
and conditions are hereby incorporated herein by reference and made a part hereof and to which Agreement reference is hereby made for a full description of the rights, limitations of rights, obligations, duties and immunities hereunder of the Rights
Agent, the Company and the holders of the Right Certificates. Copies of the Agreement are on file at the principal executive offices of the Company and the offices of the Rights Agent. 

This Right Certificate, with or without other Right Certificates, upon surrender at the principal office of the Rights Agent, may be
exchanged for another Right Certificate or Right Certificates of like tenor and date evidencing Rights entitling the holder to purchase a like aggregate number of Preferred Shares as the Rights evidenced by the Right

  
 B-1

 
Certificate or Right Certificates surrendered shall have entitled such holder to purchase. If this Right Certificate shall be exercised in part, the holder shall be entitled to receive upon
surrender hereof another Right Certificate or Right Certificates for the number of whole Rights not exercised. 
 Subject to the
provisions of the Agreement, the Rights evidenced by this Right Certificate (i) may be redeemed by the Company at a redemption price of $.001 per Right or (ii) may be exchanged in whole or in part for Preferred Shares or shares of the
Company’s Common Stock, par value $.10 per share. 
 No fractional Preferred Shares will be issued upon the exercise of any
Right or Rights evidenced hereby (other than fractions which are integral multiples of one one-thousandth of a Preferred Share, which may, at the election of the Company, be evidenced by depositary receipts), but, in lieu thereof, a cash payment
will be made, as provided in the Agreement. 
 No holder of this Right Certificate shall be entitled to vote or receive
dividends or be deemed for any purpose the holder of the Preferred Shares or of any other securities of the Company which may at any time be issuable on the exercise hereof, nor shall anything contained in the Agreement or herein be construed to
confer upon the holder hereof, as such, any of the rights of a stockholder of the Company or any right to vote for the election of directors or upon any matter submitted to stockholders at any meeting thereof, or to give or withhold consent to any
corporate action, or to receive notice of meetings or other actions affecting stockholders (except as provided in the Agreement), or to receive dividends or subscription rights, or otherwise, until the Right or Rights evidenced by this Right
Certificate shall have been exercised as provided in the Agreement. 
 This Right Certificate shall not be valid or obligatory
for any purpose until it shall have been countersigned by the Rights Agent. 
 WITNESS the facsimile signature of the proper
officers of the Company and its corporate seal. 
 Dated as of
            , 201[—]. 
  

							
	 ATTEST:
	 		 	FOREST LABORATORIES, INC.
				
	  
	 		 	 By
	 	  

	 Name:
	 		 		 	Name:
	 Title:
	 		 		 	Title:
				
	 Countersigned:
	 		 		 	

  

			
	 COMPUTERSHARE SHAREOWNER SERVICES LLC, as Rights Agent

		
	 By
	 	  

		 	Name:
		 	Title:

  
 B-2

 Form of Reverse Side of Right Certificate 

  
 B-3

 FORM OF ASSIGNMENT 

(To be executed by the registered holder if such 
 holder desires to transfer the Right Certificate.) 
 FOR VALUE RECEIVED
                             hereby sells, assigns and transfers unto
                                         
                    
  

 
 (Please print name and address of
transferee) 
  
  
 this Right Certificate, together with all right, title and interest therein, and does hereby irrevocably constitute and appoint
                     
 Attorney, to
transfer the within Right Certificate on the books of the within-named Company, with full power of substitution. 
 Dated:
                             

 

                   
                                         
                                         
    

Signature                   
                                         
                             
 Signature Guaranteed: 
 Signatures must be guaranteed by a participant in the
Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s Transfer Agent. 
 The undersigned
hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Agreement) and are not issued with respect to Notional Common Shares
related to a Derivatives Contract described in clause (iv) of the definition of Beneficial Owner (as such terms are defined in the Agreement). 
  

                   
                                         
                                         
    

Signature                   
                                         
                             
 Form of Reverse Side of Right Certificate – continued 

  
 B-4

 FORM OF ELECTION TO PURCHASE 

(To be executed if holder desires to exercise 
 Rights represented by the Right Certificate.) 
 To: FOREST LABORATORIES, INC. 

The undersigned hereby irrevocably elects to exercise
                     Rights represented by this Right Certificate to purchase the Preferred Shares issuable upon the exercise of such
Rights and requests that certificates for such Preferred Shares be issued in the name of: 
 Please insert social security 

or other identifying number 
  

 
 (Please print name and address)

  
  
 If such number of Rights shall not be all the Rights evidenced by this Right Certificate, a new Right Certificate for the balance remaining of such Rights shall be registered in the name of and delivered
to: 
 Please insert social security 

or other identifying number 
  

 
 (Please print name and address)

  
  
 Dated:                        

 

                   
                                         
                                         
    

Signature                   
                                         
                           
 Signature Guaranteed: 
 Signatures must be guaranteed by a participant in the
Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s Transfer Agent. 
 The undersigned
hereby certifies that the Rights evidenced by this Right Certificate are not Beneficially Owned by an Acquiring Person or an Affiliate or Associate thereof (as defined in the Agreement) and are not issued with respect to Notional Common Shares
related to a Derivatives Contract described in clause (iv) of the definition of Beneficial Owner (as such terms are defined in the Agreement). 
                                  
                                         
                                 

Signature                   
                                         
                             

  
 B-5

 NOTICE 
 The signature in the Form of Assignment or Form of Election to Purchase, as the case may be, must conform to the name as written upon the face of this Right Certificate in every particular, without
alteration or enlargement or any change whatsoever. 
 In the event the certification set forth above in the Form of Assignment
or the Form of Election to Purchase, as the case may be, is not completed, the Company and the Rights Agent will deem the Beneficial Owner of the Rights evidenced by this Right Certificate to be an Acquiring Person or an Affiliate or Associate
thereof (as defined in the Agreement) and such Assignment or Election to Purchase will not be honored. 

  
 B-6

 SUMMARY OF RIGHTS TO PURCHASE 

PREFERRED SHARES 

Introduction 
 On
August 27, 2012, the Board of Directors of our Company, Forest Laboratories, Inc., a Delaware corporation, declared a dividend of one Preferred Share Purchase Right (a “Right”) on each outstanding share of common stock, par value $.10
per share. The dividend is payable on September 7, 2012 to the stockholders of record on that date. 
 Our Board has adopted this Rights
Agreement to protect stockholders from coercive or otherwise unfair takeover tactics. In general terms, it works by imposing a significant penalty upon any person or group which acquires 12% (or 20% in the case of a “13G Institutional
Investor,” as defined in the Rights Agreement) or more of our outstanding common stock without the approval of our Board. If a stockholder’s beneficial ownership of our common stock as of the time of the public announcement of the rights
plan and associated dividend declaration is at or above the applicable threshold (including through entry into certain derivative positions), that stockholder’s then-existing ownership percentage would be grandfathered, but the rights would
become exercisable if at any time after such announcement the stockholder increases its ownership percentage by 0.001% or more. The Rights Agreement should not interfere with any merger or other business combination approved by our Board, and the
rights plan also has an exception for an offer for all shares that is accepted by a majority of the Company’s shares and treats all shareholders equally. 
 For those interested in the specific terms of the Rights Agreement as made between our Company and Computershare Shareowner Services LLC, as the Rights Agent, on August 27, 2012, we provide the
following summary description. Please note, however, that this description is only a summary, and is not complete, and should be read together with the entire Rights Agreement, which has been filed with the Securities and Exchange Commission as an
exhibit to a Current Report on Form 8-K filed August 28, 2012 and a Registration Statement on Form 8-A filed August 28, 2012. A copy of the agreement is available free of charge from our Company. 

The Rights. Our Board authorized the issuance of a Right with respect to each outstanding share of common stock as of September 7, 2012. The
Rights will initially trade with, and will be inseparable from, the common stock. The Rights are evidenced only by certificates that represent shares of common stock. New Rights will accompany any new shares of common stock we issue after
September 7, 2012 until the Distribution Date described below. 
 Exercise Price. Each Right will allow its holder to purchase from
our Company one one-thousandth of a share of Series B Junior Participating Preferred Stock (“Preferred Share”) for $100, once the Rights become exercisable. This portion of a Preferred Share will give the stockholder approximately the same
dividend, voting, and liquidation rights as would one share of common stock. Prior to exercise, the Right does not give its holder any dividend, voting, or liquidation rights. 

  
 C-1

 Exercisability. The Rights will not be exercisable until 10 days after the public announcement that a
person or group has become an “Acquiring Person” by obtaining beneficial ownership of 12% (or 20% in the case of a “13G Institutional Investor”) or more of our outstanding common stock. 

Certain synthetic interests in securities created by derivative positions — whether or not such interests are considered to be
ownership of the underlying common stock or are reportable for purposes of Regulation 13D of the Securities Exchange Act — are treated as beneficial ownership of the number of shares of the company’s common stock equivalent to the economic
exposure created by the derivative position, to the extent actual shares of the company’s common stock are directly or indirectly held by counterparties to the derivatives contracts. Swaps dealers unassociated with any control intent or intent
to evade the purposes of the rights plan are excepted from such imputed beneficial ownership. 
 We refer to the date when the
Rights become exercisable as the “Distribution Date.” Until that date, the common stock certificates will also evidence the Rights, and any transfer of shares of common stock will constitute a transfer of Rights. After that date, the
Rights will separate from the common stock and be evidenced by book-entry credits or by Rights certificates that we will mail to all eligible holders of common stock. Any Rights held by an Acquiring Person are null and void and may not be exercised.

 Qualifying Offer Exemption. The rights plan also includes “qualifying offer” provisions, whereby the Rights will
automatically expire concurrently with (but no earlier than 100 days after the commencement of such qualifying offer) the purchase of 50% of our outstanding common stock on a fully diluted basis pursuant to a tender or exchange offer for all of the
outstanding shares of Company common stock at the same price and for the same consideration, provided that the offeror irrevocably commits to purchase all remaining untendered shares at the same price and the same consideration actually paid
pursuant to the offer. 
 Consequences of a Person or Group Becoming an Acquiring Person. 

 

	 	•	 	 Flip In. If a person or group becomes an Acquiring Person, all holders of Rights except the Acquiring Person may, for $100, purchase shares of
our common stock with a market value of $200, based on the market price of the common stock prior to such acquisition. 

  

	 	•	 	 Flip Over. If our Company is later acquired in a merger or similar transaction after the Rights Distribution Date, all holders of Rights except
the Acquiring Person may, for $100, purchase shares of the acquiring corporation with a market value of $200 based on the market price of the acquiring corporation’s stock, prior to such transaction. 

 

	 	•	 	 Notional Shares. Shares held by Affiliates and Associates of an Acquiring Person, and Notional Shares held by counterparties to a Derivatives
Contract with an Acquiring Person, will be deemed to be beneficially owned by the Acquiring Person. 

  
 C-2

 Preferred Share Provisions. 
 Each one one-thousandth of a Preferred Share, if issued: 
  

	 	•	 	 will not be redeemable. 

  

	 	•	 	 will entitle holders to quarterly dividend payments of $.001 per share, or an amount equal to the dividend paid on one share of common stock, whichever
is greater. 

  

	 	•	 	 will entitle holders upon liquidation either to receive $1 per share or an amount equal to the payment made on one share of common stock, whichever is
greater. 

  

	 	•	 	 will have the same voting power as one share of common stock. 

 

	 	•	 	 if shares of our common stock are exchanged via merger, consolidation, or a similar transaction, will entitle holders to a per share payment equal to
the payment made on one share of common stock. 

 The value of one one-thousandth interest in a Preferred Share should
approximate the value of one share of common stock. 
 Expiration. The Rights will expire on August 27, 2015; provided that if our
stockholders have not ratified the Rights Agreement by August 26, 2013, the Rights will expire on such date. In addition, the Rights automatically expire concurrently with (but no earlier than 100 days after the commencement of such qualifying
offer) the purchase of 50% of our outstanding common stock on a fully diluted basis pursuant to a tender or exchange offer for all of the outstanding shares of Company common stock at the same price and for the same consideration, provided that the
offeror irrevocably commits to purchase all remaining untendered shares at the same price and the same consideration actually paid pursuant to the offer. 
 Redemption. Our Board may redeem the Rights for $.001 per Right at any time before any person or group becomes an Acquiring Person. If our Board redeems any Rights, it must redeem all of the
Rights. Once the Rights are redeemed, the only right of the holders of Rights will be to receive the redemption price of $.001 per Right. The redemption price will be adjusted if we have a stock split or stock dividends of our common stock.

 Exchange. After a person or group becomes an Acquiring Person, but before an Acquiring Person owns 50% or more of our outstanding
common stock, our Board may extinguish the Rights by exchanging one share of common stock or an equivalent security for each Right, other than Rights held by the Acquiring Person. 
 Anti-Dilution Provisions. Our Board may adjust the purchase price of the Preferred Shares, the number of Preferred Shares issuable and the number of outstanding Rights to prevent dilution that may
occur from a stock dividend, a stock split, a reclassification of the Preferred Shares or common stock. No adjustments to the Exercise Price of less than 1% will be made. 
 Amendments. The terms of the Rights Agreement may be amended by our Board without the consent of the holders of the Rights. After a person or group becomes an Acquiring Person, our Board may not
amend the agreement in a way that adversely affects holders of the Rights. 

  
 C-3Amended and Restated Credit Agreement

 Execution version 

Published CUSIP Number: 64586RAA6 
 $325,000,000 REVOLVING CREDIT FACILITY 
 AMENDED AND RESTATED CREDIT
AGREEMENT 
 by and among 
 NEW JERSEY RESOURCES CORPORATION 
 and 

EACH OF THE GUARANTORS PARTY HERETO 
 and 
 THE LENDERS PARTY HERETO 

and 
 PNC
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, as Syndication Agents 
 BANK OF AMERICA, N.A., TD BANK, N.A.
and U.S. BANK NATIONAL 
 ASSOCIATION, as Documentation Agents 

and 
 PNC
CAPITAL MARKETS LLC, 
 J.P. MORGAN SECURITIES LLC and WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers 
 Dated as of August 22, 2012 

 TABLE OF CONTENTS 

 

							
	 1.     CERTAIN DEFINITIONS
	  	 	1	  
	 1.1.     Certain Definitions.
	  	 	1	  
	 1.2.     Construction.
	  	 	25	  
	 1.2.1.       Number; Inclusion.
	  	 	25	  
	 1.2.2.       Determination.
	  	 	26	  
	 1.2.3.       Agent’s Discretion and Consent.
	  	 	26	  
	 1.2.4.       Documents Taken as a Whole.
	  	 	26	  
	 1.2.5.       Headings.
	  	 	26	  
	 1.2.6.       Implied References to this Agreement.
	  	 	26	  
	 1.2.7.       Persons.
	  	 	26	  
	 1.2.8.       Modifications to Documents.
	  	 	26	  
	 1.2.9.       From, To and Through.
	  	 	27	  
	 1.2.10.     Shall; Will.
	  	 	27	  
	 1.3.     Accounting Principles.
	  	 	27	  
		
	 2.     REVOLVING CREDIT AND SWING LOAN FACILITIES
	  	 	28	  
	 2.1.     Commitments.
	  	 	28	  
	 2.1.1.     Revolving Credit Loans.
	  	 	28	  
	 2.1.2.     Swing Loan Commitment.
	  	 	28	  
	 2.2.    Nature of Lenders’ Obligations with Respect to Revolving Credit
Loans.
	  	 	28	  
	 2.3.    Commitment Fees.
	  	 	29	  
	 2.4.    Revolving Credit Loan Requests.
	  	 	29	  
	 2.5.    Swing Loan Requests.
	  	 	30	  
	 2.6.    Making Revolving Credit Loans and Swing Loans.
	  	 	30	  
	 2.6.1.     Making Revolving Credit Loans.
	  	 	30	  
	 2.6.2.     Making Swing Loans.
	  	 	30	  
	 2.6.3.     Presumptions by the Agent.
	  	 	31	  
	 2.7.    Swing Loan Note.
	  	 	31	  
	 2.8.    Use of Proceeds.
	  	 	31	  
	 2.9.    Letter of Credit Subfacility.
	  	 	31	  
	 2.9.1.    Issuance of Letters of Credit.
	  	 	31	  
	 2.9.2.    Letter of Credit Fees.
	  	 	32	  
	 2.9.3.    Disbursements, Reimbursement.
	  	 	32	  
	 2.9.4.    Repayment of Participation Advances.
	  	 	33	  
	 2.9.5.    Documentation.
	  	 	34	  
	 2.9.6.    Determinations to Honor Drawing Requests.
	  	 	34	  
	 2.9.7.    Nature of Participation and Reimbursement Obligations.
	  	 	34	  
	 2.9.8.    Indemnity.
	  	 	36	  
	 2.9.9.    Liability for Acts and Omissions.
	  	 	36	  
	 2.10.    Borrowings to Repay Swing Loans.
	  	 	38	  
	 2.11.    Right to Increase Commitments.
	  	 	38	  
	 2.12.    Defaulting Lenders.
	  	 	39	  

							
	 3.    Intentionally Omitted
	  	 	41	  
		
	 4.    INTEREST RATES
	  	 	41	  
	 4.1.    Interest Rate Options.
	  	 	41	  
	 4.1.1.    Revolving Credit Interest Rate Options.
	  	 	41	  
	 4.1.2.    Rate Quotations.
	  	 	42	  
	 4.1.3.    Change in Fees or Interest Rates.
	  	 	42	  
	 4.2.    Interest Periods.
	  	 	42	  
	 4.2.1.    Amount of Borrowing Tranche.
	  	 	43	  
	 4.2.2.    Renewals.
	  	 	43	  
	 4.3.    Interest After Default.
	  	 	43	  
	 4.3.1.    Letter of Credit Fees, Interest Rate.
	  	 	43	  
	 4.3.2.    Other Obligations.
	  	 	43	  
	 4.3.3.    Acknowledgment.
	  	 	43	  
	 4.4.    LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not
Available.
	  	 	43	  
	 4.4.1.    Unascertainable.
	  	 	43	  
	 4.4.2.    Illegality; Increased Costs; Deposits Not Available.
	  	 	44	  
	 4.4.3.    Agent’s and Lenders’ Rights.
	  	 	44	  
	 4.5.    Selection of Interest Rate Options.
	  	 	45	  
		
	 5.    PAYMENTS
	  	 	45	  
	 5.1.    Payments.
	  	 	45	  
	 5.2.    Pro Rata Treatment of Lenders; Sharing of Payments; Agent’s
Presumptions.
	  	 	45	  
	 5.2.1.    Sharing of Payments by Lenders.
	  	 	46	  
	 5.2.2.    Presumptions by the Agent.
	  	 	47	  
	 5.3.    Interest Payment Dates.
	  	 	47	  
	 5.4.    Prepayments.
	  	 	47	  
	 5.4.1.    Voluntary Prepayments.
	  	 	47	  
	 5.4.2.    Replacement of a Lender.
	  	 	48	  
	 5.4.3.    Change of Lending Office.
	  	 	49	  
	 5.5.    Voluntary Commitment Reductions.
	  	 	49	  
	 5.6.    Additional Compensation in Certain Circumstances.
	  	 	50	  
	 5.6.1.    Increased Costs Generally.
	  	 	50	  
	 5.6.2.    Capital Requirements.
	  	 	50	  
	 5.6.3.    Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New
Loans.
	  	 	51	  
	 5.6.4.    Delay in Requests.
	  	 	51	  
	 5.6.5.    Indemnity.
	  	 	51	  
	 5.7.    Interbank Market Presumption.
	  	 	52	  
	 5.8.    Taxes.
	  	 	52	  
	 5.8.1.    Payments Free of Taxes.
	  	 	52	  
	 5.8.2.    Payment of Other Taxes by the Loan Parties.
	  	 	53	  
	 5.8.3.    Indemnification by the Loan Parties.
	  	 	53	  
	 5.8.4.    Indemnification by the Lenders.
	  	 	53	  
	 5.8.5.    Evidence of Payments.
	  	 
	53
	  

  
 -ii-

							
	 5.8.6.    Status of Lenders.
	  	 	54	  
	 5.8.7.    Treatment of Certain Refunds.
	  	 	56	  
	 5.8.8.    Survival.
	  	 	56	  
	 5.9.      Notes.
	  	 	56	  
	 5.10.    Settlement Date Procedures.
	  	 	56	  
		
	 6.     REPRESENTATIONS AND WARRANTIES
	  	 	57	  
	 6.1.     Representations and Warranties.
	  	 	57	  
	 6.1.1.      Organization and Qualification.
	  	 	57	  
	 6.1.2.      Subsidiaries.
	  	 	57	  
	 6.1.3.      Power and Authority.
	  	 	58	  
	 6.1.4.      Validity and Binding Effect.
	  	 	58	  
	 6.1.5.      No Conflict.
	  	 	58	  
	 6.1.6.      Litigation.
	  	 	58	  
	 6.1.7.      Title to Properties.
	  	 	59	  
	 6.1.8.      Historical Statements; No Material Adverse Change.
	  	 	59	  
	 6.1.9.      Use of Proceeds; Margin Stock.
	  	 	60	  
	 6.1.10.    Full Disclosure.
	  	 	60	  
	 6.1.11.    Taxes.
	  	 	60	  
	 6.1.12.    Consents and Approvals.
	  	 	61	  
	 6.1.13.    No Event of Default; Compliance With Instruments.
	  	 	61	  
	 6.1.14.    Patents, Trademarks, Copyrights, Licenses, Etc.
	  	 	61	  
	 6.1.15.    Insurance.
	  	 	61	  
	 6.1.16.    Compliance With Laws.
	  	 	61	  
	 6.1.17.    Material Contracts; Burdensome Restrictions.
	  	 	61	  
	 6.1.18.    Investment Companies; Regulated Entities.
	  	 	62	  
	 6.1.19.    Plans and Benefit Arrangements.
	  	 	62	  
	 6.1.20.    Employment Matters.
	  	 	63	  
	 6.1.21.    Environmental Matters.
	  	 	63	  
	 6.1.22.    Senior Debt Status.
	  	 	64	  
	 6.1.23.    Reserved.
	  	 	64	  
	 6.1.24.    Permitted Related Business Opportunities.
	  	 	64	  
	 6.1.25.    Anti-Terrorism Laws; Executive Order No. 13224.
	  	 	64	  
	 6.2.    Continuation of Representations.
	  	 	65	  
		
	 7.    CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT
	  	 	65	  
	 7.1.    Conditions to First Loans and Letters of Credit.
	  	 	65	  
	 7.1.1.      Officer’s Certificate.
	  	 	65	  
	 7.1.2.      Secretary’s Certificate.
	  	 	65	  
	 7.1.3.      Opinion of Counsel.
	  	 	66	  
	 7.1.4.      Legal Details.
	  	 	66	  
	 7.1.5.      Payment of Fees.
	  	 	66	  
	 7.1.6.      Consents.
	  	 	66	  
	 7.1.7.      Officer’s Certificate Regarding MACs.
	  	 	66	  
	 7.1.8.      No Violation of Laws.
	  	 	67	  
	 7.1.9.      No Actions or Proceedings.
	  	 	67	  
	 7.1.10.    Delivery of Guaranty Agreement.
	  	 	67	  

  
 - iii -

							
	 7.1.11.    Hedging Contract Policies.
	  	 	67	  
	 7.1.12.    Termination of Commitments and Repayment of Outstanding Indebtedness.
	  	 	67	  
	 7.2.    Conditions to Each Additional Loan or Letter of Credit.
	  	 	67	  
		
	 8.    COVENANTS
	  	 	68	  
	 8.1.    Affirmative Covenants.
	  	 	68	  
	 8.1.1.      Preservation of Existence, Etc.
	  	 	68	  
	 8.1.2.      Payment of Liabilities, Including Taxes, Etc.
	  	 	68	  
	 8.1.3.      Maintenance of Insurance.
	  	 	68	  
	 8.1.4.      Maintenance of Properties and Leases.
	  	 	69	  
	 8.1.5.      Maintenance of Patents, Trademarks, Etc.
	  	 	69	  
	 8.1.6.       Visitation Rights.
	  	 	69	  
	 8.1.7.      Keeping of Records and Books of Account.
	  	 	69	  
	 8.1.8.      Plans and Benefit Arrangements.
	  	 	69	  
	 8.1.9.      Compliance With Laws.
	  	 	70	  
	 8.1.10.    Use of Proceeds.
	  	 	70	  
	 8.1.11.    Additional NJR Note Agreements Financial Covenants.
	  	 	70	  
	 8.2.    Negative Covenants.
	  	 	71	  
	 8.2.1.      Indebtedness.
	  	 	71	  
	 8.2.2.      Liens.
	  	 	72	  
	 8.2.3.      Guaranties.
	  	 	72	  
	 8.2.4.      Loans and Investments.
	  	 	73	  
	 8.2.5.      Liquidations, Mergers, Consolidations, Acquisitions.
	  	 	73	  
	 8.2.6.      Dispositions of Assets or Unregulated Subsidiaries.
	  	 	75	  
	 8.2.7.      Affiliate Transactions.
	  	 	75	  
	 8.2.8.      Subsidiaries, Partnerships and Joint Ventures.
	  	 	76	  
	 8.2.9.      Continuation of or Change in Business.
	  	 	76	  
	 8.2.10.    Plans and Benefit Arrangements.
	  	 	76	  
	 8.2.11.    Fiscal Year.
	  	 	76	  
	 8.2.12.    Maximum Leverage Ratio.
	  	 	77	  
	 8.2.13.    Payment of Dividends; Redemptions.
	  	 	77	  
	 8.2.14.    Off-Balance Sheet Financing.
	  	 	77	  
	 8.2.15.     No Violation of Anti-Terrorism Laws.
	  	 	78	  
	 8.3.    Reporting Requirements.
	  	 	78	  
	 8.3.1.      Quarterly Financial Statements.
	  	 	78	  
	 8.3.2.      Annual Financial Statements.
	  	 	79	  
	 8.3.3.      Certificate of the Borrower.
	  	 	79	  
	 8.3.4.      Notice of Default.
	  	 	79	  
	 8.3.5.      Notice of Litigation.
	  	 	79	  
	 8.3.6.      Notice of Change in Debt Rating.
	  	 	80	  
	 8.3.7.      Sale of Assets.
	  	 	80	  
	 8.3.8.      Budgets, Forecasts, Other Reports and Information.
	  	 	80	  
	 8.3.9.      Notices Regarding Plans and Benefit Arrangements.
	  	 	80	  
		
	 9.    DEFAULT
	  	 	82	  
	 9.1.    Events of Default.
	  	 	82	  

  
 -iv-

							
	 9.1.1.      Payments Under Loan Documents.
	  	 	82	  
	 9.1.2.      Breach of Warranty.
	  	 	82	  
	 9.1.3.      Breach of Negative Covenants or Visitation Rights.
	  	 	82	  
	 9.1.4.      Breach of Other Covenants.
	  	 	83	  
	 9.1.5.      Defaults in Other Agreements or Indebtedness.
	  	 	83	  
	 9.1.6.      Final Judgments or Orders.
	  	 	83	  
	 9.1.7.      Loan Document Unenforceable.
	  	 	83	  
	 9.1.8.      Uninsured Losses; Proceedings Against Assets.
	  	 	84	  
	 9.1.9.      Notice of Lien or Assessment.
	  	 	84	  
	 9.1.10.    Insolvency.
	  	 	84	  
	 9.1.11.    Events Relating to Plans and Benefit Arrangements.
	  	 	84	  
	 9.1.12.    Cessation of Business.
	  	 	85	  
	 9.1.13.    Change of Control.
	  	 	85	  
	 9.1.14.    Involuntary Proceedings.
	  	 	85	  
	 9.1.15.    Voluntary Proceedings.
	  	 	85	  
	 9.1.16.    No Limitation on Dividends and Distributions by Subsidiaries.
	  	 	86	  
	 9.2.    Consequences of Event of Default.
	  	 	86	  
	 9.2.1.    Events of Default Other Than Bankruptcy, Insolvency or Reorganization
Proceedings.
	  	 	86	  
	 9.2.2.    Bankruptcy, Insolvency or Reorganization Proceedings.
	  	 	86	  
	 9.2.3.    Set-off.
	  	 	87	  
	 9.2.4.    Suits, Actions, Proceedings.
	  	 	87	  
	 9.2.5.    Application of Proceeds; Collateral Sharing.
	  	 	87	  
	 9.2.6.    Other Rights and Remedies.
	  	 	88	  
		
	 10.    THE AGENT
	  	 	88	  
	 10.1.      Appointment and Authority.
	  	 	88	  
	 10.2.      Rights as a Lender.
	  	 	89	  
	 10.3.      Exculpatory Provisions.
	  	 	89	  
	 10.4.      Reliance by Agent..
	  	 	90	  
	 10.5.      Delegation of Duties.
	  	 	90	  
	 10.6.      Resignation of Agent.
	  	 	90	  
	 10.7.      Non-Reliance on Agent and Other Lenders.
	  	 	91	  
	 10.8.      No Other Duties, etc.
	  	 	91	  
	 10.9.      The Agent’s Fees.
	  	 	92	  
	 10.10.    No Reliance on Agent’s Customer Identification Program.
	  	 	92	  
	 10.11.    Calculations.
	  	 	92	  
	 10.12.    Beneficiaries.
	  	 	92	  
		
	 11.    MISCELLANEOUS
	  	 	93	  
	 11.1.    Modifications, Amendments or Waivers.
	  	 	93	  
	 11.1.1.    Increase of Revolving Credit Commitments; Extension of Expiration
Date.
	  	 	93	  
	 11.1.2.    Extension of Payment; Reduction of Principal, Interest or Fees; Modification of Terms
of Payment.
	  	 	93	  
	 11.1.3.    Release of Guarantor.
	  	 	93	  
	 11.1.4.    Miscellaneous.
	  	 	93	  

  
 -v-

							
	 11.2.    No Implied Waivers; Cumulative Remedies; Writing Required.
	  	 	94	  
	 11.3.    Expenses; Indemnity; Damage Waiver.
	  	 	94	  
	 11.3.1.    Costs and Expenses.
	  	 	94	  
	 11.3.2.    Indemnification by the Borrower.
	  	 	95	  
	 11.3.3.    Reimbursement by Lenders.
	  	 	96	  
	 11.3.4.    Waiver of Consequential Damages, Etc.
	  	 	96	  
	 11.3.5.    Payments.
	  	 	96	  
	 11.4.    Holidays.
	  	 	96	  
	 11.5.    Funding by Branch, Subsidiary or Affiliate.
	  	 	97	  
	 11.5.1.    Notional Funding.
	  	 	97	  
	 11.5.2.    Actual Funding.
	  	 	97	  
	 11.6.      Notices; Lending Offices.
	  	 	98	  
	 11.7.      Severability.
	  	 	98	  
	 11.8.      Governing Law.
	  	 	98	  
	 11.9.      Prior Understanding.
	  	 	99	  
	 11.10.    Duration; Survival.
	  	 	99	  
	 11.11.    Successors and Assigns.
	  	 	99	  
	 11.11.1.    Successors and Assigns Generally.
	  	 	99	  
	 11.11.2.    Assignments by Lenders.
	  	 	100	  
	 11.11.3.    Register.
	  	 	101	  
	 11.11.4.    Participations.
	  	 	102	  
	 11.11.5.    Certain Pledges; Successors and Assigns Generally.
	  	 	103	  
	 11.12.    Confidentiality.
	  	 	103	  
	 11.12.1.    General.
	  	 	103	  
	 11.12.2.     Sharing Information With Affiliates of the Lenders.
	  	 	103	  
	 11.13.    Counterparts.
	  	 	104	  
	 11.14.    Agent’s or Lender’s Consent.
	  	 	104	  
	 11.15.    Exceptions.
	  	 	104	  
	 11.16.    WAIVER OF JURY TRIAL.
	  	 	104	  
	 11.17.    JURISDICTION & VENUE.
	  	 	105	  
	 11.18.    USA Patriot Act Notice.
	  	 	105	  
	 11.19.    Joinder of Guarantors.
	  	 	105	  
	 11.20.    Anti-Money Laundering/International Trade Law Compliance.
	  	 	106	  

  
 -vi-

 LIST OF SCHEDULES AND EXHIBITS 

 

					
	 SCHEDULES
	  		  	
			
	 SCHEDULE 1.1(A)
	  	-	  	PRICING GRID
	 SCHEDULE 1.1(B)
	  	-	  	COMMITMENTS OF LENDERS AND ADDRESSES FOR NOTICES
	 SCHEDULE 1.1(P)
	  	-	  	PERMITTED LIENS
	 SCHEDULE 2.9.1
	  	-	  	EXISTING LETTERS OF CREDIT
	 SCHEDULE 6.1.2
	  	-	  	SUBSIDIARIES
	 SCHEDULE 6.1.12
	  	-	  	CONSENTS AND APPROVALS
	 SCHEDULE 6.1.24
	  	-	  	PERMITTED RELATED BUSINESS OPPORTUNITIES
	 SCHEDULE 8.2.1
	  	-	  	EXISTING INDEBTEDNESS
			
	 EXHIBITS
	  		  	
			
	 EXHIBIT 1.1(A)
	  	-	  	ASSIGNMENT AND ASSUMPTION AGREEMENT
	 EXHIBIT 1.1(G)(1)
	  	-	  	GUARANTOR JOINDER
	 EXHIBIT 1.1(G)(2)
	  	-	  	GUARANTY AGREEMENT
	 EXHIBIT 1.1(R)
	  	-	  	REVOLVING CREDIT NOTE
	 EXHIBIT 1.1(S)
	  	-	  	SWING LOAN NOTE
	 EXHIBIT 2.4
	  	-	  	LOAN REQUEST
	 EXHIBIT 2.5
	  	-	  	SWING LOAN REQUEST
	 EXHIBIT 5.5
	  	-	  	COMMITMENT REDUCTION NOTICE
	 EXHIBIT 5.8.6(A)
	  	-	  	U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 EXHIBIT 5.8.6(B)
	  	-	  	U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes)
	 EXHIBIT 5.8.6(C)
	  	-	  	U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes)
	 EXHIBIT 5.8.6(D)
	  	-	  	U.S. TAX COMPLIANCE CERTIFICATE (For Foreign Lenders That Are Partnerships For U.S. Federal Income Tax Purposes)
	 EXHIBIT 7.1.3(A)
	  	-	  	OPINION OF COUNSEL
	 EXHIBIT 7.1.3(B)
	  	-	  	OPINION OF IN-HOUSE COUNSEL
	 EXHIBIT 8.2.5
	  	-	  	ACQUISITION COMPLIANCE CERTIFICATE
	 EXHIBIT 8.3.3
	  	-	  	COMPLIANCE CERTIFICATE

 AMENDED AND RESTATED CREDIT AGREEMENT 

THIS AMENDED AND RESTATED CREDIT AGREEMENT is dated as of August 22, 2012 and is made by and among NEW JERSEY RESOURCES CORPORATION,
a New Jersey corporation (the “Borrower”), EACH OF THE GUARANTORS (as hereinafter defined), the LENDERS (as hereinafter defined), JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL ASSOCIATION, each in its capacity as a
syndication agent, BANK OF AMERICA, N.A., TD BANK, N.A. and U.S. BANK NATIONAL ASSOCIATION, each in its capacity as a documentation agent, and PNC BANK, NATIONAL ASSOCIATION, in its capacity as administrative agent for the Lenders under this
Agreement (hereinafter referred to in such capacity as the “Agent”). 
 WITNESSETH: 

WHEREAS, the Borrower, the Agent and certain other Persons are parties to the Existing Credit Facility (as defined herein); 

WHEREAS, the Borrower has requested the Lenders to provide a revolving credit facility to the Borrower in an aggregate principal amount
not to exceed $325,000,000; 
 WHEREAS, the revolving credit facility shall be used for refinancing indebtedness under the
Existing Credit Facility and general corporate purposes of the Borrower; and 
 WHEREAS, the Lenders are willing to provide such
revolving credit facility upon the terms and conditions hereinafter set forth; 
 NOW, THEREFORE, the parties hereto, in
consideration of their mutual covenants and agreements hereinafter set forth and intending to be legally bound hereby, covenant and agree as follows: 
 1.     CERTAIN DEFINITIONS 
 1.1. Certain
Definitions. 
 In addition to words and terms defined elsewhere in this Agreement, the following words and terms shall have
the following meanings, respectively, unless the context hereof clearly requires otherwise: 
 Acquired Person shall mean
a Person or business acquired by any Loan Party in a transaction which is a Permitted Acquisition. 
 Acquisition Compliance
Certificate shall have the meaning assigned to such term in Section 8.2.5 [Liquidations, Mergers, Consolidations, Acquisitions]. 
 Affiliate as to any Person shall mean any other Person (i) which directly or indirectly controls, is controlled by, or is under common control with such Person, (ii) which beneficially
owns or holds 10% or more of any class of the voting or other equity interests of such Person, or (iii) 10% or more of any class of voting interests or other equity interests of which is beneficially owned or held, directly or indirectly, by
such Person. Control, as used in 

 
this definition, shall mean 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 ownership of
voting securities, by contract or otherwise, including the power to elect a majority of the directors or trustees of a corporation or trust, as the case may be. 
 Agent shall mean PNC Bank, National Association, in its capacity as administrative agent as described herein, and its successors and assigns. 

Agent’s Fee shall have the meaning assigned to such term in Section 10.9 [Agent’s Fee]. 

Agent’s Letter shall have the meaning assigned to such term in Section 10.9 [Agent’s Fee]. 

Agreement shall mean this Amended and Restated Credit Agreement, as the same may be supplemented or amended from time to time,
including all schedules and exhibits. 
 Anti-Terrorism Laws shall mean any Laws relating to terrorism or money
laundering, including Executive Order No. 13224, the USA Patriot Act, the Laws comprising or implementing the Bank Secrecy Act, and the Laws administered by the United States Treasury Department’s Office of Foreign Asset Control (as any of
the foregoing Laws may from time to time be amended, renewed, extended, or replaced). 
 Applicable Commitment Fee Rate
shall mean the percentage rate per annum at the indicated level of Debt Rating in the pricing grid on Schedule 1.1(A) below the heading “Commitment Fee.” The Applicable Commitment Fee Rate shall be computed in accordance with
the parameters set forth on Schedule 1.1(A), provided however that if New Jersey Natural Gas’ Debt Rating is determined by Fitch, Inc. or any other nationally recognized statistical agency pursuant to the definition of
“Debt Rating” hereunder, the second column (Debt Rating Standard & Poor’s and Moody’s) of the pricing grid set forth on Schedule 1.1(A) shall be modified by the Agent upon written notice to the Borrower to reflect
such replacement of Moody’s or Standard & Poor’s as the applicable rating agencies hereunder and to replace the Debt Rating Levels with the corresponding levels of Fitch or such other nationally recognized statistical agency.

 Applicable Letter of Credit Fee Rate shall mean the percentage rate per annum at the indicated level of Debt Rating in
the pricing grid on Schedule 1.1(A) below the heading “Letter of Credit Fee.” The Applicable Letter of Credit Fee Rate shall be computed in accordance with the parameters set forth on Schedule 1.1(A), provided
however that if New Jersey Natural Gas’ Debt Rating is determined by Fitch, Inc. or any other nationally recognized statistical agency pursuant to the definition of “Debt Rating” hereunder, the second column (Debt Rating
Standard & Poor’s and Moody’s) of the pricing grid set forth on Schedule 1.1(A) shall be modified by the Agent upon written notice to the Borrower to reflect such replacement of Moody’s or Standard &
Poor’s as the applicable rating agencies hereunder and to replace the Debt Rating Levels with the corresponding levels of Fitch or such other nationally recognized statistical agency. 

  
 2 

 Applicable Margin shall mean, as applicable: 

(A) the percentage spread to be added to Base Rate under the Base Rate Option at the indicated level of Debt Rating in the pricing grid
on Schedule 1.1(A) below the heading “Base Rate Spread,” as the same may be modified in accordance with the terms hereof, or 
 (B) the percentage spread to be added to LIBOR Rate under the LIBOR Rate Option at the indicated level of Debt Rating in the pricing grid on Schedule 1.1(A) below the heading “LIBOR Rate
Spread,” as the same may be modified in accordance with the terms hereof. 
 The Applicable Margin shall be computed in
accordance with the parameters set forth on Schedule 1.1(A); provided, however that if New Jersey Natural Gas’ Debt Rating is determined by Fitch, Inc. or any other nationally recognized statistical agency, pursuant
hereto, the second column (Debt Rating Standard & Poor’s and Moody’s) of the pricing grid set forth on Schedule 1.1(A) shall be modified by the Agent upon written notice to the Borrower to reflect such replacement of
Moody’s or Standard & Poor’s as the applicable rating agencies hereunder and to replace the Debt Rating Levels with the corresponding levels of Fitch or such other nationally recognized statistical agency. 

Approved Fund shall mean, with respect to any Lender, any fund 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 such Lender, an Affiliate of such Lender or an entity or an Affiliate of an entity that administers or manages such Lender.

 Assignment and Assumption Agreement shall mean an Assignment and Assumption Agreement by and among a Purchasing
Lender, a Transferor Lender and the Agent, as Agent and on behalf of the remaining Lenders, substantially in the form of Exhibit 1.1(A). 
 Audited Financial Statements shall have the meaning assigned to such term in Section 6.1.8.1 [Historical Statements]. 
 Authorized Officer shall mean those individuals, designated by written notice to the Agent from the Borrower, authorized to execute notices, reports and other documents on behalf of the Loan
Parties required hereunder. The Borrower may amend such list of individuals from time to time by giving written notice of such amendment to the Agent. 
 Base Rate shall mean the greatest of (i) the interest rate per annum announced from time to time by the Agent at its Principal Office as its then prime rate, which rate may not be the lowest
rate then being charged commercial borrowers by the Agent, (ii) the Federal Funds Open Rate plus 1/2% per annum, and (iii) the Daily LIBOR Rate plus 1.00%. 
 Base Rate Option shall mean the option of the Borrower to have Revolving Credit Loans bear interest at the rate and under the terms and conditions set forth in Section 4.1.1(i) [Base Rate
Option]. 
 Benefit Arrangement shall mean at any time an “employee benefit plan,” within the meaning of
Section 3(3) of ERISA, which is neither a Plan, a Multiple Employer Plan, nor a Multiemployer Plan and which is maintained, sponsored or otherwise contributed to by any member of the ERISA Group. 

  
 3 

 Blocked Person shall have the meaning assigned to such term in Subsection 6.1.25
[Anti-Terrorism Laws; Executive Order No. 13224]. 
 Borrower shall mean New Jersey Resources Corporation, a
corporation organized and existing under the laws of the State of New Jersey. 
 Borrowing Date shall mean, with respect
to any Loan, the date for the making thereof or the renewal or conversion thereof at or to the same or a different Interest Rate Option, which shall be a Business Day. 
 Borrowing Tranche shall mean specified portions of Loans outstanding as follows: (i) any Loans to which a LIBOR Rate Option applies which become subject to the same Interest Rate Option under
the same Loan Request by the Borrower and which have the same Interest Period shall constitute one Borrowing Tranche, and (ii) all Loans to which a Base Rate Option applies shall constitute one Borrowing Tranche. 

Business Day shall mean any day other than a Saturday or Sunday or a legal holiday on which commercial banks are authorized or
required to be closed for business in Pittsburgh, Pennsylvania and if the applicable Business Day relates to any Loan to which the LIBOR Rate Option applies, such day must also be a day on which dealings are carried on in the London interbank
market. 
 Change in Law shall mean the occurrence, after the date of this Agreement, of any of the following:
(a) the adoption or taking effect of any Law, (b) any change in any Law or in the administration, interpretation, implementation or application thereof by any Official Body or (c) the making or issuance of any request, rule, guideline
or directive (whether or not having the force of Law) by any Official Body or the compliance therewith by any Lender (or, for purposes of Section 5.6.2 [Capital Requirements], by any lending office of such Lender or such Lender’s holding
company, if any); provided that notwithstanding anything herein to the contrary, (x) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, regulations, guidelines, interpretations or directives thereunder
or issued in connection therewith (whether or not having the force of Law) and (y) all requests, rules, regulations, guidelines, interpretations 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 (whether or not having the force of Law), 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, promulgated or implemented. 
 CIP Regulations shall have the meaning assigned to such
term in Section 10.10 [No Reliance in the Agent’s Customer Identification Program]. 
 Closing Date shall mean
the Business Day on which this Agreement is fully executed and becomes effective. 

  
 4 

 Commercial Letter of Credit shall mean any letter of credit which is issued in
respect of the purchase of goods or services by one or more of the Loan Parties in the ordinary course of their business. 

Commitment shall mean, as to any Lender, its Revolving Credit Commitment and, in the case of the Agent, its Swing Loan Commitment,
and Commitments shall mean the aggregate of the Revolving Credit Commitments and Swing Loan Commitment of all of the Lenders. 
 Commitment Fees collectively and Commitment Fee separately shall have the meaning assigned to such terms in Section 2.3 [Commitment Fees]. 

Commitment Reduction Notice shall have the meaning given to such term in Section 5.5 [Voluntary Commitment Reductions].

 Compliance Certificate shall have the meaning assigned to such term in Section 8.3.3 [Certificate of the
Borrower]. 
 Consolidated Shareholders’ Equity shall mean as of any date of determination the sum of the amounts of
common shareholders’ equity and preferred shareholders’ equity on the balance sheet, prepared in accordance with GAAP, for the Borrower and its Subsidiaries on a consolidated basis as of such date of determination. 

Consolidated Total Capitalization shall mean as of any date of determination the sum of (i) Consolidated Total Indebtedness,
plus (ii) Consolidated Shareholders’ Equity. 
 Consolidated Total Indebtedness shall mean as of any date of
determination total Indebtedness (excluding non-recourse Indebtedness of Project Subsidiaries), without duplication, of the Borrower and its Subsidiaries. 
 Contamination shall mean the presence or release or threat of release of Regulated Substances in, on, under or migrating to or from the Property, which pursuant to Environmental Laws requires
notification or reporting to an Governmental Body, or which pursuant to Environmental Laws requires the performance of a Remedial Action or which otherwise constitutes a violation of Environmental Laws. 

Daily LIBOR Rate shall mean for any day, the rate per annum determined by the Agent by dividing (i) the Published Rate by
(ii) a number equal to 1.00 minus the LIBOR Rate Reserve Percentage on such day. 
 Debt Rating shall mean the
rating of New Jersey Natural Gas’s senior secured long-term debt by each of Standard & Poor’s and Moody’s; provided, however, at the option of the Borrower from time to time and with the consent of the Agent
which will not be unreasonably withheld or delayed, either or both Standard & Poor’s and Moody’s shall be replaced by Fitch, Inc. or any other nationally recognized statistical rating agency that is then rating New Jersey Natural
Gas’ senior secured Indebtedness. 

  
 5 

 Defaulting Lender shall mean any Lender that (a) has failed, within two Business
Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swing Loans or (iii) pay over to the Agent, the Issuing Lender, PNC Bank (as the
Lender of Swing Loans) or any Lender any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the 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 the Agent in writing, or has made a public statement to the
effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender’s good faith determination that a
condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed,
within two Business Days after request by the Agent, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to
fund prospective Loans and participations in then outstanding Letters of Credit and Swing Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon the Agent’s
receipt of such certification in form and substance satisfactory to the Agent, (d) has become the subject of a Bankruptcy Event or (e) has failed at any time to comply with the provisions of this Agreement with respect to purchasing
participation interests in Obligations from the other Lenders, whereby such Lender’s share of any payment received, whether by setoff or otherwise, is in excess of its Ratable Share of such payments due and payable to all of the Lenders.

 As used in this definition and in Section 2.12 [Defaulting Lenders], the term “Bankruptcy Event” means, with
respect to any Person, such Person or such Person’s direct or indirect parent company 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 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 ownership interest, or the acquisition of any ownership interest, in such Person or such Person’s direct or
indirect parent company by an Governmental Body or instrumentality thereof if, and only if, 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 Body or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

Dollar, Dollars, U.S. Dollars and the symbol $ shall mean lawful money of the United States of America. 

Drawing Date shall have the meaning assigned to such term in Section 2.9.3.2. 

Environmental Complaint shall mean any (i) written notice of non-compliance or violation, citation or order relating in any
way to any Environmental Law, Environmental Permit, 

  
 6 

 
Contamination or Regulated Substance; (ii) civil, criminal, administrative or regulatory investigation instituted by an Governmental Body relating in any way to any Environmental Law,
Environmental Permit, Contamination or Regulated Substance; (iii) administrative, regulatory or judicial action, suit, claim or proceeding instituted by any Person or Governmental Body or any other written notice of liability or potential
liability from any Person or Governmental Body, in either instance, relating to or setting forth allegations or a cause of action for personal injury (including but not limited to death), property damage, natural resource damage, contribution or
indemnity for the costs associated with the performance of Remedial Actions, direct recovery for the costs associated with the performance of Remedial Actions, liens or encumbrances attached to or recorded or levied against property for the costs
associated with the performance of Remedial Actions, civil or administrative penalties, criminal fines or penalties or declaratory or equitable relief arising under any Environmental Laws; or (iv) subpoena, request for information or other
written notice or demand of any type issued by an Governmental Body pursuant to any Environmental Laws. 
 Environmental
Laws shall mean all federal, tribal, state, local and foreign Laws (including, but not limited to, the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. §§ 9601 et seq., the Resource Conservation and
Recovery Act, 42 U.S.C. § 6901 et seq., the Hazardous Materials Transportation Act, 49 U.S.C. § 1801 et seq., the Toxic Substances Control Act, 15 U.S.C. § 2601 et seq., the Federal Water Pollution Control Act, 33
U.S.C. §§ 1251 et seq., the Federal Safe Drinking Water Act, 42 U.S.C. §§ 300f-300j, the Federal Air Pollution Control Act, 42 U.S.C. § 7401 et seq., the Oil Pollution Act, 33 U.S.C. § 2701 et seq.,
the Federal Insecticide, Fungicide and Rodenticide Act, 7 U.S.C. §§ 136 to 136y, the Occupational Safety and Health Act, 29 U.S.C. § 651 et seq., each as amended, and any regulations promulgated or any equivalent state or
local Law, and any amendments thereto) and any final, non-appealable consent decrees, consent orders, consent agreements, settlement agreements, judgments or orders, or binding directives, policies or programs, issued by or entered into with an
Governmental Body pertaining or relating to: (i) pollution or pollution control; (ii) protection of human health from exposure to Regulated Substances; (iii) protection of the environment and/or natural resources; (iv) protection
of employee safety in the workplace and protection of employees from exposure to Regulated Substances in the workplace (but excluding workers compensation and wage and hour Laws); (v) the presence, use, management, generation, manufacture,
processing, extraction, treatment, recycling, refining, reclamation, labeling, sale, transport, storage, collection, distribution, disposal or release or threat of release of Regulated Substances; (vi) the presence of Contamination;
(vii) the protection of endangered or threatened species; and (viii) the protection of Environmentally Sensitive Areas. 
 Environmental Permits shall mean all permits, licenses, bonds or other forms of financial assurances, waivers, exemptions, consents, registrations, identification numbers, approvals or
authorizations required under Environmental Laws (i) to own, occupy or maintain the Property; (ii) for the operations and business activities of any Loan Party; or (iii) for the performance of a Remedial Action. 

Environmentally Sensitive Area shall mean (i) any wetland as defined by applicable Environmental Laws; (ii) any area
designated as a coastal zone pursuant to applicable Laws, including Environmental Laws; (iii) any area of historic or archeological significance or scenic area as defined or designated by applicable Laws, including Environmental Laws;

  
 7 

 
(iv) habitats of endangered species or threatened species as designated by applicable Laws, including Environmental Laws; or (v) a floodplain or other flood hazard area as defined
pursuant to any applicable Laws. 
 ERISA shall mean the Employee Retirement Income Security Act of 1974, as the same may
be amended or supplemented from time to time, and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 
 ERISA Group shall mean the Borrower and all members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control and all other entities
which, together with the Borrower, are treated as a single employer under Section 414 of the Internal Revenue Code. 

Event of Default shall mean any of the events described in Section 9.1 [Events of Default] and referred to therein as an
“Event of Default.” 
 Excluded Taxes shall mean 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, (i) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (a) 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 (b) that are Other
Connection Taxes, (ii) 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 (a) such Lender acquires such interest in such Loan or Commitment (other than pursuant to an assignment request by the Borrower under Section 5.4.2 [Replacement of a Lender]) or (b) such Lender changes its lending
office, except in each case to the extent that, pursuant to Section 5.8 [Taxes], amounts with respect to such Taxes were payable either to such Lender’s assignor immediately before such Lender became a party hereto or to such Lender
immediately before it changed its lending office, (iii) Taxes attributable to such Recipient’s failure to comply with Section 5.8.6 [Status of Lenders], and (iv) any U.S. federal withholding Taxes imposed under FATCA (except to
the extent imposed due to the failure of the Borrower to provide documentation or information to the IRS). 
 Executive Order
No. 13224 shall mean the Executive Order No. 13224 on Terrorist Financing, effective September 24, 2001, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

Existing Credit Facility shall mean that certain Credit Agreement among the Borrower, the guarantors party thereto, the banks
party thereto, JPMorgan Chase Bank, N.A. and Bank of America, N.A., each in its capacity as a syndication agent, Citibank, N.A. and The Bank of Nova Scotia, each in its capacity as a documentation agent, and PNC Bank, National Association, in its
capacity as administrative agent for the “banks” party thereto, dated December 13, 2007 (as amended by that certain Amendment to Credit Agreement dated as of March 18, 2011). 

  
 8 

 Existing Letters of Credit shall have the meaning assigned to such term in
Section 2.9.1 [Issuance of Letters of Credit]. 
 Expiration Date shall mean August 22, 2017. 

FATCA shall mean Sections 1471 through 1474 of the Internal Revenue Code, as of the date of this Agreement (or any amended or
successor version that is substantively comparable and not materially more onerous to comply with) and any current or future regulations or official interpretations thereof and any agreements entered into pursuant to Section 1471(b)(1) of the
Code. 
 Federal Funds Effective Rate for any day shall mean the rate per annum (based on a year of 360 days and actual
days elapsed and rounded upward to the nearest 1/100 of 1%) announced by the Federal Reserve Bank of New York (or any successor) on such day as being the weighted average of the rates on overnight federal funds transactions arranged by federal funds
brokers on the previous trading day, as computed and announced by such Federal Reserve Bank (or any successor) in substantially the same manner as such Federal Reserve Bank computes and announces the weighted average it refers to as the
“Federal Funds Effective Rate” as of the date of this Agreement; provided, if such Federal Reserve Bank (or its successor) does not announce such rate on any day, the “Federal Funds Effective Rate” for such day shall be
the Federal Funds Effective Rate for the last day on which such rate was announced. 
 Federal Funds Open Rate for any
day shall mean the rate per annum (based on a year of 360 days and actual days elapsed) which is the daily federal funds open rate as quoted by ICAP North America, Inc. (or any successor) as set forth on the Bloomberg Screen BTMM for that day
opposite the caption “OPEN” (or on such other substitute Bloomberg Screen that displays such rate), or as set forth on such other recognized electronic source used for the purpose of displaying such rate as selected by the Agent (for
purposes of this definition, an “Alternate Source”) (or if such rate for such day does not appear on the Bloomberg Screen BTMM (or any substitute screen) or on any Alternate Source, or if there shall at any time, for any reason, no
longer exist a Bloomberg Screen BTMM (or any substitute screen) or any Alternate Source, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error); provided
however, that if such day is not a Business Day, the Federal Funds Open Rate for such day shall be the “open” rate on the immediately preceding Business Day. If and when the Federal Funds Open Rate changes, the rate of interest with
respect to any advance to which the Federal Funds Open Rate applies will change automatically without notice to the Borrower, effective on the date of any such change. 
 Foreign Lender shall mean (a) if the Borrower is a U.S. Person, a Lender that is not a U.S. Person, and (b) if the Borrower is not a U.S. Person, a Lender that is resident or organized
under the Laws of a jurisdiction other than that in which the Borrower is resident for tax purposes. 
 GAAP shall mean
generally accepted accounting principles as are in effect in the United States from time to time, subject to the provisions of Section 1.3 [Accounting Principles], and applied on a consistent basis both as to classification of items and
amounts. 

  
 9 

 Governmental Body shall mean any government, political subdivision, agency or other
body described in clause (a) or (b) of the definition of “Official Body.” 
 Guarantor shall mean
each of the parties to this Agreement which is designated as a “Guarantor” on the signature page hereof and each other Person which joins this Agreement as a Guarantor after the date hereof pursuant to Section 11.19 [Joinder of
Guarantors]; provided, however, that the Project Subsidiaries shall not be designated as a “Guarantor” nor required to join this Agreement as a Guarantor pursuant to Section 11.19 [Joinder of Guarantors]. 

Guarantor Joinder shall mean a joinder by a Person as a Guarantor under this Agreement, the Guaranty Agreement and the other Loan
Documents in the form of Exhibit 1.1(G)(1). 
 Guaranty of any Person shall mean any obligation of such
Person guaranteeing or in effect guaranteeing any liability or obligation of any other Person in any manner, whether directly or indirectly, including any agreement to indemnify or hold harmless any other Person, any performance bond or other
suretyship arrangement and any other form of assurance against loss, except endorsement of negotiable or other instruments for deposit or collection in the ordinary course of business. 

Guaranty Agreement shall mean the Guaranty and Suretyship Agreement in substantially the form of Exhibit 1.1(G)(2) executed
and delivered by each of the Guarantors to the Agent for the benefit of the Lenders and IRH Providers. 
 Hedging Contract
Policies shall mean the written internal policies and procedures with respect to hedging or trading of gas contracts or other commodity, hedging contracts of any kind, or any derivatives or other similar financial instruments of the Borrower and
its Subsidiaries, as in effect on the date of this Agreement, a copy of which has been delivered to the Agent and each Lender. 

Hedging Transaction shall mean any transaction entered into by a Loan Party or any of its Subsidiaries in accordance with the
Hedging Contract Policies, as the same may be amended, restated, modified, or supplemented from time to time. 
 Historical
Statements shall have the meaning assigned to such term in Section 6.1.8.1(a) [Historical Statements]. 
 Hybrid
Security shall mean any of the following: (i) beneficial interests issued by a trust which constitutes a Subsidiary of any Loan Party, substantially all of the assets of which trust are unsecured Indebtedness of any Loan Party or any
Subsidiary of any Loan Party or proceeds thereof, and all payments of which Indebtedness are required to be, and are, distributed to the holders of beneficial interests in such trust promptly after receipt by such trust, or (ii) any shares of
capital stock or other equity interest that, other than solely at the option of the issuer thereof, by their terms (or by the terms of any security into which they are convertible or exchangeable) are, or upon the happening of an event or the
passage of time would be, required to be redeemed or repurchased, in whole or in part, or have, or upon the happening of an event or the passage of time would have, a redemption or similar payment. 

  
 10 

 Inactive Subsidiary shall have the meaning given in Section 6.1.2
[Subsidiaries]. 
 Incorporated Covenant shall have the meaning given in Section 8.1.11 [Additional NJR Note
Agreements Financial Covenants]. 
 Indebtedness shall mean, as to any Person at any time, any and all indebtedness,
obligations or liabilities (whether matured or unmatured, liquidated or unliquidated, direct or indirect, absolute or contingent, or joint or several) of such Person for or in respect of: (i) borrowed money, (ii) amounts raised under or
liabilities in respect of any note purchase or acceptance credit facility, (iii) reimbursement obligations (contingent or otherwise) under any letter of credit, currency swap agreement, interest rate swap, cap, collar or floor agreement or
other interest rate or currency exchange rate management device, (iv) any other transaction (including forward sale or purchase agreements, capitalized leases and conditional sales agreements) having the commercial effect of a borrowing of
money entered into by such Person to finance its operations or capital requirements (but not including off-balance sheet transactions which are addressed in Section 8.2.14 [Off-Balance Sheet Financing] and trade payables and accrued expenses
incurred in the ordinary course of business which are not represented by a promissory note or other evidence of indebtedness and which are not more than sixty (60) days past due), (v) any Hedging Transaction, to the extent that any net
indebtedness, obligations or liabilities of such Person in respect thereof constitutes “indebtedness” as determined in accordance with GAAP, (vi) any Guaranty of any Hedging Transaction described in the immediately preceding clause
(v), (vii) any Guaranty of Indebtedness for borrowed money, (viii) any Hybrid Security described in clause (i) of the definition of Hybrid Security, or (ix) the mandatory repayment obligation of the issuer of any Hybrid Security
described in clause (ii) of the definition of Hybrid Security. 
 Indemnified Taxes shall mean (i) Taxes, other
than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document, and (ii) to the extent not otherwise described in the preceding clause (i), Other Taxes.

 Insolvency Proceeding shall mean, with respect to any Person, (a) a case, action or proceeding with respect to
such Person (i) before any court or any other Governmental Body under any bankruptcy, insolvency, reorganization or other similar Law now or hereafter in effect, or (ii) for the appointment of a receiver, liquidator, assignee, custodian,
trustee, sequestrator, conservator (or similar official) of such Person or otherwise relating to the liquidation, dissolution, winding-up or relief of such Person, or (b) any general assignment for the benefit of creditors, composition,
marshaling of assets for creditors, or other, similar arrangement in respect of such Person’s creditors generally or any substantial portion of its creditors; undertaken under any Law. 

Interest Period shall mean the period of time selected by the Borrower in connection with (and to apply to) any election permitted
hereunder by the Borrower to have Revolving Credit Loans bear interest under the LIBOR Rate Option. Subject to the last sentence of this definition, such period shall be one, two, three or six Months, and solely with approval of the Agent a shorter
period. Such Interest Period shall commence on the effective date of such Interest Rate Option, which shall be (i) the Borrowing Date if the Borrower is requesting new 

  
 11 

 
Loans, or (ii) the date of renewal of or conversion to the LIBOR Rate Option if the Borrower is renewing or converting to the LIBOR Rate Option applicable to outstanding Loans.
Notwithstanding the second sentence hereof: (A) any Interest Period which would otherwise end on a date which is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in the next calendar month,
in which case such Interest Period shall end on the next preceding Business Day, and (B) the Borrower shall not select, convert to or renew an Interest Period for any portion of the Loans that would end after the Expiration Date. 

IRH Provider shall have the meaning assigned to such term in Section 9.2.5.2 [Collateral Sharing]. 

IRS shall mean the United States Internal Revenue Service. 

Interest Rate Hedge shall mean an interest rate exchange, collar, cap, swap, adjustable strike cap, adjustable strike corridor or
similar agreements entered into by the Loan Parties or their Subsidiaries in order to provide protection to, or minimize the impact upon, the Borrower, any other Loan Party and/or their Subsidiaries of increasing floating rates of interest
applicable to Indebtedness. 
 Interest Rate Option shall mean any LIBOR Rate Option or Base Rate Option. 

Internal Revenue Code shall mean the Internal Revenue Code of 1986, as the same may be amended or supplemented from time to time,
and any successor statute of similar import, and the rules and regulations thereunder, as from time to time in effect. 

Investment shall have the meaning assigned to such term in Section 8.2.4 [Loans and Investments]. 

ISP 98 shall have the meaning assigned to such term in Section 11.8 [Governing Law]. 

Issuing Lender shall mean the Lender issuing Letters of Credit hereunder. 

Labor Contracts shall mean all employment agreements, employment contracts, collective bargaining agreements and other agreements
among any Loan Party or Subsidiary of a Loan Party and unions representing employees of any Loan Party or any such Subsidiary. 

Law shall mean any law (including common law), constitution, statute, treaty, regulation, rule, ordinance, opinion, release,
ruling, order, injunction, writ, decree, bond, judgment, authorization or approval, lien or award of or settlement agreement with any Official Body. 
 Lender Provided Interest Rate Hedge shall mean an Interest Rate Hedge which is provided by an IRH Provider and that meets the following requirements: such Interest Rate Hedge (i) is documented
in a standard International Swap Dealer Association Agreement, (ii) provides for the method of calculating the reimbursable amount of the provider’s credit exposure in a reasonable and customary manner, and (iii) is entered into for
hedging (rather than speculative) purposes. The liabilities of the Loan Parties to the provider of any Lender Provided 

  
 12 

 
Interest Rate Hedge shall be “Obligations” hereunder, guaranteed obligations under the Guaranty Agreement and otherwise treated as Obligations for purposes of each of the other Loan
Documents. 
 Lenders shall mean the financial institutions named on Schedule 1.1(B), any Person that becomes a
Lender pursuant to Section 2.11 [Right to Increase Commitment], and their respective successors and assigns as permitted hereunder, each of which is referred to herein as a Lender. 

Letter of Credit shall have the meaning assigned to such term in Section 2.9.1 [Issuance of Letters of Credit]. 

Letter of Credit Borrowing shall have the meaning assigned to such term in Section 2.9.3.4. 

Letter of Credit Fee shall have the meaning assigned to such term in Section 2.9.2 [Letter of Credit Fees]. 

Letter of Credit Outstandings shall mean at any time the sum of (i) the aggregate undrawn face amount of outstanding Letters
of Credit, and (ii) the aggregate amount of all unpaid and outstanding Reimbursement Obligations and Letter of Credit Borrowings. 
 Letter of Credit Sublimit shall mean $75,000,000.00. 
 LIBOR Rate
shall mean, with respect to the Loans comprising any Borrowing Tranche to which the LIBOR Rate Option applies for any Interest Period, the interest rate per annum determined by the Agent by dividing (the resulting quotient rounded upwards, if
necessary, to the nearest 1/100th of 1% per annum) (i) the rate which appears on the Bloomberg Page BBAM1 (or on such other substitute Bloomberg page that displays rates at which US dollar deposits are offered by leading banks in the
London interbank deposit market), or the rate which is quoted by another source selected by the Agent which has been approved by the British Bankers’ Association as an authorized information vendor for the purpose of displaying rates at which
U.S. Dollar deposits are offered by leading banks in the London interbank deposit market (an “Alternate Source”), at approximately 11:00 a.m., London time, two (2) Business Days prior to the commencement of such Interest
Period as the London interbank offered rate for U.S. Dollars for an amount comparable to such Borrowing Tranche and having a borrowing date and a maturity comparable to such Interest Period (or if there shall at any time, for any reason, no longer
exist a Bloomberg Page BBAM1 (or any substitute page) or any Alternate Source, a comparable replacement rate determined by the Agent at such time (which determination shall be conclusive absent manifest error)), by (ii) a number equal to 1.00
minus the LIBOR Rate Reserve Percentage. LIBOR Rate may also be expressed by the following formula: 
 London interbank offered
rate quoted 
 by Bloomberg or appropriate successor as shown on 

 

					
	LIBOR Rate =	 	Bloomberg Page BBAM1	 	 
		 	1.00 - LIBOR Rate Reserve Percentage	 	

  

  
 13 

 The LIBOR Rate shall be adjusted with respect to any Loan to which the LIBOR Rate Option
applies that is outstanding on the effective date of any change in the LIBOR Rate Reserve Percentage as of such effective date. The Agent shall give prompt notice to the Borrower of the LIBOR Rate as determined or adjusted in accordance herewith,
which determination shall be conclusive absent manifest error. 
 LIBOR Rate Option shall mean the option of the Borrower
to have Loans bear interest at the rate and under the terms set forth in Section 4.1.1(ii) [LIBOR Rate Option]. 
 LIBOR
Rate Reserve Percentage shall mean as of any day the maximum percentage in effect on such day, as prescribed by the Board of Governors of the Federal Reserve System (or any successor) for determining the reserve requirements (including
supplemental, marginal and emergency reserve requirements) with respect to eurocurrency funding (currently referred to as “Eurocurrency Liabilities”). 
 Lien shall mean any mortgage, deed of trust, pledge, lien, security interest, charge or other encumbrance or security arrangement of any nature whatsoever, whether voluntarily or involuntarily
given, including any conditional sale or title retention arrangement, and any assignment, deposit arrangement or lease intended as, or having the effect of, security and any filed financing statement or other notice of any of the foregoing (whether
or not a lien or other encumbrance is created or exists at the time of the filing). 
 LLC Interests shall have the
meaning given to such term in Section 6.1.2 [Subsidiaries]. 
 Loan Documents shall mean this Agreement, the
Agent’s Letter, the Guaranty Agreement, the Notes (if any) and any other instruments, certificates or documents delivered or contemplated to be delivered hereunder or thereunder or in connection herewith or therewith, as the same may be
supplemented or amended from time to time in accordance herewith or therewith, and Loan Document shall mean any of the Loan Documents. 
 Loan Parties shall mean the Borrower and the Guarantors. 
 Loan
Request shall mean a request for a Revolving Credit Loan or a request to select, convert to or renew a Base Rate Option or LIBOR Rate Option with respect to an outstanding Revolving Credit Loan in accordance with Sections 2.4 [Revolving Credit
Loan Requests], 2.5 [Swing Loan Requests], 4.1 [Interest Rate Options] and 4.2 [Interest Periods]. 
 Loans shall mean
collectively and Loan shall mean separately all Revolving Credit Loans and Swing Loans or any Revolving Credit Loan or Swing Loan. 
 Material Adverse Change shall mean any set of circumstances or events which (i) has or could reasonably be expected to have any material adverse effect whatsoever upon the validity or
enforceability of this Agreement or any other Loan Document, (ii) is or could reasonably be expected to be material and adverse to the business, properties, assets, financial condition, results of operations or prospects of the Loan Parties
taken as a whole, (iii) impairs materially or could reasonably be expected to impair materially the ability of the Loan Parties taken as a whole to duly and punctually pay and perform the Obligations in accordance with the

  
 14 

 
Loan Documents, or (iv) impairs materially or could reasonably be expected to impair materially the ability of the Agent or any of the Lenders, to the extent permitted, to enforce their
legal remedies pursuant to this Agreement or any other Loan Document. 
 Month, with respect to an Interest Period under
the LIBOR Rate Option, shall mean the interval between the days in consecutive calendar months numerically corresponding to the first day of such Interest Period. If any LIBOR Rate Interest Period begins on a day of a calendar month for which there
is no numerically corresponding day in the month in which such Interest Period is to end, the final month of such Interest Period shall be deemed to end on the last Business Day of such final month. 

Moody’s shall mean Moody’s Investors Service, Inc. and its successors. 

Mortgage Indenture shall mean that certain Indenture of Mortgage and Deed of Trust dated April 1, 1952 from New Jersey
Natural Gas Company to BNY Midwest Trust Company, as successor to Harris Trust and Savings Bank, Trustee, as heretofore and hereafter amended, modified and supplemented. 
 Multiemployer Plan shall mean any “employee benefit plan” within the meaning of Section 3(3) of ERISA, which is a “multiemployer plan” within the meaning of
Section 4001(a)(3) of ERISA and to which the Borrower or any member of the ERISA Group is then making or accruing an obligation to make contributions or, solely for the purposes of Section 6.1.19 [Plans and Benefit Arrangements], within
the preceding five Plan years, has made or had an obligation to make such contributions. 
 Multiple Employer Plan shall
mean a Plan which has two or more contributing sponsors (at least one of which is the Borrower or any member of the ERISA Group) at least two of whom are not under common control, as such a plan is described in Sections 4063 and 4064 of ERISA.

 New Jersey Natural Gas shall mean New Jersey Natural Gas Company, a corporation organized and existing under the laws
of the State of New Jersey, which corporation is a Subsidiary of the Borrower. 
 NJNG Credit Agreement shall mean that
certain Credit Agreement, dated as of August 24, 2011, among New Jersey Natural Gas, as the borrower, JPMorgan Chase Bank, N.A. as syndication agent and U.S. Bank National Association, TD Bank, N.A. and Wells Fargo Bank, National Association
each as a documentation agent, PNC Bank, National Association, as the administrative agent, and the “lenders” party thereto, as the same has been amended and may be further restated, amended, modified or supplemented from time to time.

 NJR 2007 Note Agreement shall mean the unsecured Note Purchase Agreement, dated September 24, 2007, by and among
the Borrower and the purchasers party thereto, as the same may be restated, amended, modified or supplemented from time to time. 
 NJR 2007 Notes shall mean the unsecured Indebtedness issued by the Borrower pursuant to the NJR 2007 Note Agreement. 

  
 15 

 NJR Note Agreements shall mean, collectively, the NJR 2007 Note Agreement, the NJR
Shelf Note Agreements and any refinancings, renewals or replacements thereof, or other unsecured private placement note agreements, permitted under Section 8.2.1(ix), (x) or (xiii) (as applicable). 

NJR Notes shall mean, collectively, the NJR 2007 Note, the NJR Shelf Notes and any refinancings, renewals or replacements thereof,
or other unsecured private placement notes, permitted under Section 8.2.1(ix) or (x) (as applicable). 
 NJR Shelf
Note Agreements shall mean each of the following: (a) the unsecured $100,000,000 Shelf Note Purchase Agreement dated as of May 12, 2011, by and between NJR and Metropolitan Life Insurance Company; and (b) the unsecured $75,000,000
Shelf Note Purchase Agreement dated as of June 30, 2011, by and between NJR and Prudential Investment Management, Inc., in each case, as the same may be restated, amended, modified or supplemented from time to time. 

NJR Shelf Notes shall mean the unsecured Indebtedness issued by the Borrower pursuant to the NJR Shelf Note Agreements.

 Non-Consenting Lender has the meaning assigned to such term in Section 11.1.4 [Miscellaneous]. 

Notes shall mean the Revolving Credit Notes and Swing Loan Note, if any. 

Notices shall have the meaning assigned to such term in Section 11.6 [Notices, Lending Offices]. 

Obligations shall mean any obligation or liability of any of the Loan Parties to the Agent or any of the Lenders, howsoever
created, arising or evidenced, whether direct or indirect, absolute or contingent, now or hereafter existing, or due or to become due, under or in connection with this Agreement, any Notes, the Letters of Credit, the Agent’s Letter or any other
Loan Document. Obligations shall include, to the extent set forth in the definitions of “Lender Provided Interest Hedge” and “Other Lender Provided Financial Service Product”, the liabilities to any Lender (or any Affiliate
thereof) under any Lender Provided Interest Rate Hedge and any Other Lender Provided Financial Service Product. 
 Official
Body shall mean (a) the government of the United States of America or any other nation, or of any political subdivision thereof, whether state or local, (b) 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
(c) any group or body charged with setting regulatory capital rules or standards (including, without limitation, the Bank for International Settlements or the Basel Committee on Banking Supervision or any successor or similar authority to any
of the foregoing). 
 Order shall have the meaning assigned to such term in Section 2.9.9 [Liability for Acts and
Omissions]. 

  
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 Other Connection Taxes shall mean, with respect to any Recipient, Taxes imposed as a
result of such Recipient conducting or having conducted a sufficient level of ongoing business or income-generating activity in the jurisdiction imposing such Tax to subject it to tax generally on the income or privilege of doing business or
unretained earnings associated with such activity (but, without broadening the scope of the foregoing, not including any Tax imposed as a result of such Recipient having executed, delivered, become a party to, performed its obligations under,
received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Documents, or sold or assigned an interest in any Loan or Loan Document). 

Other Lender Provided Financial Service Product shall mean agreements or other arrangements under which any Lender or Affiliate of
a Lender provides any of the following products or services to the Borrower: (a) credit cards, (b) credit card processing services, (c) debit cards, (d) purchase cards, (e) ACH transactions, (f) cash management,
including controlled disbursement, accounts or services, or (g) foreign currency exchange. The liabilities of the Borrower to the provider of any Other Lender Provided Financial Service Product shall be “Obligations” for the purposes
of Section 5.2.1 [Sharing of Payments by Lenders] and any collateral security for the Obligations hereafter granted under the Loan Documents. 
 Other Taxes shall mean all present or future stamp, court or documentary, intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery,
performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment
(other than an assignment made pursuant to Section 5.4.2 [Replacement of a Lender]). 
 Participant shall have the
meaning assigned to such term in Section 11.11.4 [Participations]. 
 Participation Advance shall mean, with respect
to any Lender, such Lender’s payment in respect of its participation in a Letter of Credit Borrowing according to its Ratable Share pursuant to Section 2.9.3.4. 
 Partnership Interests shall have the meaning given to such term in Section 6.1.2 [Subsidiaries]. 
 PBGC shall mean the Pension Benefit Guaranty Corporation established pursuant to Subtitle A of Title IV of ERISA or any successor. 

Permitted Acquisitions shall have the meaning assigned to such term in Section 8.2.5 [Liquidations, Mergers, Consolidations,
Acquisitions]. 
 Permitted Investments shall mean: 

(i) direct obligations of the United States of America or any agency or instrumentality thereof or obligations backed by the full faith
and credit of the United States of America maturing in twelve (12) months or less from the date of acquisition; 

  
 17 

 (ii) repurchase agreements having a duration of not more than sixty (60) days that are
collateralized by full faith and credit obligations of the United States Government or obligations guaranteed by the United States Government and its agencies; 
 (iii) interests in investment companies registered under the Investment Company Act of 1940, as amended (or in a separate portfolio of such an investment company), that invest primarily in full faith and
credit obligations of the United States Government or obligations guaranteed by the United States Government and its agencies and repurchase agreements collateralized by such obligations; 

(iv) time deposits with any office located in the United States of the Lenders or any other bank or trust company which is organized
under the laws of the United States and has combined capital, surplus and undivided profits of not less than $500,000,000 or with any bank which is organized other than under the laws of the United States (y) the commercial paper of which is
rated at least A-1 by Standard & Poor’s and P-1 by Moody’s (or, if such commercial paper is rated only by Standard & Poor’s, at least A-1 by Standard & Poor’s, or if such commercial paper is rated only
by Moody’s, at least P-1 by Moody’s) or (z) the long term senior debt of which is rated at least AA by Standard & Poor’s and Aa2 by Moody’s (or, if such debt is rated only by Standard & Poor’s, at
least AA by Standard & Poor’s, or if such debt is rated only by Moody’s, at least Aa2 by Moody’s); 

(v) commercial paper having a maturity of not more than one year from the date of such investment and rated at least A-1 by
Standard & Poor’s and P-1 by Moody’s (or, if such commercial paper is rated only by Standard & Poor’s, at least A-1 by Standard & Poor’s or, if such commercial paper is rated only by Moody’s, at
least P-1 by Moody’s); 
 (vi) instruments held for collection in the ordinary course of business; 

(vii) any equity or debt securities or other form of debt instrument obtained in settlement of debts previously contracted; 

(viii) any Investment arising out of a Permitted Related Business Opportunity; 

(ix) Investments in treasury stock of the Borrower; 
 (x) Investments in Inactive Subsidiaries; and 
 (xi) any other form of Investment
by the Borrower or any of its Subsidiaries in any Person so long as the consideration paid or exchanged by the Borrower, or any of its Subsidiaries, for such investment (whether in cash or the value of payment-in-kind, with the value of
payment-in-kind as reasonably determined by the Borrower) does not exceed $30,000,000 in the aggregate for all Investments permitted by this clause (xi). 
 Permitted Liens shall mean: 
 (i) Liens for taxes, assessments, or similar
charges, incurred in the ordinary course of business and which are not yet due and payable or are being contested in good 

  
 18 

 
faith by appropriate proceedings and for which adequate reserves in accordance with GAAP are maintained on such Person’s books, and which could not be reasonably expected to result in a
Material Adverse Change; 
 (ii) Pledges or deposits made in the ordinary course of business to secure payment of workmen’s
compensation, or to participate in any fund in connection with workmen’s compensation, unemployment insurance, old-age pensions or other social security programs or retirement plan legislation; 

(iii) Liens of mechanics, materialmen, warehousemen, carriers, or other like Liens, securing obligations incurred in the ordinary course
of business that are not yet due and payable and Liens of landlords securing obligations to pay lease payments that are not yet due and payable or in default or in any case are being contested in good faith by appropriate proceedings and for which
adequate reserves in accordance with GAAP are maintained on such Person’s books, and which could not be reasonably expected to result in a Material Adverse Change; 
 (iv) Any Lien arising out of judgments or awards but only to the extent that the creation of any such Lien shall not be an event or condition which, with or without notice or lapse of time or both, would
cause Borrower to be in violation of Section 9.1.6 [Final Judgments or Orders]; 
 (v) Security interests in favor of
lessors of personal property, which property is the subject of a true lease; 
 (vi) Good-faith pledges or deposits made in the
ordinary course of business to secure performance of bids, tenders, contracts (other than for the repayment of borrowed money) or leases, not in excess of the aggregate amount due thereunder, or to secure statutory obligations, or surety, appeal,
indemnity, performance or other similar bonds required in the ordinary course of business; 
 (vii) Encumbrances consisting of
zoning restrictions, easements, rights-of-way or other restrictions on the use of real property and minor defects to title to real property, none of which materially impairs the use of such property or the value thereof; 

(viii) Liens on property leased by any Loan Party or Subsidiary of a Loan Party securing obligations of such Loan Party or Subsidiary to
the lessor under capitalized leases, provided that to the extent the payments or other amounts due and owing under any such lease constitute Indebtedness, such Indebtedness is permitted under Section 8.2.1(iv) [Indebtedness]; 

(ix) Liens existing on the date of this Agreement and described on Schedule 1.1(P), provided that such Liens secure only
Indebtedness permitted by Section 8.2.1 [Indebtedness] including any renewals or extensions of such Indebtedness permitted by Section 8.2.1 [Indebtedness]; 
 (x) Liens extending only to assets related to off-balance sheet transactions permitted under Section 8.2.14 [Off-Balance Sheet Financing]; 

  
 19 

 (xi) Purchase Money Security Interests encumbering only the assets purchased and proceeds
thereof; provided that such Liens secure only Indebtedness permitted by Section 8.2.1(vii); 
 (xii) Liens on any
property or asset of an Acquired Person attaching solely to the assets of the Acquired Person and not to any asset of any Loan Party, provided that such Liens secure only Indebtedness permitted by Section 8.2.1(viii) and were not
incurred in contemplation of the acquisition of such Acquired Person; 
 (xiii) Other Liens securing Indebtedness permitted
under Section 8.2.1(xiii), provided that the aggregate principal amount of Indebtedness secured thereby does not exceed $35,000,000 in the aggregate. 
 Notwithstanding the foregoing definition of Permitted Lien or any other provision of the Loan Documents to the contrary, each of the Loan Parties shall not, and shall not permit any of its Subsidiaries
to, at any time create, incur, assume or suffer to exist any Lien on any of the capital stock of New Jersey Natural Gas, or agree or become liable to do so. 
 Permitted Related Business Opportunity shall mean any transaction with another Person (other than any Inactive Subsidiary of the Borrower) involving business activities or assets reasonably related
or complementary to the business of the Borrower and its Subsidiaries as conducted on the Closing Date or as may be conducted pursuant to Section 8.2.9 [Continuation of or Change in Business], including, without limitation, the ownership,
management and marketing of storage, capacity and transportation of gas and other forms of energy, the generation, transmission or storage of gas and other forms of energy, wind, solar and other types of renewable energy, or the access to gas and
energy transmission lines, and business initiatives for the conservation and efficiency of gas and energy. 
 Permitted
Transferee shall mean, as of any date of determination, any of the following with respect to any then current officer or director of the Borrower: (i) such Person’s spouse, lineal descendants or lineal descendant’s of such
Person’s spouse, (ii) any charitable corporation or trust established by such officer or director or by any Person described in the immediately preceding clause (i), (iii) any trust (or in the case of a minor, a custodial account
under a Uniform Gifts or Transfers to Minors Act) of which the beneficiary or beneficiaries are one or more Persons described in the immediately preceding clauses (i) or (ii), or (iv) any executor or administrator upon the death of such
officer or director or the death of any Person described in the immediately preceding clauses (i) or (ii). 
 Person
shall mean any individual, corporation, partnership, limited liability company, association, joint-stock company, trust, unincorporated organization, joint venture, government or political subdivision or agency thereof, or any other entity.

 Plan shall mean at any time an “employee pension benefit plan,” within the meaning of Section (3)(2) of
ERISA (not including a Multiple Employer Plan or a Multiemployer Plan), which is covered by Title IV of ERISA or is subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained by any
member of the ERISA Group for employees of any member of the ERISA Group or 

  
 20 

 
(b) solely for purposes of Section 6.1.19 [Plans and Benefit Arrangements], has at any time within the preceding five years been maintained by any entity which was at such time a
member of the ERISA Group for employees of any entity which was at such time a member of the ERISA Group. 
 PNC Bank
shall mean PNC Bank, National Association, its successors and assigns. 
 Potential Default shall mean any event or
condition which with notice, passage of time, or both, would constitute an Event of Default. 
 Principal Office shall
mean the main banking office of the Agent in Pittsburgh, Pennsylvania. 
 Prohibited Transaction shall mean any
prohibited transaction as defined in Section 4975 of the Internal Revenue Code or Section 406 of ERISA for which neither an individual nor a class exemption has been issued by the United States Department of Labor. 

Project Subsidiaries shall mean the present Subsidiaries of NJR Energy Holdings Corporation, a New Jersey corporation, NJR Storage
Holdings Company, a Delaware corporation, and any other future midstream asset project Subsidiaries of the Borrower or of NJR Energy Holdings Corporation, NJR Storage Holdings Company and their respective Subsidiaries. 

Property shall mean all real property, both owned and leased, of any Loan Party or Subsidiary of a Loan Party. 

Published Rate shall mean the rate of interest published each Business Day in The Wall Street Journal “Money Rates”
listing under the caption “London Interbank Offered Rates” for a one month period (or, if no such rate is published therein for any reason, then the Published Rate shall be the rate at which U.S. dollar deposits are offered by leading
banks in the London interbank deposit market for a one month period as published in another publication selected by the Agent). 

Purchase Money Security Interest shall mean Liens upon tangible personal property securing loans to any Loan Party or Subsidiary
of a Loan Party or deferred payments by such Loan Party or Subsidiary for the purchase of such tangible personal property. 

Purchasing Lender shall mean a Lender which becomes a party to this Agreement by executing an Assignment and Assumption Agreement.

 Quarterly Financial Statements shall have the meaning assigned to such term in Section 6.1.8.1 [Historical
Statements]. 
 Ratable Share shall mean the proportion that a Lender’s Commitment (excluding the Swing Loan
Commitment) bears to the Commitments (excluding the Swing Loan Commitment) of all of the Lenders, provided that in the case of Section 2.12 [Defaulting Lenders] when a Defaulting Lender shall exist, “Ratable Share” shall mean
the percentage of the aggregate Commitments (disregarding any Defaulting Lender’s Commitment) represented by 

  
 21 

 
such Lender’s Commitment. If the Commitments have terminated or expired, the Ratable Share shall be determined based upon the Commitments (excluding the Swing Loan Commitment) most recently
in effect, giving effect to any assignments. 
 Recipient shall mean (i) the Agent, (ii) any Lender and
(iii) the Issuing Lender, as applicable. 
 Regulated Entity shall mean any Person which is subject under Law to any
of the laws, rules or regulations respecting the financial, organizational or rate regulation of electric companies, public utilities, or public utility holding companies. 
 Regulated Substances shall mean, without limitation, any substance, material or waste, regardless of its form or nature, defined under Environmental Laws as a “hazardous substance,”
“pollutant,” “pollution,” “contaminant,” “hazardous or toxic substance,” “extremely hazardous substance,” “toxic chemical,” “toxic substance,” “toxic waste,”
“hazardous waste,” “special handling waste,” “industrial waste,” “residual waste,” “solid waste,” “municipal waste,” “mixed waste,” “infectious waste,”
“chemotherapeutic waste,” “medical waste,” or “regulated substance” or any other substance, material or waste, regardless of its form or nature, which is regulated, controlled or governed by Environmental Laws due to
its radioactive, ignitable, corrosive, reactive, explosive, toxic, carcinogenic or infectious properties or nature or any other material, substance or waste, regardless of its form or nature, which otherwise is regulated, controlled or governed by
Environmental Laws, including without limitation, petroleum and petroleum products (including crude oil and any fractions thereof), natural gas, synthetic gas and any mixtures thereof, asbestos, urea formaldehyde, polychlorinated biphenlys, mercury,
radon and radioactive materials. 
 Regulation U shall mean Regulation U, T, or X as promulgated by the Board of
Governors of the Federal Reserve System, as amended from time to time. 
 Reimbursement Obligation shall have the meaning
assigned to such term in Section 2.9.3.2. 
 Related Parties shall mean, with respect to any Person, such
Person’s Affiliates and the partners, members, directors, officers, employees, agents, trustees, administrators, managers, advisors and representatives of such Person and of such Person’s Affiliates. 

Remedial Action shall mean any investigation, identification, characterization, delineation, cleanup, removal, remediation,
containment, control or abatement of or other response actions to Regulated Substances and any closure or post-closure measures associated therewith. 
 Reportable Event shall mean a reportable event described in Section 4043 of ERISA and regulations thereunder with respect to a Plan, Multiple Employer Plan which is covered under Title IV of
ERISA or subject to the minimum funding standards under Section 412 or 430 of the Internal Revenue Code, or Multiemployer Plan. 
 Required Lenders shall mean 

  
 22 

 (a) If there exists fewer than three (3) Lenders, all Lenders (other than any
Defaulting Lender), and 
 (b) If there exist three (3) or more Lenders, Lenders (other than any Defaulting Lender) having
51% or more of the aggregate amount of the Revolving Credit Commitments of the Lenders (excluding any Defaulting Lender) or, after the termination of the Revolving Credit Commitments, the outstanding Revolving Credit Loans and Ratable Share of
Letter of Credit Outstandings of the Lenders (excluding any Defaulting Lender). 
 Required Share shall have the meaning
assigned to such term in Section 5.10 [Settlement Date Procedures]. 
 Revolving Credit Commitment shall mean, as to
any Lender at any time, the amount initially set forth opposite its name on Schedule 1.1(B) in the column labeled “Amount of Commitment for Revolving Credit Loans,” and thereafter as determined by the Agent after giving effect to
each applicable Assignment and Assumption Agreement executed by such Lender and delivered to the Agent, and Revolving Credit Commitments shall mean the aggregate Revolving Credit Commitments of all of the Lenders. 

Revolving Credit Loans shall mean collectively and Revolving Credit Loan shall mean separately all Revolving Credit Loans
or any Revolving Credit Loan made by the Lenders or one of the Lenders to the Borrower pursuant to Section 2.1.1 [Revolving Credit Loans] or 2.9.3 [Disbursements, Reimbursement]. 

Revolving Credit Note shall mean any Revolving Credit Note of the Borrower in the form of Exhibit 1.1(R) issued by the
Borrower at the request of a Lender pursuant to Section 5.9 [Notes] evidencing the Revolving Credit Loans to such Lender, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part.

 Revolving Facility Usage shall mean at any time the sum of the Revolving Credit Loans outstanding, the Swing Loans
outstanding and the Letter of Credit Outstandings. 
 SEC shall mean the Securities and Exchange Commission or any
governmental agencies substituted therefor. 
 SEC Filings shall mean, as of the Closing Date, the Borrower’s Form
10-K, filed with the SEC for the fiscal year ended September 30, 2011 and its Forms 10-Q filed with the SEC for the fiscal quarters ended December 31, 2011, March 31, 2012 and June 30, 2012, and after the Closing Date as of
any date, the Borrower’s Form 10-K filed with the SEC for its most recently ended fiscal year and its Forms 10-Q filed with the SEC for the fiscal quarters ending after such most recently ended fiscal year through such date. 

Settlement Date shall have the meaning assigned to such term in Section 2.5 [Swing Loan Requests]. 

Significant Subsidiary shall mean, New Jersey Natural Gas, NJR Energy Services Company, or any Subsidiary of the Borrower which at
any time (i) has gross revenues equal to or 

  
 23 

 
in excess of five percent (5%) of the gross revenues of the Borrower and its Subsidiaries on a consolidated basis, or (ii) has total assets equal to or in excess of five percent
(5%) of the total assets of the Borrower and its Subsidiaries on a consolidated basis, in either case, as determined and consolidated in accordance with GAAP. 
 Solvent shall mean, with respect to any Person on a particular date, that on such date (i) such Person is able to realize upon its assets and pay its debts and other liabilities as they mature
in the normal course of business, and (ii) such Person has not incurred debts or liabilities beyond such Person’s ability to pay as such debts and liabilities mature. 

Standard & Poor’s shall mean Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors. 
 Standby Letter of Credit shall mean a Letter of Credit issued to support
obligations of one or more of the Loan Parties, contingent or otherwise, which finance the working capital and business needs of the Loan Parties incurred in the ordinary course of business, but excluding any Letter of Credit under which the stated
amount of such Letter of Credit increases automatically over time. 
 Subsidiary of any Person at any time shall mean
(i) any corporation or trust of which more than 50% (by number of shares or number of votes) of the outstanding capital stock or shares of beneficial interest normally entitled to vote for the election of one or more directors or trustees
(regardless of any contingency which does or may suspend or dilute the voting rights) is at such time owned directly or indirectly by such Person or one or more of such Person’s Subsidiaries, (ii) any partnership of which such Person is a
general partner or of which more than 50% of the partnership interests is at the time directly or indirectly owned by such Person or one or more of such Person’s Subsidiaries, (iii) any limited liability company of which such Person is a
member or of which more than 50% of the limited liability company interests is at the time directly or indirectly owned by such Person or one or more of such Person’s Subsidiaries or (iv) any corporation, trust, partnership, limited
liability company or other entity which is controlled or capable of being controlled by such Person or one or more of such Person’s Subsidiaries. 
 Subsidiary Shares shall have the meaning assigned to such term in Section 6.1.2 [Subsidiaries]. 
 Swing Loan Commitment shall mean PNC Bank’s commitment to make Swing Loans to the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] hereof in an aggregate principal amount up to
$50,000,000. 
 Swing Loan Interest Rate shall mean as to each Swing Loan the rate of interest quoted by PNC Bank
applicable thereto and accepted by the Borrower with respect to such Swing Loan. 
 Swing Loan Note shall mean the Swing
Loan Note of the Borrower in the form of Exhibit 1.1(S) evidencing the Swing Loans, together with all amendments, extensions, renewals, replacements, refinancings or refundings thereof in whole or in part. 

  
 24 

 Swing Loan Request shall mean a request for Swing Loans made in accordance with
Section 2.5 [Swing Loan Requests] hereof. 
 Swing Loans shall mean collectively and Swing Loan shall mean
separately all Swing Loans or any Swing Loan made by PNC Bank to the Borrower pursuant to Section 2.1.2 [Swing Loan Commitment] hereof. 
 Synthetic Lease shall have the meaning assigned to such term in Section 8.2.14 [Off-Balance Sheet Financing]. 
 Taxes shall mean all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Official Body,
including any interest, additions to tax or penalties applicable thereto. 
 Transferor Lender shall mean the selling
Lender pursuant to an Assignment and Assumption Agreement. 
 Unregulated Subsidiary shall mean any Subsidiary of the
Borrower other than New Jersey Natural Gas. 
 USA Patriot Act shall mean the Uniting and Strengthening America by
Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001, Public Law 107-56, as the same has been, or shall hereafter be, renewed, extended, amended or replaced. 

U.S. Person shall mean any Person that is a “United States Person” as defined in Section 7701(a)(30) of the
Internal Revenue Code. 
 U.S. Tax Compliance Certificate shall have the meaning assigned to such term in
Section 5.8.6 [Status of Lenders]. 
 Website Posting shall mean assigned to such term in Section 11.6
[Notices; Lending Offices]. 
 Withholding Agent shall mean any Loan Party and the Agent. 

1.2. Construction. 
 Unless the context of this Agreement otherwise clearly requires, the following rules of construction shall apply to this Agreement and each of the other Loan Documents: 

1.2.1. Number; Inclusion. 
 References to the plural include the singular, the plural, the part and the whole; “or” has the inclusive meaning represented by the phrase “and/or” and “including” has the
meaning represented by the phrase “including without limitation”; 

  
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 1.2.2. Determination. 

References to “determination” of or by the Agent or the Lenders shall be deemed to include good-faith estimates by the Agent
or the Lenders (in the case of quantitative determinations) and good-faith beliefs by the Agent or the Lenders (in the case of qualitative determinations) and such determination shall be conclusive absent manifest error; 

1.2.3. Agent’s Discretion and Consent. 
 Whenever the Agent or the Lenders are granted the right herein to act in its or their sole discretion or to grant or withhold consent such right shall be exercised in good faith; 

1.2.4. Documents Taken as a Whole. 
 The words “hereof,” “herein,” “hereunder,” “hereto,” and similar terms in this Agreement or any other Loan Document refer to this Agreement or such other Loan
Document as a whole and not to any particular provision of this Agreement or such other Loan Document; 
 1.2.5.
Headings. 
 The section and other headings contained in this Agreement or such other Loan Document and the Table of
Contents (if any), preceding this Agreement or such other Loan Document are for reference purposes only and shall not control or affect the construction of this Agreement or such other Loan Document or the interpretation thereof in any respect;

 1.2.6. Implied References to this Agreement. 

Article, section, subsection, clause, schedule and exhibit references are to this Agreement or other Loan Document, as the case may be,
unless otherwise specified; 
 1.2.7. Persons. 
 Reference to any Person includes such Person’s successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement or such other Loan Document, as the case
may be, and reference to a Person in a particular capacity excludes such Person in any other capacity; 
 1.2.8.
Modifications to Documents. 
 Reference to any agreement (including this Agreement and any other Loan Document together
with the schedules and exhibits hereto or thereto), document or instrument means such agreement, document or instrument as amended, modified, replaced, substituted for, superseded or restated; 

  
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 1.2.9. From, To and Through. 

Relative to the determination of any period of time, “from” means “from and including,” “to” means
“to but excluding,” and “through” means “through and including”; and 
 1.2.10. Shall;
Will. 
 References to “shall” and “will” are intended to have the same meaning. 

1.3. Accounting Principles. 
 Except as otherwise provided in this Agreement, all computations and determinations as to accounting or financial matters and all financial statements to be delivered pursuant to this Agreement shall be
made and prepared in accordance with GAAP (including principles of consolidation where appropriate), and all accounting or financial terms shall have the meanings ascribed to such terms by GAAP; provided, however, that all accounting
terms used in Section 8.2 [Negative Covenants] (and all defined terms used in the definition of any accounting term used in Section 8.2 [Negative Covenants]) shall have the meaning given to such terms (and defined terms) under GAAP as in
effect on the date hereof applied on a basis consistent with those used in preparing the Annual Statements referred to in Section 6.1.8.1 [Historical Statements]. Notwithstanding the foregoing, if the Borrower notifies the Agent in writing that
the Borrower wishes to amend any financial covenant in Section 8.2 [Negative Covenants] of this Agreement, any related definition and/or the definition of the term Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment Fee
determinations to eliminate the effect of any change in GAAP occurring after the Closing Date on the operation of such financial covenants and/or interest, Letter of Credit Fee or Commitment Fee determinations (or if the Agent notifies the Borrower
in writing that the Required Lenders wish to amend any financial covenant in Section 8.2 [Negative Covenants], any related definition and/or the definition of the term Leverage Ratio for purposes of interest, Letter of Credit Fee and Commitment
Fee determinations to eliminate the effect of any such change in GAAP), then the Agent, the Lenders and the Borrower shall negotiate in good faith to amend such ratios or requirements to preserve the original intent thereof in light of such change
in GAAP (subject to the approval of the Required Lenders, such approval not to be unreasonably delayed); provided that, until so amended, the Borrower’s compliance with such covenants and/or the definition of the term Leverage Ratio for
purposes of interest, Letter of Credit Fee and Commitment Fee determinations shall be determined on the basis of GAAP in effect immediately before the relevant change in GAAP became effective, until either such notice is withdrawn or such covenants
or definitions are amended as contemplated above, and the Borrower shall provide to the Agent, when it delivers its financial statements pursuant to Section 8.3.1 [Quarterly Financial Statements] and Section 8.3.2 [Annual Financial
Statements] of this Agreement, such reconciliation statements as shall be reasonably requested by the Agent. 

  
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 2.     REVOLVING CREDIT AND SWING LOAN FACILITIES

 2.1. Commitments. 
 2.1.1. Revolving Credit Loans. 
 Subject to the terms and conditions
hereof and relying upon the representations and warranties herein set forth, each Lender severally agrees to make Revolving Credit Loans in Dollars to the Borrower at any time or from time to time on or after the date hereof to, but not including,
the Expiration Date, provided that, after giving effect to each such Revolving Credit Loan the aggregate amount of Revolving Credit Loans from such Lender shall not exceed such Lender’s Revolving Credit Commitment minus such
Lender’s Ratable Share of the amount of (a) Letter of Credit Outstandings and (b) outstanding Swing Loans; and provided further that the Revolving Facility Usage at any time shall not exceed the Revolving Credit Commitments of
all the Lenders. Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.1. The outstanding principal amount of all Revolving Credit
Loans, together with accrued interest thereon, shall be due and payable on the Expiration Date. 
 2.1.2. Swing Loan
Commitment. 
 Subject to the terms and conditions hereof and relying upon the representations and warranties herein set
forth, PNC Bank may at its discretion make Swing Loans to the Borrower in Dollars at the Borrower’s request as hereinafter provided, from time to time after the date hereof to, but not including, the Expiration Date, in an aggregate principal
amount of up to but not in excess of the Swing Loan Commitment, provided that the Revolving Facility Usage at any time (after giving effect to any requested Swing Loan) shall not exceed the Revolving Credit Commitments of all the Lenders.
Within such limits of time and amount and subject to the other provisions of this Agreement, the Borrower may borrow, repay and reborrow pursuant to this Section 2.1.2. The outstanding principal amount of all Swing Loans, together with accrued
interest thereon, shall be due and payable on the earlier of the Settlement Date applicable thereto or the Expiration Date. 

2.2. Nature of Lenders’ Obligations with Respect to Revolving Credit Loans. 

Each Lender shall be obligated to participate in each request for Revolving Credit Loans pursuant to Section 2.4 [Revolving Credit
Loan Requests] in accordance with its Ratable Share. The aggregate amount of each Lender’s Revolving Credit Loans outstanding hereunder to the Borrower at any time shall never exceed its Revolving Credit Commitment minus its Ratable Share of
the amount of Letter of Credit Outstandings and outstanding Swing Loans. The obligations of each Lender hereunder are several. The failure of any Lender to perform its obligations hereunder shall not affect the Obligations of the Borrower to any
other party nor shall any other party be liable for the failure of such Lender to perform its obligations hereunder. The Lenders shall have no obligation to make Revolving Credit Loans hereunder on or after the Expiration Date. 

  
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 2.3. Commitment Fees. 

Accruing from the date hereof until the Expiration Date, the Borrower agrees to pay to the Agent in Dollars for the account of each
Lender, as consideration for such Lender’s Revolving Credit Commitment hereunder according to its Ratable Share, a nonrefundable commitment fee (the “Commitment Fee”) equal to the Applicable Commitment Fee Rate (computed on the
basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) multiplied by the average daily difference between the amount of (i) the Revolving Credit Commitments (for purposes of this computation, PNC Bank’s Swing
Loans shall be deemed to be borrowed amounts under its Revolving Credit Commitment) and (ii) the Revolving Facility Usage; provided, however, that any Commitment Fee accrued with respect to the Revolving Credit Commitment of a
Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such Commitment
Fee shall otherwise have been due and payable by the Borrower prior to such time; and provided further that no Commitment Fee shall accrue with respect to the Revolving Commitment of a Defaulting Lender so long as such Lender shall be
a Defaulting Lender. All Commitment Fees shall be payable quarterly in arrears on the first day of each January, April, July and October after the date hereof for the immediately preceding quarter, the date of each reduction of the Revolving Credit
Commitments, and on the Expiration Date or upon acceleration of the Loans. For purposes of this computation, PNC Bank’s outstanding Swing Loans shall be deemed to be borrowed amounts under its Revolving Credit Commitment. 

2.4. Revolving Credit Loan Requests. 
 Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request the Lenders to make Revolving Credit Loans or renew or convert the Interest Rate Option
applicable to existing Revolving Credit Loans pursuant to Section 4.2 [Interest Periods], by delivering to the Agent, not later than 10:00 a.m., Pittsburgh time, (i) three (3) Business Days prior to the proposed Borrowing Date with
respect to the making of Revolving Credit Loans to which the LIBOR Rate Option applies or the date of conversion to or the renewal of the LIBOR Rate Option for any such Loans; and (ii) one (1) Business Day prior to either the proposed
Borrowing Date with respect to the making of a Revolving Credit Loan to which the Base Rate Option applies or the last day of the preceding Interest Period with respect to the conversion to the Base Rate Option for any Loan, of a Loan Request
therefor duly completed by an Authorized Officer substantially in the form of Exhibit 2.4 or a Loan Request by telephone immediately confirmed in writing by letter, facsimile or telex in the form of such Exhibit, it being understood that
the Agent may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation, provided such individual purports to be an Authorized Officer. Each Loan Request shall be
irrevocable and shall specify (i) the proposed Borrowing Date; (ii) the aggregate amount of the proposed Revolving Credit Loans comprising each Borrowing Tranche, the amount of which shall be in integral multiples of $1,000,000 and not
less than $3,000,000 for each Borrowing Tranche to which the LIBOR Rate Option applies and not less than the lesser of $1,000,000 and in integral multiples of $100,000 or the maximum amount available for Borrowing Tranches to which the Base Rate
Option applies; (iii) whether the LIBOR Rate Option or Base Rate Option shall apply to the proposed Loans comprising the applicable Borrowing Tranche; and (iv) in the case of a Borrowing Tranche to which the LIBOR Rate Option applies, an
appropriate Interest Period for the Loans comprising such Borrowing Tranche. 

  
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 2.5. Swing Loan Requests. 

Except as otherwise provided herein, the Borrower may from time to time prior to the Expiration Date request PNC Bank to make a Swing
Loan by delivery to PNC Bank, not later than 12:00 noon Pittsburgh time, on the proposed Borrowing Date of a request therefor duly completed by an Authorized Officer substantially in the form of Exhibit 2.5 hereto or a request by
telephone immediately confirmed in writing by letter, facsimile or telex, it being understood that PNC Bank may rely on the authority of any individual making such a telephonic request without the necessity of receipt of such written confirmation,
provided such individual purports to be an Authorized Officer. Each Swing Loan Request shall be irrevocable and shall specify (a) the proposed Borrowing Date, (b) the term of the proposed Swing Loan, which shall be no less than one day and
no longer than fourteen (14) days (such date, together with any earlier date on which PNC Bank makes demand for repayment thereof, the “Settlement Date”), and (c) the principal amount of such Swing Loan, which shall not be
less than $250,000.00 and shall be an integral multiple of $100,000.00. Each Swing Loan shall be payable on demand, and, if no demand is made therefor, on the applicable Settlement Date. 

2.6. Making Revolving Credit Loans and Swing Loans. 
 2.6.1. Making Revolving Credit Loans. 
 The Agent shall, promptly after
receipt by it of a Loan Request for or with respect to Revolving Credit Loans pursuant to Section 2.4 [Revolving Credit Loan Requests], notify the Lenders with Revolving Credit Commitments of its receipt of such Loan Request specifying:
(i) the proposed Borrowing Date and the time and method of disbursement of the Revolving Credit Loans requested thereby; (ii) the amount and type of each such Revolving Credit Loan and the applicable Interest Period (if any); and
(iii) the apportionment among the Lenders of such Revolving Credit Loans as determined by the Agent in accordance with Section 2.2 [Nature of Lenders’ Obligations etc.]. Each Lender shall remit the principal amount of each Revolving
Credit Loan to the Agent such that the Agent is able to, and the Agent shall, to the extent the Lenders have made funds available to it for such purpose and subject to Section 7.2 [Conditions to Each Additional Loan or Letter of Credit], fund
such Revolving Credit Loans to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m., Pittsburgh time, on the applicable Borrowing Date, provided that if any Lender fails to remit such funds
to the Agent in a timely manner, the Agent may elect in its sole discretion to fund with its own funds the Revolving Credit Loans of such Lender on such Borrowing Date, and such Lender shall be subject to the repayment obligation in
Section 2.6.3 [Presumptions by the Agent]. 
 2.6.2. Making Swing Loans. 

So long as PNC Bank elects to make Swing Loans, PNC Bank shall, after receipt by it of a Swing Loan Request pursuant to Section 2.5
[Swing Loan Requests] fund such Swing Loan to the Borrower in U.S. Dollars and immediately available funds at the Principal Office prior to 2:00 p.m. Pittsburgh time on the Borrowing Date. Each Swing Loan shall bear interest at the Swing Loan
Interest Rate applicable thereto. 

  
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 2.6.3. Presumptions by the Agent. 

Unless the Agent shall have received notice from a Lender prior to the proposed date of any Loan that such Lender will not make
available to the Agent such Lender’s share of such Loan, the Agent may assume that such Lender has made such share available on such date in accordance with Section 2.6.1 [Making Revolving Credit Loans] 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 Loan available to the Agent, then the applicable Lender and the Borrower severally agree to pay to the
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 Agent, at (i) in the case of a payment
to be made by such Lender, the greater of the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation and (ii) in the case of a payment to be made by the Borrower, the
interest rate applicable to Loans under the Base Rate Option. If such Lender pays its share of the applicable Loan to the Agent, then the amount so paid shall constitute such Lender’s Loan. Any prepayment by the Borrower that shall duplicate a
payment by such Lender shall be promptly returned to the Borrower in immediately available funds or otherwise as shall be determined by the Borrower and Agent. Any payment by the Borrower shall be without prejudice to any claim the Borrower may have
against a Lender that shall have failed to make such payment to the Agent. 
 2.7. Swing Loan Note. 

The obligation of the Borrower to repay the unpaid principal amount of the Swing Loans made to it by PNC Bank together with interest
thereon shall be evidenced by a demand promissory note of the Borrower dated the Closing Date in substantially the form attached hereto as Exhibit 1.1(S) payable to the order of PNC Bank in a face amount equal to the Swing Loan
Commitment. 
 2.8. Use of Proceeds. 
 The proceeds of the Loans shall be used by the Borrower for general corporate purposes (including Permitted Investments in any Loan Party or in any Project Subsidiary) of the Borrower and in accordance
with Section 8.1.10 [Use of Proceeds]. 
 2.9. Letter of Credit Subfacility. 

2.9.1. Issuance of Letters of Credit. 
 Borrower may request the issuance of a letter of credit (each a “Letter of Credit”) on behalf of itself by delivering to the Agent an application and agreement for letters of credit in
such form as the Agent may specify from time to time duly completed by an Authorized Officer by no later than 10:00 a.m., Pittsburgh time, at least five (5) Business Days, or such shorter period as may be agreed to by the Agent, in advance of
the proposed date of issuance. 

  
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Each Letter of Credit shall be a Standby Letter of Credit (and may not be a Commercial Letter of Credit). Subject to the terms and conditions hereof and in reliance on the agreements of the other
Lenders set forth in this Section 2.9 [Letter of Credit Subfacility], the Agent or any of the Agent’s Affiliates reasonably acceptable to Borrower will issue a Letter of Credit provided that each Letter of Credit shall (A) have
a maximum maturity of twelve (12) months from the date of issuance, and (B) in no event expire later than ten (10) Business Days prior to the Expiration Date and provided, further, that in no event shall the Revolving
Facility Usage exceed, at any one time, the Revolving Credit Commitments; provided, further, that at no time shall the Letter of Credit Outstandings (after giving effect to all Letters of Credit being requested) exceed the Letter of
Credit Sublimit. Schedule 2.9.1 sets forth letters of credit issued by PNC Bank, National Association, as issuing lender under the Existing Credit Facility, which are outstanding as of the Closing Date (the “Existing Letters of
Credit”). It is expressly agreed that the Existing Letters of Credit are Letters of Credit under this Agreement. 

2.9.2. Letter of Credit Fees. 
 The Borrower shall pay (i) to the Agent for the ratable account of the Lenders a fee (the “Letter of Credit Fee”) equal to the Applicable Letter of Credit Fee Rate then in effect
(computed on the basis of a year of 360 days and actual days elapsed) per annum, and (ii) to the Agent for the Issuing Lender’s own account a fronting fee equal to 0.125% per annum (computed on the basis of a year of 360 days and
actual days elapsed), which fees shall be computed on the daily average amount of Letter of Credit Outstandings and shall be payable quarterly in arrears commencing with the first Business Day of each January, April, July and October following
issuance of each Letter of Credit and on the Expiration Date. The Borrower shall also pay to the Agent for the Issuing Lender’s sole account customary fees and administrative expenses then in effect payable with respect to the Letters of Credit
as the Issuing Lender may generally charge or incur from time to time in connection with the issuance, maintenance, modification (if any), assignment or transfer (if any), negotiation, and administration of Letters of Credit. 

2.9.3. Disbursements, Reimbursement. 
 2.9.3.1. Immediately upon the issuance of each Letter of Credit, each Lender shall be deemed to, and hereby irrevocably and unconditionally agrees to, purchase from the Agent a participation in such
Letter of Credit and each drawing thereunder in an amount equal to such Lender’s Ratable Share of the maximum amount available to be drawn under such Letter of Credit and the amount of such drawing, respectively. 

2.9.3.2. In the event of any request for a drawing under a Letter of Credit by the beneficiary or transferee thereof, the Agent will
promptly notify the Borrower. Provided that it shall have received such notice, the Borrower shall reimburse (such obligation to reimburse the Agent shall sometimes be referred to as a “Reimbursement Obligation”) the Agent prior to
12:00 noon, Pittsburgh time on each date that an amount is paid by the Agent under any Letter of Credit or, if paid after 12:00 noon, Pittsburgh time, on the immediately following Business Day (each such date on which the Borrower is obligated to
make such payment, a “Drawing Date”) in an amount equal to the amount so paid by the Agent. In the event the Borrower fails to reimburse the Agent for the full amount of any drawing under any Letter of

  
 32 

 
Credit by 12:00 noon, Pittsburgh time, on the Drawing Date, the Agent will promptly notify each Lender thereof, and the Borrower shall be deemed to have requested that Revolving Credit Loans be
made by the Lenders under the Base Rate Option to be disbursed on the Drawing Date under such Letter of Credit, subject to the amount of the unutilized portion of the Revolving Credit Commitment and subject to the conditions set forth in
Section 7.2 [Conditions to Each Additional Loan or Letter of Credit] other than any notice requirements. Any notice given by the Agent pursuant to this Section 2.9.3.2 may be oral 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. 
 2.9.3.3.
Each Lender shall upon any notice pursuant to Section 2.9.3.2 make available to the Agent an amount in immediately available funds equal to its Ratable Share of the amount of the drawing, whereupon the participating Lenders shall (subject to
Section 2.9.3.4) each be deemed to have made a Revolving Credit Loan under the Base Rate Option to the Borrower in that amount. If any Lender so notified fails to make available to the Agent for the account of the Agent the amount of such
Lender’s Ratable Share of such amount by no later than 2:00 p.m., Pittsburgh time, on the Drawing Date, then interest shall accrue on such Lender’s obligation to make such payment, from the Drawing Date to the date on which such Lender
makes such payment (i) at a rate per annum equal to the Federal Funds Effective Rate during the first three (3) days following the Drawing Date and (ii) at a rate per annum equal to the rate applicable to Loans under the Base Rate
Option on and after the fourth (4th) day following the Drawing Date. The Agent will promptly give notice of the occurrence of the Drawing Date, but failure of the Agent to give any such notice on the Drawing Date or in sufficient time to enable
any Lender to effect such payment on such date shall not relieve such Lender from its obligation under this Section 2.9.3.3, provided, however, interest shall not accrue on any Lender’s obligation to make a payment under this
Section 2.9.3.3, until such Lender has received notice of the Drawing Date from the Agent. 
 2.9.3.4. With respect to any
unreimbursed drawing that is not converted into Revolving Credit Loans under the Base Rate Option to the Borrower in whole or in part as contemplated by Section 2.9.3.2, because of the Borrower’s failure to satisfy the conditions set forth
in Section 7.2 [Conditions to Each Additional Loan or Letter of Credit] other than any notice requirements or for any other reason, the Borrower shall be deemed to have incurred from the Agent a borrowing (each a “Letter of Credit
Borrowing”) in the amount of such drawing. Such Letter of Credit Borrowing shall be due and payable on demand (together with interest) and shall bear interest at the rate per annum applicable to the Revolving Credit Loans under the Base
Rate Option. Each Lender’s payment to the Agent pursuant to Section 2.9.3.3 shall be deemed to be a payment in respect of its participation in such Letter of Credit Borrowing (to the extent this Section is applicable) and shall constitute
a “Participation Advance” from such Lender in satisfaction of its participation obligation under this Section 2.9.3 [Disbursements, Reimbursement]. 
 2.9.4. Repayment of Participation Advances. 
 2.9.4.1. Upon (and only
upon) receipt by the Agent for its account of immediately available funds from the Borrower (i) in reimbursement of any payment made by the Agent under the Letter of Credit with respect to which any Lender has made a Participation

  
 33 

 
Advance to the Agent, or (ii) in payment of interest on such a payment made by the Agent under such a Letter of Credit, the Agent will pay to each Lender, in the same funds as those received
by the Agent, the amount of such Lender’s Ratable Share of such funds, except the Agent shall retain the amount of the Ratable Share of such funds of any Lender that did not make a Participation Advance in respect of such payment by Agent.

 2.9.4.2. If the Agent is required at any time to return to any Loan Party, or to a trustee, receiver, liquidator, custodian,
or any official in any Insolvency Proceeding, any portion of the payments made by any Loan Party to the Agent pursuant to Section 2.9.4.1 in reimbursement of a payment made under the Letter of Credit or interest or fee thereon, each Lender
shall, on demand of the Agent, forthwith return to the Agent the amount of its Ratable Share of any amounts so returned by the Agent plus interest thereon from the date such demand is made to the date such amounts are returned by such Lender to the
Agent, at a rate per annum equal to the Federal Funds Effective Rate in effect from time to time. 
 2.9.5.
Documentation. 
 Each Loan Party agrees to be bound by the terms of the Agent’s application and agreement for
letters of credit and the Agent’s written regulations and customary practices relating to letters of credit, though such interpretation may be different from such Loan Party’s own. In the event of a conflict between such application or
agreement and this Agreement, this Agreement shall govern. It is understood and agreed that, except in the case of gross negligence or willful misconduct, the Agent shall not be liable for any error and/or mistakes, whether of omission or
commission, in following any Loan Party’s written instructions or those contained in the Letters of Credit or any modifications, amendments or supplements thereto, provided that each Loan Party agrees that all instructions provided to
the Agent by a Loan Party with respect to any Letter of Credit shall be provided in writing. 
 2.9.6. Determinations to
Honor Drawing Requests. 
 In determining whether to honor any request for drawing under any Letter of Credit by the
beneficiary thereof, the Agent shall be responsible only to determine that the documents and certificates required to be delivered under such Letter of Credit have been delivered and that they comply on their face with the requirements of such
Letter of Credit. 
 2.9.7. Nature of Participation and Reimbursement Obligations. 

Each Lender’s obligation in accordance with this Agreement to make the Revolving Credit Loans or Participation Advances, as
contemplated by Section 2.9.3 [Disbursements, Reimbursements], as a result of a drawing under a Letter of Credit, and the Obligations of the Borrower to reimburse the Agent upon a draw under a Letter of Credit, shall be absolute, unconditional
and irrevocable, and shall be performed strictly in accordance with the terms of this Section 2.9 [Letter of Credit Subfacility] under all circumstances, including the following circumstances: 

(i) any set-off, counterclaim, recoupment, defense or other right which such Lender may have against the Agent or any of its Affiliates,
the Borrower or any other Person for any reason whatsoever; 

  
 34 

 (ii) the failure of any Loan Party or any other Person to comply, in connection with a
Letter of Credit Borrowing, with the conditions applicable to Revolving Credit Loans set forth in Section 2.1.1 [Revolving Credit Loans], 2.4 [Revolving Credit Loan Requests], 2.6.1 [Making Revolving Credit Loans], 2.6.2 [Making Swing Loans] or
7.2 [Conditions to Each Additional Loan or Letter of Credit] or as otherwise set forth in this Agreement for the making of a Revolving Credit Loan, it being acknowledged that such conditions are not required for the making of a Letter of Credit
Borrowing and the obligation of the Lenders to make Participation Advances under Section 2.9.3 [Disbursements; Reimbursement]; 
 (iii) any lack of validity or enforceability of any Letter of Credit; 
 (iv) any
claim of breach of warranty that might be made by any Loan Party or any Lender against any beneficiary of a Letter of Credit, or the existence of any claim, set-off, recoupment, counterclaim, crossclaim, defense or other right which any Loan Party
or any Lender may have at any time against a beneficiary, successor beneficiary any transferee or assignee of any Letter of Credit or the proceeds thereof (or any Persons for whom any such transferee may be acting), the Agent or its Affiliates or
any Lender or any other Person or, whether in connection with this Agreement, the transactions contemplated herein or any unrelated transaction (including any underlying transaction between any Loan Party or Subsidiaries of a Loan Party and the
beneficiary for which any Letter of Credit was procured); 
 (v) the lack of power or authority of any signer of (or any defect
in or forgery of any signature or endorsement on) or the form of or lack of validity, sufficiency, accuracy, enforceability or genuineness of any draft, demand, instrument, certificate or other document presented under or in connection with any
Letter of Credit, or any fraud or alleged fraud in connection with any Letter of Credit, or the transport of any property or provisions of services relating to a Letter of Credit, in each case even if the Agent or any of the Agent’s Affiliates
has been notified thereof; 
 (vi) payment by the Agent or any of its Affiliates under any Letter of Credit against
presentation of a demand, draft or certificate or other document which does not comply with the terms of such Letter of Credit; 
 (vii) the solvency of, or any acts of omissions by, any beneficiary of any Letter of Credit, or any other Person having a role in any transaction or obligation relating to a Letter of Credit, or the
existence, nature, quality, quantity, condition, value or other characteristic of any property or services relating to a Letter of Credit; 
 (viii) any failure by the Agent or any of Agent’s Affiliates to issue any Letter of Credit in the form requested by any Loan Party, unless the Agent has received written notice from such Loan Party
of such failure within three Business Days after the Agent shall have furnished such Loan Party a copy of such Letter of Credit and such error is material and no drawing has been made thereon prior to receipt of such notice; 

  
 35 

 (ix) any adverse change in the business, operations, properties, assets, condition
(financial or otherwise) or prospects of any Loan Party or Subsidiaries of a Loan Party; 
 (x) any breach of this Agreement or
any other Loan Document by any party thereto; 
 (xi) the occurrence or continuance of an Insolvency Proceeding with respect to
any Loan Party; 
 (xii) the fact that an Event of Default or a Potential Default shall have occurred and be continuing;

 (xiii) the fact that the Expiration Date shall have passed or this Agreement or the Commitments hereunder shall have been
terminated; and 
 (xiv) any other circumstance or happening whatsoever, whether or not similar to any of the foregoing.

 Notwithstanding the foregoing, no Lender shall be required to make a Revolving Credit Loan or a Participation Advance in excess of its
Revolving Credit Commitment minus its Ratable Share of any Letter of Credit Outstandings and outstanding Swing Loans. 
 2.9.8.
Indemnity. 
 In addition to amounts payable as provided in Section 11.3 [Expenses; Indemnity; Damage Waiver] but
without duplication of any amounts payable as provided in Section 5.8 [Taxes], the Borrower hereby agrees to protect, indemnify, pay and save harmless the Agent and any of Agent’s Affiliates that has issued a Letter of Credit from and
against any and all claims, demands, liabilities, damages, taxes (other than income and franchise taxes), penalties, interest, judgments, losses, costs, charges and expenses (including reasonable fees, out-of-pocket expenses and disbursements of
counsel and allocated costs of internal counsel) which the Agent or any of Agent’s Affiliates may incur or be subject to as a consequence of the issuance of any Letter of Credit, other than as a result of (a) the gross negligence or
willful misconduct of the Agent as determined by a final judgment of a court of competent jurisdiction or (b) the wrongful dishonor by the Agent or any of Agent’s Affiliates of a proper demand for payment made under any Letter of Credit,
except if such dishonor resulted from any act or omission, whether rightful or wrongful, of any present or future de jure or de facto government or Official Body. 
 2.9.9. Liability for Acts and Omissions. 
 As between any Loan Party and
the Agent, or the Agent’s Affiliates, such Loan Party assumes all risks of the acts and omissions of, or misuse of the Letters of Credit by, the respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the
foregoing, the Agent shall not be responsible for any of the following including any losses or damages to any Loan Party or other Person or property relating therefrom: (i) the form, validity, sufficiency, accuracy, genuineness or legal effect
of any document submitted by any party in 

  
 36 

 
connection with the application for an issuance of any such Letter of Credit, even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged
(even if the Agent or the Agent’s Affiliates shall have been notified thereof); (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign any such 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; (iii) the failure of the beneficiary of any such Letter of Credit, or any other party to which such Letter of Credit may
be transferred, to comply fully with any conditions required in order to draw upon such Letter of Credit or any other claim of any Loan Party against any beneficiary of such Letter of Credit, or any such transferee, or any dispute between or among
any Loan Party and any beneficiary of any Letter of Credit or any such transferee; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telegraph, telex or otherwise, whether or not they
be in cipher; (v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any such Letter of Credit or of the proceeds thereof;
(vii) the misapplication by the beneficiary of any such Letter of Credit of the proceeds of any drawing under such Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent or the Agent’s
Affiliates, as applicable, including any act or omission of any Official Body, and none of the above shall affect or impair, or prevent the vesting of, any of the Agent’s or the Agent’s Affiliates rights or powers hereunder. Nothing in the
preceding sentence shall relieve the Agent from liability for the Agent’s gross negligence or willful misconduct in connection with actions or omissions described in such clauses (i) through (viii) of such sentence. In no event shall
the Agent or the Agent’s Affiliates be liable to any Loan Party for any indirect, consequential, incidental, punitive, exemplary or special damages or expenses (including without limitation attorneys’ fees), or for any damages resulting
from any change in the value of any property relating to a Letter of Credit. 
 Without limiting the generality of the
foregoing, the Agent and each of its Affiliates (i) may rely on any oral or other communication believed in good faith by the Agent or such Affiliate to have been authorized or given by or on behalf of the applicant for a Letter of Credit;
(ii) may honor any presentation if the documents presented appear on their face substantially to comply with the terms and conditions of the relevant Letter of Credit; (iii) may honor a previously dishonored presentation under a Letter of
Credit, whether such dishonor was pursuant to a court order, to settle or compromise any claim of wrongful dishonor, or otherwise, and shall be entitled to reimbursement to the same extent as if such presentation had initially been honored, together
with any interest paid by the Agent or its Affiliate; (iv) may honor any drawing that is payable upon presentation of a statement advising negotiation or payment, upon receipt of such statement (even if such statement indicates that a draft or
other document is being delivered separately), and shall not be liable for any failure of any such draft or other document to arrive, or to conform in any way with the relevant Letter of Credit; (v) may pay any paying or negotiating bank
claiming that it rightfully honored under the laws or practices of the place where such bank is located; and (vi) may settle or adjust any claim or demand made on the Agent or its Affiliate in any way related to any order issued at the
applicant’s request to an air carrier, a letter of guarantee or of indemnity issued to a carrier or any similar document (each an “Order”) and honor any drawing in connection with any Letter of Credit that is the subject to
such Order, notwithstanding that any drafts or other documents presented in connection with such Letter of Credit fail to conform in any way with such Letter of Credit. 

  
 37 

 In furtherance and extension and not in limitation of the specific provisions set forth
above, any action taken or omitted by the Agent or the Agent’s Affiliates under or in connection with the Letters of Credit issued by it or any documents and certificates delivered thereunder, if taken or omitted in good faith, shall not put
the Agent or the Agent’s Affiliates under any resulting liability to the Borrower or any Lender. 
 2.10. Borrowings to
Repay Swing Loans. 
 PNC Bank may, at its option, exercisable at any time for any reason whatsoever, demand repayment of
the Swing Loans, and, unless the Borrower makes such repayment from sources other than a Revolving Credit Loan, each Lender shall make a Revolving Credit Loan in an amount equal to such Lender’s Ratable Share of the aggregate principal amount
of the outstanding Swing Loans, plus, if PNC Bank so requests, accrued interest thereon, provided that no Lender shall be obligated in any event to make Revolving Credit Loans in excess of its Revolving Credit Commitment minus such
Lender’s Ratable Share of the amount of Letter of Credit Outstandings. Revolving Credit Loans made pursuant to the preceding sentence shall bear interest at the Base Rate Option and shall be deemed to have been properly requested in accordance
with Section 2.4 [Revolving Credit Loan Requests] without regard to any of the requirements of that provision. PNC Bank shall provide notice to the Lenders (which may be telephonic or written notice by letter, facsimile or telex) that such
Revolving Credit Loans are to be made under this Section 2.10 and of the apportionment among the Lenders, and the Lenders shall be unconditionally obligated to fund such Revolving Credit Loans (whether or not the conditions specified in
Section 2.4 [Revolving Credit Loan Requests] or Section 7.2 [Conditions to Each Additional Loan or Letter of Credit] are then satisfied) by the time PNC Bank so requests, which shall not be earlier than 3:00 p.m. Pittsburgh time on the
Business Day next after the date the Lenders receive such notice from PNC Bank. 
 2.11. Right to Increase Commitments.

 Provided that there is no Event of Default or Potential Default, if the Borrower wishes to increase the Revolving Credit
Commitments, the Borrower shall notify the Agent thereof, provided that any such increase shall be in a minimum of $5,000,000 and the aggregate of all such increases in the Revolving Credit Commitments shall not exceed $100,000,000 from and
after the Closing Date. Each Lender shall have the right at any time within fifteen (15) days following such notice to increase its respective Revolving Credit Commitment so as to provide such added commitment pro rata in accordance with such
Lender’s Ratable Share, and any portion of such requested increase that is not provided by any Lender shall: (i) first be available to the other Lenders pro rata in accordance with their Ratable Share, (ii) next be available to the
other Lenders in such a manner as the Borrower, the Agent and those Lenders shall agree, and (iii) thereafter, to the extent not provided by the Lenders, to any additional bank proposed by the Borrower, which is approved by the Agent (which
approval shall not be unreasonably withheld) and that becomes a party to this Agreement pursuant to Section 11.11 [Successors and Assigns; Joinder of a Lender]. In the event of any such increase in the aggregate Revolving Credit Commitments
effected pursuant to the terms of this Section, which results in a change in the Ratable Share of any Lender, then on the effective date of any increase (i) the Borrower shall repay all Loans then outstanding, subject to the Borrower’s
indemnity obligations set forth in Section 5.6.5 [Indemnity], provided that the Borrower may borrow new Loans on such date, with 

  
 38 

 
each Lender participating in such new Loans in accordance with their respective Ratable Shares after giving effect to the increase in Revolving Credit Commitments contemplated by this Section,
and (ii) each Lender will be deemed to have purchased a participation interest in all Letter of Credit Outstandings and in all Swing Loans equal to its Ratable Share after giving effect to the increase in Revolving Credit Commitments
contemplated by this Section. In the event of any such increase in Revolving Credit Commitments pursuant to this Section, new Notes shall, to the extent necessary, be executed and delivered by the Borrower in exchange for the surrender of the
existing Notes and the Agent shall amend Schedule 1.1(B) to reflect such increase in Commitments. No Lender shall have any obligation to increase its Revolving Credit Commitment pursuant to this Section. In addition, Borrower shall deliver to
Agent a Secretary’s Certificate, including resolutions, a confirmation of Guaranty Agreement executed by the Guarantors, a legal opinion and such other documentation as the Agent reasonably may require, all of which shall be in form and
substance satisfactory to the Agent. 
 2.12. 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: 
 (i) fees shall cease to accrue on the unfunded portion of the
Commitment of such Defaulting Lender pursuant to Section 2.3 [Commitment Fee]; 
 (ii) the Commitment and outstanding
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 11.1
[Modifications, Amendments or Waivers]); provided, that this clause (ii) 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; 
 (iii) if any Swing Loans are outstanding or any Letter of Credit Outstandings exist at the time
such Lender becomes a Defaulting Lender, then: 
 (a) all or any part of the outstanding Swing Loans and Letter of Credit
Outstandings of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Ratable Shares but only to the extent that (x) such reallocation does not cause the sum of the Revolving Credit
Loans made by such Lender plus such Lender’s Ratable Share of the outstanding Swing Loans and Letter of Credit Outstandings to exceed such non-Defaulting Lender’s Commitment, and (y) no Potential Default or Event of Default has
occurred and is continuing at such time; 
 (b) if the reallocation described in clause (a) above cannot, or can only
partially, be effected, the Borrower shall within one Business Day following notice by the Agent prepay such outstanding Swing Loans; provided, however, that if the Borrower elects to replace the applicable Defaulting Lender under
Section 5.4.2 [Replacement of a Lender], the Borrower shall be given a ten (10) Business Day grace period before being 

  
 39 

 
required to take the steps required in this clause (b) (and upon successful replacement of such Defaulting Lender with a non-Defaulting Lender, the Borrower shall not be required to take
such steps); 
 (c) the Borrower shall not be required to pay any fees to any Defaulting Lender pursuant to Section 2.9.2
[Letter of Credit Fees] with respect to such Defaulting Lender’s Letter of Credit Outstandings during the period such Defaulting Lender remains a Defaulting Lender; 
 (d) if the Letter of Credit Outstandings of the Defaulting Lenders are reallocated pursuant to clause (a) above, then the fees payable to the Lenders pursuant to Section 2.9.2 [Letter of Credit
Fees] shall be adjusted in accordance with each non-Defaulting Lenders’ Ratable Share; and 
 (e) if all or any portion of
such Defaulting Lender’s Letter of Credit Outstandings are not reallocated pursuant to clause (a) above, and such Defaulting Lender is not replaced pursuant to Section 5.4.2 [Replacement of a Lender], then, without prejudice to any
rights or remedies of the Issuing Lender or any other Lender hereunder, all Letter of Credit Fees payable under Section 2.9.2 [Letter of Credit Fees] with respect to such Defaulting Lender’s Letter of Credit Outstandings shall be payable
to the Issuing Lender (and not to such Defaulting Lender) until and to the extent that such Letter of Credit Outstandings are reallocated or such Defaulting Lender is replaced; and 

(iv) so long as such Lender is a Defaulting Lender, PNC Bank shall not be required to fund any Swing Loans and the Issuing Lender shall
not be required to issue, amend or increase any Letter of Credit, unless such Issuing Lender is satisfied that the related exposure and the Defaulting Lender’s then outstanding Letter of Credit Outstandings has been 100% covered by the
Revolving Credit Commitments of the non-Defaulting Lenders, or the applicable Defaulting Lender has been replaced pursuant to Section 5.4.2 [Replacement of a Lender], and participating interests in any newly made Swing Loan or any newly issued
or increased Letter of Credit can (and shall, if they can) be allocated among non-Defaulting Lenders in a manner consistent with Section 2.12(iii)(a) (and such Defaulting Lender shall not participate therein). 

If (i) a Bankruptcy Event with respect to a parent company of any Lender shall occur following the date hereof and for so long as such event shall
continue, or (ii) PNC Bank or the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, PNC Bank shall not be
required to fund any Swing Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless PNC Bank or the Issuing Lender, as the case may be, shall have entered into arrangements with the Borrower or such
Lender, satisfactory to PNC Bank or the Issuing Lender, as the case may be, to defease any risk to it in respect of such Lender hereunder. 
 In
the event that the Agent, the Borrower, PNC Bank and the Issuing Lender agree in writing that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Agent will so notify the parties
hereto, and the Ratable Share of the 

  
 40 

 
Swing Loans and Letter of Credit Outstandings of the Lenders shall be readjusted to reflect the inclusion of such Lender’s Commitment, and on such date such Lender shall purchase at par such
of the Loans of the other Lenders (other than Swing Loans) as the Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Ratable Share; provided, however, that, without limiting the
foregoing, in the event the Borrower shall have advised the Agent that it is in the process of replacing the applicable Defaulting Lender pursuant to Section 5.4.2 [Replacement of a Lender] and as long as the Borrower shall diligently pursue
such replacement, the fact that the applicable Defaulting Lender shall have remedied all such matters shall not, in and of itself, make such Defaulting Lender a non-Defaulting Lender for purposes of this Agreement. 

3.     INTENTIONALLY OMITTED 
 4.     INTEREST RATES 
 4.1. Interest Rate
Options. 
 The Borrower shall pay interest in respect of the outstanding unpaid principal amount of the Loans as selected
by it from the Base Rate Option or LIBOR Rate Option set forth below applicable to the Loans, it being understood that, subject to the provisions of this Agreement, the Borrower may select different Interest Rate Options and different Interest
Periods to apply simultaneously to the Loans comprising different Borrowing Tranches and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the comprising any Borrowing Tranche, provided that there
shall not be at any one time outstanding more than ten (10) Borrowing Tranches in the aggregate among all of the Loans, and provided further that only the Swing Loan Interest Rate shall apply to the Swing Loans. If at any
time the designated rate applicable to any Loan made by any Lender exceeds such Lender’s highest lawful rate, the rate of interest on such Lender’s Loan shall be limited to such Lender’s highest lawful rate. Notwithstanding anything
to the contrary set forth herein, if an Event of Default or Potential Default exists and is continuing, the Borrower may not request, convert to, or renew the LIBOR Rate Option for any Loans and the Required Lenders may demand that all existing
Borrowing Tranches bearing interest under the LIBOR Rate Option shall be converted immediately to the Base Rate Option, subject to the obligation of the Borrower to pay any indemnity under Section 5.6.5 [Indemnity] in connection with such
conversion. 
 4.1.1. Revolving Credit Interest Rate Options. 

The Borrower shall have the right to select from the following Interest Rate Options applicable to the Revolving Credit Loans (subject
to the provision above regarding Swing Loans): 
 (i) Base Rate Option: A fluctuating rate per annum (computed on the
basis of a year of 365 or 366 days, as the case may be, and actual days elapsed) equal to the Base Rate plus the Applicable Margin, such interest rate to change automatically from time to time effective as of the effective date of each change in the
Base Rate and/or the Applicable Margin; or 

  
 41 

 (ii) LIBOR Rate Option: A rate per annum (computed on the basis of a year of 360
days and actual days elapsed) equal to the LIBOR Rate plus the Applicable Margin, such interest rate to change automatically from time to time as of the effective date of each change in the Applicable Margin. 

4.1.2. Rate Quotations. 
 The Borrower may call the Agent on or before the date on which a Loan Request is to be delivered to receive an indication of the interest rates then in effect, but it is acknowledged that such projection
shall not be binding on the Agent or the Lenders nor affect the rate of interest which thereafter is actually in effect when the election is made. 
 4.1.3. Change in Fees or Interest Rates. 
 If the Applicable Margin,
Applicable Letter of Credit Fee Rate or Applicable Commitment Fee Rate is increased or reduced with respect to any period for which the Borrower has already paid interest, the Commitment Fee or the Letter of Credit Fee, the Agent shall recalculate
the additional interest, Commitment Fee or Letter of Credit Fee due from or to the Borrower and shall, within fifteen (15) Business Days after the Borrower notifies the Agent of such increase or decrease, give the Borrower and the Lenders
notice of such recalculation. 
 4.1.3.1. Any additional interest, Commitment Fee or Letter of Credit Fee due from the Borrower
shall be paid to the Agent for the account of the Lenders on the next date on which an interest or fee payment is due; provided, however, that if there are no Loans outstanding or if the Loans are due and payable, such additional
interest, Commitment Fee or Letter of Credit Fee shall be paid promptly after receipt of written request for payment from the Agent. 
 4.1.3.2. Any interest, Commitment Fee or Letter of Credit Fee refund due to the Borrower shall be credited against payments otherwise due from the Borrower on the next interest or fee payment due date or,
if the Loans have been repaid and the Lenders are no longer committed to lend under this Agreement, the Lenders shall pay the Agent for the account of the Borrower such interest, Commitment Fee or Letter of Credit Fee refund not later than five
Business Days after written notice from the Agent to the Lenders. 

  
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 4.2. Interest Periods. 

At any time when the Borrower shall select, convert to or renew a LIBOR Rate Option, the Borrower shall notify the Agent thereof by
delivering a Loan Request at least three (3) Business Days prior to the effective date of such Interest Rate Option. The notice shall specify an Interest Period during which such Interest Rate Option shall apply. Notwithstanding the preceding
sentence, the following provisions shall apply to any selection of, renewal of, or conversion to a LIBOR Rate Option: 
 4.2.1.
Amount of Borrowing Tranche. 
 the amount of each Borrowing Tranche of Loans to which a LIBOR Rate Option applies shall
be in integral multiples of $1,000,000 and not less than $3,000,000; 
 4.2.2. Renewals. 

in the case of the renewal of a LIBOR Rate Option at the end of an Interest Period, the first day of the new Interest Period shall be
the last day of the preceding Interest Period, without duplication in payment of interest for such day. 
 4.3. Interest
After Default. 
 To the extent permitted by Law, upon the occurrence of an Event of Default and until such time such Event
of Default shall have been cured or waived at the discretion of the Agent or upon written demand of the Required Lenders to the Agent: 
 4.3.1. Letter of Credit Fees, Interest Rate. 
 the Letter of Credit Fee
and the rate of interest for each Loan otherwise applicable pursuant to Section 2.9.2 [Letter of Credit Fees] or Section 4.1 [Interest Rate Options], respectively, shall be increased by 2.0% per annum; and 

4.3.2. Other Obligations. 
 each other Obligation hereunder if not paid when due shall bear interest at a rate per annum equal to the sum of the rate of interest applicable under the Base Rate Option plus an additional 2.0% per
annum from the time such Obligation becomes due and payable and until it is paid in full. 
 4.3.3. Acknowledgment.

 The Borrower acknowledges that the increase in rates referred to in this Section 4.3 [Interest After Default] reflects,
among other things, the fact that such Loans or other amounts have become a substantially greater risk given their default status and that the Lenders are entitled to additional compensation for such risk; and all such interest shall be payable by
Borrower upon demand by Agent. 
 4.4. LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available.

 4.4.1. Unascertainable. 
 If on any date on which a LIBOR Rate would otherwise be determined with respect to Loans, the Agent shall have determined that: 
 (i) adequate and reasonable means do not exist for ascertaining such LIBOR Rate, or 

  
 43 

 (ii) a contingency has occurred which materially and adversely affects the London interbank
eurodollar market relating to the LIBOR Rate, 
 then the Agent shall have the rights specified in Section 4.4.3
[Agent’s and Lenders’ Rights]. 
 4.4.2. Illegality; Increased Costs; Deposits Not Available. 

If at any time any Lender shall have determined that: 
 (i) the making, maintenance or funding of any Loan to which a LIBOR Rate Option applies has been made unlawful or materially impracticable by compliance by such Lender in good faith with any Law or any
interpretation or application thereof by any Official Body or with any request or directive of any such Official Body (whether or not having the force of Law), or 
 (ii) such LIBOR Rate Option will not adequately and fairly reflect the cost to such Lender of the establishment or maintenance of any such Loan in a material respect, or 

(iii) after making all reasonable efforts, deposits of the relevant amount in Dollars for the relevant Interest Period for a Loan, or to
banks generally, to which a LIBOR Rate Option applies, respectively, are not available to such Lender with respect to such Loan, or to banks generally, in the interbank eurodollar market, 

then the Agent shall have the rights specified in Section 4.4.3 [Agent’s and Lenders’ Rights]. 

4.4.3. Agent’s and Lenders’ Rights. 
 In the case of any event specified in Section 4.4.1 [Unascertainable] above, the Agent shall promptly so notify the Lenders and the Borrower thereof, and in the case of an event specified in
Section 4.4.2 [Illegality; Increased Costs; Deposits Not Available] above, such Lender shall promptly so notify the Agent and endorse a certificate to such notice as to the specific circumstances of such notice, and the Agent shall promptly
send copies of such notice and certificate to the other Lenders and the Borrower. Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (A) the Lenders, in the
case of such notice given by the Agent, or (B) such Lender, in the case of such notice given by such Lender, to allow the Borrower to select, convert to or renew a LIBOR Rate Option shall be suspended until the Agent shall have later notified
the Borrower, or such Lender shall have later notified the Agent, of the Agent’s or such Lender’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. If at any time the
Agent makes a determination under Section 4.4.1 [Unascertainable] and the Borrower has previously notified the Agent of its selection of, conversion to or renewal of a LIBOR Rate Option and such Interest Rate Option has not yet gone into
effect, such notification shall be deemed to provide for the selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Loans if the Borrower has requested the LIBOR Rate Option. If any Lender notifies
the Agent of a determination under Section 4.4.2 [Illegality; 

  
 44 

 
Increased Costs; Deposits Not Available], the Borrower shall, subject to the Borrower’s indemnification Obligations under Section 5.6.5 [Indemnity], as to any Loan of the Lender to
which a LIBOR Rate Option applies, on the date specified in such notice either (i) as applicable, convert such Loan to the Base Rate Option otherwise available with respect to such Loan, or (ii) prepay such Loan in accordance with
Section 5.4.1 [Voluntary Prepayments]. Absent due notice from the Borrower of conversion or prepayment, such Loan shall automatically be converted to the Base Rate Option otherwise available with respect to such Loan upon such specified date.

 4.5. Selection of Interest Rate Options. 
 If the Borrower fails to select a new Interest Period to apply to any Borrowing Tranche of Loans under the LIBOR Rate Option at the expiration of an existing Interest Period applicable to such Borrowing
Tranche in accordance with the provisions of Section 4.2 [Interest Periods], the Borrower shall be deemed to have converted such Borrowing Tranche to the Base Rate Option, commencing upon the last day of the existing Interest Period.

 5.     PAYMENTS 
 5.1. Payments. 
 All payments and prepayments to be made in respect of
principal, interest, Commitment Fees, Letter of Credit Fees, Agent’s Fee or other fees or amounts due from the Borrower hereunder shall be payable prior to 11:00 a.m., Pittsburgh time, on the date when due without presentment, demand, protest
or notice of any kind, all of which are hereby expressly waived by the Borrower, and without set-off, counterclaim or other deduction of any nature, and an action therefor shall immediately accrue. Such payments shall be made to the Agent at the
Principal Office for the account of PNC Bank with respect to the Swing Loans, for the account of the Issuing Lender with respect to Letters of Credit (except for the Letter of Credit Fee, which shall be payable to the Agent for the ratable accounts
of the Lenders as provided herein), and for the ratable accounts of the Lenders with respect to the Revolving Credit Loans and the Letter of Credit Fee and in immediately available funds, and the Agent shall promptly distribute such amounts to the
Lenders in immediately available funds, provided that in the event payments are received by 11:00 a.m., Pittsburgh time, by the Agent with respect to the Loans and such payments are not distributed to the Lenders on the same day received by
the Agent, the Agent shall pay the Lenders the Federal Funds Effective Rate, with respect to the amount of such payments for each day held by the Agent and not distributed to the Lenders. The Agent’s and each Lender’s statement of account,
ledger or other relevant record shall, in the absence of manifest error, be conclusive as the statement of the amount of principal of and interest on the Loans and other amounts owing under this Agreement and shall be deemed an “account
stated.” 
 5.2. Pro Rata Treatment of Lenders; Sharing of Payments; Agent’s Presumptions. 

Each borrowing of Revolving Credit Loans shall be allocated to each Lender according to its Ratable Share and each selection of,
conversion to or renewal of any Interest Rate Option applicable to Revolving Credit Loans and each payment or prepayment by the Borrower with respect to principal or interest on the Revolving Credit Loans or Commitment

  
 45 

 
Fees, Letter of Credit Fees, or other fees (except for the Agent’s Fee and fees and interest paid solely for the account of the Issuing Lender or PNC Bank as Swing Loan Lender) or amounts
due from the Borrower hereunder to the Lenders with respect to the Revolving Credit Loans shall (except as otherwise may be provided with respect to a Defaulting Lender and as provided in Section 4.4.3 [Agent’s and Lenders’ Rights] in
the case of an event specified in Section 4.4 [LIBOR Rate Unascertainable; Etc.], Section 5.4.2 [Replacement of a Lender] or Section 5.6 [Additional Compensation in Certain Circumstances]) be made in proportion to the applicable
Revolving Credit Loans outstanding from each Lender and, if no such Loans are then outstanding, in proportion to the Ratable Share in the case of each Lender. Notwithstanding any of the foregoing, each borrowing or payment or prepayment by the
Borrower of principal, interest, fees or other amounts from the Borrower with respect to Swing Loans shall be made by or to PNC Bank according to Section 2 [Revolving Credit and Swing Loan Facilities]. 

5.2.1. Sharing of Payments by Lenders. 
 If any Lender shall, by exercising any right of setoff, counterclaim or banker’s lien, by receipt of voluntary payment, by realization upon security, or by any other non-pro rata source, obtain
payment in respect of any principal of or interest on any of its Loans or other obligations hereunder resulting in such Lender’s receiving payment of a proportion of the aggregate amount of its Loans and accrued interest thereon or other such
obligations greater than its Ratable Share thereof as provided herein, then the Lender receiving such greater proportion shall (a) notify the Agent of such fact, and (b) purchase (for cash at face value) participations in the Loans and
such other obligations of the other Lenders, or make such other adjustments as shall be equitable, so that the benefit of all such payments shall be shared by the Lenders 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 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, together with interest or other amounts, if any, required by Law
(including court order) to be paid by the Lender or the holder making such purchase; and 
 (ii) the provisions of this Section
shall not be construed to apply to (A) any payment made by the Borrower pursuant to and in accordance with the express terms of the Loan Documents or (B) any payment obtained by a Lender as consideration for the assignment of or sale of a
participation in any of its Loans or Participation Advances to any assignee or participant, other than to the Borrower or any Subsidiary thereof (as to which the provisions of this Section 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 setoff 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. 

  
 46 

 5.2.2. Presumptions by the Agent. 

Unless the Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Agent for the account
of the Lenders or the Issuing Lender hereunder that the Borrower will not make such payment, the Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to
the Lenders or the Issuing Lender, as the case may be, the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders or the Issuing Lender, as the case may be, severally agrees to repay to the Agent
forthwith on demand the amount so distributed to such Lender or the Issuing Lender, with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Agent, at the greater of
the Federal Funds Effective Rate and a rate determined by the Agent in accordance with banking industry rules on interbank compensation. 
 5.3. Interest Payment Dates. 
 Interest on Swing Loans and on Loans to
which the Base Rate Option applies shall be due and payable quarterly in arrears on the first day of each January, April, July and October after the date hereof and on the Expiration Date or upon acceleration of the Loans. Interest on Loans to which
the LIBOR Rate Option applies shall be due and payable on the last day of each Interest Period for those Loans and, if such Interest Period is longer than three (3) Months, also on the 90th day of such Interest Period, and on the Expiration
Date or upon acceleration of the Loans. Interest payable under Section 4.3 [Interest After Default] shall be payable on demand. 
 5.4. Prepayments. 
 5.4.1. Voluntary Prepayments. 

The Borrower shall have the right at its option from time to time to prepay the Loans in whole or part without premium or penalty
(except as provided in Section 5.4.2 [Replacement of a Lender] below or in Section 5.6 [Additional Compensation in Certain Circumstances]): 
 (i) at any time with respect to Swing Loans or with respect to any Loan to which the Base Rate Option applies, 
 (ii) on the last day of the applicable Interest Period with respect to Loans to which a LIBOR Rate Option applies, or 
 (iii) on the date specified in a notice by any Lender pursuant to Section 4.4 [LIBOR Rate Unascertainable, Etc.] with respect to any Loan to which a LIBOR Rate Option applies. 

  
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 Whenever the Borrower desires to prepay any part of the Loans, it shall provide a
prepayment notice to the Agent by 1:00 p.m., Pittsburgh time, at least one (1) Business Day prior to the date of prepayment of the Revolving Credit Loans or no later than 2:00 p.m., Pittsburgh time, on the date of prepayment of Swing Loans
setting forth the following information: 
 (w) the date, which shall be a Business Day, on which the proposed
prepayment is to be made; 
 (x) a statement indicating the application of the prepayment among the Revolving
Credit Loans and Swing Loans; 
 (y) the total principal amount of such prepayment which, with respect to Loans
to which the Base Rate Option applies, shall not be less than $500,000 for any Revolving Credit Loan unless such repayment is of the total amount outstanding with regard to such Revolving Credit Loan and which, with respect to Swing Loans, shall not
be less than $500,000 unless such repayment is of the total amount outstanding with regard to such Swing Loan, and 
 (z) the total principal amount of such prepayment, which, with respect to Loans to which the LIBOR Rate Option applies, shall not be less than $1,000,000 for any Revolving Credit Loan unless such
repayment is of the total amount outstanding with regard to such Revolving Credit Loan. 
 All prepayment notices shall be
irrevocable. The principal amount of the Loans for which a prepayment notice is given, together with interest on such principal amount except with respect to Loans to which the Base Rate Option applies, shall be due and payable on the date specified
in such prepayment notice as the date on which the proposed prepayment is to be made. Except as provided in Section 4.4.3 [Agent’s and Lenders’ Rights], if the Borrower prepays a Loan but fails to specify the applicable Borrowing
Tranche which the Borrower is prepaying, the prepayment shall be applied (i) first to Swing Loans and second to Revolving Credit Loans; and (ii) after giving effect to the allocations in clause (i) above and in the preceding sentence,
first to Loans to which the Swing Loan Interest Rate applies, second to Loans to which the Base Rate Option applies, and then to Loans to which the LIBOR Rate Option applies. Any prepayment hereunder shall be subject to the Borrower’s
Obligation to indemnify the Lenders under Section 5.6.5 [Indemnity]. 
 5.4.2. Replacement of a Lender. 

In the event any Lender (a) gives notice under Section 4.4 [LIBOR Rate Unascertainable, Etc.], (b) requests compensation
under Section 5.6.1 [Increased Costs Generally] or requires the Borrower to pay or withhold any Indemnified Taxes or additional amount to any Lender or Official Body for the account of any Lender pursuant to Section 5.8 [Taxes],
(c) is a Defaulting Lender, (d) becomes subject to the control of an Official Body (other than normal and customary supervision), or (e) is a Non-Consenting Lender referred to in Section 11.1 [Modifications, Amendments or
Waivers], then in any such event the Borrower may, at its sole expense, upon notice to such Lender and the Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in, and
consents required by, Section 11.11 [Successors and Assigns]), all of its interests, rights (other than existing rights to payments pursuant to Section 5.6.1 [Increased Costs Generally] or

  
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5.8 [Taxes]) and obligations under this Agreement and the related Loan Documents to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such
assignment), provided that: 
 (i) the Borrower shall have paid to the Agent the assignment fee specified in
Section 11.11 [Successors and Assigns]; 
 (ii) such Lender shall have received payment of an amount equal to the
outstanding principal of its Loans and Participation Advances, accrued interest thereon, accrued fees and all other amounts payable to it hereunder and under the other Loan Documents (including any amounts under Section 5.6.5 [Indemnity]) 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); 
 (iii) in the case of any such assignment resulting from a claim for compensation under Section 5.6.1 [Increased Costs Generally] or payments required to be made pursuant to Section 5.8 [Taxes],
such assignment will result in a reduction in such compensation or payments thereafter; and 
 (iv) such assignment does not
conflict with applicable Law. 
 A Lender shall not be required to make any such assignment or delegation if, prior thereto, as a result of a
waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply. Notwithstanding the foregoing, the Agent may only be replaced in accordance with Section 10.6 [Resignation of
Agent]. 
 5.4.3. Change of Lending Office. 
 Each Lender agrees that prior to giving notice to any claim for increased costs, indemnification or other special payments under Section 4.4.2 [Illegality, Etc.], 5.6.1 [Increased Costs Generally] or
Section 5.8 [Taxes] with respect to such Lender, it will have initiated reasonable efforts (subject to overall policy considerations of such Lender) to designate another lending office for any Loans or Letters of Credit affected by such event,
provided that such designation is made on such terms that such Lender and its lending office suffer no economic, legal or regulatory disadvantage, with the object of avoiding the consequence of the event giving rise to the operation of such
Section. Nothing in this Section 5.4.3 shall affect or postpone any of the Obligations of the Borrower or any other Loan Party or the rights of the Agent or any Lender provided in this Agreement. 

5.5. Voluntary Commitment Reductions. 
 The Borrower shall have the right, upon not less than five (5) Business Days’ written irrevocable notice to the Agent, to terminate the Commitments or, from time to time, to reduce the amount of
the Commitments, which notice shall specify the date and amount of any such reduction and otherwise be substantially in the form of Exhibit 5.5 (a “Commitment Reduction Notice”). Any such reduction shall be in a minimum
amount equal to $5,000,000 or an integral multiple thereof, unless the Commitments are reduced to zero and this Agreement is terminated, provided, that the Revolving Credit Commitments may not be reduced below the aggregate principal amount
of the Revolving Facility Usage. Each reduction of Revolving Credit Commitments shall ratably reduce the Revolving Credit Commitments of the Lenders. 

  
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 5.6. Additional Compensation in Certain Circumstances. 

5.6.1. Increased Costs Generally. 
 If any Change in Law shall: 
 (i) impose, modify or deem applicable any reserve,
special deposit, compulsory loan, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended or participated in by, any Lender (except any reserve requirement reflected in the LIBOR Rate) or
the Issuing Lender; 
 (ii) subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes described
in clauses (ii) through (iv) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities or
capital attributable thereto; or 
 (iii) impose on any Lender, the Issuing Lender or the London interbank market any other
condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein; 
 and the result of any of the foregoing shall be to increase the cost to such Lender or such other Recipient of making, converting to, continuing or maintaining any Loan or of maintaining its obligation to
make any such Loan, or to increase the cost to such Lender, the Issuing Lender or such other Recipient of participating in, issuing or maintaining any Letter of Credit (or of maintaining its obligation to participate in or to issue any Letter of
Credit), or to reduce the amount of any sum received or receivable by such Lender, the Issuing Lender or other Recipient hereunder (whether of principal, interest or any other amount) then, upon request of such Lender, the Issuing Lender or other
Recipient, the Borrower will pay to such Lender, the Issuing Lender or other Recipient, as the case may be, such additional amount or amounts as will compensate such Lender or the Issuing Lender, as the case may be, for such additional costs
incurred or reduction suffered. 
 5.6.2. Capital Requirements. 

If any Change in Law affecting any Lender or the Issuing Lender or any lending office of such Lender or such Lender’s or the
Issuing Lender’s holding company, if any, regarding capital or liquidity requirements has the effect of reducing the rate of return on such Lender’s or the Issuing Lender’s capital or on the capital of such Lender’s or the
Issuing Lender’s holding company, if any, as a consequence of this Agreement, the Commitments of such Lender or the Loans made by, or participations in Letters of Credit or Swing Loans held by, such Lender, or the Letters of Credit issued by
the Issuing Lender, to a level below that which such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company could have achieved but for such Change in Law (taking into consideration such Lender’s or the
Issuing Lender’s policies and the policies of such Lender’s or the Issuing Lender’s holding 

  
 50 

 
company with respect to capital adequacy or liquidity), then from time to time the Borrower will pay to such Lender or the Issuing Lender, as the case may be, such additional amount or amounts as
will compensate such Lender or the Issuing Lender or such Lender’s or the Issuing Lender’s holding company for any such reduction suffered. 
 5.6.3. Certificates for Reimbursement; Repayment of Outstanding Loans; Borrowing of New Loans. 
 A certificate of a Lender or the Issuing Lender setting forth the amount or amounts necessary to compensate such Lender or the Issuing Lender or its holding company, as the case may be, as specified in
Section 5.6.1 [Increased Costs Generally] or 5.6.2 [Capital Requirements] and delivered to the Borrower shall be conclusive absent manifest error. The Borrower shall pay such Lender or the Issuing Lender, as the case may be, the amount shown as
due on any such certificate within thirty (30) days after receipt thereof. 
 5.6.4. Delay in Requests. 

Failure or delay on the part of any Lender or the Issuing Lender to demand compensation pursuant to this Section shall not constitute a
waiver of such Lender’s or the Issuing Lender’s right to demand such compensation, provided that the Borrower shall not be required to compensate a Lender or the Issuing Lender pursuant to this Section for any increased costs
incurred or reductions suffered more than nine months prior to the date that such Lender or the Issuing 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 or the Issuing Lender’s intention to claim compensation therefor (except that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the nine (9) month period referred to above shall be
extended to include the period of retroactive effect thereof). 
 5.6.5. Indemnity. 

The Borrower shall indemnify each Lender against all direct liabilities, losses or expenses (including any loss or expense incurred in
connection with the liquidation or reemployment of funds obtained by it to maintain such Loan, from fees payable to terminate the deposits from which such funds were obtained or from the performance of any foreign exchange contract but excluding
Taxes, which are governed by Section 5.6.1 [Increased Costs Generally] or Section 5.8 [Taxes]) which such Lender actually sustains or incurs as a consequence of any: 

(a) payment, prepayment, conversion or renewal of any Loan to which a LIBOR Rate Option applies on a day other than the last day of the
corresponding Interest Period (whether or not such payment or prepayment is mandatory, voluntary or automatic and whether or not such payment or prepayment is then due), 
 (b) attempt by the Borrower to revoke (expressly, by later inconsistent notices or otherwise) in whole or part any Loan Requests under Section 2.4 [Revolving Credit Loan Requests], Section 2.5
[Swing Loan Requests] or Section 4.2 [Interest Periods] or notice relating to voluntary prepayments under Section 5.4.1 [Voluntary Prepayments] or notice relating to voluntary Commitment reductions under Section 5.5 [Voluntary
Commitment Reductions], 

  
 51 

 (c) default by the Borrower in the performance or observance of any covenant or condition
contained in this Agreement or any other Loan Document, including any failure of the Borrower to pay when due (by acceleration or otherwise) any principal of or interest on the Loans, Letter of Credit Fees or Commitment Fees or any other amount due
hereunder, or 
 (d) the assignment of any Loan to which a LIBOR Rate Option applies, as a result of the Borrower’s
exercise of its rights to replace a Lender under Section 5.4.2 [Replacement of a Lender]. 
 If any Lender sustains or
incurs any such loss or expense, it shall from time to time notify the Borrower of the amount determined in good faith by such Lender (which determination may include such assumptions, allocations of costs and expenses and averaging or attribution
methods as such Lender shall deem reasonable) to be necessary to indemnify such Lender for such loss or expense. Such notice shall set forth in reasonable detail the basis for such determination. Such amount shall be due and payable by the Borrower
to such Lender thirty (30) days after such notice is given. 
 5.7. Interbank Market Presumption. 

Except as otherwise expressly provided herein, for all purposes of this Agreement and each Note with respect to any aspects of the LIBOR
Rate or any Loan under the LIBOR Rate Option, each Lender and Agent shall be presumed to have obtained rates, funding, currencies, deposits, and the like in the London interbank market regardless whether it did so or not; and, each Lender’s and
the Agent’s determination of amounts payable under, and actions required or authorized by, Sections 4.4 [LIBOR Rate Unascertainable; Illegality; Increased Costs; Deposits Not Available] and 5.6 [Additional Compensation in Certain Circumstances]
shall be calculated, at each Lender’s and Agent’s option, as though each Lender and Agent funded its pro rata share of each Borrowing Tranche of Loans under the LIBOR Rate Option through the purchase of deposits of the types and maturities
corresponding to the deposits used as a reference in accordance with the terms hereof in determining the LIBOR Rate applicable to such Loans, whether in fact that is the case. 
 5.8. Taxes. 
 For purposes of this Section 5.8, the term Lender
includes any Issuing Lender and “applicable Law” includes FACTA. Each reference to an IRS form in this Section 5.8 shall include any successors and amendments thereto. 

5.8.1. Payments Free of Taxes. 
 Any and all payments by or on account of any obligation of any Loan Party under any Loan Document shall be without deduction or withholding for any Taxes, except as required by applicable Law. If any
applicable Law (as determined in the good faith discretion of an applicable Withholding Agent) requires the deduction or withholding of any Tax from any such payment by a Withholding Agent, then the applicable Withholding Agent shall be entitled to
make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Official Body in accordance with applicable Law and, if such Tax is an 

  
 52 

 
Indemnified Tax, then the sum payable by the applicable Loan Party shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section 5.8 [Taxes]) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

5.8.2. Payment of Other Taxes by the Loan Parties. 
 Without limiting the provisions of Section 5.8.1 [Payments Free of Taxes] above, the Loan Parties shall timely pay to the relevant Official Body in accordance with applicable Law, or at the option of
the Agent timely reimburse it for the payment of, any Other Taxes. 
 5.8.3. Indemnification by the Loan Parties.

 The Loan Parties shall jointly and severally indemnify each Recipient, within ten (10) days after written demand
therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section 5.8 [Taxes]) payable or paid by such Recipient or required to be withheld or
deducted from a payment to such Recipient 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 Official Body. A certificate as to
the amount of such payment or liability delivered to the Borrower by a Lender (with a copy to the Agent), or by the Agent on its own behalf or on behalf of a Lender, shall be conclusive absent manifest error. 

5.8.4. Indemnification by the Lenders. 
 Each Lender shall severally indemnify the Agent, within ten (10) days after demand therefor, for (i) any Indemnified Taxes attributable to such Lender (but only to the extent that any Loan Party
has not already indemnified the Agent for such Indemnified Taxes and without limiting the obligation of any of the Loan Parties to do so), (ii) any Taxes attributable to such Lender’s failure to comply with the provisions of
Section 11.11.4 [Participations] relating to the maintenance of a Participant Register, and (iii) any Excluded Taxes attributable to such Lender, in each case, that are payable or paid by the Agent in connection with any Loan Document, and
any reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Official Body. A certificate as to the amount of such payment or liability delivered to any
Lender by the Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Agent to set off and apply any and all amounts at any time owing to such Lender under any Loan Document or otherwise payable by the Agent to the Lender
from any other source against any amount due to the Agent under this Section 5.8.4 [Indemnification by the Lenders]. 

5.8.5. Evidence of Payments. 
 Within thirty (30) days after the date of any such payment, by any Loan Party to an Official Body pursuant to this Section 5.8 [Taxes], such Loan Party shall deliver to the Agent the original or
a certified copy of a receipt issued by such Official Body evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Agent. 

  
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 5.8.6. Status of Lenders. 

(i) Any Lender that is entitled to an exemption from or reduction of withholding Tax with respect to payments made under any Loan
Document shall deliver to the Borrower and the Agent, at the time or times reasonably requested by the Borrower or the Agent, such properly completed and executed documentation reasonably requested by the Borrower or the Agent as will permit such
payments to be made without withholding or at a reduced rate of withholding. In addition, any Lender, if reasonably requested by the Borrower or the Agent, shall deliver such other documentation prescribed by applicable Law or reasonably requested
by the Borrower or the Agent as will enable the Borrower or the Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding two
sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Section 5.8.6(ii)(1), (ii)(2) and (ii)(4) below) shall not be required if in the Lender’s reasonable judgment such
completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. 

(ii) Without limiting the generality of the foregoing, in the event that the Borrower is a U.S. Borrower, 

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

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

c. in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the
Internal Revenue 

  
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Code, (x) a certificate substantially in the form of Exhibit 5.8.6(A) to the effect that such Foreign Lender is not (A) a “bank” within the meaning of
Section 881(c)(3)(A) of the Internal Revenue Code, (B) a “10 percent shareholder” of the Borrower within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or (C) a “controlled foreign
corporation” described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed originals of IRS Form W-8BEN; or 

d. to the extent a Foreign Lender is not the beneficial owner, executed originals of IRS Form W-8IMY, accompanied by IRS Form W-8ECI,
IRS Form W-8BEN, a U.S. Tax Compliance Certificate substantially in the form of Exhibit 5.8.6(B) or Exhibit 5.8.6(C), IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if
the Foreign Lender is a partnership and one or more direct or indirect partners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate substantially in the form of
Exhibit 5.8.6(D) on behalf of each such direct and indirect partner; 
 (3) any Foreign Lender shall, to the extent it
is legally entitled to do so, deliver to the Borrower and the Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement (and from time to time
thereafter upon the reasonable request of the Borrower or the Agent), executed originals of any other form prescribed by applicable Law as a basis for claiming exemption from or a reduction in U.S. federal withholding Tax, duly completed, together
with such supplementary documentation as may be prescribed by applicable Law to permit the Borrower or the Agent to determine the withholding or deduction required to be made; and 

(4) if a payment made to a Lender under any Loan Document would be subject to U.S. federal withholding Tax imposed by FATCA if such
Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Internal Revenue Code, as applicable), such Lender shall deliver to the Borrower and the Agent at
the time or times prescribed by Law and at such time or times reasonably requested by the Borrower or the Agent such documentation prescribed by applicable Law (including as prescribed by Section 1471(b)(3)(C)(i) of the Internal Revenue Code)
and such additional documentation reasonably requested by the Borrower or the Agent as may be necessary for the Borrower and the Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such
Lender’s obligations under FATCA or to determine the amount to deduct and withhold from such payment. Solely for purposes of this clause (4), “FATCA” shall include any amendments made to FATCA after the date of this Agreement.

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

  
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 5.8.7. 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 5.8 [Taxes] (including by the payment of additional amounts pursuant to this Section 5.8 [Taxes]), 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 5.8 [Taxes] with respect to the Taxes giving rise to such refund), net of all out-of-pocket expenses (including Taxes) of such indemnified party incurred in connection with obtaining such refund and
without interest (other than any interest paid by the relevant Official Body with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to
this Section 5.8.7 (plus any penalties, interest or other charges imposed by the relevant Official Body) in the event that such indemnified party is required to repay such refund to such Official Body. Notwithstanding anything to the contrary
in this Section 5.8.7), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this Section 5.8.7 the payment of which would place the indemnified party in a less favorable net after-Tax
position than the indemnified party would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any indemnified party to make available its
Tax returns (or any other information relating to its Taxes that it deems confidential) to the indemnifying party or any other Person. 
 5.8.8. Survival. 
 Each party’s obligations under this
Section 5.8 [Taxes] shall survive the resignation of the Agent or any assignment of rights by, or the replacement of, a Lender, the termination of the Commitments and the repayment, satisfaction or discharge of all Obligations. 

5.9. Notes. 
 Upon the request of any Lender, the Revolving Credit Loans made by such Lender may be evidenced by a Revolving Credit Note in the form of Exhibit 1.1(R). 

5.10. Settlement Date Procedures. 
 In order to minimize the transfer of funds between the Lenders and the Agent, the Borrower may borrow, repay and reborrow Swing Loans and PNC Bank may make Swing Loans as provided in Section 2.1.2
[Swing Loan Commitment] hereof during the period between Settlement Dates. Not later than 11:00 a.m., Pittsburgh time, on each Settlement Date, the Agent shall notify each Lender of its Ratable Share of the total of the Revolving Credit Loans and
the Swing Loans (each a “Required Share”). Prior to 2:00 p.m., Pittsburgh time, on such Settlement Date, each Lender shall pay to the Agent the amount equal to the difference between its Required Share and its Revolving Credit
Loans, and the Agent shall pay to each Lender its Ratable Share of all payments made by the Borrower to the Agent with respect to the Revolving Credit Loans. The Agent shall also effect settlement in accordance with the foregoing sentence on the
proposed Borrowing Dates for Revolving Credit Loans and may at its option effect settlement on any other Business Day. These settlement procedures are established solely as a matter of administrative

  
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convenience, and nothing contained in this Section 5.10 shall relieve the Lenders of their obligations to fund Revolving Credit Loans on dates other than a Settlement Date pursuant to
Sections 2.1.1 [Revolving Credit Loans] and 2.2 [Nature of Lenders’ Obligations with Respect to Revolving Credit Loans]. The Agent may at any time at its option for any reason whatsoever require each Lender to pay immediately to the Agent
such Lender’s Ratable Share of the outstanding Revolving Credit Loans and each Lender may at any time require the Agent to pay immediately to such Lender its Revolving Credit Ratable Share of all payments made by the Borrower to the Agent with
respect to the Revolving Credit Loans. 
 6.     REPRESENTATIONS AND WARRANTIES 

6.1. Representations and Warranties. 
 The Loan Parties, jointly and severally, represent and warrant to the Agent and each of the Lenders as follows: 
 6.1.1. Organization and Qualification. 
 Each Loan Party and each
Subsidiary that is not an Inactive Subsidiary of each Loan Party is a corporation, partnership or limited liability company duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. Each Loan Party and
each Subsidiary that is not an Inactive Subsidiary of each Loan Party has the lawful power to own or lease its properties and to engage in the business it presently conducts or proposes to conduct. Each Loan Party and each Subsidiary that is not an
Inactive Subsidiary of each Loan Party is duly licensed or qualified and in good standing in each jurisdiction where the failure to be so licensed or qualified could reasonably be expected to result in a Material Adverse Change. 

6.1.2. Subsidiaries. 
 Schedule 6.1.2 states as of the date hereof the name of each of the Borrower’s Subsidiaries, its jurisdiction of incorporation or formation, its authorized capital stock, the issued and
outstanding shares (referred to herein as the “Subsidiary Shares”) and the owners thereof if it is a corporation, its outstanding partnership interests (the “Partnership Interests”) if it is a partnership and its
outstanding limited liability company interests, interests assigned to managers thereof and the voting rights associated therewith (the “LLC Interests”) if it is a limited liability company and also indicates if such Subsidiary is
an Inactive Subsidiary. An “Inactive Subsidiary” is a Subsidiary that (i) does not conduct any business or have operations, (ii) does not have total assets with a net book value, as of any date of determination, in excess
of $100,000, and (iii) has no liabilities, contingent or otherwise, except Indebtedness permitted by Section 8.2.1 [Indebtedness]. The Borrower and each Subsidiary of the Borrower has good and marketable title to all of the Subsidiary
Shares, Partnership Interests and LLC Interests it purports to own, free and clear in each case of any Lien. All Subsidiary Shares, Partnership Interests and LLC Interests have been validly issued, and all Subsidiary Shares are fully paid and
nonassessable. All capital contributions and other consideration required to be made or paid in connection with the issuance of the Partnership Interests and LLC Interests have been made or paid, as the case may be. There are no options, warrants or
other rights outstanding to purchase any such Subsidiary Shares, Partnership Interests or LLC Interests except as indicated on Schedule 6.1.2. 

  
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 6.1.3. Power and Authority. 

Each Loan Party has full power to enter into, execute, deliver and carry out this Agreement and the other Loan Documents to which it is
a party, to incur the Indebtedness contemplated by the Loan Documents and to perform its Obligations under the Loan Documents to which it is a party, and all such actions have been duly authorized by all necessary proceedings on its part.

 6.1.4. Validity and Binding Effect. 
 This Agreement has been duly and validly executed and delivered by each Loan Party, and each other Loan Document which any Loan Party is required to execute and deliver on or after the date hereof will
have been duly executed and delivered by such Loan Party on the required date of delivery of such Loan Document. This Agreement and each other Loan Document constitutes, or will constitute, legal, valid and binding obligations of each Loan Party
which is or will be a party thereto on and after its date of delivery thereof, enforceable against such Loan Party in accordance with its terms, except to the extent that enforceability of any of such Loan Document may be limited by bankruptcy,
insolvency, reorganization, moratorium or other similar laws affecting the enforceability of creditors’ rights generally or limiting the right of specific performance. 
 6.1.5. No Conflict. 
 Neither the execution and delivery of this Agreement
or the other Loan Documents by any Loan Party nor the consummation of the transactions herein or therein contemplated or compliance with the terms and provisions hereof or thereof by any of them will conflict with, constitute a default under or
result in any breach of (i) the terms and conditions of the certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational
documents of any Loan Party or (ii) any Law or any material agreement or instrument or order, writ, judgment, injunction or decree to which any Loan Party or any of its Subsidiaries is a party or by which it or any of its Subsidiaries is bound
or to which it is subject, or result in the creation or enforcement of any Lien, charge or encumbrance whatsoever upon any property (now or hereafter acquired) of any Loan Party or any of its Subsidiaries (other than Liens granted under the Loan
Documents). 
 6.1.6. Litigation. 
 Except as set forth in the SEC Filings, there are no actions, suits, proceedings or investigations (other than Environmental Complaints which are specifically addressed in Section 6.1.21
[Environmental Matters]) pending or, to the knowledge of any Loan Party, threatened against such Loan Party or any Subsidiary of such Loan Party at law or equity before any Governmental Body which individually or in the aggregate could reasonably be
expected to result in a Material Adverse Change. None of the Loan Parties or any Subsidiaries of any Loan Party is in violation of any order, writ, injunction or any decree of any Governmental Body which could reasonably be expected to result in any
Material Adverse Change. 

  
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 6.1.7. Title to Properties. 

Each Loan Party and each Subsidiary of each Loan Party has good and marketable title to or valid leasehold interest in all properties,
assets and other rights which it purports to own or lease or which are reflected as owned or leased on its books and records, free and clear of all Liens (other than Environmental Complaints which are specifically addressed in Section 6.1.21
[Environmental Matters]) except Permitted Liens, and subject to the terms and conditions of the applicable leases, except where the failure to hold such properties, assets and other rights subject to such terms and conditions could reasonably be
expected to result in a Material Adverse Change. All leases of property are in full force and effect without the necessity for any consent which has not previously been obtained upon consummation of the transactions contemplated hereby to the extent
that the failure of such leases to be in full force or effect or have obtained any such consent could reasonably be expected to result in a Material Adverse Change. 
 6.1.8. Historical Statements; No Material Adverse Change. 
 6.1.8.1.
Historical Statements. 
 (a) The Borrower has delivered to the Agent copies of its audited consolidated year-end
financial statements for and as of the end of the fiscal year ended September 30, 2011 (the “Audited Financial Statements”) and its unaudited management-prepared consolidated financial statements for the fiscal quarters ended
December 31, 2012, March 31, 2012 and June 30, 2012 (the “Quarterly Financial Statements” and, together with the Audited Financial Statements, the “Historical Statements”). 

(b) The Audited Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered
thereby, except as otherwise expressly noted therein; (ii) fairly present the consolidated financial condition of the Borrower and its Subsidiaries as of the date thereof and their consolidated results of operations for the period covered
thereby in accordance with GAAP consistently applied throughout the period covered thereby; and (iii) show all material indebtedness and other material liabilities, direct or contingent, of the Borrower and its Subsidiaries as of the date
thereof, including liabilities for taxes, material commitments and Indebtedness, required to be reflected on the Audited Financial Statements under GAAP. 
 (c) The Quarterly Financial Statements (i) were prepared in accordance with GAAP consistently applied throughout the period covered thereby, except as otherwise expressly noted therein, and
(ii) fairly present the consolidated financial condition of the Borrower and its Subsidiaries as of the date thereof and their consolidated results of operations for the period covered thereby, in each case, subject to the absence of footnotes
and to normal year-end audit adjustments. 

  
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 6.1.8.2. No Material Adverse Change. 

Since September 30, 2011, no Material Adverse Change has occurred. 

6.1.9. Use of Proceeds; Margin Stock. 
 6.1.9.1. General. 
 The Loan Parties intend to use the proceeds of the
Loans in accordance with Sections 2.8 [Use of Proceeds] and 8.1.10 [Use of Proceeds]. 
 6.1.9.2. Margin Stock.

 None of the Loan Parties or any Subsidiaries of any Loan Party engages or intends to engage principally, or as one of its
important activities, in the business of extending credit for the purpose, immediately, incidentally or ultimately, of purchasing or carrying margin stock (within the meaning of Regulation U). No part of the proceeds of any Loan has been or will be
used, immediately, incidentally or ultimately, to purchase or carry any margin stock or to extend credit to others for the purpose of purchasing or carrying any margin stock or to refund Indebtedness originally incurred for such purpose, or for any
purpose which entails a violation of or which is inconsistent with the provisions of the regulations of the Board of Governors of the Federal Reserve System. None of the Loan Parties or any Subsidiary of any Loan Party holds or intends to hold
margin stock in such amounts that more than 25% of the reasonable value of the assets of any Loan Party or Subsidiary of any Loan Party is or will be represented by margin stock. 

6.1.10. Full Disclosure. 
 Neither this Agreement nor any other Loan Document, nor any certificate, statement, agreement or other documents furnished to the Agent or any Lender in connection herewith or therewith, when taken
together with the information contained in the SEC Filings, contains any untrue statement of a material fact or omits to state a material fact necessary in order to make the statements contained herein and therein, in light of the circumstances
under which they were made, not materially misleading. 
 6.1.11. Taxes. 

All federal, state, local and other Tax returns required to have been filed with respect to each Loan Party and each Subsidiary of each
Loan Party have been filed, and payment or adequate provision has been made for the payment of all Taxes which have or may become due pursuant to said returns or to assessments received, except to the extent that (i) such Taxes are being
contested in good faith by appropriate proceedings diligently conducted and for which such reserves or other appropriate provisions if any, as shall be required by GAAP, shall have been made, or (ii) the failure to so pay or so contest such
Taxes could not reasonably be expected to result in a Material Adverse Change. 

  
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 6.1.12. Consents and Approvals. 

No consent, approval, exemption, order or authorization of, or a registration or filing with, any Official Body or any other Person is
required by any Law or any agreement in connection with the execution, delivery and carrying out of this Agreement and the other Loan Documents by any Loan Party, except as listed on Schedule 6.1.12, all of which shall have been obtained or
made on or prior to the Closing Date except as otherwise indicated on Schedule 6.1.12. 
 6.1.13. No Event of Default;
Compliance With Instruments. 
 No event has occurred and is continuing and no condition exists or will exist after giving
effect to the borrowings or other extensions of credit to be made on the Closing Date under or pursuant to the Loan Documents which constitutes an Event of Default or Potential Default. None of the Loan Parties or any Subsidiaries of any Loan Party
is in violation of (i) any term of its certificate of incorporation, bylaws, certificate of limited partnership, partnership agreement, certificate of formation, limited liability company agreement or other organizational documents or
(ii) any material agreement or instrument to which it is a party or by which it or any of its properties may be subject or bound where such violation could reasonably be expected to result in a Material Adverse Change. 

6.1.14. Patents, Trademarks, Copyrights, Licenses, Etc. 
 Each Loan Party and each Subsidiary of each Loan Party owns or has the contractual right to use all the patents, trademarks, service marks, trade names, copyrights, licenses, registrations, franchises,
permits and rights reasonably necessary to own and operate its properties and to carry on its business as presently conducted and planned to be conducted by such Loan Party or Subsidiary, without known possible, alleged or actual conflict with the
rights of others, except where the failure to do so could not reasonably be expected to have a Material Adverse Change. 

6.1.15. Insurance. 
 The Borrower is in compliance with the requirements of Section 8.1.3 [Maintenance of Insurance] in all material respects. 
 6.1.16. Compliance With Laws. 
 The Loan Parties and their Subsidiaries
are in compliance in all material respects with all applicable Laws (other than Environmental Laws which are specifically addressed in Section 6.1.21 [Environmental Matters]) in all jurisdictions in which any Loan Party or Subsidiary of any
Loan Party is presently or will be doing business except where the failure to do so could not reasonably be expected to result in a Material Adverse Change. 
 6.1.17. Material Contracts; Burdensome Restrictions. 
 All material
contracts relating to the business operations of each Loan Party and each Subsidiary of any Loan Party, including all employee benefit plans and material 

  
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Labor Contracts, are valid, binding and enforceable upon such Loan Party or Subsidiary and, to the best of such Loan Parties’ knowledge, each of the other parties thereto in accordance with
their respective terms, except to the extent that the failure to be valid, binding and enforceable could reasonably be expected to result in a Material Adverse Change; and there is no material default thereunder, to the Loan Parties’ knowledge,
with respect to parties other than such Loan Party or Subsidiary which could reasonably be expected to result in a Material Adverse Change. None of the Loan Parties or their Subsidiaries is bound by any contractual obligation, or subject to any
restriction in any organization document, or any requirement of Law which could reasonably be expected to result in a Material Adverse Change. 
 6.1.18. Investment Companies; Regulated Entities. 
 None of the Loan
Parties or any Subsidiaries of any Loan Party is an “investment company” registered or required to be registered under the Investment Company Act of 1940 or under the “control” of an “investment company” as such terms
are defined in the Investment Company Act of 1940 and shall not become such an “investment company” or under such “control”. None of the Loan Parties or any Subsidiaries of any Loan Party is subject to any other federal or state
statute or regulation limiting its ability to incur Indebtedness for borrowed money. 
 6.1.19. Plans and Benefit
Arrangements. 
 (i) The Borrower and each other member of the ERISA Group are in compliance with any applicable provisions
of ERISA with respect to all Benefit Arrangements, Plans, Multiple Employer Plans and Multiemployer Plans except where any instance of noncompliance could not reasonably be expected to result in a Material Adverse Change. There has been no
Prohibited Transaction with respect to any Benefit Arrangement or any Plan or, to the best knowledge of the Borrower, with respect to any Multiemployer Plan or Multiple Employer Plan, which could reasonably be expected to result in a Material
Adverse Change. The Borrower and all other members of the ERISA Group have made when due any and all material payments required to be made under any agreement relating to a Multiemployer Plan or a Multiple Employer Plan or any Law pertaining thereto
except for any failure that could not reasonably be expected to result in a Material Adverse Change. With respect to each Plan and Multiple Employer Plan, the Borrower and each other member of the ERISA Group (a) have fulfilled in all material
respects their obligations under the minimum funding standards of ERISA, (b) have not incurred any material liability to the PBGC which has not been paid in the ordinary course, and (c) have not had asserted against them any penalty for
failure to fulfill the minimum funding requirements of ERISA, except for any failure under (a), (b) or (c) that could not reasonably be expected to result in a Material Adverse Change. All Plans, Benefit Arrangements and, to the best
knowledge of Borrower, Multiple Employer Plans and Multiemployer Plans have been administered in all material respects in accordance with their terms and applicable Law except for any failure that could not reasonably be expected to result in a
Material Adverse Change. 
 (ii) No event requiring notice to the PBGC under Section 303(k)(4)(A) of ERISA has occurred or
is reasonably expected to occur with respect to any Plan except for any failure that could not reasonably be expected to result in a Material Adverse Change. 

  
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 (iii) Neither the Borrower nor any other member of the ERISA Group has incurred or
reasonably expects to incur any withdrawal liability under ERISA to any Multiemployer Plan or Multiple Employer Plan which could reasonably be expected to result in a Material Adverse Change. Neither the Borrower nor any other member of the ERISA
Group has been notified by any Multiemployer Plan or Multiple Employer Plan that such Multiemployer Plan or Multiple Employer Plan has been terminated within the meaning of Title IV of ERISA and, to the best knowledge of the Borrower, no
Multiemployer Plan or Multiple Employer Plan is reasonably expected to be reorganized or terminated, within the meaning of Title IV of ERISA which, in either case, could reasonably be expected to result in a Material Adverse Change. 

6.1.20. Employment Matters. 
 Each of the Loan Parties and each of their Subsidiaries is in compliance with the Labor Contracts and all applicable federal, state and local labor and employment Laws including those related to equal
employment opportunity and affirmative action, labor relations, minimum wage, overtime, child labor, medical insurance continuation, worker adjustment and relocation notices, immigration controls and worker and unemployment compensation, where the
failure to comply could reasonably be expected to result in a Material Adverse Change. There are no outstanding grievances, arbitration awards or appeals therefrom arising out of the Labor Contracts or current or threatened strikes, picketing,
handbilling or other work stoppages or slowdowns at facilities of any of the Loan Parties or any of their Subsidiaries which in any case could reasonably be expected to result in a Material Adverse Change. 

6.1.21. Environmental Matters. 
 Except as set forth in the SEC Filings, none of the Loan Parties or any Subsidiaries of any Loan Party has received any Environmental Complaint which could reasonably be expected to result in a Material
Adverse Change. There are no pending or, to any Loan Party’s knowledge, threatened Environmental Complaints relating to any Loan Party or Subsidiary of any Loan Party or any of the Properties or, to any Loan Party’s knowledge, any prior
owner, operator or occupant of any of the Properties pertaining to, or arising out of, any Contamination or violations of Environmental Laws or Environmental Permits which could reasonably be expected to result in a Material Adverse Change. The Loan
Parties and their Subsidiaries are in compliance with all applicable Environmental Laws in all jurisdictions in which any Loan Party or Subsidiary of any Loan Party is doing business except where the failure to do so could not reasonably be expected
to result in a Material Adverse Change. The Loan Parties and their Subsidiaries hold and are operating in compliance with Environmental Permits, except where the failure to do so could not reasonably be expected to result in a Material Adverse
Change. 

  
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 6.1.22. Senior Debt Status. 

The Obligations of each Loan Party under this Agreement, the Guaranty Agreement and each of the other Loan Documents to which it is a
party do rank and will rank at least pari passu in priority of payment with all other Indebtedness of such Loan Party except Indebtedness of such Loan Party to the extent secured by Permitted Liens. There is no Lien upon or with
respect to any of the properties or income of any Loan Party or Unregulated Subsidiary of any Loan Party which secures indebtedness or other obligations of any Person except for Permitted Liens. 

6.1.23. Reserved. 
 6.1.24. Permitted Related Business Opportunities. 
 The information set
forth on Schedule 6.1.24 is true, complete and correct in all material respects and sets forth a list of the Investments in Permitted Related Business Opportunities by the Loan Parties and their Subsidiaries as of the Closing Date and
includes, without limitation, the amount and nature of each such Investment, a description of the activities engaged in by the Loan Parties and their Subsidiaries in connection with such Investment, and a description of the activities engaged in by
the Person in which the Investment has been made. 
 6.1.25. Anti-Terrorism Laws; Executive Order No. 13224.

 None of the Loan Parties nor any Subsidiary of any Loan Party is any of the following (each a “Blocked
Person”): 
 (i) a Person that is listed in the annex to, or is otherwise subject to the provisions of, the Executive
Order No. 13224; 
 (ii) a Person owned or controlled by, or acting for or on behalf of, any Person that is listed in the
annex to, or is otherwise subject to the provisions of, the Executive Order No. 13224; 
 (iii) a Person or entity with
which any Lender is prohibited from dealing or otherwise engaging in any transaction by any Anti-Terrorism Law; 
 (iv) a
Person or entity that commits, threatens or conspires to commit or supports “terrorism” as defined in the Executive Order No. 13224; 
 (v) a Person or entity that is named as a “specially designated national” on the most current list published by the United States Treasury Department Office of Foreign Asset Control at its
official website or any replacement website or other replacement official publication of such list, or 
 (vi) a Person or
entity who is affiliated or associated with a Person or entity listed above. 

  
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 6.2. Continuation of Representations. 

The Loan Parties make the representations and warranties in this Section 6 [Representations and Warranties] on the date hereof, on
the Closing Date, and each date thereafter on which a Loan is made or a Letter of Credit is issued as provided in and subject to Sections 7.1 [Conditions to First Loans and Letters of Credit] and 7.2 [Conditions to Each Additional Loan or Letter of
Credit]. 
 7.     CONDITIONS OF LENDING AND ISSUANCE OF LETTERS OF CREDIT 

The obligation of each Lender to make Loans and of the Agent to issue Letters of Credit hereunder is subject to the performance by each
of the Loan Parties of its Obligations to be performed hereunder at or prior to the making of any such Loans or issuance of such Letters of Credit and to the satisfaction of the following further conditions: 

7.1. Conditions to First Loans and Letters of Credit. 
 On the Closing Date: 
 7.1.1. Officer’s Certificate. 

The representations and warranties of each of the Loan Parties contained in Section 6 [Representations and Warranties] and in each
of the other Loan Documents shall be true and accurate on and as of the Closing Date with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which relate solely
to an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and each of the Loan Parties shall have performed and complied with all covenants and
conditions hereof and thereof required to have been performed and complied with on or prior to the Closing Date, no Event of Default or Potential Default shall have occurred and be continuing or shall exist; and there shall be delivered to the Agent
for the benefit of each Lender a certificate of each of the Loan Parties, dated the Closing Date and signed by the Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of each of the Loan Parties, to each such
effect. 
 7.1.2. Secretary’s Certificate. 

There shall be delivered to the Agent for the benefit of each Lender a certificate dated the Closing Date and signed by the Secretary or
an Assistant Secretary of each of the Loan Parties, certifying as appropriate as to: 
 (i) all action taken by each Loan Party
in connection with this Agreement and the other Loan Documents; 
 (ii) the names of the officer or officers authorized to sign
this Agreement and the other Loan Documents and the true signatures of such officer or officers and specifying the Authorized Officers permitted to act on behalf of each Loan Party for purposes of this Agreement and the true signatures of such
officers, on which the Agent and each Lender may conclusively rely; and 

  
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 (iii) copies of its organizational documents, including its certificate of incorporation,
bylaws, certificate of limited partnership, partnership agreement, certificate of formation, and limited liability company agreement as in effect on the Closing Date certified by the appropriate state official where such documents are filed in a
state office together with certificates from the appropriate state officials as to the continued existence and good standing of each Loan Party in each state where organized or qualified to do business. 

7.1.3. Opinion of Counsel. 
 There shall be delivered to the Agent for the benefit of each Lender a written opinion of (a) Troutman Sanders LLP, counsel for the Loan Parties (who may rely on the opinions of such other counsel
and Certificates of the Borrower’s in-house counsel as may be reasonably acceptable to the Agent), dated the Closing Date and in substantially the form attached hereto as Exhibit 7.1.3(A), and (b) Richard Reich, in-house
counsel for the Loan Parties in his capacity as Assistant General Counsel of NJR Service Corporation, dated the Closing Date and in substantially the form attached hereto as Exhibit 7.1.3(B). 

7.1.4. Legal Details. 
 All legal details and proceedings in connection with the transactions contemplated by this Agreement and the other Loan Documents shall be in form and substance satisfactory to the Agent and counsel for
the Agent, and the Agent shall have received all such other counterpart originals or certified or other copies of such documents and proceedings in connection with such transactions, in form and substance satisfactory to the Agent and said counsel,
as the Agent or said counsel may reasonably request. The Agent shall have received this Agreement executed by the Borrower and each Lender and the Notes executed by the Borrower. 

7.1.5. Payment of Fees. 
 The Borrower shall have paid or caused to be paid to the Agent for itself and for the account of the Lenders to the extent not previously paid all fees accrued through the Closing Date and the costs and
expenses for which the Agent and the Lenders are entitled to be reimbursed. 
 7.1.6. Consents. 

The material consents, if any, required to effectuate the transactions contemplated hereby as set forth on Schedule 6.1.12 shall
have been obtained. 
 7.1.7. Officer’s Certificate Regarding MACs. 

Since September 30, 2011, no Material Adverse Change shall have occurred; since that date through and including the Closing Date,
there shall have been no material change in the management of any Loan Party or Subsidiary of any Loan Party; and there shall have been delivered to the Agent for the benefit of each Lender a certificate dated the Closing Date and signed by the
Chief Executive Officer, President, Chief Financial Officer or other Authorized Officer of each Loan Party to each such effect. 

  
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 7.1.8. No Violation of Laws. 

The making of the Loans and the issuance of the Letters of Credit shall not contravene any Law applicable to any Loan Party or any of
the Lenders. 
 7.1.9. No Actions or Proceedings. 

No action, proceeding, investigation, regulation or legislation shall have been instituted, threatened or proposed before any court,
governmental agency or legislative body to enjoin, restrain or prohibit, or to obtain damages in respect of, this Agreement, the other Loan Documents or the consummation of the transactions contemplated hereby or thereby or which, in the
Agent’s sole discretion, would make it inadvisable to consummate the transactions contemplated by this Agreement or any of the other Loan Documents. 
 7.1.10. Delivery of Guaranty Agreement. 
 The Guaranty Agreement shall
have been duly executed and delivered to the Agent for the benefit of the Lenders. 
 7.1.11. Hedging Contract Policies.

 The Loan Parties shall have delivered to the Agent and each Lender a true and complete copy of the Hedging Contract
Policies, and the Hedging Contract Policies shall be reasonably satisfactory in form and substance to each Lender. 
 7.1.12.
Termination of Commitments and Repayment of Outstanding Indebtedness. 
 The Loan Parties shall have repaid all
obligations, indebtedness, interest fees, expenses and other amounts due and owing under the Existing Credit Facility, all commitments to lend thereunder shall have been irrevocably terminated and all letters of credit issued thereunder shall have
been terminated, all to the satisfaction of the Agent. 
 7.2. Conditions to Each Additional Loan or Letter of Credit.

 At the time of making any Loans or issuing any Letters of Credit other than Loans made or Letters of Credit issued on the
Closing Date and after giving effect to the proposed extensions of credit: (i) the representations and warranties of the Loan Parties contained in Section 6 [Representations and Warranties] (other than the representations and warranties
contained in the first sentence of Section 6.1.6 [Litigation], the last sentence of Section 6.1.8 [Historical Statements; No Material Adverse Change], and Section 6.1.21 [Environmental Matters]) and in the other Loan Documents shall
be true on and as of the date of such additional Loan or Letter of Credit with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which expressly relate solely to
an earlier date or time, which representations and warranties shall be true and correct on and as of the specific dates or times referred to therein), and the Loan Parties shall have performed and complied with all covenants and conditions hereof;
(ii) no Event of Default or Potential Default shall have occurred and be continuing or shall exist; (iii) the making of the 

  
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Loans or issuance of such Letters of Credit shall not contravene any Law applicable to any Loan Party or any Subsidiary of any Loan Party or any of the Lenders; (iv) and the Borrower shall
have delivered to the Agent a duly executed and completed Loan Request, Swing Loan Request, or application for a Letter of Credit as the case may be. 
 8.    COVENANTS 
 8.1. Affirmative
Covenants. 
 The Loan Parties, jointly and severally, covenant and agree that until payment in full of the Loans,
Reimbursement Obligations and Letter of Credit Borrowings, and interest thereon, expiration or termination of all Letters of Credit, satisfaction of all of the Loan Parties’ other Obligations under the Loan Documents and termination of the
Commitments, the Loan Parties shall comply at all times with the following affirmative covenants: 
 8.1.1. Preservation of
Existence, Etc. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain its legal existence as a
corporation, partnership or limited liability company and its license or qualification and good standing in each jurisdiction in which its ownership or lease of property or the nature of its business makes such license or qualification necessary,
except (i) where the lack of legal existence of any Subsidiary or the failure to be so licensed or qualified could not reasonably be expected to have a Material Adverse Change, or (ii) as otherwise expressly permitted in Section 8.2.5
[Liquidations, Mergers, Etc.]. 
 8.1.2. Payment of Liabilities, Including Taxes, Etc. 

Each Loan Party shall, and shall cause each of its Subsidiaries to, duly pay and discharge all liabilities to which it is subject or
which are asserted against it, promptly as and when the same shall become due and payable, including all Taxes upon it or any of its properties, assets, income or profits, prior to the date on which penalties attach thereto, except to the extent
that such Taxes are being contested in good faith and by appropriate and lawful proceedings diligently conducted and for which such reserve or other appropriate provisions, if any, as shall be required by GAAP shall have been made, but only to the
extent that failure to discharge any such liabilities would not result in any additional liability which could reasonably be expected to result in a Material Adverse Change. 
 8.1.3. Maintenance of Insurance. 
 Each Loan Party shall, and shall cause
each of its Subsidiaries to, insure its properties and assets against loss or damage by fire and such other insurable hazards as such assets are commonly insured (including fire, extended coverage, property damage, workers’ compensation, public
liability and business interruption insurance) and against other risks (including errors and omissions) in such amounts as similar properties and assets are insured by prudent companies in similar circumstances carrying on similar businesses, and
with reputable and financially sound insurers, including self-insurance to the extent customary. 

  
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 8.1.4. Maintenance of Properties and Leases. 

Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in good repair, working order and condition (ordinary wear
and tear excepted) in accordance with the general practice of other businesses of similar character and size, all of those properties useful or necessary to its business, and from time to time, such Loan Party will make or cause to be made all
appropriate repairs, renewals or replacements thereof. 
 8.1.5. Maintenance of Patents, Trademarks, Etc. 

Each Loan Party shall, and shall cause each of its Subsidiaries to, maintain in full force and effect all patents, trademarks, service
marks, trade names, copyrights, licenses, franchises, permits and other authorizations necessary for the ownership and operation of its properties and business if the failure so to maintain the same could constitute a Material Adverse Change.

 8.1.6. Visitation Rights. 
 Each Loan Party shall, and shall cause each of its Subsidiaries to, permit any of the officers or authorized employees or representatives of the Agent or any of the Lenders to visit and inspect any of its
properties and to examine and make excerpts from its books and records and discuss its business affairs, finances and accounts with its officers, all in such detail and at such times and as often as any of the Lenders may reasonably request,
provided that each Lender shall provide the Borrower and the Agent with reasonable notice prior to any visit or inspection, and, except after the occurrence and during the continuation of an Event of Default, any such visit or inspection
shall occur during regular business hours. In the event any Lender desires to conduct an audit of any Loan Party, such Lender shall make a reasonable effort to conduct such audit contemporaneously with any audit to be performed by the Agent, and
except after the occurrence and during the continuation of an Event of Default, any such audit (whether by the Agent or any Lender) shall be at the sole cost and expense of the Agent or such Lender, as the case may be. 

8.1.7. Keeping of Records and Books of Account. 
 The Borrower shall, and shall cause each Subsidiary of the Borrower to, maintain and keep proper books of record and account which enable the Borrower and its Subsidiaries to issue financial statements in
accordance with GAAP and as otherwise required by applicable Laws of any Official Body having jurisdiction over the Borrower or any Subsidiary of the Borrower, and in which full, true and correct entries shall be made in all material respects of all
its dealings and business and financial affairs. 
 8.1.8. Plans and Benefit Arrangements. 

The Borrower shall, and shall cause each of its Subsidiaries and each other member of the ERISA Group to, comply with ERISA, the
Internal Revenue Code and other applicable Laws applicable to Plans and Benefit Arrangements except where such failure, alone or in conjunction with any other failure, would not reasonably be expected to result in a Material Adverse Change. Without
limiting the generality of the foregoing, the Borrower shall cause all 

  
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of its Plans and all Plans maintained by any of its Subsidiaries and any member of the ERISA Group to be funded in accordance with the minimum funding requirements of ERISA and shall make, and
cause each member of the ERISA Group to make, in a timely manner, all contributions due to Plans, Benefit Arrangements and Multiemployer Plans, except where any such failure, alone or in conjunction with any other failure, could not reasonably be
expected to result in a Material Adverse Change. 
 8.1.9. Compliance With Laws. 

Each Loan Party shall, and shall cause each of its Subsidiaries to, comply with all applicable Laws, including all Environmental Laws,
in all material respects, provided that it shall not be deemed to be a violation of this Section 8.1.9 if any failure to comply with any Law would not result in fines, penalties, costs associated with the performance of any Remedial
Actions, other similar liabilities or injunctive relief which in the aggregate could not reasonably be expected to result in a Material Adverse Change. Without limiting the generality of the foregoing, each Loan Party shall, and shall cause each of
its Subsidiaries to, obtain, maintain, renew and comply with all Environmental Permits applicable to their respective operations and activities, provided that it shall not be deemed to be a violation of this Section 8.1.9 if any failure
to do so would not result in cease and desist orders or fines, penalties or other similar liabilities or injunctive relief which in the aggregate could not reasonably be expected to result in a Material Adverse Change. 

8.1.10. Use of Proceeds. 
 The Loan Parties will use the Letters of Credit and the proceeds of the Loans only for general corporate purposes of the Borrower and for working capital of the Borrower (including, without limitation
(i) the use of Letters of Credit to support obligations arising in the ordinary course of the business of the Loan Parties, as such business is permitted to be conducted pursuant to Section 8.2.9 [Continuation of or Change in Business] and
(ii) to repay and terminate Indebtedness outstanding under the Existing Credit Facility). The Loan Parties shall not use the Letters of Credit or the proceeds of the Loans for any purposes which contravenes any applicable Law or any provision
hereof. 
 8.1.11. Additional NJR Note Agreements Financial Covenants. 

In the event that the Borrower shall amend any of the NJR Note Agreements, or shall enter into a new, similar agreement providing for
the issuance of unsecured, privately placed notes, which include one or more financial covenants in addition to those contained in the NJR Note Agreements on the date hereof, then the Borrower shall offer to the Lenders to amend this Agreement to
include such additional financial covenant or financial covenants in this Agreement pursuant to an amendment to this Agreement in form and substance reasonably satisfactory to the Agent and the Borrower. In such event, the Borrower promptly, upon
acceptance of any offer referred to in the preceding sentence, shall execute and deliver at its expense an amendment to this Agreement in form and substance reasonably satisfactory to the Agent and the Borrower evidencing the amendment of this
Agreement to include such additional financial covenant or financial covenants (any such additional financial covenant so included in this Agreement being called an “Incorporated Covenant”). In the event that at any time and from

  
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time to time after the execution of such an amendment with respect to any Incorporated Covenant, the applicable NJR Note Agreement or other similar agreement shall no longer include such
Incorporated Covenant, then upon notice by the Borrower to the Agent, the Agent and the Lenders shall execute and deliver to the Borrower, at the Borrower’s expense, an amendment to this Agreement in form and substance reasonably satisfactory
to the Agent and the Borrower evidencing the amendment of this Agreement to delete such Incorporated Covenant from this Agreement. 
 8.2. Negative Covenants. 
 The Loan Parties, jointly and severally,
covenant and agree that until payment in full of the Loans, Reimbursement Obligations and Letter of Credit Borrowings, and interest thereon, expiration or termination of all Letters of Credit, satisfaction of all of the Loan Parties’ other
Obligations hereunder and termination of the Commitments, the Loan Parties shall comply with the following negative covenants: 

8.2.1. Indebtedness. 
 Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, at any time create, incur, assume or suffer to exist any Indebtedness, except: 

(i) Indebtedness under the Loan Documents; 
 (ii) Existing Indebtedness as set forth on Schedule 8.2.1 including any amendments, extensions, renewals or refinancings thereof, so long as at the time of the incurrence of such Indebtedness, the
Borrower is in compliance with Section 8.2.12 [Maximum Leverage Ratio] and no Event of Default would be caused thereby; 

(iii) Indebtedness of a Loan Party to another Loan Party; 
 (iv) Indebtedness in respect of capitalized leases (including, without limitation, capitalized leases for metered assets) not to exceed at any time outstanding in the aggregate for the Loan Parties and
their Unregulated Subsidiaries $60,000,000; 
 (v) Indebtedness of NJR Energy Services Company arising under any Hedging
Transaction; 
 (vi) Indebtedness, at any time outstanding not to exceed $10,000,000, secured by Liens permitted by
Section 8.2.2(i); 
 (vii) Indebtedness, secured by Purchase Money Security Interests as permitted by clause (xi) of
the definition of Permitted Liens, not to exceed at any time outstanding in the aggregate for the Loan Parties and their Unregulated Subsidiaries $20,000,000; 
 (viii) Indebtedness not to exceed at any time outstanding in the aggregate for the Loan Parties and their Unregulated Subsidiaries $75,000,000, so long as

  
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such Indebtedness: (a) is Indebtedness of an Acquired Person which existed prior to the consummation of the Permitted Acquisition in connection with which such Acquired Person was acquired
by a Loan Party and such Indebtedness was not incurred in contemplation of or in connection with such Permitted Acquisition; and (b) if secured, is secured by Liens permitted by clause (xii) of the definition of Permitted Liens;

 (ix) The NJR Notes, including any amendments, extensions, renewals or refinancings thereof, so long as at the time of the
incurrence of such Indebtedness, the Borrower is in compliance with Section 8.2.12 [Maximum Leverage Ratio] and no Event of Default would be caused thereby; 
 (x) Additional NJR Notes, in each case including any amendments, extensions, renewals or refinancings thereof, so long as at the time of the incurrence of such Indebtedness, the Borrower is in compliance
with Section 8.2.12 [Maximum Leverage Ratio] and no Event of Default would be caused thereby; 
 (xi) Non-recourse
Indebtedness of the Project Subsidiaries; 
 (xii) Guaranties permitted by Section 8.2.3 [Guaranties]; and 

(xiii) Additional Indebtedness of the Loan Parties incurred after the Closing Date, in each case including any amendments, extensions,
renewals or refinancings thereof, so long as at the time of the incurrence of such Indebtedness, the Borrower is in compliance with Section 8.2.12 [Maximum Leverage Ratio] both before and after such incurrence and no Event of Default may be
caused thereby. 
 8.2.2. Liens. 
 Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries (other than Project Subsidiaries) to, at any time create, incur, assume or suffer to exist any Lien on any of
its property or assets, tangible or intangible, now owned or hereafter acquired, or agree or become liable to do so, except: 

(i) Permitted Liens; and 
 (ii) Extensions or renewals of any Permitted Lien provided that the principal amount of the Indebtedness secured by such Permitted Lien shall continue to be permitted by Section 8.2.1
[Indebtedness]. 
 8.2.3. Guaranties. 
 Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, at any time, directly or indirectly, become or be liable in respect of any Guaranty, or assume, guarantee,
become surety for, endorse or otherwise agree, become or remain directly or contingently liable upon or with respect to any obligation or liability of any other Person, except for 

  
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 (i) Guaranties of Indebtedness of the Loan Parties permitted pursuant to Section 8.2.1
[Indebtedness]; provided however, that the NJR Notes shall not be guaranteed by any Loan Party or any Subsidiary of a Loan Party unless such Person is also a Guarantor; 

(ii) Guaranties of any Loan Party or any of its Unregulated Subsidiaries of obligations of NJR Energy Services Company arising under any
Hedging Transaction; and 
 (iii) Guaranties by the Borrower of various obligations of any of its Unregulated Subsidiaries in
connection with any transaction arising in connection with its ordinary course of business as conducted on the Closing Date or as otherwise permitted to be conducted pursuant to Section 8.2.9 [Continuation of or Change in Business]. 

8.2.4. Loans and Investments. 
 Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, at any time make or suffer to remain outstanding any loan or advance to, or purchase, acquire or own any
stock, bonds, notes or securities of, or any partnership interest (whether general or limited) or limited liability company interest in, or any other investment or interest in, or make any capital contribution to, any other Person, or agree, become
or remain liable to do any of the foregoing (any of the foregoing being an “Investment”), except: 
 (i) trade
credit extended on usual and customary terms in the ordinary course of business; 
 (ii) advances to employees to meet expenses
incurred by such employees in the ordinary course of business; 
 (iii) Permitted Investments; 

(iv) loans, advances and investments in other Loan Parties and in the Project Subsidiaries; and 

(v) any Investment which constitutes a Permitted Acquisition in accordance with Section 8.2.5 [Liquidations, Mergers,
Consolidations, Acquisitions]. 

  
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 8.2.5. Liquidations, Mergers, Consolidations, Acquisitions. 

Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, dissolve, liquidate or wind-up its
affairs, or become a party to any merger or consolidation, or acquire by purchase, lease or otherwise all or substantially all of the assets or capital stock of any other Person, provided that: 

(1) any Loan Party other than the Borrower may consolidate or merge into another Loan Party which is wholly-owned by one or more of the
other Loan Parties, 
 (2) any Inactive Subsidiary of the Borrower may dissolve, liquidate or wind-up its affairs or any
Inactive Subsidiary of the Borrower may consolidate or merge into: (a) any other Inactive Subsidiary of the Borrower, or (b) any Loan Party, other than the Borrower, and 

(3) any Loan Party may acquire, whether by purchase or by merger, (A) all of the ownership interests of another Person or
(B) substantially all of assets of another Person or of a business or division of another Person (each a “Permitted Acquisition”), provided that each of the following requirements is met: 

a. if the Loan Parties are acquiring the ownership interests in such Person, such Person (other than Project Subsidiaries) shall execute
a Guarantor Joinder and join this Agreement as a Guarantor pursuant to and otherwise comply with Section 11.19 [Joinder of Guarantors] on or before the date of such Permitted Acquisition; 

b. the board of directors or other equivalent governing body of such Person shall have approved such Permitted Acquisition and, if the
Loan Parties shall use any portion of the Loans to fund such Permitted Acquisition, the Loan Parties also shall have delivered to the Lenders written evidence of the approval of the board of directors (or equivalent body) of such Person for such
Permitted Acquisition; 
 c. the business acquired, or the business conducted by the Person whose ownership interests are being
acquired, as applicable, shall be substantially the same as one or more line or lines of business conducted by the Loan Parties or otherwise be compliant with Section 8.2.9 [Continuation of or Change in Business]; 

d. no Potential Default or Event of Default shall exist immediately prior to and after giving effect to such Permitted Acquisition;

 e. the Borrower shall demonstrate that it shall be in compliance with the covenants contained in Section 8.2.12
[Maximum Leverage Ratio] after giving effect to such Permitted Acquisition (including in such computation Indebtedness or other liabilities assumed or incurred in connection with such Permitted Acquisition but excluding income earned or expenses
incurred by the Person, business or assets to be acquired prior to the date of such Permitted Acquisition) by delivering at least five (5) Business Days prior to such Permitted Acquisition a certificate in the form of Exhibit 8.2.5 (the
“Acquisition Compliance Certificate”) evidencing such compliance; and 
 f. the Loan Parties shall deliver to
the Agent as soon as available prior to (if practicable), or in any event within five (5) Business Days after, the consummation of such Permitted Acquisition copies of any agreements entered into or proposed to be entered into by such Loan
Parties in connection with such Permitted Acquisition and shall deliver to the Agent, as soon as available, such other information about such Person or its assets as the Agent or any Lender may reasonably require. 

  
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 8.2.6. Dispositions of Assets or Unregulated Subsidiaries. 

Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, sell, convey, assign, lease, abandon or
otherwise transfer or dispose of, voluntarily or involuntarily, any of its properties or assets, tangible or intangible (including sale, assignment, discount or other disposition of accounts, contract rights, chattel paper, equipment or general
intangibles with or without recourse or of capital stock, shares of beneficial interest, partnership interests or limited liability company interests of an Unregulated Subsidiary of such Loan Party), except: 

(i) transactions involving the sale of inventory in the ordinary course of business; 

(ii) any sale, transfer or lease of assets in the ordinary course of business which are no longer necessary or required in the conduct
of such Loan Party’s or such Unregulated Subsidiary’s business; 
 (iii) any sale, transfer or lease of assets by any
wholly owned Unregulated Subsidiary of such Loan Party to another Loan Party; 
 (iv) any sale, transfer or lease of assets in
the ordinary course of business which are replaced by substitute assets acquired or leased; 
 (v) the issuance of shares of
capital stock of the Borrower, and the issuance of shares of capital stock of (a) any direct or indirect Subsidiary of the Borrower to the Borrower or (b) any Loan Party to another Loan Party; 

(vi) any sale, transfer or lease of assets or capital stock of any Inactive Subsidiary of the Borrower; 

(vii) any sale, transfer or lease of assets or capital stock of any Project Subsidiary; and 

(viii) any sale, transfer or lease of assets, other than those specifically excepted pursuant to clauses (i) through
(vii) above, by any Loan Party or any Unregulated Subsidiary of a Loan Party, provided that (i) at the time of any disposition, no Event of Default shall exist or shall result from such disposition, and (ii) the aggregate net
book value of all assets so sold by the Loan Parties and their Unregulated Subsidiaries shall not exceed in any twelve (12) consecutive month period ten percent (10%) of the consolidated tangible assets of the Borrower and its Subsidiaries
as determined on a consolidated basis in accordance with GAAP. 
 8.2.7. Affiliate Transactions. 

Except solely with respect to any Permitted Related Business Opportunities as previously disclosed to the Agent and each of the Lenders,
each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, enter into or carry out any transaction (including purchasing property or services from or selling property or

  
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services to any Affiliate of any Loan Party or other Person) unless such transaction is not otherwise prohibited by this Agreement, is entered into in the ordinary course of business upon fair
and reasonable arm’s-length terms and conditions and is in accordance with all applicable Law. 
 8.2.8. Subsidiaries,
Partnerships and Joint Ventures. 
 Each of the Loan Parties shall not, and shall not permit any of its Unregulated
Subsidiaries to, own or create directly or indirectly any Subsidiaries other than (i) any Subsidiary which is a Regulated Entity, (ii) any Subsidiary which is an Inactive Subsidiary of the Borrower, (iii) Conserve to Preserve
Foundation, a non-profit corporation organized under the laws of the State of New Jersey, (iv) any Subsidiary which has joined this Agreement as Guarantor on the Closing Date, (v) any Project Subsidiary, and (vi) any Subsidiary formed
after the Closing Date which joins this Agreement as a Guarantor pursuant to Section 11.19 [Joinder of Guarantors]. Each of the Loan Parties shall not become or agree to (1) become a general or limited partner in any general or limited
partnership, except that the Loan Parties may be general or limited partners in other Loan Parties, (2) become a member or manager of, or hold a limited liability company interest in, a limited liability company, except that the Loan Parties
may be members or managers of, or hold limited liability company interests in, other Loan Parties, or (3) become a joint venturer or hold a joint venture interest in any joint venture, except in each case in respect of a Permitted Related
Business Opportunity. 
 8.2.9. Continuation of or Change in Business. 

Each of the Loan Parties shall not, and shall not permit any of its Unregulated Subsidiaries to, engage in any business other than the
business of each Loan Party or Unregulated Subsidiary substantially as conducted and operated by such Loan Party or Unregulated Subsidiary during the present fiscal year, and any line of business or business activity related or complementary to the
business of the Loan Parties conducted as of the Closing Date, including without limitation Permitted Related Business Opportunities. 
 8.2.10. Plans and Benefit Arrangements. 
 Each of the Loan Parties shall
not, and shall not permit any of its Subsidiaries to, engage in a Prohibited Transaction with any Plan, Benefit Arrangement, Multiple Employer Plan or Multiemployer Plan which, alone or in conjunction with any other circumstances or set of
circumstances, would reasonably be expected to result in a Material Adverse Change. 
 8.2.11. Fiscal Year. 

The Borrower shall not, and shall not permit any Unregulated Subsidiary (other than Project Subsidiaries) of the Borrower to, change its
fiscal year from the twelve-month period beginning October 1 and ending September 30 without the prior consent of the Agent, such consent not to be unreasonably withheld or delayed. 

  
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 8.2.12. Maximum Leverage Ratio. 

The Loan Parties shall not at any time permit the ratio of Consolidated Total Indebtedness of the Borrower and its Subsidiaries to
Consolidated Total Capitalization to exceed 0.65 to 1.00. 
 8.2.13. Payment of Dividends; Redemptions. 

The Loan Parties shall not, and shall not permit any Unregulated Subsidiary to, declare or make any dividend payment or other
distribution of assets, properties, cash, rights, obligations or securities on account of any shares of any class of capital stock of any Loan Party, or purchase, redeem or otherwise acquire for value (or permit any of its Subsidiaries to do so) any
shares of any class of capital stock or other securities of any Loan Party or any warrants, rights or options to acquire any such shares or other securities, now or hereafter outstanding, except that (a) the Borrower may (i) declare and
make any dividend payment or other distribution payable in common stock of the Borrower, (ii) purchase, redeem or otherwise acquire shares of its common stock or warrants, rights or options to acquire any such shares so long as no Event of
Default or Potential Default shall have occurred and is continuing or would result therefrom, and (iii) declare and make cash dividends, so long as, after giving effect thereto, no Event of Default shall have occurred and is continuing, and
(b) that any (i) Unregulated Subsidiary of the Borrower may declare and make any dividend payment or other distribution to the Borrower or to any other Loan Party, and (ii) Project Subsidiary may declare and make any dividend payment
or other distribution to any Person. 
 8.2.14. Off-Balance Sheet Financing. 

Each Loan Party and each Unregulated Subsidiary of each Loan Party shall not engage in any off-balance sheet transaction (i.e., the
liabilities in respect of which do not appear on the liability side of the balance sheet, with such balance sheet prepared in accordance with GAAP) providing the functional equivalent of borrowed money (including asset securitizations,
sale/leasebacks or Synthetic Leases (other than any sale/leaseback transaction or Synthetic Lease entered into, in either case, with respect to meter assets and which transaction is otherwise permitted by this Agreement)) with liabilities in excess,
in the aggregate for the Borrower and its Subsidiaries as of any date of determination, of ten percent (10%) of the total assets of the Borrower and its Subsidiaries, determined and consolidated in accordance with GAAP as of the date of
determination. For purposes of this Section 8.2.14, (a) “Synthetic Lease” shall mean any lease transaction under which the parties intend that (i) the lease will be treated as an “operating lease” by the
lessee pursuant to Statement of Financial Accounting Standards No. 13, as amended, or appropriate successor thereto, and (ii) the lessee will be entitled to various tax benefits ordinarily available to owners (as opposed to lessees) of
like property and (b) the amount of any lease which is not a capital lease in accordance with GAAP is the aggregate amount of minimum lease payments due pursuant to such lease for any non-cancelable portion of its term. 

  
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 8.2.15. No Violation of Anti-Terrorism Laws. 

The Loan Parties and each Unregulated Subsidiary of any Loan Party shall not: (i) violate any of the prohibitions set forth in the
Executive Order No. 13224, the USA Patriot Act or any other Anti-Terrorism Law applicable to any of them or the business that they conduct, and (ii) require the Agent or the Lenders to take any action that would cause the Agent or the
Lenders to be in violation of the prohibitions set forth in the Executive Order No. 13224, the USA Patriot Act or any other Anti-Terrorism Law, it being understood that the Agent or any Lender can refuse to honor any such request or demand
otherwise validly made by any such Loan Party or any Unregulated Subsidiary of any Loan Party under this Agreement or any other Loan Document. 
 8.3. Reporting Requirements. 
 The Loan Parties, jointly and severally,
covenant and agree that until payment in full of the Loans, Reimbursement Obligations and Letter of Credit Borrowings, and interest thereon, expiration or termination of all Letters of Credit, satisfaction of all of the Loan Parties’ other
Obligations hereunder and under the other Loan Documents and termination of the Commitments, the Loan Parties will furnish or cause to be furnished to the Agent and each of the Lenders: 

8.3.1. Quarterly Financial Statements. 
 As soon as available and in any event within forty-five (45) calendar days after the end of each of the first three fiscal quarters in each fiscal year (or such earlier or later date, from time to
time established by the SEC in accordance with the Securities Exchange Act of 1934, as amended, or within fifty (50) days in the event the Borrower shall file its Form 10-Q within the extension period pursuant to Rule 12b-25 of the Securities
Exchange Act of 1934, as amended), financial statements of the Borrower, consisting of a consolidated and consolidating balance sheet as of the end of such fiscal quarter and related consolidated and consolidating statements of income,
stockholders’ equity and cash flows for the fiscal quarter then ended and the fiscal year through that date, all in reasonable detail and certified (subject to normal year-end audit adjustments) by the Chief Executive Officer, President or
Chief Financial Officer of the Borrower as having been prepared in accordance with GAAP, consistently applied, and setting forth in comparative form the respective financial statements for the corresponding date and period in the previous fiscal
year. The Loan Parties will be deemed to have complied with the delivery requirements of this Section 8.3.1 if within forty-five (45) days after the end of their fiscal quarter (or such earlier or later date, from time to time established
by the SEC in accordance with the Securities Exchange Act of 1934, as amended, or within fifty (50) days in the event the Borrower shall file its Form 10-Q within the extension period pursuant to Rule 12b-25 of the Securities Exchange Act of
1934, as amended), the Borrower delivers to the Agent and each of the Lenders a copy of its Form 10-Q as filed with the SEC and the financial statements contained therein meets the requirements described in this Section. 

  
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 8.3.2. Annual Financial Statements. 

As soon as available and in any event within ninety (90) days after the end of each fiscal year of the Borrower (or such earlier or
later date, from time to time established by the SEC in accordance with the Securities Exchange Act of 1934, as amended, or within one hundred five (105) days in the event the Borrower shall file its Annual Report on Form 10-K within the
extension period pursuant to Rule 12b-25 of the Securities Exchange Act of 1934, as amended), financial statements of the Borrower consisting of a consolidated balance sheet as of the end of such fiscal year, and related consolidated statements of
income, stockholders’ equity and cash flows for the fiscal year then ended, all in reasonable detail and setting forth in comparative form the financial statements as of the end of and for the preceding fiscal year, and certified by independent
certified public accountants of nationally recognized standing satisfactory to the Agent. The certificate or report of accountants shall be free of qualifications (other than any consistency qualification that may result from a change in the method
used to prepare the financial statements as to which such accountants concur) and shall not indicate the occurrence or existence of any event, condition or contingency which would materially impair the prospect of payment or performance of any
covenant, agreement or duty of any Loan Party under any of the Loan Documents. The Loan Parties will be deemed to have complied with the delivery requirements of this Section 8.3.2 if within ninety (90) days (or one hundred five
(105) days, if applicable) after the end of their fiscal year (or such earlier or later date, from time to time established by the SEC in accordance with the Securities Exchange Act of 1934, as amended), the Borrower delivers to the Agent and
each of the Lenders a copy of its Annual Report on Form 10-K as filed with the SEC and the financial statements and certification of public accountants contained therein meets the requirements described in this Section. 

8.3.3. Certificate of the Borrower. 
 Concurrently with the financial statements of the Borrower furnished to the Agent and to the Lenders pursuant to Sections 8.3.1 [Quarterly Financial Statements] and 8.3.2 [Annual Financial
Statements], a certificate (each a “Compliance Certificate”) of the Borrower signed by the Chief Executive Officer, Chief Financial Officer or Treasurer of the Borrower in the form of Exhibit 8.3.3. 

8.3.4. Notice of Default. 
 Promptly after any Authorized Officer (or other executive officer) of any Loan Party has learned of the occurrence of an Event of Default or Potential Default, a certificate signed by the Chief Executive
Officer, President or Chief Financial Officer of such Loan Party setting forth the details of such Event of Default or Potential Default and the action which the such Loan Party proposes to take with respect thereto. 

8.3.5. Notice of Litigation. 
 Promptly after the commencement thereof, notice of (i) all actions, suits, proceedings or investigations before or by any Governmental Body or any other Person against any Loan Party or Subsidiary of
any Loan Party, involve a claim or series of claims in excess of $15,000,000 or, (ii) any Environmental Complaint, individually or in the aggregate exceed $15,000,000, and in either case which if adversely determined could reasonably be
expected to result in a Material Adverse Change. 

  
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 8.3.6. Notice of Change in Debt Rating. 

Within five (5) Business Days after Standard & Poor’s or Moody’s announces a change in the Debt Rating of New
Jersey Natural Gas, notice of such change. The Borrower will deliver, together with such notice, a copy of any written notification which Borrower or New Jersey Natural Gas received from the applicable rating agency regarding such change of Debt
Rating. 
 8.3.7. Sale of Assets. 
 At least thirty (30) calendar days prior thereto, notice with respect to any proposed sale or transfer of assets pursuant to Section 8.2.6(viii) where the consideration for such sale or transfer
of assets is in excess of $10,000,000. 
 8.3.8. Budgets, Forecasts, Other Reports and Information. 

Promptly upon their becoming available to the Borrower: 
 (i) any reports, notices or proxy statements generally distributed by the Borrower to its stockholders on a date no later than the date supplied to such stockholders, 

(ii) regular or periodic reports, including Forms 10-K, 10-Q and 8-K, registration statements and prospectuses, filed by the Borrower
with the SEC, 
 (iii) to the extent not previously reported in regular or periodic reports, including Forms 10-K, 10-Q and
8-K, registration statements and prospectuses, filed by the Borrower with the SEC, the Borrower shall notify the Lenders promptly of the enactment or adoption of any Law which may result in a Material Adverse Change, 

(iv) to the extent requested by the Agent or any Lender, the annual budget and any forecasts or projections of the Loan Parties, and

 (v) with respect to the Hedging Transaction activities of the Loan Parties and their Subsidiaries, to the extent not
previously reported in regular or periodic reports, including Forms 10-K, 10-Q and 8-K, registration statements and prospectuses, filed by the Borrower with the SEC, such other reports and information as any of the Lenders may from time to time
reasonably request. 
 8.3.9. Notices Regarding Plans and Benefit Arrangements. 

8.3.9.1. Certain Events. 

  
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 Promptly upon becoming aware of the occurrence thereof, notice (including the nature of the
event and, when known, any action taken or threatened by the Internal Revenue Service or the PBGC with respect thereto) of: 

(i) any Reportable Event with respect to the Borrower or any other member of the ERISA Group (regardless of whether the obligation to
report said Reportable Event to the PBGC has been waived), 
 (ii) any Prohibited Transaction which could subject the Borrower
or any other member of the ERISA Group to a civil penalty assessed pursuant to Section 502(i) of ERISA or a tax imposed by Section 4975 of the Internal Revenue Code in connection with any Plan, any Benefit Arrangement or any trust created
thereunder which penalty or tax could reasonably be expected to result in a Material Adverse Change, 
 (iii) any assertion of
material withdrawal liability with respect to any Multiemployer Plan, which could reasonably be expected to result in a Material Adverse Change, 
 (iv) any partial or complete withdrawal from a Multiemployer Plan by the Borrower or any other member of the ERISA Group under Title IV of ERISA (or assertion thereof), which could reasonably be expected
to result in a Material Adverse Change, 
 (v) any cessation of operations (by the Borrower or any other member of the ERISA
Group) at a facility in the circumstances described in Section 4062(e) of ERISA, which could reasonably be expected to result in a Material Adverse Change, 
 (vi) withdrawal by the Borrower or any other member of the ERISA Group from a Multiple Employer Plan, which could reasonably be expected to result in a Material Adverse Change, 

(vii) a failure by the Borrower or any other member of the ERISA Group to make a payment to a Plan required to avoid imposition of a
Lien under Section 303(k) of ERISA, 
 (viii) the adoption of an amendment to a Plan requiring the provision of security
to such Plan pursuant to Section 307 of ERISA, or 
 (ix) any change in the actuarial assumptions or funding methods used
for any Plan, where the effect of such change is to materially increase or materially reduce the unfunded benefit liability or obligation to make periodic contributions, except for any such change required under applicable Law. 

8.3.9.2. Notices of Involuntary Termination and Annual Reports. 

Promptly after receipt thereof, copies of (a) all notices received by the Borrower or any other member of the ERISA Group of the
PBGC’s intent to terminate any 

  
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Plan administered or maintained by the Borrower or any member of the ERISA Group, or to have a trustee appointed to administer any such Plan; and (b) at the request of the Agent or any
Lender each annual report (IRS Form 5500 series) and all accompanying schedules, the most recent actuarial reports, the most recent financial information concerning the financial status of each Plan administered or maintained by the Borrower or any
other member of the ERISA Group, and schedules showing the amounts contributed to each such Plan by or on behalf of the Borrower or any other member of the ERISA Group in which any of their personnel participate or from which such personnel may
derive a benefit, and each Schedule B (Actuarial Information) to the annual report filed by the Borrower or any other member of the ERISA Group with the Internal Revenue Service with respect to each such Plan. 

8.3.9.3. Notice of Voluntary Termination. 
 Promptly upon the filing thereof, copies of any Form 5310, or any successor or equivalent form to Form 5310, filed with the PBGC in connection with the termination of any Plan. 

9.    DEFAULT 
 9.1. Events of Default. 
 An Event of Default shall mean the occurrence or
existence of any one or more of the following events or conditions (whatever the reason therefor and whether voluntary, involuntary or effected by operation of Law): 
 9.1.1. Payments Under Loan Documents. 
 The Borrower shall fail to pay
(i) any principal of any Loan (including scheduled installments, mandatory prepayments or the payment due at maturity), Reimbursement Obligation or Letter of Credit Borrowing when such principal is due hereunder or (ii) any interest on any
Loan, Commitment Fee, Reimbursement Obligation or Letter of Credit Borrowing or any other amount owing hereunder or under the other Loan Documents within three (3) Business Days after such interest, fee, or other amount becomes due in
accordance with the terms hereof or thereof; 
 9.1.2. Breach of Warranty. 

Any representation or warranty made at any time by any of the Loan Parties herein or by any of the Loan Parties in any other Loan
Document, or in any certificate, other instrument or statement furnished pursuant to the provisions hereof or thereof, shall prove to have been false or misleading in any material respect as of the time it was made or furnished; 

9.1.3. Breach of Negative Covenants or Visitation Rights. 

Any of the Loan Parties shall default in the observance or performance of any covenant contained in Section 8.1.6 [Visitation
Rights] or Section 8.2 [Negative Covenants]; 

  
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 9.1.4. Breach of Other Covenants. 

Any of the Loan Parties shall default in the observance or performance of any other covenant, condition or provision hereof or of any
other Loan Document and such default shall continue unremedied for a period of thirty (30) days after any Authorized Officer (or other executive officer) of any Loan Party becomes aware of the occurrence thereof (such grace period to be
applicable only in the event such default can be remedied by corrective action of the Loan Parties as determined by the Agent in its reasonable discretion); 
 9.1.5. Defaults in Other Agreements or Indebtedness. 
 (i) A default or
event of default shall occur at any time under the terms of any other agreement involving borrowed money or the extension of credit or any other Indebtedness under which any Loan Party or Subsidiary of any Loan Party may be obligated as a borrower
or guarantor in excess of $15,000,000 in the aggregate, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or not) any indebtedness when due (whether
at stated maturity, by acceleration or otherwise) or if such breach or default permits or causes the acceleration of any indebtedness (whether or not such right shall have been waived) or the termination of any commitment to lend; 

(ii) There shall occur under the NJNG Credit Agreement an “Event of Default” (as such term is defined in the NJNG
Credit Agreement); 
 (iii) A default or event of default shall occur at any time under the terms of any agreement involving
any off balance sheet transaction (including any asset securitization, sale/leaseback transaction, or Synthetic Lease) with obligations in the aggregate thereunder for which any Loan Party or Subsidiary of any Loan Party may be obligated in excess
of $15,000,000, and such breach, default or event of default consists of the failure to pay (beyond any period of grace permitted with respect thereto, whether waived or not) any obligation when due (whether at stated maturity, by acceleration or
otherwise) or if such breach or default permits or causes the acceleration of any obligation (whether or not such right shall have been waived) or the termination of any such agreement; 

9.1.6. Final Judgments or Orders. 
 Any final judgments or orders for the payment of money in excess of $15,000,000 in the aggregate, to the extent not covered by insurance, shall be entered against any Loan Party by a court having
jurisdiction in the premises, which judgment is not discharged, vacated, bonded or stayed pending appeal within a period of thirty (30) days from the date of entry; 
 9.1.7. Loan Document Unenforceable. 
 Any of the Loan Documents shall
cease to be legal, valid and binding agreements enforceable against the party executing the same or such party’s successors and assigns (as permitted under the Loan Documents) in accordance with the respective terms thereof or shall in any way
be terminated (except in accordance with its terms) or become or be declared 

  
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ineffective or inoperative or shall in any way be challenged or contested or cease to give or provide the respective rights, titles, interests, remedies, powers or privileges intended to be
created thereby; 
 9.1.8. Uninsured Losses; Proceedings Against Assets. 

The assets of any Loan Party or the assets of any Subsidiary of any Loan Party are attached, seized, levied upon or subjected to a writ
or distress warrant; or such come within the possession of any receiver, trustee, custodian or assignee for the benefit of creditors and the same is not cured within thirty (30) days thereafter or otherwise fully bonded or covered by insurance
(subject to reasonable and customary deductible amounts); 
 9.1.9. Notice of Lien or Assessment. 

A notice of Lien or assessment in excess of $15,000,000 which is not a Permitted Lien or Environmental Complaint in excess of
$15,000,000 is filed of record with respect to all or any part of any of the Loan Parties’ or any of their Subsidiaries’ assets by the United States, or any department, agency or instrumentality thereof, or by any state, county, municipal
or other governmental agency, including the PBGC, or any taxes or debts owing at any time or times hereafter to any one of these becomes payable and the same is not paid, otherwise vacated, bonded or discharged within thirty (30) days after the
same becomes payable; 
 9.1.10. Insolvency. 
 Any Loan Party or any Significant Subsidiary of a Loan Party ceases to be Solvent or admits in writing to a creditor or Governmental Body its inability to pay its debts as they mature; 

9.1.11. Events Relating to Plans and Benefit Arrangements. 

Any of the following occurs: (a) any Reportable Event; (b) proceedings shall have been instituted or other action taken to
terminate any Plan in a distress termination; (c) a trustee shall be appointed by the PBGC to administer or liquidate any Plan; (d) the PBGC shall give notice of its intent to institute proceedings to terminate any Plan or Plans or to
appoint a trustee to administer or liquidate any Plan; and, in the case of the occurrence of (a), (b), (c) or (d) above, which could reasonably be expected to result in a Material Adverse Change; (e) the Borrower or any member of the
ERISA Group shall fail to make any contributions when due to a Plan or a Multiemployer Plan; (f) the Borrower or any other member of the ERISA Group shall withdraw completely or partially from a Multiemployer Plan; (g) the Borrower or any
other member of the ERISA Group shall withdraw (or shall be deemed under Section 4062(e) of ERISA to withdraw) from a Multiple Employer Plan; or (h) any applicable Law is adopted, changed or interpreted by any Official Body with respect to
or otherwise affecting one or more Plans, Multiple Employer Plans Multiemployer Plans or Benefit Arrangements and, with respect to any of the events specified in (e), (f), (g) or (h) such occurrence could reasonably be expected to result
in a Material Adverse Change; 

  
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 9.1.12. Cessation of Business. 

Any Loan Party or Subsidiary of a Loan Party ceases to conduct its business as contemplated, except as expressly permitted under
Section 8.2.5 [Liquidations, Mergers, Etc.], Section 8.2.6 [Disposition of Assets or Unregulated Subsidiaries] or Section 8.2.9 [Continuation of or Change of Business] or any Loan Party or Subsidiary of a Loan Party is enjoined,
restrained or in any way prevented by court order from conducting all or any material part of its business and such injunction, restraint or other preventive order is not dismissed within thirty (30) days after the entry thereof; 

9.1.13. Change of Control. 
 (i) Any person or group of persons (within the meaning of Sections 13(d) or 14(a) of the Securities Exchange Act of 1934, as amended) shall have acquired beneficial ownership of (within the meaning
of Rule 13d-3 promulgated by the SEC under said Act) 25% or more of the voting capital stock of the Borrower (provided that, for purposes of calculating the acquisition of beneficial ownership, any transfer of voting stock of the Borrower by
any Person or group of Persons to a Permitted Transferee shall be deemed not to constitute a conveyance and acquisition of such stock), or (ii) within a period of twelve (12) consecutive calendar months, individuals who were directors of
the Borrower on the first day of such period shall cease to constitute a majority of the board of directors of the Borrower unless the individuals who were elected or appointed directors during such twelve (12) month period were elected or
appointed by a majority of the individuals who were directors of the Borrower on the first day of such period or by their duly appointed or elected successors; or (iii) Borrower shall cease to own 100% of the issued and outstanding equity
interests of New Jersey Natural Gas; or (iv) Borrower shall cease to own 51% or more of the issued and outstanding equity interests in any other Loan Party; 
 9.1.14. Involuntary Proceedings. 
 A proceeding shall have been instituted
in a court having jurisdiction in the premises seeking a decree or order for relief in respect of any Loan Party or Subsidiary of a Loan Party in an involuntary case under any applicable bankruptcy, insolvency, reorganization or other similar law
now or hereafter in effect, or for the appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator, conservator (or similar official) of any Loan Party or Subsidiary of a Loan Party for any substantial part of its property, or
for the winding-up or liquidation of its affairs, and such proceeding shall remain undismissed or unstayed and in effect for a period of sixty (60) consecutive days or such court shall enter a decree or order granting any of the relief sought
in such proceeding; or 
 9.1.15. Voluntary Proceedings. 

Any Loan Party or Subsidiary of a Loan Party shall commence a voluntary case under any applicable bankruptcy, insolvency, reorganization
or other similar law now or hereafter in effect, shall consent to the entry of an order for relief in an involuntary case under any such law, or shall consent to the appointment or taking possession by a receiver, liquidator, assignee, custodian,
trustee, sequestrator, conservator (or other similar official) of itself or for 

  
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any substantial part of its property or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become due, or shall take any action in
furtherance of any of the foregoing. 
 9.1.16. No Limitation on Dividends and Distributions by Subsidiaries. 

Any Loan Party or Subsidiary of a Loan Party (including, without limitation, New Jersey Natural Gas) enters into or otherwise agrees to
be bound by any agreement not to pay dividends or make distributions to the Borrower, except for the restrictions that are no more onerous than the restrictions set forth in this Agreement and the restrictions set forth in the Mortgage Indenture, in
each case as such restrictions exist as of the Closing Date. 
 9.2. Consequences of Event of Default. 

9.2.1. Events of Default Other Than Bankruptcy, Insolvency or Reorganization Proceedings. 

If an Event of Default specified under Sections 9.1.1 [Payments Under Loan Documents] through 9.1.13 [Change of Control] or
Section 9.1.16 [No Limitation on Dividends and Distributions by Subsidiaries] shall occur and be continuing, the Lenders and the Agent shall be under no further obligation to make Loans or issue Letters of Credit, as the case may be, and the
Agent may, and upon the request of the Required Lenders shall, by written notice to the Borrower, take one or more of the following actions: (i) terminate the Commitments and thereupon the Commitments shall be terminated and of no further force
and effect, or (ii) declare the unpaid principal amount of the Notes and Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the Lenders hereunder and thereunder to be forthwith
due and payable, and the same shall thereupon become and be immediately due and payable to the Agent for the benefit of each Lender without presentment, demand, protest or any other notice of any kind, all of which are hereby expressly waived, and
(iii) require the Borrower to, and the Borrower shall thereupon, deposit in a non-interest-bearing account with the Agent, as cash collateral for its Obligations under the Loan Documents, an amount equal to the maximum amount currently or at
any time thereafter available to be drawn on all outstanding Letters of Credit, and the Borrower hereby pledges to the Agent and the Lenders, and grants to the Agent and the Lenders a security interest in, all such cash as security for such
Obligations. Upon the curing of all existing Events of Default to the satisfaction of the Required Lenders, the Agent shall return such cash collateral to the Borrower; and 
 9.2.2. Bankruptcy, Insolvency or Reorganization Proceedings. 
 If an Event
of Default specified under Section 9.1.14 [Involuntary Proceedings] or 9.1.15 [Voluntary Proceedings] shall occur, the Commitments shall automatically terminate and be of no further force and effect, the Agent and the Lenders shall be under no
further obligations to make Loans or issue Letters of Credit, as the case may be, and the unpaid principal amount of the Loans then outstanding and all interest accrued thereon, any unpaid fees and all other Indebtedness of the Borrower to the
Lenders hereunder and thereunder shall be immediately due and payable, without presentment, demand, protest or notice of any kind, all of which are hereby expressly waived; and 

  
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 9.2.3. Set-off. 

If an Event of Default shall occur and be continuing, any Lender to whom any Obligation is owed by any Loan Party hereunder or under any
other Loan Document or any participant of such Lender which has agreed in writing to be bound by the provisions of Section 5.2.1 [Sharing of Payments by Lenders] and any branch, Subsidiary or Affiliate of such Lender or participant anywhere in
the world shall have the right, in addition to all other rights and remedies available to it, without notice to such Loan Party, to set-off against and apply to the then unpaid balance of all the Loans and all other Obligations of the Borrower and
the other Loan Parties hereunder or under any other Loan Document any debt owing to, and any other funds held in any manner for the account of, the Borrower or such other Loan Party by such Lender or participant or by such branch, Subsidiary or
Affiliate, including all funds in all deposit accounts (whether time or demand, general or special, provisionally credited or finally credited, or otherwise) now or hereafter maintained by the Borrower or such other Loan Party for its own account
(but not including funds held in custodian or trust accounts) with such Lender or participant or such branch, Subsidiary or Affiliate. Such right shall exist whether or not any Lender or the Agent shall have made any demand under this Agreement or
any other Loan Document, whether or not such debt owing to or funds held for the account of the Borrower or such other Loan Party is or are matured or unmatured and regardless of the existence or adequacy of any Guaranty or any other security, right
or remedy available to any Lender or the Agent; and 
 9.2.4. Suits, Actions, Proceedings. 

If an Event of Default shall occur and be continuing, and whether or not the Agent shall have accelerated the maturity of Loans pursuant
to any of the foregoing provisions of this Section 9.2 [Consequences of Event of Default], the Agent or any Lender, if owed any amount with respect to the Loans, may proceed to protect and enforce its rights by suit in equity, action at law
and/or other appropriate proceeding, whether for the specific performance of any covenant or agreement contained in this Agreement or the other Loan Documents; and 
 9.2.5. Application of Proceeds; Collateral Sharing. 
 9.2.5.1.
Application of Proceeds. 
 From and after the date on which the Agent has taken any action pursuant to this
Section 9.2 and until all Obligations of the Loan Parties have been paid in full, any and all proceeds received by the Agent from the exercise of any remedy by the Agent, shall be applied as follows: 

(i) first, to reimburse the Agent and the Lenders for out-of-pocket costs, expenses and disbursements, including reasonable
attorneys’ and paralegals’ fees and legal expenses, incurred by the Agent or the Lenders in connection with collection of any Obligations of any of the Loan Parties under any of the Loan Documents; 

  
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 (ii) second, to the repayment of all Obligations then due and unpaid of the Loan Parties to
the Lenders incurred under this Agreement or any of the other Loan Documents, or under any Lender Provided Interest Rate Hedge or Other Lender Provided Financial Service Product or otherwise, whether of principal, interest, fees, expenses or
otherwise, in such manner as the Agent may determine in its discretion; and 
 (iii) the balance, if any, as required by Law.

 9.2.5.2. Collateral Sharing. 
 All Liens granted under each Loan Document (the “Collateral Documents”) shall secure ratably and on a pari passu basis (i) the Obligations in favor of the Agent and the
Lenders hereunder and (ii) the Obligations incurred by any of the Loan Parties in favor of any Lender and any Lender’s Affiliates which provides a Lender Provided Interest Rate Hedge or Other Lender Provided Financial Service Product (the
“IRH Provider”). The Agent under the Collateral Documents shall be deemed to serve as the collateral agent (the “Collateral Agent”) for the IRH Provider and the Lenders hereunder, provided that the Collateral
Agent shall comply with the instructions and directions of the Agent (or the Lenders under this Agreement to the extent that this Agreement or any other Loan Documents empowers the Lenders to direct the Agent), as to all matters relating to the
collateral, including the maintenance and disposition thereof. No IRH Provider (except in its capacity as a Lender hereunder) shall be entitled or have the power to direct or instruct the Collateral Agent on any such matters or to control or direct
in any manner the maintenance or disposition of the collateral. 
 9.2.6. Other Rights and Remedies. 

In addition to all of the rights and remedies contained in this Agreement or in any of the other Loan Documents, the Agent shall have
all of the rights and remedies under applicable Law, all of which rights and remedies shall be cumulative and non-exclusive, to the extent permitted by Law. The Agent may, and upon the request of the Required Lenders shall, exercise all post-default
rights granted to the Agent and the Lenders under the Loan Documents or applicable Law. 
 10.    THE
AGENT 
 10.1. Appointment and Authority. 

Each of the Lenders and the Issuing Lender hereby irrevocably appoints PNC Lender to act on its behalf as the Agent hereunder and under
the other Loan Documents and authorizes the Agent to take such actions on its behalf and to exercise such powers as are delegated to the Agent by the terms hereof or thereof, together with such actions and powers as are reasonably incidental
thereto. The provisions of this Section 10 [The Agent] are solely for the benefit of the Agent, the Lenders and the Issuing Lender, and neither the Borrower nor any other Loan Party shall have rights as a third party beneficiary of any of such
provisions. 

  
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 10.2. Rights as a Lender. 

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

10.3. Exculpatory Provisions. 
 The Agent 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, the Agent: 

(a) and each Lender shall not be subject to any fiduciary or other implied duties, regardless of whether a Potential Default or Event of
Default has occurred and is continuing; 
 (b) shall not have any duty to take any discretionary action or exercise any
discretionary powers, except discretionary rights and powers expressly contemplated hereby or by the other Loan Documents that the Agent is required to exercise as directed in writing by the Required Lenders (or such other number or percentage of
the Lenders as shall be expressly provided for herein or in the other Loan Documents); provided that the Agent shall not be required to take any action that, in its opinion or the opinion of its counsel, may expose the Agent to liability or
that is contrary to any Loan Document or applicable Law; and 
 (c) shall not, except as expressly set forth herein and in the
other Loan Documents, have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Affiliates that is communicated to or obtained by the Person serving as the Agent or any of
its Affiliates in any capacity. 
 The Agent shall not be liable for any action taken or not taken by it (i) with the
consent or at the request of the Required Lenders (or such other number or percentage of the Lenders as shall be necessary, or as the Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 11.1
[Modifications, Amendments or Waivers] and 9.2 [Consequences of Event of Default]) or (ii) in the absence of its own gross negligence or willful misconduct. The Agent shall be deemed not to have knowledge of any Potential Default or Event of
Default unless and until notice describing such Potential Default or Event of Default is given to the Agent by the Borrower, a Lender or the Issuing Lender. 
 The Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement or any other Loan
Document, (ii) the contents of any certificate, report or other document delivered hereunder or thereunder or in connection herewith or therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or
conditions set forth herein or 

  
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therein or the occurrence of any Potential Default or Event of 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 Section 7 [Conditions of Lending and Issuance of Letters of Credit] or elsewhere herein, other than to confirm receipt of items expressly
required to be delivered to the Agent. 
 10.4. Reliance by Agent. 

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

10.5. Delegation of Duties. 
 The Agent may perform any and all of its duties and exercise its rights and powers hereunder or under any other Loan Document by or through any one or more sub-agents appointed by the Agent. The 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 Section 10.5 shall apply to any such sub-agent and to the Related
Parties of the 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 Agent. 

10.6. Resignation of Agent. 
 The Agent may at any time give notice of its resignation as Agent to the Lenders, the Lender issuing Letters of Credit hereunder (the “Issuing Lender”), and the Borrower. Upon receipt of
any such notice of resignation, the Required Lenders shall have the right, with approval from the Borrower (so long as no Event of Default has occurred and is continuing), to appoint a successor, such approval not to be unreasonably withheld or
delayed. If no such successor shall have been so appointed by the Required Lenders and so approved by the Borrower (as applicable) and shall have accepted such appointment within thirty (30) days after the retiring Agent gives notice of its
resignation, then the retiring Agent may on behalf of the Lenders and the Issuing Lender, appoint a successor Agent meeting the qualifications set forth above; provided that if the Agent shall notify the Borrower and the Lenders that no
qualifying 

  
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Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (a) the retiring Agent shall be discharged from its duties
and obligations hereunder and under the other Loan Documents (except that in the case of any collateral security held by the Agent on behalf of the Lenders or the Issuing Lender under any of the Loan Documents, the retiring Agent shall continue to
hold such collateral security until such time as a successor Agent is appointed) and (b) all payments, communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender and the Issuing
Lender directly, until such time as the Required Lenders appoint a successor Agent as provided for above in this Section. Upon the acceptance of a successor’s appointment as Agent 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 the Borrower to a successor Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the retiring
Agent’s resignation hereunder and under the other Loan Documents, the provisions of this Section 10.6 and Section 11.3 [Expenses; Indemnity; Damage Waiver] 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 Agent. 
 If PNC Bank resigns as Agent under this Section, PNC Bank shall also resign as Issuing Lender. Upon the appointment of a successor Agent hereunder, such successor shall (i) succeed to all of the
rights, powers, privileges and duties of PNC Bank as the retiring Issuing Lender and the Agent and PNC Bank shall be discharged from all of its respective duties and obligations as Issuing Lender and Agent under the Loan Documents, and
(ii) issue letters of credit in substitution for the Letters of Credit issued by PNC Bank, if any, outstanding at the time of such succession or make other arrangement satisfactory to PNC Bank to effectively assume the obligations of PNC Bank
with respect to such Letters of Credit. 
 10.7. Non-Reliance on Agent and Other Lenders. 

Each Lender and the Issuing Lender acknowledges that it has, independently and without reliance upon the Agent or any other Lender or any
of their Related Parties and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender and the Issuing Lender also acknowledges that it will,
independently and without reliance upon the Agent or any other Lender or any of their Related Parties and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not
taking action under or based upon this Agreement, any other Loan Document or any related agreement or any document furnished hereunder or thereunder. 
 10.8. No Other Duties, etc. 
 Anything herein to the contrary
notwithstanding, none of the Syndication Agents or Documentation Agents listed on the cover page hereof shall have any powers, duties or responsibilities (whether fiduciary or otherwise) under this Agreement or any of the other Loan Documents,
except in its capacity, as applicable, as the Agent, a Lender or the Issuing Lender hereunder. 

  
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 10.9. The Agent’s Fees. 

The Borrower shall pay to the Agent such nonrefundable fees (the “Agent’s Fees”) for the Agent’s services
hereunder as are provided under the terms of a letter (the “Agent’s Letter”) between the Borrower and the Agent dated June 19, 2012. 
 10.10. No Reliance on Agent’s Customer Identification Program. 
 Each
Lender acknowledges and agrees that neither such Lender, nor any of its Affiliates, participants or assignees, may rely on the Agent to carry out such Lender’s, Affiliate’s, participant’s or assignee’s customer identification
program, or other obligations required or imposed under or pursuant to the USA Patriot Act or the regulations thereunder, including the regulations contained in 31 CFR 103.121 (as hereafter amended or replaced, the “CIP
Regulations”), or any other Anti-Terrorism Law, including any programs involving any of the following items relating to or in connection with any of the Loan Parties, their Affiliates or their agents, the Loan Documents or the transactions
hereunder or contemplated hereby: (i) any identity verification procedures, (ii) any recordkeeping, (iii) comparisons with government lists, (iv) customer notices or (v) other procedures required under the CIP Regulations or
such other Laws. 
 10.11. Calculations. 
 In the absence of gross negligence or willful misconduct as determined in a final, unappealable judgment of a court of competent jurisdiction, the Agent shall not be liable for any error in computing the
amount payable to any Lender whether in respect of the Loans, fees or any other amounts due to the Lenders under this Agreement. In the event an error in computing any amount payable to any Lender is made, the Agent, the Borrower and each affected
Lender shall, forthwith upon discovery of such error, make such adjustments as shall be required to correct such error, and any compensation therefor will be calculated at the Federal Funds Effective Rate. 

10.12. Beneficiaries. 
 Except with regard to Section 10.9 [The Agent’s Fees] and as otherwise expressly provided herein, the provisions of this Section 10 [The Agent] are solely for the benefit of the Agent and
the Lenders, and the Borrower shall not have any rights to rely on or enforce any of the provisions of this Section 10 [The Agent]. In performing its functions and duties under this Agreement, the Agent shall act solely as agent of the Lenders
and does not assume and shall not be deemed to have assumed any obligation toward or relationship of agency or trust with or for the Borrower. 

  
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 11.    MISCELLANEOUS 

11.1. Modifications, Amendments or Waivers. 
 With the written consent of the Required Lenders, the Agent, acting on behalf of all the Lenders, and the Borrower, on behalf of the Loan Parties, may from time to time enter into written agreements
amending or changing any provision of this Agreement or any other Loan Document or the rights of the Lenders or the Loan Parties hereunder or thereunder, or may grant written waivers or consents to a departure from the due performance of the
Obligations of the Loan Parties hereunder or thereunder. Any such agreement, waiver or consent made with such written consent shall be effective to bind all the Lenders and the Loan Parties; provided, that, no such agreement, waiver or
consent may be made which will: 
 11.1.1. Increase of Revolving Credit Commitments; Extension of Expiration Date.

 Increase the amount of the Revolving Credit Commitment of any Lender hereunder without the consent of such Lender; or extend
the Expiration Date without the consent of all Lenders (other than Defaulting Lenders); 
 11.1.2. Extension of Payment;
Reduction of Principal, Interest or Fees; Modification of Terms of Payment. 
 Whether or not any Revolving Credit Loans
are outstanding, extend the time for payment of principal or interest of any Revolving Credit Loan or Reimbursement Obligation (excluding the due date of any mandatory prepayment of a Revolving Credit Loan or any mandatory Revolving Credit
Commitment reduction in connection with such a mandatory prepayment hereunder except for mandatory reductions of the Revolving Credit Commitments on the Expiration Date), the Commitment Fee, or any other fee payable to any Lender; or reduce the
principal amount of or the rate of interest borne by any Revolving Credit Loan or Reimbursement Obligation or reduce the Commitment Fee or any other fee payable to any Lender, or otherwise affect the terms of payment of the principal of or interest
of any Revolving Credit Loan, Reimbursement Obligation, the Commitment Fee, or any other fee payable to any Lender which has a Revolving Credit Commitment; 
 11.1.3. Release of Guarantor. 
 Without the written consent of all Lenders
(other than Defaulting Lenders), release any Guarantor from its Obligations under the Guaranty Agreement or any other security for any of the Loan Parties’ Obligations; or 

11.1.4. Miscellaneous. 
 Without the written consent of all Lenders (other than Defaulting Lenders), amend Section 5.2 [Pro Rata Treatment of Lenders, Etc.], 9.2.5 [Application of Proceeds; Collateral Sharing], 10.3
[Exculpatory Provisions, Etc.] or 5.2.1 [Sharing of Payments by Lenders] or this Section 11.1 [Modifications, Amendments or Waivers], alter any provision regarding the pro rata treatment of the Lenders, change the definition of Required
Lenders, or change any requirement providing for the Lenders or the Required Lenders to authorize the taking of any action hereunder; 

  
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 provided, that no agreement, waiver or consent which would modify the interests, rights or
obligations of the Agent in its capacity as Agent or as the Issuing Lender shall be effective without the written consent of the Agent, and no agreement, waiver or consent which would modify the interests, rights or obligations of PNC Bank with
respect to its Swing Loan Commitment shall be effective without the written consent of PNC Bank; and provided, further that, if in connection with any proposed waiver, amendment or modification referred to in Sections 11.1.1 [Increase
of Revolving Credit Commitments; Extension of Expiration Date] through 11.1.4 above, the consent of the Required Lenders is obtained but the consent of one or more of such other Lenders whose consent is required is not obtained (each a
“Non-Consenting Lender”), then the Borrower shall have the right to replace any such Non-Consenting Lender with one or more replacement Lenders pursuant to Section 5.4.2 [Replacement of a Lender]. 

11.2. No Implied Waivers; Cumulative Remedies; Writing Required. 

No course of dealing and no delay or failure of the Agent or any Lender in exercising any right, power, remedy or privilege under this
Agreement or any other Loan Document shall affect any other or future exercise thereof or operate as a waiver thereof, nor shall any single or partial exercise thereof or any abandonment or discontinuance of steps to enforce such a right, power,
remedy or privilege preclude any further exercise thereof or of any other right, power, remedy or privilege. The rights and remedies of the Agent and the Lenders under this Agreement and any other Loan Documents are cumulative and not exclusive of
any rights or remedies which they would otherwise have. Any waiver, permit, consent or approval of any kind or character on the part of any Lender of any breach or default under this Agreement or any such waiver of any provision or condition of this
Agreement must be in writing and shall be effective only to the extent specifically set forth in such writing. 
 11.3.
Expenses; Indemnity; Damage Waiver. 
 11.3.1. Costs and Expenses. 

The Borrower shall pay (i) all reasonable out-of-pocket expenses incurred by the Agent and its Affiliates (including the reasonable
fees, charges and disbursements of counsel for the Agent), and shall pay all fees and time charges and disbursements for attorneys who may be employees of the 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 out-of-pocket expenses incurred by the Issuing Lender in connection with the issuance, amendment, renewal or extension of any Letter of Credit or any demand for payment thereunder,
(iii) all reasonable out-of-pocket expenses incurred by the Agent, any Lender or the Issuing Lender (including the fees, charges and disbursements of any counsel for the Agent, any Lender or the Issuing Lender), and shall pay all fees and time
charges for attorneys who may be employees of the Agent, any Lender or the Issuing Lender, in connection with the enforcement or protection of its rights (A) in connection with this 

  
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Agreement and the other Loan Documents, including its rights under this Section, or (B) in connection with the Loans made or Letters of Credit issued hereunder, including all such
out-of-pocket expenses incurred during any workout, restructuring or negotiations in respect of such Loans or Letters of Credit, and (iv) all reasonable out-of-pocket expenses of the Agent’s regular employees and agents engaged
periodically to perform audits of the Loan Parties’ books, records and business properties. For the avoidance of doubt, this Section 11.3.1 shall not apply to Taxes, the payment of which is governed by Section 5.8 [Taxes]. 

11.3.2. Indemnification by the Borrower. 
 The Borrower shall indemnify the Agent (and any sub-agent thereof), each Lender and the Issuing Lender, and each Related Party of any of the foregoing Persons (each such Person being called an
“Indemnitee”) against, and hold each Indemnitee harmless from, any and all losses, claims, damages, liabilities and related expenses (including the fees, charges and disbursements of any counsel for any Indemnitee), and shall
indemnify and hold harmless each Indemnitee from all reasonable fees and time charges and disbursements for attorneys (who may be employees of any Indemnitee), incurred by any Indemnitee or asserted against any Indemnitee by any third party or by
the Borrower or any other Loan Party 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
or nonperformance by the parties hereto of their respective obligations hereunder or thereunder or the consummation of the transactions contemplated hereby or thereby, (ii) any Loan or Letter of Credit or the use or proposed use of the proceeds
therefrom (including any refusal by the Issuing Lender to honor a demand for payment under a Letter of Credit if the documents presented in connection with such demand do not strictly comply with the terms of such Letter of Credit),
(iii) breach of representations, warranties or covenants of the Borrower under the Loan Documents, or (iv) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, including any such items
or losses relating to or arising under Environmental Laws or pertaining to environmental matters, whether based on contract, tort or any other theory, whether brought by a third party or by the Borrower or any other Loan Party, 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 the Borrower or any other Loan Party against an Indemnitee for
breach in bad faith of such Indemnitee’s obligations hereunder or under any other Loan Document, if the Borrower or such Loan Party has obtained a final and nonappealable judgment in its favor on such claim as determined by a court of competent
jurisdiction. The Lenders will attempt to minimize the fees and expenses of legal counsel for the Lenders which are subject to reimbursement by the Borrower hereunder by considering the usage of one law firm to represent the Lenders and the Agent if
appropriate under the circumstances. For the avoidance of doubt, this Section 11.3.2 [Indemnification by the Borrower] shall not apply to Taxes, the payment of which is governed by Section 5.8 [Taxes]. 

  
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 11.3.3. Reimbursement by Lenders. 

To the extent that the Borrower for any reason fails to indefeasibly pay any amount required under Section 11.3.1 [Costs and
Expenses] or 11.3.2 [Indemnification by the Borrower] to be paid by it to the Agent (or any sub-agent thereof), the Issuing Lender or any Related Party of any of the foregoing, each Lender severally agrees to pay to the Agent (or any such
sub-agent), the Issuing Lender or such Related Party, as the case may be, such Lender’s Ratable Share (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 the Agent (or any such sub-agent) or the Issuing Lender in its capacity as such, or against any
Related Party of any of the foregoing acting for the Agent (or any such sub-agent) or Issuing Lender in connection with such capacity. 
 11.3.4. Waiver of Consequential Damages, Etc. 
 To the fullest extent
permitted by applicable Law, the Borrower shall not 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 Letter of Credit or the use of the proceeds
thereof. No Indemnitee referred to in Section 11.3.2 [Indemnification by Borrower] shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications,
electronic or other information transmission systems in connection with this Agreement or the other Loan Documents or the transactions contemplated hereby or thereby. 
 11.3.5. Payments. 
 All amounts due under this Section shall be payable
not later than thirty (30) days after demand therefor. 
 11.4. Holidays. 

Whenever payment of a Loan to be made or taken hereunder shall be due on a day which is not a Business Day such payment shall be due on
the next Business Day (except as provided in Section 4.2 [Interest Periods] with respect to Interest Periods under the LIBOR Rate Option) and such extension of time shall be included in computing interest and fees, except that the Revolving
Credit Loans and Swing Loans shall be due on the Business Day preceding the Expiration Date if the Expiration Date is not a Business Day. Whenever any payment or action to be made or taken hereunder (other than payment of the Loans) shall be stated
to be due on a day which is not a Business Day, such payment or action shall be made or taken on the next following Business Day, and such extension of time shall not be included in computing interest or fees, if any, in connection with such payment
or action. 

  
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 11.5. Funding by Branch, Subsidiary or Affiliate. 

11.5.1. Notional Funding. 
 Each Lender shall have the right from time to time, without notice to the Borrower, to deem any branch, Subsidiary or Affiliate (which for the purposes of this Section 11.5 [Funding by Branch,
Subsidiary or Affiliate] shall mean any corporation or association which is directly or indirectly controlled by or is under direct or indirect common control with any corporation or association which directly or indirectly controls such Lender) of
such Lender to have made, maintained or funded any Loan to which the LIBOR Rate Option applies at any time, provided that immediately following (on the assumption that a payment were then due from the Borrower to such other office), and as a
result of such change, the Borrower would not be under any greater financial obligation pursuant to Section 5.6 [Additional Compensation in Certain Circumstances] or Section 5.8 [Taxes] than it would have been in the absence of such
change. Notional funding offices may be selected by each Lender without regard to such Lender’s actual methods of making, maintaining or funding the Loans or any sources of funding actually used by or available to such Lender. 

11.5.2. Actual Funding. 
 Each Lender shall have the right from time to time to make or maintain any Loan by arranging for a branch, Subsidiary or Affiliate of such Lender to make or maintain such Loan subject to the last sentence
of this Section 11.5.2. If any Lender causes a branch, Subsidiary or Affiliate to make or maintain any part of the Loans hereunder, all terms and conditions of this Agreement shall, except where the context clearly requires otherwise, be
applicable to such part of the Loans to the same extent as if such Loans were made or maintained by such Lender, but in no event shall any Lender’s use of such a branch, Subsidiary or Affiliate to make or maintain any part of the Loans
hereunder cause such Lender or such branch, Subsidiary or Affiliate to incur any cost or expenses payable by the Borrower hereunder or require the Borrower to pay any other compensation to any Lender (including any expenses incurred or payable
pursuant to Section 5.6 [Additional Compensation in Certain Circumstances]) or Section 5.8 [Taxes] which would otherwise not be incurred. 

  
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 11.6. Notices; Lending Offices. 

Any notice, request, demand, direction or other communication (for purposes of this Section 11.6 only, a “Notice”)
to be given to or made upon any party hereto under any provision of this Agreement shall be given or made by telephone or in writing (which includes means of electronic transmission (i.e., “e-mail”) or facsimile transmission or by
setting forth such Notice on a restricted access site on the World Wide Web (a “Website Posting”) if Notice of such Website Posting (including the information necessary to access such site) has previously been delivered to the
applicable parties hereto by another means set forth in this Section 11.6) in accordance with this Section 11.6. Any such Notice must be delivered to the applicable parties hereto at the addresses and numbers set forth under their
respective names on Schedule 1.1(B) hereof or in accordance with any subsequent unrevoked Notice from any such party that is given in accordance with this Section 11.6. Any Notice shall be effective: 

(i) In the case of hand-delivery, when delivered; 
 (ii) If given by mail, four (4) days after such Notice is deposited with the United States Postal Service, with first-class postage prepaid, return receipt requested; 

(iii) In the case of a telephonic Notice, when a party is contacted by telephone, if delivery of such telephonic Notice is confirmed no
later than the next Business Day by hand delivery, a facsimile or electronic transmission, a Website Posting or overnight courier delivery of a confirmatory notice (received at or before noon on such next Business Day); 

(iv) In the case of a facsimile transmission, when sent to the applicable party’s facsimile machine’s telephone number if the
party sending such Notice receives confirmation of the delivery thereof from its own facsimile machine; 
 (v) In the case of
electronic transmission, when actually received; 
 (vi) In the case of a Website Posting, upon delivery of a Notice of such
posting (including the information necessary to access such web site) by another means set forth in this Section 11.6; and 
 (vii) If given by any other means (including by overnight courier), when actually received. 
 Any
Lender giving a Notice to a Loan Party shall concurrently send a copy thereof to the Agent, and the Agent shall promptly notify the other Lenders of its receipt of such Notice. 

11.7. Severability. 
 The provisions of this Agreement are intended to be severable. If any provision of this Agreement shall be held invalid or unenforceable in whole or in part in any jurisdiction, such provision shall, as
to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without in any manner affecting the validity or enforceability thereof in any other jurisdiction or the remaining provisions hereof in any jurisdiction.

 11.8. Governing Law. 
 Each Letter of Credit and Section 2.9 [Letter of Credit Subfacility] shall be subject to either to the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by
the International Chamber of Commerce (the “ICC”) at the time of issuance (“UCP”) or the International Standby Practices (ICC Publication Number 590) (“ISP98”) and any subsequent official revision
thereof, and to the extent not inconsistent therewith, shall, pursuant to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York and the
Loan Documents shall, pursuant to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York. 

  
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 11.9. Prior Understanding. 

This Agreement and the other Loan Documents supersede all prior understandings and agreements, whether written or oral, between the
parties hereto and thereto relating to the transactions provided for herein and therein, including any prior confidentiality agreements and commitments. 
 11.10. Duration; Survival. 
 All representations and warranties of the Loan
Parties contained herein or made in connection herewith shall survive the making of Loans and issuance of Letters of Credit and shall not be waived by the execution and delivery of this Agreement, any investigation by the Agent or the Lenders, the
making of Loans, issuance of Letters of Credit, or payment in full of the Loans. All covenants and agreements of the Loan Parties contained in Sections 8.1 [Affirmative Covenants], 8.2 [Negative Covenants] and 8.3 [Reporting Requirements]
herein shall continue in full force and effect from and after the date hereof so long as the Borrower may borrow or request Letters of Credit hereunder and until termination of the Commitments and payment in full of the Loans and expiration or
termination of all Letters of Credit. All covenants and agreements of the Borrower contained herein relating to the payment of principal, interest, premiums, additional compensation or expenses and indemnification, including those set forth in
Section 5 [Payments] and Sections 11.3.2 [Indemnification by the Borrower] and 11.3.3 [Reimbursement by Lenders] and shall survive payment in full of the Loans, expiration or termination of the Letters of Credit and termination of the
Commitments. 
 11.11. Successors and Assigns. 
 11.11.1. 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 neither the Borrower nor any other Loan Party may assign or otherwise transfer any of its
rights or obligations hereunder without the prior written consent of the Agent and each Lender and no Lender may assign or otherwise transfer any of its rights or obligations hereunder except (i) to an assignee in accordance with the provisions
of Section 11.11.2 [Assignments by Lenders], (ii) by way of participation in accordance with the provisions of Section 11.11.4 [Participations], or (iii) by way of pledge or assignment of a security interest subject to the
restrictions of Section 11.11.5 [Certain Pledges; Successors and Assigns Generally] (and any other attempted assignment or transfer by any party hereto shall be null and void). Nothing in this Agreement, expressed or implied, shall be construed
to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants to the extent provided in Section 11.11.4 [Participations] and, to the extent expressly contemplated hereby, the
Related Parties of each of the Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement. 

  
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 11.11.2. Assignments by Lenders. 

Any Lender may at any time assign to one or more assignees all or a portion of its rights and obligations under this Agreement
(including all or a portion of its Commitment and the Loans at the time owing to it); provided that any such assignment shall be subject to the following conditions: 
 (i) Minimum Amounts. 
 (A) in the case of an assignment of
the entire remaining amount of the assigning Lender’s Commitment and the Loans at the time owing to it or in the case of an assignment to a Lender, an Affiliate of a Lender or an Approved Fund, no minimum amount need be assigned; and

 (B) in any case not described in clause (i)(A) of this Section 11.11.2 [Assignments by Lenders], the
aggregate amount of the Commitment (which for this purpose includes Loans outstanding thereunder) or, if the applicable Commitment is not then in effect, the principal outstanding balance of the Loans of the assigning Lender subject to each such
assignment (determined as of the date the Assignment and Assumption Agreement with respect to such assignment is delivered to the Agent or, if “Trade Date” is specified in the Assignment and Assumption Agreement, as of the Trade Date)
shall not be less than $5,000,000, in the case of any assignment in respect of the Revolving Credit Commitment of the assigning Lender, unless each of the Agent and, so long as no Event of Default has occurred and is continuing, the Borrower
otherwise consents (each such consent not to be unreasonably withheld or delayed). 
 (ii) Proportionate Amounts. Each
partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender’s rights and obligations under this Agreement with respect to the Loan or the Commitment assigned. 

(iii) Required Consents. No consent shall be required for any assignment except for the consent of the Agent (which shall not be
unreasonably withheld or delayed) and: 
 (A) the consent of the Borrower (such consent not to be unreasonably
withheld or delayed) shall be required unless (x) an Event of Default has occurred and is continuing at the time of such assignment or (y) such assignment is to a Lender, an Affiliate of a Lender or an Approved Fund; provided that
the Borrower shall be deemed to have consented to any such assignment unless it shall object thereto by written notice to the Agent within five (5) Business Days after having received notice thereof; and 

  
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 (B) the consent of the Issuing Lender (such consent not to be unreasonably
withheld or delayed) shall be required 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). 

(iv) Assignment and Assumption Agreement. The parties to each assignment shall execute and deliver to the Agent an Assignment and
Assumption Agreement, together with a processing and recordation fee of $3,500, and the assignee, if it is not a Lender, shall deliver to the Agent an administrative questionnaire provided by the Agent. 

(v) No Assignment to Borrower. No such assignment shall be made to the Borrower or any of the Borrower’s Affiliates or
Subsidiaries. 
 (vi) No Assignment to Natural Persons. No such assignment shall be made to a natural person.

 Subject to acceptance and recording thereof by the Agent pursuant to Section 11.11.3 [Register], from and after the
effective date specified in each Assignment and Assumption Agreement, the assignee thereunder shall be a party to this Agreement and, to the extent of the interest assigned by such Assignment and Assumption Agreement, 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 Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment
and Assumption Agreement 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 4.4 [LIBOR Rate
Unascertainable; Etc.], 5.6.1 [Increased Costs Generally], and 11.3 [Expenses, Indemnity; Damage Waiver] with respect to facts and circumstances occurring prior to the effective date of such assignment. Any assignment or transfer by a Lender of
rights or obligations under this Agreement that does not comply with this Section 11.11.2 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
Section 11.11.4 [Participations]. 
 11.11.3. Register. 

The Agent, acting solely for this purpose as an agent of the Borrower (and such agency being only for tax purposes), shall maintain at
its office in the Unites States a copy of Assignment and Assumption delivered to it (or the equivalent thereof in electronic form) and a register for the recordation of the names and addresses of the Lenders, and the Commitments of, and principal
amounts (and stated interest) of the Loans and Letter of Credit Outstandings owing to, each Lender pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrower, the 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. The Register shall be available for inspection
by each of the Borrower and any Lender, at any reasonable time and from time to time upon reasonable prior notice. 

  
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 11.11.4. Participations. 

Any Lender may at any time, without the consent of, or notice to, the Borrower or the Agent, sell participations to any Person (other
than a natural person or the Borrower or any of the Borrower’s Affiliates or Subsidiaries) (each, a “Participant”) in all or a portion of such Lender’s rights and/or obligations under this Agreement (including all or a
portion of its Commitment and/or the Loans owing to it); provided that (i) such Lender’s obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for
the performance of such obligations and (iii) the Borrower, the Agent, the Lenders, and the Issuing Lender 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 (other than as is already provided for herein) to any amendment, modification or waiver with respect to Sections 11.1.1 [Increase of Revolving Credit Commitments; Extension of Expiration Date] or (b) [Release
of Guarantor]) that affects such Participant. The Borrower agrees that each Participant shall be entitled to the benefits of Sections 4.4 [Libor Rate Unascertainable, Etc.], 5.6.1 [Increased Costs Generally], 5.6.5 [Indemnity] and 5.8 [Taxes]
(subject to the requirements and limitations therein, including the requirements under Section 5.8.6 [Status of Lenders] (it being understood that the documentation required under Section 5.8.6 [Status of Lenders] 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 Section 11.11.2 [Assignments by Lenders]; provided that such Participant (A) agrees to be subject to the
provisions of Section 5.4.2 [Replacement of a Lender] as if it were an assignee under Section 11.11.2 [Assignments by Lenders]; and (B) shall not be entitled to receive any greater payment under Sections 5.6.1 [Increased Costs
Generally] or 5.8 [Taxes], with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the
Participant acquired the applicable participation. Each Lender that sells a participation agrees, at the Borrower’s request and expense, to use reasonable efforts to cooperate with the Borrower to effectuate the provisions of Section 5.4.2
[Replacement of a Lender] with respect to any Participant. To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 9.2.3 [Set-off] as though it were a Lender; provided that such Participant
agrees to be subject to Section 5.2.1 [Sharing of Payments by Lenders] as though it were a Lender. Each Lender that sells a participation shall, acting solely for this purpose as an agent of the Borrower, maintain a register on which it enters
the name and address of each Participant and the principal amounts (and stated interest) of each Participant’s interest in the Loans or other obligations under the Loan Documents (the “Participant Register”); provided
that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant’s interest in any commitments, loans, letters of credit
or its other Obligations under any Loan Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other Obligation is in registered form under Section 5f.103-1(c)
of the 

  
 102

 
United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each Person whose name is recorded in the
Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Agent (in its capacity as Agent) shall have no responsibility for maintaining a
Participant Register. 
 11.11.5. Certain Pledges; Successors and Assigns Generally. 

Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement to secure
obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank; provided that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such
pledgee or assignee for such Lender as a party hereto. 
 11.12. Confidentiality. 

11.12.1. General. 
 The Agent and the Lenders each agree to keep confidential all information obtained from any Loan Party or its Subsidiaries which is nonpublic and confidential or proprietary in nature (including any
information the Borrower specifically designates as confidential), except as provided below, and to use such information only in connection with their respective capacities under this Agreement and for the purposes contemplated hereby. The Agent and
the Lenders shall be permitted to disclose such information (i) to outside legal counsel, accountants and other professional advisors who need to know such information in connection with the administration and enforcement of this Agreement,
subject to agreement of such Persons to maintain the confidentiality, (ii) to assignees and participants as contemplated by Section 11.11 [Successors and Assigns], and prospective assignees and participants, provided that prior to
such disclosure, such parties agree to be bound by this undertaking of confidentiality set forth in this Section 11.12 [Confidentiality], (iii) to the extent requested by any regulatory authority or, with notice to the Borrower, as
otherwise required by applicable Law or by any subpoena or similar legal process, or in connection with any investigation or proceeding arising out of the transactions contemplated by this Agreement, (iv) if it becomes publicly available other
than as a result of a breach of this Agreement or becomes available and is not reasonably known to be subject to confidentiality restrictions, or (v) if the Borrower shall have consented to such disclosure. 

11.12.2. Sharing Information With Affiliates of the Lenders. 

Each Loan Party acknowledges that from time to time financial advisory, investment banking and other services may be offered or provided
to the Borrower or one or more of its Affiliates (in connection with this Agreement or otherwise) by any Lender or by one or more Subsidiaries or Affiliates of such Lender and each of the Loan Parties hereby authorizes each Lender to share any
information delivered to such Lender by such Loan Party and its Subsidiaries pursuant to this Agreement, or in connection with the decision of such Lender to enter into this Agreement, to any such Subsidiary or Affiliate of such Lender, it being
understood that any such Subsidiary or affiliate of any Lender receiving such information shall 

  
 103

 
be bound by the provisions of Section 11.12.1 [General] as if it were a Lender hereunder. Such Authorization shall survive the repayment of the Loans and other Obligations and the
termination of the Commitments. 
 11.13. Counterparts. 

This Agreement may be executed by different parties hereto on any number of separate counterparts, each of which, when so executed and
delivered, shall be an original, and all such counterparts shall together constitute one and the same instrument. 
 11.14.
Agent’s or Lender’s Consent. 
 Whenever the Agent’s or any Lender’s consent is required to be
obtained under this Agreement or any of the other Loan Documents as a condition to any action, inaction, condition or event, the Agent and each Lender shall be authorized to give or withhold such consent in its sole and absolute discretion and to
condition its consent upon the giving of additional collateral, the payment of money or any other matter. 
 11.15.
Exceptions. 
 The representations, warranties and covenants contained herein shall be independent of each other, and no
exception to any representation, warranty or covenant shall be deemed to be an exception to any other representation, warranty or covenant contained herein unless expressly provided, nor shall any such exceptions be deemed to permit any action or
omission that would be in contravention of applicable Law. 
 11.16. WAIVER OF JURY TRIAL. 

EACH LOAN PARTY, THE AGENT AND THE LENDERS HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE TRIAL BY JURY IN ANY ACTION, SUIT,
PROCEEDING OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS AGREEMENT, ANY OTHER LOAN DOCUMENT OR ANY COLLATERAL, OR ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING,
WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE AGENT OR THE LENDERS RELATING TO THE ADMINISTRATION OF THE LOANS OR ENFORCEMENT OF THIS AGREEMENT OR THE LOAN DOCUMENTS, TO THE FULLEST EXTENT PERMITTED BY
LAW. NO LOAN PARTY WILL SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. EACH LOAN PARTY CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF AGENT OR THE LENDERS, HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT AGENT OR THE LENDERS WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR AGENT AND THE LENDERS TO ACCEPT THIS AGREEMENT AND THE LOAN DOCUMENTS
AND MAKE THE LOANS. 

  
 104

 11.17. JURISDICTION & VENUE. 

EACH LOAN PARTY HEREBY IRREVOCABLY CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF COURTS IN THE COUNTY OF NEW YORK IN THE STATE OF NEW
YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK, AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY CERTIFIED OR REGISTERED MAIL (RETURN RECEIPT
REQUESTED) DIRECTED TO SUCH LOAN PARTY AT THE ADDRESSES PROVIDED FOR IN SECTION 11.6 [NOTICES; LENDING OFFICES] AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT THEREOF. NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT OF
AGENT TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED BY LAW. EACH LOAN PARTY IRREVOCABLY WAIVES ANY OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED AGAINST IT AS PROVIDED HEREIN AND AGREES NOT TO ASSERT ANY DEFENSE BASED ON FORUM
NON CONVENIENS OR ANY LACK OF JURISDICTION OR VENUE THAT IT MAY NOW OR HEREAFTER HAVE TO THE BRINGING OF ANY ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT. 
 11.18. USA Patriot Act Notice. 
 Each Lender that is subject to the USA
Patriot Act and the Agent (for itself and not on behalf of any Lender) hereby notifies Loan Parties that pursuant to the requirements of the USA Patriot Act, it is required to obtain, verify and record information that identifies the Loan Parties,
which information includes the name and address of Loan Parties and other information that will allow such Lender or Agent, as applicable, to identify the Loan Parties in accordance with the USA Patriot Act. 

11.19. Joinder of Guarantors. 
 Any Subsidiary of the Borrower which is required to join this Agreement as a Guarantor pursuant to Section 8.2.5 [Liquidations, Mergers, Consolidations, Acquisitions] and Section 8.2.8
[Subsidiaries, Partnerships and Joint Ventures] shall (i) execute and deliver to the Agent a Guarantor Joinder in substantially the form attached hereto as Exhibit 1.1(G)(1) pursuant to which it shall join as a Guarantor each of the
documents to which the Guarantors are parties; and (ii) execute and deliver to the Agent documents in the forms described in Section 7.1.2 [Secretary’s Certificate] modified as appropriate to relate to such Subsidiary and
(iii) satisfy such other requirements as reasonably requested by the Agent. The Loan Parties shall deliver such Guarantor Joinder and related documents to the Agent within five (5) Business Days after the date of the filing of such
Subsidiary’s articles of incorporation if the Subsidiary is a corporation, the date of the filing of its certificate of limited partnership if it is a limited partnership or the date of its organization if it is an entity other than a limited
partnership or corporation. 

  
 105

 11.20. Anti-Money Laundering/International Trade Law Compliance. 

The Borrower represents and warrants to the Agent and Lenders, as of the date of this Agreement, as of the date of each advance of
proceeds of Loans hereunder or issuance of any Letter of Credit hereunder, as of the date of any renewal, extension or modification of this Agreement, that: (A) neither the Borrower nor any Subsidiary thereof (i) is listed or otherwise
recognized as a specially designated, prohibited, sanctioned or debarred person or entity, or subject to any limitations or prohibitions (including but not limited to the blocking of property or rejections of transactions) under any order or
directive of any Compliance Authority; (ii) has any of its assets in a Sanctioned Country in violation of any law or regulation enforced by any Compliance Authority or in the possession, custody or control of a Sanctioned Person; or
(iii) does business in or with, or derives any of its operating income from investments in or transactions with, any Sanctioned Person or Sanctioned Country in violation of any law or regulation enforced by any Compliance Authority;
(B) the proceeds of the revolving credit facility will not be used to fund any operations in, finance any investments or activities in, or make any payments to, a Sanctioned Person or, in violation of any law or regulation enforced by any
Compliance Authority, a Sanctioned Country; and (C) the Borrower and each Subsidiary of the Borrower is in compliance with, and neither the Borrower nor any of its Subsidiaries engages in any dealings or transactions prohibited by, any laws of
the United States including the USA Patriot Act, the Trading with the Enemy Act, or the U.S. Foreign Corrupt Practices Act of 1977, all as amended, supplemented or replaced from time to time. As used herein: “Compliance Authority”
means each and all of the (a) U.S. Department of the Treasury’s Office of Foreign Asset Control; (b) U.S. Treasury Department/Financial Crimes Enforcement Network; (c) U.S. State Department/Directorate of Defense Trade Controls;
(d) U.S. Commerce Department/Bureau of Industry and Security; (e) U.S. Internal Revenue Service; (f) U.S. Justice Department; and (g) U.S. Securities and Exchange Commission; “Sanctioned Country” means a country
subject to a sanctions program maintained by any Compliance Authority; and “Sanctioned Person” means any individual person, a group, regime, entity or thing subject to, or specially designated under, any sanctions program maintained
by any Compliance Authority. 
 [SIGNATURE PAGES FOLLOW] 

  
 106

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 
 IN WITNESS WHEREOF, and intending to be legally bound hereby, the parties hereto have executed this Agreement as of the date first above written. 
 BORROWER: 
  

									
		 	ATTEST:	    		  		  	NEW JERSEY RESOURCES CORPORATION
				
	 /s/ Richard Reich
	    		  	By:	  	 /s/ William
Foley                                        
           [Seal]

	Name:	 	 Richard Reich
	    		  	Name:	  	 William Foley

	Title:	 	 Assistant General Counsel
	    		  	Title:	  	 Treasurer

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 GUARANTORS:

	
	 NJR ENERGY CORPORATION

			
		
	 By:
	 	 /s/ Glenn C. Lockwood

	 Name:
	 	 Glenn C. Lockwood

	 Title:
	 	 Senior Vice President and CFO

	
	 NJR ENERGY SERVICES COMPANY

		
	 By:
	 	 /s/ Glenn C. Lockwood

	 Name:
	 	 Glenn C. Lockwood

	 Title:
	 	 Senior Vice President and CFO

	
	 NJR HOME SERVICES COMPANY

		
	 By:
	 	 /s/ Stanley Kosierowski

	 Name:
	 	 Stanley Kosierowski

	 Title:
	 	 President

	
	 COMMERCIAL REALTY AND RESOURCES CORP.

		
	 By:
	 	 /s/ Glenn C. Lockwood

	 Name:
	 	 Glenn C. Lockwood

	 Title:
	 	 Senior Vice President and CFO

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	GUARANTORS, CONTINUED:
	
	NJR INVESTMENT COMPANY

 
			
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 President

	
	NJR SERVICE CORPORATION
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 Senior Vice President and CFO

	
	NJR STORAGE HOLDINGS COMPANY
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 Senior Vice President, CFO and Treasurer

	
	NJR ENERGY HOLDINGS CORPORATION
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 Senior Vice President, CFO and Treasurer

	
	NJR ENERGY INVESTMENTS CORPORATION
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 Senior Vice President and CFO

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	GUARANTORS, CONTINUED:
	
	NJR PLUMBING SERVICES, INC.
		
	By:	 	 /s/ Stanley Kosierowski

	Name:	 	 Stanley Kosierowski

	Title:	 	 President

	
	 NJR RETAIL HOLDINGS CORPORATION

		
	By:	 	 /s/ Laurence M. Downes

	Name:	 	 Laurence M. Downes

	Title:	 	 President and Treasurer

	
	NJR CLEAN ENERGY VENTURES CORPORATION
		
	By:	 	 /s/ Glenn C. Lockwood

	Name:	 	 Glenn C. Lockwood

	Title:	 	 Senior Vice President and CFO

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	PNC BANK, NATIONAL ASSOCIATION, individually and as Agent
		
	By:	 	 /s/ Edward M. Tessalone

	Name:	 	 Edward M. Tessalone

	Title:	 	 Senior Vice President

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	JPMORGAN CHASE BANK, N.A., individually and as a Syndication Agent
		
	By:	 	 /s/ John E. Zur III

	Name:	 	 John E. Zur III

	Title:	 	 Authorized Officer

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT]] 

 

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, individually and as a Syndication Agent
		
	 By:
	 	 /s/ Frederick W. Price

	 Name:
	 	 Frederick W. Price

	 Title:
	 	 Managing Director

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT]] 

 

			
	BANK OF AMERICA, N.A., individually and as a Documentation Agent
		
	 By:
	 	 /s/ William T. Franey

	 Name:
	 	 William T. Franey

	 Title:
	 	 Senior Vice President

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	TD BANK, N.A., individually and as a Documentation Agent
		
	 By:
	 	 /s/ Shannon Batchman

	 Name:
	 	 Shannon Batchman

	 Title:
	 	 Director

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	U.S. BANK NATIONAL ASSOCIATION, individually and as a Documentation Agent
		
	 By:
	 	 /s/ Eric J. Cosgrove

	 Name:
	 	 Eric J. Cosgrove

	 Title:
	 	 Vice President

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT] 

 

			
	 SOVEREIGN BANK, N.A., individually

		
	 By:
	 	 /s/ James R. Riley

	 Name:
	 	 James R. Riley

	 Title:
	 	 SVP–Corporate Banking

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT]] 

 

			
	 GOLDMAN SACHS BANK USA, individually

		
	 By:
	 	 /s/ Rebecca Kratz

	 Name:
	 	 Rebecca Kratz

	 Title:
	 	 Authorized Signatory

 [SIGNATURE PAGE TO NEW JERSEY RESOURCES CORPORATION 

AMENDED AND RESTATED CREDIT AGREEMENT]] 

 

			
	 THE BANK OF NOVA SCOTIA, individually

		
	 By:
	 	 /s/ Thane Rattew

	 Name:
	 	 Thane Rattew

	 Title:
	 	 Managing Director

 SCHEDULE 1.1(A) 

Pricing Grid 
  

																			
	 Level
	  	 Debt Rating [Standard and Poor’s and Moody’s,
Respectively]
	  	Commit-ment
Fee	 	 	Base
Rate
Spread	 	 	LIBOR
Rate
Spread	 	 	Letter
of
Credit
Fee	 
	I	  	A or above or A2 or above	  	 	.100	% 	 	 	0	% 	 	 	.875	% 	 	 	.875	% 
						
	II	  	A- or above but less than A or A3 or above but less than A2	  	 	.125	% 	 	 	.125	% 	 	 	1.125	% 	 	 	1.125	% 
						
	III	  	BBB+ or above but less than A- or Baa1 or above but less than A3	  	 	.150	% 	 	 	.375	% 	 	 	1.375	% 	 	 	1.375	% 
						
	IV	  	BBB or lower or Baa2 or lower	  	 	.200	% 	 	 	.625	% 	 	 	1.625	% 	 	 	1.625	% 

 For purposes of determining the Applicable Margin, the Applicable Commitment Fee Rate and the Applicable Letter of Credit
Fee Rate: 
 11.20.1.1. With respect to the Debt Ratings of Moody’s and Standard and Poor’s: (i) if one or both
of Moody’s or Standard and Poor’s shall fail to have a Debt Rating in effect, then such rating agency which fails to have a Debt Rating in effect shall be deemed to have established a Debt Rating at Level IV, and (ii) if the Debt
Rating established by Moody’s and the Debt Rating established by Standard and Poor’s differ, the pricing Level above shall be determined based upon the higher of the Debt Rating established by Moody’s and the Debt Rating established
by Standard and Poor’s, provided, however, if one of the Debt Ratings is two or more Levels lower than the other, the applicable pricing Level shall be determined at the Level next above that of the Level of the lower of the two
Debt Ratings. 
 11.20.1.2. Any change in the Applicable Margin, the Applicable Commitment Fee Rate, or the Applicable Letter
of Credit Fee Rate shall become effective on the date of any public announcement of the change in the Debt Rating requiring such an increase or decrease. 

 SCHEDULES OF NEW JERSEY RESOURCES CORPORATION1 

to 

AMENDED AND RESTATED CREDIT AGREEMENT 
 by and among 
 NEW JERSEY RESOURCES CORPORATION 

and 

EACH OF THE GUARANTORS PARTY HERETO 
 and 
 THE LENDERS PARTY HERETO 

and 
 PNC
BANK, NATIONAL ASSOCIATION, 
 as Administrative Agent 

JPMORGAN CHASE BANK, N.A. and WELLS FARGO BANK, NATIONAL 
 ASSOCIATION, as Syndication Agents 
 BANK OF AMERICA, N.A., TD BANK, N.A.
AND U.S. BANK NATIONAL 
 ASSOCIATION, as Documentation Agents 

and 
 PNC
CAPITAL MARKETS LLC, 
 J.P. MORGAN SECURITIES LLC and WELLS FARGO SECURITIES, LLC, 

as Joint Lead Arrangers 
 Dated as of August 22, 2012 
  

	1 	Capitalized terms used but not defined in these Schedules shall have the meanings assigned to those terms in the above-referenced Amended and Restated Credit Agreement.

 SCHEDULE 1.1(P) 

PERMITTED LIENS 
 NONE 

 SCHEDULE 6.1.2 

SUBSIDIARIES 
  

									
	 SUBSIDIARY
	  	JURISDICTION OF
INCORPORATION/
FORMATION	  	 AUTHORIZED
CAPITAL
STOCK
	  	 ISSUED
AND
OUTSTANDING
SHARES
(“SUBSIDIARY
SHARES”;
“PARTNERSHIP
INTERESTS”;”
LLC
INTERESTS”)
	  	
SHAREHOLDER/PARTNER/
 LLC INTEREST OWNER

	 New Jersey Natural Gas Company
	  	New Jersey	  	 3,214,923 common shares;
 310,000 preferred shares
	  	 1,679,846 common shares;
 0 preferred shares
	  	New Jersey Resources Corporation
					
	 NJR Energy Services Company
	  	New Jersey	  	1,000	  	1,000	  	New Jersey Resources Corporation
					
	 NJR Retail Holdings Corporation
	  	New Jersey	  	1,000	  	1,000	  	New Jersey Resources Corporation
					
	 NJR Home Services Company
	  	New Jersey	  	1,000	  	1,000	  	NJR Retail Holdings Corporation
					
	 NJR Plumbing Services, Inc.
	  	New Jersey	  	1,000	  	1,000	  	NJR Home Services Company
					
	 NJR Energy Investments Corporation
	  	New Jersey	  	1,000	  	1,000	  	New Jersey Resources Corporation
					
	 NJR Storage Holdings Company
	  	Delaware	  	1,000	  	1,000	  	NJR Energy Holdings Corporation
					
	 Commercial Realty and Resources Corp.
	  	New Jersey	  	2,500	  	2,500	  	NJR Retail Holdings Corporation

									
	 SUBSIDIARY
	  	JURISDICTION OF
INCORPORATION/
FORMATION	  	 AUTHORIZED
CAPITAL
STOCK
	  	 ISSUED
AND
OUTSTANDING
SHARES
(“SUBSIDIARY
SHARES”;
“PARTNERSHIP
INTERESTS”;”
LLC
INTERESTS”)
	  	
SHAREHOLDER/PARTNER/
 LLC INTEREST OWNER

	 NJR Investment Company
	  	New Jersey	  	1,000	  	1,000	  	NJR Energy Investments Corporation
					
	 NJR Energy Holdings Corporation
	  	New Jersey	  	1,000	  	1,000	  	NJR Energy Investments Corporation
					
	 NJR Energy Corporation
	  	New Jersey	  	2,500	  	2,500	  	NJR Energy Investments Corporation
					
	 NJR Clean Energy Ventures Corporation
	  	New Jersey	  	1,000	  	1,000	  	New Jersey Resources Corporation
					
	 NJR Pipeline Company
	  	New Jersey	  	1,000	  	1,000	  	NJR Energy Holdings Corporation
					
	 NJR Service Corporation
	  	New Jersey	  	1,000	  	1,000	  	New Jersey Resources Corporation

 There are no options, warrants or other rights outstanding to purchase any Subsidiary Shares, Partnership
Interests or LLC Interests. 

 SCHEDULE 6.1.12 

CONSENTS AND APPROVALS 

NONE 

 SCHEDULE 6.1.24 

PERMITTED RELATED BUSINESS OPPORTUNITIES 

NONE 

 SCHEDULE 8.2.1 

EXISTING INDEBTEDNESS 
 AS OF JUNE 30, 2012 
 I. The following is
a list of all outstanding Indebtedness of NJR, its Subsidiaries and New Jersey Natural Gas Company as of June 30, 2012. 
  

	A.	NEW JERSEY RESOURCES CORPORATION (“NJR”) 

1. Senior Notes 
  

													
	 	  	Rate	 	 	Maturity
Date	 	  	Principal Amt.	 
	 Unsecured Senior Notes
	  	 	6.05	% 	 	 	9/24/17	  	  	$	50,000,000	  
	 TOTAL
	  				 				  	$	50,000,000	  
		  				 				  	  
	  
	 

 The following Subsidiaries are guarantors of the Senior Notes: Commercial Realty and Resources Corporation, NJR Clean
Energy Ventures Corporation, NJR Energy Investments Corporation, NJR Energy Services Company, NJR Home Services Company, NJR Investment Company, NJR Plumbing Services, Inc., NJR Retail Holdings Corporation and NJR Service Corporation. 

2. Shelf Notes. NJR is a party to the shelf note purchase agreements listed below. As of June 30, 2012, there was no outstanding Indebtedness
under the shelf note purchase agreements. 
  

	 	a.	$100,000,000 Shelf Note Purchase Agreement, dated as of May 12, 2011, by and between NJR and Metropolitan Life Insurance Company (“MetLife
Facility”).2 

 

	 	b.	$75,000,000 Shelf Note Purchase Agreement, dated as of June 30, 2011, by and among NJR, Prudential Investment Management, Inc., and each Prudential Affiliate which
becomes a party thereto (“Prudential Facility”).3 

  

	 	c.	The following Subsidiaries are guarantors under the Shelf Agreements: Commercial Realty and Resources Corporation, NJR Energy Corporation; NJR Energy Holdings
Corporation; New Jersey Clean Energy Ventures Corporation; NJR Energy Investments Corporation, NJR Energy Services Company, NJR Home Services Company, NJR Investment Company, NJR Plumbing Services, Inc., NJR Retail Holdings Corporation; NJR Storage
Holdings Company and NJR Service Corporation. 

  

	2	In July 2012, NJR provided notice
in accordance with the MetLife Facility that it intends to issue on September 17, 2012, subject to the terms and conditions of the MetLife Facility, $25 million of its 1.94% senior notes due September 15, 2015 and $25 million of its 2.51%
senior notes due September 15, 2018. 

	3 	In July 2012, NJR provided notice to Prudential in accordance with the Prudential Facility, which Prudential accepted, that it intends to issue on or about
September 17, 2012, subject to the terms and conditions of the Prudential Facility, $50 million of its 3.25% senior notes due September 17, 2022. 

 3. Existing Credit Facility: NJR has outstanding Indebtedness under the Existing Credit Facility and
the “Loan Documents” as defined in the Existing Credit Facility in the principal amount of $218,000,000. 
 4. Letters of
Credit: The following letters of credit have been issued pursuant to the Existing Credit Facility: 
  

											
	 	  	 Purpose
	  	Expiry Date	 	  	Principal
Amt.	 
	 NJR
	  	Secure purchase of natural gas	  	 	11/27/2012	  	  	$	2,000,000	  
	 NJR
	  	Margin requirements	  	 	11/27/2012	  	  	$	3,000,000	  
	 NJR on behalf of NJCEV
	  	Secure construction of solar project	  	 	11/27/2012	  	  	$	2,861,178	  

 5. Note Payable: NJR has outstanding Indebtedness to McGraw-Hill Federal Credit Union in the aggregate principal
amount of $100,000. The Indebtedness is payable on or before December 15, 2012, together with interest at the rate of 2.00% per annum. 
  

	B.	NEW JERSEY NATURAL GAS COMPANY 

On August 29, 2011, New Jersey Natural Gas Company (“NJNG”) completed a refunding of its auction rate securities,
whereby NJNG refunded $97 million of bonds and the associated First Mortgage Bonds (Series AA, BB, DD, EE, FF and GG). As part of the transaction, the New Jersey Economic Development Authority (“NJEDA”) issued a total of $97 million
of Natural Gas Facilities Refunding Revenue Bonds (New Jersey Natural Gas Company Project) comprised of three series of bonds: the $9.5 million principal amount Series 2011A Bonds (Non-AMT) due September 1, 2027, the $41 million principal
amount Series 2011B Bonds (AMT) due August 1, 2035 and the $46.5 million principal amount Series 2011C Bonds due August 1, 2041 (collectively, the “EDA Bonds”). The EDA Bonds are special, limited obligations of the NJEDA
payable solely from payments made by NJNG pursuant to a Loan Agreement between the NJEDA and the NJNG, and are initially secured by the pledge of $97 million principal amount First Mortgage Bonds issued by NJNG (Series MM, NN and OO). 

													
	 ($000)
	  	 	 	 	 	 	  	 	 
	 First Mortgage Bonds
	  	Rate	 	 	Maturity
Date	 	  	Principal
Amt.	 
	 Series HH
	  	 	5	% 	 	 	12/1/38	  	  	 	12,000	  
	 Series II
	  	 	4.5	% 	 	 	8/1/30	  	  	 	10,300	  
	 Series JJ
	  	 	4.6	% 	 	 	8/1/24	  	  	 	10,500	  
	 Series KK
	  	 	4.9	% 	 	 	10/1/40	  	  	 	15,000	  
	 Series LL
	  	 	5.6	% 	 	 	5/15/18	  	  	 	125,000	  
	 Series MM
	  	 	Var.	  	 	 	9/1/27	  	  	 	9,545	  
	 Series NN
	  	 	Var.	  	 	 	8/1/35	  	  	 	41,000	  
	 Series OO
	  	 	Var.	  	 	 	8/1/41	  	  	 	46,500	  
		  				 				  	  
	  
	 
	 Sub-total First Mortgage Bonds
	  				 				  	 	269,845	  
	 Unsecured Senior Notes
	  	 	4.77	% 	 	 	3/15/14	  	  	 	60,000	  
	 Capital Lease Obligation – Bldg
	  				 	 	6/1/21	  	  	 	22,625	  
	 Capital Lease Obligation – Meters
	  				 	 	Various	  	  	 	33,278	  
	 Capital Lease Obligation – Equipment
	  				 	 	12/1/13	  	  	 	350	  
	 Commercial Paper (Unsecured)
	  				 				  	 	82,000	  
		  				 				  	  
	  
	 
	 TOTAL
	  				 				  	$	468,098	  
		  				 				  	  
	  
	 

  

	C.	NJR ENERGY SERVICES COMPANY 

 1. Foreign Exchange Hedge 
 NJR, through its unregulated wholesale energy
services subsidiary, NJR Energy Services Company (“NJRES”), which enters into natural gas transactions in Canada, is exposed to fluctuations in the value of Canadian currency relative to the US dollar. NJRES utilizes foreign
currency derivatives to lock in the currency translation rate associated with natural gas transactions denominated in Canadian currency. The derivatives may include currency forwards, futures, or swaps and are accounted for as derivatives. These
derivatives are being used to hedge future forecasted cash payments associated with transportation and storage contracts. NJR has designated these foreign currency derivatives as cash flow hedges of that exposure, and expects the hedge relationship
to be highly effective throughout the term. 

 The following table reflects the fair value of NJR’s derivative assets and liabilities
recognized in the Unaudited Condensed Consolidated Balance Sheets that are designated as hedging instruments as of: 
  

																			
	 	  	 	  	Fair Value	 
	 	  	 	  	March 31, 2011	 	  	September 30, 2010	 
	 (Thousands)
	  	 Balance Sheet Location
	  	Asset
Derivatives	 	  	Liability
Derivatives	 	  	Asset
Derivatives	 	  	Liability
Derivatives	 
	 NJRES:
	  		  				  				  				  			
	 Foreign exchange contracts
	  	Derivatives - current	  	$	122	  	  	$	17	  	  	$	153	  	  	$	8	  
		  	 Derivatives - noncurrent
	  	 	40	  	  	 	11	  	  	 	127	  	  	 	6	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 
	 Total fair value of derivatives
	  		  	$	162	  	  	$	28	  	  	$	280	  	  	$	14	  
		  		  	  
	  
	 	  	  
	  
	 	  	  
	  
	 	  	  
	  
	 

 At June 30, 2012, the notional amount of the foreign currency transactions was approximately $10.1
million, and ineffectiveness in the hedge relationship is immaterial to the financial results of NJR. 

 EXHIBIT 1.1(A) 
 FORM OF 
 ASSIGNMENT AND ASSUMPTION AGREEMENT 

This Assignment and Assumption Agreement (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, modified or supplemented, 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 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 without limitation any Letters of Credit, guarantees, and Swing Loans included in such facilities) and (ii) to the extent permitted to be assigned under
applicable law, all claims, suits, causes of action and any other right of the Assignor (in its capacity as a Lender) 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 (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 of [identify
Lender1 ]	  	
				
	3.	  	Borrower(s):	  	New Jersey Resources Corporation	  	
				
	4.	  	Agent:	  	PNC Bank, National Association, as the administrative agent under the Credit Agreement	  	

  

1
 Select if applicable. 

							
				
	5.	  	Credit Agreement:	  	Amended and Restated Credit Agreement dated as of                     , 2012
among New Jersey Resources Corporation, the Guarantors party thereto, the Lenders parties thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and
U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, as administrative agent for the Lenders	  	
				
	6.	  	Assigned Interest:	  		  	

  

													
	 Facility Assigned2
	  	Aggregate
Amount of
Commitment/Loans
for all
Lenders *	 	  	Amount of
Commitment/Loans
Assigned*	 	  	Percentage
Assigned
of
Commitment/Loans3	 
				
		  	$	        	  	  	$	            	  	  	 	        	% 
				
		  	$	 	  	  	$	 	  	  	 	        	% 
				
		  	$	 	  	  	$	 	  	  	 	        	% 

  

							
	7.	  	Trade Date:	  	                    ]4	  	

 Effective Date:
            , 20    [TO BE INSERTED BY ADMINISTRATIVE AGENT AND WHICH SHALL BE THE EFFECTIVE DATE OF RECORDATION OF TRANSFER IN THE REGISTER THEREFOR.]5 

[SIGNATURE PAGE FOLLOWS] 
  

 

	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 Credit Commitment”, etc.) 

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

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

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

	5 	 Assignor shall pay a fee of $3,500 to the Agent in connection with the Assignment and Assumption. 

  
 2 

 [SIGNATURE PAGE - ASSIGNMENT AND ASSUMPTION AGREEMENT] 

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:	 	  

 Consented to and Accepted: 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Agent 

 

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

 Consented to: 

NEW JERSEY RESOURCES CORPORATION, 
 as
Borrower 
  

			
	 By:
	 	  

	 Name:
	 	  

	 Title:
	 	  

  
 3 

 ANNEX 1 
 STANDARD TERMS AND CONDITIONS 
 FOR ASSIGNMENT AND ASSUMPTION AGREEMENT

 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 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 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 and the other Loan Documents as a Lender
thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Lender thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest and either it, or
the Person exercising discretion in making its decision to acquire the Assigned Interest, is experienced in acquiring assets of such type, (v) it has received a copy of the Credit Agreement, together with copies of the most recent financial
statements delivered pursuant to Section 8.3 [Reporting Requirements] 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 Agent or any other Lender, (vi) it has, independently and without reliance upon the Agent or
any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Assignment and Assumption Agreement and to purchase such Assigned Interest and (vii) if
Assignee is not incorporated or organized under the Laws of the United States of America or a state thereof, 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 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 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. Notwithstanding the foregoing, the Agent shall make all payments of interest, fees or other amounts paid or payable in kind from and after the Effective Date to the Assignee. 

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 deemed to be a contract under the Laws of the State of New York and shall, pursuant
to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York. 

  
 2 

 EXHIBIT 1.1(G)(1) 

FORM OF 

GUARANTOR JOINDER AND ASSUMPTION AGREEMENT 
 THIS GUARANTOR JOINDER AND ASSUMPTION AGREEMENT is made as of             , 20_, by
                    , a             [corporation/partnership/limited liability company]
(the “New Guarantor”). 
 Background 
 Reference is made to (i) the Amended and Restated Credit Agreement, dated as of             , 2012 as the same may be restated, modified,
supplemented or amended from time to time (the “Credit Agreement”), by and among New Jersey Resources Corporation, a New Jersey corporation (the “Borrower”), each of the Guarantors now or hereafter party thereto (each a
“Guarantor” and collectively the “Guarantors”), the Lenders now or hereafter party thereto (the “Lenders”), each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as syndication agents, each of
Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, in its capacity as administrative agent for the Lenders (in such capacity, the “Agent”); (ii) the
Guaranty and Suretyship Agreement, dated as of             , 2012 (as the same may be restated, modified, supplemented or amended from time to time, the “Guaranty”), of Guarantors
given to Agent, and (iii) the other Loan Documents referred to in the Credit Agreement, as the same may be modified, supplemented, restated or amended from time to time (the “Loan Documents”). 

Agreement 

Capitalized terms defined in the Credit Agreement are used herein as defined therein. 

New Guarantor hereby becomes a Guarantor under the terms of the Credit Agreement and in consideration of the value of the direct and
indirect economic benefits received by New Guarantor as a result of being or becoming affiliated with the Borrower and the Guarantors, New Guarantor hereby agrees that, effective as of the date hereof, it hereby is, and shall be deemed to be, and
assumes the obligations of, a “Loan Party” and a “Guarantor” under the Credit Agreement, a “Guarantor”, jointly and severally with the existing Guarantors under the Guaranty, and a Loan Party or Guarantor, as the case
may be, under each of the other Loan Documents to which the Loan Parties or Guarantors are a party; and New Guarantor hereby agrees that from the date hereof and so long as any Loan or any Commitment of any Lender shall remain outstanding and until
the payment in full of the Loans and the Notes, the expiration of all Letters of Credit and the performance of all other obligations of Borrower under the Loan Documents, New Guarantor shall perform, comply with and be subject to and bound by each
of the terms and provisions of the Credit Agreement, Guaranty and each of the other Loan Documents, jointly and severally, with the existing parties thereto. Without limiting the generality of the foregoing, New Guarantor hereby represents and
warrants that (i) each of the representations and warranties set 

 
forth in Section 6 of the Credit Agreement applicable to a Loan Party is true and correct as to New Guarantor on and as of the date hereof; and (ii) New Guarantor has heretofore
received a true and correct copy of the Credit Agreement, Guaranty and each of the other Loan Documents (including any modifications thereof or supplements or waivers thereto) in effect on the date hereof. 

New Guarantor hereby makes, affirms and ratifies in favor of the Lenders and the Agent the Credit Agreement, Guaranty and each of the
other Loan Documents given by the Guarantors to Agent and any of the Lenders. 
 New Guarantor is simultaneously delivering to
the Agent the documents, together with Guarantor Joinder, required under Sections 8.2.8 [Subsidiaries, Partnership and Joint Ventures] and 11.19 [Joinder of Guarantors]. 
 In furtherance of the foregoing, New Guarantor shall execute and deliver or cause to be executed and delivered at any time and from time to time such further instruments and documents and do or cause to
be done such further acts as may be reasonably necessary in the reasonable opinion of Agent to carry out more effectively the provisions and purposes of this Guarantor Joinder and Assumption Agreement and the other Loan Documents. 

This Guarantor Joinder and Assumption Agreement 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 an original, but all such counterparts shall constitute one and the same instrument. New Guarantor acknowledges and agrees that a telecopy transmission to Agent or any Lender of
signature pages hereof purporting to be signed on behalf of New Guarantor shall constitute effective and binding execution and delivery hereof by New Guarantor. 
 NEW GUARANTOR SHALL CAUSE BORROWER TO PROVIDE SUCH ADDITIONAL DOCUMENTS AS REQUIRED BY SECTION 11.19 OF THE CREDIT AGREEMENT. 

[SIGNATURE PAGE FOLLOWS] 

  
 2 

 [SIGNATURE PAGE - GUARANTOR 

JOINDER AND ASSUMPTION AGREEMENT] 
 IN WITNESS WHEREOF, and intending to be legally bound hereby, New Guarantor has duly executed this Guarantor Joinder and Assumption Agreement and delivered the same to the Agent for the benefit of the
Lenders, as of the date and year first above written. 
  

			
	
[                        
        ]

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 Acknowledged and accepted: 
 PNC BANK, NATIONAL ASSOCIATION, 
 as Agent 

 

			
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 EXHIBIT 1.1(G)(2) 

GUARANTY AND SURETYSHIP AGREEMENT 
 This Guaranty and Suretyship Agreement (the “Guaranty”), dated as of this             day of
            , 2012, is jointly and severally given by EACH OF THE UNDERSIGNED AND EACH OF THE OTHER PERSONS WHICH BECOME GUARANTORS HEREUNDER FROM TIME TO TIME (each a
“Guarantor” and collectively the “Guarantors”) in favor of PNC BANK, NATIONAL ASSOCIATION, as administrative agent for the Lenders (the “Agent”) in connection with that Amended and Restated Credit Agreement,
dated as of the date hereof, by and among New Jersey Resources Corporation, a New Jersey corporation (the “Borrower”), the Guarantors now or hereafter party thereto, the Agent, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank,
National Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and the Lenders now or hereafter party thereto (the “Lenders”) (as amended, restated,
modified or supplemented from time to time hereafter, the “Credit Agreement”). Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the Credit Agreement and the rules of construction set
forth in Section 1.2 [Construction] of the Credit Agreement shall apply to this Guaranty. 
 1. Guarantied
Obligations. To induce the Agent and the Lenders to make loans and grant other financial accommodations to the Borrower under the Credit Agreement, each Guarantor hereby jointly and severally, unconditionally and irrevocably guaranties to the
Agent and each Lender and any provider of a Lender Provided Interest Rate Hedge or any provider of Other Lender Provided Financial Service Products; and becomes surety, as though it was a primary obligor, for the full and punctual payment and
performance when due (whether on demand, at stated maturity, by acceleration or otherwise and including any amounts which would become due but for the operation of an automatic stay under the federal bankruptcy code of the United States or any
similar Laws of any country or jurisdiction) of all Obligations, including, without limiting the generality of the foregoing, all obligations, liabilities and indebtedness from time to time of the Borrower or any other Guarantor to the Agent or any
of the Lenders or any Affiliate of any Lender under or in connection with the Credit Agreement or any other Loan Document, whether for principal, interest, fees, indemnities, expenses or otherwise, and all renewals, extensions, amendments,
refinancings or refundings thereof, whether such obligations, liabilities or indebtedness are direct or indirect, secured or unsecured, joint or several, absolute or contingent, due or to become due, whether for payment or performance, now existing
or hereafter arising (and including obligations, liabilities and indebtedness arising or accruing after the commencement of any bankruptcy, insolvency, reorganization or similar proceeding with respect to the Borrower or any Guarantor or which would
have arisen or accrued but for the commencement of such proceeding, even if the claim for such obligation, liability or indebtedness is not enforceable or allowable in such proceeding, and including all Obligations, liabilities and indebtedness
arising from any extensions of credit under or in connection with any Loan Document from time to time, regardless of whether any such extensions of credit are in excess of the amount committed under or contemplated by the Loan Documents or are made
in circumstances in which any condition to extension of credit is not satisfied) (all of the foregoing obligations, liabilities and indebtedness are referred to herein collectively as the “Guarantied

 
Obligations” and each as a “Guarantied Obligation”). Without limitation of the foregoing, any of the Guarantied Obligations shall be and remain Guarantied Obligations entitled to
the benefit of this Guaranty if the Agent or any of the Lenders (or any one or more assignees or transferees thereof) from time to time assign or otherwise transfer all or any portion of their respective rights and obligations under the Loan
Documents or any other Guarantied Obligations to any other Person. In furtherance of the foregoing, each Guarantor jointly and severally agrees as follows: 
 2. Guaranty. Each Guarantor hereby promises to pay and perform all such Guarantied Obligations immediately upon demand of the Agent and the Required Lenders. All payments made hereunder shall be
made by each Guarantor in immediately available funds in U.S. Dollars and shall be made without setoff, counterclaim, withholding or other deduction of any nature. 
 3. Obligations Absolute. The obligations of the Guarantors hereunder shall not be discharged or impaired or otherwise diminished by any failure, default, omission or delay, willful or otherwise, by
any Lender, the Agent or Borrower or any other obligor on any of the Guarantied Obligations or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any
Guarantor or would otherwise operate as a discharge of any Guarantor as a matter of law or equity. Each of the Guarantors agrees that the Guarantied Obligations will be paid and performed strictly in accordance with the terms of the Loan Documents.
Without limiting the generality of the foregoing, each Guarantor hereby consents to at any time and from time to time, and the joint and several obligations of each Guarantor hereunder shall not be diminished, terminated or otherwise similarly
affected by, any of the following: 
 (a) Any lack of genuineness, legality, validity, enforceability or allowability (in a
bankruptcy, insolvency, reorganization or similar proceeding or otherwise) or any avoidance or subordination, in whole or in part, of any Loan Document or any of the Guarantied Obligations and, regardless of any Law, regulation or order now or
hereafter in effect in any jurisdiction affecting any of the Guarantied Obligations, any of the terms of the Loan Documents or any rights of the Agent or the Lenders or any other Person with respect thereto; 

(b) Any increase, decrease or change in the amount, nature, type or purpose of any of, or any release, surrender, exchange, compromise or
settlement of any of the Guarantied Obligations (whether or not contemplated by the Loan Documents as presently constituted); any change in the time, manner, method or place of payment or performance of or in any other term of any of the Guarantied
Obligations; any execution or delivery of any additional Loan Documents; or any amendment, modification or supplement to, or renewals, extensions, refinancing or refunding of, any Loan Document or any of the Guarantied Obligations; 

(c) Any failure to assert any breach of or default under any Loan Document or any of the Guarantied Obligations; any extensions of credit
in excess of the amount committed under or contemplated by the Loan Documents, or in circumstances in which any condition to such extensions of credit has not been satisfied; any other exercise or non-exercise, or any other failure, omission,
breach, default, delay, or wrongful action in connection with any exercise or non-exercise, of any right or remedy against the Borrower or any other Person under or in connection with any Loan Document or any of the Guarantied Obligations; any
refusal of 

  
 2 

 
payment or performance of any of the Guarantied Obligations, whether or not with any reservation of rights against any Guarantor; or any application of collections (including but not limited to
collections resulting from realization upon any direct or indirect security for the Guarantied Obligations) to other obligations, if any, not entitled to the benefits of this Guaranty, in preference to Guarantied Obligations entitled to the benefits
of this Guaranty, or if any collections are applied to Guarantied Obligations, any application to particular Guarantied Obligations; 
 (d) Any taking, exchange, amendment, modification, waiver, supplement, termination, subordination, compromise, release, surrender, loss, or impairment of, or any failure to protect, perfect, or preserve
the value of, or any enforcement of, realization upon, or exercise of rights, or remedies under or in connection with, or any failure, omission, breach, default, delay, or wrongful action by the Agent or the Lenders, or any of them, or any other
Person in connection with the enforcement of, realization upon, or exercise of rights or remedies under or in connection with, or, any other action or inaction by any of the Agent or the Lenders, or any of them, or any other Person in respect of,
any direct or indirect security for any of the Guarantied Obligations. As used in this Guaranty, “direct or indirect security” for the Guarantied Obligations, and similar phrases, includes any collateral security, guaranty, suretyship,
letter of credit, capital maintenance agreement, put option, subordination agreement, or other right or arrangement of any nature providing direct or indirect assurance of payment or performance of any of the Guarantied Obligations, made by or on
behalf of any Person; 
 (e) Any merger, consolidation, liquidation, dissolution, winding-up, charter revocation, or forfeiture,
or other change in, restructuring or termination of the corporate structure or existence of, the Borrower or any other Person; any bankruptcy, insolvency, reorganization or similar proceeding with respect to the Borrower or any other Person; or any
action taken or election made by the Agent or the Lenders, or any of them (including but not limited to any election under Section 1111(b)(2) of the United States Bankruptcy Code), the Borrower, or any other Person in connection with any such
proceeding; 
 (f) Any defense, setoff, or counterclaim which may at any time be available to or be asserted by the Borrower or
any other person with respect to any Loan Document or any of the Guarantied Obligations; or any discharge by operation of law or release of the Borrower or any other Person from the performance or observance of any Loan Document or any of the
Guarantied Obligations; 
 (g) Any other event or circumstance, whether similar or dissimilar to the foregoing, and whether
known or unknown, which might otherwise constitute a defense available to, or limit the liability of, any Guarantor, a guarantor or a surety, excepting only full, strict, and indefeasible payment and performance of the Guarantied Obligations in
full. 
 Each Guarantor acknowledges, consents, and agrees that new Guarantors may join in this Guaranty pursuant to
Section 11.19 [Joinder of Guarantors] of the Credit Agreement and each Guarantor affirms that its obligations shall continue hereunder undiminished. 

  
 3 

 4. Waivers, etc. Each of the Guarantors hereby waives any defense to or limitation on
its obligations under this Guaranty arising out of or based on any event or circumstance referred to in Section 3 hereof. Without limitation and to the fullest extent permitted by applicable Law, each Guarantor waives each of the following:

 (a) All notices, disclosures and demand of any nature which otherwise might be required from time to time to preserve intact
any rights against any Guarantor, including the following: any notice of any event or circumstance described in Section 3 hereof; any notice required by any law, regulation or order now or hereafter in effect in any jurisdiction; any notice of
nonpayment, nonperformance, dishonor, or protest under any Loan Document or any of the Guarantied Obligations; any notice of the incurrence of any Guarantied Obligation; any notice of any default or any failure on the part of the Borrower or any
other Person to comply with any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; and any notice of any information pertaining to the business, operations, condition
(financial or otherwise) or prospects of the Borrower or any other Person; 
 (b) Any right to any marshalling of assets, to the
filing of any claim against the Borrower or any other Person in the event of any bankruptcy, insolvency, reorganization or similar proceeding, or to the exercise against the Borrower or any other Person of any other right or remedy under or in
connection with any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the Guarantied Obligations; any requirement of promptness or diligence on the part of the Agent or the Lenders, or any of them, or
any other Person; any requirement to exhaust any remedies under or in connection with, or to mitigate the damages resulting from default under, any Loan Document or any of the Guarantied Obligations or any direct or indirect security for any of the
Guarantied Obligations; any benefit of any statute of limitations; and any requirement of acceptance of this Guaranty or any other Loan Document, and any requirement that any Guarantor receive notice of any such acceptance; 

(c) Any defense or other right arising by reason of any Law now or hereafter in effect in any jurisdiction pertaining to election of
remedies (including but not limited to anti-deficiency laws, “one action” laws or the like), or by reason of any election of remedies or other action or inaction by the Agent or the Lenders, or any of them (including but not limited to
commencement or completion of any judicial proceeding or nonjudicial sale or other action in respect of collateral security for any of the Guarantied Obligations), which results in denial or impairment of the right of the Agent or the Lenders, or
any of them, to seek a deficiency against the Borrower or any other Person or which otherwise discharges or impairs any of the Guarantied Obligations; and 
 (d) Any and all defenses it may now or hereafter have based on principles of suretyship, impairment of collateral, or the like. 
 5. Reinstatement. This Guaranty is a continuing obligation of the Guarantors and shall remain in full force and effect notwithstanding that no Guarantied Obligations may be outstanding from time to
time and notwithstanding any other event or circumstance. Upon termination of all Commitments and the expiration or termination of all Letters of Credit and indefeasible payment in full of all Guarantied Obligations, this Guaranty shall terminate;
provided, however, that this Guaranty shall continue to be effective or be reinstated, as the case may be, any time any payment of any of the Guarantied Obligations is rescinded, recouped, avoided, or must otherwise be returned or released by
any Lender or Agent upon or during the 

  
 4 

 
insolvency, bankruptcy, or reorganization of, or any similar proceeding affecting, Borrower or for any other reason whatsoever, all as though such payment had not been made and was due and owing.

 6. Subrogation. Each Guarantor waives and agrees it will not exercise any rights against Borrower or any other
Guarantor arising in connection with the Guarantied Obligations (including rights of subrogation, contribution, and the like) until the Guarantied Obligations have been indefeasibly paid in full and all Commitments have been terminated and all
Letters of Credit have expired. If any amount shall be paid to any Guarantor by or on behalf of Borrower or any other Guarantor by virtue of any right of subrogation, contribution, or the like, such amount shall be deemed to have been paid to such
Guarantor for the benefit of, and shall be held in trust for the benefit of, the Agent and the Lenders and shall forthwith be paid to the Agent to be credited and applied upon the Guarantied Obligations, whether matured or unmatured, in accordance
with the terms of the Credit Agreement. 
 7. No Stay. Without limitation of any other provision of this Guaranty, if any
declaration of default or acceleration or other exercise or condition to exercise of rights or remedies under or with respect to any Guarantied Obligation shall at any time be stayed, enjoined, or prevented for any reason (including but not limited
to stay or injunction resulting from the pendency against the Borrower or any other Person of a bankruptcy, insolvency, reorganization or similar proceeding), the Guarantors agree that, for the purposes of this Guaranty and their obligations
hereunder, the Guarantied Obligations shall be deemed to have been declared in default or accelerated, and such other exercise or conditions to exercise shall be deemed to have been taken or met. 

8. Taxes. Each Guarantor hereby agrees to be bound by the provisions of Section 5.8 [Taxes] of the Credit Agreement and shall
make all payments free and clear of Taxes as provided therein. 
 9. Notices. Each Guarantor agrees that all notices,
statements, requests, demands and other communications under this Guaranty shall be given to such Guarantor at the address set forth on a Schedule to, or in a Guarantor Joinder and Assumption Agreement given under, the Credit Agreement and in the
manner provided in Section 11.6 [Notices, etc.] of the Credit Agreement. The Agent and the Lenders may rely on any notice (whether or not made in a manner contemplated by this Guaranty) purportedly made by or on behalf of a Guarantor, and the
Agent and the Lenders shall have no duty to verify the identity or authority of the Person giving such notice. 
 10.
Counterparts; Telecopy Signatures. This Guaranty may be executed in any number of counterparts, each of which, when so executed, shall be deemed an original, but all such counterparts shall constitute but one and the same instrument. Each
Guarantor acknowledges and agrees that a telecopy transmission to Agent or any Lender of signature pages hereof purporting to be signed on behalf of any Guarantor shall constitute effective and binding execution and delivery hereof by such
Guarantor. 

  
 5 

 11. Setoff, Default Payments by Borrower. 

(a) In the event that at any time any obligation of the Guarantors now or hereafter existing under this Guaranty shall have become due and
payable, the Agent and the Lenders, or any of them, shall have the right from time to time, without notice to any Guarantor, to set off against and apply to such due and payable amount any obligation of any nature of any Lender or the Agent, or any
subsidiary or affiliate of any Lender or Agent, to any Guarantor, including but not limited to all deposits (whether time or demand, general or special, provisionally credited or finally credited, however evidenced) now or hereafter maintained by
any Guarantor with the Agent or any Lender or any subsidiary or affiliate thereof. Such right shall be absolute and unconditional in all circumstances and, without limitation, shall exist whether or not the Agent or the Lenders, or any of them,
shall have given any notice or made any demand under this Guaranty or under such obligation to the Guarantor, whether such obligation to the Guarantor is absolute or contingent, matured or unmatured (it being agreed that the Agent and the Lenders,
or any of them, may deem such obligation to be then due and payable at the time of such setoff), and regardless of the existence or adequacy of any collateral, guaranty, or other direct or indirect security or right or remedy available to the Agent
or any of the Lenders. The rights of the Agent and the Lenders under this Section are in addition to such other rights and remedies (including, without limitation, other rights of setoff and banker’s lien) which the Agent and the Lenders, or
any of them, may have, and nothing in this Guaranty or in any other Loan Document shall be deemed a waiver of or restriction on the right of setoff or banker’s lien of the Agent and the Lenders, or any of them. Each of the Guarantors hereby
agrees that, to the fullest extent permitted by Law, any affiliate or subsidiary of the Agent or any of the Lenders and any holder of a participation in any obligation of any Guarantor under this Guaranty, shall have the same rights of setoff as the
Agent and the Lenders as provided in this Section (regardless whether such affiliate or participant otherwise would be deemed a creditor of the Guarantor). 
 (b) Upon the occurrence and during the continuation of any default under any Guarantied Obligation, if any amount shall be paid to any Guarantor by or for the account of Borrower, such amount shall be
held in trust for the benefit of each Lender and Agent and shall forthwith be paid to the Agent to be credited and applied to the Guarantied Obligations when due and payable. 
 12. Construction. The section and other headings contained in this Guaranty are for reference purposes only and shall not affect interpretation of this Guaranty in any respect. This Guaranty has
been fully negotiated between the applicable parties, each party having the benefit of legal counsel, and accordingly neither any doctrine of construction of guaranties or suretyships in favor of the guarantor or surety, nor any doctrine of
construction of ambiguities in agreement or instruments against the party controlling the drafting thereof, shall apply to this Guaranty. 
 13. Successors and Assigns. This Guaranty shall be binding upon each Guarantor, its successors and assigns, and shall inure to the benefit of and be enforceable by the Agent and the Lenders, or any
of them, and their successors and assigns. Without limitation of the foregoing, the Agent and the Lenders, or any of them (and any successive assignee or transferee), from time to time may assign or otherwise transfer all or any portion of its
rights or obligations under the Loan Documents (including all or any portion of any commitment to extend credit), or any other 

  
 6 

 
Guarantied Obligations, to any other Person in accordance with the Loan Documents and such Guarantied Obligations (including any Guarantied Obligations resulting from extension of credit by such
other Person under or in connection with the Loan Documents) shall be and remain Guarantied Obligations entitled to the benefit of this Guaranty, and to the extent of its interest in such Guarantied Obligations such other Person shall be vested with
all the benefits in respect thereof granted to the Agent and the Lenders in this Guaranty or otherwise. 
 14. Governing Law;
Submission to Jurisdiction; Waiver of Jury Trial. 
 (a) Governing Law. This Guaranty shall be deemed to be a
contract under the Laws of the State of New York and shall, pursuant to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York.

 (b) CERTAIN WAIVERS. EACH GUARANTOR HEREBY: 

(i) IRREVOCABLY CONSENTS TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS IN THE COUNTY OF NEW YORK IN THE STATE OF NEW
YORK AND THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT AND CONSENTS THAT ALL SUCH SERVICE OF PROCESS BE MADE BY CERTIFIED OR REGISTERED MAIL (RETURN RECEIPT
REQUESTED) DIRECTED TO SUCH GUARANTOR AT THE ADDRESS PROVIDED FOR IN THE CREDIT AGREEMENT AND SERVICE SO MADE SHALL BE DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT THEREOF; NOTWITHSTANDING THE FOREGOING, NOTHING CONTAINED HEREIN SHALL AFFECT THE RIGHT
OF THE AGENT TO SERVE LEGAL PROCESS BY ANY OTHER MANNER PERMITTED BY LAW; 
 (ii) IRREVOCABLY WAIVES ANY
OBJECTION TO JURISDICTION AND VENUE OF ANY ACTION INSTITUTED AGAINST IT AS PROVIDED HEREIN AND AGREES NOT TO ASSERT ANY DEFENSE BASED ON FORUM NON CONVENIENS OR ANY LACK OF JURISDICTION OR VENUE THAT IT MAY NOW OR HEREAFTER HAVE TO THE
BRINGING OF ANY ACTION OR PROCEEDINGS WITH RESPECT TO THIS GUARANTY; AND 
 (iii) KNOWINGLY, VOLUNTARILY AND
INTENTIONALLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT, PROCEEDING, OR COUNTERCLAIM OF ANY KIND ARISING OUT OF OR RELATED TO THIS GUARANTY, THE CREDIT AGREEMENT, OR ANY OTHER LOAN DOCUMENT, OR ANY COLLATERAL OR ANY COURSE OF CONDUCT, COURSE OF
DEALINGS, STATEMENTS (WHETHER VERBAL OR WRITTEN) OR ACTIONS OF ANY PARTY, INCLUDING, WITHOUT LIMITATION, ANY COURSE OF CONDUCT, COURSE OF DEALINGS, STATEMENTS OR ACTIONS OF THE AGENT OR THE LENDERS RELATING TO THE ADMINISTRATION OF THE LOANS OR
ENFORCEMENT OF THIS GUARANTY OR THE OTHER LOAN DOCUMENTS, TO THE FULLEST EXTENT PERMITTED BY LAW. SUCH GUARANTOR WILL NOT 

  
 7 

 
SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. SUCH GUARANTOR CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF
ADMINISTRATIVE AGENT OR THE LENDERS, HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT AGENT OR THE LENDERS WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER. THIS WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR AGENT AND THE
LENDERS TO ACCEPT THIS GUARANTY, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS AND MAKE THE LOANS. 
 15. Severability;
Modification to Conform to Law. 
 (a) Wherever possible, each provision of this Guaranty shall be interpreted in such
manner as to be effective and valid under applicable Law, but if any provision of this Guaranty shall be prohibited by or invalid under such Law, such provision shall be ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this Guaranty. 
 (b) Without limitation of the
preceding subsection (a), to the extent that applicable Law (including applicable Laws pertaining to fraudulent conveyance or fraudulent or preferential transfer) otherwise would render the full amount of the Guarantor’s obligations hereunder
invalid, voidable, or unenforceable on account of the amount of a Guarantor’s aggregate liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the aggregate amount of such liability shall,
without any further action by the Agent or any of the Lenders or such Guarantor or any other Person, be automatically limited and reduced to the highest amount which is valid and enforceable as determined in such action or proceeding, which (without
limiting the generality of the foregoing) may be an amount which is equal to the greater of: 
 (i) the fair
consideration actually received by such Guarantor under the terms and as a result of the Loan Documents and the value of the benefits described in this Section 15(b) hereof, including (and to the extent not inconsistent with applicable federal
and state Laws affecting the enforceability of guaranties) distributions, commitments, and advances made to or for the benefit of such Guarantor with the proceeds of any credit extended under the Loan Documents, or 

(ii) the excess of (1) the amount of the fair value of the assets of such Guarantor as of the date of this Guaranty
as determined in accordance with applicable federal and state Laws governing determinations of the insolvency of debtors as in effect on the date hereof, over (2) the amount of all liabilities of such Guarantor as of the date of this Guaranty,
also as determined on the basis of applicable federal and state Laws governing the insolvency of debtors as in effect on the date hereof. 
 (c) Notwithstanding anything to the contrary in this Section or elsewhere in this Guaranty, this Guaranty shall be presumptively valid and enforceable to its full extent in accordance with its terms, as
if this Section (and references elsewhere in this Guaranty to 

  
 8 

 
enforceability to the fullest extent permitted by Law) were not a part of this Guaranty, and in any related litigation the burden of proof shall be on the party asserting the invalidity or
unenforceability of any provision hereof or asserting any limitation on any Guarantor’s obligations hereunder as to each element of such assertion. 
 16. Additional Guarantors. At any time after the initial execution and delivery of this Guaranty to the Agent and the Lenders, additional Persons may become parties to this Guaranty and thereby
acquire the duties and rights of being Guarantors hereunder by executing and delivering to the Agent and the Lenders a Guarantor Joinder pursuant to the Credit Agreement. No notice of the addition of any Guarantor shall be required to be given to
any pre-existing Guarantor and each Guarantor hereby consents thereto. 
 17. Joint and Several Obligations. Each of the
obligations of each and every Guarantor under this Guaranty are joint and several obligations of the Guarantors, and each Guarantor hereby waives to the full extent permitted by Law any defense it may otherwise have to the payment and performance of
the Obligations that its liability hereunder is limited and not joint and several. Each Guarantor acknowledges and agrees that the foregoing waivers and those set forth below serve as a material inducement to the agreement of the Agent and the
Lenders to make the Loans, and that the Agent and the Lenders are relying on each specific waiver and all such waivers in entering into this Guaranty. The undertakings of each Guarantor hereunder secure the obligations of itself and the other
Guarantors. The Agent and the Lenders, or any of them, may, in their sole discretion, elect to enforce this Guaranty against any Guarantor without any duty or responsibility to pursue any other Guarantor and such an election by the Agent and the
Lenders, or any of them, shall not be a defense to any action the Agent and the Lenders, or any of them, may elect to take against any Guarantor. Each of the Lenders and Agent hereby reserve all rights against each Guarantor. 

18. Receipt of Credit Agreement, Other Loan Documents, Benefits. 

(a) Each Guarantor hereby acknowledges that it has received a copy of the Credit Agreement and the other Loan Documents and each
Guarantor certifies that the representations and warranties made therein with respect to such Guarantor are true and correct. Further, each Guarantor acknowledges and agrees to perform, comply with and be bound by all of the provisions of the Credit
Agreement and the other Loan Documents. 
 (b) Each Guarantor hereby acknowledges, represents and warrants that it receives
direct and indirect benefits by virtue of its affiliation with Borrower and the other Guarantors and that it will receive direct and indirect benefits from the financing arrangements contemplated by the Credit Agreement and that such benefits,
together with the rights of contribution and subrogation that may arise in connection herewith, are a reasonably equivalent exchange of value in return for providing this Guaranty. 

19. Miscellaneous. 
 (a) Generality of Certain Terms. As used in this Guaranty, the terms “hereof”, “herein” and terms of similar import refer to this Guaranty as a whole and not to any particular
term or provision; the term “including”, as used herein, is not a term of limitation and means “including without limitation”. 

  
 9 

 (b) Amendments, Waivers. No amendment to or waiver of any provision of this Guaranty,
and no consent to any departure by any Guarantor herefrom, shall in any event be effective unless in a writing manually signed by or on behalf of the Agent and the requisite percentage of Lenders pursuant to Section 11.1 of the Credit
Agreement. Any such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given. No delay or failure of the Agent or the Lenders, or any of them, in exercising any right or remedy under this
Guaranty shall operate as a waiver thereof; nor shall any single or partial exercise of any such right or remedy preclude any other or further exercise thereof or the exercise of any other right or remedy. The rights and remedies of the Agent and
the Lenders under this Guaranty are cumulative and not exclusive of any other rights or remedies available hereunder, under any other agreement or instrument, by Law, or otherwise. 

(c) Telecommunications. Each Lender and Agent shall be entitled to rely on the authority of any individual making any telecopy,
electronic or telephonic notice, request or signature without the necessity of receipt of any verification thereof. 
 (d)
Expenses. Each Guarantor unconditionally agrees to pay all costs and expenses, including reasonable attorney’s fees, incurred by the Agent or any of the Lenders in enforcing this Guaranty against any Guarantor, and each Guarantor shall
pay and indemnify each Lender and Agent for, and hold it harmless from and against, any and all obligations, liabilities, losses, damages, costs, expenses (including disbursements and reasonable legal fees of counsel to any Lender or Agent),
penalties, judgments, suits, actions, claims and disbursements imposed on, asserted against or incurred by any Lender or Agent (i) relating to the preparation, negotiation, execution, administration or enforcement of or collection under this
Guaranty or any document, instrument or agreement relating to any of the Obligations, including in any bankruptcy, insolvency or similar proceeding in any jurisdiction or political subdivision thereof; (ii) relating to any amendment,
modification, waiver or consent hereunder or relating to any telecopy or telephonic transmission purporting to be by any Guarantor or Borrower; (iii) in any way relating to or arising out of this Guaranty, or any document, instrument or
agreement relating to any of the Guarantied Obligations, or any action taken or omitted to be taken by any Lender or Agent hereunder, and including those arising directly or indirectly from the violation or asserted violation by any Guarantor or
Borrower or Agent or any Lender of any Law, rule, regulation, judgment, order or the like of any jurisdiction or political subdivision thereof (including those relating to environmental protection, health, labor, importing, exporting or safety) and
regardless whether asserted by any governmental entity or any other Person. 
 (e) Prior Understandings. This Guaranty
and the Credit Agreement constitute the entire agreement of the parties hereto with respect to the subject matter hereof and supersede any and all other prior and contemporaneous understandings and agreements. 

(f) Survival. All representations and warranties of the Guarantors made in connection with this Guaranty shall survive, and shall
not be waived by, the execution and delivery of this Guaranty, any investigation by or knowledge of the Agent and the Lenders, or any of them, any extension of credit or any other event or circumstance whatsoever. 

  
 10 

 20. This Guaranty hereby amends and restates, in its entirety, that certain Guaranty and
Suretyship Agreement, dated December 13, 2007 (the “Existing Guaranty”), made in favor of the Agent by certain of the parties thereto, and the parties hereto agree that this Agreement is not intended to constitute, nor does it
constitute, an interruption, suspension of continuity, satisfaction, discharge of prior duties, novation, or termination of the indebtedness, liabilities, expenses, or obligations under the Existing Guaranty. 

[SIGNATURE PAGES FOLLOW] 

  
 11 

 [SIGNATURE PAGE - GUARANTY AND SURETYSHIP AGREEMENT] 

IN WITNESS WHEREOF, each Guarantor, intending to be legally bound, has executed this Guaranty as of the date first above written with the
intention that this Guaranty shall constitute a sealed instrument. 
  

			
	COMMERCIAL REALTY AND RESOURCES CORP.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR ENERGY CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR ENERGY SERVICES COMPANY
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR HOME SERVICES COMPANY
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 12 

 [SIGNATURE PAGE - GUARANTY AND SURETYSHIP AGREEMENT] 

 

			
	NJR INVESTMENT COMPANY
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR SERVICE CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR STORAGE HOLDINGS COMPANY
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR ENERGY HOLDINGS CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR ENERGY INVESTMENTS CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 13 

 [SIGNATURE PAGE - GUARANTY AND SURETYSHIP AGREEMENT] 

 

			
	NJR PLUMBING SERVICES, INC.
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR RETAIL HOLDINGS CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

	
	NJR CLEAN ENERGY VENTURES CORPORATION
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

  
 14 

 EXHIBIT 1.1(R) 

FORM OF 

REVOLVING CREDIT NOTE 
  

			
	
$                        

	 	East Brunswick, New Jersey
		 	                    ,
20    

 FOR VALUE RECEIVED, the undersigned, NEW JERSEY RESOURCES CORPORATION, a New Jersey corporation
(herein called the “Borrower”), hereby unconditionally promises to pay to the order of                     (the “Lender”),
the lesser of (i) the principal sum of                     Dollars (U.S.
$                    ), or (ii) the aggregate unpaid principal balance of all Revolving Credit Loans made by the Lender to the Borrower pursuant
to the Amended and Restated Credit Agreement, dated as of the date hereof, among the Borrower, the Guarantors now or hereafter party thereto, the Lenders now or hereafter party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank,
National Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, as administrative agent (hereinafter referred to in such
capacity as the “Agent”) (as amended, restated, modified, or supplemented from time to time, the “Credit Agreement”), together with all outstanding interest thereon on the Expiration Date. 

The Borrower shall pay interest on the unpaid principal balance hereof from time to time outstanding from the date hereof at the rate or
rates per annum specified by the Borrower pursuant to, or as otherwise provided in, the Credit Agreement. Subject to the provisions of the Credit Agreement, interest on this Revolving Credit Note (this “Note”) will be payable pursuant to
Section 5.3 [Interest Payment Dates] of, or as otherwise provided in, the Credit Agreement. If any payment or action to be made or taken hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action
shall be made or taken on the next following Business Day, unless otherwise provided in the Credit Agreement, and such extension of time shall be included in computing interest or fees, if any, in connection with such payment or action. Upon the
occurrence and during the continuation of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Revolving Credit Loans evidenced by this Note and all other obligations due and payable to the
Lender pursuant to the Credit Agreement and the other Loan Documents at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement. Such interest rate will accrue before and after any judgment has been
entered. 
 Subject to the provisions of the Credit Agreement, payments of both principal and interest shall be made without
setoff, counterclaim or other deduction of any nature at the office of the Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219, unless otherwise directed in writing by the Agent, in lawful money of the United States of America in
immediately available funds. 

 This Note is one of the Revolving Credit Notes referred to in, and is entitled to the
benefits of, the Credit Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained or granted therein. The Credit Agreement, among other things, contains provisions for acceleration of the
maturity hereof upon the happening of certain stated events and also for prepayments in certain circumstances on account of principal hereof prior to maturity upon the terms and conditions therein specified. The Borrower waives presentment, demand,
notice, protest and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 
 This Note shall bind the Borrower and its successors and assigns and the benefits hereof shall inure to the benefit of the Lender and its successors and assigns. All references herein to the
“Borrower” and the “Lender” shall be deemed to apply to the Borrower and the Lender, respectively, and their respective successors and assigns as permitted under the Credit Agreement. 

This Note and any other documents delivered in connection herewith and the rights and obligations of the parties hereto and thereto
shall, pursuant to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York. 

All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such terms in the Credit
Agreement and Section 1.2 [Construction] of the Credit Agreement shall apply to this Note. 
 [THIS NOTE REPLACES THE
REVOLVING CREDIT NOTE DATED AS OF [DECEMBER 13, 2007], AS THE SAME MAY HAVE BEEN AMENDED, PAYABLE BY THE BORROWER IN FAVOR OF THE LENDER (THE “PRIOR NOTE”). THIS NOTE IS NOT INTENDED TO CONSTITUTE, AND DOES NOT CONSTITUTE A NOVATION
OR SATISFACTION OF THE OBLIGATIONS REPRESENTED BY THE PRIOR NOTE.] 
 [SIGNATURE PAGE FOLLOWS] 

  
 2 

 [SIGNATURE PAGE - REVOLVING CREDIT NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Note by its duly authorized officer with
the intention that it constitutes a sealed instrument. 
  

			
	NEW JERSEY RESOURCES CORPORATION, a New Jersey corporation
		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 (Seal) 

 EXHIBIT 1.1(S) 

FORM OF 

SWING LOAN NOTE 
  

			
	$50,000,000	  	East Brunswick, New Jersey
		  	            , 2012    

 FOR VALUE RECEIVED, the undersigned, NEW JERSEY RESOURCES CORPORATION, a New Jersey corporation
(herein called the “Borrower”), hereby unconditionally promises to pay to the order of PNC BANK, NATIONAL ASSOCIATION (the “Lender”), on demand the lesser of (i) the principal sum of Fifty Million Dollars (U.S.
$50,000,000), or (ii) the aggregate unpaid principal balance of all Swing Loans made by the Lender to the Borrower pursuant to the Amended and Restated Credit Agreement, dated as of the date hereof, among the Borrower, the Guarantors now or
hereafter party thereto, the Lenders now or hereafter party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National
Association, as documentation agents, and PNC Bank, National Association, as administrative agent (hereinafter referred to in such capacity as the “Agent”) (as amended, restated, modified, or supplemented from time to time, the
“Credit Agreement”), payable with respect to each Swing Loan evidenced hereby on the earlier of (i) demand by the Lender; (ii) the applicable Settlement Date; or (iii) on the Expiration Date. 

The Borrower shall pay interest on the unpaid principal balance of each Swing Loan from time to time outstanding from the date hereof at
the rate per annum and on the date(s) provided in the Credit Agreement. Subject to the provisions of the Credit Agreement, interest on this Swing Loan Note (this “Note”) will be payable pursuant to Section 5.3 [Interest Payment Dates]
of, or as otherwise provided in, the Credit Agreement. If any payment or action to be made or taken hereunder shall be stated to be or become due on a day which is not a Business Day, such payment or action shall be made or taken on the next
following Business Day, unless otherwise provided in the Credit Agreement, and such extension of time shall be included in computing interest or fees, if any, in connection with such payment or action. Upon the occurrence and during the continuation
of an Event of Default, the Borrower shall pay interest on the entire principal amount of the then outstanding Swing Loans evidenced by this Note at a rate per annum as set forth in Section 4.3 [Interest After Default] of the Credit Agreement.
Such interest rate will accrue before and after any judgment has been entered. 
 Subject to the provisions of the Credit
Agreement, payments of both principal and interest shall be made without setoff, counterclaim or other deduction of any nature at the office of the Agent located at 500 First Avenue, Pittsburgh, Pennsylvania 15219, unless otherwise directed in
writing by the holder hereof, in lawful money of the United States of America in immediately available funds. 

  
 1 

 This Note is the Swing Loan Note referred to in, and is entitled to the benefits of, the
Credit Agreement and the other Loan Documents, including the representations, warranties, covenants and conditions contained or granted therein. The Credit Agreement among other things contains provisions for acceleration of the maturity hereof upon
the happening of certain stated events and also for prepayments, in certain circumstances, on account of principal hereof prior to maturity upon the terms and conditions therein specified. The Borrower waives presentment, demand, notice, protest and
all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note and the Credit Agreement. 
 The Borrower acknowledges and agrees that the Lender may at any time and in its sole discretion demand payment of all amounts outstanding under this Swing Loan Note in accordance with the Credit
Agreement. 
 This Note shall bind the Borrower and its successors and assigns, and the benefits hereof shall inure to the
benefit of the Lender and its successors and assigns. All references herein to the “Borrower” and the “Lender” shall be deemed to apply to the Borrower and the Lender, respectively, and their respective successors and assigns as
permitted under the Credit Agreement. 
 This Note and any other documents delivered in connection herewith and the rights and
obligations of the parties hereto and thereto shall, pursuant to New York General Obligations Law Section 5-1401, for all purposes be governed by and construed and enforced in accordance with the laws of the State of New York. 

All capitalized terms used herein shall, unless otherwise defined herein, have the same meanings given to such terms in the Credit
Agreement and Section 1.2 [Construction] of the Credit Agreement shall apply to this Swing Loan Note. 
 THIS NOTE REPLACES
THE SWING LOAN NOTE DATED AS OF DECEMBER 13, 2007, AS THE SAME MAY HAVE BEEN AMENDED, PAYABLE BY THE BORROWER IN FAVOR OF THE LENDER (THE “PRIOR NOTE”). THIS NOTE IS NOT INTENDED TO CONSTITUTE, AND DOES NOT CONSTITUTE, A
NOVATION OR SATISFACTION OF THE OBLIGATIONS REPRESENTED BY THE PRIOR NOTE. 
 [SIGNATURE PAGE FOLLOWS] 

  
 2 

 [SIGNATURE PAGE - SWING LOAN NOTE] 

IN WITNESS WHEREOF, and intending to be legally bound hereby, the undersigned has executed this Note by its duly authorized officer with
the intention that it constitutes a sealed instrument. 
  

			
	 NEW JERSEY RESOURCES CORPORATION,

a New Jersey corporation

		
	 By:
	 	  

		
	 Name:
	 	  

		
	 Title:
	 	  

 (Seal) 

  
 3 

 EXHIBIT 2.4 
 FORM OF 
 LOAN REQUEST 

 

			
	 TO:
	  	PNC Bank, National Association, as Agent
		  	PNC Firstside Center 4th Floor
		  	500 First Avenue
		  	P7 PFSC 04 I
		  	Pittsburgh, Pennsylvania 15219
		  	Telephone No.: (412) 762-6442
		  	Telecopier No.: (412) 762-8672
		  	Attention: Agency Services
		
	 FROM:
	  	New Jersey Resources Corporation (the “Borrower”)
		
	 RE:
	  	Amended and Restated Credit Agreement (as it may be amended, restated, modified or supplemented, the “Credit Agreement”) dated as of
            , 2012 by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as
syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, as administrative agent for the Lenders (the “Agent”)

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
Credit Agreement. 
 A. Pursuant to Section 2.4 of the Credit Agreement, the undersigned Borrower irrevocably requests
[check one line under 1(a) below and fill in blank space next to the line as appropriate]: 
  

					
	 1.(a)
	  		  	A new Revolving Credit Loan
			
		  		  	OR
			
		  		  	Renewal of the LIBOR Rate Option applicable to an outstanding Revolving Credit Loan, originally made on
            , 20    
			
		  		  	OR
			
		  		  	Conversion of the Base Rate Option applicable to an outstanding Revolving Credit Loan, originally made on
            , 20            to a Loan to which the LIBOR Rate Option applies,
			
		  		  	OR
			
		  		  	Conversion of the LIBOR Rate Option applicable to an outstanding Revolving Credit Loan, originally made on
            , 20            to a Loan to which the Base Rate Option applies.

 SUCH NEW, RENEWED OR CONVERTED LOAN SHALL BEAR INTEREST: 

 [Check one line under 1(b) below and fill in blank spaces in line next to line]:

  

					
	 1.(b)(i)
	 		  	Under the Base Rate Option. Such Loan shall have a Borrowing Date of             ,
            (which date shall be (i) one (1) Business Day after the Business Day of receipt by the Agent by 10:00 a.m. of this Loan Request for making a new Revolving Credit Loan
to which the Base Rate Option applies, or (ii) the last day of the preceding Interest Period if a Loan to which the LIBOR Rate Option applies is being converted to a Loan to which the Base Rate Option applies).
			
		 		  	OR
			
	        (ii)
	 		  	Under the LIBOR Rate Option. Such Loan shall have a Borrowing Date of             (which date shall be (i) three
(3) Business Days after the Business Day of receipt by the Agent by 10:00 a.m. of this Loan Request for making a new Revolving Credit Loan to which the LIBOR Rate Option applies, renewing a Loan to which the LIBOR Rate Option applies, or
converting a Loan to which the Base Rate Option applies to a Loan to which the LIBOR Rate Option applies.

 2. Such Loan is in the principal amount of U.S.
$            or the principal amount to be renewed or converted is U.S. $            [for Revolving Credit Loans under
Section 2.4 not to be less than $3,000,000 and in increments of $1,000,000 for each Borrowing Tranche to which the LIBOR Rate Option applies and not less than the lesser of $1,000,000 and in integral multiples of $100,000 or the maximum amount
available for each Borrowing Tranche to which the Base Rate Option applies]. 
 3. [Complete blank below if the Borrower is
selecting the LIBOR Rate Option]: Such Loan shall have an Interest Period of [one, two, three or six] Months.             . 

B. As of the date hereof and the date of making of the above-requested Loan (and after giving effect thereto), the Loan Parties have
performed and complied with all covenants and conditions of the Credit Agreement and the other Loan Documents; all of the representations and warranties of the Loan Parties in the Credit Agreement (other than the representations and warranties
contained in the first sentence of Section 6.1.6 [Litigation], Section 6.1.8 [Historical Statements; No Material Adverse Change] and Section 6.1.21 [Environmental Matters]) and in the other Loan Documents are true and correct (except
representations and warranties which expressly relate solely to an earlier date or time, which representations and warranties were true and correct on and as of the specific dates or times referred to therein); no Event of Default or Potential
Default has occurred and is continuing or shall exist; the making of such Loan shall not contravene any Law applicable to any of the Loan Parties; the making of such Loan shall not cause the Revolving Facility Usage to exceed the Revolving Credit
Commitments. 

  
 2 

 C. The undersigned hereby irrevocably requests [check one line below and fill in blank
spaces next to the line as appropriate]: 
  

			
		  	 1.      Funds to be deposited into a PNC Bank bank account per our current standing
instructions. Complete amount of deposit if not full loan advance amount: U.S. $            .

		
		  	 2.      Funds to be wired per the following wire
instructions:
  
 U.S.
$             Amount of Wire Transfer
 Bank Name:

ABA:
 Account Number:

Account Name:
 Reference:

		
		  	 3.      Funds to be wired per the attached Funds Flow (multiple wire
transfers).

 [SIGNATURE PAGE FOLLOWS] 

  
 3 

 [SIGNATURE PAGE 1 OF 1 TO LOAN REQUEST] 

The undersigned certifies to the Agent as to the accuracy of the foregoing. 

 

							
		 		 	 NEW JERSEY RESOURCES CORPORATION,
 a New Jersey corporation
	 	
				
	Date:                     , 20    	 		 		 	
				
		 	By:	 	  
	 	(SEAL)
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	

  
 4 

 EXHIBIT 2.5 
 FORM OF 
 SWING LOAN REQUEST 

 

			
	TO:	  	PNC Bank, National Association, as Agent
		  	PNC Firstside Center - 4th Floor
		  	500 First Avenue
		  	P7-PFSC-04-I
		  	Pittsburgh, PA 15219
		  	Telephone No.: (412) 762 - 6442
		  	Telecopier No.: (412) 762 - 8672
		  	Attn: Agency Services
		
	FROM:	  	New Jersey Resources Corporation (the “Borrower”)
		
	RE:	  	Amended and Restated Credit Agreement (as it may be amended, restated, modified or supplemented, the “Credit Agreement”) dated as of
            , 2012 by and among the Borrower, the Guarantors party thereto, the Lenders party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as
syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, as administrative agent for the Lenders (the “Agent”)

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
Credit Agreement. 
 Pursuant to Section 2.5 of the Credit Agreement, the undersigned hereby makes the following Swing Loan
Request: 
 1.         Aggregate Principal Amount of Swing Loans: [amount shall be in
integral multiples of $100,000 and not less than $250,000] U.S.$             
 2.         Proposed Borrowing Date: [this Swing Loan Request must be received by the Swing Lender by 12:00 noon Pittsburgh time on the proposed Borrowing Date]
             
 3.
        Term of proposed Swing Loan, which shall be no less than one day and no longer than fourteen (14) days              

4.         As of the date hereof and the date of making of the Swing Loan requested hereby (after
giving effect thereto): the representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement (other than the representations and warranties contained in the first sentence of Section 6.1.6 [Litigation],
Section 6.1.8 [Historical Statements; No Material Adverse Change] and Section 6.1.21 [Environmental Matters]) and in the other Loan Documents are and will be true (except representations and warranties that expressly relate solely to an

 
earlier date or time, which representations and warranties were true on and as of the specific dates or times referred to therein); the Loan Parties have performed and complied with all covenants
and conditions of the Credit Agreement; no Event of Default or Potential Default has occurred and is continuing or shall exist; the making of the Swing Loan requested hereby shall not contravene any Law applicable to any of the Loan Parties or any
of the Lenders; and the making of such Loan shall not exceed the Swing Loan Commitment or cause the Revolving Facility Usage to exceed the Revolving Credit Commitments. 
 5. The undersigned hereby irrevocably requests [check one line below and fill in blank spaces next to the line as appropriate]: 

 

					
	 A
	  		  	Funds to be deposited into a PNC Bank bank account per our current standing instructions. Complete amount of deposit if not full loan advance amount: U.S. $
			
	 B
	  		  	 Funds to be wired per the following wire instructions:
 U.S. $             Amount of Wire Transfer
 Bank Name:
 ABA:
 Account Number:
 Account Name:
 Reference:

			
	 C
	  		  	Funds to be wired per the attached Funds Flow (multiple wire transfers).

 [SIGNATURE PAGE FOLLOWS] 

 [SIGNATURE PAGE 1 OF 1 TO SWING LOAN REQUEST] 

The undersigned hereby certifies the accuracy of the foregoing. 

 

							
		 	 NEW JERSEY RESOURCES CORPORATION,
 a New Jersey corporation
	 	
				
	Date:                     , 20    	 	By:	 	  
	 	(SEAL)
		 	Name:	 	  
	 	
		 	Title:	 	  
	 	

 EXHIBIT 5.5 
 FORM OF 
 COMMITMENT REDUCTION NOTICE 

 

			
	TO:	  	PNC Bank, National Association, as Agent
		  	PNC Firstside Center - 4th Floor
		  	500 First Avenue
		  	P7-PFSC-04-I
		  	Pittsburgh, PA 15219
		  	Telephone No.: (412) 762 - 6442
		  	Telecopier No.: (412) 762 - 8672
		  	Attn: Agency Services
		
	FROM:	  	New Jersey Resources Corporation (the “Borrower”)
		
	RE:	  	Amended and Restated Credit Agreement (as amended, restated, supplemented or modified from time to time, the “Credit Agreement”), dated as of
            , 2012 by and among the Borrower, the Guarantors as defined therein, the Lenders as defined therein, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National
Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association, as administrative agent for the Lenders (the
“Agent”)

 Capitalized terms not otherwise defined herein shall have the respective meanings ascribed to them by the
Credit Agreement. 
 Pursuant to Section 5.5 of the Credit Agreement, the Borrower irrevocably gives notice that the
Revolving Credit Commitments are reduced as of             , 20    (insert date at least five (5) Business Days after the Business Day on which the Agent receives
the Commitment Reduction Notice) by $            (insert amount equal to but not less than $5,000,000 or an integral multiple thereof). The aggregate amount of Revolving Credit Commitments
outstanding after giving effect to the reduction of the Revolving Credit Commitments is $            . The aggregate outstanding principal amount of all Revolving Facility Usage as of
            (insert date of commitment reduction) shall be $            (not to exceed the reduced aggregate amount of the
Revolving Credit Commitments). 
 [SIGNATURE PAGE FOLLOWS] 

 [SIGNATURE PAGE 1 OF 1 TO COMMITMENT REDUCTION NOTICE] 

 

					
		 	 NEW JERSEY RESOURCES CORPORATION,
 a New Jersey corporation

			
	Date:	 	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

 EXHIBIT 5.8.6(A) 
 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Amended and Restated Credit Agreement dated as of
            , 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among New Jersey Resources Corporation, the guarantors from
time to time party thereto, PNC Bank, National Association, in its capacity as administrative agent, and each bank from time to time party thereto. 
 Pursuant to the provisions of Section 5.8 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as
any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within
the meaning of Section 871(h)(3)(B) of the Code and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

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

		 	Name:
		 	Title:

 Date:             , 20[     ] 

 EXHIBIT 5.8.6(B) 
 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Amended and Restated Credit Agreement dated as of
            , 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among New Jersey Resources Corporation, the guarantors from
time to time party thereto, PNC Bank, National Association, in its capacity as administrative agent, and each bank from time to time party thereto. 
 Pursuant to the provisions of Section 5.8 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record and beneficial owner of the participation in
respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of the Code, (iii) it is not a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B)
of the Code, and (iv) it is not a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code]. 
 The undersigned has furnished its participating Bank with a certificate of its non-U.S. Person status on IRS Form W-8BEN. By executing this certificate, the undersigned agrees that (1) if the
information provided on this certificate changes, the undersigned shall promptly so inform such Bank in writing, and (2) the undersigned shall have at all times furnished such Bank 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 5.8.6(C) 
 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Amended and Restated Credit Agreement dated as of
            , 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among New Jersey Resources Corporation, the guarantors from
time to time party thereto, PNC Bank, National Association, in its capacity as administrative agent, and each bank from time to time party thereto. 
 Pursuant to the provisions of Section 5.8 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the participation in respect of which
it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation, (iii) with respect such participation, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as
described in Section 881(c)(3)(C) of the Code. 
 The undersigned has furnished its participating Bank with IRS Form W-8IMY
accompanied by one of the following forms from each of its partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such
partner’s/member’s beneficial owners that is claiming the portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall
promptly so inform such Bank and (2) the undersigned shall have at all times furnished such Bank 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 5.8.6(D) 
 [FORM OF] 
 U.S. TAX COMPLIANCE CERTIFICATE 

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

Reference is hereby made to the Amended and Restated Credit Agreement dated as of
            , 2012 (as amended, supplemented or otherwise modified from time to time, the “Credit Agreement”), among New Jersey Resources Corporation, the guarantors from
time to time party thereto, PNC Bank, National Association, in its capacity as administrative agent, and each bank from time to time party thereto. 
 Pursuant to the provisions of Section 5.8 [Taxes] of the Credit Agreement, the undersigned hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s)
evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect
to the extension of credit pursuant to this Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary
course of its trade or business within the meaning of Section 881(c)(3)(A) of the Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of the Borrower within the meaning of Section 871(h)(3)(B) of
the Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to the Borrower as described in Section 881(c)(3)(C) of the Code. 

The undersigned has furnished the Agent and the Borrower with IRS Form W-8IMY accompanied by one of the following forms from each of its
partners/members that is claiming the portfolio interest exemption: (i) an IRS Form W-8BEN or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN from each of such partner’s/member’s beneficial owners that is claiming the
portfolio interest exemption. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrower and the Agent, and (2) the
undersigned shall have at all times furnished the Borrower and the 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 BANK]
		
	By:	 	  

		 	Name:
		 	Title:

 Date:             , 20[     ] 

 Exhibit 7.1.3(A) 

 

					
		 	 

	 	TROUTMAN SANDERS LLP
		 	 	Attorneys at Law
		 	 	The Chrysler Building
		 	 	405 Lexington Avenue
		 	 	New York, New York 10174-0700
		 	 	212.704.6000 telephone
		 	 	troutmansanders.com

 August 22, 2012 
 PNC Bank, National Association, as Administrative Agent 
 One PNC Plaza 

500 First Avenue 
 P7 PFSC 04 I 

Pittsburgh, PA 15219 
 and each of the financial
institutions listed 
 on Schedule A hereto (the “Lenders”) 

Re:     New Jersey Resources Corporation 
 Ladies and Gentlemen: 
 We are special counsel to New Jersey Resources Corporation,
a New Jersey corporation (the “Borrower”) and each of the corporations listed as “Guarantors” on Schedule B hereto (the “Guarantors” and, collectively with the Borrower, the “Loan
Parties”). We have represented the Loan Parties in connection with its negotiation, execution and delivery of that certain Amended and Restated Credit Agreement, dated as of the date hereof (the “Credit Agreement”), among
the Loan Parties, the Lenders party thereto, the syndication agents and the documentation agent named therein and party thereto, and PNC Bank, National Association, in its capacity as Administrative Agent under the Credit Agreement (in such
capacity, the “Agent”), and in connection with the Transactions (as defined below) contemplated thereby. 

This Opinion Letter is provided to the Agent and the Lenders at the request of the Loan Parties in satisfaction of the closing condition
set forth in Section 7.1.3(a) of the Credit Agreement. It is intended solely for the information of the Agent and the Lenders in connection with the Credit Agreement and the Transactions, and may not be relied upon by any other person (except
as provided in the next sentence) or for any other purpose. No part of this Opinion Letter may be incorporated, quoted or otherwise referred to in any other document or communication or filed with or otherwise furnished to any governmental authority
or other person without our prior written consent, except that the Agent and each Lender may furnish a copy of this Opinion Letter: (a) in connection with any proceedings relating to the Loan Documents (as defined below) or the enforcement
thereof; (b) to accountants and counsel for the Agent or such Lender; (c) to governmental regulatory examiners; (d) pursuant to judicial process or government order or requirement; and (e) to permitted prospective and actual
assignees of, and participants in the interests of, the Agent or such Lender under the Loan Documents (who may rely upon this Opinion Letter as though it had been addressed and delivered to them as of the date of this 

 

ATLANTA    BEIJING    CHICAGO    HONG KONG    NEW
YORK    NEWARK    NORFOLK    ORANGE COUNTY    PORTLAND 
 RALEIGH    RICHMOND    SAN DIEGO    SHANGHAI    TYSONS CORNER    VIRGINIA
BEACH    WASHINGTON, DC 

 

 
 PNC Bank, National Association, 
 as Administrative Agent, et al 
 August 22, 2012 

Page 2 
  

 
Opinion Letter). In all cases, reliance upon this Opinion Letter is conditioned upon acceptance of the assumptions, qualifications and other limitations that are set forth herein (the
“Qualifications”). 
 In connection with this Opinion Letter, we have examined originals or copies of the
Credit Agreement and related instruments and agreements identified as “Loan Documents” on Schedule C hereto, in each case as executed and delivered in connection with the closing of the Transactions on the date hereof (the
“Closing”). 
 We also have examined copies of: (a) the certificate of incorporation of the Loan Parties,
as certified in the certificates of the Secretaries of the respective Loan Parties delivered to the Agent in connection with the Closing (the “Secretary Certificates”) as being currently in effect; (b) the respective by-laws of
the Loan Parties, as certified in the Secretary Certificates as being currently in effect, (c) certificates respecting the good standing of the Loan Parties (the “Good Standing Certificate”), and (d) resolutions adopted by
the board of directors of the Borrower, and by the boards of directors and respective sole shareholder of each of the Guarantors, in each case relating to the Loan Documents and the Transactions, and, in each case, as certified in the Secretary
Certificates as having been duly adopted and being currently in effect (Items (a) through (d) above are referred to collectively as the “Organizational Documents”). We also have examined originals or copies of:
(x) each of the instruments and agreements identified as “Specified Other Agreements” on Schedule D hereto; (y) any Material Orders (as defined below); and (z) a certificate as to certain factual matters from
William Foley, Treasurer of the Borrower. 
 In addition, we have made such other investigations of applicable New York State
and United States statutes and regulations and the Delaware General Corporation Law (the “DGCL”) as we deemed necessary under customary practice to enable us to render this Opinion Letter. 

In conducting our examination, we have assumed the genuineness of all signatures, the legal capacity of all individual signatories, the
authenticity, completeness and accuracy of all documents submitted to us as originals, and the completeness, accuracy and conformity to authentic originals of all documents submitted to us as copies (whether or not certified). Each of the
governmental certificates, publicly filed or recorded items and searches of public record (if any) examined by us were obtained by an independent firm not under our control or supervision, and we have assumed that they are sufficient and would
disclose no additional relevant or conflicting facts if updated through the date of this Opinion Letter. In addition, we have assumed and without independent investigation have relied upon the factual accuracy of the representations, warranties,
certifications and other information contained in the items we examined and upon the assumptions we have made in this Opinion Letter. Except as expressly set forth in this Opinion Letter, we have not conducted or commissioned any search, review,
investigation, examination or inquiry of any books, records, files, financial statements or 

 

 
 PNC Bank, National Association, 
 as Administrative Agent, et al 
 August 22, 2012 

Page 3 
  

 
tax returns of any person, any internal file, court file, public record or any other information source, or undertaken any other independent search, review, investigation, examination or inquiry
to determine or confirm the existence or absence of any facts relevant to the opinions expressed herein. The Loan Documents, Organizational Documents, Specified Other Agreements and Material Orders are the only items of their respective types
reviewed by us in connection with or covered by us in this Opinion Letter. 
 Where reference is made in this Opinion Letter to
matters within our knowledge, or to facts and circumstances known to us or understood by us, such reference means the actual knowledge of those attorneys within our firm who have given substantive attention to the Loan Documents. By actual
knowledge, we mean the conscious awareness of information about fact of any such lawyer without undertaking any investigation to determine the existence or absence of any facts, either within our firm or otherwise. Please be advised that the Loan
Parties also may be represented by other attorneys, and that we have represented them only in connection with the Transactions and certain other specific matters. 
 For the purposes of this Opinion Letter: (a) “Material Adverse Change” means any “Material Adverse Change” (as defined in the Credit Agreement), taking into account our
understanding of the business, real and personal property, financial condition, results of operations and prospects of the Loan Parties taken as a whole; (b) “Material Order” means any written court or administrative order, writ,
judgment or decree known to us to name the any Loan Party and to be in effect on the date hereof, and the violation of which or noncompliance with which by the Borrower would, in our judgment, reasonably be expected to result in a Material Adverse
Change; and (c) “Transactions” means the establishment of the credit facility under the Credit Agreement in favor of the Borrower, as guaranteed by the Guarantors, in accordance with the Credit Agreement and other Loan Documents, the
advance of the loans contemplated thereunder, and the continuation of certain existing letters of credit as letters of credit under the Credit Agreement, all to be effected at the Closing. 

We express no opinion respecting the Credit Agreement or any other Loan Document, or any right, power, privilege, remedy or interest
intended or purported to be created thereunder, insofar as: (a) any of the rights, powers, privileges, remedies and interests of a person thereunder may be limited by: (i) applicable bankruptcy, insolvency, fraudulent conveyance or
transfer, reorganization or other laws affecting any rights, powers, privileges, remedies and interests of creditors generally (including, without limitation, post-petition interest), (ii) rules or principles (of equity, public policy or
otherwise) affecting the enforcement of obligations generally, whether considered at law, in equity or otherwise, including (without limitation) those pertaining to materiality, good faith, fair dealing, diligence, reasonableness, unconscionability,
impossibility of performance, suretyship rights or defenses (of a co-borrower, guarantor or otherwise), waiver, laches, estoppel or judicial deference, or (iii) the exercise of the discretionary powers of any court or other authority before
which may be brought any proceeding seeking equitable or other remedies, including (without limitation) specific performance, injunctive relief 

 

 
 PNC Bank, National Association, 
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 August 22, 2012 

Page 4 
  

 
and indemnification; (b) the rights, powers, privileges, remedies and interests of any person under any Loan Document or applicable law may be exercised or otherwise enforced in bad faith,
in a commercially unreasonable manner or for immaterial breaches; and (c) any term or provision of any Loan Document conflicts or is inconsistent with any other term or provision of that or any other Loan Document. 

We express no opinion whatsoever respecting any Loan Document, or any right, power, privilege, remedy or interest intended or purported
to be created thereunder, insofar as any term or provision of any Loan Document purportedly grants, or otherwise authorizes or permits, a person to exercise or otherwise enforce or pursue specific rights, powers, privileges and remedies in a manner
impermissible under or otherwise inconsistent with applicable law or public policy from time to time in effect; provided, however, that without the provisions referenced above in this paragraph (and assuming that a court would sever any such terms
and provisions from such respective Loan Documents) the Agent and the Lenders nevertheless have legally adequate rights and remedies under the Loan Documents and applicable law for pursuit of a claim for principal and interest owed by the Borrower,
and guaranteed by the Guarantors, under the Loan Documents, in each case subject to clauses (a), (b) and (c) in the preceding paragraph, above, and the other Qualifications of this Opinion Letter. 

We express no opinion whatsoever as to any of the following in any Loan Document: (i) any agreement to agree, any penalty, any power
of attorney, any severability or future reformation, or any “savings”, “time is of the essence” or similar provision; (ii) any exculpation or indemnification for bad faith, negligence, misconduct or breach of contract or
applicable law or for any matter to the extent impermissible under applicable law or public policy; (iii) any waivers or limits respecting jury trial, required notices, required procedures, legal rights and remedies, or service of process;
(iv) any table of contents or section or other headings where the substantive effect thereof has not been effectively waived in the applicable Loan Document; (v) matters of conspicuousness of any provision; or (vi) any provision of
any Loan Document purporting to deem any notice as effective after a period of time irrespective of its actual receipt or to include the period between the giving or deemed receipt of notice and the time of its actual receipt in any calculation
respecting any prior notice, cure or similar period required under any Loan Document. 
 We express no opinion with respect to:
title to or use of any property; the applicable laws of any county, town, municipality or other local or special political subdivision; or the creation, legality, validity, binding effect, enforceability, perfection or priority of any security
interest or other lien or encumbrance, or as to the absence of any security interests or other liens or encumbrances. We also express no opinion regarding any consent to jurisdiction or venue. Furthermore, we express no opinion as to matters
pertaining to any Anti-Terrorism Laws (as defined in the Credit Agreement), as to the Federal Power Act or any other federal or state statutory, regulatory or other legal requirement related to natural gas or other energy production, transport,
storage or commerce, or related to the ownership or operation of any 

 

 
 PNC Bank, National Association, 
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 August 22, 2012 

Page 5 
  

 
person directly or indirectly engaged in any of the foregoing; or as to any applicable law respecting: zoning, land use, wetlands or the like; hazardous substances or the environment; health or
safety; food, alcohol, drugs or other regulated items; criminal activities; criminal or civil forfeiture; national or state emergency; employment or labor; pension or benefit plans; antitrust or unfair competition; racketeering; fiduciary duties;
taxes or levies; or securities, futures, commodities and the like (including, without limitation, any blue sky or similar law), including as to margin stock. We express no opinion as to any filings or notices (whether as assumed by us or otherwise),
or as to the effect of textual bolding. We have also assumed that the Loans and Reimbursement Obligations, and related obligations, are principal obligations of the Borrower and secondary obligations of the Guarantors. In addition, we express no
opinion insofar as any Loan Document may purport to govern or otherwise apply to any affiliate of any of the Loan Parties, except where that affiliate itself is a Loan Party. We express no opinion on the Borrower’s ability under
Section 11.1 of the Credit Agreement unilaterally to bind any other Loan Party to any agreement, waiver or consent. In any event, we express no opinion as to any matter assumed by us, any factual information provided to us or any other matter,
in each case except as expressly set forth in this Opinion Letter. 
 Our express assumptions and qualifications are not in
limitation of others that customarily apply (expressly or impliedly) to legal opinion letters, including that: (a) each party to a Loan Document (other than the Loan Parties) or other document we examined: (i) is duly organized, validly
existing and in good standing in its jurisdiction of organization and is qualified to do business and licensed in each other jurisdiction necessary to its performance or enforcement thereunder, (ii) has full power, authority and capacity and
has been duly authorized and empowered to execute, deliver and perform its obligations under each such document, (iii) has satisfied all legal, governance and contractual requirements applicable to it to the extent necessary to make each such
document enforceable by or against it, and (iv) is properly identified with its true, complete and correct legal name and organizational jurisdiction therein; (b) each Loan Document has been duly executed and delivered by each party
thereto (other than the Loan Parties) and, other than as to the Loan Parties, is the legal, valid and binding obligation of each such party, enforceable as written against each such party in accordance with its terms and provisions; (c) each of
the Specified Other Agreements, Material Orders and other documents we examined would be enforced as written; (d) each certificate, report or other document issued by any governmental official, office or agency concerning any person, real or
personal property, or status is, and all public records (including their proper indexing and filing) are, accurate, complete, authentic and current; (e) there has not been any mutual mistake of fact, misunderstanding, duress, undue influence or
fraud or other criminal activity, and any requirement of good faith, fair dealing and conscionability has been met; (f) the Loan Documents contain all of the provisions intended by the parties and the entire agreement of the parties thereto
with respect to the subject matter thereof, and there are no written or oral agreements or understandings among the parties, and there is no usage of trade or course of dealing among the parties, that in any case could define, conflict with,
supplement or qualify any term or provision of any Loan Document; (g) no person will in the future take any action (including a decision not 

 

 
 PNC Bank, National Association, 
 as Administrative Agent, et al 
 August 22, 2012 

Page 6 
  

 
to act) that: (1) is prohibited under any Loan Document, Organizational Document, Specified Other Agreement, Material Order or applicable law, or (2) may be permitted, but not required,
under any Loan Document if such action would result in any violation of applicable law or constitute any violation or default under any other Loan Document, Organizational Document, Specified Other Agreement or Material Order; (h) the proceeds
of the Loans at the Closing have been disbursed in accordance with the Loan Documents; (i) all conditions precedent to the effectiveness of the Loan Documents have been duly satisfied or waived; and (j) any and all fees, taxes (including,
without limitation, documentary, intangible, stamp and recording taxes) and charges imposed in connection with the Loan Documents have been paid in full to the authorities or other parties entitled to payment thereof. 

Our opinions are limited to the date hereof. We do not undertake to advise you of any facts or circumstances occurring or coming to our
attention subsequent to the Closing. Whenever any opinion in this Opinion Letter refers to or includes the performance of any obligation or the issuance of any instrument or certificate after the Closing, it is based on our assumption that:
(i) all relevant facts and circumstances will be the same at such future time as we believe them to be at the Closing (except as noted in the next clause); (ii) each party will have taken all future or further actions necessary or
appropriate thereto; (iii) no relevant filings, approvals, permits or similar items will have expired or otherwise adversely changed; and (iv) no changes will have occurred in any of the Loan Documents, Organizational Documents, Specified
Other Agreements, Material Orders, other relevant documents, applicable law, trade usage or course of dealings. 
 Finally, for
purposes of this Opinion Letter we express no opinion as to the applicable laws of any jurisdiction other than the laws of the State of New York, the DGCL, and the federal laws of the United States (as limited above). Please note that we have based
our opinions in numbered paragraph 1 below solely on our review of the Good Standing Certificates. Also please be aware that, consistent with the opinion practices of the New York bar, our opinions contained in this Opinion Letter are expressions of
our professional judgment regarding the legal matters addressed and are not guarantees or warranties that a court or other authority will reach any particular result. 
 Based upon and subject to the foregoing, we are of the opinion that: 
 1. The
Borrower and the Guarantors (other than NJR Storage Holdings Company) are corporations incorporated, validly existing and in good standing under the laws of the State of New Jersey. NJR Storage Holdings Company is a corporation incorporated, validly
existing and in good standing under the laws of the State of Delaware. 
 2. Each of the Loan Parties (a) has the corporate
power and authority to execute and deliver the Loan Documents to which it is a party, and to consummate the Transactions contemplated thereby and (b) has taken all necessary corporate action to authorize the execution, delivery and performance
of the Loan Documents to which it is a party, and has duly executed and delivered each Loan Document to which it is a party. 

 

 
 PNC Bank, National Association, 
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 August 22, 2012 

Page 7 
  

 3. Each Loan Document to which the Borrower is a party constitutes the legal, valid and
binding obligation of the Borrower and is enforceable against the Borrower in accordance with its terms. 
 4. Each Loan
Document to which a Guarantor is a party constitutes the legal, valid and binding obligation of such Guarantor and is enforceable against such Guarantor in accordance with its terms. 

5. The execution and delivery by each Loan Party of the Loan Documents to which it is a party, the performance (in accordance with the
terms thereof) by such Loan Party of its respective obligations thereunder, and the consummation by such Loan Party of the Transactions contemplated thereby: (a) do not violate any provision of the Organizational Documents of such Loan Party;
(b) do not contravene any applicable provision of any New York State or United States statute, rule or regulation that we have, in the exercise of customary professional diligence, recognized as applicable to such Loan Party in connection with
the Transactions; (c) do not violate any Material Order; and (d) do not conflict with or result in any breach of or constitute a default under, or result in the creation of any security interest or other lien upon any of the real or
personal property of such Loan Party pursuant to the terms of, any Specified Other Agreement. 
 6. To our knowledge, except as
set forth in the SEC Filings (as defined in the Credit Agreement) or otherwise disclosed in the Loan Documents, there are no actions, suits or proceedings pending or threatened against the Borrower or any of its real or personal property that in our
judgment reasonably would be expected to result in a Material Adverse Change. 
 7. To our knowledge, except as set forth in the
SEC Filings (as defined in the Credit Agreement) or otherwise disclosed in the Loan Documents, there are no actions, suits or proceedings pending or threatened against any Guarantor or any of its real and personal property that in our judgment
reasonably would be expected to result in a Material Adverse Change. 
 8. No Loan Party is an “investment company” or
is a company “controlled” by an “investment company”, in each case within the meaning of the Investment Company Act of 1940, as amended. 
 Very truly yours, 
 /s/ Troutman Sanders LLP 

TROUTMAN SANDERS LLP 

 SCHEDULE A TO OPINION LETTER 

List of Lenders 
 The following financial institutions collectively constitute the “Lenders” for purposes of this Opinion Letter: 
  

	 	1.	PNC Bank, National Association; 

  

	 	2.	JPMorgan Chase Bank, N.A.; 

  

	 	3.	Wells Fargo Bank, National Association 

  

	 	4.	Bank of America, N.A. 

  

	 	5.	TD Bank, N.A. 

  

	 	6.	U.S. Bank National Association 

  

	 	7.	Sovereign Bank, N.A. 

  

	 	8.	Goldman Sachs Bank USA 

  

	 	9.	The Bank of Nova Scotia 

 SCHEDULE B TO OPINION LETTER 

List of Guarantors 
 The following corporations collectively constitute the “Guarantors” for purposes of this Opinion Letter: 
  

	 	1.	Commercial Realty and Resources Corp.; 

  

	 	2.	NJR Energy Corporation; 

  

	 	3.	NJR Energy Holdings Corporation; 

  

	 	4.	NJR Energy Investments Corporation; 

  

	 	5.	NJR Energy Services Company; 

  

	 	6.	NJR Home Services Company; 

  

	 	7.	NJR Investment Company; 

  

	 	8.	NJR Plumbing Services, Inc.; 

  

	 	9.	NJR Retail Holdings Corporation; 

  

	 	10.	NJR Storage Holdings Company; 

  

	 	11.	NJR Clean Energy Ventures Corporation; and 

  

	 	12.	NJR Service Corporation. 

 each of which is a
New Jersey corporation (except for NJR Storage Holdings Company, which is a Delaware corporation). 

 SCHEDULE C TO OPINION LETTER 

List of Loan Documents 
 The following instruments and agreements collectively constitute the “Loan Documents” for purposes of this Opinion Letter: 

1. Credit Agreement. 
 2. Swing Loan Note, dated as of the date hereof, issued by the Borrower to the order of PNC Bank, National Association in the principal amount of $50,000,000. 

3. Revolving Credit Notes, each dated as of the date hereof, issued by the Borrower to the order of each of the following Lenders in the
respective principal amounts set forth opposite each such Lender’s name: 
  

					
	 PNC Bank, National Association
	  	$	65,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	50,000,000	  
	 Wells Fargo Bank, National Association
	  	$	50,000,000	  
	 Bank of America, N.A.
	  	$	35,000,000	  
	 TD Bank, N.A.
	  	$	35,000,000	  
	 U.S. Bank National Association
	  	$	35,000,000	  
	 Sovereign Bank, N.A.
	  	$	27,500,000	  
	 Goldman Sachs Bank USA
	  	$	20,000,000	  
	 The Bank of Nova Scotia
	  	$	7,500,000	  

 4. Guaranty and Suretyship Agreement, dated as of the date hereof, among each of the Guarantors and in
favor of the Agent for the benefit of the Lenders. 
 5. Letter Agreement, dated as of the date hereof, among PNC Bank, National
Association, PNC Capital Markets LLC and the Borrower. 

 SCHEDULE D TO OPINION LETTER 

List of Specified Other Agreements 
 The following instruments and agreements collectively constitute the “Specified Other Agreements” for purposes of this Opinion Letter: 

1. Note Purchase Agreement, dated as of September 24, 2007, among the Borrower and the purchasers party thereto, relating to the
Borrower’s issuance and sale of an aggregate principal amount of $50,000,000 of its 6.05% senior notes due September 24, 2017. 
 2. Shelf Note Purchase Agreement, dated as of May 12, 2011, between the Borrower and Metropolitan Life Insurance Company. 
 3. Shelf Note Purchase Agreement, dated as of June 30, 2011, between the Borrower and Prudential Investment Management, Inc. 

 Exhibit 7.1.3(B) 

[NJR Service Corp. Letterhead] 
 August     , 2012 
 PNC Bank, National Association, as Administrative Agent

 One PNC Plaza 
 500 First Avenue

 P7 PFSC 04 1 
 Pittsburgh, PA 15222

 and each of the financial institutions listed 
 on Schedule A hereto (the “Lenders”) 

Re:     New Jersey Resources Corporation  
 Ladies and Gentlemen: 
 I am counsel to New Jersey Resources Corporation, a New
Jersey corporation (the “Borrower”) and each of the corporations listed as “Guarantors” on Schedule B hereto (the “Guarantors” and, collectively with the Borrower, the “Loan
Parties”). I have represented the Loan Parties in connection with its negotiation, execution and delivery of that certain Amended and Restated Credit Agreement, dated as of the date hereof (the “Credit Agreement”), among
the Loan Parties, the Lenders party thereto, the syndication agents and the documentation agents named therein and party thereto, and PNC Bank, National Association, in its capacity as administrative agent under the Credit Agreement (in such
capacity, the “Agent”), and in connection with the transactions contemplated thereby. 
 This opinion letter is
provided to the Agent and the Lenders at the request of the Loan Parties in satisfaction of the closing condition set forth in Section 7.1.3(b) of the Credit Agreement. It is intended solely for the information of the Agent and the Lenders in
connection with the Credit Agreement and transactions contemplated thereby, and may not be relied upon by any other person (except as provided in the next sentence) or for any other purpose. No part of this opinion letter may be incorporated, quoted
or otherwise referred to in any other document or communication or filed with or otherwise furnished to any governmental authority or other person without my prior written consent, except that my prior written consent is not needed to furnish a copy
of this opinion letter: (a) in connection with any proceedings relating to the Loan Documents (as defined below) or the enforcement thereof; (b) to accountants and counsel for the Agent or any Lender; (c) to governmental regulatory
examiners; (d) pursuant to judicial process or government order or requirement; and (e) to permitted prospective and actual assignees of, and participants in the interests of, the Agent or such Lender under the Loan Documents (who may rely
upon this opinion letter as though it had been addressed and delivered to them as of the date of this opinion letter). In all cases, reliance upon this opinion letter is conditioned upon acceptance of the assumptions, qualifications and other
limitations that are set forth herein. 

 PNC Bank, National Association, 
 as Administrative Agent, et al 
 August     , 2012 

Page 2 
  

 For purposes of the opinions expressed herein, I have examined originals or copies of
the Credit Agreement and related instruments and agreements identified as “Loan Documents” on Schedule C hereto, in each case as executed and delivered at the closing of the transactions contemplated by the Credit Agreement
on the date hereof (the “Closing”). 
 I also have examined copies of: (a) the certificate of
incorporation of the Loan Parties, in each case as certified in the certificates of the Secretaries of the respective Loan Parties delivered to the Agent in connection with the Closing (the, “Secretary Certificates”) as being
currently in effect; (b) the respective by-laws of the Loan Parties, in each case as certified in the Secretary Certificates as being currently in effect; and (c) resolutions adopted by the board of directors of the Borrower, and by the
respective boards of directors and respective sole shareholder of each of the Guarantors, in each case relating to the Loan Documents and the transactions contemplated thereby, and in each case, as certified in the Secretary Certificates as having
been duly adopted and being currently in effect. (Items (a) through (c) above are referred to collectively as the “Organizational Documents”). In addition, I have made such other investigations of applicable New York State
and United States statutes and regulations as I deemed necessary under customary practice to enable me to render this opinion letter. As noted below, I also have reviewed the New Jersey Business Corporation Act (“NJBCA”), as posted
on a website maintained by that jurisdiction at http://lis.njleg.state.nj.us. I am not licensed to practice law in the State of New Jersey. I am, however, licensed to practice law as an in-house counsel in the State of New Jersey and as such,
am familiar with those laws, rules and regulations of the State of New Jersey as I deemed relevant to enable me to render this opinion letter. 
 I express no opinion with respect to: title to or use of any property; the applicable laws of any county, town, municipality or other local or special political subdivision; or the creation, legality,
validity, binding effect, enforceability, perfection or priority of any security interest or other lien or encumbrance, or as to the absence of any security interests or other liens or encumbrances. Furthermore, I express no opinion as to matters
pertaining to any Anti-Terrorism Laws (as defined in the Credit Agreement), as to the Federal Power Act or any other federal or state statutory, regulatory or other legal requirement related to natural gas or other energy production, transport,
storage or commerce, or related to the ownership or operation of any person directly or indirectly engaged in any of the foregoing; or as to any applicable law respecting: zoning, land use, wetlands or the like; hazardous substances or the
environment; health or safety; food, alcohol, drugs or other regulated items; criminal activities; criminal or civil forfeiture; national or state emergency; employment or labor; pension or benefit plans; antitrust or unfair competition;
racketeering; fiduciary duties; taxes or levies; or securities, futures, commodities and the like (including, without limitation, any blue sky or similar law), including as to margin stock (except as noted in paragraph no. 5 below). In any event, I
express no opinion as to any matter assumed by me, any factual information provided to me or any other matter, in each case except as expressly set forth in this opinion letter. 

My express assumptions and qualifications are not in limitation of others that customarily apply (expressly or impliedly) to legal
opinion letters, including that each of the Loan Documents and other items I examined would be enforced as written. 

 PNC Bank, National Association, 
 as Administrative Agent, et al 
 August     , 2012 

Page 3 
  

 In conducting my examinations, I have assumed the genuineness of all signatures (other
than that of the Loan Parties at the Closing), the legal capacity of all individual signatories, the accuracy of all documents submitted to me as originals and the conformity to originals of all documents submitted to me as copies (whether or not
certified). In addition, I have assumed and without independent investigation have relied upon the factual accuracy of the representations, warranties and other information contained in the items I examined (except where, based upon facts and
circumstances actually known to me, such reliance would be unwarranted) and upon the assumptions I have made in this opinion letter. Except as expressly set forth in this opinion letter, I have not conducted or commissioned any search of the books,
records, files, financial statements or tax returns of any person, searched any internal file, court file, public record or other information source, reviewed any agreement or other instrument or undertaken any other independent investigation,
examination or inquiry to determine or confirm the existence or absence of any facts relevant to the opinions expressed herein. 

Where reference is made in this opinion letter to matters within my knowledge, or to facts and circumstances known to me or understood by
me, such reference means my actual knowledge. By actual knowledge, I mean my conscious awareness of information about either fact or law (depending upon usage) without undertaking any investigation to determine the existence or absence of any facts.

 For the purposes of this opinion letter, “Material Adverse Change” means any “Material Adverse Change”
(as defined in the Credit Agreement), taking into account my understanding of the business, real and personal property, financial condition, results of operations and prospects of the Loan Parties. 

My opinions are limited to the date hereof. I do not undertake to advise you of any facts or circumstances occurring or coming to my
attention subsequent to the date hereof. 
 Finally, for purposes of this opinion letter I express no opinion as to the
applicable laws of any jurisdiction other than the laws of the State of New York, the federal laws of the United States, and, as described in the next sentence, the laws of the State of New Jersey. I am not admitted to practice in the State of New
Jersey and do not hold myself out as expert in New Jersey law; and, accordingly, I base my opinion in paragraph 1 below on my review of the NJBCA, and I base my opinions in paragraphs 3 and 4 below solely on my actual knowledge of applicable New
Jersey law. 
 Based on the foregoing, and subject to the qualifications stated herein, I am of the opinion that: 

1. Each of the Loan Parties has taken all necessary corporate action to authorize the execution, delivery and performance of the Loan
Documents, and has duly executed and delivered each Loan Document to which it is a party. 
 2. The execution and delivery by
each Loan Party of the Loan Documents to which it is a party, the performance (in accordance with the terms thereof) by such Loan Party of its obligations thereunder, and the consummation of the transactions contemplated thereby:
(a)

 PNC Bank, National Association, 
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 August     , 2012 

Page 4 
  

 
do not conflict with or result in any breach of or constitute a default under any agreement, judgment, injunction, order, decree or other instrument binding upon or affecting such Loan Party,
except insofar as any such conflict, breach or default would not reasonably be expected to result in a Material Adverse Change; and (b) do not result in the creation of any security interest or other lien upon any of the real or personal
property of such Loan Party pursuant to the terms of any agreement or other instrument known to me to be binding upon such Loan Party. For purposes of the preceding sentence, however, I exclude any Organizational Document, as well as any instrument
or agreement that is one of the “Specified Other Agreements” referred to in the legal opinion of Troutman Sanders LLP of even date herewith addressed to you. 
 3. No material registration with, material consent of, material approval of, or other material action by, any federal or New Jersey state governmental authority or regulatory body is required by law to be
obtained by the Loan Parties in connection with the execution and delivery of the Loan Documents, or in connection with the extension of credit by the Lenders to the Borrower under the Loan Documents. 

4. To my knowledge, each Loan Party: (a) is not in default with respect to any order, writ, injunction or decree of any court or any
federal, state, municipal or other governmental authority; and (b) is in compliance with all federal and New Jersey state laws, rules and regulations applicable to them, in each case except where such default or noncompliance would not
reasonably be expected to result in a Material Adverse Change. 
 5. To my knowledge, no Loan Party is engaged in the business
of purchasing or selling margin stock (within the meaning of Regulation U promulgated by the Board of Governors of the Federal Reserve System) or extending credit to others for the purposes of purchasing or carrying any such margin stock. To my
knowledge, no part of the proceeds of the Loans (as defined in the Credit Agreement) will be used by the Loan Parties to purchase or carry any such margin stock or for any other purpose which would violate or be inconsistent with said Regulation U.

 6. In as much as the Securities and Exchange Commission has not declared any Loan Party to be a “holding company”
or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as amended, I am of the opinion that no such Loan
Party is a “holding company” or an “affiliate” of a “holding company” or a “subsidiary company” of a “holding company” within the meaning of the Public Utility Holding Company Act of 1935, as
amended. 
 Very truly yours, 

/s/ Richard Reich 
 Richard Reich, Assistant General Counsel 
 of NJR Service
Corporation 

 SCHEDULE A TO OPINION LETTER 

List of Lenders 
 The following financial institutions collectively constitute the “Lenders” for purposes of this Opinion Letter: 
  

	 	1.	PNC Bank, National Association; 

  

	 	2.	JPMorgan Chase Bank, N.A.; 

  

	 	3.	Wells Fargo Bank, National Association 

  

	 	4.	Bank of America, N.A. 

  

	 	5.	TD Bank, N.A. 

  

	 	6.	U.S. Bank National Association 

  

	 	7.	Sovereign Bank, N.A. 

  

	 	8.	Goldman Sachs Bank USA 

  

	 	9.	The Bank of Nova Scotia 

 SCHEDULE B TO OPINION LETTER 

List of Guarantors 
 The following corporations collectively constitute the “Guarantors” for purposes of this Opinion Letter: 
  

	 	1.	Commercial Realty and Resources Corp.; 

  

	 	2.	NJR Energy Corporation; 

  

	 	3.	NJR Energy Holdings Corporation; 

  

	 	4.	NJR Energy Investments Corporation; 

  

	 	5.	NJR Energy Services Company; 

  

	 	6.	NJR Home Services Company; 

  

	 	7.	NJR Investment Company; 

  

	 	8.	NJR Plumbing Services, Inc.; 

  

	 	9.	NJR Retail Holdings Corporation; 

  

	 	10.	NJR Storage Holdings Company; 

  

	 	11.	NJR Clean Energy Ventures Corporation; and 

  

	 	12.	NJR Service Corporation. 

 each of which is a
New Jersey corporation (except for NJR Storage Holdings Company, which is a Delaware corporation). 

 SCHEDULE C TO OPINION LETTER 

List of Loan Documents 
 The following instruments and agreements collectively constitute the “Loan Documents” for purposes of this Opinion Letter: 

1. Credit Agreement. 
 2. Swing Loan Note, dated as of the date hereof, issued by the Borrower to the order of PNC Bank, National Association in the principal amount of $50,000,000. 

3. Revolving Credit Notes, each dated as of the date hereof, issued by the Borrower to the order of each of the following Lenders in the
respective principal amounts set forth opposite each such Lender’s name: 
  

					
	 PNC Bank, National Association
	  	$	65,000,000	  
	 JPMorgan Chase Bank, N.A.
	  	$	50,000,000	  
	 Wells Fargo Bank, National Association
	  	$	50,000,000	  
	 Bank of America, N.A.
	  	$	35,000,000	  
	 TD Bank, N.A.
	  	$	35,000,000	  
	 U.S. Bank National Association
	  	$	35,000,000	  
	 Sovereign Bank, N.A.
	  	$	27,500,000	  
	 Goldman Sachs Bank USA
	  	$	20,000,000	  
	 The Bank of Nova Scotia
	  	$	7,500,000	  

 4. Guaranty and Suretyship Agreement, dated as of the date hereof, among each of the Guarantors and in
favor of the Agent for the benefit of the Lenders. 
 5. Letter Agreement, dated as of the date hereof, among PNC Bank, National
Association, PNC Capital Markets LLC and the Borrower. 

 EXHIBIT 8.2.5 
 FORM OF 
 ACQUISITION COMPLIANCE CERTIFICATE 

            , 20     

PNC Bank, National Association, as Agent 
 PNC
Firstside Center - 4th Floor 500 First Avenue 
 Pittsburgh, Pennsylvania 15219 
 and each Lender party to the Credit Agreement (defined below) 
 Ladies and Gentlemen: 

I refer to the Amended and Restated Credit Agreement dated as of August
            , 2012 (as amended, supplemented, restated or modified from time to time, the “Credit Agreement”) among New Jersey Resources Corporation (the “Borrower”),
the Lenders party thereto, the Guarantors party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as
documentation agents, and PNC Bank, National Association in its capacity as administrative agent for the Lenders (the “Agent”). Unless otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings.
References herein to Sections of the Credit Agreement are qualified, in their entirety, by the applicable provision of the Section of the Credit Agreement so referred to and together with all related provisions and definitions referred to in such
Section or incorporated therein. 
 I,
                    , [Chief Executive Officer/President/Chief Financial Officer] of the Borrower, do hereby certify on behalf of the
Loan Parties as of the [fiscal quarter/fiscal year ended             , 20    ] as follows: 

In connection with Section 8.2.5 of the Credit Agreement and with respect to a proposed Permitted Acquisition by
            [name of Loan Party that will be making the Permitted Acquisition] (the “Acquiring Company”) of
            [assets/stock] [by purchase/by merger and insert description of the transaction] (the “Acquisition”) of
            [insert name of entity whose assets are/stock is being acquired] (the “Target”). 
 The proposed date of the Acquisition is             (the “Acquisition Date”) [at least 5 Business Days after the date of this
certificate]. 
 The “Report Date” herein shall be the date of the most recent fiscal quarter ended prior to the
proposed Acquisition of the Target. 

 PNC Bank, National Association, as Agent 
 and each Lender party to the Credit Agreement 

                    ,
20         
 Page 2 

 

 The total Consideration to be paid including (i) cash paid by any of the Loan
Parties, directly or indirectly, to the Target, (ii) the Indebtedness, fixed or contingent, incurred or assumed any of the Loan Parties, whether in favor of Target or otherwise, (iii) any Guaranty given or incurred by any Loan Party in
connection with the Acquisition and (iv) any other consideration given or obligation incurred by any of the Loan Parties in connection with the Acquisition is $            .

 The Target is engaged in             [describe business being
acquired]. 
 The Loan Parties are, and after giving effect to the proposed Permitted Acquisition shall be, in compliance with
Section 8.2.12 of the Credit Agreement, as more fully set forth on Appendix A attached hereto. 
 Immediately prior
to and after giving effect to the proposed Acquisition: (i) the representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement (other than the representations and warranties of the Loan Parties contained
in the first sentence of Section 6.1.6 [Litigation], Section 6.1.8 [Historical Statements; No Material Adverse Change] and Section 6.1.21 [Environmental Matters]) and in the other Loan Documents are true on and as of the Report Date
with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which expressly related solely to an earlier date or time), (ii) the Loan Parties have performed and
complied with all covenants and conditions of the Credit Agreement and the other Loan Documents, and (iii) no event has occurred and is continuing which constitutes an Event of Default or Potential Default. 

IN WITNESS WHEREOF, the undersigned has executed this Certificate this
            day of             , 20            . 

 

			
	 By:
	 	  

	Name:	 	  

	 Title:
	 	[Chief Executive Officer/President/Chief Financial Officer]

 APPENDIX A 

 

													
	 Credit Agreement
	  	Consolidated for
Borrower and
its
Subsidiaries	 	  	Target	 	  	Consolidated
Pro Forma1	 
	 1.      Maximum Leverage Ratio (Section 8.2.12). The ratio of (A) Consolidated Total
Indebtedness to (B) Consolidated Total Capitalization as of the Report Date is:
	  	 	to 1.00	  	  	 	to 1.00	  	  	 	to 1.00	  
	 which is not more than the maximum permitted ratio of 0.65 to 1.0
	  				  				  			

  

	1 	 All calculations are on a pro-forma basis, based upon the financial statements of the Loan Parties as of the Report Date, after giving effect to the
proposed Permitted Acquisition (i.e., if a financial covenant is measured for the immediately preceding four fiscal quarters as of the Report Date, the financial results of the Target as well as the Borrower and its Subsidiaries will be included in
that four fiscal quarter period calculation; provided, however, that income earned or expenses incurred by the Target prior to the date of the proposed Permitted Acquisition shall be excluded) and include in such calculations Indebtedness or other
liabilities assumed or incurred in connection with such Permitted Acquisition. 

																	
	  	 	  	 	 Credit Agreement
	  	Consolidated for
Borrower and
its
Subsidiaries	 	  	Target	 	  	Consolidated
Pro Forma1	 
	 (A)
	 	 ConsolidatedTotal Indebtedness, as of the Report Date, is computed as follows:
	  				  				  			
		 	(i)	 	borrowed moneys	  	$	            	  	  	$	            	  	  	$	            	  
		 	 (ii)
	 	other transactions similar to borrowed money transactions	  	$	            	  	  	$	            	  	  	$	            	  
		 	 (iii)
	 	note purchase or acceptance credit facilities	  	$	 	  	  	$	 	  	  	$	 	  
		 	 (iv)
	 	reimbursement obligations (contingent or otherwise)	  	$	            	  	  	$	            	  	  	$	            	  
		 	 (v)
	 	Hedging Transactions	  	$	            	  	  	$	            	  	  	$	            	  
		 	(vi)	 	Guarantees of Hedging Transactions and of borrowed money transactions	  	$	            	  	  	$	            	  	  	$	            	  
		 	(vii)	 	Hybrid Securities described in clause (i) of the definition of “Hybrid Security” in the Credit Agreement	  	$	 	  	  	$	 	  	  	$	 	  
		 	 (viii)
	 	mandatory repayment obligations with respect to Hybrid Securities described in clause (ii) of the definition of “Hybrid Security” in the Credit Agreement	  	$	            	  	  	$	            	  	  	$	            	  
		 	(ix)	 	sum of items (i) through (viii) equals Consolidated Total Indebtedness	  	$	            	  	  	$	            	  	  	$	            	  
	 (B)
	 	 ConsolidatedTotal Capitalization, as of the Report Date, is computed as follows:
	  				  				  			
		 	(i)	 	Consolidated Total Indebtedness (see item (1)(A)(ix) above)	  	$	            	  	  	$	            	  	  	$	            	  
		 	(ii)	 	Common Shareholders’ Equity	  	$	            	  	  	$	            	  	  	$	            	  
		 	(iii)	 	Preferred Shareholders’ Equity	  	$	            	  	  	$	            	  	  	$	            	  
		 	(iv)	 	sum of items (i) through (iii) equals Consolidated Total Capitalization	  	$	            	  	  	$	            	  	  	$	            	  

  
 2 

 EXHIBIT 8.3.3 
 FORM OF 
 COMPLIANCE CERTIFICATE 

            , 20     

PNC Bank, National Association, as Agent 
 PNC
Firstside Center - 4th Floor 
 500 First Avenue 
 Pittsburgh, Pennsylvania 15219 
 and each Lender party to the Credit Agreement (defined below)

 Ladies and Gentlemen: 
 I refer to the Amended and Restated Credit Agreement dated as of             , 2012 (as amended, supplemented, restated or modified from time to
time, the “Credit Agreement”) among New Jersey Resources Corporation (the “Borrower”), the Lenders party thereto, the Guarantors party thereto, each of JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association, as
syndication agents, each of Bank of America, N.A., TD Bank, N.A. and U.S. Bank National Association, as documentation agents, and PNC Bank, National Association in its capacity as administrative agent for the Lenders (the “Agent”). Unless
otherwise defined herein, terms defined in the Credit Agreement are used herein with the same meanings. References herein to Sections of the Credit Agreement are qualified, in their entirety, by the applicable provision of the Section of the Credit
Agreement so referred to and together with all related provisions and definitions referred to in such Section or incorporated therein. 
 I,             , [Chief Executive Officer/ Chief Financial Officer/Treasurer] of the Borrower, do hereby certify on behalf of the
Loan Parties as of the [fiscal quarter/fiscal year ended             , 20            ] (the “Report
Date”), as follows: 
 (i) Maximum Leverage Ratio (Section 8.2.12). The ratio of (A) Consolidated Total
Indebtedness of the Borrower and its Subsidiaries to (B) Consolidated Total Capitalization is             to 1.00 as of the Report Date, which is not more than the maximum permitted
ratio of 0.65 to 1.00. 
 (a) Consolidated Total Indebtedness, as of the Report Date, is computed as follows: 

 

							
	 (i)       borrowed moneys
	  	$	            	  
		
	 (ii)      other transactions similar to borrowed money transactions
	  	$	            	  
		
	 (iii)     note purchase or acceptance credit facilities
	  	$	            	  

 PNC Bank, National Association, as Agent 
 and each Lender party to the Credit Agreement 

                    ,
20         
 Page 2 

 
  

							
	 (iv)   reimbursement obligations (contingent or otherwise)
	  	$	            	  
		
	 (v)    Hedging Transactions
	  	$	            	  
		
	 (vi)   Guarantees of Hedging Transactions and of borrowed money transactions
	  	$	            	  
		
	 (vii) Hybrid Securities described in clause (i) of the definition of “Hybrid Security” in the Credit
Agreement
	  	$	            	  
		
	 (viii)mandatory repayment obligations with respect to Hybrid Securities described in clause (ii) of the definition of
“Hybrid Security” in the Credit Agreement
	  	$	            	  
		
	 (ix)   sum of items (i) through (viii) equals Consolidated Total Indebtedness
	  	$	            	  
		
	 (b) Consolidated Total Capitalization, as of the Report Date, is computed as follows:
	  			
		
	 (i)     Consolidated Total Indebtedness (see item (1)(a)(ix) above)
	  	$	            	  
		
	 (ii)    Common Shareholders’ Equity
	  	$	            	  
		
	 (iii)  Preferred Shareholders’ Equity
	  	$	            	  
	 (iv)   sum of items (i) through (iii) equals Consolidated Total Capitalization
	  	$	            	  

 (ii) Indebtedness in respect of capitalized leases permitted by Section 8.2.1(iv) of the Credit
Agreement as of the Report Date is $            and together with such amounts incurred to date is $            , which does not
exceed the permitted amount of $60,000,000. 
 (iii) Indebtedness, as of the Report Date, permitted by Section 8.2.1(v) of
the Credit Agreement under Hedging Transactions is $            . 

(iv) Indebtedness, as of the Report Date, permitted by Section 8.2.1(vi) of the Credit Agreement secured by Liens permitted by
Section 8.2.2(i) of the Credit Agreement is $            , which does not exceed the permitted amount of $10,000,000. 

  
 2 

 PNC Bank, National Association, as Agent 
 and each Lender party to the Credit Agreement 

                    ,
20         
 Page 3 

 
 (v) Indebtedness, as of the Report Date, permitted by
Section 8.2.1(vii) of the Credit Agreement secured by Purchase Money Security Interests is $            , which does not exceed the permitted amount of $20,000,000. 

(vi) Acquired Indebtedness, as of the Report Date, permitted by Section 8.2.1(viii) of the Credit Agreement is
$            , which does not exceed the permitted amount of $75,000,000. 
 (vii) As of the Report Date, the Loan Parties and their Subsidiaries have $            in the aggregate of Investments in Permitted Related
Business Opportunities, and set forth on Attachment             hereto is a detailed description of each Permitted Related Business Opportunity, including on such Attachment, a detailed
description of (i) the nature and amount of such Investment, (ii) the activities engaged in by the Person in which such Investment was made, and (iii) the activities engaged in by each of the Loan Parties and their Subsidiaries in
connection with such Investment. 
 (viii) The Loan Parties and their Unregulated Subsidiaries have disposed of
$            of assets permitted by Section 8.2.6(viii), which amount does not exceed, in the twelve (12) consecutive month-period ending on the Report Date, the permitted amount
of $            (such permitted amount equal to 10% of consolidated tangible assets of the Borrower and its Subsidiaries as determined on a consolidated basis in accordance with GAAP).

 (ix) During the fiscal [quarter/year] ended on the Report Date, the Borrower has declared or made dividend
payments or other distribution or purchased or redeemed or otherwise acquired shares of stock, warrants, rights or options permitted by Section 8.2.13 as follows: [Insert description of each action undertaken]. 

(x) The Loan Parties and their Unregulated Subsidiaries have engaged in off-balance sheet transactions that are functionally equivalent
to borrowed money with aggregate liabilities of $            as permitted by Section 8.2.14, which amount does not exceed the permitted amount of
$            (such permitted amount equal to 10% of consolidated total assets of the Borrower and its Subsidiaries as of the Report Date). 

(xi) The representations and warranties of the Loan Parties contained in Section 6 of the Credit Agreement (other than the
representations and warranties of the Loan Parties contained in the first sentence of Section 6.1.6 [Litigation], Section 6.1.8 [Historical Statements; No Material Adverse Change] and Section 6.1.21 [Environmental Matters]) and in the
other Loan Documents are true on and as of the Report Date with the same effect as though such representations and warranties had been made on and as of such date (except representations and warranties which expressly related solely to an earlier
date or time) and the Loan Parties have performed and complied with all covenants and conditions of the Credit Agreement and the other Loan Documents. No event has occurred and is continuing which constitutes an Event of Default or Potential
Default. 

  
 3 

 PNC Bank, National Association, as Agent 
 and each Lender party to the Credit Agreement 

                    ,
20         
 Page 4 

 
 IN WITNESS WHEREOF, the undersigned has executed this
Certificate this             day of             , 20    . 

 

			
	 By:
	 	  

	Name:	 	  

	 Title:
	 	[Chief Executive Officer/ Chief Financial Officer/Treasurer]

  
 4

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