Document:

EX-10.1

 Exhibit 10.1 

EXECUTION VERSION 

$4,000,000,000 
 THIRD AMENDED AND
RESTATED CREDIT AGREEMENT 
 dated as of 

July 28, 2021 
 among 

Prudential Financial, Inc. 
 and

 Prudential Funding, LLC, 
 as
Borrowers 
 The Prudential Insurance Company of America, 

The Banks Listed Herein 
 and 

JPMorgan Chase Bank, N.A., 
 as
Administrative Agent 
 and Several L/C Agent 

and 
 BofA Securities, Inc. and
BNP Paribas, 
 as Co-Sustainability Structuring Agents 

 
  

JPMorgan Chase Bank, N.A., Citibank, N.A. and 

HSBC Securities (USA) Inc., 
 as
Joint Lead Arrangers and Joint Bookrunners 
 Citibank, N.A. and 

HSBC Securities (USA) Inc., 
 as Co-Syndication Agents 
  

 
 Bank of America,
N.A., The Bank of New York Mellon, Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Wells Fargo Bank, National Association, as Co-Documentation Agents 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE 1 DEFINITIONS
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Accounting Terms and Determinations
	  	 	29	 
	 Section 1.03
	 	 Classification of Loans and Borrowings
	  	 	30	 
	 Section 1.04
	 	 Terms Generally
	  	 	30	 
	 Section 1.05
	 	 Interest Rates; LIBOR Notification
	  	 	30	 
	 Section 1.06
	 	 Letter of Credit Amounts
	  	 	31	 
	 Section 1.07
	 	 Divisions
	  	 	31	 
		
	 ARTICLE 2 THE CREDITS
	  	 	32	 
			
	 Section 2.01
	 	 Revolving Credit Loans
	  	 	32	 
	 Section 2.02
	 	 Notice of Borrowing
	  	 	32	 
	 Section 2.03
	 	 [Reserved]
	  	 	32	 
	 Section 2.04
	 	 Notice to Banks; Funding of Loans
	  	 	32	 
	 Section 2.05
	 	 Evidence of Debt
	  	 	33	 
	 Section 2.06
	 	 Maturity of Loans
	  	 	34	 
	 Section 2.07
	 	 Interest
	  	 	34	 
	 Section 2.08
	 	 Fees
	  	 	34	 
	 Section 2.09
	 	 Termination, Reduction or Increase of Commitments
	  	 	36	 
	 Section 2.10
	 	 Method of Electing Interest Rates
	  	 	38	 
	 Section 2.11
	 	 Optional Prepayments
	  	 	39	 
	 Section 2.12
	 	 General Provisions as to Payments
	  	 	40	 
	 Section 2.13
	 	 Funding Losses
	  	 	41	 
	 Section 2.14
	 	 Computation of Interest and Fees
	  	 	41	 
	 Section 2.15
	 	 Taxes
	  	 	41	 
	 Section 2.16
	 	 Cash Collateral
	  	 	45	 
	 Section 2.17
	 	 Defaulting Banks
	  	 	47	 
	 Section 2.18
	 	 Letters of Credit
	  	 	51	 
	 Section 2.19
	 	 Non-NAIC Approved Banks
	  	 	65	 
		
	 ARTICLE 3 CONDITIONS
	  	 	66	 
			
	 Section 3.01
	 	 Effectiveness
	  	 	66	 
	 Section 3.02
	 	 Borrowings
	  	 	67	 
		
	 ARTICLE 4 REPRESENTATIONS AND WARRANTIES
	  	 	68	 
			
	 Section 4.01
	 	 Existence and Power
	  	 	68	 
	 Section 4.02
	 	 Authorization; No Contravention
	  	 	68	 
	 Section 4.03
	 	 Binding Effect
	  	 	68	 
	 Section 4.04
	 	 Financial Information
	  	 	68	 
	 Section 4.05
	 	 Litigation
	  	 	69	 

  
 i 

							
	 Section 4.06
	 	 Compliance with ERISA
	  	 	69	 
	 Section 4.07
	 	 Compliance with Laws
	  	 	70	 
	 Section 4.08
	 	 Taxes
	  	 	70	 
	 Section 4.09
	 	 Not an Investment Company
	  	 	70	 
	 Section 4.10
	 	 Full Disclosure
	  	 	70	 
	 Section 4.11
	 	 Use of Credit
	  	 	70	 
	 Section 4.12
	 	 Anti-Corruption Laws and Sanctions
	  	 	70	 
	 Section 4.13
	 	 Support Agreement
	  	 	71	 
	 Section 4.14
	 	 Affected Financial Institutions
	  	 	71	 
		
	 ARTICLE 5 COVENANTS
	  	 	71	 
			
	 Section 5.01
	 	 Information
	  	 	71	 
	 Section 5.02
	 	 Maintenance of Property; Insurance; Books and Records; Inspection Rights
	  	 	74	 
	 Section 5.03
	 	 Conduct of Business and Maintenance of Existence
	  	 	75	 
	 Section 5.04
	 	 Compliance with Laws
	  	 	75	 
	 Section 5.05
	 	 Compliance with ERISA
	  	 	75	 
	 Section 5.06
	 	 Negative Pledge
	  	 	75	 
	 Section 5.07
	 	 Consolidations, Mergers and Sales of Assets
	  	 	77	 
	 Section 5.08
	 	 Use of Proceeds
	  	 	78	 
	 Section 5.09
	 	 Financial Covenant
	  	 	79	 
	 Section 5.10
	 	 PICA Support Agreement; PICA Assumption Agreement; Guarantee Agreement
	  	 	79	 
		
	 ARTICLE 6 DEFAULTS
	  	 	80	 
			
	 Section 6.01
	 	 Events of Default
	  	 	80	 
	 Section 6.02
	 	 Notice of Default
	  	 	83	 
		
	 ARTICLE 7 AGENTS
	  	 	83	 
			
	 Section 7.01
	 	 Appointment and Authorization
	  	 	83	 
	 Section 7.02
	 	 Agents and Affiliates
	  	 	84	 
	 Section 7.03
	 	 Action by Agents
	  	 	84	 
	 Section 7.04
	 	 Consultation with Experts
	  	 	84	 
	 Section 7.05
	 	 Liability of Agents
	  	 	84	 
	 Section 7.06
	 	 Reliance by Agents
	  	 	85	 
	 Section 7.07
	 	 Delegation of Duties
	  	 	85	 
	 Section 7.08
	 	 Indemnification
	  	 	85	 
	 Section 7.09
	 	 Credit Decision
	  	 	85	 
	 Section 7.10
	 	 Successor Agents
	  	 	88	 
	 Section 7.11
	 	 Other Agents
	  	 	88	 
	 Section 7.12
	 	 Withholding Tax
	  	 	88	 
	 Section 7.13
	 	 Certain ERISA Matters
	  	 	89	 

  
 ii 

							
	 ARTICLE 8 CHANGE IN CIRCUMSTANCES
	  	 	90	 
			
	 Section 8.01
	 	 Alternate Rate of Interest
	  	 	90	 
	 Section 8.02
	 	 Illegality
	  	 	92	 
	 Section 8.03
	 	 Increased Cost and Reduced Return
	  	 	93	 
	 Section 8.04
	 	 ABR Loans Substituted for Affected Euro-Dollar Loans
	  	 	94	 
	 Section 8.05
	 	 Mitigation Obligations; Replacement of Banks
	  	 	95	 
		
	 ARTICLE 9 MISCELLANEOUS
	  	 	96	 
			
	 Section 9.01
	 	 Notices
	  	 	96	 
	 Section 9.02
	 	 No Waivers
	  	 	98	 
	 Section 9.03
	 	 Expenses; Indemnification
	  	 	99	 
	 Section 9.04
	 	 Sharing of Set-Offs
	  	 	99	 
	 Section 9.05
	 	 Amendments and Waivers
	  	 	100	 
	 Section 9.06
	 	 Successors and Assigns
	  	 	102	 
	 Section 9.07
	 	 Collateral
	  	 	106	 
	 Section 9.08
	 	 Counterparts; Integration
	  	 	106	 
	 Section 9.09
	 	 Governing Law; Submission to Jurisdiction
	  	 	107	 
	 Section 9.10
	 	 Waiver of Jury Trial
	  	 	107	 
	 Section 9.11
	 	 Survival
	  	 	107	 
	 Section 9.12
	 	 Confidentiality
	  	 	108	 
	 Section 9.13
	 	 USA PATRIOT Act
	  	 	109	 
	 Section 9.14
	 	 No Advisory or Fiduciary Responsibility
	  	 	109	 
	 Section 9.15
	 	 Payments Set Aside
	  	 	110	 
	 Section 9.16
	 	 Termination of PFLLC as a Borrower
	  	 	110	 
	 Section 9.17
	 	 Effect of Amendment and Restatement
	  	 	111	 
	 Section 9.18
	 	 Acknowledgement and Consent to Bail-In of Affected Financial Institutions
	  	 	111	 
	 Section 9.19
	 	 Acknowledgement Regarding Any Supported QFCs
	  	 	111	 
	 Section 9.20
	 	 Interest Rate Limitation
	  	 	112	 

 SCHEDULES 
  

					
	Pricing Schedule	  	
	Sustainability Schedule
	Schedule 1.01	 	—  	  	Commitments
	Schedule 2.18	 	—  	  	Existing Letters of Credit
	Schedule 9.01	 	—  	  	Notice Information

 EXHIBITS 
  

					
	Exhibit A	 	—  	  	Form of Note
	Exhibit B	 	—  	  	Form of Assumption Agreement
	Exhibit C	 	—  	  	Form of Opinion of the Counsel for the Obligors
	Exhibit D	 	—  	  	Form of Assignment and Assumption

  
 iii 

					
	Exhibit E-1	 	—  	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Banks that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit E-2	 	—  	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Banks that are Partnerships for U.S. Federal Income Tax Purposes
	Exhibit E-3	 	—  	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants that are not Partnerships for U.S. Federal Income Tax Purposes
	Exhibit E-4	 	—  	  	Form of U.S. Tax Compliance Certificate (For Non-U.S. Participants that are Partnerships for U.S. Federal Income Tax Purposes
	Exhibit F	 	—  	  	Form of PICA Assumption Agreement
	Exhibit G	 	—  	  	Form of PICA Guarantee Agreement
	Exhibit H	 	—  	  	PICA Support Agreement
	Exhibit I	 	—  	  	Form of PFLLC Termination Notice
	Exhibit J	 	—  	  	Form of Pricing Certificate

  
 iv 

 THIRD AMENDED AND RESTATED CREDIT AGREEMENT 

THE THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this “Agreement”) dated as of July 28, 2021 among PRUDENTIAL FINANCIAL,
INC., PRUDENTIAL FUNDING, LLC, THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, the BANKS listed on the signature pages hereof and JPMORGAN CHASE BANK, N.A., as Administrative Agent and Several L/C Agent. 

WHEREAS, PFI, PFLLC and PICA (each as defined below) are party to the Second Amended and Restated Credit Agreement dated as of July 17,
2017 (the “Existing Credit Agreement”) with the banks party thereto and JPMorgan Chase Bank, N.A. as Administrative Agent and Several L/C Agent. 

WHEREAS, it is the intent of the parties hereto that this Agreement not constitute a novation of the obligations and liabilities of the
parties under the Existing Credit Agreement or be deemed to evidence or constitute full repayment of such obligations and liabilities, but that this Agreement amend and restate in its entirety the Existing Credit Agreement and modify and re-evidence the obligations and liabilities of the Borrowers outstanding thereunder, which shall be payable in accordance with the terms hereof; and 

WHEREAS, it is also the intent of the Obligors to confirm that all obligations under the “Loan Documents” (as referred to and
defined in the Existing Credit Agreement) shall continue in full force and effect as modified and/or restated by the Loan Documents (as referred to and defined herein) and that, from and after the Effective Date, all references to the “Credit
Agreement” contained in any such existing “Loan Documents” shall be deemed to refer to this Agreement. 
 NOW, THEREFORE, in
consideration of the premises and the mutual covenants contained herein, the parties hereto hereby agree that the Existing Credit Agreement is hereby amended and restated as follows: 

ARTICLE 1 
 DEFINITIONS 

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

“ABR”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing,
are bearing interest at a rate determined by reference to the Alternate Base Rate. 
 “Adjusted LIBO Rate” means, with
respect to any Euro-Dollar Borrowing for any Interest Period, an interest rate per annum (rounded upwards, if necessary, to the next 1/100 of 1%) equal to (a) the LIBO Rate for such Interest Period multiplied by (b) the Statutory Reserve
Rate. 
 “Administrative Agent” means JPMorgan in its capacity as administrative agent for the Banks hereunder, and its
successors in such capacity. 

 “Administrative Agent’s Office” means the Administrative Agent’s
office and, as appropriate, account or accounts, as designated from time to time by the Administrative Agent in a notice to PFI and the Banks. 

“Administrative Questionnaire” means, with respect to each Bank, an administrative questionnaire in the form prepared by the
Administrative Agent and submitted to the Administrative Agent (with a copy to PFI) duly completed by such Bank. 
 “Affected
Bank” means a Bank that (i) is not obligated to issue a Several Letter of Credit because of one or more of the events or circumstances described in Section 2.18(a)(iii)(A) or (B) and (ii) has elected not to issue such
Several Letter of Credit as a result of one or more of such events or circumstances. 
 “Affected Financial Institution”
means (a) any EEA Financial Institution or (b) any UK Financial Institution. 
 “Affiliate” means, with respect
to a Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such first Person. 

“Agents” means each of the Administrative Agent, the Syndication Agents and the Several L/C Agent. 

“Agreement” has the meaning set forth in the introduction hereto. 

“Alternate Base Rate” means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such
day, (b) the NYFRB Rate in effect on such day plus 0.50% and (c) the Adjusted LIBO Rate for a one month Interest Period on such day (or if such day is not a Business Day, the immediately preceding Business Day) plus 1.00%;
provided that for the purpose of this definition, the Adjusted LIBO Rate for any day shall be based on the LIBO Screen Rate (or if the LIBO Screen Rate is not available for such one month Interest Period, the Interpolated Rate) at
approximately 11:00 a.m. London time on such day. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or such Adjusted LIBO Rate shall be effective from and including the effective date of such change in the Prime
Rate, the NYFRB Rate or such Adjusted LIBO Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to Section 8.01 (for the avoidance of doubt, only until the Benchmark Replacement has been
determined pursuant to Section 8.01(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base
Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement. 

“Ancillary Document” has the meaning set forth in Section 9.08. 

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

  
 2 

 “Applicable Lending Office” means, with respect to any Bank, (i) in
the case of its ABR Loans, its Domestic Lending Office and (ii) in the case of its Euro-Dollar Loans, its Euro-Dollar Lending Office. 

“Applicable Margin” means, for any day, with respect to any ABR Loan or any
Euro-Dollar Loan, the rate per annum for such day for such Type of Loan determined in accordance with the Pricing Schedule. 

“Applicable Party” has the meaning set forth in Section 9.01(d)(iii). 

“Applicable Percentage” means, with respect to any Bank, the percentage of the aggregate amount of the Commitments
represented by such Bank’s Commitment; provided that, in the case of Section 2.17 when a Defaulting Bank shall exist, “Applicable Percentage” shall mean the percentage of the aggregate amount of the Commitments
(disregarding any Defaulting Bank’s Commitment) represented by such Bank’s Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving
effect to any assignments and to any Bank’s status as a Defaulting Bank at the time of determination. The Applicable Percentage of a Bank may be adjusted in accordance with the provisions of this Agreement, including as a result of a Commitment
Increase under Section 2.09(d) and the provisions regarding Defaulting Banks. 
 “Approved Electronic Platform” has
the meaning set forth in Section 9.01(d)(i). 
 “Approved Fund” means any Person (other than a natural person) that is
engaged in making, purchasing, holding or investing in bank loans and similar extensions of credit in the ordinary course of its business and that is administered or managed by (a) a Bank, (b) an Affiliate of a Bank or (c) an entity
or an Affiliate of an entity that administers or manages a Bank. 
 “Assignee” has the meaning set forth in
Section 9.06(c). 
 “Assignment and Assumption” means an assignment and assumption entered into by a Bank and an
Assignee (with the consent of any party whose consent is required by Section 9.06(c)), and accepted by the Administrative Agent, in the form of Exhibit D hereto or any other form (including electronic records generated by use of an
Approved Electronic Platform) approved by the Administrative Agent. 
 “Assuming Bank” means any Person not previously a
Bank that becomes a Bank hereunder pursuant to Section 2.09(d). 
 “Assumption Agreement” means an assumption
agreement entered into by the Borrowers and an Assuming Bank, and accepted by the Administrative Agent, in the form of Exhibit B hereto or any other form approved by the Administrative Agent. 

“Auto-Extension Letter of Credit” has the meaning set forth in Section 2.18(b)(v). 

“Availability Period” means the period from and including the Effective Date to but excluding the earlier of the Termination
Date and the date of termination of the Commitments. 

  
 3 

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

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

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

“Bank” means the Persons listed on Schedule 1.01 and any other Person that shall have become a
party hereto pursuant to an Assignment and Assumption or any other agreement entered into hereunder by such Person pursuant to which such Person becomes a Bank (including under Section 2.09(d)), other than any such Person that ceases to be a
party hereto pursuant to an Assignment and Assumption. Unless the context otherwise requires, the term “Bank” includes each Fronting L/C Issuer, the Several L/C Agent and each Limited Fronting Bank. 

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

“Bankruptcy Code” means Title 11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect,
or any successor statute. 
 “Bankruptcy Event” means, with respect to any Person, such Person becomes the subject of a
voluntary or involuntary bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its
business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment or has had any
order for relief in such proceeding entered in respect thereof, provided that a Bankruptcy Event shall not result solely by virtue of any ownership interest, or the acquisition of any ownership interest, in such Person by a Governmental
Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments
or writs of attachment on its assets or permits such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person. 

  
 4 

 “Benchmark” means, initially, the LIBO Rate; provided that if a Benchmark
Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to the LIBO
Rate or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to clause (b) or clause (c) of
Section 8.01. 
 “Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order
below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; provided that, in the case of an Other Benchmark Rate Election, “Benchmark Replacement” shall mean the alternative set forth in
(3) below: 
 (1) the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 

(2) the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; 

(3) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and PFI as the replacement for the
then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or
(ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for Dollar-denominated syndicated credit facilities at such time in the United States and (b) the
related Benchmark Replacement Adjustment; 
 provided that, in the case of clause (1), such Unadjusted Benchmark Replacement
is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided further that, in the case of clause (3), when such clause is used to
determine the Benchmark Replacement in connection with the occurrence of an Other Benchmark Rate Election, the alternate benchmark rate selected by the Administrative Agent and PFI shall be the term benchmark rate that is used in lieu of a
LIBOR-based rate in the relevant other Dollar-denominated syndicated credit facilities; provided further that, notwithstanding anything to the contrary in this Agreement or in any other Loan Document, upon the occurrence of a Term SOFR Transition
Event, and the delivery of a Term SOFR Notice, on the applicable Benchmark Replacement Date the “Benchmark Replacement” shall revert to and shall be deemed to be the sum of (a) Term SOFR and (b) the related Benchmark Replacement
Adjustment, as set forth in clause (1) of this definition (subject to the first proviso above). 
 If the Benchmark Replacement as
determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Loan Documents. 

  
 5 

 “Benchmark Replacement Adjustment” means, with respect to any replacement
of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 

(1) for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the
order below that can be determined by the Administrative Agent: 
 (a) the spread adjustment, or method for calculating or determining such
spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that has been selected or recommended by the Relevant Governmental Body for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 
 (b) the spread
adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Interest Period that would apply to the fallback rate for a derivative transaction referencing the ISDA
Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 
 (2)
for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been
selected by the Administrative Agent and PFI for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the
replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a
spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for Dollar-denominated syndicated credit facilities; 

provided that, in the case of clause (1) above, such adjustment is displayed on a screen or other information service that
publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion. 

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

  
 6 

 “Benchmark Replacement Date” means, with respect to any Benchmark, the
earliest to occur of the following events with respect to such then-current Benchmark: 
 (1) in the case of clause (1) or (2) of the
definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published
component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 

(2) in the case of clause (3) of the definition of “Benchmark Transition Event,” the first date on which such Benchmark (or the
published component used in the calculation thereof) has been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) and even if any Available Tenor of such Benchmark (or such component thereof)
continues to be provided on such date; 
 (3) in the case of a Term SOFR Transition Event, the date that is thirty (30) days after the
date a Term SOFR Notice is provided to the Banks and PFI pursuant to Section 8.01(c); or 
 (4) in the case of an Early Opt-in Election or an Other Benchmark Rate Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election or Other Benchmark Rate Election, as
applicable, is provided to the Banks, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election
or Other Benchmark Rate Election, as applicable, is provided to the Banks, written notice of objection to such Early Opt-in Election or Other Benchmark Rate Election, as applicable, from Banks comprising the
Required Banks. 
 For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day
as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will
be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the
published component used in the calculation thereof). 
 “Benchmark Transition Event” means, with respect to any Benchmark,
the occurrence of one or more of the following events with respect to such then-current Benchmark: 
 (1) a public statement or publication
of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such
component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); 

(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published
component used in the calculation thereof), the 

  
 7 

 
Federal Reserve Board, the NYFRB, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the
administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such
Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor
administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or 
 (3) a public statement
or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no
longer, or as of a specified future date will no longer be, representative. 
 For the avoidance of doubt, a “Benchmark Transition
Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published
component used in the calculation thereof). 
 “Benchmark Unavailability Period” means, with respect to any Benchmark, the
period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes
hereunder and under any Loan Document in accordance with Section 8.01 and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder and under any Loan Document in accordance
with Section 8.01. 
 “Beneficial Ownership Certification” means a certification regarding beneficial ownership or
control as required by the Beneficial Ownership Regulation. 
 “Beneficial Ownership Regulation” means 31 C.F.R. §
1010.230. 
 “Benefit Plan” means any of (a) an “employee benefit plan” (as defined in Section 3(3) of
ERISA) that is subject to Title I of ERISA, (b) a “plan” as defined in Section 4975 of the Internal Revenue Code to which Section 4975 of the Internal Revenue Code applies, and (c) any Person whose assets include (for
purposes of the Plan Asset Regulations or otherwise for purposes of Title I of ERISA or Section 4975 of the Internal Revenue Code) the assets of any such “employee benefit plan” or “plan”. 

“BHC Act Affiliate” of a party means an “affiliate” (as such term is defined under, and interpreted in accordance
with, 12 U.S.C. 1841(k)) of such party. 
 “Benefit Arrangement” means at any time an employee benefit plan within the
meaning of Section 3(3) of ERISA that is not a Plan or a Multiemployer Plan and that is maintained or otherwise contributed to by any member of the ERISA Group. 

  
 8 

 “Borrower” means PFI or PFLLC, as the context may require, and
“Borrowers” means all of the foregoing; provided that if PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16, neither the term “Borrower” nor the term
“Borrowers” shall thereafter include or refer to PFLLC. 
 “Borrowing” means Revolving Credit Loans of the
same Type, made, converted or continued on the same date and, in the case of Euro-Dollar Loans, as to which a single Interest Period is in effect. 

“Business Day” means any day that is not a Saturday, Sunday or other day on which commercial banks in New York City
are authorized or required by law to remain closed; provided that, when used in connection with a Euro-Dollar Loan, the term “Business Day” shall also exclude any day on which banks are not open for dealings in Dollar
deposits in the London interbank market. 
 “Cash Collateralize” means to pledge and deposit with or deliver to the
Administrative Agent, for the benefit of the Administrative Agent, the applicable Fronting L/C Issuers, the Limited Fronting Banks and/or the Banks, as applicable, as collateral for L/C Obligations, cash or deposit account balances in Dollars or, if
the applicable Fronting L/C Issuer or the applicable Limited Fronting Bank, as applicable, benefitting from such collateral agrees in its sole discretion, other credit support, in each case pursuant to documentation in form and substance reasonably
satisfactory to the Administrative Agent and such Fronting L/C Issuer or such Limited Fronting Bank, as applicable (which documentation is hereby consented to by the Banks). “Cash Collateral” has a meaning correlative to the
foregoing and shall include the proceeds of such cash collateral, deposit account balances and other credit support. 
 “Change in
Law” means the occurrence, after the date of this Agreement or (with respect to any Bank) such later date on which such Bank becomes a party to this Agreement, of: (a) the adoption of any law, rule, regulation or treaty, (b) any
change in any law, rule, regulation or treaty or in the administration, interpretation, implementation or application thereof by any Governmental Authority or (c) compliance by any Bank (or, for purposes of Section 8.03(b), by any
Applicable Lending Office of such Bank or by such Bank’s holding company, if any) with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after such date; provided
that, notwithstanding anything herein to the contrary, (i) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines or directives thereunder or issued in connection therewith or in the implementation
thereof and (ii) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United States or foreign regulatory
authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Change in Law”, regardless of the date enacted, adopted, issued or implemented. 

“Charges” has the meaning set forth in Section 9.20. 

“Closed Block Equity” means, calculated as of the last day of each fiscal quarter, the amount of PFI’s Closed Block
assets less the amount of PFI’s Closed Block liabilities, excluding accumulated other comprehensive income (or loss) attributable thereto, as reported in the notes to PFI’s consolidated financial statements. 

  
 9 

 “Co-Documentation Agent” means each
of Bank of America, N.A., The Bank of New York Mellon, Mizuho Bank, Ltd., MUFG Bank, Ltd., Sumitomo Mitsui Banking Corporation and Wells Fargo Bank, National Association, in its capacity as co-documentation
agent for the credit facility evidenced by this Agreement. 
 “Commitment” means, with respect to each Bank, the
commitments of such Bank (i) to make Revolving Credit Loans, (ii) to issue Several Letters of Credit (or to purchase participations therein to the extent provided herein) and (iii) to purchase participations in Fronted Letters of Credit,
expressed as an amount representing the maximum aggregate amount of such Bank’s Revolving Credit Exposure hereunder, as such commitment may be reduced or increased from time to time pursuant to the terms hereof. The initial amount of each
Bank’s Commitment is set forth on Schedule 1.01, or in the Assignment and Assumption or other agreement pursuant to which such Bank shall have assumed its Commitment, as applicable. The initial aggregate amount of the Banks’
Commitments is $4,000,000,000 as of the Effective Date. 
 “Commitment Fee Rate” means a rate per annum determined in
accordance with the Pricing Schedule. 
 “Commitment Increase” has the meaning set forth in Section 2.09(d)(i). 

“Commitment Increase Date” has the meaning set forth in Section 2.09(d)(i). 

“Communications” means, collectively, any notice, demand, communication, information, document or other material provided by
or on behalf of the Borrowers pursuant to any Loan Document or the transactions contemplated therein which is distributed by the Administrative Agent, any Bank or any Several L/C Agent by means of electronic communications pursuant to 9.01(d),
including through an Approved Electronic Platform. 
 “Confirming Bank” means, as provided in Section 2.19, with
respect to any Bank that is a Non-NAIC Approved Bank, any Person (including any other Bank) that is a NAIC Approved Bank and that has agreed in a written agreement to confirm Several Letters of Credit with
respect to which such Non-NAIC Approved Bank is an issuer, which agreement shall be in form and substance reasonably satisfactory to the Administrative Agent (such an agreement, a “Confirming Bank
Agreement”). 
 “Confirming Bank Agreement” has the meaning set forth in the definition of “Confirming
Bank”. 
 “Connection Income Taxes” means Other Connection Taxes that are imposed on or measured by net income
(however denominated) or that are franchise Taxes or branch profits Taxes. 
 “Consolidated Net Worth” means, calculated as
of the last day of each fiscal quarter, the consolidated stockholders’ equity of PFI determined in accordance with GAAP as of such date, but excluding: (i) accumulated other comprehensive income (or loss), (ii) equity of non-controlling interests attributable thereto, and (iii) Closed Block Equity. 

  
 10 

 “Corresponding Tenor” with respect to any Available Tenor means, as
applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor. 

“Co-Sustainability Structuring Agents” means the
Co-Sustainability Structuring Agents listed on the cover page of this Agreement. 
 “Covered
Entity” means any of the following: 
  

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

  

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

  

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

 “Covered Party” has the meaning set forth in Section 9.19. 

“Credit Extension” means each of a Borrowing and an L/C Credit Extension. 

“Credit Party” means the Administrative Agent, the Joint Lead Arrangers, the Several L/C Agent, the Fronting L/C Issuers and
the Banks. 
 “Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which may include a
lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided that, if
the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 

“Debt” of any Person means at any date, without duplication, (i) all obligations of such Person for borrowed money,
(ii) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments, (iii) all obligations of such Person to pay the deferred purchase price of property or services, except trade accounts payable arising
in the ordinary course of business, (iv) all obligations of such Person as lessee which are capitalized in accordance with GAAP, (v) all obligations of such Person to purchase securities (or other property) which arise out of or in
connection with the sale of the same or substantially similar securities (or other property), (vi) all non-contingent obligations of such Person (and, for purposes of Section 5.06 and the definitions
of “Material Debt” and “Material Derivative Obligations”, all contingent obligations of such Person) to reimburse any bank or other Person in respect of amounts paid under a letter of credit or similar instrument,
(vii) all Debt of others secured by a Lien on any asset of such Person, whether or not such Debt is assumed by such Person, (viii) all Debt of others Guaranteed by such Person, (ix) all redeemable preferred stock issued by such Person
other than 

  
 11 

 
any such preferred stock redeemable at the sole option of such Person and (x) all Separate Account Recourse Obligations of such Person. Notwithstanding any other provision of this Agreement,
any Debt issued, assumed, Guaranteed or otherwise incurred by PICA, or any other Subsidiary that is an insurance company, for or on behalf of any separate account of PICA or any such Subsidiary, which is a
Non-Recourse Obligation of such separate account, shall be Debt of such separate account and shall not be deemed Debt of PFI or any of its Subsidiaries hereunder. 

“Debtor Relief Laws” means the Bankruptcy Code, and all other liquidation, conservatorship, bankruptcy, assignment for the
benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights of creditors
generally. 
 “Default” means any condition or event which constitutes an Event of Default or which with the giving of
notice or lapse of time or both would, unless cured or waived, become an Event of Default. 
 “Default Rate” means an
interest rate equal to (i) the Alternate Base Rate plus (ii) the Applicable Margin applicable to ABR Loans plus (iii) 2.00% per annum; provided that, with respect to principal of any Euro-Dollar Loan that shall become
due (whether at stated maturity, by acceleration, by prepayment or otherwise) on a day other than the last day of the Interest Period therefor, the “Default Rate” shall be a rate per annum equal to, for the period from and including such
due date to but excluding the last day of such Interest Period, the interest rate for such Euro-Dollar Loan as provided in Section 2.07(b) plus 2.00% and, thereafter, the rate provided for above in
this definition. 
 “Default Right” has the meaning assigned to that term in, and shall be interpreted in accordance with,
12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable. 
 “Defaulting Bank” means any Bank 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 obligations in respect of Letters of Credit (including its obligations in respect of its participations
therein, if any, hereunder) or (iii) pay over to the Administrative Agent, the Several L/C Agent, any Fronting L/C Issuer or any other Bank any other amount required to be paid by it hereunder, unless, in the case of clause (i) above,
(x) such Bank notifies the Administrative Agent in writing that such failure is the result of such Bank’s good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any)
has not been satisfied or (y) such failure has been cured, (b) has notified PFI or the Administrative Agent in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding
obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Bank’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 Administrative Agent or PFI, acting in good
faith, to provide a certification in writing from an authorized officer of such Bank that it will comply with its funding obligations hereunder (including in respect of Letters of Credit); provided that such Bank shall cease to be a
Defaulting Bank pursuant to this clause (c) upon the Administrative Agent’s receipt of such certification, or (d) has, or has a direct or indirect parent company that has, become the subject of (i) a Bankruptcy Event or
(ii) a Bail-In Action. 

  
 12 

 “Derivatives Obligations” of any Person means (a) any and all rate
swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps or options or
forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency rate swap
transactions, currency options, spot contracts, futures contracts or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is
governed by or subject to any master agreement or cleared through one or more clearing houses, executed on an exchange or other central limit order book, or executed bilaterally with a financial institution and (b) any and all transactions of
any kind, and the related confirmations, which are subject to the terms and conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master
Agreement, any futures customer agreement, cleared derivatives addendum to such futures customer agreement or any other master agreement (any such master agreement, together with any related schedules, or annexes, a “Master
Agreement”), including any such obligations or liabilities under any Master Agreement. Notwithstanding any other provision of this Agreement, any Derivatives Obligation entered into, assumed or otherwise incurred by PICA, or any other
Subsidiary that is an insurance company, for or on behalf of any separate account of PICA or any such Subsidiary, which is a Non-Recourse Obligation of such separate account, shall be a Derivatives Obligation
of such separate account and shall not be deemed a Derivatives Obligation of PFI or any of its Subsidiaries hereunder. 

“Dollars” and the sign “$” mean lawful money in the United States of America. 

“Domestic Lending Office” means, as to each Bank, its office located at its address set forth in its Administrative
Questionnaire (or identified in its Administrative Questionnaire as its Domestic Lending Office) or such other office as such Bank may hereafter designate as its Domestic Lending Office by notice to PFI and the Administrative Agent. 

“Early Opt-in Election” means, if the then-current Benchmark is the LIBO Rate, the
occurrence of: 
 (1)     a notification by the Administrative Agent to (or the request by PFI to the Administrative
Agent to notify) each of the other parties hereto that at least five currently outstanding Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as
originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and 

(2)     the joint election by the Administrative Agent and PFI to trigger a fallback from the LIBO Rate and the provision,
as applicable, by the Administrative Agent of written notice of such election to PFI and the Banks. 

  
 13 

 “Early Termination” means the designation of an Early Termination Date by a
counterparty in accordance with the terms of a Derivative Obligation, in connection with an event which causes any Derivative Obligation to be terminated, accelerated, or closed-out prior to the scheduled
termination of such Derivative Obligation. 
 “EEA Financial Institution” means (a) any credit institution or
investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of
this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

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

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

“Effective Date” means the date this Agreement becomes effective in accordance with Section 3.01. 

“Electronic Signature” means an electronic sound, symbol, or process attached to, or associated with, a contract or other
record and adopted by a Person with the intent to sign, authenticate or accept such contract or record. 
 “Environmental
Laws” means any and all federal, state, local and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or other governmental restrictions relating
to the environment or to emissions, discharges or releases of pollutants, contaminants, petroleum or petroleum products, chemicals or industrial, toxic or hazardous substances or wastes into the environment, including, without limitation, ambient
air, surface water, ground water or land, or otherwise relating to the manufacture, processing, distribution, use, treatment, storage, disposal, transport or handling of pollutants, contaminants, petroleum or petroleum products, chemicals or
industrial, toxic or hazardous substances or wastes or the clean-up or other remediation thereof. 

“Equity Interests” means (i) shares of capital stock, partnership interests, membership interests in a limited liability
company, beneficial interests in a trust or other equity interests in any Person, (ii) any right to receive, directly or indirectly, assets, or proceeds of assets, held in a separate account of PICA and (iii) any option, warrant or other
right entitling the holder thereof to purchase or otherwise acquire any such equity interest or other right, but excluding any debt securities convertible into any of the foregoing. 

“ERISA” means the Employee Retirement Income Security Act of 1974, as amended, and the rules and regulations promulgated
thereunder, or any successor statute. 

  
 14 

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

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

“Euro-Dollar”, when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such
Borrowing, are bearing interest at a rate determined by reference to the Adjusted LIBO Rate. 

“Euro-Dollar Lending Office” means, as to each Bank, its office, branch or affiliate
located at its address set forth in its Administrative Questionnaire (or identified in its Administrative Questionnaire as its Euro-Dollar Lending Office) or such other office, branch or affiliate of such Bank
as it may hereafter designate as its Euro-Dollar Lending Office by notice to PFI and the Administrative Agent. 

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

“Exchange Act” means the Securities Exchange Act of 1934, as amended, or any successor statute. 

“Excluded Taxes” means any of the following Taxes imposed on or with respect to a Recipient or required to be withheld or
deducted from a payment to a Recipient, (a) Taxes imposed on or measured by net income (however denominated), franchise Taxes, and branch profits Taxes, in each case, (i) imposed as a result of such Recipient being organized under the laws
of, or having its principal office or, in the case of any Bank, its Applicable Lending Office located in, the jurisdiction imposing such Tax (or any political subdivision thereof) or (ii) that are Other Connection Taxes, (b) in the case of
a Bank, U.S. Federal withholding Taxes imposed on amounts payable to or for the account of such Bank with respect to an applicable interest in a Loan or Commitment pursuant to a law in effect on the date on which (i) such Bank acquires such
interest in the Loans or Commitment (other than pursuant to an assignment request by PFI under Section 8.05(b)) or (ii) such Bank changes its Applicable Lending Office, except in each case to the extent that, pursuant to Section 2.15,
amounts with respect to such Taxes were payable either to such Bank’s assignor immediately before such Bank acquired the applicable interest in a Loan or Commitment or to such Bank immediately before it changed its Applicable Lending Office,
(c) Taxes attributable to such Recipient’s failure to comply with Section 2.15(f) and (d) any withholding Taxes imposed under FATCA. 

“Existing Credit Agreement” has the meaning set forth in the introduction hereto. 

“Existing Letters of Credit” means each Letter of Credit under (and as defined in) the Existing Credit Agreement outstanding
as of the Effective Date and listed on Schedule 2.18. 
 “FATCA” means Sections 1471 through 1474 of the
Internal Revenue Code, as of the date of this Agreement (or any amended or successor version that is substantively comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section 1471(b)(1) of the Internal 

  
 15 

 
Revenue Code and any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreements, treaty or convention among Governmental Authorities and
implementing such Sections of the Internal Revenue Code. 
 “FCA” has the meaning set forth in Section 1.05. 

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

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

“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement,
the modification, amendment or renewal of this Agreement or otherwise) with respect to the LIBO Rate. 
 “Foreign Bank”
means a Bank that is not a U.S. Person. 
 “Fronted Letter of Credit” means any Letter of Credit which is issued solely by
a Fronting L/C Issuer pursuant to Section 2.18(a)(i)(A)(1). 
 “Fronted Letter of Credit Commitment” means, with
respect to any Fronting L/C Issuer, the maximum aggregate outstanding undrawn amount of Fronted Letters of Credit that such Fronting L/C Issuer shall have agreed to issue hereunder (i) as set forth opposite such Fronting L/C Issuer’s name
on Schedule 1.01 or (ii) pursuant to the written agreement by which such Fronting L/C Issuer shall have become a Fronting L/C Issuer (as such agreement may be amended from time to time with the agreement of such
Fronting L/C Issuer). 
 “Fronting L/C Issuer” means (i) JPMorgan together with its permitted successors and assigns
in such capacity, (ii) Citibank, N.A. together with its permitted successors and assigns in such capacity, (iii) HSBC Bank together with its permitted successors and assigns in such capacity and (iv) each other Bank selected from time
to time by the Borrowers to be an issuer of Fronted Letters of Credit hereunder (provided that such Bank shall be reasonably acceptable to the Administrative Agent and shall have agreed to be a Fronting L/C Issuer hereunder and to issue
Fronted Letters of Credit up to its Fronted L/C Issuer Commitment pursuant to a written agreement reasonably satisfactory to the Administrative Agent, executed by such Bank, the Borrower and the Administrative Agent), each in its capacity as an
issuer of Fronted Letters of Credit hereunder, or any successor issuer of Fronted Letters of Credit hereunder (including with respect to each Fronted Letter of Credit that is an Existing Letter of Credit deemed issued hereunder as of the Effective
Date for which such Fronting L/C Issuer is the Fronting L/C Issuer under the Existing Credit Agreement). A Fronting L/C Issuer may, in its discretion, arrange for one or more Fronted Letters of Credit to be issued by one or more of its branches or
Affiliates, in which case the term “Fronting L/C Issuer” shall include any such branch or Affiliate which issues any Fronted Letter of Credit. 

  
 16 

 “Fund” means (i) any separate account of PICA or any other Subsidiary
that is an insurance company, (ii) any other entity (whether or not constituting a Person hereunder) created in the ordinary course of the investment advisory or asset management business of PICA or any other Subsidiary for the purpose of
selling to one or more third parties one or more Equity Interests in an investment vehicle managed by PICA or an Affiliate of PICA as part of such business, or one or more interests in any separate account of PICA, or any other Subsidiary that is an
insurance company, that holds one or more Equity Interests in such investment vehicle or (iii) any corporation or other entity that would otherwise be a Subsidiary of any such separate account under clause (i) above or other entity under
clause (ii) above. 
 “GAAP” means generally accepted accounting principles in the United States of America. 

“Governmental Authority” means any nation or government, or state or political subdivision thereof, and any agency,
authority, instrumentality, regulatory body, court, administrative tribunal, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government (including
any supra-national bodies such as the European Union or the European Central Bank). 
 “Guarantee” by any Person means any
obligation, contingent or otherwise, of such Person directly or indirectly guaranteeing any Debt or other obligation of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or
otherwise, of such Person (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Debt or other obligation (whether arising by virtue of partnership arrangements, by agreement to
keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to maintain financial statement conditions or
otherwise) or (ii) entered into for the purpose of assuring in any other manner the obligee of such Debt or other obligation of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);
provided that the term Guarantee shall not include endorsements for collection or deposit in the ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning. 

“Honor Date” has the meaning set forth in Sections 2.18(c)(i) and 2.18(c)(ii). 

“HSBC Bank” means HSBC Bank USA, National Association and its successors. 

“Increasing Bank” has the meaning set forth in Section 2.09(d)(i). 

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

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

“Information” has the meaning set forth in Section 9.12. 

“Interest Payment Date” means (i) with respect to any ABR Loan, the last Business Day of each March, June, September and
December and the Termination Date and (ii) with respect to any Euro-Dollar Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of any Interest Period of more than three
months’ duration, each day prior to the last day of such Interest Period that occurs at intervals of three months’ duration after the first day of such Interest Period and the Termination Date. 

  
 17 

 “Interest Period” means a period commencing on the date of Borrowing
specified in the applicable Notice of Borrowing or on the date specified in the applicable Notice of Interest Rate Election and ending one, three or six months thereafter, as the applicable Borrower may elect in such Notice; provided that:

 (a)    any Interest Period which would otherwise end on a day which is not a Business Day shall be extended to the
next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; and 

(b)    any Interest Period which begins on the last Business Day of a calendar month (or on a day for which there is no
numerically corresponding day in the calendar month at the end of such Interest Period) shall, subject to the immediately following proviso, end on the last Business Day of a calendar month; 

provided, further, that no Interest Period which begins before the Termination Date may end after the Termination Date. 

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

“Interpolated Rate” means, at any time, for any Interest Period, the rate per annum (rounded to the same number of decimal
places as the LIBO Screen Rate) determined by the Administrative Agent (which determination shall be conclusive and binding absent manifest error) to be equal to the rate that results from interpolating on a linear basis between: (a) the LIBO
Screen Rate for the longest period (for which the LIBO Screen Rate is available) that is shorter than the Impacted Interest Period; and (b) the LIBO Screen Rate for the shortest period (for which that LIBO Screen Rate is available) that exceeds
the Impacted Interest Period, in each case, at such time. 
 “IRS” means the United States Internal Revenue Service. 

“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or
any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor
thereto. 
 “ISP” means the “International Standby Practices 1998” published by the Institute of International
Banking Law & Practice, Inc., or such later version thereof as may be in effect at the time of issuance of a Letter of Credit. 

“Joint Lead Arrangers” means the Joint Lead Arrangers and Joint Bookrunners listed on the cover page of this Agreement. 

“JPMorgan” means JPMorgan Chase Bank, N.A. and its successors. 

  
 18 

 “L/C Credit Extension” means, with respect to any Letter of Credit, the
issuance thereof, the extension of the expiry date thereof or the increase of the amount thereof. 
 “L/C Obligations”
means, as at any date of determination, the aggregate undrawn amount of all outstanding Letters of Credit plus the aggregate of all unpaid Unreimbursed Amounts. For all purposes of this Agreement, if on any date of determination a Letter of
Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Article 29(a) of the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such
later version thereof as may be in effect at the applicable time) or Rule 3.13 or 3.14 of the ISP, International Chamber of Commerce Publication No. 590 (or such later version thereof as may be in effect at the applicable time) or similar
terms of the Letter of Credit itself, or if compliant documents have been presented but not yet honored, such Letter of Credit shall be deemed to be “outstanding” in the amount so remaining available to be drawn. For purposes of
determining the L/C Obligations held by any Bank at any time, such Bank shall be deemed to hold an amount equal to the sum of (without duplication) (i) the aggregate amount of such Bank’s direct obligations in all outstanding Several
Letters of Credit, (ii) its participations in all outstanding Several Letters of Credit, (iii) its participations in all outstanding Fronted Letters of Credit and (iv) its Applicable Percentage of all unpaid Unreimbursed Amounts in
respect of all outstanding Letters of Credit at such time. 
 “Letter of Credit” means any standby letter of credit issued
pursuant to this Agreement and shall include the Existing Letters of Credit. Letters of Credit issued hereunder shall be denominated in Dollars only. 

“Letter of Credit Application” means an application and/or agreement for the issuance or amendment of a Letter of Credit in
the form from time to time in use by any Fronting L/C Issuer or the Several L/C Agent, as applicable. 
 “Letter of Credit
Documents” means, with respect to any Letter of Credit, the Letter of Credit Application, and any other document, agreement and instrument entered into by the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, and the
applicable Borrower (and, if applicable, any Subsidiary named as an applicant in the Letter of Credit Application) or entered into by the applicable Borrower (or, if applicable, any Subsidiary) in favor of the applicable Fronting L/C Issuer or the
Several L/C Agent, as applicable, and relating to any such Letter of Credit. 
 “Letter of Credit Exposure” means, with
respect to any Bank at any time, the sum of the aggregate outstanding principal amount of such Bank’s L/C Obligations at such time. 

“Letter of Credit Fee Rate” means a rate per annum determined in accordance with the Pricing Schedule plus (with
respect to any Letter of Credit fees payable under Section 2.08(b) accruing after the date on which the Commitments terminate) 2.00%. 

“Liabilities” means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind. 

“LIBO Rate” means, with respect to any Euro-Dollar Borrowing for any Interest Period, the LIBO Screen Rate at approximately
11:00 a.m., London time, two Business Days prior to the 

  
 19 

 
commencement of such Interest Period; provided that if the LIBO Screen Rate shall not be available at such time for such Interest Period (an “Impacted Interest Period”)
then the LIBO Rate shall be the Interpolated Rate. 
 “LIBO Screen Rate” means the London interbank offered rate as
administered by the Intercontinental Exchange Benchmark Administration (or any other Person that takes over the administration of such rate for dollar deposits for a period equal in length to such Interest Period as displayed on such day and time on
pages LIBOR01 or LIBOR02 of the Reuters screen that displays such rate (or, in the event such rate does not appear on a Reuters page or screen, on any successor or substitute page on such screen that displays such rate, or on the appropriate page of
such other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion, provided that if the LIBO Screen Rate as so determined would be less than zero, such rate shall be
deemed to be zero for all purposes of this Agreement. 
 “LIBOR” has the meaning set forth in Section 1.05. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset. For the purposes of this Agreement, a Person shall be deemed to own subject to a Lien any asset which it has acquired or holds subject to the interest of a vendor or lessor under any conditional sale agreement, capital lease
or other title retention agreement relating to such asset. 
 “Limited Fronting Bank” means, as provided in
Section 2.18(j), (i) any Bank (so long as it is not an Affected Bank with respect to any Several Letter of Credit) that agrees that it shall be an issuer with respect to any Affected Bank’s Applicable Percentage of a particular
Several Letter of Credit or (ii) any Bank that is a NAIC Approved Bank and agrees that it shall be an issuer with respect to the Applicable Percentage of Several Letters of Credit of any other Bank that is a
Non-NAIC Approved Bank issued during the period that such other Bank is a Non-NAIC Approved Bank, in each case pursuant to a Limited Fronting Bank Agreement. 

“Limited Fronting Bank Agreement” has the meaning set forth in Sections 2.18(j). 

“Loan” means an ABR Loan or a Euro-Dollar Loan, and “Loans” means ABR Rate
Loans or Euro-Dollar Loans or any combination of the foregoing. 
 “Loan Documents”
means this Agreement, each Note, each Letter of Credit, each Letter of Credit Document, the PICA Assumption Agreement and the PICA Guarantee. 

“Margin Stock” means “margin stock” within the meaning of Regulations T, U and X of the Federal Reserve Board,
as in effect from time to time. 
 “Material Adverse Effect” means a material adverse effect on the business, financial
position or operations of PFI and its Subsidiaries, taken as a whole. 
 “Material Debt” means Debt of PFI and/or one or
more Material Subsidiaries, arising in one or more related or unrelated transactions, in an aggregate principal amount exceeding $450,000,000; provided that the term “Material Debt” shall not include (i) the Loans,

  
 20 

 
(ii) obligations of PFI or any Subsidiary (x) to purchase securities which arise out of or in connection with the sale of the same or substantially similar securities or (y) to
return collateral consisting of cash or securities which arise out of or in connection with the loan of the same or substantially similar securities, in each case in the ordinary course of the investment business of PFI or such Subsidiary, as the
case may be, consistent with past practice, (iii) Permitted Collateralized Obligations and (iv) Debt of PFI or any Subsidiary in respect of which (A) the recourse of the holder of such Debt (whether direct or indirect and whether
contingent or otherwise) is effectively limited to the assets directly securing such Debt (which assets have been acquired for investment and not for use by PFI or such Subsidiary in its operations) and (B) such holder may not collect by levy
of execution against assets of PFI or such Subsidiary, as the case may be, generally (other than the assets directly securing such Debt) if such obligor fails to pay such Debt when due and such holder obtains a judgment with respect thereto and
provided, further, that surplus notes of PICA or any other insurance Subsidiary of PFI shall constitute Material Debt if, but only to the extent that, the failure to pay the principal thereof and/or the interest thereon shall
constitute an event of default thereunder or under any agreement pursuant to which such surplus notes were issued or shall result in the acceleration of Material Debt. 

“Material Derivative Obligations” means payment obligations in respect of Derivatives Obligations of PFI and/or one or more
Material Subsidiaries, arising in one or more related or unrelated transactions, exceeding in the aggregate $450,000,000. 

“Material Plan” means, at any time, a Plan or Plans having aggregate Unfunded Liabilities in excess of $450,000,000. 

“Material Subsidiary” means, at any date, (i) unless PFLLC shall have been terminated as a Borrower hereunder pursuant
to Section 9.16, PFLLC, (ii) PICA and (iii) any other Subsidiary the assets of which (other than, in the case of any Subsidiary that is an insurance company, assets held in separate accounts of such Subsidiary) as of such date exceed
10% of the consolidated assets (other than assets held in separate accounts of PICA or any Subsidiary that is an insurance company) of PFI, as reflected in the most recent consolidated financial statements of PFI furnished or required to be
furnished to the Banks pursuant to Section 4.04(a) or 5.01(a). Notwithstanding the previous sentence, Prudential Global Funding LLC shall be deemed to be a Material Subsidiary for purposes of Section 6.01(e)(II). 

“Maximum Rate” has the meaning set forth in Section 9.20. 

“Multiemployer Plan” means, at any time, an employee pension benefit plan within the meaning of Section 4001(a)(3) of
ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which ceased to be a member of the
ERISA Group during such five year period. 
 “NAIC” means the National Association of Insurance Commissioners and any
successor thereto. 
 “NAIC Approved Bank” means any Bank (x) that is listed on the most current “Bank List”
of banks approved by the NAIC, or the NAIC List of Qualified U.S. Institutions, or any other 

  
 21 

 
such successor list published by the NAIC, (y) organized or, in the case of a branch or agency office of a foreign banking organization in the United States, licensed, under the laws of the
United States or any state thereof and (z) regulated, supervised and examined by federal or state authorities having regulatory authority over banks and trust companies. 

“Non-Recourse Obligation” means, with respect to a separate account of PICA or any
Subsidiary that is an insurance company, any Debt incurred for or on behalf of such separate account for which (i) the sole recourse for the payment of principal of and interest thereon shall be against the assets of such separate account (and
the explicit terms of such Debt shall so provide), and not against PFI or any Subsidiary or any of their respective other assets and (ii) neither PFI nor any Subsidiary shall be the lender thereof. For the avoidance of doubt, liability for
exclusions from non-recourse provisions contained in the document creating the Debt obligation or in a separate guarantee shall not be considered to constitute recourse against PFI or any Subsidiary or any of
their respective other assets for the purposes of this definition. 
 “Non-Consenting
Bank” has the meaning set forth in Section 9.05(c). 
 “Non-Extension Notice
Date” has the meaning set forth in Section 2.18(b)(v). 
 “Non-NAIC Approved
Bank” means, at any time, any Bank that is not a NAIC Approved Bank. 
 “Note” means a promissory note of a
Borrower, substantially in the form of Exhibit A hereto, evidencing its obligation of to repay the Loans made to it by a Bank, and “Notes” means all or any combination of such promissory notes issued hereunder, as the context
may require. 
 “Notice of Borrowing” has the meaning set forth in Section 2.02. 

“Notice of Interest Rate Election” has the meaning set forth in Section 2.10. 

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

“NYFRB’s Website” means the website of the NYFRB at http://www.newyorkfed.org, or any successor source. 

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

“Obligations” means all advances to, and debts and liabilities of, the Obligors arising under any Loan Document or with
respect to any Loans (including with respect to principal, interest, fees and other amounts payable by the Obligors thereunder) or Letter of Credit (including all L/C Obligations), whether direct or indirect (including those acquired by assumption),
absolute 

  
 22 

 
or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Obligor or any Affiliate thereof of any
case, proceeding or other action under any Debtor Relief Laws naming such Person as the debtor in such case, proceeding or action, regardless of whether such interest and fees are allowed claims in such proceeding. 

“Obligors” means the Borrowers and PICA. 

“Other Benchmark Rate Election” means, with respect to any Loan denominated in Dollars, if the then-current Benchmark is the
LIBO Rate, the occurrence of: 
 (a)     a request by PFI to the Administrative Agent to notify each of the other
parties hereto that, at the determination of PFI, Dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed), in lieu of a LIBOR-based rate, a term benchmark rate as a benchmark rate,
and 
 (b)     the joint election by the Administrative Agent and PFI to elect to trigger a fallback from the LIBO Rate
and the provision, as applicable, by the Administrative Agent of written notice of such election to PFI and the Banks. 
 “Other
Connection Taxes” means, with respect to any Recipient, Taxes imposed as a result of a present or former connection between such Recipient and the jurisdiction imposing such Tax (other than connections arising from such Recipient having
executed, delivered, become a party to, performed its obligations under, received payments under, received or perfected a security interest under, engaged in any other transaction pursuant to or enforced any Loan Document, or sold or assigned an
interest in any Loan or any Loan Document). 
 “Other Taxes” means all present or future stamp, court or documentary,
intangible, recording, filing or similar Taxes that arise from any payment made under, from the execution, delivery, performance, enforcement or registration of, from the receipt or perfection of a security interest under, or otherwise with respect
to, any Loan Document, except any such Taxes that are Other Connection Taxes imposed with respect to an assignment (other than an assignment made pursuant to Section 8.05(b)). 

“Overnight Bank Funding Rate” means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar
borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB’s Website from time to time, and published on the next succeeding Business Day by the NYFRB
as an overnight bank funding rate. 
 “Participant” has the meaning set forth in Section 9.06(b). 

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

“Participating L/C Issuer” means, from time to time with respect to each Several Letter of Credit, each Affected Bank or Non-NAIC Approved Bank, as applicable, for whose Applicable Percentage (or any portion thereof) a Limited Fronting Bank has agreed to be liable as an issuer. 

  
 23 

 “Patriot Act” means the USA PATRIOT Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)). 
 “Payment” has the meaning set forth
in Section 7.09(c). 
 “Payment Notice” has the meaning set forth in Section 7.09(c). 

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

 “Permitted Collateralized Obligation” means any obligation relating to real estate mortgage investment conduits
(REMICs), pass-through obligations, collateralized mortgage obligations, collateralized bond obligations or similar instruments, except an obligation of PFI or any Subsidiary (excluding any Subsidiary (other
than PFLLC, unless PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16) that is the issuer of the REMIC, pass-through obligation, collateralized mortgage obligation,
collateralized bond obligation or similar instrument) to the extent that such obligation requires a cash payment by PFI or such Subsidiary, recourse for the payment of which is not effectively limited to specified assets of PFI or such Subsidiary.

 “Permitted Encumbrances” means: (i) Liens imposed by law for taxes that are not yet due or are being contested in
good faith by appropriate proceedings; (ii) bankers’, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing
obligations that are not overdue by more than 30 days or are being contested in good faith by appropriate proceedings; (iii) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation,
unemployment insurance and other social security laws or regulations; (iv) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like
nature, in each case in the ordinary course of business; (v) Liens on deposit accounts or securities accounts, including bankers’ Liens and rights of setoff arising in the ordinary course of business; (vi) Liens arising out of
deposits of cash or securities with reinsurance trusts, ceding companies or insurance regulators in the ordinary course of business; and (vii) easements, zoning restrictions,
rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do
not materially detract from the value of the affected property or interfere with the ordinary conduct of business of PFI or any Subsidiary; provided that the term “Permitted Encumbrances” shall not include any Lien securing Debt.

 “Person” means an individual, a corporation, a partnership, an association, a trust or any other entity or organization,
including a government or political subdivision or an agency or instrumentality thereof. 
 “PFI” means Prudential
Financial, Inc., a New Jersey corporation, and its successors. 
 “PFLLC” means Prudential Funding, LLC, a New Jersey
limited liability company, and its successors. 

  
 24 

 “PICA” means The Prudential Insurance Company of America, a life insurance
company organized under the laws of the State of New Jersey, and its successors. 
 “PICA Assumption Agreement” means an
agreement entered into by PICA for the benefit of the Administrative Agent and the Banks, substantially in the form of Exhibit F hereto. 

“PICA Guarantee Agreement” means an agreement entered into by PICA for the benefit of the Administrative Agent and the Banks,
substantially in the form of Exhibit G hereto. 
 “PICA Support Agreement” means the Support Agreement dated as of
March 18, 1982 between PICA and PFLLC, a copy of which is attached as Exhibit H hereto, as the same may, subject to Section 5.10, be amended from time to time. 

“Plan” means, at any time, an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (i) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(ii) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

“Plan Asset Regulations” means 29 CFR § 2510.3-101 et seq., as modified
by Section 3(42) of ERISA, as amended from time to time. 
 “Pricing Schedule” means the Schedule attached hereto
identified as such. 
 “Prime Rate” means the rate of interest last quoted by The Wall Street Journal as the “Prime
Rate” in the U.S. or, if The Wall Street Journal ceases to quote such rate, the highest per annum interest rate published by the Federal Reserve Board in Federal Reserve Statistical Release H.15 (519) (Selected Interest Rates) as the “bank
prime loan” rate or, if such rate is no longer quoted therein, any similar rate quoted therein (as determined by the Administrative Agent) or any similar release by the Federal Reserve Board (as determined by the Administrative Agent). Each
change in the Prime Rate shall be effective from and including the date such change is publicly announced or quoted as being effective. 

“PTE” means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be
amended from time to time. 
 “QFC” has the meaning assigned to the term “qualified financial contract” in, and
shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D). 
 “QFC Credit Support” has the meaning assigned to it in
Section 9.19. 
 “Recipient” means (i) the Administrative Agent, (ii) any Bank and (iii) any Fronting
L/C Issuer, as applicable. 
 “Reference Time” with respect to any setting of the then-current Benchmark means (1) if
such Benchmark is the LIBO Rate, 11:00 a.m., London time, on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not the LIBO Rate, the time determined by the Administrative Agent in its
reasonable discretion. 

  
 25 

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

“Related Parties” means, with respect to any Person, such Person’s Affiliates and the partners, directors, officers,
employees, agents and advisors of such Person and of such Person’s Affiliates. 
 “Relevant Governmental Body” means
the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto. 

“Required Banks” means, at any time, Banks having Revolving Credit Exposures and unused Commitments representing more than
50% of the sum of the total Revolving Credit Exposures and unused Commitments at such time; provided that the Revolving Credit Exposures and unused Commitments of any Defaulting Bank shall be excluded for purposes of making a determination of
Required Banks. 
 “Resolution Authority” means an EEA Resolution Authority or, with respect to any UK Financial
Institution, a UK Resolution Authority. 
 “Reuters” means, as applicable, Thomson Reuters Corp., Refinitiv, or any
successor thereto. 
 “Revolving Credit Exposure” means, with respect to any Bank at any time, the sum of (i) the
outstanding principal amount of such Bank’s Revolving Credit Loans and (ii) such Bank’s L/C Obligations at such time. 

“Revolving Credit Loan” means a loan made or to be made by a Bank pursuant to Section 2.01; provided that, if any
such loan or loans (or portions thereof) are combined or subdivided pursuant to a Notice of Interest Rate Election, the term “Revolving Credit Loan” shall refer to the combined principal amount resulting from such combination
or to each of the separate principal amounts resulting from such subdivision, as the case may be. 
 “Sanctioned Person”
means, at any time, (a) any Person listed in any Sanctions-related list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of the Treasury (“OFAC”), the U.S. Department of State, the
United Nations Security Council, the European Union, any European Union member state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority, (b) any Person located, organized or a resident in a country, region
or territory that is, or whose government is, the subject of Sanctions (at the time of this Agreement, Crimea, Cuba, Iran, North Korea and Syria), and where being located, organized or a resident is prohibited by applicable OFAC regulations,
(c) any Person located, organized or resident in a country, region or territory that is, or whose government is, the subject of Sanctions and with respect to which an Obligor is prohibited from doing business with such Person as a result of
applicable OFAC regulations, (d) any Person owned or controlled by any such Person or (e) any Person otherwise the subject of any Sanctions. 

  
 26 

 “Sanctions” means economic or financial sanctions or trade embargoes
imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by OFAC or the U.S. Department of State, or (b) the United Nations Security Council, the European Union, any European Union member
state, Her Majesty’s Treasury of the United Kingdom or other relevant sanctions authority. 
 “Senior Financial
Officer” means (i) with respect to PFI or PICA, its Treasurer, Controller or Chief Financial Officer and (ii) with respect to PFLLC, its President or Treasurer. 

“Separate Account Recourse Obligation” means any Debt issued, assumed, Guaranteed or otherwise incurred, or any Derivatives
Obligation entered into, assumed or otherwise incurred, in each case by PICA, or any other Subsidiary that is an insurance company, for or on behalf of any separate account of PICA or any such Subsidiary, which is not a Non-Recourse Obligation of such separate account. 
 “Several L/C Agent” means JPMorgan,
in its capacity as agent and attorney-in-fact for the Banks in issuing and amending Several Letters of Credit, or any successor in such capacity (including with respect
to each Several Letter of Credit that is an Existing Letter of Credit deemed issued hereunder as of the Effective Date for which JPMorgan is the Several L/C Agent under the Existing Credit Agreement). 

“Several Letter of Credit” means any Letter of Credit issued severally by the Banks pursuant to
Section 2.18(a)(i)(B)(1). 
 “SOFR” means, with respect to any Business Day, a rate per annum equal to the secured
overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day. 

“SOFR Administrator” means the NYFRB (or a successor administrator of the secured overnight financing rate). 

“SOFR Administrator’s Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor
source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time. 
 “Statutory
Reserve Rate” means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special,
emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted LIBO Rate, for eurocurrency funding (currently referred to as
“eurocurrency liabilities” in Regulation D of the Federal Reserve Board). Such reserve percentage shall include those imposed pursuant to such Regulation D. Euro-Dollar Loans shall be deemed to constitute eurocurrency funding and
to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Bank under such Regulation D or any comparable regulation. The Statutory Reserve Rate
shall be adjusted automatically on and as of the effective date of any change in such reserve percentage. 

  
 27 

 “Subsidiary” means, as to any Person, any corporation or other entity of
which securities or other ownership interests having ordinary voting power to elect a majority of the board of directors or other persons performing similar functions are at the time directly or indirectly owned by such Person. Unless otherwise
specified, “Subsidiary” means a Subsidiary of PFI. Notwithstanding any other provision of this Agreement, the term “Subsidiary” shall not be deemed to include any Fund. 

“Supported QFC” has the meaning assigned to it in Section 9.19. 

“Sustainability Schedule” means the Schedule attached hereto identified as such. 

“Syndication Agents” means the Co-Syndication Agents listed on the cover page of this
Agreement. 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions, withholdings (including
backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Termination Date” means July 28, 2026 or, if such day is not a Business Day, the next preceding Business Day. 

“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate
based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR Notice” means a
notification by the Administrative Agent to the Banks and PFI of the occurrence of a Term SOFR Transition Event. 
 “Term SOFR
Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, (b) the administration of Term SOFR is administratively feasible for the
Administrative Agent and (c) a Benchmark Transition Event or an Early Opt-in Election, as applicable (and, for the avoidance of doubt, not in the case of an Other Benchmark Rate Election), has previously
occurred resulting in a Benchmark Replacement in accordance with Section 8.01 that is not Term SOFR. 
 “Transactions”
means the execution, delivery and performance by each of the Obligors of the Loan Documents to which it is a party, the borrowing of Loans by the Borrowers and the use of the proceeds thereof, and the issuance of Letters of Credit and the use
thereof. 
 “Type”, when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan,
or on the Loans comprising such Borrowing, is determined by reference to the Adjusted LIBO Rate or the Alternate Base Rate. 

“UCP” means the rules of the Uniform Customs and Practice for Documentary Credits, as most recently published by the
International Chamber of Commerce at the time of issuance of a Letter of Credit or such earlier version thereof as may be required by the applicable Governmental Authority or beneficiary. 

  
 28 

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

“UK Resolution Authority” means the Bank of England or any other public administrative authority having responsibility for
the resolution of any UK Financial Institution. 
 “Unadjusted Benchmark Replacement” means the applicable Benchmark
Replacement excluding the related Benchmark Replacement Adjustment. 
 “Unfunded Liabilities” means, with respect to any
Plan at any time, the amount (if any) by which (i) the present value of all benefits under such Plan exceeds (ii) the fair market value of all Plan assets allocable to such benefits (excluding any accrued but unpaid contributions), all
determined as of the then most recent valuation date for such Plan, but only to the extent that such excess represents a potential liability of a member of the ERISA Group to the PBGC or any other Person under Title IV of ERISA. 

“Unreimbursed Amount” has the meaning set forth in Sections 2.18(c)(i) and 2.18(c)(ii). 

“U.S. Person” means a “United States person” within the meaning of Section 7701(a)(30) of the Internal Revenue
Code. 
 “U.S. Special Resolution Regime” has the meaning assigned to it in Section 9.19. 

“U.S. Tax Compliance Certificate” has the meaning set forth in Section 2.15(f)(ii)(B)(3). 

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

Section 1.02    Accounting Terms and Determinations. Unless otherwise specified herein, all accounting terms
used herein shall be interpreted, all accounting determinations hereunder shall be made and all financial statements required to be delivered hereunder shall be prepared in accordance with, in the case of PICA or any of PFI’s other insurance
Subsidiaries, accounting practices prescribed or permitted by insurance regulatory authorities and, in the case of PFI and each non-insurance Subsidiary, GAAP, in each case as in effect from time to time,
applied on a basis consistent (except, in the case of PICA or any of PFI’s other insurance Subsidiaries, for 

  
 29 

 
changes required by insurance regulatory authorities and, in the case of PFI and each non-insurance Subsidiary, for changes concurred in by PFI’s
independent public accountants) with the most recent comparable financial statements thereof furnished to the Banks pursuant to Section 4.04(a) or 4.04(b) (as the case may be) or Section 5.01(a) or 5.01(b) (as the case may be); provided
that, if PFI notifies the Administrative Agent that it wishes to amend any covenant in Article 5 due to a change occurring after the date hereof in, in the case of PICA or any of PFI’s other insurance Subsidiaries, accounting practices
prescribed or permitted by insurance regulatory authorities or, in the case of PFI and any non-insurance Subsidiary, GAAP, that would affect the computation of any requirement set forth in, or the operation
of, such covenant (or if the Administrative Agent notifies PFI that the Required Banks wish to amend Article 5 for such purpose), then the Administrative Agent, the Banks and PFI shall negotiate in good faith to amend such covenant to preserve
the original intent thereof in light of such change, and the Obligors’ compliance with such covenant shall be determined on the basis of, in the case of PICA and any of PFI’s other insurance Subsidiaries, accounting practices prescribed or
permitted by insurance regulatory authorities and, in the case of PFI and any non-insurance Subsidiary, GAAP, in each case in effect immediately before the relevant change in such accounting practices or
accounting principles, as the case may be, became effective, until either such notice is withdrawn or such covenant is amended in a manner satisfactory to PFI and the Required Banks. 

Section 1.03    Classification of Loans and Borrowings. For purposes of this Agreement, Loans may be
classified and referred to by Type (e.g., a “Euro-Dollar Loan”). Borrowings also may be classified and referred to by Type (e.g., a “Euro-Dollar Borrowing”). 

Section 1.04    Terms Generally. The definitions of terms herein (including, without limitation set forth in
the Pricing Schedule and the Sustainability Schedule) shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The
words “include”, “includes” and “including” shall be deemed to be followed by the phrase “without limitation”. The word “will” shall be construed to have the same meaning and effect as the word
“shall”. Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to
time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein”, “hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all
references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement, (e) the words “asset” and “property”
shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights and (f) any definition of or reference to any law,
statute, rule or regulation shall, unless otherwise specified, be construed as referring thereto as from time to time amended, supplemented or otherwise modified (including by succession of comparable successor laws). 

Section 1.05    Interest Rates; LIBOR Notification. The interest rate on Euro-Dollar Loans is determined by
reference to the LIBO Rate, which is derived from the London interbank offered rate (“LIBOR”). LIBOR is intended to represent the rate at which contributing banks may obtain 

  
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short-term borrowings from each other in the London interbank market. On March 5, 2021, the U.K. Financial Conduct Authority (the “FCA”) publicly announced that:
(a) immediately after December 31, 2021, publication of the 1-week and 2-month U.S. Dollar LIBOR settings will permanently cease; (b) immediately
after June 30, 2023, publication of the overnight and 12-month U.S. Dollar LIBOR settings will permanently cease; and (c) immediately after June 30, 2023, the
1-month, 3-month and 6-month U.S. Dollar LIBOR settings will cease to be provided or, subject to the FCA’s
consideration of the case, be provided on a changed methodology (or “synthetic”) basis and no longer be representative of the underlying market and economic reality they are intended to measure and that representativeness will not be
restored. There is no assurance that dates announced by the FCA will not change or that the administrator of LIBOR and/or regulators will not take further action that could impact the availability, composition, or characteristics of LIBOR or the
currencies and/or tenors for which LIBOR is published. Each party to this agreement should consult its own advisors to stay informed of any such developments. Public and private sector industry initiatives are currently underway to identify new or
alternative reference rates to be used in place of LIBOR. Upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election,
Section 8.01(b) and Section 8.01(c) provide a mechanism for determining an alternative rate of interest. The Administrative Agent will promptly notify PFI, pursuant to Section 8.01(e), of any change to the reference rate upon which
the interest rate on Euro-Dollar Loans is based. However, the Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter
related to LIBOR or other rates in the definition of “LIBO Rate” or with respect to any alternative or successor rate thereto, or replacement rate thereof (including, without limitation, (i) any such alternative, successor or
replacement rate implemented pursuant to Section 8.01(b) or Section 8.01(c), whether upon the occurrence of a Benchmark Transition Event, a Term SOFR Transition Event, an Early Opt-in Election or an
Other Benchmark Rate Election, and (ii) the implementation of any Benchmark Replacement Conforming Changes pursuant to Section 8.01(d)), including without limitation, whether the composition or characteristics of any such alternative,
successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the LIBO Rate or have the same volume or liquidity as did LIBOR prior to its discontinuance or unavailability. The Administrative Agent
may select information sources or services in its reasonable discretion to ascertain any rate with respect to Euro-Dollar Loans, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this
Agreement, and shall have no liability to the Borrowers, any Bank or any other person or entity for any error included in any such information source or service. 

Section 1.06    Letter of Credit Amounts. Unless otherwise specified herein, all references herein to the
amount of a Letter of Credit at any time shall be deemed to mean the maximum stated amount of such Letter of Credit after giving effect to all increases thereof contemplated by such Letter of Credit or the Letter of Credit Application therefor,
whether or not such maximum face amount is in effect at such time. 
 Section 1.07    Divisions. For all
purposes under the Loan Documents, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction’s laws): (a) if any asset, right, obligation or liability of any Person becomes
the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed
to have been organized and acquired on the first date of its existence by the holders of its Equity Interests at such time. 

  
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 ARTICLE 2 

THE CREDITS 

Section 2.01    Revolving Credit Loans. Each Bank severally agrees, on the terms and conditions set forth in
this Agreement, to make loans in Dollars to any Borrower pursuant to this Section from time to time during the Availability Period in amounts such that (i) such Bank’s Revolving Credit Exposure at any time shall not exceed the amount
of its Commitment and (ii) the total Revolving Credit Exposures at any time shall not exceed the aggregate amount of the Commitments. Each Borrowing under this Section shall be in an aggregate principal amount of $25,000,000 or any larger
multiple of $1,000,000 (except that any such Borrowing may be in the aggregate amount available in accordance with Section 3.02(b)) and shall be made from the several Banks ratably in proportion to their respective Commitments. Within the
foregoing limits, any Borrower may borrow under this Section, repay, or to the extent permitted by Section 2.11, prepay Loans and reborrow at any time before the Termination Date under this Section. 

Section 2.02    Notice of Borrowing. The applicable Borrower shall give the Administrative Agent an
irrevocable notice in writing (which includes, for the avoidance of doubt, electronic communication (including e-mail) in accordance with Section 9.02(b)) in a form approved by the Administrative Agent (a
“Notice of Borrowing”), not later than (i) 1:00 p.m., New York City time, on the date of each ABR Borrowing or (ii) 11:00 a.m., New York City time, on the third Business Day before each
Euro-Dollar Borrowing, specifying: 
 (a)    the date of such Borrowing (which
shall be a Business Day), 
 (b)    the aggregate amount of such Borrowing, 

(c)    whether such Borrowing is to be an ABR Borrowing or a Euro-Dollar
Borrowing, and 
 (d)    in the case of a Euro-Dollar Borrowing, the duration of the initial Interest Period applicable
thereto, subject to the provisions of the definition of Interest Period. 
 Section 2.03    [Reserved]. 

Section 2.04    Notice to Banks; Funding of Loans. 

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

(b)    Not later than 3:00 p.m., New York City time, on the date of each Borrowing, each Bank participating therein
shall make available its share of such Borrowing, in Federal or other funds immediately available in New York City, to the Administrative Agent at its address specified in or pursuant to Section 9.01. Unless the Administrative Agent determines
that any applicable 

  
 32 

 
condition specified in Article 3 has not been satisfied, the Administrative Agent will make the funds so received from the Banks available to the applicable Borrower, either by crediting the
amount thereof to an account of such Borrower (if any) maintained with the Administrative Agent or by wire transfer of such amount, in each case in accordance with the instructions of such Borrower provided to the Administrative Agent;
provided that ABR Revolving Credit Loans made to finance the reimbursement of Unreimbursed Amount in respect of a Letter of Credit as provided in Section 2.18(c) shall be remitted by the Administrative Agent to the applicable Fronting
L/C Issuer. 
 (c)    Unless the Administrative Agent shall have received notice from a Bank prior to the date of (or,
in the case of an ABR Borrowing, prior to 2:00 p.m., New York City time, on the date of) any Borrowing that such Bank will not make available to the Administrative Agent such Bank’s share of such Borrowing, the Administrative Agent may assume
that such Bank has made such share available to the Administrative Agent on the date of such Borrowing in accordance with Section 2.04(b) and the Administrative Agent may, in reliance upon such assumption, make available to the applicable
Borrower on such date a corresponding amount. If and to the extent that such Bank shall not have so made such share available to the Administrative Agent, such Bank and the applicable Borrower severally agree to repay to the Administrative Agent
forthwith on demand such corresponding amount together with interest thereon, for each day from the date such amount is made available to such Borrower until the date such amount is repaid to the Administrative Agent, at (i) in the case of such
Borrower, the interest rate applicable to the Loans comprising such Borrowing at such time and (ii) in the case of such Bank, the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry
rules on interbank compensation. If such Bank shall repay to the Administrative Agent such corresponding amount, such amount so repaid shall constitute such Bank’s Loan included in such Borrowing for purposes of this Agreement. 

Section 2.05    Evidence of Debt. 

(a)    Maintenance of Records by Banks. Each Bank shall maintain in accordance with its usual practice records
evidencing the indebtedness of each Borrower to such Bank resulting from each Loan made by such Bank, including the amounts of principal and interest payable and paid to such Bank from time to time hereunder. 

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

(c)    Effect of Entries. The entries made in the records maintained pursuant to Section 2.05(a) or
(b) shall, absent manifest error, be prima facie evidence of the existence and amounts of the obligations recorded therein; provided that the failure of any Bank or the Administrative Agent to maintain such records or any
error therein shall not in any manner affect the obligation of the Borrowers to repay the Loans in accordance with the terms of this Agreement. 

  
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 (d)    Promissory Notes. Any Bank may request that Loans made by
it to a Borrower be evidenced by a single promissory note, in substantially the form of Exhibit A hereto. In such event, such Borrower shall promptly prepare, execute and deliver to such Bank a promissory note payable to such Bank (or, if
requested by such Bank, to such Bank and its registered assigns) and in such form. Thereafter, the Loans evidenced by such promissory note and interest thereon shall at all times (including after assignment pursuant to Section 9.06(d)) be
represented by one or more promissory notes in such form payable to the payee named therein (or, if such promissory note is a registered note, to such payee and its registered assigns). 

Section 2.06    Maturity of Loans. Each Borrower hereby unconditionally promises to pay the full principal
amount of each Revolving Credit Loan made to such Borrower, which shall mature, and the principal amount thereof shall be due and payable (together with the interest accrued thereon) on the Termination Date. 

Section 2.07    Interest. 

(a)    Each ABR Loan shall bear interest on the outstanding principal amount thereof, for each day from the date such Loan
is made until it becomes due, at a rate per annum equal to the Alternate Base Rate for such day plus the Applicable Margin. 

(b)    Each Euro-Dollar Loan shall bear interest on the outstanding principal
amount thereof, for each day during each Interest Period applicable thereto, at a rate per annum equal to the Adjusted LIBO Rate applicable to such Interest Period plus the Applicable Margin. 

(c)    Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount payable by
any Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at the Default Rate. 

(d)    Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan and, in the
case of Revolving Credit Loans, upon termination of the Commitments; provided that (i) interest accrued pursuant to paragraph (c) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment
of any Loan (other than a prepayment of an ABR Revolving Credit Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment and
(iii) in the event of any conversion of any Euro-Dollar Revolving Credit Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion. 

(e)    The Administrative Agent shall determine each interest rate applicable to the Loans hereunder. The Administrative
Agent shall give prompt notice to the applicable Borrower and the participating Banks of each rate of interest so determined, and its determination thereof shall be conclusive absent manifest error. 

Section 2.08    Fees. 

(a)    Commitment Fees. PFI shall pay to the Administrative Agent for the account of each Bank a commitment fee,
which shall accrue at the Commitment Fee Rate on the average daily 

  
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unused amount of the Commitment of such Bank from the Effective Date to but excluding the date on which such Commitment terminates. Accrued commitment fees shall be payable in arrears on the
fifteenth day following the last day of March, June, September and December of each year and on the date on which the Commitments terminate, commencing on the first such date to occur after the date hereof. 

(b)    Letter of Credit Fees. Each Borrower agrees to pay the following fees and other amounts with respect to the
Letters of Credit issued on behalf of such Borrower: 
 (i)    to the Administrative Agent for the
account of each Bank a Letter of Credit fee with respect to each outstanding Letter of Credit, which shall accrue at the Letter of Credit Fee Rate on the average daily amount of such Bank’s L/C Obligations (excluding any portion thereof
attributable to Unreimbursed Amounts) during the period from and including the Effective Date to but excluding the later of the date on which such Bank’s Commitment terminates and the date on which such Bank ceases to have any L/C Obligations;

 (ii)    to each Fronting L/C Issuer a fronting fee, which shall accrue at the rate or rates per annum
separately agreed upon in writing between the applicable Borrower and such Fronting L/C Issuer on the average daily amount of the L/C Obligations (excluding any portion thereof attributable to Unreimbursed Amounts) with respect to Fronted Letters of
Credit issued by such Fronting L/C Issuer during the period from and including the Effective Date to but excluding the later of the date of termination of the Commitments and the date on which there ceases to be any L/C Obligations; and 

(iii)    to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for its own account
the customary issuance, presentation, amendment and other processing fees, and other standard and reasonable costs and charges, of such Fronting L/C Issuer or the Several L/C Agent, as applicable relating to each Letter of Credit as from time to
time in effect. 
 Letter of Credit fees and fronting fees accrued through and including the last day of March, June, September and December of each year
shall be payable on the fifteenth day following such last day, commencing on the first such date to occur after the Effective Date; provided that all such fees shall be payable on the date on which the Commitments terminate and any such fees
accruing after the date on which the Commitments terminate shall be payable on demand. Any other fees and amounts payable to the Fronting L/C Issuers and/or the Several L/C Agent pursuant to this paragraph shall be payable within 10 Business Days
after demand. 
 (c)    Administrative Agent Fees. PFI agrees to pay to the Administrative Agent, for its own
account, fees payable in the amounts and at the times separately agreed upon between PFI and the Administrative Agent. 

(d)    Nonrefundable Fees. Fees payable pursuant to this Section shall not be refundable under any
circumstances. 

  
 35 

 Section 2.09    Termination, Reduction or Increase of
Commitments. 
 (a)    Scheduled Termination. Unless previously terminated, the Commitments shall terminate on
the Termination Date. 
 (b)    Optional Termination or Reduction. PFI may at any time, upon at least three
Business Days’ notice to the Administrative Agent, (i) terminate the Commitments in full at any time, so long as no Revolving Credit Exposures are outstanding at such time, or (ii) reduce the Commitments from time to time by an
aggregate amount of $25,000,000 or any larger multiple of $1,000,000, so long as, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.11, (A) any Bank’s Revolving Credit Exposure would not exceed its
Commitment or (b) the aggregate amount of the Commitments as so reduced shall not be less than the total Revolving Credit Exposures then outstanding. Promptly following receipt of any notice, the Administrative Agent shall advise the Banks of
the contents thereof. Each notice delivered by PFI pursuant to this Section shall be irrevocable; provided that a notice of termination of the Commitments delivered by PFI may state that such notice is conditioned upon the effectiveness
of other credit facilities, in which case such notice may be revoked by PFI (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall
be permanent. Each reduction of the Commitments shall be made ratably among the Banks in accordance with their respective Commitments. 

(c)    Termination Upon PICA Sale. If PFI has notified the Administrative Agent of a proposed sale,
lease or other transfer of all or substantially all of PICA’s assets to another Person in accordance with Section 5.07(b)(iv), the Administrative Agent shall promptly thereafter notify each Bank of such notice by PFI, and the Commitments
shall terminate, and the Loans (together with accrued interest thereon) shall become due and payable, on the earlier of (i) the 90th day following PFI’s delivery of such notice and (ii) the consummation of such sale, lease or other
transfer, unless, prior thereto, each of the Banks shall have notified the Administrative Agent (whereupon the Administrative Agent shall promptly thereafter notify PFI) that such Bank, in its sole discretion, expressly elects not to terminate its
Commitment. Each Bank agrees to use its commercially reasonable efforts to notify the Administrative Agent within 30 days after its receipt of such notice from the Administrative Agent as to whether such Bank, in its sole discretion, elects not to
terminate its Commitment. 
 (d)    Increase in Commitments. 

(i)    Requests for Increase by PFI. PFI may, at any time by notice to the Administrative Agent,
propose an increase in the aggregate amount of the Commitments hereunder (each such proposed increase being a “Commitment Increase”), either by having a Bank increase its Commitment then in effect (each an “Increasing
Bank”) or by adding as a Bank with a new Commitment hereunder a Person which is not then a Bank (each an “Assuming Bank”), in each case with the approval of the Administrative Agent (such approval not to be unreasonably
withheld), provided that each Assuming Bank shall be a NAIC Approved Bank or any other Person which shall have in effect a Confirming Bank Agreement or Limited Fronting Bank Agreement, in each case, with a Person or Bank, as applicable, which
is a NAIC Approved Bank. Such notice shall specify the name 

  
 36 

 
of each Increasing Bank and/or Assuming Bank, as applicable, the amount of the Commitment Increase and the portion thereof being assumed by each such Increasing Bank or Assuming Bank, and the
date on which such increase is to be effective (the “Commitment Increase Date”) (which shall be a Business Day at least three Business Days after delivery of such notice and prior to the Termination Date); provided that: 

(A)    the minimum amount of the Commitment of any Assuming Bank or of the increase in the Commitment of
any Increasing Bank as part of such Commitment Increase shall be $10,000,000; 
 (B)    immediately after
giving effect to any Commitment Increase, the total Commitments hereunder shall not exceed $4,500,000,000; 

(C)    no Default shall have occurred and be continuing on the relevant Commitment Increase Date or shall
result from any Commitment Increase; and 
 (D)    the representations and warranties contained in
Article 4 shall be true on and as of the Commitment Increase Date as if made on and as of such date (or, if any such representation and warranty is expressly stated to have been made as of a specific date, as of such specific date). 

Notwithstanding anything herein to the contrary, no Bank shall have any obligation hereunder to increase its Commitment hereunder and any election to do so
shall be in the sole discretion of each Bank. 
 (ii)    Effectiveness of Commitment Increase PFI.
Each Commitment Increase (and the increase of the Commitment of each Increasing Bank and/or the new Commitment of each Assuming Bank, as applicable, resulting therefrom) shall become effective as of the Commitment Increase Date; provided
that: 
 (A)    the Administrative Agent shall have received on or prior to 9:00 a.m., New York City
time, on such Commitment Increase Date a certificate of a duly authorized officer of PFI stating that each of the applicable conditions to such Commitment Increase set forth in Section 2.09(d)(i) has been satisfied; 

(B)    with respect to each Assuming Bank, the Administrative Agent shall have received, on or prior to
9:00 a.m., New York City time, on such Commitment Increase Date, an appropriate Assumption Agreement, duly executed by such Assuming Bank and each Borrower and acknowledged by the Administrative Agent; and 

(C)    each Increasing Bank shall have delivered to the Administrative Agent, on or prior to
9:00 a.m., New York City time, on such Commitment Increase Date, confirmation in writing satisfactory to the Administrative Agent as to its increased Commitment, with a copy of such confirmation to PFI. 

(iii)    Recordation into Register. Upon its receipt of confirmation from a Bank that it is
increasing its Commitment hereunder, together with the certificate referred to in 

  
 37 

 
Section 2.09(d)(ii)(A), the Administrative Agent shall record the information contained therein in the Register and give prompt notice thereof to PFI. Upon its receipt of an Assumption
Agreement executed by an Assuming Bank, together with the certificate referred to in Section 2.09(d)(ii)(A), the Administrative Agent shall, if such Assumption Agreement has been completed and is in substantially the form of Exhibit B
hereto or any other form approved by the Administrative Agent, accept such Assumption Agreement, record the information contained therein in the Register and give prompt notice thereof to PFI. 

(iv)    Adjustments of Borrowings upon Effectiveness of Increase. In the event that the
Administrative Agent shall have received notice from PFI as to any agreement with respect to a Commitment Increase on or prior to the relevant Commitment Increase Date and the actions provided for in Section 2.09(d)(ii) shall have occurred by
9:00 a.m., New York City time, on such Commitment Increase Date, the Administrative Agent shall notify the Banks (including any Assuming Banks) of the occurrence of such Commitment Increase Date promptly on such date by facsimile transmission
or electronic messaging system. On the date of such Commitment Increase, if (i) any Revolving Credit Loans shall be outstanding and (ii) either (x) such Commitment Increase shall not be provided by the then existing Banks pro rata in
accordance with their respective Commitments or (y) any part of such Commitment Increase shall be provided by an Assuming Bank, the Borrowers shall (A) prepay the outstanding Revolving Credit Loans (if any) in full, (B) if the
Borrowers shall have so requested in accordance with this Agreement, borrow new Revolving Credit Loans hereunder in an amount equal to such prepayment, so that, after giving effect thereto, the Revolving Credit Loans are held ratably by the Banks in
accordance with the respective Commitments of such Banks (after giving effect to such Commitment Increase) and (C) pay to the Banks the amounts, if any, payable under Section 2.13. 

Section 2.10    Method of Electing Interest Rates. 

(a)    The Loans included in each Revolving Credit Borrowing shall bear interest initially at the type of rate specified by
the applicable Borrower in the applicable Notice of Borrowing. Thereafter, such Borrower may from time to time elect to change or continue the type of interest rate borne by a Loan (subject in each case to the provisions of Article 8), as
follows: 
 (i)    if such Loan is an ABR Loan, such Borrower may elect to convert such Loan to a Euro-Dollar Loan as of any Business Day; and 
 (ii)    if such Loan is
a Euro-Dollar Loan, such Borrower may elect to convert such Loan to an ABR Loan or elect to continue such Loan as a Euro-Dollar Loan for an additional Interest Period,
in each case effective on the last day of the then current Interest Period applicable to such Loan. 
 Each such election shall be made by
the applicable Borrower delivering an irrevocable notice in writing (which includes, for the avoidance of doubt, electronic communication (including e-mail) in accordance with Section 9.02(b)) in a form
approved by the Administrative Agent (a “Notice of Interest Rate Election”) to the Administrative Agent at least three Business Days 

  
 38 

 
before the conversion or continuation selected in such notice is to be effective. A Notice of Interest Rate Election may, if it so specifies, apply to only a portion of the aggregate principal
amount of a Loan; provided that (i) in the case of an election with respect to more than one Loan, such portion is allocated ratably among such Loans and (ii) the portion to which such Notice applies, and the remaining portion to
which it does not apply, are each $25,000,000 or any larger multiple of $1,000,000. 
 (b)    Each Notice of Interest
Rate Election shall specify: 
 (i)    the Loans (or portion thereof) to which such notice applies; 

(ii)    the date on which the conversion or continuation selected in such notice is to be effective, which
shall comply with the applicable clause of Section 2.10(a); 
 (iii)    if such Loans are to be
converted, the new type of Loans and, if such new Loans are Euro-Dollar Loans, the duration of the initial Interest Period applicable thereto; and 

(iv)    if such Loans are to be continued as Euro-Dollar Loans for
an additional Interest Period, the duration of such additional Interest Period. 
 Each Interest Period specified in a Notice of Interest Rate Election
shall comply with the provisions of the definition of Interest Period. 
 (c)    Upon receipt of a Notice of Interest
Rate Election from a Borrower pursuant to Section 2.10(a), the Administrative Agent shall promptly notify each Bank of the contents thereof and such notice shall not thereafter be revocable by such Borrower. If a Borrower fails to deliver a
timely Notice of Interest Rate Election to the Administrative Agent for any Euro-Dollar Loans, such Loans shall be converted into ABR Loans on the last day of the then current Interest Period applicable thereto. 

Section 2.11    Optional Prepayments. 

(a)    Each Borrower shall have the right at any time and from time to time to prepay any Borrowing made to such Borrower
in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section. 
 (b)    The
applicable Borrower shall notify the Administrative Agent by telephone (confirmed by telecopy or electronic mail) of any prepayment hereunder (i) in the case of prepayment of a Euro-Dollar Revolving
Credit Borrowing, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (ii) in the case of prepayment of an ABR Revolving Credit Borrowing, not later than 11:00 a.m.,
New York City time, one Business Day before the date of prepayment; provided that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.09,
then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.09. Promptly following receipt of any such notice relating to a Revolving Credit Borrowing, the Administrative Agent shall
advise the Banks of the contents thereof. Each partial prepayment of any Revolving Credit Borrowing shall be in an amount that 

  
 39 

 
would be permitted in the case of an advance of a Revolving Credit Borrowing of the same Type as provided in Section 2.01. Each prepayment of a Revolving Credit Borrowing shall be applied
ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.07, together with any additional amounts required by Section 2.13. 

Section 2.12    General Provisions as to Payments. 

(a)    The Borrowers shall unconditionally make each payment and prepayment of principal of, and interest on, the Loans and
of fees hereunder, not later than, 12:00 noon, New York City time, on the date when due or the date fixed for any prepayment hereunder, in immediately available funds in Dollars in New York City, without
set-off, recoupment or counterclaim, to the Administrative Agent at the Administrative Agent’s Office, except for payments, if any, to be made directly to the applicable Bank or the applicable Fronting
L/C Issuer as expressly provided herein. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. Whenever any payment of
principal of, or interest on, the Loans or of fees shall be due on a day which is not a Business Day, the date for payment thereof shall be extended to the next succeeding Business Day. If the date for any payment of principal is extended by
operation of law or otherwise, interest thereon shall be payable for such extended time. 
 (b)    If at any time
insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, Unreimbursed Amounts, interest and fees then due hereunder, such funds shall be applied (i) first, towards payment of interest
and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, towards payment of principal and Unreimbursed Amounts then due hereunder,
ratably among the parties entitled thereto in accordance with the amounts of principal and Unreimbursed Amounts then due to such parties. 

(c)    Unless the Administrative Agent shall have received notice from a Borrower prior to the date on which any payment
is due from such Borrower to one or more of the Banks hereunder that such Borrower will not make such payment in full, the Administrative Agent may assume that such Borrower has made such payment in full to the Administrative Agent on such date and
the Administrative Agent may, in reliance upon such assumption, cause to be distributed to each Bank on such due date an amount equal to the amount then due such Bank from such Borrower. If and to the extent that such Borrower shall not have so made
such payment, each Bank shall repay to the Administrative Agent forthwith on demand such amount distributed to such Bank together with interest thereon, for each day from the date such amount is distributed to such Bank until the date such Bank
repays such amount to the Administrative Agent, at the greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation. 

(d)    If any Bank shall fail to make any payment required to be made by it pursuant to Section 2.04(c), 2.18(c) or
7.08, then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Bank to satisfy such Bank’s
obligations under such Sections until all such unsatisfied obligations are fully paid, and/or (ii) hold such amounts in a 

  
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segregated account over which the Administrative Agent shall have exclusive control as cash collateral for, and application to, any future funding obligations of such Bank under any such Section,
in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion. 

Section 2.13    Funding Losses. If (a) a Borrower makes any payment of principal with respect to any
Euro-Dollar Loan or any Euro-Dollar Loan is converted to an ABR Loan (pursuant to Section 2.10(b), Article 6 or 8 or otherwise) on any day other than the last day of an Interest Period applicable thereto, (b) a Borrower fails to
borrow, continue or prepay any Euro-Dollar Loans after notice has been given to any Bank in accordance with Section 2.04(a) or 2.10(c), or (c) any Euro-Dollar Loan is assigned on any day other than the last day of an Interest Period
applicable thereto as a result of a request by a Borrower pursuant to Section 8.05(b), such Borrower shall reimburse each Bank within 15 days after demand for any resulting loss, cost or expense incurred by it (or by an existing or prospective
Participant in the related Loan), including any loss incurred in obtaining, liquidating or employing deposits from third parties, but excluding loss of margin or profit for the period after any such payment or conversion or failure to borrow or
prepay, provided that such Bank shall have delivered to such Borrower a certificate as to the amount of such loss or expense, which certificate shall be conclusive absent manifest error. 

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

Section 2.15    Taxes. 

(a)    Payments Free of Taxes. Any and all payments by or on account of any obligation of any Obligor under any Loan
Document shall be made without deduction or withholding for any Taxes, except as required by applicable law. If any applicable law (as determined in the good faith discretion of an applicable withholding agent) requires the deduction or withholding
of any Tax from any such payment by a withholding agent, then the applicable withholding agent shall be entitled to make such deduction or withholding and shall timely pay the full amount deducted or withheld to the relevant Governmental Authority
in accordance with applicable law and, if such Tax is an Indemnified Tax, then the sum payable by the applicable Obligor shall be increased as necessary so that after such deduction or withholding has been made (including such deductions and
withholdings applicable to additional sums payable under this Section) the applicable Recipient receives an amount equal to the sum it would have received had no such deduction or withholding been made. 

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

(c)    Evidence of Payments. As soon as practicable after any payment of Taxes by any Obligor to a Governmental
Authority pursuant to this Section, such Obligor shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or
other evidence of such payment reasonably satisfactory to the Administrative Agent. 

  
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 (d)    Indemnification by Obligor. The applicable Obligor shall
indemnify each Recipient, within 10 days after demand therefor, for the full amount of any Indemnified Taxes (including Indemnified Taxes imposed or asserted on or attributable to amounts payable under this Section) 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
Governmental Authority. A certificate as to the amount of such payment or liability delivered to such Obligor by a Bank (with a copy to the Administrative Agent), or by the Administrative Agent on its own behalf or on behalf of a Bank, shall be
conclusive absent manifest error. 
 (e)    Indemnification by Banks. Each Bank shall severally indemnify the
Administrative Agent, within 10 days after demand therefor, for (i) any Indemnified Taxes attributable to such Bank (but only to the extent that the applicable Obligor has not already indemnified the Administrative Agent for such Indemnified
Taxes and without limiting the obligation of such Obligor to do so), (ii) any Taxes attributable to such Bank’s failure to comply with the provisions of Section 9.06(b) relating to the maintenance of a Participant Register and
(iii) any Excluded Taxes attributable to such Bank, in each case, that are payable or paid by the Administrative Agent in connection with any Loan Document, and any reasonable expenses arising therefrom or with respect thereto, whether or not
such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent shall be conclusive absent manifest error.
Each Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Bank under any Loan Document or otherwise payable by the Administrative Agent to the Bank from any other source against any
amount due to the Administrative Agent under this paragraph (e). 
 (f)    Status of Banks. (i) Any
Bank 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 applicable Obligor and the Administrative Agent, at the time or times reasonably requested by such
Obligor or the Administrative Agent, such properly completed and executed documentation reasonably requested by such Obligor or the Administrative Agent as will permit such payments to be made without withholding or at a reduced rate of withholding.
In addition, any Bank, if reasonably requested by the applicable Obligor or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by such Obligor or the Administrative Agent as will
enable such Obligor or the Administrative Agent to determine whether or not such Bank 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 Sections 2.15(f)(ii)(A), (ii)(B) and (ii)(D) below) shall not be required if in any Bank’s reasonable judgment such completion, execution or
submission would subject such Bank to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Bank. For purposes of determining Taxes imposed under FATCA, from and after the Effective Date,
the Obligors and the Administrative Agent shall treat (and the Banks hereby authorize the Administrative Agent to treat) the Agreement as not qualifying as a “grandfathered obligation” with the meaning of Treasury Regulation Section 1.1471-2(b)(2)(i). 

  
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 (ii)    Without limiting the generality of the
foregoing, in the event that any Obligor is a U.S. Person, 
 (A)    any Bank that is a U.S. Person shall
deliver to such Obligor and the Administrative Agent on or prior to the date on which such Bank becomes a Bank under this Agreement (and from time to time thereafter upon the reasonable request of such Obligor or the Administrative Agent), properly
completed and executed copies of IRS Form W-9 certifying that such Bank is exempt from U.S. Federal backup withholding tax; 

(B)    any Foreign Bank, including a U.S. branch of a Foreign Bank acting solely on behalf of such Foreign
Bank, shall, to the extent it is legally entitled to do so, deliver to such Obligor and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Bank becomes a Bank
under this Agreement (and from time to time thereafter upon the reasonable request of such Obligor or the Administrative Agent), 

whichever of the following is applicable: 

(I)    in the case of a Foreign Bank 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, properly completed and executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or reduction of, U.S. Federal withholding Tax pursuant to the “interest” article of such tax treaty and (y) with respect to any other
applicable payments under any Loan Document, IRS Form W-8BEN or W-8BEN-E, as applicable, establishing an exemption from, or
reduction of, U.S. Federal withholding Tax pursuant to the “business profits” or “other income” article of such tax treaty; 

(II)    properly completed and executed copies of IRS Form W-8ECI;

 (III)    in the case of a Foreign Bank claiming the benefits of the exemption for portfolio interest
under Section 881(c) of the Internal Revenue Code, (x) a certificate substantially in the form of Exhibit E-1 to the effect that such Foreign Bank is not a “bank” within the meaning
of Section 881(c)(3)(A) of the Internal Revenue Code, a “10 percent shareholder” of such Obligor within the meaning of Section 881(c)(3)(B) of the Internal Revenue Code, or a “controlled foreign corporation”
described in Section 881(c)(3)(C) of the Internal Revenue Code (a “U.S. Tax Compliance Certificate”) and (y) executed copies of IRS Form W-8BEN or W-8BEN-E, as applicable; or 

  
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 (IV)    to the extent a Foreign Bank is not the
beneficial owner, properly completed and executed copies of IRS Form W-8IMY, accompanied by IRS Form W-8ECI, IRS Form W-8BEN or W-8BEN-E, as applicable, a U.S. Tax Compliance Certificate substantially in the form of Exhibit E-2 or Exhibit E-3, IRS Form W-9, and/or other certification documents from each beneficial owner, as applicable; provided that if the Foreign Bank is a partnership and one or
more direct or indirect partners of such Foreign Bank are claiming the portfolio interest exemption, such Foreign Bank may provide a U.S. Tax Compliance Certificate substantially in the form of Exhibit
E-4 on behalf of each such direct and indirect partner; 

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

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

 (g)    Treatment of Certain Refunds. If any party determines, in its good faith judgment, that it has received
a refund of any Taxes as to which it has been indemnified pursuant to this Section (including by the payment of additional amounts pursuant to this Section), it shall pay to the indemnifying party an amount equal to such refund (but only to the
extent of indemnity payments made under this Section with respect to the Taxes giving rise to such refund), net of all 

  
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out-of-pocket expenses (including Taxes) of such indemnified party and without interest (other than any interest
paid by the relevant Governmental Authority with respect to such refund). Such indemnifying party, upon the request of such indemnified party, shall repay to such indemnified party the amount paid over pursuant to this paragraph (g)
(plus any penalties, interest or other charges imposed by the relevant Governmental Authority) in the event that such indemnified party is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary
in this paragraph (g), in no event will the indemnified party be required to pay any amount to an indemnifying party pursuant to this paragraph (g) the payment of which would place the indemnified party in a less favorable net after-Tax position than the indemnified party would have been in if the 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. 

(h)    Survival. Each party’s obligations under this Section shall survive the resignation or replacement
of the Administrative Agent or any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under any Loan Document. 

(i)    Fronting L/C Issuers. For purposes of this Section, the term “Bank” includes any Fronting
L/C Issuer. 
 Section 2.16    Cash Collateral. 

(a)    Fronted Letter of Credit Exposure. At any time that there shall exist a Defaulting Bank, to the extent
required by Section 2.17(a)(iii), the applicable Borrower shall deliver to the Administrative Agent for the benefit of the applicable Fronting L/C Issuers Cash Collateral in an amount sufficient to cover such Defaulting Bank’s L/C
Obligations in respect of Fronted Letters of Credit (after giving effect to any Cash Collateral provided therefor by such Defaulting Bank hereunder). 

(b)    L/C Obligations. Upon the request of the Administrative Agent (given at the request or with the consent of
the Required Banks), if, as of the Termination Date, any Letter of Credit for any reason remains outstanding and partially or wholly undrawn, the applicable Borrower shall immediately deliver to the Administrative Agent for the benefit of the
applicable Fronting L/C Issuers and the Banks Cash Collateral in an amount sufficient to cover the then outstanding L/C Obligations plus any accrued and unpaid interest thereon. 

(c)    Grant of Security Interest. All Cash Collateral (other than credit support not constituting funds subject to
deposit) shall be maintained in blocked, interest bearing deposit accounts with the Administrative Agent at JPMorgan. The applicable Borrower, and to the extent provided by any Defaulting Bank, such Defaulting Bank, hereby grants to (and subjects to
the control of) the Administrative Agent, for the benefit of the Administrative Agent, the Fronting L/C Issuers, the Limited Fronting Banks and/or the Banks (as applicable), and agrees to maintain, a first priority security interest in all such
cash, deposit accounts and all balances therein, and all other property so provided as collateral pursuant hereto, and in all proceeds of the foregoing, all as security for the applicable Obligations for which such Cash Collateral has been
delivered. If at 

  
 45 

 
any time the Administrative Agent determines that Cash Collateral is subject to any right or claim of any Person other than the Administrative Agent as herein provided, or that the total amount
of Cash Collateral for the purpose for which such Cash Collateral had been delivered is less than the minimum amount required hereunder for such purpose, the applicable Borrower or the applicable Defaulting Bank will, promptly upon demand by the
Administrative Agent, pay or provide to the Administrative Agent additional Cash Collateral in an amount sufficient to eliminate such deficiency. 

(d)    Application. Notwithstanding anything to the contrary contained in this Agreement, Cash Collateral provided
under any of this Section, Section 2.17, Section 2.18 or Section 6.01 shall be held and applied to the satisfaction of the applicable Obligations for which such Cash Collateral has been provided hereunder (including, as to Cash
Collateral provided by a Defaulting Bank, any interest accrued on such Obligations), prior to any other application of such property as may be provided for herein. 

(e)    Release. Cash Collateral (or the appropriate portion thereof) shall be released promptly upon the following:

 (i)    in the event that any Bank on account of whom such Cash Collateral was delivered shall no
longer be a Defaulting Bank, the Administrative Agent shall return to the pledgor such portion of Cash Collateral attributable to such Bank; 

(ii)    in the event that any Bank on account of whom such Cash Collateral was delivered shall have its
Commitment reduced, the Administrative Agent shall return to the pledgor such portion of the Cash Collateral attributable to such Bank in proportion to the amount by which such Bank’s Commitment is so reduced; 

(iii)    in the event that the applicable Letter of Credit on account of which such Cash Collateral was
delivered expires, is reduced in its face amount or is drawn upon, and such drawing has been reimbursed by the applicable Borrower, the Administrative Agent shall return to the pledgor such portion of the Cash Collateral attributable to such expired
or reduced Letter of Credit or such reimbursed drawing, as applicable; or 
 (iv)    the Administrative
Agent’s good faith determination that there exists excess Cash Collateral with respect to the applicable Obligations for which such Cash Collateral has been provided hereunder; 

provided, however, that (x) Cash Collateral furnished by or on behalf of any Borrower shall not be released during the continuance of a
Default, and (y) the Person providing Cash Collateral and the Administrative Agent and, as applicable, the applicable Fronting L/C Issuer or Limited Fronting Bank may agree that Cash Collateral shall not be released but instead held to support
future anticipated exposure or other obligations in respect of Letters of Credit (or participations therein). 

  
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 Section 2.17    Defaulting Banks. (a) Notwithstanding
any provision of this Agreement to the contrary, if any Bank becomes a Defaulting Bank, then the following provisions shall apply for so long as such Bank is a Defaulting Bank: 

(i)    such Defaulting Bank shall not be entitled to receive any commitment fee pursuant to
Section 2.08(a) for any period during which it is a Defaulting Bank (and PFI shall not be required to pay any such fee that would otherwise have been required to have been paid to such Defaulting Bank); 

(ii)    any payment of principal, interest, fees or other amounts received by the Administrative Agent for
the account of such Defaulting Bank (whether voluntary or mandatory, at maturity or otherwise) or received by the Administrative Agent from a Defaulting Bank pursuant to Section 9.04 shall be applied at such time or times as may be determined
by the Administrative Agent as follows: first, to the payment of any amounts owing by such Defaulting Bank to the Administrative Agent hereunder; second, to the payment on a pro rata basis of any amounts owing by such Defaulting Bank
to any Fronting L/C Issuer hereunder; third, to cash collateralize L/C Obligations with respect to such Defaulting Bank in accordance with this Section; fourth, as PFI may request (so long as no Default or Event of Default exists), to
the funding of any Loan in respect of which such Defaulting Bank has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; fifth, if so determined by the Administrative Agent and PFI, to
be held in a deposit account and released pro rata in order to (x) satisfy such Defaulting Bank’s potential future funding obligations with respect to Loans under this Agreement and (y) cash collateralize future L/C Obligations with
respect to such Defaulting Bank with respect to future Letters of Credit issued under this Agreement, in accordance with this Section; sixth, to the payment of any amounts owing to the Banks or any Fronting L/C Issuer as a result of any
judgment of a court of competent jurisdiction obtained by any Bank or any Fronting L/C Issuer against such Defaulting Bank as a result of such Defaulting Bank’s breach of its obligations under this Agreement or under any other Loan Document;
seventh, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against such Defaulting Bank as a result
of such Defaulting Bank’s breach of its obligations under this Agreement or under any other Loan Document; and eighth, to such Defaulting Bank or as otherwise directed by a court of competent jurisdiction; provided that if (x) such
payment is a payment of the principal amount of any Loans or Unreimbursed Amounts in respect of which such Defaulting Bank has not fully funded its appropriate share, and (y) such Loans were made or the related Letters of Credit were issued at
a time when the conditions set forth in Section 3.02 were satisfied or waived, such payment shall be applied solely to pay the Loans of, and Unreimbursed Amounts owed to, all non-Defaulting Banks on a pro
rata basis prior to being applied to the payment of any Loans of, or Unreimbursed Amounts owed to, such Defaulting Bank until such time as all Loans and funded and unfunded participations in the Borrowers’ obligations corresponding to such
Defaulting Bank’s Unreimbursed Amount are held by the Banks pro rata in accordance with the Commitments without giving effect to clause (iv) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Bank that are
applied (or held) to pay amounts owed by a Defaulting Bank or to post cash collateral pursuant to this Section shall be deemed paid to and redirected by such Defaulting Bank, and each Bank irrevocably consents hereto; 

  
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 (iii)    the Commitments and Revolving Credit Exposures
of such Defaulting Bank shall not be included in determining whether all Banks or the Required Banks have taken or may take any action hereunder, and such Defaulting Bank’s right to approve any amendment, waiver or other modification with
respect to this Agreement shall be restricted as set forth in Section 9.05; 
 (iv)    with respect
to any Fronted Letter of Credit and/or the L/C Obligations of such Defaulting Bank with respect thereto: 

(A)    with respect to any Fronted Letter of Credit outstanding at the time such Bank becomes a Defaulting
Bank, all or any portion of such L/C Obligations held by such Defaulting Bank shall be reallocated among the non-Defaulting Banks in accordance with their respective Applicable Percentages but only to the
extent (x) the sum of all non-Defaulting Banks’ Revolving Credit Exposures plus such Defaulting Bank’s L/C Obligations does not exceed the aggregate amount of all non-Defaulting Banks’ Commitments (except as provided in Section 2.18(j) for Limited Fronting Banks), (y) the Revolving Credit Exposure of each non-Defaulting
Bank shall not exceed the Commitment of such non-Defaulting Bank (except as provided in Section 2.18(j) if such non-Defaulting Bank is a Limited Fronting Bank) and
(z) the conditions set forth in Section 3.02 are satisfied at such time (and, notwithstanding anything herein to the contrary, such Defaulting Bank shall have no obligation under each such Fronted Letter of Credit to the extent such L/C
Obligations in respect thereof are so allocated); 
 (B)    if the reallocation described in
clause (iv)(A) above cannot, or can only partially, be effected, the applicable Borrower shall within one Business Day following notice by the Administrative Agent Cash Collateralize for the benefit of the applicable Fronting L/C Issuers only
such Borrower’s obligations corresponding to such Defaulting Bank’s L/C Obligations (after giving effect to any partial reallocation pursuant to clause (iv)(A) above) in accordance with the procedures set forth in Section 2.16(a)
for so long as such L/C Obligations are outstanding; 
 (C)    if the applicable Borrower Cash
Collateralizes any portion of such Defaulting Bank’s L/C Obligations pursuant to clause (iv)(B) above, PFI shall not be required to pay any fees to such Defaulting Bank pursuant to Section 2.08(b) with respect to such Defaulting
Bank’s L/C Obligations during the period such Defaulting Bank’s L/C Obligations are Cash Collateralized; 

(D)    if the L/C Obligations of the non-Defaulting Banks are
reallocated with respect to any Fronted Letter of Credit pursuant to clause (iv)(A) above, then the fees payable to the Banks pursuant to Section 2.09(b) shall be adjusted in accordance with such
non-Defaulting Banks’ Applicable Percentages; and 

(E)    if all or any portion of such Defaulting Bank’s L/C Obligations are neither reallocated nor
Cash Collateralized pursuant to clause (iv)(A) or (iv)(B) above, then, without prejudice to any rights or remedies of any Fronting L/C Issuer or any Bank hereunder, all letter of credit fees payable under Section 2.08(b) with respect to
such Defaulting Bank’s L/C Obligations shall be payable to the applicable Fronting L/C Issuer until and to the extent that such L/C Obligations are reallocated and/or Cash Collateralized; and 

  
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 (F)    no Fronting L/C Issuer shall be required to
issue, amend, increase or extend any Fronted Letter of Credit, unless it is satisfied that such Defaulting Bank’s then outstanding L/C Obligations (including with respect to such Letter of Credit) will be 100% covered by the Commitments of the non-Defaulting Banks and/or Cash Collateral will be provided by the applicable Borrower in accordance with this Section and Section 2.16(a), and participation interests in any newly issued or increased
Fronted Letter of Credit shall be allocated among non-Defaulting Banks in a manner consistent with clause (iv)(A) above (and, notwithstanding anything herein to the contrary, such Defaulting Bank shall
have no obligation under each such Fronted Letter of Credit to the extent such L/C Obligations in respect thereof are so allocated); and 

(v)    with respect to any Several Letter of Credit and/or the L/C Obligations of such Defaulting Bank with
respect thereto: 
 (A)    such Defaulting Bank shall not be entitled to receive any Letter of Credit fee
pursuant to Section 2.08(b) for any period during which it is a Defaulting Bank (and (except as provided in clause (v)(C) below) PFI shall not be required to pay any such fee that would otherwise have been required to have been paid to
such Defaulting Bank); 
 (B)    with respect to any Several Letter of Credit outstanding at the time
such Bank becomes a Defaulting Bank (other than any Several Letter of Credit with respect to which another Bank has agreed to act as the Limited Fronting Bank for such Defaulting Bank), with the consent of the beneficiary thereunder to the extent
required by the terms thereof or under applicable law or regulation, (i) all or any portion of the L/C Obligations held by such Defaulting Bank shall be reallocated among the non-Defaulting Banks in
accordance with their respective Applicable Percentages but only to the extent that (x) the sum of all non-Defaulting Banks’ Revolving Credit Exposures plus such Defaulting Bank’s L/C
Obligations does not exceed the aggregate amount of all non-Defaulting Banks’ Commitments (except as provided in Section 2.18(j) for Limited Fronting Banks), (y) the Revolving Credit Exposure of
each non-Defaulting Bank shall not exceed the Commitment of such non-Defaulting Bank (except as provided in Section 2.18(j) if such
non-Defaulting Bank is a Limited Fronting Bank) and (z) the conditions set forth in Section 3.02 are satisfied at such time and (ii) each such Several Letter of Credit shall be amended to
specify the non-Defaulting Banks that are parties to such Several Letter of Credit, after giving effect to such event, and such non-Defaulting Banks’ respective
Applicable Percentages with respect thereto as of the effective date of such amendment (and, notwithstanding anything herein to the contrary, such Defaulting Bank shall have no obligation under each such Several Letter of Credit to the extent such
L/C Obligations in respect thereof are so allocated); 

  
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 (C)    if the L/C Obligations of the non-Defaulting Banks are reallocated with respect to any Several Letter of Credit pursuant to clause (v)(B) above, then the Letter of Credit fees payable to the Banks with respect to such Several Letter of
Credit pursuant to Section 2.09(b) shall be adjusted in accordance with such non-Defaulting Banks’ Applicable Percentages; and 

(D)    so long as such Bank remains a Defaulting Bank, the L/C Obligations of the Banks in respect of any
Several Letter of Credit requested to be issued hereunder shall be allocated among non-Defaulting Banks in a manner consistent with clause 2.17(v)(B) above (and, notwithstanding anything herein to the
contrary, such Defaulting Bank shall have no obligation under each such Several Letter of Credit to the extent such L/C Obligations in respect thereof are so allocated). 

(b)    If any Fronting L/C Issuer has a good faith belief that any Bank has defaulted in fulfilling its obligations under
one or more other agreements in which such Bank commits to extend credit, such Fronting L/C Issuer shall not be required to issue, amend or increase any Letter of Credit, unless such Fronting L/C Issuer shall have entered into arrangements with the
applicable Borrower or such Bank, satisfactory to such Fronting L/C Issuer to defease any risk to it in respect of such Bank hereunder. 

(c)    In the event that the Administrative Agent, the Several L/C Agent, the Fronting L/C Issuers and the Borrowers each
agree that a Defaulting Bank has adequately remedied all matters that caused such Bank to be a Defaulting Bank, the Administrative Agent will so notify the parties hereto, whereupon as of the effective date specified in such notice and subject to
any conditions set forth therein (which may include arrangements with respect to any Cash Collateral), (A) to the extent the L/C Obligations held by the non-Defaulting Banks were theretofore reallocated
with respect to any Several Letter of Credit pursuant to paragraph (a)(v) of this Section, all adjustments shall be made to such Several Letters of Credit consistent with Section 2.18(b)(v) (including amendments to each such Several Letter
of Credit and/or, if applicable, purchases at par by such Bank of the Unreimbursed Amounts then outstanding (if any) of the other Banks thereunder) as the Administrative Agent shall determine may be necessary in order for such Bank to hold such L/C
Obligations in accordance with its Applicable Percentage; (B) if the L/C Obligations held by the non-Defaulting Banks were not theretofore reallocated with respect to such Several Letter of Credit
pursuant to paragraph (a)(v) of this Section, but instead the face amount of any such Several Letter of Credit was increased or a new Several Letter of Credit was issued hereunder in favor of the beneficiary of such Several Letter of Credit in order
to provide such beneficiary with an aggregate undrawn face amount of Letters of Credit from the non-Defaulting Banks in the amount required by such beneficiary, the amount of such Several Letter of Credit or
new Several Letter of Credit shall be amended to decrease the amount thereof, or the applicable Borrower shall arrange for such new Letter of Credit to be surrendered by such beneficiary to such Several L/C Agent, in order to reflect the inclusion
of such Bank’s Commitment; and (C) such Bank shall purchase at par such of the Loans of the other Banks or shall take such actions as the Administrative Agent shall determine may be necessary to cause the Loans and funded and unfunded
participations in Letters of Credit to be held pro rata by the Banks in accordance with their respective Commitments, whereupon such Bank shall no longer be a Defaulting Bank; provided that no adjustments will be made retroactively with
respect to fees accrued or payments made by or on behalf of the Borrowers 

  
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while such Bank was a Defaulting Bank; and provided, further, that except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Bank
to Bank will constitute a waiver or release of any claim of any party hereunder arising from such Bank’s having been a Defaulting Bank. Subject to Section 9.18, no reallocation hereunder shall constitute a waiver or release of any claim of
any party hereunder against a Defaulting Bank arising from that Bank having become a Defaulting Bank, including any claim of a Non-Defaulting Bank as a result of such
Non-Defaulting Bank’s increased exposure following such reallocation. 

Section 2.18    Letters of Credit. 

(a)    Letter of Credit Commitment. 

(i)    Subject to the terms and conditions set forth herein, from time to time during the Availability
Period: 
 (A)    each Fronting L/C Issuer agrees, in reliance upon the agreements of the Banks set forth
in this Section, (1) to issue Fronted Letters of Credit denominated in Dollars for the account of any Borrower, and to amend or extend Fronted Letters of Credit previously issued by it, (2) to honor drawings under Fronted Letters of
Credit, and the Banks severally agree to participate in all Fronted Letters of Credit issued hereunder and any drawings thereunder in accordance with their Applicable Percentages, and (3) that all Existing Letters of Credit outstanding on the
Effective Date under the Existing Credit Agreement and issued by a Fronting L/C Issuer that is a Fronting L/C Bank hereunder and listed on Schedule 2.18 shall automatically be continued hereunder on the Effective Date by such Fronting
L/C Issuer, and as of the Effective Date the Banks shall acquire a participation therein as if such Existing Letter of Credit were issued hereunder, and each such Existing Letter of Credit shall be deemed a Letter of Credit for all purposes of this
Agreement as of the Effective Date; and 
 (B)    each Bank agrees, through the Several L/C Agent,
(1) to issue severally, and for itself alone, Several Letters of Credit at the request of and for the account of any Borrower in such Bank’s Applicable Percentage of the aggregate stated amounts of such Several Letters of Credit, and to
amend or extend Several Letters of Credit previously issued by it, (2) to honor severally, and for itself alone, drawings under the Several Letters of Credit in an amount equal to its Applicable Percentage of such drawings, and (3) that
all Existing Letters of Credit outstanding on the Effective Date under the Existing Credit Agreement and issued by such Banks thereunder and listed on Schedule 2.18 shall automatically be continued hereunder on the
Effective Date by the Banks, and each such Existing Letter of Credit shall be deemed a Letter of Credit for all purposes of this Agreement as of the Effective Date; 

provided that, after giving effect to any L/C Credit Extension, (x) the total Revolving Credit Exposures shall not exceed the aggregate amount of
the Commitments, (y) the Revolving Credit Exposure of each Bank shall not exceed its Commitment (except as provided in Section 2.18(j) for any Bank that is acting as a Limited Fronting Bank with respect to such L/C Credit Extension) and

  
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(z) with respect to any Fronted Letter of Credit issued by any Fronting L/C Issuer, the aggregate undrawn amount of all outstanding Fronted Letters of Credit issued by such Fronting L/C Issuer
shall not exceed its Fronted Letter of Credit Commitment. 
 Within the foregoing limits, and subject to the terms and conditions hereof,
the Borrowers’ ability to obtain Letters of Credit shall be fully revolving, and accordingly any Borrower may, during the Availability Period, obtain Letters of Credit to replace Letters of Credit that have expired or that have been drawn upon
and reimbursed. 
 Each Fronted Letter of Credit shall be a standby letter of credit in such form as the applicable Borrower shall request
and which the applicable Fronting L/C Issuer and the Administrative Agent shall determine in good faith is not inconsistent with the terms hereof. 

Each Several Letter of Credit shall be a standby letter of credit in such form as the applicable Borrower shall request and which the
Administrative Agent and the Several L/C Agent shall determine in good faith does not contain any obligations, or diminish any rights, of any Bank with respect thereto or other terms thereof that are inconsistent with the terms hereof. Without the
prior consent of each Bank, no Several Letter of Credit may be issued that would vary the several and not joint nature of the obligations of the Banks thereunder, and (subject to the provisions contained herein regarding Limited Fronting Banks and
Defaulting Banks) each Several Letter of Credit shall be issued (through the applicable Several L/C Agent) by all of the Banks at the time of issuance as a single multi-bank letter of credit, but the obligation of each Bank thereunder shall be
several (and not joint) based upon its Applicable Percentage of the aggregate undrawn amount of such Letter of Credit. 
 If requested by
any Borrower but subject to the terms and conditions hereof, a Letter of Credit shall satisfy the requirements for letters of credit under the credit-for-reinsurance
provisions of the relevant beneficiary’s domiciliary state’s insurance laws and regulations (or the requirements of such other Governmental Authority which then regulates the relevant beneficiary’s business as may be specified by such
Borrower) as to which such Borrower notifies the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, and the Administrative Agent prior to the date of issuance of such Letter of Credit; provided that the applicable
Fronting L/C Issuers, the Several L/C Agent, the Administrative Agent and the Banks shall not be obligated to verify such satisfaction. 

(ii)    No Fronting L/C Issuer shall issue any Fronted Letter of Credit, and the Several L/C Agent shall
not issue any Several Letter of Credit on behalf of the Banks, if, (A) subject to Section 2.18(b)(v) with respect to Auto-Extension Letters of Credit, the expiry date of such Letter of Credit would occur more than twelve months after the
date of issuance or last extension, unless the Required Banks have approved such expiry date, or (B) the expiry date of such Letter of Credit would occur after five Business Days prior to the Termination Date, unless all the Banks have approved
such expiry date. 

  
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 (iii)    No Fronting L/C Issuer shall issue any Fronted
Letter of Credit, and neither the Several L/C Agent nor any Bank shall issue any Several Letter of Credit, if: 

(A)    any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport
to enjoin or restrain such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank from issuing such Letter of Credit, or any law applicable to such Fronting L/C Issuer, the Several
L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank or any request or directive (whether or not having the force of law) from any Governmental Authority with jurisdiction over such Fronting L/C Issuer, the
Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank shall prohibit, or request that such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank,
such Bank refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank,
such Bank with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank is not
otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank any unreimbursed loss, cost
or expense which was not applicable on the Effective Date and which such Fronting L/C Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank in good faith deems material to it; 

(B)    the issuance of such Letter of Credit would violate one or more policies of such Fronting L/C
Issuer, the Several L/C Agent or, if the Administrative Agent has been notified thereof by any Bank, such Bank, as applicable, applicable to letters of credit generally; 

(C)    except as otherwise agreed by such Fronting L/C Issuer or the Several L/C Agent, as applicable, such
Letter of Credit is in an initial amount of less than $250,000; 
 (D)    after the issuance of such
Letter of Credit, more than 15 Letters of Credit would be outstanding unless the Borrowers, the Fronting L/C Issuers and the Several L/C Agent and the Administrative Agent otherwise agree; 

(E)    such Letter of Credit is to be denominated in a currency other than Dollars; 

(F)    such Letter of Credit contains any provisions for automatic reinstatement of the stated amount after
any drawing thereunder; or 
 (G)    if such Letter of Credit is (i) a Fronted Letter of Credit or
(ii) a Several Letter of Credit in respect of which there is a Limited Fronting Bank, any Bank is a Defaulting Bank thereunder, unless the applicable Fronting L/C Issuer or the applicable Limited Fronting Bank, as applicable, has entered into
arrangements 

  
 53 

 
satisfactory to it with the applicable Borrower or such Defaulting Bank to eliminate such Fronting L/C Issuer’s or such Limited Fronting Bank’s risk with respect to such Defaulting
Bank; provided that, if the applicable Borrower, provides Cash Collateral with respect to a Letter of Credit requested to be issued hereunder, the applicable Fronting L/C Issuer or the applicable Limited Fronting Bank, as applicable, shall
not be entitled to rely on this clause (G) as a basis for not issuing such Letter of Credit. 

(iv)    No Fronting L/C Issuer shall amend or extend any Fronted Letter of Credit, and neither the Several
L/C Agent nor any Bank shall amend or extend any Several Letter of Credit, if it would not be permitted at such time to issue such Letter of Credit in its amended form under the terms of Section 2.18(a)(iii) (provided that this paragraph
(iv) shall not apply to the automatic renewal of any Auto-Extension Letter of Credit). 
 (v)    No
Fronting L/C Issuer shall be under any obligation to amend any Fronted Letter of Credit, and neither the Several L/C Agent nor any Bank shall be under any obligation to amend any Several Letter of Credit, if (A) such Fronting L/C Issuer, the
Several L/C Agent or such Bank, as applicable, would have no obligation at such time to issue such Letter of Credit in its amended form under the terms of Section 2.18(a)(iii) or (B) the beneficiary of such Letter of Credit does not accept
the proposed amendment to such Letter of Credit. 
 (vi)    If any Bank shall become an Affected Bank
with respect to a particular Several Letter of Credit, such Bank shall promptly notify the Administrative Agent thereof (which shall promptly notify the Several L/C Agent and the applicable Borrower). In the absence of receipt by the Administrative
Agent of notice by a Bank that it has become an Affected Bank with respect to a particular Several Letter of Credit, it shall be conclusively presumed by the Administrative Agent and the Several L/C Agent that such Bank is not an Affected Bank with
respect to such Several Letter of Credit. If such notice is given by an Affected Bank with respect to a particular Several Letter of Credit, such notice shall not be effective as a like notice with respect to any other Several Letter of Credit. If
such notice is given by an Affected Bank with respect to a particular Several Letter of Credit, upon the applicable Borrower’s request any other Bank may (but shall not be obligated to) agree to act as a Limited Fronting Bank for such Affected
Bank with respect to such Several Letter of Credit upon such terms and conditions as such Affected Bank and such other Bank may agree. 

(b)    Procedures for Issuance and Amendment of Letters of Credit; Auto-Extension Letters of Credit. (i) Each
Letter of Credit shall be issued or amended, as the case may be, upon the request of any Borrower, by the delivery to (A) the applicable Fronting L/C Issuer, in the case of Fronted Letters of Credit, (B) the Several L/C Agent, in the case
of Several Letters of Credit, and (C) the Administrative Agent (which shall promptly notify the Banks of such request, in the case of a Several Letter of Credit), in each case, of a Letter of Credit Application, appropriately completed and
signed by a Senior Financial Officer or an Assistant Treasurer of such Borrower (and, if applicable, of the Subsidiary named therein as an applicant). Such Letter of Credit Application must be received by such Fronting L/C Issuer or the Several L/C
Agent, as applicable, and the Administrative Agent not later than 11:00 a.m., New York City time, at least three Business Days prior to the proposed issuance date or date of amendment, as the case may be, of the particular Letter of Credit. 

  
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 In the case of a request for an initial issuance of a Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable: 

(A)    whether such Letter of Credit is to be issued as a Fronted Letter of Credit or a Several Letter of
Credit and, if such Letter of Credit is to be issued as a Several Letter of Credit, whether there is to be a Limited Fronting Bank; 

(B)    if applicable, the name of the Subsidiary of the applicable Borrower to be an applicant with respect
to such Letter of Credit; 
 (C)    the proposed issuance date of such Letter of Credit (which shall be a
Business Day); 
 (D)    the amount thereof; 

(E)    the expiry date thereof; 

(F)    the name and address of the beneficiary thereof; 

(G)    the documents to be presented by such beneficiary, if any, in case of any drawing thereunder; 

(H)    the full text of any certificate to be presented by such beneficiary, if any, in case of any drawing
thereunder; 
 (I)    the purpose and nature of such Letter of Credit; 

(J)    whether such Letter of Credit shall be issued under the rules of the ISP or the UCP; and 

(K)    such other matters as such Fronting L/C Issuer, the Several L/C Agent or the Administrative Agent,
as applicable, may reasonably require. 
 In the case of a request for an amendment of any outstanding Letter of Credit, such Letter of
Credit Application shall specify in form and detail satisfactory to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable: 

(I)    the Letter of Credit to be amended; 

(II)    the proposed date of amendment thereof (which shall be a Business Day); 

(III)    the nature of the proposed amendment; and 

  
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 (IV)    such other matters as such Fronting L/C Issuer,
the Several L/C Agent or the Administrative Agent, as applicable, may reasonably require. 
 Additionally, the applicable Borrower shall,
and shall (if applicable) cause any Subsidiary party to the relevant Letter of Credit Application to, furnish to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, and the Administrative Agent such other documents and
information pertaining to such requested Letter of Credit issuance or amendment, as such Fronting L/C Issuer, the Several L/C Agent or the Administrative Agent, as applicable, may reasonably require. 

(ii)    Promptly after receipt of any Letter of Credit Application, the applicable Fronting L/C Issuer or
the Several L/C Agent, as applicable, will confirm with the Administrative Agent (by telephone or in writing) that the Administrative Agent has received a copy of such Letter of Credit Application from the applicable Borrower and, if applicable, any
Subsidiary, and, if not, such Fronting L/C Issuer or the Several L/C Agent, as applicable, will provide the Administrative Agent with a copy thereof. Unless such Fronting L/C Issuer or the Several L/C Agent, as applicable, has received written
notice from any Bank, the Administrative Agent or such Borrower, at least two Business Days prior to the requested date of issuance or amendment of the applicable Letter of Credit, that such Letter of Credit is not permitted to be issued hereunder
or that one or more applicable conditions contained in Article 3 shall not then be satisfied, then, subject to the terms and conditions hereof, such Fronting L/C Issuer or the Several L/C Agent, as applicable, shall, on the requested date,
issue a Fronting Letter of Credit or a Several L/C Agent, as applicable, for the account of such Borrower or enter into the applicable amendment, as the case may be, in each case in accordance with such Fronting L/C Issuer’s or the Several L/C
Agent’s, as applicable, usual and customary business practices. 
 (iii)    The Several L/C Agent is
hereby authorized to execute and deliver each Several Letter of Credit and each amendment to a Several Letter of Credit on behalf of each Bank and to otherwise act on behalf of each Bank with respect to each Several Letter of Credit, in each case,
in accordance with the terms hereof. The Several L/C Agent shall use the Applicable Percentage of each Bank as its “Percentage Obligation” (or equivalent term) under each Several Letter of Credit; provided that each Limited
Fronting Bank (if any), in its capacity as such, shall, in addition to its own “Percentage Obligation” as a Bank, have a “Percentage Obligation” (or equivalent term) equal to the Applicable Percentage (or the
portion thereof, if applicable) of each Participating L/C Issuer for which such Limited Fronting Bank acts in such capacity under such Several Letter of Credit. Subject to the proviso to the first sentence of Section 2.18(a)(i), the Several L/C
Agent is hereby authorized to amend a Several Letter of Credit to change the “Percentage Obligation” (or equivalent term) of a Bank, or add or delete a Bank liable under a Several Letter of Credit, in connection with an assignment
or any other addition or replacement of a Bank, in accordance with the terms of this Agreement (including in connection with changes resulting from the reallocation of L/C Obligations pursuant to Section 2.17). In the event that a Bank becomes
a Participating L/C Issuer or ceases to be a Participating L/C Issuer, the Several L/C Agent is hereby authorized to amend each Several Letter of Credit to reflect such change in status and to change the “Percentage Obligation” (or

  
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equivalent term) of the applicable Limited Fronting Bank, as the case may be. Each Bank (including, for avoidance of doubt, each Limited Fronting Bank) hereby irrevocably constitutes and appoints
the Several L/C Agent its true and lawful attorney-in-fact for and on behalf of such Bank with full power of substitution and revocation in its own name or in the name
of the Several L/C Agent for the limited purpose of issuing, executing and delivering, as the case may be, each Several Letter of Credit and each amendment to a Several Letter of Credit and for carrying out the purposes of this Agreement with
respect to Several Letters of Credit, in each case, in accordance with the terms hereof. 
 (iv)    It is
the intention and agreement of the Administrative Agent, the Banks and the Several L/C Agent that (A) except as otherwise expressly set forth herein (including with respect to Limited Fronting Banks, if any), the rights and obligations of the
Banks in respect of outstanding Several Letters of Credit shall be determined in accordance with the Applicable Percentages of the Banks from time to time in effect and (B) subject to the proviso to the first sentence of
Section 2.18(a)(i), outstanding Several Letters of Credit shall be promptly amended to reflect changes in the Applicable Percentages of the Banks under this Agreement arising from time to time in connection with any event or circumstance
contemplated hereby, including a Bank acting as a Limited Fronting Bank for any Affected Bank or Non-NAIC Approved Bank pursuant to Section 2.18(j), an increase of the Commitments pursuant to
Section 2.09(c), a reallocation of L/C Obligations held by a Defaulting Bank pursuant to Section 2.17, a replacement of a Bank pursuant to Section 8.05(b), an assignment pursuant to Section 9.06 or otherwise. However, it is
acknowledged by the Administrative Agent, the Banks and the Several L/C Agent that amendments of outstanding Several Letters of Credit may not be immediately effected and may be subject to the consent of the beneficiaries of such Several Letters of
Credit. Accordingly, whether or not Several Letters of Credit are amended as contemplated hereby, the Banks agree that they shall purchase and sell participations (as provided in Section 2.18(k)) or otherwise make or effect such payments among
themselves (but through the Administrative Agent) so that payments by the Banks of drawings under Several Letters of Credit and payments by the applicable Borrower of Unreimbursed Amounts thereunder and interest thereon are, except as otherwise
expressly set forth herein (including with respect to Limited Fronting Banks and Defaulting Banks, if any), in each case shared by the Banks in accordance with the Applicable Percentages of the Banks from time to time in effect. 

(v)    If any Borrower so requests in any applicable Letter of Credit Application, the applicable Fronting
L/C Issuer (in the case of a Fronted Letter of Credit) or the Several L/C Agent (in the case of a Several Letter of Credit), as applicable, will issue or amend a Letter of Credit to provide for automatic extension provisions (each, an
“Auto-Extension Letter of Credit”); provided that any such Auto-Extension Letter of Credit must permit such Fronting L/C Issuer or the Several L/C Agent, as applicable, to prevent any such extension by giving notice to the
beneficiary thereof prior to the thirtieth (30th) day (or such earlier day as set forth in the applicable Letter of Credit and agreed to by such Fronting L/C Issuer or the Several L/C Agent) preceding the then current expiration date of such Letter
of Credit (the “Non-Extension Notice Date”). Such Borrower shall not be required to make a specific request to the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, for
any such extension. Once an Auto-Extension Letter of Credit has been 

  
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issued, the Banks shall be deemed to have authorized the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, to permit the extension of such Letter of Credit to an expiry date
not later than twelve months from the then existing expiry date and in any event not later than five Business Days prior to the Termination Date. 

(vi)    Promptly after its delivery of any Letter of Credit or any amendment to a Letter of Credit to an
advising bank with respect thereto or to the beneficiary thereof, the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, will deliver to the applicable Borrower and the Administrative Agent a true and complete copy of such
Letter of Credit or amendment and the Administrative Agent shall promptly deliver to each Bank copies of each such Several Letter of Credit. Within 15 days after the end of each calendar month, the Administrative Agent will deliver to each of the
Banks and such Borrower a written report setting forth the Letters of Credit that were issued and outstanding as of the last day of such calendar month. 

(c)    Drawings and Reimbursements; Fundings. (i) Upon receipt from the beneficiary of any Fronted
Letter of Credit of any notice of a drawing under such Fronted Letter of Credit, the applicable Fronting L/C Issuer shall, promptly and in any event at least one Business Day before the date (the “Honor Date”) on which such Fronting
L/C Issuer anticipates that payment of such drawing will be made, notify the applicable Borrower and the Administrative Agent thereof. Not later than 2:30 p.m., New York City time, on the Honor Date, so long as the Borrower has received notice of
such payment from the Fronting L/C Issuer or the Administrative Agent by 10:00 a.m., New York City time, on such Honor Date and, otherwise, not later than 2:30 p.m., New York City time, on the following Business Day, such Borrower shall reimburse
such Fronting L/C Issuer through the Administrative Agent an amount equal to the amount of such drawing (such amount, the “Unreimbursed Amount”) without further demand; provided that, at any time during the Availability
Period, such Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with Section 2.02 that such payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, the
Borrower’s obligation to make such payment shall be discharged and replaced by the resulting ABR Borrowing. If such Borrower fails to make such reimbursement by the required time, the Administrative Agent shall promptly notify each Bank of the
Honor Date, the Unreimbursed Amount and the amount of such Bank’s Applicable Percentage thereof. Each Bank shall, upon any notice pursuant to this paragraph (c)(i), with respect to its participation in such Unreimbursed Amount, make funds
available to the Administrative Agent for the account of the applicable Fronting L/C Issuer at the Administrative Agent’s Office in an amount equal to such Bank’s Applicable Percentage of the Unreimbursed Amount not later than 1:00 p.m.,
New York City time, on the Business Day specified in such notice by the Administrative Agent. If any Defaulting Bank shall fail to make such funds available, any Cash Collateral delivered on account of such Defaulting Bank for the respective Fronted
Letter of Credit shall be applied by the Administrative Agent to the reimbursement of the applicable Fronting L/C Issuer as required hereunder. The Administrative Agent shall remit the funds so received or applied to the applicable Fronting L/C
Issuer. Any notice given by any Fronting L/C Issuer or the Administrative Agent pursuant to this paragraph (c)(i) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate confirmation
shall not affect the conclusiveness or binding effect of such notice. 

  
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 (ii)    Upon receipt from the beneficiary of any Several
Letter of Credit of any notice of a drawing under such Several Letter of Credit, the Several L/C Agent shall notify the Administrative Agent, and the Administrative Agent shall notify the applicable Borrower and the Banks, thereof, which notices
shall be given promptly and in any event at least one Business Day before the date (also the “Honor Date”) on which the Several L/C Agent anticipates that payment of such drawing will be made. Not later than 10:00 a.m., New
York City time, on the Honor Date and without further notice or demand by the Several L/C Agent or the Administrative Agent, (A) each Bank (including each Limited Fronting Bank, but excluding each Participating L/C Issuer) shall make funds
available to the Administrative Agent at the Administrative Agent’s Office in an amount equal to its Applicable Percentage (and, in the case of each Limited Fronting Bank, the Applicable Percentage (or the portion thereof for which it has
agreed to be a Limited Fronting Bank) of each applicable Participating L/C Issuer) of the drawing under such Several Letter of Credit (and the Administrative Agent shall make such funds available to the Several L/C Agent) and, (B) in the event
that a Limited Fronting Bank pays the Applicable Percentage of a Participating L/C Issuer (or the relevant portion thereof, if applicable), such Participating L/C Issuer shall pay such Applicable Percentage to such Limited Fronting Bank in purchase
of its participation in such payment. Not later than 2:30 p.m., New York City time, on the Honor Date, so long as such Borrower has received notice of payment under such Several Letter of Credit from the Several L/C Agent or the Administrative Agent
by 10:00 a.m., New York City time, on the Honor Date and, otherwise, not later than 2:30 p.m., New York City time, on the following Business Day such Borrower shall pay to the Banks through the Administrative Agent an amount equal to the amount of
such drawing (such amount also the “Unreimbursed Amount”) without further demand; provided that, at any time during the Availability Period, such Borrower may, subject to the conditions to borrowing set forth herein, request
in accordance with Section 2.02 that such payment be financed with an ABR Borrowing in an equivalent amount and, to the extent so financed, such Borrower’s obligation to make such payment shall be discharged and replaced by the resulting
ABR Borrowing. Any notice given by the Several L/C Agent or the Administrative Agent pursuant to this paragraph 2.18(c)(ii) may be given by telephone if immediately confirmed in writing; provided that the lack of such an immediate
confirmation shall not affect the conclusiveness or binding effect of such notice. 

(iii)    Notwithstanding the date on which an Unreimbursed Amount is payable by the applicable Borrower
pursuant to paragraph (c)(i) or (ii) of this Section, if an Unreimbursed Amount is not paid by such Borrower by 2:30 p.m., New York City time, on the applicable Honor Date, or financed with an ABR Borrowing pursuant to
paragraph (c)(i) or (ii) of this Section, each Unreimbursed Amount shall bear interest from the applicable Honor Date to the date that such Unreimbursed Amount is paid by such Borrower at a rate per annum equal to the Default Rate. 

(iv)    Until a Bank funds its obligation pursuant to Section 2.18(c), interest in respect of such
Bank’s Applicable Percentage of any Unreimbursed Amount shall be solely for the account of the applicable Fronting L/C Issuer or the Several L/C Agent (if the Several L/C Agent has funded on behalf of such Bank, as provided in
Section 2.18(c)(vi)), as applicable. 

  
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 (v)    Each Bank’s (including, for avoidance of
doubt, each Limited Fronting Bank’s and each Participating L/C Issuer’s) obligation to fund its obligations pursuant to Section 2.18(c), shall be absolute and unconditional and shall not be affected by any circumstance, including
(A) any set-off, counterclaim, recoupment, defense or other right which such Bank may have against the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, the Administrative Agent, the
applicable Borrower, any Subsidiary or any other Person for any reason whatsoever; (B) the occurrence or continuance of a Default; or (C) any other occurrence, event or condition, whether or not similar to any of the foregoing. 

(vi)    If any Bank fails to make available to the Administrative Agent any amount required to be paid by
such Bank pursuant to the foregoing provisions of Section 2.18(c) by the time specified in paragraph (c)(i) or 2.18(c)(ii) of this Section, as applicable, the applicable Fronting L/C Issuer or the Several L/C Agent (to the extent that the
Several L/C Agent shall have funded such amount on behalf of such Bank, it being understood and agreed that neither the Several L/C Agent nor the Administrative Agent shall have any obligation or liability to fund any amount under any Several Letter
of Credit other than in its capacity as a Bank), as applicable, shall, through the Administrative Agent, be entitled to recover from such Bank, on demand, such amount with interest thereon for the period from the date such payment is required to the
date on which such payment is immediately available to the Administrative Agent at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. A certificate of the Administrative Agent with respect to any amounts owing
under this clause (vi) shall be conclusive absent manifest error. 
 (vii)    The obligations of the
Banks hereunder to honor drawings under, and/or (if applicable) to fund participations in, Letters of Credit are several and not joint. The failure of any Bank to fund any such drawing or participation on any date required hereunder shall not
relieve any other Bank of its corresponding obligation to do so on such date, and (except for Limited Fronting Banks with respect to Letters of Credit they have issued on behalf of Affected Banks or Non-NAIC
Approved Banks) no Bank shall be responsible for the failure of any other Bank to honor a drawing or purchase its participation. 

(d)    Repayment of Fundings. (i) If, after any Bank has funded its obligation under Section 2.18(c) in
respect of any drawing under any Letter of Credit, the Administrative Agent receives any payment (including any payment of interest) in respect of the related Unreimbursed Amount (whether directly from the Borrower or otherwise, including proceeds
of Cash Collateral applied thereto by the Administrative Agent), then the Administrative Agent will distribute to such Bank its Applicable Percentage (or other applicable share as provided herein) thereof (appropriately adjusted, in the case of
interest payments, to reflect the period of time during which such Bank’s funding was outstanding) in the same funds as those received by the Administrative Agent. If any Bank has not funded its obligation as aforesaid, such Bank’s
Applicable Percentage (or other applicable share as provided herein) of such payment shall be paid to the applicable Fronting L/C Issuer or the Several L/C Agent (if the Several L/C Agent shall have funded on behalf of such Bank, as provided in
Section 2.18(c)(vi)), as applicable. 

  
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 (ii)    If any payment made by the Administrative Agent
to the Banks pursuant to Section 2.18(d)(i) is required to be returned under any of the circumstances described in Section 9.15 (including pursuant to any settlement), each Bank shall pay to the Administrative Agent its Applicable
Percentage (or other applicable share as provided herein) thereof on demand of the Administrative Agent, plus interest thereon from the date of such demand to the date such amount is returned by such Bank, at a rate per annum equal to the
Federal Funds Effective Rate from time to time in effect. 
 (e)    Obligations Absolute. The obligation of the
applicable Borrower to pay each Unreimbursed Amount shall be absolute, unconditional and irrevocable, and shall be paid strictly in accordance with the terms of this Agreement under all circumstances whatsoever and irrespective of: 

(i)    any lack of validity or enforceability of such Letter of Credit, any Letter of Credit Document, this
Agreement, or any other Loan Document; 
 (ii)    the existence of any claim, counterclaim, set-off, defense or other right that such Borrower or any Subsidiary may have at any time against any beneficiary or any transferee of such Letter of Credit (or any Person for whom any such beneficiary or any such
transferee may be acting), any Fronting L/C Issuer, the Several L/C Agent, any Bank, the Administrative Agent or any other Person, whether in connection with this Agreement, the transactions contemplated hereby or by such Letter of Credit or any
agreement or instrument relating thereto, or any unrelated transaction; 
 (iii)    any draft, demand,
certificate or other document presented under such Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect; or any loss or delay in the transmission
or otherwise of any document required in order to make a drawing under such Letter of Credit; 

(iv)    any payment by any Fronting L/C Issuer or the Banks under such Letter of Credit against
presentation of a draft or certificate that does not comply with the terms of such Letter of Credit (the only obligation of such Fronting L/C Issuer or the Several L/C Agent being to confirm that any documents required to be delivered under the
applicable Letter of Credit appear to have been delivered and appear to comply on their face with the requirements of such Letter of Credit) or any payment made by any Fronting L/C Issuer or the Banks, as applicable, under such Letter of Credit to
any Person purporting to be a trustee in bankruptcy, debtor-in-possession, assignee for the benefit of creditors, liquidator, receiver or other representative of or
successor to any beneficiary or any transferee of such Letter of Credit, including any arising in connection with any proceeding under any Debtor Relief Law; 

(v)    any Fronting L/C Issuer, the Several L/C Agent, any Bank, the Administrative Agent or any of their
respective branches or Affiliates being the beneficiary of such Letter of Credit; 

  
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 (vi)    any Fronting L/C Issuer or any Bank honoring a
drawing against any draft, demand, certificate or other document presented under such Letter of Credit up to the amount available under such Letter of Credit even if such draft, demand, certificate or other document claims an amount in excess of the
amount available under such Letter of Credit; 
 (vii)    any lien or security interest granted to, or in
favor of, the Administrative Agent, any Fronting L/C Issuer, the Several L/C Agent or any Bank as security for any of such reimbursement obligations shall fail to be perfected; 

(viii)    the occurrence of any Default; 

(ix)    the existence of any proceedings of the type described in clause (g) or (h) of
Section 6.01 with respect to such Borrower or any Subsidiary; 
 (x)    whether such Letter of
Credit is issued in support of any obligations of any Subsidiary or any Subsidiary is an applicant for, or purports in any way to have any liability for, such Letter of Credit; or 

(xi)    any other event or circumstance whatsoever, whether or not similar to any of the foregoing,
including any other circumstance that might otherwise constitute a defense available to, or a discharge of, such Borrower or any Subsidiary. 

The applicable Borrower shall promptly examine a copy of each Letter of Credit and each amendment thereto requested by such Borrower that is
delivered to it and, in the event of any claim of noncompliance with such Borrower’s (or, if applicable, any Subsidiary’s) instructions or other irregularity, such Borrower will notify the applicable Fronting L/C Issuer (with respect to
Fronted Letters of Credit) or the Several L/C Agent (with respect to Several Letters of Credit) within five Business Days of receipt of such Letter of Credit or amendment. The applicable Borrower and each Subsidiary party to any Letter of Credit
Application shall be conclusively deemed to have waived any such claim against the applicable Fronting L/C Issuer, the Several L/C Agent or the Banks, as applicable, unless such notice is given as aforesaid. 

(f)    Role of Fronting L/C Issuer and Several L/C Agent. Each Bank and the Borrowers agree that, in paying any
drawing under a Letter of Credit, neither the applicable Fronting L/C Issuer nor the Several L/C Agent, as applicable, shall have any responsibility to obtain any document (other than any sight draft, certificates and documents expressly required by
the Letter of Credit) or to ascertain or inquire as to the validity or accuracy of any such document or the authority of the Person executing or delivering any such document. Neither any Fronting L/C Issuer nor the Several L/C Agent, any Related
Party thereof nor any of the respective correspondents, participants or assignees of such Fronting L/C Issuer or the Several L/C Agent, as applicable, shall be liable to any Bank for (i) any action taken or omitted in connection herewith at the
request or with the approval of the Banks or the Required Banks, as applicable; (ii) any action taken or omitted in the absence of gross negligence or willful misconduct as determined by a court of competent jurisdiction by a final and
nonappealable judgment; or (iii) the due execution, effectiveness, validity or enforceability of any Letter of Credit Document. Each Borrower (and, if applicable, any Subsidiary that is an applicant in respect of a Letter of Credit) hereby
assumes all risks of the acts or omissions of any beneficiary or transferee with respect to its use of any Letter 

  
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of Credit; provided, however, that this assumption is not intended to, and shall not, preclude such Borrower’s pursuing such rights and remedies as it may have against the
beneficiary or transferee at law or under any other agreement. None of the Fronting L/C Issuers, the Several L/C Agent, any Related Party thereof nor any of the respective correspondents, participants or assignees of the Fronting L/C Issuers or the
Several L/C Agent shall be liable or responsible for any of the matters described in clauses (i) through (xi) of paragraph (e) of this Section; provided, however, that, notwithstanding anything in such clauses to the
contrary, such Borrower (or, if applicable, any Subsidiary) may have a claim against any Fronting L/C Issuer or the Several L/C Agent, as applicable, and such Fronting L/C Issuer or the Several L/C Agent, as applicable, may be liable to such
Borrower or such Subsidiary, to the extent, but only to the extent, of any direct, as opposed to indirect, special, incidental, consequential or punitive damages suffered by such Borrower or such Subsidiary which such Borrower or such Subsidiary
proves were caused primarily by such Fronting L/C Issuer’s or the Several L/C Agent’s, as applicable, willful misconduct or gross negligence or such Fronting L/C Issuer’s or the Several L/C Agent’s, as applicable, willful failure
to pay under any Letter of Credit after the presentation to it by the beneficiary of a sight draft and certificate(s) strictly complying with the terms and conditions of the applicable Letter of Credit, unless such payment would be unlawful under
any applicable law, regulation, ordinance, rule or any judgment or court order. In furtherance and not in limitation of the foregoing, any Fronting L/C Issuer or the Several L/C Agent, as applicable, may (in its sole discretion) accept documents and
make payment upon such documents that appear on their face to be in substantial compliance with the terms of the applicable Letter of Credit, without responsibility for further investigation, regardless of any notice or information to the contrary,
or refuse to accept and make payment upon such documents if such documents are not in substantial compliance with the terms of such Letter of Credit and the applicable Fronting L/C Issuer or the Several L/C Agent, as applicable, shall not be
responsible or liable by reason of or in connection with the issuance or transfer of any Letter of Credit or for the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or assign a Letter of Credit or the
rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason. 

(g)    Applicability of ISP and UCP. Unless otherwise expressly agreed by the applicable Fronting L/C Issuer or the
Several L/C Agent, as applicable, the Administrative Agent and the applicable Borrower when a Letter of Credit is issued, the rules of the ISP shall apply to each Letter of Credit, unless, for regulatory purposes, the rule of the UCP must apply.

 (h)    Conflict with Letter of Credit Documents. In the event of any conflict between the terms of this
Agreement and the terms of any Letter of Credit Document, the terms hereof shall control. 
 (i)    Letters of Credit
Issued for Subsidiaries. Notwithstanding anything herein or in any Letter of Credit Document to the contrary, PFI shall be solely and fully obligated to pay all amounts owing with respect to each Letter of Credit, including each Unreimbursed
Amount and accrued interest thereon with respect to such Letter of Credit, whether or not such Letter of Credit is issued in support of any obligations of any Subsidiary or any Subsidiary is party as an applicant to the relevant Letter of Credit
Application, all on the terms set forth herein. Each Borrower hereby acknowledges that the issuance of Letters of Credit at the request of any of its Subsidiaries inures to the benefit of such Borrower, and that such Borrower’s business derives
substantial benefits from the businesses of such Subsidiaries. 

  
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 (j)    Limited Fronting Banks. In the event that any Bank agrees
(in its sole discretion) to act as a Limited Fronting Bank for any Affected Bank or Non-NAIC Approved Bank upon such terms and conditions as such parties may agree (including fees payable by such Affected Bank
or Non-NAIC Approved Bank to such Limited Fronting Bank) (such agreement, a “Limited Fronting Bank Agreement”), the following provisions shall apply (in addition to any other provisions hereof
relating to Limited Fronting Banks): 
 (i)    upon the issuance of any Several Letter of Credit pursuant
hereto, with respect to any Affected Bank or Non-NAIC Approved Bank, as applicable, as a Participating L/C Issuer under such Several Letter of Credit, each applicable Limited Fronting Bank, in reliance upon
the agreements of such Affected Bank or Non-NAIC Approved Bank, as applicable, as a Participating L/C Issuer set forth in this Section, agrees (A) to issue through the applicable Several L/C Agent, in
addition to its own obligations as a Bank under such Several Letter of Credit, severally such Several Letter of Credit in an amount equal to such Affected Bank’s or Non-NAIC Approved Bank’s, as
applicable, Applicable Percentage of the stated amount of such Several Letter of Credit (or the portion thereof for which such Limited Fronting Bank has agreed to be a Limited Fronting Bank), and (B) to amend or extend each Several Letter of
Credit previously issued by it as a Limited Fronting Bank for such Participating L/C Issuer; and 

(ii)    with respect to any Several Letter of Credit issued by a Limited Fronting Bank pursuant to
clause (i) above for a Participating L/C Issuer, such Participating L/C Issuer agrees to purchase participations (as provided in Section 2.18(k)) in the obligations of such Limited Fronting Bank under such Several Letter of Credit
attributable to such Participating L/C Issuer for which such Limited Fronting Bank has agreed to act as a Limited Fronting Bank hereunder. 
 Each Bank that
agrees to act as a Limited Fronting Bank for any other Bank shall promptly notify the Administrative Agent (which shall promptly notify the Several L/C Agent and the Borrower) of such agreement and of any termination or expiration of such agreement.

 In the event that, pursuant to this paragraph (j), any Bank agrees to act as a Limited Fronting Bank for any other Bank that becomes an
Affected Bank or a Non-NAIC Approved Bank, such Bank shall receive such compensation therefor as such Affected Bank or Non-NAIC Approved Bank and such Bank may agree.
Notwithstanding anything herein to the contrary, no Bank shall have any obligation to agree to act hereunder as a Limited Fronting Bank for any other Bank. 

(k)    Participations. In the event (i) any Participating L/C Issuer purchases a participation in the
Letter(s) of Credit of its Limited Fronting Bank pursuant to Section 2.18(j) or (ii) any Bank acquires or is deemed to acquire a participation in the Letters of Credit of the other Bank pursuant to Section 2.18(b)(iv), then, without
any further action on the part of any party, (A) in the case of clause (i) above, such Limited Fronting Bank grants to such Participating L/C Issuer, and such Participating L/C Issuer hereby acquires from such Limited Fronting Bank, a
participation in such Limited Fronting Bank’s Applicable Percentage of the relevant Letters of Credit attributable to such Participating L/C Issuer for which such Limited Fronting Bank has agreed to act as a Limited Fronting Bank hereunder and
(B) in the case of clause (ii) above, each such other Bank grants to such Bank, and such Bank hereby acquires from such other Bank, a 

  
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participation in that portion of each such other Bank’s Applicable Percentage of the relevant Letters of Credit to give effect to the purposes of the last sentence of
Section 2.18(b)(iv). Each Bank (including each Participating L/C Issuer) purchasing a participation hereunder acknowledges and agrees that its obligation to acquire participations in respect of Letters of Credit is absolute and unconditional
and shall not be affected by any circumstance whatsoever, including any amendment or extension of any Letter of Credit or the occurrence and continuance of a Default or reduction or termination of the Commitments. In consideration and in furtherance
of the foregoing, such Bank hereby absolutely and unconditionally agrees to pay to the Administrative Agent, for account of the applicable Limited Fronting Bank or such other Bank, as applicable, an amount equal to the amount of each payment made by
such Limited Fronting Bank or other Bank, as applicable, in respect of the portion of such Letter of Credit in which such Bank holds a participation, promptly upon the request of such Limited Fronting Bank or any such other Bank, as applicable, at
any time from the time such payment is made until such payment is reimbursed by the applicable Borrower or at any time after any reimbursement payment is required to be refunded to the Borrower for any reason, including after the Termination Date.
Such payment by such Bank shall be made for account of the applicable Limited Fronting Bank or such other Banks, as applicable, without any offset, abatement, withholding or reduction whatsoever. To the extent that any Bank has made payments
pursuant to this paragraph to reimburse a Limited Fronting Bank or any other Banks in respect of any participation interests purchased hereunder in respect of any Letter of Credit, promptly following receipt by the Administrative Agent of any
payment from the Borrower pursuant to Section (c)(i) in respect of such Letter of Credit, the Administrative Agent shall distribute such payment to such Limited Fronting Bank and such Bank, or to the other Banks and such Bank, as applicable, in
each case as their interests may appear. Any payment made by a Bank in respect of its participation pursuant to this paragraph to reimburse the applicable Limited Fronting Bank or any other Bank for any payment made in any respect of any drawing
under a Letter of Credit shall not relieve such Borrower of its obligation to reimburse the amount of such drawing. 

Section 2.19    Non-NAIC Approved Banks. If, at any time from and
after the Effective Date, any Bank is not or ceases to be a NAIC Approved Bank, such Bank shall promptly notify the Borrowers and the Administrative Agent thereof. Each Bank agrees to use commercially reasonable efforts, at all times from and after
the Effective Date, (a) to be a NAIC Approved Bank and (b) if such Bank ceases to be a NAIC Approved Bank at any time, either (i) to maintain in effect a Confirming Bank Agreement with a Confirming Bank (which Confirming Bank (if not
a Bank), prior to entering in such Confirming Bank Agreement, shall be subject to the prior written consent of the Borrower and the Administrative Agent (such consent, in each case, not to be unreasonably withheld)) upon such terms and conditions as
such Bank and such Confirming Bank may agree or (ii) as provided in Section 2.18(j), to agree with another Bank which is a NAIC Approved Bank that such Bank (if it shall so agree in its sole discretion) shall act as the Limited Fronting
Bank for such Bank, in each case with respect to any Several Letters of Credit which are outstanding at the time such Bank becomes a Non-NAIC Approved Bank and/or are issued during the period that such Bank is
a Non-NAIC Approved Bank. In the event that any Person (including any other Bank) agrees to act as a Confirming Bank for any Bank which is a Non-NAIC Approved Bank, such
other Bank shall receive such compensation therefor as such Non-NAIC Approved Bank and such Person may agree. If any Bank shall enter into a Confirming Bank Agreement hereunder at any time, it shall promptly
furnish a copy thereof to the Borrowers and the Administrative Agent and, thereafter, promptly notify the Borrowers and the Administrative Agent 

  
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of the termination or expiration of such Confirming Bank Agreement. Notwithstanding anything herein to the contrary, no Bank shall have any obligation to agree to act hereunder as a Confirming
Bank for any other Bank. 
 ARTICLE 3 

CONDITIONS 

Section 3.01    Effectiveness. The amendment and restatement of the Existing Credit Agreement provided for
hereby and the obligations of the Banks to make Loans and of the Banks and the Fronting L/C Issuers to make L/C Credit Extensions hereunder shall become effective on the date on which each of the following conditions shall be satisfied to the
reasonable satisfaction of the Administrative Agent (or waived in accordance with Section 9.05): 
 (a)    receipt
by the Administrative Agent (or its counsel) from each party hereto a counterpart of this Agreement signed on behalf of such party (which, subject to Section 9.08, may include any Electronic Signatures transmitted by telecopy, emailed pdf, or
any other electronic means that reproduces an image of an actual executed signature page); 
 (b)    receipt by the
Administrative Agent of such documents and certificates as the Administrative Agent may reasonably request relating to the organization, existence and good standing of the Obligors, the authorization of the Transactions and any other legal matters
relating to the Obligors, the Loan Documents, the PICA Support Agreement or the Transactions, all in form and substance reasonably satisfactory to the Administrative Agent; 

(c)    receipt by the Administrative Agent of an opinion of internal counsel for the Obligors reasonably satisfactory to
the Administrative Agent, substantially in the form of Exhibit C hereto; 
 (d)    each of the matters set forth
in paragraphs (c) and (d) of Section 3.02 (but without regard to the first parenthetical clause set forth in Section 3.02(d)) shall be satisfied as of the Effective Date, and the Administrative Agent shall have received a
certificate, dated the Effective Date and signed by a Senior Financial Officer of PFI, confirming compliance with such matters; 

(e)    receipt by the Administrative Agent of satisfactory evidence that (i) all amounts payable under the Existing
Credit Agreement to the banks party to the Existing Credit Agreement shall have been (or shall be simultaneously) paid in full, (iii) all commitments of banks under the Existing Credit Agreement that are not a Bank hereunder shall have been
terminated, and each such bank shall have confirmed in writing such termination (it being agreed by the parties hereto that (x) such commitments of such banks shall terminate, and no such bank shall be a party hereto, as of the Effective Date
and (y) each bank under the Existing Credit Agreement that is a Bank hereunder shall have a Commitment hereunder as of the Effective Date in an amount equal to the amount specified on Schedule 1.01); and (iii) all letters of credit
outstanding under the Existing Credit Agreement shall have been either continued and deemed issued under this Agreement as provided in Section 2.18(a) or otherwise canceled; provided that, by its execution hereof, each Bank that is a
bank party to the Existing Credit Agreement hereby waives the provisions of the Existing Credit Agreement requiring prior notice by Borrower with respect to the prepayment of loans and/or the termination of the commitments thereunder as of the
Effective Date. 

  
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 (f)    payment by PFI of all such fees and expenses as it shall have
agreed in writing to pay to the Agents, the Banks and/or the Joint Lead Arrangers in connection herewith, including the reasonable fees and expenses of Latham & Watkins LLP, special New York counsel to JPMorgan, that are due and payable on
or prior to the Effective Date (and, with respect to such expenses, for which invoices have been presented to PFI at least two Business Days prior to the Effective Date); 

(g)    receipt by the Administrative Agent of a copy of the PICA Support Agreement, certified by a Senior Financial
Officer of PICA as of such date to be a true and complete copy thereof and to be in full force and effect and not having been amended or the subject of any waiver; and 

(h)    (i) the Administrative Agent shall have received, at least five (5) days prior to the Effective Date, all
documentation and other information regarding the Borrowers requested in connection with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the
Borrowers at least ten (10) days prior to the Effective Date and (ii) to the extent either Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, at least five (5) days prior to the
Effective Date, any Bank that has requested, in a written notice to such Borrower at least ten (10) days prior to the Effective Date, a Beneficial Ownership Certification in relation to such Borrower shall have received such Beneficial
Ownership Certification (provided that, upon the execution and delivery by such Bank of its signature page to this Agreement, the condition set forth in this clause (h) shall be deemed to be satisfied). 

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

 Section 3.02    Borrowings. The obligation of any Bank to make a Loan on the occasion of any Borrowing
and of any Bank or any Fronting L/C Issuer to make any L/C Credit Extension (other than the automatic renewal of any Auto-Extension Letter of Credit), is subject to the satisfaction of the following conditions: 

(a)    receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.02 or a notice as
required by Section 2.18(b), as applicable; 
 (b)    the fact that, immediately after such Borrowing or such L/C
Credit Extension, as applicable, the total Revolving Credit Exposures will not exceed the aggregate amount of the Commitments; 

(c)    the fact that, immediately before and after giving effect to such Borrowing or such L/C Credit Extension, as
applicable, no Default shall have occurred and be continuing; 
 (d)    the fact that the representations and warranties
of each Obligor contained in this Agreement (other than, with respect to any Borrowing or L/C Credit Extension made after the Effective Date, the representations set forth in Sections 4.04(e) and 4.05) and the other Loan

  
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Documents shall be true on and as of the date of such Borrowing or such L/C Credit Extension, as applicable, as if made on and as of such date (or, if any such representation and warranty is
expressly stated to have been made as of a specific date, as of such specific date); and 
 (e)    in the case of any
such Borrowing or L/C Credit Extension request by PFLLC, the fact that (i) the PICA Support Agreement shall not have been terminated pursuant to paragraph 5 thereof or otherwise and (ii) a notice of termination pursuant to
paragraph 5 of the PICA Support Agreement shall not have been given by either party thereto, unless, in either case, PICA shall have, prior thereto, executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement. 

Each Borrowing and each L/C Credit Extension (other than the automatic renewal of any Auto-Extension Letter of
Credit), as applicable, hereunder shall be deemed to be a representation and warranty by the Obligors on the date thereof as to the matters specified in clauses (b), (c), (d) and, if applicable, (e) of this Section. 

ARTICLE 4 
 REPRESENTATIONS AND
WARRANTIES 
 The Obligors jointly and severally represent and warrant that: 

Section 4.01    Existence and Power. Each Obligor and each Material Subsidiary is a corporation duly
incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation, and has all corporate powers and all governmental licenses, authorizations, consents and approvals required to carry on its business as now
conducted (other than such governmental licenses, authorizations, consents and approvals the absence of which, alone or in the aggregate, would not have a Material Adverse Effect). 

Section 4.02    Authorization; No Contravention. The Transactions are within the Obligors’ powers, have
been duly authorized by all necessary action, require no action by or in respect of, or filing with, any Governmental Authority and do not contravene, or constitute a default under, any provision of applicable law or regulation or the certificate of
incorporation or the by-laws of the Obligors or of any material agreement, judgment, injunction, order, decree or other instrument binding upon any Obligor or result in the creation or imposition of any Lien
on any material asset of PFI or any Material Subsidiary. 
 Section 4.03    Binding Effect. Each of this
Agreement and (unless PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16) the PICA Support Agreement or, if PICA shall have executed and delivered the PICA Assumption Agreement or the PICA Guarantee Agreement, the
PICA Assumption Agreement or the PICA Guarantee Agreement, as applicable, constitutes a valid and binding agreement of each Obligor which is a party thereto and the Notes of each Borrower, when executed and delivered in accordance with this
Agreement at the request of a Bank, will constitute valid and binding obligations of such Borrower. 

Section 4.04    Financial Information. (a) The audited consolidated statements of financial position of
PFI as of December 31, 2019 and December 31, 2020 and the related consolidated statements of operations, equity and cash flows for the fiscal years then ended, reported on by 

  
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PricewaterhouseCoopers LLC (as contained in PFI’s annual reports for the years ended December 31, 2019 and December 31, 2020, respectively), copies of which have been furnished to
each of the Banks, fairly present, in conformity with GAAP, the consolidated financial position of PFI as of such dates and its consolidated results of operations, equity and cash flows for such fiscal years. 

(b)    The audited consolidated statements of financial position of PICA as of December 31, 2019 and
December 31, 2020 and the related consolidated statements of operations, equity and cash flows for the fiscal years then ended, reported on by PricewaterhouseCoopers LLC, copies of which have been furnished to each of the Banks, fairly present,
in conformity with GAAP, the consolidated financial position of PICA as of such dates and its consolidated results of operations, equity and cash flows for such fiscal years. 

(c)    Each of the Annual Statements of PICA as of December 31, 2019 and December 31, 2020, as filed with the
New Jersey Department of Banking and Insurance, together with the related exhibits, schedules and explanations therein contained or thereto annexed, is a full and true statement of all assets and liabilities and of the condition and affairs of PICA
as of such date and of its income and deductions therefrom for the year then ended (within the meaning of applicable regulations and practices of the New Jersey Department of Banking and Insurance). 

(d)    The audited statements of financial position of PFLLC as of December 31, 2019 and December 31, 2020 and
the related statements of earnings and retained earnings and cash flows for the fiscal years then ended, reported on by PricewaterhouseCoopers LLC, copies of which have been furnished to each of the Banks, fairly present, in conformity with
generally accepted accounting principles, the financial position of PFLLC as of such dates and its results of operations, equity and cash flows for such fiscal years. 

(e)    Since December 31, 2020 there has been no material adverse condition or material adverse change in or
affecting the business, operations, property or financial condition of PFI and its Subsidiaries, taken as a whole. 

Section 4.05    Litigation. Except as disclosed in PFI’s consolidated financial statements for the year
ended December 31, 2020, there is no action, suit or proceeding pending against, or to the knowledge of any Obligor threatened against or affecting, any Obligor or any Subsidiary before any court or arbitrator or any Governmental Authority
which, after consideration of applicable reserves, is reasonably likely to have a Material Adverse Effect or which in any manner draws into question the validity or enforceability of this Agreement, any other Loan Document or the PICA Support
Agreement. 
 Section 4.06    Compliance with ERISA. (a) Each member of the ERISA Group has
(i) fulfilled its obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan and (ii) is in compliance in all material respects with the presently applicable provisions of ERISA and the
Internal Revenue Code with respect to each Plan and (b) no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan, (ii) failed to
make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which has resulted or 

  
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could result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other
than a liability to the PBGC for premiums under Section 4007 of ERISA. 
 Section 4.07    Compliance with
Laws. Each Obligor and each Material Subsidiary is in compliance with all applicable laws, including all Environmental Laws, applicable Anti-Corruption Laws and applicable Sanctions, except where any failure to comply with any such laws would
not, alone or in the aggregate, have a Material Adverse Effect. 
 Section 4.08    Taxes. Each Obligor and
its Subsidiaries have filed all United States Federal income tax returns and all other material tax returns which are required to be filed by them and have paid all Taxes due pursuant to such returns or pursuant to any assessment received by such
Obligor or any Subsidiary, unless such taxes are being contested in good faith. The charges, accruals and reserves on the books of such Obligor and its Subsidiaries in respect of taxes are, in the opinion of such Obligor, adequate. 

Section 4.09    Not an Investment Company. Neither PFI nor PICA is an investment company within the meaning of
the Investment Company Act of 1940, as amended. PFLLC has been exempted from all provisions of the Investment Company Act of 1940, as amended, including, without limitation, those relating to the offering and sale of securities by PFLLC, pursuant to
Rule 3a-5 promulgated under the Investment Company Act of 1940, as amended. 

Section 4.10    Full Disclosure. All information heretofore furnished by any Obligor to the Administrative
Agent or any Bank for purposes of or in connection with this Agreement or any transaction contemplated hereby is, and all such information hereafter furnished by any Obligor to the Administrative Agent or any Bank will be, true and accurate in all
material respects, and such information does not, and in the case of any such information hereafter furnished will not, omit to state a material fact necessary in order to make such information not misleading, in each case on the date as of which
such information is stated or certified. 
 Section 4.11    Use of Credit. No part of the proceeds of any
extension of credit hereunder will be used in violation of Regulation T, U or X of the Federal Reserve Board, as in effect from time to time. 

Section 4.12    Anti-Corruption Laws and Sanctions. Each Obligor has implemented and maintains in effect
policies and procedures reasonably designed to ensure compliance by such Obligor, its Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanctions. None of (a) the
Obligors, any Subsidiary or to the knowledge of the Obligor or such Subsidiary any of their respective directors, officers or employees, or (b) to the knowledge of any Obligor, any agent of any Obligor or any Subsidiary that will act in any
capacity in connection with the credit facility established hereby, is a Sanctioned Person. As of the Effective Date, none of the Obligors, any Subsidiary or, to the knowledge of each Obligor, their respective directors, officers or employees has
received a notice during the five year period preceding the Effective Date of, or is aware of, any claim, action, suit, proceeding or investigation against such Person with respect to Sanctions by a Sanctions authority. 

  
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 Section 4.13    Support Agreement. (a) The obligations
of PFLLC in respect of the Loans to PFLLC constitute “Debt” as defined in the PICA Support Agreement. 

(b)    No Obligor is subject to any provision of applicable law or regulation (other than Section 6 of
Chapter 20 of Title 17B of the New Jersey Statutes Annotated, N.J.S.A. § 17B:20-6) or of any agreement, judgment, injunction, order, decree or other instrument binding upon such Obligor
which could require such Obligor to terminate the PICA Support Agreement or any of its obligations thereunder. To the knowledge of each Obligor, no law or regulation has been proposed for legislation or enactment that would require the termination
of the PICA Support Agreement or any of its obligations thereunder. 
 Section 4.14    Affected Financial
Institutions. No Obligor is an Affected Financial Institution. 
 ARTICLE 5 

COVENANTS 
 The Obligors jointly
and severally agree that, until the Commitments and all Letters of Credit have expired or been terminated (with respect to Letters of Credit, with no pending draw thereunder) and the principal of and interest on each Loan and Unreimbursed Amount and
all fees payable hereunder have been paid in full: 
 Section 5.01    Information. PFI will furnish to the
Administrative Agent on behalf of each of the Banks (and upon receipt thereof the Administrative Agent will promptly make available to each of the Banks): 

(a)    as soon as available and in any event within 90 days after the end of each fiscal year of PFI, the audited
consolidated statement of financial position of PFI as of the end of such fiscal year and the related audited consolidated statements of operations, equity and cash flows for such fiscal year, setting forth in each case in comparative form the
figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLC or other independent public accountants of nationally recognized standing without qualification as to the scope of the audit performed or any material weakness noted
in PFI’s system of internal controls; 
 (b)    as soon as available and in any event 

(i)    within 120 days after the end of each fiscal year of PICA, the Annual Statement of PICA as of the
end of such fiscal year, as filed with (and in the form required under applicable law and regulations of) the Insurance Department of the State of New Jersey, accompanied by or including the opinion or statement of the PICA Actuary required to be
filed with such Annual Statement; and 
 (ii)    if produced for reasons outside of this Agreement,
within 120 days after the end of each fiscal year of PICA, the audited consolidated statement of financial position of PICA as of the end of such fiscal year and the related audited consolidated statements of operations, equity and cash flows for
such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by 

  
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PricewaterhouseCoopers LLC or other independent public accountants of nationally recognized standing without qualification as to the scope of the audit performed or any material weakness noted in
PICA’s system of internal controls; 
 (c)    unless PFLLC shall have been terminated as a Borrower hereunder
pursuant to Section 9.16, as soon as available and in any event within 120 days after the end of each fiscal year of PFLLC, the audited statement of financial position of PFLLC as of the end of such fiscal year and the related audited
statements of earnings and retained earnings and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all reported on by PricewaterhouseCoopers LLC or other independent public
accountants of nationally recognized standing without qualification as to the scope of the audit performed or any material weakness noted in PFLLC’s system of internal controls; 

(d)    as soon as available and in any event within 50 days after the end of each of the first three quarters of each
fiscal year of PFI, the unaudited consolidated statement of financial position of PFI as of the end of such quarter and the related unaudited consolidated statements of operations, equity and cash flows for the portion of PFI’s fiscal year
ended at the end of such quarter, setting forth in each case in comparative form the figures for the corresponding quarter and the corresponding portion of PFI’s previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, preparation in accordance with GAAP and consistency by a Senior Financial Officer of PFI; 

(e)    as soon as available and in any event within 60 days after the end of each of the first three quarters of each
fiscal year of PICA, the Quarterly Statement of PICA as of the end of such quarter, as filed with (and in the form required under applicable law and regulations of) the Insurance Department of the State of New Jersey, accompanied by or including the
opinion or statement of the PICA Actuary if required to be filed with such Quarterly Statement; 
 (f)    unless PFLLC
shall have been terminated as a Borrower hereunder pursuant to Section 9.16, as soon as available and in any event within 50 days after the end of each of the first three quarters of each fiscal year of PFLLC, the unaudited statement of
financial position of PFLLC as of the end of such quarter and the related unaudited statements of earnings for the portion of PFLLC’s fiscal year ended at the end of such quarter, setting forth in each case in comparative form the figures for
the corresponding quarter and the corresponding portion of PFLLC’s previous fiscal year, all certified (subject to normal year-end adjustments) as to fairness of presentation, preparation in accordance
with generally accepted accounting principles and consistency by a Senior Financial Officer of PFLLC; 

(g)    simultaneously with the furnishing of each statement referred to in Sections 5.01(a) and 5.01(d), a
certificate of a Senior Financial Officer of PFI (i) setting forth in reasonable detail the calculations required to establish whether PFI was in compliance with the requirements of Section 5.09 on the date of such statement and
(ii) stating whether any Default exists on the date of such certificate and, if any Default then exists, setting forth the details thereof and the action which the Obligors are taking or propose to take with respect thereto; 

(h)    within five days after any Senior Financial Officer of any Obligor obtains knowledge of any Default, if such
Default is then continuing, a certificate of a Senior Financial Officer of PFI setting forth the details thereof and the action which the Obligors are taking or propose to take with respect thereto; 

  
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 (i)    as promptly as practicable upon the mailing thereof to the
shareholders of PFI generally, copies of all financial statements, reports and proxy statements so mailed; 

(j)    promptly upon, and in any event no later than five days after, the filing thereof, (i) in addition to the
Annual Statement and Quarterly Statement referred to in Sections 5.01(b)(i) and 5.01(e), copies of all other financial statements of PICA required to be filed with the Insurance Department of the State of New Jersey and (ii) copies of
reports, if any, on Forms 10-K, 10-Q and 8-K (or their equivalents) and any registration statements with respect to debt
securities or preferred or common stock which PFI shall have filed with the Securities and Exchange Commission; 

(k)    if and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any
“reportable event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is
required to give notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice (or, in the case of any member of the ERISA Group other than the Obligors, in
any event within 10 days after such member of the ERISA Group receives notice) of complete or partial withdrawal liability under Title IV of ERISA or notice that any Multiemployer Plan is in reorganization, is insolvent or has been terminated, a
copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan,
a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such application; (v) gives notice of intent to terminate any Plan under Section 4041(c)
of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063 of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to
any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement which has resulted or could result in the imposition of a Lien or the posting of a bond or other security, a
certificate of a Senior Financial Officer of PFI setting forth details as to such occurrence and action, if any, which PICA or applicable member of the ERISA Group is required or proposes to take; 

(l)    with respect to each calendar year (commencing with the calendar year ending December 31, 2021), as soon as
available and in any event by the earlier of (i) the date that is 45 days after the date on which PFI publishes all applicable KPI Metric Reports in respect of such calendar year and (ii) the date that is 270 days following the end of such
calendar year, a Pricing Certificate for the most recently-ended calendar year; provided, that, for any calendar year PFI may elect not to deliver a Pricing Certificate, and such election shall not constitute a Default or Event of Default
(but such failure to so deliver a Pricing Certificate by the end of such 45-day period or 270-day period (as applicable) shall result in the Sustainability Commitment
Fee Adjustment, the Sustainability Margin Adjustment and the Sustainability LC Fee Rate Adjustment being applied as set forth in the Sustainability Schedule in respect of situations where the Pricing Certificate is not so delivered by the end of
such period); and 

  
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 (m)    from time to time (x) such additional information regarding
the financial position, results of operations or business of PFI or any of its Material Subsidiaries as the Administrative Agent, at the request of any Bank, may reasonably request, provided that neither PFI nor any of its Material
Subsidiaries shall be required to disclose any (1) trade secrets of PFI or any of its Material Subsidiaries, (2) information subject to attorney-client privilege to the extent disclosure thereof would impair such privilege or
(3) information subject to confidentiality obligations to third parties the disclosure of which would cause PFI or any of its Material Subsidiaries to be in breach of such obligations, (y) information and documentation reasonably requested
by the Administrative Agent or any Bank for purposes of compliance with applicable “know your customer” and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation and (z) such
other information regarding sustainability matters and practices of PFI or any Subsidiary (including with respect to corporate governance, environmental, social and employee matters, respect for human rights, anti-corruption and anti-bribery) as the
Administrative Agent or any Bank may reasonably request for purposes of compliance with any legal or regulatory requirement applicable to it. 

Documents required to be delivered pursuant to Section 5.01(a)-(d), (f), (i) and (j) (to the extent any such documents are included in
materials otherwise filed with the Securities Exchange Commission) may be delivered electronically by posting on an Internet website, and, if so delivered, shall be deemed to have been furnished by PFI to the Administrative Agent (and by the
Administrative Agent to the Banks) on the date (i) on which such materials are publicly available as posted on the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR) or (ii) on which such documents are posted on PFI’s
behalf on an Internet or intranet website, if any, to which each Bank and the Administrative Agent have access without charge (whether a commercial, third-party website or whether sponsored by the Administrative Agent); provided that PFI
shall deliver paper copies of such documents to the Administrative Agent or any Bank upon its request to PFI. The Administrative Agent shall have no obligation to request the delivery of or to maintain paper copies of the documents referred to
above, and in any event shall have no responsibility to monitor compliance by PFI with any such request by a Bank for delivery, and each Bank shall be solely responsible for requesting delivery to it or maintaining its copies of such documents. 

Section 5.02    Maintenance of Property; Insurance; Books and Records; Inspection Rights. (a) Each
Obligor will, and PFI will cause each of its Material Subsidiaries to, keep all property material to their respective businesses in good working order and condition, ordinary wear and tear excepted. 

(b)    Each Obligor will, and PFI will cause each of its Material Subsidiaries to, maintain (in the name of such Obligor
or in such Material Subsidiary’s own name, as applicable) with financially sound and responsible insurance companies, insurance on all their respective properties against such risks, in each case in at least such amounts (and with such risk
retentions) as are materially consistent with PFI’s past practices; provided that, in lieu of purchasing any such insurance, any Obligor or any Material Subsidiary may self-insure their respective properties against such risks in a
manner and to the extent materially consistent with PFI’s past practices. 

  
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 (c)    Each Obligor will, and will cause each of its Subsidiaries to,
keep in all material respects proper books of record and account in which full, true and correct entries are made of all dealings and transactions in relation to its business and activities. 

(d)    Each Obligor will, and PFI will cause each of its Material Subsidiaries to, permit any representatives designated
by the Administrative Agent, upon reasonable prior notice, to visit and inspect its properties, to examine and make extracts from its books and records, and to discuss its affairs, finances and condition with its officers and independent
accountants, all at such reasonable times and as often as reasonably requested. 
 Section 5.03    Conduct of
Business and Maintenance of Existence. Each of PFI, through its Subsidiaries and Affiliates, PICA and, so long as PFLLC remains a Borrower, PFLLC will continue to engage in business of the same general type as conducted by it on the date hereof,
and PFI through its Subsidiaries and Affiliates will engage in the business of a financial services holding company and other activities reasonably related thereto. Each Obligor will preserve, renew and keep in full force and effect its existence
and its rights, privileges and franchises which are material to the conduct of such business; provided that nothing in this Section shall prohibit (a) any consolidation or merger of any Obligor permitted under Section 5.07(a)
or (b) any sale, lease or transfer of assets by any Obligor permitted under Section 5.07(b). 

Section 5.04    Compliance with Laws. Each Obligor will, and PFI will cause each of its Material Subsidiaries
to, comply with all applicable laws, ordinances, rules, regulations and requirements of Governmental Authorities (including Environmental Laws and the rules, regulations and requirements thereunder), except where any failure to comply with any such
laws, ordinances, rules, regulations and requirements would not, alone or in the aggregate, have a Material Adverse Effect. Each Obligor will maintain in effect and enforce policies and procedures reasonably designed to ensure compliance by such
Obligor, its Subsidiaries and their respective directors, officers, employees and agents with applicable Anti-Corruption Laws and applicable Sanctions. 

Section 5.05    Compliance with ERISA. Each Obligor will, and PFI will cause each member of the ERISA Group
to, fulfill its obligations under the minimum funding standards of ERISA and the Internal Revenue Code with respect to each Plan, and each Obligor will, and PFI will cause each member of the ERISA Group to, comply with all applicable provisions of
ERISA and the Internal Revenue Code with respect to each Plan, except where any such failure or non-compliance, alone or in the aggregate, would not have a Material Adverse Effect. 

Section 5.06    Negative Pledge. No Obligor will create, assume or suffer to exist any Lien on any asset now
owned or hereafter acquired by it (other than assets held in separate accounts of PICA), except: 
 (a)    Permitted
Encumbrances; 
 (b)    any Lien on any asset (and/or the Equity Interests issued by any special purpose vehicle formed
for the purpose of owning such asset) securing Debt incurred or assumed for the purpose of financing all or any part of the cost of acquiring such asset, provided that such Lien attaches to such asset or Equity Interest, as applicable,
concurrently with or within 360 days after the acquisition thereof; 

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

(d)    any Lien existing on any asset prior to the acquisition thereof by any Obligor and not created in contemplation of
such acquisition; 
 (e)    Liens securing Debt (other than Debt described in any other clause of this Section) in an
aggregate outstanding principal amount, for the Obligors together, not exceeding $4,000,000,000 at any time; 

(f)    any Lien arising out of the refinancing, extension, renewal or refunding of any Debt secured by any Lien permitted
by any of the foregoing clauses of this Section, provided that such Debt is not increased and is not secured by any additional assets; 

(g)    Liens on assets pledged to secure Permitted Collateralized Obligations; 

(h)    Liens on real property (other than any such real property used in the operations of PFI or any Subsidiary) securing
Debt in respect of which (i) the recourse of the holder of such Debt (whether direct or indirect and whether contingent or otherwise) is effectively limited to such real property directly securing such Debt and (ii) such holder may not
collect by levy of execution against assets of any Obligor (other than such real property directly securing such Debt) if such Obligor fails to pay such Debt when due and such holder obtains a judgment with respect thereto; 

(i)    Liens securing obligations of any Obligor (i) to return collateral consisting of cash or securities arising
out of or in connection with the loan of the same or substantially similar securities or (ii) to purchase securities arising out of or in connection with the sale of the same or substantially similar securities, in each case in the ordinary
course of the business of such Obligor, consistent with past practice; 
 (j)    Liens arising in the ordinary course of
its business of any Obligor that (i) do not secure Debt, (ii) do not secure obligations in an aggregate amount, for all of the Obligors together, exceeding $3,000,000,000 at any time and (iii) do not in the aggregate materially
detract from the value of its assets or materially impair the use thereof in the operation of its business; 

(k)    Liens on cash, cash equivalents and readily marketable securities securing Derivatives Obligations; 

(l)    Liens securing obligations of any Affiliate of any Obligor in connection with its business as a futures commission
merchant, commodity dealer, forward contract merchant or broker-dealer and: (i) on commodities, excluded commodities and exempt commodities, as such terms are defined in the Commodity Exchange Act, 7 U.S.C. § 1 et seq. (2006) and
the rules promulgated thereunder (“CEA”); (ii) on currency, securities, property or other assets arising from a banking, depository, safekeeping or warehouse arrangement with respect to segregated funds, secured amounts or non-segregated assets as such terms are used in the CEA; or (iii) on assets placed with, held by or pledged to domestic or foreign exchanges, clearing-houses, futures commission merchants or broker-dealers, in
each case in the ordinary course of the business of such Affiliate and consistent with such Affiliate’s past practice; 

  
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 (m)    Liens in favor of a Federal Home Loan Bank to secure borrowings
made by any Obligor from such Federal Home Loan Bank pursuant to a membership in such Federal Home Loan Bank in the ordinary course of business and on ordinary business terms; 

(n)    Liens on assets acquired pursuant to, and that secure obligations of any Obligor incurred in connection with, one
or more structured transactions entered into by any Obligor and/or any Subsidiary for the purpose of financing life insurance reserves required under “Regulation XXX” or “Guideline AXXX” applicable to U.S. life insurers generally
or other similar life insurance reserve requirements; and 
 (o)    Liens arising out of deposits of assets with
reinsurance trusts, ceding companies, custodial accounts, lockbox accounts, or any other arrangement securing obligations of any Obligor or any other Subsidiary to The Hartford Financial Services Group, Inc. or its affiliates (collectively,
“The Hartford”) in connection with the acquisition of The Hartford’s individual life insurance business as announced by PFI in a Current Report on Form 8-K filed with the Securities and
Exchange Commission on September 27, 2012. 
 Section 5.07    Consolidations, Mergers and Sales of
Assets. No Obligor will (a) consolidate or merge with or into any other Person, except that: 

(i)    PFLLC may consolidate or merge with or into (A) PICA if PICA is the surviving corporation or
(B) another Subsidiary if (1) PFLLC is the surviving corporation or (2) (x) prior thereto, PICA shall have executed and delivered a PICA Assumption Agreement or (y) the Subsidiary that is the surviving corporation shall assume all of
the obligations of PFLLC hereunder and either (I) PICA agrees in writing that such Subsidiary shall have all of the benefits of the PICA Support Agreement or (II) PICA executes a PICA Guarantee Agreement modified in such manner as shall be
satisfactory to the Required Banks to reflect the fact that such Subsidiary shall thereafter be a Borrower hereunder; provided that after giving effect thereto, no Default shall have occurred and be continuing; 

(ii)    PFI may consolidate or merge with or into any other Person so long as PFI shall be the surviving
corporation and, after giving effect thereto, no Default shall have occurred and be continuing; and 

(iii)    if PFI consolidates or merges with or into any other Person and PFI is not the surviving
corporation, PFI may nonetheless consolidate or merge with or into another Person if immediately after such transaction the Person or Persons that “beneficially owned” (as defined in Rules 13d-3
and 13d-5 under the Exchange Act) immediately prior to such transaction, directly or indirectly, the then outstanding voting Equity Interests of PFI “beneficially own” (as so determined), directly or
indirectly, more than 50% of the total voting power of the then outstanding Equity Interests of the surviving Person; provided that after giving effect thereto, no Default shall have occurred and be continuing and the surviving corporation
(which shall be organized or existing under the laws of the United States, any state thereof or the District of Columbia) shall expressly assume all of the obligations of PFI hereunder; or 

  
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 (b)    sell, lease or otherwise transfer, directly or indirectly, all or
substantially all of its assets to any other Person, except that: 
 (i)    PFLLC may sell, lease or
otherwise transfer, directly or indirectly, all or substantially all of its assets to PICA; provided that, after giving effect thereto, no Default shall have occurred and be continuing; 

(ii)    PICA may sell, lease or otherwise transfer, directly or indirectly, all or substantially all of its
assets to PFI; provided that after giving effect to such transfer, no Default shall have occurred and be continuing; 

(iii)    PICA may sell, lease or otherwise transfer, directly or indirectly, all or substantially all of
its assets to any other Person so long as (A) at least 90 days prior thereto, PFI shall have notified the Administrative Agent of such proposed sale, lease or other transfer, (B) either (x) prior to any such sale, lease or transfer,
all of the Banks shall have notified the Administrative Agent (whereupon the Administrative Agent shall promptly thereafter notify PFI) in accordance with Section 2.09(c) that they expressly elect not to terminate the Commitments and PFI (or
such Person as shall be approved by all of the Banks) shall have assumed in writing all of the obligations of PICA hereunder and under the other Loan Documents and, if applicable, the PICA Support Agreement on terms satisfactory to the Banks or
(y) in all other cases, the Commitments shall have been terminated pursuant to Section 2.09(b) and the Obligors shall have paid in full all amounts payable hereunder and (C) after giving effect thereto, no Default shall have occurred
and be continuing; and 
 (iv)    PFI may sell, assign, convey, transfer, lease or otherwise dispose of
all or substantially all of its assets to any Person if immediately after such transaction the Person or Persons that “beneficially owned” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) immediately prior to such transaction, directly or indirectly, the then outstanding voting Equity Interests of PFI “beneficially own” (as so determined), directly or
indirectly, more than 50% of the total voting power of the then outstanding Equity Interests of the surviving or transferee Person; provided that after giving effect thereto, no Default shall have occurred and be continuing and such Person
(which shall be organized or existing under the laws of the United States, any state thereof or the District of Columbia) shall have expressly assumed in writing all of the obligations of PFI hereunder on terms satisfactory to the Banks. 

Section 5.08    Use of Proceeds. (a) The proceeds of the Loans made under this Agreement will be used for
general corporate purposes of each respective Borrower and its Subsidiaries and the Letters of Credit will be used to support the operations of each respective Borrower and its Subsidiaries, in each case not in contravention of any applicable law,
rule or regulation or any Loan Document or the PICA Support Agreement. 

  
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 (b)    None of such proceeds will be used, directly or indirectly, for
the purpose, whether immediate, incidental or ultimate, of buying or carrying any Margin Stock, in violation of the Exchange Act or the applicable margin regulations of the Federal Reserve Board, in each case as in effect from time to time, and
following the application by the applicable Borrower of such proceeds, the value of all Margin Stock owned by such Borrower will not exceed 25% of the assets of such Borrower. 

(c)    No Borrower will request any Borrowing or Letter of Credit, and no Obligor shall use, and shall procure that its
Subsidiaries and its or their respective directors, officers, employees shall not use, the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of
money, or anything else of value, to any Person in violation of any Anti-Corruption Laws, (B) for the purpose of funding, financing or facilitating any activities, business or transaction of or with any Sanctioned Person, or (C) in any
manner that would result in the violation of any Sanctions or Anti-Corruption Laws applicable to any party hereto or cause such party to become a Sanctioned Person. 

Section 5.09    Financial Covenant. PFI will not permit Consolidated Net Worth, calculated as of the last day
of each fiscal quarter of PFI, to be less than $23,500,000,000. 
 Section 5.10    PICA Support
Agreement; PICA Assumption Agreement; Guarantee Agreement. 
 (a)    No term or provision of the PICA Support
Agreement shall be amended, modified, waived or supplemented (whether or not any such amendment or modification would otherwise be permitted to occur pursuant to the PICA Support Agreement), and the PICA Support Agreement shall not be novated or,
with respect to the obligations of PICA under paragraph 2 of the PICA Support Agreement, terminated, without the prior consent of the Required Banks unless, prior thereto, PICA shall have executed and delivered a PICA Assumption Agreement or a
PICA Guarantee Agreement or PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16. 

(b)    Notwithstanding the provisions of the PICA Support Agreement (including, without limitation, paragraph 6
thereof), PICA and PFLLC hereby expressly agree with each other, the Administrative Agent and the Banks that (i) the benefits of the PICA Support Agreement shall extend to the Banks and the Administrative Agent with respect to all obligations
of PFLLC hereunder, in either case whether now existing or hereafter arising and (ii) so long as any Bank has any Commitment hereunder or is owed any amount by PFLLC under the Loan Documents, PICA will not terminate, or permit any termination
of, the PICA Support Agreement, whether pursuant to paragraph 5 thereof or otherwise, unless, prior thereto, (x) PICA shall have executed and delivered to the Banks a written instrument satisfactory to the Required Banks confirming that
PICA’s obligations under paragraph 2 of the PICA Support Agreement shall continue in full force and effect after such termination so long as any obligation of PFLLC in respect of Loans to PFLLC remains outstanding and waiving any failure
or delay on the part of PFLLC in asserting or enforcing any of its rights or in making any claims or demands in respect of such obligations, (y) PICA shall have executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement
(and, in connection therewith, deliver to the Administrative Agent such other documentation requested by the Administrative Agent consistent with the documentation delivered under clauses (b) and (c) of Section 3.01, to the reasonable
satisfaction of the Administrative Agent) or (z) PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16. 

  
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 (c)    If PICA shall have executed and delivered a PICA Assumption
Agreement or a Guarantee Agreement, no term or provision of such PICA Assumption Agreement or PICA Guarantee Agreement, as the case may be, shall be amended, modified, waived or supplemented, and such PICA Assumption Agreement or PICA Guarantee
Agreement, as the case may be, shall not be terminated, novated or otherwise changed, without the prior consent of the Required Banks. 

ARTICLE 6 
 DEFAULTS 

Section 6.01    Events of Default. If one or more of the following events (“Events of
Default”) shall have occurred and be continuing: 
 (a)    any Borrower shall fail to pay when due any
principal of any Loan, or shall fail to pay within five Business Days of the due date thereof any interest, fees or any other amount payable hereunder; 

(b)    any Obligor shall fail to observe or perform any covenant contained in Section 5.03 (with respect to any
Obligor’s existence only), 5.06, 5.07, 5.08(c) or 5.09; 
 (c)    any Obligor shall fail to observe or perform any
covenant or agreement contained in this Agreement (other than those covered by Section 6.01(a) or 6.01(b)) for 30 days after written notice thereof has been given to PFI by the Administrative Agent at the request of any Bank; 

(d)    any representation, warranty, certification or statement made by any Obligor in this Agreement or any other Loan
Document or in any certificate, financial statement or other document or instrument furnished or delivered pursuant hereto shall prove to have been incorrect in a material respect as of the date when made (or deemed made); 

(e)    PFI or any Material Subsidiary shall fail to make any payment in respect of any (I) Material Debt when due and
such failure shall continue (a) after giving effect to any applicable grace period or (b) two days (or five days in the case of payments owing to PFI or any Subsidiary) after PFI or such Material Subsidiary is given notice of such failure,
if such payment requirement does not have a grace period, (II) Material Derivative Obligation and such failure shall continue after giving effect to any applicable grace period, provided that if an Early Termination has not occurred PFI
or such Material Subsidiary shall have two days to make such payment after it is given notice of such failure if such payment does not have a grace period, but in any event excluding (unless an Early Termination has occurred) the failure to pay any
amount (1) the payment of which is being disputed by PFI or such Material Subsidiary in good faith in accordance with (x) the dispute resolution procedures provided for in connection with such Material Derivative Obligation in the
respective Master Agreement and (y) PFI’s internal policies and procedures, (2) resulting from a “Force Majeure Event” as defined in the transaction documentation for such Material Derivative Obligation or (3) in
respect of Material Derivative Obligations owing to PFI or any Subsidiary and (III) Separate Account Recourse Obligation existing on November 10, 2010 (including any subsequent amendments to such Separate Account Recourse Obligation that
do not increase the principal amount thereof), such failure shall continue unremedied for 15 or more Business Days; 

  
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 (f)    any event or condition shall occur which results in the
acceleration of the maturity of any Material Debt and, in the case of any Separate Account Recourse Obligation existing on the Effective Date (including any subsequent amendments to such Separate Account Recourse Obligation that do not increase the
principal amount thereof), such acceleration shall continue unremedied for 15 or more Business Days; 
 (g)    PFI or
any Material Subsidiary shall commence a voluntary case or other proceeding seeking liquidation, rehabilitation, conservatorship, reorganization or other relief with respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, conservator, custodian or other similar official of it or any substantial part of its property, or shall consent to any such relief or to
the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against it, or shall make a general assignment for the benefit of creditors, or shall fail generally to pay its debts as they become
due, or shall take any corporate action to authorize any of the foregoing; 
 (h)    an involuntary case or other
proceeding shall be commenced against PFI or any Material Subsidiary seeking liquidation, rehabilitation, conservatorship, reorganization or other relief with respect to it or its debts under any bankruptcy, insolvency or other similar law now or
hereafter in effect or seeking the appointment of a trustee, receiver, liquidator, rehabilitator, conservator, custodian or other similar official of it or any substantial part of its property, and such involuntary case or other proceeding shall
remain undismissed and unstayed for a period of 60 days; or an order for relief shall be entered against PFI or any Material Subsidiary under the federal bankruptcy laws as now or hereafter in effect; 

(i)    any member of the ERISA Group shall fail to pay when due an amount or amounts aggregating in excess of $450,000,000
which it shall have become liable to pay under Title IV of ERISA with respect to a Plan; or notice of intent to terminate a Material Plan shall be filed under Title IV of ERISA by any member of the ERISA Group, any plan administrator or any
combination of the foregoing; or the PBGC shall institute proceedings under Title IV of ERISA to terminate, to impose liability (other than for premiums under Section 4007 of ERISA) in respect of, or to cause a trustee to be appointed to
administer any Material Plan; or a condition shall exist by reason of which the PBGC would be entitled to obtain a decree adjudicating that any Material Plan must be terminated; or there shall occur a complete or partial withdrawal from, or a
default, within the meaning of Section 4219(c)(5) of ERISA, with respect to, one or more Multiemployer Plans which could cause one or more members of the ERISA Group to incur a current payment obligation in excess of $450,000,000; 

(j)    a judgment or order for the payment of money in excess of $450,000,000 (excluding amounts covered by insurance)
shall be rendered against PFI or any Material Subsidiary and such judgment or order shall continue unsatisfied and unstayed nor be the subject of any appeal for a period of 30 days; 

  
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 (k)    (i) subject to Section 5.07(ii), any Person (as such term is
used in Sections 13(d) and 14(d) of the Exchange Act) (including any group acting for the purpose of acquiring, holding or disposing of securities within the meaning of Rule 13d-5(b)(1) under the
Exchange Act, but excluding PFI, any Subsidiary, any employee benefit plan or employee stock plan of PFI or any Subsidiary or any Person organized, appointed, established or holding capital stock of PFI or any Subsidiary pursuant to such a plan, or
any Person organized by or on behalf of PFI to effect a reorganization or recapitalization of PFI that does not contemplate a change in the ultimate beneficial ownership of 30% or more of the voting power of the then outstanding Equity Interests of
PFI), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 30% of the
total voting power of the then outstanding Equity Interests of PFI or (ii) PICA shall cease to be a direct or indirect majority owned Subsidiary of PFI; 

(l)    whether or not the PICA Support Agreement shall have been terminated pursuant to paragraph 5 thereof, the
obligations of PICA under paragraph 2 of the PICA Support Agreement shall cease for any reason to be in full force and effect or either party thereto shall so assert in writing or any governmental body, agency or official with jurisdiction over
either party thereto shall so assert in writing in any action, suit or proceeding to which PICA or PFLLC is a party, unless, prior thereto, PICA shall have executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement or PFLLC
shall have been terminated as a Borrower hereunder pursuant to Section 9.16; 
 (m)    PICA or PFLLC shall fail for
any reason to remain in compliance with the terms of, or perform its obligations under, the PICA Support Agreement, or, if the PICA Support Agreement has been terminated, PICA shall fail for any reason to perform its obligations under paragraph 2 of
the PICA Support Agreement, unless, prior thereto, PICA shall have executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement or PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16; 

(n)    PFLLC shall cease for any reason to be a direct or indirect wholly owned Subsidiary, unless (i) PFLLC shall
have been consolidated or merged with or into PICA in accordance with the terms hereof, or (ii) PFLLC shall have been terminated as a Borrower hereunder pursuant to Section 9.16; 

(o)    if PICA shall have executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement, such PICA
Assumption Agreement or PICA Guarantee Agreement, as the case may be, shall cease for any reason to be in full force and effect or PICA or any governmental body, agency or official with jurisdiction over PICA shall so assert in writing; or 

(p)    if PICA shall have executed and delivered a PICA Assumption Agreement or a PICA Guarantee Agreement, PICA shall
fail for any reason to remain in compliance with the terms of, or perform its obligations under, such PICA Assumption Agreement or PICA Guarantee Agreement, as the case may be; 

then, and in every such event (other than any such event with respect to any Borrower under Section 6.01(g) or (h)), the Administrative Agent shall
(i) if requested by Banks having more than 50% in aggregate amount of the Commitments, (x) in the case of any such event other than Event 

  
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of Default specified in Section 6.01(l), by notice to the Borrowers terminate the Commitments and they shall thereupon terminate or (y) in the case of any Event of Default specified in
Section 6.01(l), by notice to PFLLC terminate the commitments of the Banks to make Loans to PFLLC and such commitments shall thereupon terminate, and (ii) (x) in the case of any such event other than an Event of Default specified in
Section 6.01(l), if requested by Banks holding Loans evidencing more than 50% in aggregate principal amount of the Loans, by notice to the Borrowers declare the Loans (together with accrued interest thereon) and all other amounts payable by the
Borrowers hereunder to be, and the Loans (together with accrued interest thereon) and all other amounts payable by the Borrowers hereunder shall thereupon become, immediately due and payable and require that PFI Cash Collateralize the L/C
Obligations (in an amount equal to the then outstanding L/C Obligations thereof, on behalf of the Borrowers, plus any accrued and unpaid interest thereon), in each case, without presentment, demand, protest or other notice of any kind, all of
which are hereby waived by each Borrower, and (y) in the case of any Event of Default specified in Section 6.01(l), if requested by Banks holding Loans evidencing more than 50% in aggregate principal amount of the Loans to PFLLC, by notice
to PFLLC declare the Loans of PFLLC (together with accrued interest thereon) and all other amounts payable by the Borrowers hereunder to be, and such Loans (together with accrued interest thereon) and all other amounts payable by the Borrowers
hereunder shall thereupon become, immediately due and payable and require that PFI Cash Collateralize the L/C Obligations (in an amount equal to the then outstanding L/C Obligations thereof, on behalf of the Borrowers, plus any accrued and unpaid
interest thereon), in each case, without presentment, demand, protest or other notice of any kind, all of which are hereby waived by PFLLC; provided that in the case of any of the Events of Default specified in Section 6.01(g) or 6.01(h)
with respect to any Borrower, without any notice to such Borrower or any other act by the Administrative Agent or the Banks, the Commitments shall automatically terminate and the Loans (together with accrued interest thereon) and all other amounts
payable by the Borrowers hereunder shall automatically become due and payable, and the obligation of PFI to Cash Collateralize the L/C Obligations, on behalf of the Borrowers, as aforesaid shall automatically become effective, in each case, without
presentment, demand, protest or notice of any kind, all of which are hereby waived by the Borrowers. 

Section 6.02    Notice of Default. The Administrative Agent shall give notice to PFI under
Section 6.01(c) promptly upon being requested to do so by any Bank and shall thereupon notify all the Banks thereof. 
 ARTICLE 7 

AGENTS 

Section 7.01    Appointment and Authorization. Each Bank irrevocably hereby appoints JPMorgan to act on its
behalf as the Administrative Agent and as the Several L/C Agent under and in connection with this Agreement and authorizes the Administrative Agent and the Several L/C Agent, as applicable, to take such action as agent on its behalf and to exercise
such powers under this Agreement and the other Loan Documents as are delegated to the Administrative Agent and the Several L/C Agent, as applicable, by the terms hereof or thereof, together with all such powers as are reasonably incidental thereto.
The provisions of this Article are solely for the benefit of the Administrative Agent, the Several L/C Agent and the Banks, and no Obligor shall have rights as a third party beneficiary of any of such provisions. 

  
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 Section 7.02    Agents and Affiliates. The Person serving as
the Administrative Agent or the Several L/C Agent, as applicable, hereunder shall have the same rights and powers in its capacity as a Bank as any other Bank and may exercise or refrain from exercising the same as though it were not the
Administrative Agent or the Several L/C Agent, as applicable, and the term “Bank” or “Banks” shall, unless otherwise expressly indicated or unless the context otherwise requires, include the Person serving as the Administrative
Agent or the Several L/C Agent, as applicable, 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 an Obligor or any Subsidiary or other Affiliate thereof as if such Person were not the Administrative Agent or the Several L/C Agent, as applicable, hereunder and without any duty to account therefor to the Banks. 

Section 7.03    Action by Agents. The obligations of the Administrative Agent and the Several L/C Agent
hereunder are only those expressly set forth herein. Without limiting the generality of the foregoing, no such Agent shall be required to take any action with respect to any Default, except as expressly provided in Article 6. 

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

Section 7.05    Liability of Agents. Neither any such Agent nor any of its affiliates nor any of
their respective directors, officers, agents or employees shall be liable for any action taken or not taken by it or them in connection herewith (i) with the consent or at the request of the Required Banks (or such other number or percentage of
the Banks as shall be necessary, or as such Agent shall believe in good faith shall be necessary, under the circumstances as provided in Sections 6.01 and 9.05) or (ii) in the absence of its own gross negligence or willful misconduct as
determined by a final nonappealable judgment of a court of competent jurisdiction. No such Agent shall be deemed to have knowledge of any Default or Event of Default unless and until notice describing such Default or an Event of Default is given to
such Agent by any Obligor or a Bank. Neither any such Agent nor any of its affiliates nor any of their respective directors, officers, agents or employees shall be responsible for or have any duty to ascertain, inquire into or verify (i) any
statement, warranty or representation made in connection with this Agreement, any other Loan Document, the PICA Support Agreement or any borrowing hereunder; (ii) the contents of any certificate, report or other document delivered hereunder or
thereunder or in connection therewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein or therein or the occurrence of any Default or Event of Default; (iv) the
satisfaction of any condition specified in Article 3, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent; or (v) the validity, enforceability, effectiveness or genuineness of this
Agreement, any other Loan Document, the PICA Support Agreement or any other instrument or writing furnished in connection herewith or therewith. No such Agent (i) shall be subject to any fiduciary or other implied duties, regardless of whether
a Default has occurred and is continuing, (ii) shall have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated by this Agreement that the Administrative
Agent or the Several L/C Agent, as applicable, is required to exercise as directed in writing by the Required Banks (or such other number or 

  
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percentage of the Banks as shall be expressly provided for in this Agreement), provided that no such Agent shall be required to take any action that, in its opinion or the opinion of its
counsel, may expose such Agent to liability or that is contrary to this Agreement or applicable law, and (iii) shall except as expressly set forth in this Agreement, have any duty to disclose, or shall be liable for the failure to disclose, any
information relating to any Obligor or any of its Affiliates that is communicated to or obtained by the Person serving as the Administrative Agent or the Several L/C Agent, as applicable, or any of its Affiliates in any capacity. 

Section 7.06    Reliance by Agents. Each such Agent shall be entitled to rely upon, and shall not incur any
liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing (including any electronic message, Internet or intranet website posting or other distribution) believed by it to be genuine
and to have been signed, sent or otherwise authenticated by the proper Person. Each such 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 any Credit Extension that by its terms must be fulfilled to the satisfaction of a Bank, the Administrative Agent and the Several L/C Agent may
presume that such condition is satisfactory to such Bank unless such Agent shall have received notice to the contrary from such Bank prior to the making of such Credit Extension. 

Section 7.07    Delegation of Duties. Each such Agent may perform any and all of its duties and exercise its
rights and powers under this Agreement and the other Loan Documents through any one or more sub-agents appointed by such Agent. Each such Agent and any such sub-agent
may perform any and all of its duties and exercise its rights and powers by or through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to
the Related Parties of such Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as
Administrative Agent or Several L/C Agent, applicable. 
 Section 7.08    Indemnification. To the extent
that any Obligor for any reason fails to indefeasibly pay any amount required under Section 9.03(a) or (b) to be paid by it to the Administrative Agent, each Fronting L/C Issuer or the Several L/C Agent, as applicable, (or any sub-agent thereof) or any of its officers, directors, employees, advisors and agents, each Bank severally agrees to pay to such Agent or Fronting L/C Issuer (or any such
sub-agent) or such other Person, as the case may be, such Bank’s Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid
amount; provided that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent or Fronting L/C Issuer (or any such sub-agent) in its capacity as such, or against any such other Person acting for such Agent or Fronting L/C Issuer (or any such sub-agent) in connection with such capacity.

 Section 7.09    Credit Decision. 

(a)    Each Bank and each Fronting L/C Issuer represents and warrants that (i) the Loan Documents set forth the terms
of a commercial lending facility, (ii) it is engaged in making, acquiring or holding commercial loans and in providing other facilities set forth herein as may be applicable to such Bank or such Fronting L/C Issuer, in each case in the ordinary
course of 

  
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business, and not for the purpose of purchasing, acquiring or holding any other type of financial instrument (and each Bank and each Fronting L/C Issuer agrees not to assert a claim in
contravention of the foregoing), (iii) it has, independently and without reliance upon any Agent, any Joint Lead Arranger, any Co-Sustainability Structuring Agent, or any other Bank or other Fronting L/C
Issuer, or any of the Related Parties of any of the foregoing, and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement as a Bank, and to make, acquire or hold
Loans hereunder and (iv) it is sophisticated with respect to decisions to make, acquire and/or hold commercial loans and to provide other facilities set forth herein, as may be applicable to such Bank or such Fronting L/C Issuer, and either it,
or the Person exercising discretion in making its decision to make, acquire and/or hold such commercial loans or to provide such other facilities, is experienced in making, acquiring or holding such commercial loans or providing such other
facilities. Each Bank and each Fronting L/C Issuer also acknowledges that it will, independently and without reliance upon any Agent, any Joint Lead Arranger, any Co-Sustainability Structuring Agent or any
other Bank or other Fronting L/C Issuer, or any of the Related Parties of any of the foregoing, and based on such documents and information (which may contain material, non-public information within the
meaning of the United States securities laws concerning the Obligors and their Affiliates) as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any
other Loan Document or any related agreement or any document furnished hereunder or thereunder. Each Bank and each Fronting L/C Issuer also acknowledges and agrees that (a) none of any Agent, any Lead Arranger or any Co-Sustainability Structuring Agent acting in such capacities have made any assurances as to (i) whether the credit facility evidenced by this Agreement (the “Facility”) meets such Bank’s
or such Fronting L/C Issuer’s criteria or expectations with regard to environmental impact and sustainability performance, (ii) whether any characteristics of the Facility, including the characteristics of the relevant key performance
indicators to which PFI will link a potential margin step-up or step-down, including their environmental and sustainability criteria, meet any industry standards for sustainability-linked credit facilities and
(b) such Bank and such Fronting L/C Issuer has performed its own independent investigation and analysis of the Facility and whether the Facility meets its own criteria or expectations with regard to environmental impact and/or sustainability
performance. 
 (b)    Each Bank, by delivering its signature page to this Agreement on the Effective Date, or
delivering its signature page to an Assignment and Assumption or any other Loan Document pursuant to which it shall become a Bank hereunder, shall be deemed to have acknowledged receipt of, and consented to and approved, each Loan Document and each
other document required to be delivered to, or be approved by or satisfactory to, the Administrative Agent or the Bank on the Effective Date. 

(c)     

(i)    Each Bank hereby agrees that (x) if the Administrative Agent notifies such Bank that the
Administrative Agent has determined in its sole discretion that any funds received by such Bank from the Administrative Agent or any of its Affiliates (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise;
individually and collectively, a “Payment”) were erroneously transmitted to such Bank (whether or not known to such Bank), and demands the return of such Payment (or a portion thereof), such

  
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Bank shall promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a
demand was made in same day funds, together with interest thereon in respect of each day from and including the date such Payment (or portion thereof) was received by such Bank to the date such amount is repaid to the Administrative Agent at the
greater of the NYFRB Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (y) to the extent permitted by applicable law, such Bank shall not
assert, and hereby waives, as to the Administrative Agent, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for
the return of any Payments received, including without limitation any defense based on “discharge for value” or any similar doctrine. A notice of the Administrative Agent to any Bank under this Section 7.09(c) shall be conclusive,
absent manifest error. 
 (ii)    Each Bank hereby further agrees that if it receives a Payment from
the Administrative Agent or any of its Affiliates (x) that is in a different amount than, or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such
Payment (a “Payment Notice”) or (y) that was not preceded or accompanied by a Payment Notice, it shall be on notice, in each such case, that an error has been made with respect to such Payment. Each Bank agrees that, in
each such case, or if it otherwise becomes aware a Payment (or portion thereof) may have been sent in error, such Bank shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall
promptly, but in no event later than two (2) Business Days thereafter, return to the Administrative Agent the amount of any such Payment (or portion thereof) as to which such a demand was made in same day funds, together with interest thereon
in respect of each day from and including the date such Payment (or portion thereof) was received by such Bank to the date such amount is repaid to the Administrative Agent at the greater of the NYFRB Rate and a rate determined by the Administrative
Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 

(iii)    Each party hereto agrees that (x) in the event an erroneous Payment (or portion thereof) are
not recovered from any Bank that has received such erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Bank with respect to such amount and (y) an erroneous Payment shall
not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by any Obligor, except, in each case, to the extent the Administrative Agent receives funds from (or at the direction of) any Obligor in respect of the Obligations or such
erroneous Payment is made with or on account of the proceeds of a payment made by (or at the direction of) any Obligor to the Administrative Agent for the purpose of satisfying an Obligation in accordance with the terms of this Agreement. 

(iv)    Each party’s obligations under this Section 7.09(c) shall survive the resignation or
replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Bank, the termination of the Commitments or the repayment, satisfaction or discharge of all Obligations under any Loan Document. 

  
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 Section 7.10    Successor Agents. The Administrative
Agent may resign at any time by giving written notice thereof to the Banks and PFI; provided that if the Person acting as the Administrative Agent at any time is also acting as the Several L/C Agent, such Person shall also resign as the
Several L/C Agent. Upon any such resignation, the Required Banks shall have the right to appoint a successor Administrative Agent, which shall be a Bank (or an Affiliate thereof) with an office in the United States (and which Person shall also be
appointed as the successor Several L/C Agent, if applicable). If no successor Administrative Agent shall have been so appointed by the Required Banks, and shall have accepted such appointment, within 30 days after the retiring Administrative Agent
gives notice of resignation, then the retiring Administrative Agent may, on behalf of the Banks, appoint a successor Administrative Agent meeting the qualifications set forth above (and a successor Several L/C Agent, if applicable); provided
that if the Administrative Agent shall notify PFI and the Banks that no qualifying Person has accepted such appointment, then such resignation shall nonetheless become effective in accordance with such notice and (i) the retiring Administrative
Agent shall be discharged from its duties and obligations hereunder (except that in the case of any collateral security held by the Administrative Agent on behalf of itself, the Fronting L/C Issuers, the Limited Fronting Banks and/or the Banks, as
applicable, under any of the Loan Documents, the retiring Administrative Agent may (but shall not be obligated to) continue to hold such collateral security until such time as a successor Administrative Agent is appointed) and (ii) all
payments, communications and determinations provided to be made by, to or through the Administrative Agent shall instead be made by or to each Bank directly, until such time as the Required Banks appoint a successor Administrative Agent as provided
for above in this Section. Upon acceptance of its appointment as successor Administrative Agent (and, if applicable, Several L/C Agent) hereunder, such successor Administrative Agent (and, if applicable, Several L/C Agent) shall thereupon succeed to
and become vested with all the rights and duties of the retiring (or retired) Administrative Agent (and, if applicable, Several L/C Agent), and the retiring Administrative Agent (and, if applicable, Several L/C Agent) shall be discharged from its
duties and obligations hereunder (if not already discharged therefrom as provided above in this Section). After any retiring Administrative Agent’s (and, if applicable, Several L/C Agent’s) resignation hereunder as Administrative Agent
(and, if applicable, Several L/C Agent), the provisions of this Agreement shall continue in effect for the benefit of such retiring Administrative Agent (and, if applicable, Several L/C Agent), its sub-agents
and their respective Related Parties in respect of any actions taken or omitted to be taken by it while it was Administrative Agent (and, if applicable, Several L/C Agent). 

Section 7.11    Other Agents. Notwithstanding anything herein to the contrary, the Joint Lead Arrangers, the Co-Sustainability Agents and the Syndication Agents shall have no duties or responsibilities hereunder in their capacity as such, except in their capacity, if any, as a Bank. 

Section 7.12    Withholding Tax. To the extent required by any applicable law, the Administrative Agent may
withhold from any payment to any Bank an amount equivalent to any applicable income, stamp or other Taxes, imposts, duties, charges, or fees imposed, levied, collected or assessed by any Governmental Authority. Without limiting or expanding the
provisions of Section 2.15, each Bank shall indemnify and hold harmless the Administrative Agent against, and shall make payable in respect thereof within 10 days after written demand therefor, any and all taxes, imposts, duties, charges, or
fees and any and all related losses, claims, liabilities and expenses (including fees, charges and disbursements of any counsel for the Administrative Agent) incurred by or asserted against the Administrative Agent by the IRS or any other

  
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Governmental Authority as a result of the failure of the Administrative Agent to properly withhold any amounts from payments to or for the account of such Bank for any reason (including because
the appropriate form was not delivered or not properly executed, or because such Bank failed to notify the Administrative Agent of a change in circumstance that rendered the exemption from, or reduction of such required withholding ineffective). A
certificate as to the amount of such payment or liability delivered to any Bank by the Administrative Agent shall be conclusive absent manifest error. Each Bank hereby authorizes the Administrative Agent to set off and apply any and all amounts at
any time owing to such Bank under this Agreement or any other instrument or document furnished pursuant hereto against any amount due to the Administrative Agent under this Section. The agreements in this Section shall survive the resignation
and/or replacement of the Administrative Agent, any assignment of rights by, or the replacement of, a Bank, the termination of the Commitments and the repayment, satisfaction or discharge of all other Obligations. For purposes of this Section, the
term “Bank” includes any Fronting L/C Issuer. 
 Section 7.13    Certain ERISA Matters. 

(a)    Each Bank (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and
(y) covenants, from the date such Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, and the Joint Lead Arrangers and their respective Affiliates, and not,
for the avoidance of doubt, to or for the benefit of any Obligor, that at least one of the following is and will be true. 

(i)    such Bank is not using “plan assets” (within the meaning of the Plan Asset Regulations) of
one or more Benefit Plans in connection with the Loans, the Letters of Credit or the Commitments, 

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

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

  
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 (iv)    such other representation, warranty and covenant
as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Bank. 
 (b)    In
addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Bank or such Bank has provided another representation, warranty and covenant as provided in sub-clause (iv) in the immediately preceding clause (a), such Bank further (x) represents and warrants, as of the date such Person became a Bank party hereto, to, and (y) covenants, from the date such
Person became a Bank party hereto to the date such Person ceases being a Bank party hereto, for the benefit of, the Administrative Agent, and the Joint Lead Arrangers or any of their respective Affiliates, and not, for the avoidance of doubt, to or
for the benefit of any Obligor, that none of the Administrative Agent, or the Joint Lead Arrangers or any of their respective Affiliates is a fiduciary with respect to the assets of such Bank (including in connection with the reservation or exercise
of any rights by the Administrative Agent under this Agreement, any Loan Document or any documents related hereto or thereto). 

(c)    The Administrative Agent and each Joint Lead Arranger hereby informs the Banks that each such Person is not
undertaking to provide investment advice, or to give advice in a fiduciary capacity, in connection with the transactions contemplated hereby, and that such Person has a financial interest in the transactions contemplated hereby in that such Person
or an Affiliate thereof (i) may receive interest or other payments with respect to the Loans, the Letters of Credit, the Commitments, this Agreement and any other Loan Documents, (ii) may recognize a gain if it extended the Loans, the
Letters of Credit or the Commitments for an amount less than the amount being paid for an interest in the Loans, the Letters of Credit or the Commitments by such Bank or (iii) may receive fees or other payments in connection with the
transactions contemplated hereby, the Loan Documents or otherwise, including structuring fees, commitment fees, arrangement fees, facility fees, commitment fees, upfront fees, underwriting fees, ticking fees, agency fees, administrative agent fees
or collateral agent fees, utilization fees, minimum usage fees, letter of credit fees, fronting fees, deal-away or alternate transaction fees, amendment fees, processing fees, term out premiums, banker’s acceptance fees, breakage or other early
termination fees or fees similar to the foregoing. 
 ARTICLE 8 

CHANGE IN CIRCUMSTANCES 

Section 8.01    Alternate Rate of Interest. 

(a)     Subject to clauses (b), (c), (d), (e), (f) and (g) of this Section 8.01, if prior to the commencement of
any Interest Period for a Euro-Dollar Borrowing: 
 (i)     the Administrative Agent determines (which
determination shall be conclusive absent manifest error) that adequate and reasonable means do not exist for ascertaining the Adjusted LIBO Rate or the LIBO Rate, as applicable (including because the LIBO Screen Rate is not available or published on
a current basis), for such Interest Period; or 
 (ii)     the Administrative Agent is advised by the
Required Banks that the Adjusted LIBO Rate or the LIBO Rate, as applicable, for such Interest Period will not adequately and fairly reflect the cost to such Banks of making or maintaining their Loans included in such Borrowing for such Interest
Period; 

  
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 then the Administrative Agent shall give notice thereof to PFI and the Banks by telephone,
telecopy or electronic mail as promptly as practicable thereafter and, until the Administrative Agent notifies PFI and the Banks that the circumstances giving rise to such notice no longer exist, (A) any Notice of Interest Rate Election that
requests the conversion of any Borrowing to, or continuation of any Borrowing as, a Euro-Dollar Borrowing shall be ineffective and such Borrowing shall continue as or be converted to an ABR Borrowing, as the case may be, and (B) if any Notice
of Borrowing requests a Euro-Dollar Borrowing, such Borrowing shall be made as an ABR Borrowing. 
 (b)
    Notwithstanding anything to the contrary herein or in any other Loan Document, if a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as
applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or
(2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of such Benchmark setting and
subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Loan Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the
definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Loan Document in respect of any Benchmark setting at or after 5:00
p.m., New York City time, on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Banks without any amendment to, or further action or consent of any
other party to, this Agreement or any other Loan Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Banks comprising the Required Banks. 

(c)     Notwithstanding anything to the contrary herein or in any other Loan Document and subject to the proviso below in
this paragraph, if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then the applicable Benchmark Replacement will replace the
then-current Benchmark for all purposes hereunder or under any Loan Document in respect of such Benchmark setting and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any
other Loan Document; provided that, this clause (c) shall not be effective unless the Administrative Agent has delivered to the Banks and PFI a Term SOFR Notice. For the avoidance of doubt, the Administrative Agent shall not be required
to deliver a Term SOFR Notice after the occurrence of a Term SOFR Transition Event and may do so in its sole discretion. 
 (d)
    In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary
herein or in any other Loan Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Loan Document. 

  
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 (e)     The Administrative Agent will promptly notify PFI and the Banks
of (i) any occurrence of a Benchmark Transition Event, an Early Opt-in Election or an Other Benchmark Rate Election, as applicable, (ii) the implementation of any Benchmark Replacement,
(iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark
Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Bank (or group of Banks) pursuant to this Section 8.01, including any determination with respect to a tenor, rate
or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent
manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Loan Document, except, in each case, as expressly required pursuant to this Section 8.01. 

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

(g)     Upon PFI’s receipt of notice of the commencement of a Benchmark Unavailability Period, PFI may revoke any
request for a Euro-Dollar Borrowing or conversion to or continuation of Euro-Dollar Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, PFI will be deemed to have converted any such request into a
request for a Borrowing of or conversion to ABR Loans. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or
such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. 

Section 8.02    Illegality. If, on or after the date of this Agreement, any Change in Law shall make it
unlawful or impossible for any Bank (or its Euro-Dollar Lending Office) to make, maintain or fund its Euro-Dollar Loans to any Borrower and such Bank shall so notify the
Administrative Agent (and the Administrative Agent shall forthwith give notice thereof to the other Banks and PFI), whereupon until such Bank notifies PFI and the Administrative Agent that the 

  
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circumstances giving rise to such suspension no longer exist, the obligation of such Bank to make Euro-Dollar Loans to such Borrower, or to convert
outstanding Loans made to such Borrower into Euro-Dollar Loans, shall be suspended. Before giving any notice to the Administrative Agent pursuant to this Section, such Bank shall designate a different Euro-Dollar Lending Office if such designation will avoid the need for giving such notice and will not, in the judgment of such Bank, be otherwise disadvantageous to such Bank. If such notice is given, each Euro-Dollar Loan held by such Bank made to such Borrower then outstanding shall be converted to an ABR Loan either (i) on the last day of the then current Interest Period applicable to such Euro-Dollar Loan if such Bank may lawfully continue to maintain and fund such Euro-Dollar Loan to such day or (ii) immediately if such Bank shall determine that it may
not lawfully continue to maintain and fund such Euro-Dollar Loan to such day. 

Section 8.03    Increased Cost and Reduced Return. (a) If any Change in Law shall: 

(i)    impose, modify or deem applicable any reserve, special deposit, liquidity or similar requirement
(including any compulsory loan requirement, insurance charge or other assessment) against assets of, deposits with or for the account of, or credit extended by, any Bank or any Fronting L/C Issuer (but excluding any such reserve requirement
reflected in the Adjusted LIBO Rate); or 
 (ii)    impose on any Bank or any Fronting L/C Issuer or the
London interbank market any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Bank or any Letter of Credit or participation therein; or 

(iii)    subject any Recipient to any Taxes (other than (A) Indemnified Taxes, (B) Taxes
described in clauses (b) through (d) of the definition of Excluded Taxes and (C) Connection Income Taxes) on its loans, loan principal, letters of credit, commitments, or other obligations, or its deposits, reserves, other liabilities
or capital attributable thereto; 
 and the result of any of the foregoing shall be to increase the cost to such Bank, such Fronting L/C Issuer or such
other Recipient of making or maintaining any Euro-Dollar Loan (or, in the case of clause (iii) above, any Loan) (or of maintaining its obligation to make any such Loan) or to increase the cost to such Bank, such Fronting L/C Issuer or such
other Recipient of participating in, issuing or maintaining any Letter of Credit or to reduce the amount of any sum received or receivable by such Bank, such Fronting L/C Issuer or such other Recipient hereunder (whether of principal, interest or
otherwise), in each case by an amount deemed by such Bank, such Fronting L/C Issuer or such other Recipient, as the case may be, to be material, then, within 15 days after demand by such Bank, such Fronting L/C Issuer or such other Recipient, as the
case may be, to PFI (with a copy to the Administrative Agent), the applicable Borrower will pay to such Bank, such Fronting L/C Issuer or such other Recipient, as the case may be, such additional amount or amounts as will compensate such Bank, such
Fronting L/C Issuer or such other Recipient, as the case may be, for such additional costs incurred or reduction suffered. 

(b)    If any Bank or any Fronting L/C Issuer determines that any Change in Law regarding capital or liquidity
requirements has or would have the effect of reducing the rate of return on such Bank’s or such Fronting L/C Issuer’s capital or on the capital of such Bank’s or such Fronting L/C Issuer’s holding company, if any, as a
consequence of this Agreement or the 

  
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Loans made by, or the Letters of Credit issued by or participations in Letters of Credit held by, such Bank, or the Letters of Credit issued by any Fronting L/C Issuer, to a level below that
which such Bank or such Fronting L/C Issuer or such Bank’s or such Fronting L/C Issuer’s holding company could have achieved but for such Change in Law (taking into consideration such Bank’s or such Fronting L/C Issuer’s policies
and the policies of such Bank’s or such Fronting L/C Issuer’s holding company with respect to capital adequacy) by an amount deemed by such Bank or such Fronting L/C Issuer to be material, then from time to time, within 15 days after
demand by such Bank or such Fronting L/C Issuer, as the case may be, to PFI (with a copy to the Administrative Agent), the applicable Borrower will pay to such Bank or such Fronting L/C Issuer, as the case may be, such additional amount or amounts
as will compensate such Bank or such Fronting L/C Issuer or such Bank’s or such Fronting L/C Issuer’s holding company for any such reduction suffered. 

(c)    Each Bank will promptly notify PFI and the Administrative Agent of any event of which it has knowledge, occurring
after the date hereof, which will entitle such Bank to compensation pursuant to this Section. A certificate of any Bank claiming compensation under this Section and setting forth the additional amount or amounts to be paid to it hereunder that
is signed by an officer of such Bank with knowledge of and responsibility for such matters and that sets forth such amount or amounts and a reasonable explanation of the basis therefor shall be conclusive absent manifest error. In determining such
amount, such Bank may use any reasonable averaging and attribution methods. 
 (d)    Failure or delay on the part of
any Bank to demand compensation pursuant to this Section shall not constitute a waiver of such Bank’s right to demand such compensation; provided that the applicable Borrower shall not be required to compensate a Bank pursuant to
this Section for any increased costs or reductions incurred more than 90 days prior to the date that such Bank notifies PFI of the event giving rise to such increased costs or reductions and of such Bank’s intention to claim compensation
therefor; provided, further, that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the 90-day period referred to above shall be extended to include the
period of retroactive effect thereof. 
 Section 8.04    ABR Loans Substituted for Affected Euro-Dollar
Loans. If (i) the obligation of any Bank to make or maintain Euro-Dollar Loans to any Borrower has been suspended pursuant to Section 8.02 or (ii) any Bank has demanded compensation
under Section 8.03(a) and PFI at its option, by at least five Business Days’ prior notice to such Bank through the Administrative Agent, shall have elected that the provisions of this Section shall apply to such Bank, then, unless and
until such Bank notifies PFI that the circumstances giving rise to such suspension or demand for compensation no longer apply: 

(a)    all Loans which would otherwise be made by such Bank as (or continued as or converted into) Euro-Dollar Loans shall instead be ABR Loans (on which interest and principal shall be payable contemporaneously with the related Euro-Dollar Loans of the other Banks), and 

(b)    after each of its Euro-Dollar Loans has been repaid (or converted to an ABR
Loan), all payments of principal which would otherwise be applied to repay such Euro-Dollar Loans shall be applied to repay its ABR Loans instead. 

  
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 If such Bank notifies PFI that the circumstances giving rise to such notice no longer apply,
the principal amount of each such ABR Loan shall be converted into a Euro-Dollar Loan on the first day of the next succeeding Interest Period applicable to the related
Euro-Dollar Loans of the other Banks. 
 Section 8.05    Mitigation
Obligations; Replacement of Banks. 
 (a)    Designation of a Different Lending Office. If (i) any Bank
requests compensation under Section 8.03, (ii) any Bank gives a notice pursuant to Section 8.02 or (iii) if any Obligor is required to pay any Indemnified Taxes or additional amounts to any Bank or any Governmental Authority for the
account of any Bank pursuant to Section 2.15, then such Bank shall use reasonable efforts to designate a different Applicable Lending Office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another
of its offices, branches or affiliates, if, in the judgment of such Bank, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 8.03 or 2.15 in the future or eliminate the need for the notice
pursuant to Section 8.02, as applicable and (ii) would not subject such Bank to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Bank. The Borrowers hereby agree to pay all reasonable costs and expenses
incurred by any Bank in connection with any such designation or assignment. 
 (b)    Replacement of Bank. If
(i) any Bank requests compensation under Section 8.03, (ii) any Bank gives a notice pursuant to Section 8.02, (iii) any Obligor is required to pay any Indemnified Taxes or additional amounts to any Bank or any Governmental Authority
for the account of any Bank pursuant to Section 2.15 or (iv) any Bank is a Defaulting Bank, then PFI may, at its sole expense and effort, upon notice to such Bank and the Administrative Agent, require such Bank to assign and delegate,
without recourse (in accordance with and subject to the restrictions contained in, and consents required by, Section 9.06(c)), all of its interests, rights and obligations under this Agreement and the other Loan Documents to an assignee that
shall assume such obligations (which assignee may be another Bank, if a Bank accepts such assignment), provided that (i) PFI shall have paid to the Administrative Agent the processing and recordation fee specified in
Section 9.06(c); (ii) such Bank shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder (including any amounts under
Section 2.13) from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the applicable Borrower (in the case of all other amounts); and (iii) such assignment does not conflict with applicable laws. A
Bank shall not be required to make any such assignment or delegation if, prior thereto, as a result of a waiver by such Bank or otherwise, the circumstances entitling PFI to require such assignment and delegation cease to apply. Each party hereto
agrees that (i) an assignment required pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by PFI, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an
Assignment and Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Bank required to make such assignment need not be a party thereto in order
for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other parties to such assignment agree to execute and
deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Bank, provided that any such documents shall be without recourse to or warranty by the parties thereto. 

  
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 ARTICLE 9 

MISCELLANEOUS 

Section 9.01    Notices. 

(a)    Notices Generally. Except in the case of notices and other communications expressly permitted to be given by
telephone (and except as provided in paragraph (b) below), all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent
by telecopier as follows, and all notices and other communications expressly permitted hereunder to be given by telephone shall be made to the applicable telephone number, as follows: 

(i)    if to the Obligors, the Administrative Agent or the Several L/C Agent to the address, telecopier
number, electronic mail address or telephone number set forth on Schedule 9.01; and 

(ii)    if to any other Bank, to the address, telecopier number, electronic mail address or telephone
number specified in its Administrative Questionnaire. 
 Notices and other communications sent by hand or overnight courier service, or
mailed by certified or registered mail, shall be deemed to have been given when received; notices and other communications sent by telecopier shall be deemed to have been given when sent (except that, if not given during normal business hours for
the recipient, shall be deemed to have been given at the opening of business on the next business day for the recipient). Notices and other communications delivered through Approved Electronic Platforms to the extent provided in paragraph
(b) below, shall be effective as provided in such paragraph (b). 
 (b)    Electronic Communications.
Notices and other communications to the Banks hereunder may be delivered or furnished by electronic communication (including e-mail), including Approved Electronic Platforms, pursuant to procedures approved by
the Administrative Agent, provided that the foregoing shall not apply to notices to any Bank pursuant to Article 2 if such Bank, as applicable, has notified the Administrative Agent that it is incapable of receiving notices under such
Article by electronic communication. The Administrative Agent or any Obligor may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it,
provided that approval of such procedures may be limited to particular notices or communications. 

(c)    Unless the Administrative Agent otherwise prescribes, (i) notices and other communications sent to an e-mail address shall be deemed received upon the sender’s receipt of an acknowledgement from the intended recipient (such as by the “return receipt requested” function, as available, return e-mail or other written acknowledgement); provided that if such notice or other communication is not sent during the normal business hours of the recipient, such notice or communication shall be deemed to
have been sent at the opening of business on the next business day for the recipient, and (ii) notices or communications posted to an Internet or intranet 

  
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website shall be deemed received upon the deemed receipt by the intended recipient at its e-mail address as described in the foregoing clause (i) of
notification that such notice or communication is available and identifying the website address therefor. 

(d)    Posting of Communications. 

(i)    The Obligors agree that the Administrative Agent may, but shall not be obligated to, make any
Communications available to the Banks and the Fronting L/C Issuers by posting the Communications on IntraLinksTM, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the
Administrative Agent to be its electronic transmission system (the “Approved Electronic Platform”). 

(ii)    Although the Approved Electronic Platform and its primary web portal are secured with
generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is
secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a
deal-by-deal basis, each of the Banks, each Fronting L/C Issuer and each Obligor acknowledges and agrees that the distribution of material through an electronic medium
is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Bank that are added to the Approved Electronic Platform, and that there may be confidentiality and other
risks associated with such distribution. Each of the Banks, each Fronting L/C Issuer and each Obligor hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such
distribution. 
 (iii)    THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED “AS
IS” AND “AS AVAILABLE.” THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM, AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS IN OR
OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE,
NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY ANY APPLICABLE PARTY IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. In no event
shall the Administrative Agent, the Several L/C Agent or any Joint Lead Arranger or any of their respective Related Parties (collectively, the “Applicable Parties”) have any liability to the Obligors, any Bank, any Fronting L/C
Issuer or any other Person or entity for losses, claims, damages, liabilities or expenses of any kind (whether in tort, contract or otherwise) arising out of the Obligors’ or the Administrative Agent’s transmission of Communications
through the Internet, except to the extent that such losses, claims, damages, liabilities or expenses are determined by a court of competent jurisdiction by a final and nonappealable judgment to have resulted

  
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from the gross negligence or willful misconduct of such Applicable Party; provided, however, that in no event shall any Applicable Party have any liability to the Obligors, any Bank
or any other Person for indirect, special, incidental, consequential or punitive damages (as opposed to direct or actual damages). 

(iv)    Each Bank and each Fronting L/C Issuer agrees that notice to it (as provided in the next sentence)
specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Bank or such Fronting L/C Issuer for purposes of the Loan Documents. Each Bank and each Fronting
L/C Issuer agrees (x) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Bank’s or such Fronting L/C Issuer’s (as applicable) email address to which the
foregoing notice may be sent by electronic transmission and (y) that the foregoing notice may be sent to such email address. 

(v)    Each of the Banks, the Fronting L/C Issuers and the Obligors agrees that the Administrative Agent
may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent’s generally applicable document retention procedures and
policies. 
 (vi)    Nothing herein shall prejudice the right of the Administrative Agent, any Bank or
any Fronting L/C Issuer to give any notice or other communication pursuant to any Loan Document in any other manner specified in such Loan Document. 

(e)    Change of Address, Etc. Each of the Obligors and the Administrative Agent may change its address, telecopier
or telephone number for notices and other communications hereunder by notice to the other parties hereto. Each other Bank may change its address, telecopier or telephone number for notices and other communications hereunder by notice to the Obligors
and the Administrative Agent. In addition, each Bank agrees to notify the Administrative Agent from time to time to ensure that the Administrative Agent has on record (i) an effective address, contact name, telephone number, telecopier number
and electronic mail address to which notices and other communications may be sent and (ii) accurate wire instructions for such Bank. 

(f)    Reliance by Administrative Agent and Banks. The Administrative Agent and the Banks shall be entitled to rely
and act upon any notices reasonably believed by them to be genuine and to have been given by or on behalf of any Obligor even if such notices were not made in a manner specified herein, were incomplete or were not preceded or followed by any other
form of notice specified herein. The Obligors shall indemnify the Administrative Agent, each Bank and the Related Parties of each of them from all losses, costs, expenses and liabilities resulting from the reliance by such Person on each notice
reasonably believed by them to be genuine and to have been given by or on behalf of the Obligors. All telephonic communications with the Administrative Agent may be recorded by the Administrative Agent, and each of the parties hereto hereby consents
to such recording. 
 Section 9.02    No Waivers. No failure or delay by the Administrative Agent or any
Bank in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall 

  
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any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be
cumulative and not exclusive of any rights or remedies provided by law. 
 Section 9.03    Expenses;
Indemnification. (a) PFI shall pay all reasonable out-of-pocket expenses of the Agents, including reasonable fees and disbursements of Latham & Watkins
LLP, special counsel for the Administrative Agent, in connection with the preparation of this Agreement, any waiver or consent hereunder or any amendment, modifications or waivers hereof. PFI agrees to pay all reasonable out-of-pocket expenses incurred by the Administrative Agent and each Bank, including reasonable fees and disbursements of counsel (which counsel may be an employee of such
Bank), in connection with the enforcement or protection of its rights in connection with this Agreement, including in connection with any workout, restructuring or negotiations in respect thereof. Each request for payment of expenses under this
Section shall be accompanied by a reasonably detailed invoice and support for PFI’s review prior to reimbursement thereof. 

(b)    Each Obligor jointly and severally agrees to indemnify each Agent, each Joint Lead Arranger, each Co-Sustainability Structuring Agent, each Fronting L/C Issuer or the Several L/C Agent and each Bank, and each Related Party of the foregoing Persons (each such Person being called an “Indemnitee”)
against, and hold each Indemnitee harmless from, any and all liabilities, claims, losses, damages, costs and expenses of any kind, including the reasonable fees and disbursements of counsel, which may be incurred by such Agent or such Bank in
connection with any actual or threatened claim or investigative, administrative or judicial proceeding (whether or not such Agent or such Bank shall be designated a party thereto) relating to or arising out of, in connection with, or as a result of
(i) the execution or delivery of this Agreement, any other Loan Document or any agreement or instrument contemplated hereby or thereby, the performance by the parties hereto of their respective obligations hereunder or thereunder or the
consummation of the Transactions or any other transactions contemplated hereby, (ii) any Loan or Letter of Credit or any actual or proposed use of proceeds therefrom and regardless of whether any such claim, litigation, investigation or
proceeding is brought by the Obligors, any of their directors, security holders or creditors, an Indemnitee or any other Person; provided that no Indemnitee shall have the right to be indemnified hereunder for (i) its own gross
negligence or willful misconduct as determined by a final and nonappealable judgment of a court of competent jurisdiction or (ii) any act or omission to act by such Indemnitee in contravention of any law or regulation applicable to such Person.

 (c)    To the extent permitted by applicable law, the Obligors shall not assert, and hereby waive, any claim against
any Agent, any Joint Lead Arranger, any Co-Sustainability Structuring Agent, any Fronting L/C Issuer, the Several L/C Agent or any Bank, and each Related Party of the foregoing Persons (each such Person being
called a “Bank-Related Person”), on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or
any agreement or instrument contemplated hereby or the Transactions. 
 Section 9.04    Sharing of Set-Offs. Each Bank agrees that if it shall, by exercising any right of set-off or counterclaim or otherwise, receive payment of a proportion of the aggregate amount of
principal and interest then due with respect to any Loan or Unreimbursed Amounts held 

  
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by it which is greater than the proportion received by any other Bank in respect of the aggregate amount of principal and interest then due with respect to any Loan held by such other Bank, the
Bank receiving such proportionately greater payment shall (a) notify the Administrative Agent of such fact and (b) purchase such participations in the Loans or L/C Obligations, as the case may be, held by the other Banks, and such other
adjustments shall be made, as may be required so that all such payments of principal and interest with respect to the Loans and Unreimbursed Amounts held by the Banks shall be shared by the Banks pro rata; provided that nothing in this
Section shall (i) impair the right of any Bank to exercise any right of set-off or counterclaim it may have and to apply the amount subject to such exercise to the payment of indebtedness of any
Borrower (other than the Loans) nor (ii) be construed to apply to (x) any payment made by or on behalf of any Borrower pursuant to and in accordance with the express terms of this Agreement (including the application of funds arising from
the existence of a Defaulting Bank) or (y) the application of Cash Collateral provided for in Section 2.16. Each Borrower agrees, to the fullest extent it may effectively do so under applicable law, that any Bank acquiring a participation
pursuant to the foregoing arrangements may exercise rights of set-off or counterclaim and other rights with respect to such participation as fully as if such holder of a participation were a direct creditor of
such Borrower in the amount of such participation. 
 Section 9.05    Amendments and Waivers. 

(a)    Subject to Section 8.01(b), Section 8.01(c) and Section 8.01(d), any provision of this Agreement or
the Notes, if any, may be amended or waived if, but only if, such amendment or waiver is in writing and is signed by each Obligor and the Required Banks (and, if the rights or duties of the Administrative Agent, Several L/C Agent or Fronting L/C
Issuer are affected thereby, by then the Administrative Agent, Several L/C Agent or Fronting L/C Issuer respectively); provided that no such amendment or waiver shall: 

(i)    increase or decrease the Commitment of any Bank (except for a ratable decrease in the Commitments of
all Banks), unless signed by such Bank; 
 (ii)    reduce the principal of or rate of interest on any
Loan, any Unreimbursed Amount or any fees hereunder, unless signed by each Bank affected thereby; 

(iii)    postpone the date fixed for any payment of principal of or interest on any Loan, any Unreimbursed
Amount or any fees hereunder or postpone the date for any reduction or termination of any Commitment, unless signed by each Bank affected thereby; 

(iv)    alter the manner in which payments or prepayments of principal, interest or other amounts hereunder
shall be applied as among the Banks and the types of Loans, unless signed by each Bank; 
 (v)    change
the provisions of this Section or change the percentage of the Commitments or of the aggregate unpaid principal amount of the Loans, or the number of Banks, which shall be required for the Banks or any of them to take any action under this
Section or any other provision of this Agreement, unless signed by each Bank; 

  
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 (vi)    release any Borrower from its obligations
hereunder with respect to Letters of Credit for which any Subsidiary is named as an applicant hereunder, unless signed by each Bank; or 

(vii)    change Section 2.09(b) in a manner that would alter ratable reduction of Commitments, unless
signed by each Bank. 
 Notwithstanding anything to the contrary herein, no Defaulting Bank shall have any right to approve or disapprove
any amendment, waiver or consent hereunder (and any amendment, waiver or consent which by its terms requires the consent of all Bank or each affected Bank may be effected with the consent of the applicable Banks other than Defaulting Banks), except
that (x) the Commitment of any Defaulting Bank may not be increased or extended without the consent of such Bank and (y) any waiver, amendment or modification requiring the consent of all Banks or each affected Bank that by its terms
affects any Defaulting Bank more adversely than other affected Banks shall require the consent of such Defaulting Bank. 

(b)    Notwithstanding the foregoing, this Agreement and any other Loan Document may be amended (or amended and restated)
with the written consent of the Required Banks, the Administrative Agent and the Obligors (x) to add one or more credit facilities to this Agreement and to permit extensions of credit from time to time outstanding thereunder and the accrued
interest and fees in respect thereof to share ratably in the benefits of this Agreement and the other Loan Documents with the Loans and the accrued interest and fees in respect thereof and (y) to include appropriately the Banks holding such
credit facilities in any determination of the Required Banks and Banks. 
 (c)    If, in connection with any proposed
amendment, waiver or consent requiring the consent of “each Bank” or “each Bank affected thereby,” the consent of the Required Banks is obtained, but the consent of other necessary Banks is not obtained (any such Bank whose
consent is necessary but not obtained being referred to herein as a “Non-Consenting Bank”), then the Obligors may, at their sole expense and effort, elect to replace a Non-Consenting Bank as a Bank party to this Agreement, provided that, concurrently with such replacement, (i) another bank or other entity which is reasonably satisfactory to the Obligors and the Administrative
Agent shall agree, as of such date, to purchase for cash the Loans and other Obligations due to the Non-Consenting Bank pursuant to an Assignment and Assumption and to become a Bank for all purposes under this
Agreement and to assume all obligations of the Non-Consenting Bank to be terminated as of such date and to comply with the requirements of clause (c) of Section 9.05, (ii) the Borrowers shall
pay to such Non-Consenting Bank in same day funds on the day of such replacement (1) all interest, fees and other amounts then accrued but unpaid to such Non- Consenting Bank by the Borrowers hereunder to
and including the date of termination, including without limitation payments due to such Non-Consenting Bank under Sections 2.15 and 8.03, and (2) an amount, if any, equal to the payment which would
have been due to such Bank on the day of such replacement under Section 2.13 had the Loans of such Non-Consenting Bank been prepaid on such date rather than sold to the replacement Bank and
(iii) such Non-Consenting Bank shall have received the outstanding principal amount of its Loans and participations in Unreimbursed Amounts. Each party hereto agrees that (i) an assignment required
pursuant to this paragraph may be effected pursuant to an Assignment and Assumption executed by PFI, the Administrative Agent and the assignee (or, to the extent applicable, an agreement incorporating an Assignment and 

  
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Assumption by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants), and (ii) the Bank required to make such
assignment need not be a party thereto in order for such assignment to be effective and shall be deemed to have consented to and be bound by the terms thereof; provided that, following the effectiveness of any such assignment, the other
parties to such assignment agree to execute and deliver such documents necessary to evidence such assignment as reasonably requested by the applicable Bank, provided that any such documents shall be without recourse to or warranty by the parties
thereto. 
 (d)    Notwithstanding anything to the contrary herein, if the Administrative Agent and the Obligors acting
together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement or any other Loan Document, then the Administrative Agent and the Obligors shall be permitted to amend, modify or supplement
such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement. 

Section 9.06    Successors and Assigns. (a) The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective successors and assigns, except that no Obligor may assign or otherwise transfer any of its rights under this Agreement without the prior written consent of all Banks. 

(b)    Any Bank may at any time grant to one or more banks or other institutions (other than a Defaulting Bank) (each a
“Participant”) participating interests in its Commitment or any or all of its Loans. In the event of any such grant by a Bank of a participating interest to a Participant, whether or not upon notice to PFI and the Administrative
Agent, such Bank shall remain responsible for the performance of its obligations hereunder, and the Borrowers and the Administrative Agent shall continue to deal solely and directly with such Bank in connection with such Bank’s rights and
obligations under this Agreement. Any agreement pursuant to which any Bank may grant such a participating interest shall provide that such Bank shall retain the sole right and responsibility to enforce the obligations of the Borrowers hereunder
including the right to approve any amendment or waiver of any provision of this Agreement; provided that such participation agreement may provide that such Bank will not agree to any amendment or waiver of this Agreement described in
clauses (i) through (vi) of Section 9.05 without the consent of the Participant. Subject to Section 9.06(e), each Obligor agrees that each Participant shall, to the extent provided in its participation agreement, be entitled to
the benefits and be subject to the obligations of Article 8 and Section 2.15 with respect to its participating interest (it being understood that the documentation required under section 2.15(f) shall be delivered to the participating
Bank). An assignment or other transfer which is not permitted by Section 9.06(c) or 9.06(d) shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this paragraph (b).

 Each Bank that sells a participation shall, acting solely for this purpose as a non-fiduciary
agent of the Obligors, 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, Letters of Credit or other obligations under
this Agreement (the “Participant Register”); provided that no Bank shall have any obligation to disclose all or any portion of the Participant 

  
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Register (including the identity of any Participant or any information relating to a Participant’s interest in any Commitments, Loans, Letters of Credit or other obligations under this
Agreement) to any Person except to the extent that such disclosure is necessary to establish that such Commitment, Loan, Letter of Credit or other obligation is in registered form under
Section 5f.103-1(c) of the United States Treasury Regulations and Proposed Treasury Regulations Section 1.163-5(b) (or, in each case, any amended or successor
version). The entries in the Participant Register shall be conclusive absent manifest error, and such Bank shall treat each Person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this
Agreement notwithstanding any notice to the contrary. For the avoidance of doubt, the Administrative Agent (in its capacity as Administrative Agent) shall have no responsibility for maintaining a Participant Register. 

(c)    Any Bank may at any time assign to one or more assignees (each an “Assignee”) all, or a
proportionate part of all, of its rights and obligations under this Agreement (including its Loans and its interests in Letters of Credit) with (and subject to) the prior written consent (such consent not to be unreasonably withheld, conditioned or
delayed) of: 
 (A)    PFI; provided that no consent of PFI shall be required for an assignment to
(I) a Bank, an Affiliate of a Bank or an Approved Fund or (II) if an Event of Default has occurred and is continuing, any other assignee; and provided, further, that PFI shall be deemed to have consented to any such
assignment requiring its consent under this clause (A) if it fails to object thereto by written notice to the Administrative Agent within ten Business Days after (x) receipt of notice thereof by an officer of PFI that has been designated
in writing by PFI to the Administrative Agent for this purpose (or, failing any such designation, by the treasurer or chief financial officer of PFI) and (y) confirmation of such receipt by PFI in writing or by telephone, fax or other
electronic communication to the Administrative Agent; 
 (B)    the Administrative Agent; provided
that no consent of the Administrative Agent shall be required for an assignment to a Bank, an Affiliate of a Bank or an Approved Fund; 

(C)    each Fronting L/C Issuer; provided that no consent of any Fronting L/C Issuer shall be
required for an assignment to a Bank, an Affiliate of a Bank or an Approved Fund. 
 Assignments shall be subject to the
following conditions: 
 (I)    except in the case of an assignment to a Bank, an Affiliate of a Bank or
an Approved Fund or an assignment of the entire remaining amount of the assigning Bank’s applicable Commitment, the amount of such Commitment of the assigning Bank subject to each such assignment (determined as of the date the Assignment and
Assumption with respect to such assignment is delivered to the Administrative Agent) shall not be less than $20,000,000 unless PFI (except if an Event of Default has occurred and is continuing) and the Administrative Agent otherwise consent (which
consent shall not be unreasonably withheld); 

  
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 (II)    each partial assignment shall be made as an
assignment of a proportionate part of all the assigning Bank’s rights and obligations under this Agreement; 

(III)    the parties to each assignment shall execute and deliver to the Administrative Agent an
Assignment and Assumption, together with a processing and recordation fee of $3,500; 
 (IV)    the
assignee, if it shall not be a Bank, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Obligors and their Related Parties or their respective securities) will be made available and who may receive such information in accordance with the assignee’s compliance
procedures and applicable laws, including Federal and state securities laws; and 
 (V)    no such
assignment shall be made to (w) the Obligors or any of their Affiliates or Subsidiaries, (x) any Defaulting Bank or any of its Subsidiaries, or any Person who, upon becoming a Bank hereunder, would constitute any of the foregoing Persons
described in this subclause (x), (y) a natural person or a corporation, limited liability company, trust or other entity owned, operated or established for the primary benefit of a natural person and/or family members or relatives of such
person or (z) any Person which is a Non-NAIC Approved Bank (unless such Non-NAIC Approved Bank shall have in effect a Confirming Bank Agreement or Limited Fronting
Bank Agreement, in each case, with a Person or Bank, as applicable, which is a NAIC Approved Bank). 
 Subject to acceptance and recording
thereof pursuant to paragraph (f) of this Section, from and after the effective date specified in each Assignment and Assumption, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and
Assumption, have the rights and obligations of a Bank under this Agreement, and the assigning Bank thereunder shall, to the extent of the interest assigned by such Assignment and Assumption, be released from its obligations under this Agreement
(and, in the case of an Assignment and Assumption covering all of the assigning Bank’s rights and obligations under this Agreement, such Bank shall cease to be a party hereto but shall continue to be entitled to the benefits of
Sections 2.12, 2.13, 2.14 and 9.03). 
 If the Assignee is not organized under the laws of the United States of America or a state
thereof, and not otherwise treated as a U.S. person for federal income tax purposes, it shall, prior to the first date on which interest or fees are payable hereunder for its account, deliver to PFI and the Administrative Agent certifications as to
exemption from deduction or withholding of any United States federal income taxes in accordance with Section 2.15. 

  
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 In connection with any assignment of rights and obligations of any Defaulting Bank
hereunder, no such assignment shall be effective unless and until, in addition to the other conditions thereto set forth herein, the parties to the assignment shall make such additional payments to the Administrative Agent in an aggregate amount
sufficient, upon distribution thereof as appropriate (which may be outright payment, purchases by the assignee of participations or subparticipations, or other compensating actions, including funding, with the consent of the Borrowers and the
Administrative Agent, the applicable pro rata share of Loans previously requested, or drawings under a Letter of Credit, not funded by the Defaulting Bank, to each of which the applicable assignee and assignor hereby irrevocably consent), to
(x) pay and satisfy in full all payment liabilities then owed by such Defaulting Bank to the Administrative Agent or any Bank hereunder (and interest accrued thereon) and (y) acquire (and fund as appropriate) its full pro rata share of all
Loans and participations in Letters of Credit in accordance with its Applicable Percentage. Notwithstanding the foregoing, in the event that any assignment of rights and obligations of any Defaulting Bank hereunder shall become effective under
applicable law without compliance with the provisions of this paragraph, then the assignee of such interest shall be deemed to be a Defaulting Bank for all purposes of this Agreement until such compliance occurs. 

(d)    Any Bank may at any time assign all or any portion of its rights under this Agreement to secure obligations of such
Bank, including to a Federal Reserve Bank, provided that any foreclosure or similar action taken with respect to such assignment to any Person other than a Federal Reserve Bank shall be subject to the provisions of Section 9.06(c);
provided, further, that any purported assignment by a Bank that is not in compliance with this paragraph (d) shall be null and void. No such assignment shall release the transferor Bank from its obligations hereunder. 

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

(f)    The Administrative Agent, acting solely for this purpose as a non-fiduciary
agent of the Obligors, shall maintain at one of its offices in New York City a copy of each Assignment and Assumption delivered to it and a register for the recordation of the names and addresses of the Banks, and the Commitments of, principal
amount (and stated interest) of the Loans owing to, and the Letters of Credit issued by, each Bank pursuant to the terms hereof from time to time (the “Register”). The entries in the Register shall be conclusive absent manifest
error, and the Borrowers, the Administrative Agent and the Banks shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Bank hereunder for all purposes of this Agreement, notwithstanding notice to the
contrary. In addition, the Administrative Agent shall maintain on the Register information regarding the designation, and revocation of designation, of any Bank as a Defaulting Bank. The Register shall be available for inspection by PFI and any
Bank, at any reasonable time and from time to time upon reasonable prior notice. Upon its receipt of a duly completed Assignment and Assumption executed by an assigning Bank and an assignee, the assignee’s completed Administrative Questionnaire
(unless the assignee shall already be a Bank hereunder), the processing and recordation fee referred to in paragraph (c) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the

  
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Administrative Agent shall accept such Assignment and Assumption and record the information contained therein in the Register; provided that if either the assigning Bank or the assignee
shall have failed to make any payment required to be made by it pursuant to Section 2.04(c), 2.18(c), 2.18(k) or 7.08, the Administrative Agent shall have no obligation to accept such Assignment and Assumption and record the information therein
in the Register unless and until such payment shall have been made in full, together with all accrued interest thereon. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this
paragraph. 
 Section 9.07    Collateral. Each of the Banks represents to the Administrative Agent and each
of the other Banks that it in good faith is not relying upon any Margin Stock as collateral in the extension or maintenance of the credit provided for in this Agreement. 

Section 9.08    Counterparts; Integration. This Agreement may be signed in any number of counterparts, each of
which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Agreement, the PICA Support Agreement and the other Loan Documents constitute the entire agreement and understanding among
the parties hereto and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof. Delivery of an executed counterpart of a signature page of (x) this Agreement, (y) any other Loan
Document and/or (z) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 9.01), certificate, request, statement, disclosure or authorization
related to this Agreement, any other Loan Document and/or the transactions contemplated hereby and/or thereby (each an “Ancillary Document”) that is an Electronic Signature transmitted by telecopy, emailed pdf, or any other
electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement, such other Loan Document or such Ancillary Document, as applicable. The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Agreement, any other Loan Document and/or any Ancillary Document shall be deemed to include Electronic
Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same
legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; provided that nothing herein shall require the Administrative Agent to
accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; provided, further, without limiting the foregoing, (i) to the extent the Administrative Agent has
agreed to accept any Electronic Signature, the Administrative Agent and each of the Banks shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of any Obligor without further verification thereof and without any
obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Bank, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without
limiting the generality of the foregoing, each Obligor hereby (i) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among
the Administrative Agent, the Banks, the Obligors, Electronic Signatures transmitted by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this
Agreement, any other Loan Document and/or any Ancillary Document 

  
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shall have the same legal effect, validity and enforceability as any paper original, (ii) agrees that the Administrative Agent and each of the Banks may, at its option, create one or more
copies of this Agreement, any other Loan Document and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person’s business, and destroy the original
paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (iii) waives any argument, defense or right to contest the legal
effect, validity or enforceability of this Agreement, any other Loan Document and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement, such other Loan Document and/or such Ancillary Document, respectively,
including with respect to any signature pages thereto and (iv) waives any claim against any Bank-Related Person for any Liabilities arising solely from the Administrative Agent’s and/or any Bank’s reliance on or use of Electronic
Signatures and/or transmissions by telecopy, emailed pdf, or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of any Obligor to use any available
security measures in connection with the execution, delivery or transmission of any Electronic Signature. 

Section 9.09    Governing Law; Submission to Jurisdiction. THIS AGREEMENT AND EACH NOTE SHALL BE GOVERNED BY
AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OBLIGOR HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN (OR IF SUCH
COURT LACKS SUBJECT MATTER JURISDICTION, THE SUPREME COURT OF THE STATE OF NEW YORK SITTING IN THE BOROUGH OF MANHATTAN), AND ANY APPELLATE COURT FROM ANY THEREOF, FOR PURPOSES OF ALL LEGAL ACTIONS OR PROCEEDINGS ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY, OR FOR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND EACH OF THE PARTIES HERETO AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY (AND ANY SUCH CLAIMS, CROSS-CLAIMS OR THIRD
PARTY CLAIMS BROUGHT AGAINST THE ADMINISTRATIVE AGENT OR ANY OF ITS RELATED PARTIES MAY ONLY) BE HEARD AND DETERMINED IN SUCH FEDERAL (TO THE EXTENT PERMITTED BY LAW) OR NEW YORK STATE COURT. EACH OBLIGOR IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

 Section 9.10    Waiver of Jury Trial. EACH OF THE OBLIGORS, THE ADMINISTRATIVE AGENT AND THE BANKS HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

Section 9.11    Survival. All covenants, agreements, representations and warranties made by the Obligors
herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto 

  
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and shall survive the execution and delivery of this Agreement and the making of any Credit Extensions, regardless of any investigation made by any such other party or on its behalf and
notwithstanding that the Administrative Agent or any Bank may have had notice or knowledge of any Default or incorrect representation or warranty at the time any Credit Extension is made hereunder, and shall continue in full force and effect as long
as the principal of or any accrued interest on any Loan or any fee or any other Obligation payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.13,
2.15, 8.03 and 9.03 and Article 7 shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the payment of the Obligations, the expiration or termination of the Commitments and the
Letters of the Credit or the termination of this Agreement or any provision hereof. 

Section 9.12    Confidentiality. Each of the Administrative Agent and the Banks agrees to maintain the
confidentiality of the Information (as defined below), except that the Information may be disclosed (a) to its and its affiliates’ directors, officers, employees and agents, including accountants, legal counsel and other advisors who are
directly involved in the consideration of this Agreement (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Information and instructed to keep such Information confidential),
(b) to the extent requested by any regulatory authority or self-regulatory body, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process, (d) to any other party to this Agreement,
(e) in connection with the exercise of any remedies hereunder or any suit, action or proceeding relating to this Agreement or the enforcement of rights hereunder, (f) subject to an agreement in writing containing provisions substantially
the same as those of this Section and for the benefit of the Obligors, to (i) any Assignee of or Participant in, or any prospective Assignee of or Participant in, any of its rights or obligations under this Agreement, (ii) any actual
or prospective counterparty (or its advisors) to any swap or derivative transaction relating to the Obligors and their obligations or (iii) any credit insurance provider relating to the Obligors and their Obligations, (g) with the consent
of PFI or (h) to the extent such Information (1) becomes publicly available other than as a result of a breach of this Section or (2) becomes available to the Administrative Agent or any Banks on a nonconfidential basis from a
source other than the Obligors. For the purposes of this Section, “Information” means all information received from the Obligors relating to the Obligors or their business, other than any such information that is available to the
Administrative Agent or any Bank on a nonconfidential basis prior to disclosure by the Obligors; provided that, in the case of information received from Obligors after the date hereof, such information is clearly identified at the time of
delivery as confidential. Any Person required to maintain the confidentiality of Information as provided in this Section shall be considered to have complied with its obligation to do so if such person has exercised the same degree of care to
maintain the confidentiality of such Information as such Person would accord to its own confidential information. In connection with the administration of this Agreement, the other Loan Documents, and the Commitments, the Administrative Agent and
the Lenders may disclose the existence of this Agreement and information regarding the closing date, size, type, purpose of, and parties to this Agreement to market data collectors, similar service providers to the lending industry and service
providers to the Administrative Agent and the Lenders. 
 EACH BANK ACKNOWLEDGES THAT INFORMATION AS DEFINED IN THE IMMEDIATELY PRECEDING
PARAGRAPH FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION 

  
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CONCERNING THE OBLIGORS AND THEIR RELATED PARTIES OR THEIR RESPECTIVE SECURITIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE
SECURITIES LAWS. 
 ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY A BORROWER OR THE ADMINISTRATIVE
AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE OBLIGORS AND THEIR RELATED PARTIES OR THEIR
RESPECTIVE SECURITIES. ACCORDINGLY, EACH BANK REPRESENTS TO THE OBLIGORS AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW. 

Section 9.13    USA PATRIOT Act. Each Bank hereby notifies the Obligors that pursuant to the requirements of
the Patriot Act and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Obligors, which information includes the name, address and tax identification number of the Obligors and other
information that will allow such Bank to identify the Obligors in accordance with said Act and the Beneficial Ownership Regulation and other applicable “know your customer” and anti-money laundering rules and regulations. 

Section 9.14    No Advisory or Fiduciary Responsibility. 

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

(b)    Each Obligor further acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each
Credit Party, together with its Affiliates, is a full service securities or banking firm engaged in securities trading and brokerage activities as well as providing investment 

  
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banking and other financial services. In the ordinary course of business, any Credit Party may provide investment banking and other financial services to, and/or acquire, hold or sell, for its
own accounts and the accounts of customers, equity, debt and other securities and financial instruments (including bank loans and other obligations) of, such Obligor, its Subsidiaries and other companies with which such Obligor or any of its
Subsidiaries may have commercial or other relationships. With respect to any securities and/or financial instruments so held by any Credit Party or any of its customers, all rights in respect of such securities and financial instruments, including
any voting rights, will be exercised by the holder of the rights, in its sole discretion. 
 (c)    In addition, each
Obligor acknowledges and agrees, and acknowledges its Subsidiaries’ understanding, that each Credit Party and its Affiliates may be providing debt financing, equity capital or other services (including financial advisory services) to other
companies in respect of which such Obligor or any of its Subsidiaries may have conflicting interests regarding the transactions described herein and otherwise. No Credit Party will use confidential information obtained from any Obligor by virtue of
the transactions contemplated by the Loan Documents or its other relationships with such Obligor in connection with the performance by such Credit Party of services for other companies, and no Credit Party will furnish any such information to other
companies. Each Obligor also acknowledges that no Credit Party has any obligation to use in connection with the transactions contemplated by the Loan Documents, or to furnish to such Obligor or any of its Subsidiaries, confidential information
obtained from other companies. 
 Section 9.15    Payments Set Aside. To the extent that any payment by or
on behalf of the Obligors is made to the Administrative Agent, the Several L/C Agent, any Fronting L/C Issuer or any Bank, or the Administrative Agent, the Several L/C Agent, any Fronting L/C Issuer or any Bank exercises its right of setoff, and
such payment or the proceeds of such setoff or any part thereof is subsequently invalidated, declared to be fraudulent or preferential, set aside or required (including pursuant to any settlement entered into by the Administrative Agent, the Several
L/C Agent, such Fronting L/C Issuer or such Bank in its discretion) to be repaid to a trustee, receiver or any other party, in connection with any proceeding under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law or
otherwise, then (a) to the extent of such recovery, the obligation or part thereof originally intended to be satisfied shall be revived and continued in full force and effect as if such payment had not been made or such setoff had not occurred,
and (b) each Bank severally agrees to pay to the Administrative Agent upon demand its applicable share (without duplication) of any amount so recovered from or repaid by the Administrative Agent, plus interest thereon from the date of such
demand to the date such payment is made at a rate per annum equal to the Federal Funds Effective Rate from time to time in effect. The obligations of the Banks under clause (b) of the preceding sentence shall survive the payment in full of the
Obligations and the termination of this Agreement. 
 Section 9.16    Termination of PFLLC as a Borrower.
PFI may, at any time (i) at which there shall be no Loans outstanding to PFLLC or (ii) after PICA shall have executed and delivered a PICA Assumption Agreement, upon notice thereof to the Administrative Agent, executed on behalf of PICA
and PFLLC and substantially in the form of Exhibit I hereto, terminate PFLLC as a Borrower hereunder. Immediately upon the receipt by the Administrative Agent of such notice, all commitments of the Banks to make Loans to PFLLC, and all rights
of PFLLC hereunder, shall terminate and PFLLC shall immediately cease to be a Borrower hereunder; provided that, unless 

  
 110 

 
PICA shall have executed and delivered a PICA Assumption Agreement, all obligations of PFLLC as a Borrower hereunder arising in respect of any period in which PFLLC was, or on account of any
action or inaction by PFLLC as, a Borrower hereunder shall survive such termination and if PICA shall have executed and delivered a PICA Assumption Agreement, the liability of PFLLC (but not of PICA) with respect to such obligations shall terminate.

 Section 9.17    Effect of Amendment and Restatement. On the Effective Date, the Existing Credit Agreement
shall be amended and restated in its entirety by this Agreement. The parties hereto acknowledge and agree that (i) this Agreement and the other Loan Documents, whether executed and delivered in connection herewith or otherwise, do not
constitute a novation, payment and reborrowing, or termination of the obligations under the Existing Credit Agreement as in effect immediately prior to the Effective Date, which remain outstanding and (ii) such obligations are in all respects
continuing (as amended and restated hereby). 
 Section 9.18    Acknowledgement and Consent to Bail-In of Affected Financial Institutions. Notwithstanding anything to the contrary in any Loan Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges that any liability of any Affected Financial Institution arising under any Loan Document may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and
agrees to be bound by: 
 (a)    the application of any Write-Down and Conversion Powers by the applicable Resolution
Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and 

(b)    the effects of any Bail-In Action on any such liability, including, if
applicable: 
 (i)    a reduction in full or in part or cancellation of any such liability; 

(ii)    a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with
respect to any such liability under this Agreement or any other Loan Document; or 
 (iii)    the
variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority. 

Section 9.19    Acknowledgement Regarding Any Supported QFCs. To the extent that the Loan Documents provide
support, through a guarantee or otherwise, for Derivatives Obligations or any other agreement or instrument that is a QFC (such support “QFC Credit Support” and each such QFC a “Supported QFC”), the parties
acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with
the regulations promulgated thereunder, the “U.S. Special Resolution Regimes”) in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that the Loan Documents and any Supported
QFC may in fact be stated to be 

  
 111 

 
governed by the laws of the State of New York and/or of the United States or any other state of the United States): 

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

Section 9.20    Interest Rate Limitation. Notwithstanding anything herein to the contrary, if at any time the
interest rate applicable to any Loan, together with all fees, charges and other amounts which are treated as interest on such Loan under applicable law (collectively the “Charges”), shall exceed the maximum lawful rate (the
“Maximum Rate”) which may be contracted for, charged, taken, received or reserved by the Bank holding such Loan in accordance with applicable law, the rate of interest payable in respect of such Loan hereunder, together with all
Charges payable in respect thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges that would have been payable in respect of such Loan but were not payable as a result of the operation of this Section shall
be cumulated by the Administrative Agent and the interest and Charges payable to such Bank in respect of other Loans or periods shall be increased (but not above the Maximum Rate therefor) until such cumulated amount, together with interest thereon
at the NYFRB Rate to the date of repayment, shall have been received by such Bank. 
 [Signature page to follow] 

  
 112 

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

					
	PRUDENTIAL FINANCIAL, INC.
	as a Borrower
		
	By:	 	 /s/ Nandini Mongia

		 	Name:	 	Nandini Mongia
		 	Title:	 	Senior Vice President and Treasurer
		
	By:	 	 /s/ Meha Jain

		 	Name:	 	Meha Jain
		 	Title:	 	Vice President and Assistant Treasurer
	
	U.S. Federal Tax Identification No.: 22-3703799

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	PRUDENTIAL FUNDING, LLC
	as a Borrower
		
	By:	 	 /s/ Meha Jain

		 	Name:	 	Meha Jain
		 	Title:	 	President, CEO and Treasurer
	
	U.S. Federal Tax Identification No.: 22-2231168

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
	as an Obligor
		
	By:	 	 /s/ Nandini Mongia

		 	Name:	 	Nandini Mongia
		 	Title:	 	Senior Vice President and Treasurer
	
	U.S. Federal Tax Identification No.: 22-1211670

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	JPMORGAN CHASE BANK, N.A.,
	Individually, as a Bank and as the Administrative Agent and the Several L/C Agent
		
	By:	 	 /s/ Kristen M. Murphy

		 	Name:	 	Kristen M. Murphy
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	CITIBANK, N.A.,
	Individually, as a Bank
		
	By:	 	 /s/ Maureen Maroney

		 	Name:	 	Maureen P. Maroney
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
							
	HSBC BANK USA, NATIONAL ASSOCIATION,
	Individually, as a Bank
		
	By:	 	 /s/ Daniel Hartmann

		 	Name:	 	Daniel Hartmann
		 	Title:	 		 	Vice President, Financial Institutions Group

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	BANK OF AMERICA, N.A.
		
	By:	 	 /s/ Brad Hindman

		 	Name:	 	Brad Hindman
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	THE BANK OF NEW YORK MELLON
		
	By:	 	 /s/ Michael Pensari

		 	Name:	 	Michael Pensari
		 	Title:	 	Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	MIZUHO BANK, LTD.
		
	By:	 	 /s/ Donna DeMagistris

		 	Name:	 	Donna DeMagistris
		 	Title:	 	Authorized Signatory

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	MUFG BANK, LTD.
		
	By:	 	 /s/ Rajiv Ranjan

		 	Name:	 	Rajiv Ranjan
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	SUMITOMO MITSUI BANKING CORPORATION
		
	By:	 	 /s/ Shane Klein

		 	Name:	 	Shane Klein
		 	Title:	 	Managing Director

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	 /s/ Karen Hanke

		 	Name:	 	Karen Hanke
		 	Title:	 	Managing Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	BARCLAYS BANK PLC
		
	By:	 	 /s/ Craig Malloy

		 	Name:	 	Craig J. Malloy
		 	Title:	 	Director

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	BNP PARIBAS
		
	By:	 	 /s/ Joseph Malley

		 	Name:	 	Joseph Malley
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Laurent Vanderzyppe

		 	Name:	 	Laurent Vanderzyppe
		 	Title:	 	Managing Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	CREDIT SUISSE AG, NEW YORK BRANCH
		
	By:	 	 /s/ Doreen Barr

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

		 	Name:	 	Michael Dieffenbacher
		 	Title:	 	Authorized Signatory

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	 DEUTSCHE BANK AG NEW YORK BRANCH

		
	By:	 	 /s/ Ming K. Chu

		 	 Name:
	 	 Ming K. Chu

		 	 Title:
	 	 Director

		 	Ming.k.chu@db.com
		 	+1-212-250-5451
		
	By:	 	 /s/ Marko Lukin

		 	 Name:
	 	 Marko Lukin

		 	 Title:
	 	 Vice President

		 	Marko.lukin@db.com
		 	+1-212-250-7283

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	GOLDMAN SACHS BANK USA
		
	By:	 	 /s/ Rebecca Kratz

		 	Name:	 	Rebecca Kratz
		 	Title:	 	Authorized Signatory

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	MORGAN STANLEY BANK, N.A.
		
	By:	 	 /s/ Michael King

		 	Name:	 	Michael King
		 	Title:	 	Authorized Signatory

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	STATE STREET BANK AND TRUST COMPANY
		
	By:	 	 /s/ Kimberly R. Costa

		 	Name:	 	Kimberly R. Costa
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	 /s/ Andre Liu

		 	Name:	 	Andre Liu
		 	Title:	 	Vice President

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	BANCO SANTANDER, S.A., NEW YORK BRANCH
		
	By:	 	 /s/ Juan Galan

		 	Name:	 	Juan Galan
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Rita Walz-Cuccioli

		 	Name:	 	Rita Walz-Cuccioli
		 	Title:	 	Executive Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	THE BANK OF NOVA SCOTIA
		
	By:	 	 /s/ Shanshan Yang

		 	Name:	 	Shanshan (Sunny) Yang
		 	Title:	 	Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	STANDARD CHARTERED BANK
		
	By:	 	 /s/ Kristopher Tracy

		 	Name:	 	Kristopher Tracy
		 	Title:	 	Director, Financing Solutions

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	NATIXIS, NEW YORK BRANCH
		
	By:	 	 /s/ Kelly T. Hebert

		 	Name:	 	Kelly T. Hebert
		 	Title:	 	Managing Director
		
	By:	 	 /s/ Ronald Lee

		 	Name:	 	Ronald Lee
		 	Title:	 	Director

  
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Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 
					
	THE NORTHERN TRUST COMPANY
		
	By:	 	 /s/ Joshua Metcalf

		 	Name:	 	Joshua Metcalf
		 	Title:	 	VP

  
 Signature Page to Third
Amended and Restated Credit Agreement 
 Prudential Financial, Inc. et al 

 PRICING SCHEDULE 

Each of “Commitment Fee Rate”, “Applicable Margin (Euro-Dollar Loans)”, “Applicable Margin (ABR
Loans)” (and, together with the Applicable Margin (Euro-Dollar Loans), the “Applicable Margins” and each an “Applicable Margin”) and “Letter of Credit Fee Rate” means, for any day, the rate
per annum set forth below in the row opposite such term and in the column corresponding to the “Pricing Level” that exists on such day: 
  

																									
	 Pricing Level
	  	Level I	 	 	Level II	 	 	Level III	 	 	Level IV	 	 	Level V	 	 	Level VI	 
	 Commitment Fee Rate
	  	 	0.07	% 	 	 	0.08	% 	 	 	0.10	% 	 	 	0.125	% 	 	 	0.15	% 	 	 	0.20	% 
	 Applicable Margin (Euro-Dollar Loans)
	  	 	0.75	% 	 	 	0.875	% 	 	 	1.00	% 	 	 	1.125	% 	 	 	1.25	% 	 	 	1.50	% 
	 Applicable Margin (ABR Loans)
	  	 	0	% 	 	 	0	% 	 	 	0	% 	 	 	0.125	% 	 	 	0.25	% 	 	 	0.50	% 
	 Letter of Credit Fee Rate
	  	 	0.625	% 	 	 	0.75	% 	 	 	0.875	% 	 	 	1.00	% 	 	 	1.125	% 	 	 	1.375	% 

 For purposes of this Schedule, the following terms have the following meanings: 

“Level I Pricing” applies at any date if, at such date, the Relevant Person’s Relevant Rating is rated AA- or higher by S&P or Aa3 or higher by Moody’s. 
 “Level II Pricing”
applies at any date if, at such date, Level I status does not exist and the Relevant Person’s Relevant Rating is rated A+ or higher by S&P or A1 or higher by Moody’s. 

“Level III Pricing” applies at any date if, at such date, neither Level I nor Level II status exists and the Relevant
Person’s Relevant Rating is rated A or higher by S&P or A2 or higher by Moody’s. 
 “Level IV Pricing”
applies at any date if, at such date, neither Level I nor Level II nor Level III status exists and the Relevant Person’s Relevant Rating is rated A- or higher by S&P or A3 or higher by
Moody’s. 
 “Level V Pricing” applies at any date if, at such date, neither Level I nor Level II nor Level III nor
Level IV status exists and the Relevant Person’s Relevant Rating is rated BBB+ or higher by S&P or Baa1 or higher by Moody’s. 

“Level VI Pricing” applies at any date if, at such date, neither Level I nor Level II nor Level III nor Level IV nor
Level V status exists. 

  
 Pricing Schedule 

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

“Pricing Level” refers to the determination of which of Level I, Level II, Level III, Level IV, Level V or Level VI
applies at any date. 
 “Relevant Person” means (i) for the purposes of determining the Commitment Fee Rate on any
date, PFI and (ii) for the purposes of determining the Applicable Margin applicable to a Loan to any Borrower or the Letter of Credit Fee Rate applicable to any Letter of Credit for the account of any Borrower, such Borrower. 

“Relevant Rating” means, with respect to any Borrower, the rating of S&P or Moody’s of the senior
unsecured long-term debt securities of such Borrower without third-party credit enhancement (and any rating assigned to any other debt security of such Borrower shall be disregarded). 

“S&P” means Standard & Poor’s Rating Services. 

The rating in effect at any date is that in effect at the close of business on such date. If the ratings established or deemed to have been
established by S&P and Moody’s shall be changed (other than as a result of a change in the rating system of S&P or Moody’s), such change shall be effective as of the date on which it is first announced by the applicable rating
agency or, in the absence of such announcement, on the effective date of such change. 
 At any time at which the Relevant Rating by S&P
of the Relevant Person differs from the Relevant Rating by Moody’s of the Relevant Person by one Pricing Level, then each of the Commitment Fee Rate, Letter of Credit Fee Rate and Applicable Margins shall be determined by reference to the
Pricing Level of the higher of the two ratings. At any time at which the Relevant Rating by S&P differs from the Relevant Rating by Moody’s by more than one Pricing Level, then each of the Commitment Fee Rate, Letter of Credit Fee Rate and
Applicable Margins shall be determined by reference to the Pricing Level next below that of the higher of the two ratings. If neither S&P nor Moody’s shall publish a Relevant Rating for any Borrower, the Relevant Ratings of such ratings
agencies for such Borrower shall be deemed to be in Level VI. 
 It is hereby understood and agreed that (i) the Commitment Fee Rate
shall be adjusted from time to time based upon the Sustainability Commitment Fee Adjustment (to be calculated and applied as set forth in the Sustainability Schedule), (ii) each of the Applicable Margin (Euro-Dollar Loans) and the Applicable Margin
(ABR Loans) shall be adjusted from time to time based upon the Sustainability Margin Adjustment (to be calculated and applied as set forth in the Sustainability Schedule) and (iii) the Letter of Credit Fee Rate shall be adjusted from time to
time based upon the Sustainability LC Fee Rate Adjustment (to be calculated and applied as set forth in the Sustainability Schedule); provided that in no event shall any of the Commitment Fee Rate, the Applicable Margin (Euro-Dollar Loans),
the Applicable Margin (ABR Loans) or the Letter of Credit Fee Rate be less than 0%. 

  
 Pricing Schedule 

 SUSTAINABILITY SCHEDULE 

Sustainability Table and Sustainability Pricing Adjustments 

Sustainability Table 

[●] 
 It is hereby understood and agreed
that, in respect of calendar years 2021 and 2022, the only KPI Metric that shall be reported in the Pricing Certificate and that shall be tested against the relevant thresholds and targets in the Sustainability Table and that shall be included in
the calculation of the pricing and fee adjustments contemplated by the terms of this Sustainability Schedule will be GHG Percentage Reduction. 
 It is
hereby understood and agreed that, in respect of calendar year 2023, both GHG Percentage Reduction and Diverse Senior Leaders Percentage Increase shall be reported in the Pricing Certificate and shall be tested against the relevant thresholds and
targets in the Sustainability Table and shall be included in the calculation of the pricing and fee adjustments contemplated by the terms of this Sustainability Schedule. 

It is hereby understood and agreed that, in respect of calendar years 2024 and 2025, on or prior to the last date on which the Pricing Certificate in respect
of calendar year 2023 could have been delivered pursuant to the terms of Section 5.01(l) (such date, the “Updated Sustainability Metric Termination Date”), PFI will deliver to the Administrative Agent, and the Administrative
Agent will post to the Banks within five (5) Business Days of receipt from PFI, a proposed new KPI metric that will be applicable in respect of calendar years 2024 and 2025 (the “New KPI Metric”) as well as target and threshold
levels for such New KPI Metric in respect of such calendar years (the “New KPI Metric Targets/Thresholds” and, collectively with the New KPI Metric, the “New KPI Material”). If PFI does not deliver the New KPI
Material on or prior to the Updated Sustainability Metric Termination Date, then an “Updated Sustainability Metric Failure” shall be deemed to have occurred. 

If PFI elects to deliver the New KPI Material pursuant to the immediately preceding paragraph then, unless the Required Banks advise the Administrative Agent
in writing within seven (7) Business Days of being provided the New KPI Material (the Business Day immediately following such date, the “New KPI Material Acceptance Date”) that they reject the New KPI Material (the “New
KPI Material Rejection”) (and the Administrative Agent will promptly advise PFI of such New KPI Material Rejection), then the Obligors, the Co-Sustainability Structuring Agents and the Administrative
Agent will enter into an amendment to this Agreement solely for the purposes of incorporating the New KPI Information into this Agreement (the “New KPI Amendment”), and such New KPI Amendment shall become effective as of the New KPI
Material Acceptance Date. 
 It is understood and agreed that if no Updated Sustainability Metric Failure occurs and the New KPI Amendment does not become
effective as contemplated above, then the only KPI Metric that will be calculated and applied pursuant to the terms of this Sustainability Table in respect of calendar years 2024 and 2025 will be the GHG Percentage Reduction. 

  
 Sustainability Schedule

 [●] 

Sustainability Pricing Adjustments 

Following the date on which PFI provides a Pricing Certificate in respect of the most recently ended calendar year, (i) the Applicable
Margins shall be increased or decreased (or neither increased nor decreased), as applicable, pursuant to the Sustainability Margin Adjustment as set forth in such Pricing Certificate, (ii) the Commitment Fee Rate shall be increased or decreased
(or neither increased nor decreased), as applicable, pursuant to the Sustainability Commitment Fee Adjustment as set forth in such Pricing Certificate, and (iii) the Letter of Credit Fee Rate shall be increased or decreased (or neither
increased nor decreased), as applicable, pursuant to the Sustainability LC Fee Rate Adjustment as set forth in such Pricing Certificate. For purposes of the foregoing, (A) each of the Sustainability Margin Adjustment, the Sustainability
Commitment Fee Adjustment and the Sustainability LC Fee Rate Adjustment shall be determined as of the fifth (5th) Business Day following receipt by the Administrative Agent of a Pricing
Certificate delivered pursuant to Section 5.01(l) based upon the KPI Metrics set forth in such Pricing Certificate and the calculations of the Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment and the Sustainability
LC Fee Rate Adjustment calculations, as applicable, therein (such day, the “Sustainability Pricing Adjustment Date”) and (B) each change in the Applicable Margins, the Commitment Fee Rate and the Letter of Credit Fee Rate
resulting from a Pricing Certificate (or the non-delivery of a Pricing Certificate or the delivery of an incomplete Pricing Certificate) shall be effective during the period commencing on and including the
applicable Sustainability Pricing Adjustment Date and ending on the date immediately preceding the next such Sustainability Pricing Adjustment Date (or, in the case of non-delivery of a Pricing Certificate,
the last day such Pricing Certificate could have been delivered pursuant to the terms of Section 5.01(l)). 
 [●] 

[●] 
 If (i)(A) PFI or any
Bank becomes aware of any material inaccuracy in the Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment, the Sustainability LC Fee Rate Adjustment or the KPI Metrics as reported in a Pricing Certificate (any such material
inaccuracy, a “Pricing Certificate Inaccuracy”) and, in the case of any Bank, such Bank delivers, not later than ten (10) Business Days after obtaining knowledge thereof, a written notice to the Administrative Agent
describing such Pricing Certificate Inaccuracy (which notice shall include corrections to the calculations of the Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment, the Sustainability LC Fee Rate Adjustment or the KPI
Metrics, as applicable, and which shall be shared with each Bank and PFI), or (B) PFI and the Banks agree that there was a Pricing Certificate Inaccuracy at the time of delivery of a Pricing Certificate, and (ii) a proper calculation of
the Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment, the Sustainability LC Fee Rate Adjustment or the KPI Metrics would have resulted in no adjustment or an increase in the Applicable Margins, the Commitment Fee Rate
and the Letter of Credit Fee Rate for any period, PFI shall be obligated to pay to the Administrative Agent for the account of the applicable Banks promptly on demand by the Administrative Agent (or, after the occurrence of an actual or deemed entry
of an order for relief with respect to PFI under the Bankruptcy Code (or any comparable event under non-U.S. Debtor Relief Laws), automatically and without further action by the Administrative Agent or any
Bank), but in any event within ten (10) Business Days after PFI has received written notice of, or has agreed in writing that there was, a Pricing Certificate Inaccuracy, an amount equal to the excess of (1) the amount of interest and fees
that should have been paid for such period over (2) the amount of interest and fees actually paid for such period. If PFI becomes aware of any Pricing Certificate Inaccuracy and, in connection therewith, if a proper calculation of the
Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment, the Sustainability LC Fee Rate Adjustment or the KPI Metrics would have resulted in a decrease in the Applicable Margins, the Commitment Fee Rate and the Letter of
Credit Fee Rate for any period, then, upon receipt by the Administrative Agent of notice from PFI of such Pricing Certificate Inaccuracy (which notice shall include corrections to the calculations of the Sustainability Margin Adjustment, the
Sustainability Commitment Fee Adjustment, the Sustainability LC 

  
 Sustainability Schedule

 
Fee Rate Adjustment or the KPI Metrics, as applicable), commencing one (1) Business Day following receipt by the Administrative Agent of such notice, the Applicable Margins, the Commitment
Fee Rate and the Letter of Credit Fee Rate shall be adjusted to reflect the corrected calculations of the Sustainability Margin Adjustment, the Sustainability Commitment Fee Adjustment, the Sustainability LC Fee Rate Adjustment or the KPI Metrics,
as applicable. 
 It is understood and agreed that any Pricing Certificate Inaccuracy shall not constitute a Default or Event of Default or otherwise result
in the failure of any condition precedent to any Loan or the issuance of any Letter of Credit; provided that PFI complies with the terms of this Sustainability Schedule with respect to such Pricing Certificate Inaccuracy. Notwithstanding
anything to the contrary herein, unless such amounts shall be due upon the occurrence of an actual or deemed entry of an order for relief with respect to PFI or any Material Subsidiary under the Bankruptcy Code (or any comparable event under non-U.S. Debtor Relief Laws), (a) any additional amounts required to be paid pursuant to the immediate preceding paragraph shall not be due and payable until a written demand is made for such payment by the
Administrative Agent in accordance with such paragraph, (b) any nonpayment of such additional amounts prior to or concurrently with such demand for payment by the Administrative Agent shall not constitute a Default (whether retroactively or
otherwise) and (c) none of such additional amounts shall be deemed overdue prior to such a demand or shall accrue interest at the Default Rate pursuant to Section 2.07(c) prior to such a demand. 

Each party hereto hereby agrees that neither the Administrative Agent nor any Co-Sustainability Structuring Agent nor
any Bank shall have any responsibility for (or liability in respect of) reviewing, auditing or otherwise evaluating any calculation by PFI of any Sustainability Commitment Fee Adjustment, any Sustainability Margin Adjustment or any Sustainability LC
Fee Rate Adjustment (or any of the data or computations that are part of or related to any such calculation) set forth in any Pricing Certificate (and the Administrative Agent may rely conclusively on any such certificate, without further inquiry).

 As used in this Agreement (including, for the avoidance of doubt, this Sustainability Schedule), the following terms have the following meanings: 

“2017 Baseline GHG Amount” means [●] 

“2020 Baseline Diverse Senior Leaders Percentage” means [●]. 

“Diverse KPI Metrics Report” means PFI’s definitive proxy statement for the Annual Meeting of Shareholders for the calendar year 2024,
to be filed with the Securities and Exchange Commission in the calendar year 2024, that sets forth PFI’s results in respect of the Diverse Senior Leaders Percentage Increase Target. 

“Diverse Senior Leaders Percentage” means, with respect to any calendar year, the ratio (expressed as a percentage) of (i) the aggregate
number of diverse employees in PFI’s top positions located in the United States to (ii) the aggregate number of employees in PFI’s top positions located in the United States, as of the point in time such ratio is measured as disclosed
in the Diverse KPI Metric Report. As of the date hereof, PFI’s definition of “top positions” includes approximately 600 positions and PFI’s definition of “diverse” is as defined in the Initial Diverse KPI Metrics
Report. PFI’s definitions of “top positions” and “diverse” may change between the date hereof and the date of delivery of the Pricing Certificate in respect of calendar year 2023, and will be as defined in the Diverse KPI
Metrics Report. 
 “Diverse Senior Leaders Percentage Increase” means, with respect to any calendar year, the positive ratio (if any),
expressed as a percentage, by which the Diverse Senior Leaders Percentage for such calendar year exceeds the 2020 Baseline Diverse Senior Leaders Percentage (it being understood and agreed that if the Diverse Senior Leaders Percentage for such
calendar year does not exceed the 2020 Baseline Diverse 

  
 Sustainability Schedule

 
Senior Leaders Percentage, the Diverse Senior Leaders Percentage Increase for such calendar year shall be deemed to be 0%). By way of example and solely for purposes of illustration, if the 2020
Baseline Diverse Senior Leaders Percentage is 5.0% and the Diverse Senior Leaders Percentage for a given calendar year is 5.5%, then the Diverse Senior Leaders Percentage Increase for such calendar year is 10%. 

“Diverse Senior Leaders Percentage Increase Applicable Margin Adjustment Amount” [●] 

“Diverse Senior Leaders Percentage Increase Commitment Fee Rate Adjustment Amount” [●] 

“Diverse Senior Leaders Percentage Increase Letter of Credit Fee Rate Adjustment Amount” [●] 

“Diverse Senior Leaders Percentage Increase Target” means, with respect to any calendar year, the Diverse Senior Leaders Percentage Increase
Target for such calendar year (if any) as set forth in the Sustainability Table. 
 “Diverse Senior Leaders Percentage Increase Threshold”
means, with respect to any calendar year, the Diverse Senior Leaders Percentage Increase Threshold for such calendar year (if any) as set forth in the Sustainability Table. 

“ESG Report” means the annual non-financial disclosure report publicly reported by PFI and published
on an Internet or intranet website to which each Bank and the Administrative Agent have been granted access free of charge (or at the expense of PFI). 

“Full Adjustment Calendar Year” means (i) calendar year 2023 and (ii) calendar year 2024 and calendar year 2025 if either of
(x) the New KPI Amendment has become effective or (y) the New KPI Amendment has not become effective and also an Updated Sustainability Metric Failure has occurred. 

“GHG Amount” means, as of the date hereof, with respect to any calendar year, the aggregate greenhouse gas emissions of PFI’s
operationally controlled, corporate owned or leased “home office” properties measured in Metric Tons CO2e. The metric tons of CO2e include Scope 1 (direct) and 2 (energy indirect, market-based) emissions according to ISO 14064. As of the
date hereof, only “home office” properties located in the United States are included within the scope of the GHG Percentage Reduction KPI Metric. PFI’s definition of “home office” properties is as defined in the Initial GHG
KPI Metrics Report. PFI’s definition of “home office” properties, and the geographic location of “home office” properties included within the scope of the GHG Percentage Reduction KPI Metric, may change between the date
hereof and the date of delivery of the Pricing Certificate in respect of any calendar year, and will be as defined in the applicable GHG KPI Metrics Report in respect of such calendar year. 

“GHG KPI Metrics Report” means an annual report (it being understood that this annual report may take the form of PFI’s annual
ESG Report) that sets forth PFI’s results in respect of the GHG Percentage Reduction Target for a specific calendar year, including, solely in respect of the resulting GHG Amount for such calendar year, assurance by the KPI Metrics Reviewer of
the calculation underpinning such resulting GHG Amount. 
 “GHG KPI Metrics Reviewer” means Lloyd’s Register Quality Assurance,
Inc.; provided that PFI may from time to time designate any independent global provider of environmental, social, and governance reporting assurance services reasonably acceptable to the
Co-Sustainability Structuring Agents as a replacement KPI Metrics Reviewer; provided, further that such replacement KPI Metrics Reviewer shall apply substantially the same auditing standards and
methodology used in the Initial GHG KPI Metrics Report. 

  
 Sustainability Schedule

 “GHG Percentage Reduction” means, with respect to any calendar year, the amount (if any),
expressed as a percentage, by which the GHG Amount for such calendar year is less than the 2017 Baseline GHG Amount (it being understood and agreed that if the GHG Amount for such calendar year exceeds the 2017 Baseline GHG Amount, the GHG
Percentage Reduction for such calendar year shall be deemed to be 0%). By way of example and solely for purposes of illustration, if the 2017 Baseline GHG Amount is 1000 and the GHG Amount for a given calendar year is 900, then the GHG Percentage
Reduction for such calendar year is 10%. 
 “GHG Percentage Reduction Applicable Margin Adjustment Amount” [●] 

“GHG Percentage Reduction Commitment Fee Rate Adjustment Amount” [●] 

“GHG Percentage Reduction Letter of Credit Fee Rate Adjustment Amount” [●] 

“GHG Percentage Reduction Target” means, with respect to any calendar year, the GHG Percentage Reduction Target for such calendar year as set
forth in the Sustainability Table. 
 “GHG Percentage Reduction Threshold” means, with respect to any calendar year, the GHG Percentage
Reduction Threshold for such calendar year as set forth in the Sustainability Table 
 “Initial Diverse KPI Metrics Report” means
PFI’s definitive proxy statement for the Annual Meeting of Shareholders filed with the Securities and Exchange Commission on March 25, 2021. 

“Initial GHG KPI Metrics Report” means the “2020 ESG Report: Transformation” released publicly by PFI on or about June 25,
2020. 
 “KPI Metric” means each of the Diverse Senior Leaders Percentage Increase and the GHG Percentage Reduction and any New KPI Metric
that is added to this Agreement pursuant to the terms of this Sustainability Schedule. 
 “KPI Metrics Report” means the Diverse KPI
Metrics Report, the GHG KPI Metrics Report and any KPI metrics report in respect of any New KPI Metric that is added to this Agreement pursuant to the terms of this Sustainability Schedule. 

“Limited Adjustment Calendar Year” means (i) calendar year 2021 and calendar year 2022 and (ii) calendar year 2024 and calendar
year 2025 if the New KPI Amendment has not become effective and also no Updated Sustainability Metric Failure has occurred. 
 “New KPI
Metric” has the meaning set forth in this Sustainability Schedule. 
 “Pricing Certificate” means a certificate substantially in
the form of Exhibit J executed by a Senior Financial Officer of PFI and attaching a true and correct copy of any applicable KPI Metrics Report for the most recently ended calendar year and setting forth each of the Sustainability Commitment
Fee Adjustment, the Sustainability Margin Adjustment and the Sustainability LC Fee Rate Adjustment for the period covered thereby and computations in reasonable detail in respect thereof. 

“Pricing Certificate Inaccuracy” has the meaning set forth in this Sustainability Schedule. 

“Sustainability Commitment Fee Adjustment” means, with respect to any KPI Metrics Report for any calendar year, an amount (whether positive,
negative or zero), expressed as a percentage, equal to the sum of (a) the Diverse Senior Leaders Percentage Increase Commitment Fee Rate Adjustment Amount (if any), plus (b) the GHG Percentage Reduction Commitment Fee Rate
Adjustment Amount, in each case for such calendar year. 

  
 Sustainability Schedule

 “Sustainability Margin Adjustment” with respect to any KPI Metrics Report for any calendar
year, an amount (whether positive, negative or zero), expressed as a percentage, equal to the sum of (a) the Diverse Senior Leaders Percentage Increase Applicable Margin Adjustment Amount (if any), plus (b) the GHG Percentage
Reduction Applicable Margin Adjustment Amount, in each case for such calendar year. 
 “Sustainability LC Fee Rate Adjustment” with respect
to any KPI Metrics Report for any calendar year, an amount (whether positive, negative or zero), expressed as a percentage, equal to the sum of (a) the Diverse Senior Leaders Percentage Increase Letter of Credit Fee Rate Adjustment Amount (if
any), plus (b) the GHG Percentage Reduction Letter of Credit Fee Rate Adjustment Amount, in each case for such calendar year. 

“Sustainability Pricing Adjustment Date” has the meaning set forth in this Sustainability Schedule. 

“Sustainability Table” means the Sustainability Table set forth in this Sustainability Schedule, as the same may be amended (including,
without limitation, pursuant to the terms of this Sustainability Schedule). 

  
 Sustainability Schedule

 SCHEDULE 1.01 

COMMITMENTS 
  

									
	 Bank
	  	Total Commitment	 	  	Fronting Letter of
Credit Commitment	 
	 JPMorgan Chase Bank, N.A.
	  	$	325,000,000	 	  	$	25,000,000	 
	 Citibank, N.A.
	  	$	325,000,000	 	  	$	25,000,000	 
	 HSBC Bank USA, National Association
	  	$	325,000,000	 	  	$	25,000,000	 
	 Bank of America, N.A.
	  	$	210,000,000	 	  			
	 The Bank of New York Mellon
	  	$	210,000,000	 	  			
	 Mizuho Bank, Ltd.
	  	$	210,000,000	 	  			
	 MUFG Bank, Ltd.
	  	$	210,000,000	 	  			
	 Sumitomo Mitsui Banking Corporation
	  	$	210,000,000	 	  			
	 Wells Fargo Bank, National Association
	  	$	210,000,000	 	  			
	 Barclays Bank PLC
	  	$	165,000,000	 	  			
	 BNP Paribas
	  	$	165,000,000	 	  			
	 Credit Suisse AG, New York Branch
	  	$	165,000,000	 	  			
	 Deutsche Bank AG New York Branch
	  	$	165,000,000	 	  			
	 Goldman Sachs Bank USA
	  	$	165,000,000	 	  			
	 Morgan Stanley Bank, N.A.
	  	$	165,000,000	 	  			
	 State Street Bank and Trust Company
	  	$	165,000,000	 	  			
	 U.S. Bank National Association
	  	$	165,000,000	 	  			
	 Banco Santander, S.A., New York Branch
	  	$	105,000,000	 	  			
	 The Bank of Nova Scotia
	  	$	105,000,000	 	  			
	 Standard Chartered Bank
	  	$	105,000,000	 	  			
	 Natixis, New York Branch
	  	$	65,000,000	 	  			
	 The Northern Trust Company
	  	$	65,000,000	 	  			
			
	 Total
	  	$	4,000,000,000	 	  	$	75,000,000	 

  
 Schedule 1.01 to Credit
Agreement 

 SCHEDULE 2.18 

EXISTING LETTERS OF CREDIT 

None. 

  
 Schedule 2.18 to Credit
Agreement 

 SCHEDULE 9.01 

NOTICE INFORMATION 
 I. Each
Obligor: 
 Prudential Financial, Inc. 
 751 Broad Street

 Newark, New Jersey 07102 
 Attention: Treasurer 

Tel: (973) 367-6765 

Email: nandini.mongia@prudential.com 
 with a copy to: 

Prudential Financial, Inc. 
 751 Broad Street 

Newark, New Jersey 07102 
 Attention: General Counsel 

Tel: (973) 802-9133 
 Fax:
(973) 802-5315 
 Email: ann.kapler@prudential.com 

II. Administrative Agent: 
 JPMorgan Chase Bank, N.A.

 500 Stanton Christiana Road, NCC5/Floor 1 
 Newark, Delaware
19713 
 Attention: Gina Yant 
 Tel: 312-954-9519 
 Fax: 302-634-4733 
 Email: gina.yant@chase.com 

with a copy to: 
 JPMorgan Chase Bank, N.A. 

383 Madison Avenue 
 New York, New York 10179 

Attention: James Mintzer 
 Tel: 212-270-9841
 Fax: 212-270-5177

 Email: james.s.mintzer@jpmorgan.com 
 III. Several L/C
Agent: 
 JPMorgan Chase Bank, N.A. 
 500 Stanton
Christiana Road, NCC5/Floor 1 
 Newark, Delaware 19713 

Attention: Gina Yant 

  
 Schedule 9.01 to Credit
Agreement 

 Tel: 312-954-9519 

Fax: 302-634-4733 

Email: gina.yant@chase.com 
 with a copy to: 

JPMorgan Chase Bank, N.A. 
 383 Madison Avenue 

New York, New York 10179 
 Attention: James Mintzer 

Tel: 212-270-9841

Fax: 212-270-5177 

Email: james.s.mintzer@jpmorgan.com 

  
 Schedule 9.01 to Credit
Agreement 

 EXHIBIT A 

NOTE 
 New York, New York

             , 20     

For value received, [Prudential Financial, Inc., a New Jersey corporation] [Prudential Funding, LLC, a New Jersey limited liability company]
(the “Borrower”), promises to pay to                      (the “Bank”), for the account of its Applicable Lending
Office, the unpaid principal amount of each Loan made by the Bank to the Borrower pursuant to the Credit Agreement referred to below on the Termination Date provided, or as otherwise provided, in the Credit Agreement. The Borrower promises to pay
interest on the unpaid principal amount of each such Loan on the dates and at the rate or rates provided for in the Credit Agreement. All such payments of principal and interest shall be made in Dollars in immediately available funds at the office
of JPMorgan Chase Bank, N.A. provided for in the Credit Agreement. 
 All Loans made by the Bank, the respective types and maturities
thereof and all repayments of the principal thereof shall be recorded by the Bank and, prior to any transfer hereof, appropriate notations to evidence the foregoing information with respect to each such Loan then outstanding shall be endorsed by the
Bank on the schedule attached hereto, or on a continuation of such schedule attached to and made a part hereof; provided that the failure of the Bank to make any such recordation or endorsement shall not affect the obligations of the Borrower
hereunder or under the Credit Agreement. 
 This note is one of the Notes referred to in the Third Amended and Restated Credit Agreement
dated as of July 28, 2021 among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the banks parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent and Several L/C Agent (as the
same may be amended from time to time, the “Credit Agreement”). Terms defined in the Credit Agreement are used herein with the same meanings. Reference is made to the Credit Agreement for provisions for the prepayment hereof and the
acceleration of the maturity hereof. 
  

			
	[PRUDENTIAL FINANCIAL, INC.]
	[PRUDENTIAL FUNDING, LLC]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 Note 

 LOANS AND PAYMENTS OF PRINCIPAL 

 

											
	 Date
	  	 Amount of

Loan
	  	 Type of

Loan
	  	 Amount of

Principal

Repaid
	  	 Maturity

Date
	  	 Notation

Made By

		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	
		  		  		  		  		  	

  
 Note 

 EXHIBIT B 

FORM OF ASSUMPTION AGREEMENT 

            ,          

To JPMorgan Chase Bank, N.A., 
 as Administrative Agent party to
the 
 Credit Agreement referred to below 
 Ladies and
Gentlemen: 
 Reference is made to the Third Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of
July 28, 2021 among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the banks parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. Terms defined in the Credit Agreement are
used herein as defined therein. 
 The Borrowers and
[                    ] (the “Assuming Bank”) each hereby agree as follows: 

1. The Assuming Bank proposes to become an Assuming Bank pursuant to Section 2.09(d) of the Credit Agreement with a Commitment in the
amount of $[                    ] and, in that connection, hereby agrees with the Administrative Agent and the Borrowers that it shall become a Bank
for all purposes of the Credit Agreement on the applicable Commitment Increase Date. 
 2. The Assuming Bank (a) confirms that it has
received a copy of the Credit Agreement, together with copies of the financial statements referred to in Section 4.04 thereof and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Assumption Agreement; (b) agrees that it will, independently and without reliance upon the Administrative Agent or any other Bank and based on such documents and information as it shall deem appropriate at the time, continue to
make its own credit decisions in taking or not taking action under the Credit Agreement; (c) appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit
Agreement as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto; and (d) agrees that it will perform in accordance with their terms all of the
obligations that by the terms of the Credit Agreement are required to be performed by it as a Bank, including, without limitation, the obligations of each Bank with respect to confidentiality set forth in Section 9.12 thereof. 

3. Following the execution hereof, this Assumption Agreement will be delivered to the Administrative Agent for acceptance and recording by the
Administrative Agent. The effective date for this Assumption Agreement (the “Effective Date”) shall be the applicable Commitment Increase Date. 

4. Upon satisfaction of the applicable conditions set forth in Section 2.09(d) of the Credit Agreement and upon such acceptance and
recording by the Administrative Agent, as of the Effective Date, the Assuming Bank shall be a party to the Credit Agreement and have all of the rights and obligations of a Bank thereunder. 

  
 Assumption Agreement 

 5. This Assumption Agreement shall be governed by, and construed in accordance with, the
laws of the State of New York. 
 6. This 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 to be an original and all of which taken together shall constitute one and the same agreement. Delivery of an executed counterpart of this Assumption Agreement by facsimile
shall be effective as delivery of a manually executed counterpart of this Assumption Agreement. 

  
 Assumption Agreement 

 IN WITNESS WHEREOF, the Borrowers and the Assuming Bank have caused this letter to be duly
executed and delivered as of the date first above written. 
  

			
	Very truly yours,
	
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	PRUDENTIAL FUNDING, LLC
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	[NAME OF ASSUMING BANK]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  

			
	Accepted this      day of
	            , 20    :
	
	JPMORGAN CHASE BANK, N.A.,
	as Administrative Agent
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 Assumption Agreement 

 EXHIBIT C 

[FORM OF OPINION OF COUNSEL FOR THE OBLIGORS] 

July 28, 2021 
 To the Banks and the
Administrative Agent 
 Referred to Below 

c/o     JPMorgan Chase Bank, N.A. 

383 Madison Avenue 
 New York, NY,
10179 
 Ladies and Gentlemen: 
 As Vice
President and Corporate Counsel of The Prudential Insurance Company of America, a New Jersey-domiciled life insurance company (“PICA”) and General Counsel of Prudential Funding, LLC, a New Jersey limited liability company
(“PFLLC”), I am familiar with the Third Amended and Restated Credit Agreement (the “Credit Agreement”), dated as of July 28, 2021, among Prudential Financial, Inc., a New Jersey corporation
(“PFI”), PFLLC (together with PFI, the “Borrowers”), PICA (together with the Borrowers, the “Obligors”), the banks party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent. I am also
familiar with the Support Agreement dated as of March 18, 1982 (the “PICA Support Agreement”) between PICA and PFLLC under which PICA has agreed to cause PFLLC at all times to have a Tangible Net Worth (as such term is defined
therein) of at least $1.00. Terms defined in the Credit Agreement are used herein as therein defined. This opinion is being rendered to you at the request of the Borrowers pursuant to Section 3.01(d) of the Credit Agreement. 

I have examined or caused to be examined under my direction certificates of public officials, and copies, certified or otherwise identified to
my satisfaction, of such corporate documents and records of the Obligors and of such other persons as I have deemed relevant and necessary or appropriate as a basis for this opinion. In addition, I have relied, to the extent I deemed such reliance
proper, upon certificates of officers of the Obligors with respect to the accuracy of material factual matters which were not independently established. 

Based on the foregoing, I am of the opinion that: 
  

	1.	 PFI is a corporation, PICA is a life insurance company, and PFLLC is a limited liability company, in each case,
duly organized and validly existing in good standing under the laws of the State of New Jersey. Each Borrower and PICA have all requisite corporate powers and all material governmental licenses, authorizations, consents and approvals required to
carry on its business as now conducted. 

  

	2.	 The execution, delivery and performance of the Credit Agreement by each Borrower and PICA and the Notes by each
Borrower (collectively, the “Notes”) are within such Borrower’s or PICA’s powers, as applicable, and have been duly authorized by such Borrower or PICA, as applicable. 

  
 Opinion of Counsel for
the Obligors 

	3.	 The Credit Agreement has been duly executed and delivered by each Borrower and PICA, and the Notes have been
duly executed and delivered by each Borrower. 

  

	4.	 The Credit Agreement is a valid and binding agreement of each Borrower and PICA and the Notes of each Borrower
are valid and binding agreements of such Borrower, enforceable against such party, as applicable, in accordance with their respective terms, subject to (i) bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws
of general applicability relating to or affecting creditors’ rights (or, in the case of PICA, applicable bankruptcy, insolvency, reorganization, rehabilitation, liquidation, conservation or similar laws affecting the rights of creditors of
insurance companies) and (ii) general principles of equity (regardless of whether asserted in a proceeding in equity or at law). 

  

	5.	 The execution, delivery and performance of the Credit Agreement by each Borrower and PICA, and the Notes by
each Borrower, do not and will not (i) require any action by, or in respect of, or filing with, any governmental body or agency, or (ii) violate PFI’s Certificate of Incorporation or By-Laws,
PICA’s Charter or By-Laws or PFLLC’s Certificate of Formation or By-Laws or (iii) result in any breach of any of the terms of, or constitute a default
under, any provision of applicable law or regulation, or any judgment or order or any instrument or agreement known to me (after due inquiry or investigation) to which such Obligor is party or by which any of its property is bound.

  

	6.	 Neither PFI nor PICA is an “investment company” within the meaning of the Investment Company Act of
1940, as amended (the “Investment Company Act”). PFLLC, as successor to Prudential Funding Corporation (the “Predecessor Corporation”), has been exempted from all provisions of the Investment Company Act of 1940, by
order of the Securities and Exchange Commission dated April 27, 1982, issued pursuant to Section 6(c) of the Investment Company Act, and such order remains in full force and effect. 

 

	7.	 To the best of my knowledge, there are no legal or governmental proceedings pending or threatened against or
involving any Borrower or PICA which, after consideration of applicable reserves, are reasonably likely to have a material adverse effect on the ability of any Borrower or PICA to perform its obligations under the Credit Agreement or which in any
manner draw into question the validity or enforceability of or seek to terminate the Credit Agreement or the Notes. 

  

	8.	 To the best of my knowledge (after due inquiry and investigation) there is not pending or threatened any
action, suit or proceeding against PICA or PFLLC before any court or brought by any governmental agency, authority or body, which calls into question the validity or enforceability of or seeks to terminate the PICA Support Agreement.

  

	9.	 The execution, delivery and performance of the PICA Support Agreement have been duly authorized by PICA, and
the PICA Support Agreement has been duly executed and delivered by PICA. The execution, delivery and performance of the PICA Support Agreement were duly authorized by the Predecessor Corporation, and the PICA Support Agreement was duly executed and
delivered by the Predecessor Corporation. Pursuant to Section 42:2B-20 of the New Jersey Limited Liability Company Act, PFLLC merged with

  
 Opinion of Counsel for
the Obligors 

	 	
the Predecessor Corporation effective September 29, 2000 (the “Merger”). Upon effectiveness of the Merger, (i) all of the Predecessor Corporation’s assets,
liabilities, rights, privileges, duties, obligations and property vested by operation of law in PFLLC as successor to the Predecessor Corporation and (ii) the Predecessor Corporation’s rights and privileges under the PICA Support Agreement
inured to the benefit of PFLLC. 

  

	10.	 The PICA Support Agreement is a valid and binding agreement of each of PICA and PFLLC, enforceable against PICA
and PFLLC in accordance with its terms, subject to (i) applicable bankruptcy, insolvency, reorganization, rehabilitation, liquidation, conservation or similar laws affecting the rights of creditors of insurance companies and the rights of
creditors generally, (ii) general principles of equity (regardless of whether asserted in a proceeding in equity or at law), (iii) the power of the New Jersey Commissioner of Banking and Insurance under N.J.S.A.
17B:20-6 to impose reasonable and temporary restrictions on the types of investments which an insurance company may make, (iv) the requirements of N.J.S.A. 17:27A-4
that investments in a subsidiary which equal or exceed 3% of PICA’s admitted assets as of the prior December 31 or which are part of a series of like transactions within any twelve-month period that equal or exceed 3% of PICA’s
admitted assets as of the prior December 31, require 30 days’ prior notice to the New Jersey Commissioner of Banking and Insurance, who may within that 30-day period disapprove such investments which
exceed 3% of admitted assets, and (v) applicable investment limitations under N.J.S.A. 17B:20-4. 

  

	11.	 The PICA Support Agreement does not (i) require any action by, or in respect of, or filing with, any
governmental body or agency that has not previously been obtained or made or as is described in paragraph 10 above, (ii) contravene the Charter or By-Laws of PICA or the Certificate of Formation or By-Laws of PFLLC or (iii) result in any breach of any of the terms of, or constitute a default under, any provision of applicable law or regulation, or any judgment or order or any instrument or agreement known
to me (after due inquiry or investigation) to which PICA or PFLLC is a party or by which any of its property is bound. 

  

	12.	 The obligations of PFLLC in respect of Loans made to PFLLC under the Credit Agreement constitute
“Debt” of PFLLC as that term is defined in the PICA Support Agreement. 

 The opinions expressed herein are
limited to the federal laws of the United States of America, the laws of the State of New York and the State of New Jersey, and I am expressing no opinion as to the effect of the laws of any other jurisdiction. Although I am a member of the New York
bar, I am not admitted to practice law in New Jersey, except under a limited license for in-house counsel. With respect to the Merger, I have relied upon the opinion of McCarter & English, dated
August 31, 2000, delivered to the Predecessor Corporation, a copy of which is attached hereto. 
  

	
	Very truly yours,
	
	Nabanita C. Nag

  
 Opinion of Counsel for
the Obligors 

 EXHIBIT D 

FORM OF ASSIGNMENT AND ASSUMPTION 

ASSIGNMENT AND ASSUMPTION 

This Assignment and Assumption (the “Assignment and Assumption”) is dated as of the Effective Date set forth below and is
entered into by and between [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, the “Credit Agreement”), receipt of a copy of which is hereby acknowledged by the Assignee. The Standard Terms and Conditions set forth in Annex 1 attached hereto are hereby
agreed to and incorporated herein by reference and made a part of this Assignment and Assumption as if set forth herein in full. 
 For an
agreed consideration, the Assignor hereby irrevocably sells and assigns to the Assignee, and the Assignee hereby irrevocably purchases and assumes from the Assignor, subject to and in accordance with the Standard Terms and Conditions and the Credit
Agreement, as of the Effective Date inserted by the Administrative Agent as contemplated below (i) all of the Assignor’s rights and obligations in its capacity as a Bank under the Credit Agreement and any other documents or instruments
delivered pursuant thereto to the extent related to the amount and percentage interest identified below of all of such outstanding rights and obligations of the Assignor under the facility identified below (including any letters of credit and
guarantees included in such facility) 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 Bank) against any Person, whether known or
unknown, arising under or in connection with the Credit Agreement, any other documents or instruments delivered pursuant thereto or the loan transactions governed thereby or in any way based on or related to any of the foregoing, including contract
claims, tort claims, malpractice claims, statutory claims and all other claims at law or in equity related to the rights and obligations sold and assigned pursuant to clause (i) above (the rights and obligations sold and assigned pursuant to
clauses (i) and (ii) above being referred to herein collectively as the “Assigned Interest”). Such sale and assignment is without recourse to the Assignor and, except as expressly provided in this Assignment and Assumption,
without representation or warranty by the Assignor. 
  

					
	1.	  	Assignor:	  	                                      
                      
			
	2.	  	Assignee:	  	                                      
                      
		  		  	[and is an Affiliate/Approved Fund of [identify Bank]1]
			
	3.	  	Borrowers:	  	Prudential Financial, Inc. and Prudential Funding, LLC
			
	4.	  	Administrative Agent:	  	JPMorgan Chase Bank, N.A., as the administrative agent under the Credit Agreement

  

	1 	 Select as applicable. 

  
 Assignment and Assumption

					
	5.	  	Credit Agreement:	  	The Third Amended and Restated Credit Agreement dated as of July 28, 2021 among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the Banks parties thereto and JPMorgan Chase
Bank, N.A., as Administrative Agent and Several L/C Agent
			
	6.	  	Assigned Interest:	  	

  

									
	 Aggregate Amount of

Commitment/Loans

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

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

  

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

  
 Assignment and Assumption

			
	[Consented to and]3 Accepted:
	
	 JPMORGAN CHASE BANK, N.A.,
 as
Administrative Agent

		
	By:	 	  

		 	Name:
		 	Title:

  

	3 	 To be added only if the consent of the Administrative Agent is required by the terms of Section 9.06(c) of the
Credit Agreement. 

  
 Assignment and Assumption

			
	[Consented to:
	
	[NAME OF BANK],
	as a Fronting L/C Issuer
		
	By:	 	  

		 	Name:
	 	 	Title:]4

  

	4 	 To be added only if the consent of a Fronting L/C Issuer is required by the terms of Section 9.06(c) the Credit
Agreement. 

  
 Assignment and Assumption

			
	[Consented to:]5
	
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  

	5 	 To be added only if the consent of PFI is required by the terms of Section 9.06(c) the Credit Agreement.

  
 Assignment and Assumption

 ANNEX 1 

STANDARD TERMS AND CONDITIONS FOR 

ASSIGNMENT AND ASSUMPTION 

1.    Representations and Warranties. 

1.1    Assignor. The Assignor (a) represents and warrants that (i) it is the legal and beneficial owner of
the Assigned Interest, (ii) the Assigned Interest is free and clear of any lien, encumbrance or other adverse claim and (iii) it has full power and authority, and has taken all action necessary, to execute and deliver this Assignment and
Assumption and to consummate the transactions contemplated hereby; and (b) assumes no responsibility with respect to (i) any statements, warranties or representations made in or in connection with the Credit Agreement, (ii) the
execution, legality, validity, enforceability, genuineness, sufficiency or value of the Credit Agreement or any collateral thereunder, (iii) the financial condition of the Obligors, any of their Subsidiaries or Affiliates or any other Person
obligated in respect of the Credit Agreement or (iv) any requirements under applicable law for the Assignee to become a lender under the Credit Agreement or to charge interest at the rate set forth therein from time to time or (v) the
performance or observance by the Obligors, any of their Subsidiaries or Affiliates or any other Person of any of their respective obligations under the Credit Agreement. 

1.2    Assignee. The Assignee (a) represents and warrants that (i) it has full power and authority, and
has taken all action necessary, to execute and deliver this Assignment and Assumption and to consummate the transactions contemplated hereby and to become a Bank under the Credit Agreement, (ii) it satisfies the requirements, if any, specified
in the Credit Agreement and under applicable law that are required to be satisfied by it in order to acquire the Assigned Interest and become a Bank, (iii) from and after the Effective Date, it shall be bound by the provisions of the Credit
Agreement as a Bank thereunder and, to the extent of the Assigned Interest, shall have the obligations of a Bank thereunder, (iv) it is sophisticated with respect to decisions to acquire assets of the type represented by the Assigned Interest
and 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 5.01 thereof, as applicable, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Assignment and
Assumption and to purchase the Assigned Interest on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent, any arranger or any other Bank and their respective Related Parties, and
(vi) if it is a Bank that is not incorporated under the laws of the United States of America or any state thereof, attached to (or delivered with) this Assignment and Assumption is any documentation required to be delivered by it pursuant to
the terms of the Credit Agreement, duly completed and executed by the Assignee; and (b) agrees that (i) it will, independently and without reliance on the Administrative Agent, any Joint Lead Arranger, Syndication Agent or Co-Documentation Agent, the Assignor or any other Bank and their respective Related Parties, and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit
decisions in taking or not taking action under the Credit Agreement, and (ii) it will perform in accordance with their terms all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Bank. 

 2.    Payments. From and after the Effective Date, the
Administrative Agent shall make all payments in respect of the Assigned Interest (including payments of principal, interest, fees and other amounts) to the Assignor for amounts which have accrued to but excluding the Effective Date and to the
Assignee for amounts which have accrued from and after the Effective Date. 
 3.    General Provisions. This
Assignment and Assumption shall be binding upon, and inure to the benefit of, the parties hereto and their respective successors and assigns. This Assignment and Assumption may be executed in any number of counterparts, which together shall
constitute one instrument. Delivery of an executed counterpart of a signature page of this Assignment and Assumption by any Approved Electronic Platform shall be effective as delivery of a manually executed counterpart of this Assignment and
Assumption. This Assignment and Assumption shall be governed by, and construed in accordance with, the law of the State of New York. 

 EXHIBIT D-1 

[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 Third Amended and Restated Credit Agreement dated as of July 28, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the Banks party thereto, and JPMorgan Chase Bank, N.A., as
Administrative Agent and Several L/C Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record and beneficial owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of
Section 881(c)(3)(A) of Internal Revenue Code, (iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of Internal Revenue Code and (iv) it is not a controlled foreign corporation
related to any Borrower as described in Section 881(c)(3)(C) of Internal Revenue Code. 
 The undersigned has furnished the
Administrative Agent and the Borrowers with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. By executing this certificate, the undersigned agrees that (1) if the information provided on this certificate changes, the undersigned shall promptly so inform the Borrowers and
the Administrative Agent, and (2) the undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to
be made to the undersigned, or in either of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms
defined in the Credit Agreement and used herein shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF BANK]
		
	By:	 	  

		 	Name:
		 	Title:
	

 Date:            ,
20     

  
 U.S. Tax Compliance
Certificate 

 EXHIBIT D-2 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Not Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of July 28, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the Banks party thereto, and JPMorgan Chase Bank, N.A., as
Administrative Agent and Several L/C Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record and beneficial owner of the participation in respect of which it is providing this certificate, (ii) it is not a bank within the meaning of Section 881(c)(3)(A) of Internal Revenue Code,
(iii) it is not a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of Internal Revenue Code, and (iv) it is not a controlled foreign corporation related to any Borrower as described in
Section 881(c)(3)(C) of Internal Revenue Code. 
 The undersigned has furnished its participating Bank with a certificate of its non-U.S. Person status on IRS Form W-8BEN or W-8BEN-E, as applicable. 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     

  
 U.S. Tax Compliance
Certificate 

 EXHIBIT D-3 

[FORM OF] 
 U.S. TAX COMPLIANCE
CERTIFICATE 
 (For Foreign Participants That Are Partnerships For U.S. Federal Income Tax Purposes) 

Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of July 28, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Prudential Financial, Inc., Prudential Funding Company, LLC, The Prudential Insurance Company of America, the Banks party thereto, and JPMorgan Chase Bank, N.A.,
as Administrative Agent and Several L/C Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the participation in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole beneficial owners of such participation,
(iii) with respect such participation, neither the undersigned nor any of its direct or indirect partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the
meaning of Section 881(c)(3)(A) of Internal Revenue Code, (iv) none of its direct or indirect partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of Internal Revenue Code and
(v) none of its direct or indirect partners/members is a controlled foreign corporation related to any Borrower as described in Section 881(c)(3)(C) of Internal Revenue 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
W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form
W-8BEN or W-8BEN-E, as applicable, 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    

  
 U.S. Tax Compliance
Certificate 

 EXHIBIT D-4 

[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 Third Amended and Restated Credit Agreement dated as of July 28, 2021 (as amended, supplemented or
otherwise modified from time to time, the “Credit Agreement”), among Prudential Financial, Inc., Prudential Funding, LLC, The Prudential Insurance Company of America, the Banks party thereto, and JPMorgan Chase Bank, N.A., as
Administrative Agent and Several L/C Agent. 
 Pursuant to the provisions of Section 2.15 of the Credit Agreement, the undersigned
hereby certifies that (i) it is the sole record owner of the Loan(s) (as well as any Note(s) evidencing such Loan(s)) in respect of which it is providing this certificate, (ii) its direct or indirect partners/members are the sole
beneficial owners of such Loan(s) (as well as any Note(s) evidencing such Loan(s)), (iii) with respect to the extension of credit pursuant to the Credit Agreement or any other Loan Document, neither the undersigned nor any of its direct or indirect
partners/members is a bank extending credit pursuant to a loan agreement entered into in the ordinary course of its trade or business within the meaning of Section 881(c)(3)(A) of Internal Revenue Code, (iv) none of its direct or indirect
partners/members is a ten percent shareholder of any Borrower within the meaning of Section 871(h)(3)(B) of Internal Revenue Code and (v) none of its direct or indirect partners/members is a controlled foreign corporation related to any
Borrower as described in Section 881(c)(3)(C) of Internal Revenue Code. 
 The undersigned has furnished the Administrative Agent and
the Borrowers 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 W-8BEN-E, as applicable, or (ii) an IRS Form W-8IMY accompanied by an IRS Form W-8BEN or W-8BEN-E, as applicable, 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 Borrowers and the Administrative Agent, and (2) the
undersigned shall have at all times furnished the Borrowers and the Administrative Agent with a properly completed and currently effective certificate in either the calendar year in which each payment is to be made to the undersigned, or in either
of the two calendar years preceding such payments. 
 Unless otherwise defined herein, terms defined in the Credit Agreement and used herein
shall have the meanings given to them in the Credit Agreement. 
  

			
	[NAME OF BANK]
		
	By:	 	
                     
                    

		 	Name:
		 	Title:
	
	Date:              , 20    

  
 U.S. Tax Compliance
Certificate 

 EXHIBIT E 

[FORM OF] 
 PICA ASSUMPTION
AGREEMENT 
 AGREEMENT dated as of             ,
        , made by THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a life insurance company organized under the laws of the State of New Jersey (“PICA”), in favor of the Banks and the
Administrative Agent party to the Credit Agreement referred to herein and the holders from time to time of the Loans made to PFLLC (as defined below) thereunder. 

W I T N E S E T H: 

WHEREAS, Prudential Funding, LLC (“PFLLC”) is a party to a Third Amended and Restated Credit Agreement (as amended from time
to time, the “Credit Agreement”) dated as of July 28, 2021 among Prudential Financial, Inc. (“PFI”), PFLLC (PFI and PFLLC, collectively, the “Borrowers” and each, a
“Borrower”), PICA, the Banks parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”); 

WHEREAS, PICA owns, directly or indirectly, all of the membership interests in PFLLC; and 

[WHEREAS, as of the date hereof [describe merger or consolidation of PFLLC into another Subsidiary], and under Section [5.03] [5.07] of
the Credit Agreement it is a condition to such [termination] [merger] [consolidation] that PICA execute and deliver this Agreement;] 

[WHEREAS, [the Support Agreement is being [amended] [modified] [waived] [supplemented] [novated]] [PICA’s obligations under
paragraph 2 of the Support Agreement dated as of March 18, 1982 between PFLLC and PICA (the “Support Agreement”) are being terminated] as of the date hereof, and under Section 5.10 of the Credit Agreement it is a
condition to such [amendment] [modification] [waiver] [supplement] [novation] [termination] that PICA execute and deliver this Agreement;] 

[WHEREAS, the Borrowers desire to terminate PFLLC as a Borrower under the Credit Agreement as of the date hereof, and under Section 9.16
of the Credit Agreement it is a condition to such termination that PICA execute and deliver this Agreement;] 
 NOW THEREFORE, in
consideration of the premises PICA hereby agrees as follows: 
 SECTION 1. Definitions. Capitalized terms used
and not otherwise defined herein shall have the respective meanings given them in the Credit Agreement. 
 SECTION 2.
Assumption. PICA hereby unconditionally and irrevocably assumes, as principal obligor, all of the obligations of PFLLC under the Credit Agreement and the Loans made to PFLLC thereunder, including, without limitation, the obligations of PFLLC
to pay in full when due (whether at stated maturity, upon acceleration or otherwise) the principal of and interest on such Loans and all other amounts payable by PFLLC under the Credit Agreement. 

  
 PICA Assumption Agreement

 SECTION 3. Representations and Warranties. PICA hereby represents
and warrants that: 
 (a)    Authorization; No Contravention. The execution, delivery and
performance by PICA of this Agreement are within PICA’s powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or
constitute a default under, any provision of applicable law or regulation or the certificate of incorporation or the by-laws of PICA or of any agreement, judgment, injunction, order, decree or other instrument
binding upon PICA or result in or require the creation or imposition of any Lien on any asset of PICA or any Material Subsidiary. 

(b)    Binding Effect. This Agreement constitutes a valid and binding agreement of PICA. 

SECTION 4. Notices. All notices and other communications provided for or permitted hereunder shall be made as
specified in Section 9.01 of the Credit Agreement. 
 SECTION 5. Governing Law; Waiver of Jury Trial.
 
 (a)    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
PICA HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. PICA IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT AND
ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 (b)    PICA
HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

SECTION 6. Severability. Any provision of this Agreement which is illegal, invalid, prohibited or unenforceable in
any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without invalidating the remaining provisions hereof and any such illegality, invalidity, prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 7. Entire Agreement. This Agreement, the Support Agreement and the Credit Agreement embody the entire
agreement of PICA with respect to the subject matter hereof and supersede any prior written or oral agreements and understandings relating to the subject matter hereof. 

  
 PICA Assumption Agreement

 IN WITNESS WHEREOF, PICA has caused this Agreement to be duly executed and delivered by its
officers thereunto duly authorized as of the date first above written. 
  

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	
                     
                    

		 	Name:
		 	Title:

  
 PICA Assumption Agreement

 EXHIBIT F 

[FORM OF] 
 PICA GUARANTEE
AGREEMENT 
 GUARANTEE AGREEMENT dated as of             ,
        , made by THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a life insurance company organized under the laws of the State of New Jersey (“PICA”), in favor of the Banks and the
Administrative Agent party to the Credit Agreement referred to herein and the holders from time to time of the Loans made to PFLLC (as defined below) thereunder. 

W I T N E S E T H : 

WHEREAS, Prudential Funding, LLC (“PFLLC”) is a party to a Third Amended and Restated Credit Agreement (as amended from time
to time, the “Credit Agreement”) dated as of July 28, 2021 among Prudential Financial, Inc. (“PFI”), PFLLC (PFI and PFLLC, collectively, the “Borrowers” and each, a
“Borrower”), PICA, the Banks parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent (the “Administrative Agent”); 

WHEREAS, PICA owns, directly or indirectly, all of the membership interests in PFLLC; and 

[WHEREAS, [the Support Agreement is being [amended] [modified] [waived] [supplemented] [novated]] [PICA’s obligations under
paragraph 2 of the Support Agreement dated as of March 18, 1982 between PICA and PFLLC (the “Support Agreement”) are being terminated] as of the date hereof, and under Section 5.10 of the Credit Agreement it is a
condition to such [amendment] [modification] [waiver] [supplement] [novation] [termination] that PICA execute and deliver this Guarantee Agreement;] 

NOW, THEREFORE, in consideration of the premises, PICA hereby agrees as follows: 

SECTION 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the respective meanings
given them in the Credit Agreement. 
 SECTION 2. Guarantee. PICA hereby unconditionally and irrevocably
guarantees as principal and not merely as surety the full and punctual payment when due (whether at stated maturity, upon acceleration or otherwise) of the principal of and interest on each Loan made to PFLLC under the Credit Agreement and the full
and punctual payment of all other amounts payable by PFLLC under the Credit Agreement. 
 SECTION 3. Guarantee
Absolute. PICA agrees that the guarantee contained in this Guarantee Agreement is a guarantee of payment and not of collection or collectability, and that 

  
 PICA Guarantee Agreement

 the obligations of PICA hereunder shall be primary, absolute and unconditional and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise affected by: 
 (a)    any
extension, renewal, settlement, compromise, waiver or release in respect of any obligation of PFLLC under the Credit Agreement or any Note, by operation of law or otherwise; 

(b)    any modification or amendment of or supplement to the Credit Agreement or any Note; 

(c)    any release, non-perfection or invalidity of any direct or
indirect security for any obligation of PFLLC under the Credit Agreement or any Note; 
 (d)    any
change in the corporate existence, structure or ownership of PFLLC, or any insolvency, bankruptcy, reorganization or other similar proceeding affecting PFLLC or its assets or any resulting release or discharge of any obligation of PFLLC contained in
the Credit Agreement or any Note; 
 (e)    the existence of any claim,
set-off or other rights which PICA may have at any time against PFLLC, the Administrative Agent, any Bank or any other Person, whether in connection herewith or with the Credit Agreement or the Support
Agreement or any unrelated transactions, provided that nothing herein shall prevent the assertion of any such claim by separate suit or compulsory counterclaim; 

(f)    any invalidity or unenforceability relating to or against PFLLC for any reason of the Credit
Agreement or any Note, or any provision of applicable law or regulation purporting to prohibit the payment by PFLLC of the principal of or interest on any Loan or any other amount payable by PFLLC under the Credit Agreement; or 

(g)    any other act or omission to act or delay of any kind by PFLLC, the Administrative Agent, any Bank
or any other Person (including, without limitation, under the Support Agreement) or any other circumstance whatsoever which might, but for the provisions of this paragraph, constitute a legal or equitable discharge of PICA’s obligations
hereunder. 
 SECTION 4. Representations and Warranties. PICA hereby represents and warrants that: 

(a)    Authorization; No Contravention. The execution, delivery and performance by PICA of this
Guarantee Agreement are within PICA’s powers, have been duly authorized by all necessary action, require no action by or in respect of, or filing with, any governmental body, agency or official and do not contravene, or constitute a default
under, any provision of applicable law or regulation or the certificate of incorporation or the by-laws of PICA or of any agreement, judgment, injunction, order, decree or other instrument binding upon PICA or
result in the creation or imposition of any Lien on any asset of PICA or any Material Subsidiary. 

(b)    Binding Effect. This Guarantee Agreement constitutes a valid and binding agreement of PICA,
enforceable in accordance with its terms. 

  
 PICA Guarantee Agreement

 SECTION 5. Manner of Payment. Payment by PICA hereunder shall be
made in such funds, to such Persons and at such times and places as are specified for corresponding payments under the Credit Agreement. 

SECTION 6. Enforcement of Guarantee. In no event shall the Administrative Agent, any Bank or any other Person have
any obligation to proceed against PFLLC or any other Person or any property that may be pledged to secure the obligations of PFLLC under the Credit Agreement or the Notes or take any action against PFLLC or PICA under the Support Agreement before
seeking satisfaction from PICA. 
 SECTION 7. Waiver. PICA hereby irrevocably waives promptness, diligence,
acceptance hereof, presentment, demand, protest and any and all other notice not provided for herein and any requirement that at any time the Administrative Agent, any Bank or any other Person exhaust any right or take any action against PFLLC or
any other Person (including, without limitation, PICA under the Support Agreement) and any other circumstance whatsoever that might otherwise constitute a legal or equitable discharge, release or defense of PICA or that might otherwise limit
recourse against PICA. 
 SECTION 8. Waiver of Subrogation. PICA irrevocably waives any and all rights to which
it may be entitled, by operation of law or otherwise, upon making any payment hereunder to be subrogated to the rights of the payee against PFLLC with respect to such payment or otherwise to be reimbursed, indemnified or exonerated by PFLLC in
respect thereof, whether or not all amounts payable by PFLLC under the Credit Agreement or its Notes have been paid in full. 

SECTION 9. Notices. All notices and other communications provided for or permitted hereunder shall be given as
specified in Section 9.01 of the Credit Agreement. 
 SECTION 10. No Waiver; Remedies. No failure on the
part of the Administrative Agent or any Bank to exercise, and no delay in exercising, any right hereunder shall operate as a waiver thereof; nor shall any single or partial exercise of any right hereunder preclude any other or further exercise
thereof or the exercise of any other right. The remedies herein provided are cumulative and not exclusive of any remedies provided by law. 

SECTION 11. Continuing Guarantee; Reinstatement in Certain Circumstances. The guarantee contained in this Guarantee
Agreement is a continuing guarantee and PICA’s obligations hereunder shall (i) unless PICA shall have executed and delivered a PICA Assumption Agreement or PFLLC shall have consolidated with or merged into PICA in accordance with
Section 5.07(a)(i)(A) of the Credit Agreement, remain in full force and effect until the indefeasible payment in full of the principal of and interest on the Loans made to PFLLC and all other amounts payable by PFLLC under the Credit Agreement
and the expiration or earlier termination of the Commitments with respect to PFLLC under the Credit Agreement, (ii) be binding upon PICA and its successors and assigns, and (iii) inure to the benefit of and be enforceable by the Banks, the
Administrative Agent and the holders from time to time of the Loans made to PFLLC and their respective successors, transferees and assigns. If at any time any payment of any of the principal of or interest on any Loan or any other amount payable by
PFLLC under the Credit Agreement is rescinded or must otherwise be restored or returned upon the insolvency, bankruptcy or reorganization of PFLLC or otherwise, PICA’s obligations hereunder with respect to such payment shall be reinstated as
though such payment had been due but not made at such time. 

  
 PICA Guarantee Agreement

 SECTION 12. Stay of Acceleration. If acceleration of the time for
payment of any amount payable by PFLLC under the Credit Agreement or the Notes is stayed upon the insolvency, bankruptcy or reorganization of PFLLC, all such amounts otherwise subject to acceleration under the terms of the Credit Agreement shall
nonetheless be payable by PICA hereunder forthwith on demand by the Administrative Agent made at the request of the requisite proportion of the Banks specified in Article 6 of the Credit Agreement. 

SECTION 13. Governing Law; Waiver of Jury Trial.  

(a)    THIS GUARANTEE AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.
PICA HEREBY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK AND OF ANY NEW YORK STATE COURT SITTING IN NEW YORK CITY FOR PURPOSES OF ALL LEGAL PROCEEDINGS ARISING OUT OF OR RELATING TO
THIS GUARANTEE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. PICA IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF THE VENUE OF ANY SUCH PROCEEDING BROUGHT IN SUCH A
COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 

(b)    PICA HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THIS GUARANTEE AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 SECTION 14. Severability. Any
provision of this Guarantee Agreement which is illegal, invalid, prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such illegality, invalidity, prohibition or unenforceability without
invalidating the remaining provisions hereof and any such illegality, invalidity, prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

SECTION 15. Entire Agreement. This Guarantee Agreement, the Support Agreement and the Credit Agreement embody the
entire agreement of PICA with respect to the subject matter hereof and thereof and supersede any prior written or oral agreements and understandings relating to the subject matter hereof and thereof. 

  
 PICA Guarantee Agreement

 IN WITNESS WHEREOF, PICA has caused this Guarantee Agreement to be duly executed and
delivered by its officers thereunto duly authorized as of the date first above written. 
  

			
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 PICA Guarantee Agreement

 EXHIBIT G 

PICA SUPPORT AGREEMENT 

AGREEMENT, dated as of March 18, 1982 between THE PRUDENTIAL INSURANCE COMPANY OF AMERICA, a New Jersey corporation
(“Prudential”), and PRUDENTIAL FUNDING CORPORATION, a New Jersey corporation (“Funding”). 
 W I T N E S
E T H: 
 WHEREAS, Prudential owns all of the issued and outstanding capital stock of PRUCO, INC. a New Jersey corporation
(“PRUCO”), which in turn presently owns all of the issued and outstanding capital stock of Funding; and 
 WHEREAS, Funding
plans to incur indebtedness for money borrowed from time to time to parties other than PRUCO or Prudential (“Debt”) in order to enable Funding to carry on its business; and 

WHEREAS, Funding plans to guarantee indebtedness incurred from time to time by Prudential Overseas Funding Corporation N.V. and other
subsidiaries of Prudential for money borrowed; and 
 WHEREAS, Prudential and Funding intended to provide certain assurances to holders of
Debt and indebtedness guaranteed by Funding with respect to the stock ownership and financial conditions of Funding; and 
 WHEREAS, Funding
plans to finance the borrowing requirements of companies within the Prudential group; and 
 WHEREAS, the corporate interests of Prudential
will be furthered and the value of its investments in its subsidiaries preserved and potentially enhanced by its entering into this Support Agreement; 

NOW THEREFORE, the parties agree as follows: 

1. Stock Ownership of Funding. Prudential will directly (or indirectly through a wholly-owned
subsidiary of Prudential) own and hold the entire legal title to and beneficial interest in all outstanding shares of stock of Funding having the power under ordinary circumstances to vote for the election of members of the Board of Directors of
Funding, and will not directly or indirectly pledge or in any way encumber or otherwise dispose of any such shares of stock. 

2. Maintenance of Tangible Net Worth. Prudential will cause Funding at all times to have a Tangible Net Worth of at least $1.00.
“Tangible Net Worth” shall mean, as of the time of any determination thereof, the excess of (1) the sum of (i) the par value (or value stated on the books of Funding) of the capital stock of all classes of Funding, plus
(or minus in the case of a deficiency) (ii) the amount of the paid-in capital and retained earnings of Funding, plus (iii) the amount of outstanding Subordinated Debt, over (2) all intangible
assets of Funding; all determined in accordance with generally accepted accounting principles as in effect on the date hereof. 

  
 PICA Support Agreement

 
“Subordinated Debt” shall mean indebtedness of Funding which is expressly and validly subordinated to all Debt of Funding and all indebtedness guaranteed by Funding from time to
time outstanding. 
 3. No Guarantee. This Agreement is not, and nothing herein contained and nothing done pursuant hereto by
Prudential shall be deemed to constitute, a direct or indirect guarantee by Prudential of the payment of any Debt or other obligation, indebtedness or liability, of any kind or character whatsoever, of Funding or its subsidiaries, if any. 

4. Waiver. Prudential hereby waives any failure or delay on the part of Funding in asserting or enforcing any of its rights or in
making any claims or demands hereunder. 
 5. Modification, Amendment and Termination. This Agreement may only be modified or amended
in ways not less favorable to Funding, and may be terminated at any time by notice from one party to the other on not less than 90 days written notice, except that if termination of this Agreement is necessary to meet any legal or regulatory
requirements applicable to Prudential, this Agreement may be terminated immediately by Prudential upon written notice to Funding. Notwithstanding any such termination, the obligations of Prudential under paragraph 2 hereof shall remain in full
force and effect until the retirement of each issue of Debt and each issue of indebtedness guaranteed by Funding outstanding on the termination date, unless the holders of all Debt or indebtedness of such issue (or a trustee acting on behalf of such
holders) shall have consented to such termination in writing. 
 6. Successors. The agreements herein set forth shall be mutually
binding upon, and inure to the mutual benefit of, Prudential and Funding and their respective successors. 
 7. Governing Law. This
Agreement shall be governed by and construed in accordance with the law of the State of New Jersey. 

  
 PICA Support Agreement

 IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Agreement as of
the day and year first above written. 
  

			
	THE PRUDENTIAL INSURANCE COMPANY
	OF AMERICA
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	PRUDENTIAL FUNDING CORPORATION
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 PICA Support Agreement

 EXHIBIT H 

[FORM OF] 
 PFLLC TERMINATION
NOTICE 
 [Date] 
  

	To:	 JPMorgan Chase Bank, N.A.. (“Administrative Agent”) 

From: Prudential Financial, Inc. (“PFI”), The Prudential Insurance Company of America (“PICA”) and Prudential Funding, LLC
(“PFLLC”) 
  

	Re:	 Third Amended and Restated Credit Agreement (the “Credit Agreement”) dated as of July 28,
2021 among PFI, PFLLC, PICA, the banks parties thereto and JPMorgan Chase Bank, N.A., as Administrative Agent 

 We hereby
give notice pursuant to Section 9.16 of the Credit Agreement that, effective as of the date hereof, PFLLC is terminated as a Borrower under the Credit Agreement and all commitments by the Banks to make Loans to PFLLC under the Credit Agreement
are hereby terminated. 
 We hereby certify that the termination of PFLLC as a Borrower under the Credit Agreement complies with
Section 9.16 of the Credit Agreement for the reasons set forth below: 
 [1.    There are no Loans outstanding to
PFLLC. 
 2.    All obligations of PFLLC as a Borrower under the Credit Agreement arising in respect of any period in
which PFLLC was, or on account of any action or inaction by PFLLC as, a Borrower under the Credit Agreement shall survive the termination effected by this notice.]* 

[1.    PICA has executed and delivered a PICA Assumption Agreement]. 

 
  

	*	 Include this language if no PICA Assumption Agreement has been executed and delivered. 

  
 PICA Support Agreement

 Terms used herein have the meanings assigned to them in the Credit Agreement. 

 

			
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	
                     

		 	Name:
		 	Title:
	
	PRUDENTIAL FUNDING, LLC
		
	By:	 	
                     

		 	Name:
		 	Title:

  
 PICA Support Agreement

 EXHIBIT I 

[FORM OF] 
 PRICING CERTIFICATE

 Reference is hereby made to the Third Amended and Restated Credit Agreement dated as of July 28, 2021 (as amended, supplemented
or otherwise modified from time to time, the “Credit Agreement”), among Prudential Financial, Inc. (“PFI”), Prudential Funding, LLC, The Prudential Insurance Company of America, the Banks party thereto, and JPMorgan
Chase Bank, N.A., as Administrative Agent and Several L/C Agent. Capitalized terms used but not defined herein shall have the meanings given to them in the Credit Agreement. This Pricing Certificate (this “Certificate”) is furnished
pursuant to Section 5.01(l) of the Credit Agreement. 
 THE UNDERSIGNED HEREBY CERTIFIES SOLELY IN [HIS/HER] CAPACITY AS [CHIEF
EXECUTIVE OFFICER, CHIEF OPERATING OFFICER, CHIEF FINANCIAL OFFICER, TREASURER, ASSISTANT TREASURER, CONTROLLER OR SENIOR VICE PRESIDENT OF FINANCE] OF PFI AND NOT IN AN INDIVIDUAL CAPACITY (AND WITHOUT PERSONAL LIABILITY) THAT: 

1.    I am the duly elected [chief executive officer, chief operating officer, chief financial officer, treasurer,
assistant treasurer, controller or senior vice president of finance] of PFI, and I am authorized to deliver this Certificate on behalf of PFI; 

2.    Attached as Annex A hereto is a true and correct copy of all applicable KPI Metrics Reports for the
20[    ] calendar year; and 
 3.    The Sustainability Commitment Fee Adjustment in respect of the
20[    ] calendar year is [+][-][    ]% per annum, the Sustainability Margin Adjustment in respect of the 20[    ] calendar year is [+][-][    ]% per annum and the
Sustainability LC Fee Rate Adjustment in respect of the 20[    ] calendar year is [+][-][    ]% per annum, in each case as computed as set forth on Annex B hereto. 

The foregoing certifications are made and delivered this     day of
            , 202[    ]. 
  

			
	PRUDENTIAL FINANCIAL, INC.
		
	By:	 	
                     

	Name:
	Title:

  
 Pricing CertificateDocument

Exhibit 10.1
AMENDMENT NO. 3 TO RECEIVABLES FINANCING AGREEMENT 
AND 
REAFFIRMATION OF PERFORMANCE GUARANTY  
This AMENDMENT NO. 3 TO RECEIVABLES FINANCING AGREEMENT AND REAFFIRMATION OF PERFORMANCE GUARANTY (this “Amendment”), dated as of May 28, 2021 is entered into by and among INTEGRA RECEIVABLES LLC (“Integra”), as borrower under the Receivables Financing Agreement (as defined below) (in such capacity, together with its successors and permitted assigns in such capacity, the “Borrower”), INTEGRA LIFESCIENCES SALES LLC (“Integra Sales”), as initial servicer under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrative Agent”), as a committed lender under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Lender”), and as group agent for the PNC Group under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Group Agent”), and the various other Lenders and Group Agents from time to time party to the Receivables Financing Agreement, and acknowledged and agreed to by PNC CAPITAL MARKETS LLC, as structuring agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Structuring Agent”), and is reaffirmed by, with respect to Section 11 hereof, INTEGRA LIFESCIENCES HOLDINGS CORPORATION (“Integra Holdings”), as performance guarantor (in such capacity, together with its successors and permitted assigns in such capacity, the “Performance Guarantor”). 
BACKGROUND 
WHEREAS, the Borrower, the Servicer, the Persons from time to time party thereto as Lenders and as Group Agents, the Administrative Agent, and, solely with respect to Section 10.10 thereof, the Structuring Agent, entered into the Receivables Financing Agreement, dated as of December 21, 2018 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original Receivables Financing Agreement”; and as amended by this Amendment and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”); 
WHEREAS, the Performance Guarantor entered into the Performance Guaranty as of December 21, 2018 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Performance Guaranty”) in favor of, and as accepted by, the Administrative Agent; and 
WHEREAS, the parties hereto wish to further amend the Original Receivables Financing Agreement pursuant to the terms and conditions set forth herein. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
SECTION 1. Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Receivables Financing Agreement. 
SECTION 2. Amendments to Original Receivables Financing Agreement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Original Receivables Financing Agreement is hereby amended as follows: 
(a)Section 1.01 of the Original Receivables Financing Agreement is hereby amended by adding the following definitions of “Erroneous Payment” and “Erroneous Payment Notice” in their entirety in the appropriate alphabetical order: 
“Erroneous Payment” has the meaning set forth in Section 10.11(a). 
1 

“Erroneous Payment Notice” has the meaning set forth in Section 10.11(b). 
(b)Clause (b) of the definition of “Excess Concentration” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
(b) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors, over (ii) the product of (x) thirty percent (30.00%), multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; provided, however, that the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors (A) organized in, and whose principal place of business is in, a country that has a long-term sovereign foreign-currency rating from and including “A” to and including “BBB” by S&P or from and including “A2” to and including “Baa3” by Moody’s, shall not exceed twenty percent (20.00%) of the aggregate Outstanding Balance of all Eligible Receivables, (B) organized in, and whose principal place of business is in, a country that has a long-term sovereign foreign-currency rating equal to or less than “BB+” by S&P or “Ba1” by Moody’s, shall not exceed five percent (5.00%) of the aggregate Outstanding Balance of all Eligible Receivables, (C) organized in, and whose principal place of business is in, the People’s Republic of China, shall not exceed seven and one half percent (7.50%) of the aggregate Outstanding Balance of all Eligible Receivables and (D) organized in, and whose principal place of business is in, a country other than the People’s Republic of China, shall not exceed five percent (5.00%) of the aggregate Outstanding Balance of all Eligible Receivables; plus 
(c)Section 1.01 of the Original Receivables Financing Agreement is hereby amended by deleting the definition of “Scheduled Termination Date” in its entirety and replacing it with the following: 
“Scheduled Termination Date” means May 28, 2024. 
(d)Section 4.06 of the Original Receivables Financing Agreement is hereby amended by deleting such section in its entirety and replacing it with the following:  
    SECTION 4.06.     Benchmark Replacement Setting.  
(a)Benchmark Replacement.  Notwithstanding anything to the contrary herein or in any other Transaction Document, if a Benchmark Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) or (2) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document and (y) if a Benchmark Replacement is determined in accordance with clause (3) of the definition of “Benchmark Replacement” for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder and under any Transaction Document in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from the Majority Group Agents. 
(b)Benchmark Replacement Conforming Changes.  In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement or any other Transaction Document. 
2 

(c)Notices; Standards for Decisions and Determinations.  The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to Section 4.06(d) below and (v) the commencement or conclusion of any Benchmark Unavailability Period.  Any determination, decision or election that may be made by the Administrative Agent or the Majority Group Agents pursuant to this Section 4.06, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement or any other Transaction Document, except, in each case, as expressly required pursuant to this Section 4.06. 
(d)Unavailability of Tenor of Benchmark.  Notwithstanding anything to the contrary herein or in any other Transaction Document, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including Term SOFR or USD LIBOR) and either (A) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (B) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of “Interest Period” for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (A) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (B) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of “Interest Period” for all Benchmark settings at or after such time to reinstate such previously removed tenor. 
(e)Benchmark Unavailability Period.  Upon the Borrower’s receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Loan bearing interest based on USD LIBOR, conversion to or continuation of Loans bearing interest based on USD LIBOR to be made, converted or continued during any Benchmark Unavailability Period and, failing that, the Borrower will be deemed to have converted any such request into a request for a Loan of or conversion to Loans bearing interest under the Base Rate Option.  During any Benchmark 
Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of the Base Rate based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of the Base Rate. 
(f)Secondary Term SOFR Conversion.  Notwithstanding anything to the contrary herein or in any other Transaction Document and subject to the proviso below in this Section 4.06(f), if a Term SOFR Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (i) the applicable Benchmark Replacement will replace the then-current Benchmark for all purposes hereunder or under any Transaction Document in respect of such Benchmark setting (the “Secondary Term SOFR Conversion Date”) and subsequent Benchmark settings, without any amendment to, or further action or consent of any other party to, this Agreement or any other Transaction Document; and (ii) Loans outstanding on the Secondary Term SOFR Conversion Date bearing interest based on the then-current Benchmark shall be deemed to have been converted to Loans bearing interest at the Benchmark Replacement with a tenor approximately the same length as the interest payment period of the then-current Benchmark; provided that, this Section 4.06(f) shall not be effective unless the Administrative Agent has delivered to the Lenders and the Borrower a Term SOFR Notice. 
3 

(g)Certain Defined Terms.  As used in this Section 4.06:  
“Available Tenor” means, as of any date of determination and with respect to the then-current Benchmark, as applicable, (x) if the then current Benchmark is a term rate or is based on a term rate, any tenor for such Benchmark that is or may be used for determining the length of an Interest Period pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of “Interest Period” pursuant to Section 4.06(d), or (y) if the then current Benchmark is not a term rate nor based on a term rate, any payment period for interest calculated with reference to such Benchmark pursuant to this Agreement as of such date. 
“Benchmark” means, initially, USD LIBOR; provided that if a Benchmark Transition Event, a Term SOFR Transition Event or an Early Opt-in Election, as applicable, and its related Benchmark Replacement Date have occurred with respect to USD LIBOR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 4.06(a). 
“Benchmark Replacement” means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date: 
(1)the sum of: (a) Term SOFR and (b) the related Benchmark Replacement Adjustment; 
(2)the sum of: (a) Daily Simple SOFR and (b) the related Benchmark Replacement Adjustment; and 
(3)the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for U.S. dollar-denominated syndicated credit facilities at such time and (b) the related Benchmark Replacement Adjustment; 
provided that, in the case of clause (1), such Unadjusted Benchmark Replacement is displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion; provided, further, that, with respect to a Term SOFR Transition Event, on the applicable Benchmark Replacement Date, the “Benchmark Replacement” shall revert to and shall be determined as set forth in clause (1) of this definition.  If the Benchmark Replacement as determined pursuant to clause (1), (2) or (3) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement and the other Transaction Documents. 
“Benchmark Replacement Adjustment” means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement: 
(1)for purposes of clauses (1) and (2) of the definition of “Benchmark Replacement,” the first alternative set forth in the order below that can be determined by the Administrative Agent: 
4 

(a)     the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Available Tenor that has been selected or recommended by the Relevant Governmental Body for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for the applicable Corresponding Tenor; 
(b)     the spread adjustment (which may be a positive or negative value or zero) as of the Reference Time such Benchmark Replacement is first set for such Available Tenor that would apply to the fallback rate for a derivative transaction referencing the ISDA Definitions to be effective upon an index cessation event with respect to such Benchmark for the applicable Corresponding Tenor; and 
(2)for purposes of clause (3) of the definition of “Benchmark Replacement,” the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated syndicated credit facilities; 
provided that, (x) in the case of clause (1) above, such adjustment is displayed on a screen or other information service that publishes such Benchmark Replacement Adjustment from time to time as selected by the Administrative Agent in its reasonable discretion and (y) if the then-current Benchmark is a term rate, more than one tenor of such Benchmark is available as of the applicable Benchmark Replacement Date and the applicable Unadjusted Benchmark Replacement will not be a term rate, the Available Tenor of such Benchmark for purposes of this definition of “Benchmark Replacement Adjustment” shall be deemed to be the Available Tenor that has approximately the same length (disregarding business day adjustments) as the payment period for interest calculated with reference to such Unadjusted Benchmark Replacement. 
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Business Day,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest, timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement and the other Transaction Documents).  
5 

“Benchmark Replacement Date” means the earliest to occur of the following events with respect to the then-current Benchmark:  
(1)in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof);  
(2)in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein;  
(3)in the case of a Term SOFR Transition Event, the date that is set forth in the Term SOFR Notice provided to the Lenders and the Borrower pursuant to this Section 4.06, which date shall be at least thirty (30) days from the date of the Term SOFR Notice; or 
(4)in the case of an Early Opt-in Election, the sixth (6th) Business Day after the date notice of such Early Opt-in Election is provided to the Group Agents, so long as the Administrative Agent has not received, by 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Early Opt-in Election is provided to the Lenders, written notice of objection to such Early Opt-in Election from the Majority Group Agents. 
For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the “Benchmark Replacement Date” will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).  
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:  
(1)a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof);  
6 

(2)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the Federal Reserve Bank of New York, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide any Available Tenor of such Benchmark (or such component thereof); or  
(3)a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that all Available Tenors of such Benchmark (or such component thereof) are no longer representative. 
For the avoidance of doubt, a “Benchmark Transition Event” will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof). 
“Benchmark Unavailability Period” means the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any Transaction Document in accordance with this Section 4.06 and (y) ending at the time that a Benchmark Replacement has replaced the then-current Benchmark for all purposes hereunder and under any other Transaction Document in accordance with this Section 4.06.  
“Corresponding Tenor” with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.  
“Daily Simple SOFR” means, for any day, SOFR, with the conventions for this rate (which will include a lookback) being established by the Administrative Agent in accordance with the conventions for this rate selected or recommended by the Relevant Governmental Body for determining “Daily Simple SOFR” for business loans; provided, that if the Administrative Agent decides that any such convention is not administratively feasible for the Administrative Agent, then the Administrative Agent may establish another convention in its reasonable discretion. 
“Early Opt-in Election” means, if the then-current Benchmark is USD LIBOR, the occurrence of: 
(1)a notification by the Administrative Agent to (or the request by the Borrower to the Administrative Agent to notify) each of the other parties hereto that at least five currently outstanding U.S. dollar-denominated syndicated credit facilities at such time contain (as a result of amendment or as originally executed) a SOFR-based rate (including SOFR, a term SOFR or any other rate based upon SOFR) as a benchmark rate (and such syndicated credit facilities are identified in such notice and are publicly available for review), and  
7 

(2)the joint election by the Administrative Agent and the Borrower to trigger a fallback from USD LIBOR and the provision by the Administrative Agent of written notice of such election to the Lenders. 
“Floor” means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to USD LIBOR or, if no floor is specified, zero.   
“ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time by the International Swaps and Derivatives Association, Inc. or such successor thereto.  
“Reference Time” with respect to any setting of the then-current Benchmark means (1) if such Benchmark is USD LIBOR, 11:00 a.m. (London time) on the day that is two London banking days preceding the date of such setting, and (2) if such Benchmark is not USD LIBOR, the time determined by the Administrative Agent in its reasonable discretion.  
“Relevant Governmental Body” means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board or the Federal Reserve Bank of New York, or any successor thereto. 
“SOFR” means, with respect to any Business Day, a rate per annum equal to the secured overnight financing rate for such Business Day published by the SOFR Administrator on the SOFR Administrator’s Website on the immediately succeeding Business Day.  
“SOFR Administrator” means the Federal Reserve Bank of New York (or a successor administrator of the secured overnight financing rate).  
“SOFR Administrator’s Website” means the website of the Federal Reserve Bank of New York, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.  
“Term SOFR” means, for the applicable Corresponding Tenor as of the applicable Reference Time, the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body.  
“Term SOFR Notice” means a notification by the Administrative Agent to the Lenders and the Borrower of the occurrence of a Term SOFR Transition Event. 
“Term SOFR Transition Event” means the determination by the Administrative Agent that (a) Term SOFR has been recommended for use by the Relevant Governmental Body, and is determinable for each Available Tenor, (b) the administration of Term SOFR is administratively feasible for the Administrative Agent and (c) a Benchmark Transition Event has previously occurred resulting in a Benchmark Replacement in accordance with this Section 4.06 that is not Term SOFR. “Unadjusted Benchmark Replacement” means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.  
“USD LIBOR” means any London interbank offered rate for U.S. dollars, including Adjusted LIBOR and LMIR, as applicable.  
8 

(e)Article X of the Original Receivables Financing Agreement is hereby amended by adding the following as a new Section 10.11 immediately following the existing Section 10.10 thereof: 
    SECTION 10.11.     Erroneous Payment.  
(a)Each Lender hereby agrees that (i) if the Administrative Agent notifies such Lender that the Administrative Agent has determined in its sole discretion that any funds received by such Lender from the Administrative Agent or any of its Affiliates were erroneously transmitted to, or otherwise erroneously or mistakenly received by, such Lender (whether or not known to such Lender (whether as a payment, prepayment or repayment of principal, interest, fees or otherwise), individually and collectively, an “Erroneous Payment”) and demands the return of such Erroneous Payment (or a portion thereof), such Lender shall promptly, but in no event later than one Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in same day funds (in the currency so received), together with interest thereon in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Bank Funding Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect, and (ii) such Lender shall not assert any right or claim to the Erroneous Payment, and hereby waives any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payments received, including without limitation waiver of any defense based on “discharge for value” or any similar doctrine.  A notice of the Administrative Agent to any Lender under this clause (a) shall be conclusive, absent manifest error. 
(b)Without limiting immediately preceding clause (a), each Lender hereby further agrees that if it receives an Erroneous Payment from the Administrative Agent (or any of its Affiliates) (i) that is in an amount different than (other than a de minimis difference), or on a different date from, that specified in a notice of payment sent by the Administrative Agent (or any of its Affiliates) with respect to such Erroneous Payment (an “Erroneous Payment Notice”), or (ii) that was not preceded or accompanied by an Erroneous Payment Notice, it shall be on notice that, in each such case, an error has been made with respect to such Erroneous Payment.  Each Lender further agrees that, in each such case, or if it otherwise becomes aware an Erroneous Payment (or portion thereof) may have been sent in error, such Lender shall promptly notify the Administrative Agent of such occurrence and, upon demand from the Administrative Agent, it shall promptly, but in no event later than one (1) Business Day thereafter, return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) that was received by such Lender to the date such amount is repaid to the Administrative Agent in same day funds at the greater of the Overnight Bank Funding Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. 
(c)The Borrower and the Servicer hereby agree that (i) in the event an Erroneous Payment (or portion thereof) is not recovered from any Lender that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights of such Lender with respect to such amount and (ii) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower or the Servicer.  
(d)Each party’s obligations under this Section 10.11 shall survive the 
resignation or replacement of the Administrative Agent or any transfer of rights or obligations by, or the replacement of, a Lender, the termination of the Commitments or the repayment, satisfaction or discharge of all Borrower Obligations (or any portion thereof) and the Servicer’s obligations (or any portion thereof) under any Transaction Document. 
(f)Schedule I to the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit A attached hereto. 
9 

(g)Schedule III to the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit B attached hereto. 
SECTION 3. Representations, Warranties and Enforceability.  Each of the Borrower and the Servicer hereby represents and warrants to the Administrative Agent, the Group Agents and the Lenders, as applicable, as of the date hereof with respect to itself, as follows:the representations and warranties of it contained in Section 6.01 and Section 6.02, as applicable, of the Receivables Financing Agreement are true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case, such representations and warranties shall be true and correct as made) on and as of the date hereof as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case such representations and warranties shall be true and correct as made) on and as of such earlier date; and 
(b) (i) the execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment and the Receivables Financing Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary action on its part and (ii) this Amendment and the Receivables Financing Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with their respective terms. 
SECTION 4. Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
(a)The Administrative Agent shall have received a fully executed counterpart of (i) this Amendment and (ii) the Amendment Fee Letter, dated as of the date hereof, by and among PNC, as the Administrative Agent, as a Committed Lender and as a Group Agent, and acknowledged and agreed to by the Structuring Agent and the Borrower (together, the “Amendment Documents”). 
(b)PNC, as the Administrative Agent, as a Committed Lender and as the Group Agent for the PNC Group under the Receivables Financing Agreement, as applicable, shall have received all fees and other amounts due and payable to it under the Transaction Documents and in connection with the Amendment Documents on or prior to the date hereof, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including reasonable and documented out-of-pocket fees, charges and disbursements of counsel) required to be paid or reimbursed on or prior to the date hereof.  To the extent such fees and other amounts have not yet been invoiced, the Borrower agrees to remit payment to the applicable party promptly upon receipt of such invoice. 
(c)No Event of Default or Unmatured Event of Default, as set forth in Section 9.01 of the Receivables Financing Agreement, shall have occurred and be continuing. 
SECTION 5. Amendment.  The Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor, hereby agree that the provisions and effectiveness of this Amendment shall apply to the Receivables Financing Agreement as of the date hereof.  Except as amended by this Amendment, the Receivables Financing Agreement remains unchanged and in full force and effect.  This Amendment is a Transaction Document. 
SECTION 6. Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart. 
SECTION 7. Captions.  The headings of the Sections of this Amendment are provided solely for convenience of reference and shall not modify, define, expand or limit any of the terms or provisions of this Amendment. 
SECTION 8. Successors and permitted assigns.  The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor and their respective successors and permitted assigns. 
10 

SECTION 9. Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
SECTION 10. Governing Law and Jurisdiction.  The provisions of the Receivables Financing Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein. 
SECTION 11. Ratification of Performance Guarantee.  After giving effect to the Amendment Documents, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
 
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written. 
						
		
	INTEGRA RECEIVABLES LLC, 
as the Borrower

		
	By:	/s/ Carrie L. Anderson
	Name:	Carrie L. Anderson
	Title	Executive Vice President, Chief Financial Officer, and Treasurer
		(Principal Financial Officer)
		
	INTEGRA LIFESCIENCES SALES LLC, 
as the Servicer 
By: Integra LifeSciences Corporation, its sole member

		
	By:	/s/ Carrie L. Anderson
	Name:	Carrie L. Anderson
	Title	Executive Vice President, Chief Financial Officer, and Treasurer
		(Principal Financial Officer)

Amendment 3 to RFA (Integra) S-1

Acknowledged and reaffirmed by, with respect to Section 11 hereof, as of the date first written above:          
						
		
	INTEGRA LIFESCIENCES HOLDINGS CORPORATION,
as the Performance Guarantor

		
	By:	/s/ Carrie L. Anderson
	Name:	Carrie L. Anderson
	Title	Executive Vice President, Chief Financial Officer, and Treasurer
		(Principal Financial Officer)

           

Amendment 3 to RFA (Integra) S-2

						
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Administrative Agent

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Group Agent for the PNC Group

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as a Committed Lender

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		

Amendment 3 to RFA (Integra) S-3

Acknowledged and agreed to by, as of the date first written above: 
						
		
	PNC CAPITAL MARKETS LLC, 
as the Structuring Agent

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Managing Director

 
Amendment 3 to RFA (Integra) S-4

Exhibit A to Amendment 3 to RFA 
SCHEDULE I Commitments 
									
	PNC Group		
	Party 
	Capacity 
	Maximum Commitment 

	PNC	Committed Lender	$150,000,000
	PNC	Group Agent	N/A

 

Amendment 3 to RFA (Integra) Exh. B

Exhibit B to Amendment 3 to RFA 
SCHEDULE III Notice Addresses 
(A)in the case of the Borrower, at the following address: 
Integra Receivables LLC 
•Campus Road 
Princeton, New Jersey 08540 
Attention:  Timothy Swiss 
Telephone:  609-936-6969 
Email:  timothy.swiss@integralife.com 
(B)in the case of the Servicer, at the following address: 
Integra LifeSciences Sales LLC 
•Campus Road 
Princeton, New Jersey 08540 
Attention:  Timothy Swiss 
Telephone:  609-936-6969 
Email:  timothy.swiss@integralife.com  
 
(C)in the case of PNC or the Administrative Agent, at the following address: 
PNC Bank, National Association 
300 Fifth Avenue 
Pittsburgh, PA 15222 
Attention:  Brian Stanley 
Telephone:  (412) 768-2001 
Facsimile:  (412) 803-7142 
Email:  brian.stanley@pnc.com 
(D)in the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at such other address as shall be designated by such Person in a written notice to the other parties to this Agreement.

Amendment 3 to RFA (Integra) Exh. B

AMENDMENT NO. 2 TO RECEIVABLES FINANCING AGREEMENT 
AND 
REAFFIRMATION OF PERFORMANCE GUARANTY 
This AMENDMENT NO. 2 TO RECEIVABLES FINANCING AGREEMENT AND REAFFIRMATION OF PERFORMANCE GUARANTY (this “Amendment”), dated as of July 17, 2020, is entered into by and among INTEGRA RECEIVABLES LLC (“Integra”), as borrower under the Receivables Financing Agreement (as defined below) (in such capacity, together with its successors and permitted assigns in such capacity, the “Borrower”), INTEGRA LIFESCIENCES SALES LLC (“Integra Sales”), as initial servicer under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrative Agent”), as a committed lender under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Lender”), and as group agent for the PNC Group under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Group Agent”), and MIZUHO BANK, LTD. (“Mizuho”), as a committed lender under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Lender”), and as group agent for the Mizuho Group under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Group Agent”), and the various other Lenders and Group Agents from time to time party to the Receivables Financing Agreement, and acknowledged and agreed to by PNC CAPITAL MARKETS LLC, as structuring agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Structuring Agent”), and is reaffirmed by, with respect to Section 11 hereof, INTEGRA LIFESCIENCES HOLDINGS CORPORATION (“Integra Holdings”), as performance guarantor (in such capacity, together with its successors and permitted assigns in such capacity, the “Performance Guarantor”). 
BACKGROUND 
WHEREAS, the Borrower, the Servicer, the Persons from time to time party thereto as Lenders and as Group Agents, the Administrative Agent, and, solely with respect to Section 10.10 thereof, the Structuring Agent, entered into the Receivables Financing Agreement, dated as of December 21, 2018 (as amended, restated, supplemented or otherwise modified prior to the date hereof, the “Original Receivables Financing Agreement”; and as amended by this Amendment and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”); 
WHEREAS, the Performance Guarantor entered into the Performance Guaranty as of December 21, 2018 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Performance Guaranty”) in favor of, and as accepted by, the Administrative Agent; and 
WHEREAS, the parties hereto wish to further amend the Original Receivables Financing Agreement pursuant to the terms and conditions set forth herein. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
SECTION 1. Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Receivables Financing Agreement. 
SECTION 2. Amendments to Original Receivables Financing Agreement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Original Receivables Financing Agreement is hereby amended as follows: 
Amendment 2 to RFA (Integra) 1

(a)The definition of “Federal Funds Rate” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted in its entirety.  
(b)Section 1.01 of the Original Receivables Financing Agreement is hereby amended by adding the following definitions of “NYFRB”, “Overnight Bank Funding Rate”, “Relief Period”, “Temporarily Ineligible Obligor” and “Temporarily Ineligible Receivable” in the applicable alphabetical order: 
“NYFRB” means the Federal Reserve Bank of New York.  
“Overnight Bank Funding Rate” means for any day, the rate comprised of both overnight federal funds and overnight eurocurrency borrowings by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB, as set forth on its public website from time to time, and as published on the next succeeding Business Day as the overnight bank funding rate by the NYFRB (or by such other recognized electronic source (such as Bloomberg) selected by the Administrative Agent for the purpose of displaying such rate); provided, that if such day is not a Business Day, the Overnight Bank Funding Rate for such day shall be such rate on the immediately preceding Business Day; provided, further, that if such rate shall at any time, for any reason, no longer exist, the Overnight Bank Funding Rate for such time shall be a comparable replacement rate determined by the Administrative Agent at such time (which determination shall be conclusive absent manifest error).  If the Overnight Bank Funding Rate determined as above would be less than zero, then such rate shall be deemed to be zero.  The rate of interest charged shall be adjusted as of each Business Day based on changes in the Overnight Bank Funding Rate without notice to the Borrower. 
“Relief Period” means the Fiscal Months of July 2020, August 2020, September 2020 and October 2020. 
“Temporarily Ineligible Obligor” means Promedon Do Brazil or any other Obligor requested by the Borrower and consented to in writing by the Majority Group Agents in their sole discretion until such time that the Majority Group Agents and the Borrower mutually agree that such Obligor is no longer deemed ineligible (including, for the avoidance of doubt, Promedon Do Brazil). 
“Temporarily Ineligible Receivable” means any Receivable the Obligor of which is a Temporarily Ineligible Obligor.  
(c)The definitions of  “Base Rate”, “Credit Agreement” and “Total Reserves” set forth in Section 1.01 of the Original Receivables Financing Agreement are hereby deleted and replaced in their entirety with the following, respectively:  
“Base Rate” means, for any day and any Lender, a fluctuating interest rate per annum as shall be in effect from time to time, which rate shall be at all times equal to the greater of: 
(a)the rate of interest in effect for such day as publicly announced from time to time by the applicable Group Agent or its Affiliate as its “reference rate” or “prime rate”, as applicable.  Such “reference rate” or “prime rate” is set by the applicable Group Agent or its Affiliate based upon various factors, including such Person’s costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above or below such announced rate, and is not necessarily the lowest rate charged to any customer; and 
(b)a half percent (0.50%) per annum above the latest Overnight Bank Funding Rate. 
Amendment 2 to RFA (Integra) 2

“Credit Agreement” means that certain Sixth Amended and Restated Credit Agreement, dated as of February 3, 2020, by and among the Parent, as the borrower thereunder, each lender and issuing bank from time to time party thereto, Bank of America, N.A., as administrative agent, swing line lender and an L/C issuer thereunder, Citibank N.A., Morgan Stanley MUFG Loan Partners, LLC and Wells Fargo Bank, N.A., as co-syndication agents thereunder, and the various other co-documentation agents, joint lead arrangers and joint book managers party thereto, and so long as PNC and Mizuho Bank, Ltd. are each a lender under the Credit Agreement as amended, restated, supplemented or otherwise modified from time to time. 
“Total Reserves” means, at any time of determination, an amount equal to the sum of (a) the product of (i) the sum of:  (A) the Yield Reserve Percentage, plus (B) the greatest of (I) the sum of the Concentration Reserve Percentage plus the Minimum Dilution Reserve Percentage and (II) the sum of the Loss Reserve Percentage plus the Dilution Reserve Percentage, multiplied by (ii) the Adjusted Net Receivables Pool Balance at such time, plus (b) the Currency Reserve Amount; provided, that Temporarily Ineligible Receivables shall be excluded from each component of the calculations used to determine Total Reserves. 
(d)Clause (a) of the definition of “Eligible Receivable” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following:  
(a) the Obligor of which: (i) is either a U.S. Obligor or an Eligible Foreign Obligor; (ii) is not a Sanctioned Person; (iii) is not subject to any Insolvency Proceeding; (iv) is not an Affiliate of an Integra Party or the Parent; (v) does not have an aggregate Outstanding Balance of Pool Receivables as to which any payment, or part thereof, remains unpaid for one hundred twenty one (121) calendar days or more from the original due date for such payment that exceeds fifty percent (50%) of the aggregate Outstanding Balance of all of such Obligor’s Pool Receivables; (vi) is not a natural person; (vii) is not a material supplier to any Originator or an Affiliate of a material supplier; and (viii) is not a Temporarily Ineligible Obligor; 
(e)Clause (b) of the definition of “Excess Concentration” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
 (b) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors, over (ii) the product of (x) twenty two and a half percent (22.50%), multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool; provided, however, that the aggregate Outstanding Balance of all Eligible Receivables, the Obligors of which are Eligible Foreign Obligors (A) organized in, and whose principal place of business is in, a country that has a long-term sovereign foreign-currency rating from and including “A” to and including “BBB-” by S&P or from and including “A2” to and including “Baa3” by Moody’s, shall not exceed fifteen percent (15.00%) of the aggregate Outstanding Balance of all Eligible Receivables, (B) organized in, and whose principal place of business is in, a country that has a long-term sovereign foreigncurrency rating equal to or less than “BB+” by S&P or “Ba1” by Moody’s, shall not exceed five percent (5.00%) of the aggregate Outstanding Balance of all Eligible Receivables, (C) organized in, and whose principal place of business is in, the People’s Republic of China, shall not exceed five percent (5.00%) of the aggregate Outstanding Balance of all Eligible Receivables and (D) organized in, and whose principal place of business is in, a country other than the People’s Republic of China, shall not exceed five percent (5.00%) of the aggregate Outstanding Balance of all Eligible Receivables; plus 
(f)Section 2.07 of the Original Receivables Financing Agreement is hereby deleted in its entirety.  
(g)Article IV of the Original Receivables Financing Agreement is hereby amended by adding the following as new Section 4.06 and Section 4.07 immediately following the existing Section 4.05 in the appropriate numerical order:  
Amendment 2 to RFA (Integra) 3

    SECTION 4.06.     Successor Adjusted LIBOR or LMIR. 
(a)Benchmark Replacement. Notwithstanding anything to the contrary herein or in any other Transaction Document, upon the occurrence of a Benchmark Transition Event or an Early Opt-in Event, the Administrative Agent and the Borrower may amend this Agreement to replace Adjusted LIBOR or LMIR, as applicable, with a Benchmark Replacement; and any such amendment will become effective at 5:00 p.m. New York City time on the fifth (5th) Business Day after the Administrative Agent has provided such proposed amendment to all Lenders, so long as the Administrative Agent has not received, by such time, written notice of objection to such amendment from the Majority Group Agents.  Until the Benchmark Replacement is effective, each advance, conversion and renewal of a Loan under Adjusted LIBOR or LMIR, as applicable, will continue to bear interest with reference to Adjusted LIBOR or LMIR, as applicable; provided however, during a Benchmark Unavailability Period (i) any pending selection of, conversion to or renewal of a Loan bearing interest under Adjusted LIBOR or LMIR, as applicable, that has not yet gone into effect shall be deemed to be a selection of, conversion to or renewal of the Base Rate with respect to such Loan, (ii) all outstanding Loans bearing interest under Adjusted LIBOR or LMIR, as applicable, shall automatically be converted to the Base Rate at the expiration of the existing Interest Period (or sooner, if Administrative Agent cannot continue to lawfully maintain such affected Loan under Adjusted LIBOR or LMIR, as applicable) and (iii) the component of the Base Rate based upon Adjusted LIBOR or LMIR, as applicable, will not be used in any determination of the Base Rate. No replacement of Adjusted LIBOR or LMIR with a Benchmark Replacement pursuant to this Section 4.06 will occur prior to the applicable Benchmark Transition Start Date.  
(b)Benchmark Replacement Conforming Changes. In connection with the implementation of a Benchmark Replacement, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein or in any other Transaction Document, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement. 
(c)Notices; Standards for Decisions and Determinations. The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event or an Early Opt-in Event, as applicable, and its related Benchmark Replacement Date and Benchmark Transition Start Date, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes and (iv) the commencement of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent, the Lenders or the Majority Group Agents pursuant to this Section 4.06 including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party hereto, except, in each case, as expressly required pursuant to this Section 4.06. 
(d)Certain Defined Terms. As used in this Section 4.06:  
“Benchmark Replacement” means the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower giving due consideration to (i) any selection or recommendation of a replacement rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a rate of interest as a replacement to Adjusted LIBOR or LMIR, as applicable, for U.S. dollardenominated syndicated credit facilities and (b) the Benchmark Replacement Adjustment; provided that, if the Benchmark Replacement as so determined would be less than zero, the Benchmark Replacement will be deemed to be zero for the purposes of this Agreement.  
Amendment 2 to RFA (Integra) 4

“Benchmark Replacement Adjustment” means, with respect to any replacement of Adjusted LIBOR or LMIR, as applicable, with an alternate benchmark rate for each applicable Interest Period, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower (a) giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of Adjusted LIBOR or LMIR, as applicable, with the applicable  Benchmark Replacement (excluding such spread adjustment) by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for such replacement of Adjusted LIBOR or LMIR, as applicable, for U.S. dollar-denominated syndicated credit facilities at such time and (b) which may also reflect adjustments to account for (i) the effects of the transition from Adjusted LIBOR or LMIR, as applicable, to the Benchmark Replacement and (ii) yield- or risk-based differences between Adjusted LIBOR or LMIR, as applicable, and the Benchmark Replacement.  
“Benchmark Replacement Conforming Changes” means, with respect to any Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “Base Rate,” the definition of “Interest Period,” timing and frequency of determining rates and making payments of interest and other administrative matters) that the Administrative Agent decides may be appropriate to reflect the adoption and implementation of such Benchmark Replacement and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of the Benchmark Replacement exists, in such other manner of administration as the Administrative Agent decides is reasonably necessary in connection with the administration of this Agreement).  
“Benchmark Replacement Date” means the earlier to occur of the following events with respect to Adjusted LIBOR or LMIR, as applicable:  
(1)in the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of Adjusted LIBOR or LMIR, as applicable, permanently or indefinitely ceases to provide Adjusted LIBOR or LMIR, as applicable; or  
(2)in the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication of information referenced therein.  
“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to Adjusted LIBOR or LMIR, as applicable:  
(1)a public statement or publication of information by or on behalf of the administrator of Adjusted LIBOR or LMIR, as applicable, announcing that such administrator has ceased or will cease to provide Adjusted LIBOR or LMIR, as applicable, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide Adjusted LIBOR or LMIR, as applicable;  
Amendment 2 to RFA (Integra) 5

(2)a public statement or publication of information by a Governmental Authority having jurisdiction over the Administrative Agent, the regulatory supervisor for the administrator of Adjusted LIBOR or LMIR, as applicable, the U.S. Federal Reserve System, an insolvency official with jurisdiction over the administrator for Adjusted LIBOR or LMIR, as applicable, a resolution authority with jurisdiction over the administrator for Adjusted LIBOR or LMIR, as applicable, or a court or an entity with similar insolvency or resolution authority over the administrator for Adjusted LIBOR or LMIR, as applicable, which states that the administrator of Adjusted LIBOR or LMIR, as applicable, has ceased or will cease to provide Adjusted LIBOR or LMIR, as applicable, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide Adjusted LIBOR or LMIR, as applicable; or  
(3)a public statement or publication of information by the regulatory supervisor for the administrator of Adjusted LIBOR or LMIR, as applicable, or a Governmental Authority having jurisdiction over the Administrative Agent announcing that Adjusted LIBOR or LMIR, as applicable, is no longer representative.  
“Benchmark Transition Start Date” means (a) in the case of a Benchmark Transition Event, the earlier of (i) the applicable Benchmark Replacement Date and (ii) if such Benchmark Transition Event is a public statement or publication of information of a prospective event, the 90th day prior to the expected date of such event as of such public statement or publication of information (or if the expected date of such prospective event is fewer than 90 days after such statement or publication, the date of such statement or publication) and (b) in the case of an Early Opt-in Election, the date specified by the Administrative Agent by notice to the Borrower and the Lenders. 
“Benchmark Unavailability Period” means, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Adjusted LIBOR or LMIR, as applicable, and solely to the extent that Adjusted LIBOR or LMIR, as applicable, has not been replaced with a Benchmark Replacement, the period (x) beginning at the time that such Benchmark Replacement Date has occurred if, at such time, no Benchmark Replacement has replaced Adjusted LIBOR or LMIR, as applicable, for all purposes hereunder in accordance with Section 4.06 and (y) ending at the time that a Benchmark Replacement has replaced Adjusted LIBOR or LMIR, as applicable, for all purposes hereunder pursuant to Section 4.06.  
“Early Opt-in Event” means a determination by the Administrative Agent that U.S. dollar-denominated syndicated credit facilities being executed at such time, or that include language similar to that contained in this Section 4.06, are being executed or amended, as applicable, to incorporate or adopt a new benchmark interest rate to replace Adjusted LIBOR or LMIR, as applicable.  
“Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 
SECTION 4.07. LIBOR Notification.  Section 4.06(a) of this Agreement provides a mechanism for determining an alternative rate of interest in the event that the London interbank offered rate is no longer available or in certain other circumstances. The Administrative Agent does not warrant or accept any responsibility for and shall not have any liability with respect to, the administration, submission or any other matter related to the London interbank offered rate or other rates in the definition of “Adjusted LIBOR” or “LMIR”, as applicable, or with respect to any alternative or successor rate thereto, or replacement rate therefor. 
(h)The first sentence in Section 7.04 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
Amendment 2 to RFA (Integra) 6

The Borrower shall not, directly or indirectly, nor shall it permit any Integra Party or the Parent to, directly or indirectly, permit the Consolidated Total Leverage Ratio of the Parent and its consolidated Subsidiaries as of the last day of any consecutive four fiscal quarter period ending on the dates identified below to be greater than the ratio set forth below opposite such date (and so long as PNC and Mizuho Bank, Ltd. are each a lender under the Credit Agreement, or such other ratio for such related period as specified in the Credit Agreement from time to time): 
(i)The table set forth in Section 7.04 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following:  
						
	Four Fiscal Quarters Ending 
	Maximum Consolidated Total Leverage Ratio
	First fiscal quarter ending after the 
Effective Date through June 30, 2022 
	5.00 to 1.00 

	September 30, 2022 through June 30, 
2023 
	4.50 to 1.00 

	September 30, 2023 and the last day of each fiscal quarter thereafter	4.00 to 1.00 

(j)Clause (f) of Section 9.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
(f) (i) the average for three (3) consecutive Fiscal Months of:  (A) the Default Ratio shall exceed four percent (4.00%), (B) the Delinquency Ratio shall exceed (x) during the Relief Period, fourteen percent (14.00%) and (y) at all other times, twelve percent (12.00%) or (C) the Dilution Ratio shall exceed six percent (6.00%) or (ii) the Days’ Sales Outstanding shall exceed (x) during the Relief Period, seventy (70) calendar days and (y) at all other times, sixty five (65) calendar days; provided, that solely for purposes of this clause (f), Temporarily Ineligible Receivables shall be excluded from each component of the calculations used to determine compliance with the tests relating to the Default Ratio, the Delinquency Ratio, the Dilution Ratio and Days’ Sales Outstanding set forth in this clause (f); 
SECTION 3. Representations, Warranties and Enforceability.  Each of the Borrower and the Servicer hereby represents and warrants to the Administrative Agent, the Group Agents and the Lenders, as applicable, as of the date hereof with respect to itself, as follows:the representations and warranties of it contained in Section 6.01 and Section 6.02, as applicable, of the Receivables Financing Agreement are true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case, such representations and warranties shall be true and correct as made) on and as of the date hereof as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case such representations and warranties shall be true and correct as made) on and as of such earlier date; and 
(b) (i) the execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment and the Receivables Financing Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary action on its part and (ii) this Amendment and the Receivables Financing Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with their respective terms. 
Amendment 2 to RFA (Integra) 7

SECTION 4. Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
(a)The Administrative Agent shall have received a fully executed counterpart of (i) this Amendment and (ii) the Amendment Fee Letter, dated as of the date hereof, by and among PNC, as the Administrative Agent, as a Committed Lender and as a Group Agent, Mizuho, as a Committed Lender and as a Group Agent and acknowledged and agreed to by the Structuring Agent and the Borrower (together, the “Amendment Documents”). 
(b)PNC, as the Administrative Agent, as a Committed Lender and as the Group Agent for the PNC Group and Mizuho, as a Committed Lender and as the Group Agent for the Mizuho Group, in each case, under the Receivables Financing Agreement, as applicable, shall have received all fees and other amounts due and payable to it under the Transaction Documents and in connection with the Amendment Documents on or prior to the date hereof, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including reasonable and documented out-of-pocket fees, charges and disbursements of counsel) required to be paid or reimbursed on or prior to the date hereof.  To the extent such fees and other amounts have not yet been invoiced, the Borrower agrees to remit payment to the applicable party promptly upon receipt of such invoice. 
(c)No Event of Default or Unmatured Event of Default, as set forth in Section 9.01 of the Receivables Financing Agreement, shall have occurred and be continuing. 
SECTION 5. Amendment.  The Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor, hereby agree that the provisions and effectiveness of this Amendment shall apply to the Receivables Financing Agreement as of the date hereof.  Except as amended by this Amendment, the Receivables Financing Agreement remains unchanged and in full force and effect.  This Amendment is a Transaction Document. 
SECTION 6. Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart. 
SECTION 7. Captions.  The headings of the Sections of this Amendment are provided solely for convenience of reference and shall not modify, define, expand or limit any of the terms or provisions of this Amendment. 
SECTION 8. Successors and permitted assigns.  The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor and their respective successors and permitted assigns. 
SECTION 9. Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
SECTION 10. Governing Law and Jurisdiction.  The provisions of the Receivables Financing Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein. 
SECTION 11. Ratification of Performance Guarantee.  After giving effect to the Amendment Documents, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. 
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK] 
Amendment 2 to RFA (Integra) 8

IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written. 
						
		
	INTEGRA RECEIVABLES LLC, 
as the Borrower

		
	By:	/s/ Jeffrey A. Mosebrook
	Name:	Jeffrey A. Mosebrook
	Title	Assistant Secretary
		
	INTEGRA LIFESCIENCES SALES LLC, 
as the Servicer 
By: Integra LifeSciences Corporation, its sole member

		
	By:	/s/ Jeffrey A. Mosebrook
	Name:	Jeffrey A. Mosebrook
	Title	Senior VP, Coporate Controller, and Principle Accounting Officer

Amendment 2 to RFA (Integra) S-1

Acknowledged and reaffirmed by, with respect to Section 11 hereof, as of the date first written above:          
						
		
	INTEGRA LIFESCIENCES HOLDINGS CORPORATION,
as the Performance Guarantor

		
	By:	/s/ Jeffrey A. Mosebrook
	Name:	Jeffrey A. Mosebrook
	Title	Senior VP, Coporate Controller, and Principle Accounting Officer

           

Amendment 2 to RFA (Integra) S-2

						
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Administrative Agent

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Group Agent for the PNC Group

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as a Committed Lender

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Senior Vice President
		

Amendment 2 to RFA (Integra) S-3

Acknowledged and agreed to by, as of the date first written above: 
						
		
	PNC CAPITAL MARKETS LLC, 
as the Structuring Agent

		
	By:	/s/ Eric Bruno
	Name:	Eric Bruno
	Title	Managing Director

Amendment 2 to RFA (Integra) S-4

						
		
	MIZUHO BANK, LTD.,
as a Committed Lender

		
	By:	/s/ Richard A. Burke
	Name:	Richard A. Burke
	Title	Managing Director
		
	MIZUHO BANK, LTD.,
as the Group Agent for Muzuho Group

		
	By:	/s/ Richard A. Burke
	Name:	Richard A. Burke
	Title	Managing Director

 
Amendment 2 to RFA (Integra) S-5

AMENDMENT NO. 1 TO RECEIVABLES FINANCING AGREEMENT 
AND 
REAFFIRMATION OF PERFORMANCE GUARANTY  
This AMENDMENT NO. 1 TO RECEIVABLES FINANCING AGREEMENT AND 
REAFFIRMATION OF PERFORMANCE GUARANTY (this “Amendment”), dated as of March 29, 2019, is entered into by and among INTEGRA RECEIVABLES LLC (“Integra”), as borrower under the Receivables Financing Agreement (as defined below) (in such capacity, together with its successors and permitted assigns in such capacity, the “Borrower”), INTEGRA LIFESCIENCES SALES LLC (“Integra Sales”), as initial servicer under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Servicer”), PNC BANK, NATIONAL ASSOCIATION (“PNC”), as administrative agent under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, the “Administrative Agent”), as a committed lender under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Lender”), and as group agent for the PNC Group under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Group Agent”), and MIZUHO BANK, LTD. (“Mizuho”), as a committed lender under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Committed Lender”), and as group agent for the Mizuho Group under the Receivables Financing Agreement (in such capacity, together with its successors and permitted assigns in such capacity, a “Group Agent”), and the various other Lenders and Group Agents from time to time party to the Receivables Financing Agreement, and acknowledged and agreed to by PNC CAPITAL MARKETS LLC, as structuring agent (in such capacity, together with its successors and permitted assigns in such capacity, the “Structuring Agent”), and is reaffirmed by, with respect to Section 11 hereof, INTEGRA LIFESCIENCES HOLDINGS CORPORATION (“Integra Holdings”), as performance guarantor (in such capacity, together with its successors and permitted assigns in such capacity, the “Performance Guarantor”). 
BACKGROUND 
WHEREAS, the Borrower, the Servicer, the Persons from time to time party thereto as Lenders and as Group Agents, the Administrative Agent, and, solely with respect to Section 10.10 thereof, the Structuring Agent, entered into the Receivables Financing Agreement, dated as of December 21, 2018 (the “Original Receivables Financing Agreement,” and as amended, restated, supplemented or otherwise modified through the date hereof, and as may be further amended, restated, supplemented or otherwise modified from time to time, the “Receivables Financing Agreement”); 
WHEREAS, the Performance Guarantor entered into the Performance Guaranty as of December 21, 2018 (as may be further amended, restated, supplemented or otherwise modified from time to time, the “Performance Guaranty”) in favor of, and as accepted by, the Administrative Agent; and 
WHEREAS, the parties hereto wish to amend the Original Receivables Financing Agreement pursuant to the terms and conditions set forth herein. 
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
SECTION 1. Definitions.  Capitalized terms used but not defined in this Amendment shall have the meanings assigned to them in the Receivables Financing Agreement. 
1 

SECTION 2. Amendments to Original Receivables Financing Agreement.  Effective as of the date hereof and subject to the satisfaction of the conditions precedent set forth in Section 4 hereof, the Original Receivables Financing Agreement is hereby amended as follows: 
(a)The definition of “Concentration Percentage” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
“Concentration Percentage” means (a) for any Group A Obligor, twenty percent (20.00%), (b) for any Group B Obligor, fifteen percent (15.00%), (c) for any Group C Obligor, ten percent (10.00%), (d) for the largest Group D Obligor, five percent (5.00%) and (e) for any Group D Obligor (excluding the largest Group D Obligor), three percent (3.00%). 
(b)The definition of “Concentration Reserve Percentage” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following: 
“Concentration Reserve Percentage” means, at any time of determination, the largest of: (a) the sum of the four (4) largest Obligor Percentages of the Group D Obligors, (b) the sum of the two (2) largest Obligor Percentages of the Group C Obligors, (c) the largest Obligor Percentage of the Group B Obligors and (d) twelve percent (12.00%). 
(c)Clause (g) of the definition of “Excess Concentration” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby amended by replacing the “.” at the end of such clause and replacing it with the phrase “; plus”. 
(d)The definition of “Excess Concentration” set forth in Section 1.01 of the Original 
Receivables Financing Agreement is hereby amended by adding the following as a new clause (h) immediately following the existing clause (g) thereof: 
(h) the excess (if any) of (i) the aggregate Outstanding Balance of all Eligible Receivables owing from the four (4) Group D Obligors with the four (4) largest Obligor Percentages of all Group D Obligors, over (ii) the product of (x) twelve percent (12.00%), multiplied by (y) the aggregate Outstanding Balance of all Eligible Receivables then in the Receivables Pool. 
(e)The definition of “Total Reserves” set forth in Section 1.01 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following:  
“Total Reserves” means, at any time of determination, an amount equal to the sum of (a) the product of (i) the sum of:  (A) the Yield Reserve Percentage, plus (B) the greatest of (I) the sum of the Concentration Reserve Percentage plus the Minimum Dilution Reserve Percentage and (II) the sum of the Loss Reserve Percentage plus the Dilution Reserve Percentage, multiplied by (ii) the Adjusted Net Receivables Pool Balance at such time, plus (b) the Currency Reserve Amount.  
(f)The table set forth in Section 7.04 of the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the following:  
2 

 

						
	Four Fiscal Quarters Ending 
	Maximum Consolidated Total Leverage Ratio 

	First fiscal quarter ending after the 
Effective Date through March 31, 2019 
	5.50 to 1.00 

	June 30, 2019 through March 31, 
2020 
	5.00 to 1.00 

	June 30, 2020 through March 31, 
2021 
	4.50 to 1.00 

	June 30, 2021 and the last day of each fiscal quarter thereafter	4.00 to 1.00

 
(g)Schedule I to the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit A attached hereto.  
(h)Schedule III to the Original Receivables Financing Agreement is hereby deleted and replaced in its entirety with the schedule set forth in Exhibit B attached hereto.  
SECTION 3. Representations, Warranties and Enforceability.  Each of the Borrower and the Servicer hereby represents and warrants to the Administrative Agent, the Group Agents and the Lenders, as applicable, as of the date hereof with respect to itself, as follows:the representations and warranties of it contained in Section 6.01 and Section 6.02, as applicable, of the Receivables Financing Agreement are true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case, such representations and warranties shall be true and correct as made) on and as of the date hereof as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects (unless such representations and warranties contain a materiality qualification, in which case such representations and warranties shall be true and correct as made) on and as of such earlier date; and 
(b) (i) the execution and delivery by it of this Amendment, and the performance of its obligations under this Amendment and the Receivables Financing Agreement, as amended hereby, are within its organizational powers and have been duly authorized by all necessary action on its part and (ii) this Amendment and the Receivables Financing Agreement, as amended hereby, are its valid and legally binding obligations, enforceable in accordance with their respective terms. 
SECTION 4. Conditions Precedent.  The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent: 
(a)The Administrative Agent shall have received a fully executed counterpart of (i) this Amendment, (ii) the Amended and Restated Fee Letter, dated as of the date hereof, by and among PNC, as the Administrative Agent, as a Committed Lender and as a Group Agent, Mizuho, as a Committed Lender and as a Group Agent, and the Structuring Agent, and acknowledged and agreed to by the Borrower, and (iii) the Assignment, Acceptance and Assumption, dated as of the date hereof, by and between PNC, as Assignor, and Mizuho, as 
Assignee, and accepted by the Administrative Agent and the Borrower (collectively, the “Amendment Documents”). 
3 

 

(b)PNC, as the Administrative Agent, as a Committed Lender and as the Group Agent for the PNC Group and Mizuho, as a Committed Lender and as the Group Agent for the Mizuho Group, in each case, under the Receivables Financing Agreement, as applicable, shall have received all fees and other amounts due and payable to it under the Transaction Documents and in connection with the Amendment Documents on or prior to the date hereof, including, to the extent invoiced, payment or reimbursement of all fees and expenses (including reasonable and documented out-of-pocket fees, charges and disbursements of counsel) required to be paid or reimbursed on or prior to the date hereof.  To the extent such fees and other amounts have not yet been invoiced, the Borrower agrees to remit payment to the applicable party promptly upon receipt of such invoice. 
(c)No Event of Default or Unmatured Event of Default, as set forth in Section 9.01 of the Receivables Financing Agreement, shall have occurred and be continuing. 
SECTION 5. Amendment.  The Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor, hereby agree that the provisions and effectiveness of this Amendment shall apply to the Receivables Financing Agreement as of the date hereof.  Except as amended by this Amendment, the Receivables Financing Agreement remains unchanged and in full force and effect.  This Amendment is a Transaction Document. 
SECTION 6. Counterparts.  This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement.  Delivery of an executed counterpart hereof by facsimile or other electronic means shall be equally effective as delivery of an originally executed counterpart. 
SECTION 7. Captions.  The headings of the Sections of this Amendment are provided solely for convenience of reference and shall not modify, define, expand or limit any of the terms or provisions of this Amendment. 
SECTION 8. Successors and permitted assigns.  The terms of this Amendment shall be binding upon, and shall inure to the benefit of, the Borrower, the Servicer, the Administrative Agent, the Group Agents, the Lenders, and, with respect to Section 11 hereof, the Performance Guarantor and their respective successors and permitted assigns. 
SECTION 9. Severability.  Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
SECTION 10. Governing Law and Jurisdiction.  The provisions of the Receivables Financing Agreement with respect to governing law, jurisdiction, and agent for service of process are incorporated in this Amendment by reference as if such provisions were set forth herein. 
SECTION 11. Ratification of Performance Guarantee.  After giving effect to the Amendment Documents, all of the provisions of the Performance Guaranty shall remain in full force and effect and the Performance Guarantor hereby ratifies and affirms the Performance Guaranty and acknowledges that the Performance Guaranty has continued and shall continue in full force and effect in accordance with its terms. 
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IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their duly authorized officers as of the date first above written. 
						
		
	INTEGRA RECEIVABLES LLC, 
as the Borrower

		
	By:	/s/ Sravan K. Emany
	Name:	Sravan K. Emany
	Title	Treasurer
		
	INTEGRA LIFESCIENCES SALES LLC, 
as the Servicer 
By: Integra LifeSciences Corporation, its sole member

		
	By:	/s/ Sravan K. Emany
	Name:	Sravan K. Emany
	Title	Vice President -Treasurer, Investor Relations

Amendment 1 to RFA (Integra) S-1

Acknowledged and reaffirmed by, with respect to Section 11 hereof, as of the date first written above:          
						
		
	INTEGRA LIFESCIENCES HOLDINGS CORPORATION,
as the Performance Guarantor

		
	By:	/s/ Sravan K. Emany
	Name:	Sravan K. Emany
	Title	Vice President -Treasurer, Investor Relations

           

Amendment 1 to RFA (Integra) S-2

						
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Administrative Agent

		
	By:	/s/ Michael Brown
	Name:	Michael Brown
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as the Group Agent for the PNC Group

		
	By:	/s/ Michael Brown
	Name:	Michael Brown
	Title	Senior Vice President
		
	PNC BANK, NATIONAL ASSOCIATION,
as a Committed Lender

		
	By:	/s/ Michael Brown
	Name:	Michael Brown
	Title	Senior Vice President
		

Amendment 1 to RFA (Integra) S-3

Acknowledged and agreed to by, as of the date first written above: 
						
		
	PNC CAPITAL MARKETS LLC, 
as the Structuring Agent

		
	By:	/s/ Michael Brown
	Name:	Michael Brown
	Title	Senior Vice President

Amendment 1 to RFA (Integra) S-4

						
		
	MIZUHO BANK, LTD.,
as a Committed Lender

		
	By:	/s/ Richard A. Burke
	Name:	Richard A. Burke
	Title	Managing Director
		
	MIZUHO BANK, LTD.,
as the Group Agent for Muzuho Group

		
	By:	/s/ Richard A. Burke
	Name:	Richard A. Burke
	Title	Managing Director

 
Amendment 1 to RFA (Integra) S-5

 
Exhibit A to Amendment 1 to RFA 
SCHEDULE I 
Commitments 
									
	PNC Group		
	Party 
	Capacity 
	Maximum Commitment 

	PNC	Committed Lender	$100,000,000
	PNC	Group Agent	N/A
	Mizuho Group 
		
	Party 
	Capacity 
	Maximum Commitment 

	Mizuho	Committed Lender	$50,000,000
	Mizuho	Group Agent	N/A

Amendment 1 to RFA (Integra) Exh. B-1

Exhibit B to Amendment 1 to RFA 
SCHEDULE III 
Notice Addresses 
(A)in the case of the Borrower, at the following address: 
Integra Receivables LLC 
•Enterprise Drive 
Plainsboro, New Jersey 08536 
Attention:  Sravan Emany 
Telephone:  609-936-2488 
Facsimile:  609-750-4245 
Email:  sravan.emany@integralife.com 
(B)in the case of the Servicer, at the following address: 
Integra LifeSciences Sales LLC 
•Enterprise Drive 
Plainsboro, NJ 08536 
Attention:  Sravan Emany 
Telephone:  609-936-2488 
Facsimile:  609-750-4245 
Email:  sravan.emany@integralife.com 
(C)in the case of PNC or the Administrative Agent, at the following address: 
PNC Bank, National Association 
300 Fifth Avenue 
Pittsburgh, PA 15222 
Attention:  Robyn Reeher 
Telephone:  (412) 768-3090 
Facsimile:  (412) 762-9184 
Email:  robyn.reeher@pnc.com 
(D)in the case of Mizuho, at the following address: 
Mizuho Bank, Ltd. 
1251 Avenue of the Americas 
New York, NY 10020 
Attention:  Johan Andreasson 
Telephone:  (212)282-3544 
Email:  johan.andreasson@mizuhogroup.com 
(E)in the case of any other Person, at the address for such Person specified in the other Transaction Documents; in each case, or at such other address as shall be designated by such Person in a written notice to the other parties to this Agreement. 

Amendment 1 to RFA (Integra) Exh. B-1

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